TCRAP_Public/121009.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, October 9, 2012, Vol. 15, No. 201

                            Headlines


C H I N A

CHINA ORIENTAL: Fitch Affirms BB+ Longterm Issuer Default Rating
CHINA ORIENTAL: Moody's Changes Outlook on 'Ba2' CFR to Negative
SHENGDATECH INC: Plan Confirmed by Nevada Bankruptcy Judge
SUNAC CHINA: S&P Gives 'B+' Rating on USD Fixed-Rate Senior Notes
WINSWAY COKING: Fitch Lowers Senior Unsecured Rating to 'BB-'


H O N G  K O N G

BUSINESS LINK: Court to Hear Wind-Up Petition on Nov. 21
CHINA HEALTHCARE: Court Enters Wind-Up Order
GOLDEN BRIGHT: Creditors' Proofs of Debt Due Oct. 31
H.K. FULLSON: Creditors Get 100% Recovery on Claims
HOP CHEONG: Creditors Get 100% Recovery on Claims

HUNG WAN: Court to Hear Wind-Up Petition on Oct. 24
P & C ENTERPRISES: Creditors' Proofs of Debt Due Oct. 31
PAN-WIN MOTORS: Court to Hear Wind-Up Petition on Nov. 7
QINDA K-GOLD: Creditors and Contributories to Meet on Oct. 26
QUALITY DENIM: Court to Hear Wind-Up Petition on Oct. 17

SERLEN LIMITED: Creditors' Proofs of Debt Due Oct. 22
SILVER TECH: Court Enters Wind-Up Order
SUNBASE INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 17
SUZUYA INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 26
Y & H ENGINEERING: Creditors Get 57.8765% Recovery on Claims


I N D I A

AUTOLINE: Delay in Loan Payment Cues CRISIL Junk Ratings
BERRY ALLOYS: CRISIL Upgrades Rating on INR305MM Loans to 'B-'
KASHMIRI LAL: CRISIL Cuts Rating on INR700MM Loans to 'B+'
LACTOSE (INDIA): CRISIL Puts 'B' Rating on INR263MM Loans
MATA RANI: Delay in Loan Payment Cues CRISIL Junk Ratings

NASENSE LABS: CRISIL Assigns 'B+' Rating to INR81.5MM Loans
NIRBHAI TEXTILES: CRISIL Cuts Rating on INR180MM Loans to 'B-'
OMKAR INFRACON: CRISIL Places 'CRISIL B' Rating on INR83MM Loans
PATO BUILDERS: Delay in Loan Payment Cues CRISIL Junk Ratings
PRESS KUNJ: Delay in Loan Payment Cues CRISIL Junk Ratings

TATA POWER: Moody's Lowers Corp. Family Rating to 'B1'
UNITED ENGINEERING: CRISIL Rates INR6.5MM Term Loan at 'CRISIL C'
WORLD EDUCATIONAL: Delays in Loan Payment Cue CRISIL Junk Ratings


I N D O N E S I A

BAKRIE SUMATERA: S&P Ups CCR to 'CCC'; Withdraws CCR at Request


K O R E A

HANOVER FINANCE: Defamation Case Vs. Directors Continues
WOONGJIN GROUP: Court Appointed Receiver Unlikely to be Insider


M A L A Y S I A

MISC BERHAD: Moody's Says Rating Incorporates 'ba2' BCA


M Y A N M A R

* Japan Seeks Debt Relief for Myanmar


N E W  Z E A L A N D

ALLIED FARMERS: Faces Default as Lender Calls in NZ$500K Loan


S I N G A P O R E

ENSAFE OFFSHORE: Court to Hear Wind-Up Petition on Oct. 19
FRIVEN & CO: Creditors Get 0.551% Recovery on Claims
HIR HUAT: Court Enters Wind-Up Order
L & M PRESTRESSING: Creditors' Proofs of Debt Due Oct. 19
LILLY SINGAPORE: Creditors' Proofs of Debt Due Nov. 5


V I E T N A M

* VIETNAM: Orders Central Bank to Clean Up Bad Debt, WSJ Reports


X X X X X X X X

* BOND PRICING: For the Week Oct. 1 to Oct. 5, 2012


                            - - - - -



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


CHINA ORIENTAL: Fitch Affirms BB+ Longterm Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has revised China Oriental Group Company Limited's
Outlook to Negative from Stable, following worse-than-expected
deterioration in the company's operating environment.  China
Oriental's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating have been affirmed at 'BB+'.

China Oriental's leverage, as measured by normalised working
capital adjusted net debt/EBITDAR, may exceed 2.0x - a negative
rating threshold - after the company announced a weak Q312
performance that may extend into Q412.  Leverage was 1.6x at end-
2011. Profitability has been under pressure from volatile prices
of steel products and steel raw materials this year.  A weak
demand environment has further constrained the ability of steel
producers to pass on raw material price increases to their
customers, resulting in thinning margins for China Oriental.

Deceleration in China's industrial production growth in the first
eight months of 2012 has led to widespread demand weakness among
steel-using industries, including heavy equipment production,
shipbuilding, rail locomotives, power equipment, and tractors.
China's crude steel production grew only 2.3% over the same
period, slightly better than the 2.1% growth in 2008 when crude
steel production growth in China was at its slowest since the
'80s.

Fitch, however, continues to believe that China Oriental can
return to its previous profitability levels once prices of steel
and its raw materials stabilise.  Demand for steel continues to
be underpinned by China's urbanisation; production of steel
rebar, which is used for construction, grew 15.9% in the first
eight months of 2012.  China Oriental's key steel product H-
section, which accounted for 52% of its self-manufactured steel
products gross profit in H112, is used for infrastructure
construction.

What Could Trigger A Rating Action?

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

-- leverage as measured by normalised working capital adjusted
    net debt/EBITDAR above 1.5x for two consecutive years or
    above 2.0x in any single year

-- further working capital increases without a corresponding
    increase in revenue

-- significant weakening of China Oriental's strategic and
    operational ties with ArcelorMittal, one of its major
    shareholders

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

-- leverage below 1.5x over the next 12 to 18 months.  However,
    as the current Rating Outlook is Negative Fitch's
    sensitivities do not currently anticipate developments with a
    material likelihood, individually or collectively, of leading
    to a rating upgrade.


CHINA ORIENTAL: Moody's Changes Outlook on 'Ba2' CFR to Negative
----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook for China Oriental Group Company Limited's Ba2 corporate
family and senior unsecured ratings.

The rating action follows the company's announcement on October 3
that it is likely to post losses in Q3 and H2 2012.

Ratings Rationale

"The negative outlook reflects Moody's concern that the
deterioration in the company's operating performance will likely
lead to material weakness in its financial profile," says Jiming
Zou, a Moody's analyst.

The company's already weak performance in 1H 2012 will be
exacerbated by the substantial drop in the average selling price
of steel products in China during July-September 2012 and an
inventory write-off.

Such adverse developments will push China Oriental's 2012 credit
metrics below the level appropriate for its Ba2 rating. The
company will have to undertake more cost cuts and will need more
time to improve its financial profile. But the timing remains
uncertain, given the unfavorable conditions in the industry.

Historically, China Oriental's operating performance has been
volatile as a result of the cyclicality in the steel industry.
Its current weakness highlights the lackluster demand and
declining steel prices in China, due to the slowing domestic
economy and the lingering euro area debt crisis.

Nevertheless, Moody's expects that the destocking in the steel
industry will end in 4Q 2012, with a marginal recovery in
construction activities and a resumption in investments. This, in
turn, will likely improve China Oriental's operating performance
in 2013 from its trough in 2012. In addition, lower raw material
prices will gradually alleviate the pressure on the company's
profitability resulting from its currently high inventory costs.

Moody's also expects that the company will gain from ongoing cost
cuts, as well as a tighter control on working capital and capital
expenditure.

Amid the sluggish operating environment, China Oriental has
increasingly funded bank acceptance notes receivables and other
debt receivables from customers on its balance sheet.

The credit risk of the bank acceptance notes is considered low,
given that they are typically guaranteed by banks with maturity
dates within six months. However, this practice has locked in a
significant amount of working capital and weakened its operating
cash flow.

For the last 12 months ended June 2012, China Oriental's
debt/EBITDA rose to 4.4x from 2.5x in 2011 and EBITDA/interest
fell to 3.7x from 6.1x in 2011.

"We expect China Oriental's credit metrics to deteriorate further
in the next few months before we begin to see some improvement in
2013, based on more normal industry conditions and the effect of
its cost cuts," Zou says.

