/raid1/www/Hosts/bankrupt/TCRAP_Public/121214.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

          Friday, December 14, 2012, Vol. 15, No. 249


                            Headlines


A U S T R A L I A

CRUSADE ABS: Fitch Puts Rating on AUD22-Mil. Notes at 'BBsf'
TIMBERCORP LTD: Investors to Recoup Only AUD20 Million
TINKLER GROUP: ATO Seeks Wind-Up Order Against Hunter Sports


H O N G  K O N G

BELTON INDUSTRIAL: Members' Annual Meeting Set for Jan. 13
BROTHERS INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 15
CHEESE PIZZA: Court to Hear Wind-Up Petition on Jan. 16
CHEESE PIZZA CATERING: Court to Hear Wind-Up Petition on Jan. 16
EXCELLENT INVESTMENT: First Meetings Slated for Dec. 28

FAITH CHARM: Sung Mi Yin Mella Steps Down as Liquidator
FORTUNE KING: Court to Hear Wind-Up Petition on Jan. 30
HIH HOLDINGS: Whalley and Blaauw Step Down as Liquidators
HODEX DEVELOPMENT: Creditors to Get HK$95.89 Recovery on Claims
MANLOY TEXTILE: First Meetings Slated for Dec. 21

NAMEBLE GARMENT: Creditors and Contributories to Meet on Dec. 18
PETS CENTRAL: First Meetings Slated for Dec. 28
YU KEE: Creditors' Proofs of Debt Due Dec. 21


I N D I A

FN INFRA: CRISIL Rates INR50MM Long-Term Loan at 'CRISIL B'
GLOBAL COKE: CRISIL Cuts Rating on INR170MM Loans to 'CRISIL D'
HIM CHEM: Delay in Loan Payment Cues CRISIL Junk Ratings
ISR EXPORTS: CRISIL Cuts Rating on INR150MM Loan to 'CRISIL D'
JPS REINFORCED: CRISIL Cuts Rating on INR220-Mil. Loans to 'D'

KAVERI COTTON: CRISIL Assigns 'CRISIL B' Rating to INR70MM Loans
K V RAMA: CRISIL Assigns 'CRISIL D' Rating to INR70MM Loans
NETWORK TRADELINK: CRISIL Puts 'B+' Rating on INR20MM Cash Credit
PARTH FOILS: CRISIL Cuts Rating on INR157.5MM Loans to 'CRISIL D'
SEVEN PILLARS: CRISIL Assigns 'CRISIL B' Rating to INR80MM Loan

SHANMUGA HAIR: CRISIL Cuts Rating on INR3.7MM Loan to 'CRISIL B+'
SHRI BASAVESHWAR: CRISIL Hikes Rating on INR277.1MM Loan to 'B'
SIKKA PROMOTERS: CRISIL Rates INR100MM Term Loan at 'CRISIL D'
SUPER SEALS: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit


I N D O N E S I A

BERLIAN LAJU: Indonesian Ship Owner Facing Involuntary Chapter 11


K O R E A

* SOUTH KOREA: Listed Firms' Debt-Repaying Ability Worsens


N E W  Z E A L A N D

BRIDGECORP LTD: Ex-Chairman May Lose Barrister Status


P H I L I P P I N E S

EXPORT AND INDUSTRY: Stockholders Raise Concerns on Bank's Rehab


T A I W A N

PROMOS TECHNOLOGIES: Second Auction for 12-Inch Factory Fails


T H A I L A N D

TRUE CORP: 3G Licenses No Impact on Moody's 'B2' Rating


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CRUSADE ABS: Fitch Puts Rating on AUD22-Mil. Notes at 'BBsf'
------------------------------------------------------------
Fitch Ratings has assigned Crusade ABS Series 2012-1 Trust notes
final ratings. The transaction is an asset-backed securitisation
backed by Australian automotive receivables originated by St.
George Finance Limited (St. George Finance).

  -- AUD1,020m Class A notes: 'AAAsf'; Outlook Stable
  -- AUD60m Class B notes: 'AAsf'; Outlook Stable
  -- AUD36m Class C notes: 'Asf'; Outlook Stable
  -- AUD24m Class D notes: 'BBBsf'; Outlook Stable
  -- AUD22m Class E notes: 'BBsf'; Outlook Stable
  -- AUD38m seller notes: not rated

The notes were issued by Perpetual Corporate Trust Limited as
trustee for Crusade ABS Series 2012-1 Trust.  The latter is a
legally distinct trust established pursuant to a master trust and
security trust deed.

The final rating of the Class A notes is based on the quality of
the collateral; the 15% credit enhancement provided by the
subordinate Class B, C, D, and E notes, the unrated seller notes
and excess spread.  It also reflects the presence of a liquidity
facility sized at 0.85% of the aggregate amount of the notes at
closing; the interest rate swap arrangement the trustee has
entered into with Westpac Banking Corporation ('AA-
'/Stable/'F1+'); and St. George Finance's lease underwriting and
servicing capabilities.

The final ratings on the other classes of notes are based on all
the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.

At the cut-off date, St. George Finance's collateral portfolio
consisted of 59,609 receivables totalling AUD1,200m with an
average size of AUD20,131.  The pool comprises passenger and
light commercial vehicle receivables from Australian residents
across the country, consisting of amortising principal and
interest receivables with approximately 32% of the pool having
balloon amounts payable at maturity.  The weighted average
balloon payment for the portfolio is 8.1% of receivables' current
balance.  The majority of receivables consist of consumer finance
receivables (66%), followed by goods loans (14.2%), finance
leases (12.3%) and commercial hire purchase (7.6%).

Historical gross loss rates by quarterly vintage on Australian
automotive receivables originated by St. George Finance range
between 1.1% and 3.2%.

Fitch's stress and rating sensitivity analysis is discussed in
the corresponding new issue report entitled "Crusade ABS Series
2012-1 Trust", available on www.fitchratings.com.


TIMBERCORP LTD: Investors to Recoup Only AUD20 Million
------------------------------------------------------
Chris McLennan at The Weekly Times reports that Timbercorp
Limited investors will get a measly AUD20 million from the
collapse of the company's almond plantations.  The investors
initially sought AUD300 million, the report notes.

The report relates that the Supreme Court of Victoria has
approved a settlement between major creditors and investors.

As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp called in voluntary administrators to
the company and its subsidiaries.  The company appointed Mark
Korda -- mkorda@kordamentha.com -- and Leanne Chesser --
lchesser@kordamentha.com -- of KordaMentha as voluntary
administrators.  KordaMentha stated that the company had been
hurt by the combined impact of declining global asset values,
tightening credit, the economic downturn and drought.  By June
29, 2009, the creditors voted unanimously to wind up the 41
companies in the Timbercorp Group and put them into liquidation.

At the time the company was wound up, The Weekly Times relates,
Timbercorp had thousands of investors from all over Australia,
which include major secured creditors ANZ and Westpac banks.

More than 2,000 investors launched a failed class action in the
Victorian Supreme Court in 2009 seeking more than AUD300 million,
Weekly Times notes.

Weekly Times says the company's giant almond plantations in the
Robinvale and Boundary Bend regions were eventually sold to
Singapore's Olam International for AUD128 million.  A further
AUD30 million owing to forestry scheme investors has also been
freed up, the report adds.

The sale to Olam and other asset sales reaped about AUD350
million and about AUD170 million has already been distributed to
secured creditors, Weekly Times discloses.

                         About Timbercorp

Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and
infrastructure to support these projects, and the provision of
finance to growers in these projects.  The company is also
involved in eucalypt and olive oil processing operations, asset
development, asset management, the sale of agricultural assets
and holding investments in agricultural-related enterprises.


TINKLER GROUP: ATO Seeks Wind-Up Order Against Hunter Sports
------------------------------------------------------------
Anthony Klan and Peter Kogoy at The Australian report that
Nathan Tinkler will move to "immediately" pay several million
dollars in unpaid debts to the Australian Tax Office (ATO) after
he made an application to wind up his Newcastle Knights NRL team
and Newcastle Jets soccer club on the grounds that they were
insolvent.

The ATO filed in the Federal Court in Sydney on Dec. 12 wind-up
orders against both clubs and their parent company the Hunter
Sports Group over unpaid debts of AUD2.7 million.

"We are surprised by the move by the ATO, as we have not received
notification of this move," a spokesperson for the Hunter Sports
Group told smh.com.au.  "We advise that any outstanding sum will
be paid as soon as possible -- well before the reported hearing
date on the matter next February."

