TCRAP_Public/120814.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, August 14, 2012, Vol. 15, No. 161

                            Headlines


A U S T R A L I A

BLUESTONE CONSTRUCTION: Calls In Voluntary Administrators
WILD SURF: Goes Into Liquidation; 38 Workers Lose Jobs


C H I N A

CHINA QINFA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Stable


H O N G  K O N G

AMERICA HK: Commences Wind-Up Proceedings
CITY (HONG KONG): Placed Under Voluntary Wind-Up Proceedings
ETERNAL RICH: Members' Final General Meeting Set for Sept. 10
GREAT EAGLE: Briscoe and Wong Step Down as Liquidators
GY RESOURCES: Placed Under Voluntary Wind-Up Proceedings

HK BORDER: Members' Final Meeting Set for Sept. 10
JOINT GOAL: Creditors' Proofs of Debt Due Sept. 11
KENFAIR INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 31
MANSION HOUSE: Creditors' Proofs of Debt Due Aug. 24
MANSION HOUSE (CHINA): Creditors' Proofs of Debt Due Aug. 24


I N D I A

AIR INDIA: Seeks $500 Million Loan for Boeing Dreamliner Purchase
JAKSONS DEVELOPERS: ICRA Cuts Rating on INR264.3cr Loan to 'B+'
KINGFISHER AIRLINES: Seeks Funds From Investors After Loss Widens
MODI NATURALS: ICRA Reaffirms 'BB' Rating on INR21.2cr Loans
NAVNITLAL PVT: Fitch Affirms 'B' National Longterm Rating

OPTO CIRCUITS: ICRA Cuts Rating on INR538cr Loan to '[ICRA]B'
PANDI DEVI: Fitch Assigns 'B+' National Long-Term Rating
SALSAN STEELS: ICRA Assigns '[ICRA]B' Rating to INR16cr Loans
SRC CHEMICALS: ICRA Puts '[ICRA]BB+' Rating on INR4cr Loan
SUDARSHAN SULZ: ICRA Assigns '[ICRA]B+' Rating to INR6.87cr Loan

TATA MOTORS: Fitch Affirms 'BB+' Issuer Default Rating
UNITED TELECOMS: ICRA Cuts Rating on INR67cr Loans to '[ICRA]BB+'


J A P A N

OLYMPUS CORP: Net Loss Widens to JPY4.46BB in Q1 Ended June
OLYMPUS CORP: Admits Covenant Breach Over JPY30-Bil. Loans


N E W  Z E A L A N D

PIKE RIVER: NZOG to Receive NZ$5 Million From Receivers


S I N G A P O R E

MJC (SINGAPORE): Creditors' Meetings Set for Aug. 21
SILKSTAR GLOBAL: Court Enters Wind-Up Order
TRANSCONTINENTAL TRADE: Court to Hear Wind-Up Petition Aug. 24
VINCI PTE: Creditors' Proofs of Debt Due Aug. 24
YEO BROTHERS: Creditors' Meeting Set for Aug. 15


X X X X X X X X

* BOND PRICING: For the Week August 6 to August 10, 2012


                            - - - - -


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


BLUESTONE CONSTRUCTION: Calls In Voluntary Administrators
---------------------------------------------------------
Cara Waters at SmartCompany reports that Bluestone Construction
has appointed Jirsch Sutherland as administrators.

SmartCompany relates that the owner of the construction company
said outstanding money owed by contractors and the tough
construction environment are to blame for the collapse.

Bruce Oaklands, principal supervisor and license holder for
Bluestone Construction, told SmartCompany the company's problems
began last July when it completed work as a subcontractor for
Nahas Constructions.  He alleged that Bluestone was not paid for
the work, the report relays.

"We were subcontracting with Nahas Constructions and we did work
with them last year and went through an adjudication and won
AUD600,000 in January against them. Then that was disputed and we
settled for AUD175,000, but Nahas only paid AUD100,000, so there
is still AUD75,000 outstanding," the report quotes Mr. Oaklands
as saying.

"We have basically been trying to play catch up since July last
year and it has just caught up with us.  We are just a family
business trying to work through the issues. We are not a big
company, but our legal advice was to put the company into
voluntary administration."

Joe Nahas, spokesperson for Nahas Construction, told SmartCompany
he could not confirm nor deny whether Nahas Construction owed
Bluestone Construction AUD75,000 or whether it owed money to
other contractors.

Bluestone Construction is a Sydney-based construction company.
It employed 25 staff.


WILD SURF: Goes Into Liquidation; 38 Workers Lose Jobs
------------------------------------------------------
Amy Edwards at theherald.com.au reports that the Newcastle-
founded company Wild Surf Co has gone into liquidation, affecting
dozens of workers.  Shaw Gidley manages the insolvency
(liquidation) process, the report says.

According to the report, Westfield Kotara centre manager
Ryan Burns said he was advised on Friday afternoon that the
company had gone into liquidation.

"This is an extremely unfortunate situation, which has affected a
total of five stores throughout Newcastle and the Central Coast,
including Wild Surf Co and Breakaway at Westfield Kotara," the
report quotes Mr. Burns as saying. "Westfield Kotara will
announce in due course who the replacement retailers are."'

About 38 staff, including full-time and casual, are believed to
have been made redundant across the sites, the report notes.

Attempts to contact the Keane family and Shaw Gidley, who are
managing the insolvency (liquidation) process, were unsuccessful
yesterday.

Owned by the Keane family, the surfwear company was established
in 1981 and features headquarters at Adamstown.  It includes four
Wild Surf Co stores at Charlestown Square, Jesmond shopping
centre, Westfield Kotara and Stockland Bay Village on the Central
Coast.  The company also owns one Breakaway Surf Co store at
Westfield Kotara.



=========
C H I N A
=========


CHINA QINFA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on China-based thermal coal supplier
China Qinfa Group Ltd. "We then withdrew the rating at the
company's request. The outlook was stable at the time of the
withdrawal. We also affirmed and withdrew the 'cnBB' long-term
Greater China credit scale rating on the company," S&P said.

