TCRAP_Public/130430.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, April 30, 2013, Vol. 16, No. 84


                            Headlines


A U S T R A L I A

AUSDRILL LIMITED: Moody's Affirms Ba2 CFR with Stable Outlook
K & B LAMBERT: Appoints Clifton Hall as Liquidators
MISSION NEWENERGY: Serves KNM Process with Winding Up Petition
RIVERCITY MOTORWAY: Receivers Put Clem7 Tunnel Up For Sale
SECURED COLLATERAL: ASIC Obtains Supreme Court Wind-Up Orders

TROY LANE: Clifton Hall Appointed as Liquidators


C H I N A

HOPSON DEVELOPMENT: S&P Revises Outlook & Affirms 'B-' CCR
INTIME RETAIL: S&P Raises CCR to 'BB'; Outlook Stable
YINGDE GASES: New Bond Issuance No Impact on Ba2 CFR


I N D I A

AGGARWAL IRON: ICRA Rates INR25cr Fund Based Limits at 'B+'
DASHMESH AUTOS: ICRA Assigns 'B' Ratings to INR5.7cr Loans
EQUIPLUS (INDIA): ICRA Assigns 'C' Ratings to INR6.75cr Loans
ICEWEAR CREATIONS: ICRA Assigns 'B+' Ratings to INR1cr Loans
KTDC HOTELS: ICRA Assigns 'BB+' Ratings to INR21.5cr Loans

MULA SAHAKARI: ICRA Assigns 'BB-' Rating to INR30cr LT Loan
STYLISH PRECAST: ICRA Assigns 'B' Ratings to INR15cr Loans
WARM FORGINGS: ICRA Assigns 'B-' Ratings to INR11.54cr Loans
WIRECOM (INDIA): ICRA Assigns 'BB-' Ratings to INR6cr Loans


I N D O N E S I A

MEDCO ENERGI: Moody's Affirms CFR at B2; Rating Outlook is Stable
MERPATI NUSANTARA: Restructuring Team Formed to Save Airline


J A P A N

JCREF CMBS 2007-1: S&P Lowers Rating on Class E Notes to CCC-
JLOC 39: Moody's Lowers Ratings on Two Trust Certificates


N E W  Z E A L A N D

MAINZEAL PROPERTY: Shipley Discloses Role in Mainzeal
ROSS ASSET: FMA Probes Investors Over RAM Collapse


P H I L I P P I N E S

ALBAY ELECTRIC: Protesters Sue NEA Over Privatization
EXPORT BANK: Uninsured Depositors Unlikely to Get Full Payment
* Moody's Affirms Ba1 Ratings on Three Philippine Banks


S I N G A P O R E

AMARU INC: Former Accountant Withdraws Audit Report for 2011


S O U T H  K O R E A

GS ENGINEERING: S&P Lowers CCR to 'BB+' and Withdraws Rating


X X X X X X X X

* BOND PRICING: For the Week April 22 to April 26, 2013


                            - - - - -


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


AUSDRILL LIMITED: Moody's Affirms Ba2 CFR with Stable Outlook
-------------------------------------------------------------
Moody's Investors Service has affirmed the stable outlook and the
Ba2 corporate family rating on Ausdrill Limited and the Ba3 senior
unsecured rating on the $300 million 144A notes issued by Ausdrill
Finance Pty Ltd.

Ratings Rationale:

The Ba2 rating reflects Ausdrill's strong market position in
relation to the provision of integrated mining services in its
target markets and its ability to execute contracts to a
diversified range of counterparties.

"Whilst we expect that conditions will remain challenging in the
mining services sector over the next 12 months, Ausdrill should
generate sufficient operating cash flow to reduce outstanding debt
by around AUD80 million within the next 6 to 12 months", says
Arnon Musiker. a Moody's Vice President and Senior Analyst. "This
will maintain financial leverage within the tolerance for the
rating and provide additional headroom to absorb revenue losses
from possible future contract cancellations", adds Musiker.

Moody's expects the reduction in debt to counterbalance the
weakness in Ausdrill's earnings, resulting in Debt/EBITDA
remaining materially below the rating tolerance level of 2 - 2.5x
in FY13 (fiscal year ending 30 June 2013).

"We expect the weakening in commodity prices, and the general
decline in sentiment to result in the resources sector deferring
capital expenditure, reducing production and focusing on managing
operating costs. These trends will increase competition and
downward pressure on margins in the mining services sector in
which Ausdrill operates, as well as increase the possibility of
step-reductions in revenues from the loss of large contracts."

"The composition of Ausdrill's earnings is shifting towards its
Africa-based businesses due to underperformance in aggregate
earnings from the Australian businesses. Whilst earnings from
Africa are exceeding our base case assumption, certain
jurisdictions in which the company operates -- particularly Mali -
- are subject to elevated sovereign risk. Deleveraging is
important in order to provide a buffer for the company to manage
any sudden deterioration in higher risk sovereign environments,"
adds Musiker.

The stable outlook reflects Moody's expectation that the company
will continue to execute on its various contracts and apply
operating cash flows to deleverage the business.

Ausdrill's rating recognizes the countermeasures that are
available to the company to preserve operating cashflow. These
include workforce reductions-- which should partially counter
downward pressure on operating margins --as well as management's
intention to defer capital expenditure, with the exception of
asset replacement.

Ausdrill's rating could be downgraded if gross adjusted
Debt/EBITDA consistently exceeds 2 -- 2.5x. Negative rating
pressure could also result from sustained negative free cash flow
and/or widespread contract cancellation that has a material effect
on operating cashflow.

The Ba3 rating on the $ notes reflects material legal
subordination as the notes rank behind certain Ausdrill facilities
including its senior secured Syndicated Bank Facility.

The principal methodology used in these ratings was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.

Ausdrill was established in 1987 as a drill and blast company in
the Australian mining services sector, and has expanded into a
vertically integrated provider of mining services to the resources
industry in Australia and Africa with in-house capabilities in
manufacturing, logistics and supply.


K & B LAMBERT: Appoints Clifton Hall as Liquidators
---------------------------------------------------
Timothy Clifton  -- tclifton@cliftonhall.net.au -- and Mark Hall
-- mhall@cliftonhall.net.au -- were appointed as Joint and Several
Liquidators of K & B Lambert Corporation Pty Ltd on
April 22, 2013.

The first meeting of creditors will be held at 2:00 p.m. on
May 3, 2013, in the offices of Clifton Hall, Level 1, 12 Gilles
Street, in Adelaide.


MISSION NEWENERGY: Serves KNM Process with Winding Up Petition
--------------------------------------------------------------
Mission NewEnergy Limited's subsidiary, Mission Biofuels Sdn Bhd,
has served KNM Process Systems Sdn Bhd with a winding up petition,
under section 218(e)&(i) and Section 218(2)(c) of the Malaysian
Companies Act 1965.

MBSB seeks to wind up KNM for KNM's failure to pay MBSB
approximately AUS3,800,000 (MYR12.2 million) plus interest
relating to Liquidated Ascertained Damages under the Engineering,
Procurement, Construction and Commissioning Contract of Mission's
2nd biodiesel refinery (M2 Plant) in Malaysia.  These invoices
were presented to KNM over the last 2 years and despite a Letter
of Demand served on KNM by MBSB's solicitors, KNM has failed to
pay.

The hearing of the winding up Petition will take place on
July 18, 2013.

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Grant Thornton Audit Pty Ltd, in Perth, Australia, expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
incurred operating cash outflows of A$4.9 million during the year
ended June 30, 2012, and, as of that date, the consolidated
entity's total liabilities exceeded its total assets by
A$24.4 million.

The Company's consolidated balance sheet at Dec. 31, 2012, showed
$7.05 million in total assets, $27.29 million in total liabilities
and a $20.24 million net deficit.


RIVERCITY MOTORWAY: Receivers Put Clem7 Tunnel Up For Sale
-----------------------------------------------------------
The Sydney Morning Herald reports that receivers are now taking
expressions of interest in the Clem7 tunnel after the financial
collapse of the toll road two years ago.

SMH relates that KordaMentha partner Martin Madden expects a deal
will be done by the end of the year, pending a successful bid's
approval from Brisbane City Council.

According to the report, Mr. Madden said expressions of interest
would close by May 13, with bids due by the middle of June.

He said parties launching a bid would have access to limited
information about the tunnel but would be subject to a
confidentiality agreement, the report says.

"They'll have about a month to digest that information," the
report quotes Mr. Madden as saying.  "Then together with [sale
partners] Goldman Sachs, we'll select the bids we consider most
attractive."

SMH adds that Mr. Madden said it was likely the firm would receive
a final bid by August or September, with the council approval
process set to take between one and three months.

Rivercity Motorway Group is the owner and operator of Brisbane's
troubled Clem7 tunnel.  CourierMail said in June 2012 that
Rivercity Motorway Group went into receivership after failing to
get its two dozen lenders to agree to a suspension of interest
repayments on the company's AUD1.3 billion debt.  KordaMentha
partners Martin Madden and David Merryweather were appointed
receivers and managers of RiverCity Motorway.


