TCRAP_Public/121106.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, November 6, 2012, Vol. 15, No. 221

                            Headlines


A U S T R A L I A

AUTODOM LIMITED: Calls in Macks Advisory as Administrators
BLUESCOPE STEEL: Moody's Assigns 'Ba3' Corporate Family Rating
BRISCONNECTIONS MGT: Unitholders Warned as Lenders Tap PPB
CAMPBELLTOWN SQUARE: In Receivership Over Loan Shortfall
MISSION NEWENERGY: Grant Thornton Raises Going Concern Doubt


H O N G  K O N G

CHEMTURA (HK): Lau Wu and Yuen Step Down as Liquidators
CHINA MERCHANTS: Members' Final Meeting Set for Nov. 30
CHINESE INVESTMENT: Members' Final Meeting Set for Nov. 30
DUNRICH COLLECTION: Seng and Lo Step Down as Liquidators
EAS INTERNATIONAL: Sung Mi Yin Mella Steps Down as Liquidator

EURASIA MANAGEMENT: Sole Member' Final Meeting Set for Nov. 29
EURASIA NEW: Sole Member' Final Meeting Set for Nov. 29
EURASIA PARTNERS: Sole Member' Final Meeting Set for Nov. 29
EURASIA TRANS: Sole Member' Final Meeting Set for Nov. 29
EVER GROWTH: Members' Final Meeting Set for Nov. 30

FUNNY INDUSTRIAL: Members' Final Meeting Set for Nov. 27
GREAT KNIGHT: Wan and Fung Step Down as Liquidators
GOLDEN CARRIER: Traversa Cyrile Jean Steps Down as Liquidator
HK CHAK: Creditors' Proofs of Debt Due Nov. 30
IHC MOTION: Sole Member' Final Meeting Set for Nov. 26

MATE PLASTICS: Final Meetings Set for Nov. 30
OTB CARD: Creditors' Proofs of Debt Due Nov. 13
OTB INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 13
PACIFIC BASE: Commences Wind-Up Proceedings
PROFIT STAR: Annual Meetings Set for Nov. 6

TOP MAVEN: Members' Final Meeting Set for Nov. 27
TRANS OCEAN: Sole Member' Final Meeting Set for Nov. 29


I N D I A

BASANT ENTERPRISE: ICRA Rates INR5cr Cash Credit at '[ICRA]B+'
BTC TRADING: ICRA Assigns '[ICRA]B+' Rating to INR8cr Loans
ISPAT DAMODAR: ICRA Reaffirms '[ICRA]B] Rating on INR115cr Loans
SATLUJ SPINTEX: ICRA Assigns '[ICRA]B+' Rating to INR70cr Loans
SHIVPRIYA CABLES: ICRA Puts '[ICRA]B-' Rating on INR20.01cr Loan

SHIWALAY ENTERPRISE: ICRA Puts '[ICRA]B+' Rating on INR7cr Loans
SHREENATHJI COTGIN: ICRA Puts '[ICRA]B' Rating on INR9.4cr Loans
SONIC THERMAL: ICRA Reaffirms '[ICRA]B]' Rating on INR46.4cr Loan
SVM CERA: ICRA Assigns '[ICRA]B' Rating to INR5.5cr Loans
TRITON INT'L: ICRA Assigns '[ICRA]BB-' Rating to INR25cr Loans


J A P A N

ASAHI MUTUAL: JCR Affirms BB-/Negative Long-term Issuer Rating
SHARP CORP: May Seek Japan Bailout After Record Loss Forecast


M O N G O L I A

GOLOMT BANK: S&P Revises Outlook on 'B+/B' Issuer Credit Ratings
* MONGOLIA: Fitch Affirms 'B+' LT IDR Rating; Outlook Stable


N E W  Z E A L A N D

AORANGI SECURITIES: Investors Complain Over Managers' Performance
ROSS ASSET: FMA Seeks to Appoint Manager as Court Freezes Assets


S I N G A P O R E

ADELPHI PROPERTY: Creditors' Proofs of Debt Due Dec. 3
BENG & OOI: Creditors' Proofs of Debt Due Nov. 16
BROMO CONSULTING: Court to Hear Wind-Up Petition on Nov. 16
CHASLAND DEVELOPMENT: Court to Hear Wind-Up Bid on Nov. 16
FREELY PTE: Creditors' Meetings Set for Nov. 8


T H A I L A N D

KRUNG THAI: Fitch Affirms 'B' Rating on Hybrid Tier 1


X X X X X X X X

* BOND PRICING: For the Week Oct. 29 to Nov. 2, 2012


                            - - - - -


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


AUTODOM LIMITED: Calls in Macks Advisory as Administrators
----------------------------------------------------------
SmartCompany reports that after shutting its doors last week,
administrators have been called in for Autodom Limited, with the
high cost of redundancy payments a key reason behind the
beleaguered auto component manufacturer's collapse.

SmartCompany says Peter Macks, Robert Naudi and Ian Burford of
Macks Advisory were appointed administrators and have taken
control of Autodom and its associated companies.

Mr. Macks told SmartCompany crippling redundancy payments
totalling AUD18 million had brought the company down.

"It has for some time been burdened with significant employee
entitlements in terms of redundancy and the company has been
grappling with how to restructure given that and coping with
changes in the industry," the report quotes Mr. Macks as saying.
"Autodom had put restructuring proposals to various parties and
basically the discussions broke down."

According to the report, Mr. Macks said the administrators are
working through the financial position of Autodom and have
started talks with the key players in the automotive industry,
the group's secured creditors, union representatives and the
government to assess immediately available options.

"Over the weekend, various parties were working pretty hard to
secure funding to keep the company in standstill mode."

Autodom's major creditors are the National Australia Bank, which
is a secured creditor, and the car companies General Motors
Holden, Ford and Toyota, SmartCompany discloses.


BLUESCOPE STEEL: Moody's Assigns 'Ba3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a first time Ba3 corporate
family rating to BlueScope Steel Limited. At the same time,
Moody's has assigned a provisional (P)B1 senior unsecured rating
to the proposed US$300 million 144A notes to be issued by
BlueScope Steel (Finance) Ltd and BlueScope Steel Finance (USA)
LLC, 100% owned and guaranteed subsidiaries of BlueScope.

The assignment of a definitive debt rating on the 144A notes is
subject to a review of the final documentation, and to successful
issuance of the proposed debt. The proceeds of the issuance will
be used mainly to repay existing debt.

This is the first time that Moody's has assigned ratings to
BlueScope. The outlook on the ratings is stable.

Ratings Rationale

"BlueScope's Ba3 corporate family rating reflects the challenging
operating environment, with the sovereign debt and banking crisis
in Europe, together with slowing GDP growth in China, continuing
to exert negative pressure on steel prices", Musiker says, adding
"softer iron ore and metallurgical coal prices are unlikely to
materially ease the impact of weak shipments and weak steel
prices."

The rating considers the anticipated deleveraging, following the
net cash payment of approximately US$540 million, which BlueScope
expects to receive from Nippon Steel & Sumitomo Metal Corporation
(NS -- A3 Negative) in relation to the recently-announced coated
building products joint venture between the two companies. The
payment will be made when the transaction reaches Financial
Close, expected in the first quarter of 2013.

"BlueScope's rating also factors in the benefits associated with
its market position and branding power in Australia, and its
geographic diversification. In particular, we expect BlueScope's
Asian steel processing and distribution operations to increase
their contribution to group profit and reduce the business's
exposure to uncertain growth prospects in more mature markets."

"The rating also reflects our expectation of a turnaround in
profitability in BlueScope's Australian manufacturing operations
over the next 12 to 18 months after the closure of one of its
Australian blast furnaces during 2012," Musiker says, adding
"whilst the closure has drastically reduced loss-making exports,
we believe that overall profitability remains subject to the weak
steel spread".

Furthermore, the rating incorporates BlueScope's elevated
financial leverage and its capital expenditure programme. Moody's
expects financial leverage, as indicated by the Adjusted
Debt/EBITDA ratio, to remain above 3.5x for fiscal year ending 30
June 2013.

The provisional B1 rating for the senior unsecured notes reflects
material legal subordination, as the notes will rank behind
certain existing secured facilities, as well as a potential
future secured credit facility to refinance the company's
existing syndicated bank facility as permitted under the draft
notes indenture.

The rating could be upgraded if leverage, as measured by gross
adjusted debt/EBITDA, improves below 3x on a sustained basis.
This could result from a sustained increase in the Australian
dollar steel spread, and/or sustained increases in margins and
volumes from the distribution businesses.

The rating will come under pressure if leverage shows no
sustained decrease below 4x. This could result from weakness in
the AUD steel spread, or adverse conditions in overseas markets
(particularly Asia) which we expect to be a major contributor to
future profitability. Failure to achieve the proposed joint
venture will likely also exert negative pressure on the rating.

