TCRAP_Public/120717.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, July 17, 2012, Vol. 15, No. 141

                            Headlines


A U S T R A L I A

1ST FLEET: Owes AUD100 Million; Likely Traded While Insolvent


H O N G  K O N G

CHONG KIU: Court Enters Wind-Up Order
ESSENTIAL ENGINEERING: Court to Hear Wind-Up Petition on Aug. 8
GRAND ASIA: Court Enters Wind-Up Order
GREAT HONEST: Creditors' Proofs of Debt Due Aug. 3
KEEN YOUNG: Court to Hear Wind-Up Petition on Aug. 15

MINERAL RESOURCE: Court Enters Wind-Up Order
MINSOURCE INTERNATIONAL: Court Enters Wind-Up Order
OI WAH: Court to Hear Wind-Up Petition on Aug. 8
TITAN PETROCHEM: Warburg Files Winding-Up Petition in Bermuda
YU KEE: Creditors Get 100% Recovery on Claims

WORLDCODE INVESTMENTS: Court to Hear Wind-Up Petition on Aug. 1


I N D I A

AISHWARYA INDUSTRIES: CRISIL Rates INR64.3MM Loans 'BB-'
ALFA STEEL: CRISIL Assigns 'CRISIL BB-' Rating on INR95MM Loans
ARAFA JEWELLERY: CRISIL Rates INR87.5MM Cash Credit at 'B+'
ARUN ENGINEERING: CRISIL Reaffirms 'B' Rating on INR80MM Loan
BALLARPUR INDUSTRIES: S&P Affirms 'BB-' Corporate Credit Rating

BHAVYA CONSTRUCTIONS: Fitch Assigns 'B+' Nat'l Long-Term Rating
GLASTRONIX: CRISIL Reaffirms 'BB+' Rating on INR240MM Loans
JINDAL AGRO: CRISIL Assigns 'CRISIL BB' Rating to INR70MM Loans
KINGFISHER AIRLINES: Resumes Operations After Axing 40 Flights
MRG PROMOTERS: CRISIL Cuts Rating on INR350MM Loan to 'CRISIL B'

NARAYANI ISPAT: CRISIL Reaffirms 'BB-' Rating on INR200MM Loan
SAIRAM SUITINGS: CRISIL Assigns 'B+' Rating on INR67MM Loans
VIR ELECTRO: Delays in Loan Payment Cues CRISIL Junk Ratings


J A P A N

ORIX-NRL TRUST 15: S&P Cuts Ratings on 5 Cert. Classes to 'CCC-'


N E W  Z E A L A N D

EMERALD SHORES: Court Appoints Liquidators Over NZ$2.5MM Debt
KIA KAHA: Liquidator Seeks to Strike Off Firm from Register
NATIONAL FINANCE: Former Director Pleads Not Guilty
ORANGE FINANCE: To Call In Receivers as 3-1/2 Yr.-Moratorium Ends
PERPETUAL TRUST: Loan Breached Trust Deed, Trustee Says


S I N G A P O R E

CADBURY SINGAPORE: Creditors' Proofs of Debt Due Aug. 13
DAY SURGERY: Creditors' Proofs of Debt Due July 25
DONGFANG SHIPBUILDING: Court to Hear Wind-Up Petition July 27
EQUINOX ENERGY: Court to Hear Wind-Up Petition July 27
GAS TRADE: Court Enters Wind-Up Order


X X X X X X X X

* ASIA PACIFIC: Moody's Lifts High-Yield Corp. Default Estimate
* ASIA: Moody's Says Liquidity Stress Index Steady in June
* Moody's Changes Global Base Metal Industry Outlook to Negative
* PAKISTAN: Moody's Cuts Bond Ratings to 'Caa1'; Outlook Negative
* BOND PRICING: For the Week July 9 to July 13, 2012


                            - - - - -


=================
A U S T R A L I A
=================


1ST FLEET: Owes AUD100 Million; Likely Traded While Insolvent
-------------------------------------------------------------
Madeleine Heffernan at smh.com.au reports that the liquidator of
failed trucking company 1st Fleet said the company owed about
AUD100 million when it collapsed and likely traded while
insolvent.

"We had our initial suspicions [about trading while insolvent]
and we think they have been confirmed, but we continue to do
deeper investigations," the report quotes Antony de Vries,
partner at liquidator deVriesTayeh, as saying.

According to the report, Mr. de Vries said that AUD8 million in
employee entitlements -- wages, redundancies and holiday pay
entitlements -- had been paid through the federal government's
GEERS program, which makes payments to employees of collapsed
companies.

But super payments were in a "state of flux" in part because of
AUD5 million owed by debtors to 1st Fleet, Mr. de Vries, as cited
by smh.com.au, said.  His firm is considering legal action to
recoup that.

"We've got a debtors' ledger of about $5 million we're looking to
collect, and along with the asset sales and some litigation, we
should be able to get some money towards the superannuation,"
smh.com.au quotes Mr. de Vries as saying.  "Some of the customers
of 1st Fleet are taking advantage of the liquidation and not
paying their accounts . . .  We will have to, if we can't
negotiate with these people, take these people to court and then
have full collection procedures. That means lawyers get paid lots
of money, so it's a little unjust."

Asset sales have brought in about AUD3 million, the report says.
According to smh.com.au, the Transport Workers Union has
complained that truckies who entered into lease-to-buy contracts
for trucks have been left in the cold.  Mr. de Vries said
discussions were taking place on "one of the most controversial
practices undertaken by 1st Fleet's management," the report adds.

                          About 1st Fleet

1st Fleet offered trucking services, along with supply chain,
warehousing and recruitment services as well. It employed around
1,200 staff.

As reported in the Troubled Company Reporter-Asia Pacific on
May 16, 2012, SmartCompany said 1st Fleet was placed into
administration on Anzac Day with workers locked out and their
jobs terminated.  Managing director and owner Stephen Brown
placed the blame for the administration on 1st Fleet's funders,
Coface.  Administrators de Vries Tayeh told SmartCompany that Mr.
Brown is now overseas and is being investigated for potential
offences.



================
H O N G  K O N G
================


CHONG KIU: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on May 3, 2012, to
wind up the operations of Chong Kiu (Group) Company Limited.

The company's liquidator is:

          Mat Ng
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


ESSENTIAL ENGINEERING: Court to Hear Wind-Up Petition on Aug. 8
---------------------------------------------------------------
A petition to wind up the operations of Essential Engineering
Limited will be heard before the High Court of Hong Kong on
Aug. 8, 2012, at 9:30 a.m.

Tsui Man Kit Michael filed the petition against the company on
March 9, 2012.

The Petitioner's solicitors are:

          Jimmie K.S. Wong & Partners
          3/F, Double Building
          22 Stanley Street
          Central, Hong Kong


GRAND ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on May 6, 2012, to
wind up the operations of Grand Asia International Limited.

The company's liquidator is:

          Mat Ng
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


GREAT HONEST: Creditors' Proofs of Debt Due Aug. 3
--------------------------------------------------
Creditors of Great Honest Finance Company Limited, which is in
liquidation, are required to file their proofs of debt by Aug. 3,
2012, to be included in the company's dividend distribution.

The company's liquidator is:

          John Robert Lees
          c/o JLA Asia Limited
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


KEEN YOUNG: Court to Hear Wind-Up Petition on Aug. 15
-----------------------------------------------------
A petition to wind up the operations of Keen Young Limited will
be heard before the High Court of Hong Kong on Aug. 15, 2012, at
9:30 a.m.

Bank of China (Hong Kong) filed the petition against the company
on June 13, 2012.

The Petitioner's solicitors are:

          Anthony Chiang & Partners
          3903 Tower 2, Lippo Centre
          89 Queensway
          Central, Hong Kong



MINERAL RESOURCE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on June 25, 2012, to
wind up the operations of Mineral Resource (China) Company
Limited.

The company's liquidator is:

          Mat Ng
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


MINSOURCE INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Hong Kong entered an order on June 25, 2012, to
wind up the operations of Minsource International Limited.

The company's liquidator is:

          Mat Ng
          20/F, Henley Building
          5 Queen's Road
          Central, Hong Kong


OI WAH: Court to Hear Wind-Up Petition on Aug. 8
------------------------------------------------
A petition to wind up the operations of Oi Wah Decoration
Engineering Company Limited will be heard before the High Court
of Hong Kong on Aug. 8, 2012, at 9:30 a.m.

Tsui Man Kit Michael filed the petition against the company on
March 9, 2012.

The Petitioner's solicitors are:

          Jimmie K.S. Wong & Partners
          3/F, Double Building
          22 Stanley Street
          Central, Hong Kong


TITAN PETROCHEM: Warburg Files Winding-Up Petition in Bermuda
-------------------------------------------------------------
Bloomberg News reports that Titan Petrochemicals Group Ltd.
should be liquidated because the Hong Kong-listed company is
insolvent, private equity firm Warburg Pincus LLC said in a
lawsuit.