SECURED COLLATERAL: ASIC Obtains Supreme Court Wind-Up Orders
-------------------------------------------------------------
Following an investigation into an unlicensed and fraudulent
financial services business, the Australian Securities and
Investment Commission has successfully applied to the Supreme
Court of Queensland for three South-East Queensland based
companies to be wound up.

ASIC alleged Secured Collateral Pty Ltd, Diversified Collateral
Pty Ltd, Intra Management Pty Ltd and their respective sole
directors, Dylan Robson, Keiron Michael Weertman, and Shane Rodney
Hasell, operated an unlicensed and fraudulent financial services
business that defrauded investors of approximately AUD1,000,000
between May and October 2012.

The Court ordered that:

   * Secured Collateral, Diversified Collateral and Intra
     Management be wound up;

   * William Fletcher and Tracy Knight of Bentleys Corporate
     Recovery Pty Ltd be appointed as the liquidators of the
     companies; and

   * the respondent companies and individuals pay ASIC's costs.

ASIC carried out an investigation into an entity called Secured
Private Wealth. ASIC alleged that Secured Private Wealth used cold
calling and a website to induce investors to deposit funds into
the accounts of Secured Collateral, Diversified Collateral and
Intra Management. Investors were promised that the funds would be
used to buy shares on behalf of the investors, and generate
returns well above market returns (refer 12-265MR).

ASIC also alleged that Weertman, Robson and Hasell withdrew the
money from the company bank accounts in cash. The Court noted that
each director must have been aware that they were involved in some
form of "unlawful exercise". ASIC's inquiries to date have not
been able to substantiate that shares were purchased on behalf of
investors.

ASIC Commissioner Greg Tanzer said ASIC took this action to ensure
that an independent person could review the scheme.

'While there are still funds not accounted for, today's orders
increase the likelihood that investors will see some of their
investment funds returned to them. Unfortunately, with many
schemes of this nature there are no returns', Commissioner Tanzer
said.

The Court declined to make declarations of contravention by the
companies of carrying on a financial services business without an
Australian financial services (AFS) licence or declarations that
the directors were knowingly involved in such contraventions. The
Court also declined to grant injunctions to prevent the companies
or directors carrying on a financial services business, and from
operating any internet websites promoting, advertising or offering
financial services, without holding an AFS licence.


TROY LANE: Clifton Hall Appointed as Liquidators
------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of Troy Lane Quality Golf Services Pty Ltd
on April 24, 2013.

The first meeting of creditors will be held at 3:00 p.m. on
May 3, 2013, at Clifton Hall, Level 1, 12 Gilles Street, in
Adelaide.



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


HOPSON DEVELOPMENT: S&P Revises Outlook & Affirms 'B-' CCR
----------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
China-based property developer Hopson Development Holdings Ltd. to
stable from negative.  In line with the outlook revision, S&P
raised its long-term Greater China regional scale rating on the
company to 'cnB' from 'cnB-' and that on its senior unsecured
notes to 'cnB-' from 'cnCCC+'.  At the same time, S&P affirmed its
'B-' long-term corporate credit rating on Hopson and the 'CCC+'
rating on the notes.

S&P revised the outlook to stable because it believes Hopson will
improve its sales execution and control its debt-funded expansion
over the next 12 months.

"We believe the company's refinancing risk is lower," said
Standard & Poor's credit analyst Bei Fu.  "The reasons for that
are the company has redeemed its senior notes due late 2012,
raised new offshore funding early in 2013, and is maintaining its
onshore banking relationship.  We also expect Hopson's profit
margins to be satisfactory and its liquidity to strengthen over
the next 12 months."

The year-on-year growth in Hopson's contract sales during the
first three months of 2013 reflects its improved sales execution,
in S&P's opinion.  During that period, Hopson's contract sales
rose 77% year on year to Chinese renminbi (RMB) 2.65 billion, 18%
of its full-year sales target.

"We expect Hopson to be able to keep its profitability steady in
the next two years.  This is because most of the company's sales
are from tier-one cities, where it has large low-cost land
reserve.  In addition, Hopson did not cut prices to accelerate
sales during the last market downturn," Ms. Fu said.

Standard & Poor's assesses Hopson's management and governance as
weak.  In S&P's view, the company's relatively new management team
has yet to establish a record of effective operational risks
management and internal control, compared with that of peers with
similar business scale and market position.  During the past three
years, there was high turnover in senior management.
Nevertheless, S&P noticed that Hopson's information disclosure has
been slowly improving since the end of 2012.

S&P affirmed the rating on Hopson to reflect the company's
aggressive debt-funded expansion, weak and volatile financial
performance, weak corporate governance, and weak execution of
business strategy.  The company's large and low-cost land reserve,
its established brand name, especially in tier-one cities, good
profit margin, and increasing recurring income temper those
weaknesses.

The stable outlook reflects S&P's expectation that Hopson's
property sales will improve and the company will control debt-
funded expansion in the next 12 months.  As a result, its credit
ratios will improve to a level more in line with peers'.  S&P also
expects the company to maintain satisfactory profitability and to
refinance its upcoming debt maturities.

S&P may lower the rating if Hopson's cash inflow is insufficient
to fund cash outflow, particularly fixed obligations.  This could
happen if: (1) its property sales are materially below S&P's base-
case expectation of RMB13 billion in 2013; (2) its debt-funded
expansion is more aggressive than S&P expected; or (3) the company
cannot refinance its short-term debt obligations or its banking
relationships deteriorate, which may be reflected by a slowdown in
onshore loan drawdowns.

S&P may upgrade Hopson if: (1) it further improves its liquidity
and leverage, such that its EBITDA interest coverage is above 1.5x
on a sustainable basis; and (2) the company improves its debt
maturity profile.


INTIME RETAIL: S&P Raises CCR to 'BB'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Intime Retail (Group) Co.
Ltd. and its rating on the company's senior unsecured notes to
'BB' from 'BB-'.  The outlook is stable.  Accordingly, S&P also
raised its long-term Greater China regional scale rating on the
China-based department store operator and the notes to 'cnBBB-'
from 'cnBB+'.

"The upgrade reflects our view that Intime's business risk profile
has improved over time, given its enlarged operating scale and
more geographically diversified store network in the country,"
said Standard & Poor's credit analyst Lillian Chiou.  "We also
expect the company to have good growth prospects supported by
strong overall growth in retail sales in Zhejiang, its home base,
and in China."

S&P expects Intime will sustain its healthy cash flow generation
and profitability.  Sales from its concessionaire model will
continue to contribute about 90% of total gross sales in the next
one to two years.  S&P also expect the company to maintain
operating efficiency and good bargaining power against suppliers,
given its dominant market position in Zhejiang.  Nevertheless,
intensifying industry competition, including from non-traditional
retail formats, could also hurt profitability, especially for
newly opened stores.  S&P expects to see a moderate downward trend
of concessionaire rate and gross margin in the next three to five
years.

Although Intime's single-province and single-store revenue
concentration has been decreasing, it remains high relative to
peers.  S&P expects Intime's revenue contribution from Zhejiang
and its flagship store to decline gradually as the company expands
further outside of the province.  The fact that Zhejiang continues
to be one of the wealthiest provinces in China mitigates the
geographical concentration risk.

In S&P's view, the company will continue its somewhat aggressive
debt-funded expansion plans but with better financial discipline
in the next few years.

S&P forecasts Intime's revenue to grow in high single-digits in
2013 and then accelerate to the mid-teens in 2014, supported
mainly by a high number of new stores.

S&P maintains its view on Intime's financial risk profile as
"aggressive."  Stronger EBITDA will be accompanied by high debt
financing requirement and an increase in operating lease-adjusted
debt.  Due to the retailers' cash-generative model, S&P expects
50% of total cash and cash equivalents to be surplus cash.  S&P
measures Intime's capital structure after netting off surplus cash
from operating lease-adjusted debt.  In S&P's base case, it
expects Intime's adjusted debt-to-EBITDA ratio to stay below 5.0x
in 2013.

Intime's refinancing risk will rise this year with the upcoming
maturity of its convertible bonds, which, in S&P's view, is less
likely to be converted.  However, the company's good cash position
and moderate access to capital markets mitigate the risk.

S&P views Intime's liquidity as "adequate," as defined in its
criteria.  S&P expects the company's sources of liquidity to
exceed its uses by more than 1.2x over the next 12 months.

"The stable outlook reflects our expectation of sustainable cash
flow generation from Intime's concessionaire model, robust revenue
growth in 2013, but continued debt-funded capital expenditure for
expansion," said Ms. Chiou.

S&P may lower the rating if Intime's sales ramp-up from new stores
is significantly slower than its expectation, profit margin
deteriorates materially, or if the company takes on more
aggressive debt-funded expansion than S&P expected.  Downgrade
triggers would be the ratio of adjusted debt to EBITDA staying
above 5x on a sustained basis (after netting off surplus cash).

Upgrade potential hinges on Intime's ability to execute its
expansion plan with financial discipline, and continue to improve
its financial position, in particular capital structure, such that
the ratio of surplus-cash-adjusted debt to EBITDA stays below
3.5x.


YINGDE GASES: New Bond Issuance No Impact on Ba2 CFR
----------------------------------------------------
Moody's Investors Service says that an additional bond issuance by
Yingde Gases Group Company Limited will not have any impact on its
Ba2 corporate family rating and Ba3 senior unsecured bond rating.