The principal methodology used in rating BlueScope Steel Limited,
BlueScope Steel Finance (USA) LLC, and BlueScope Steel Finance
Ltd was the Global Steel Industry Methodology published in
October 2012.


BRISCONNECTIONS MGT: Unitholders Warned as Lenders Tap PPB
----------------------------------------------------------
en Butler at smh.com.au reports that unitholders in
BrisConnections have been warned that their equity is at risk
after the group's bankers appointed insolvency experts PPB
Advisory to review the troubled toll road builder's business on
Friday.

Between them, Macquarie Group and Deutsche Bank own 79% of units
in BrisConnections.   The report relates that BrisConnections
said that PPB's review would "look at current and anticipated
traffic volumes, revenue, costs, forecast liquidity and
BrisConnections' capital structure."

"It is possible that actions may arise as a result of this review
which may have adverse implications on the future value of
equity," it told the market, according to smh.com.au.

The report notes the project is one of a group of private sector
toll roads, including Sydney's Cross City Tunnel, to run into
financial trouble after construction delays, cost overruns and
lower traffic than expected.

Macquarie and Deutsche took out retail unitholders after
BrisConnections first ran into trouble in 2009, taking on their
obligation to pay an additional $2 per $1 security.

Macquarie owns 45% of units, with Deutsche Bank holding 33% and
the state government's Queensland Investment Corporation holding
8.28%, smh.com.au discloses.

                         About BrisConnections

BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company.  The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.


CAMPBELLTOWN SQUARE: In Receivership Over Loan Shortfall
--------------------------------------------------------
Larry Schlesinger at Smart Company reports that receivers have
taken charge of the Campbelltown Square shopping complex in
Sydney's outer west, owned by a subsidiary of ASX-listed
commercial property group Metroland Australia, which recently
exited administration.

The shopping centre at 218-240 Queens Street near the
Campbelltown train station was acquired by Metroland in August
2006 for $14.8 million and transferred to its wholly owned
subsidiary Global Real Estate Assets Corporation in May 2007 with
a loan provided by Colonial First State, according to Smart
Company.

Smart Company notes that Campbelltown Square has been placed in
the hands of receivers Michael Jones of Jones Partners by
Perpetual Nominees Limited acting as custodian for Colonial First
State Wholesale Pooled Mortgage Fund (CFS), the mortgagee for the
shopping complex.

Metroland was placed in the hands of administrator David Levi at
the end of August.

A creditors' report issued by Mr. Levi on September 26 shows that
Metroland had a $10.4 million liability to Perpetual Nominees as
custodians of CFS, Smart Company relates.  The report notes that
conditional contracts of sale for the shopping centre were
exchanged in August at a price of $9.025 million.

Smart Company discloses that the sale of the complex, which is
conditional on a subdivision currently in progress, will not
satisfy in full the estimated claim of CFS, resulting in a short
fall of $1.4 million should the sale proceed to settlement.

In its June 2012 full-year results, Metroland reported an
impairment expense of $3.8 million in relation to the condition
sale of the shopping centre, the report relates.

The report discloses that Metroland exited administration on
October 8 when it entered into a deed of company arrangement
(DOCA) with the company placed back under the control of its
directors.


MISSION NEWENERGY: Grant Thornton Raises Going Concern Doubt
------------------------------------------------------------
Mission NewEnergy Limited filed on Oct. 30, 2012, its annual
report on Form 20-F for the fiscal year ended June 30, 2012.

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of AUD4.9 million during the
year ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
AUD24.4 million.

The Company reported a net loss of AUD6.1 million on
AUD38.3 million of revenue in fiscal 2012, compared with a net
loss of $21.7 million on AUD16.4 million of revenue in fiscal
2011.

Revenue increased by AUD21.9 million (133%) from AUD16.4 million
in fiscal 2011 to AUD38.3 million in fiscal 2012 principally as a
result of an increase in biofuel sales (increased AUD13.8 million
from AUD13.5 million in fiscal 2011 to AUD27.3 million in fiscal
2012) and other revenue (increased AUD8.2 million from
AUD2.8 million in 2011 to AUD11.0 million in 2012).  The
Company's refinery operated for approximately six months in
fiscal 2012 and approximately three months in 2011.

The Company's balance sheet at June 30, 2012, showed
AUD10.7 million in total assets, AUD35.1 million in total
liabilities, resulting in an equity deficiency of
AUD24.4 million.

A copy of the Form 20-F is available at http://is.gd/JqwTx9

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

At this point in time, due to failure of material obligations by
PTPN111, the Joint Venture in Indonesia has been terminated.  The
Company is reviewing its position in the Joint Venture in
Indonesia and expects that this will result in either the
continuation of the project of the sale of its equity interests.



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


CHEMTURA (HK): Lau Wu and Yuen Step Down as Liquidators
-------------------------------------------------------
Lau Wu Kwai King Lauren and Yuen Tsz Chun Frank stepped down as
liquidators of Chemtura (HK) Holding Co. Limited on Oct. 22,
2012.


CHINA MERCHANTS: Members' Final Meeting Set for Nov. 30
-------------------------------------------------------
Members of China Merchants Investments (H.K.) Limited will hold
their final meeting on Nov. 30, 2012, at 10:30 a.m., at 5th
Floor, Ho Lee Commercial Building, 38-44 D'Aguilar Street,
Central, in Hong Kong.

At the meeting, Ruby Mun Yee Leung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


CHINESE INVESTMENT: Members' Final Meeting Set for Nov. 30
----------------------------------------------------------
Members of Chinese Investment Limited will hold their final
meeting on Nov. 30, 2012, at 11:00 a.m., at 5th Floor, Ho Lee
Commercial Building, 38-44 D'Aguilar Street, Central, in Hong
Kong.

At the meeting, Ruby Mun Yee Leung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


DUNRICH COLLECTION: Seng and Lo Step Down as Liquidators
--------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Dunrich Collection Limited on Oct. 20, 2012.


EAS INTERNATIONAL: Sung Mi Yin Mella Steps Down as Liquidator
-------------------------------------------------------------
Sung Mi Yin Mella stepped down as liquidator of EAS International
Aircargo Co Limited on Oct. 17, 2012.


EURASIA MANAGEMENT: Sole Member' Final Meeting Set for Nov. 29
--------------------------------------------------------------
Sole Member of EurAsia Management Limited will hold their final
general meeting on Nov. 29, 2012, at 10:15 a.m., at 22nd Floor,
Tai Yau Building, at 181 Johnston Road, Wanchai, in Hong Kong.

At the meeting, Victor Robert Lew, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EURASIA NEW: Sole Member' Final Meeting Set for Nov. 29
-------------------------------------------------------
Sole Member of EurAsia New Horizon Limited will hold their final
general meeting on Nov. 29, 2012, at 10:20 a.m., at 22nd Floor,
Tai Yau Building, at 181 Johnston Road, Wanchai, in Hong Kong.

At the meeting, Victor Robert Lew, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EURASIA PARTNERS: Sole Member' Final Meeting Set for Nov. 29
------------------------------------------------------------
Sole Member of EurAsia Partners Limited will hold their final
general meeting on Nov. 29, 2012, at 10:25 a.m., at 22nd Floor,
Tai Yau Building, at 181 Johnston Road, Wanchai, in Hong Kong.

At the meeting, Victor Robert Lew, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EURASIA TRANS: Sole Member' Final Meeting Set for Nov. 29
---------------------------------------------------------
Sole Member of EurAsia Trans Pacific Limited will hold their
final general meeting on Nov. 29, 2012, at 10:00 a.m., at 22nd
Floor, Tai Yau Building, at 181 Johnston Road, Wanchai, in Hong
Kong.

At the meeting, Victor Robert Lew, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


EVER GROWTH: Members' Final Meeting Set for Nov. 30
---------------------------------------------------
Members of Ever Growth Asia Limited will hold their final meeting
on Nov. 30, 2012, at 10:00 a.m., at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.

At the meeting, Ruby Mun Yee Leung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


FUNNY INDUSTRIAL: Members' Final Meeting Set for Nov. 27
--------------------------------------------------------
Members of Funny Industrial Limited will hold their final general
meeting on Nov. 27, 2012, at 10:00 a.m., at 5th Floor, 111 Ta
Chuen Ping Street, Kwai Chung, in N.T.

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


GREAT KNIGHT: Wan and Fung Step Down as Liquidators
---------------------------------------------------
Dr. Terence Ho Yuen Wan and Henry Fung stepped down as
liquidators of Great Knight Limited on Oct. 16, 2012.


GOLDEN CARRIER: Traversa Cyrile Jean Steps Down as Liquidator
-------------------------------------------------------------
Traversa Cyrile Jean stepped down as liquidator of Golden Carrier
Limited on Oct. 17, 2012.


HK CHAK: Creditors' Proofs of Debt Due Nov. 30
----------------------------------------------
Creditors of Hong Kong Chak Kai & Tin Tau Natives Association
Limited, which is in members' voluntary liquidation, are required
to file their proofs of debt by Nov. 30, 2012, to be included in
the company's dividend distribution.

