TCRAP_Public/130122.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 22, 2013, Vol. 16, No. 15


                            Headlines


A U S T R A L I A

HASTIE GROUP: Directors, Auditors 'May Have Breached Duties'
NINE ENTERTAINMENT: Creditors OK AUD3.4BB Recapitalization Plan
WICKHAM SECURITIES: Placed in Administration; Owes AUD29 Million


C H I N A

COMPUTER GRAPHICS: Clement C. W. Chan Raises Going Concern Doubt
UTSTARCOM HOLDINGS: Himanshu Shah Hikes Equity Stake to 17.7%


H O N G  K O N G

ACER (CHINA): Court to Hear Wind-Up Petition on March 6
BEST CENTURY: Placed Under Voluntary Wind-Up Proceedings
C & D COLOR: Court Enters Wind-Up Order
CHARMLINE INTERNATIONAL: Court Enters Wind-Up Order
CHINA MEDICAL: Court to Hear Wind-Up Petition on Feb. 6

DISON CORPORATION: Court to Hear Wind-Up Petition on Feb. 6
DINKIND KNITTING: Court Enters Wind-Up Order
DRAGONTEX HOLDINGS: Creditors' Proofs of Debt Due Feb. 8
DRAGON CONCEPT: Court to Hear Wind-Up Petition on Jan. 30
ECM CHINA: Court Enters Wind-Up Order

FENN WRIGHT: Court Enters Wind-Up Order
HAINA MARINE: Court Enters Wind-Up Order
HOLD TIMING: Court Enters Wind-Up Order
INCORPORATED OWNERS: First Meeting Set for Feb. 5
PEVONIA ASIA: Court to Hear Wind-Up Petition on Jan. 23


I N D I A

ANNPOORNA OVERSEAS: ICRA Rates INR13cr Fund-Based Loans 'B+'
BAJAJ CARPET: Delays in Loan Payment Cues ICRA Junk Ratings
DEEPA ENGINEERS: CRISIL Rates INR30MM Cash Credit at 'B'
HORIZON INFRA: Delay in Loan Payment Cues CRISIL Junk Ratings
K.K. AUTOMOTIVE: ICRA Assigns 'B+' Rating to INR6cr Loans

LAKSHMY JEWELLERY: CRISIL Assigns 'BB' Rating to INR65MM Loan
SILVER FAB: ICRA Revises Rating on INR9.48cr LT Loans
SREE SHANTHOSH: ICRA Reaffirms 'B+' Rating on INR0.34cr Loan
SRI ANNAI: CRISIL Cuts Rating on INR50MM Loan to 'BB-'
SRI NACHAMMAI: CRISIL Cuts Rating on INR360.8MM Loans to 'B-'


J A P A N

ELPIDA MEMORY: Wants DIP Loan Extended Until Feb. 15 on Interim
ELPIDA MEMORY: Bondholders Fail to Prove Collusion Claims


K O R E A

WOONGJIN GROUP: Chairman to Help Firm Get Back on its Feet


N E W  Z E A L A N D

BRIDGECORP LTD: ICA Strikes Ex-Director from Accountant Register


X X X X X X X X

* BOND PRICING: For the Week Jan. 14 to Jan. 18, 2013


                            - - - - -


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


HASTIE GROUP: Directors, Auditors 'May Have Breached Duties'
-------------------------------------------------------------
The Sydney Morning Herald, citing administrator PPB's second
creditors' report, relates that Hastie Group failed due to poor
strategic, operational and financial management, and its
directors may have breached their duties.

SMH says PPB, which released the report on Jan. 21, 2013, added
that the engineering services firm's auditor Deloitte may have
breached Australian auditing standards.

"We have reported to [Australian Securities and Investments
Commission] the possible breaches of directors' duties and, where
relevant, the failure to provide required statutory reports to
the administrators," SMH quotes PPB's Ian Carson, Craig Crosbie
and David McEvoy as saying.  There "appears to have been a
general culture of ignoring bad news" at the organization, they
added.

SMH notes that the administrators recommended to creditors that
all Hastie Group companies be placed into liquidation.

According to the report, the administrators added that they did
not expect Hastie Group's banking lenders -- which include
Australia's big four banks -- to receive sufficient funds to
cover their debt, which was estimated last year to be about
$500 million.

"Accordingly, we do not expect any surplus funds from the
receiverships will be available for distribution to ordinary
unsecured creditors," the administrators, as cited by SMH, said.

SMH adds that PPB's preliminary findings also said it was
concerned Hastie Group's books and records "do not correctly
explain the Hastie Group's financial performance and position"
and may have led to a presumption of insolvency.

There were no indications that the Group traded while insolvent,
PPB added, the report relays.

SMH says PPB also found that Hastie Group failed because of
several other long-term problems including:

  -- the poorly implemented acquisition strategy;

  -- profitable companies subsidising the loss-making Middle
     East businesses;

  -- inadequate operational management processes and increased
     competition;

  -- inadequate management reporting systems, including from
     subsidiary management to the board;

  -- inadequate board reporting systems and interrogation of
     management and financial reports by the board; and

  -- inadequate control exercised by the board over management.

The second creditors' meeting will be held at different venues
across Australia on Jan. 30 and 31, 2013, the report adds.

                       About Hastie Group

Hastie Group provides technical and engineering services to the
building, infrastructure and resources sectors. It has operations
in Australia, New Zealand, the United Kingdom, Ireland and the
Middle East and has approximately 7,000 employees worldwide
including approximately 4,000 in Australia.

The Hastie Group of companies appointed David McEvoy, Craig
Crosbie and Ian Carson of PPB Advisory as Voluntary
Administrators of all of the Australian entities of Hastie Group
on May 28, 2012.