The ratings outlook remains stable.

The company announced on April 26, that it will issue additional
bonds under the same terms and conditions as the existing bonds.

The proceeds of the $ notes issuance will be used to refinance the
company's existing borrowings.

Ratings Rationale:

"After the additional bond issuance, Yingde Gases' credit metrics
will still be well positioned within its Ba2 rating range," says
Jiming Zou, a Moody's Analyst.

Moody's also expects the company's leverage level to stabilize as
its new facilities fuel further revenue and cash flow growth.

Yingde Gases' Ba2 corporate family rating reflects (1) the
company's strong position in China's on-site gas supply market;
and (2) the company's high profitability and sustainable operating
cash flow.

On the other hand, the rating is constrained by Yingde Gases' (1)
relatively small business scale to its international peers; (2)
short operating track record; (3) customer concentration in the
domestic steel industry; and (4) moderately high debt leverage and
negative free cash flow as a result of rapid expansion.

While the company has been focusing on business expansion in
recent years, there are weaknesses with its internal controls.

For example, the company breached the listing rules when its
chairman improperly used corporate funds to purchase shares in the
company.

Moody's expects the company to pay more attention to its internal
controls and to allocate more management resources to improve its
corporate governance.

The ratings outlook is stable, reflecting the sustainable
character of the company's gross cash flow through the cycle and
the expected stabilization of debt leverage over the next 12
months.

Upward rating pressure is unlikely at this stage, given the
company's moderately high debt leverage and continued large
capital spending against the backdrop of a relatively small and
concentrated business profile.

However, positive rating pressure could emerge if Yingde Gases
improves its business scale and customer diversification, and
improves debt/EBITDA below 3.0x and retained cash flow (RCF)/net
debt above 30% on a sustained basis.

A downgrade could be triggered if Yingde Gases further increases
debt leverage through aggressive expansion, or experiences an
unexpected deterioration in its gross cash flow.

Specific credit metrics that would indicate a rating downgrade
include: debt/EBITDA above 5x and RCF/net debt below 10%-15%.

The principal methodology used in these ratings was the Global
Chemical Industry Methodology published in December 2009.

Yingde Gases Group Company Limited is one the largest players in
the independent on-site industrial gas market in China. The
company reported RMB4.96 billion in revenue for 2012. As of end-
2012, it had a total of 41 production facilities in operation and
another 30 under development. On-site gas production accounted for
about 80% of the company's revenues, with the rest coming from
merchant sales.

The company listed on the Hong Kong Stock Exchange in September
2009. As of March 2013, the executive directors and founders,
Zhongguo Sun, Zhao Xiangti and Trevor Raymond Strutt held 18.5%,
14.43% and 10.15% equity stakes, respectively.



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AGGARWAL IRON: ICRA Rates INR25cr Fund Based Limits at 'B+'
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the
INR25.0 crore fund based limits of The Aggarwal Iron & Steel Co.
The rating takes into consideration the intensely competitive
nature of the steel trading business, AISCO's relatively moderate
scale of operations, and its thin profitability.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits        25.0    [ICRA]B+

The rating also factors in the high gearing levels of the firm
(5.50 times as on March 31, 2013 provisional) and its modest debt
protection indicators. The rating also remains constrained by the
risks inherent in a proprietorship nature of the firm such as
ability to raise funds, withdrawal of capital, succession risk,
etc.

The ratings however derive comfort from AISCO's experienced
management, its established relations with key customers and
limited exposure to commodity price fluctuation risk on account of
low levels of inventory being maintained by the firm.

The Aggarwal Iron & Steel Co. started in 1990 as a proprietorship
firm with Mr. Praveen Agarwal as the proprietor. The firm deals in
trading of reinforced steel bars and supplies mainly to real
estate developers.

During FY2013 (provisional), the firm reported a net profit before
tax of INR0.48 crore on an operating income of INR146.97 crore
vis-a-vis profit after tax of INR0.79 crore on an operating income
of INR164.27 crore during FY2012.


DASHMESH AUTOS: ICRA Assigns 'B' Ratings to INR5.7cr Loans
----------------------------------------------------------
ICRA has assigned the '[ICRA]B' ratings for the INR5.70 crore bank
facilities of Dashmesh Autos.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             5.00     [ICRA]B Assigned
   Term Loan               0.66     [ICRA]B Assigned
   Unallocated             0.04     [ICRA]B Assigned

The assigned rating takes into account Dashmesh's healthy market
position by virtue of being the sole dealer of Hyundai Motors
India Limited in Ferozepur and healthy growth in revenues. The
ratings are, however, constrained by the Dashmesh's thin profit
margins and high working capital intensity- both inherent in the
automotive dealership business. The highly geared capital
structure and weak growth outlook in near term also constrain the
rating. Going forward, the firm's ability to manage its liquidity
and improve its financial risk profile would remain key rating
sensitivities.

Dashmesh Autos is a partnership firm promoted by Mr. Raman Sidana
and his brother in FY10 and subsequently reconstituted as
partnership firm between Mr. Raman Sidana and his wife. . The firm
has been operating as an authorised dealer for vehicles of Hyundai
Motors India Limited in Ferozepur, Punjab. The firm deals in sale
of new cars, repairs and servicing of cars. The firm has one 3S
(showroom, spares, service) sales showroom cum service workshop
located in Moga Road, Ferozepur.

Recent Results As per 2011-12 financials, Dashmesh reported an
Operating Income (OI) of around INR22.9 crore and Operating
Profits Before Depreciation, Interest and Tax (OPBDIT) of INR0.7
Crore.


EQUIPLUS (INDIA): ICRA Assigns 'C' Ratings to INR6.75cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]C' and a short-term
rating of '[ICRA]A4' for the INR11.25 Crore bank facilities of
Equiplus (India) Exports Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Export Packing Credit       3.50    [ICRA]C assigned
   Limit (EPC)

   Foreign Bill Purchase       2.50    [ICRA]C assigned
   Limit (FBP)

   Standby Line of Credit      0.75    [ICRA]C assigned

   Letter of Credit            4.50    [ICRA]A4 assigned

The assigned ratings take into account the company's stretched
liquidity position which led to delays in debt servicing in the
past, moderate scale of operations with fluctuating operating
margins due to inability to pass on the increase in raw material
cost entirely to its customers and high dependence on the European
market for its revenues, indicating that the revenue growth would
have strong linkages with the recovery in the EU region. Based on
information shared by the management, the company has been regular
in debt servicing over the last three months.

ICRA factors in the long standing experience of promoters in the
leather goods' manufacturing and export business and the company's
moderate financial risk profile. Going forward, the ability to
improve its debt servicing and management of working capital
requirement will remain key rating sensitivities for the company.

Incorporated in 2001, EEPL is engaged in the manufacture and
export of leather products like horse clothing and other leather
apparels. It manufactures products like sleeping bags, saddleries,
leggings, jackets, braces and bags etc. mainly for the export
market. These products are currently being manufactured at its
facility located at Panki, Kanpur (Uttar Pradesh). It is a closely
held company, being promoted by Mr. Upendra Singh.


ICEWEAR CREATIONS: ICRA Assigns 'B+' Ratings to INR1cr Loans
------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to INR0.25
crore term loan facilities and INR0.75 crore proposed long term
facilities of Icewear Creation. ICRA has also assigned the short
term rating of '[ICRA]A4' to INR13.00 crore fund based facilities
and INR3.50 crore proposed facilities of the Firm.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans               0.25    [ICRA]B+ assigned

   Long term proposed       0.75    [ICRA]B+ assigned
   Facilities

   Short term fund          13.00   [ICRA]A4 assigned
   based facilities

   Short term proposed      3.50    [ICRA]A4 assigned
   Facilities

The ratings consider the experience of the promoters in the
garment manufacturing business and their longstanding relationship
with Primark - the Firm's largest customer, which ensures repeat
orders and mitigates the customer concentration risk. The ratings
are however constrained by the Firm's modest profit margins on the
back of partial outsourcing of production and their susceptibility
to volatility in raw material prices, changes in Government
policies and exchange rate movements, with limited pricing
flexibility on account of intense competitive pressure from
domestic players as well as manufacturers in other low cost
countries.

Additionally, the working capital intensive nature of operations
have resulted in constrained capital structure with high gearing
and stretched coverage indicators. ICRA also takes note of the
risks inherent to partnership firms in the form of limited
disclosures and issues of capital continuity.

Icewear Creation was established in 2004 as a partnership firm and
is engaged in manufacturing of knitted garments (mainly kidswear
and ladies wear). The promoter, Mr. Chandrasamy and his wife are
the partners in the firm.

The Firm has three manufacturing units in Tirupur and has combined
production capacity of -3 lakh pieces per month. The firm has been
designated as "one star export" house by Ministry of Commerce and
Industry and mainly caters to large international retailers, with
Primark being the largest customer (accounts for -76% of sales in
FY13) and has modest domestic sales. The Firm also has a windmill
of 225 KW capacity and the power produced is sold to TNEB. Apart
from Icewear Creations, the promoters also have interest in two
more firms - Knitcare and Ellora Fashions, which are engaged in
fabric processing on job work basis.