Moody's will closely monitor the company's efforts to improve its
product mix, cost savings, and its discipline in managing working
capital and capital spending, all of which are key to improving
its financial profile. Further underperformance in its business
operation or weakness in the conditions of the steel industry in
the next two quarters could prompt downward pressure on its
rating.

In terms of credit metrics, a downgrade is possible if
debt/EBITDA fails to trend below 3.0x-3.5x and EBITDA/interest
stays below 4.0x.

Moreover, any evidence that ArcelorMittal is withdrawing its
involvement in China Oriental's operations or reducing its
ownership, would be negative for the rating.

An upgrade is unlikely, given the negative outlook.

The principal methodology used in rating China Oriental Group
Company Ltd was the Global Steel Industry Methodology, published
in January 2009.

China Oriental Group Company Ltd, with total steel manufacturing
capacity of 11 mtpa, mainly manufactures H-section steel products
and HR strips/strip products from iron ore at its steel mills in
Hebei province. The company was listed on the Hong Kong Stock
Exchange in 2004. It is 45%-owned by its founder, Mr. Han
Jingyuan, and 29.6% by ArcelorMittal. In 2011, it recorded sales
of RMB38.6 billion.


SHENGDATECH INC: Plan Confirmed by Nevada Bankruptcy Judge
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that ShengdaTech Inc., a Chinese chemical company that
gained access to U.S. investors through a reverse merger, secured
the signature of the bankruptcy judge in Reno, Nevada, on an
Oct. 2 confirmation order approving the liquidating Chapter 11
plan.

According to the report, disclosure materials told unsecured
creditors with $173 million in claims why their recovery may be
less than 1%.  A liquidating trust is created by the plan to
distribute assets in the order of priority established in
bankruptcy law.  There are no secured claims, according to the
disclosure statement.  Noteholders' claims for violation of
securities laws won't be paid unless unsecured claims are paid in
full.  The liquidating trust will pursue lawsuits in China.

                         About ShengdaTech

Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology.  NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products.  In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.

ShengdaTech sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.

The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.

The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.

The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP.  On Aug. 23, 2011, the Court entered an
interim order confirming the Board of Directors Special
Committee's appointment of Michael Kang as the Debtor's chief
restructuring officer.

Alvarez & Marsal North America, LLC, is the Company's chief
restructuring officer.

As reported in by the Troubled Company Reporter on Sept. 7, 2011,
the United States Trustee appointed AG Ofcon, LLC, The Bank of
New York, Mellon (in its role as indenture trustee for
bondholders), and Zazove Associates, LLC, to serve on the
Official Committee of Unsecured Creditors of ShengdaTech, Inc.

Hogan Lovells US serves as counsel for ShengdaTech's official
committee of unsecured creditors.

The Plan provides for the wind-down of the Debtor's affairs and
the Distribution of the Debtor's remaining assets to Creditors.


SUNAC CHINA: S&P Gives 'B+' Rating on USD Fixed-Rate Senior Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
and 'cnBB-' Greater China regional scale issue rating to the
proposed issue of U.S.-dollar fixed-rate senior unsecured notes
by Sunac China Holdings Ltd. (BB-/Negative/--; cnBB/--). "The
ratings are subject to our review of the final issuance
documentation. The company will use the net proceeds from the
proposed issuance to finance new land acquisitions and for
general corporate purposes," S&P said.

"The issue rating on Sunac's proposed notes is one notch lower
than the corporate credit rating to reflect our opinion that
offshore noteholders would be materially disadvantaged, compared
with onshore creditors, in the event of default. In our view, the
company's ratio of priority borrowings to total assets will
remain above our notching threshold of 15% for speculative-grade
debt," S&P said.

"In our opinion, Sunac is likely to maintain its good sales
execution over the next 12 months. This should lead to increased
revenue recognition and stronger EBITDA, which would create a
buffer for the company's high leverage. We view Sunac's business
risk profile as 'weak' and its financial risk profile as
'aggressive,' as our criteria define those terms," S&P said.

"The negative outlook reflects our expectation that Sunac's
business expansion will remain aggressive and that its liquidity
could come under pressure in the next 12 months if sales slip.
Larger-than-expected acquisitions that entail significant debt
funding and assumption of project debt would put pressure on
liquidity," S&P said.


WINSWAY COKING: Fitch Lowers Senior Unsecured Rating to 'BB-'
-------------------------------------------------------------
Fitch Ratings has downgraded Hong Kong-based Winsway Coking Coal
Holdings Ltd's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating to 'BB-' from 'BB', due to its worse-than-
expected business performance arising from the volatile coking
coal environment.  The Outlook is Negative.

Fitch is of the view that Winsway's operation is not robust
enough to defend its margins in the current severe down-cycle in
Chinese coking coal demand.  The company reported an operating
loss for H112, its first since its IPO in 2010.  The agency
expects profitability will not recover to 2011 levels as sales
volume decline and lower coking coal prices also affect its
profit margins.  The supply agreements Winsway has with steel
mill customers continue to be renegotiated during the downcycle
due to the company's weaker bargaining power.

The Negative Outlook reflects the uncertainty prevailing over
coking coal demand and the risk that prolonged volatility of
coking coal prices may further damage Winsway's business model.
This may eventually affect the company's liquidity position,
which is a concern given that in 2014, the company needs to start
repaying the loan it took to acquire Grand Cache Coal.  The
Outlook may be revised back to Stable on evidence of sustainable
stability of volumes and margins.

Fitch has not downgraded Winsway to the 'B' rating category due
to its adequate liquidity.  The company has adopted a strategy of
reducing inventory to improve its cash balance amid the difficult
market conditions.  This has been sufficient to offset the weak
cash generation due to poor profitability in 2012, and to help
partly fund its Grand Cache Coal acquisition.

Furthermore, Winsway's longer term prospects remain supported by
increasing demand for Mongolian coal by Chinese steel mills.
Mongolian coking coal producers are among the lowest cost
producers globally.  Furthermore, proximity to Chinese steel
mills and the high quality of Mongolia coking coal also support
this trend. Mongolia has replaced Australia as the largest
exporter of coking coal to China in 2011 and 2012.

The announcement that Aluminum Corporation of China Limited
(Chalco, 'BBB+'/Stable) has terminated its plan to acquire a
29.9% stake in Winsway may see both companies eventually
competing in the logistics of importing coking coal from
Mongolia.  However, Fitch expects that some cooperation will
persist between the two companies given the synergies between the
two.

What Could Trigger A Rating Action?

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

  -- gross profit falling below HKD150/ton on a sustained basis
  -- sustained negative free cash flow

Positive: As the current Rating Outlook is Negative Fitch's
sensitivities do not currently anticipate developments with a
material likelihood, individually or collectively, of leading to
a rating upgrade.



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


BUSINESS LINK: Court to Hear Wind-Up Petition on Nov. 21
--------------------------------------------------------
A petition to wind up the operations of Business Link Services
Limited will be heard before the High Court of Hong Kong on
Nov. 21, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Messrs. Marie Tsang, Dustin Chan & Co.
          Unit 2303-04, 23rd Floor
          Wing On Centre
          No. 111 Connaught Road
          Central, Hong Kong


CHINA HEALTHCARE: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Sept. 20, 2012,
to wind up the operations of China Healthcare Service Group
Limited.

The official receiver is Teresa S W Wong.


GOLDEN BRIGHT: Creditors' Proofs of Debt Due Oct. 31
----------------------------------------------------
Creditors of Golden Bright Industries Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Oct. 31, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Yuen Tsz Chun Frank
         Lau Wu Kwai King Lauren
         5th Floor, Ho Lee
         Commercial Building
         38-44, D?Aguilar Street
         Central, Hong Kong


H.K. FULLSON: Creditors Get 100% Recovery on Claims
---------------------------------------------------
H.K. Fullson Company Limited will declare dividend to its
creditors on Nov. 5, 2012.

The company will pay 100% for final preferential and 5% for first
ordinary claims.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         5th Floor, One Pacific Place
         88 Queensway, Hong Kong


HOP CHEONG: Creditors Get 100% Recovery on Claims
-------------------------------------------------
Hop Cheong Building Products Limited will declare dividend to its
creditors on Nov. 5, 2012.

The company will pay 100% for preferential and ordinary claims.