Peter Anderson, Joseph Hayes, Jason Preston, and Matthew Caddy of
McGrathNicol were also appointed Receivers and Managers over a
limited number of trading businesses within the Hastie Group by a
syndicate of secured creditors on May 28, 2012. Those businesses
are Spectrum Fire and Safety, Hastie Services, Gordon Brothers
Industries and Austral Refrigeration.

McGrathNicol said the control of those businesses now rests with
the Receivers who intend to continue to trade each one on a
"business as usual" basis while moving quickly to prepare them
for public sale to secure their future.  A sale process for the
Austral business was commenced prior to the appointment and the
Receivers intend to quickly complete that process.


NINE ENTERTAINMENT: Creditors OK AUD3.4BB Recapitalization Plan
---------------------------------------------------------------
Australia Associated Press reports that Nine Entertainment
creditors have approved a AUD3.4 billion recapitalisation plan
aimed at stopping the media company going into administration.

The news agency relates that a source said lenders voted
overwhelmingly in favor of the plan in Sydney on Monday.

However, the deal still needs final approval from the Federal
Court before it can be put into action, the report relays.

The matter is due to return to the Federal Court before Justice
Peter Jacobson on January 29, according to AAP.

According to the report, Monday's vote formally ends private
equity firm CVC Asia-Pacific's stewardship of Nine and
crystallises its AUD1.9 billion investment loss.

AAP notes that Nine Entertainment -- parent of the Nine Network,
NBN Television and the Ticketek events ticketing business --
faced going into administration if lenders owed AUD3.4 billion
could not agree on how to divide up ownership of the company in
return for their debt.

Nine owed AUD2.3 billion to US hedge funds Apollo and Oaktree and
AUD1 billion to investment bank Goldman Sachs, the report
discloses.

AAP recalls that Chief executive David Gyngell last October
managed to secure the agreement of lenders to swap their debt,
due to be paid in February, for shares in Nine.  The deal also
gave Apollo and Oaktree directorship rights.

Nine has said the deal was supported by more than half of the
senior beneficiaries, holding more than 75% of the value of the
debt, the report adds.

                     About Nine Entertainment

Nine Entertainment Co., formerly known as PBL Media, --
http://www.nineentertainment.com.au/--is one of the largest
private-equity owned companies in Australia, bought by Asia
Pacific Ltd at the height of the buyout boom in 2006.  CVC spent
about AUD5.3 billion in debt and equity in acquiring the company
from media baron James Packer.  In addition to Nine, one of
Australia's three free-to-air television networks, the group also
owns magazine publisher ACP, the online media company nineMSN,
Acer Arena and ticketing agency Ticketek.


WICKHAM SECURITIES: Placed in Administration; Owes AUD29 Million
----------------------------------------------------------------
Andrew Main at The Australian reports that Wickham Securities had
been placed in administration, leaving a cloud of uncertainty
over some AUD29 million worth of savings owned by about 300
self-funded retirees.

Grant Sparks -- gsparks@ppbadvisory.com -- and David Leigh --
dleigh@ppbadvisory.com -- of PPB in Brisbane were appointed
administrators to the company on Dec. 21, 2012, but the
information was only made public on Jan. 21, 2013.

The administrators will report to creditors later this month, and
a creditors' meeting will be held in Brisbane on February 6,
SmartCompany notes.

According to the report, Wickham was known to have been
financially stretched, having admitted to the Australian
Securities and Investments Commission (ASIC) in a filing in
November that it had a shortage of equity capital.

SmartCompany relates that the company had been trying to raise
money via a debenture prospectus.

The report notes that Wickham has around AUD27 million worth of
loans out to 20 borrowers, secured on AUD145 million worth of
property, mostly in Queensland.  Of that, the bulk is in
commercial or residential property development.

In November, the group had zero arrears on those loans but its
debt-to-equity ratio was more than ten times, indicating that it
was highly leveraged, according to SmartCompany. It was charging
borrowers an average of 21.3% a year and the longest term to
maturity was only 13 months, the report adds.

Wickham Securities is a Brisbane-based financial services
company.



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


COMPUTER GRAPHICS: Clement C. W. Chan Raises Going Concern Doubt
----------------------------------------------------------------
Computer Graphics International Inc. filed on Jan. 14, 2013, its
annual report on Form 10-K for the fiscal year ended Sept. 30,
2012.

Clement C. W. Chan & Co., in Wanchai, Hong Kong, expressed
substantial doubt about Computer Graphics' ability to continue as
a going concern.  The independent auditors noted that the Company
incurred a net loss of $1,136,813 for the year ended Sept. 30,
2012 and has accumulated losses of $841,688 at Sept. 30, 2012.

The Company reported a net loss of $1.1 million on $5.8 million
of sales in fiscal 2012, compared with net income of $2.8 million
on $10.1 million of sales in fiscal 2011.  The Company attributed
the decrease in sales to the overall market decline in the
current Chinese real estate industry.

The Company's balance sheet at Sept. 30, 2012, showed
$2.0 million in total assets, $1.3 million in total liabilities,
and stockholders' equity of $700.8 million.

A copy of the Form 10-K is available at http://is.gd/R5TP9v

Shenzhen, China-based Computer Graphics International, Inc., is a
3D digital visual service provider founded in 2006.  The Company
specializes in providing one-stop-shop service and systems based
on 3D image technology to domestic governments, real estate
developers, game developers, the automotive industry and other
commercial customers.  The Company operates through its wholly-
owned subsidiaries Shenzhen Digital Image Technologies Co.,
Limited and Guangzhou Digital Image Technologies Co., Ltd.


UTSTARCOM HOLDINGS: Himanshu Shah Hikes Equity Stake to 17.7%
-------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Himanshu H. Shah and his affiliates
disclosed that, as of Jan. 15, 2013, they beneficially own
20,706,948 shares of common stock of UTStarcom Holdings Corp.
representing 17.68% of the shares outstanding.  Mr. Shah
previously reported beneficial ownership of 19,004,034 common
shares or a 12.56% equity stake as of July 11, 2012.

