TCRAP_Public/130108.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, January 8, 2013, Vol. 16, No. 5


                            Headlines


A U S T R A L I A

KIT DIGITAL AUSTRALIA: In Administration, Cuts 70 Jobs
SAAB AUSTRALIA: Shuts Operations as Administrators Called In
* AUSTRALIA: November Insolvency Figures Drop


H O N G  K O N G

BONDWAY YACHTS: Court Enters Wind-Up Order
BRIGHTEX INDUSTRIES: General Meeting Set for Jan. 17
CHINA PROMISE: Court Enters Wind-Up Order
CHO AND PARTNERS: Court Enters Wind-Up Order
CITIWIDE ENGINEERING: Court Enters Wind-Up Order

CLARION SHIPPING: Court to Hear Wind-Up Petition on Feb. 6
DAWN GLOVES: Court Enters Wind-Up Order
DELUXE CHAMPION: Court Enters Wind-Up Order
DRAGON CONCEPT: Yeo and Shek Appointed as Liquidators
EVERHERO LIMITED: Court Enters Wind-Up Order

GERMANY SAIMIKONG: Court to Hear Wind-Up Petition on Feb. 6
GOODWAY INDUSTRIAL: Court Enters Wind-Up Order
HAN YOUNG: Court Enters Wind-Up Order
HONEST PORT: Court Enters Wind-Up Order
HONEST PORT INVESTMENT: Court Enters Wind-Up Order

INTERSOLUTIONS HK: Court to Hear Wind-Up Petition on Jan. 16
LINK SKY: Court to Hear Wind-Up Petition on Feb. 20
LUCKY FORD: Contributories and Creditors to Meet on Jan. 17
NICE HARVEST: Court Enters Wind-Up Order
PICOTECH ELECTRONIC: Court Enters Wind-Up Order

PROFIT CHEER: Court to Hear Wind-Up Petition on Jan. 16


I N D I A

ADVENTURA TECHNOLOGIES: ICRA Places 'B' Rating on INR9.20cr Loans
DEV COAL: ICRA Rates INR5cr Cash Credit at '[ICRA]B'
GOODLUCK CARBON: ICRA Assigns '[ICRA] B+' Rating to INR25cr Loans
HINDUJA FOUNDRIES: Delay in Loan Payment Cues ICRA Junk Ratings
JAY POLYPACK: ICRA Assigns 'B-' Rating to INR5.30cr Loans

KALPESH CORP: ICRA Assigns '[ICRA] B+' Rating to INR6cr Loans
KDJ HOSPITALITY: Delays in Loan Payment Cues ICRA Junk Ratings
KOPPAL GREEN: ICRA Cuts Rating on INR7.02cr Loans to 'B+'
MAHARASHTRA SHETKARI: Delays in Debt Payment Cue ICRA 'D' Ratings
RAMESWAR UDYOG: ICRA Assigns 'B+' Rating to INR2cr Cash Credit

RIDHI SIDHI: ICRA Rates INR7.65cr Loan at '[ICRA]B'
SONA BISCUITS: ICRA Assigns 'B+' Rating to INR24.15cr Loans


K O R E A

* 50.5% South Korean Builders Unable to Meet Interest Payments


M Y A N M A R

* MYANMAR: New Japan Government to Waive Some Debt


S I N G A P O R E

ALBA PTE: Creditors' Proofs of Debt Due Feb. 4
MAP BIO-MED: Creditors' Proofs of Debt Due Feb. 5
MAP PLASTICS: Creditors' Proofs of Debt Due Feb. 5


T H A I L A N D

DONG XANH: Ethanol Plan Bankrupt; To Sell Stock for VND10 Million


X X X X X X X X

* BOND PRICING: For the Week Dec. 30, 2012 to Jan. 4, 2013


                            - - - - -


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


KIT DIGITAL AUSTRALIA: In Administration, Cuts 70 Jobs
------------------------------------------------------
Georgia Wilkins at The Sydney Morning Herald reports that Kit
Digital Australia has gone into administration, leaving about 70
workers without jobs.

PPB Advisory administrators Nicholas Martin --
nmartin@ppbadvisory.com ; Marcus Ayres -- mayres@ppbadvisory.com
; and Stephen Longley -- slongley@ppbadvisory.com -- were
appointed to assess the company's finances.

Administrators said the Australian arm was forced to close after
its parent company ran into financial difficulty, according to
The Sydney Morning Herald.  One former local employee told
BusinessDay that most staff had not been paid since November 25,
The Sydney Morning Herald notes.

The report relates that PPB Advisory, which met creditors, said
about 90 workers were initially made redundant, with 15 to 20
jobs saved when contracts were moved to a new entity.  It said
the financial state of the company was being assessed, and would
not reveal how much creditors were owed, the report notes.

Other local subsidiaries, Idaptive and Hyro Digital, have also
been placed in administration.  Kit Digital took over Hyro last
June, the report discloses.

The US parent company said in December it had dismissed Grant
Thornton as the company's independent auditor and was undertaking
a restatement of the company's historical financial statements
for 2009, 2010 and 2011, the report relays.

The international group's clients include Associated Press, AT&T,
BBC, BSkyB, Disney-ABC, Google and News Corp, the report adds.

Kit Digital Australia is a subsidiary of New York-based software
group Kit Digital.


SAAB AUSTRALIA: Shuts Operations as Administrators Called In
------------------------------------------------------------
The Sydney Morning Herald reports that the Australian operations
of carmaker Saab has confirmed it will close its doors following
the bankruptcy of its Swedish owners last month.

Saab Australia has called in Ferrier Hodgson as administrators,
and will close its Port Melbourne office, resulting in six job
losses, the report relates.

SMH says the collapse comes after unsuccessful attempts to sell
Saab Australia to a third party prior to Christmas.

According to the report, Ferrier Hodgson's Stewart McCallum --
stewart.mccallum@fh.com.au -- said there was unlikely to be any
immediate impact on current Saab owners, as workshops will
continue to be supplied with parts for repairs. But it is unclear
what it means for new car warranties and servicing.

"SAAB drivers can be confident their vehicles will be kept on the
road and they should have no problems accessing parts over the
short to medium term," SMH quotes Mr. McCallum as saying.  "With
regard to warranties, we are working with the dealers around
Australia to minimise any potential impact for Saab owners."