"In our view, China Qinfa's financial performance for the first
half of 2012 is likely to be worse than we had expected, but it
should still be appropriate for the rating level prior to the
withdrawal. China Qinfa issued a profit warning on Aug. 5, 2012.
The company expects its net profit for the first half of 2012 to
be significantly lower than that for the same period of 2011. The
company attributes the decline to: (1) tax-related provisioning
expenses for an acquisition of Ruifeng coal mines; (2)
provisioning expenses for inventory mark-to-market; (3) a drop in
demand and prices for thermal coal in China; and (4) an increase
in finance costs due to the acquisition of Shanxi Huameiao Energy
Group Co. Ltd.," S&P said.



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


AMERICA HK: Commences Wind-Up Proceedings
-----------------------------------------
Members of America Hong Kong Electronics Association Limited, on
July 27, 2012, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidator is:

         Cheng Chi Man
         18/F, Tung Nam Commercial Centre
         42 Pitt Street
         Yaumatei, Kowloon


CITY (HONG KONG): Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on Aug. 10, 2012,
creditors of City (Hong Kong) Limited resolved to voluntarily
wind up the company's operations.

The company's liquidator is:

         Cheng Kai Tai Allen
         19/F, Beverly House
         Nos. 93-107 Lockhart Road
         Wanchai, Hong Kong


ETERNAL RICH: Members' Final General Meeting Set for Sept. 10
-------------------------------------------------------------
Members of Eternal Rich China Limited will hold their final
general meeting on Sept. 10, 2012, at 11:30 a.m., at Unit 9,
17/F, Citicorp Centre, 18 Whitfield Road, Causeway Bay, in Hong
Kong.

At the meeting, Lau Cheuk Man Timothy, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


GREAT EAGLE: Briscoe and Wong Step Down as Liquidators
------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Great Eagle Shipping Lines Limited on Aug. 1, 2012.


GY RESOURCES: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on July 31, 2012,
creditors of GY Resources Limited resolved to voluntarily wind up
the company's operations.

The company's liquidator is:

         Wong Sun Keung
         21/F, Tung Hip Commercial Building
         248 Des Voeux Road
         Central, Hong Kong


HK BORDER: Members' Final Meeting Set for Sept. 10
--------------------------------------------------
Members of Hong Kong Border Company Limited, which is in members'
voluntary liquidation, will hold their final meeting on Sept. 10,
2012, at Room 1509 C.C. Wu Building, 302-8 Hennessy Road,
Wanchai, in Hong Kong.

At the meeting, Seto Sau Kuen Christine, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.


JOINT GOAL: Creditors' Proofs of Debt Due Sept. 11
--------------------------------------------------
Creditors of Joint Goal Enterprises Limited are required to file
their proofs of debt by Sept. 11, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 2, 2012.

The company's liquidator is:

         Sung Mi Yin Mella
         Suite No. A, 11th Floor
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


KENFAIR INTERNATIONAL: Creditors' Proofs of Debt Due Aug. 31
------------------------------------------------------------
Creditors of Kenfair International (Overseas) Limited are
required to file their proofs of debt by Aug. 31, 2012, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 31, 2012.

The company's liquidator is:

         Chuang Johnny
         23rd Floor, Exchange Tower
         No. 33 Wang Chiu Road
         Kowloon Bay, Kowloon
         Hong Kong


MANSION HOUSE: Creditors' Proofs of Debt Due Aug. 24
----------------------------------------------------
Creditors of Mansion House Capital Limited are required to file
their proofs of debt by Aug. 24, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 6, 2012.

The company's liquidators are:

         Wong Wing Sze Tiffany
         Lui Yee Man
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


MANSION HOUSE (CHINA): Creditors' Proofs of Debt Due Aug. 24
------------------------------------------------------------
Creditors of Mansion House (China) Limited are required to file
their proofs of debt by Aug. 24, 2012, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Aug. 6, 2012.

The company's liquidators are:

         Wong Wing Sze Tiffany
         Lui Yee Man
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong



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


AIR INDIA: Seeks $500 Million Loan for Boeing Dreamliner Purchase
-----------------------------------------------------------------
Bloomberg News reports that Air India Ltd. is seeking as much as
$500 million in loans to help pay for four Boeing Co. 787 planes.

The airline will repay the bridge loan by selling and leasing
back the aircraft, according to a tender document on the
company's website cited by Bloomberg News.  Banks have until
Aug. 24 to submit bids, it said.

According to Bloomberg News, the carrier's first two Dreamliners,
funded by a $195 million loan from Standard Chartered Plc, are
scheduled to arrive this month after the government approved a
compensation offer from Boeing for delivery delays.  Bloomberg
says the airline will use the fuel-efficient 787s to start Sydney
and Melbourne flights as it seeks to attract more passengers and
cut expenses in a bid to end five years of losses.

Air India, according to the tender, expects to have received a
total of six 787s by the end of the year, Bloomberg relates.  The
bridge loan of six to 12 months won't be covered by a government
guarantee, it said.

Bloomberg News says the carrier plans to sell and lease back all
of the 27 Dreamliners it has ordered as part of a financial
turnaround plan.  It also intends to borrow $600 million overseas
to repay costlier working capital loans raised at home, adds
Bloomberg News.

                           About Air India

Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world.  Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes.  The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand.  The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.

                          *     *     *

The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown.  Air India had debt of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.

In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.

"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.


JAKSONS DEVELOPERS: ICRA Cuts Rating on INR264.3cr Loan to 'B+'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to INR264.3 crore
bank lines of Jaksons Developers Private Limited from '[ICRA]BB'
to '[ICRA]B+'.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Term Loans              255      [ICRA]B+ Downgraded
   Non-fund-based            9.3    [ICRA]B+ Downgraded
   Limits

The rating action takes into account JDPL's large debt repayment
obligations in FY2013 and FY2014 which is likely to put
significant pressure on company's cash flows. Further, the
company is relying heavily on sale of commercial space and timely
realization of sale proceeds to service the large debt
obligations which may be challenging in the current sluggish
economic environment. The rating action also takes into account
the low occupancy and Average Room Rate (ARR) in the company's
first hotel project, debt repayment for which has already
started. The rating continues to be constrained by geographical
risks arising out of concentration of the company's operations in
North Delhi and its exposure to commercial real estate in which
funding requirements are high. However, the rating continues to
derive comfort from JDPL's experienced management, its long track
record in the real estate business in Delhi, association with the
Intercontinental Hotels Group (IHG) for hotel operations and
significant banquet space in the company's hotel, demand for
which is high in the vicinity.

