TCRAP_Public/130212.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, February 12, 2013, Vol. 16, No. 30


                            Headlines


A U S T R A L I A

MOTHERCARE AUSTRALIA: Administrators Mull More Job Cuts


C H I N A

* CHINA: Income Inequality Plan Up Rebalancing, Fitch Says


H O N G  K O N G

ALOHA COFFEE: Creditors' Proofs of Debt Due Feb. 20
ANDIGO NEW: Members' Final Meeting Set for March 4
BIG TOWN: Annual Meetings Set for Feb. 22
CGL EASTERN: Court Enters Wind-Up Order
CHAIN LINK: Creditors' Proofs of Debt Due Feb. 20

CHUN YIP: Court to Hear Wind-Up Petition on Feb. 27
CHUN YIP PLATICS: Court to Hear Wind-Up Petition on Feb. 27
CHUN YIP PLASTICS LTD: Court to Hear Wind-Up Petition on Feb. 27
CHUNG YING: Court to Hear Wind-Up Petition on March 20
CONVENIENCE STATIONER: Annual Meetings Set for Feb. 22

DERNBERG COMPANY: Members' Final Meeting Set for March 4
DUNCAN LIMITED: Court Enters Wind-Up Order
EASTLINK ENGINEERING: Court to Hear Wind-Up Petition on March 13
ELEGANT RISE: Court to Hear Wind-Up Petition on March 13
EMEL SKIN: Court to Hear Wind-Up Petition on March 13

ESSENTIAL INDUSTRIES: Annual Meetings Set for Feb. 22
FORGO ENTERPRISES: Members' Final Meeting Set for March 1
FORTUNE MATE: Contributories and Creditors to Meet on March 1
GAIN HIGH: Annual Meetings Set for Feb. 22
GOLDEN BRIGHT: Creditors to Get 100% Recovery on Claims


I N D I A

ARIHANT SOLVEX: ICRA Reaffirms 'BB-' Rating on INR13.47cr Loans
BIRLA ERICSSON: ICRA Upgrades Rating on INR21.9cr Loans to 'BB'
GAYATHRI EXPORTS: ICRA Rates INR0.25cr Loan at '[ICRA]BB-'
KAUSTUBH CONSTRUCTION: ICRA Reaffirms 'B+' Term Loans Rating
MASTERCRAFT ENGINEERS: ICRA Reaffirms BB Fund Based Limits Rating

NAMAKKAL TRANSPORT: ICRA Cuts Rating on INR55.5cr Loans to 'BB+'
PATODIA FILAMENTS: ICRA Reaffirms 'BB+' Long-Term Rating
RADIANT INDUS: ICRA Assigns 'BB' Rating on INR12.7cr Loans
RNB INTERNATIONAL: ICRA Rates INR6cr LT Loan at '[ICRA]B+'
SHAKTI REFOILS: ICRA Reaffirms 'BB-' Rating on INR10.15cr Loan

WINNER NIPPON: ICRA Assigns 'BB' Rating to INR8cr Loans


I N D O N E S I A

GAJAH TUNGGAL: S&P Raises CCR to 'B+'; Outlook Stable


J A P A N

CAFES 3: Fitch Downgrades Ratings on 3 Trust Classes to 'D'
SONY CORP: Q3 Results No Impact on Fitch Rating Outlook


N E W  Z E A L A N D

ALLIED FARMERS: Gets Statutory Demand for NZ$500K Loan
DOMINION FINANCE: SFO Trial Resumes Monday
MAINZEAL PROPERTY: Receivers Axe 200 Jobs to Cut Operating Costs
MAINZEAL PROPERTY: Collapse Hits Hundreds of Subcontractors
MAINZEAL: DHB Seeks Legal Advice Following Receivership


P H I L I P P I N E S

RURAL BANK OF MAJAYJAY: MB Puts Bank Under PDIC Receivership


S I N G A P O R E

DELI MASTER: Court Enters Wind-Up Order
DMG CAPITAL: Court to Hear Wind-Up Petition on Feb. 22
INK COAT: Creditors' Proofs of Debt Due Feb. 8
FAMCARE INTERNATIONAL: Creditors' Proofs of Debt Due Feb. 8
LEO RESEARCH: Creditors' Proofs of Debt Due March 6

NSTB INCUBATOR: Creditors' Proofs of Debt Due March 8


V I E T N A M

VIETNAM MARITIME: Government Allows Two Units to Go Bankrupt


X X X X X X X X

* BOND PRICING: For the Week Feb. 4 to Feb. 8, 2013


                            - - - - -


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


MOTHERCARE AUSTRALIA: Administrators Mull More Job Cuts
-------------------------------------------------------
Glenda Kwek at smh.com.au reports that several head office staff
at Mothercare Australia have lost their jobs, and more workers
are expected to be retrenched, as voluntary administrators assess
the retailer's financial operations.

According to smh.com.au, administrators BRI Ferrier said in a
creditors' report released last week that the level of trading
losses by the mother and baby products chain meant it was
"inevitable that some retrenchment of staff will occur".

"Indeed, some staff at the head office have been made redundant,
with an annualised equivalent saving on employment expenses of
approximately AUD1.3 million," the administrators said, adding
that affected staff would be "privately advised," smh.com.au
relays.

smh.com.au relates that voluntary administrators Brian Silvia and
Antony Resnick said they would also look at the closure of
unprofitable stores.

The possible sale of Mothercare Australia would be finalised by
February 28, with a second creditors' meeting to be held on
March 5, the report notes.

smh.com.au adds that Mr. Silvia and Mr. Resnick said in their
first report to creditors, released on Feb. 7, that Mothercare
Australia's balance sheet as of December 31 showed net assets of
AUD6.2 million.

But a trading statement for the six months to the end of 2012
showed the company had incurred a net loss of AUD5.5 million,
with contribution from the stores "insufficient to meet the
logistics, supply, marketing, administration and overheads" even
before amortisation and depreciation, the administrators, as
cited by smh.com.au, added.

The administrators said they were seeking to sell the business --
as a whole or in part -- as a going concern, and were seeking
interested parties and expressions of interest, according to
smh.com.au.

Trading at the company's stores would continue, but certain
aspects, such as the use of gift cards and the placement of
orders, would not be processed, smh.com.au adds.

                     About Mothercare Australia

Mothercare Australia is an independent business established under
a franchise license from Mothercare PLC, a UK business retailing
parenting and children's products, mother's and children's
fashion and educational toys.

Antony Resnick -- antony.resnick@briferriernsw.com.au -- and
Brian Silvia -- brian.silvia@briferriernsw.com.au -- BRI Ferrier
were appointed voluntary administrators of Mothercare Australia,
comprising of Mothercare Australia Limited, Skansen Pty Ltd,
Skansen KCG Pty Ltd and Baby On A Budget Pty Ltd on Jan. 29,
2013.  The companies together operate the Mothercare business in
Australia and control the Mothercare business in New Zealand.

BRI Ferrier said they were appointed by the directors following
the failure to proceed of a proposed sale of the business to Myer
Family Group. Without the support provided by that sale, the
directors believed that Mothercare Australia may be, or will
become, insolvent and accordingly acted to protect the interests
of the Companies and their creditors.



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


* CHINA: Income Inequality Plan Up Rebalancing, Fitch Says
----------------------------------------------------------
The publication of an income inequality reform plan is likely to
accelerate China's economic rebalancing, Fitch Ratings says. But
implementation risk remains high because of the significant
opposition the proposals will face from vested interests.

Fitch says, "If enacted the reforms would be likely to increase
real wages and help make China's economy more dependent on
consumption. However, if wages increase without improvements in
productivity the reforms could weaken growth, indicating the
importance of structural reforms to facilitate productivity
improvements.

"We would expect China's rebalancing away from the existing
unsustainable investment-led growth to lead to companies making
more higher value-added goods and the development of service-
based industries. We think it is likely that real wages will
continue increasing even after investment as a share of GDP
starts to fall, similar to Korea's experience in the 1990s. Like
Korea, China is poor relative to other global advanced economies.
Japan's experience in the 1970s, however, shows the risks to this
prediction. Japan started from a much wealthier position and real
wages were compressed by high inflation after the first oil price
shock.

"China's huge programme of urbanisation and industrialisation
means that some progress towards a consumer-led economy has
already been made in the coastal regions and some industrial
hubs. There, for example, investment spending on road and rail
infrastructure has been substantially completed, and workers have
become empowered consumers, vocalising wage demands and
successfully increasing their purchasing power. Foxconn's recent
announcement that it will allow its 1.2 million workers to vote
for a representative union is further evidence of this change.

"If real wages rise the logical step is for China's manufacturing
base to outsource. When this happened in Taiwan capacity shifted
to China and Taiwan continued growing in higher value-added or
specialised products with an increasingly skilled workforce. Over
the long term, as added-value and innovative products come on-
stream, local Chinese production could replace Japanese and South
Korean tech companies' exports to China. The sheer size of these
tech and domestic-serving auto companies is likely to enable them
to turn the tables and target existing leaders' own domestic
markets. This is not just dependent on wages but also on moving
up the value-added, innovation, product ladder. Impediments such
as hesitance among international groups to share their technology
advances with Chinese counterparts and the need for reform of
intellectual property rights protection also have to be overcome.