The company's liquidators are:

         Messrs. Dermot Agnew
         Joseph Kin Ching Lo
         32nd Floor, One Pacific Place
         88 Queensway, Hong Kong


HUNG WAN: Court to Hear Wind-Up Petition on Oct. 24
---------------------------------------------------
A petition to wind up the operations of Hung Wan Construction
Company Limited will be heard before the High Court of Hong Kong
on Oct. 24, 2012, at 9:30 a.m.

The Petitioner's solicitors are:

          Johnnie Yam, Jacky Lee & Co
          5th Floor, San Toi Building
          137-139 Connaught Road
          Central, Hong Kong


P & C ENTERPRISES: Creditors' Proofs of Debt Due Oct. 31
--------------------------------------------------------
Creditors of P & C Enterprises (HK) Limited, which is in
liquidation, are required to file their proofs of debt by
Oct. 31, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

         Yuen Tsz Chun Frank
         Lau Wu Kwai King Lauren
         5th Floor, Ho Lee
         Commercial Building
         38-44, D'Aguilar Street
         Central, Hong Kong


PAN-WIN MOTORS: Court to Hear Wind-Up Petition on Nov. 7
-------------------------------------------------------
A petition to wind up the operations of Pan-Win Motors Limited
will be heard before the High Court of Hong Kong on Nov. 7, 2012,
at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Sept. 4, 2012.

The Petitioner's solicitors are:

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


QINDA K-GOLD: Creditors and Contributories to Meet on Oct. 26
-------------------------------------------------------------
Creditors and contributories of Qinda K-Gold Company Limited will
hold their first meetings on Oct. 26, 2012, at 3:00 p.m., and
3:30 p.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, in Hong Kong.

At the meeting, Teresa S W Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


QUALITY DENIM: Court to Hear Wind-Up Petition on Oct. 17
--------------------------------------------------------
A petition to wind up the operations of Quality Denim Limited
will be heard before the High Court of Hong Kong on Oct. 17,
2012, at 9:30 a.m.

Lee Cheung Lau filed the petition against the company on Aug. 31,
2012.

The Petitioner's solicitors are:

          Herbert Smith
          23/F, Gloucester Tower
          15 Queen's Road
          Central, Hong Kong


SERLEN LIMITED: Creditors' Proofs of Debt Due Oct. 22
-----------------------------------------------------
Creditors of Serlen Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Oct.
22, 2012, to be included in the company's dividend distribution.

The company's liquidator is:

         G Jacqueline Fangonil Walsh
         Level 17, Tower 1
         Admiralty Centre
         18 Harcourt Road
         Hong Kong


SILVER TECH: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Sept. 24, 2012,
to wind up the operations of Silver Tech Electronics Limited.

The official receiver is Teresa S W Wong.


SUNBASE INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 17
----------------------------------------------------------------
A petition to wind up the operations of Sunbase International
(Holdings) Limited will be heard before the High Court of Hong
Kong on Oct. 17, 2012, at 9:30 a.m.

Everleap Limited filed the petition against the company on
Aug. 9, 2012.

The Petitioner's solicitors are:

          Hogan Lovells
          11/F, One Pacific Place
          88 Queensway, Hong Kong


SUZUYA INTERNATIONAL: Creditors' Proofs of Debt Due Oct. 26
-----------------------------------------------------------
Creditors of Suzuya International (H.K.) Company Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by Oct. 26, 2012, to be included in the company's
dividend distribution.

The company's liquidators are:

         Hou Chung Man
         Alan Chung Wah Tang
         The Official Receiver's Office
         10th Floor, Queensway Government Offices
         66 Queensway, Hong Kong


Y & H ENGINEERING: Creditors Get 57.8765% Recovery on Claims
------------------------------------------------------------
Y & H Engineering Company Limited, which is in liquidation, will
declare dividend to its creditors on Oct. 31, 2012.

The company will pay 57.8765% for preferential claims.

The company's liquidators are Wong Man Chung Francis and Wong Wai
Man Cliff.



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I N D I A
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AUTOLINE: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Autoline to 'CRISIL D' from 'CRISIL B/Stable'. The rating
downgrade reflects instances of delay by Autoline in servicing
its debt. The delays have been caused by the firm's weak
liquidity because of a delay in realisation of receivables from
customers.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           15         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Long-Term Loan        58.6       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long-Term    16.3       CRISIL D
   Bank Loan Facility

Autoline also has an average financial risk profile, marked by a
small net worth and moderate debt protection metrics, and is
exposed to customer concentration in its revenue profile. The
firm, however, benefits from the extensive experience of its
promoters in the automotive components industry.

Autoline, promoted by the Desphande, Vyas, and Kulkarni families,
was established in 1996 in Kolhapur (Maharashtra). The firm
manufactures auto components and components for diesel pumps.

Autoline reported a net profit of INR5.29 million on net sales of
INR250.1 million on a provisional basis for 2011-12 (refers to
financial year, April 1 to March 31); the firm reported a net
loss of INR1.24 million on net sales of INR203.7 million for
2010-11.


BERRY ALLOYS: CRISIL Upgrades Rating on INR305MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Berry Alloys Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           130        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Bank Guarantee          5        CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Foreign Letter of     170        CRISIL A4 (Upgraded from
   Credit                           'CRISIL D')

   Term Loan             235.5      CRISIL B-/Stable

   Proposed Long-Term     19.5      CRISIL B-/Stable
   Bank Loan Facility

The upgrade reflects the regular and timely servicing of term
loan instalments by BAL over the past three quarters through
September 2012. The interest payments have also been timely
serviced over the past five months. The upgrade also factors in
CRISIL's belief that BAL will receive funding support from the
promoters, for timely repayment of BAL's term debt obligations as
the cash accruals in 2012-13 (refers to financial year, April 1
to March 31) are expected to tightly match the term debt
obligations.

The rating reflects BAL's modest financial risk profile, marked
by below-average debt protection metrics, modest scale of
operations, and limited track record in the fragmented ferro-
alloys industry. The rating also factors BAL's susceptibility to
volatility in raw material prices and cyclicality in the end-user
industry. These rating weaknesses are partially offset by the
extensive industry experience of BAL's promoters in the steel and
ferro-alloy industries.

Outlook: Stable

CRISIL believes that BAL will benefit over the medium term from
the extensive industry experience of its promoters in the ferro-
alloy industry. The outlook may be revised to 'Positive' if BAL
improves its scale of operations and operating profitability on a
sustained basis. Conversely, the outlook may be revised to
'Negative' if lower-than-expected capacity utilisation results in
a decline in revenues and cash accruals, or if the company
undertakes a larger-than-expected debt-funded capex programme.

BAL was incorporated in 2006 in Bobbili (Andhra Pradesh), and is
promoted by Mr. Vijay Gupta, his uncle, Mr. Surendra Singhal, and
cousin, Mr. Ravi Singhal. The company manufactures silico
manganese and has installed two 9-megavolt-ampere (MVA) furnaces,
with a total capacity of 2880 tonnes per month.

In 2011-12, BAL reported a net profit of INR0.48 million on net
sales of INR340.73 million.


KASHMIRI LAL: CRISIL Cuts Rating on INR700MM Loans to 'B+'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kashmiri Lal Satpal to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           350        CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Packing Credit        250        CRISIL B+/Stable(Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that the financial
risk profile of KLS will remain weak over the medium term, driven
by a small net worth, because of low profitability in business,
high gearing, and weak debt protection metrics. The gearing of
KLS has been high at 5.25 to 23.19 times over the past three
years. The gearing is expected to remain high at 14 to 16 times
over the medium term owing to its large incremental working
capital requirements and small net worth.

The debt protection measures of KLS are also weak with net cash
accruals to total debt (NCATD) ratio at negative 0.05 times and
interest coverage ratio at 1.3 times for 2011-12 (refers to
financial year, April 1 to March 31). The debt protection
measures are expected to remain weak over the medium term because
of low profitability in the business. The operating margin of KLS
was at 5.1 to 4.7 per cent over the past three years and is
expected to remain low at 4.0 to 5.0 per cent over the medium
term.

The rating reflects KLS' weak financial risk profile and
susceptibility to volatility in raw material prices. These
weaknesses are partially offset by KLS' established presence in
the domestic market, a healthy contribution from exports and
partners' extensive experience in rice industry.