The applications have been set down for hearing on February 20,
smh.com.au relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 12, 2012, smh.com.au related that former billionaire
Nathan Tinkler's legal battles continue, with the ATO confirming
it will seek to wind up one of his main private entities, Tinkler
Group Holdings Administration, over unspecified debts.  Two of
Mr. Tinkler's companies, Mulsanne Resources and Patinack Farm
Administration, are in liquidation and another, TGHA Aviation, is
in receivership.  The ATO has also filed wind-up proceedings
against Queen St Capital.



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


BELTON INDUSTRIAL: Members' Annual Meeting Set for Jan. 13
-----------------------------------------------------------
Members of Belton Industrial (International) Limited will hold
their annual general meeting on Jan. 13, 2013, at 4:00 p.m., at
62nd Floor, One Island East, 18 Westlands Road, Island East, in
Hong Kong.

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


BROTHERS INTERNATIONAL: Creditors' Proofs of Debt Due Jan. 15
-------------------------------------------------------------
Brothers International Investment Co Limited, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by Jan. 15, 2013, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Nov. 30, 2012

The company's liquidator is:

         Yu Chun Wing
         Unit D, 5/F
         Infotech Centre
         No. 21 Hung To Road
         Kwun Tong, Kowloon
         Hong Kong


CHEESE PIZZA: Court to Hear Wind-Up Petition on Jan. 16
-------------------------------------------------------
A petition to wind up the operations of Cheese Pizza
International Limited will be heard before the High Court of
Hong Kong on Jan. 16, 2013, at 9:30 a.m.

Chan Ka Yiu filed the petition against the company on Nov. 12,
2012.


CHEESE PIZZA CATERING: Court to Hear Wind-Up Petition on Jan. 16
-----------------------------------------------------------------
A petition to wind up the operations of Cheese Pizza Catering
Service Limited will be heard before the High Court of Hong Kong
on Jan. 16, 2013, at 9:30 a.m.

Chan Ka Yiu filed the petition against the company on Nov. 12,
2012.


EXCELLENT INVESTMENT: First Meetings Slated for Dec. 28
-------------------------------------------------------
Creditors and contributories of Excellent Investment (Group)
Limited will hold their first meetings on Dec. 28, 2012, at
10:30 a.m., and 11:30 a.m., respectively at the Official
Receiver's Office, 10th Floor, Queensway Government Offices, 66
Queensway, in Hong Kong.

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


FAITH CHARM: Sung Mi Yin Mella Steps Down as Liquidator
-------------------------------------------------------
Sung Mi Yin Mella stepped down as liquidator of Faith Charm
International Limited on Nov. 30, 2012.


FORTUNE KING: Court to Hear Wind-Up Petition on Jan. 30
-------------------------------------------------------
A petition to wind up the operations of Fortune King Trading
Limited will be heard before the High Court of Hong Kong on
Jan. 30, 2013, at 9:30 a.m.

Construction Limited filed the petition against the company on
Nov. 23, 2012.

The Petitioner's solicitors are:

          Joseph C.T. Lee & Co.
          10th Floor, Euro Trade Centre
          21-23 Des Voeux Road
          Central, Hong Kong


HIH HOLDINGS: Whalley and Blaauw Step Down as Liquidators
---------------------------------------------------------
Peter Anthony Whalley and Jan GW Blaauw stepped down as
liquidators of HIH Holdings (Asia) Limited on Nov. 12, 2012.


HODEX DEVELOPMENT: Creditors to Get HK$95.89 Recovery on Claims
---------------------------------------------------------------
Hodex Development Limited, which is in liquidation, will declare
the first and final dividend to its creditors on or after Jan. 4,
2013.

The company will pay HK$95.89/Share for ordinary claims.

The company's liquidator is:

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


MANLOY TEXTILE: First Meetings Slated for Dec. 21
-------------------------------------------------
Creditors and contributories of Manloy Textile Company Limited
will hold their first meetings on Dec. 21, 2012, at 2:30 p.m.,
and 3:30 p.m., respectively at the Official Receiver's Office,
10th Floor, Queensway Government Offices, 66 Queensway, in
Hong Kong.

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


NAMEBLE GARMENT: Creditors and Contributories to Meet on Dec. 18
----------------------------------------------------------------
Creditors and contributories of Nameble Garment Limited will hold
their first meetings on Dec. 18, 2012, at 2:00 p.m., and
3:00 p.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, in Hong Kong.

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


PETS CENTRAL: First Meetings Slated for Dec. 28
-----------------------------------------------
Creditors and contributories of Pets Central Asia Inc. will hold
their first meetings on Dec. 28, 2012, at 3:00 p.m., and
4:00 p.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, in Hong Kong.

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


YU KEE: Creditors' Proofs of Debt Due Dec. 21
---------------------------------------------
Creditors of Yu Kee Food Company Limited, which is in compulsory
liquidation, are required to file their proofs of debt by
Dec. 21, 2012, to be included in the company's dividend
distribution.

The company's liquidator is:

         Stephen Briscoe
         602 The Chinese Bank Building
         61-65 Des Voeux Road
         Central, Hong Kong



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


FN INFRA: CRISIL Rates INR50MM Long-Term Loan at 'CRISIL B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of FN Infrastructures Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term        50       CRISIL B/Stable
   Bank Loan Facility

The rating reflects FNIPL's exposure to risks associated with the
execution, funding and saleability of its projects, and the
company's weak financial risk profile marked by a small net
worth, a high gearing, and weak debt protection metrics; the
rating also factors in FNIPL's vulnerability to inherent risks
and cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the experience of FNIPL's
promoters in the real estate industry and the funding support
that it receives from them.

Outlook: Stable

CRISIL believes that FNIPL will continue to benefit over the
medium term from its promoters' experience in the real estate
industry and the funding support that it receives from them. The
outlook may be revised to 'Positive' in case the company
witnesses better-than-expected booking of its units and receipt
of customer advances, leading to higher-than-expected cash
inflows. Conversely, the outlook may be revised to 'Negative' in
case FNIPL's liquidity deteriorates, most likely because of
delays in receipt of customer advances or time or cost overrun,
or because of larger-than-expected prospective projects.

FNIPL was set up in June 2011 by Mr. M S Muralidharan, Mr.
Ravindra Bhatt, Mr. U M Gurushantappa, Mr. A V Shridhar, and Mr.
S R Swami. The company is engaged in residential real estate
development in Mysore.


GLOBAL COKE: CRISIL Cuts Rating on INR170MM Loans to 'CRISIL D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Global Coke Ltd (part of the Global group) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Negative/CRISIL A4'. The rating downgrade
reflects instances of delay by the Global group in servicing its
debt; the delays have been caused by the group's weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              400       CRISIL D (Downgraded from
                                      'CRISIL B-/Negative')

   Letter of Credit         770       CRISIL D(Downgraded from
                                      'CRISIL B-/Negative')

The Global group's profitability is also susceptible to
volatility in coking coal prices. Moreover, the group has large
working capital requirements. However, the Global group benefits
from its good market position in the coking business.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GCL and its wholly owned subsidiary,
Global Minerals & Metals Pte Ltd. This is because both these
entities, together referred to as the Global group, are in a
similar line of business. Moreover, CRISIL believes that both the
entities will continue to have operational and financial linkages
with each other over the medium term.

GCL (formerly, Global Coke Pvt Ltd), based in West Bengal, was
established by Mr. D K Ojha in 1999. GCL has coke manufacturing
capacity of 37,000 tpm. The company has undertaken a capex
programme towards increasing its coke oven capacity to 50,000 tpm
over the medium term. It is also setting up two 12-megawatt
waste-heat-based power plants -- one in Jamnagar (Gujarat) and
the other in Sindhudurg (Maharashtra). GMML, incorporated in 2009
in Singapore, trades in coking coal; it is also involved in other
related activities.


HIM CHEM: Delay in Loan Payment Cues CRISIL Junk Ratings
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Him
Chem Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL
A4+'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           12.5      CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Cash Credit             275.0      CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Letter of Credit         55.0      CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Term Loan                77.5      CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

The downgrade reflects delays by HCL in servicing its debt due to
its weak liquidity, resulting from low net cash accruals. HCL's
weak liquidity is on account of its low profitability, led by
inventory losses and low average realizations, driven by intense
competition from bigger players. The company's operating
profitability was low at 5.1 per cent in 2011-12 (refers to
financial year, April 1 to March 31) compared with 6.8 per cent
in 2010-11.

