TCRAP_Public/130507.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, May 7, 2013, Vol. 16, No. 89


                            Headlines


A U S T R A L I A

ALL CLASS: ASIC Cancels Licenses Following Liquidation
AUSTRALIAN CAPITAL: Investors Launch Class Action
SHINE FITNESS: Appoints Ferrier Hodgson as Liquidators
* Fitch Reports Negative Outlook For Australian Oil & Gas Sector
* Moody's Notes Hike in Australian Mortgage Arrears in February


C H I N A

INTIME DEPARTMENT: Fitch Affirms 'BB' Issuer Default Ratings


I N D I A

AM REALTY: CARE Assigns 'B' Rating to INR6.75cr Long-Term Loan
ARIHANT PULP: CARE Assigns 'C' Rating to INR21.46cr ST Loan
BEST BUILDERS: CARE Assigns 'B' Rating to INR10cr LT Loan
GOKUL MAMRA: CARE Rates INR8cr Long-Term Loan at 'CARE B'
GOYAL INTERNATIONAL: CARE Rates INR6.49cr Long-Term Loan at 'B+'

KAUR SAIN: CARE Assigns 'B-' Rating to INR194.5cr LT Loan
LAXMI VISHAL: CARE Assigns 'BB-' Rating to INR5.81cr Loan
MAGNAM NETLINK: CARE Places 'BB-/A4' Rating to INR7.5cr Loan
RADHESHYAM AGRO: CARE Rates INR21.32cr LT Loan at 'B'
SWARAJ SUITINGS: CARE Rates INR22cr Long-Term Loan at 'CARE B'

VARDHMAN FASHION: CARE Assigns 'BB' Rating to INR16.5cr Loan


I N D O N E S I A

BHAKTI INVESTAMA: Moody's Assigns B1 CFR with Stable Outlook


J A P A N

SHARP CORP: May Urge Chairman, Two Advisers to Retire


P H I L I P P I N E S

DEVELOPMENT BANK: S&P Corrects Rating on Jr. Sub. Notes to 'B+'
DEVELOPMENT BANK: S&P Raises ICR to 'BBB-' Following Upgrade
* S&P Raises Ratings on Philippine Entities Following Upgrade


S I N G A P O R E

AMARU INC: Wilson Morgan Confirms Withdrawal of Audit Report


S O U T H  K O R E A

STX GROUP: Creditors Discuss STX Bid for Liquidity


X X X X X X X X

* BOND PRICING: For the Week April 29 to May 3, 2013


                            - - - - -


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


ALL CLASS: ASIC Cancels Licenses Following Liquidation
------------------------------------------------------
The Australian Securities and Investment Commission has cancelled
the Australian financial services (AFS) license and Australian
credit license of All Class Insurance Brokers Pty Ltd, after it
went into liquidation.

On April 17, 2013, Darren Vardy of RMG Partners was appointed as
liquidator of NSW-based All Class.

All Class's AFS licence required that:

   -- it be able to pay all its debts, and
   -- its total assets do not exceed its total liabilities.


AUSTRALIAN CAPITAL: Investors Launch Class Action
-------------------------------------------------
Australian Associated Press reports that former investors in
Australian Capital Reserve (ACR) have launched a class action
against the failed property investment group.

Law firm Slater & Gordon is leading the class action and is
encouraging investors who lost money through the failure of ACR to
contact them, the news agency says.

AAP notes that the investors' rights to recover their losses
through the courts expire on May 28, 2013.

According to the report, Slater & Gordon practice group leader Ben
Whitwell said the firm had been approached by dozens of investors
and had been investigating the collapse for some time.

"The collapse of ACR meant the loss of income and retirement nest-
eggs for many retirees and other small investors," the report
quotes Mr. Whitwell as saying.  "To date those investors have only
been able to recover around 50 per cent of the money they lost, we
will be attempting to secure the rest of what they're owed."

AAP relates that Slater & Gordon will argue that the ACR's trustee
failed to exercise reasonable diligence and placed the investments
of thousands of mum and dad investors at risk.

Peter Miller, an investor who lost more than AUD300,000, has led a
victims' action group since the collapse and hoped the legal
action could recover some of the funds, the report adds.

                     About Australian Capital

Australian Capital Reserve Limited was an investment group based
in North Sydney New South Wales, Australia.

ACR was placed in voluntary administration in late May 2007 amid
fears that 7,000 noteholders could lose substantial amounts of
money.  Reportedly, ACR has been running out of cash with less
than AUD10 million left at the end of 2006.

PricewaterhouseCoopers serves as the group's administrators.


SHINE FITNESS: Appoints Ferrier Hodgson as Liquidators
------------------------------------------------------
Morgan Kelly -- morgan.kelly@fh.com.au -- and Ryan Eagle --
ryan.eagle@fh.com.au -- of Ferrier Hodgson were appointed Joint
and Several Liquidators' of Shine Fitness Pty Limited on
April 26, 2013, by a resolution of its members.

Shine Fitness Pty Limited was formerly trading as Fernwood Women's
Health Club - Hornsby.

The Company ceased to trade effective April 26, 2013. Fernwood
Women's Health Club Pty Ltd have resumed operations and continued
to trade at the business premises from the date of the
liquidators' appointment.

The first meeting of creditors will be convened on May 13, 2013,
at the offices of Ferrier Hodgson, Level 13, 225 George Street, in
Sydney, at 10:00 a.m.


* Fitch Reports Negative Outlook For Australian Oil & Gas Sector
----------------------------------------------------------------
Fitch Ratings says that debt-funded growth capex and project
execution risk are responsible for its Negative Outlook on the
Australian oil & gas sector. Australian gas liquefaction
production capacity under development will rise significantly over
the next five years. However, Fitch expects some displacement of
Australia's potential gas exports due to high project development
costs as well as narrowing of inter-regional gas price
differentials given higher North American gas exports to Asia.