SMH relates that Mr. McCallum said the administrators would now
focus on selling remaining vehicles and significant inventory of
parts to interested parties.

The administrators, according to SMH, will work with the
bankruptcy trustees of Saab Australia's parent entity in Sweden
as part of the sale process.

Saab, which began as an aircraft manufacturer in 1937 and was
formerly owned by car giant General Motors, had been struggling
to avoid bankruptcy in recent months, the report discloses.
Negotiations with two Chinese suitors failed to materialize into
a deal, forcing the Swedish carmaker to pull the pin on a two-
year rescue effort in December last year.

              About Saab Automobile AB and Saab Cars N.A.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab halted production in March 2011 when it ran out of
cash to pay its component providers.  On Dec. 19, 2011, Saab
Automobile AB, Saab Automobile Tools AB and Saab Powertain AB
filed for bankruptcy after running out of cash.

Some of Saab's assets were sold to National Electric Vehicle
Sweden AB, a Chinese-Japanese backed start-up that plans to make
an electric car using Saab Automobile's former factory, tools and
designs.

On Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344).  The petitioners,
represented by Wilk Auslander LLP, assert claims totaling
US$1.2 million on account of "unpaid warranty and incentive
reimbursement and related obligations" or "parts and warranty
reimbursement."  Leonard A. Bellavia, Esq., at Bellavia Gentile &
Associates, in New York, signed the Chapter 11 petition on behalf
of the dealers.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Mr. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December
an outside administrator, McTevia & Associates, to run the
company as part of a plan to avoid immediate liquidation
following its parent company's bankruptcy filing.

On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.

Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.

On March 9, 2012, the U.S. Trustee formed an official Committee
of Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.


* AUSTRALIA: November Insolvency Figures Drop
---------------------------------------------
Patrick Stafford at SmartCompany reports that the number of
businesses entering insolvency dropped in November, from both the
previous month and the previous year, although experts warn the
industry is still in a quiet period before the traditional post-
Christmas rise in collapses.

And while the statistics aren't broken down into industries, the
rising number of collapses in Western Australia has prompted
speculation the mining sector may be experiencing more problems.

According to SmartCompany, the latest figures from the Australian
Securities and Investments Commission show 1,357 companies
entered insolvency in November 2012, compared to 1,374 in October
and 1,513 in November of 2011.

But Cliff Sanderson, liquidator at Dissolve, said the numbers are
still generally at an all-time high, the report relays.

"They're down from the previous November, but they're still
bouncing around at that high level. For the past six months
they've been up and down around those higher figures."

SmartCompany adds the 2012 calendar year is shaping up to be one
of the worst on record for insolvencies, with a total of 15,415
businesses entering some form of insolvency.  December statistics
are due to be released in early February, SmartCompany notes.



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


BONDWAY YACHTS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Oct. 15, 2012, to
wind up the operations of Bondway Yachts Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


BRIGHTEX INDUSTRIES: General Meeting Set for Jan. 17
----------------------------------------------------
Creditors and contributories of Brightex Industries Limited will
hold their general meetings on Jan. 17, 2013, at 3:00 p.m., and
3:30 p.m., respectively at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, at 66 Queensway, in Hong
Kong.

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


CHINA PROMISE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Dec. 5, 2012, to
wind up the operations of China Promise Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sau Wai.


CHO AND PARTNERS: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Nov. 27, 2012, to
wind up the operations of Cho and Partners Engineering Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


CITIWIDE ENGINEERING: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order on Aug. 15, 2012, to
wind up the operations of Citiwide Engineering Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


CLARION SHIPPING: Court to Hear Wind-Up Petition on Feb. 6
----------------------------------------------------------
A petition to wind up the operations of Clarion Shipping &
Logistics (Hong Kong) Limited will be heard before the High Court
of Hong Kong on Feb. 6, 2013, at 9:30 a.m.

Ho Ka Yin filed the petition against the company on Dec. 5, 2012.


DAWN GLOVES: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Dec. 19, 2012, to
wind up the operations of Dawn Gloves Manufactory Company
Limited.

The official receiver is Teresa S W Wong.


DELUXE CHAMPION: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on Dec. 11, 2012, to
wind up the operations of Deluxe Champion Development Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


DRAGON CONCEPT: Yeo and Shek Appointed as Liquidators
-----------------------------------------------------
Yeo Boon Ann a.k.a Kenneth Yeo and Wilfred Wu Shek Chun on
Dec. 14, 2012, were appointed as liquidators of Dragon Concept HK
Limited.

The liquidators may be reached at:

          Yeo Boon Ann a.k.a Kenneth Yeo
          Wilfred Wu Shek Chun
          25th Floor, Wing On Centre
          111 Connaught Road
          Central, Hong Kong


EVERHERO LIMITED: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Dec. 17, 2012, to
wind up the operations of Everhero Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


GERMANY SAIMIKONG: Court to Hear Wind-Up Petition on Feb. 6
-----------------------------------------------------------
A petition to wind up the operations of Germany Saimikong Holding
Limited (formerly known as Germany Saimikong Holding Limited)
will be heard before the High Court of Hong Kong on Feb. 6, 2013,
at 9:30 a.m.

Semikron International GmbH filed the petition against the
company on Dec. 3, 2012.

The Petitioner's solicitors are:

          Rouse Legal
          18/F, Golden Centre
          188 Des Voeux Road
          Central, Hong Kong


GOODWAY INDUSTRIAL: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Dec. 6, 2012, to
wind up the operations of Goodway Industrial (HK) Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


HAN YOUNG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Dec. 17, 2012, to
wind up the operations of Han Young Resources Company Limited.

The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.


HONEST PORT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of Honest Port Investment (Holding) Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


HONEST PORT INVESTMENT: Court Enters Wind-Up Order
--------------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of Honest Port Investment Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


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

Robertsons (a firm) filed the petition against the company on
Nov. 13, 2012.

The Petitioner's solicitors are:

          Robertsons
          57th Floor, The Center
          99 Queen's Road
          Central, Hong Kong


LINK SKY: Court to Hear Wind-Up Petition on Feb. 20
---------------------------------------------------
A petition to wind up the operations of Link Sky Investment
Limited will be heard before the High Court of Hong Kong on
Feb. 20, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Dec. 6, 2012.