"The reform plan, announced jointly by the National Development
and Reform Commission, the Ministry of Finance and the Ministry
of Human Resources and Social Security, includes a doubling of
personal income levels, setting a minimum income level for
certain industries, narrowing the wage differentials at state-
owned enterprises and 20% of housing stocks being low cost by
2015.  These issues and the need for wider conducive
liberalisation, and how it affects industries and the Chinese
state-owned enterprises, are covered in our report "China
Rebalanced".



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


ALOHA COFFEE: Creditors' Proofs of Debt Due Feb. 20
---------------------------------------------------
Creditors of Aloha Coffee Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 20, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Siu Hung
         Rooms 1909-10 Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


ANDIGO NEW: Members' Final Meeting Set for March 4
--------------------------------------------------
Members of Andigo New Media (Hong Kong) Limited, which is in
members' voluntary liquidation, will hold their final meeting on
March 4, 2013, at 10:00 a.m., at 19th Floor, Seaview Commercial
Building, at 21-24 Connaught Road West, in Hong Kong.

At the meeting, Andrew C. C. Ma and Felix K. L. Lee, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


BIG TOWN: Annual Meetings Set for Feb. 22
-----------------------------------------
Members and creditors of Big Town Industrial Development Limited
will hold their annual meetings on Feb. 22, 2013, at 3:00 p.m.,
and 3:30 p.m., respectively at Level 17, Tower 1, Admiralty
Centre, 18 Harcourt Road, in Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


CGL EASTERN: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on Jan. 23, 2013, to
wind up the operations of CGL Eastern Network Limited.

The official receiver is Teresa S W Wong.


CHAIN LINK: Creditors' Proofs of Debt Due Feb. 20
-------------------------------------------------
Creditors of Chain Link Tak Kee Newspaper and Magazine
Distribution Company Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
Feb. 20, 2013, to be included in the company's dividend
distribution.

The company's liquidator is:

         Lau Siu Hung
         Rooms 1909-10 Nan Fung Tower
         173 Des Voeux Road
         Central, Hong Kong


CHUN YIP: Court to Hear Wind-Up Petition on Feb. 27
---------------------------------------------------
A petition to wind up the operations of Chun Yip Holdings Limited
will be heard before the High Court of Hong Kong on Feb. 27,
2013, at 9:30 a.m.

Yung Yui Kwai filed the petition against the company on Dec. 12,
2012.

The Petitioner's solicitors are:

          Clifford Chance
          28th Floor, Jardine House
          One Connaught Place
          Central, Hong Kong


CHUN YIP PLATICS: Court to Hear Wind-Up Petition on Feb. 27
-----------------------------------------------------------
A petition to wind up the operations of Chun Yip Plastics Limited
(Macao) Commercial Offshore) will be heard before the High Court
of Hong Kong on Feb. 27, 2013, at 9:30 a.m.

Yung Hung Chun Lawrence filed the petition against the company on
Dec. 12, 2012.

The Petitioner's solicitors are:

          Clifford Chance
          28th Floor, Jardine House
          One Connaught Place
          Central, Hong Kong


CHUN YIP PLASTICS LTD: Court to Hear Wind-Up Petition on Feb. 27
----------------------------------------------------------------
A petition to wind up the operations of Chun Yip Plastics Limited
will be heard before the High Court of Hong Kong on Feb. 27,
2013, at 9:30 a.m.

Yung Yui Kwai filed the petition against the company on Dec. 12,
2012.

The Petitioner's solicitors are:

          Clifford Chance
          28th Floor, Jardine House
          One Connaught Place
          Central, Hong Kong


CHUNG YING: Court to Hear Wind-Up Petition on March 20
------------------------------------------------------
A petition to wind up the operations of Chung Ying Building
Materials Company Limited will be heard before the High Court of
Hong Kong on March 20, 2013, at 9:30 a.m.

Mohammad Saleem filed the petition against the company on Jan. 7,
2013.

The Petitioner's solicitors are:

          Messrs. Jal N. Karbhari & Co
          Rooms 703-705, 7th Floor
          Cheung Lee Commercial Building
          No. 25 Kimberley Road
          Tsimshatsui, Kowloon
          Hong Kong


CONVENIENCE STATIONER: Annual Meetings Set for Feb. 22
------------------------------------------------------
Members and creditors of Convenience Stationer Company Limited
will hold their annual meetings on Feb. 22, 2013, at 11:00 a.m.,
and 11:30 a.m., respectively at Level 17, Tower 1, Admiralty
Centre, 18 Harcourt Road, in Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


DERNBERG COMPANY: Members' Final Meeting Set for March 4
--------------------------------------------------------
Members of Dernberg Company Limited, which is in members'
voluntary liquidation, will hold their final meeting on March 4,
2013, at 10:30 a.m., at 19th Floor, Seaview Commercial Building,
at 21-24 Connaught Road West, in Hong Kong.

At the meeting, Andrew C. C. Ma and Felix K. L. Lee, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.


DUNCAN LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on Dec. 5, 2012, to
wind up the operations of Duncan Limited.

The company's liquidator is:

         Mat Ng
         JLA Asia Limited
         20/F, Henley Building
         5 Queen's Road
         Central, Hong Kong


EASTLINK ENGINEERING: Court to Hear Wind-Up Petition on March 13
----------------------------------------------------------------
A petition to wind up the operations of Eastlink Engineering
Limited will be heard before the High Court of Hong Kong on
March 13, 2013, at 9:30 a.m.

Far East Engineering Services Limited filed the petition against
the company on Jan. 7, 2013.

The Petitioner's solicitors are:

          CWL Partners
          28th Floor, Tesbury Centre
          28 Queen's Road East
          Wanchai, Hong Kong


ELEGANT RISE: Court to Hear Wind-Up Petition on March 13
--------------------------------------------------------
A petition to wind up the operations of Elegant Rise Fashion
Limited will be heard before the High Court of Hong Kong on
March 13, 2013, at 9:30 a.m.

Kwok Tak Keung filed the petition against the company on Jan. 9,
2013.


EMEL SKIN: Court to Hear Wind-Up Petition on March 13
-----------------------------------------------------
A petition to wind up the operations of Emel Skin Care Co.
Limited will be heard before the High Court of Hong Kong on
March 13, 2013, at 9:30 a.m.

Gan Yuee filed the petition against the company on Jan. 8, 2013.

The Petitioner's solicitors are:

          Messrs. Liu, Chan and Lam
          Office A, 9th Floor
          United Centre
          No. 95 Queensway
          Hong Kong


ESSENTIAL INDUSTRIES: Annual Meetings Set for Feb. 22
-----------------------------------------------------
Members and creditors of Essential Industries Limited will hold
their annual meetings on Feb. 22, 2013, at 10:00 a.m., and
10:30 a.m., respectively at Level 17, Tower 1, Admiralty Centre,
18 Harcourt Road, in Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


FORGO ENTERPRISES: Members' Final Meeting Set for March 1
---------------------------------------------------------
Members of The Forgo Enterprises Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
March 1, 2013, at 2:35 p.m., at Flat G, 34/F, Tower 21, South
Horizons, in Hong Kong.

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


FORTUNE MATE: Contributories and Creditors to Meet on March 1
-------------------------------------------------------------
Contributories and creditors of Fortune Mate (Group) Holding
Limited will hold their first meetings on March 1, 2013, at
2:15 p.m., and 3:30 p.m., respectively at the Offices of FTI
Consulting, Level 22, The Center, 99 Queen's Road Central, in
Hong Kong.

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


GAIN HIGH: Annual Meetings Set for Feb. 22
------------------------------------------
Members and creditors of Gain High Trading Limited will hold
their annual meetings on Feb. 22, 2013, at 12:00 p.m., and
1:30 p.m., respectively at Level 17, Tower 1, Admiralty Centre,
18 Harcourt Road, in Hong Kong.

At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.


GOLDEN BRIGHT: Creditors to Get 100% Recovery on Claims
-------------------------------------------------------
Golden Bright Industries Limited, which is in liquidation, will
declare the first and final dividend to its creditors on
March 1, 2013.

The company will pay 100% for preferential claims.