For arriving at its ratings, CRISIL has taken a standalone view
of the credit risk profile of KLS. Previously CRISIL had combined
the business and financial risk profiles of KLS and its two group
firms, KS International (KSI), and Bajrang Bali Rice Mill (BBRM),
because of significant operational linkages and fungible cash
flows among the three group firms. However, since March 2012, KSI
and BBRM have stopped milling and processing basmati rice, and
hence, the quantum of inter-firm transactions among the three
firms has become negligible and will continue to remain so over
the medium term too. Both KSI and BBRM have also fully repaid the
bank facilities utilised while in operations.

The afore-mentioned restructuring has been done to facilitate
better management of operations under a single firm, KLS, as its
recently modernised and enhanced manufacturing capacities are
more operationally efficient vis--vis that of the other two
firms.

Outlook: Stable

CRISIL believes that KLS will benefit over the medium term from
its partners' extensive industry experience. Its financial risk
profile is, however, expected to remain weak because of large
working capital requirements. The outlook may be revised to
'Positive' in case of substantial improvement in its
profitability, scale of operations, and net worth, thereby
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if KLS's profitability and net worth
decline significantly, weakening its liquidity and financial risk
profile.

KLS was set up by Mr. Satpal Gupta (karta) in 1959 as a Hindu
undivided family (HUF). It was reconstituted as a partnership
firm effective July 2012. KLS mills and processes basmati rice
for sale in the domestic and export markets.

KLS reported a profit after tax (PAT) of INR4.2 million on an
operating income of INR1.47 billion for 2011-12 as against a PAT
of INR900,000 on an operating income of INR627 million for 2010-
11.


LACTOSE (INDIA): CRISIL Puts 'B' Rating on INR263MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Lactose (India) Ltd.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long-Term      225.5       CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Term Loan                15.5       CRISIL B/Stable (Assigned)

   Working Capital           8.5       CRISIL B/Stable (Assigned)
   Term Loan

   Cash Credit              13.5       CRISIL B/Stable (Assigned)

   Bank Guarantee            1.0       CRISIL A4 (Assigned)

   Bill Discounting          7.5       CRISIL A4 (Assigned)

   Letter of Credit         18.5       CRISIL A4 (Assigned)

The ratings reflect LIL's exposure to implementation risks
associated with large debt-funded capital expenditure (capex)
which is expected to deteriorate its financial risk profile, and
working capital intensive operations. These rating weaknesses are
partially offset by LIL's established market position, supported
by its diversified clientele, exclusive manufacturing contract
from a leading pharmaceutical company, and promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that LIL will benefit over the medium term from
its promoters' extensive industry experience and its diversified
customer profile. Its financial risk profile is expected to
remain constrained by its large, debt-funded capex over the
medium term. The outlook may be revised to 'Positive' if LIL's
debt protection metrics improve because of higher-than-expected
improvement in its profitability, primarily led by timely
commercialisation of its project. Conversely, the outlook may be
revised to 'Negative' in case the company's financial risk
profile becomes weaker, caused most likely by deterioration in
working capital cycle, or time or cost overrun in the ongoing
project.

                       About Lactose (India)

Lactose (India) Ltd was incorporated in 1991 and is based in
Mumbai (Maharashtra). The company manufactures pharmaceutical
lactose, trades in lactulose and undertakes job-work. LIL is
promoted by Mr. S M Maheshwari and has a manufacturing unit in
Vadodara (Gujarat).

LIL reported a profit after tax (PAT) of INR6.9 million on net
sales of INR344.8 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR7.50 million on net
sales of INR205.9 million for 2010-11.


MATA RANI: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Mata
Rani Impex Pvt Ltd to 'CRISIL D' from 'CRISIL B+/Stable'. The
rating downgrade reflects MRIPL's continuously overdrawn bank
limits for more than 30 consecutive days; the limits have been
overdrawn because of the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           120        CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

MRIPL is also exposed to risks related to volatility in raw
material prices and in foreign exchange rates. These rating
weaknesses are partially offset by the benefits that MRIPL's
derives from its established marketing network.

MRIPL was set up in 2007 by Mr. Rakesh Kohli. It trades in
electro-galvanised iron wire, solar products, and mobile
accessories imported from China.


NASENSE LABS: CRISIL Assigns 'B+' Rating to INR81.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Nasense Labs Pvt Ltd.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan            41.5        CRISIL B+/Stable (Assigned)
   Cash Credit          40.0        CRISIL B+/Stable (Assigned)
   Letter of Credit     50.0        CRISIL A4 (Assigned)
   Bank Guarantee       10.0        CRISIL A4 (Assigned)

The ratings reflect NLPL's short track record of operations,
limited product profile though expanding, working-capital-
intensive operations, and average financial risk profile marked
by weak debt protection metrics. These rating weaknesses are
partially offset by the benefits that NLPL derives from its
promoters' industry experience and its strong customer profile.

Outlook: Stable

CRISIL believes that NLPL will continue to benefit over the
medium term from its promoters' extensive experience and
technical know-how in the pharmaceutical business. The outlook
may be revised to 'Positive' in case the company's financial risk
profile improves significantly, because of better-than-expected
revenues and profitability, supported by its expanding product
and customer profiles, and improvement in its working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case NLPL's profitability or revenues decline, resulting in
lower-than-expected cash accruals, or if there is a stretch in
the company's working capital cycle, or if NLPL undertakes a
larger-than-expected, debt-funded capital expenditure programme,
leading to weakening of its financial risk profile.

NLPL (formerly, USP Organics Pvt Ltd), incorporated in 1995, is
promoted by Mr. G Goutam, Mr. G R K Raju, Mr. R K S Prasad, and
Mr. Assem Kumar. It manufactures bio-catalysts and intermediates.
NLPL commenced its trading operations in 2006-07 (refers to
financial year, April 1 to March 31) and its manufacturing
operations by the end of 2009-10. Nagarjuna Agrichem Ltd holds 26
per cent share in NLPL.

NLPL reported a provisional profit after tax (PAT) of INR3.6
million on provisional net sales of INR156.2 million for 2011-12.


NIRBHAI TEXTILES: CRISIL Cuts Rating on INR180MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nirbhai Textiles Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          150.00      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan             30.00      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects the deterioration in NTPL's
liquidity because of its incremental working capital
requirements; commensurate with the increase in its scale of
operations in 2011-12 (refers to financial year, April 1 to March
31). The company's operating income witnessed a 56 per cent
growth in 2011-12 on a year-on-year basis. Working capital
intensive nature of the business has meant that the above
increase in turnover has resulted in proportionate increase in
debtors and inventory. Low cash accruals has meant that the bulk
of the incremental working capital requirements have been funded
by short-term debt. The weak liquidity is also reflected in the
full utilisation of the company's bank lines over the 15 months
ended August 2012. There have also been instances of over-
utilisation of bank lines, which is usually corrected within 15
days. The downgrade also reflects CRISIL's belief that NTPL's
liquidity will remain weak over the medium term because of its
incremental working capital requirements as its scale of
operations increases.

The ratings also reflect NTPL's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, small scale of operations, and susceptibility
to volatility in raw material prices. However, NTPL benefits from
its promoters' extensive experience of over three decades in the
textile industry.

Outlook: Stable

CRISIL believes that NTPL will continue to benefit over the
medium term from its promoters' extensive experience in the
textile industry. However, the company's liquidity is expected to
remain constrained by its large working capital requirements over
the medium term. The outlook may be revised to 'Positive' if
NTPL's revenues grow more than expected, along with improved
profitability, or if the company's capital structure improves
with infusion of funds by promoters. Conversely, the outlook may
be revised to 'Negative' if NTPL's financial risk profile
deteriorates further, most likely because of larger-than-expected
debt-funded capital expenditure or lower-than-expected operating
margin.

NTPL, incorporated in 1994 and promoted by Mr. Pramod Kumar in
Ludhiana (Punjab), manufactures suiting and shirting fabrics. The
promoters have been involved in trading fabrics in Gujarat and
Punjab since 1975. NTPL has the capacity to manufacture about 7.6
million metres of fabric per annum.

NTPL reported a profit after tax (PAT) of INR17 million on net
sales of INR1112 million in 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.8 million on net
sales of INR712 million for 2010-11.


OMKAR INFRACON: CRISIL Places 'CRISIL B' Rating on INR83MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Omkar Infracon Pvt Ltd.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              65        CRISIL B/Stable
   Bank Guarantee          2        CRISIL A4
   Cash Credit            18        CRISIL B/Stable

The ratings reflect the start-up phase, and the expected small
scale, of OIPL's operations, and the company's customer
concentration; moreover, as OIPL has begun operations only
recently, its financial risk profile is expected to remain below
average over the medium term because of low cash accruals during
the same period. These rating weaknesses are partially offset by
the benefits that OIPL derives from the increasing demand for fly
ash bricks, mainly in the vicinity of thermal power plants that
are driven by the government's directive of using fly ash based
products within 100 km of radius from a coal or lignite based
power plants.