The Petitioner's solicitors are:

          Arthur K.H. Chan & Co
          Unit C1, 15th Floor
          United Centre
          No. 95 Queensway
          Hong Kong


LUCKY FORD: Contributories and Creditors to Meet on Jan. 17
-----------------------------------------------------------
Creditors and contributories of Lucky Ford Industrial Limited
will hold their first meetings on Jan. 17, 2013, 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.


NICE HARVEST: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of Nice Harvest Investment (Holding) Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


PICOTECH ELECTRONIC: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on Aug. 30, 2012, to
wind up the operations of Picotech Electronic (Hong Kong)
Limited.

The company's liquidators are Wong Sun Keung and Tsui Mei Yuk
Janice.


PROFIT CHEER: Court to Hear Wind-Up Petition on Jan. 16
-------------------------------------------------------
A petition to wind up the operations of Profit Cheer Logistics
(China) Limited will be heard before the High Court of Hong Kong
on Jan. 16, 2013, at 9:30 a.m.

Sung Chun Keung filed the petition against the company on Nov.
13, 2012.

The Petitioner's solicitors are:

          Messrs. Y. C. Chow & Co
          Unit 1608, 16th Floor
          Landmark North
          39 Lung Sum Avenue
          Sheung Shui, New Territories
          Hong Kong



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


ADVENTURA TECHNOLOGIES: ICRA Places 'B' Rating on INR9.20cr Loans
-----------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to the INR3.14
crore1 term loan facilities and the INR6.06 crore proposed term
loan facilities of Adventura Technologies (India) Private
Limited. ICRA has also assigned short-term rating of '[ICRA]A4'
to the INR4.00 crore fund based facilities of ATIPL.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term loan facilities        3.14      [ICRA]B assigned

   Term loan facilities        6.06      [ICRA]B assigned
   (proposed)

   Short-term fund based       4.00      [ICRA]A4 assigned
   facilities

The ratings consider the experience of promoter in the
Intellectual Property (IP) core software business for more than a
decade and the parentage of Arasan Chip Systems Inc. - United
States of America (US). The ratings also takes into account
ARASAN's technical expertise in developing software for removable
mobile storage and embedded storage, relationships with renowned
clientele like Intel, Samsung, and Apple among others which helps
in reducing order volatility and the healthy demand for mobile
storage IPs aided by fast growing mobile markets.

The ratings are, however, constrained by weak financial profile
characterized by stretched capitalization, weak coverage
indicators and high working capital intensity (due to elongated
operating cycle) and competitive nature of the industry
restricting pricing power. Going forward, the capital structure
is expected to be further stretched due to significant debt
funded capital expenditure expected in this fiscal and the net
margins are expected to remain thin on account of the interest
expenses associated with the same. The Company has a small scale
of operations restricting scale economies.

ATIPL, incorporated in June 2010 by Mr. Elavarasan Kathiresan, is
engaged in developing reusable IP core software for mobile
storage and connectivity applications, which serves system
architects and chip design teams in mobile, gaming and desktop
computing systems. The IP core software has the ability to
integrate digital, analog and software components. The Company
started operations in July 2010 with offices in Tuticorin (Tamil
Nadu) and Bangalore. The Company acts as research and development
arm for ARASAN and currently ATIPL executes orders exclusively
for ARASAN.

Recent Results

The Company reported net profit of INR0.5 crore on an operating
income of INR11.0 crore during 2011-12 (according to unaudited
results) as against net profit of INR0.2 crore on an operating
income of INR5.3 crore during nine months ended March 31, 2011.


DEV COAL: ICRA Rates INR5cr Cash Credit at '[ICRA]B'
----------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR5.00 crore1
cash-credit facility of Dev Coal Corporation.

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

The assigned rating is constrained by DCC's start up nature of
operations; high competition and low value added nature of the
trading business which is likely to result in thin profitability
margins. The rating is further constrained by vulnerability of
firm's profitability to adverse fluctuations in coal prices which
may not be passed on to the customers adequately. ICRA also notes
that DCC is a partnership firm and any significant withdrawals
from the capital account could adversely impact its already
modest net worth and thereby the capital structure. The rating,
however, favorably considers the experience of the partners in
the trading and distribution of coal; and favorable demand
outlook driven by increasing demand for coal in the domestic
market.

Incorporated in 2011, Dev Coal Corporation (DCC) is engaged in to
trading and grading of imported Indonesian coal. The warehouse of
DCC is located at Morbi, Gujarat with storage capacity of 4000
MT. DCC procures coal from import agents and other companies from
Mundra and Kandla Port and supplies coal to various industries
based in Gujarat and Rajasthan. DCC reported an operating income
of INR2.35 crore and PAT of INR0.14 lakhs in FY 2012.


GOODLUCK CARBON: ICRA Assigns '[ICRA] B+' Rating to INR25cr Loans
-----------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' to the
INR10.00 crore1 fund-based cash credit limits, INR15.00 crore
term loans and INR10.0 crore unallocated limits of Goodluck
Carbon Pvt. Ltd.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund Based Limits-          10.00     [ICRA]B+ assigned
   Cash Credit

   Fund Based Limits-           5.00     [ICRA]B+ assigned
   Term Loans1

   Unallocated                 10.00     [ICRA]B+ assigned

The assigned rating favorably factors in experience of the
promoters in carbon black trading and successful completion of
carbon black production plant modernization & capacity expansion
(from 15,000 MT to 18,000 MT) in Sept'12 of one of the two units
acquired from Ralson Carbon Black (subsidiary of Ralson India
Limited) in April'12. Cost benefits accruing from installation of
new machines and processes are expected to improve profit margins
going forward. The assigned rating also considers captive power
generation plant which uses waste gases from carbon black
manufacturing and helps reduce power costs as well as production
of carbon black as per American Society for Testing and Materials
(ASTM) standards which has helped company gain acceptability by
its customers.

The rating is, however, constrained by nascent stage of
operations of the unit after recent modernization and expansion
with ramp up of the second unit (10,000 MT) still pending. The
rating also considers the leveraged capital structure on account
of long term debt raised for the purpose of acquisition as well
as high working capital related borrowings resulting from funds
getting tied up in receivables and inventory. Limited or no
credit period extended by suppliers also increases the cash flow
requirements making company heavily reliant on external funding.