The company's liquidators are:

         Yuen Tsz Chun Frank
         KLC Kennic Lui & Co
         5th Floor, Ho Lee Commercial Building
         38-44 D'Aguilar Street
         Central, Hong Kong



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


ARIHANT SOLVEX: ICRA Reaffirms 'BB-' Rating on INR13.47cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB-' assigned
to the INR12.5 Crore (enhanced from INR10.5 Crore) fund based
working capital limits and the INR0.97 Crore (enhanced from
INR0.5 Crore) term loans of Arihant Solvex Private Limited. ICRA
has also reaffirmed the short term rating of '[ICRA]A4' assigned
to the INR0.03 Crore non fund based working capital limits of
ASPL. The Outlook on the long term rating is Stable.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund-Based limits-      12.5      [ICRA]BB- (Stable)
   Long Term scale                   reaffirmed

   Term Loan-Long Term      0.97     [ICRA]BB- (Stable)
   scale                             reaffirmed

   Non-Fund based limits-   0.03     [ICRA]A4 reaffirmed
   Short term scale

The ratings reaffirmation factors in the high business risks
associated with the edible oil (and related products) industry
including high competitive intensity and fragmentation;
vulnerability of profitability of domestic edible oil players to
changes in import duty differential between crude and refined
oil; exposure to commodity price and agro-climatic risks. These
factors apart, the ratings continue to be constrained by the
adverse capital structure due to high reliance on promoters'
loans and working capital debt. Nevertheless, while reaffirming
the ratings, ICRA has favorably factored in the promoters'
significant experience and long track record in edible oil
industry; favorable demand prospects for edible oil in India and
the favorable location of the manufacturing facility of the
Company in the raw material (ground nut and mustard) growing
belt.

ASPL was incorporated in 1990 by Mr. Rajendra Kumar Bader. The
company is in the business of oil extraction from groundnuts and
mustard seeds. ASPL has a solvent extraction plant with capacity
of 60,000-tonnes per annum (tpa), refinery with capacity of 7500
tpa and an expeller with capacity of 22,500 tpa in its plant
located at Bikaner in the state of Rajasthan. The company sells
its oil primarily (-90%) to institutional buyers and de-oiled
cake to brokers and traders, who further sell the same to poultry
farm owners and cattle feed manufacturers. ASPL also has small
portion of oil sales to retail customers under brand name
"Royal".

Recent Results

ASPL reported a turnover of INR119.91 Crore and a net profit of
INR1.28 Crore during financial year 2011-12. The company had
reported a turnover of INR67.89 Crore and a net profit of INR0.46
Crore during 2010-11.


BIRLA ERICSSON: ICRA Upgrades Rating on INR21.9cr Loans to 'BB'
--------------------------------------------------------------
ICRA has revised the long term rating to '[ICRA]BB' from
'[ICRA]BB-' for INR21.90 crore (revised from INR27.90 crore) fund
based bank facilities of Birla Ericsson Optical Limited. The
outlook on the long term rating is stable. ICRA has reaffirmed
the short term rating at '[ICRA]A4' for the INR36.10 crore
(revised from INR30.10 crore) non fund based bank facilities of
BEOL.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund Based              19.00     [ICRA]BB (Stable) upgraded
                                     from [ICRA]BB- (Stable)

   Unallocated              2.90     [ICRA]BB (Stable) upgraded
                                     from [ICRA]BB- (Stable)

   Non-Fund Based Limits   36.10     [ICRA]A4 reaffirmed

The rating action takes into account improvement in financial
profile of the company in H1 FY2013 as reflected by improvement
in operating income and operating profitability on account of
increased order inflow which in turn led to profits at net level.
As the company has reported profits, the coverage and return
indicators have also shown an improvement .Further, the capital
structure of the company continues to remain moderate despite of
increase in debt and losses in FY2012.The ratings are also
supported by healthy current order book which provides revenue
visibility in the near term. Further, repeat order from Reliance
is expected to drive revenue growth of the company in near
future. The rating also draws comfort from the fact that the
company has no long term debt repayment obligations. The ratings
are also supported by BEOL's long track record of operations in
the cables industry, its established brand supported by technical
collaboration with Ericsson, Sweden as well as strengths arising
out of it being a part of the MP Birla group of companies.
However, rating concerns emanate from risks arising out of modest
scale of operations of BOEL which results in limited economies of
scale and bargaining power vis-…-vis customers or suppliers, and
intense competitive pressures in the cable industry. The ratings
are also constrained by erosion in net worth of the company due
to losses in the last two years and increase in working capital
intensity of operations. Going forward, the company's ability to
achieve growth in business while maintaining its profitability
will remain the key rating drivers.

Birla Ericsson Optical Limited was incorporated in the year 1992
by Universal Cables Limited and Vindhya Telelinks Limited under
the M.P. Birla Group of Industries for manufacturing of optical
fiber cables and copper telecom cables. Over the years, the
company has increased its focus on the manufacture of optical
fibre cables on account of fall in demand for jelly filled
telecom cables. The company has also launched various cables in
the Specialty cables segment used in medical equipment, computers
and local area networks, cable TV network or any other type as
per customized specification in recent years. Further, the
company has increased presence in foreign markets in the South
Asia and Middle East regions.

The operating income of the company increased from INR68.03 crore
in FY 2011 to INR75.10 crore in FY 2012 registering a growth of
10%. However the company continued to report net loss of INR4.82
crore in FY 2012 as against a net loss of INR4.38 crore in FY
2011.In H1 2013, the company has reported an operating income of
INR58.10 crores while the profit after tax stood at INR4.64
crore.


GAYATHRI EXPORTS: ICRA Rates INR0.25cr Loan at '[ICRA]BB-'
----------------------------------------------------------
ICRA has assigned '[ICRA]BB-' to the INR0.25 crore long term fund
based facilities of Gayathri Exports.  The outlook on the long-
term rating is stable. ICRA has also assigned '[ICRA]A4' Rating
to the INR21.75 crore short-term fund based facilities of the
firm.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long-Term Fund          0.25     [ICRA]BB- (stable) assigned
   Based Limits

   Short-Term Fund        21.75     [ICRA]A4 assigned
   Based Limits

The assigned ratings take into account extensive experience of
the promoters in cashew processing industry; the firm's long
association with overseas suppliers for procurement of raw cashew
nuts (RCN) and established relationship with customers both in
export & domestic market. Further, the firm's revenues remain
diversified in terms of customers (-62% of total revenue during
2011-12 accounted by top five customers) as well as geography
(almost equal proportion of revenues from both export and
domestic markets). The ratings are, however, constrained by the
firm's relatively small scale of operations which restricts its
operational and financial flexibility and stretched financial
risk profile characterized by thin operating margins, high
gearing, weak coverage indicators and high working capital
intensity. The revenues and margins of the firm also remain
vulnerable to raw cashew nut (RCN) prices which have exhibit high
volatility owing to variable global demand and supply situation.
Moreover, with its presence in a highly fragmented industry and
low product differentiation, the firm is also exposed to intense
competition with limited pricing flexibility. In addition,
shortage of labour also restricts the firm's production capacity.

Established in 1988, Gayathri Exports has been promoted by Mr. B
Srinivas Kamath along with his wife Mrs. B Shanti Kamath and
their two sons. The firm is engaged in the processing of raw
cashew nuts (RCNs) to plain cashew kernels apart from trading of
both RCNs & processed cashew kernels. In addition, the firm also
sells cashew by-products such as cashew shell and peels. The firm
imports majority of its raw material requirements from African
countries (like Benin and Tanzania). The RCNs are processed at
the firm's processing plant in Karkala (Mangalore), which has a
capacity to process 31 Metric Tonnes (MT) of RCNs per day.
Besides own processing facility, the firm also outsources a part
of its processing on job work basis to two other promoter group
entities which have a capacity of 4MT & 10MT respectively. GE
sells the processed cashew kernels in both domestic &
international markets directly as well as through dealers and
wholesalers. While in the domestic market, the firm mainly sells
its products to Delhi, Bangalore and Maharashtra, the exports are
primarily made to United States of America, United Arab Emirates
(U.A.E) and European countries.

Recent results

The firm posted a net profit of INR1.3 crore on operating income
of INR62.1 crore during 2011-12 as against net profit of INR2.1
crore on operating income of INR47.6 crore during 2010-11.


KAUSTUBH CONSTRUCTION: ICRA Reaffirms 'B+' Term Loans Rating
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of '[ICRA]B+' assigned
to the INR10 crore bank lines of Kaustubh Construction Private
Limited. The rating reaffirmation factors in the track record of
the promoter in execution of residential real estate projects in
the western suburbs of Mumbai and availability of necessary
regulatory clearances required for the projects.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Term Loan                1.2      [ICRA]B+ re-affirmed

   Proposed Limit           8.8      [ICRA]B+ re-affirmed

The rating is however constrained by funding risk and market risk
given that the balance project cost is expected to be funded by
receivables from sold area and the remaining 30% through
unsecured loans or further sale of space at the project,
execution risk given that the currently ongoing project is
expected to be delayed by 1 year due to revision in DCR norms
which could further increase the project cost. ICRA notes that
the term loan from SBI was not sanctioned due to delays in
project execution and an ongoing redevelopment project is stalled
due to pending court cases. Going forward, the timely execution
of the projects and ability to achieve sales in its ongoing
residential projects, maintaining high collection efficiency
levels would remain key rating sensitivity.