KTDC HOTELS: ICRA Assigns 'BB+' Ratings to INR21.5cr Loans
----------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]BB+' to the
INR13.90 crore term loans and INR7.60 crore fund based facilities
of KTDC Hotels and Resorts Limited.  The outlook on the long term
rating is stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              13.90    [ICRA]BB+(stable) assigned
   Long Term Fund           7.60    [ICRA]BB+(stable) assigned
   Based Limits


The ratings consider the diversified property portfolio of Company
spread across Kerala, with several properties in strategic
business and tourist locations and healthy F&B sales driven by
hotels as well as standalone restaurants and beer bars operated by
the Company. ICRA also take note of the operational and financial
support extended by Government of Kerala to the Company, which has
helped it in maintaining healthy capital structure.

However, the ratings are constrained by the weak operating metrics
of its hotel properties, reflected in their low occupancy levels
and moderate ARRs, which coupled with high operating expenses
(mainly employee expenses and consumable costs), have resulted in
thin profit margins. The Company has several new properties
planned over the next three years which will be partially funded
by debt, which may result in higher leverage levels.

The Company is planning to open more beer bars over the next three
years and is diversifying into other states with a new 3-star
property in Chennai commencing operations (on a limited scale) in
FY13. The Company is also undertaking several initiatives to
improve the operating performance of its properties, which include
- aggressive and focused marketing, obtaining star ratings to
increase visibility and potential tie-up with private sector
players to enhance service levels. Additionally, the Company is
also exploring options to reduce its cost structure to improve
profit margins. However, while the opening of new beer bars and
the Chennai property is expected to drive revenue growth and some
margin improvement in near to medium term, the translation of the
Company's efforts to improve the operating metrics of its existing
properties and control costs into actual improvement in
performance remains to be seen and will be critical for the
company to improve its credit profile.

The Company operates in a highly competitive market with presence
of established private sector players and its performance is
susceptible to inherent cyclical nature of the industry and
exogenous factors (like terrorist attacks, natural calamities
etc.).

KTDC Hotels and Resorts Limited was incorporated as a private
limited company in 1965, and was initially named as Kerala Tourist
and Handicrafts development Corporation (P) Ltd. The Corporation
was renamed as Kerala Tourism Development Corporation Limited in
1970 and subsequently in 2010, it was renamed as KTDC Hotels and
Resorts Limited. The Company is 100% owned by Govt. of Kerala.

The Company is engaged in operating Hotels (across price points),
Motels and Beer parlors in the state of Kerala. The company is
also trying to expand its presence in neighboring states, starting
with a 3 star property in Chennai, which is expected to commence
operations in current fiscal.


MULA SAHAKARI: ICRA Assigns 'BB-' Rating to INR30cr LT Loan
-----------------------------------------------------------
ICRA has assigned the '[ICRA]BB-' rating to INR30.00 crore long
term fund based limits of Mula Sahakari Sakhar Karkhana Limited.
ICRA has also assigned a long term rating of '[ICRA]BB-' and short
term rating of '[ICRA]A4' to INR3.00 crore unallocated limits of
MSSKL. The long term rating has been assigned stable outlook.

                             Amount
   Facilities               (INR Cr)    Ratings
   ----------               --------    -------
   Long term, fund based       30.00    [ICRA]BB-(stable)
   limits-Cash Credit                   assigned

   Long term and Short          3.00    [ICRA]A4(assigned)
   term based limits

The assigned ratings factor in the long standing presence of MSSKL
in Ahmednagar District of Maharashtra along with forward
integrated distillery and cogeneration operations which partially
protect the company from cyclicality inherent in the sugar
industry. The ratings also take into account adequate cane
availability in the command area, supported by cane development
initiatives taken by the company.

The ratings however are constrained by stretched financial risk
profile characterized by high gearing and high inventory levels.
Further, the company remains vulnerable to regulatory risks like
regulated prices, levy sugar quota and export regulations along
with agro climatic risks.

Incorporated in 1970, Mula Sahakari Sakhar Karkhana Limited has
current crushing capacity of 3500 TCD.The company has more than
17000 cane producing members .The company has 87 villages under
its command area spread over Nevasa Taluka and Ahmednagar Taluka
of Ahmednagar District of Maharashtra. The company also operates
ancillary activities like distillery and cogeneration unit.


STYLISH PRECAST: ICRA Assigns 'B' Ratings to INR15cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR5.10
crore cash credit, INR9.00 crore term loan, INR0.70 crore bank
guarantee, and INR0.20 crore unallocated facilities of Stylish
Precast Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits-       5.10    [ICRA]B assigned
   Cash Credit

   Fund Based Limits-       9.00    [ICRA]B assigned
   Term Loan

   Non Fund Based Limits-   0.70    [ICRA]B assigned
   Bank Guarantee

   Unallocated              0.20    [ICRA]B assigned

The rating takes into account SPPL's small scale of operations,
the tender based nature of contracts that keep its profit margins
under pressure, the company's limited experience in the cement
manufacturing business, and the inherent cyclicality associated
with the cement business, thereby exposing the company to volatile
cash flows. The rating also takes into account SPPL's weak
financial profile, as indicated by an adverse capital structure
and stressed debt protection metrics.

ICRA notes that with SPPL having significant debt repayments
scheduled in the next 2-3 years, ability to stabilize operations
of the new cement grinding unit, and subsequently scale up its
revenues and profits would be crucial from the credit perspective.
The rating derives comfort from the established track record of
the company in the manufacturing of pre-cast concrete products,
its demonstrated ability to consistently increase revenues in the
past few years while maintaining profitable operations, and the
backward integration into cement manufacturing, which is expected
to lead to lower raw material costs for manufacturing of pre-cast
concrete products.

SPPL is a Kolkata based company, and has been engaged in the
manufacturing of pre-cast concrete products since 1999. In FY
2011-12, the company has set up a 66,000 TPA cement grinding unit,
and has also set up facilities for the manufacturing of fly-ash
bricks (installed capacity of 36,00,000 pieces per annum) and
hollow and solid blocks (installed capacity of 36,00,000 pieces
per annum).

Recent Results

In FY 2011-12, SPPL reported a profit after tax (PAT) of INR0.14
crore on the back of an operating income of INR16.80 crore, as
against a PAT of INR0.07 crore on the back of an operating income
of INR8.71crore during FY 2010-11.


WARM FORGINGS: ICRA Assigns 'B-' Ratings to INR11.54cr Loans
------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B-' to the
INR11.54 Crore fund based bank facilities of Warm Forgings private
Limited. ICRA has also assigned the short term rating of
'[ICRA]A4' to the INR5.50 Crores non-fund based facilities of
WFPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               3.04     [ICRA]B- assigned
   Cash Credit             8.50     [ICRA]B- assigned
   Bank Guarantee          0.50     [ICRA]A4 assigned
   ILC/FLC(DA/DP)          5.00     [ICRA]A4 assigned
   Unallocated             0.26     [ICRA]B-/[ICRA]A4 assigned

The ratings draw comfort from the long experience of the promoter
group in the industry, wide customer base, and the company's
diverse product mix. The ratings are however constrained by
competitive and fragmented nature of industry; the company's
vulnerability to raw material price volatility which has led to
moderate profitability indicators; moderate scale of operations,
besides the support being extended to start up entities in the
group. Low operating profits and cash accruals have resulted in
moderate coverage indicators. WFPL's ability to manage its
financial risk profile, generate sufficient cash flows to meet its
debt servicing obligations, especially in view of support extended
to group companies would be the key rating sensitivities going
forward. Based on information shared by the management, the
company had been regular in its debt servicing obligation for the
last three months.

Warm Forgings Private Limited (formerly, CNC Automotive Private
Limited was incorporated in 1999, and promoted by Mr. Amit Rajput.
In 2005, CNC Engineers, a proprietorship firm of Mr. Rajput was
merged with WFPL. The company manufactures products related to
gears for two - wheelers such as wheel hubs, gear blanks (forged
and turned), sliding clutches, rotors and pulleys at its
facilities located in Bhiwadi (Rajasthan). The products
manufactured are of various sizes and shapes as per the
requirement of customers. In order to focus on the four - wheeler
market, Mr. Amit Rajput established Warm Gears Private Limited
(WGPL), which was incorporated in 2005; however the company
commenced its commercial production only in July 2010. WGPL
manufactures bevel gears and other gear products for the four-
wheeler market. Earlier till the receipt of TS Certificate WGPL
was marketing its products through WFPL, however the WGPL had
recently received the TS certificate and going forward will be
selling its products independently. Its facilities are also
located in Bhiwadi (Rajasthan).

Recent Results

As per financials for, 2011-12, WGPL recorded an operating income
of INR137.7 Crore. The company recorded an operating profit before
depreciation, interest and tax of INR9.2 Crore and Profit after
Tax (PAT) of INR2.8 Crore.


WIRECOM (INDIA): ICRA Assigns 'BB-' Ratings to INR6cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR2.0 crore fund-
based bank facilities and INR4.0 crore term loans of Wirecom
(India) Private Limited. The long-term rating has been assigned a
"Stable" outlook.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund-Based Limits        2.0     [ICRA]BB- (Stable) assigned
   Term Loans               4.0     [ICRA]BB- (Stable) assigned

The assigned rating takes into account the long experience of the
promoters in the industrial spring manufacturing business;
established relationship with reputed customers, which indicates
good product quality and ensures repeat orders and healthy
profitability indicators of the company.