Going forward, sale of space in company's two projects, prompt
realization of sale proceeds and timely debt servicing will be
the key rating sensitivities.

Jaksons Developers Private Limited, promoted by Mr. Jai Kishan
Gupta and his family members, is involved in developing real
estate properties in National Capital Region (NCR). Majority of
the past projects of group have been in North Delhi. The company
is currently developing a mall and a hotel-cum-commercial project
at Sector 10, Rohini, New Delhi. The mall project has a built up
area of approximately 3.5 lakh sq.ft. and the hotel property has
built up area of approximately 5 lakh sq. ft. The hotel has 183
keys under the Crowne Plaza brand owned by Intercontinental
Hotels Group (IHG).

Recent Results

In FY12, as per the provisional numbers, JDPL reported operating
income of INR139.41 crore and net profit of INR1.74 crore as
against operating income of INR63.47 crore and net profit of
INR1.71 crore in the previous financial year.


KINGFISHER AIRLINES: Seeks Funds From Investors After Loss Widens
-----------------------------------------------------------------
Karthikeyan Sundaram at Bloomberg News reports that Kingfisher
Airlines Ltd. said it is in talks with several investors to raise
funds after posting a wider first-quarter loss.

Bloomberg News relates that Kingfisher said it "continues to
believe it will get recapitalized and get on a path of sustained
profitability."  Parent UB Group provided more than INR7.5
billion (US$135 million) to the airline to help it meet cash
requirements, the company said.

The UB Group's "intention is to keep the airline going until they
can find an investor," Bloomberg News quotes  Binit Somaia, a
Sydney-based director at CAPA Centre for Aviation, an industry
consultant, as saying.  "The most obvious candidate as a
strategic investor is a foreign airline."

According to Bloomberg News, the carrier has asked banks for more
loans as its market share plummeted and it struggled to pay
salaries and interest on debt accumulated for leasing planes.
Mr. Mallya has been seeking investments since at least November,
the report notes.

The company said the net loss was INR6.5 billion (US$117 million)
in the three months ended June 30, compared with INR2.6 billion a
year earlier.  That was narrower than the INR11.5 billion loss in
the quarter ended in March, Bloomberg News discloses.

                       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.


MODI NATURALS: ICRA Reaffirms 'BB' Rating on INR21.2cr Loans
------------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR21.2 Crore
(enhanced from INR18.3 Crore) long-term bank limits of Modi
Naturals Ltd. at '[ICRA]BB'.  The outlook on the long term rating
is stable.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund-Based limits      20.0      [ICRA]BB (Stable) reaffirmed
   Term Loan               1.2      [ICRA]BB (Stable) reaffirmed

The reaffirmation of rating factors in marginal improvement in
the profitability, capital structure and debt coverage indicators
of the company. The ratings continue to be constrained by the
high competitive intensity in the edible oil industry resulting
in low margins, vulnerability of MNLs profitability to price
fluctuations, exposure to cyclicality of feedstock prices and the
company's low profitability and return indicators. Besides, the
rating is also constrained by the challenges associated with
brand building due to current small scale of operations, which
caps advertising and promotional budgets; and gestation period
involved in the former. However, the rating continues to factor
in MNL's established position as one of the leading processors of
rice bran and rice bran oil (RBO) in India; favorable prospects
for RBO owing to its significant health benefits; easy
availability in India and competitive pricing as compared to
other edible oils; favorable growth potential due to presence in
healthy oil segment, which also provides scope for margin
expansion; and the company's moderate gearing levels.

Modi Naturals Limited was initially incorporated as Anil Modi Oil
Industries Limited in 1974. MNL is engaged in the business of
manufacturing rice bran oil (RBO) with solvent extraction
capacity of 1,20,000 MTPA, refinery capacity of 30000 MTPA and an
oil mill capacity of 22500 MTPA in Pilibhit (UP). The company
derives more than 70% of its revenues from rice bran oil
operations (including by product rice bran which is a cattle
feed), while the rest primarily comprises of sales from branded
oil, sunflower oil & by products.

Recent Results

Based on provisional accounts, MNL reported a net profit of
INR0.39 Crore on a turnover of INR166.77 Crore in 2011-12. MNL
reported a net profit of INR0.03 Crore on a turnover of INR110.34
Crore in 2010-11.


NAVNITLAL PVT: Fitch Affirms 'B' National Longterm Rating
---------------------------------------------------------
Fitch Ratings has revised India-based grey cotton cloth
manufacturer Navnitlal Pvt Ltd's Outlook to Negative from Stable.
Its National Long-Term rating has been affirmed at 'Fitch
B(ind)'.

The Outlook revision reflects Fitch's view that NPL's interest
coverage (operating EBITDA/gross interest expense) will remain
below 1x in FY13 (year end March) considering its deteriorating
credit metrics due to raw material price volatility and slowing
demand.  FY12 results indicate interest coverage declining to
0.6x from 2.04x in FY11 and net financial leverage (total
adjusted net debt/operating EBITDAR) increasing to 15.3x from
4.8x as a result of a sharp decline in EBITDA margins to 2.9%
from 10.1%.

The ratings reflect NPL's tight liquidity position as reflected
in its high working capital utilisation (93%) in FY12, and a low
revenue base of INR630.3m in FY12 (FY11: INR608.4m).

The ratings, however, supported by NPL's over 14-year-long
operating track record and 15 years of experience of its founders
in grey cotton cloth manufacturing.  Also, founders have in the
past provided financial support to NPL through unsecured loans.

WHAT COULD TRIGGER A RATING ACTION?

Negative: Future developments that may lead to negative rating
action include EBITDA interest coverage ratio of below 1.1x on a
sustained basis on account of a fall in margins.