Going forward, GCPL's ability to generate higher profit margins
supported by recent modernization of production unit and
improvement in working capital intensity will remain key rating
sensitivities in addition to the impact of prospective capital
expenditure relating to expansion of power generation capacity
and second production unit on the capital structure of the
company.

M/s Goodluck Carbon Pvt. Ltd. is engaged in the manufacturing of
carbon black which is used as reinforcing agent in rubber and
other industries. The company was initially engaged in trading of
carbon black and diversified into carbon black production in
February 2011 after it took on lease the production plant
(located in Jitwal Kalan. Distt: Sangrur, Punjab) of Ralson India
Limited (RIL). This plant was subsequently acquired in Mar/April
2012. At the time of acquisition, plant comprised 2 manufacturing
units of total 25,000 TPA capacity. During the H1 FY13, company
successfully modernized and expanded the production capacity of
one unit from 15,000 MT to 18,000 MT and is currently undertaking
production at this unit. The second 10,000 TPA unit continues to
be idle at present with modernization expected in the medium
term.

Recent Results

For the 6-month period ending Sept'12, Goodluck Carbon Private
Limited has reported a profit after tax of INR0.22 crore on an
operating income of INR32.28 core (as per provisional
statements).


HINDUJA FOUNDRIES: Delay in Loan Payment Cues ICRA Junk Ratings
---------------------------------------------------------------
ICRA has revised the rating outstanding on the INR185.00 crore
term loans, USD 13.33 million external commercial borrowings and
the INR150.00 crore long term fund based facilities of Hinduja
Foundries Limited to '[ICRA]D' from '[ICRA]B+' and simultaneously
reassigned to '[ICRA]B'.  ICRA has also revised the rating
outstanding on the INR10.00 crore short term fund based
facilities (sub limit), the INR38.30 crore short term non-fund
based facilities and the INR12.10 crore short term non fund based
facilities (sub limit) of the company to '[ICRA]D' from
'[ICRA]A4' and simultaneously reassigned to '[ICRA]A4'.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term loan                   185.00    Revised to [ICRA]D from
                                         [ICRA]B+ and
                                         Simultaneously
                                         reassigned to [ICRA]B

   External commercial         USD13.33  Revised to [ICRA]D from
   borrowing                   million   [ICRA]B+ and
                                         simultaneously
                                         reassigned  to [ICRA]B

   Long term fund based        150.00    Revised to [ICRA]D from
   facilities                            [ICRA]B+ and
                                         simultaneously
                                         reassigned to [ICRA]B

   Short term fund based        10.00    Revised to [ICRA]D from
   facilities-sub limit                  [ICRA]A4 and
                                         simultaneously
                                         reassigned to [ICRA]A4

   Short term non-fund          38.30    Revised to [ICRA]D from
   based facilities                      [ICRA]A4 and
                                         simultaneously
                                         reassigned  to [ICRA]A4

   Short term non-fund          12.10    Revised to [ICRA]D from
   based facilities-sub                  [ICRA]A4 and
   limit                                 simultaneously
                                         reassigned to [ICRA]A4

The company had delayed in servicing its debt obligations in
September 2011, subsequent to which, it has been regularized.
According to the information shared by the management, the delay
was on a single installment and the same was corrected within a
short period.

The revised ratings consider the deterioration in HFL's financial
profile marked by sizeable losses during the eighteen month
period (April 2011 to September 2012), leading to substantial
erosion of net worth, weak capitalization / coverage indicators
and tight liquidity position. For the said period, the company
incurred a net loss of INR291.3 crore resulting from a
combination of higher costs and inadequate compensation in
realizations; the higher costs were on account of several factors
including rising input costs, an inventory write-off of INR82.95
crore, increase in power costs, higher rejection rates, writing-
off of bad debt to the tune of INR15.2 crore, one time payout of
compensation towards voluntary retirement scheme / wage arrears
settlement and surge in interest expenses.

HFL is considering reporting to the Board for Industrial and
Financial Reconstruction (BIFR) owing to erosion of more than
fifty percent of peak net worth during the immediately preceding
four financial years and ICRA expects the debt indicators and
liquidity position to remain stretched in the near to medium term
although alternative funding plans in the form of preference
capital from the promoters should provide some relief.

The ratings, however, take into account the strong background of
the promoters (Hinduja Group, including Ashok Leyland Limited,
the financial support extended / proposed to be extended by
promoters to the company and HFL's established relationships with
automobile manufacturers.


JAY POLYPACK: ICRA Assigns 'B-' Rating to INR5.30cr Loans
---------------------------------------------------------
The rating of '[ICRA]B-' has been assigned to the INR3.80 crore
term loans and the INR1.50 crore cash credit facility of Jay
Polypack Private Limited.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term Loan                   3.80      [ICRA]B- assigned
   Cash Credit facility        1.50      [ICRA]B- assigned

The assigned rating is constrained by the start up nature of the
company; its small envisaged scale of operations; and the high
competitive intensity in the PET bottles manufacturing business
which is expected to keep margins under pressure especially for a
new entrant. ICRA also notes that the company's term loan
repayments have started from October 2012 while the project is
yet to be commissioned. Accordingly the debt servicing capability
of the company remains crucially dependent on the promoters
continued and timely funding support. Further, having regard to
the gestation period associated with stabilization of operations
and moderate debt servicing burden, the company's financial
profile is expected to remain constrained over the medium term.

The assigned rating however favorably takes into account the past
experience and network of JPPL's promoters in the bottle
manufacturing business; substantial progress achieved in project
execution and the company's limited reliance on external debt for
project funding. Further, the rating also derives comfort from
the favorable growth outlook for PET and HDPE packaging products
in the domestic market.

Incorporated in December 2011, Jay Polypack Private Limited
proposes to manufacture HDPE and PET bottles. The company's unit
is located at GIDC-Manjusar, Dist Vadodara in Gujarat and will
have an installed capacity of -16.5 million bottles per annum
(-640 MT per annum).  The promoter group of JPPL is also engaged
in business of agro chemical manufacturing (like insecticides,
fungicides, herbicides, growth promoters etc) through an
associate concern - Jay Agro Industries.