The company's liquidator is:

         Wong Kenneth Chu Yan
         Flat 601A, Fourseas Building
         208-212 Nathan Road
         Kowloon, Hong Kong


IHC MOTION: Sole Member' Final Meeting Set for Nov. 26
------------------------------------------------------
Sole Member of IHC Motion Control Hong Kong Limited will hold
their final general meeting on Nov. 26, 2012, at 11:00 a.m., at
Unit 1001, 10/F, Infinitus Plaza, 199 Des Voeux Road Central, in
Hong Kong.

At the meeting, Hans Pieter Slappendel, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


MATE PLASTICS: Final Meetings Set for Nov. 30
---------------------------------------------
Members and creditors of Mate Plastics Manufacturing Limited will
hold their final meetings on Nov. 30, 2012, at 2:30 p.m., and
3:00 p.m., respectively at Suite 1704, 17th Floor, at 625 King's
Road, North Point, in Hong Kong.

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


OTB CARD: Creditors' Proofs of Debt Due Nov. 13
-----------------------------------------------
Creditors of OTB Card Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 13, 2012, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 16, 2012.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


OTB INTERNATIONAL: Creditors' Proofs of Debt Due Nov. 13
--------------------------------------------------------
Creditors of OTB International Factors Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 13, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 16, 2012.

The company's liquidators are:

         Stephen Liu Yiu Keung
         David Yen Ching Wai
         62/F, One Island East
         18 Westlands Road
         Island East, Hong Kong


PACIFIC BASE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Pacific Base Investments Limited, on Oct. 15, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Tsoi Ying Ho
         Room 2303, 23rd Floor
         China Insurance Group Building
         141 Des Voeux Road
         Central, Hong Kong


PROFIT STAR: Annual Meetings Set for Nov. 6
-------------------------------------------
Members and creditors of Profit Star International Holdings
Limited will hold their annual meetings on Nov. 6, 2012, at
11:30 a.m., and 11:45 a.m., respectively at Training Room B, The
Joint Professional Centre, Unit 1, G/F, The Center, 99 Queen's
Road, Central, in Hong Kong.

At the meeting, Cheung Hok Hin Alan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


TOP MAVEN: Members' Final Meeting Set for Nov. 27
-------------------------------------------------
Members of Top Maven Limited will hold their final general
meeting on Nov. 27, 2012, at 10:00 a.m., at Level 28, Three
Pacific Place, 1 Queen's Road East, in Hong Kong.

At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


TRANS OCEAN: Sole Member' Final Meeting Set for Nov. 29
-------------------------------------------------------
Sole Member of Trans Ocean Services Limited will hold their final
general meeting on Nov. 29, 2012, at 10:35 a.m., at 22nd Floor,
Tai Yau Building, at 181 Johnston Road, Wanchai, in Hong Kong.

At the meeting, Victor Robert Lew, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.



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I N D I A
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BASANT ENTERPRISE: ICRA Rates INR5cr Cash Credit at '[ICRA]B+'
--------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR5.00 crore
cash credit facility of Basant Enterprise.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------              ---------    -------
   Cash Credit                5.00      [ICRA]B+ assigned

The assigned ratings are constrained by the small scale of
operations of BE which have shown de-growth in FY12; high
financial risk profile of BE as reflected from its low
profitability in the trading operations, high level of leveraging
and weak debt service coverage indicators. The ratings are also
constrained by vulnerability of the firm's profitability to stiff
competitive intensity due to presence of large number of players
in the business, any adverse foreign exchange fluctuations as
well as commodity price risks, however the risk is mitigated to a
large extent as the firm hedges currency fluctuation risk through
forward contracts and price volatility risk through commodity
exchanges. The ratings also take into account the weak financial
profile of the entity as reflected by high gearing levels, weak
return and coverage indicators. ICRA further notes that BE is a
proprietorship firm and any significant withdrawals from the
capital account would affect its net worth and thereby the
gearing levels.

ICRA, however, has favorably factored in the long track record of
the proprietor and the BASANT group, the established market
position of the firm, favorable location as well as a diversified
and established customer base.

Established in 2007 as a proprietorship firm, Basant Enterprise
(BE) is currently operated by Mr Mohit Jalan and is engaged in
the business of trading various agro commodities as well as
precious metals like gold, silver, diamond, etc. BE belongs to
the Basant Group of Ahmedabad which has its existence for more
than 100 years and have several other entities operating in
similar line of businesses. The other group concerns include BTC
Trading Co., Basant Global Trade Private Limited, Basant Trading
Co.,Basant Traders, Maruti Century Finance Limited, Basant Agro,
Mohit Textile, Basant Corp, among others. Recent Results During
FY 2012, the firm reported a net profit of INR0.17 crore on an
operating income of INR35.29 crore as against a net profit of
INR0.12 crore on an operating income of INR53.11 crore during FY
2011.


BTC TRADING: ICRA Assigns '[ICRA]B+' Rating to INR8cr Loans
-----------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR3.00 crore
cash credit and the INR5.00 crore demand Loan of BTC Trading Co.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------              ---------    -------
   Cash Credit               3.00       [ICRA]B+ assigned

   Demand Loan-against WHR   5.00       [ICRA]B+ assigned

The assigned ratings are constrained by high financial risk
profile of BTC as reflected from its low profitability in the
trading operations, high level of leveraging and weak debt
service coverage indicators. The ratings are also constrained by
vulnerability of the firm's profitability to stiff competitive
intensity due to presence of large number of players in the
business, any adverse foreign exchange fluctuations as well as
commodity price risks, however the risk is mitigated to a large
extent as the firm hedges currency fluctuation risk through
forward contracts and price volatility risk through commodity
exchanges. The ratings also take into account the weak financial
profile of the entity as reflected by high gearing levels, weak
return and coverage indicators. ICRA further notes that BTC is a
proprietorship firm and any significant withdrawals from the
capital account would affect its net worth and thereby the
gearing levels.

ICRA, however, has favorably factored in the long track record of
the proprietor and the BASANT group, the established market
position of the firm, favorable location as well as a diversified
and established customer base.

Established in 2006 as a proprietorship firm, BTC Trading Co.
(BTC) is currently operated by Mr. Prakash Jalan and is engaged
in the business of trading various agro commodities as well as
precious metals like gold, silver, diamond, etc. BTC belongs to
the Basant Group of Ahmedabad which has its existence for more
than 100 years and have several other entities operating in
similar line of businesses. The other group concerns include
Basant Enterprise, Basant Global Trade Private Limited, Basant
Trading Co.,Basant Traders, Maruti Century Finance Limited,
Basant Agro, Mohit Textile, Basant Corp, among others.

Recent Results

During FY 2012, the firm reported a net profit of INR0.22 crore
on an operating income of INR78.77 crore as against a net profit
of INR0.15 crore on an operating income of INR47.44 crore during
FY 2011.


ISPAT DAMODAR: ICRA Reaffirms '[ICRA]B] Rating on INR115cr Loans
----------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B' rating assigned to the
INR72.00 crore1 term loan and INR43.00 crore cash credit
facilities (including the stand by line of credit limit of
INR5.00 crore) of Ispat Damodar Limited. ICRA has also re-
affirmed the [ICRA]A4 (pronounced ICRA A four) rating assigned to
the INR22.20 crore non-fund based bank facilities of IDL.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               --------    -------
   Fund Based Limits         72.00      [ICRA]B reaffirmed
   (Term Loans)

   Fund Based Limits         38.00      [ICRA]B reaffirmed
   (Cash Credit)

   Fund Based Limits          5.00      [ICRA]B reaffirmed
   (Stand by Line of Credit)

   Fund Based Limits        (14.00)     [ICRA]B reaffirmed
   (Export Packing Credit)

   Fund Based Limits        (14.00)     [ICRA]B reaffirmed
   (Foreign Bills Discounting)

   Non-Fund Based Limits     19.00      [ICRA]A4 reaffirmed
   (Letter of Credit)

   Non-Fund Based Limits      3.20      [ICRA]A4 reaffirmed
   (Forward Contract)

The reaffirmation of the ratings take into account IDL's weak
financial profile as reflected by its low net profitability and
depressed level of coverage indicators and a highly working
capital intensive nature of operations, which in turn impacts its
liquidity position adversely. The vulnerability to the inherent
cyclicality in the steel industry, which is passing through a
weak phase, is likely to keep the profitability and the cash
flows volatile. ICRA notes that the company incurred substantial
operating losses during the last two years; however, the net
profits were supported by significant non-operating income. The
ratings, however, consider the experience of IDL's promoters in
the steel industry, recent tie-up with Tata Steel Limited (TSL)
to work as a conversion agent for its ferro-alloy facilities (a
part of the company's entire manufacturing facilities), which is
likely to ensure steady cash-flows and eliminate off-take risk;
subject to continuation of its tie-up, and a comfortable capital
structure of the company. The company is currently setting up a
captive power plant, which is likely to strengthen its operating
profile post commissioning. However, ICRA notes that IDL has
substantial debt repayment obligations in the near term that may
adversely affect the liquidity of the company. While assigning
the ratings, ICRA has also considered the business risk profiles
of IDL's group companies Brand Alloys Limited (rated at [ICRA]B
and [ICRA]A4), Haldia Steels Limited (rated at [ICRA]B+ and
[ICRA]A4) and Sonic Thermal Limited (rated at [ICRA]B and
[ICRA]A4), since all of them are engaged in the steel and related
industries and operate under a common management.