These were among key points Fitch made at recent meetings with
credit investors based in Australia, following the publication of
a special report on the sector: Australian Oil & Gas - Eroding
Competitive Advantage from Project-Execution Risks. Fitch's
feedback to investors' key questions is set out below.

Q. What are the main reasons for Fitch's negative outlook on the
Australian energy sector?

We expect free cash flow of Australian energy companies to remain
negative over the medium term from high-debt funded capex.
Significant growth capex and long project lead times before
revenue generation will narrow the rating headroom of rated
entities.

The sector's large number of liquefied natural gas (LNG) projects,
both under development and at the planning stage, will require
substantial outlays on growth capex. At the same time the project
sponsors face substantial execution risks due to competition for
materials, skilled labour and funding, not only from competing LNG
projects, but also from other planned projects across the
resources and infrastructure sectors. For example, Woodside
Petroleum Limited's (Woodside, BBB+/Stable) Pluto LNG facility,
which commenced production in March 2012, was 24% over budget and
completed 15 months later than scheduled. In the past 12 months,
we have also seen an increasing number of announcements of cost-
overruns and schedule slippages across LNG projects presently
under development.

Q. Does Fitch expect further announcements of cost and time
overruns for the LNG projects under development, particularly for
those that have already announced such budget revisions?

The announcements so far have typically occurred early in a
project's development schedule. The primary cost inflation drivers
common to most projects under construction include the
strengthening of the Australian dollar, skilled labour shortages
and lower productivity.

We expect further announcements as the projects progress further.
For instance, additional costs in meeting contractual sales
arrangements due to delayed completion of projects will accrue
only at the back-end of the development schedule and these can be
sizable.

Q. Was escalating project execution risk a factor for Woodside's
review of its Browse LNG development?

Yes, deteriorating economics for the Browse LNG facility at James
Price Point resulted in Woodside deciding not to proceed with this
option. We believe rising costs associated with the potential
development of the large greenfield onshore facility as well as
environmental challenges surrounding its location were the major
factors. This did not come as a surprise given the publicly stated
objections to the greenfield onshore facility option by some of
the project partners and similar challenges facing other LNG
projects in the planning stage.

Q. Is execution risk for coal seam gas to LNG projects higher than
conventional projects?

Non-conventional gas sources such as coal seam gas projects have
their own set of challenges compared with conventional gas
developments. Development risks for conventional projects have
risen largely due to the challenges of developing deeper resources
increasingly across remote locations. The coal seam gas to LNG
developments, on the other hand, face high costs associated with
managing a large number of stakeholders and with involving greater
environmental, social and economic considerations. As such, they
also involve greater scrutiny by both state and federal
governments, which have added to their development costs.

Q. Does Fitch expect increasing involvement of global majors in
the Australian energy sector?

Yes. These LNG projects have substantial upfront capital
commitments and de-risking these projects requires upfront sales
agreements at attractive prices for most of the planned capacity.
Relative to Australian upstream companies, global majors possess
higher financial capacity, more extensive marketing reach and
stronger technical expertise to develop the large number of LNG
projects under development and under planning. Global majors also
have portfolio arrangements covering a number of projects,
providing greater flexibility in sourcing and destination of LNG
supplies; this may also mitigate alternate customer arrangement
costs for a project behind schedule.

Q. Given these risks, does Fitch have a Negative Outlook on the
companies it rates in the sector?

No, we have a Stable Outlook on both Woodside and Origin Energy
Ltd (Origin, BBB+/Stable). For Woodside, we expect its credit
profile to benefit from the delay in both the timing and level of
growth capex. Such delays relate to its decision on the Browse LNG
project as well as the planned expansion at its Pluto LNG
facility. From a credit perspective this helps offset Woodside's
recent announcement of special dividends in 2013 and a higher
forecast dividend payout ratio.

Origin has lower headroom at its current rating level of 'BBB+'
and we expect its financial risk profile to remain under pressure
over the near term. Its utility business faces a difficult
operating environment including low generation volumes, the
adverse impact of some regulatory decisions and high retail
competition. It also faces increasing project execution risks
associated with its Australian Pacific LNG project, currently
under development.

Nevertheless, we believe that the current adverse competitive and
regulatory pressures are unlikely to be sustained over the medium
term. Origin's profile, across its sizeable upstream gas assets,
benefits from its exposure to higher oil-linked gas prices. Origin
has been successful in monetizing some of its upstream assets, at
reportedly attractive prices, to support its sizeable funding
commitments and financial profile. It further benefits from strong
commodity prices, increased efficiencies in operating costs and
improved performance at its New Zealand based subsidiary, Contact
Energy Ltd (BBB/Stable).

Q. Despite a very tight Asia-Pacific gas market, how does Fitch
think potential gas exports from North America will affect
regional LNG prices over time?

Australian gas liquefaction production capacity will be
significantly higher in the next five years, in view of an
additional 61 million tonnes per annum (mtpa) capacity currently
under development. At the same time a sizeable amount of North
American capacity earmarked for Asian exports is currently under
planning, due to large inter-regional price differentials and
excess availability of domestic gas supplies in North America.

We expect Asian LNG imports from North America to be higher in the
future and inter-regional price differentials to narrow over time.
We have already seen a number of transactions for US cargo
involving large Asian importers, including some with prices linked
to the Henry Hub natural gas price index.

The key threats to potential Australian LNG exports remain rising
supply costs due to project-cost inflation and schedule delays.
The extent of displacement of future Australian LNG capacity will,
however, depend on the continuation of inter-regional price
differentials, availability of export volumes from the US as well
as Australia's ability to address its own cost pressures.
Positively, however, Asian demand for gas remains extremely strong
with gas increasing its share of the primary energy mix in most
countries in the region.


* Moody's Notes Hike in Australian Mortgage Arrears in February
---------------------------------------------------------------
Moody's Investors Service says that Australian prime mortgage
arrears worsened in February versus the previous month.