Positive: The current Rating Outlook is Negative.  As a result,
Fitch's sensitivities do not currently anticipate developments
with a material likelihood, individually or collectively, of
leading to a rating upgrade.  However, an improvement in revenue
and operating margins leading to EBITDA interest coverage of
above 1.1x on a sustained basis would lead to a change in the
Outlook back to Stable.

Rating actions on NPL's instruments:

  -- INR57.7m outstanding term loans: affirmed at National Long-
     Term 'Fitch B(ind)'
  -- INR170m fund-based limits: affirmed at National Long-Term
     'Fitch B(ind)'


OPTO CIRCUITS: ICRA Cuts Rating on INR538cr Loan to '[ICRA]B'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR538
crore fund based facilities of Opto Circuits (India) Limited from
'[ICRA]AA-' to '[ICRA]B'. ICRA has removed the 'Negative' outlook
on the long term rating. Further, ICRA has suspended the rating
assigned to the INR538 crore fund based facilities of OCIL.

                            Amount
   Facilities              (INR Cr)    Ratings
   ----------              ---------   -------
   Fund Based Facilities      538      [ICRA]B (revised)

The rating revision takes into account Opto's stretched liquidity
position on account of continued high working capital intensity
in 2011-12 resulting from high receivable period, and significant
inventory levels as well as advances to suppliers. Moreover, high
capital expenditure and dividend payout, resulted in negative
free cash flows. The stretched liquidity position of OCIL is also
reflected in its increased working capital borrowings and
irregularities in utilisation of its working capital facilities
and servicing of its debt obligations. Further, Opto's
significant capital expenditure plans in the medium term and its
contraction in operating margin post acquisition of Cardiac
Science Corporation, constrain the rating. Given the absence of
the requisite information from the company.

ICRA has suspended the rating assigned to OCIL's INR538 crore
line of credit. According to its suspension policy, ICRA may
suspend any rating outstanding if in its opinion there is
insufficient information to assess such rating during the
surveillance exercise. ICRA will withdraw the rating in case it
remains under suspension for a period of three years.

OCIL was originally promoted by Mr. Vinod Ramnani and Mrs. Usha
Ramnani along with Elekon Industries (S) Pte Limited, Singapore,
on June 8, 1992. In April, 2000 it was converted into a public
limited company, and subsequently, Elekon Industries divested its
shareholding in OCIL. Opto Group is engaged in the design,
development, manufacture, marketing, and distribution of invasive
and non-invasive medical devices. It has manufacturing and R&D
facilities in India (Bangalore, Chennai, Vizag Kolkata and
Parwanoo), Malaysia (Johor Bahru), USA (Wisconsin & Rhode Island)
and Germany (Bonn). Its non-invasive medical devices comprise of
patient monitoring devices such as sensors, pulse oximeters,
multi-parameter monitors, anesthesia gas bench monitors, cardiac
monitoring systems, automated external defibrillators and
vascular diagnostic equipments. These products are US FDA listed
and/ or CE-marked. Brands such as Quinton(R), Burdick(R),
Powerheart(R), nCompassTM, nGenuity TM, eQuality TM, Medichek,
Revo(R), eTraq, DIOR(R), Freeway TM and Magical(R) are sold in
more than 100 countries through direct and indirect sales
channels. Its invasive medical devices range focuses on
therapeutic medical devices which comprise of stents and
balloons, both drug-eluting as well as non-drug eluting,
catheters and implants. In addition, OCIL, through its
subsidiary, also provides information technology consulting,
global positioning systems and electronic design automation
services in India.


PANDI DEVI: Fitch Assigns 'B+' National Long-Term Rating
--------------------------------------------------------
Fitch Ratings has assigned India-based palm oil refiner Pandi
Devi Oil Private Limited a National Long-Term rating of 'Fitch
B+(ind)'.  The Outlook is Stable.

The ratings reflect the present unfavorable business environment
for the domestic palm oil refiners.  The import of refined palm
oil in India has become more viable than the import of crude palm
oil, as the Indonesian government has revised the export duty
structure on palm oil in favor of Indonesian refiners from
September 2011.  The ratings are constrained by PDO's
vulnerability to volatile currency fluctuations, lack of control
over its imported supplies -- with no backward integration, and
the absence of branded products in its portfolio.

The ratings also factor in PDO's volatile and low revenue base,
which limits its bargaining power with suppliers and customers.
The ratings also reflect the company's high working capital
intensity and volatile margins, which negatively impact its
coverage and leverage metrics.

The ratings, however, derive support from PDO's over 20 years of
experience in edible oil processing, its established industry
links, and a favorable demand outlook for edible oil in India.

WHAT COULD TRIGGER A RATING ACTION?

Negative: Future developments that may lead to negative rating
action include net interest coverage (operating EBITDA/ net
interest) below 1.5x on a sustained basis from FY13 onwards.

Positive: Future developments that may lead to negative rating
action include net interest coverage above 2.5x on a sustained
basis.

PDO has a 300 tonnes per day (tpd) capacity palm oil refinery in
Puducherry.  The company sells all its products and by-products
to wholesalers.  In FY11, PDO reported a turnover of INR1,580m
(FY10: INR701m), an operating EBITDA margin of 4 % (4.4%), net
interest coverage of 1.5x (FY10: 1.6x) and financial leverage
(debt/ operating EBITDA) of 3.6x (1.9x).  Unaudited results for
9MFY12 indicate revenue of INR1,137.9m, a net loss of INR1.5m, an
operating EBITDA margin of 2.6%, financial leverage of 10.5x and
interest coverage of 1.2x.

Fitch has also assigned ratings to PDO's bank facilities as
follows:

  -- INR130m fund-based working capital limits: National
     Long-Term 'Fitch B+(ind)' and National Short-Term 'Fitch
     A4(ind)'

  -- INR623m non-fund-based limits: National Short-Term 'Fitch
     A4(ind)'


SALSAN STEELS: ICRA Assigns '[ICRA]B' Rating to INR16cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR7.00
crore cash credit limits and INR9.00 crore1 term loans of Salsan
Steels Private Limited.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Cash Credit            7.00      [ICRA]B
   Term Loan              9.00      [ICRA]B

The ratings take into account SSPL's moderate scale of
operations, its relatively low value additive nature of the
business and highly competitive nature of steel industry
resulting in modest operating margins, which is unlikely to
change significantly in the medium term. ICRA also notes that
SSPL is in its nascent stage of operations and thus in the
process of establishing relationships with its customers and
suppliers.