Incorporated in 1996, IDL is involved in the production of sponge
iron, MS billet and ferro alloys. Currently, the capacities of
its sponge iron, MS billet and ferro alloys manufacturing
facilities stand at 60,000 MTPA; 93,000 MTPA and 54,000 MTPA
respectively. The manufacturing facilities of the company are
located at Nabagram, Purulia in West Bengal. Besides IDL, the
other group companies engaged in the similar line of business are
include Brand Alloys Limited (rated at [ICRA]B and [ICRA]A4),
Haldia Steels Limited (rated at [ICRA]B+ and [ICRA]A4) and Sonic
Thermal Limited (rated at [ICRA]B and [ICRA]A4.

Recent Results

The company reported a net profit of INR3.60 crore on an
operating income of INR215.37 crore in 2011-12 as compared to a
net profit of INR1.97 crore on an operating income of INR120.24
crore in 2010-11. During the first quarter of 2012-13, the
company has posted a net profit of INR1.61 crore (provisional) on
an operating income of INR78.94 crore (provisional).


SATLUJ SPINTEX: ICRA Assigns '[ICRA]B+' Rating to INR70cr Loans
---------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR16.0 crore1 cash credit limits and INR54.0 crore term loan of
M/s. Satluj Spintex Limited.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------              ---------    -------
   Fund Based-Cash Credit      16.0     [ICRA]B+ assigned

   Fund Based- Term Loan       54.0     [ICRA]B+ assigned

The assigned rating takes into account the nascent stage of
operations of SSL, vulnerability of profitability to movement of
cotton prices, which are subject to volatility being a seasonal
crop, dependence of cotton availability on agro-climatic
conditions and changes in regulations, and the stretched
liquidity of the company as evident by high utilization of
working capital limits. The rating is also constrained by the
intense competition within the fragmented spinning industry which
limits the pricing power of the company and large capital
expenditure planned in the near term, the latter likely to result
in increased pressure on credit metrics.

The rating, nevertheless, favourably factors in the experience of
promoters in the cotton industry, favourable plant location in
cotton growing belt which ensures easy availability of cotton,
relatively better operating margins on account of on-house
ginning operations, healthy capacity utilization achieved in the
first year of operation and favourable demand outlook for cotton
and cotton seeds.

In ICRA's view, the key rating sensitivities are company's
ability to stabilize its operations while generating healthy
profits and accruals as well as funding pattern of the planned
capital expenditure. Company Profile M/s. Satluj Spintex Ltd.
(registered office at Bhatinda, Punjab) is engaged in
manufacturing of combed and carded yarn in 20-32s count range
with average count of 24s. The spinning mill started operations
in September'2011 and is located at Mansa which is situated in
the cotton belt of Punjab. At present, 25,200 spindles have been
installed with annual yarn manufacturing capacity of 6,213 MT.
SSL is planning to add 25,000 spindles in CY2013 taking total to
~50,000 spindles.

Recent Results

For the first quarter ending June 2012, SSL has reported a profit
before tax of INR0.12 crore on an operating income of INR26.35
core.


SHIVPRIYA CABLES: ICRA Puts '[ICRA]B-' Rating on INR20.01cr Loan
----------------------------------------------------------------
ICRA has assigned '[ICRA]B-' rating to the INR6.01 crore1 term
loan, INR14.00 Crore of fund based bank facilities and INR10.49
Crore1 unallocated amount of Shivpriya Cables Pvt. Ltd. ICRA has
also assigned '[ICRA]A4' rating to the INR9.50 Crore non fund
based facilities of the company.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------              ---------    -------
   Term Loan                  6.01      [ICRA]B-

   Fund Based facilities     14.00      [ICRA]B-

   Unallocated amount        10.49      [ICRA]B-

   Non Fund Based             9.50      [ICRA]A4
   facilities

ICRA's rating action takes into account working capital intensive
nature of business putting pressure on the liquidity position of
the company as reflected by negative fund flow from operations
and almost fully utilized fund based limits. The rating is also
constrained by weak debt coverage indicators and exposure to raw
material price fluctuations. The rating action has however taken
note of improved debt servicing track record of the company as
indicated by prepayment of principal obligations for the last two
quarters and funding support from the promoters in terms of fresh
equity infusion. The ratings are also supported by strong
experience of promoters in the cable manufacturing business,
consistent turnover growth over the past few years and
satisfactory order book position. Going forward, the company's
ability to meet its debt obligations in a timely manner along
with managing its profitability and working capital intensity
would remain key rating sensitivities.

Shivpriya Cables Pvt. Ltd. was incorporated on Feb. 3, 2006;
however the operations of the company commenced in December,
2008. SCPL is ISO 9001-2000 certified company and is engaged in
the manufacturing of power cables, control cables, Aerial Bunched
Cables, instrumentation cables and house wires under the brand
name of "SPC" Cables. It has one manufacturing unit at Chopanki
in Bhiwadi (Rajasthan).

Recent Results

For FY 2012, the company reported an operating income of INR66.70
Crore and Profit after Tax (PAT) of INR1.46 Crore against an
operating income of INR58.07 Crore and PAT of INR0.69 Crore in FY
2011.


SHIWALAY ENTERPRISE: ICRA Puts '[ICRA]B+' Rating on INR7cr Loans
----------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR7.00 crore1
cash credit facilities of Shiwalay Enterprise.  ICRA has also
assigned an '[ICRA]A4' rating to the INR8.00 crore short-term
non-fund based facilities of SE.

                               Amount
   Facilities                 (INR Cr)    Ratings
   ----------                 --------    -------
   Cash Credit (Existing)       3.50      [ICRA]B+ assigned

   Cash Credit (Proposed)       3.50      [ICRA]B+ assigned

   Bank Guarantee(Existing)     4.50      [ICRA]A4 assigned

   Bank Guarantee(Proposed)     3.50      [ICRA]A4 assigned

The assigned ratings are constrained by the relatively small
scale of operations of the firm; the high competitive intensity
in the civil construction space resulting in a pressure on
margins; vulnerability of profitability to fluctuation in input
prices in projects with absence of pass through clause;
criticality of timely completion and delivery as per contract
terms in order to avoid LD claims and invocation of bank
guarantees which are substantial in relation to net worth and the
project order based nature of the business, wherein there could
be a reduction in work flow in case of a prolonged down-cycle in
the civil construction industry. ICRA also notes that the firm is
facing an issue of blockage of receivables owing to substantial
payment delays from Pipavav Defence and Offshore Engineering
Company Limited.

The assigned ratings, however, favourably factor in the long
experience of the promoters in the civil construction industry;
the reputed clientele of the firm comprising government, semi
government bodies, and private enterprises consistent growth in
operating income of the firm and its healthy current order book
position.

Shiwalay Enterprise was established in the year 1999 and is
engaged in civil & construction engineering and contracting
services related to roads, canals, check dams and building. SE
was promoted Mr. Jitendrasingh Rathod, who has an experience of
15 years in the industry. Currently, his son, Mr. Rudradutta
Rathod is actively looking after the business. SE registered
under "AA" class and Special Category-II with the Government of
Gujarat. The Firm has an in-house team of more than 12 civil
engineers, 20 supervisors and contract labour.SE has executed
projects in the past for government and semi-government bodies of
Gujarat government and private players like Pipavav Defence and
Offshore Engineering Company Limited.

Recent Results

For the year FY2012, the firm reported an operating income of
INR25.54 crore (against INR12.98 crore for FY2011) and profit
after tax of INR1.53 crore (against INR0.78 crore for FY2011).


SHREENATHJI COTGIN: ICRA Puts '[ICRA]B' Rating on INR9.4cr Loans
----------------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR7.40 crore1
long-term, fund based facilities of Shreenathji Cotgin Private
Limited.  A rating of '[ICRA]A4' has also been assigned to the
INR0.02 crore short term non fund based facility of SCPL.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------              ---------    -------
   Term Loans                 2.60      [ICRA]B assigned

   Cash Credit                4.80      [ICRA]B assigned

   Non Fund Based             0.02      [ICRA]A4 assigned


The assigned rating is constrained by SCPL's small scale and
limited track record of operations and weak financial profile as
evident from highly leveraged capital structure, weak debt
coverage indicators and low profitability. The rating is further
constrained by highly competitive and fragmented industry
structure owing to low entry barriers and vulnerability of
profitability to raw material prices, which are subject to
seasonality, crop harvest and regulatory risks.