A copy of the amended filing is available at http://is.gd/q4y4GT

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access
services using their existing infrastructure, while providing a
migration path to cost-efficient, end-to-end IP networks.  The
Company's headquarters are currently in Alameda, California, with
its research and design operations primarily in China.

The Company had income of $11.77 million in 2011, following a net
loss of $65.29 million in 2010, and a net loss of $225.70 million
in 2009.

The Company's balance sheet at Sept. 30, 2012, showed $505.93
million in total assets, $279.29 million in total liabilities and
$226.64 million in total equity.



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


ACER (CHINA): Court to Hear Wind-Up Petition on March 6
-------------------------------------------------------
A petition to wind up the operations of Acer (China) Company
Limited will be heard before the High Court of Hong Kong on
March 6, 2013, at 9:30 a.m.

Bank of China (Hong Kong) Limited filed the petition against the
company on Dec. 20, 2012.

The Petitioner's solicitors are:

          K. W. Ng & Co
          11/F, Wings Building
          110 Queen's Road Central
          Central, Hong Kong


BEST CENTURY: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Jan. 7, 2013,
creditors of Best Century Enterprises Limited Limited resolved to
voluntarily wind up the company's operations.

The company's liquidator is:

         Pang Wai Kui
         Suite A, 12/F
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


C & D COLOR: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Jan. 9, 2013, to
wind up the operations of C & D Color Master (HK) Limited.

The official receiver is Teresa S W Wong.


CHARMLINE INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Hong Kong entered an order on Jan. 9, 2013, to
wind up the operations of Charmline International Limited.

The official receiver is Teresa S W Wong.


CHINA MEDICAL: Court to Hear Wind-Up Petition on Feb. 6
-------------------------------------------------------
A petition to wind up the operations of China Medical
Technologies Inc. will be heard before the High Court of Hong
Kong on Feb. 6, 2013, at 9:30 a.m.

The Petitioner's solicitors are:

          Lipman Karas
          1702, 17/F, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong


DISON CORPORATION: Court to Hear Wind-Up Petition on Feb. 6
-----------------------------------------------------------
A petition to wind up the operations of Dison Corporation Limited
will be heard before the High Court of Hong Kong on Feb. 6, 2013,
at 9:30 a.m.

The commissioner of Inland Revenue filed the petition against the
company on Nov. 28, 2012.

The government counsel is:

          Matthew Cheung
          Government Counsel
          Department of Justice
          Rm. 2401, 24/F
          Tower 1, Admiralty Centre
          18 Harcourt Road, Queensway
          Hong Kong


DINKIND KNITTING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on Jan. 9, 2013, to
wind up the operations of Dinkind Knitting (China) Factory
Limited.

The official receiver is Teresa S W Wong.


DRAGONTEX HOLDINGS: Creditors' Proofs of Debt Due Feb. 8
--------------------------------------------------------
Creditors of Dragontex Holdings Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 8, 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:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road
         Central, Hong Kong


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

Daniel Isaac Henri Mimoun, Raphael V Mimoun and Excel Future
Development Limited filed the petition against the company on
Nov. 23, 2012.

The Petitioner's solicitors are:

          Paynes
          Units 1-3, 13/F
          135 Bonham Strand Trade Centre
          135 Bonham Strand, Hong Kong


ECM CHINA: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on Jan. 9, 2013, to
wind up the operations of ECM China Investments S.R.O.

The official receiver is Teresa S W Wong.


FENN WRIGHT: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Jan. 9, 2013, to
wind up the operations of Fenn Wright & Manson (Asia) Limited.

The official receiver is Teresa S W Wong.


HAINA MARINE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on Jan. 9, 2013, to
wind up the operations of Haina Marine Hong Kong Limited.

The official receiver is Teresa S W Wong.


HOLD TIMING: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Jan. 9, 2013, to
wind up the operations of Hold Timing Development Limited.

The official receiver is Teresa S W Wong.


INCORPORATED OWNERS: First Meeting Set for Feb. 5
-------------------------------------------------
Creditors and contributories of The Incorporated Owners of Wah
Yuen Building, Hoi Wan Street will hold their first meetings on
Feb. 5, 2013, at 3:30 p.m., and 4:00 p.m., respectively at 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.


PEVONIA ASIA: Court to Hear Wind-Up Petition on Jan. 23
-------------------------------------------------------
A petition to wind up the operations of Pevonia Asia Limited will
be heard before the High Court of Hong Kong on Jan. 23, 2013, at
9:30 a.m.

Pevonia International LLC filed the petition against the company
on Nov. 16, 2012.

The Petitioner's solicitors are:

          Angela Wang & Co
          14th Floor, South China Building
          1-3 Wyndham Street
          Central, Hong Kong



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


ANNPOORNA OVERSEAS: ICRA Rates INR13cr Fund-Based Loans 'B+'
------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR13.00 crore fund
based limits of Annpoorna Overseas.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               ---------   -------
   Fund Based Limits          13.00     Assigned [ICRA]B+

The rating assigned takes into account Annpoorna's small scale of
operations, its low profitability, its working capital intensive
nature of business leading to high working capital borrowings and
high gearing which coupled with low profitability has led to weak
debt protection metrics. The rating also takes into consideration
the high competitive intensive nature of the business, exposure
to agro climatic risks impacting the availability and pricing of
raw material i.e. paddy and the risks inherent in partnership
firm like limited ability to raise capital, risk of dissolution
due to the death, insolvency and retirement etc of the partners.
On the other hand the rating draws comfort from the experienced
and qualified management with established presence in basmati
rice business for a long period of time, favorable demand-supply
scenario and healthy growth achieved by the firm in past few
years.

M/s Annpoorna Overseas was started as partnership firm in the
year 2003 by Mr. Neeraj Batra along with his brother. The firm
purchased an existing rice mil and gradually increased its
capacities. Nevertheless the promoter and their family members
have been involved in the rice business since 1968.