Moreover, HCL has a weak financial risk profile, marked by high
gearing and weak debt protection metrics, and its business risk
profile is constrained by its small scale of operations and
susceptibility to volatility in raw material prices. These
weaknesses are partially offset by its promoters' extensive
industry experience of more than two decades.

                          About Him Chem

Incorporated in 1975, HCL has a facility to manufacture polyester
yarn in Solan (Himachal Pradesh). HCL primarily manufactures full
drawn yarn and partially oriented yarn, both of which account for
50 per cent of operating income. HCL has a capacity of upto 45
tonnes per day of polyester yarn.

HCL reported a net loss of INR20.9 million on operating income of
INR1.14 billion for 2011-12, as against a profit after tax (PAT)
of INR25.6 on operating income of INR1.23 billion for 2010-11.


ISR EXPORTS: CRISIL Cuts Rating on INR150MM Loan to 'CRISIL D'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the short-term bank
facility of ISR Exports Pvt Ltd. The rating reflects instances of
delay by ISR in servicing its debt; the delays have been caused
by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Letter of Credit         150       CRISIL D

ISR also has a small scale of operations in the intensely
competitive fabric trading industry, a weak financial risk
profile marked by a small net worth and a weak debt protection
metrics, and large working capital requirements. However, the
company benefits from its promoters' extensive industry
experience and its established relationships with its customers.

ISR, based in New Delhi, was set up in 2007 as a private limited
company by Mr. Inderpal Singh Wadhawan and his brother,
Mr. Satvinder Singh Wadhawan. The company trades in fabric and
ready-made garments.


JPS REINFORCED: CRISIL Cuts Rating on INR220-Mil. Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of JPS Reinforced Pipes Pvt Ltd (formerly, JPS Balaji Reinforced
Pipe Pvt Ltd) to 'CRISIL D' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              80        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Term Loan               143        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by JPS in
meeting its debt obligations. The delays have been caused by the
company's weak liquidity, driven mainly by a significant decline
in revenues and lower-than-expected net cash accruals.

JPS's revenues declined by about 60% to INR73.5 million in
2011-12 (refers to financial year, April 1 to March 31), from
INR185.4 million in 2010-11, while its net cash accruals declined
by about 50 per cent to INR5.8 million from INR11.8 million, over
this period. The decline in revenues was mainly due to lack of
orders for pipes for the company's existing old non-continuous
filament winding machines (NCFW), lack of economic feasibility to
manufacture pipes of diameter greater than 700 millimetre (mm)
using NCFW machines, and delay in setting up its new continuous
filament winding (CFW) machine imported from Italy to double the
overall pipe manufacturing capacity. CRISIL expects the company's
liquidity to improve over the near term, on the back of
stabilization of the new CFW machine and execution of orders
thereafter.

JPS also has a small scale of operations, and customer and
geographic concentration in its revenue profile. The company,
however, benefits from the extensive industry experience of its
promoters.

                        About JPS Reinforced

JPS was incorporated in 2009. The company is promoted by the
brothers, Mr. Charanjeet Singh and Mr. Harjeet Singh along with
their wives Mrs. Jyoti Sahni and Mrs. Pummy Sahni, respectively.
The company is engaged in manufacturing glass reinforced plastic
pipes which find application in industrial and domestic
wastewater treatment.


KAVERI COTTON: CRISIL Assigns 'CRISIL B' Rating to INR70MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kaveri Cotton Industries.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               40       CRISIL B/Stable
   Long-Term Loan            30       CRISIL B/Stable

The rating reflects Kaveri's small scale of operations in the
intensely competitive cotton industry, and weak financial risk
profile marked by a high gearing, a small net worth, and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive entrepreneurial experience of Kaveri's
partners.

Outlook: Stable

CRISIL believes that Kaveri will continue to benefit over the
medium term from its partners' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if the firm
improves its scale of operations and capital structure, leading
to an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if Kaveri undertakes any
aggressive, debt-funded expansions, or if its revenues and
profitability decline substantially, or if the partners withdraw
capital from the firm, leading to weakening in its financial risk
profile.

Set up in 2011 as a partnership firm, Kaveri is engaged in
ginning and pressing of raw cotton and sells cotton lint and
cotton seeds. The firm is promoted by Dr. V Satish, Mr. K
Ramakrishna Rao, Mr. V Anjaneyulu, and Mr. S Srinivas Rao, and
their family members.

Kaveri reported a profit after tax of INR0.05 million on net
sales of INR67 million for 2011-12 (refers to financial year,
April 1 to March 31).


K V RAMA: CRISIL Assigns 'CRISIL D' Rating to INR70MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of K V Rama Krishna Rao. The ratings reflect KVR's
continuously overdrawn working capital limits and delays in
servicing its term debt, because of weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            35       CRISIL D
   Overdraft Facility        35       CRISIL D

KVR has a below-average financial risk profile, marked by a
moderately leveraged capital structure and weak debt-protection
metrics, and a small scale of operations. However, the firm
benefits from its proprietor's extensive experience in the civil
construction industry.

                           About K V Rama

Established as a proprietorship firm in 2000, KVR is engaged in
execution of civil contracts, predominantly in the east and west
Godavari districts of Andhra Pradesh.

For 2011-12 (refers to financial year, April 1 to March 31), KVR
reported a profit before tax (PBT) of INR4.6 million on net sales
of INR94.9 million, against a PBT of INR5.6 million on net sales
of INR124.5 million for 2010-11.


NETWORK TRADELINK: CRISIL Puts 'B+' Rating on INR20MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Network Tradelink Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               20       CRISIL B+/Stable
   Letter of Credit          30       CRISIL A4

The ratings reflect NTPL's large working capital requirements,
and below-average financial risk profile. These rating weaknesses
are partially offset by the benefits that the company derives
from its promoters' extensive experience in the textiles
industry.

Outlook: Stable

CRISIL believes that NTPL will continue to benefit over the
medium term from its promoters' extensive experience in the
textiles industry. The outlook may be revised to 'Positive' if
the company reports increase in its revenues and profitability,
or improvement in its working capital management, leading to
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case NTPL undertakes a large, debt-
funded capital expenditure programme or reports deterioration in
its working capital management.

NTPL, incorporated in 2009, is promoted by the Kolkata (West
Bengal)-based Jhawar family; the company trades in, and
processes, grey fabrics.


PARTH FOILS: CRISIL Cuts Rating on INR157.5MM Loans to 'CRISIL D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Parth
Foils Pvt Ltd to 'CRISIL D/CRISIL D' from' CRISIL
B+/Negative/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              60        CRISIL D (Downgraded from
                                      'CRISIL B+/Negative')

   Cash Credit              50        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Letter of Credit         47.5      CRISIL D (Downgraded from
                                      'CRISIL B+/Negative')

The rating downgrade reflects the consistent overdrawing by Parth
Foils of its cash credit facility, because of its weak liquidity.
The company's cash flows from operations have been severely
impacted by the losses caused by the fire in its factory
premises.

Parth Foils also has a modest scale of operations and a weak
financial risk profile, marked by high gearing and average debt
protection metrics. These weaknesses are partially offset by the
benefits that the company derives from the experience of its
management.

                       About Parth Foils

Parth Foils was originally set up in 2001 as a partnership firm,
Parth Packaging; the firm was reconstituted as a private limited
company in April 2009. Parth Foils manufactures aluminium-based
packaging. The company is owned and managed by Mr. Partho Dutta
and his wife, Mrs. Hema Dutta. Its manufacturing facilities at
Silvassa (Dadra and Nagar Haveli) and Baddi (Himachal Pradesh)
have a combined capacity of 900 tonnes per annum.

Parth Foils reported a profit after tax (PAT) of INR11.9 million
on net sales of INR194.9 million for 2010-11 (refers to financial
year, April 1 to March 31), as against a PAT of INR9.9 million on
net sales of INR169.3 million for 2009-10.


SEVEN PILLARS: CRISIL Assigns 'CRISIL B' Rating to INR80MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Seven Pillars Hospitality Pvt Ltd.  The rating
reflects SPHPL's susceptibility to implementation, funding, and
demand risks for its project. These rating weaknesses are
partially offset by the promoters' extensive experience in the
baking industry.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term        80       CRISIL B/Stable
   Bank Loan Facility

Outlook: Stable

CRISIL believes that SPHPL's credit risk profile will remain
susceptible to the timely infusion of funds from promoters and
sanction of term loan to complete the project and service debt.
The outlook may be revised to 'Positive' if SPHPL's project is
completed and stabilized on time or in case more-than-expected
occupancy leads to better cash accruals. Conversely, the outlook
may be revised to 'Negative' if there are delays in project
completion or if lower-than-expected cash accruals weaken SPHPL's
liquidity.