Incorporated in 1995, KCPL is promoted by Mr. Pramod Gawankar who
has over 15 years of experience in real estate development. So
far, KCPL has completed the development 0.96 lakh sq ft
residential and commercial space in Mumbai. Since the last few
years the focus of the company has been towards residential
redevelopment projects and it is currently undertaking the
development of two residential projects in the suburbs of Mumbai
with a total saleable area of 2.07 lakh sq ft.


MASTERCRAFT ENGINEERS: ICRA Reaffirms BB Fund Based Limits Rating
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR11.34
crore (enhanced from INR9.63 Cr) fund based bank facilities of
Mastercraft Engineers Pvt Ltd at '[ICRA]BB'. ICRA has also
reaffirmed the short term rating assigned to the INR0.60 Cr
(reduced from INR1.20 Cr) non-fund based facilities of MEPL at
'[ICRA]A4'.  The outlook on the long-term rating is Stable.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Fund Based Limits       11.34     [ICRA]BB (stable) reaffirmed
   Non Fund Based Limits    0.60     [ICRA]A4 reaffirmed

The ratings reflect the moderate scale of company's operations,
relatively higher inventory days on account of long gestation
period in the tooling business unit as well as subdued
performance expected in FY13 on account of depressed market
conditions. Nevertheless, the ratings continue to draw comfort
from MEPL's long track record in the mould making cum tooling
industry, its strong customer base and technical expertise. These
strengths are reflected in the strong operating margins in FY12
as well as the capital structure which is marked by low gearing
and healthy coverage indicators. Going forward, the company's
ability to maintain its sales growth and profitability margins
and manage its working capital requirements effectively will
remain the key rating sensitivities.

Mastercraft Engineers Pvt. Ltd., established in 1992, is a
moulding and tooling company based out of Bangalore. The company
has a design and manufacturing facility and a specialized
technical team for development of customer projects, from concept
to finish. The company's facility is capable of manufacturing
moulds to the size of 1500mm x 900mm with mould weight up to 10
Tonnes with house trial facility. Also mould size 2000mm x 1600mm
can be manufactured in house with trials at customer facility.

Recent Results

MEPL reported an operating income of INR29.22 crore and a profit
after tax of INR2.64 crore for 2011-12 as compared to an
operating income of INR21.87 crore and a profit after tax of
INR0.79 crore for 2010-11.


NAMAKKAL TRANSPORT: ICRA Cuts Rating on INR55.5cr Loans to 'BB+'
----------------------------------------------------------------
ICRA has downgraded the long term rating outstanding on INR12.04
crore (enhanced from INR11.05 crore) term loans and INR43.00
crore (enhanced from INR30.00 crore) fund based facilities of
Namakkal Transport Carriers Private Limited from '[ICRA]BBB-'  to
'[ICRA]BB+'.  A rating of [ICRA]BB+ has also been assigned on the
INR0.46 crore long term proposed facilities of the Company. The
outlook on the long-term rating is stable. ICRA has also
downgraded the short term rating outstanding on the INR4.00 crore
fund based facilities and INR11.50 crore (enhanced from INR10.75
crore) non-fund based facilities of NTCPL from '[ICRA]A3' to
'[ICRA]A4+'.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Term Loans              12.04     [ICRA]BB+ (stable)/
                                     downgraded from [ICRA]BBB-
                                     (stable)

   LT-Fund Based           43.00     [ICRA]BB+ (stable)/
   facilities                        downgraded from [ICRA]BBB-
                                     (stable)

   LT-Proposed              0.46     [ICRA]BB+ (stable)/assigned
   Facilities

   ST-Fund Based            4.00     [ICRA]A4+/downgraded from
   Facilities                        [ICRA]A3

   ST-Non Fund based       11.50     [ICRA]A4+/downgraded from
   Facilities                        [ICRA]A3

The rating revision factors in the continued deterioration in the
Company's working capital intensity and moderation in operational
cash flows on account of sharp increase in receivables stemming
from relatively weaker demand in key customer segments. The
Company derives a significant portion of revenues from the wind-
turbine generator sector, thereby exposing the business to
customer concentration risks. The ratings also factor in the
marginal y-o-y de-growth in revenues for the period Apr'12 -
Dec'12 (as against our estimates) on account of the prevalent
sluggish economic environment. Further, large debt funded
acquisition of fleet in recent fiscals and rising working capital
borrowings to fund business growth also continue to constrain the
Company's capital structure. The ratings, however, continue to
derive comfort from the experience of promoters in the field of
Over Dimensional Cargo (ODC) transportation, NTCPL's established
relationships with renowned customers and its leading position in
domestic ODC surface transportation segment. The ratings also
factor in the Company's healthy operating margins and comfortable
profitability metrics.

NTCPL, promoted as a partnership firm in 1997 and converted into
a private limited company in 2001, is primarily engaged in
surface transportation of cargo, especially ODC. The Company
caters to industries such as power, iron and steel, cement and
refractories, fertilizers and chemicals and engineering among
others. About 60 per cent of its fleet is owned, with the
remaining fleet being contracted from the market. The Company
recently diversified into providing end-to-end logistics
services, including freight forwarding and clearing and
warehousing, on a small scale. The Company has windmills of 1.7
MW capacity near Tirupur (Tamil Nadu).

Recent Results

NTCPL reported net profit of INR27.5 crore on operating income of
INR347.1 crore during 2011-12 as against net profit of Rs.13.5
crore on operating income of Rs.214.1 crore during 2010-11.


PATODIA FILAMENTS: ICRA Reaffirms 'BB+' Long-Term Rating
--------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB+' to the
INR59.35 crore1 (enhanced from INR22.64 crore) fund based bank
limits of Patodia Filaments Private Limited.  ICRA has also
assigned a short term rating of '[ICRA]A4+' to the INR0.40 crore
non fund based bank limits of PFPL. ICRA has also
reaffirmed/assigned the ratings of [ICRA]BB+/[ICRA]A4+ to the
INR35.25 crore (enhanced from INR6.96 crore) proposed limits of
the company. The outlook on the long term rating is "Stable".

                           Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund Based    16.00    [ICRA]BB+ (Stable) Reaffirmed
   Limit-Cash Credit

   Long Term Fund Based    43.35    [ICRA]BB+ (Stable) Reaffirmed
   Limit-Term Loans

   Short Term Non Fund      0.40    [ICRA]A4+ Assigned
   Based Limit-Bank
   Guarantee

   Proposed Limit          35.25    [ICRA]BB+(Stable)/[ICRA]A4+
                                    Reaffirmed/Assigned

The rating reaffirmation reflects the promoters' experience in
manufacturing of yarns and fabrics, the company's comfortable
financial profile as reflected by growth in operating income and
moderately leveraged capital structure. However, the rating
continues to be constrained by PFPL's presence in a highly
competitive and fragmented sector dominated by unorganized
players; relatively weaker bargaining power with the suppliers
who are the leading players in the industry; inherent cyclicality
in the textile business and the vulnerability of profitability to
volatility in raw material and yarn prices. Going forward, ICRA
expects the proposed addition of the new warp knitted fabric
production facility to aid further growth in the operating
income, though it would lead to moderate gearing over the medium
term.

Patodia Filaments Private Limited, incorporated in the year 1995,
is engaged in manufacturing of medium and premium quality yarns
and knitted fabrics. The company has its manufacturing unit set
up for polyester yarn and knitted fabrics in Silvassa and
registered office in Mumbai.

Recent results

PFPL recorded a net profit of INR2.12 crore on an operating
income of INR103.30 crore for the year ending March 31, 2012 and
a profit before tax of INR0.91 crore on an operating income of
INR49.16 crore for the half-year ending September 30,
2012(Provisional numbers).


RADIANT INDUS: ICRA Assigns 'BB' Rating on INR12.7cr Loans
----------------------------------------------------------
ICRA has assigned '[ICRA]BB' rating to the INR5.60 crore term
loan facilities, INR5.90 crore cash credit facilities and INR1.20
crore long term fund based proposed limit of Radiant Indus Chem
Private Limited. The outlook on the long-term rating is stable.
ICRA has also assigned the '[ICRA]A4' rating to the INR0.40 crore
non-fund based facilities and INR0.50 crore of short term fund
based facilities of RICPL.

                           Amount
   Facilities             (INR Cr)    Ratings
   ----------             --------    -------
   Long Term, Fund Based     5.60     [ICRA]BB (stable) assigned
   Limits-Term Loan

   Long Term, Fund Based     5.90     [ICRA]BB (stable) assigned
   Limits-Cash Credit

   Long Term, Fund Based     1.20     [ICRA]BB (stable) assigned
   Limits-Proposed

   Short Term, Fund Based    0.50     [ICRA]A4 assigned
   Limits

   Short Term, Non Fund      0.40    [ICRA]A4 assigned
   Based Limits

The assigned ratings derive comfort from the long standing
experience of the promoters in oxalic acid manufacturing industry
and moderate capital structure of the company characterized by
low gearing. The assigned ratings, however, remain constrained by
the moderate scale of business limited by the oxalic acid
industry size, vulnerability of margins to fluctuations in the
raw material prices, and loss making food processing division
which was merged with RICPL in current fiscal. RICPL has also
undertaken sizeable debt funded capex in current fiscal for
setting up manufacturing capacities in food processing division
which is expected to drain cash flows in medium term.