Recent Results

For the year ended FY2012, the firm posted a profit before tax of
INR0.20 crore on a turnover of INR28.90 crore.


BAJAJ CARPET: Delays in Loan Payment Cues ICRA Junk Ratings
-----------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]D' to the
INR3.35 crores term loan and INR8.50 crores fund based limits of
Bajaj Carpet Industries. ICRA has also assigned the short-term
rating of '[ICRA]D' to INR3.15 crores non-fund based limits of
BCI.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               ---------   -------
   Fund Based Limits-          3.35     [ICRA]D assigned
   Term Loan

   Fund Based Limits           8.50     [ICRA]D assigned

   Non Fund Based Limits       3.15     [ICRA]D assigned

The ratings take into account the delays in the servicing of debt
obligations by the company due to stretched liquidity profile of
the company and consistent full utilization of working capital
facilities. The working capital intensity is high (NWC/OI of
35.3% in FY12) on account of high receivable days (105 days as on
March'12) and high inventory days (189 days as on March'12). This
has also resulted in high gearing (1.57 times as on March'12) and
low debt protection indicators (interest coverage of 0.97 times
and NCA/ Debt of 2% in FY12) for the company. The ratings are
also constrained by the low net profitability indicators of the
company arising out of high interest and depreciation expenses.

Bajaj Carpet Industries, formed in the year 1985-86, is engaged
in the manufacturing of carpets and insulations for automotive,
institutional and hotel companies. The company was initially
incorporated as a private limited company in the name of Bajaj
Spinning Mills (P) Ltd., and was converted into a public limited
company in the name of Bajaj Carpet Industries Ltd., in 1994. The
company has manufacturing facilities with installed capacity of
3600 MT for non woven fabric,a 1773 MT tufting unit and a 8.64
lac sq. m printing unit located at Noida-Dadri Highway, which is
the heart of all northern automobile manufacturing companies. The
company has recently started exporting its products. The company
did exports of INR1.42 crores in the month of November'12.


DEEPA ENGINEERS: CRISIL Rates INR30MM Cash Credit at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Deepa Engineers.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          27      CRISIL A4
   Cash Credit             30      CRISIL B/Stable

The ratings reflect DE's modest scale and working-capital
intensive nature of operations and subdued financial risk profile
marked by low net worth and weak debt protection metrics. These
rating weaknesses are partially offset by the benefits that the
firm derives from its promoters' extensive experience in the
civil construction business.

Outlook: Stable

CRISIL expects Deepa Engineers (DE) will continue to benefit from
its promoters' extensive industry experience over the medium
term. The outlook may be revised to 'Positive' in case the firm
scales up its operations, while improving its profitability and
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case DE's liquidity deteriorates due to further
elongation of its working capital cycle or if the firm undertakes
debt-funded capital expenditure (capex).

Deepa Engineers, established in 1988 by Mr. Rajan Pillai, is
engaged in civil engineering works primarily related to roads,
bridges, overhead electric towers and transmission lines for
large public sector companies. The company has an unexecuted
order book of INR300 million to be executed over the next 3
years. Mr. Rajan Pillai, the proprietor of the firm, manages the
day-to-day operations of the business.

DE reported a profit after tax (PAT) of INR2.4 million on net
sales of INR76.7 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.0 million on net
sales of INR57 million for 2010-11.


HORIZON INFRA: Delay in Loan Payment Cues CRISIL Junk Ratings
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities of Horizon Infrastructure Limited.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            150      CRISIL D
   Term Loan              600      CRISIL D

The rating reflects the recent instances of delay by HIL in
servicing its term debt obligations. The rating also considers
HIL's exposure to risks related to intense competition in the
industry and susceptibility of its operating performance to the
timely execution and stabilisation of the projects undertaken
under HIL or under its subsidiaries. These rating weaknesses are
partially offset by the extensive industry experience of HIL's
promoters in the construction industry and a healthy order book
position.

HIL was incorporated in 1983 by Mr. Nikhil Gandhi and his
brother, Mr. Bhavesh Gandhi. The company is in the business of
development of infrastructure projects. The company is also
venturing into EPC contracting.

The company has also plans to undertake development of hotels,
knowledge Park, industrial corridor, etc. under its subsidiary
companies - Metrotech Technology Park Private Limited, Varahi
Infrastructure Private Limited and Mahakaleshwar Knowledge
Infrastructure Private Limited.

HIL reported a profit after tax (PAT) of INR67 million on
revenues of INR3.2 billion for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR58 million on
revenues of INR2.6 billion for 2010-11.


K.K. AUTOMOTIVE: ICRA Assigns 'B+' Rating to INR6cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR6.00 crore cash
credit facility of K.K. Automotive Private Limited. ICRA has also
assigned an '[ICRA]A4' rating to the INR0.21 crore non-fund based
bank facilities of KKAPL.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               ---------   -------
   Fund Based Limits-          6.00     [ICRA]B+ assigned
   Cash Credit

   Non Fund Based Limits-      0.21     [ICRA]A4 assigned
   Bank Guarantee

The assigned ratings take into account KKAPL's weak financial
profile characterised by low net profitability, high gearing and
depressed level of coverage indicators, and a high working
capital intensity of the business, which exerts pressure on the
liquidity of the company. The ratings also consider small scale
of current operations, low value addition in the trading business
and the fragmented nature of the industry with low entry
barriers, resulting in high competition and thereby restricting
pricing flexibility. The ratings, however, derive comfort from
the experience of the promoters in the automobile spares industry
and the consistent growth in turnover of the company in the last
three years.

KKAPL was incorporated as a proprietorship firm at Raipur
(Chhattisgarh) and was later converted into a private limited
company in 2008. The company is engaged in trading of automotive
spare parts. KKAPL has branch offices at Cuttack (Orissa) and
Mayapuri (Delhi).