                        About Seven Pillars

Incorporated in 2007, SPHPL is setting up a baking institute,
Assocom Institute of Baking Technology and Management, in Greater
Noida (Uttar Pradesh; [UP]). The total cost of the project is
estimated at INR 89.0 million, to be funded in a debt-to-equity
ratio of 2.3:1 (with a term loan of INR 62.5 million). The
institute will offer certificate and degree programmes in baking
and food safety and processing, and is expected to commence
operations in July 2013.


SHANMUGA HAIR: CRISIL Cuts Rating on INR3.7MM Loan to 'CRISIL B+'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Shanmuga Hair Products (India) Pvt Ltd to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long-Term Loan           3.7       CRISIL B+/Stable
(Downgraded
                                      from 'CRISIL BB-/Stable')

   Packing Credit          60.0       CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

The rating downgrade reflects the continued pressure on SHPL's
business risk profile, resulting from revenue underperformance as
a consequence of increasing raw material prices. Due to the
increase in price of input materials, the same could not be
passed on to the customer, resulting in SHPL curtailing its scale
of operations, thereby avoiding unprofitable transactions. Thus,
the increase in input material prices has resulted in lower
turnover as well as profitability, resulting in significantly
lower-than-expected cash accruals. SHPL's business risk profile
is expected to continue to remain constrained over the medium
term, driven by volatility in input material prices.

CRISIL's ratings continue to reflect SHPL's weak financial risk
profile, marked by a small net worth and weak debt protection
metrics, limited scale of operations, and susceptibility to
volatility in raw material prices. These rating weaknesses are
partially offset by the benefits SHPL derives from its promoters'
long track record in the hair processing business and its
established relationships with its customers.

Outlook: Stable

CRISIL believes that SHPL will benefit over the medium term from
its promoters' extensive experience in the hair processing
industry. The outlook may be revised to 'Positive' in case SHPL
reports a better-than-expected turnover and profitability, along
with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case SHPL's business risk
profile is constrained further by lower-than-expected turnover or
profitability.

                        About Shanmuga Hair

Set up in 2007 by Mr. Murali Krishna in Chennai (Tamil Nadu),
SHPL processes and conditions human hair.

For 2011-12 (refers to financial year, April 1 to March 31), SHPL
reported a profit after tax (PAT) of INR900,000 on net sales of
INR151 million, as against a PAT of INR750,000 on net sales of
INR171 million for 2010-11.


SHRI BASAVESHWAR: CRISIL Hikes Rating on INR277.1MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Shri
Basaveshwar Veerashaiva Vidayavardhak Sangha to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           200       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Term Loan                277.1     CRISIL B/Stable(Upgraded
                                      from 'CRISIL D')

The rating upgrade reflects the improvement in SBVVS's liquidity
driven by the funding support in the form of incremental
unsecured loans from group entity, Bilur Gurubasava Co-operative
Credit Society, resulting in sufficient cash and bank balances to
meet maturing debt obligations for the six months ended November
30, 2012. The upgrade also reflects CRISIL's belief that the
trust's accruals will improve significantly over the medium term,
driven by expected enhancement in student intake along with
acquisition of a new institute, and will be adequate to meet its
term debt obligations as per schedule.

Outlook: Stable

CRISIL believes that SBVVS will continue to benefit over the
medium term from the extensive experience of its promoter in the
field of education, and its established position in Karnataka.
The outlook may be revised to 'Positive' in case of more-than-
expected increase in SBVVS's cash accruals, driven most likely by
a higher than expected operating surplus with increase in the
intake of students, leading to improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of a
time or cost overrun in the trust's project, or lower-than-
expected cash accruals, leading to deterioration in its
liquidity.

SBVVS was established in 1906. Mr. Veeranna C Charantimath is its
current chairman. SBVSS operates about 135 institutes, most of
which are in Bagalkot (Karnataka) and some are in Mudhol
(Karnataka). Currently, SBVVS is expanding its geographic reach,
with an engineering institute at Bengaluru (Karnataka). The trust
has about 50,000 students and 5000 employees; its institutes
offer about 300 different courses in fields such as technical,
management, medical, para-medical, pharmacy, and social and rural
development. All the courses are approved by regulatory bodies,
such as the All India Council for Technical Education and the
Karnataka and central governments; most of the courses are
affiliated to Rajiv Gandhi University. Apart from the institutes,
SBVSS operates a 1500-bed hospital in Bagalkot.


SIKKA PROMOTERS: CRISIL Rates INR100MM Term Loan at 'CRISIL D'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the term loan
facility of Sikka Promoters Pvt Ltd. The rating reflects the
instances of delay by SPPL in servicing its term loan; the delays
have been caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                100       CRISIL D

SPPL also has a weak financial risk profile, marked by small net
worth, high gearing, and weak debt protection metrics, and is
also exposed to inherent risks and cyclicality in the Indian real
estate industry. The company, however, benefits from its
promoter's established track record in the Indian real estate
industry.

SSPL, incorporated in 1986, is promoted by Mr. Gurinder Singh
Sikka. The company is engaged in real estate development,
primarily in the residential and commercial real estate segments.
Additionally, the company has completed the construction of a
three-star hotel in Gurgaon (Haryana) and operations have started
in March 2012.


SUPER SEALS: CRISIL Assigns 'B+' Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Super Seals (India) Ltd.  The ratings
reflect SSIL's small scale of operations and weak financial risk
profile, marked by weak gearing and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of SSIL's promoters and its
diversified customer base.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              60        CRISIL B+/Stable
   Letter of Credit         10        CRISIL A4

Outlook: Stable

CRISIL believes that SSIL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. However, its financial risk profile is expected to
remain weak due to high gearing. The outlook may be revised to
'Positive' if the company generates higher than expected cash
accruals, or in case of infusion of capital, leading to
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SSIL's profitability
declines or it undertakes a significantly debt-funded capital
expenditure programme, resulting in lower-than-expected cash
accruals and leading to deterioration of its financial risk
profile.

                          About Super Seals

Incorporated in 1960, SSIL is a closely held company engaged in
manufacture of oil seals used in automobiles. The company is
currently managed by Mr. Kamal Talwar. SSIL's manufacturing
facility is located at Faridabad.

SSIL reported a profit after tax (PAT) of INR 2.6 million on net
sales of INR 272 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR 3.04 million on net
sales of INR 264 million for 2010-11.



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


BERLIAN LAJU: Indonesian Ship Owner Facing Involuntary Chapter 11
-----------------------------------------------------------------
Creditors of PT Berlian Laju Tanker Tbk filed an involuntary
Chapter 11 bankruptcy petition in U.S. Bankruptcy Court against
the Indonesian ship operator (Bankr. S.D.N.Y. Case No. 12-14874)
on Dec. 13, 2012.

Dawn McCarty, writing for Bloomberg News, reports the petition
was filed by Gramercy Distressed Opportunity Fund II, Gramercy
Distressed Opportunity Fund, and Gramercy Emerging Markets Fund.
The creditors, all located in Greenwhich, Conn., are allegedly
owed $125.5 million.

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations primarily
in Asia with some expansion into the Middle East and Europe.

Indonesia-based PT Berlian Laju Tanker Tbk filed Chapter 15
bankruptcy petitions in New York for subsidiaries (Bankr.
S.D.N.Y. Lead Case No. 12-11007) on March 14, 2012, to prevent
creditors from seizing the company's vessels when they call on
U.S. ports.

Cosimo Borrelli, recently appointed vice president for
restructuring for PT Berlian, signed the Chapter 15 petitions for
Chembulk New York Pte Ltd and 12 other entities.

The Berlian group operates 72 vessels, of which 50 are owned.

In January, the Berlian Group violated covenants under a $685
million loan agreement.  Creditors took steps to arrest certain
vessels operated by companies in the Berlian Group.

In order to prevent ship arrests and other collection efforts,
the Berlian Group initiated proceedings in the High Court of the
Republic of Singapore on March 12, 2012.  The Singapore court
entered orders prohibiting for three months any arrest of vessels
or collection effort.