KALPESH CORP: ICRA Assigns '[ICRA] B+' Rating to INR6cr Loans
-------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR1.50 crore
term loan and INR4.50 Crore1 fund based long-term facility of
Kalpesh Corporation.  The rating of '[ICRA]A4' has also been
assigned to the INR7.50 crore short-term fund based facilities of
KC.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Cash Credit                 3.00      [ICRA]B+ assigned
   Term Loan                   1.50      [ICRA]B+ assigned
   Stand by Limit              1.50      [ICRA]B+ assigned
   Export Packing Credit       7.50      [ICRA]A4 assigned

The ratings are constrained by the modest scale of the firm's
operations; vulnerability of profitability to fluctuations in the
raw material prices on account of agro-climatic risks associated
with psyllium seed production and the weak financial risk
profile, as characterised by low profitability, adverse capital
structure and modest coverage indicators. The ratings also
reflect the vulnerability of its profitability to foreign
currency fluctuations and any change in government policy leading
to a partial/complete withdrawal of various export incentives for
sale of psyllium husk. ICRA also notes that KC is a partnership
firm and any significant withdrawals from the capital account
could adversely impact its net worth and thereby the capital
structure. However, the ratings favorably factor in the
established track record of the firm in the manufacture and
export of psyllium husk; low demand risk for psyllium husks;
established relations with international customers and location
advantage arising from proximity to ports and raw material
sources.

Kalpesh Corporation was established in 1992 and the firm is
primarily engaged in the processing of psyllium husk (Isabgol
husks) powder from agriculture product called psyllium seeds or
isabgol seeds. The firm is currently managed by Mr. Rameshchandra
Nayak and Mr. Ashvin Nayak. The processing plant is located at
Unjha, Gujarat and has a capacity to process 5000 metric tonnes
per annum (MTPA) of seeds.

Recent Results

During FY2012, KC reported an operating income of INR42.69 crore
(as against INR29.71 crore during FY 2011) and profit after tax
of INR0.51 crore (as against INR0.32 crore during FY 2011).


KDJ HOSPITALITY: Delays in Loan Payment Cues ICRA Junk Ratings
--------------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the Rs10.00 crore1 long
term fund based credit facilities of KDJ Hospitality Private
Limited.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term Loan                  10.00      [ICRA]D assigned

The rating reflects current delays in debt servicing by the
company due to low cash accruals and tight liquidity condition.
The financial profile of the company is characterised by
leveraged capital structure and inadequate debt coverage
indicators. The company currently has a small scale of operations
and the non strategic location of the resort coupled with its
relatively recent launch and change in the managing and marketing
partner have impacted the occupancy levels at the DesertScape
Resort.

ICRA however takes note of the advantages which the resort could
derive from the centralized reservation and marketing of hotel
operator; as the company has recently tied up with hotel operator
Concept Hospitality Pvt Ltd and the potential revenue stream for
the company from providing banquet services as the resort is
located in the residential township (Prescon City).

KDJ Hospitality Private Limited is a part of the KDJ group.
Mr. Kedia is the promoter of the KDJ Group (erstwhile Prescon
Group) having active business interest in real estate; the second
promoter Mr. Vinod Deora has interest in textiles while the third
promoter Mr. Diesh Jalan has business interest in real
estate/construction. The resort is a part of the township
'Prescon City' being developed by the KDJ Group (erstwhile
Prescon Group) in Jodhpur.

Recent Results

As per the provisional results for FY 2012, KDJ reported a net
profit of INR0 crore on an operating income of INR1.53 crores as
compared to a net profit of INR0 crore on an operating income of
INR0.03 crores in FY 2011.


KOPPAL GREEN: ICRA Cuts Rating on INR7.02cr Loans to 'B+'
---------------------------------------------------------
ICRA has revised the long term rating assigned to INR7.02 crore
bank facilities of Koppal Green Power Limited to '[ICRA]B+' from
'[ICRA]BB'.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term loans                   1.00     Revised from
                                         [ICRA]BB(Stable) to
                                         [ICRA]B+

    Cash Credit                 5.00     Revised from
                                         [ICRA]BB(Stable) to
                                         [ICRA]B+

    Non Fund based Limits       1.02     Revised from
                                         [ICRA]BB(Stable) to
                                         [ICRA]B+

The rating revision takes into account the dip in the Plant Load
Factor (PLF) in the current year due to shut down of the plant
for more than two months because of significant increase in the
landing cost of raw material, and high vulnerability of profit
margins to hike in fuel prices given the fixed tariff structure
with GESCOM (Gulbarga Electricity Supply Company Limited) for the
next nine years. The rating is constrained by the fact that the
plant's operational parameters such as fuel consumption,
Operation and Maintenance (O&M) and interest costs have remained
higher compared to KERC (Karnataka Electricity Regulatory
Commission)'s operating norms thereby resulting in marginal
profits (post depreciation) due to the decline in PLF in last six
months. However, ICRA's rating favorably factors in the low
demand risk on account of the PPA with GESCOM which allows it to
supply 100 per cent of its exportable licensed capacity to the
state grid, improved receivables collection performance from
GESCOM following favorable KERC tribunal judgment and commitment
of the promoters in the business which is demonstrated in their
involvement in day-to-day operations. ICRA also derives comfort
from the company's initiatives towards lowering fuel cost, like
the recently constructed closed shed for fuel storage, backward
integration into a rice mill through a group company to ensure
fuel security up to 15% of KGPL's fuel requirements.

Koppal Green Power Limited is a closely held Limited Company
incorporated in 2000. The company operates a 6MW Biomass power
plant located in Koppal district of Karnataka. The fuel used is
primarily rice husk. Commissioned on January 7, 2005, the plant
has an export potential of about 5.4 MW. The power generated by
this plant is sold entirely to GESCOM under a ten-year Power
Purchase Agreement (PPA). KGPL signed a PPA with KPTCL in 2001
for a period of ten years with a provision to extend for another
ten years. This PPA was subsequently assigned to GESCOM vide
Electricity Act 2003. The first ten years tenure of the PPA
expired on March 31, 2011. The PPA has been extended subsequently
for another 10 years till March 29, 2020 during which KGPL will
be paid a fixed tariff of INR4.35 per unit without any
escalation.

Recent Results

In FY2012, KGPL has reported an operating income of INR15.96
crore at an operating profit of INR3.36 crore and net profit of
INR0.44 crore.


