TCRAP_Public/121113.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 13, 2012, Vol. 15, No. 226

                            Headlines


A U S T R A L I A

BANKSIA: Receiver Gives Assurance Money Will Return to Investors
BRISCONNECTIONS: In Trading Halt; Two Directors Step Down
RTI (WA): Ruth Tarvydas' Fashion Biz Trading While Insolvent


C A M B O D I A

KINGDOM OF CAMBODIA: S&P Affirms 'B/B' Sovereign Credit Ratings


H O N G  K O N G

NEWRICH CASTLE: Chan Yui Hang Appointed as Liquidator
NEW SHINE: Members' Final Meeting Set for Dec. 7
NIVADA TRADING: Members' Final Meeting Set for Dec. 7
POLYU TCM: Heung Sai Kit Steps Down as Liquidator
PRUDENTIAL SURPLUS: Members' Meeting Set for Dec. 6

RISE STEP: Chan Yui Hang Appointed as Liquidator
SECURED FINANCIAL: Wang Poey Foon Angela Steps Down as Liquidator
SHARP UNITED: Members' Final Meeting Set for Dec. 3
SHELL BITUMEN: Members' Final Meeting Set for Dec. 3
SKYGATE ELECTRONICS: Members' Final Meeting Set for Dec. 4

S.O.I. LIMITED: Members' Final Meeting Set for Dec. 5
SOUND CHAMBER: Members' Final Meeting Set for Dec. 2
STACA INTERNATIONAL: Eddie Junior Yau Steps Down as Liquidator
TRIUMPH INVESTMENT: Creditors' Proofs of Debt Due Dec. 10
UNITED WELL: Members' Final Meeting Set for Dec. 7

VICKSEN LIMITED: Final Meeting Set for Dec. 5
YIP SHU: Final Meeting Set for Dec. 7


I N D I A

AGRO PURE: CARE Assigns 'CARE BB' Rating to INR15cr LT Loan
CAPSON TILES: CARE Assigns 'BB-' Rating to INR12.25cr LT Loan
CHEER SAGAR: CARE Assigns 'BB+' Rating to INR0.49cr LT Loan
MIRACLE CABLES: CARE Assigns 'B+' Rating to INR11.07cr LT Loan
NIRWAN CHARITABLE: CARE Rates INR35.47cr LT Loan at 'CARE BB-'

OSAKA PHARMACEUTICALS: CARE Rates INR11.53cr LT Loan at 'CARE BB'
R.S TRIVENI: CARE Places 'CARE BB' Rating on INR15cr LT Loan
SARRALLE EQUIPMENT: CARE Puts 'CARE B+' Rating on INR16.88cr Loan
SHREEJI WOODCRAFT: CARE Places 'CARE B+' Rating on INR8.54cr Loan
SHRI HANUMANT: CARE Places 'CARE B+' Rating on INR3.5cr LT Loan


J A P A N

RENESAS ELECTRONICS: Shareholders Refuse to Accept Employees


N E W  Z E A L A N D

ASR LIMITED: In Liquidation; Artificial Surf Reef Future in Doubt


S I N G A P O R E

ASHCRAFT HOLDINGS: Court to Hear Judicial Mgt. Bid on Nov. 23
ATLANTIC COMPUTER: Creditors to Get 3.7% Recovery on Claims
EZIHOME PTE: Court Enters Wind-Up Order
HARLEY MARINE: Court to Hear Wind-Up Petition Nov. 16
PARAMOUNT FOOD: Court to Hear Wind-Up Petition Nov. 16

ZHEN LIAN: Creditors and Contributories to Meet on Nov. 16


V I E T N A M

* VIETNAM: Livestock Farmers Face Bankruptcy


X X X X X X X X

* BOND PRICING: For the Week Nov. 5 to Nov. 9, 2012


                            - - - - -


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


BANKSIA: Receiver Gives Assurance Money Will Return to Investors
----------------------------------------------------------------
ABC News reports that the Victorian Government said it has been
given an assurance from the receivers of the financial group
Banksia Securities that investors will get some of their money
back.

A Government working group convened to provide help to those who
have been affected by the collapse of Banksia met for the first
time on November 7, according to ABC News.

The report relates that Banksia went into receivership last month
owing $660 million, much of which had been invested by regional
Victorians.  ABC News says that the chairman of the working
group, Deputy Premier Peter Ryan, says the receivers cannot say
what percentage of investors' money will be returned.

The report discloses that Mr. Ryan says the Government has ruled
out direct financial support to Banksia investors.


BRISCONNECTIONS: In Trading Halt; Two Directors Step Down
---------------------------------------------------------
Andrew Fraser at The Australian reports that Brisconnections has
gone into a trading halt after traffic projections for the
Brisbane road tunnel it operates have fallen well short of
predictions.

The Australian relates that BrisCon also announced directors
Andrea Harcourt and Richard Wharton had resigned. No reason was
given for their departures.

According to The Australian, the trading halt comes only a week
after the company made an announcement after the market closed it
had called in insolvency and restructuring firm PPB Advisory to
review its operations.

The Australian relates that Brisconnections said investors were
cautioned "adverse implications" may flow from the study, which
will examine "current and anticipated traffic volumes, revenue,
costs, forecast liquidity and capital structure".

"The trading halt is requested pending an announcement by BCS to
the market in respect of discussions with lenders," the company,
as cited by The Australian, said Monday.