The Berlian Group filed the Chapter 15 petitions to obtain entry
of an order enjoining creditors from seizing vessels that are at
port in the United States.  The Debtors do not have assets in the
U.S. other than the transitory basis vessels that are in the U.S.

According to Bloomberg, the U.S. Bankruptcy Judge in April ruled
that Indonesia is the home to the so-called foreign main
proceeding.



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


* SOUTH KOREA: Listed Firms' Debt-Repaying Ability Worsens
----------------------------------------------------------
Yonhap News reports that South Korean listed companies' ability
to pay back their debts deteriorated in the first nine months of
the year due to increased bond issues, according to the data by
the Korea Exchange (KRX) and the Korea Listed Companies
Association.

The data showed the average interest coverage ratio of 631 firms
listed on the main bourse came to 4.90 as of end-September, down
from 5.14 tallied a year earlier, the news agency says.

Yonhap relates that the ratio, or a firm's operating profit
divided by its interest costs, measures the company's ability to
pay interest on outstanding debt.

A reading higher than 1 means the firm earns more than it has to
pay in interest, although a drop in the reading indicates the
firm's debt-repayment ability has deteriorated, Yonhap notes.

The combined interest burden of the companies examined increased
6.86% on-year to KRW10.9 trillion (US$10.1 billion), while their
operating profit gained 1.94% to KRW53.7 trillion over the cited
period, according to the data obtained by Yonhap.

Of the total, 166 companies were effectively unable to cover
interest costs with their operating profits, a gain of 24 from a
year earlier, Yonhap adds.



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


BRIDGECORP LTD: Ex-Chairman May Lose Barrister Status
-----------------------------------------------------
William Mace at stuff.co.nz reports that former Bridgecorp Ltd
chairman Bruce Davidson who was convicted of issuing false
statements to investors who lost more than NZ$460 million has
also been found guilty of bringing the legal profession into
disrepute.

Possible penalties for the charge include being struck off as a
barrister although a penalty hearing date has not yet been set,
the report says.

stuff.co.nz relates that a majority decision just published by
the legal profession's disciplinary tribunal has found
Mr. Davidson did not fulfill his duty as a director of Bridgecorp
which therefore reflected badly on all lawyers.

According to the report, the decision said Mr. Davidson traded on
his reputation as a senior lawyer and a former councillor and
president of the Auckland District Law Society, as well as
councillor and vice-president of the New Zealand Law Society.

"Mr. Davidson was sold to readers of the [Bridgecorp]
prospectuses as an experienced commercial lawyer with a
distinguished career," the Lawyers and Conveyancers Disciplinary
Tribunal's decision said.

"The clear implication of the biographical details was that the
Chairman of Bridgecorp was a man investors could trust, someone
on whom they could rely."

The report notes that a majority of the tribunal said that "a
reasonable person fully informed of the background of the
offending" would link the fact that the leader of the failed
company was an experienced commercial lawyer, and that the link
"must tend to reflect on the reputation of the profession as a
whole".

Mr. Davidson pleaded guilty to the charges brought against him
for his role in Bridgecorp but said it was his naivety and the
trust he placed in the other directors of the company -- Rod
Petricevic, Rob Roest and Peter Steigrad -- that was his
downfall, stuff.co.nz relays.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).



=====================
P H I L I P P I N E S
=====================


EXPORT AND INDUSTRY: Stockholders Raise Concerns on Bank's Rehab
----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) said that the
stockholders of the closed Export and Industry Bank (EIB) remain
supportive of the bank's rehabilitation process.  The
stockholders' consent to the rehabilitation of EIB is one of the
requirements for the rehabilitation to proceed.

"EIB stockholders are willing to give their consent but cited
some concerns before doing so. They expressed concern over the
claim on the bank's assets by parties other than the depositors
and creditors of the bank as of the date of its closure on
April 27, 2012," PDIC said.

The group that has a contingent claim on the assets of EIB
consists of Forum Holdings Corporation, Pacific Rehouse
Corporation, East Asia Oil Company, Inc., Pacific Concorde
Corporation and Mizpah Holdings, Inc. They filed with the Makati
Regional Trial Court a case for the Declaration of Liability with
Prayer for Issuance of Temporary Restraining Order (TRO) and/or
Preliminary Injunction to prevent the rehabilitation of EIB
through purchase of assets and assumption of liabilities.  The
case emanated from the reported losses Forum Holdings et. al.
incurred when EIB Securities, an affiliate of EIB, allegedly sold
DMCI shares without their consent.  The Makati RTC issued a
72-hour TRO a day before the Oct. 18, 2012, bidding for EIB's
rehabilitation.  The bidding was declared a failure after no bids
were received.  The RTC eventually denied their prayer for TRO
and injunction on the ground of lack of jurisdiction.  Forum
Holdings et. al. filed a motion for reconsideration which was
likewise denied.  Hence, they have elevated the matter to the
Court of Appeals (CA) where they now have a pending request for
TRO/preliminary injunction against the bidding.

In an earlier case filed by the same group, the CA ruled EIB and
EIB Securities are two distinct entities.  The CA ruling was
affirmed by the Supreme Court.

Another concern raised by the stockholders is the need for
consent from 100% of the depositors with uninsured deposits and
creditors of EIB as of the date of the bank's closure.

PDIC earlier announced that the bidding of the bank's assets will
be completed within the year. It said that the recent development
may delay the bidding process.

The PDIC assured that it is closely monitoring and pursuing the
defense of the legal cases as well as the other conditions of the
stockholders in order to meet the requirements for the
rehabilitation of EIB to push through. Given these recent
developments, PDIC is assessing what the remaining viable options
are. PDIC has earlier determined that EIB may be rehabilitated
following expressions of interest from strategic third party
investors to rehabilitate the bank. It further said that it is
exerting all efforts to pursue a re-bidding of EIB's
rehabilitation in order to enhance recovery for the uninsured
depositors and creditors of the closed bank.

Headquartered in Makati City, Manila, Export & Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2012, ABS-CBNnews.com related that Bangko Sentral ng
Pilipinas placed EIB under receivership on April 26, 2012.  The
Monetary Board cited the bank's "inability to meet obligations as
they becomes due, insufficient realizable assets to meets its
liabilities and its inability to continue its business without
involving probable losses to its depositors and creditors."  The
PDIC took over the Export & Industry Bank on April 27, 2012, to
implement Monetary Board Resolution No. 686 dated April 26, 2012.
As Receiver, PDIC will gather all the assets of the closed bank
and verify and validate all bank records.



===========
T A I W A N
===========


PROMOS TECHNOLOGIES: Second Auction for 12-Inch Factory Fails
-------------------------------------------------------------
Lisa Wang at Taipei Times reports that ProMOS Technologies Inc.
failed to sell its advanced 12-inch factory in a second-round
auction on December 12 because the bidding was lower than the
floor price of NT$19.5 billion (US$670 million), according to
auction organizer Taiwan Financial Asset Service Corp.

According to Taipei Times, the sale is part of the memorychip
maker's restructuring plans which are being managed by the
company's creditor banks and trustees after ProMOS' shareholders'
equity plunged to minus -NT$16.26 billion at the end of last
year.

The report relates that Taiwan Financial Asset said Vanguard
International Semiconductor Corp and US private-held contract
chipmaker GlobalFoundries Inc joined the bidding, following the
abandonment of a first-round auction held on Nov. 29.

Taiwan Financial Asset said the bidding process failed because
Vanguard offered a price less than NT$19.5 billion, while
GlobalFoundries did not pay the required US$51 million security
deposit, according to the report.

ProMOS originally planned to transfer the factory, located in
Greater Taichung, to the winning bidder by the end of this month
and hoped the buyer could restore operations by the Lunar New
Year holidays in early February, Taipei Times adds.

                     About ProMOS Technologies

ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a
semiconductor memory solution provider in Taiwan.  The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access
memories (SDRAMs), as well as the related import and export
businesses.  The Company provides 64 megabytes (Mb), 128 Mb and
256Mb SDRAMs, 128Mb, 256Mb and 512Mb double data rate (DDR)
SDRAMs and others.

The Troubled Company Reporter-Asia Pacific, citing Taipei Times,
reported on Oct. 5, 2012, ProMOS Technologies plans to lay off
more than 1,300 employees to cope with a major restructuring plan
that includes shutting down all its factories, according to a
statement released by the administration of Central Taiwan
Science Park on October 3.  Taipei Times said the statement came
after the Hsinchu District Court gave the go-ahead to a request
from ProMOS' major creditor banks, Taiwan Cooperative Bank and
Bank of Taiwan, to launch a restructuring plan.  ProMOS plans to
lay off 1,360 workers, or about 94% of its overall workforce, by
the end of this year, according to the statement cited by Taipei
Times.