Outlook: Stable

CRISIL believes that OIPL will benefit over the medium term from
the demand for fly ash bricks. The outlook may be revised to
'Positive' in case the company achieves better-than-expected ramp
up in sales and generates higher-than expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case
OIPL's working capital requirements are larger than expected, or
if the company generates lower-than-expected cash accruals or
undertakes any debt-funded capital expenditure programme, thereby
constraining its financial risk profile and liquidity.

OIPL, incorporated in 2010, has a fly ash brick plant near
Kolaghat thermal power plant in West Bengal. It commenced
commercial operations in August 2012. The facility has capacity
to produce around 150,000 bricks per day.


PATO BUILDERS: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pato Builders Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          70.00       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan            20.00       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Bank Guarantee       30.00       CRISIL D (Downgraded from
                                    'CRISIL A4+')

The downgrade reflects instances of delay by PBL in servicing its
term loan. The delays have been caused by the company's weak
liquidity. Moreover, the company also has a small scale of
operations and significant revenue concentration. However, PBL
continues to benefit from its promoters' extensive industry
experience and its strong market position.

PBL was set up in 1997 by Mr. Mukesh Kumar and his family
members. It undertakes construction work for various projects
funded by the Government entities. The projects primarily include
construction of commercial buildings on contract basis.

For 2011-12 (refers to financial year, April 1 to March 31), PBL
reported, on provisional basis, a profit after tax (PAT) of
INR10.9 million on net sales of INR302 million, against a PAT
INR7.5 million on revenues of INR209 million for 2010-11.


PRESS KUNJ: Delay in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Press Kunj to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL
A4'.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Cash Credit               50.0       CRISIL D (Downgraded from
                                        'CRISIL B+/Stable')

   Letter of Credit           7.5       CRISIL D

   Proposed Long-Term        36.7       CRISIL D (Downgraded from
   Bank Loan Facility                   'CRISIL B+/Stable')

   Term Loan                 35.8       CRISIL D (Downgraded from
                                        'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by PK in
servicing its term debt; the delays have been caused by PK's weak
liquidity. The firm's liquidity is weak on account of large
working capital requirements and delay in project execution.

PK has a weak financial risk profile, marked by high gearing,
small net worth, and weak debt protection measures, and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of PK's partners in
printing and manufacturing packaging products for pharmaceutical
companies and its diversified customer base.

PK was set up as a proprietorship concern in 1995. It was
promoted by Mrs. Pramila Mehra, a Mumbai-based first generation
entrepreneur. It was later reconstituted as a partnership firm in
2004, and is currently promoted by Mr. Rajesh Mehra (son of Mrs.
Pramila Mehra) and his wife, Mrs. Tanvi Mehra. The firm
manufactures and prints packaging products for pharmaceutical
companies.

PK reported a net profit (NP) of INR 6.22 million on net sales of
INR208.04 million for 2011-12 (refers to financial year, April 1
to March 31), against a NP of INR3.81 million on net sales of
INR100.22 million for 2010-11.


TATA POWER: Moody's Lowers Corp. Family Rating to 'B1'
------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Tata Power Company Limited ("TPC") to B1 from Ba3.

At the same time, Moody's has downgraded the company's senior
unsecured bond rating to B2 from B1 and the foreign currency
rating for its senior unsecured MTN program to (P)B2 from (P)B1.

The outlook for the ratings is stable.

The actions conclude the review for downgrade initiated by
Moody's in June 2012.

Ratings Rationale

"The downgrades reflect the deterioration in TPC's credit quality
as a result of the impact of weak coal prices on its Indonesian
coal mines, as well as the continuing uncertainty related to
unresolved bank waivers and the tariff renegotiations for its
Mundra Ultra Mega Power Project," says Ray Tay, a Moody's
Assistant Vice President and Analyst.

The Mundra project is executed through TPC's fully-owned
subsidiary, Coastal Gujarat Power Limited or CGPL.

"While the investment in coal mines initially offered a possible
hedge against TPC's fuel costs, the recent weakness in coal
prices has diminished this benefit, thereby eroding the cash
contributions to TPC. We also expect margins at the mines to
remain depressed," adds Mr. Tay, who is also the Lead Analyst for
the company.

TPC's share of the mine output exceeds CGPL's needs, which means
the benefit from lower coal prices at CGPL is not enough to
offset the lower cashflow from the mines. Given the significant
share of cash flow that the coal mines represent for the group,
Moody's expects this mismatch to pose a material credit challenge
for TPC.

TPC's credit metrics have materially weakened in FY03/2012 and
Moody's believes that the company will breach its downgrade
triggers -- FFO interest coverage below 1.8x, adjusted debt/book
capitalization above 65%, and RCF/debt below 7% -- on a sustained
basis.

These key measures are no longer consistent with TPC's Ba-rated
peers.

For TPC, the indicated rating from the Regulated Electric and Gas
Utilities rating methodology is now Ba3. The final rating is one
notch below the indicated rating, to reflect the company's
greater reliance on the coal mines to generate cash flow and the
current volatility in coal prices, which are unique factors not
captured by the rating methodology.

Moody's continues to view CGPL's unresolved bank waivers as a
weakness. However, given the nature of the banking consortium and
TPC's financial support for the project, a default is very
unlikely.

The outlook is stable based on Moody's expectation that the
waiver will be obtained in the next few months on terms that will
not be severely detrimental to the Mundra project or TPC overall.

Tariffs for CGPL's Power Purchase Agreements (PPAs) combine both
fixed and variable elements, including fuel costs. The company
currently is able to pass through only 45% of the fuel costs to
its customers.

In addition, the CGPL unit relies entirely on coal imported from
Indonesia. Its profitability has been affected by the Indonesian
government's directive that coal be sold at market rates, thereby
exposing it to considerably higher costs than expected at the
inception of the Mundra project. TPC's bid for the Mundra unit
was based on the expectation that coal prices would be well below
the current market rates.

Although TPC has brought its case to the regulator to start
renegotiating its PPAs to address fuel-cost risks, progress will
take time. The lack of precedents makes it difficult to assess
the likely outcome and timeline.

Upward rating pressure is limited, as the PPA renegotiation will
take time. However, the rating could be upgraded if margins at
the coal mines improve or the PPA is renegotiated, such that FFO
interest coverage is above 2x, adjusted debt/book capitalization
below 65%, and RCF/Debt above 8% on a sustained basis.

On the other hand, downward rating pressure would emerge if: 1)
CGPL is not able to obtain a waiver within a reasonable timeframe
and without significant additional costs or onerous new terms; 2)
the company is not able to expand capacity for the Mundra UMPP
and other projects within the stated timeframe and budgeted
costs; or 3) FFO interest coverage is below 1.6x, adjusted
debt/book capitalization above 70%, and RCF/Debt below 6.5% on a
sustained basis.

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009.

The Tata Power Company Limited ("TPC") is the largest private-
sector power utility in India with an installed generation
capacity of 6,099 MW as of September 2012. The company's business
operations include generation (thermal, hydro, solar and wind),
transmission and distribution.

Headquartered in Mumbai, TPC has a strong presence in the area,
meeting about 80% of its power requirements. Thermal capacity
accounts for 86% of its capacity, with coal being the primary
fuel source. Hydro power and wind form the bulk of the remaining
generation capacity with a small amount of solar power capacity.


UNITED ENGINEERING: CRISIL Rates INR6.5MM Term Loan at 'CRISIL C'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
loan facilities of United Engineering (Eastern).

                                Amount
   Facilities                 (INR Mln)    Ratings
   ----------                 ---------    -------
   Working Capital Term Loan     6.5       CRISIL C (Assigned)

   Proposed Short-Term Bank     19.0       CRISIL A4 (Assigned)
   Loan Facility

   Packing Credit               23.5       CRISIL A4 (Assigned)

   Bank Guarantee               16.0       CRISIL A4 (Assigned)

   Foreign Bill Purchase         5.0       CRISIL A4 (Assigned)

The ratings reflect UEEC's weak liquidity, which may impair its
ability to service its debt in a timely manner. Furthermore,
order-based cash flows of the firm may also lead to short-term
mismatches in payment of its debt obligations. The rating is also
constrained by the firm's weak financial risk profile and the
susceptibility of its operating margin to volatility in raw
material prices. These weaknesses are partially offset by the
extensive industry experience of UEEC's promoters.