Recent Results

The company has reported a net profit of INR0.05 crore on an
operating income of INR22.26 crore during 2011-12 as compared to
a net profit of INR0.06 crore on an operating income of INR13.58
crore during 2010-11. December


LAKSHMY JEWELLERY: CRISIL Assigns 'BB' Rating to INR65MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the cash
credit facility of Lakshmy Jewellery (LJ).

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             65      CRISIL BB/Stable

The rating reflects LJ's above-average financial risk profile,
marked by healthy capital structure and the extensive industry
experience of LJ's partners in the gold retailing segment. These
rating strengths are partially offset by LJ's modest scale of
operations and its susceptibility to intense competition in the
fragmented gold jewellery retailing industry.

Outlook: Stable

CRISIL believes that LJ will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its comfortable capital structure. The outlook may be revised to
'Positive' if LJ achieves more-than-expected revenues while
maintaining its healthy profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
records lower-than-expected accruals or if it undertakes a large,
debt-funded capital expenditure programme, causing its financial
risk profile to weaken, or in case of greater-than-expected
capital withdrawals by partners.

Established in 1969, LJ is a gold jewellery retailer and operates
two showrooms in Thrissur district and one show room in Ernakulam
district, Kerala. The day-to-day operations of the firm are
managed by Mr. V R Sajeev and his brother, Mr. V R Anil Kumar.

LJ reported a profit after tax (PAT) of INR38.3 million on net
sales of INR644 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR15.8 million on net
sales of INR406.9 million for 2009-10.


SILVER FAB: ICRA Revises Rating on INR9.48cr LT Loans
-----------------------------------------------------
ICRA has revised the long term rating assigned to INR9.48 crore
bank lines of Silver Fab Suitings Private Limited to '[ICRA]BB-'
from '[ICRA]BB.'  The rating carries a stable outlook.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               ---------  -------
   Term Loan                   3.98    [ICRA]BB-(Stable)(Revised)
   Fund Based Limits           5.50    [ICRA]BB-(Stable)(Revised)

The rating revision takes into account increase in working
capital requirements of the company resulting in deterioration in
its liquidity position and consequent increased dependence on
external borrowings, which has adversely impacted its debt
coverage indicators. In FY12, SFSPL's working capital intensity
had increased sharply (Net Working Capital / Operating Income has
increased from 22.1% in FY11 to 34.2% in FY12) due to higher
inventory position; the inventory and receivables have increased
further in the current financial year on account of increased
scale of operations thereby further increasing the funding
requirement which the company has been partly meeting by
stretching its creditors. The rating continues to be constrained
by SFSPL's operations in a highly fragmented industry which
results in modest profitability which is also vulnerable to
fluctuations in raw material prices. The rating, however, draws
comfort from promoter's experience in the textile business,
favourable location of the firm's manufacturing facility and
established client base which helps in securing repeat orders.
Going forward, due to the increased scale of operations, SFSPL's
funding requirement are likely to remain high and the company's
ability to improve its working capital intensity and liquidity
position of will remain the key rating sensitivity factors.

Incorporated in 2003, SFSPL is promoted by Mr. Sampat Lal Chordia
and is engaged in manufacture of polyester and cotton fabrics.
SFSPL's manufacturing facility is located in RIICO Industrial
area in Bhilwara with total of 52 looms.

Recent Results

SFSPL reported profit after tax of INR0.49 crore on operating
income of INR37.76 crore for the financial year ended March 31,
2012 compared to profit after tax of INR0.43 crore on operating
income of INR35.22 crore for the financial year ended March 31,
2011.


SREE SHANTHOSH: ICRA Reaffirms 'B+' Rating on INR0.34cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+'
outstanding on the INR0.34 crore term loan facilities and the
INR17.00 crore fund based facilities of Sree Shanthosh Steels
Private Limited. ICRA has also reaffirmed the short-term rating
of '[ICRA]A4' outstanding on the INR4.50 crore fund based
facilities and the INR13.00 crore non-fund based facilities of
SSSPL.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               ---------   -------
   Term loan facilities        0.34     [ICRA]B+ reaffirmed
   Fund based facilities      17.00     [ICRA]A4 reaffirmed
   Non-fund based facilities  13.00     [ICRA]A4 reaffirmed

The reaffirmation of ratings consider the experience of the
promoters in steel trading business and the long-term favourable
demand outlook for steel products which is expected to drive
business growth. The ratings also consider the decline in SSSPL's
revenues during 2011-12 due to slowdown in demand, the ongoing
weakness in the steel industry which is expected to adversely
impact revenue growth at least in the near term, its highly
geared capital structure and stretched coverage metrics. While
the working capital intensity is high, its accruals are also
vulnerable to the risk of price decline on inventory, considering
the relatively high levels of inventory held for the trading
business. The highly competitive nature of trading business
restricts scope for increase in profitability.

The reaffirmation of ratings consider the experience of the
promoters in steel trading business and the long-term favourable
demand outlook for steel products which is expected to drive
business growth. The ratings also consider the decline in SSSPL's
revenues during 2011-12 due to slowdown in demand, the ongoing
weakness in the steel industry which is expected to adversely
impact revenue growth at least in the near term, its highly
geared capital structure and stretched coverage metrics. While
the working capital intensity is high, its accruals are also
vulnerable to the risk of price decline on inventory, considering
the relatively high levels of inventory held for the trading
business. The highly competitive nature of trading business
restricts scope for increase in profitability. Company Profile
Incorporated in 2006, SSSPL is primarily engaged in trading in
various steel products, like TMT bars, channels, joists, angles,
rounds, plates, hot rolled sheets/coils, galvanized coils, cold
rolled sheets/coils, billets and rails.

SSSPL is promoted by Mr. P. K. Sivakumar, Mr. P K P
Narayanmurthy. The business, which was started as a partnership
firm in 1988, was converted into a private limited company in
2006.