However, the ratings draw comfort from the stable demand outlook
of the steel industry, SSPL's favorable location and infusion of
INR5.00 crores by the promoters in FY 2012 in form of
equity/share capital. Company Profile SSPL is engaged in the
manufacturing of steel reinforced bars with its manufacturing
facility situated in Garget, HP.  The major raw material used by
the company are steel billets and ingots. The steel rebars
manufactured by the company are primarily supplied to trading
entities in HP and Mandi Gobindgarh.

SSPL was incorporated in 2008 and its commercial operations
commenced in January 2012. The company is also involved in the
trading of steel scrap. In FY 2012, the company reported Gross
Sales (provisional) of INR8.16 crores and a profit after tax
(provisional) of INR0.03 crores.


SRC CHEMICALS: ICRA Puts '[ICRA]BB+' Rating on INR4cr Loan
----------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR4.00 crore cash
credit facilities of SRC Chemicals Private Limited. The long term
rating has been assigned stable outlook. ICRA has also assigned
an '[ICRA]A4+' rating to the INR5.25 crore non fund based
facilities of SRCC.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Cash Credit            4.00      [ICRA]BB+ (Stable) assigned
   Non Fund Based         5.25      [ICRA]A4+ assigned

The assigned rating derives comfort from the established track
record of promoters in the steel grade lime and Ferro alloy
manufacturing industry along with long term relationship with the
key customer. The financial risk profile of the company is
characterized by moderate capital structure with gearing at 0.7x
and interest coverage at 2.4x as on March 2012. The assigned
ratings, however, remain constrained by small scale of
operations, low accruals and stretched payment cycle straining
cash flows combined with high client concentration.

ICRA also take note of vulnerability associated with commodity
and currency movements along with inherent cyclicality of the
customer industry.

SRCC is part of INR150 crore Jodhpur, Rajasthan based S R Group
with interest in limestone mining, manufacturing of lime,
dolomite and ferro alloys along with trading interests in Sponge
iron, Coal and Flourospar. SRCC has lime manufacturing capacity
of 60,000 tpa in Koppal, Karnataka and 600 tpa Ferro alloy
manufacturing plant near Pune. .


SUDARSHAN SULZ: ICRA Assigns '[ICRA]B+' Rating to INR6.87cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to INR6.87 crore long term
fund based bank facilities of Sudarshan Sulz Private Limited.
ICRA has also assigned a rating of '[ICRA] A4' to INR0.30 crore
short term non-fund based bank facilities of SSPL.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Long Term: Fund        6.87      [ICRA]B+ /assigned
   Based Limits

   Short Term: Non-       0.30      [ICRA]A4/ assigned
   Fund Based Limits

The assigned rating is constrained by the stretched financial
profile of the company which is on account of leveraged capital
structure and modest profitability.  The debt funded capital
expansion being undertaken by the company has resulted in a
leveraged capital structure which along with the modest
profitability which is on account of the company's limited
pricing power in a fragmented industry for a commoditized
product, given its modest scale of operations, has resulted in
stretched debt coverage indicators.

Moreover, the subdued demand along with volatile raw material
prices shall keep the profitability under pressure and debt
coverage indicators stretched, in the backdrop of the debt funded
capex been undertaken by the company. The rating however
favorably takes into account the satisfactory capacity
utilization of the manufacturing unit despite subdued demand and
regular capacity expansion been undertaken by the company which
has resulted in steady revenue growth with profitable operations
for the company and also the experience of the promoters who have
been in this line of business for more than two decades.

Going forward, timely commissioning of the capacity expansion
been undertaken by the company and SSPL's ability to maintain
satisfactory capacity utilization for the expanded capacity given
the subdued demand, while improving the profit margins which
shall be critical for improving the financial profile of the
company, would be the key rating sensitivities going forward.

SSPL was incorporated in 1993 and is engaged in fabric weaving in
Bhilwara, Rajasthan. The company started with trading of fabric
and set up in-house weaving capacity in FY 2000 with 30 looms.
The company presently has a weaving capacity of ~34 lac meters
per annum with 50 looms.


TATA MOTORS: Fitch Affirms 'BB+' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has affirmed the foreign currency Issuer Default
Ratings of Tata Motors Limited and Jaguar Land Rover PLC's at
'BB' and 'BB-', respectively with a 'Stable' outlook for both
entities.

The rating affirmation factors in the stable consolidated credit
profile of TML.  TML has benefited from the strong financial
performance of JLR in FY12 (year end March), helping to offset
the parent's lower revenue growth and profitability.  JLR
accounted for 63% of TML's revenues and 69% of operating profits
in FY12.

TML's standalone performance in FY12 was characterised by revenue
growth of 15.3% to INR543,066m and a drop in EBITDA margins to
8.1% from 10.2% in FY11 due to higher selling costs and inability
to fully pass on raw material cost increases, particularly in the
highly competitive volume segments of passenger cars.  However,
on a consolidated basis, revenues grew by 35.6% to INR1,656,545m
while EBITDA margins were maintained at 14.3% (FY11: 14.6%), due
to JLR's high contribution to revenues and operating profits.  In
FY12, JLR registered revenue growth of 36.9% to GBP13,511.7bn and
EBITDA margins of 14.7% (FY11: 14.8%).

TML's standalone net leverage (net adjusted debt/operating
EBITDA) weakened in FY12 to 3.44x from 3.01x in FY11 due to
reduced profitability and lower cash levels.  However, on a
consolidated basis, net leverage improved to 0.98x from 1.21x in
FY11 largely due to JLR's relatively lower debt and substantially
higher cash balances.  Fitch expects a similar trend to persist
in FY13 after the agency lowered its growth forecasts for several
segments of the Indian auto industry, as reflected in its report
"2012 Mid-Year Outlook: Indian Auto Sector".  The agency believes
that global premium auto companies will continue to outperform
volume segment companies in 2012, which is likely to be reflected
in JLR's continued growth rate and relatively higher margins,
lending support to TML.