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


TRUE CORP: 3G Licenses No Impact on Moody's 'B2' Rating
--------------------------------------------------------
Moody's Investors Service says True Corporation Public Company
Limited ("True Corp") being awarded licenses to operate 2.1 GHz
is credit positive, but has no immediate impact on True Corp and
True Move Company Ltd's ("True Move") B2 ratings and stable
outlooks.

On 11th December, True Corp's 99.99% owned subsidiary, Real
Future Company Limited ("Real Future"), was issued three 2.1 GHz
spectrum licenses as well as a Type Three Telecommunications
Buiness License for a total price of THB13.5 billion. The
licenses, issued by Thailand's telecommunications regulator,
National Broadcasting and Telecommunications Commission ("NBTC"),
are valid for 15 years until December 2027.

"Completion of the 3G spectrum auction and licensing is positive
following years of protracted regulatory uncertainty in Thailand.
The conclusion of the auction process and award of licenses in a
timely manner, helps to alleviate some of the uncertainty
regarding True's 3G strategy, concession structure and operating
platform," says Nidhi Dhruv, a Moody's Analyst and also Lead
Analyst for True Corp and True Move.

Issuance of the 3G licenses brings certainty to True Corp's
operating platform ahead of the expiration of its existing 1800
MHz concession agreement with CAT in September 2013; its 850MHz
3G reseller agreement with CAT is also being renegotiated as a
result of regulatory scrutiny.

"True Corp has enjoyed an early mover advantage in its current 3G
services under "TrueMoveH" which had 2.5 million subscribers as
of September 2012. However, a level playing field now exists on
which all three operators have equal allocations of 3G spectrum.
This is likely to lead to intense competition in 3G services as
operators jockey for position which will test True Corp's
execution strategy," adds Ms. Dhruv.

True Corp intends to continue offering 3G services under its
"TrueMoveH" brand, and to use the newly acquired 2.1GHz spectrum
in conjunction with CAT's 850 MHz spectrum to expand capacity and
coverage.

In keeping with the license conditions, True Corp will invest
approximately THB8 billion as first phase investment taking its
initial investment to THB21.5 billion, which will be
substantially debt funded. All three license holders, including
True Corp, must expand 3G network coverage to 50% of the
population within the next two years, and to 80% of the
population within four years.

True Corp has made payment for 50% of the license fees (THB6.75
billion) to NBTC in October, and is expected to pay another 25%
in 2014 and the remaining 25% in 2015.

"The spectrum payments and capex will be primarily funded through
new bank debt, which will result in increased leverage over the
near-term on a consolidated basis for True Group, but note this
can be accommodated in the current stable outlook given the
regulatory and operating certainty provided," says Dhruv. True
Corp's adjusted consolidated debt/EBITDA for the 12 months ended
September was 5.1x.

Moody's also notes that the cumulative license fees for the
2.1Ghz licenses at 5.75% are much lower than the 30% revenue
sharing arrangements under True Move's existing concession
agreement and the cost-plus arrangement under Real Move's
contracts with CAT. The lower fees should support operating
margins and help in moderate de-leveraging at the True Corp level
over the next 2-3 years.

Nonetheless, there remains some uncertainty on NBTC's stance with
regard to lowering charges for voice and data services and
interconnection charges, which are still being negotiated.

Moreover, the B2 ratings continue to encapsulate True Move and
True Corp's exposure to an evolving and politicized regulatory
environment. Moody's also continues to remain concerned about
execution risks for the HSPA 3G upgrade, migration of subscribers
from the CDMA network to the new HSPA platform and True Corp's
competitive strategy for rolling out 3G services under the 2.1GHz
spectrum.

The principal methodology used in rating True Corp and True Move
was the Global Telecommunications Industry Methodology published
in December 2010.

Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, internet, and mobile services, and pay TV.
True Corp is listed on the Thai Stock Exchange; the Charoen
Pokphand Group (CP Group) is the major shareholder (64.74%). Its
wireless business is conducted predominantly through its 99.99%
subsidiary, Real Future (unrated) and 99.32%-owned subsidiary,
True Move (B2 stable), which together position it as Thailand's
third largest mobile telecommunications operator.



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AUSTRALIA


AAT CORP LTD                 AAT             32.50    -13.46
ALTIUM LTD                   ALU             24.26     -3.62
ARASOR INTERNATI             ARR             19.21    -26.51
AUSTRALIAN ZI-PP            AZCCA            77.74     -2.57
AUSTRALIAN ZIRC              AZC             77.74     -2.57
BIRON APPAREL LT             BIC             19.71     -2.22
CLARITY OSS LTD              CYO             31.64     -5.75
CNPR GROUP                   CNP         15,483.44   -349.73
CWH RESOURCES LT             CWH             11.58     -2.08
MACQUARIE ATLAS              MQA          1,618.82   -941.02
MISSION NEWENER              MBT             22.05    -27.72
NATURAL FUEL LTD             NFL             19.38   -121.51
ORION GOLD NL                ORN             10.91     -0.31
RENISON CONSOLID             RSN             10.15    -22.74
RENISON CONSO-PP            RSNCL            10.15    -22.74
RIVERCITY MOTORW             RCY            386.88   -809.14
RUBICOR GROUP LT             RUB            101.62    -19.93
STERLING BIOFUEL             SBI             31.12     -7.52


CHINA

ANHUI GUOTONG-A              600444          68.75     -3.62
BAOCHENG INVESTM             600892          43.58     -3.69
CHANG JIANG-A                 520         1,412.23    -34.77
CHENGDE DALU -B              200160          35.08     -6.23
CHENGDU UNION-A               693            29.46    -22.21
CHINA KEJIAN-A                 35            66.74   -211.15
CONTEL CORP LTD              CTEL            56.09    -14.27
DONGXIN ELECTR-A             600691          12.55    -32.52
GUANGDONG ORIE-A             600988          14.90     -3.96
GUANGXIA YINCH-A              557            50.01    -43.40
HEBEI BAOSHUO -A             600155          96.92    -82.96
HEBEI JINNIU C-A             600722         235.37    -87.11
HUASU HOLDINGS-A              509            82.75    -17.69
HULUDAO ZINC-A                751         1,156.17    -23.29
HUNAN TIANYI-A                908            62.60     -2.60
JILIN PHARMACE-A              545            30.62     -6.29
JINCHENG PAPER-A              820           109.56   -102.63
QINGDAO YELLOW               600579         197.77    -67.23
SHANDONG DACHE-A             600882         202.38    -17.37
SHANDONG HELON-A              677           744.39   -185.49
SHANG BROAD-A                600608          42.10     -9.12
SHANXI GUANLU-A               831           293.26    -22.96
SHENZ CHINA BI-A               17            22.32   -267.45
SHENZ CHINA BI-B             200017          22.32   -267.45
SHENZ INTL ENT-A               56           269.35    -48.30
SHENZ INTL ENT-B             200056         269.35    -48.30
SHIJIAZHUANG D-A              958           198.77   -118.66
SICHUAN GOLDEN               600678         145.99    -95.15
TAIYUAN TIANLO-A             600234          66.34    -12.60
TIANJIN MARINE               600751          70.78    -89.40
TIANJIN MARINE-B             900938          70.78    -89.40
TIBET SUMMIT I-A             600338          83.03    -10.94
TOPSUN SCIENCE-A             600771         125.34   -111.50
WUHAN BOILER-B               200770         255.82   -182.03
WUHAN LINUO SOLA             600885         104.94    -25.18
XIAMEN OVERSEA-A             600870         269.06   -133.94
XIAN HONGSHENG-A             600817          15.72   -276.16
XINJIANG CHALK-A              972           672.72    -24.08
YANBIAN SHIXIA-A             600462          96.06   -134.10
YIBIN PAPER IN-A             600793         131.24     -4.84
YOUYUE INTERNATI             YYUE           102.82     -9.02
YUEYANG HENGLI-A              622            33.31    -25.77
ZHEJIANG GENUINE              156            47.53    -21.44