According to the Australian, the AUD4.8 billion tunnel connecting
Brisbane's inner north with the airport opened in June, but there
were two free months of operations before payment started in
October, and in that month daily usage averaged 66,203 cars, well
down from the 135,000 vehicles per day originally forecast to use
Airport Link.

The Airport Link tunnel feeds directly into Brisbane's other road
tunnel, the Clem 7.  But Clem 7 operators RiverCity called in
administrators in February last year with debts of AUD1.3 billion
after the company's usage and revenue predictions of 100,000
vehicles a day were well above what actually happened, The
Australian notes.

                        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.


RTI (WA): Ruth Tarvydas' Fashion Biz Trading While Insolvent
------------------------------------------------------------
Kate Emery at The West Australian reports that RTI (WA) Pty Ltd,
a Ruth Tarvydas' fashion business, had just AUD200 cash in the
bank and may have been trading while insolvent when it collapsed
last month.

The West Australian relates that the revelations came in a
creditors report by administrator Kim Wallman and published on
the HLB Mann Judd (Insolvency WA) Web site on November 8.
According to the West Australian, the report painted a grim
picture of the size of the task facing Ms. Tarvydas, who hopes to
recapitalise her business.  The administrator's report reveals
that Ms. Tarvydas' financier ANZ is owed AUD800,000, trade
creditors AUD200,000 and her King Street landlord AUD426,000.
Ms. Tarvydas' records showed AUD1.2 million in unpaid wages to
herself, although Mr. Wallman said he had "yet to form a view in
relation to this amount," the West Australian discloses.

The West Australian says Mr. Wallman wrote in the report he
believed Ms. Tarvydas "may have traded while insolvent because at
the time transactions were entered, there may have been
reasonable grounds to believe the company may not have been able
to pay its debts as and when they fell due".

"Given rental and taxation liabilities have been in arrears for
some time, I will need to investigate whether the company has
incurred credit where there were reasonable grounds to believe
the company could not meet its obligations as and when they
became due," the West Australian quotes Ms. Tarvydas as saying.
"Having said this, the director may have valid defences to
insolvent trading actions."

Ms. Tarvydas told WestBusiness that before the company's
collapse, she was still hopeful it could trade its way out of
difficulty and secure an investment lifeline, the report adds.
According to the West Australian, Mr. Wallman has asked for a
second creditors meeting to be delayed to give him more time to
go through the books and review a deed of company arrangement
proposed by Ms. Tarvydas.



===============
C A M B O D I A
===============


KINGDOM OF CAMBODIA: S&P Affirms 'B/B' Sovereign Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its unsolicited 'B'
long-term and 'B' short-term sovereign credit ratings on the
Kingdom of Cambodia. The outlook on the long-term rating remains
stable. "At the same time, we affirmed our unsolicited 'axBB-'
long-term and 'axB' short-term ASEAN regional scale ratings on
Cambodia. Our transfer and convertibility (T&C) assessment
remains 'B+'," S&P said.

"We affirmed the ratings on Cambodia, which takes into account
the country's low income and narrowly based economy, centralized
political and policy-making environment, low payment culture, and
a highly dollarized financial system," said Standard & Poor's
credit analyst Agost Benard. "Deficiencies in economic data pose
an additional constraining factor. These constraints are weighed
against strong growth prospects and substantial donor engagement,
which enables Cambodia to maintain a low debt and interest
burden."

"Projected per capita income of US$983 for 2012 indicates to us
that Cambodia has a commensurately low level of policy
flexibility or the fiscal wherewithal needed to avoid default in
the event of shock. Economic output growth is vulnerable due to
the still large weight of agriculture, and the narrow profile of
both the industry and service sectors. The agricultural sector
comprises 30% of GDP but employs nearly 60% of the labor force.
The sector is characterized by low productivity, and lacks a
developed downstream processing industry. Industry is centered
around the low value-added garment and textile sector, which also
accounts for about 80% of exports. Tourism remains concentrated
on one major attraction that is unique to Cambodia (Angkor Wat),
while other sites offering more generic products are less
competitive," S&P said.

"An additional rating constraint is a centralized political and
policymaking environment, in which a tested and functioning
succession mechanism at the top level is absent. Low payment
culture, exemplified by long-standing arrears to bilateral
creditors, forms an additional aspect of our low assessment of
the political score underlying the rating," S&P said.

"The ratings are also constrained by the government's low revenue
mobilization capacity, which is attributable to both a narrow
base and administration weaknesses. Based on Cambodia's tax ratio
of about 13.5% of GDP, the country's fiscal flexibility is the
second lowest among the sovereigns that Standard & Poor's rates
in Asia. The dearth of fiscal resources, coupled with pressing
infrastructure and social spending needs, necessitates ongoing
budget support by donors," S&P said.

"Policy flexibility is additionally hampered by the absence of an
independent monetary policy framework, owing to the high level of
dollarization. Foreign currency deposits account for more than
80% of broad money, leaving the central bank with setting bank
reserve requirements as the main policy tool to affect credit
conditions," S&P said.

"The shortage of timely and detailed economic data, in particular
relating to the national accounts, balance of payments, and the
external debt of the non-government sector also constrain the
rating. The data deficiency impedes accurate analysis of credit
fundamentals, while for the government it poses a significant
constraint in economic planning and policy formulation," S&P
said.