As published in Moody's just-released Global Structured Finance
Collateral Performance Review, Moody's says arrears in excess of
30 days in the Australian prime residential mortgage market were
1.60% in February, up from 1.52% in January but down from 1.66%
the same period one year earlier.

Thirty-day-plus arrears in the Australian non-conforming market
were lower at 7.45% compared with 8.90% in January and 8.22% in
February 2012.

Australian Prime 60-day-plus arrears, at 0.91%, compare favorably
to some of the other countries covered in the Global Collateral
Performance Report. The Netherlands (0.76%) and Japan (0.27%) are
the only countries reporting a lower 60-plus arrears rate.

"Looking ahead, we expect the performance trends witnessed in 2012
to continue over 2013 with stable delinquencies, underpinned by
expected GDP growth of 2.5% to 3.5%, a continuation of the low
interest rate environment, and a steady unemployment rate of 4.5%
to 5.5%" says Jennifer Wu, a Moody's Vice President and Senior
Credit Officer.

About Moody's Global Collateral Performance Report

Moody's Global Collateral Performance Report is updated monthly
and covers the collateral performance of 41 structured finance
sectors located globally. In the US, the performance metrics of 12
asset classes are covered, in Europe: 19, in Japan: 7, in
Australia: 2, and in Canada: 1.

The report features typical aggregate performance metrics, such as
delinquencies and losses, as well as sector-specific metrics that
include residential and commercial property prices, loans in
special servicing, refinancing profiles, average WARF levels,
senior OC levels, payment rates, and excess spread. The underlying
data is also included. The metrics are accompanied by sector
commentary and outlooks, and projected losses by vintage where
applicable.

Australian data focuses on:

- Australian Prime RMBS

- Australian Non-conforming RMBS

- Australian Home Prices



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C H I N A
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INTIME DEPARTMENT: Fitch Affirms 'BB' Issuer Default Ratings
------------------------------------------------------------
Fitch Ratings has affirmed China-based department stores operator
Intime Department Stores (Group) Limited's Long-Term Foreign- and
Local Currency Issuer Default Ratings (IDR) at 'BB' respectively.
The Outlook is Stable. The agency has also affirmed Intime's local
currency senior unsecured rating at 'BB' and its offshore CNY
senior unsecured notes at 'BB'.

Key Rating Drivers

Strong presence in Zhejiang: Intime achieved same-store-sales
growth of 9% despite an industry-wide difficult year of 2012. This
was higher than most other listed peers', due to its young store
network and dominance in Zhejiang province, especially in
Hangzhou. It is the largest department store operator in the
province with 19 stores, with a further 11 stores in other parts
of China. The rating is, however, held back by Intime's weaker
financials compared with its 'BBB' category peers and by
concentration in Zhejiang province.

Low-risk concessionaire model: More than 90% of Intime's gross
sales proceeds are derived from concessionaire sales. The
concessionaire model lowers both inventory risks and working-
capital requirements; it enables the company to receive upfront
cash payment compared with a direct sales model. The risk of
losing strong concessionaires is mitigated by Intime's strong
bargaining power, in light of its strong presence in the Zhejiang
regional market.

Self-owned property strategy: Nearly 60% of total gross floor area
of its stores is self-owned. The high proportion of self-owned
stores enables the company to post higher profitability than
similarly-rated peers due to lower rental expenses and mitigates
the risk of rising rental expenses.

Weaker liquidity: Intime's trade payables to concessionaires and
customer advances at end- 2012 of CNY3.1bn exceeded its
unrestricted cash balance of CNY2.5bn. In addition, the company
faces an upcoming maturing CNY1.6bn convertible bond in October
2013. Moreover, Fitch expects the company to generate negative
free cash flow in 2013 due to its high capex plans. Mitigants
include an expected inflow of CNY500m from asset disposals and the
company's strong access to domestic bank funding.

Capex weakens credit metrics: Intime targets to open about seven
new stores per annum in 2013 and 2014. This will likely weaken
Intime's funds from operations (FFO) fixed-charge coverage (2012:
3.0x) and FFO adjusted net leverage (2012: 4.6x), which are
already weaker than that of most listed peers. These metrics are
likely to improve when new stores start contributing meaningfully
to profits or when the company slows its expansion. To its credit,
the company has demonstrated flexibility in deferring capex in
2012 when industry conditions dampened.

In calculating net leverage metrics, Fitch nets off payables to
concessionaires and advances from customers from cash, consistent
with the approach taken with other industry peers. In addition,
Fitch estimates that only 70% of the company's reported lease
payments are fixed in nature, which has been adjusted for in
Fitch's calculation of lease capitalisation.

Rating Sensitivities

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

- Loss of dominant market position in Zhejiang or deviation from
  existing concessionaire model

- FFO fixed charge coverage falling below 2.5x on a sustained
  basis

- FFO adjusted net leverage rising above 5x on a sustained basis

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

- FFO fixed charge coverage rising above 3.5x on a sustained
  basis
- FFO adjusted net leverage falling below 3.5x on a sustained
   basis



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


AM REALTY: CARE Assigns 'B' Rating to INR6.75cr Long-Term Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of AM Realty
Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.75      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of AM Realty Private
Limited is constrained by funding risk with high dependence on
customer advances and project execution risk, high marketing risk
and cyclical nature of the real estate industry. These factors far
offset the benefits derived from experience of the promoters in
the real estate industry.

The ability of AM Realty to timely and successfully monetize the
residential space and thereby complete the project without any
cost and time overrun remain the key rating sensitivities.

Incorporated in the year 2004, AM Realty Private Limited (AM
Realty) is promoted by Chidambar Rege and Bhaskar Iyer. The
company is executing a residential redevelopment project at Tilak
Nagar, Mumbai, with total saleable area of 0.32 lakh square feet
(lsf) (excluding 0.11 lsf for the existing 20 tenants). The
project named "Kapilash" comprises 16 floors having 47 flats.