Saturn Petrochemical Holdings Ltd., a Warburg special purpose
vehicle, filed a winding-up petition in the Supreme Court of
Bermuda on July 5, according to a copy obtained by Bloomberg
News. Li Mingxia, a spokeswoman in Beijing for the New York-based
firm, confirmed the document, says Bloomberg News.

Bloomberg News relates Warburg, according to the petition, has
invested more than US$215 million in the Titan group of companies
since 2007.  Shares in the provider of oil transportation and
storage services were suspended in Hong Kong on June 19 after
falling 22% this year, cutting its market value to HK$1.92
billion (US$248 million), Bloomberg News notes.

According to Bloomberg News, Serene Goh, a spokeswoman for Titan
Petrochemicals, said in an e-mail the company hasn't been
informed of a lawsuit asking for its liquidation on the basis of
insolvency.

Bloomberg News notes that the company defaulted on HK$825.8
million of principal and HK$35.1 million in interest due on its
U.S. dollar bonds on March 19.  It hasn't been profitable in any
of the past five years, and its liabilities at the end of last
year exceeded its assets by HK$1.24 billion, according to the
petition obtained by Bloomberg News.

Titan is unlikely to be able to redeem Warburg's 555 million
preferred shares, according to the document cited by Bloomberg
News.  Warburg sought redemption on July 4, claiming
HK$384 million, adds Bloomberg News.

                      About Titan Petrochemicals

Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/-- is an investment
holding.  The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities.  The Company operates in three business segments:
supply of oil products and provision of bunker refueling
services; provision of logistic services (including oil
transportation and oil storage), and shipbuilding. Titan's wholly
owned subsidiaries include Titan Oil (Asia) Ltd., Titan FSU
Investment Limited, Titan Oil Storage Investment Limited, Titan
Oil Trading (Asia) Limited, Titan Bunkering Investment Limited,
Harbour Sky Investments Limited and Titan Shipyard Holdings
Limited.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
July 26, 2010, Standard & Poor's Ratings Services said that it
had lowered its long-term corporate credit rating on Titan
Petrochemicals Group Ltd. to 'SD' (selective default) from 'CC'.
At the same time, S&P lowered the issue rating on the company's
US$400 million 8.5% senior unsecured notes due 2012 to 'D' from
'CC'.  S&P then withdrew all the ratings.


YU KEE: Creditors Get 100% Recovery on Claims
---------------------------------------------
Yu Kee Food Company Limited, which is in compulsory liquidation,
declared the first and final preferential dividend to its
creditors on or after July 13, 2012.

The company paid 100% for preferential claims.

The company's liquidator is:

         Chan Pui Sze
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong


WORLDCODE INVESTMENTS: Court to Hear Wind-Up Petition on Aug. 1
---------------------------------------------------------------
A petition to wind up the operations of Worldcode Investments
Limited will be heard before the High Court of Hong Kong on
Aug. 1, 2012, at 9:30 a.m.

Commissioner of Inland Revenue filed the petition against the
company on May 17, 2012.

The government counsel is:

          Simone Leung
          Government Counsel
          Department of Justice
          2nd Floor, High Block
          Queensway Government Offices
          66 Queensway, Hong Kong



=========
I N D I A
=========


AISHWARYA INDUSTRIES: CRISIL Rates INR64.3MM Loans 'BB-'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Aishwarya Industries.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Letter of Credit        10        CRISIL A4+ (Assigned)
   Cash Credit             40        CRISIL BB-/Stable (Assigned)
   Term Loan               24.3      CRISIL BB-/Stable (Assigned)

The ratings reflect AI's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics,
and its large working capital requirements. The ratings also
factor in the susceptibility of the firm's operating margin to
adverse regulatory changes and raw material price volatility.
These rating weaknesses are partially offset by the extensive
experience of AI's promoters' in the rice business.

Outlook: Stable

CRISIL believes that the AI will continue to benefit over the
medium term from its management's extensive industry experience.
The outlook may be revised to 'Positive' if the firm increases
its revenues and significantly improves its profitability, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if the firm undertakes a larger-than-
expected, debt-funded capital expenditure programme, its sales
volumes and profitability decline sharply, or if there is a
stretch in its working capital cycle, leading to deterioration in
its financial risk profile.

                     About Aishwarya Industries

Aishwarya Industries, engaged in rice milling in Ranga Reddy
district, Andhra Pradesh and managed by Mr. Naresh Kumar Goel and
Om Prakash Goel, was set up as a partnership firm in 1995, with
family members included as partners. The mill has a capacity of 6
tonnes per hour (tph) [includes raw and parboiled capacity].
Exports to countries such as Singapore, Dubai, and Australia
accounted for around 65 per cent of sales in 2011-12 (refers to
financial year, April 1 to March 31).

AI reported a provisional profit after tax (PAT) of INR2.4
million on net sales of INR378.1 million for 2011-12, as against
a PAT of INR1.7 million on net sales of INR137.6 million for
2010-11.


ALFA STEEL: CRISIL Assigns 'CRISIL BB-' Rating on INR95MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Alfa Steel Building Solutions.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          5         CRISIL A4+ (Assigned)
   Letter of Credit       25         CRISIL A4+ (Assigned)
   Proposed Long-Term      2.8       CRISIL BB-/Stable
   Bank Loan Facility
   Cash Credit            45.0       CRISIL BB-/Stable
   Long-Term Loan         47.2       CRISIL BB-/Stable

The ratings reflect the benefits that ASBS derives from its
established market position and its promoters' extensive
experience as a manufacturer of roofing materials. These rating
strengths are partially offset by ASBS's weak financial risk
profile, marked by high gearing and a small net worth, and the
firm's large working capital requirements.

Outlook: Stable

CRISIL believes that ASBS will continue to benefit over the
medium term from its established market position and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports more-than-expected
revenues and profitability, coupled with improvement in working
capital management, resulting in an improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case ASBS reports deterioration in its financial risk profile,
most likely because of decline in revenues and margins, if it
undertakes a larger -than-expected, debt-funded capital
expenditure, in case of deterioration in working capital
management, or significant withdrawals by partners.

                          About Alfa Steel

Established in 2006 as a partnership firm, ASBS manufactures
various types of roofing materials, such as metal roofing
products, pre Engineered steel buildings, steel decking sheets,
turbo ventilators, sandwich puff panels, Z&C purlin and
reflective insulation sheets. The firm is promoted by Mr. Manav
Paruthi and his two brothers, Mr. Monty Paruthi and Mr. Misha
Paruthi. ASBS's manufacturing facilities in Hosur (Karnataka) and
Pune (Maharashtra) have a combined installed capacity of around
65 tonnes per day.

ASBS reported a profit after tax (PAT) of INR5.9 million on net
sales of INR639 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR6.3 million on net
sales of INR394.2 million for 2009-10.


ARAFA JEWELLERY: CRISIL Rates INR87.5MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit bank facility of Arafa Jewellery.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Cash Credit            87.5       CRISIL B+/Stable (Assigned)

The rating reflects AJ's below-average financial risk profile,
marked by moderate capital structure and weak debt protection
metrics, and modest scale of operations in intensely competitive
gold jewellery retailing market. These rating weaknesses are
partially offset by extensive experience of partners in gold
jewellery retailing market in south Kerala.

Outlook: Stable

CRISIL believes that AJ will continue to benefit over the medium
term from the experience of its partners in gold retailing
business in south Kerala. The outlook may be revised to
'Positive' if AJ reports significant increase in scale of
operations, resulting in improvement in operating margin, and
consequently the debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if the firm records lower-than-
expected accruals or undertakes a large debt-funded capital
expenditure programme, weakening its financial risk profile, or
in case of significant capital withdrawals by partners.

Arafa Jewellery was set up in 2002 as a partnership firm by Mr. K
Abdul Salam, his son Mr. Salam Rafeek, and his friend Mr. M
Hussain. In 2008-09, Mr. Husain exited from the partnership. The
firm retails gold jewellery in south Kerala, with three
showrooms, one each in Kattakkada, Nedumangad, and Peyaad, with a
total retailing space of close to 4200 sq ft. The firm plans to
add two more showrooms over the medium term, one each in
Neyyattinkara, and Kollam, with a total retailing space of close
to 3000 sq ft. The cost incurred for the same is expected to be
INR3 million to INR4 million, funded through fresh capital
brought in by the partners.

AJ reported a profit after tax (PAT) of INR2.2 million on net
sales of INR507.6 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.9 million on net
sales of INR298.6 million for 2010-11.


ARUN ENGINEERING: CRISIL Reaffirms 'B' Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arun Engineering
Projects Pvt Ltd continue to reflect AEPL's weak financial risk
profile, marked by small net worth, high gearing and weak debt-
protection metrics, and its small scale of operations with large
working capital requirements. These rating weaknesses are
partially offset by the benefits that AEPL derives from its
moderate order portfolio and its promoters' experience in the
civil construction industry, mainly in water management works.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Cash Credit              80       CRISIL B/Stable (Reaffirmed)

   Bank Guarantee          110       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that AEPL will maintain its business risk profile
over the medium term, backed by its moderate order portfolio and
promoters' industry experience. The outlook may be revised to
'Positive' if AEPL increases its scale of operations
substantially, while maintaining its profitability and improving
its working capital management. Conversely, the outlook may be
revised to 'Negative' if AEPL's financial risk profile weakens,
most likely caused by a steep decline in margins or larger-than-
expected working capital requirements.