RICPL is manufacturer & supplier of oxalic acid and sodium
nitrate with 95% of revenue in FY12 coming from oxalic acid. The
company also exports to Russia, Pakistan, Dubai & America with
exports contributing 26% of total revenue in FY12. Oxalic acid is
used as a cleaning agent in textile and leather and used as a
bleaching agent in Pharmaceutical Industry to improve the purity
of drugs. Sodium nitrate is by product of oxalic acid
manufacturing and the company has been able to reduce bye product
share in recent years.. The oxalic acid demand in domestic market
has remained stagnant over the years with market size limited at
less than 3500 MT per month resulting in muted growth for the
company. Raw material and power forms -60% and -20% of total cost
of manufacturing of oxalic acid with each ton of oxalic acid
requiring -575 Kg. of sugar & 250 Kg. of nitric acid as key raw
material.

RICPL was incorporated in the year 1982 by Mr. Asa Singh.
Currently his son Mr. Animesh Singh and Mr. Sandeep Singh is
looking after the business. The company operates at a capacity of
13,500 TPA of oxalic acid and 2,500 TPA for sodium nitrate with a
utilization of 63% and 30% respectively in FY12. The 100%
subsidiary of the company FIPL has a processed food business
wherein it manufactures mayonnaise, jam, sharbat, pickle, etc and
same will be merged with RICPL in current fiscal.

Recent Results:

RICPL has recorded a net profit of INR1.6 Crore on an operating
income of INR33.9 Crore for the year ending March 31, 2012
(Audited).


RNB INTERNATIONAL: ICRA Rates INR6cr LT Loan at '[ICRA]B+'
----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR6.00
crore long term fund based facilities of RNB International
Private Limited.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Long Term Fund          6.00      [ICRA]B+/Assigned
   Based Limit

The rating assigned by ICRA has drawn comfort from the experience
of the promoters in wool trading business which was earlier
conducted in various other group companies and will now be
consolidated under RNB. Since RNB has been historically involved
into market research related activities, which is low revenue,
but high margin business, the reliance on external borrowings for
RNB has remained limited. However with change in nature of
business activities to wool trading, which will now constitute
more than 90% of RNB's revenues, its reliance on external debt
will increase as wool trading is a working capital intensive and
low profitability margin business. As a result, the debt coverage
indicators will moderate from the levels witnessed in the past.
Further, during FY12, the company has also made investments in
its group companies, which were incrementally funded through
borrowings. Since, a part of the borrowings of RNB were from the
other companies of the promoter group, the reliance on external
debt remained minimal in FY12. Going forward, while RNB has
secured working capital limits to fund its wool trading
operations, the levels of the profitability margins, working
capital intensity of operations and extent of group investments
will drive the debt coverage indicators of the company. While
assigning the rating, ICRA has taken comfort from the
satisfactory revenues reported by RNB in its wool trading
activity for the 9month period ending December 2012, whereby it
reported revenues of -INR23 crore as against -INR5.5 crore
reported in FY12.

RNB International Private Limited is engaged in various
businesses across different industries. It offers market research
services, undertakes wool trading and is also involved in
publication business. Incorporated in 2003, the company has been
offering market research services since its inception and entered
into wool trading in FY 2012. However, wool trading is not a new
business for the promoters who have been involved in this line
for more than two decades and was earlier carried out in other
group companies.


SHAKTI REFOILS: ICRA Reaffirms 'BB-' Rating on INR10.15cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR12.68
crore (enhanced from INR12.30 crore) long term fund based
facilities of Shakti Refoils & Agro Food Products Private Limited
at '[ICRA]BB-'.  The outlook on the long term rating is Stable.
The short-term rating of '[ICRA]A4' has been withdrawn as the
short term non fund based facilities of SRFPPL have reduced to
Nil from INR2.19 crore.

                           Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Cash Credit             10.15     [ICRA]BB- Reaffirmed

   Term Loans               2.53     ICRA]BB- (Stable)
                                     Reaffirmed

   Non Fund Based                    [ICRA]A4 withdrawn
   facilities

The reaffirmation of the long-term rating takes into account the
weak financial profile of the company as reflected by modest
profitability, leveraged capital structure and weak coverage
indicators; fragmented nature of the edible oil industry leading
to intense competition which restricts the pricing flexibility
and limited product diversification with cottonseed oil alone
accounting for over 90% of sales along with presence mainly in
the low margin bulk segment. Further, the rating continues to
remain constrained by vulnerability of profitability to raw
material price fluctuations which are subject to seasonality &
crop harvest.

However, the rating favorably factors in the long standing
experience of the promoters in the edible oil industry; location
advantage in terms of close proximity to raw material suppliers
with the refining unit located in the cotton oil seeds producing
belt of Gujarat and favorable outlook for edible oil industry
with demand exceeding the actual production levels. The ratings
also consider the healthy growth in operating income witnessed by
the company since the start of refining operations.

Shakti Refoils & Agro Food Products Pvt. Ltd. was incorporated in
the year 2007. It is an ISO 9001-2000 certified company and is
engaged in the business of refining of edible oils such as cotton
seed oil, soya bean oil, mustard oil, palm oil etc. The company's
refining unit is based in Himmatnagar, Gujarat with a refining
capacity of 100 MTPD.

Recent Results

For the year ended March 31, 2012 the company reported an
operating income of INR113.35 Cr. and profit after tax of INR0.54
Cr. as against an operating income of INR94.81 Cr. and profit
after tax of INR0.40 Cr. for the financial year 2010-11.


WINNER NIPPON: ICRA Assigns 'BB' Rating to INR8cr Loans
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' and a short
term rating of '[ICRA]A4' to the INR14.0 Crore bank facilities of
Winner Nippon Electronics Limited.  The outlook on the long
rating is Stable.

                             Amount
   Facilities              (INR Cr)    Ratings
   ----------              --------    -------
   Fund-Based limits-         7.0      [ICRA]BB (Stable) assigned
   Long Term scale

   Term Loan-Long Term        1.0      [ICRA]BB (Stable) assigned
   scale

   Non-Fund based limits-     3.5      [ICRA]A4 assigned
   Short term scale

   Unallocated-Long Term/     2.5      [ICRA]BB(Stable)/[ICRA]A4
   Short term scale                    assigned

The ratings are constrained by the company's moderate scale of
operations; high competitive intensity in the PP non-woven fabric
and PVC synthetic leather business characterized by few organized
players as well as number of unorganized players; vulnerability
of profitability to price fluctuations in PP and PVC resins,
which are crude derivatives; and expected decline in revenue from
PP fabric sales due to competitive pressures. Nevertheless, while
assigning the ratings, ICRA has favorably taken note of the
favorable demand prospects for PP non-woven fabric and PVC
synthetic leather; moderately healthy profitability and debt
coverage indicators; and fiscal benefits enjoyed by the entity by
virtue of its plant location in Baddi namely income tax and
excise duty exemption (available up to 2017).

Winner Nippon Electronics Limited is engaged in business of
manufacture PP non-woven fabric and PU/PVC synthetic leather. The
company started its commercial operations in 2006 at its
manufacturing facility located in Baddi, Himachal Pradesh. The
total manufacturing capacity is 4,500 MT/annum of PP fabric and
4.8 million metres/annum of PU/PVC synthetic leather. WNEL is
100% subsidiary of Raglan Infrastructure Limited. Raglan
Infrastructure Ltd. is involved in real estate space with
projects in Chandigarh and surrounding areas.

Recent Results

WNEL reported a turnover of INR73.43 Crore and a net profit of
INR4.37 Crore during financial year 2011-12. The company had
reported a turnover of INR51.74 Crore and a net profit of INR2.38
Crore during financial year 2010-11.



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


GAJAH TUNGGAL: S&P Raises CCR to 'B+'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Indonesia-based tire
manufacturer PT Gajah Tunggal Tbk. to 'B+' from 'B'.  The outlook
is stable.  At the same time, S&P raised its ASEAN regional scale
rating on the company to 'axBB' from 'axBB-'.  S&P also raised
the issue rating on Gajah Tunggal's guaranteed secured notes due
2018 to 'B+' from 'B'.  S&P has removed all the ratings from
CreditWatch, where they were placed with positive implications on
Dec. 27, 2012.

The upgrade reflects Gajah Tunggal's refinancing of its 2009
restructured bonds with US$500 million in senior secured notes
due 2018.  The company completed the transaction on Feb. 8, 2013,
and redeemed all outstanding 2009 restructured bonds.  S&P
believes the company's debt maturity structure has substantially
improved after this refinancing.

"We expect Gajah Tunggal's financial risk profile to become more
sustainable over the next two years as its revenues grow
moderately," said Standard & Poor's credit analyst Xavier Jean.
"We project 7%-10% revenue growth for the company in 2013, with
higher sales volumes and stable to marginally weaker average
selling prices."