"However, the country's record of strong growth in a framework of
generally market-oriented and prudent macroeconomic policies
support the ratings. Political stability and a liberal economic
and trade regime enabled the Cambodian economy to produce average
real per capita GDP growth of 5.4% each year for 2006-2011, a
level that we forecast the country can maintain to 2015. Medium-
term growth prospects are favorable as the tourism and garment-
export sectors expand, even in the face of sluggish demand in
most of the industrialized world. These industries are aided by
rising infrastructure spending and foreign direct investment from
the region's advanced economies, plus favorable access to the
U.S. and E.U. markets for the country's garment exports," S&P
said.

"We project medium-term growth of 6.1%-7% each year, which
excludes the potential fillip from the country's nascent
hydrocarbon industry, should it reach production stage after long
delays. The strong growth prospects will continue to reinforce
the country's positive debt dynamics, with an ongoing, albeit
slower, decline in public debt ratios," said Mr. Benard.

"The ratings are also underpinned by the continued engagement of
international donors. This support conditions policy formulation
and provides substantial fiscal and balance-of-payments
assistance through concessional loans and grants. It has enabled
Cambodia to maintain a relatively low debt level of an estimated
23% of GDP (net of deposits, 2011) and an exceedingly low
interest burden of 1.9% of general government revenues. Together
with long maturities
and grace periods, the public sector external debt profile
indicates a modest risk-to-debt service capacity at the 'B'
rating level--as recognized by a 'low debt distress' designation
by the IMF/World Bank debt sustainability analysis (2012)," S&P
said.

"The stable outlook reflects our expectation that policy
continuity and donor support will prevail. The ratings could
improve if the government implements measures to expand its low
revenue base and improves collection efficiency, such that there
is a sustained rise in the tax-to-GDP ratio. We may also raise
the ratings if there is evidence of an improved payment culture,
or if Cambodia increases efforts to materially boost investments
by addressing the existing multitude of deterrents. However, the
ratings could be lowered if there is fiscal slippage or reduced
donor support due to deviation from prudent macroeconomic
policies or an adverse change in debt management strategy," S&P
said.



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


NEWRICH CASTLE: Chan Yui Hang Appointed as Liquidator
-----------------------------------------------------
Chan Yui Hang on Oct. 22, 2012, was appointed as liquidator of
Newrich Castle Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 512, 5/F
         New Mandarin Plaza Tower B
         14 Science Museum Road
         Tsimshatsui East
         Kowloon, Hong Kong


NEW SHINE: Members' Final Meeting Set for Dec. 7
------------------------------------------------
Members of New Shine Corporation Limited will hold their final
meeting on Dec. 7, 2012, at 10:30 a.m., at Unit 201, 2/F,
Malaysia Building, at 50 Gloucester Road, Wanchai, in Hong Kong.

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


NIVADA TRADING: Members' Final Meeting Set for Dec. 7
-----------------------------------------------------
Members of Nivada Trading Co., Limited will hold their final
meeting on Dec. 7, 2012, at 10:00 a.m., at Unit 201, 2/F,
Malaysia Building, at 50 Gloucester Road, Wanchai, in Hong Kong.

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


POLYU TCM: Heung Sai Kit Steps Down as Liquidator
-------------------------------------------------
Heung Sai Kit stepped down as liquidator of PolyU TCM Clinic
Company Limited on Oct. 26, 2012.


PRUDENTIAL SURPLUS: Members' Meeting Set for Dec. 6
---------------------------------------------------
Members of Prudential Surplus Limited will hold a meeting on
Dec. 6, 2012, at 10:00 a.m., at 8th Floor, Prince's Building, at
10 Chater Road, Central, in Hong Kong.

At the meeting, Patrick Cowley and Fergal Power, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.


RISE STEP: Chan Yui Hang Appointed as Liquidator
------------------------------------------------
Chan Yui Hang on Oct. 22, 2012, was appointed as liquidator of
Rise Step International Investment Enterprise Limited.

The liquidator may be reached at:

         Chan Yui Hang
         Room 512, 5/F
         New Mandarin Plaza Tower B
         14 Science Museum Road
         Tsimshatsui East
         Kowloon, Hong Kong


SECURED FINANCIAL: Wang Poey Foon Angela Steps Down as Liquidator
-----------------------------------------------------------------
Wang Poey Foon Angela stepped down as liquidator of Secured
Financial Services Limited on Nov. 2, 2012.


SHARP UNITED: Members' Final Meeting Set for Dec. 3
---------------------------------------------------
Members of Sharp United Limited will hold their final general
meeting on Dec. 3, 2012, at 11:00 a.m., at Suite 504, South
Tower, World Finance Centre, Harbour City, 17-19 Canton Road,
Tsimshatsui, Kowloon, in Hong Kong.

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


SHELL BITUMEN: Members' Final Meeting Set for Dec. 3
----------------------------------------------------
Members of Shell Bitumen (Tianjin) Holding Limited will hold
their final general meeting on Dec. 3, 2012, at 10:00 a.m., at
Level 28, Three Pacific Place, at 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.


SKYGATE ELECTRONICS: Members' Final Meeting Set for Dec. 4
----------------------------------------------------------
Members of Skygate Electronics (H.K.) Limited will hold their
final general meeting on Dec. 4, 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.