Established in 1951, UEEC primarily manufactures machinery for
the edible oil industry. UEEC is a partnership firm which is
presently managed by Mr. R K Gandhi and Mr. Rabindra Gandhi.


WORLD EDUCATIONAL: Delays in Loan Payment Cue CRISIL Junk Ratings
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Surya
World Educational Research & Charitable Initiative to 'CRISIL D'
from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan            778.5       CRISIL D (downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long-Term   721.5       CRISIL D (downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

The downgrade reflects instances of delays by SWERCI in servicing
its term debt due to less-than-expected cash accruals. Its cash
accruals are weak because of weak occupancy levels at all of its
institutes.

SWERCI has a weak financial risk profile, marked by high gearing,
as result of its large, debt-funded capital expenditure
programme, the trust is exposed to risks related to the regulated
nature of the education industry, and it has a limited track
record. These rating weaknesses are partially offset by the
healthy demand prospects for the education industry, and SWERCI's
diversified course offerings.

SWERCI was set up by Mr. Rajiv Goel (founder and president) on
August 11, 2008. The trust offers various graduate and post-
graduate courses in engineering, management, and computer
applications. SWERCI runs seven educational institutes; it
started offering courses from 2009-10 (refers to academic year,
July 2009 to March 2010). SWERCI's institutes are approved by the
All India Council for Technical Education and the courses offered
are affiliated to the Punjab Technical University.



=================
I N D O N E S I A
=================


BAKRIE SUMATERA: S&P Ups CCR to 'CCC'; Withdraws CCR at Request
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Indonesia-based plantation company PT Bakrie
Sumatera Plantations Tbk. (BSP) and its subsidiary Agri
International Resources Pte. Ltd. to 'CCC' from 'CCC-'. The
outlook on both the ratings is stable. "We removed the ratings
from CreditWatch, where they had been placed with developing
implications on July 18, 2012. We then withdrew all the ratings
at the companies' request," S&P said.

"We raised the ratings on the two companies to bring them in line
with our recently updated criteria," S&P said.

"At the time of the withdrawal, the ratings on BSP and Agri
International reflected our expectation that both the companies
would generate sufficient cash flows to be able to service their
debt over the next 12 months. The rating outlooks on BSP and Agri
International at the time of withdrawal reflected our view that
the companies would be able to refinance their debt maturities
over the same period. A recent fall in palm oil prices could
constrain the companies' cash flows," S&P said.



=========
K O R E A
=========


HANOVER FINANCE: Defamation Case Vs. Directors Continues
--------------------------------------------------------
Matt Nippert at stuff.co.nz reports that legal jousting ahead of
a defamation trial next year pitting Hanover Finance duo Eric
Watson and Mark Hotchin against former Shareholders' Association
head Bruce Sheppard continued Monday in the High Court in
Auckland.

stuff.co.nz relates that Messrs. Watson and Hotchin are suing Mr.
Sheppard over comments made in 2009 criticising the pair and
urging Hanover investors to reject a mooted merger with Allied
Farmers.

The claim argues Mr. Sheppard used radio and television
interviews to describe Watson and Hotchin as crooks.

According to the report, lawyers acting for Messrs. Hotchin and
Watson filed a judicial review application on Monday seeking to
overturn a pre-trial ruling allowing Mr. Sheppard to present
evidence relating to the prior business dealings of the pair.

A ruling last month by Associate Judge Jeremy Doogue allowed
Sheppard's defense to include references to a finding by the US
Securities Exchange Commission that Mr. Watson failed to disclose
facts when buying shares in McCollam print while negotiating its
takeover, and a 1999 finding by the New Zealand Securities
Commission of "not ill-intentioned" breaches of guidelines when
Mr. Hotchin bought and sold shares in Pacific Retail Group,
according to stuff.co.nz.

A full trial to hear the action has been set down for August next
year, the report adds.

                      About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.


WOONGJIN GROUP: Court Appointed Receiver Unlikely to be Insider
---------------------------------------------------------------
The Korea Herald reports that the court-appointed receiver who
will lead Woongjin Group's upcoming restructuring efforts is
unlikely to be an existing member of the company's managing
staff, industry sources said on Sunday.

The report says the speculation stems from the fact that
Woongjin's top brass including Chairman Yoon Seok-keum and his
right-hand man Lee Joo-seok, along with Kim Jeong-hoon, CEO of
Woongjin's troubled construction arm Kukdong, were all sued by
Hyundai Swiss Savings Bank last week for fraud.

Since local bankruptcy laws were revised and integrated in 2006,
the court has refrained from appointing members of the management
who were found to be enmeshed in legal problems, according to the
Korea Herald.

"During our first court questioning on Friday, we explained why
we refuse to accept Woongjin managers as receivers and thereby
requested the court to appoint a third party," the report quotes
an official of one of the company's creditor banks as saying.

The court was expected to initialize its management of Woongjin
after banks including Shinhan and Woori met Monday, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 1, 2012, Dow Jones' Daily Bankruptcy Review related that
conglomerate Woongjin Group and its construction-arm Kukdong
Engineering & Construction separately filed for receivership
following a prolonged slowdown in the country's real-estate
market that hammered the group's construction and financial
Businesses.  Woongjin owes KRW3.3 trillion (US$3 billion) to
financial firms including Woori Bank and Shinhan Bank, of which
KRW1.2 trillion could go sour, according to the country's
financial watchdog.



===============
M A L A Y S I A
===============


MISC BERHAD: Moody's Says Rating Incorporates 'ba2' BCA
-------------------------------------------------------
Moody's Investors Service said that MISC Berhad's (Baa2 negative)
decision to sell a 50% stake in its semi-floating production
sytem (FPS)-- Gumust Kakap -- to E&P Venture Solutions or EPV, a
wholly owned subsidiary of its parent Petronas (A1 stable), is
credit positive.

"The transaction, which is subject to shareholders' approval,
will result in an improvement in the company's credit metrics and
liquidity, once completed. We view the transaction as a prudent
and timely step by management, and it demonstrates the company's
commitment towards maintaining its credit profile," says Vikas
Halan, a Moody's Vice President and Senior Analyst.

MISC will receive a total of US$1.7 billion on completion of this
transaction and still retain a 50% stake in the FPS. The company
will use the proceeds to prepay US$1.25 billion of its loans and
fund capital expenditure in its offshore business.

The FPS being sold has been under construction since 2006 and has
been one of the major drivers for the increase in MISC's
borrowings. The FPS is targeted to be delivered in the middle of
next year, and thus does not contribute to the company's existing
revenue base and EBITDA.

"With the completion of the transaction, expected by the end of
the year, we expect the operating lease adjusted debt/EBITDA of
MISC to come within our tolerance level of 6.0x. Once that
occurs, we will likely change our outlook on MISC's rating to
stable from negative," adds Mr. Halan, who is also the lead
analyst for the company at Moody's.

MISC adjusted debt to EBITDA was at 7.8x as of December 2011.
Since then, the company has completed its exit from its loss-
making liner segment, which should help improve EBITDA. With this
transaction, MISC will also reduce its reported debt of US$4.7
billion as of June 2012 by around 25%.

"The transaction also reinforces the strategic importance of MISC
to Petronas and reinforces our assumptions of the extraordinary
support incorporated in the ratings of MISC," continues Mr.
Halan.

Moody's rates MISC at Baa2 with a negative outlook. The rating
incorporates a three-notch uplift, from the company's baseline
credit assessment of ba2, for the expected extraordinary support
from its parent Petronas.

MISC's BCA reflects (1) the company's ability to secure vessel
contracts by aligning its business development with its parent
Petronas; (2) the diversified nature of its fleet and its leading
market position in LNG transportation, which provides stable
income; and (3) the term contracts that provide nearly half of
its revenues from shipping segments and offer some protection
against the cyclicality in freight rates.

However, these strengths are counter-balanced by (1) excess
global capacity in the petroleum and chemical transportation
sectors, which could pressure the company's freight rates and
profit margins; and (2) substantial capital expenditures which
will result in negative cash flow in the short to medium term.

The principal methodology used in rating MISC Berhad was the
Global Shipping Industry Methodology published in December 2009.

MISC Berhad ("MISC") was established in 1968 as a liner company
and was listed on the Kuala Lumpur Stock Exchange in 1987. In
1998, it became a subsidiary of Petroliam Nasional Berhad
("Petronas"), for which it now serves as one of the logistics
solutions provider and provider of exclusive liquefied natural
gas transportation.