Based on the top down approach of the agency's "Parent and
Subsidiary Rating Linkage Criteria", Fitch has notched JLR's
rating to a level down from TML's -- reflecting the strong
linkages between the two entities.  TML's rating also benefits
from a one notch uplift on account of potential support from the
Tata Group.  Fitch has assessed the ability of the Tata Group to
provide support to TML and draws comfort from the strategic
importance of TML to the group.

TML's ratings also take into account its leadership position in
terms of sales market share in commercial vehicles and its number
three position in the passenger vehicles in the Indian market.
Fitch also notes JLR's improvement in diversifying its revenue
geographically in FY12 -- led by higher China sales, as well as
the successful launch of the Evoque in FY12 which will continue
to drive volumes in FY13.

The ratings are constrained by JLR's limited product portfolio
shorter operating history and relatively lower volumes compared
with more established and highly rated premium car manufacturers.
In Fitch's opinion, the prevailing weak global economic
environment may also pose a challenge for sustaining volume
growth over the next one to two years.

WHAT COULD TRIGGER A RATING ACTION?

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

  -- a weakening of linkages between the Tata Group and TML
  -- consolidated financial leverage (excluding TML' financial
     subsidiary - Tata Motors Finance Limited) exceeding 2.0x
     on a sustained basis due to reduced sales or profitability
     (at TML, JLR or both), or due to higher than expected debt
      levels

  -- a weakening of linkages between TML and JLR that could
     negatively impact JLR's rating

Positive: Future developments that could result in positive
rating action on both companies include:

  -- higher volume growth for TML (standalone) and JLR through
     increased geographic and product diversification, without
     significant margin erosion from FY12 levels

Fitch has also affirmed the ratings on JLR's outstanding senior
unsecured notes, as follows:

  -- GBP500m, 8.125% due 2018: affirmed at 'BB-'
  -- GBP500m, 8.25% due 2020: affirmed at 'BB-'
  -- USD410m, 7.75% due 2018: affirmed at 'BB-'
  -- USD410m, 8.125% due 2021: affirmed at 'BB-'


UNITED TELECOMS: ICRA Cuts Rating on INR67cr Loans to '[ICRA]BB+'
-----------------------------------------------------------------
ICRA has revised the long term rating of INR67 crore fund based
facilities of United Telecoms Limited from '[ICRA]BBB' to
'[ICRA]BB+'. ICRA has also revised the short term rating of
INR.371 crore non-fund based facilities of UTL from '[ICRA]A3+'
to '[ICRA]A4+'. The outlook on the long-term rating is 'Stable'.

                         Amount
   Facilities           (INR Cr)    Ratings
   ----------           ---------   -------
   Fund Based             67.00     [ICRA]BB+ (Stable) (revised)
   Facilities

   Non-Fund Based        371.00     [ICRA]A4+ (revised)
   Facilities

The ratings revision takes into account massive revenue de-growth
in UTL's manufacturing segment on account of negligible orders
from BSNL, deferment of capital expenditure plans by major
domestic telecom players and rising competitive intensity in the
telecom equipment industry. Further, UTL's write-off of
liquidated damages, losses in non-core projects, fall in turnover
combined with high fixed overheads in manufacturing business
resulted in low operating margin of 3.2% in FY2012. The ratings
continue to be constrained by UTL's high revenue dependence on
BSL for its manufacturing segment (contributed 72% of UTL's
revenue in FY2011 and 12% in FY2012) and its large receivable
period from its client in manufacturing and e-governance
projects, such as BSNL and state governments, which constrain
UTL's cash flow position. Nevertheless, the ratings continue to
draw comfort from UTL's established position in telecom equipment
and e-governance projects and its stable revenue visibility from
SWAN projects, driving license project and leased commercial
property.

Going forward, the company's ability to achieve healthy revenue
growth in its new diversification into mobile handsets and
getting additional order from BSNL, while achieving reasonable
operating margin and reducing its working capital intensity would
be the key rating sensitivities. Additionally, any further
support to subsidiaries or affiliates could put pressure on the
company's cash flow adequacy.

Incorporated in 1984, United Telecoms Limited is a Bangalore
based information and communication solutions company with wide
experience in telecom equipments, telecom networks, e-governance
networks and real estate development.



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


OLYMPUS CORP: Net Loss Widens to JPY4.46BB in Q1 Ended June
-----------------------------------------------------------
Kana Inagaki at The Wall Street Journal reports Olympus Corp.
posted a wider quarterly net loss amid losses at its camera
division, and said the stronger yen further pressured the
company's already-thin capital cushion.

The Journal relates that Olympus logged a net loss of
JPY4.46 billion ($56.9 million) for the company's fiscal first
quarter ended in June, compared with a loss of JPY1.42 billion a
year earlier.

According to the news agency, the Japanese company booked a one-
time loss of JPY1.8 billion, mostly due to settlement costs with
former Chief Executive Michael Woodford.  The British CEO was
fired in October after he raised questions that helped uncover a
$1.5 billion accounting scandal at Olympus.

Operating profit fell 60% to JPY2.12 billion from
JPY5.24 billion, while revenue sank 4.5% to JPY189.54 billion
from JPY198.57 billion.

The Journal adds that Olympus has said it is looking for a
partner to invest about JPY50 billion to shore up its finances
after the accounting scandal weakened its balance sheet. An
Olympus executive said the company will aim to reach a conclusion
on a capital tie-up "as early as possible," as its capital-
adequacy ratio slid to 2.2% at the end of June from 4.6% at the
end of March, the Journal reports.

"The current capital situation has increased our sense of
crisis," the Journal quotes Yasuo Takeuchi, Olympus senior
executive managing director, as saying at a news conference. "The
impact of the stronger yen was bigger than expected."

Mr. Takeuchi added that the company's capital-adequacy ratio
could fall to zero or turn negative by the end of September under
extreme circumstances, the report relays.