S.O.I. LIMITED: Members' Final Meeting Set for Dec. 5
-----------------------------------------------------
Members of S.O.I. Limited will hold their final meeting on Dec.
5, 2012, at 11:00 a.m., at Level 28, Three Pacific Place, at 1
Queen's Road East, in Hong Kong.

At the meeting, Seng Sze Ka Mee Natalia and Cheng Pik Yuk, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


SOUND CHAMBER: Members' Final Meeting Set for Dec. 2
----------------------------------------------------
Members of The Sound Chamber Limited will hold their final
general meeting on Dec. 2, 2012, at 10:00 a.m., at 21/F, Stanley
11, at No. 11 Stanley Street, Central, in Hong Kong.

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


STACA INTERNATIONAL: Eddie Junior Yau Steps Down as Liquidator
--------------------------------------------------------------
Eddie Junior Yau stepped down as liquidator of Staca
International Limited on Oct. 25, 2012.


TRIUMPH INVESTMENT: Creditors' Proofs of Debt Due Dec. 10
---------------------------------------------------------
Creditors of Triumph Investment Fund Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Dec. 10, 2012, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 25, 2012.

The company's liquidator is:

         Zhuo Shuijia
         Room 803, Tung Hip Commercial Building
         248 Des Voeux Road
         Central, Hong Kong


UNITED WELL: Members' Final Meeting Set for Dec. 7
--------------------------------------------------
Members of United Well International Enterprises Limited will
hold their final meeting on Dec. 7, 2012, at 9:30 a.m., at Unit
201, 2/F, Malaysia Building, at 50 Gloucester Road, Wanchai, in
Hong Kong.

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


VICKSEN LIMITED: Final Meeting Set for Dec. 5
---------------------------------------------
Members of Vicksen Limited will hold their final meeting on
Dec. 5, 2012, at 10:00 a.m., at 20/F, Fung House, at No. 19-20
Connaught Road Central, in Hong Kong.

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


YIP SHU: Final Meeting Set for Dec. 7
-------------------------------------
Members of Yip Shu Lam Foundation Ltd will hold their final
meeting on Dec. 7, 2012, at Room A, G/F, Yau Tong Industrial
Building, Phase III, Kln, in HK.

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



=========
I N D I A
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AGRO PURE: CARE Assigns 'CARE BB' Rating to INR15cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Agro Pure
Capital Foods Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      15         CARE BB Assigned

Rating Rationale

The rating is constrained by the moderate financial risk profile
of Agro Pure Capital Foods Private Limited marked by leveraged
capital structure, low coverage indicators and low profitability
margins, highly fragmented industry structure and susceptibility
of margins to the fluctuations in raw material prices and
government policies. The rating, however, draws comfort from the
experienced promoters, financial support from the promoters,
comfortable operating cycle, large customer base and diversified
product portfolio.

Going forward, the ability of APC to improve its capital
structure and profitability along with the effective working
capital management would be the key rating sensitivities.

Agro Pure Capital Foods Pvt Ltd., the flagship company of the
AgroPure group, was incorporated in January 2011 as a private
limited company. Capital Foods, which was a partnership firm
incorporated in September 2001 was merged with APC in April 2011.
Before merger, there were no operations in APC. The main
promoters of APC are Mr. Nitin Goyal and Mr. Amit Goyal.

APC is primarily engaged in the processing and trading of Pulses
(Channa, Masoor and Urad), Besan and Cattle feeds. The company
has four manufacturing units in Delhi having installed capacity
of 45,000 MTPA for pulses, 13,000 MTPA for besan and 12,500 MTPA
for cattle feed as on March 31, 2012.

APC reported a PAT of INR0.29 crore on the total income of
INR185.85 crore in FY12 (refers to the period April 1 to
March 31). As per the provisional results, APC reported a PAT of
INR 0.53 crore on the total income of INR150.49 crore in H1FY13.


CAPSON TILES: CARE Assigns 'BB-' Rating to INR12.25cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Capson Tiles Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     12.25       CARE BB-Assigned
   Short-term Bank Facilities     2.00       CARE A4 Assigned

Rating Rationale

The ratings are primarily constrained on account of the short
track record of business operations of Capson Tiles Pvt. Ltd. in
a highly competitive tile industry and financial risk profile
marked by fluctuating profit margins, moderately leveraged
capital structure and stressed liquidity position.

The ratings are further constrained on account of the
vulnerability of its operating margin to volatility associated
with the raw material and fuel (natural gas) prices as well as
its linkages with the cyclical real estate industry.

These constraints outweigh the benefits derived from the
promoters' experience in the tile industry and its presence in
the ceramic tile cluster of Morbi in Gujarat.

The ability of CTPL to increase its scale of operations coupled
with the improvement in profit margins and debt coverage
indicators are the key rating sensitivities.

Rajkot (Gujarat)-based CTPL, a closely held private limited
company, was incorporated in 2007 by Mr. Pravin R. Bhalodiya.
CTPL is engaged in the manufacturing of ceramic glazed wall
tiles. CTPL operates from its sole manufacturing facility located
in ceramic cluster (Morbi) and has an installed capacity to
manufacture 60,000 metric tonnes per annum (MTPA) of ceramic
glazed wall tiles with size of 12"X18", 12"X24" and 16"X24". CTPL
markets its products under two brands 'Capson' and 'KAG'. CTPL
also export its products to U.K., Italy, Bahrain and Thailand.