=============
M Y A N M A R
=============


* Japan Seeks Debt Relief for Myanmar
-------------------------------------
Yoree Koh at The Wall Street Journal reports that when the
world's top economic policy makers converge in Tokyo this week, a
prominent agenda item alongside the euro crisis and global
slowdown will be debt relief for rapidly reforming Myanmar.

The Journal relates that while a comprehensive pact isn't
expected, host country Japan is trying to broker a deal that
would cover about one-fifth of the outstanding arrears of the
Southeast Asian nation - a step that, Japanese officials hope,
will cement their role as the country leading the charge to
welcome the once-pariah state back into the fold of the global
economy.

The Journal says Japan's aggressive actions to put Myanmar on the
agenda at the annual meetings of the International Monetary Fund
could move up the timetable for opening Myanmar's economy, and
possibly give Japanese companies a leg up in the rush to
commercialize the nation.

Specifically, on Thursday, the Japanese and Myanmar finance
ministers will jointly gather senior officials from the IMF, the
World Bank, the Asian Development Bank, and the Group of Seven
advanced economies in the same room for the first time to discuss
ways to settle the Southeast Asian nation's overdue payments, the
Journal notes.

Seeking to take the lead on making Myanmar's reforms a priority
for the world's leading finance ministers and central bankers,
the Japanese government is considering offering to take a first
step by lining up a group of Japanese banks to offer a $900
million bridge loan to cover some of Myanmar's arrears, the
Journal relates citing a senior Japanese finance ministry
official.

Those loans - owed to the World Bank and ADB - represented about
18% of the country's total debt outstanding in 2010, the most
recent figure available, which totaled $5.4 billion at the time,
the Journal discloses.

While that could be an important step, says the Journal, it won't
lead to a broader agreement, at least not this week. "The Paris
Club won't sign an agreement with Myanmar in Tokyo," Clotilde
L'Angevin, secretary-general of the group of sovereign creditors,
told the Journal in an interview last week in Paris. "It's too
premature."

But Ms. L'Angevin added, "Japan has a certain influence in the
negotiations because it's Myanmar's largest creditor," the
Journal reports.

According to the Journal, moves by Japanese government officials
to bring Myanmar counterparts into contact with the international
financial community underline Japan's attempts to take on the
role of de facto liaison between the emerging Southeast Asian
country and the rest of the developed world, giving Tokyo an
unusual opportunity to play a central role in global diplomacy.

What's at issue is overdue debt owed to multiple institutions and
countries that stood at $5.4 billion at the end of 2010,
according to an IMF report issued in March. That number included
about $400 million to the World Bank, $500 million to the Asian
Development Bank and another $3.77 billion to the Paris Club of
sovereign creditors.

With a steady flow of Japanese businesses now streaming back into
Myanmar, Japan became the first developed country to reach a deal
when it forgave JPY303.5 billion ($3.86 billion) in loans and
interest in April this year, signaling Tokyo's commitment to
Myanmar, the Journal reports.



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


ALLIED FARMERS: Faces Default as Lender Calls in NZ$500K Loan
-------------------------------------------------------------
BusinessDesk reports that Allied Farmers faces default on a
repayment after a lender called in a NZ$500,000 loan just hours
after the company lodged annual accounts with the New Zealand
Securities Exchange in which the auditor, PricewaterhouseCoopers,
refused to give any opinion on their validity.

According to the report, the Hawera-based company said it has
asked for more time to repay the loan, which was scheduled to be
repaid from an asset sale in November.

As of June 30, Allied Farmers had some NZ$2.1 million in cash and
equivalents and carried bank debt of NZ$1.8 million and
borrowings from other financial institutions of NZ$2.4 million,
BusinessDesk discloses.

These were attached to property assets it acquired in its
disastrous 2009 acquisition of the assets of the failed Hanover
and United finance companies, the report notes.  It also owes
NZ$17 million to its failed finance unit, Allied Nationwide
Finance, says BusinessDesk.

"Allied has requested an extension of time from the lender to
coincide with the realisation of the underlying asset. This seems
a sensible solution for both the lender and borrower," the report
quotes chairman Garry Bluett as saying.

"In the event an extension is not granted that would result in an
enforceable event of default under ALF's secured loan facility."

BusinessDesk adds the call comes the same day Allied Farmers'
auditor PwC gave a "disclaimer of opinion" on the company's
annual report, saying there was insufficient evidence the group
will generate enough cash from asset sales, reach agreement with
some of its creditors, retain the support of its secured lender
and find new funding.

                        About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations.

As reported in Troubled Company Reporter-Asia Pacific on
March 29, 2012, nzherald.co.nz said the future of Allied
Farmers is in doubt after its accounts revealed it needs to sell
property, collect money owed to it, and reach an agreement with
its rural creditors in order to survive as a going concern.  The
rural services business, which acquired the assets of Hanover and
United Finance in December 2009, revealed its position in half-
year accounts filed to the NZX on March 26.

The unaudited accounts show the company made a NZ$9 million loss
for the six months to December 2011, an improvement on the
NZ$20.6 million loss it made in the same prior period. But a note
in the accounts also reveals it faces significant challenges to
continue operating, said nzherald.co.nz.

Allied Farmers Limited reported an unaudited loss of NZ$14.1
million for the year ended June 30, 2012, compared with NZ$40.9
million in 2011.  A significant part of this loss, NZ$10.3
million (last year NZ$34.1 million), largely relates to the
further impairment of assets acquired from Hanover and United
Finance.  Also included were NZ$0.7 million costs related to the
disposal of the rural merchandise business.



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


ENSAFE OFFSHORE: Court to Hear Wind-Up Petition on Oct. 19
----------------------------------------------------------
A petition to wind up the operations of Ensafe Offshore Marine
Private Limited (formerly known as Asia Link Marine Industries
Pte Ltd) will be heard before the High Court of Singapore on
Oct. 19, 2012, at 10:00 a.m.

Manhattan Resources Limited filed the petition against the
company on Sept. 28, 2012.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542


FRIVEN & CO: Creditors Get 0.551% Recovery on Claims
----------------------------------------------------
Friven & Co. International Pte Ltd declared the first and final
dividend on Oct. 5, 2012.

The company paid 0.551% to the received claims.

The company's liquidator is:

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


HIR HUAT: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on Sept. 21, 2012,
to wind up the operations of Hir Huat Trading Pte Ltd.

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

The company's liquidators are:

         Andrew Grimmett
         Lim Loo Khoon
         Deloitte & Touche LLP
         care of 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


L & M PRESTRESSING: Creditors' Proofs of Debt Due Oct. 19
---------------------------------------------------------
Creditors of L & M Prestressing Pte Ltd, which is in liquidation,
are required to file their proofs of debt by Oct. 19, 2012, to be
included in the company's dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


LILLY SINGAPORE: Creditors' Proofs of Debt Due Nov. 5
-----------------------------------------------------
Creditors of Lilly Singapore Centre For Drug Discovery Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Nov. 5, 2012, to be included in the
company's dividend distribution.

The company's liquidators are:

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



=============
V I E T N A M
=============


* VIETNAM: Orders Central Bank to Clean Up Bad Debt, WSJ Reports
----------------------------------------------------------------
Vu Trong Khanh at The Wall Street Journal reports that the State
Bank of Vietnam said the central government ordered it to take
measures to clean up bad debt in the banking system, as
authorities try to stave off downward pressure on the economy.

According to the news agency, the central bank said in a
statement Monday that it will have to deal with "weak banks" by
the end of next year to stabilize the banking system and
consolidate investor confidence. It didn't specify what measures
it will take.

In August, the Journal relates, central-bank governor Nguyen Van
Binh told the legislature that bad debt in the banking system
made up about 8.6% to 10% of total loans, up from 6% at the end
of 2011.

The Journal says many private-sector analysts believe the problem
is worse.  The Journal notes an advisory group to the National
Assembly's economic committee has said Vietnam may need $12
billion to $14 billion in outside assistance, the equivalent of
as much as 11% of gross domestic product, to clean up the banks.

"Short-term measures could include direct government
recapitalization or the establishment of an asset-management
company to buy up distressed loans," the Journal quotes Ivan Tan,
a credit analyst at Standard & Poor's Ratings Services, as
saying. "However, these do not address the underlying poor
underwriting standards and fragmented nature of the banking
system."