However, the rating favourably factors in the experience of
partners in the ginning industry; favourable location of the
company's manufacturing facility in Rajkot (Gujarat) giving easy
access to raw material and stable demand outlook for cotton and
cottonseeds in the domestic as well as international market.

Shreenathji Cotgin Private Limited (SCPL) was incorporated in
December 2010 and is involved in the business of ginning and
pressing of raw cotton. The company's plant is located in Jasdan,
Rajkot with production capacity of 220 bales per day. Recent
Results For the year ended on March 31, 2012, the company
reported operating income of INR19.27 crore and profit before tax
of INR0.05 crore (provisional financials) from 6 months of
operations during the year.


SONIC THERMAL: ICRA Reaffirms '[ICRA]B]' Rating on INR46.4cr Loan
-----------------------------------------------------------------
ICRA has re-affirmed the '[ICRA]B' rating to the INR46.40 crore
term loan and INR10.00 crore cash credit facilities of Sonic
Thermal Limited. ICRA has also re-affirmed the '[ICRA]A4' rating
to the INR27.72 crore non-fund based bank facilities of STL.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------              ---------    -------
   Fund Based Limits          46.40     [ICRA]B reaffirmed
   (Term Loans)

   Fund Based Limits          10.00     [ICRA]B reaffirmed
   (Cash Credit)

   Fund Based Limits         (10.00)    [ICRA]B reaffirmed
   (Export Packing Credit/
   Foreign Bills Purchase)

   Non-Fund Based Limits      25.22     [ICRA]A4 reaffirmed
   (Letter of Credit)

   Non-Fund Based Limits       2.50     [ICRA]A4 reaffirmed
   (Bank Guarantee)

The reaffirmation of the ratings take into consideration the low
profitability in the business, adverse capital structure and weak
coverage indicators. The ratings also take into account the
change in business strategy of the company, which is likely to
increase the sales concentration going forward and is also likely
to impact the company's bargaining power against its sole
customer, lack of captive power plant, which is likely to
adversely affect the cost structure of the company. STL has
substantial debt repayment obligations in the short to medium
term that may adversely affect the liquidity of the company. The
ratings, however, favorably consider the experience of the
promoters in the steel and ferro-alloy industries, recent tie-up
with TSL for conversion of ferro alloys, which is likely to
ensure steady cash-flows, eliminate off-take risk and is also
expected to reduce the working capital intensity of operations;
subject to continuation of its tie-up. As TSL supplies all the
major raw materials required for STL's processing work, the
company's susceptibility towards raw material price fluctuation
risk is limited. While assigning the ratings, ICRA has also
considered the business risk profiles of STL's group companies
Brand Alloys Limited (rated at [ICRA]B and [ICRA]A4), Ispat
Damodar Limited (rated at [ICRA]B and [ICRA]A4) and Haldia Steels
Limited (rated at [ICRA]B+ and [ICRA]A4), since all of them are
engaged in the steel and related industries and operate under a
common management.

STL, incorporated in 2002, is engaged in the manufacturing of
ferro alloys. Currently, the company has three submerged Electric
Arc Furnaces with an installed capacity of 40,500 MTPA. The
manufacturing facilities of the company are located at Barjora,
Bankura in West Bengal. Besides STL, the other group companies
engaged in the similar line of business are include Brand Alloys
Limited (rated at [ICRA]B and [ICRA]A4), Ispat Damodar Limited
(rated at [ICRA]B and [ICRA]A4) and Haldia Steels Limited (rated
at [ICRA]B+ and [ICRA]A4).

Recent Results

The company reported a net profit of INR1.92 crore on an
operating income of INR160.44 crore in 2011-12. During the first
quarter of 2012-13, the company has posted a net profit of
INR0.46 crore (provisional) on an operating income of INR34.44
crore (provisional).


SVM CERA: ICRA Assigns '[ICRA]B' Rating to INR5.5cr Loans
---------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR5.50 crore
long-term, fund based facilities of SVM Cera Tea Limited.  A
rating of '[ICRA]A4' has also been assigned to the INR2.80 crore
short term, non fund based facilities of SCTL.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------              ---------    -------
   Cash Credit                5.50      [ICRA]B assigned

   Letter of Credit           2.80      [ICRA]A4 assigned

The assigned ratings are constrained by SCTL's weak financial
risk profile, as reflected by decline in operating income, high
working capital intensity of operations on account of stretched
receivables resulting in tight liquidity position for the
company. The ratings are further constrained on account of modest
scale of operations; demand scenario being dependent on real
estate business cycles; the intensely price competitive business
environment on account of fragmented industry structure for CGF
segment and vulnerability of profitability to adverse
fluctuations in raw material prices which may not be passed onto
the customers adequately in a highly price competitive market
scenario. ICRA also takes into account the availability of gas at
high prices resulting in adverse cost structure and decrease in
capacity utilization level.

The ratings, however, favorably factor the long experience of
promoters in ceramic Glaze Frit industry and strong customer
profile consisting of some of the leading organised ceramic tile
manufacturers.

SVM Cera Tea Limited (formerly known as M/s Matalvuoto Films
(India)) having was incorporated on 2nd January 1986 and
commenced operations from 16th January 1986. The company has been
promoted by Mr. S.V. Mohta, belonging to Mohta group of
companies. Initially the company was engaged in real estate
business. In 1994 the company diversified its activities by
entering into ceramic glaze frit and colour manufacturing
business by setting up a manufacturing plant in Ankleshwar with
an initial installed capacity of 1200 MTPA which is subsequently
increased to 14,490 MTPA during the last seventeen years of
operations.

Recent Results

For the year ended March 31, 2012 the company reported an
operating income of INR26.46 crore and profit after tax of
INR0.15 crore as against an operating income of INR31.95 crore
and profit after tax of INR0.78 crore for FY 2011.


TRITON INT'L: ICRA Assigns '[ICRA]BB-' Rating to INR25cr Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' for the
INR15.0 Cr Fund-Based Facility and INR10.0 Cr Non-fund based
facilities of Triton International Private Limited.  The rating
carries a stable outlook.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------              ---------    -------
   Fund Based Limits         15.00      [ICRA]BB- (Stable)

   Non-Fund Based Limits     10.00      [ICRA]BB- (Stable)

The rating factors in the promoters' long experience in the paper
trade business, which has also been demonstrated in their ability
to scale up the business since inception. The rating is however
constrained by limited track record of operations of the company,
stretched gearing levels on account of high working capital
borrowing levels and exposure to geographic concentration as well
as regulatory risk given that a significant proportion of
business is with Iran at present. The rating also factors in
modest margins at consolidated level at present along with
negative fund flow from operations. While assigning the rating,
ICRA has taken a consolidated view of Triton International
Private Limited as well as its 100% foreign subsidiary Triton
Global FZE (TGF) located in Dubai.

Incorporated in February 2011, Triton International Private Ltd
is a company involved in export of paper from India. The current
CEO -- Mr. Vishal Sukhani has been in the industry for over 15
years and was involved in the paper distribution and trading
operations through an earlier firm from where he split and
started his own business through TIPL. TIPL has a 100% subsidiary
called Triton Global FZE (TGF) which is located in Dubai. The
subsidiary was mainly formed to cater to clients who were averse
to merchant exports and to also cater to the clients' export
obligations. At present, TIPL is involved in exporting tissue
paper and toilet paper from India to Iran.

Recent results:

TIPL reported a net profit of INR1.68 Crore on an operating
income of INR18.71 Crore for 5M FY13 (provisional).



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


ASAHI MUTUAL: JCR Affirms BB-/Negative Long-term Issuer Rating
--------------------------------------------------------------
Japan Credit Rating Agency, Ltd. announces the following credit
rating.

Rationale

There is still much room for improvement in capital base against
risks for Asahi Mutual Life Insurance Company.  While the Company
intends to accumulate retained earnings, JCR assumes that it will
take time to improve its capital base. Although reduction in risk
assets such as stocks has progressed than before, its earnings
and capital remain susceptible to fluctuations in markets. JCR
affirmed the ratings for the Company because JCR expects that it
can ensure a certain amount of earnings for the moment if there
is no recording of capital loss. In cases where risk of price
fluctuation becomes more apparent or incidence rate with respect
to nursing insurance increases, however, such situations might
place downward pressure on the Company's risk tolerance. JCR
therefore continues Negative rating outlook for the Company.
Keiko Mizuguchi, Kiichi Sugiura

Rating

Issuer: Asahi Mutual Life Insurance Company


Long-term Issuer Rating: BB- Outlook: Negative

Ability to Pay Insurance Claims: BB- Outlook: Negative


SHARP CORP: May Seek Japan Bailout After Record Loss Forecast
-------------------------------------------------------------
Mariko Yasu at Bloomberg News reports that Sharp Corp. may turn
to the last resort of Japanese companies facing potential
bankruptcy -- the government.