Gajah Tunggal refinanced the outstanding balance of
US$412.5 million of its 2009 restructured bonds with the proceeds
from the US$500 million senior secured note issue.  The company
intends to use the remainder of the note proceeds for capital
spending and general corporate purposes.

The rating on Gajah Tunggal reflects the company's aggressive
capital structure and its exposure to the cyclical and
competitive tire manufacturing industry and volatile raw material
prices.  The rating also factors in some affiliation risk with
sister company Giti Tires Pte. Ltd. (GITI; not rated).  Gajah
Tunggal's low cost position and strong share in the Indonesian
tire market temper these weaknesses.

The stable rating outlook reflects S&P's expectation that Gajah
Tunggal will maintain its good market position in the Indonesian
tire market in 2013 and 2014.  The outlook also reflects S&P's
view that the company's financial risk profile will remain in
S&P's "aggressive" category in 2013 and 2014.  S&P expects Gajah
Tunggal's EBITDA margin to remain above 11.5% and ratio of funds
from operations (FFO) to debt at 15%-20% over the period.

S&P may lower the rating if Gajah Tunggal's profitability weakens
more than S&P expected, such that the ratio of FFO to debt stays
below 12% for more than 12 months.  This could materialize if:
(1) its EBITDA margin declines below 10% because of substantial
increases in raw material costs or difficulty in raising prices
because of intensifying competition, while revenue grows less
than 2% in 2013; or (2) Gajah Tunggal's expansion strategy
requires more cash than S&P expected.

S&P may also lower the rating if it perceives that Gajah
Tunggal's affiliation risk with GITI has increased.  This could
materialize if the company engages in substantial related-party
transactions or develops closer operating and financial
relationships with GITI or other related parties.

In S&P's view, an upgrade is unlikely in the next 12 months given
Gajah Tunggal's still relatively small scale and affiliation
risk, and high industry risks.  Nevertheless, S&P may raise the
rating if Gajah Tunggal's regional scale improves substantially
while maintaining strong operating margins.  A ratio of FFO to
debt above 30% for more than 12 months would indicate such
improvement.

An upgrade would also be contingent upon S&P's view that
affiliation risk between Gajah Tunggal and GITI or other related
parties has substantially and permanently reduced.



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


CAFES 3: Fitch Downgrades Ratings on 3 Trust Classes to 'D'
-----------------------------------------------------------
Fitch Ratings has downgraded Cafes 3's class D to F trust
beneficiary interests (TBIs) due August 2014 to 'Dsf' and
simultaneously withdrawn them due to tranche default. The
transaction is a Japanese multi-borrower type CMBS
securitisation. The rating actions are:

Class D TBIs downgraded to 'Dsf' from 'Csf'; rating withdrawn
Class E TBIs downgraded to 'Dsf' from 'Csf'; rating withdrawn
Class F TBIs downgraded to 'Dsf' from 'Csf'; rating withdrawn

The downgrade and the rating withdrawal of these TBIs follow the
write-down of the TBIs principal to zero on the February 2013
payment date. Since the previous rating action in August 2012,
the workout on the remaining three defaulted loans has been
completed. One of them was fully recovered in terms of unpaid
loan principal and default interest; however, the other two
resulted in a partial recovery of the loans and the remaining
debt was waived.

The proceeds from the three defaulted loans were applied to the
repayment of the TBIs principal sequentially and the class A to C
TBIs were redeemed in full.

Fitch will no longer calculate the Recovery Estimate for this
transaction following the withdrawal of the ratings.

This transaction was originally a securitisation of seven non-
recourse loans extended to six borrowers and four Tokutei
Mokuteki Kaisha specified bonds, which were ultimately backed by
20 properties at closing.


SONY CORP: Q3 Results No Impact on Fitch Rating Outlook
-------------------------------------------------------
Fitch Ratings says Sony Corporation's (Sony, 'BB-'/Negative)
financial results for the third quarter of the financial year
ending March 2013 (Q3FYE13) revealed fragile profitability
notwithstanding benefits associated with the peak season for the
sale of electronics products and the yen beginning to weaken
during the quarter. Fitch maintains its Negative Outlook, and
believes that the company's ratings hinge on the profitability
and cash flow of its electronics businesses and debt reduction.

Over the next 12 months a weaker yen, particularly against the
euro, may help improve profitability and possibly lead to a
stabilization of the outlook if it helps EBIT margins excluding
Sony Financial Holdings rise above 1%. However, rationalizing its
diverse operation, regaining lost technological leadership and
successfully releasing "must-have" products will be more
important over the long term.

Sony's operating profit totalled JPY47bn in Q3FYE13. However,
when excluding SFH, operating profit was only JPY11bn, albeit a
recovery from Q3FYE12's operating loss of JPY17bn, and implies a
very thin operating margin of 0.7%.

The improvement was driven by cost reductions following the
restructuring of its TV business and a stronger contribution by
its entertainment business during the quarter. Nevertheless
Sony's entertainment business remains volatile and cannot be
relied upon to continually offset operating losses in the
electronics business segment, in Fitch's view. Moreover, Fitch is
also concerned that gross debt, excluding SFH, increased by a
further 8.8% quarter-on-quarter to JPY1,363bn in December 2012.

Sony's electronics businesses continue to face a tough
environment due to stronger competition and substitution from
smartphones and tablets. The core problem for Sony is a failure
to create "must-have" products and deterioration in the
perception of the brand, relative to Korean manufacturers in
particular.

While the re-launch of its smartphone business since the
beginning of FYE13 helped regain market share slightly, Sony's
smartphone business has yet to gain sufficient traction. Its
market position is still substantially behind Samsung Electronics
Co., Ltd. ('A+'/Stable) and Apple, and even below Chinese vendor,
Huawei, in Q3FYE13, according to IDC data. Its Mobile Products &
Communications segment also made a substantial operating loss of
JPY21bn in Q3FYE13. In addition, future growth in its smartphone
business may be at the expense of its other products, including
digital cameras, video cameras, game devices, PCs, and digital
audio players.

Excluding SFH and the entertainment businesses, the electronics
businesses recorded a high operating loss (including losses from
affiliated companies) of JPY30bn in Q3FYE13, versus a JPY17bn
loss in Q2FYE13. Recovery in profitability was hampered due to
further weakness in its Imaging Products & Solutions segment, its
Game segment, as well as on-going substantial losses in its
Mobile Products & Communications segment.

Fitch expects these trends to continue during the next few
quarters, and believes that meaningful recovery will be slow,
given Sony's loss of technology leadership in key products and
high competition.

Fitch views the weakening of the yen as a positive factor for
Sony. The recent weakening yen is expected to raise operating
income by JPY17bn in Q4FYE13, according to Sony, if all else
stays unchanged. Sony notes that a one-yen change in the exchange
rate against the euro affects its operating income by JPY6bn, but
a one-yen change in exchange rate against the US dollar is
neutral to its operating income.

Excluding SFH, Fitch continues to expect operating EBIT margins
to be negative or minimal and funds flow from operations (FFO)-
adjusted leverage to be above 4x for FYE13 and FYE14. Significant
recovery in FYE15 will depend on the success of the company's
turnaround plan.

Fitch also notes that Sony's balance sheet, excluding SFH,
remained weak. However, Sony maintains a strong liquidity profile
with unrestricted cash of JPY561bn in December 2012, covering
129% of short-term debts, all excluding SFH. Sony also had
JPY777bn unused committed line of credit facilities in December
2012.

Fitch may downgrade the rating if Sony's EBIT loss sustains and
FFO-adjusted leverage rises above 4.5x (both excluding SFH).
However, Fitch will consider revising the Outlook to Stable if
EBIT margins improve to over 1% and FFO-adjusted leverage is
sustained below 4x, both excluding SFH.



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


ALLIED FARMERS: Gets Statutory Demand for NZ$500K Loan
------------------------------------------------------
Allied Farmers Limited revealed Monday that a lender has served a
statutory demand for payment of a loan amounting NZ$540,000).

"On October 8, 2012, Allied Farmers announced that it had
received a request for payment of a $500,000 loan due.  The Loan
had been scheduled to be repaid to the Lender from the proceeds
of an underlying asset due to ALF in November 2012 (the
Underlying Asset Proceeds)," Allied said in a statement to the
NZX.

"As stated in the October 8, 2012, announcement, Allied requested
an extension of time from the Lender to coincide with the receipt
of the Underlying Asset Proceeds. Despite the Lender being
advised that the Underlying Asset Proceeds had not been received
in November 2012, the request for an extension has continued to
be discussed with the Lender since 8 October 2012, and ALF and
the Lender have being working co-operatively in an attempt to
reach a conclusion that is sensible for both ALF and the Lender.

"However, the Lender has advised that it will today serve on ALF
and its wholly owned subsidiary, Allied Farmers Investments
Limited, a statutory demand for payment of the Loan plus interest
(being a total of NZ$540,000), and has said it is unwilling to
delay further in enforcing its rights to repayment of the Loan.