                        About Arun Engineering

Arun Engineering Projects Pvt Ltd was established in 1972 as a
proprietorship concern by the late Mr. R A Harry in Bengaluru
(Karnataka), and was reconstituted as a private limited company
in 1998. Currently, it is being managed by Mr. Harry's son, Mr.
Arun Jhon Grieg. AEPL provides engineering, procurement, and
construction services in the water supply and underground
drainage water system segments.

AEPL reported a profit after tax (PAT) of INR6.5 million on net
sales of INR223 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR6.3 million on net
sales of INR252 million for 2009-10. The company has reported
provisional revenues of around INR165 million for the year 2011-
12.


BALLARPUR INDUSTRIES: S&P Affirms 'BB-' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term corporate credit ratings on India-based paper
manufacturer Ballarpur Industries Ltd. and the company's core
subsidiary Ballarpur International Graphic Paper Holdings B.V.
(BIGPH) to negative from stable. "At the same time, we affirmed
the 'BB-' long-term corporate credit ratings on the companies,"
S&P said.

"We revised the outlook because we expect the improvement in
BILT's profitability to be slower than we anticipated," said
Standard & Poor's credit analyst Vishal Kulkarni. "This is
because a delay in the company's pulp capacity expansion in
Malaysia and India has deferred cost-saving benefits."

"High raw material costs, particularly for coal, coupled with the
company's limited ability to pass on the higher costs to
customers, will continue to pressure BILT's margins. We expect
the company's debt -- which increased over the years due to debt-
funded capacity expansion -- to remain high over next 12 months,"
S&P said.

"We consider BIGPH to be a core subsidiary of BILT and analyze
the companies on a consolidated basis. We have therefore
equalized the rating on BIGPH with the rating on BILT," S&P said.

"We expect a gradual improvement in BILT's profitability and cash
flow once the new pulp capacity comes on-stream. The benefits of
pulp capacity expansion--which we had expected to be completed by
December 2011--in terms of cost saving, improved profitability,
and higher cash flows will gradually accrue in the fiscal years
ending June 30, 2013 and 2014. In our base case, we expect BILT's
EBITDA margin to improve to about 18.5% in fiscal 2013 and to
about 19.5% in fiscal 2014, from about 15.5% in the first nine
months of fiscal 2012. The improved EBITDA margin will still be
lower than the company's historical average of about 20%," S&P
said.

"We may lower the rating if BILT's financial performance remains
weak or the company is unable to comply with its covenants. A
downward rating trigger would be a debt-to-EBITDA ratio of more
than 4.5x on a sustained basis," S&P said.

"We may revise the outlook to stable if: (1) BILT's profitability
improves, such that its EBITDA margin stabilizes at about 19%;
and (2) the company maintains a ratio of debt to EBITDA of about
4.0x on a sustainable basis," S&P said.

"BILT's leverage and cash flow adequacy measures are stretched
for the rating," said Mr. Kulkarni. "A gradual improvement in
profitability could, however, bring these metrics within the
threshold for the rating."

"For the nine months ended March 31, 2012, the company's leverage
-- ratio of debt to EBITDA -- was more than 6.0x and its ratio of
funds from operations (FFO) to debt was about 10%. In the absence
of any new capital expenditure, we expect BILT's debt to remain
unchanged. We anticipate that the company will generate positive
free cash flow in fiscals 2013 and 2014 due to improved
profitability and low capital expenditure. We project the debt-
to-EBITDA ratio to be slightly more than 4.5x and the ratio of
FFO to debt to be less than 12% over the next 12 months," S&P
said.

"We assess BILT's liquidity as 'less than adequate', as defined
in our criteria. An important consideration in our liquidity
assessment is sizable debt maturities that need refinancing over
the next two years," S&P said.

"In December 2011, BILT breached a debt-to-EBITDA ratio covenant
at its Malaysian subsidiary. It has received waiver from the
banks on the covenant until December 2012," S&P said.

"We expect the company to comply with all the covenants at its
Indian and Malaysian operations. Some of the covenants --
particularly the one relating to the total debt-to-EBITDA ratio
-- will be tightened for the next test period. We expect BILT to
have a thin cushion on these covenants," S&P said.


BHAVYA CONSTRUCTIONS: Fitch Assigns 'B+' Nat'l Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Bhavya Constructions Pvt. Ltd
a National Long-Term rating of 'Fitch B+(ind)'.  The Outlook is
Stable.  The agency has also assigned BCPL's INR75 million
proposed fund-based working capital facility a 'Fitch
B+(ind)(exp)' rating.

The ratings reflect BCPL's weak cash position and significant
legal commitments amid weak demand for real estate.  The
company's cash position was low at INR2.2 million in FY12 (year
end March), due to its large investments (end-March 2012:
INR567.1 million) in a group company - Bhavya Cements Private
Limited (BC).  BCPL being the majority shareholder in BC was
forced to increase its stake by investing about INR78.8 million
against the exercise of a put option by another investor.  The
same investor holds some more put options that are likely to be
exercised in FY13, which may further strain BCPL's cash flows.

The ratings are also moderated by high competition and weak
current demand in the Hyderabad real estate market.  A new
regulation requiring all residential projects to include a
portion aimed at low-income consumers has changed project
dynamics and led to the scarcity of new launches.

WHAT COULD TRIGGER A RATING ACTION?

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

  -- any major time or cost overruns in on-going projects
  -- a shortfall in cash flows due to slowing down of sales
     and/or projected investment in group companies

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

  -- sale of residential space as projected and the corresponding
     realization of cash.

Incorporated in 1991, BCPL is engaged in the construction of
commercial and residential buildings at various locations in
Hyderabad, Visakhapatnam, Khammam and Tirupathi.  The company has
completed 55 projects to date.  In FY12, revenue was
INR460.6 million (FY11: INR336.4 million), operating EBITDAR
margin was 18.1% (18.4%), interest cover was 9.26x (3.82x), and
financial leverage was 1.14x (1.47x).


GLASTRONIX: CRISIL Reaffirms 'BB+' Rating on INR240MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Glastronix continues to
reflect the company's average financial risk profile, marked by
healthy capital structure and adequate debt protection metrics,
and its established clientele. These rating strengths are
partially offset by Glastronix's modest scale of operations and
the susceptibility of its margins to volatility in raw material
prices and foreign exchange rates.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             50       CRISIL BB+/Stable (Reaffirmed)
   Cash Credit           70       CRISIL BB+/Stable (Reaffirmed)
   Proposed Term Loan   120       CRISIL BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Glastronix will continue to benefit over the
medium term from its partners' extensive experience in
manufacturing components of electrical, electronic, and machined
parts. The outlook may be revised to 'Positive' if Glastronix's
is able to increase its scale of operations significantly and
diversify its revenue profile while maintaining its profitability
and capital structure. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile deteriorates due
to a more-than-expected stretch in receivables.

Update

Glastronix revenues were stagnant in 2011-12 (refers to financial
year, April 1 to March 31), at an estimated INR400 million and an
operating margin of 14.3 per cent, due to subdued demand for
electronic, machined and sheet metal components from Europe and
the US, the primary markets for Glastronix. The firm, however,
continues to maintain its business risk profile, backed by its
established relationships with the GE Healthcare and its group
companies worldwide. Based on the annual order schedule received
from the key clients, Glastronix is expected to book average
monthly revenues of INR40 million in 2012-13.

The financial risk profile remains comfortable, with a low
estimated gearing of 0.6 times and moderate net worth of more
than INR210 million as on March 31, 2012. The liquidity was,
however, under pressure in 2011-12, due to a stretch in working
capital cycle; the working capital cycle remains supported by
cushion in fund-based bank lines and surplus of close to INR15
million. The firm has annual term debt repayments of more than
INR18 million in 2012-13 against expected cash accruals of close
to INR40 million.

                        About Glastronix

Set up as a partnership firm in 1972, Glastronix manufactures
components of electrical, electronic, and machined parts and
sheet metal, which are used to manufacture or integrate medical,
telecom, and earth-moving equipment. The firm is promoted by Mr.
T Prathapan and his family members. Glastronix's clientele
include GE Medical Systems India Pvt Ltd, Wipro GE Medical
Systems Pvt Ltd, Philips Electronics India Ltd (rated 'CRISIL
AA/Stable/CRISIL A1+' by CRISIL), Lucent Technologies Inc, Shyam
Telelink Ltd, ABB Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+' by
CRISIL), and Tyco Electronics Corporation India (P) Ltd.
Glastronix operates from Bengaluru (Karnataka). It has two
manufacturing units in Karnataka.