As against a net profit of INR0.74 crore on a total operating
income of INR21.82 crore in FY11 (refers to the period April 1 to
March 31), CTPL reported a net profit of INR0.74 crore on a total
operating income of INR33.74 crore during FY12.

As per the provisional results of H1FY13, CTPL achieved a
turnover of INR14.44 crore and a PBT of INR0.99 crore.


CHEER SAGAR: CARE Assigns 'BB+' Rating to INR0.49cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Cheer Sagar Exports.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     0.49        CARE BB+ Assigned
   Short-term Bank Facilities    8.40        CARE A4+ Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of the withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Cheer Sagar
Exports are mainly constrained on account of its relatively short
track record of readymade garment manufacturing operations, its
presence in the fragmented and competitive textile industry and
moderate size. The ratings are further constrained due to
susceptibility of its margin to the fluctuations in raw material
prices, exposure to the foreign exchange fluctuations risk and
its constitution as a partnership firm.

The ratings, however, favorably take into account the wide
experience of the partners in the textile industry, its wide
product portfolio comprising woven and knitwear and Government
support to the sector through the Technology Up-gradation Fund
Scheme. Furthermore, the ratings draw comfort from the moderate
financial risk profile marked by increasing scale of operations,
moderate profitability and comfortable capital structure.

Improvement in the overall financial risk profile along with
increase in the scale of operations, widening market presence,
and effective management of foreign exchange fluctuation risk and
working capital would be the key rating sensitivities.

CSE is promoted by Mr. Ghanshyam Prasad Poddar along with
Mr. Rakshit Poddar and Mrs Raghushree Poddar and was originally
formed as C.S. Creations in December 1996 at Jaipur.

Presently, there are four partners in the firm. CSE was engaged
in the manufacturing of carpets in the initial years of
operation. However, during FY08 (refers to the period April 1 to
March 31), CSE changed its business and started manufacturing and
export of readymade garments. CSE's product portfolio consists of
ladies and children garments and home furnishings. CSE exports
its products to Japan, Europe, USA, South Africa and Israel.
CSE's processing plant is located in RIICO industrial area at
Jaipur and has an installed capacity of 15 lakh units per annum
of readymade garments. CSE is recognized as one star export house
by Government of India.


MIRACLE CABLES: CARE Assigns 'B+' Rating to INR11.07cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Miracle Cables (India) Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     11.07       CARE B+ Assigned
   Short-term Bank Facilities     0.30       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Miracle Cables
(India) Private Limited are constrained by the relatively small
scale of operations, high gearing levels and stressed debt
coverage indicators. The ratings are further constrained by its
exposure to volatile raw material prices, working capital
intensive nature of operations and highly competitive nature of
the industry.

The aforesaid constraints far outweigh the strength derived from
the experienced promoters and long operational track record of
MCPL with established customer base.

The ability of MCPL to improve the scale of operations along with
improvement in its overall financial risk profile and efficient
management of working capital cycle are the key rating
sensitivities.

Established as a partnership firm in 1996, Miracle Cables (India)
Private Limited is engaged in the manufacturing of electrical
wires & cables, uninyvin cables, molded cords & wire harness.

MCPL has three manufacturing facilities, all located in Mumbai in
Mahape, Bhandup & Ambernath.

MCPL is ISO 9001:2000 certified and its products carry ISI mark.
MCPL's key raw material, copper rods and Poly Vinyl Chloride
(PVC) are entirely procured from domestic market. Furthermore,
the company's sales are also predominantly in the domestic
markets with exports forming approximately 8% of the total
income.

As per the provisional results for FY12 (refers to the period
April 1 to March 31), MCPL posted a total income of INR33.37
crore (up by 27.07% vis-a-vis FY11) and PAT of INR0.64 crore (up
by 11.44% vis-a-vis FY11).


NIRWAN CHARITABLE: CARE Rates INR35.47cr LT Loan at 'CARE BB-'
--------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Nirwan
Charitable Trust.

   Facilities                 (INR crore)     Ratings
   -----------                -----------     -------
   Long-term Bank Facilities    35.47         CARE BB- Assigned

Rating Rationale

The rating is primarily constrained on account of the small scale
of operations of Nirwan Charitable Trust, stressed liquidity
position, likely deterioration of capital structure owing to
ongoing predominantly debt-funded project and highly concentrated
revenue stream. The rating is further constrained on account of
high competition in the higher education segment and its presence
in a highly regulated sector.

The rating, however, favorably takes into account the vast
experience of the founder members, affiliated colleges with
established presence in the education sector and strong enrolment
ratio.

Successful implementation of the ongoing capex within envisaged
cost and time parameters, sustaining the strong enrolment ratio
and efficient management of its working capital requirements are
the key rating sensitivities.

Jaipur (Rajasthan) based NCT was incorporated in February 1999
with the objective of imparting health education. Dr. Manjeet
Singh Nirwan is the founder member of NCT and currently works as
a director in many of the colleges. The trust forayed into dental
as well as nursing field in 1999. The educational institutes
managed by NCT are S.N. Institute of Paramedical Training (SNIPT;
formed in 1999), Rajasthan Dental College & Hospital (RDCH;
formed in September 2003), Sri Ganganagar, Rajasthan College of
Nursing & Rajasthan School of Nursing (RCN & RSN; formed in
2002), Rajasthan Girls Polytechnic College and Swastik Blood
Bank.