According to Bloomberg, Fumiaki Sato, co-founder of Sangyo Sosei
Advisory Inc., a turnaround advisory firm in Tokyo, said that
with JPY200 billion (US$2.5 billion) of convertible bonds
maturing in 2013, Sharp may have to ask the state Enterprise
Turnaround Initiative Corp. or Innovation Network Corp. of Japan
for money.  Sharp has failed to win a planned 67 billion-yen
equity investment from billionaire Terry Gou's Foxconn Technology
Group, the report notes.

"Japan has no other option but to help companies that need a
bailout, given the possible impact to the economy," Bloomberg
quotes Yuuki Sakurai, president of Fukoku Capital Management Inc.
in Tokyo, as saying. "If Sharp fails, there will be a lot of job
losses, including those at suppliers, and the impact of that
can't be ignored."

Bloomberg notes Sharp warned on Nov. 1 it may post a record
JPY450 billion loss in the year ending March 31, following last
year's JPY376 billion loss.  Japan's largest maker of liquid-
crystal displays said there was "material doubt" about its
ability to survive, the report relays.

The losses drove down its equity-capital ratio as of Sept. 30 to
10.3%, less than a third of what it was a year ago, Bloomberg
adds.

                    Default Odds Seen at 94.9%

Kana Nishizawa, Emi Urabe and Jonathan Burgos at Bloomberg News
report that Sharp Corp.'s bond risk is signaling a 94.9% chance
of default in five years as the yen near postwar highs swells
losses at Japanese electronics companies, prompting Standard &
Poor's to cut Panasonic Corp.'s rating.

Bloomberg relates that data provider CMA said the cost of
insuring JPY1 billion ($12.4 million) of Sharp's debt for five
years rose by JPY125 million in the past month to JPY680 million
in advance and JPY10 million annually. Credit-default swaps of
Panasonic and Sony Corp. have also surged, with contracts pricing
in a non-payment risk of about 30%. Those for South Korea's
Samsung Electronics Co. were little changed in the period, the
data show.

According to Bloomberg, Japanese technology companies including
Sharp are failing to come up with hit products to challenge
Samsung and Apple Inc.  The yen trading about 6 percent from its
post-World War II high is also weighing on earnings by making
their products more expensive abroad, says Bloomberg.  Elpida
Memory Inc., the last major Japanese maker of computer-memory
chips, filed for bankruptcy in February.

"From the market's perspective, Sharp is in extreme danger of
going out of business," Bloomberg quotes Taketoshi Tsuchiya,
Tokyo-based director of credit trading at Barclays Plc., as
saying Nov. 2.

Bloomberg notes Sharp's 94.9% chance of default in five years is
based on the assumption that investors would recover 27% of the
bonds' value if the company fails to adhere to its debt
commitments, an expectation that CMA lowered from 30% a month
ago.

                         About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells
electronic telecommunication devices, electronic machines and
components.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2012, Standard & Poor's Ratings Services lowered to
'BB+' its long-term corporate credit and senior unsecured debt
ratings on Sharp Corp. and its overseas subsidiaries, Sharp
Electronics Corp. and Sharp International Finance (U.K.) PLC. At
the same time, S&P lowered its short-term ratings on the
companies to 'B' from 'A-2'.  S&P kept Sharp's long- and short-
term ratings on CreditWatch with negative implications.

Sharp's liquidity position is weakening, in Standard & Poor's
view. Internal cash flow remains weak, and financial market
conditions for the company have deteriorated. The company has
forecast an expected JPY250 billion net loss for fiscal 2012
(ending March 31, 2013), exceeding its budgeted depreciation
expense of JPY200 billion. As of June 30, 2012, Sharp had a high
dependence on short-term borrowings. It had JPY336 billion in
short-term debt and JPY362 billion in commercial paper. In recent
weeks, the company has faced unfavorable financial market
conditions, as evidenced by a recent rise in spreads on credit
default swaps, which has added to its difficulty in issuing new
commercial paper. Weak internal cash flow has forced the company
to repay its commercial paper primarily with bank borrowings.
Because its current liquidity needs exceed sources, S&P views
Sharp's liquidity position as 'less than adequate.' Under its
ratings criteria, S&P assigns an issuer credit rating no higher
than 'BB+' to a company with 'less than adequate' liquidity."



===============
M O N G O L I A
===============


GOLOMT BANK: S&P Revises Outlook on 'B+/B' Issuer Credit Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on its
long-term issuer credit rating on Golomt Bank of Mongolia to
stable from positive. "At the same time, Standard & Poor's
affirmed the 'B+' long-term and 'B' short-term issuer credit
ratings on the bank," S&P said.

"We revised the outlook after similarly revising the outlook on
the sovereign credit rating on Mongolia (BB-/Stable/B) on Oct.
29, 2012. The outlook revision reflects our view that there is a
diminishing likelihood that the creditworthiness of Golomt Bank
could benefit from extraordinary support from the Mongolian
government over the next 12 months. This is because the bank's
stand-alone credit profile (SACP) of 'b+' is very close to the
local currency rating on the Mongolia government despite the
bank's 'high systemic importance' and our assessment of the
government of Mongolia as 'highly supportive' of the country's
banking sector," S&P said.

"We may raise the rating if Golomt Bank substantially improves
its
capitalization under the expectation of strong asset growth or
noticeably improves its risk position through moderated credit
growth and a continued track record of credit losses that are
lower than domestic peers. We may also raise the rating if the
sovereign rating on Mongolia is raised and Golomt Bank maintains
its 'high systemic importance.' Conversely, we may lower the
rating if the bank adopts a more aggressive expansion that
weakens its already moderate capitalization or risk position,"
S&P said.


* MONGOLIA: Fitch Affirms 'B+' LT IDR Rating; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'B+' with Stable
Outlook. The agency also affirmed the Short-Term Foreign-Currency
IDR at 'B', and the Country Ceiling at 'B+'.

Mongolia emerged from a banking crisis and IMF-supported
adjustment programme in 2009-2011 with a framework for
strengthened economic and macro-prudential policies. Recovery has
been buoyed by the booming natural resource sector: growth is
expected to average 14.1% over 2011-2012, while international
reserves doubled to USD2.5bn in August 2012 from end-2009.
However, Mongolia's macroeconomic policy stance has been mixed,
and the vulnerabilities that were exposed in 2009 remain
substantially unaddressed.

Mongolia enjoys bright economic prospects. The country is richly
endowed with natural resources, while five-year average annual
GDP growth of 8.3% has far outpaced the 'B' median of 5.9%. At
USD3,056 in 2011 income per head at market exchange rates was
exactly aligned with the 'B' median and should increase further
given rapid economic development, while the country's governance
standards are a relative strength in the 'B' range. However,
managing the macroeconomic volatility associated with a resource
boom will remain a major challenge.

Mongolia is heavily dependent on minerals exports with China as
its main export destination. Mongolia's "basic balance" (the
current account plus net FDI) weakened to 3.6% of GDP in August
2012, on a 12-month rolling basis, from 21.3% in 2011. Softer
commodity prices weighed on exports while strong growth in
government spending boosted import demand. FDI eased as some key
mining projects near the production stage. Fitch expects
structural improvement in the balance of payments after the Oyu
Tolgoi mine comes on stream. However, any unexpected delays in
major mining projects could exert pressure on Mongolia's already
stretched external finances.

Pro-cyclical fiscal policy has led to overheating in Mongolia.
Inflation has remained stubbornly in double-digits since the
beginning of 2012, fuelled by a surge in government spending.
Although the Bank of Mongolia has tightened policy rate twice
this year, these actions have been insufficient to rein in
inflationary pressures.

The fiscal balance has deteriorated to 8.9% of GDP in September
2012, on a 12-month rolling basis, from a deficit of 3.6% in
2011. Expenditure growth outstripped revenue ahead of
parliamentary election in June 2012 and the inception of a Fiscal
Stability Law (FSL) in 2013. On paper, the FSL should strengthen
Mongolia's policy framework, setting a clear path to fiscal
consolidation and the build-up of windfall mineral revenues in a
Fiscal Stabilisation Fund (FSF). However, Fitch notes that there
is a high risk of the Development Bank of Mongolia (DBM) being
used for off-budget financing, thereby circumventing the FSL,
while the FSF is still in its infancy with funds amounting to
just 2% of GDP.

Mongolia's external public debt is rising sharply. Outside the
narrowly-defined government budget, DBM has borrowed heavily
(USD600m) under explicit sovereign guarantee. Moreover, the
government intends to raise USD1.5bn-2bn (17-23% of GDP) of
sovereign bonds within this year, which would add significantly
to the public debt stock. These sizable borrowings will increase
Mongolia's external vulnerability and give rise to refinancing
risk in the event of sharp deterioration in balance of payments.