JINDAL AGRO: CRISIL Assigns 'CRISIL BB' Rating to INR70MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Jindal Agro Mills Pvt Ltd.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan              5       CRISIL BB/Stable (Assigned)
   Cash Credit           65       CRISIL BB/Stable
   Letter of Credit     200       CRISIL A4+

The ratings reflect JAMPL's moderate business risk profile,
marked by increasing revenues and moderate risk management
practices leading to low risks related to receivables and foreign
exchange (forex). The ratings also factor in the benefits that
the company derives from its promoter's extensive experience in
the non-ferrous metal business. These rating strengths are
partially offset by JAMPL's average financial risk profile,
marked by modest net worth, high total outside liabilities to
tangible net worth ratio, and weak debt protection metrics, low
operating margin, and susceptibility of the margin to volatility
in metal prices.

Outlook: Stable

CRISIL believes that JAMPL will continue to benefit from its
promoter's extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' if JAMPL demonstrates
sustainable growth in revenues, along with improvement in its
operating margin, leading to higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile, particularly liquidity, weakens
because of larger-than-expected working capital requirements,
lower cash accruals, or if the company undertakes any larger-
than-expected debt-funded capital expenditure programme.

                          About Jindal Agro

Jindal Agro Mills Pvt Ltd was incorporated in 1992 and promoted
by Mr. R K Jindal. The company trades in various metals, such as
copper, zinc, and nickel. JAMPL also manufactures copper alloys,
wire, strips, and rods, and processes wheat flour and bran. Apart
from these, JAMPL also works as a consignee agent for Binani Zinc
Ltd. In 2011-12 (refers to financial year, April 1 to March 31),
trading and manufacturing operations accounted for around 75 per
cent and 25 per cent, respectively, of JAMPL's total revenues.

For 2011-12, JAMPL's profit after tax (PAT) and net income are
estimated at INR8.3 million and INR1265.4 million respectively;
the company reported a PAT of INR5.1 million on net sales of
INR808 million for 2010-11.


KINGFISHER AIRLINES: Resumes Operations After Axing 40 Flights
--------------------------------------------------------------
Bloomberg News reports that Kingfisher Airlines Ltd. said it will
resume normal service after earlier scrapping about 40 flights
when some employees refused to work because they haven't been
paid.

Bloomberg News relates that the company said all flights will be
operating as scheduled.  The disruption, according to Bloomberg
News, led billionaire Chairman Vijay Mallya to warn that workers
who stay away may hamper efforts to revive the airline.

"Damaging the future of Kingfisher in the public eyes is not
going to produce cash," Mr. Mallya said in a letter to employees
cited by Bloomberg News.  "This only makes my recapitalization
efforts more difficult by causing concern and apprehension among
our potential investors."

Bloomberg News notes that Kingfisher's market share in April
dropped to the lowest among India's six airline operators from
second in October as it ended a discount service and grounded
planes following more than 10 quarters of losses.  The airline is
operating 20 planes after reducing services to about 120 a day,
compared with 66 aircraft and about 340 daily flights in
March 2011, Bloomberg News says.

More than 75% of employees received their salaries on the
"committed" date of July 13, Kingfisher said Friday, adding it
assured staff the rest will get paid July 16, Bloomberg News
reports.

                    About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.  Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer.  UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.

                         *     *     *

Kingfisher Airlines lost money six years in a row, accumulating
net debt of INR77.2 billion (US$1.74 billion) as of March 2010,
according to data compiled by Bloomberg.

Kingfisher lost INR4.44 billion (US$90.1 million) in the fiscal
third quarter that ended in December 2011, 74.8% more than a loss
of INR2.54 billion a year earlier, The Economic Times disclosed.
The company has lost INR11.8 billion (US$240 million) in the
first nine months of the current fiscal year that ends in
March, a 35% rise from a year earlier.


MRG PROMOTERS: CRISIL Cuts Rating on INR350MM Loan to 'CRISIL B'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of MRG Promoters Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Proposed Term Loan     350.0      CRISIL B/Stable (Downgraded
                                     from CRISIL B+/Stable)

The downgrade has been driven by significant time and cost
overruns in MPPL's ongoing project. The delays have been caused
by absence of funding tie up, as MPPL is yet to receive the
sanction of term loan for the project. Furthermore, a slump in
demand for real estate in the project vicinity has also
significantly impacted the booking advances of commercial shops.

The project cost has also escalated to INR1050 million from the
previous estimates of INR850 million on account of delays in
completion. MPPL's project was originally expected to have a soft
launch in October 2010 to coincide with the 2010 Commonwealth
Games in New Delhi, and have a full commercial launch in January
2011. However, it was delayed with the revised launch from
December 2011 due to significant decline in real estate demand in
the Kundli region along with delay in funding tie up from the
banker. The project is now expected to start the shop segment in
August 2012 and hotel segment of the project by June 2013,
subject to timely sanction of term loan. The rating revision
reflects significant funding risk, attributed to financial
closure of the project pending for more than a two years.

The rating reflects MPPL's susceptibility to risks related to
project implementation, intense competition, and cyclicality in
the hotel industry. These rating weaknesses are partially offset
by MPPL's tie-up with the Holiday Inn brand of Intercontinental
Hotels Group and the financial support that the company receives
from its group company i.e AMR Infrastructures Ltd (AMR).

Outlook: Stable

CRISIL believes that MPPL's will continue to face pressures over
the near to medium term because of high risks associated with
project completion and liquidity pressures. The outlook may be
revised to 'Positive' in case of timely completion of the project
within revised budget and if the company reports higher-than-
expected cash accruals from ramp-up in operations. Conversely,
the outlook may be revised to 'Negative' if MPPL's project faces
further time and cost overruns, or there is delay in ramp-up of
sales and profitability, thereby adversely affecting the
company's liquidity.

                         About MRG Promoters

MRG Promoters Pvt Ltd was established by Mr. Mahesh Kumar and Mr.
Ravi Goyal in 2004. It was allocated 7034 square metres of land
at Kundli (Haryana) in May 2006 from Haryana State Industrial &
Infrastructure Development Corporation (HSIIDC). The land plot
was allocated for a total consideration of INR281 million, to be
paid over a period of four years (Rs.70 million at the time of
booking, and eight instalments of INR26.3 million thereafter
excluding interest charged at 11 per cent). The company was
acquired in May 2007 from its erstwhile promoters Mr. Bharat
Anand and Mr. Rakesh Ahuja by AMR in order to develop Park Inn, a
shopping-mall-cum-three-star-service-apartment at Kundli. AMR is
owned equally by the Ram Chander Soni family, the Brij Mohan
Gupta family, the Manoj Kumar family, and by Mr. Krishan Kumar.


NARAYANI ISPAT: CRISIL Reaffirms 'BB-' Rating on INR200MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Narayani Ispat Pvt Ltd
(NIPL; part of the Narayani group) continue to reflect the
benefits that the Narayani group derives from its promoters'
extensive experience in the steel industry and its established
customer and supplier relationships. These rating strengths are
partially offset by the Narayani group's weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth ratio and relatively weak debt protection metrics,
large working capital requirements, limited pricing flexibility,
and the susceptibility of its profitability to volatility in raw
material prices and to supplier concentration.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    ------
   Cash Credit          200       CRISIL BB-/Stable (Reaffirmed)
   Bank Guarantee        20       CRISIL A4+ (Reaffirmed)
   Letter of Credit     130       CRISIL A4+(Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NIPL and Narayani Steel Pvt Ltd
(NSPL), together referred to as the Narayani group. This is
because the two entities have strong operational and financial
linkages, are in similar lines of business, and are under a
common ownership.

Outlook: Stable

CRISIL believes that the Narayani group's credit risk profile
will remain constrained over the medium term, driven by its
relatively low cash accruals and large working capital
requirements. The outlook may be revised to 'Positive' if there
is improvement in its working capital management or there is
substantial increase in net worth, backed by equity infusion from
promoters. Conversely, the outlook may be revised to 'Negative'
if there is a steep decline in the group's profitability or
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements.

                         About the Group

The Narayani group trades in steel and iron products and
manufactures mild steel (MS) and thermo-mechanically-treated
(TMT) bars. The group, promoted by the Choudhary family, has been
in the steel business since 1988. The group comprises of NIPL,
NSPL, Hemang Bright Steel Industries (HBSI), Hemang Steel Traders
(HST), and Shree Balajee Roadways (SBR), among others.

NSPL was the first entity established by the Narayani group. NSPL
was set up as a partnership firm, Swastik Steel, in 1988. In
1995, the firm was reconstituted as a private limited company
with its current name. NSPL trades in billets and manufactures MS
and TMT bars and structures. It derives around 40 per cent of its
revenues by trading in billets. The company has one manufacturing
unit in Vishakhapatnam (Andhra Pradesh), with an installed
capacity of 24,000 tonnes per annum. NIPL, set up in 1997, is the
largest company of the Narayani group and trades in MS and TMT
bars, structures, and billets.

SBR is into transportation and logistics. HBSI and HST
manufacture bright bars and trade in steel products,
respectively; these two entities cater to North India.