The ratings are, however, constrained by the leveraged capital
structure of the company due to its largely debt-funded capital
expenditure carried out in the past; small scale of operations at
present and high working capital intensity as a result of its
stretched receivables and high, although declining, inventory
levels. ICRA also notes that the company is in the process of
setting up a new unit at Pune at an estimated cost of
INR6.0 crore to be funded by a term loan of INR4.23 crore and
balance in form of a mix of internal accruals and a fresh equity
of INR0.5 crore. While the additional unit is expected to augment
WIPL's revenues in the near to medium term, largely debt-funded
capital expenditure on the same is expected to keep the gearing of
WIPL at high levels, given the high project gearing of about 2.4
time.

Established in 1996, WIPL is promoted by Mr. Bharat Shah and is
engaged in the manufacturing of industrial springs, wire forms and
sheet metal components. The manufacturing facility of the company
is located at Vasai in Thane district of Maharashtra. The
industrial springs manufactured by the company mainly find
application in the electrical & switchgear and auto sectors.

Recent Results

In 2011-12, WIPL reported a net profit of INR0.5 crore on the back
of net sales of INR8.9 crore. As per the provisional results for
the first eleven months of 2012-13, the company reported gross
sales of INR8.87 crore.



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


MEDCO ENERGI: Moody's Affirms CFR at B2; Rating Outlook is Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
of PT Medco Energi Internasional Tbk. The outlook on the rating is
stable.

Ratings Rationale:

The rating affirmation reflects Medco's strong liquidity that will
provide a cushion over the next 2 years as the company develops
its Senoro gas field.

At the end of 2012, the company had cash and cash equivalents of
$523 million and short term investments of $312 million. This,
along with cash flow from operations of about $50-100 million,
will be sufficient to cover capital expenditure of $422 million
and scheduled maturity of debt of 162 million over the next 12
months.

"Medco has successfully completed its refinancing exercise in 2012
and has arranged for sufficient funds to largely complete its
planned capital expenditure for next two years" says Vikas Halan,
a Moody's Vice President and Senior Analyst.

Medco plans to invest about $1 billion in exploration and
development projects over the next two years. Its production and
reserves, which have been declining as most of the producing
fields have matured, will start improving from 2014 when its
Senoro project starts producing. The company expects Senoro to
produce 310 million standard cubic feet a day from last quarter of
2014.

"Although the large capex plan will increase leverage and exposes
the company to execution risk, we derive comfort from management's
successful track record in Indonesia and the presence of other
established players in the Senoro Project including state-owned
Pertamina (Baa3 stable)" adds Halan.

The company's gross debt to proved developed reserves has already
increased beyond the downgrade threshold of $10 per barrel of oil
equivalent (boe) in 2012 and will remain elevated for the next
couple of years until about 60 million boe of reserves are
classified as developed on completion of the Senoro project in
2014. The company's retained cash flow (RCF) to debt has also been
weak at about 7% to 8% over the last three years.

Over the medium term, Medco's leverage will remain elevated as it
completes its projects. Upward pressure on the rating is therefore
limited. Credit metrics than can support a higher ratings include
debt to proved developed reserves of below $ 8/ boe and debt to
average daily production of below $27,000 / boe.

The rating can come under pressure, if the company fails to
execute its projects in time or within budget such that its credit
metrics deteriorate more than expected or fail to improve to more
appropriate levels by 2015. Credit metrics that Moody's will
consider appropriate for the current rating include debt to proved
developed reserves of below $10/ boe and debt to average daily
production of below $30,000 / boe.

The B2 rating continues to reflects Medco's modest reserve and
production base as well as significant execution risk given its
development plans in Indonesia and overseas. The rating also
reflects significant reinvestment risk given the depleting
reserves -- of which some are undergoing long-term natural
decline. The company therefore requires additional capex to arrest
declining levels of production. Such capital spending will
increase the company's leverage and execution risk, particularly
given that its growth plans involve investments in overseas
locations where Medco's experience is limited.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry Methodology
published in December 2011.

Headquartered in Jakarta, Medco is predominantly an oil & gas E&P
company with additional operations in drilling, downstream oil &
gas activities, and power generation in Indonesia. Medco has also
expanded its operations overseas to the US, the Middle East
(including Libya, Tunisia, Oman, and Yemen), and Cambodia.


MERPATI NUSANTARA: Restructuring Team Formed to Save Airline
------------------------------------------------------------
Antara News reports that State Enterprises Minister Dahlan Iskan
has said a team will be formed to restructure the debts of state-
owned Merpati Nusantara airlines.

According to the news agency, Merpati has a total debt of
IDR6 trillion to the government, aircraft lessor and a number of
other state companies including oil and gas company PT Pertamina,
airport operators PT Angkasa Pura I and PT Angkasa Pura II and
asset management company PT Perusahaan Pengelola Aset (PPA).

Mr. Dahlan said the restructuring team is formed in a bid to save
the debt ridden airline, the report relates.

He said the team will be headed by Wahyu Hidayat, former president
of the airline, says Antara News.

Antara News relates that Mr. Dahlan said the team will seek to
roll over repayment of its debts or covert the debts into equity
under debt to equity swap.

                     About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

                          *     *     *

The Jakarta Globe reported on May 19, 2011, that State Enterprises
Minister Mustafa Abubakar said the financial restructuring of
Merpati Nusantara Airlines will carry on despite a recent crash
that led to questions about the safety of its fleet.

Jakarta Globe said Merpati was under the care of the state-asset
management company Perusahaan Pengelola Aset, which has injected
hundreds of billions of rupiah to bring it back to profitability.
But after the crash of a Merpati MA-60 that killed 25 people on
May 7, 2011, pressure is building to let the airline go under.



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


JCREF CMBS 2007-1: S&P Lowers Rating on Class E Notes to CCC-
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'CCC- (sf)' from 'CCC (sf)' its rating on the class E floating-
rate notes issued under the Japan Commercial Real Estate Funding
CMBS 2007-1 G.K. (JCREF CMBS 2007-1) transaction.  At the same
time, S&P affirmed its ratings on the class A to D notes, and the
interest-only (IO) class X TK Investment issued under the same
transaction.

The servicer has completed the sales of the properties backing one
of the transaction's remaining underlying loans and specified
bonds (hereafter, collectively referred to as "loans").  Although
the actual recovery amount has yet to be calculated, pending the
completion of final calculations at the underlying special-purpose
company (SPC) level, S&P believes the loan will likely incur a
loss because the outstanding principal on the loan exceeds the
amount collected through the sales of the related collateral
properties.  The loan originally represented about 22% of the
total initial issuance amount of the notes.  S&P lowered its
rating on class E because, in its view, the principal on this
class--the transaction's most subordinate class--is now more
likely to be impaired.

S&P affirmed its ratings on classes A to D.  This is because,
although S&P believes the likely recovery amounts from some of the
underlying loans are under downward pressure based on the
performance of the underlying properties, credit enhancement
levels for the senior classes have improved, reflecting progress
in the sales of the collateral properties.  The total outstanding
amount of classes A to E has declined to about 59% of the initial
amount.

JCREF CMBS 2007-1 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction.  Nine loans originally secured the
notes, and 56 real estate properties and real estate trust
certificates initially backed the loans.  The sales of the
properties backing three of the underlying loans have been
completed.  Barclays Securities Japan Ltd. (formerly, Barclays
Capital Japan Ltd.) arranged the transaction, and Premier Asset
Management Co. acts as the servicer.

The ratings reflect S&P's opinion on the likelihood of the full
and timely payment of interest and the ultimate full repayment of
principal by the transaction's legal final maturity in December
2015 for the class A notes, the full payment of interest and
principal by the transaction's legal final maturity for the class
B to E notes, and the timely payment of available interest for the
class X TK Investment.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING LOWERED

Japan Commercial Real Estate Funding CMBS 2007-1 G.K.
JPY58.2 billion commercial mortgage-backed floating rate notes due
December 2015
Class   To          From        Initial issue amount   Coupon
E       CCC- (sf)   CCC (sf)    JPY2.7 bil.         Floating rate

RATINGS AFFIRMED

Japan Commercial Real Estate Funding CMBS 2007-1 G.K
Class               Rating      Initial issue amount   Coupon
A                   AA (sf)     JPY39.3 bil.         Floating rate
B                   BBB- (sf)   JPY6.2 bil.          Floating rate
C                   B- (sf)     JPY5.3 bil.          Floating rate
D                   CCC (sf)    JPY4.7 bil.          Floating rate
X (TK Investment)   AAA (sf)


JLOC 39: Moody's Lowers Ratings on Two Trust Certificates
---------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings on the Class B and C
trust certificates issued by JLOC 39 Trust.