MAHARASHTRA SHETKARI: Delays in Debt Payment Cue ICRA 'D' Ratings
-----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR139.50
crore1 term loan facilities and INR10.50 crore cash credit
facilities of Maharashtra Shetkari Sugar Limited to '[ICRA]D'
from '[ICRA]BB-'.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Term loans                 139.50     [ICRA]D revised from
                                         [ICRA]BB- (Stable)

   Cash Credit                 10.50     [ICRA]D revised from
                                         [ICRA]BB- (Stable)

The revision reflects recent delays in debt servicing by the
company. The financial position of the company was impacted due
to delays in commencement of cane crushing on account of issues
related to project commissioning. The company also experienced
cost overruns resulting in stretched liquidity position.

Incorporated in 2007, MSSL has set up a 3500 TCD sugar plant
forward fully integrated with co-generation unit of 20 MW and
distillery unit of 30 KLPD. The plant is located in Parbhani
District in Maharashtra. The commercial operations were expected
to start in SY 2011-12; however there were some delays in project
implementation. The company has started cane crushing in December
2012 as per the management.


RAMESWAR UDYOG: ICRA Assigns 'B+' Rating to INR2cr Cash Credit
--------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR2.00 crore cash
credit facility (sub limit of FDBP/FUDBP) of Rameswar Udyog
Private Limited. ICRA has also assigned an '[ICRA]A4' rating to
the INR10.00 crore short term fund based facilities of RUPL.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Cash Credit               (2.00)      [ICRA]B+ assigned

   Foreign Discount Bill      10.00      [ICRA]A4 assigned
   Purchase/ Foreign Usance
   Discount Bill Purchase
   (FDBP/FUDBP)

   Export Packing Credit     (4.50)      [ICRA]A4 assigned

The ratings are constrained by the company's weak financial
position characterized by low profitability and a highly
leveraged capital structure due to the high working capital
requirement inherent in the business. The ratings also
incorporate the risks arising from a concentrated clientele and
susceptibility of profitability to the currency fluctuation risk
due to export dominated sales profile; however the same is
mitigated to the extent of hedging undertaken by the company.
ICRA notes that the demand of company's product is linked to the
overall economic scenario, though legal bindings and increasing
attitude towards safety result in marginal stability of demand.

The ratings have positively considered the experience and long
standing presence of the Nowrangroy Rameswar Group in varied
businesses, locational advantages resulting in ease of procuring
grey cloth and proximity to processing facilities and improvement
in profitability in H1FY13 with increasing focus towards high
margin product i.e. industrial garments.

Incorporated in 1996, Rameswar Udyog Pvt. Ltd. is a group company
of Nowrangroy Rameswar Group. NRG was formed by Late Mr. Rameswar
Ajitsaria in 1920 and is engaged in aluminium trading, flour
milling and export of textiles products. RUPL is engaged in
manufacturing and export of industrial garments. Apart from this
it also manufactures bed sheets. RUPL has its manufacturing
facility located in Ahmedabad with the registered office at
Kolkata.

Recent Results

During H1FY13, RUPL reported an operating income of INR6.67 crore
and profit before tax of INR0.92 crore (provisional unaudited
figures) as against operating income of INR35.49 Cr. and profit
after tax of INR0.16 Cr. during FY12.


RIDHI SIDHI: ICRA Rates INR7.65cr Loan at '[ICRA]B'
---------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR7.65
crore1 fund based facilities of Ridhi Sidhi Overseas.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund based facilities       7.65      [ICRA]B

The rating is constrained by RSO's limited track record of the
promoters in rice milling business, weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. The rating also takes
into account high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy
in adverse weather conditions. The rating however, favorably
takes into account proximity of the mill to major rice growing
area which results in easy availability of paddy and demand
prospects of rice that is expected to remain good as rice is a
staple food grain and the position of India is world's second
largest producer and consumer of rice.

Ridhi Sidhi Overseas is a partnership firm, was set up in August
2010. RSO is engaged in processing and export of basmati rice to
countries in the Middle East, It has a plant at Kaithal (Haryana)
which has a milling capacity of 5 tonnes per hour and a sortex
machinery with a capacity of 5 ton/hr. The by-products of basmati
rice viz husk, rice bran and 'phak' are sold in the domestic
market.

Recent Results

During the financial year 2011-12, the firm reported a profit
after tax (PAT) of INR0.05 crore on an operating income of
INR31.13 crore.


SONA BISCUITS: ICRA Assigns 'B+' Rating to INR24.15cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR23.35 crore fund based bank facilities and INR0.80 crore non
fund based bank facilities of Sona Biscuits Limited.

                              Amount
   Facilities                (INR Cr)    Ratings
   ----------                --------    -------
   Fund Based-Term Loan        15.00     [ICRA]B+ assigned
   Fund Based-Cash Credit       8.35     [ICRA]B+ assigned
   Non Fund Based-BG/LC         0.80     [ICRA]B+ assigned

The rating takes into account SBL's unfavorable financial profile
as reflected by low profitability and return indicators,
aggressive capital structure and weak debt coverage indicators,
its significant capital expenditure (capex) plans over the short
to medium term, which is likely to keep the capital structure
unfavorable and exert pressure on the liquidity position of the
company. Moreover, the absence of financial closure exposes the
company to funding risks. The rating also takes into
consideration high sensitivity of SBL's profitability to
fluctuations in raw material prices and intense competition from
existing unorganized and established players, which is likely to
keep margins under check. The rating, however, favorably factors
in SBL's longstanding market presence in the biscuit industry,
particularly in Eastern India, and the established brand and
distribution network, which coupled with the planned foray into
new geographies and favorable demand outlook for the biscuit
industry are likely to support the revenue growth of the company.
ICRA notes that SBL has recently launched its own brand 'SOBISK'
in the US, which is likely to further support the revenue growth
of the company. However, success of the same is yet to be seen.
In ICRA's opinion, the ability of the company to improve its
capital structure and grow without compromising on profitability
would be the key rating sensitivities going forward.

Sona Biscuits Limited was established in the year 1988 by Shri
Kailash Chand Agarwal.SBL has a biscuit manufacturing unit in
Dankuni, West Bengal, with an installed production capacity of
9500 MTPA. SBL had commissioned another unit at Hajipur, Bihar in
July 2011, which has an installed capacity of 15000 MTPA. SBL
sells biscuits under the brand "SOBISCO."