ARIHANT PULP: CARE Assigns 'C' Rating to INR21.46cr ST Loan
-----------------------------------------------------------
CARE assigns 'CARE C' to the bank facilities of Arihant Pulp And
Paper Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Short-term Bank Facilities      21.46     CARE C Assigned

Rating Rationale

The rating assigned to the bank facilities of Arihant Pulp and
Paper Private Limited is primarily constrained by the short track
record of operations, the limited experience of the promoter in
the paper manufacturing industry, weak financial risk profile
marked by leveraged capital structure, weak coverage indicator,
stressed liquidity position and susceptibility of its margin
to volatility in the raw material prices. The rating is further
constrained by highly unorganized and fragmented nature of the
industry and cyclicality associated with it.  The rating, however,
draws strength from APPL's experienced and qualified management.

Going forward, the ability of APPL to profitably scale up its
operations along with improvement its capital structure and
managing its working capital efficiently shall be the key rating
sensitivities.

Arihant Pulp & Papers Pvt Ltd was incorporated as a private
limited company in September 2009 by Subash Jain, Sachin Jain,
Amit Jain and Akhil Jain. In FY10 (refers to the period April 01
to March 31), the company took over the existing business of
Marigold Pulp and Papers Pvt Ltd, engaged in the manufacturing of
kraft paper. APPL has manufacturing facilities located at
Muzaffarnagar (Uttar Pradesh) and has installed capacity of 36,500
metric tone per annum (MTPA) as on March 31, 2012, which was
enhanced from 18,250 MTPA along with renovation of the entire
plant. The major raw material required for the
manufacturing for the Kraft paper is waste paper which is procured
from Delhi.

The finished goods (kraft paper) are sold in nearby areas viz
Haryana, National Capital Region and Uttar Pradesh. The group
associates comprises Shantidevi Charitable Trust and Shanti
Chemsteel Pvt Ltd and are engaged in education and manufacturing
of chemical.

APPL registered total operating income of INR15.75 crore with net
loss of INR2.54 crore during 8MFY12.


BEST BUILDERS: CARE Assigns 'B' Rating to INR10cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Best
Builders & Developers.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10.00     CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the entity at
present. The rating may undergo change in case of the withdrawal
of the capital or the unsecured loans brought in by the proprietor
in addition to the financial performance and other relevant
factors.

Rating Rationale

The rating assigned to the bank facilities of Best Builders &
Developers (BBD) is constrained by the high dependence on customer
advances for funding the remaining project and project execution
risk. The rating is further constrained by high marketing risk,
cyclical nature of the industry and constitution of the entity as
proprietorship. These factors far offset the benefits derived from
experience of the proprietor in the real estate industry.

The ability of BBD to complete project as per schedule and achieve
sales at envisaged rates are the key rating sensitivities.

Established as proprietorship entity in year 2007 by Bhaskar Iyer,
Best Builders & Developers (BBD), is currently undertaking a
commercial redevelopment project 'Surya House' at Vidyavihar
(Central suburbs, Mumbai) with total saleable area of 0.36 lakh
square feet (lsf) (excluding 0.06 lsf for the existing tenants).
The entity has plans to develop commercial premises having six
floors and consisting of 57 shops.


GOKUL MAMRA: CARE Rates INR8cr Long-Term Loan at 'CARE B'
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Gokul Mamra
Factory.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        8        CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of the withdrawal of capital
or the unsecured loans brought by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Gokul Mamra Factory
is mainly constrained on account of its thin profitability margin,
leveraged capital structure and weak debt coverage indicators. The
rating is further constrained on account of the working capital
intensive nature of operations and susceptibility of the
operations to fluctuation in the raw material prices and
government policies.

The rating, however, favorably takes into account the vast
experience of the promoters in this line of business, well-
established operational set up of GMF and its proximity to the
paddy producing region.

The ability of GMF to increase its scale of operations alongwith
the improvement in its operating margins by way of more value
addition in its products, improvement in the capital structure and
better working capital management are the key rating
sensitivities.

Incorporated in 2004, GMF is a partnership firm managed by two
partners, Viramdevsinh Sarvaiya and Jayosan Hirani with equal
profit and loss sharing arrangement. The firm is engaged in the
manufacturing of rice flakes (flattened rice) like mamra and poha.
The manufacturing unit of the firm is located near Bavla,
Ahmedabad. The firm has the processing capacity of 85,000 quintals
of mamra and 88,000 quintals of poha per annum as on March 31,
2013.

The firm sells its products mainly to the wholesale/ retail
traders in Gujarat, Maharashtra, Delhi and Haryana. Paddy is the
main raw material which is procured from the local mandis of the
district.

During FY12 (refers to the period April 1 to March 31), GMF
reported a PAT of INR0.03 crore on a Total Operating Income (TOI)
of INR31.71 crore as against a PAT of INR0.01 crore on a TOI of
INR24.36 crore in FY11. As per the provisional result for 9MFY13,
GMF earned a PAT of INR0.02 crore on a turnover of INR27.86 crore.


GOYAL INTERNATIONAL: CARE Rates INR6.49cr Long-Term Loan at 'B+'
----------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Goyal
International.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        6.49     CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of the withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating of Goyal International is constrained by its relatively
small scale of operation with high degree of competition due to
the fragmented nature of industry, lack of backward integration
vis-a-vis volatility in prices, user industry concentration risk,
partnership nature of constitution and weak financial risk profile
marked by high gearing ratio. These factors far outweigh the
benefits derived from the satisfactory track record and reasonable
experience of the promoters and strategic location of the plant.

The ability of the firm to improve the scale of operations &
profitability and the ability to manage working capital
effectively would be the key rating sensitivities.