HONG KONG

ASIA COAL LTD                 835            20.25     -9.45
BEP INTL HLDGS L              2326           12.99     -0.37
BUILDMORE INTL                108            16.51    -47.88
CHINA HEALTHCARE              673            33.18    -15.21
CHINA OCEAN SHIP              651           408.06    -51.68
CHINA SEVEN STAR              245            90.25     -2.25
CYPRESS JADE                  875            38.61    -10.78
FIRST NTUL FOODS              1076           17.14    -56.90
FU JI FOOD & CAT              1175           73.43   -389.20
MELCOLOT LTD                  8198           39.21    -76.03
MITSUMARU EAST K              2358           24.72    -18.95
PALADIN LTD                   495           175.99    -12.97
PROVIEW INTL HLD              334           314.87   -294.85
SINO RESOURCES G              223            31.27    -28.33
SUNCORP TECH LTD              1063           11.78     -8.30
SUNLINK INTL HLD              2336           15.63    -36.91
SURFACE MOUNT                SMT             67.80    -28.72
U-RIGHT INTL HLD              627            14.80   -204.65


INDONESIA

APAC CITRA CENT              MYTX           195.46     -0.74
ARPENI PRATAMA               APOL           431.45   -194.55
ASIA PACIFIC                 POLY           369.69   -833.16
JAKARTA KYOEI ST             JKSW            30.22    -42.19
MATAHARI DEPT                LPPF           254.86   -270.94
MITRA INTERNATIO             MIRA         1,076.79   -446.64
MITRA RAJASA-RTS           MIRA-R2        1,076.79   -446.64
PANASIA FILAMENT             PAFI            30.93    -21.52
PANCA WIRATAMA               PWSI            31.13    -38.63
PRIMARINDO ASIA              BIMA            11.11    -20.32
SUMALINDO LESTAR             SULI           172.87    -10.96
TOKO GUNUNG AGUN             TKGA            12.02     -1.03
UNITEX TBK                   UNTX            15.41    -19.99


INDIA

ABHISHEK CORPORA             ABSC            58.35    -14.51
AGRO DUTCH INDUS             ADF            105.49     -3.84
ALPS INDUS LTD               ALPI           215.85    -28.22
AMIT SPINNING                AMSP            16.21     -6.54
ARTSON ENGR                  ART             16.52     -3.14
ASHAPURA MINECHE             ASMN           167.68    -67.64
ASHIMA LTD                   ASHM            63.23    -48.94
ATV PROJECTS                 ATV             60.17    -54.25
BELLARY STEELS               BSAL           451.68   -108.50
BHAGHEERATHA ENG             BGEL            22.65    -28.20
BLUE BIRD INDIA              BIRD           122.02    -59.13
CAMBRIDGE TECHNO            CTECH            12.77     -7.96
CELEBRITY FASHIO             CFLI            27.59     -8.60
CFL CAPITAL FIN             CEATF            12.36    -49.56
CHESLIND TEXTILE             CTX             20.51     -0.03
COMPUTERSKILL                CPS             14.90     -7.56
CORE HEALTHCARE              CPAR           185.36   -241.91
DCM FINANCIAL SE            DCMFS            18.46     -9.46
DFL INFRASTRUCTU             DLFI            42.74     -6.49
DHARAMSI MORARJI             DMCC            21.44     -6.32
DIGJAM LTD                   DGJM            99.41    -22.59
DISH TV INDIA                DITV           517.02    -18.42
DISH TV INDI-SLB            DITV/S          517.02    -18.42
DUNCANS INDUS                DAI            122.76   -227.05
FIBERWEB INDIA               FWB             16.51     -7.98
GANESH BENZOPLST             GBP             49.24    -21.14
GOLDEN TOBACCO               GTO            109.72     -5.01
GSL INDIA LTD                GSL             29.86    -42.42
GUPTA SYNTHETICS            GUSYN            52.94     -0.50
HARYANA STEEL                HYSA            10.83     -5.91
HENKEL INDIA LTD             HNKL            69.07    -31.72
HINDUSTAN PHOTO              HPHT            74.44 -1,519.11
HINDUSTAN SYNTEX             HSYN            11.46     -5.39
HMT LTD                      HMT            133.66   -500.46
ICDS                         ICDS            13.30     -6.17
INDAGE RESTAURAN             IRL             15.11     -2.35
INTEGRAT FINANCE             IFC             49.83    -51.32
JCT ELECTRONICS              JCTE           104.55    -68.49
JD ORGOCHEM LTD              JDO             10.46     -1.60
JENSON & NIC LTD              JN             16.65    -75.51
JIK INDUS LTD                KFS             20.63     -5.62
JOG ENGINEERING              VMJ             50.08    -10.08
KALYANPUR CEMENT             KCEM            24.64    -38.69
KDL BIOTECH LTD              KOPD            14.66     -9.41
KERALA AYURVEDA              KERL            13.97     -1.69
KINGFISHER AIR               KAIR         1,782.32   -997.63
KINGFISHER A-SLB            KAIR/S        1,782.32   -997.63
KITPLY INDS LTD              KIT             37.68    -45.35
LLOYDS FINANCE               LYDF            14.71    -10.46
LLOYDS STEEL IND             LYDS           510.00    -48.98
LML LTD                      LML             65.26    -56.77
MADRAS FERTILIZE             MDF            143.14    -99.28
MAHA RASHTRA APE             MHAC            22.23    -15.85
MARKSANS PHARMA              MRKS           110.32    -14.04
MILTON PLASTICS              MILT            17.67    -51.22
MODERN DAIRIES               MRD             32.97     -3.87
MTZ POLYFILMS LT             TBE             31.94     -2.57
MURLI INDUSTRIES             MRLI           275.90    -20.19
MYSORE PAPER                 MSPM            97.02    -15.69
NATH PULP & PAP              NPPM            14.50     -0.63
NATL STAND INDI              NTSD            22.09     -0.73
NICCO CORP LTD               NICC            78.28     -4.14
NICCO UCO ALLIAN             NICU            25.42    -79.20
NK INDUS LTD                 NKI            141.35     -7.71
NRC LTD                      NTRY            73.10    -51.18
NUCHEM LTD                   NUC             24.72     -1.60
PANCHMAHAL STEEL             PMS             51.02     -0.33
PARASRAMPUR SYN              PPS             99.06   -307.14
PAREKH PLATINUM              PKPL            61.08    -88.85
PIONEER DISTILLE             PND             48.76     -1.44
PREMIER INDS LTD             PRMI            11.61     -6.09
QUADRANT TELEVEN             QDTV           188.57   -116.81
QUINTEGRA SOLUTI             QSL             16.76    -17.45
RAJ AGRO MILLS               RAM             10.21     -0.61
RATHI ISPAT LTD              RTIS            44.56     -3.93
RELIANCE MEDIAWO             RMW            425.22    -21.31
RELIANCE MED-SLB            RMW/S           425.22    -21.31
REMI METALS GUJA             RMM            101.32    -17.12
RENOWNED AUTO PR             RAP             14.12     -1.25
ROLLATAINERS LTD             RLT             22.97    -22.24
ROYAL CUSHION                RCVP            18.88    -81.42
SADHANA NITRO                SNC             17.08     -0.35
SANATHNAGAR ENTE             SNEL            39.67    -11.05
SAURASHTRA CEMEN             SRC             89.32     -6.92
SCOOTERS INDIA               SCTR            19.43    -10.78
SEN PET INDIA LT             SPEN            11.58    -26.67
SHAH ALLOYS LTD               SA            213.69    -39.95
SHALIMAR WIRES               SWRI            25.78    -38.78
SHAMKEN COTSYN               SHC             23.13     -6.17
SHAMKEN MULTIFAB             SHM             60.55    -13.26
SHAMKEN SPINNERS             SSP             42.18    -16.76
SHREE GANESH FOR             SGFO            35.96     -1.80
SHREE RAMA MULTI             SRMT            49.29    -25.47
SIDDHARTHA TUBES             SDT             75.90    -11.45
SOUTHERN PETROCH             SPET           210.98   -175.98
SPICEJET LTD                 SJET           386.76    -30.04
SQL STAR INTL                SQL             10.58     -3.28
STELCO STRIPS                STLS            14.90     -5.27
STI INDIA LTD                STIB            24.64     -0.44
STORE ONE RETAIL             SORI            15.48    -59.09
SUN PHARMA - RTS            SPADVR           16.81    -13.07
SUN PHARMA ADV              SPADV            16.81    -13.07
SUPER FORGINGS               SFS             16.31     -5.93
TAMILNADU JAI                TNJB            19.13     -2.69
TATA TELESERVICE             TTLS         1,311.30   -138.25
TATA TELE-SLB               TTLS/S        1,311.30   -138.25
TODAYS WRITING               TWPL            44.08     -5.32
TRIUMPH INTL                 OXIF            58.46    -14.18
TRIVENI GLASS                TRSG            24.23    -12.34
TUTICORIN ALKALI             TACF            20.48    -16.78
UNIFLEX CABLES               UFC             47.46     -7.49
UNIFLEX CABLES               UFCZ            47.46     -7.49
UNITED BREWERIES              UB          3,067.32   -137.09
UNIWORTH LTD                  WW            159.14   -146.31
UNIWORTH TEXTILE             FBW             21.44    -34.74
USHA INDIA LTD               USHA            12.06    -54.51
VANASTHALI TEXT              VTI             25.92     -0.15
VENTURA TEXTILES             VRTL            14.33     -1.91
VENUS SUGAR LTD               VS             11.06     -1.08
WIRE AND WIRELES             WNW            110.69    -14.26