During FY12 (refers to the period April 1 to March 31), NCT
reported net surplus of INR1.03 crore on a total income of
INR10.47 crore as compared to net surplus of INR0.51 crore on a
total operating income of INR8.31 crore during FY11.


OSAKA PHARMACEUTICALS: CARE Rates INR11.53cr LT Loan at 'CARE BB'
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Osaka Pharmaceuticals Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     11.53       CARE BB Assigned
   Short-term Bank Facilities     8.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Osaka
Pharmaceuticals Private Limited are primarily constrained by the
relatively modest scale of operations with relatively short track
record and moderately leveraged capital structure. The ratings
are further constrained by its exposure to volatile raw material
prices and currency fluctuations, working capital intensive
nature of operations and highly competitive nature of the
domestic pharma industry.

The aforesaid constraints are partially offset by the strength
derived from the experienced promoters of Osaka with the
financial support extended in the past, diversified product
portfolio and healthy growth prospects for the Indian
pharmaceutical industry.

Achieving the envisaged operating income with improvement in the
profitability margins & capital structure, efficient management
of working capital cycle and timely receipt of regulatory
approvals are the key rating sensitivities.

Established in 1984 as a partnership firm, Osaka Pharmaceuticals
Private Limited (Osaka) is engaged in the manufacturing of
pharmaceutical formulations. Osaka has entered into contracts for
the manufacturing of pharmaceutical formulations with some of the
renowned companies in the industry.

In FY12 (provisional, refers to the period April 01 to March 31),
the majority of the revenue was contributed from exports
(approximately 80%), mainly to the African countries. Osaka has
its headquarters at Mumbai and plant at Vadodara (Gujarat), with
approvals from national & international authorities including
WHO-cGMP (Certificate of Good manufacturing Practices) &
accreditations from regulatory authorities of Nigeria, Ghana,
Tanzania, Kenya, Uganda, Vietnam, Malawi, Ivory Coast, Congo and
Iran. Furthermore, it plans to diversify in other African
countries and is in the process of applying for regulatory
approvals for those specific countries.

As per the provisional results for FY12, Osaka reported total
operating income of INR33.13 crore (vis-a-vis INR12.18 crore in
FY11) with PAT of INR3.15 crore (vis-a-vis net loss of INR0.55
crore).


R.S TRIVENI: CARE Places 'CARE BB' Rating on INR15cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of R.S
Triveni Foods Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      15         CARE BB Assigned

Rating Rationale

The rating is constrained by the moderate financial risk profile
of R.S Triveni Foods Private Limited marked by leveraged capital
structure, low coverage indicators and low profitability margins,
highly fragmented industry structure and susceptibility of
margins to the fluctuations in raw material prices and government
policies. The rating, however, draws comfort from the experienced
promoters, financial support from the promoters, comfortable
operating cycle, large customer base and diversified product
portfolio.

Going forward, the ability of RST to improve its capital
structure and profitability along with effective working capital
management would be the key rating sensitivities.

R.S Triveni Foods Pvt Ltd., belongs to the AgroPure group, was
incorporated in April 2010 as a private limited company. Triveni
Industries (TI) which was a partnership firm incorporated in
September 2004 was merged with RST in July 2012. Before merger,
there were no operations in RST.

The main promoters of RST are Mr. Pramod Kumar and Mr. Anish
Goyal.

The company is primarily engaged in the processing and trading of
Pulses (Masoor) and Cattle feeds, which contributed 96% and 4%,
respectively, to the total sales in FY12 (refers to the period
April 1 to March 31). The installed capacity for pulses stood at
35,000 MTPA and for cattle feed at 8,000 MTPA as on March 31,
2012.

TI reported a PAT of INR0.27 crore on the total income of
INR101.70 crore in FY12. As per the provisional results, the
company reported a PAT of INR 0.34 crore on the total income of
INR78.19 crore in H1FY13.


SARRALLE EQUIPMENT: CARE Puts 'CARE B+' Rating on INR16.88cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sarralle Equipment India Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     16.88       CARE B+ Assigned
   Short-term Bank Facilities    34.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sarralle Equipment
India Private Limited are constrained by its financial risk
profile characterized by small size, fluctuating total income &
profitability margin, moderate leverage and stretched liquidity
due to the working capital intensive nature of operations. The
ratings are further constrained by dependence of the operations
on the cyclical steel industry along with customer & supplier
concentration risk.

The above-mentioned constraints far outweigh the strengths
derived from the long track record of the group, experienced
management and established relationship with reputed customers.

The company's ability to improve the overall scale of operations
along with the improvement in the profitability margins and
improvement in the liquidity position are the key rating
sensitivities.

Incorporated in 2005, Sarralle Equipment India Private Limited is
a part of Sarralle Equipos Siderurgicos, S.L., [headquartered in
Spain] and is engaged in providing design, construction and
custom turnkey solutions to the steel manufacturers both pre and
post commissioning of plant.

SEIPL is also engaged in the manufacturing of furnaces for steel
manufactures through its plant located at Mahishrekha, West
Bengal.

SEIPL designs and supplies steel plant equipment such as Electric
Arc Furnaces (ERC) [for a capacity ranging from 25 to 250 tons],
Ladle furnaces [for a capacity ranging from 25 to 300 tons],
Fume exhaust systems, VD/VOD, RH Degassing, Continuous Casting
Machine, Ingot Vacuum Casting Degasser (VCD), Auxiliaries for the
steel making process and Control & Automation System (Level I &
II) for all the equipment referred above.