Recent Results

SBL reported an operating income (OI) of INR54.91 crore and a net
loss of INR0.17 crore during FY12 as compared to an OI of
INR33.18 crore and a PAT of INR0.26 crore during FY11.



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


* 50.5% South Korean Builders Unable to Meet Interest Payments
--------------------------------------------------------------
Yonhap News reports that half of South Korea's listed
construction companies were unable to meet interest payments with
their operating profit last year as a sluggish domestic market
hurt their earnings, data showed Monday.

The news agency relates that the Construction Association of
Korea (CAK) said 50.5% of 111 local builders could not cover
interest payments with their operating profit in the third
quarter of last year, citing an analysis of their financial
statements.



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


* MYANMAR: New Japan Government to Waive Some Debt
--------------------------------------------------
Mitsuru Obe at The Wall Street Journal reports that Japan's new
government has moved swiftly to engage Myanmar as it looks to the
long-isolated Southeast Asian nation as a potential market for
Japanese goods, confirming it will start waiving some debt claims
on Myanmar although it stopped short of committing to a major
development project in the south of the country.

The Journal relates that Finance Minister Taro Aso, appointed in
December, chose Myanmar for his initial overseas trip - the first
by a member of Japan's cabinet of Prime Minister Shinzo Abe - as
Tokyo seeks generally to bolster ties with emerging economies in
Asia, meeting Jan. 3 with Myanmar's President Thein Sein.

Myanmar for more than two decades shut itself off from the
international community, having been condemned for cracking down
on pro-democracy movements in 1988. But the former military
regime handed power in 2011 to a quasicivilian government that
has embarked on a series of overhauls and encouraged foreign
investment, the Journal says.

According to the news agency, Japan has been taking the lead on
Myanmar's debt relief, putting the issue on the frontline of the
annual International Monetary Fund meeting that Tokyo hosted in
October, in an effort to facilitate the entry of Japanese
businesses to the resource-rich country with cheap labor. Japan
is also trying to regain the influence it lost during Myanmar's
quarter-century isolation under its military dictatorship, where
China's presence looms, the report notes.

The Journal says Mr. Aso confirmed Thursday that Japan will as an
initial step waive about a quarter of its debt claims on Myanmar
this month and will extend JPY50 billion ($573 million) of new
loans to the country.  Japan is the largest creditor of Myanmar,
with $6 billion currently in arrears.  Japan will eventually
forgive more than half that debt, lending to the country afresh
to finance development projects, the Journal relays.

"Myanmar has been unable to make new investments because it is
bound to the old debts. The debt waiver is meant to remove this
obstacle to Myanmar's economic growth," the Journal quotes
Mr. Aso as saying.



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


ALBA PTE: Creditors' Proofs of Debt Due Feb. 4
----------------------------------------------
Creditors of Alba Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 4,
2013, to be included in the company's dividend distribution.

The company's liquidator is:

          Lee Kay Beng
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


MAP BIO-MED: Creditors' Proofs of Debt Due Feb. 5
-------------------------------------------------
Creditors of Map Bio-Med Technology Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 5, 2013, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Steven Tan Chee Chuan
          Douglas Tan Kay Yeow
          25 International Business Park
          #04-22/26 German Centre
          Singapore 609916


MAP PLASTICS: Creditors' Proofs of Debt Due Feb. 5
--------------------------------------------------
Creditors of Map Plastics Holdings Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 5, 2013, to be included in the company's dividend
distribution.

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

The company's liquidators are:

          Steven Tan Chee Chuan
          Douglas Tan Kay Yeow
          25 International Business Park
          #04-22/26 German Centre
          Singapore 609916



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


DONG XANH: Ethanol Plan Bankrupt; To Sell Stock for VND10 Million
-----------------------------------------------------------------
agra-net.com reports that the Dong Xanh ethanol plant, which
started operations in September 2009, is bankrupt, Luu Quang
Thai, chairman of the company, recently confirmed.

According to agra-net.com, Mr. Thai said the company owes the
Bank for Investment and Development of Vietnam (BIDV) a total of
VND540 billion ($26 mln), Techcombank VND120 billion ($5.76 mln),
residents VND20 billion and workers VND7 billion in back salaries
and insurance fees.

SeeNews, citing SGGP, relates that Mr. Thai said he will make
efforts to clear the liabilities of its Dai Tan ethanol plant.

SeeNews relates that the newspaper cited chairman Luu Quang Thai
as saying on January 2 that all debts would be cleared when the
21 creditors decide on the method for paying the liabilities
which include material, food, loading and unloading expenditure.

Although Dai Tan's ethanol stock has been mortgaged to
Techcombank, SeeNews notes the company will try to sell half of
it to get VND10 billion.  Some VND3 billion will go for employees
remuneration and the remaining VND7 billion will be used to pay
some of the plant's debt, according to SeeNews.

Dong Xanh will soon search financial support from the People's
Committee in Vietnam's Quang Nam Province to clear the debt of
the Dai Tan plant, which has an annual capacity of 125 million
litres (33 million gallons), produced from 300,000 tonnes of
cassava, SeeNews adds.



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


* BOND PRICING: For the Week Dec. 30, 2012 to Jan. 4, 2013
----------------------------------------------------------

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

  AUSTRALIA
  ---------

COM BK AUSTRALIA        1.50    04/19/22   AUD      70.32
EXPORT FIN & INS        0.50    06/15/20   NZD      73.29
MIDWEST VANADIUM       11.50    02/15/18   USD      58.91
MIDWEST VANADIUM       11.50    02/15/18   USD      59.00
MIRABELA NICKEL         8.75    04/15/18   USD      75.00
MIRABELA NICKEL         8.75    04/15/18   USD      72.38
NEW S WALES TREA        0.50    09/14/22   AUD      68.47
NEW S WALES TREA        0.50    10/07/22   AUD      68.28
NEW S WALES TREA        0.50    10/28/22   AUD      68.11
NEW S WALES TREA        0.50    11/18/22   AUD      68.78
NEW S WALES TREA        0.50    12/16/22   AUD      68.57
NEW S WALES TREA        0.50    02/02/23   AUD      68.21
NEW S WALES TREA        0.50    03/30/23   AUD      67.80
TREAS CORP VICT         0.50    08/25/22   AUD      68.86
TREAS CORP VICT         0.50    03/03/23   AUD      68.58
TREAS CORP VICT         0.50    11/12/30   AUD      50.59