The affected ratings are as follow:

Class B, downgraded to Ca (sf); previously on August 31, 2012,
downgraded to B2 (sf)

Class C, downgraded to C (sf); previously on August 31, 2012,
downgraded to Caa3 (sf)

Deal Name: JLOC 39 Trust

Classes: B and C trust certificates

Issue Amount (initial): JPY9.3 billion

Dividend: Floating

Issue Date (initial): December 21, 2007

Final Maturity Date: April 2014

Underlying Asset (initial): 14 specified bonds, a non-recourse
loan, and cash

Originator: Morgan Stanley Japan Securities Co, Ltd (as of the
issue date)

Arranger: Morgan Stanley Japan Securities Co, Ltd (as of the issue
date)

Ratings Rationale:

The rating action over the Class B and C trust certificates are
prompted by Moody's expectation that they will likely incur losses
after taking into consideration the potential recovery from
special servicing of the underlying office building.

JLOC 39 Trust is currently secured by a bond backed by an office
building in central Tokyo, and which will legally mature in April
2014. The bond passed its expected maturity date in February 2012.

Based on the special servicer's report as of April 16, the
potential recovery proceeds will fall short of Moody's assumptions
made at the last rating action in August 2012. The stressed
recovery comes from factors such as 1) the sustained high vacancy
of the underlying property amid weak rental conditions in the sub-
markets; 2) an arrangement that Class A certificate holders have
the controlling right when voting on the special servicer's
recovery plan, and their interest may be limited to covering Class
A's outstanding balance instead of maximizing values for Class B
and C; 3) concerns regarding the building's ownership structure
and 4) seismic risks.

Primary sources of assumption uncertainty are the current
macroeconomic environment surrounding the commercial real estate
market, especially the occupancy rates, rents and lending stance
by banks.

Vacancy rates in Tokyo's business areas are fluctuating between 8%
and 9%, and rents continue to decline moderately. In the non-Tokyo
office market, high vacancy rates continue to weigh on rents.

Moody's did not conduct any additional cash flow analysis or
stress scenarios, because the ratings rely on the potential
recovery proceeds from special servicing of the underlying
property.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published in June 2010.



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


MAINZEAL PROPERTY: Shipley Discloses Role in Mainzeal
-----------------------------------------------------
Australian Associated Press reports that former New Zealand prime
minister Jenny Shipley has disclosed her role at the failed
Mainzeal Property and Construction Ltd to China Construction Bank,
the world's second-biggest lender by market value, where she is a
director.

AAP relates that the Chinese lender said Dame Jenny had notified
it that she had served as chairman and independent director of the
group which was put in receivership on February 6 and liquidation
on February 28.

"Based on information available to Dame Jenny Shipley the total
amount involved in the liquidation of Mainzeal has not been
finalised as at the date of this announcement, but likely to be
$NZ70 million or above," China Construction said in a statement to
the Hong Kong stock exchange, AAP reports.

As Mainzeal is still being liquidated she is "not in a position to
indicate the possible outcome of liquidation proceedings".

According to the report, Dame Jenny was appointed chairman and
director of Mainzeal on December 31 and resigned on February 5.

Former head of Brierley Investments Paul Collins and a Tauranga
businessman, Clive Tilby, resigned from the board of Mainzeal at
the same time, leaving Richard Yan, the ultimate shareholder in
Mainzeal, as sole director, AAP discloses.

AAP says Dame Jenny will stand down as a director of China
Construction at its annual shareholders' meeting as one of three
independent non-executive directors who are retiring by rotation
from the board, the newzealandinc.com website reported on
April 17.  Her place would be taken by former Treasury secretary
Murray Horn.

She was grilled about her suitability as chairwoman for state-
owned electricity company Genesis Energy when she appeared before
parliament's commerce select committee in early March and would
not answer calls from Labour's Clayton Cosgrove for assurances
there was nothing relating to her Mainzeal role which could damage
Genesis's reputation, AAP 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, on Feb. 6, 2013, were 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.

The receivers are currently in talks with some parties interested
in buying the business and assets of Mainzeal, either as a whole
or by segment.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.


ROSS ASSET: FMA Probes Investors Over RAM Collapse
--------------------------------------------------
The New Zealand Herald reports that the Financial Markets
Authority has written to Ross Asset Management investors trying to
get information to help its probe of the collapsed Wellington
firm.

The FMA on Friday sent out a letter and a 16-page questionnaire to
those who had money with RAM, the report relates.

"Substantial enquiries have already been conducted by the
investigation team, and the further information sought here is
very important to our investigation," the FMA's Jason Lunjevich
said in the letter obtained by the Herald.

According to the report, the authority is looking for information
specifically from those who still had money with RAM last
September, around a month before the firm and the home of its
founder, David Ross, were raided by the FMA.

Mr. Ross was still winning over clients at this time and some
investors were even considering giving him more money, the report
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



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


ALBAY ELECTRIC: Protesters Sue NEA Over Privatization
-----------------------------------------------------
Business Mirror reports that protesters against the privatization
of the bankrupt Albay Electric Cooperative (Aleco) are suing the
National Electrification Administration (NEA) and the interim
board it created for pushing for the cooperative's privatization.

Business Mirror says the complaint filed with the Regional Trial
Court (RTC) seeks the issuance of a temporary-restraining order,
including a writ for prohibition against the eight-member from
pushing the plan.

The Aleco interim board under NEA-designated project supervisor
Veronica Briones had already called for a pre-bid conference with
five giant firms attending and indicating interest to buy Aleco,
including its close to PHP4-billion debts, the report recalls.

Bishop Joel Baylon of the Diocese of Legazpi, chairman of the NEA-
created Aleco interim board, said among the four interested buyers
are the Aboitiz Group which owns the Tiwi (Albay) geothermal power
plant, the Lopez group which owns the Bacon-Manito geothermal
power at the boundary of Albay and Sorsogon, and the San Miguel
Corp., according to the report.

Business Mirror reports that lawyer Bartolome Rayco and one Darlan
Barcelon, both acting as consumer-members, filed the petition
before the RTC saying the interim board efforts to allow a private
firm operate Aleco through its so-called Private Sector
Participation (PSP) scheme is illegal, saying it did not have the
consumers-members approval as a cooperative.

Business Mirror relates that Mr. Rayco, lawyer of the Aleco Union
Employees, said despite other available remedies to bail out
Aleco, the interim board headed by Bishop Baylon allegedly allowed
itself to be used by the NEA to push the privatization plan
hatched several years ago.

Mr. Rayco said Aleco, touted as extremely graft-ridden and among
the 10 worst cooperatives in the country, had been under NEA
management most of the past 30 years alternating with the Aleco
board whose members were elected by consumers, the report adds.

Albay Electric Cooperative distributes electricity to the entire
province of Albay, Philippines.

Aleco earlier faced disconnection of power supply from the main
grid due to its failure to meet its financial obligations with
Philippine Electricity Market Corp., the spot market's operator,
and the National Grid Corp. of the Philippines, the private
company running the country's power transmission highways,
philstar.com reported.

To help the utility improve operations as well as negotiate with
power suppliers, NEA, which administers electric cooperatives with
financial, technical and institutional concerns, took over Aleco
in February this year.


EXPORT BANK: Uninsured Depositors Unlikely to Get Full Payment
--------------------------------------------------------------
philstar.com reports that the Philippine Deposit Insurance Corp.
(PDIC) said uninsured depositors of the shuttered Export and
Industry Bank will take a haircut on their money once they are
paid by the government.

"Their claims will not be settled 100 percent," philstar.com
quotes Nancy Sevilla-Samson, PDIC vice-president for receivership,
as saying.

Uninsured deposits are those in excess of the P500,000 maximum
insured deposits prescribed under law per each account owner. PDIC
data showed Exportbank's uninsured deposits totaled P11 billion
from 2,666 accounts.

Last April 16, philstar.com recalls, the state deposit insurer
announced it already received the Bangko Sentral ng Pilipinas's go
signal to proceed with the liquidation of Exportbank after two
failed public auctions.

philstar.com relates that the process will include selling
PHP13.65 billion worth of assets to settle PHP24.67 billion in
liabilities, according to latest data. This represented a
deficiency of PHP11.02 billion.

Since priority will be given to Exportbank's creditors such as
share and bondholders, Ms. Sevilla-Samson said there will be no
enough money to meet all uninsured deposits, philstar.com reports.

"It will be nearly impossible," she added, referring to the
settlement of all uninsured deposits in full.

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

As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2012, ABS-CBNnews.com said Bangko Sentral ng Pilipinas
placed EIB under receivership on April 26, 2012.  The Monetary
Board cited the bank's "inability to meet obligations as they
becomes due, insufficient realizable assets to meets its
liabilities and its inability to continue its business without
involving probable losses to its depositors and creditors."

The Philippine Deposit Insurance Corporation (PDIC) took over the
Export & Industry Bank on April 27, 2012, to implement Monetary
Board Resolution No. 686 dated April 26, 2012.  As Receiver, PDIC
will gather all the assets of the closed bank and verify and
validate all bank records.

The Monetary Board (MB) of the BSP this month ordered PDIC to
proceed with the liquidation of EIB.  The order was issued
pursuant to Section 30 of Republic Act 7653 (the New Central Bank
Act) after the MB received the report of the PDIC on the non-
satisfaction to the conditions for the rehabilitation of EIB.