As on July 17, 2012, SEIPL had an order book of around INR50
crore to be executed over the next 14- 18 months and had received
advances of INR13 crore against the same.

As per the provisional results for FY12 (refers to the period
April 01 to March 31), SEIPL posted total income of INR16.41
crore (vis-a-vis INR45.35 crore in FY11) and PAT of INR0.04 crore
(vis-a-vis INR2.27 crore in FY11).


SHREEJI WOODCRAFT: CARE Places 'CARE B+' Rating on INR8.54cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shreeji Woodcraft Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     8.54        CARE B+ Assigned
   Short-term Bank Facilities    1.50        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shreeji Woodcraft
Private Limited are constrained by its weak financial profile
characterized by relatively small scale of operations, low
capitalization, high leverage, weak debt coverage indicators and
stressed liquidity position. The ratings are further constrained
by the company's exposure to foreign exchange fluctuation risk
with operations in highly fragmented and competitive industry
having dependence on cyclical real estate industry.

The aforesaid constraints far outweigh the strength derived from
the experience of the promoters in the industry and established
relationship with the customers and suppliers.

The ability of Shreeji to improve its overall scale of operations
and financial risk profile with efficient management of working
capital cycle and improvement in the liquidity position are the
key rating sensitivities.

Shreeji Woodcraft Private Limited was incorporated in 2007 by the
Parekh Family and started commercial production in May 2010.
Shreeji is engaged in manufacturing door frames, wooden doors,
flush doors, wooden flooring and other sundry wooden items. The
company also provides fitting and fixing services to its
customers. Before incorporating Shreeji, the members of the
Parekh family were involved in the same line of business through
various different entities, the businesses of which were
transferred to Shreeji upon its incorporation. The company
procures its major raw material (timber) from the timber
importers and also directly imports it. The firm earns the entire
revenue from the domestic market wherein it supplies primarily to
real estate companies and traders. The firm has its registered
office in Mumbai and manufacturing facility in Silvassa.

During FY12 (refers to the period April 01 to March 31), Shreeji
reported total operating income of INR19.57 crore (up by 124.56%
vis-a-vis FY11) and PAT of INR0.16 crore (down by 7.15% vis-a-vis
FY11).


SHRI HANUMANT: CARE Places 'CARE B+' Rating on INR3.5cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shri Hanumant Refoils Incorporation.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities     3.50        CARE B+ Assigned
   Short-term Bank Facilities    4.50        CARE A4 Assigned

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo change in case of the withdrawal of the
capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings are primarily constrained on account of the modest
scale of operations coupled with the financial risk profile of
Shri Hanumant Refoils Incorporation marked by low profitability &
cash accruals and moderately leveraged capital structure. The
ratings are further constrained by susceptibility of profit
margins to price fluctuations in agro commodities and stiff
competition from large number of organized and unorganized
players.

These constraints far outweigh the benefits derived from the
proprietors' experience in the agro commodities business.
The ability of SHRI to increase its scale of operations and
improvement in the profit margins are the key rating
sensitivities.

Ahmedabad (Gujarat)-based, Shri Hanumant Refoils Incorporation
was formed in May 2007 as a proprietorship concern by Mr.
Hitendra Thakkar. SHRI is engaged in the trading of agro
commodities mainly rice and pulses. The firm purchases rice and
pulses from domestic processors and supplies to major wholesaler
and bulk traders located in Gujarat region.

As against a net profit of INR0.09 crore on a total operating
income of INR30.99 crore in FY11 (refers to the period April 1 to
March 31), SHRI reported a net profit of INR0.20 crore on a total
operating income of INR46.67 crore during FY12.



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


RENESAS ELECTRONICS: Shareholders Refuse to Accept Employees
------------------------------------------------------------
Jiji Press reports that three major shareholders of Renesas
Electronics Corp. have declined to accept 1,000 employees from
the struggling chip-maker, according to sources.

Jiji Press relates that the government-backed investment fund
Innovation Network Corp. of Japan has been asking NEC Corp.,
Hitachi Ltd. and Mitsubishi Electric Corp. to take on the
employees in exchange for its financial assistance to the ailing
Renesas.

According to the report, the refusal by the three electronics
makers made it more unlikely that an agreement on a bailout of
Renesas will be reached anytime soon.

NEC, the largest shareholder of Renesas, declined the request
apparently because it cut 10,000 jobs, the report discloses.

Jiji Press says the investment fund has been asking Renesas to
shed 3,000 to 5,000 jobs to help turn itself around in addition
to 7,500 employees who have already applied for buyout packages.

The investment fund is considering joining Toyota Motor Corp. and
others in injecting JPY200 billion in fresh capital into Renesas.

The fund has been offering to buy new Renesas shares at a price
that is substantially lower than prevailing market prices.

                       About Renesas Electronics

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.

Renesas, which has been unprofitable since it was established in
2010, last month announced a restructuring plan which included a
reduction of about 5,000 workers, or 12% of its workforce, in a
bid to turn around its bottom line.

For the fiscal year that ended March 31, 2012, the chip maker
reported a net loss of JPY62.60 billion and revenue of
JPY883.11 billion.  In the previous fiscal year when the company
was created, it reported a net loss of JPY115.02 billion, The
Wall Street Journal reported.