Goyal International, a partnership firm, was established in
April 2004 by Ashok Kumar Goyal of Jalandhar, Punjab, along with
his family members. Currently, Goyal International has two
partners (all belonging to the Goyal family) and is governed by
the Partnership Deed dated April 1, 2010. Ashok Kumar Goyal and
Mrs. Neeru Goyel (w/o Ashok Kumar Goyal) are the two partners
having 49% and 51% stake, respectively, in the entity. Since
commencement of commercial production in April 2004, the firm, has
been engaged in the manufacturing of cast iron and steel-related
products (ferrous casting) like Scaffholding products, Insulator
caps, S.G Iron casting & auto parts etc. for construction and auto
component industries with its sole plant being located at
Jalandhar (Punjab) with an aggregate capacity of 350 tonnes per
annum. The manufacturing facility of the firm is well equipped
with modern amenities and enjoys ISO 9001:2008 certification.

During FY12 (refers to the period April 1 to March 31), Goyal
International has achieved a PBILDT of INR1.1 crore (Rs.0.8 crore
in FY11) and a PAT of INR0.1 crore (Rs.0.1 crore in FY11) on the
total income of INR13.0 crore (Rs.10.0 crore in FY11).
Furthermore, until 10MFY13, the firm has achieved a total
income of INR16.0 crore.


KAUR SAIN: CARE Assigns 'B-' Rating to INR194.5cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B-' and 'CAREA4' ratings to the bank facilities
of Kaur Sain Spinners Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      194.50     CARE B- Assigned
   Short-term Bank Facilities       9.00     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kaur Sain Spinners
Ltd are constrained by its weak financial risk profile
characterized by high gearing, stretched liquidity position and
working capital intensive operations. The ratings also take into
account the susceptibility of margins to volatility in raw
material price and project risk pertaining to the project under
execution. The ratings, however, derive strength from the
experienced promoters, long track record of operations,
consistent equity infusion by the promoters and established
marketing arrangement.

Going forward, the ability of the company to effectively manage
its working capital, improve capital structure and successful
execution of the ongoing projects would remain the key rating
sensitivities.

KSSL is a closely-held public limited company incorporated in year
1997 by Sushil Kumar Mittal along with his family members for
manufacturing of Acrylic, Polyester and Cotton yarn. The company
commenced operations in year 2002 and has its manufacturing unit
located at Ludhiana, having an installed capacity of 46,656
spindles as on March 31, 2012.

KSSL is a part of the Kaur Sain group with includes other
companies like Kaur Sain Spinning Mills, Mittal Cotspin Ltd etc.

During FY12 (refers to the period April 1 to March 31), KSSL
reported a total operating income of INR187.78 crore and net
profit of INR2.85 crore.

During 9MFY13 (refers to the period April 1 to December 31), KSSL
has recorded a total operating income of INR143.43 crore and PBT
of INR4.45 crore.


LAXMI VISHAL: CARE Assigns 'BB-' Rating to INR5.81cr Loan
---------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Laxmi
Vishal Fabrics Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.81      CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Laxmi Vishal Fabrics
Private Limited is primarily constrained on account of its
financial risk profile marked by low profitability, weak solvency
and liquidity position. The rating is further constrained due to
its limited presence in the textile value chain, vulnerability of
the margins to volatile raw material prices and highly fragmented
and competitive nature of the textile industry.

The rating, however, favorably takes into account the experience
of the management in the textile industry with continuous
financial support, established marketing and distribution network
and its presence in textile cluster of Bhilwara (Rajasthan).
Improvement in the overall financial risk profile in light of
volatile raw material prices and management of working capital are
the key rating sensitivities.

Bhilwara-based LVFPL, incorporated in September 2003, is promoted
by the Bubna family and currently, the operations are managed by
Mr Vishal Bubna. LVFPL is engaged in the business of manufacturing
of cotton-based fabrics for suiting and shirting as well as
trading of grey and finished fabrics. The company manufacturers
grey cotton fabrics and gets processed work done on job work basis
from other processors. It also manufactures grey cotton fabrics on
job work basis for others and job income constituted 4.64% of the
total operating income in FY12 (refers to the period April 1 to
March 31). The company started its operations with 16 looms and
increased it to 49 looms with total installed capacity of 27 Lakh
Meters Per Annum (LMPA) as on March 31, 2012. The capacity
utilization stood at 85% during FY12.

During FY12, LVFPL reported a total income of INR23.33 crore
(FY11: INR20.90 crore), with a PAT of INR0.21 crore (FY11: INR0.16
crore). As per the provisional result of 11MFY13, LVFPL has
achieved a total operating income of INR21.93 crore.


MAGNAM NETLINK: CARE Places 'BB-/A4' Rating to INR7.5cr Loan
------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CAREA4' to the bank facilities of
Magnam Netlink Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term/Short-term             7.50     CARE BB-/ CARE A4
   Bank Facilities                           Assigned

Rating Rationale

The ratings assigned to the bank facilities of Magnam Netlink
Private Limited are primarily constrained on account of its short
track record of operations coupled with limited revenue visibility
and revenue concentration risk. The ratings are further
constrained due to thin profitability, risk arising from absence
of price escalation clause in the contract and competition from
large established players.

These constraints outweigh the benefits derived from qualified and
experienced promoters, reputed clientele resulting in low credit
risk and debt-free company.

The ability of MNPL to increase its scale of operations with
receipts of new projects, improvement in the profitability and
completion of turnkey project within envisaged time and cost
parameters are the key rating sensitivities.

MNPL was promoted by Maheshchandra Agrawal, Abha Agrawal, Mihir
Agarwal and Asim K. Bhattacharya in May 2010. MNPL is engaged in
the trading of equipment and machinery sourcing in dairy segment.
Furthermore, in FY13 (refers to the period April 1 to March 31),
it forayed into undertaking turnkey project of setting up plant in
dairy segment. MNPL clientele include The Panchmahal District Co-
Operative Milk Producer Union, Kolar-Chikkaballa Dist Co-operative
Milk Producers Soc Union Ltd.