Recent results

SSSPL reported a net profit of INR0.8 crore on an operating
income of INR121.5 crore during 2011-12, against a net profit of
INR4.7 crore on an operating income of INR136.7 crore during
2010-11. According to unaudited results, SSSPL reported revenues
of INR67.8 crore during the six months ended September 30, 2012.


SRI ANNAI: CRISIL Cuts Rating on INR50MM Loan to 'BB-'
------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilitiy
of Sri Annai Agencies (part of the Annai group) to 'CRISIL BB-
/Negative' from 'CRISIL BB/Stable'.

                         Amount
   Facilities          (INR Mln)  Ratings
   ----------          ---------  -------
   Cash Credit             50     CRISIL BB-/Negative (Downgraded
                                  from CRISIL BB/Stable)

The rating action reflects expected pressure on the Annai group's
financial risk profile, driven by its constrained revenues and
operating margin. The group is expected to clock revenues of less
than INR900 million in 2012-13 (refers to financial year, April 1
to March 31). Furthermore, with the group expected to report low
operating margin of about 3 per cent during the current financial
year, its cash accruals are expected to be weak. As against weak
cash accruals, the Annai group has significant working capital
requirements, funded primarily by debt. The group's gross current
assets are expected to remain higher than 80 days, on account of
its moderate inventory and debtor days. As a significant portion
of the working capital requirements of the group are expected to
be debt-funded, the gearing of the group is expected to remain
high, at over 3.0 times, over the medium term. Significant debt
and low operating profitability are expected to weaken the debt
protection metrics of the group over the medium term.

The rating reflects the Annai group's weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics, and exposure to risks related to intense
competition in the agro-commodities trading business, volatility
in foreign exchange rates and agro-commodity prices. These rating
weaknesses are partially offset by the Annai group's established
market position, and strong relationships with suppliers and
customers in the agro-commodities trading business.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Sri Annai Agencies and ASSRM. This is
because both entities, together referred to as the Annai group,
are under common management and have fungible cash flows.

Outlook: Negative

CRISIL believes that the Annai group's financial risk profile
will be under pressure over the medium term, driven by its low
cash accruals and significant working capital requirements. The
rating may be downgraded in case of further pressure on the
financial risk profile of the group, on account of lower-than-
expected cash accruals or larger-than-expected working capital
requirements. Conversely, the outlook may be revised to 'Stable'
in case of significant improvement in the group's financial risk
profile, on account of better-than-expected cash accruals and
efficient working capital management.

The Chennai-based Annai group, promoted by Mr. V S Sundaralingam
and family, trades in agro-commodities, including pulses such as
dal, moong and lentils. Sri Annai Agencies and ASSRM import these
pulses and sell them to the other group entities and other
retailers in and around Chennai

The Annai group reported a profit after tax (PAT) of INR2.6
million on net sales of INR529 million for 2011-12; it reported a
PAT of INR3.8 million on net sales of INR823 billion for 2010-11.


SRI NACHAMMAI: CRISIL Cuts Rating on INR360.8MM Loans to 'B-'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank loan
facilities of Sri Nachammai Cotton Mills Ltd (SNCML) to 'CRISIL
B-/Stable' from 'CRISIL B/Negative', while reaffirming the rating
on its short-term bank loan facilities at 'CRISIL A4'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            150      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Negative')

   Long-Term Loan         210.8    CRISIL B-/Stable  (Downgraded
                                   from 'CRISIL B/Negative')

   Letter of Credit        20      CRISIL A4 (Reaffirmed)

The rating downgrade reflects expected pressure on SNCML's
liquidity as the company's average cash accruals, despite the
expected increase in revenues and operating margin, are expected
to be insufficient to meet its large term debt obligations over
the medium term. CRISIL believes that SNCML will have to continue
to depend on timely funding support from its promoters to meet
its debt obligations.

The ratings reflect SNCML's below-average financial risk profile,
marked by a high gearing and a small net worth, and vulnerability
to volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of SNCML's promoter
in the textiles industry.

Outlook: Stable

CRISIL believes that SNCML will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company's
liquidity improves on a sustained basis, backed by significantly
larger-than-expected cash accruals, resulting from better-than-
expected turnover and profitability. Conversely, the outlook may
be revised to 'Negative' in case SNCML's financial risk profile
weakens further, as a result of larger-than-expected working
capital requirements or debt-funded capital expenditure, or in
the event of delay in funding support from its promoters.

SNCML, incorporated in 1980 in Tamil Nadu, is promoted by Mr. P
Palaniappan. The company manufactures cotton yarn in three
varieties, hosiery yarn, warp yarn, and hank yarn, with counts
ranging from 10s to 80s, which are used for manufacturing
garments.

SNCML reported a net loss of INR32.6 million on net sales of
INR1.3 billion for 2010-11 (refers to financial year, April 1 to
March 31), against a profit after tax of INR51.9 million on net
sales of INR1.1 billion for 2009-10.



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


ELPIDA MEMORY: Wants DIP Loan Extended Until Feb. 15 on Interim
---------------------------------------------------------------
Yukio Sakamoto and Nobuaki Kobayashi, as foreign representatives
of Elpida Memory, Inc., ask the U.S. Bankruptcy Court for entry
of a "bridge order" extending, until Feb. 15, 2013, the liens on
U.S. assets granted pursuant to the Court-approved security
agreements with Shinseigin Finance Co., Ltd.

The Debtor is subject of reorganization proceedings under
Japanese law pending before the Tokyo District Court, Eighth
Civil Division.

On April 27, 2012, the foreign representatives entered into a
facility agreement with DIP lender Shinseigin Finance pursuant to
which the DIP Lender agreed to provide Elpida with financing
through Dec. 28, 2012, and up to a maximum commitment amount of
JPY15,000,000,000.