The March 20, 2013 rebidding for the rehabilitation of EIB was
declared a failure when no letter of interest was received from
any of the pre-qualified strategic third party investors (STPIs).
For the bidding last Oct. 18, 2012, no bids were received from
the pre-qualified STPIs who submitted letters of interest to
participate in the bidding.

The net realizable value of EIB's recorded assets estimated at
PHP13.65 billion is deficient by PHP11.02 billion to cover its
liabilities aggregating to PHP24.67 billion as of December 31,
2012.


* Moody's Affirms Ba1 Ratings on Three Philippine Banks
-------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 long-term local and
foreign currency deposit ratings of three Philippine banks, namely
Bank of the Philippine Islands (BPI), BDO Unibank, Inc. (BDO) and
Metropolitan Bank & Trust Company (MBT). The rating outlook of all
three banks remains stable.

The following ratings were also affirmed: Ba1 long-term foreign
currency senior unsecured debt of BDO with a stable outlook, Ba2
local currency subordinated debt rating of MBT with a stable
outlook, and Not Prime (NP) short-term local and foreign currency
deposit ratings of BPI, BDO and MBT.

At the same time, the bank financial strength rating (BFSR)/
baseline credit assessment (BCA) of BPI and MBT were revised to
D+/ba1, from D/ba2. The outlook of the two banks' BFSR remains
stable.

BDO's BFSR/BCA remains unchanged at D/ba2; the outlook of its BFSR
was revised to positive from stable.

MBT's foreign currency preferred stock rating was upgraded to B1
(hyb) from B2 (hyb). The rating outlook remains stable.

Ratings Rationale:

Long-term ratings

The affirmation of the Ba1 long-term deposit ratings of the three
banks with a stable outlook reflects the strong liquidity and
capitalization of the banks that continue to support the banks'
credit profiles at the Ba1 rating level. Moreover, Moody's expects
the steady trend of good profitability to continue and support the
banks' capital replenishment efforts as they pursue credit growth
and prepare for higher capital requirements under Basel III.

At the same time, the deposit ratings and their outlook remain in
line with the rating and outlook of the Philippine sovereign, to
reflect Moody's view of the high degree of correlation between
sovereign and banking risk in the Philippines, attributed to the
banks' domestically-focused businesses that do not benefit from
any meaningful cross-border diversification, and (ii) their high
level of direct government debt exposure.

BDO's foreign currency senior unsecured debt rating of Ba1 is in
line with its deposit rating, and the rating incorporates one
notch of systemic support uplift from its ba2 BCA.

MBT's local currency subordinated debt rating of Ba2 is rated one
notch below its deposit rating, to reflect the subordination of
claim relative to depositors and senior creditors.

MBT's foreign currency preferred stock rating of B1(hyb) continues
to be rated three notches below its Adjusted BCA of ba1.

Standalone credit profiles of BPI and MBT

The revision of BPI's and MBT's BCAs -- measuring their standalone
credit strength -- to ba1 from ba2 results from the banks'
improved financial fundamentals, particularly asset quality and
loss-absorption capacity, which position them well relative to
similar Moody's D+/ba1 rated banks.

Both BPI and MBT have shown consistent improvements in asset
quality, marked by the declines in absolute non-performing loans
(NPL) and gross NPL ratios, and increases in NPL coverage ratios.
At end-2012, the gross NPL ratio for BPI was 2.1%, and MBT 1.8%.
Both banks have better asset quality metrics than the Philippine
banking system-average and compare favorably with other Moody's
D+/ba1 rated banks.

The banks' loss absorption capacities have also improved in line
with their asset quality, supported by high capitalization levels
reflected by Tier 1 capital ratios above 13% and NPL coverage
ratios that are either close to or above 100%. Moreover, the risk-
adjusted profitability of both banks continued to improve in 2012
- as a result of steady loan growth, stable net interest margins,
and moderating credit costs -- and in turn, supported internal
capital generation.

At end-2012, net income as a percentage of average risk-weighted
assets for BPI was 2.8%, and MBT 2.5%; both banks recorded higher
risk-adjusted profitability than Moody's regional D+/ba1 median of
1.8%.

Other factors reflected in BPI's and MBT's ba1 BCAs include the
banks' well-established domestic franchise reflected by their
dominant market shares in terms of banking system deposits and
loans, and their robust liquidity profiles that are well-supported
by core deposit funding and extensive branch networks.

Standalone credit profile of BDO

The revision of the outlook of BDO's D BFSR (mapping to a BCA of
ba2) to positive from stable, reflects Moody's expectations that
(i) its asset quality metrics will continue to improve, (ii) its
risk-adjusted profitability will also improve as a consequence of
a moderation in associated credit costs, and (iii) its
capitalization, enhanced from its recently-completed rights issue,
will remain at stronger-than-historic levels and support its
business growth and loss-absorption capacity over the next 12-18
months.

BDO's ba2 BCA continues to reflect the strength of its domestic
franchise from being the leader in terms of loans and deposits
market share in the Philippines, its stable liquidity profile, and
its weaker asset quality and risk-adjusted profitability relative
to its peers.

Based on the bank's 2012 performance, its asset quality and risk-
adjusted profitability have improved year-over-year, but are still
lagging the regional median for Moody's D+/ba1 rated banks, as
well as BPI and MBT. At end-2012, BDO's NPL ratio was 2.8%, and
its net income was 1.7% of its average risk-weighted assets.

BDO's Tier 1 capital ratio rose to 15.3% at end-2012, from 10.2% a
year ago, largely driven by the rights issue that was completed in
July 2012. Moody's expects BDO's capitalization to remain at high
levels above regulatory requirements and be sufficient to support
further credit growth.

What Could Drive The Ratings Down/Up

BPI and MBT

BPI's and MBT's ratings could be downgraded if: [1] aggressive
organic expansion or acquisitions result in a significant increase
in its risk profile; and/or [2] the operating environment weakens
significantly or underwriting practices become loose, resulting in
the gross NPL ratio exceeding 3%; and/or [3] an increase in NPLs
without a corresponding increase in loan loss provisions,
resulting in the NPL coverage falling below 80%; and/or [4] a
material decline in its capital buffer, such that Tier 1 ratio
falls below 10%.

It is unlikely for BPI and MBT to be rated above the sovereign as
Moody's views the correlation between the bank and the sovereign
to be high. The upgrade of the sovereign rating may create upward
rating pressure on the banks' ratings, only if the banks
consistently maintain: [1] gross NPLs below 2% of total loans;
and/or [2] net income of more than 2.5% of average risk-weighted
assets; and/or [3] high level of loss absorption capacity
reflected by Tier 1 ratio of above 12%.

BDO

BDO's ratings could be downgraded if [1] aggressive organic
expansion or acquisitions result in a significant increase in its
risk profile; and/or [2] the operating environment weakens
significantly or underwriting practices become loose, resulting in
the NPL ratio exceeding 4.5%; and/or [3] NPLs rise without a
corresponding increase in loan loss provisions, resulting in the
NPL coverage falling below 80%; and/or [4] its capital buffer
declines materially, such that Tier 1 capital ratio falls below
9%.

It is unlikely for BDO to be rated above the sovereign as Moody's
views the correlation between the bank and the sovereign to be
high. Nonetheless, the following factors could result in an
upgrade of BDO's BFSR: [1] reduction of its non-performing assets
(non-performing loans (NPL), foreclosed assets and assets held by
its special purpose vehicles) to below 20% of equity and loan loss
reserves; and/or [2] evidence that it can continue to rein in
credit costs and improve its risk-adjusted profitability,
reflected by net income of above 2.5% of average risk-weighted
assets.

All three banks are headquartered in Manila and reported total
assets as follows:

BPI: PHP985 billion ($24 billion) as of Dec 31, 2012

BDO: PHP1,244 billion ($30 billion) as of Dec 31, 2012

MBT: PHP1,041 billion ($25 billion) as of Dec 31, 2012

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating Methodology published in June
2012.



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


AMARU INC: Former Accountant Withdraws Audit Report for 2011
------------------------------------------------------------
WilsonMorgan, LLP, Amaru, Inc.'s previous independent registered
public accounting firm who issued the audit report for the
Company's fiscal year ended Dec. 31, 2011, notified the Board of
Directors of the Company that they were withdrawing their audit
report for the fiscal year ended Dec. 31, 2011, and that said
audit report should no longer be relied upon.  The reasons for the
withdrawal of said audit report were provided by WM in its letter
dated as of April 18, 2013, to the Company.

WM stated that when they were contacted in March 2013 by Wei Wei &
Co., LLP, the Company's current independent registered public
accounting firm, in connection with the audit of the financial
statements for the fiscal year ended Dec. 31, 2012, to review
certain workpapers from the audit of the 2011 Financial Statements
and to obtain their consent for the inclusion of the 2011
Financial Statements in the Company's annual report on Form 10-K,
WM discovered that significant workpapers for the audit of the
2011 Financial Statements were missing from their audit file.  WM
also informed the Company that they discovered that there was not
a second partner, or "concurring" review, of the audit prior to
the issuance of the audit report.

The new audit of the fiscal year ended Dec. 31, 2011, will be
performed by Wei Wei & Co., LLP.  WM agreed to cover the full cost
of that audit, including, any other related filing, legal and
other fees and expenses.  The Company will file an amended Form
10-K for the fiscal year 2011 and any amended quarterly reports as
may be required.