"ALF is very surprised by the action of the Lender given that ALF
has been working co-operatively with the Lender on a sensible
timeline for repayment, and given that ALF has a first ranking
secured lender.

"The receipt of the statutory demand is an enforceable event of
default under ALFs secured loan facility. ALFs secured lender has
indicated that it reserves its rights in that regard. The
statutory demand requires payment within 15 working days. ALF
would be unable to meet that obligation without the support of
its secured lender, who at this stage has not indicated its
position.

"ALF has been seeking information and assessing the position of a
number of parties to determine the value of the Underlying Asset
for the purpose of ALFs half year financial statements. Whilst
there is some way to go in this process and the Board has
insufficient information with which to form a decision, it is
likely that partly as a result of this potential action by the
Lender the position of a number of parties may change, and the
Underlying Asset may need to be substantially if not completely
written down. The carrying value of the Underlying Asset is
NZ$3.75 million."

                      About Allied Farmers

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations.

As reported in Troubled Company Reporter-Asia Pacific on
March 29, 2012, nzherald.co.nz said the future of Allied
Farmers is in doubt after its accounts revealed it needs to sell
property, collect money owed to it, and reach an agreement with
its rural creditors in order to survive as a going concern.  The
rural services business, which acquired the assets of Hanover and
United Finance in December 2009, revealed its position in half-
year accounts filed to the NZX on March 26.

The unaudited accounts show the company made a NZ$9 million loss
for the six months to December 2011, an improvement on the
NZ$20.6 million loss it made in the same prior period. But a note
in the accounts also reveals it faces significant challenges to
continue operating, said nzherald.co.nz.

Allied Farmers Limited reported an unaudited loss of NZ$14.1
million for the year ended June 30, 2012, compared with NZ$40.9
million in 2011.  A significant part of this loss, NZ$10.3
million (last year NZ$34.1 million), largely relates to the
further impairment of assets acquired from Hanover and United
Finance.  Also included were NZ$0.7 million costs related to the
disposal of the rural merchandise business.


DOMINION FINANCE: SFO Trial Resumes Monday
------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the
Serious Fraud Office trial of three men associated with the
collapsed in Dominion Finance has began in Auckland on Monday,
February 11.

In a case brought by the SFO, the report notes, former Dominion
Finance director Robert Barry Whale and former chief executive
Paul William Cropp and an accused with name suppression face
charges of theft by a person in a special relationship.

The trio's judge-alone trial, in the High Court at Auckland, is
expected to last around four weeks, the Herald relays.

Former Dominion director Terence Butler was facing court action
with the other defendants, but was excused in late November
because he has cancer, the report notes.

                       About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance was put into receivership in September 2008
owing about NZ$176.9 million to more than 5,900 investors. It was
put into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm.  Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.


MAINZEAL PROPERTY: Receivers Axe 200 Jobs to Cut Operating Costs
----------------------------------------------------------------
Christopher Adams at The New Zealand Herald reports that the
receivers of Mainzeal Property and Construction said about half
of the failed firm's staff have been made redundant in an urgent
effort to reduce the company's operating costs.

According to the report, receivers PricewaterhouseCoopers said
that with suspension of work on all Mainzeal sites, it had become
necessary to review staffing levels and the redundancies had been
made as a result of that review.

An exact number of job losses has not been released but PwC
receiver Colin McCloy told BusinessDesk that about 200 staff have
been made redundant to stem operating cash flows as they move as
quickly as possible to a rescue package for the firm, the Herald
relates.

Mainzeal employed about 400 staff in New Zealand.

The report says Mr. McCloy confirmed that the receivers were in
talks with parties interested in buying Mainzeal or its assets.

"We understand the importance of a prompt and efficient
management of this receivership and we remain committed to
working as quickly as possible through this receivership," the
report quotes Mr. McCloy as saying.

The Herald relates that PwC said that since Friday [Feb. 8] the
receivers had been working with contractors and subcontractors to
give them access to sites to ensure all parties involved were
safe and property could be retrieved in a "controlled manner".

"We want to thank all parties involved in this Receivership for
their patience, we understand it is a challenging time for
everyone," the Herald quotes Mr. McCloy as saying.  "We're
continuing to evaluate individual projects in an effort to
restart or transfer work on some sites as soon as possible,
subject to contractual arrangements and our statutory obligations
as receivers."

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, have been appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.


MAINZEAL PROPERTY: Collapse Hits Hundreds of Subcontractors
-----------------------------------------------------------
Catherine Harris and Hamish Rutherford at stuff.co.nz report that
hundreds of sub-contractors are thought to be caught up in the
receivership of Mainzeal Property and Construction.

According to the report, Graham Burke, the president of
Specialist Trade Contractors Federation, said the collapse of
Mainzeal was likely to affect many small associated players.

"I would suggest there would be at least three to four
subcontract companies for every employee of a company like
Mainzeal, and then those sub-contractors will employ anything
from one to a hundred employees themselves," the report quotes
Mr. Burke as saying.

He said comments that Mainzeal workers were likely to easily find
work, failed to acknowledge the financial peril its "subbies"
faced, the report adds.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, have been appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.


MAINZEAL: DHB Seeks Legal Advice Following Receivership
-------------------------------------------------------
Radio New Zealand reports that Canterbury District Health Board
is seeking legal advice about how Mainzeal's receivership might
affect work the company is doing for the board.

Mainzeal, the country's third largest construction company, went
into receivership, leaving 400 employees and subcontractors in
limbo, according to Radio New Zealand.

The report relates that the company has several redevelopment
contracts with the board, including one worth more than US$150
million for earthquake repairs in hospitals and other facilities.

The report notes that three other contracts worth about $24
million are for upgrades to other buildings.

DHB Chief Executive David Meates said he hopes to have a better
understanding about the future of these projects by the end of
the month, the report says.



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


RURAL BANK OF MAJAYJAY: MB Puts Bank Under PDIC Receivership
------------------------------------------------------------
The Monetary Board (MB) placed Rural Bank of Majayjay (Laguna),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 241.A dated
Feb. 7, 2013.  As receiver, PDIC took over the bank on Feb. 8,
2013.

RB Majayjay is a three-unit rural bank with Head Office located
along P. Zamora St., Majayjay, Laguna.  Its two branches are in
Nagcarlan and in Majayjay, Laguna.

Latest available records show that as of Dec. 31, 2012, RB
Majayjay had 7,136 accounts with total deposit liabilities of
PHP149.50 million.  Based on the latest Bank Information Sheet
(BIS) submitted by RB Majayjay to the PDIC, the bank is majority
owned by Felipe Sobrevinas (10%), Inocencio Y. Estebal (9.06%),
Alfredo M. Opinion (5.95%), Alexander C. Estebal (5.85%), Pelagio
Villarante (5.5%), Florencio R. Arcenal (4.79%), Lorenzo Merue¤a
(4.25%), Antonina A. Covar (3.79%), Isabelita B. Cruzat (3.52%),
Concordia C. Covar (3.06%), Abner S. Covar (3.33%), Maria Lydia
S. Resubal (2.79%), and Sherlyn and Chirstopher Garcia (2.33%).
Its Chairman is Romeo S. Modina while its President is Abner S.
Covar.

In a statement, PDIC said that upon takeover, all bank records
shall be gathered, verified and validated. The state deposit
insurer assured depositors that all valid deposits shall be paid
up to the maximum deposit insurance coverage of PHP500,000.

PDIC also announced that it will conduct Depositors Forums on
February 13 and14, 2013 to inform depositors of the requirements
and procedures for filing deposit insurance claims. Claim forms
will also be distributed during the Depositors Forum.

Depositors may update their addresses with PDIC representatives
at the bank premises or during the Depositors Forum using the
Mailing Address Update Forms to be furnished by PDIC
representatives.  Duly accomplished Mailing Address Update Form
should be submitted to the PDIC representatives accompanied by a
photo-bearing ID of the depositor with signature. Depositors may
update their addresses until Feb. 16, 2013.  Depositors with
valid deposit accounts with balances of PHP15,000 and below, who
have no outstanding obligations with RB Majayjay and who have
either complete and updated addresses with the bank or have
updated their addresses using the Mailing Address Update Form,
need not file deposit insurance claims.  PDIC targets to start
mailing payments to these depositors to their addresses recorded
in the bank by the third week of February 2013.

Depositors whose accounts have balances of more than P15,000 and
who have outstanding obligations with RB Majayjay should file
their deposit insurance claims.  The PDIC targets to start claims
settlement operations for these accounts by the last week of
February 2013.



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


DELI MASTER: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Feb. 1, 2013, to
wind up the operations of PTG Technology Pte Ltd.

Neff Gmbh filed the petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road, #06-11
         Singapore 069118


DMG CAPITAL: Court to Hear Wind-Up Petition on Feb. 22
------------------------------------------------------
A petition to wind up the operations of DMG Capital Corporation
Pte Ltd will be heard before the High Court of Singapore on
Feb. 22, 2013, at 10:00 a.m.