In August, the Journal recounts, Mr. Binh listed several
initiatives Hanoi would take to deal with the debt problem, but
offered few details.  According to the Journal, Mr. Binh said
authorities would encourage the securitization of bad debt and
speed up previously approved public-investment projects to help
businesses clear inventory and get on a stronger footing to meet
their obligations.

Mr. Binh also said the central bank had a plan to set up a state
asset-management company to help deal with the bad debt, a plan
it would soon submit to the government for approval, the Journal
adds.  There have been no further announcements about that plan.

The Journal discloses that nonperforming loans have surged
following a flood of lending -- often to inefficient state-owned
companies -- to boost the economy during the global financial
crisis.

The Journal states that economists warn that Vietnam has entered
a cycle in which banks, saddled with bad debts, are unwilling to
lend, making it harder for businesses to invest. That weighs on
economic growth, which in turn makes it harder for companies to
pay back loans.

According to the report, Vietnam's central bank also said in
Monday's statement that the government has asked it to find ways
to raise the country's foreign-exchange reserves and tightly
control the exchange rates "based on market conditions." The
government has also told the central bank to continue pursuing
flexible monetary policy to improve companies' access to loans,
without letting inflation rise sharply again, the central bank
said. It added that new loans should be funneled to agricultural
projects and projects that are "economically efficient," the
Journal adds.



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


* BOND PRICING: For the Week Oct. 1 to Oct. 5, 2012
---------------------------------------------------


Issuer                  Coupon    Maturity   Currency    Price
------                  ------    --------   --------    -----

  AUSTRALIA
  ---------

COM BK AUSTRALIA          1.5     04/19/22    AUD        70.54
EXPORT FIN & INS          0.5     06/15/20    NZD        74.44
MIDWEST VANADIUM         11.5     02/15/18    USD        63.18
MIDWEST VANADIUM         11.5     02/15/18    USD        59.50
MIRABELA NICKEL          8.75     04/15/18    USD        72.88
MIRABELA NICKEL          8.75     04/15/18    USD        76.00
NEW S WALES TREA          0.5     09/14/22    AUD        69.02
NEW S WALES TREA          0.5     10/07/22    AUD        68.82
NEW S WALES TREA          0.5     10/28/22    AUD        68.65
NEW S WALES TREA          0.5     11/18/22    AUD        69.65
NEW S WALES TREA          0.5     12/16/22    AUD        69.44
NEW S WALES TREA          0.5     02/02/23    AUD        69.08
NEW S WALES TREA          0.5     03/30/23    AUD        68.67
TREAS CORP VICT           0.5     08/25/22    AUD        69.35
TREAS CORP VICT           0.5     03/03/23    AUD        69.60
TREAS CORP VICT           0.5     11/12/30    AUD        51.95


CHINA
-----

CHINA GOVT BOND          4.86     08/10/14    CNY       103.66
CHINA GOVT BOND          1.64     12/15/33    CNY        68.81


  INDIA
  -----

AKSH OPTIFIBRE              1     02/05/13    USD        62.09
JCT LTD                   2.5     04/08/11    USD        20.00
JSL STAINLESS LT          0.5     12/24/19    USD        67.15
MASCON GLOBAL LT            2     12/28/12    USD        10.00
PRAKASH IND LTD         5.625     10/17/14    USD        68.72
PRAKASH IND LTD          5.25     04/30/15    USD        61.71
PYRAMID SAIMIRA          1.75     07/04/12    USD         1.00
REI AGRO                  5.5     11/13/14    USD        68.67
REI AGRO                  5.5     11/13/14    USD        68.67
SHIV-VANI OIL               5     08/17/15    USD        49.98
SUZLON ENERGY LT            5     04/13/16    USD        48.50

  JAPAN
  -----

COVALENT MATERIA         2.87     02/18/13    JPY        68.19
EBARA CORP                1.3     09/30/13    JPY       100.13
ELPIDA MEMORY            2.03     03/22/12    JPY        14.63
ELPIDA MEMORY             2.1     11/29/12    JPY        14.63
ELPIDA MEMORY            2.29     12/07/12    JPY        14.63
ELPIDA MEMORY             0.5     10/26/15    JPY        14.13
ELPIDA MEMORY             0.7     08/01/16    JPY        15.00
JPN EXP HLD/DEBT          0.5     09/17/38    JPY        64.33
JPN EXP HLD/DEBT          0.5     03/18/39    JPY        63.50
KADOKAWA HLDGS              1     12/18/14    JPY       105.07
SOFTBANK CORP             1.5     03/31/13    JPY       145.44
TOKYO ELEC POWER        1.155     09/08/20    JPY        74.25
TOKYO ELEC POWER        2.347     09/29/28    JPY        67.00
TOKYO ELEC POWER        2.401     11/28/28    JPY        69.13
TOKYO ELEC POWER        2.205     02/27/29    JPY        67.50
TOKYO ELEC POWER        2.114     12/10/29    JPY        68.78
TOKYO ELEC POWER        1.958     07/29/30    JPY        64.63
TOKYO ELEC POWER        2.366     05/28/40    JPY        61.15


  MALAYSIA
  --------

DUTALAND BHD                7     04/11/13    MYR         0.65
GENCO SHIPPING              5     08/15/15    USD        43.95

  PHILIPPINES
  -----------

BAYAN TELECOMMUN         13.5     07/15/49    USD        20.50
BAYAN TELECOMMUN         13.5     07/15/49    USD        20.50


  SINGAPORE
  ---------

BAKRIE TELECOM           11.5     05/07/15    USD        57.00
BAKRIE TELECOM           11.5     05/07/15    USD        55.03
BLD INVESTMENT          8.625     03/23/15    USD        60.74
BLUE OCEAN                 11     06/28/12    USD        37.38
BLUE OCEAN                 11     06/28/12    USD        37.75
CAPITAMALLS ASIA         2.15     01/21/14    SGD        99.65
CAPITAMALLS ASIA          3.8     01/12/22    SGD       100.82
DAVOMAS INTL FIN           11     12/08/14    USD        29.13
DAVOMAS INTL FIN           11     12/08/14    USD        29.02
F&N TREASURY PTE         2.48     03/28/16    SGD       100.48


SOUTH KOREA
-----------

CN 1ST ABS                  8     02/27/15    KRW        33.07
CN 1ST ABS                8.3     11/27/15    KRW        34.40
EXP-IMP BK KOREA          0.5     08/10/16    BRL        72.30
EXP-IMP BK KOREA          0.5     09/28/16    BRL        72.06
EXP-IMP BK KOREA          0.5     10/27/16    BRL        71.57
EXP-IMP BK KOREA          0.5     11/28/16    BRL        71.04
EXP-IMP BK KOREA          0.5     12/22/16    BRL        70.57
EXP-IMP BK KOREA          0.5     01/25/17    TRY        74.79
EXP-IMP BK KOREA          0.5     10/23/17    TRY        70.89
EXP-IMP BK KOREA          0.5     11/21/17    BRL        65.30
EXP-IMP BK KOREA          0.5     12/22/17    TRY        70.01
EXP-IMP BK KOREA          0.5     12/22/17    BRL        64.94
GREAT KO 3RD ABS           10     12/29/14    KRW        30.60
HYUNDAI SWISS BK          8.5     10/02/13    KRW        93.29
HYUNDAI SWISS BK          8.5     07/15/14    KRW        87.31
KIBO GRE 1ST ABS           10     01/25/15    KRW        30.48
KIBO GRE 2ND ABS           10     03/20/15    KRW        30.32
SINBO 4TH ABS               8     08/18/14    KRW        30.08
SINBO 7TH ABS               8     09/22/14    KRW        29.84
SINBO CO 3RD ABS           10     09/29/14    KRW        30.60


  SRI LANKA
  ---------

SRI LANKA GOVT            5.8     01/15/17    LKR        72.06
SRI LANKA GOVT            5.8     07/15/17    LKR        70.78
SRI LANKA GOVT            7.5     08/15/18    LKR        73.10
SRI LANKA GOVT            8.5     05/01/19    LKR        75.20
SRI LANKA GOVT            6.2     08/01/20    LKR        61.67
SRI LANKA GOVT              7     10/01/23    LKR        59.24
SRI LANKA GOVT           5.35     03/01/26    LKR        45.29
SRI LANKA GOVT              8     01/01/32    LKR        56.15


  THAILAND
  --------

BANGKOK LAND              4.5     10/13/03    USD         5.50



                             *********

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.





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