The promoters had also started other companies viz FBF
Homogenizers Pvt Ltd (established in May 2010) which is into
trading of imported Homogenizers equipment and PRG Agitators I Pvt
Ltd (established in April 2011) which is engaged in the
manufacturing of agitators and mixer for biotechnology companies.

As per the provisional results upto March 20, 2013, MNPL reported
TOI of INR3.50 crore with PBILDT and PAT of INR0.25 crore and
INR0.19 crore, respectively.


RADHESHYAM AGRO: CARE Rates INR21.32cr LT Loan at 'B'
-----------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Radheshyam
Agro Products Pvt Ltd.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-Term Bank Facilities       21.32     CARE B Assigned

Rating Rationale

The rating is constrained due to the short track record of
operations of Radheshyam Agro Products Pvt Ltd, low value addition
in cotton ginning/delinting and oil extraction business resulting
in thin profitability, its low capitalisation and high leverage.
The rating is further constrained by its presence in a highly
fragmented cotton ginning and oil extraction industry
characterized by low entry barriers, volatility in raw material
prices and seasonality associated with raw material availability
leading to working capital intensive operations.

The above constraints far offset the benefits derived from the
experience of the promoters in the cotton ginning business and the
proximity of RAPPL to the cotton growing areas of Gujarat.
The ability of RAPPL to increase its scale of operations and move
up the cotton value chain thereby improving its profitability,
improve its capital structure and effectively manage its working
capital are the key rating sensitivities.

Incorporated in January 2010, RAPPL is engaged in cotton
ginning/delinting, oil extraction and manufacturing of de-oiled
cakes (DOC). The promoters of the company, Mr Bimal Kumar Savalia
and Mr Jagdip Parekh, have a long experience in the cotton ginning
business through a partnership firm viz Shree Radhe Krishna Cotton
Industries. RAPPL commenced operations for cotton seed delinting
(extraction of short fibres from cotton seed after the ginning
process) from January 2011, at its newly set-up production
facility in Amreli (Gujarat) with an installed capacity of 72,000
metric tonne per annum (MTPA). The oil extraction facility became
operational in FY12 (refers to the period April 1 to March 31).
The total cost of the project was INR32.85 crore, funded through
debt of INR14 crore and balance through equity and unsecured loans
from the promoters.

As per the audited results for FY12 (refers to the period April 1
to March 31), RAPPL reported a total operating income of INR122.34
crore and a PAT of INR0.10 crore compared to a total operating
income of INR22.59 crore and a PAT of INR0.01 crore in FY11.
Furthermore, as per provisional results for FY13, the company
earned a PAT of INR0.17 crore on a total operating income of
INR137.61 crore.


SWARAJ SUITINGS: CARE Rates INR22cr Long-Term Loan at 'CARE B'
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Swaraj
Suitings Private Limited.


                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        22       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Swaraj Suitings
Private Limited is primarily constrained on account of its
financial risk profile marked by lower profitability margins,
moderately stressed liquidity and weak solvency position with
likely deterioration in the overall gearing due to the recently
commissioned debt-funded project and stabilization and saleability
risk associated with the project. The rating is further
constrained due to vulnerability of margins to fluctuation in raw
material prices and its presence in a highly fragmented and
competitive industry.

The rating, however, derives strength from the vast experience of
the promoters in the industry coupled with established marketing
network and presence in the textile cluster with ease access to
raw material and labour.

Stabilization of operation in newly setup plant and achievement of
envisaged sales and profitability are the key rating
sensitivities.

SPL was promoted by Mohammad Sabir along with his wife Mrs Samar
Khan in the year 2003.  Mohammad Sabir has also promoted other
concerns like Swaraj Sulz Private Limited (SSPL, incorporated in
2009, rated: 'CARE B+', 'CARE A4') which is engaged in the weaving
and processing of synthetic fabrics, Sakina Textile Private
Limited (STPL, incorporated in 2010), Swaraj Processor Private
Limited (SPPL, incorporated in 2009), Ahinsha Business Venture
Private Limited (ABPL, incorporated in 2011), Satyaman Texpark
Private Limited which are engaged in the trading of fabrics.
Furthermore, ABPL, STL and STPL held 15.58%, 15.62% and 32.20%
shareholding respectively in SPL as on March 31, 2012.

Until FY11 (refers to the period April 1 to March 31), SPL was
engaged in the manufacturing and trading of synthetic fabrics.
However, the company sold all of its 28 double-width sulzer looms
at the end of FY11 and undertook a project for installation of
machineries for weaving of denim fabrics. In September 2012, it
completed its project for installation of weaving unit which has
an installed capacity of 98.32 Lakh Meters Per Annum (LMPA). SPL
has incurred total cost of INR25.32 crore towards the project and
the same has been financed with a debt-equity ratio of 1.72 times.
In FY12, the company did only trading of grey fabrics and finished
fabrics.


VARDHMAN FASHION: CARE Assigns 'BB' Rating to INR16.5cr Loan
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Vardhman
Fashion Private Limited.

                                  Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       16.50     CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Vardhman Fashion
Private Limited is constrained by its modest scale of operations,
its low profitability margins and high leverage. Susceptibility of
VFPL's margins to volatile traded goods prices and presence in the
highly fragmented textile trading business further constrains the
rating.

The above constraints far offset the benefits derived on account
of the vast experience of the promoters of VFPL in the textile
industry, its diversified clientele and favorable location due to
its presence in the Surat region, which is a major synthetic
textile hub of India.

The ability of VFPL to increase its scale of operations, improve
its profitability while managing the risk associated with volatile
traded goods prices and effectively manage its working capital
requirements are the key rating sensitivities.