For 2010-11 (refers to financial year, April 1 to March 31), the
Narayani group reported a profit after tax (PAT) of INR18.9
million on net sales of INR4.8 billion, against a PAT of INR13.3
million on net sales of INR3.9 billion for 2009-10. For 2011-12,
the group's PAT and net sales are estimated at INR48.6 million
and INR9.9 billion, respectively.


SAIRAM SUITINGS: CRISIL Assigns 'B+' Rating on INR67MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sairam Suitings Pvt Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Proposed Long-Term      0.7       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Cash Credit            45.0       CRISIL B+/Stable (Assigned)

   Term Loan              15.0       CRISIL B+/Stable (Assigned)

The rating reflects SSPL's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, small scale of operations in a highly fragmented
industry, and low profitability. The rating also factors in the
susceptibility of the company's margins to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of SSPL's promoters in the textile-
suitings industry along with funding support and established
relations with customers and suppliers.

Outlook: Stable

CRISIL believes that SSPL will benefit over the medium term from
its promoters' extensive experience in textile-suitings industry.
The outlook may be revised to 'Positive' in case the company
scales up its operations substantially, along with improvement in
profitability, leading to better-than-expected cash accruals,
thereby easing pressure on its liquidity. Conversely, the outlook
may be revised to 'Negative' in case the company's financial risk
profile, especially liquidity, deteriorates further because of
larger-than-expected working capital requirements or a large
capital expenditure programme undertaken by the company.

                         About Sairam Suitings

Sairam Suitings Pvt Ltd., incorporated in 2003 and promoted by
members of the Mahnot family, has a fabric weaving unit in
Bhilwara (Rajasthan). SSPL presently has a weaving capacity of
approx. 0.23 million metres per month (mpm). SSPL sells its
suiting fabrics to wholesalers/semi-wholesalers based in
Northern, North-Eastern, and Southern parts of India. Presently,
the company derives around 70 per cent of its revenues from sale
of fabric produced in-house, while rest is derived from
processing of semi-finished fabric and textile trading.


VIR ELECTRO: Delays in Loan Payment Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan bank
facility of Vir Electro Engineering Pvt. Ltd.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    ------
   Term Loan               87.5      CRISIL D (Assigned)

The rating reflects instances of delays by VEEPL in servicing its
debt; the delays have been caused by the company's weak
liquidity. The time overruns for the project and working capital
intensive nature of operations of VEEPL has meant pressure on
liquidity thus has resulted in stretched liquidity position.

The rating also reflects small scale of operations in a
fragmented industry. This rating weakness is partially offset by
extensive experience of promoters.

Vir Electro Engineering Pvt. Ltd. is a private limited company
engaged in surface treatment, hot zinc galvanisation and
fabrication. The company was taken over by present promoters in
1996. Mr. Shivaji Dalvi, key promoter and director of the company
looks after the day-to-day operations of the company. The company
carries out fabrication/surface treatment works at its factory
located at Nashik. Present installed capacity is 800 tons per
month.

The company is setting up another factory at Gonde near Nashik
which will have integrated capacities for fabrication and
galvanisation. This factory will have installed capacity of 1600
tons per month. The total cost of the project is expected to be
around INR12 crores funded through a term debt of INR8.75 crores
and rest through promoters' contribution. The plant will commence
production from July 2012.



=========
J A P A N
=========


ORIX-NRL TRUST 15: S&P Cuts Ratings on 5 Cert. Classes to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C to I trust certificates issued under the ORIX-NRL Trust
15 transaction, and affirmed its ratings on the class A, B, and
interest-only class X trust certificates issued under the same
transaction.

"Of the nonrecourse loans and specified bonds (hereafter,
collectively referred to as 'the loans') extended to/issued by
nine obligors that initially backed the transaction, only five
loans remain, all of which have defaulted. The five loans
originally represented a combined 66% or so of the total initial
issuance amount of the trust certificates," S&P said.

"We have reviewed our assessments of the values of the properties
backing the transaction's five remaining loans after considering
the performance of these properties, as well as the status of
their sales, which the servicer is undertaking," S&P said.

"We base the downgrades primarily on these factors," S&P said:

    "One remaining loan, which has defaulted, is backed by a
    retail and office complex in Osaka Prefecture. The loan
    originally represented about 14.4% of the total initial
    issuance amount of the trust certificates. Following the
    departure of a major tenant in March 2011, renovation work
    was completed at the premises to ensure that the vacant space
    could be leased up. However, the renovation significantly
    reduced the amount of space available for lease. We currently
    assume the property value to be about 18% of our initial
    underwriting value, down from about 43% when we last reviewed
    our ratings in November 2010," S&P said.

    "Another remaining loan, which defaulted at maturity in May
    2012, is backed by a retail building located in Shibuya Ward,
    Tokyo. The loan originally represented about 4.5% of the
    total initial issuance amount of the trust certificates. We
    have lowered our assessment of the value of the retail
    building because we expect rent levels at the property to
    decline in the foreseeable future. We currently assume the
    property value to be about 40% of our initial underwriting
    value, down from about 69% when we last reviewed our ratings
    in November 2010," S&P said.

"Meanwhile, we affirmed our ratings on classes A and B because:
(1) two of the transaction's underlying loans repaid at maturity
after we last reviewed our ratings in November 2010. The loans
originally represented a combined 19% or so of the total initial
issuance amount of the trust certificates; and (2) some of the
properties backing another of the transaction's remaining loans
have been sold. Thus, the redemption of the rated tranches, which
is made in sequential order (starting from the upper-level-
tranches), has progressed. Accordingly, in our view, a certain
level of credit support is available to the transaction," S&P
said.

"ORIX-NRL Trust 15 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
initially secured by nonrecourse loans and specified bonds
('tokutei shasai') extended to/issued by nine obligors. The loans
and bonds were, in turn, originally backed by 33 real estate
certificates and real estate properties. The transaction was
arranged by ORIX Corp., and ORIX Asset Management & Loan Services
Corp. acts as the servicer for this transaction," S&P said.

"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in June
2014 for the class A trust certificates, the full payment of
interest and ultimate repayment of principal by the legal final
maturity date for the class B to I certificates, and the timely
payment of available interest for the class X certificates," S&P
said.

              STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

         http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED
ORIX-NRL Trust 15
JPY37.8 billion trust certificates due June 2014
Class     To            From         Initial issue amount
C         B- (sf)       BB- (sf)     JPY3.4 bil.
D         CCC (sf)      B- (sf)      JPY3.0 bil.
E         CCC- (sf)     CCC (sf)     JPY1.3 bil.
F         CCC- (sf)     CCC (sf)     JPY0.4 bil.
G         CCC- (sf)     CCC (sf)     JPY0.4 bil.
H         CCC- (sf)     CCC (sf)     JPY0.2 bil.
I         CCC- (sf)     CCC (sf)     JPY0.2 bil.

RATINGS AFFIRMED
Class     Rating       Initial issue amount
A         AA+ (sf)     JPY25.4 bil.
B         A- (sf)      JPY3.5 bil.
X*        AAA (sf)     JPY37.8 bil. (initial notional principal)

*Interest only



====================
N E W  Z E A L A N D
====================


EMERALD SHORES: Court Appoints Liquidators Over NZ$2.5MM Debt
-------------------------------------------------------------
BusinessDesk reports that the High Court at Timaru has appointed
liquidators to Emerald Shores over some NZ$2.5 million owed to
the frozen Aorangi Securities.

BusinessDesk, citing a June 28 judgment published on the Justice
Ministry's website on Monday, says Associate Judge Rob Osborne
appointed Kenneth Brown and Paul Manning of RHB Chartered
Accountants as liquidators of Emerald Shores.

According to the report, the judge upheld the claim that Bay of
Plenty businessman Peter Cameron's swapping of property assets
out of Emerald Shores and into Emerald Shores (2011) amounted to
a "hive-down" and that the transaction would "force Aorangi to
wait further for its money".

The company was set up in 2001, when Mr. Cameron approached Allan
Hubbard about a potential joint venture over a subdivision in
Papamoa, says BusinessDesk.

BusinessDesk relates that the judgment said Mr. Cameron ran the
property development's operation and sales, and left Mr. Hubbard
to "make the financing arrangements and attend to the books."

"Mr. Cameron's evidence is that he also had no knowledge even of
bank statements as he did not need to access them, trusting
Mr. Hubbard."

The outstanding debt came from NZ$4.8 million advanced to cover
prior loans from South Canterbury Finance and Bank of New
Zealand, the report discloses.

"Precisely how the additional debt (both to South Canterbury
Finance and through current account to the Bank of New Zealand)
built up between 2001 and 2006 is not demonstrated by the
documentary evidence," the judgment, as cited by BusinessDes,
said.

"What is clear from the documentary record is that on June 25,
2007, Aorangi received real money for refinancing purposes and
repaid real money to South Canterbury Finance."

Emerald Shores is a Papamoa property development.


KIA KAHA: Liquidator Seeks to Strike Off Firm from Register
-----------------------------------------------------------
Hank Schouten at stuff.co.nz reports that Kia Kaha Clothing,
whose distinctive designs have been worn by Michael Campbell,
Prince William, and Black Eyed Peas singer Fergie, may be struck
off the companies register.