JAPAN

CEREBRIX CORP                 2444           10.44     -2.32
GOYO FOODS INDUS              2230           14.77     -0.60
HIMAWARI HD                   8738          283.82    -50.87
ISHII HYOKI CO                6336          151.15    -28.05
KANMONKAI CO LTD              3372           59.00    -10.08
MEIHO ENTERPRISE              8927           80.76    -11.33
MISONOZA THEATRI              9664           63.24     -2.65
NIS GROUP CO LTD             NISZ           444.72   -158.85
PROPERST CO LTD               3236          305.90   -330.20
TAIYO BUSSAN KAI              9941          148.45     -1.49
WORLD LOGI CO                 9378          119.36     -2.48


KOREA

CHIN HUNG INT-2P              2787          571.91     -9.34
CHIN HUNG INTL                2780          571.91     -9.34
CHIN HUNG INT-PF              2785          571.91     -9.34
DAISHIN INFO                 20180          740.50   -158.45
DVS KOREA CO LTD             46400           17.40     -1.20
KOREA PACIFIC 05             93400           19.23     -3.67
KOREA PACIFIC 06             93410           11.56     -2.37
KOREA PACIFIC 07             99210           26.66     -7.95
NAMKWANG ENGINEE              1260          762.58    -56.69
ORIENT PREGEN IN             60910           19.33     -0.09


MALAYSIA

HAISAN RESOURCES            HRB              41.05    -10.24
HO HUP CONSTR CO             HO              48.52    -13.65
LINEAR CORP BHD             LINE             14.70     -7.41
SILVER BIRD GROU            SBG              44.30    -30.68
VTI VINTAGE BHD             VTI              16.01     -3.34


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity      142.71     -0.26


PHILIPPINES

CYBER BAY CORP              CYBR             14.62   -102.98
FIL ESTATE CORP              FC              40.90    -15.77
FILSYN CORP A               FYN              23.11    -11.69
FILSYN CORP. B              FYNB             23.11    -11.69
GOTESCO LAND-A               GO              21.76    -19.21
GOTESCO LAND-B              GOB              21.76    -19.21
PICOP RESOURCES             PCP             105.66    -23.33
STENIEL MFG                 STN              21.07    -11.96
SWIFT FOODS INC             SFI              23.93     -0.12
UNIWIDE HOLDINGS             UW              50.36    -57.19
VICTORIAS MILL              VMC             164.26    -18.20


SINGAPORE

ADV SYSTEMS AUTO             ASA             16.02    -10.79
HL GLOBAL ENTERP             HLGE            81.65     -3.82
LINDETEVES-JACOB              LJ             25.10     -8.96
NEW LAKESIDE                 NLH             19.34     -5.25
SCIGEN LTD-CUFS              SIE             68.70    -42.35
SUNMOON FOOD COM            SMOON            19.33    -14.30
TT INTERNATIONAL             TTI            232.83    -79.27


THAILAND

ABICO HLDGS-F             ABICO/F            15.28     -4.40
ABICO HOLDINGS             ABICO             15.28     -4.40
ABICO HOLD-NVDR           ABICO-R            15.28     -4.40
ASCON CONSTR-NVD          ASCON-R            59.78     -3.37
ASCON CONSTRUCT            ASCON             59.78     -3.37
ASCON CONSTRU-FO          ASCON/F            59.78     -3.37
BANGKOK RUBBER              BRC              77.91   -114.37
BANGKOK RUBBER-F           BRC/F             77.91   -114.37
BANGKOK RUB-NVDR           BRC-R             77.91   -114.37
CALIFORNIA W-NVD          CAWOW-R            28.07    -11.94
CALIFORNIA WO-FO          CAWOW/F            28.07    -11.94
CALIFORNIA WOW X           CAWOW             28.07    -11.94
CIRCUIT ELEC PCL           CIRKIT            16.79    -96.30
CIRCUIT ELEC-FRN          CIRKIT/F           16.79    -96.30
CIRCUIT ELE-NVDR          CIRKIT-R           16.79    -96.30
DATAMAT PCL                 DTM              12.69     -6.13
DATAMAT PCL-NVDR           DTM-R             12.69     -6.13
DATAMAT PLC-F              DTM/F             12.69     -6.13
ITV PCL                     ITV              36.02   -121.94
ITV PCL-FOREIGN            ITV/F             36.02   -121.94
ITV PCL-NVDR               ITV-R             36.02   -121.94
K-TECH CONSTRUCT          KTECH/F            38.87    -46.47
K-TECH CONSTRUCT           KTECH             38.87    -46.47
K-TECH CONTRU-R           KTECH-R            38.87    -46.47
KUANG PEI SAN              POMPUI            17.70    -12.74
KUANG PEI SAN-F           POMPUI/F           17.70    -12.74
KUANG PEI-NVDR            POMPUI-R           17.70    -12.74
M LINK ASIA CORP           MLINK             80.04    -27.77
M LINK ASIA-FOR           MLINK/F            80.04    -27.77
M LINK ASIA-NVDR          MLINK-R            80.04    -27.77
PATKOL PCL                 PATKL             52.89    -30.64
PATKOL PCL-FORGN          PATKL/F            52.89    -30.64
PATKOL PCL-NVDR           PATKL-R            52.89    -30.64
PICNIC CORP-NVDR          PICNI-R           101.18   -175.61
PICNIC CORPORATI           PICNI            101.18   -175.61
PICNIC CORPORATI          PICNI/F           101.18   -175.61
PONGSAAP PCL              PSAAP/F            11.83     -0.91
PONGSAAP PCL               PSAAP             11.83     -0.91
PONGSAAP PCL-NVD          PSAAP-R            11.83     -0.91
SAHAMITR PRESS-F           SMPC/F            27.92     -1.48
SAHAMITR PRESSUR            SMPC             27.92     -1.48
SAHAMITR PR-NVDR           SMPC-R            27.92     -1.48
SUNWOOD INDS PCL            SUN              19.86    -13.03
SUNWOOD INDS-F             SUN/F             19.86    -13.03
SUNWOOD INDS-NVD           SUN-R             19.86    -13.03
THAI-DENMARK PCL           DMARK             15.72    -10.10
THAI-DENMARK-F            DMARK/F            15.72    -10.10
THAI-DENMARK-NVD          DMARK-R            15.72    -10.10
TONGKAH HARBOU-F           THL/F             62.30     -1.84
TONGKAH HARBOUR             THL              62.30     -1.84
TONGKAH HAR-NVDR           THL-R             62.30     -1.84
TRANG SEAFOOD               TRS              15.18     -6.61
TRANG SEAFOOD-F            TRS/F             15.18     -6.61
TRANG SFD-NVDR             TRS-R             15.18     -6.61
TT&T PCL                    TTNT            589.80   -223.22
TT&T PCL-NVDR              TTNT-R           589.80   -223.22
TT&T PUBLIC CO-F           TTNT/F           589.80   -223.22


TAIWAN

BEHAVIOR TECH CO           2341S             30.60     -1.13
BEHAVIOR TECH CO           2341              30.60     -1.13
BEHAVIOR TECH-EC           2341O             30.60     -1.13
HELIX TECH-EC              2479T             23.39    -24.12
HELIX TECH-EC IS           2479U             23.39    -24.12
HELIX TECHNOL-EC           2479S             23.39    -24.12
TAIWAN KOL-E CRT           1606U            507.21   -147.14
TAIWAN KOLIN-EN            1606V            507.21   -147.14
TAIWAN KOLIN-ENT           1606W            507.21   -147.14



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

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

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


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

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

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

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

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





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