                         About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image.  Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.


OLYMPUS CORP: Admits Covenant Breach Over JPY30-Bil. Loans
----------------------------------------------------------
Emi Urabe and Mariko Yasu at Bloomberg News report that Olympus
Corp. said it violated covenants related to JPY320 billion
(US$4 billion) in loans as it delayed and restated earnings
reports last year after admitting to accounting fraud.

The maker of cameras and medical probes will have to pay a
higher-than-normal fee to amend the covenants, a person familiar
with the matter, who asked not to be identified because the
details are private, told Bloomberg News.

Bloomberg News' source said the company plans to make the
payment, normally between 20 basis points and 30 basis points of
the total interest amount, by the end of September and is in
talks with banks.  Olympus, which has about US$5.8 billion of
bonds and loans due to mature before the end of 2019, restated
earnings last year after admitting it paid inflated fees on
takeovers and overpaid for three Japanese companies to conceal
past investment losses, Bloomberg News notes.

                        About Olympus Corp.

Based in Japan, Olympus Corporation (TYO:7733) --
http://www.olympus-global.com/-- manufactures and sells medical
products, life and industrial products, imaging products,
information communication products and other products.  As of
March 31, 2011, the Company has 188 subsidiaries and 11
associated companies.

As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2012, Japan Today said Olympus Corp. posted a
JPY48.99 billion loss in the year to March, a shortfall largely
tied to a loss cover-up at the camera and medical equipment maker
that hammered Japan's corporate-governance image.  Japan Today
said the firm attributed the loss to a scandal that sparked
lawsuits and the arrest of former executives accused of
hiding about US$1.7 billion in investment losses. According to
the report, Olympus said the result, which reversed a small
profit of JPY3.87 billion a year earlier and was bigger than
forecast, was largely attributed to costs related to the cover-
up.



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


PIKE RIVER: NZOG to Receive NZ$5 Million From Receivers
-------------------------------------------------------
Businessdesk reports that New Zealand Oil & Gas will receive a
NZ$5 million payment from the receivers of Pike River Coal after
it was sold to Solid Energy in May.

A further payment of up to NZ$2.5 million is expected before the
end of the year, the report says.

BusinessDesk relates that Solid Energy will also pay a further
NZ$25 million by installments if and when extraction from the
mine permit area reaches over 250,000 tonnes over a 12-month
period or total extraction over any period reaches 1.25 million
tonnes, whichever occurs first.

Once the trigger date is reached, the state-owned mine company
will pay NZ$2.5 million annually until the amount has been paid
in full, according to the report.

According to BusinessDesk, Solid Energy has entered into an
agreement with the government, outlining the role each will play
in recovering the bodies of the 29 miners, which still remain
trapped in the mine after a series of explosions in 2010.

                         About Pike River

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010
after 29 miners died in a series of explosions on Nov. 19, 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River Coal also owed another estimated NZ$10 million
to NZ$15 million to contractors, including some of the men who
lost their lives in the disaster.



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


MJC (SINGAPORE): Creditors' Meetings Set for Aug. 21
----------------------------------------------------
MJC (Singapore) Pte Ltd, which is in creditors' voluntary
liquidation, will hold a meeting for its creditors on Aug. 21,
2012, at 3:00 p.m., at 8 Cross Street #17-00, PWC Building, in
Singapore 048424.

Agenda of the meeting include:

   a. to lay before the meeting a report of the liquidators
      showing how the winding-up was conducted;

   b. to approve the remuneration of the liquidators;

   c. to approve the payment of a final dividend to creditors;
      and

   d. discuss other business.

The company's liquidator is:

         Goh Thien Phong
         c/o PricewaterhouseCoopers LLP
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


SILKSTAR GLOBAL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Aug. 3, 2012, to
wind up the operations of Silkstar Global Marketing Limited.

The company's liquidators are:

         Kon Yin Tong,
         Wong Kian Kok
         Aw Eng Hai
         c/o Messrs Foo Kon Tan Grant Thornton
         47 Hill Street
         #05-01 Singapore Chinese
         Chamber of Commerce & Industry Building
         Singapore 179365


TRANSCONTINENTAL TRADE: Court to Hear Wind-Up Petition Aug. 24
--------------------------------------------------------------
A petition to wind up the operations of Transcontinental Trade &
Investment Pte Ltd will be heard before the High Court of
Singapore on Aug. 24, 2012, at 10:00 a.m.

TMF Singapore Pte Ltd filed the petition against the company on
July 28, 2012.

The Petitioner's solicitor is:

         M/s Eugene Thuraisingam
         One Phillip Street, #03-02
         Singapore 048692


VINCI PTE: Creditors' Proofs of Debt Due Aug. 24
------------------------------------------------
Creditors of Vinci Pte Ltd, which is in compulsory liquidation,
are required to file their proofs of debt by Aug. 24, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

         Jason Aleksander Kardachi
         c/o Borrelli Walsh Pte. Limited.
         One Raffles Place Tower 2 #10-62
         Singapore 048616


YEO BROTHERS: Creditors' Meeting Set for Aug. 15
------------------------------------------------
Creditors of Yeo Brothers Launch Services Pte Ltd, which is
liquidation, will hold their meeting on Aug. 15, 2012, at 3:30
p.m., at Blk 50 Havelock Road #02-767, in Singapore 160050.

At the meeting, Lau Chin Huat, the company's liquidator will give
a report on the company's wind-up proceedings and property
disposal.