According to foreign representatives, the extension is necessary,
given the extension of the timetable in the Japan Proceeding for
the voting and approval of the Plan.  The Debtor is negotiating
with the DIP Lender and with Micron regarding an extension of the
DIP Facility.  It is contemplated that the extension would
provide for:

   a. Extension of the deadline to drawdown from the DIP Facility
      until March 31, 2013;

   b. Repayment of the DIP Facility in installment payments made
      at the end of June, July, and August 2013;

   c. A reduction of the amount of the DIP Facility from
      JPY15 billion to JPY10 billion;

   d. A guaranty of Elpida's repayment of the DIP Facility by
      Micron and Micron Technology Asia Pacific, Inc.;

   e. Payment to the DIP Lender of an arrangement fee; and

   f. No change in the interest rate.

The parties are still negotiating the terms of the Micron
Guaranty and the definitive documentation of the DIP Facility
extension, and the final form of the extended debtor-in-
possession financing is not yet known.

The foreign representatives note that there is JPY8 billion
outstanding under the DIP Facility.  The DIP Lender has agreed to
allow the DIP Facility to remain outstanding while the extension
documents are being finalized and the requested approvals
obtained, subject to Elpida's maintenance of an escrow account to
backstop its obligations under the facility.

                         About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.


ELPIDA MEMORY: Bondholders Fail to Prove Collusion Claims
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Elpida Memory Inc. bondholders failed to persuade a
bankruptcy judge there was any "collusion or improper motives"
when the Japanese memory-chip maker agreed to sell technology
assets in the U.S.

Elpida is in a Chapter 15 bankruptcy in Delaware to supplement
the principal bankruptcy reorganization in Japan.

The report recounts that technology sales to Micron Technology
Inc. and Rambus Inc. were previously approved by the bankruptcy
court in Japan.  The Micron sale is part of Elpida's proposed
reorganization.  Bondholders had taken the position that a sale
to Boise, Idaho-based Micron for an estimated $1.8 billion at
present value would be substantially less than Elpida's
liquidation value.

In November, U.S. Bankruptcy Judge Christopher Sontchi came down
on the side of bondholders in ruling that his approval is
required before U.S. assets can be sold, even though he
previously recognized Japan as home to the principal Elpida
bankruptcy.

According to the report, Judge Sontchi wrote a 43-page opinion on
Jan. 16 explaining why he is approving the sales.  Judge Sontchi
concluded from the evidence given at a hearing in December that
the Japanese trustees for Elpida "exercised their sound business
judgment in negotiating and executing the agreements."  The
prices were "fair and reasonable," he said.  The Delaware judge
dismissed the bondholders' argument that a sale was defective
because there was no auction.  Judge Sontchi said that the
Japanese trustees had no obligation to hold an auction after
deciding in their business judgment that no better offers were
available.

Mr. Rochelle notes that the basis for the bondholders' objection
was unclear because most of the factual allegations in their
publicly filed court documents were blanked out.

                         About Elpida Memory

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.



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


WOONGJIN GROUP: Chairman to Help Firm Get Back on its Feet
----------------------------------------------------------
Yonhap News Agency reports that the head of Woongjin Group has
expressed his intention to contribute an unspecified amount of
his personal wealth to the group's troubled holding company in an
effort to help it get back on its feet, a company official said
Monday.

According to Yonhap, the official said Yoon Seok-keum, chairman
of Woongjin Group, has made the decision to help Woongjin
Holdings tide over a liquidity crunch. The holding company was
placed under a court receivership last year, along with its
construction arm, Kukdong Engineering & Construction Co., due to
financial difficulties.

"It's unclear how much the chairman will contribute at this
point," the official of Woongjin Holdings told Yonhap by
telephone. He added that Mr. Yoon may sell his stake in Woongjin
Foods Co. and Woongjin Chemical Co., the beverage and chemical
units, to contribute to the holding company. He spoke on
condition of anonymity because details have not been worked out.

In 2010, Yonhap recalls, Mr. Yoon borrowed KRW70 billion
(US$65 million) from a securities company to help normalize a
troubled savings bank that he took over earlier that year.

The news agency says that Woongjin Holdings, which owes about
KRW1.8 trillion to its creditor banks, plans to sell its stake in
Woongjin Foods and Woongjin Chemical this year.

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



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


BRIDGECORP LTD: ICA Strikes Ex-Director from Accountant Register
----------------------------------------------------------------
stuff.co.nz reports that former Bridgecorp director Gary Urwin
has been struck off the New Zealand Institute of Chartered
Accountants.

In April, Mr. Urwin was sentenced to two years in prison after
pleading guilty to 10 Securities Act charges relating to the
collapse of failed finance company Bridgecorp.

In a decision publicized on Jan. 21, the report relates, the ICA
said Mr. Urwin's conviction had brought the profession into
disrepute and further action was warranted.

"In order to protect the public interest and maintain
professional standards it is necessary to remove the member's
name from the Institute's register of members," the decision, as
cited by stuff.co.nz, said.

Mr. Urwin was ordered to pay the ICA costs of NZ$7,000, the
report discloses.

stuff.co.nz notes that the collapse of Bridgecorp cost 14,500
investors NZ$490 million and all five directors have been
convicted of lying in company prospectuses.

                       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).