According to stuff.co.nz, liquidator Jeremy Morley has applied to
have the firm struck off the register after it was placed into
liquidation last year over unpaid tax bills of NZ$198,000.

It was reported at the time of liquidation that the company was
insolvent, with total assets of NZ$416,000 and liabilities of
NZ$2.5 million.

Kia Kaha Clothing was set up as a company in 2004 but it goes
back a decade before that when Dan and Matene Love began making
clothing part time in the family's Papamoa garage.


NATIONAL FINANCE: Former Director Pleads Not Guilty
---------------------------------------------------
Hamish Fletcher at nzherald.co.nz reports that National Finance's
Carol Braithwaite on Monday pleaded not guilty to misleading
investors and will be tried by a jury of six men and six women.

Ms. Braithwaite -- the former wife of jailed National Finance
boss Trevor Ludlow -- is the first director from a failed New
Zealand finance company to have a case before a jury, according
to the report.

nzherald.co.nz relates that Ms. Braithwaite faces one charge of
making untrue statements in a company prospectus.  She will
defend the charge on the basis that she believed at the time the
prospectus was correct, the report says.

The charge, laid by the Financial Markets Authority, carries a
maximum penalty of five years in prison or fines of up to
NZ$300,000, nzherald.co.nz notes.

Although Ms. Braithwaite's judge-alone trial was scheduled to
begin in Auckland last Monday and was expected to take three
weeks, the case now has to be squeezed into a fortnight after she
successfully applied to be tried by a jury, the report notes.

                       About National Finance

National Finance 2000 Ltd., whose core business was car finance,
was placed in receivership in May 2006, owing 2,000 investors
NZ$21 million.  Trevor Allan Ludlow was the sole shareholder and
a director of the company.  John Gray was employed by the company
as an accountant.

After considering a complaint received from the Receiver,
PricewaterhouseCoopers, the Serious Fraud Office determined that
an investigation into the affairs the National Finance 2000
Limited may disclose serious or complex fraud.  An investigation
under Part One of the Serious Fraud Office Act was commenced on
June 30, 2006.  This was elevated to a Part Two investigation on
May 8, 2007.

Charges were laid against Trevor Allan Ludlow and John Gray in
October 2009.


ORANGE FINANCE: To Call In Receivers as 3-1/2 Yr.-Moratorium Ends
-----------------------------------------------------------------
BusinessDesk reports that Orange Finance, the lender owned by
Doug Somers-Edgar and managed by his Matrix Funding Group,
expects receivers will be appointed at the end of the month when
its three-and-a-half year moratorium draws to a close.

The company's freeze on the remaining NZ$11.3 million of
debenture stock comes to an end on July 31, and "it is expected
that a receiver will be appointed by the trustee to realize any
remaining assets of the company," Orange said in financial
statements lodged with the Companies Office cited by
BusinessDesk.

As at the March 31 balance date, the report discloses, the lender
had repaid NZ$12.7 million and reduced its liability by
NZ$2.4 million in a debt restructure. It repaid a further
NZ$1 million in April.  That implies the lender has some
NZ$633,000 in cash and equivalents.

BusinessDesk says Orange narrowed its annual loss to NZ$1 million
from NZ$3 million a year earlier as it wrote off NZ$2.4 million
in bad debt and recognised a NZ$2 million charge on impaired
loans. As at March 31, the carrying value of loans and advances
was NZ$6.2 million, with 80% concentrated in hotel and
residential property, the report discloses.

"Since March 31, 2012, the market in which the company operates
has not improved. This is putting continuous pressure on asset
values and making it more difficult to exit loans and advances,"
the company said.

"As a result of this and due to the inherent uncertainty of
predicting future event, the director cannot state with absolute
certainty that the company's asset values will not deteriorate
further," it said.

BusinessDesk notes that Orange froze repayments to some 2,500
investors owed NZ$25.6 million in late 2008 before convincing
debenture holders to agree to a moratorium on redemptions and
interest payments until the end of July 2011. That deadline was
later pushed out another year with trustee Covenant Trust's
approval.

Auditor Ernst & Young tagged Orange's ability to recover funds
from loans as a fundamental uncertainty, BusinessDesk adds.

                        About Orange Finance

Orange Finance Limited is a privately-owned New Zealand-based
finance company, offering First Ranking Secured Deposit
investments, exclusively through nationwide financial planning
firm, Money Managers.


PERPETUAL TRUST: Loan Breached Trust Deed, Trustee Says
-------------------------------------------------------

Marta Steeman at stuff.co.nz reports that the independent
supervisor of two Perpetual funds said a loan from a Perpetual
cash fund to a Pyne Gould Torchlight fund breached the cash
fund's trust deed but Pyne Gould is disputing that.

The report relates that PGC said the matter will be argued in the
High Court next month.

According to stuff.co.nz, Trustees Executors said Friday that in
its view the loan from the Perpetual Cash Management Fund to the
Torchlight fund was a related party transaction.

A High Court oral judgment released Friday said the court has yet
to rule whether the transaction was between related parties, the
report relays.

The term "related parties" had been used loosely at a hearing in
June 26, the judgment, as cited by stuff.co.nz, said.

According to the report, the issue was whether the words "related
parties" included limited partnerships -- Torchlight fund is a
limited partnership.  They were entities not known to the law at
the time the trust deed of the cash fund was first formulated,
the judgment said.

stuff.co.nz relates that Trustees Executors (TEL), the statutory
supervisor of the cash fund and the frozen Perpetual Mortgage
Fund said, despite certification from the directors of Perpetual,
a company owned by Pyne Gould, that no related party advances had
been made by the cash fund TEL considered the cash fund and
Torchlight fund related.

TEL said Perpetual was a trustee and owner of the funds which are
group investment funds and those funds are required to have a
statutory supervisor which is an independent party to ensure the
trust deed is not breached, the report relays.

TEL said even if the trustee of a group investment fund is not
independent the trustee is still required to act in the best
interests of investors, stuff.co.nz adds.

The Torchlight fund still owed NZ$13 million to the cash fund,
according to the report.

Publicity about the loan to Torchlight had triggered a
significant increase in requests for redemptions by investors in
the mortgage fund.

The Troubled Company Reporter-Asia Pacific reported on July 13,
2012, that Perpetual Trust Limited said it is placing its
Mortgage Fund into moratorium for the period from July 5, 2012,
to August 31, 2012.  Perpetual chief executive Patrick Middleton
said the moratorium is a result of a recent surge of applications
for redemptions.

Based in New Zealand Perpetual Trust Limited --
http://www.perpetual.co.nz/-- provides trustee and financial
advice, services, and solutions. Perpetual Trust is a subsidiary
of Pyne Gould Corp.



=================
S I N G A P O R E
=================


CADBURY SINGAPORE: Creditors' Proofs of Debt Due Aug. 13
--------------------------------------------------------
Creditors of Cadbury Singapore Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Aug. 13, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Low Mei Mei Maureen
         Catherine Lim Siok Ching
         c/o 8 Wilkie Road
         #03-01 Wilkie Edge
         Singapore 228095


DAY SURGERY: Creditors' Proofs of Debt Due July 25
--------------------------------------------------
Creditors of Day Surgery International Pte Ltd, which is in
creditors' liquidation, are required to file their proofs of debt
by July 25, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Yiong Kok Kong and
         Tan Tuan Hock
         c/o 133 New Bridge Road,
         #25-08 Chinatown Point,
         Singapore 059413


DONGFANG SHIPBUILDING: Court to Hear Wind-Up Petition July 27
-------------------------------------------------------------
A petition to wind up the operations of Dongfang Shipbuilding
(Group) Company Limited will be heard before the High Court of
Singapore on July 27, 2012, at 10:00 a.m.

Oceanside Development Group Limited filed the petition against
the company on July 2, 2012.

The Petitioner's solicitors are:

         M/S kIM & CO.
         10 Anson Road #23-08A
         International Plaza
         Singapore 079903


EQUINOX ENERGY: Court to Hear Wind-Up Petition July 27
------------------------------------------------------
A petition to wind up the operations of Equinox Energy Holdings
Pte Ltd will be heard before the High Court of Singapore on
July 27, 2012, at 10:00 a.m.

Zalina Bte Abdul Rahman, Jenn Bernadette Tan Xiaohui, Amran Bin
Sairi and Alan Marcus Bull Calvo filed the petition against the
company on June 29, 2012.

The Petitioner's solicitors are:

         Rajah & Tann LLP
         9 Battery Road, #25-01
         Straits Trading Building
         Singapore 049910


GAS TRADE: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on July 6, 2012, to
wind up the operations of Gas Trade (S) Pte Ltd.

Chimbusco International Petroleum (Singapore) Pte Ltd filed the
petition against the company.

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809



===============
X X X X X X X X
===============


* ASIA PACIFIC: Moody's Lifts High-Yield Corp. Default Estimate
---------------------------------------------------------------
Moody's Investors Service has revised upwards its estimated high-
yield default rate for corporates in Asia Pacific (ex-Japan) to
5% in 2012 from an earlier estimate of 2.3%, based on Moody's
Credit Transition Model (CTM).