Surat-based VFPL was incorporated in July 1990. The company is
promoted by Pukhraj K. Rathod and Mr Fulchand L. Rathod. VFPL is
mainly engaged in the trading of yarn and fabrics, apart from a
small unit for manufacturing of twisted yarn and draw twisted yarn
(DTY). Besides trading and manufacturing, the company is involved
in wind power generation (installed capacity of 1.6 Mega Watt
located at Jamnagar, Gujarat) since last five years.

As per the audited results for FY12 (refers to the period April 1
to March 31), VFPL earned a PAT of INR0.74 crore on a total
operating income of INR153.30 crore as against a PAT of INR1.24
crore on a total operating income of INR126.68 crore in FY11.
Furthermore, as per the provisional results for FY13, it earned a
PAT of INR1.44 crore on a total operating income of INR186.74
crore.



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


BHAKTI INVESTAMA: Moody's Assigns B1 CFR with Stable Outlook
------------------------------------------------------------
Moody's Investors Service assigned a corporate family rating of B1
to PT Bhakti Investama Tbk. The outlook for the rating is stable.
This is the first time Moody's has assigned a rating to BHIT.

At the same time, Moody's has also assigned a provisional (P)B2
rating with a stable outlook to the proposed USD senior secured
notes to be issued by BHIT's wholly owned subsidiary, Ottawa
Holdings Pte. Ltd.

Proceeds from the bond will ultimately be used to fund BHIT's up
to 26.6% stake in MNC Land, valued at around $200 million.
Proceeds will also be used for the initial funding of a debt
service account and for general corporate purposes.

The notes will be guaranteed by BHIT.

Moody's will remove the provisional rating status of the senior
secured notes upon completion of the issuance and satisfactory
review of the final documentation.

Ratings Rationale:

"BHIT's B1 rating recognizes the company's defensible market
position and solid cash flow generated by its core media business,
which has a long established record in content and advertising and
its expanding pay TV business, together which contributed over 95%
to BHIT's consolidated operating profit in 2012" says Annalisa Di
Chiara, a Vice President -- Senior Analyst at Moody's.

The media assets relate to BHIT's 51.55% stake in PT Global
Mediacom Tbk which in turn owns a 69.47% stake in PT Media
Nusantara Citra Tbk (Ba3 Stable), the leading free-to-air provider
in Indonesia, and a 66.47% stake in PT MNC Sky Vision Tbk (B2
Positive), the leading pay TV operator in Indonesia. BHIT also has
a direct 9.6% interest in Sky Vision.

Effectively, BHIT's current direct and indirect ownerships in MNC
and SkyVision are 35.8% and 43.8%, respectively.

"This market leading media business is expected to provide stable
cash flows and a stream of cash dividends, which will ultimately
support the debt servicing capabilities of BHIT. As a result, the
current operating performance and credit profile of the media
business provides an anchor for the BHIT's rating", adds Di
Chiara.

As an investment holding company, BHIT's investment strategy is
geared towards high growth, high return businesses. As a result,
management envisions the non-media related businesses contributing
around 25-30% of consolidated revenues by 2015 as these grow and
develop, reducing the contribution from the media businesses to
around 65%-70%.

Therefore, Moody's assessment of BHIT's credit profile also
considers the credit quality and risk factors associated with the
Group's other strategic assets and portfolio investments outside
of the core media business. These include: 1) a 89.77% interest in
PT MNC Kapital Tbk., a financial services provider; 2) a 99.9%
interest in PT MNC Energi Tbk, an energy and natural resources
company; and 3) a potential 26.6% interest in MNC Land, a real
estate business with significant proposed developments in the
pipeline.

The investment in MNC Land is to be funded by a substantial
portion of the proceeds of the proposed bond.

"In our view, the non--media related businesses in the Group,
separately and collectively, have weaker market positions, lower
margins and higher associated cash flow volatility which translate
into higher business and financial risks.

These businesses will also require inorganic growth and
investments in order to achieve the scale and market position
management targets which also heighten event and execution risks,
particularly given the limited track record of success in these
businesses," adds Di Chiara.

Moody's financial analysis of BHIT considers the consolidated
audited financial reports, which consolidate all major group
companies. At the same time, Moody's analyzes the holding
company's cash flows against its debt-servicing capability.

Moody's expects coverage of interest from cash dividends at the
holding company level, BHIT, to remain above 1.5x.

All of these factors, in combination, support a rating for the
group of B1 with a stable outlook.

The (P)B2 rating on the proposed USD senior secured notes reflects
the complex organizational and legal structure and thus factors in
structural subordination. As a holding company, BHIT is entirely
reliant on dividends. The claims of BHIT's creditors on the assets
and cash flows of BHIT's operating units are subordinate to those
of the direct creditors of the operating units, as the majority of
the group's debt is incurred at the operating unit level with
dividends being up streamed from key operating assets with which
to service its obligations.

The stable outlook reflects Moody's expectations that BHIT will
maintain its 51% stake in Mediacom and coverage of interest from
cash dividends at the holding company level, BHIT, will remain
above 1.5x.

Ratings upside is limited at this stage, given the limited track
record of success and higher business risks associated with BHIT's
non-media related businesses. Longer term upside may materialize,
once the growing non-media businesses develop a size and market
position that allows them to contribute materially and predictably
to debt servicing at BHIT.

On the other hand, negative rating pressure could evolve if the
operating risk profile of its media businesses increased
significantly, resulting in more volatile cash flows, which might
be motivated by (1) a material downturn in advertising spend; (2)
MNC or Sky Vision losing their dominant positions in the
Indonesian FTA television market and Pay TV market, respectively;
(3) laws and regulations change, such that its business in media,
financial services or energy is adversely impacted; and (4) the
company embarks on aggressive debt-funded acquisitions.

The principal methodology used in these ratings was Global
Investment Holding Companies Methodology published in October
2007.


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


SHARP CORP: May Urge Chairman, Two Advisers to Retire
-----------------------------------------------------
Kyodo News reports that Sharp Corp. may push Chairman Mikio
Katayama into retirement and scrap advisory posts in a revival bid
focused on concentrating power in the hands of President Takashi
Okuda, sources close to the matter said Sunday.