Mel Gill filed the petition against the company on Feb. 5, 2013.

The Petitioner's solicitors are:

          M/s Moey & Yuen
          133 Cecil Street
          #09-03 Keck Seng Tower
          Singapore 069535


INK COAT: Creditors' Proofs of Debt Due Feb. 8
----------------------------------------------
Creditors of Ink Coat (Asia) Pte Ltd are required to file their
proofs of debt by Feb. 8, 2013, to be included in the company's
dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


FAMCARE INTERNATIONAL: Creditors' Proofs of Debt Due Feb. 8
-----------------------------------------------------------
Creditors of Famcare International Pte Ltd are required to file
their proofs of debt by Feb. 8, 2013, to be included in the
company's dividend distribution.

The company's liquidator is:

          The Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


LEO RESEARCH: Creditors' Proofs of Debt Due March 6
---------------------------------------------------
Creditors of Leo Research Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by
March 6, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 30, 2013.

The company's liquidator is:

          Lau Chin Huat
          50 Havelock Road #02-767,
          Singapore 160050


NSTB INCUBATOR: Creditors' Proofs of Debt Due March 8
-----------------------------------------------------
Creditors of NSTB Incubator Fund Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 8, 2013, to be included in the company's dividend
distribution.

The company's liquidators are:

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



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


VIETNAM MARITIME: Government Allows Two Units to Go Bankrupt
------------------------------------------------------------
VietNamNet Bridge reports that the Vinashin ocean shipping
company will be one of two subsidiaries of the Vietnam Maritime
Corporation (Vinalines) that will be permitted to go bankrupt in
the process of restructuring Vinalines.

VietNamNet notes that the restructuring scheme of Vinalines has
been signed by Deputy Prime Minister Vu Van Ninh.  Accordingly,
the report relates, the three main areas that Vinalines has to
focus on after restructuring consist of ocean shipping, port
operation and maritime services.

"Vinalines is the key state-owned enterprise in these three
fields," the scheme determines, according to VietNamNet.

VietNamNet notes that to concentrate on the main task, at the
same time removing the current difficulties, Vinalines will
classify and rearrange its member units. Specifically, two of its
subsidies will be allowed to go bankrupt: the Vinashin ocean
shipping company (Vinashinlines) and the Vietnam Oil and Gas
Transportation Company (Falcon).

These are the two weakest firms of Vinalines, with several
"scandals" that recently captured public attention, the report
states.

VietNamNet adds that Vinalines will also dissolve two other
units: its branch in the Mekong Delta city of Can Tho and the
Southeast Asian Maritime Human Resources Center Joint Venture
(Vina-STC).

In the period of 2012 to 2015, say VietNamNet, Vinalines will
disinvest from 37 other companies and merger the Sea Petroleum
Trade Company and the Vinalines Petroleum Company.

After restructuring, Vinalines will hold only 100% stake in two
businesses and 50% to 75% of the capital in 30 businesses, the
report adds.



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


* BOND PRICING: For the Week Feb. 4 to Feb. 8, 2013
---------------------------------------------------

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

  AUSTRALIA
  ---------


AUSTRALIAN I/L         4.00  8/20/2015     AUD     181.84
AUSTRALIAN I/L         4.00  8/20/2020     AUD     191.60
AUSTRALIAN I/L         3.00  9/20/2025     AUD     135.59
AUSTRALIAN I/L         2.50  9/20/2030     AUD     127.56
COM BK AUSTRALIA       1.50  4/19/2022     AUD      72.47
MIDWEST VANADIUM      11.50  2/15/2018     USD      61.05
MIDWEST VANADIUM      11.50  2/15/2018     USD      64.88
NEW S WALES TREA       0.50  9/14/2022     AUD      69.06
NEW S WALES TREA       0.50  10/7/2022     AUD      68.85
NEW S WALES TREA       0.50 10/28/2022     AUD      68.67
NEW S WALES TREA       0.50 11/18/2022     AUD      68.48
NEW S WALES TREA       0.50 12/16/2022     AUD      68.20
NEW S WALES TREA       0.50   2/2/2023     AUD      67.74
NEW S WALES TREA       0.50  3/30/2023     AUD      67.27
NSWTC-I/L              3.75 11/20/2020     AUD     129.40
NSWTC-I/L              2.75 11/20/2025     AUD     129.10
NSWTC-I/L              2.50 11/20/2035     AUD     117.81
QUEENSLAND TREAS       2.75  8/20/2030     AUD     124.28
TREAS CORP VICT        0.50  8/25/2022     AUD      70.18
TREAS CORP VICT        0.50   3/3/2023     AUD      68.45
TREAS CORP VICT        0.50 11/12/2030     AUD      47.20


CHINA
-----

CHINA GOVT BOND        1.64 12/15/2033     CNY      67.80


HONG KONG
---------

RESPARCS FUNDING       8.00#N/A Field      USD      22.83


INDIA
-----

JCT LTD                2.50   4/8/2011     USD      20.00
MASCON GLOBAL LT       2.00 12/28/2012     USD      10.00
PRAKASH IND LTD        5.63 10/17/2014     USD      69.73
PRAKASH IND LTD        5.25  4/30/2015     USD      68.62
PYRAMID SAIMIRA        1.75   7/4/2012     USD       1.00
REI AGRO               5.50 11/13/2014     USD      66.14
REI AGRO               5.50 11/13/2014     USD      66.14
SHIV-VANI OIL          5.00  8/17/2015     USD      50.34
SUZLON ENERGY LT       5.00  4/13/2016     USD      51.83
JAPAN
-----

EBARA CORP             1.30  9/30/2013     JPY      99.94
ELPIDA MEMORY          2.03  3/22/2012     JPY       9.50
ELPIDA MEMORY          2.10 11/29/2012     JPY       9.50
ELPIDA MEMORY          2.29  12/7/2012     JPY       9.50
JPN EXP HLD/DEBT       0.50  9/17/2038     JPY      62.17
JPN EXP HLD/DEBT       0.50  3/18/2039     JPY      62.60
KADOKAWA HLDGS         1.00 12/18/2014     JPY     108.45
SHARP CORP             1.14  9/16/2016     JPY      70.78
SHARP CORP             2.07  3/19/2019     JPY      64.91
SHARP CORP             1.60  9/13/2019     JPY      64.27
TOKYO ELEC POWER       2.11 12/10/2029     JPY      74.75
TOKYO ELEC POWER       1.96  7/29/2030     JPY      68.57
TOKYO ELEC POWER       2.37  5/28/2040     JPY      66.40


MALAYSIA
--------
DUTALAND BHD           7.00  4/11/2013     MYR       0.90


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

BAYAN TELECOMMUN      13.50  7/15/2049     USD      22.63
BAYAN TELECOMMUN      13.50  7/15/2049     USD      22.63
BAKRIE TELECOM        11.50   5/7/2015     USD      61.00
BAKRIE TELECOM        11.50   5/7/2015     USD      56.85
BLD INVESTMENT         8.63  3/23/2015     USD      70.33
BLUE OCEAN            11.00  6/28/2012     USD      34.13
BLUE OCEAN            11.00  6/28/2012     USD      34.13
CAPITAMALLS ASIA       2.15  1/21/2014     SGD      99.79
CAPITAMALLS ASIA       3.80  1/12/2022     SGD     100.51
DAVOMAS INTL FIN      11.00  12/8/2014     USD      27.88
DAVOMAS INTL FIN      11.00  12/8/2014     USD      27.88
F&N TREASURY PTE       2.48  3/28/2016     SGD     100.20


SOUTH KOREA
-----------

CHEJU REGION DEV       3.00 12/29/2034     KRW      66.53
EXP-IMP BK KOREA       0.50  8/10/2016     BRL      74.08
EXP-IMP BK KOREA       0.50  9/28/2016     BRL      73.66
EXP-IMP BK KOREA       0.50 10/27/2016     BRL      73.17
EXP-IMP BK KOREA       0.50 11/28/2016     BRL      72.64
EXP-IMP BK KOREA       0.50 12/22/2016     BRL      72.21
EXP-IMP BK KOREA       0.50 10/23/2017     TRY      74.19
EXP-IMP BK KOREA       0.50 11/21/2017     BRL      66.77
EXP-IMP BK KOREA       0.50 12/22/2017     BRL      66.32
EXP-IMP BK KOREA       0.50 12/22/2017     TRY      73.38
SINBO 14TH ABS         8.00   2/2/2015     KRW      29.86





SRI LANKA
---------

SRI LANKA GOVT         6.20   8/1/2020     LKR      74.17
SRI LANKA GOVT         7.00  10/1/2023     LKR      69.43
SRI LANKA GOVT         5.35   3/1/2026     LKR      57.55
SRI LANKA GOVT         8.00   1/1/2032     LKR      69.07


BANGKOK
-------

BANGKOK LAND           4.50 10/13/2003     USD       6.00



                             *********

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.



                 *** End of Transmission ***