Domestically, the financial sector remains a source of potential
vulnerability. Fitch's macro-prudential risk indicator assigned
to Mongolia is 'MPI3', reflecting the agency's unease with the
rapid credit growth, strong asset-price growth and appreciation
of real effective exchange rate. The fast expansion of credit
(35.7% yoy in September 2012), fueled by replenished foreign-
currency funding raised offshore, could give rise to bank asset
quality problems. Banks' buffers against losses - profitability
and capital - are both under pressure. Mongolia's supervisory
framework is weak and regulatory forbearance raises concern,
particularly for small-to-medium sized banks. Any strong downward
pressure on the currency could see banks facing losses on dollar-
denominated lending to borrowers with limited or no dollar income
streams, as in 2009.

Strong adherence to the FSL, including the build-up of external
buffers, would help to shield the budget from commodity price
volatility, ease the pressure on Mongolia's external finances and
facilitate a reduction in inflation and would support a case for
an upgrade. Conversely, policy slippages, including strong fiscal
spending beyond the ability of the economy, would exert negative
pressure on the ratings. Re-emergence of problems in Mongolia's
banking system requiring extensive sovereign support would also
be negative for the ratings.



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


AORANGI SECURITIES: Investors Complain Over Managers' Performance
-----------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that investors
in two funds caught up in the Hubbard financial collapse have
lodged a formal complaint with the New Zealand Government over
the performance of statutory managers Grant Thornton.

A group with the support of 230 investors in Aorangi Securities
or Hubbard Management Funds (HMF) have complained to Commerce
Minister Craig Foss and Attorney General Lyn Provost, according
to a statement cited by the Herald.

According to the Herald, the investor group is angry that a late
discovery of boxes documents by Grant Thornton has put off a
NZ$60 million asset wrangle in the Timaru High Court that could
hit investor payouts.

The Herald relates that this hearing will determine a claim from
Jean Hubbard -- the widow of Timaru businessman Allan Hubbard --
that NZ$60 million of the NZ$96 million of Aorangi Securities
assets were never transferred to Aorangi's ownership and are
therefore hers personally and for her late husband's estate.

The hearing was scheduled to begin in October 29, according to
the report, but has not been put off until May next year at the
request of the statutory managers.

The Herald recounts that Grant Thorton said earlier this month
the claim could have a "severe impact on returns to [Aorangi]
investors", who to date have got back NZ$14.5 million, or 15c in
the dollar.

"This is the last straw for investors who are extremely angry at
this inexcusable error by the statutory managers," the investors'
statement, as cited by the Herald, said.

"This further 7- month delay has a serious detrimental impact
upon investors who have been struggling emotionally and
financially since their funds were frozen on 20 June 2010. For
many investors these funds represent savings post retirement and
hence access to funds to cover their cost of living. To date at
least 22 investors have died -- many as a result of stress
related illnesses caused due to the ongoing delays in the return
of their capital caused by the statutory management," it said.

"The statutory managers have failed to adequately protect
assets," the statement said, which also claimed the costs of the
statutory management had exceeded NZ$12 million to date.

The investor group said it reserved the right to "seek recourse
and compensation arising from emotional and financial suffering
inflicted as a consequence of unwarranted actions of the public
authorities," the Herald adds.

                    About Aorangi Securities

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.

Aorangi's statutory managers said 400 investors in the mortgage
lender owed NZ$96 million were likely to face a substantial
shortfall as many loans were in default.  So far, statutory
managers have paid just 12 cents in the dollar, The Timaru Herald
reports.


ROSS ASSET: FMA Seeks to Appoint Manager as Court Freezes Assets
----------------------------------------------------------------
The Financial Markets Authority said it continues to make
inquiries into the affairs of David Ross of Ross Asset Management
and engage with related parties.

Following inquiries made by FMA, and on application by FMA on
Nov. 2, 2012, the High Court in Wellington froze the assets of
David Ross of Ross Asset Management Limited and the following
related entities:

   * Ross Asset Management Limited
   * Bevis Marks Corporation Limited
   * Dagger Nominees Limited
   * Mercury Asset Management Limited
   * Ross Investment Management Limited
   * Ross Unit Trusts Management Limited
   * United Asset Management Limited
   * McIntosh Asset Management Limited
   * Chapman Ross Trust
   * Woburn Ross Trust

"FMA's application for a manager to be appointed to the
businesses of Ross Asset Management will be before the Court
tomorrow [November 6].  The purpose of appointing a manager is to
review information about the business and determine the best way
forward," FMA said.

According to stuff.co.nz, there are reports that Mr. Ross may be
managing up to NZ$300 million on behalf of clients, who have been
unable to reach him recently.

"FMA moved on behalf of investors within five days after it had
received a number of complaints from people who were trying to
withdraw their money. Search warrants were executed at David
Ross' office and home last week," the FMA said.

On November 6, stuff.co.nz relates, the FMA raided the offices of
Ross Asset Management, which is based on The Terrace in Central
Wellington, as well as the home of its sole director, David Ross,
in an exclusive part of Lower Hutt.



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


ADELPHI PROPERTY: Creditors' Proofs of Debt Due Dec. 3
------------------------------------------------------
Creditors of Adelphi Property Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 3, 2012, to be included in the company's dividend
distribution.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO LLP
          21 Merchant Road #05-01
          Royal Merukh S.E.A. Building
          Singapore 058267


BENG & OOI: Creditors' Proofs of Debt Due Nov. 16
-------------------------------------------------
Creditors of Beng & Ooi Medical Services Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 16, 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


BROMO CONSULTING: Court to Hear Wind-Up Petition on Nov. 16
-----------------------------------------------------------
A petition to wind up the operations of Bromo Consulting Pte Ltd
will be heard before the High Court of Singapore on Nov. 16,
2012, at 10:00 a.m.

Lieven Corneel Leo Raymond Van Den Brande filed the petition
against the company on Oct. 22, 2012.

The Petitioner's solicitors are:

          NLC Law Asia LLP
          8 Robinson Road #10-00
          ASO Building
          Singapore 048544


CHASLAND DEVELOPMENT: Court to Hear Wind-Up Bid on Nov. 16
----------------------------------------------------------
An application of Chasland Development Pte Ltd will be heard
before the High Court of Singapore on Nov. 16, 2012, at
10:00 a.m.

Asiaciti Management Pte Ltd filed the petition against the
company on Oct. 22, 2012.

The Applicant's solicitor is:

          Siva Sothi
          TJ Cheng Law Corporation
          23A Neil Road
          Singapore 088815


FREELY PTE: Creditors' Meetings Set for Nov. 8
----------------------------------------------
Freely Pte Ltd, which is in liquidation, will hold a meeting for
its creditors on Nov. 8, 2012, at 3:00 p.m., at The Auditorium
Temasek Club 1 Portsdown Road, in Singapore 139295.

Agenda of the meeting include:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to appoint a committee of inspection, if thought fit;

   c. to approve the liquidators' fees and disbursements; and

   d. discuss other business.

The company's liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o 21 Merchant Road
         #05-01 Royal Merukh S.E.A. Building
         Singapore 058267



===============
T H A I L A N D
===============


KRUNG THAI: Fitch Affirms 'B' Rating on Hybrid Tier 1
-----------------------------------------------------
Fitch Ratings has affirmed Krung Thai Bank Public Company
Limited's Long-Term Issuer Default Rating (IDR) at 'BBB' and
National Long-Term Rating of 'AA+(tha)'.

KTB's IDRs, Support Rating, Support Rating Floor, and National
Ratings reflect Fitch's expectation of a high probability of
support from the government, if needed.  This is based on the
government's majority ownership and close control of, and strong
historical support for the bank, as well as the bank's systemic
importance to the Thai financial system and economy.  In
addition, Fitch sees KTB's partial role in supporting government
policies as reinforcing the bank's stronger relationship with the
state compared with other commercial banks.

The state's strong support was evident in the full participation
of The Bank of Thailand's Financial Institutions Development Fund
in KTB's capital increase in October 2012, maintaining its
majority stake of 55%.  KTB successfully raised capital of about
THB35bn via right offerings to support business expansion.

A change in Thailand's ratings ('BBB'/Stable) could affect KTB's
IDRs, Support Rating Floor and National Ratings.  However, KTB's
IDRs could de-couple from the sovereign were the latter to be
upgraded to the 'A' rating category -- which is observed in many
higher-rated jurisdictions where systemically important
institutions (including those with partial policy functions) are
less than 100%-state-owned.  This is because of potentially less
reliance on commercial institutions to support government
policies.

KTB's Viability Rating (VR) of 'bbb-' reflects its strong
domestic franchise and strengthened financial position although
non-performing loans (NPLs) and loan loss reserves (LLR) remain
weak relative to peers.  Profitability continued to improve in
2011 and H112, supported mainly by strong loan growth (in line
with the industry) and higher fee income.  With continued strong
loan growth momentum, Fitch expects KTB to report solid
performance in 2012 although there could be additional pressure
on KTB's provisioning cost partly due to its low LLR.