"The higher estimated rate reflects a faster-than-expected
deterioration in the credit quality of the rated portfolio as the
deepened and prolonged nature of the European sovereign crisis
has prevented a return to stability in the credit market," Clara
Lau, a Moody's Group Credit Officer. "The 5% Asian high-yield
corporate default forecast translates into a total of 4 potential
defaults during 2012," says Lau.

Lau was speaking on the release of a Moody's special comment,
"High-Yield Default Rate for Asian Non-Financial Corporates to
Rise Modestly in 2012."

"The region's estimate mirrors the global trend, and for which
CTM forecasts a rise to 3% by end-2012 , against the 2.6%
estimated in March," says Ms. Lau.

"Looking back, Moody's notes that the Asia Pacific (ex-Japan)
corporate default rate rose in 1H2012, ending the period at 2.6%
against zero defaults at end-2011," says Ms. Lau. "Two rated non-
financial corporates defaulted, and the rise in default rates is
in line with the global experience, which finished 2Q2012 at
2.7%, up from 1.8% at end-2011," says Ms. Lau, adding, "Prior to
the 2 defaults recorded so far for 2012, the last default
occurred in 3Q2010."

The report says that in terms of rating transitions for 2Q2011-
Q12012, the ratings of investment-grade issuers in Asia Pacific
(ex-Japan) were generally more stable when compared to the global
corporate portfolio. By contrast, for speculative grade issuers
in the region , there was generally higher transition risk when
compared to their global peers. The difference was largest at the
Ba1, Ba2, B3 and below rating levels.


* ASIA: Moody's Says Liquidity Stress Index Steady in June
----------------------------------------------------------
Moody's Investors Service says that its Asian Liquidity Stress
Index (LSI) was steady in June with 16.2% of its speculative-
grade portfolio demonstrating weak liquidity compared with 16.3%
in May.

In terms of specific numbers, the percentages translated into 16
of 99 issuers in June against also 16 of 98 issuers in May.

The Asian LSI has further stabilized at 15%-16% in the last four
months.

The index, which increases when speculative-grade liquidity
appears to decrease, remains near its highest level since October
2010. It also remains well below the high of 37% recorded in the
fourth quarter of 2008, during the financial crisis.

"Contributing to the moderate improvement in the index in June
was the addition of one new rating, Indonesian telecommunications
tower company PT Professional Telekomunikasi Indonesia, or
Protelindo, (Ba2 stable) which increased the denominator to 99
issuers," says Laura Acres, a Moody's Senior Vice President.

Acres was speaking on the release of Moody's latest report on the
index, entitled "Asian Liquidity Stress Index."

The liquidity sub-index for Chinese speculative-grade companies
fell back to 17% in June from its 19.1% May high.

The liquidity sub-index for Chinese property companies also fell,
to 19.2% in June from 23.1% in May, but this was because one
company moved out of the lowest speculative-grade liquidity score
category (SGL-4), resulting in an improvement in both sub-
indices. However, the property sub-index remains high: almost one
in five Chinese property companies currently have weak liquidity.

For June, the net amount of high-yield debt rated by Moody's in
Asia remained steady at $40.5 billion. There has been no new
issuance since repeat issuer Lippo Karawaci Tbk (B1 positive), an
Indonesian property company, launched a $150 million seven-year
deal in May.

"Moody's expects the effective closure of the regional bond
markets in the second quarter will make conditions more
challenging for existing issuers looking to refinance, and for
potential new issuers planning to launch debut deals," says
Ms. Acres.

"We expect issuance to remain low until the situation in the euro
area shows some signs of stability. If fallout from the euro area
sovereign crisis spreads this could exacerbate already tight
lending conditions," says Ms. Acres.


* Moody's Changes Global Base Metal Industry Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service changed its outlook for the Global Base
Metal industry to negative from stable as global economic
indicators show slowing growth, according to Moody's Investors
Service in a new outlook update, "Base Metals Outlook Turns
Negative on Slowing Global Economic Indicators."

Moody's industry outlooks reflect the rating agency's
expectations for fundamental business conditions in the industry
over the next 12 to 18 months. Concerns over Europe's sovereign
debt crisis and slowing global economic growth will continue to
pressure base metal prices, says Moody's.

"Recent economic statistics including Purchasing Management
Indexes (PMI) for the US and China indicate a contraction in the
global economy," said Carol Cowan, a Moody's Vice President --
Senior Credit Officer. "In addition, with China accounting for at
least 40% of base metal demand, its purchasing appetite is a key
factor in metal price movement."

China now targets a GDP growth rate of 7.5%, well off the 9.2%
rate in 2011 and previous years of double digit growth rates.
China's lower growth expectations coupled with a slowdown in
exports - Europe is a major export market - could impact Chinese
metal purchasing and production behavior. This in combination
with structural changes in many of the world's largest economies
all weigh on the industry's outlook, says the rating agency.

Prices will remain range-bound, with a bias to the negative,
although a broader price collapse as seen in 2008 is unlikely.
Still, even continued steady demand from the automotive and
aerospace industries will not fully offset the impact of a global
slowdown and metals producers profits will be reduced, says
Moody's.


* PAKISTAN: Moody's Cuts Bond Ratings to 'Caa1'; Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Pakistan's foreign- and
local-currency bond ratings by one notch to Caa1 from B3. The
short-term ratings remain unchanged at Not-Prime. The outlook is
negative.

The key drivers for the rating action are:

1.) A deterioration in Pakistan's balance of payments over the
past year

2.) The looming large repayments to the International Monetary
Fund (IMF)

3.) The dwindling level of official foreign-exchange reserves

4.) The institutional weakness stemming from political
instability and constrained government finances

Ratings Rationale

The main driver of Moody's one-notch downgrade of Pakistan's
government bond ratings is the increasing strain on the country's
external payments position as a result of a rising trade deficit
and decline in capital inflows. Moreover, weak government
finances, structural inflationary pressures and domestic
political uncertainties are adding to Pakistan's external
vulnerabilities and debt sustainability, thereby compounding the
downward pressure on sovereign creditworthiness.

While Pakistan recorded a small current account surplus in fiscal
year 2010-11, the country's current account reverted to a deficit
of US$3.8 billion during the period from July 2011 to May 2012.
The reason for the reversal in the current account balance lies
primarily in the stalled export growth recorded in the eleven
months - in contrast to a significant 28.9% expansion in fiscal
year 2010-11 - due to the collapse in demand from Europe,
Pakistan's main export market, and weakening cotton prices. In
addition to the deteriorating current account deficit, Moody's
also expects the country's capital account to exert further
pressure on the balance of payments. Foreign direct investment
(FDI) has been on a secular decline since the US$5.4 billion
inflow in 2008. Based on recent trends, Moody's expects that FDI
will fall short of US$1 billion in 2012. At the same time,
Pakistan's import bill, a significant portion of which consists
of subsidized petroleum products, remains sensitive to global oil
price developments.

While Moody's recognizes that worker remittance inflows have
provided much support to Pakistan's balance of payments and
domestic economy (having increased 11.9% to $15.9 billion in the
July 2011-May 2012 period from the same period a year earlier),
the rating agency also notes that recent data suggests that
growth in such inflows is tapering off. Moreover, in view of the
gloomy global economic outlook, Moody's does not consider an
improvement in Pakistan's current account to be likely over the
near term.

The large upcoming repayments to the International Monetary Fund
(IMF) represent the second driver underlying Moody's decision to
downgrade Pakistan's sovereign creditworthiness. Pakistan has
approximately US$7.5 billion in principal and interest falling
due to the IMF in 2012, 2013, 2014 and 2015. Pakistan has repaid
$1.2 billion of that amount as of June, but this still leaves
sizable repayments mostly in 2013 and 2014. Additional pressure
on the balance of payments stems from the government's decision
to terminate its stand-by arrangement with the IMF in November
2011.

The third driver of the downgrade is Pakistan's dwindling level
of official foreign-exchange reserves, which have declined
steadily after reaching an historical peak of US$16.8 billion in
July 2011. This weakening in Pakistan's external payments
position, a direct upshot of the deterioration in Pakistan's
balance of payments, raises the probability of a default over the
next year or two. As of the end of June, the Central Bank of
Pakistan's gross international liquidity, including IMF SDR
holdings, had fallen to about US$12.4 billion (foreign-exchange
reserves alone were US$10.8 billion at the end of June). The
amount of repayments that are due to the IMF in 2013 and 2014
alone are equivalent to almost half of the central bank's current
reserve holdings.

Although official foreign exchange reserves are currently more
than adequate to cover all payments falling due on both long- and
short-term external debt in the year ahead, continued
deterioration in current account, coupled with a lack of equity
or portfolio investment inflows or a bout of capital flight,
would eventually undermine reserve adequacy. In particular, the
absence of an IMF financial support program, or in the absence of
augmented and predictable financial support from foreign
governments or multilateral development banks, would most likely
lead to a more rapid decline in reserves in the year ahead.
Moody's notes that the frayed relations between Pakistan and the
United States was very recently mended to some degree, at least
for now, as the United States agreed to resume disbursement of
suspended Coalition Support Funds.