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


ASR LIMITED: In Liquidation; Artificial Surf Reef Future in Doubt
-----------------------------------------------------------------
Adam Williams at BBC News reports that New Zealand-based ASR
Limited, which built Boscombe surf reef in Dorset, has been in
liquidation since September.

The GBP3.2 million reef has been out of action since May 2011
after it was damaged by a boat propeller.  ASR had been due to
carry out repairs in May.

BBC says Bournemouth Borough Council claims the reef "has been a
fantastic success."  According to the report, the authority said
news of ASR's liquidation was unlikely to affect its plans to
repair the reef, but refused to reveal whether it had previously
known ASR had ceased trading.  It is pursuing an insurance claim
for the damage.

The reef, made of 55 giant sand-filled bags 740ft (225m) out at
sea, opened in November 2009 after lengthy delays and running
over budget.

BBC notes that it was deemed "sub-standard" in an independent
report in 2010 which found it had not achieved all of its
objectives.

But ASR denied the reef had failed and said it was only one of
the criteria -- the wave lengths -- which it had not met, the
report relays.

BBC, citing documents filed by Companies House in New Zealand,
discloses that the firm ceased trading in July. Liquidators were
appointed in September, who filed their first report last month.

The council is currently not listed as a known creditor while
another sub-contractor from Dorset claims to be owed GBP30,000 by
the company.

To date, liquidators have received claims from creditors for
debts of NZ$5,996 (GBP3,223) and outstanding tax bills of
NZ$280,284 (GBP150,690).

New Zealand-based ASR Limited built Europe's only artificial surf
reef in Dorset.



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


ASHCRAFT HOLDINGS: Court to Hear Judicial Mgt. Bid on Nov. 23
-------------------------------------------------------------
An application to place Ashcraft Holdings Limited under judicial
management will be heard before the High Court of Singapore on
Nov. 23, 2012, at 10:00 a.m.

Leow Quek Shiong and Chia Soo Hien, both of BDO LLP, have been
nominated as judicial managers.

The Applicant's solicitors are:

          Eldan Law LLP
          1 Coleman Street #06-03
          The Adelphi, Singapore 179803


ATLANTIC COMPUTER: Creditors to Get 3.7% Recovery on Claims
-----------------------------------------------------------
Atlantic Computer Systems Pte Ltd will declare the fourth and
final dividend on Nov. 19, 2012.

The company will pay 3.7% to the received claims.

The company's liquidator is:

         Bob Yap Cheng Ghee
         c/o KPMG Services Pte. Ltd.
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


EZIHOME PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Nov. 2, 2012, to
wind up Ezihome Pte Ltd's operations.

Malayan Banking Berhad filed the petition against the company.

The company's liquidators are:

         Messrs Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         Stone Forest Corporate Advisory Pte Ltd
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


HARLEY MARINE: Court to Hear Wind-Up Petition Nov. 16
-----------------------------------------------------
A petition to wind up the operations of Harley Marine Asia Pte
Ltd will be heard before the High Court of Singapore on Nov. 16,
2012, at 10:00 a.m.

Esta Shipping Pte Ltd filed the petition against the company on
Oct. 25, 2012.

The Petitioner's solicitors are:

         Advocatus Law LLP
         25 North Bridge Road
         #08-01 EFG Bank Building
         Singapore 179104


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

Leong Peng Yew (Liang Bingyao) and Leong Peng Wei (Liang Bingwei)
filed the petition against the company on Oct. 25, 2012.

The Petitioner's solicitors are:

         Lexcompass LLC
         101 Upper Cross Street
         #06-19 People's Park Centre
         Singapore 058357


ZHEN LIAN: Creditors and Contributories to Meet on Nov. 16
----------------------------------------------------------
Zhen Lian Sun Pte Ltd, which is in liquidation, will hold a
meetings for its creditors and contributories on Nov. 16, 2012,
at 2:30 p.m. and 3:00 p.m., respectively at 8 Wilkie Road #03-08
Wilkie Edge, in Singapore 228095.

Agenda of the meeting include:

   a. to update on the status of liquidation;

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

   c. discuss other business.

The company's liquidators are:

         Chee Yoh Chuang
         Abuthahir Abdul Gafoor
         c/o 8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095



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


* VIETNAM: Livestock Farmers Face Bankruptcy
--------------------------------------------
VietNamNet Bridge reports that the Vietnamese livestock industry
is in a critical situation with many farms facing bankruptcy but
unable to get access to the Government's financial support
package.

VietNamNet Bridge says pork prices have plummeted while the cost
of animal feed has risen relentlessly, and demand for livestock
products has slowed down.  As a result, many livestock farmers
are virtually bankrupt, the report notes.

According to farmers' calculations, they suffer a loss of at
least VND600,000 on raising a pig.

In an attempt to help the industry, VietNamNet Bridge recalls, in
early August, the central bank ordered commercial banks to reduce
interest rates on loans given to it to not more than 11 per cent
-- the lowest rate on any credit.

The central bank said those facing difficulties should be given
two additional years to repay loans, VietNamNet Bridge relays.

According to the report, priority was to be given to households,
co-operatives, and companies raising, slaughtering, and
processing livestock and poultry.

The move followed a Government order to help struggling farmers
cope with disease outbreaks, falling prices, and lack of
resources.  But most livestock farmers have yet to benefit from
this programme.



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


* BOND PRICING: For the Week Nov. 5 to Nov. 9, 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.





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