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


* BOND PRICING: For the Week August 6 to August 10, 2012
--------------------------------------------------------


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

  AUSTRALIA
  ---------


EXPORT FIN & INS        0.50    06/15/20     NZD      73.59
MIDWEST VANADIUM       11.50    02/15/18     USD      64.25
MIDWEST VANADIUM       11.50    02/15/18     USD      63.68
MIRABELA NICKEL         8.75    04/15/18     USD      72.25
MIRABELA NICKEL         8.75    04/15/18     USD      71.38
NEW S WALES TREA        0.50    09/14/22     AUD      66.69
NEW S WALES TREA        0.50    10/07/22     AUD      66.49
NEW S WALES TREA        0.50    10/28/22     AUD      66.32
NEW S WALES TREA        0.50    11/18/22     AUD      67.64
NEW S WALES TREA        0.50    12/16/22     AUD      67.43
NEW S WALES TREA        0.50    02/02/23     AUD      67.07
NEW S WALES TREA        0.50    03/30/23     AUD      66.66
TREAS CORP VICT         0.50    08/25/22     AUD      66.77
TREAS CORP VICT         0.50    03/03/23     AUD      67.65
TREAS CORP VICT         0.50    11/12/30     AUD      50.70


  CHINA
  -----

CHINA GOVT BOND         4.86    08/10/14     CNY     104.30
CHINA GOVT BOND         1.64    12/15/33     CNY      69.17


  INDIA
  -----

AKSH OPTIFIBRE          1.00    02/05/13     USD      64.11
JCT LTD                 2.50    04/08/11     USD      20.00
JSL STAINLESS LT        0.50    12/24/19     USD      65.12
MASCON GLOBAL LT        2.00    12/28/12     USD      10.00
PRAKASH IND LTD         5.63    10/17/14     USD      69.10
PRAKASH IND LTD         5.25    04/30/15     USD      61.83
PYRAMID SAIMIRA         1.75    07/04/12     USD       1.00
REI AGRO                5.50    11/13/14     USD      68.84
REI AGRO                5.50    11/13/14     USD      68.84
SHIV-VANI OIL           5.00    08/17/15     USD      54.31
SUZLON ENERGY LT        5.00    04/13/16     USD      57.30


  JAPAN
  -----

COVALENT MATERIA        2.87    02/18/13     JPY      65.59
ELPIDA MEMORY           2.03    03/22/12     JPY      14.38
ELPIDA MEMORY           2.10    11/29/12     JPY      14.38
ELPIDA MEMORY           2.29    12/07/12     JPY      14.38
ELPIDA MEMORY           0.50    10/26/15     JPY      14.38
ELPIDA MEMORY           0.70    08/01/16     JPY      16.63
JPN EXP HLD/DEBT        0.50    09/17/38     JPY      63.51
JPN EXP HLD/DEBT        0.50    03/18/39     JPY      63.02
TOKYO ELEC POWER        2.35    09/29/28     JPY      67.25
TOKYO ELEC POWER        2.40    11/28/28     JPY      66.63
TOKYO ELEC POWER        2.21    02/27/29     JPY      66.63
TOKYO ELEC POWER        2.11    12/10/29     JPY      68.18
TOKYO ELEC POWER        1.96    07/29/30     JPY      65.41
TOKYO ELEC POWER        2.37    05/28/40     JPY      62.45


  MALAYSIA
  --------

DUTALAND BHD            7.00    04/11/13     MYR       0.67


  PHILIPPINES
  -----------

BAYAN TELECOMMUN       13.50    07/15/49     USD      20.50
BAYAN TELECOMMUN       13.50    07/15/49     USD      20.50


  SINGAPORE
  ---------

BAKRIE TELECOM         11.50    05/07/15     USD      60.95
BAKRIE TELECOM         11.50    05/07/15     USD      57.75
BLD INVESTMENT          8.63    03/23/15     USD      60.83
BLUE OCEAN             11.00    06/28/12     USD      37.50
BLUE OCEAN             11.00    06/28/12     USD      38.00
CAPITAMALLS ASIA        2.15    01/21/14     SGD      99.71
CAPITAMALLS ASIA        3.80    01/12/22     SGD     100.47
DAVOMAS INTL FIN       11.00    12/08/14     USD      28.13
DAVOMAS INTL FIN       11.00    12/08/14     USD      28.29
F&N TREASURY PTE        2.48    03/28/16     SGD     100.55
F&N TREASURY PTE        3.15    03/28/18     SGD     100.69
SENGKANG MALL           4.88    11/20/12     SGD     100.39


  SOUTH KOREA
  -----------

EXP-IMP BK KOREA        0.50    08/10/16     BRL      71.42
EXP-IMP BK KOREA        0.50    09/28/16     BRL      71.12
EXP-IMP BK KOREA        0.50    10/27/16     BRL      70.61
EXP-IMP BK KOREA        0.50    11/28/16     BRL      70.06
EXP-IMP BK KOREA        0.50    12/22/16     BRL      69.64
EXP-IMP BK KOREA        0.50    10/23/17     TRY      72.13
EXP-IMP BK KOREA        0.50    11/21/17     BRL      64.21
EXP-IMP BK KOREA        0.50    12/22/17     TRY      71.31
EXP-IMP BK KOREA        0.50    12/22/17     BRL      63.73
GREAT KO 3RD ABS       10.00    12/29/14     KRW      30.42
HYUNDAI SWISS BK        8.50    10/02/13     KRW      94.53
HYUNDAI SWISS BK        8.30    01/13/15     KRW      82.28
HYUNDAI SWISS BK        7.90    07/23/15     KRW      76.75
KIBO GRE 1ST ABS       10.00    01/25/15     KRW      30.30
SINBO 4TH ABS           8.00    08/18/14     KRW      29.92
SINBO CO 3RD ABS       10.00    09/29/14     KRW      30.41


  SRI LANKA
  ---------

SRI LANKA GOVT          5.80    01/15/17     LKR      71.80
SRI LANKA GOVT          5.80    07/15/17     LKR      70.55
SRI LANKA GOVT          8.50    07/15/18     LKR      74.74
SRI LANKA GOVT          7.50    08/15/18     LKR      70.38
SRI LANKA GOVT          8.50    05/01/19     LKR      72.04
SRI LANKA GOVT          6.20    08/01/20     LKR      61.80
SRI LANKA GOVT          8.00    01/01/22     LKR      65.88
SRI LANKA GOVT          7.00    10/01/23     LKR      55.55
SRI LANKA GOVT          5.35    03/01/26     LKR      45.21
SRI LANKA GOVT          8.00    01/01/32     LKR      56.14


  THAILAND
  --------

BANGKOK LAND            4.50    10/13/03     USD       5.38



                             *********

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.


                            *********


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.





                 *** End of Transmission ***