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


* BOND PRICING: For the Week Jan. 14 to Jan. 18, 2013
-----------------------------------------------------

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

  AUSTRALIA
  ---------

AUSTRALIAN I/L        4.00   8/20/2015    AUD     181.79
AUSTRALIAN I/L        4.00   8/20/2020    AUD     191.78
AUSTRALIAN I/L        3.00   9/20/2025    AUD     135.39
AUSTRALIAN I/L        2.50   9/20/2030    AUD     127.60
COM BK AUSTRALIA      1.50   4/19/2022    AUD      73.02
MIDWEST VANADIUM     11.50   2/15/2018    USD      65.50
MIDWEST VANADIUM     11.50   2/15/2018    USD      62.25
NEW S WALES TREA      0.50   9/14/2022    AUD      69.24
NEW S WALES TREA      0.50   10/7/2022    AUD      69.05
NEW S WALES TREA      0.50  10/28/2022    AUD      68.87
NEW S WALES TREA      0.50  11/18/2022    AUD      68.68
NEW S WALES TREA      0.50  12/16/2022    AUD      68.60
NEW S WALES TREA      0.50    2/2/2023    AUD      68.16
NEW S WALES TREA      0.50   3/30/2023    AUD      67.71
NSWTC-I/L             3.75  11/20/2020    AUD     129.11
NSWTC-I/L             2.75  11/20/2025    AUD     128.55
NSWTC-I/L             2.50  11/20/2035    AUD     116.42
QUEENSLAND TREAS      2.75   8/20/2030    AUD     123.29
TREAS CORP VICT       0.50   8/25/2022    AUD      70.54
TREAS CORP VICT       0.50    3/3/2023    AUD      68.90
TREAS CORP VICT       0.50  11/12/2030    AUD      48.02


CHINA
-----

CHINA GOVT BOND       1.64  12/15/2033    CNY      67.45


INDIA
-----

JCT LTD               2.50    4/8/2011    USD      20.50
MASCON GLOBAL LT      2.00  12/28/2012    USD       9.88
PRAKASH IND LTD       5.63  10/17/2014    USD      67.78
PRAKASH IND LTD       5.25   4/30/2015    USD      68.88
PYRAMID SAIMIRA       1.75    7/4/2012    USD       0.50
REI AGRO              5.50  11/13/2014    USD      67.22
REI AGRO              5.50  11/13/2014    USD      67.22
SHIV-VANI OIL         5.00   8/17/2015    USD      54.17
SUZLON ENERGY LT      5.00   4/13/2016    USD      43.83


JAPAN
-----

EBARA CORP            1.30   9/30/2013    JPY     100.16
ELPIDA MEMORY         2.03   3/22/2012    JPY       8.38
ELPIDA MEMORY         2.10  11/29/2012    JPY       8.38
ELPIDA MEMORY         2.29   12/7/2012    JPY       8.38
ELPIDA MEMORY         0.70    8/1/2016    JPY       8.50
JPN EXP HLD/DEBT      0.50   9/17/2038    JPY      61.99
JPN EXP HLD/DEBT      0.50   3/18/2039    JPY      62.41
KADOKAWA HLDGS        1.00  12/18/2014    JPY     108.65
SHARP CORP            1.14   9/16/2016    JPY      60.75
SHARP CORP            2.07   3/19/2019    JPY      58.50
SHARP CORP            1.60   9/13/2019    JPY      58.88
TOKYO ELEC POWER      2.35   9/29/2028    JPY      73.38
TOKYO ELEC POWER      2.40  11/28/2028    JPY      73.75
TOKYO ELEC POWER      2.21   2/27/2029    JPY      71.13
TOKYO ELEC POWER      2.11  12/10/2029    JPY      69.07
TOKYO ELEC POWER      1.96   7/29/2030    JPY      66.78
TOKYO ELEC POWER      2.37   5/28/2040    JPY      62.60


MALAYSIA
--------

DUTALAND BHD          7.00   4/11/2013    MYR       0.80


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

BAYAN TELECOMMUN     13.50   7/15/2049    USD      22.63
BAYAN TELECOMMUN     13.50   7/15/2049    USD      22.63


SINGAPORE
---------

BAKRIE TELECOM       11.50    5/7/2015    USD      54.18
BAKRIE TELECOM       11.50    5/7/2015    USD      56.75
BLD INVESTMENT        8.63   3/23/2015    USD      70.31
BLUE OCEAN           11.00   6/28/2012    USD      32.88
BLUE OCEAN           11.00   6/28/2012    USD      32.88
CAPITAMALLS ASIA      2.15   1/21/2014    SGD      99.80
CAPITAMALLS ASIA      3.80   1/12/2022    SGD     100.87
DAVOMAS INTL FIN     11.00   12/8/2014    USD      28.50
DAVOMAS INTL FIN     11.00   12/8/2014    USD      28.50
F&N TREASURY PTE      2.48   3/28/2016    SGD     100.41


KOREA
-----

CHEJU REGION DEV      3.00  12/29/2034    KRW      67.04
CN 1ST ABS            8.00   2/27/2015    KRW      34.01
CN 1ST ABS            8.30  11/27/2015    KRW      35.41
EXP-IMP BK KOREA      0.50  10/27/2016    BRL      74.93
EXP-IMP BK KOREA      0.50  11/28/2016    BRL      74.81
EXP-IMP BK KOREA      0.50  12/22/2016    BRL      74.37
EXP-IMP BK KOREA      0.50  10/23/2017    TRY      74.01
EXP-IMP BK KOREA      0.50  11/21/2017    BRL      69.24
EXP-IMP BK KOREA      0.50  12/22/2017    BRL      68.78
EXP-IMP BK KOREA      0.50  12/22/2017    TRY      73.16
SINBO 10TH ABS       10.00  12/27/2014    KRW      30.30
SINBO 14TH ABS        8.00    2/2/2015    KRW      29.73


SRI LANKA
---------

SRI LANKA GOVT        7.00   10/1/2023    LKR      70.74
SRI LANKA GOVT        5.35    3/1/2026    LKR      56.14
SRI LANKA GOVT        8.00    1/1/2032    LKR      72.73


THAILAND
--------

BANGKOK LAND          4.50  10/13/2003    USD       5.38


VIETNAM
-------

VIETNAM GOVT          7.20    4/4/2014    VND      44.05
VIETNAM GOVT          7.30   4/18/2014    VND      42.98



                             *********

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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