CHINA
-----

CHINA GOVT BOND         4.86    08/10/14   CNY     104.19
CHINA GOVT BOND         1.64    12/15/33   CNY      68.45


INDIA
-----

AKSH OPTIFIBRE          1.00    02/05/13   USD      67.56
JCT LTD                 2.50    04/08/11   USD      20.00
JSL STAINLESS LT        0.50    12/24/19   USD      66.63
MASCON GLOBAL LT        2.00    12/28/12   USD      10.00
PRAKASH IND LTD         5.63    10/17/14   USD      68.51
PRAKASH IND LTD         5.25    04/30/15   USD      66.51
PYRAMID SAIMIRA         1.75    07/04/12   USD       1.00
REI AGRO                5.50    11/13/14   USD      68.33
REI AGRO                5.50    11/13/14   USD      68.33
SHIV-VANI OIL           5.00    08/17/15   USD      50.04
SUZLON ENERGY LT        5.00    04/13/16   USD      42.43



JAPAN
-----

EBARA CORP              1.30    09/30/13   JPY     100.09
ELPIDA MEMORY           2.03    03/22/12   JPY      14.50
ELPIDA MEMORY           2.10    11/29/12   JPY      14.50
ELPIDA MEMORY           2.29    12/07/12   JPY      14.50
ELPIDA MEMORY           0.50    10/26/15   JPY      14.00
ELPIDA MEMORY           0.70    08/01/16   JPY      15.13
JPN EXP HLD/DEBT        0.50    09/17/38   JPY      63.19
JPN EXP HLD/DEBT        0.50    03/18/39   JPY      63.05
KADOKAWA HLDGS          1.00    12/18/14   JPY     105.64
SHARP CORP              1.42    03/19/14   JPY      54.13
SHARP CORP              0.85    09/16/14   JPY      51.63
SHARP CORP              1.14    09/16/16   JPY      44.25
SHARP CORP              2.07    03/19/19   JPY      41.25
SHARP CORP              1.60    09/13/19   JPY      41.13
SOFTBANK CORP           1.50    03/31/13   JPY     150.34
TOKYO ELEC POWER        2.35    09/29/28   JPY      67.88
TOKYO ELEC POWER        2.40    11/28/28   JPY      69.13
TOKYO ELEC POWER        2.21    02/27/29   JPY      67.88
TOKYO ELEC POWER        2.11    12/10/29   JPY      66.25
TOKYO ELEC POWER        1.96    07/29/30   JPY      64.63
TOKYO ELEC POWER        2.37    05/28/40   JPY      62.00


MALAYSIA
--------

DUTALAND BHD            7.00    04/11/13   MYR       0.69


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

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


SINGAPORE
---------

BAKRIE TELECOM         11.50    05/07/15   USD      58.00
BAKRIE TELECOM         11.50    05/07/15   USD      57.90
BLD INVESTMENT          8.63    03/23/15   USD      60.77
BLUE OCEAN             11.00    06/28/12   USD      37.75
BLUE OCEAN             11.00    06/28/12   USD      39.16
CAPITAMALLS ASIA        2.15    01/21/14   SGD      99.62
CAPITAMALLS ASIA        3.80    01/12/22   SGD     100.42
DAVOMAS INTL FIN       11.00    12/08/14   USD      28.63
DAVOMAS INTL FIN       11.00    12/08/14   USD      28.63
F&N TREASURY PTE        2.48    03/28/16   SGD     100.22


KOREA
-----

CN 1ST ABS              8.00    02/27/15   KRW      33.15
CN 1ST ABS              8.30    11/27/15   KRW      34.48
EXP-IMP BK KOREA        0.50    08/10/16   BRL      71.94
EXP-IMP BK KOREA        0.50    09/28/16   BRL      71.41
EXP-IMP BK KOREA        0.50    10/27/16   BRL      70.90
EXP-IMP BK KOREA        0.50    11/28/16   BRL      70.34
EXP-IMP BK KOREA        0.50    12/22/16   BRL      70.17
EXP-IMP BK KOREA        0.50    10/23/17   TRY      71.54
EXP-IMP BK KOREA        0.50    11/21/17   BRL      64.77
EXP-IMP BK KOREA        0.50    12/22/17   BRL      64.04
EXP-IMP BK KOREA        0.50    12/22/17   TRY      70.78
GREAT KO 3RD ABS       10.00    12/29/14   KRW      30.66
GYEONGGI MUTUAL         8.50    08/29/14   KRW      86.23
HYUNDAI SWISS BK        8.50    10/02/13   KRW      93.69
HYUNDAI SWISS BK        8.50    07/15/14   KRW      87.81
HYUNDAI SWISS BK        7.90    07/23/15   KRW      77.37
KIBO GRE 1ST ABS       10.00    01/25/15   KRW      30.54
SINBO 4TH ABS           8.00    08/18/14   KRW      30.14
SINBO 7TH ABS           8.00    09/22/14   KRW      29.90
SINBO CO 3RD ABS       10.00    09/29/14   KRW      30.66


SRI LANKA
---------

SRI LANKA GOVT          5.80    01/15/17   LKR      71.73
SRI LANKA GOVT          5.80    07/15/17   LKR      71.08
SRI LANKA GOVT          7.50    08/15/18   LKR      73.21
SRI LANKA GOVT          5.65    01/15/19   LKR      64.14
SRI LANKA GOVT          8.50    05/01/19   LKR      75.29
SRI LANKA GOVT          8.00    11/01/19   LKR      71.88
SRI LANKA GOVT          8.00    06/01/20   LKR      69.83
SRI LANKA GOVT          6.20    08/01/20   LKR      61.47
SRI LANKA GOVT          8.00    01/01/22   LKR      66.23
SRI LANKA GOVT          7.00    10/01/23   LKR      59.31
SRI LANKA GOVT          5.35    03/01/26   LKR      45.33
SRI LANKA GOVT          8.00    01/01/32   LKR      56.75


THAILAND
--------

BANGKOK LAND            4.50    10/13/03   USD       5.50



                             *********

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

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

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


                            *********


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., 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 2013.  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$775 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 215-945-7000 or Nina Novak at 202-241-8200.



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