                          About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

After auditing the 2011 results, Wilson Morgan, LLP, in Irvine,
California, noted that the Company has sustained accumulated
losses from operations totalling $40.7 million at Dec. 31, 2011.
This condition and the Company's lack of significant revenue,
raise substantial doubt about the Company's ability to continue as
going concern, the auditors said.

Amaru reported a net loss from operations of $1.37 million in
2011, compared with a net loss from operations of $1.50 million in
2010.  The Company's balance sheet at Sept. 30, 2012, showed $3.28
million in total assets, $3.08 million in total liabilities and
$195,261 in total stockholders' equity.



====================
S O U T H  K O R E A
====================


GS ENGINEERING: S&P Lowers CCR to 'BB+' and Withdraws Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term corporate credit rating on Korea-based GS Engineering &
Construction Corp. (GS E&C) to 'BB+' from 'BBB-'.  At the same
time, S&P withdrew the rating at the company's request.  At the
time of the withdrawal, the outlook on GS E&C was negative.

The downgrade mainly reflects S&P's view that weaker profitability
in GS E&C's overseas businesses and a prolonged downturn in the
property market in Korea will significantly worsen the company's
financial risk profile over the next 12 months.  S&P expects the
company to make an operating loss of about Korean won (KRW) 800
billion in 2013, primarily due to cost overruns in its overseas
engineering, procurement, and construction businesses. Also, S&P
expects the company to improve its operating performance and
financial measures only modestly in 2014, reflecting continued
uncertainties related to its overseas and domestic businesses.

Notwithstanding weaker financial ratios for the rating level, S&P
believes the company's large cash holdings--about KRW2.2 trillion
as of March 31, 2013--and "adequate" liquidity should support its
"significant" financial risk profile over the next one to two
years.  Still, a large balance of payment guarantee that GS E&C
extended to property developers--worth KRW2.1 trillion as of
Dec. 31, 2012--remains a negative factor for its financial risk
profile.  S&P believes the company's business risk profile will
remain "satisfactory," supported by its solid relationship with
group affiliates and its good position in the domestic housing and
construction market.

The negative outlook at the time of the withdrawal mainly reflects
S&P's view that uncertainties over GS E&C's overseas engineering,
procurement and construction businesses and the domestic property
market could further hurt the company's credit quality.



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


* BOND PRICING: For the Week April 22 to April 26, 2013
-------------------------------------------------------

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


  AUSTRALIA
  ---------

COM BK AUSTRALIA       1.50  04/19/2022   AUD      74.12
MIDWEST VANADIUM      11.50  02/15/2018   USD      61.41
MIDWEST VANADIUM      11.50  02/15/2018   USD      58.13
NEW S WALES TREA       0.50  09/14/2022   AUD      69.30
NEW S WALES TREA       0.50  10/07/2022   AUD      69.10
NEW S WALES TREA       0.50  10/28/2022   AUD      68.92
NEW S WALES TREA       0.50  11/18/2022   AUD      68.73
NEW S WALES TREA       0.50  12/16/2022   AUD      69.06
NEW S WALES TREA       0.50  02/02/2023   AUD      68.62
NEW S WALES TREA       0.50  03/30/2023   AUD      68.12
TREAS CORP VICT        0.50  08/25/2022   AUD      70.96
TREAS CORP VICT        0.50  03/03/2023   AUD      69.26
TREAS CORP VICT        0.50  11/12/2030   AUD      48.30


CHINA
-----

CHINA GOVT BOND        4.86  08/10/2014   CNY     102.47
CHINA GOVT BOND        1.64  12/15/2033   CNY      68.22


INDIA
-----

CORE PROJECTS          7.00  05/07/2015   USD      50.79
DR REDDY'S LABOR       9.25  03/24/2014   INR       5.00
JCT LTD                2.50  04/08/2011   USD      20.00
MASCON GLOBAL LT       2.00  12/28/2012   USD      10.00
PRAKASH IND LTD        5.63  10/17/2014   USD      68.00
PRAKASH IND LTD        5.25  04/30/2015   USD      65.61
PUNJAB INFRA DB        0.40  10/15/2024   INR      31.52
PUNJAB INFRA DB        0.40  10/15/2025   INR      28.60
PUNJAB INFRA DB        0.40  10/15/2026   INR      25.98
PUNJAB INFRA DB        0.40  10/15/2027   INR      23.62
PUNJAB INFRA DB        0.40  10/15/2028   INR      21.53
PUNJAB INFRA DB        0.40  10/15/2029   INR      19.68
PUNJAB INFRA DB        0.40  10/15/2030   INR      18.03
PUNJAB INFRA DB        0.40  10/15/2031   INR      16.54
PUNJAB INFRA DB        0.40  10/15/2032   INR      15.21
PUNJAB INFRA DB        0.40  10/15/2033   INR      14.01
PYRAMID SAIMIRA        1.75  07/04/2012   USD       1.00
REI AGRO               5.50  11/13/2014   USD      72.08
REI AGRO               5.50  11/13/2014   USD      72.08
RELIGARE FINVEST      11.75  02/08/2015   INR       3.92
SHIV-VANI OIL          5.00  08/17/2015   USD      44.44
SREI INFRA FIN         8.90  03/22/2022   INR      28.31
SUZLON ENERGY LT       7.50  10/11/2012   USD      65.13
SUZLON ENERGY LT       5.00  04/13/2016   USD      50.76


JAPAN
-----

EBARA CORP             1.30  09/30/2013   JPY      99.95
ELPIDA MEMORY          2.03  03/22/2012   JPY       8.75
ELPIDA MEMORY          2.10  11/29/2012   JPY       8.75
ELPIDA MEMORY          2.29  12/07/2012   JPY       8.75
JPN EXP HLD/DEBT       0.50  09/17/2038   JPY      72.10
JPN EXP HLD/DEBT       0.50  03/18/2039   JPY      72.48
KADOKAWA HLDGS         1.00  12/18/2014   JPY     112.94
SHARP CORP             2.07  03/19/2019   JPY      71.91
SHARP CORP             1.60  09/13/2019   JPY      70.79
TOKYO ELEC POWER       1.96  07/29/2030   JPY      74.16
TOKYO ELEC POWER       2.37  05/28/2040   JPY      71.17


MALAYSIA
--------

AMAN SUKUK             4.25  03/08/2028   MYR       4.19
DUTALAND BHD           7.00  04/11/2013   MYR       0.90


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

BAYAN TELECOMMUN      13.50  07/15/2006   USD      22.63
BAYAN TELECOMMUN      13.50  07/15/2006   USD      22.63


SINGAPORE
---------

BAKRIE TELECOM        11.50  05/07/2015   USD      48.85
BAKRIE TELECOM        11.50  05/07/2015   USD      47.00
BLD INVESTMENT         8.63  03/23/2015   USD      68.75
BLUE OCEAN            11.00  06/28/2012   USD      36.38
BLUE OCEAN            11.00  06/28/2012   USD      36.38
CAPITAMALLS ASIA       2.15  01/21/2014   SGD      99.92
CAPITAMALLS ASIA       3.80  01/12/2022   SGD     101.10
DAVOMAS INTL FIN      11.00  12/08/2014   USD      29.25
DAVOMAS INTL FIN      11.00  12/08/2014   USD      29.25
F&N TREASURY PTE       2.48  03/28/2016   SGD     100.64
INDO INFRASTRUCT       2.00  07/30/2049   USD       1.88


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

CHEJU REGION DEV       3.00  12/29/2034   KRW      69.12
EXP-IMP BK KOREA       0.50  08/10/2016   BRL      74.05
EXP-IMP BK KOREA       0.50  09/28/2016   BRL      74.03
EXP-IMP BK KOREA       0.50  10/27/2016   BRL      73.51
EXP-IMP BK KOREA       0.50  11/28/2016   BRL      72.93
EXP-IMP BK KOREA       0.50  12/22/2016   BRL      69.18
EXP-IMP BK KOREA       0.50  10/23/2017   TRY      70.91
EXP-IMP BK KOREA       0.50  11/21/2017   BRL      66.33
EXP-IMP BK KOREA       0.50  12/22/2017   TRY      69.85
EXP-IMP BK KOREA       0.50  12/22/2017   BRL      66.49
SINBO 14TH ABS         8.00  02/02/2015   KRW      30.28
SINBO 3RD ABS          9.00  07/27/2015   KRW      30.45


SRI LANKA
---------

SRI LANKA GOVT         6.20  08/01/2020   LKR      73.00
SRI LANKA GOVT         7.00  10/01/2023   LKR      67.01
SRI LANKA GOVT         5.35  03/01/2026   LKR      56.31
SRI LANKA GOVT         9.00  07/01/2028   LKR      74.76
SRI LANKA GOVT         8.00  01/01/2032   LKR      67.89
SRI LANKA GOVT         9.00  01/10/2032   LKR      74.00


THAILAND
--------

BANGKOK LAND           4.50  10/13/2003   USD       6.38
G STEEL                3.00  10/04/2015   USD       8.00
MDX PUBLIC CO          4.75  09/17/2003   USD       4.00



                             *********

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.


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

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, 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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