NPLs extended their improving trend, declining as a share of
total loans to 4.2% at end June-2012 (end-2011: 4.5%, end-2010:
6.1%), due to loan write-offs.  The bank's LLR also improved to
70% at end-June 2012 (end-2011: 69%, end-2010: 59%).
Nevertheless, KTB's NPL and LLR remain weak relative to its
peers.  While there is no sign of asset quality weakening
significantly, KTB's strong loan expansion over the past two
years plus the weak global economic environment as well as its
exposure to highly cyclical industries may increase asset quality
pressure in the medium term.

KTB's funding and liquidity have remained stable, underpinned by
it strong deposit franchises in Thailand, due to its extensive
branch network as well as close relationship with the state.
Including new capital, KTB's Tier 1 capital ratio should increase
from 7.9% at end-June 2012, to about 10%, in line with its major
domestic peers.

Significant and sustained improvement in KTB's profitability,
asset quality and maintenance of strong capital could lead to
positive rating action on the VR.  Conversely, substantial
deterioration in profitability, or a reversal in the trend for
asset quality and capital -- including from a significant
increase in lower-quality policy type loans -- could lead to a
downgrade of VR.  However, the bank's 'BBB' IDR may remain
unaffected because it is currently at the Support Rating Floor.

At end-June 2012, KTB was Thailand's second largest commercial
bank by consolidated assets with an 18% market share.  Corporate
loans accounted for the largest portion of the bank's loan
portfolio, followed by retail and SME lending.  As a state-owned
bank, KTB also has large exposures to loans to government and
state enterprises. KTB operates 1,046 domestic branches and
employs close to 20,000 staff.

KTB's ratings have been affirmed as follows:

  -- Long-Term IDR at 'BBB'; Outlook Stable
  -- Short-Term IDR at 'F3'
  -- Viability Rating at 'bbb-'
  -- Support Rating at '2'
  -- Support Rating Floor at 'BBB'
  -- Foreign currency offshore hybrid Tier 1 securities at 'B'
  -- National Long-Term rating at 'AA+(tha)'; Outlook Stable
  -- National Short-Term rating at 'F1+(tha)'
  -- National subordinated debt rating at 'AA(tha)'
  -- National rating domestic hybrid Tier 1 securities at
     'BBB(tha)'



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


* BOND PRICING: For the Week Oct. 29 to Nov. 2, 2012
----------------------------------------------------

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

  AUSTRALIA
  ---------

COM BK AUSTRALIA      1.50    04/19/22     AUD     73.94
EXPORT FIN & INS      0.50    06/15/20     NZD     74.82
MIDWEST VANADIUM     11.50    02/15/18     USD     64.75
MIDWEST VANADIUM     11.50    02/15/18     USD     59.50
NEW S WALES TREA      0.50    09/14/22     AUD     71.27
NEW S WALES TREA      0.50    10/07/22     AUD     71.08
NEW S WALES TREA      0.50    10/28/22     AUD     70.90
NEW S WALES TREA      0.50    11/18/22     AUD     71.06
NEW S WALES TREA      0.50    12/16/22     AUD     70.84
NEW S WALES TREA      0.50    02/02/23     AUD     70.48
NEW S WALES TREA      0.50    03/30/23     AUD     70.05
TREAS CORP VICT       0.50    08/25/22     AUD     72.08
TREAS CORP VICT       0.50    03/03/23     AUD     71.03
TREAS CORP VICT       0.50    11/12/30     AUD     51.10


CHINA
-----

CHINA GOVT BOND       4.86    08/10/14     CNY    103.06
CHINA GOVT BOND       1.64    12/15/33     CNY     67.29


INDIA
-----

AKSH OPTIFIBRE        1.00    02/05/13     USD     71.86
JCT LTD               2.50    04/08/11     USD     20.00
JSL STAINLESS LT      0.50    12/24/19     USD     66.36
MASCON GLOBAL LT      2.00    12/28/12     USD      9.13
PRAKASH IND LTD       5.63    10/17/14     USD     68.61
PRAKASH IND LTD       5.25    04/30/15     USD     68.13
PYRAMID SAIMIRA       1.75    07/04/12     USD      1.00
REI AGRO              5.50    11/13/14     USD     68.03
REI AGRO              5.50    11/13/14     USD     68.03
SHIV-VANI OIL         5.00    08/17/15     USD     49.81
SUZLON ENERGY LT      5.00    04/13/16     USD     41.03


JAPAN
-----

EACCESS LTD           3.50    12/15/16     JPY    101.53
EBARA CORP            1.30    09/30/13     JPY    100.06
ELPIDA MEMORY         2.03    03/22/12     JPY     12.75
ELPIDA MEMORY         2.10    11/29/12     JPY     12.75
ELPIDA MEMORY         2.29    12/07/12     JPY     10.00
ELPIDA MEMORY         0.50    10/26/15     JPY     10.63
ELPIDA MEMORY         0.70    08/01/16     JPY     15.00
JPN EXP HLD/DEBT      0.50    09/17/38     JPY     63.21
JPN EXP HLD/DEBT      0.50    03/18/39     JPY     63.10
KADOKAWA HLDGS        1.00    12/18/14     JPY    109.14
SHARP CORP            1.42    03/19/14     JPY     44.00
SHARP CORP            0.85    09/16/14     JPY     40.31
SHARP CORP            1.14    09/16/16     JPY     32.63
SHARP CORP            2.07    03/19/19     JPY     33.16
SHARP CORP            1.60    09/13/19     JPY     32.04
SOFTBANK CORP         1.50    03/31/13     JPY    120.97
TOKYO ELEC POWER      2.40    11/28/28     JPY     74.50
TOKYO ELEC POWER      2.21    02/27/29     JPY     73.26
TOKYO ELEC POWER      2.11    12/10/29     JPY     71.25
TOKYO ELEC POWER      1.96    07/29/30     JPY     68.44
TOKYO ELEC POWER      2.37    05/28/40     JPY     65.75


MALAYSIA
--------

DUTALAND BHD          7.00    04/11/13     MYR      0.90


PHILIPPINES
-----------

BAYAN TELECOMMUN     13.50    07/15/49     USD     22.50
BAYAN TELECOMMUN     13.50    07/15/49     USD     22.50


SINGAPORE
---------

BAKRIE TELECOM       11.50    05/07/15     USD     48.50
BAKRIE TELECOM       11.50    05/07/15     USD     45.46
BLD INVESTMENT        8.63    03/23/15     USD     60.68
BLUE OCEAN           11.00    06/28/12     USD     34.13
BLUE OCEAN           11.00    06/28/12     USD     34.13
CAPITAMALLS ASIA      2.15    01/21/14     SGD     99.76
CAPITAMALLS ASIA      3.80    01/12/22     SGD    101.50
DAVOMAS INTL FIN     11.00    12/08/14     USD     28.75
DAVOMAS INTL FIN     11.00    12/08/14     USD     28.75
F&N TREASURY PTE      2.48    03/28/16     SGD    100.50
SINGAPORE AIR         2.15    09/30/15     SGD    102.00


KOREA
-----

CN 1ST ABS            8.00    02/27/15     KRW     33.48
CN 1ST ABS            8.30    11/27/15     KRW     34.83
EXP-IMP BK KOREA      0.50    08/10/16     BRL     73.46
EXP-IMP BK KOREA      0.50    09/28/16     BRL     73.16
EXP-IMP BK KOREA      0.50    10/27/16     BRL     72.68
EXP-IMP BK KOREA      0.50    11/28/16     BRL     72.14
EXP-IMP BK KOREA      0.50    12/22/16     BRL     71.67
EXP-IMP BK KOREA      0.50    10/23/17     TRY     72.09
EXP-IMP BK KOREA      0.50    11/21/17     BRL     66.29
EXP-IMP BK KOREA      0.50    12/22/17     TRY     71.32
EXP-IMP BK KOREA      0.50    12/22/17     BRL     65.84
KIBO GRE 1ST ABS     10.00    01/25/15     KRW     30.81
SINBO 10TH ABS       10.00    12/27/14     KRW     29.82
SINBO 4TH ABS         8.00    08/18/14     KRW     30.37
SINBO 7TH ABS         8.00    09/22/14     KRW     30.12


SRI LANKA
---------

SRI LANKA GOVT        5.65    01/15/19     LKR     68.06
SRI LANKA GOVT        8.00    06/01/20     LKR     74.33
SRI LANKA GOVT        6.20    08/01/20     LKR     66.15
SRI LANKA GOVT        8.00    01/01/22     LKR     70.15
SRI LANKA GOVT        7.00    10/01/23     LKR     64.73
SRI LANKA GOVT        5.35    03/01/26     LKR     48.90
SRI LANKA GOVT        8.00    01/01/32     LKR     59.84


THAILAND
--------

BANGKOK LAND          4.50    10/13/03     USD      5.25


VIETNAM
-------

VIETNAM GOVT          7.30    04/18/14     VND     37.85



                             *********

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 ***