Lastly, the fourth driver of Moody's rating action is the
factious relationship between Pakistan's elected political
leaders, the judiciary and the military, which undermines the
government's ability to formulate policies to address the
country's pressing domestic economic challenges, to bolster
investor confidence and to attract much needed external financial
support from official creditors and donors. In addition, the
strained condition of Pakistan's public-sector finances and weak
institutional features resulted in the recent default (in May
2012) by the government-owned Central Power Purchasing Agency on
arrears to the private independent power producers, the payments
of which were guaranteed by the government.

As part of the rating action, Moody's has also revised Pakistan's
country ceilings as follows: the foreign-currency country ceiling
to B3 from B1, the foreign-currency deposit ceiling to Caa2 from
B3, and the local-currency bond and deposit ceilings to B1 from
Baa2 and Ba2, respectively. The considerable change in the local-
currency ceilings reflects a downward assessment of Institutional
Strength to 'Very Low' from 'Low' in Moody's assessment of
sovereign risk.

What Could Move The Rating Up/Down

As reflected by the negative outlook on Pakistan's Caa1
government bond rating, Moody's considers an upgrade very
unlikely over the medium term.

A combination of factors would prompt Moody's to consider a
further downgrade. These include a substantial worsening of the
domestic political environment and significant further
deterioration in the policy framework and investor confidence.
More specifically, a continued sizable decline in official
foreign exchange reserves, from whatever causes - such as from a
deterioration in the global demand for Pakistan's goods and labor
exports or from domestic political paralysis or policy choices -
would be strongly credit-negative as the probability of default
would increase materially.

Methodology Used

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


* BOND PRICING: For the Week July 9 to July 13, 2012
----------------------------------------------------

Company              Coupon      Maturity  Currency  Bid Price
-------              ------      --------  --------  ---------

  AUSTRALIA
  ---------

COM BK AUSTRALIA         1.50     4/19/2022   AUD      70.35
EXPORT FIN & INS         0.50     6/15/2020   NZD      74.05
MIDWEST VANADIUM        11.50     2/15/2018   USD      63.38
MIDWEST VANADIUM        11.50     2/15/2018   USD      62.41
MIRABELA NICKEL          8.75     4/15/2018   USD      72.13
MIRABELA NICKEL          8.75     4/15/2018   USD      72.25
NEW S WALES TREA         0.50     9/14/2022   AUD      68.25
NEW S WALES TREA         0.50     10/7/2022   AUD      68.06
NEW S WALES TREA         0.50    10/28/2022   AUD      67.89
NEW S WALES TREA         0.50    11/18/2022   AUD      69.11
NEW S WALES TREA         0.50    12/16/2022   AUD      68.91
NEW S WALES TREA         0.50      2/2/2023   AUD      68.56
NEW S WALES TREA         0.50     3/30/2023   AUD      68.15
TREAS CORP VICT          0.50     8/25/2022   AUD      68.35
TREAS CORP VICT          0.50      3/3/2023   AUD      69.16
TREAS CORP VICT          0.50    11/12/2030   AUD      52.48


  CHINA
  -----

CHINA GOVT BOND          4.86     8/10/2014   CNY     105.04
CHINA GOVT BOND          1.64    12/15/2033   CNY      73.27
CHINA SOUTH CITY        13.50     1/14/2016   USD      91.75


  INDIA
  -----

AKSH OPTIFIBRE           1.00      2/5/2013   USD      69.63
JSL STAINLESS LT         0.50    12/24/2019   USD      67.12
MASCON GLOBAL LT         2.00    12/28/2012   USD      10.00
PRAKASH IND LTD          5.63    10/17/2014   USD      70.73
PRAKASH IND LTD          5.25     4/30/2015   USD      61.69
PYRAMID SAIMIRA          1.75      7/4/2012   USD       1.00
REI AGRO                 5.50    11/13/2014   USD      67.81
REI AGRO                 5.50    11/13/2014   USD      67.81
SHIV-VANI OIL            5.00     8/17/2015   USD      55.45
SUZLON ENERGY LT         5.00     4/13/2016   USD      57.56


  JAPAN
  -----

ELPIDA MEMORY            2.03     3/22/2012   JPY      14.88
ELPIDA MEMORY            2.10    11/29/2012   JPY      14.88
ELPIDA MEMORY            2.29     12/7/2012   JPY      14.88
ELPIDA MEMORY            0.50    10/26/2015   JPY      14.88
ELPIDA MEMORY            0.70      8/1/2016   JPY      14.88
JPN EXP HLD/DEBT         0.50     9/17/2038   JPY      64.06
JPN EXP HLD/DEBT         0.50     3/18/2039   JPY      63.83
TOKYO ELEC POWER         1.22     7/29/2020   JPY      74.38
TOKYO ELEC POWER         1.16      9/8/2020   JPY      73.88
TOKYO ELEC POWER         2.35     9/29/2028   JPY      69.88
TOKYO ELEC POWER         2.40    11/28/2028   JPY      70.00
TOKYO ELEC POWER         2.21     2/27/2029   JPY      68.75
TOKYO ELEC POWER         2.11    12/10/2029   JPY      68.13
TOKYO ELEC POWER         1.96     7/29/2030   JPY      66.42
TOKYO ELEC POWER         2.37     5/28/2040   JPY      66.13

  PHILIPPINES
  -----------

BAYAN TELECOMMUN        13.50     7/15/2049   USD      20.50
BAYAN TELECOMMUN        13.50     7/15/2049   USD      20.50


  SINGAPORE
  ---------

BAKRIE TELECOM          11.50      5/7/2015   USD      56.47
BAKRIE TELECOM          11.50      5/7/2015   USD      57.50
BLD INVESTMENT           8.63     3/23/2015   USD      61.93
BLUE OCEAN              11.00     6/28/2012   USD      37.63
BLUE OCEAN              11.00     6/28/2012   USD      38.00
CAPITAMALLS ASIA         2.15     1/21/2014   SGD      99.77
CAPITAMALLS ASIA         3.80     1/12/2022   SGD     100.96
DAVOMAS INTL FIN        11.00     12/8/2014   USD      28.96
DAVOMAS INTL FIN        11.00     12/8/2014   USD      28.25
F&N TREASURY PTE         2.48     3/28/2016   SGD     100.30
F&N TREASURY PTE         3.15     3/28/2018   SGD     101.31
SENGKANG MALL            4.88    11/20/2012   SGD     100.49


  SOUTH KOREA
  -----------

CN 1ST ABS               8.00     2/27/2015   KRW      32.78
CN 1ST ABS               8.30    11/27/2015   KRW      34.09
EXP-IMP BK KOREA         0.50     8/10/2016   BRL      72.58
EXP-IMP BK KOREA         0.50     9/28/2016   BRL      72.17
EXP-IMP BK KOREA         0.50    10/27/2016   BRL      71.69
EXP-IMP BK KOREA         0.50    11/28/2016   BRL      71.16
EXP-IMP BK KOREA         0.50    12/22/2016   BRL      70.84
EXP-IMP BK KOREA         0.50     1/25/2017   TRY      71.73
EXP-IMP BK KOREA         0.50    10/23/2017   TRY      68.36
EXP-IMP BK KOREA         0.50    11/21/2017   BRL      65.58
EXP-IMP BK KOREA         0.50    12/22/2017   TRY      67.60
EXP-IMP BK KOREA         0.50    12/22/2017   BRL      65.10
GREAT KO 3RD ABS        10.00    12/29/2014   KRW      30.12
GYEONGGI MUTUAL          8.50     8/29/2014   KRW      85.09
HYUNDAI SWISS BK         8.50     10/2/2013   KRW      93.15
HYUNDAI SWISS BK         7.90     7/23/2015   KRW      75.67
KIBO GRE 1ST ABS        10.00     1/25/2015   KRW      30.01
SINBO CO 1ST ABS        10.00     6/30/2014   KRW      31.83
SINBO CO 3RD ABS        10.00     9/29/2014   KRW      30.12


  SRI LANKA
  ---------

SRI LANKA GOVT           5.80     1/15/2017   LKR      72.79
SRI LANKA GOVT           8.50      2/1/2018   LKR      74.88
SRI LANKA GOVT           8.50     7/15/2018   LKR      73.30
SRI LANKA GOVT           7.50     8/15/2018   LKR      68.90
SRI LANKA GOVT           8.50      5/1/2019   LKR      70.54
SRI LANKA GOVT           6.20      8/1/2020   LKR      61.67
SRI LANKA GOVT           8.00      1/1/2022   LKR      65.77
SRI LANKA GOVT           7.00     10/1/2023   LKR      54.07
SRI LANKA GOVT           5.35      3/1/2026   LKR      45.10
SRI LANKA GOVT           8.00      1/1/2032   LKR      56.12


  THAILAND
  --------

BANGKOK LAND             4.50    10/13/2003   USD       4.75



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 240/629-3300.





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