According to the report, sources said adviser Katsuhiko Machida,
69, and special adviser Haruo Tsuji, 80, who were appointed after
leading the Osaka-based electronics giant, are also likely to
retire, with Katayama, 55, and Machida considered responsible for
expanding its loss-making liquid crystal display business.

Sharp is slated to release its midterm business plan on May 14.
Mr. Okuda, 59, is expected to take the lead in drastically
restructuring its operations, the report relates.

One Sharp executive contacted by Kyodo News denied any knowledge
of Katayama's retirement and said it was a matter for the chairman
to decide on his own.

But his retirement appears inevitable amid pressure from Sharp's
main creditors.  According to Kyodo News, sources said Mizuho
Corporate Bank and the Bank of Tokyo-Mitsubishi UFJ have been
urging that Mr. Katayma be removed because they think Sharp's
murky decision-making is linked to his presence.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

Fitch Ratings this month said it is maintaining Sharp's Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of
'B-' on Rating Watch Negative (RWN).

The RWN reflects growing risks to Sharp's liquidity position in
the short-term, due to its upcoming debt maturities and limited
access to the capital markets, as the technology company struggles
to turn around its business. Sharp's cash balance was JPY164bn at
end-December 2012, significantly short of the JPY908bn debt and
commercial paper maturing in 2013.

Although Sharp succeeded in raising JPY360bn secured loans from
its major banks in September 2012, continuing support from these
creditors may not be forthcoming when the loans fall due in
June 2013. In addition the company has a JPY200bn convertible bond
due in September 2013.



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


DEVELOPMENT BANK: S&P Corrects Rating on Jr. Sub. Notes to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected its long-term foreign
currency issue rating on Development Bank of the Philippines'
US$130 million junior subordinated notes (Tier 1 perpetual hybrid
securities) to 'B+' from 'BB-'.  S&P should have affirmed the
issue rating at 'B+' on July 4, 2012, when it raised the foreign
currency rating on the bank.  The ratings on Development Bank of
the Philippines and on its other outstanding debt are not
affected.


DEVELOPMENT BANK: S&P Raises ICR to 'BBB-' Following Upgrade
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term issuer
credit rating on Development Bank of the Philippines (DBP) to
'BBB-' from 'BB+'.  The outlook is stable.  S&P also raised the
short-term issuer credit rating on the bank to 'A-3' from 'B'.  At
the same time, S&P raised the long-term ASEAN regional scale
rating on DBP to 'axA-' from 'axBBB+' and affirmed the 'axA-2'
short-term rating.

S&P also raised the issue rating on DBP's outstanding subordinated
notes to 'BB+' from 'BB-' and on the bank's Tier 1 perpetual
hybrid securities (junior subordinated notes) to 'BB' from 'B+'.

The rating actions follow the upgrade of the Republic of
Philippines (BBB-/Stable/A-3; axA-/axA-2) on May 2, 2013.

The ratings on DBP are equalized with the sovereign credit ratings
on the Philippines.  DBP plays a critical public policy role in
supporting the economic and social development of the Philippines
and has an integral link to the government.  Therefore, S&P sees
an "almost certain" likelihood that the government will provide
timely and sufficient extraordinary support to DBP in the event of
financial distress.


* S&P Raises Ratings on Philippine Entities Following Upgrade
-------------------------------------------------------------
Standard & Poor's Ratings Services upgraded the following
Philippine entities after raising the sovereign credit rating and
ASEAN regional scale ratings on the Republic of the Philippines
(BBB-/Stable/A-3; axA-/axA-2):

RATINGS LIST
                                    To                From
Power Sector Assets & Liabilities Management Corp. (PSALM)
National Power Corp. (Napocor)
Corporate credit rating            BBB-/Stable/--
BB+/Positive/--
ASEAN regional scale               axA-/--           axBBB+/--
Senior unsecured                   BBB-              BB+

Philippine Long Distance Telephone Co. (PLDT)
Corporate credit rating
  Foreign currency                  BBB/Stable/--     BBB-
/Positive/--
ASEAN regional scale               axA/--            axA-/--
Senior unsecured                   BBB               BBB-

S&P considers the stand-alone credit profiles of PSALM and Napocor
to be weak and heavily dependent on the support of the Philippine
government.  The upgrade reflects S&P's opinion that both
utilities are almost certain to receive timely and sufficient
extraordinary government support in the event of financial
distress.  S&P's view is based on its assessment that PSALM and
Napocor: (1) play a critical role in implementing government
reforms in the power sector and providing missionary
electrification in the country; and (2) benefit from an integral
link with the government, which fully owns both utilities and has
control over key budgetary and strategic decisions.  The
Philippine government also provides an irrevocable, unconditional,
and timely guarantee on all debt
obligations of PSALM and Napocor.

The foreign currency rating on PLDT remains constrained by S&P's
'BBB' transfer and convertibility assessment on the Philippines.
The rating reflects the company's strong position in the domestic
market, diversified services, integrated network, and solid cash
flow measures.  The country and macroeconomic risk of the
Philippines and intense competition in the mature domestic
cellular market temper these strengths.



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


AMARU INC: Wilson Morgan Confirms Withdrawal of Audit Report
------------------------------------------------------------
Wilson Morgan, L.L.P., sent to the U.S. Securities and Exchange
Commission a letter dated April 30, 2013, confirming that it has
reviewed Item 4.02 of Amaru, Inc.'s Form 8-K dated April 23, 2013,
captioned "Non-Reliance on Previously Issued Financial Statements
or a Related Audit Report of Completed Interim Review" and it
agrees with the statements made therein.

The Board of Directors of Amaru was notified by Wilson Morgan, its
previous independent registered public accounting firm who issued
the audit report for the Company's fiscal year ended
Dec. 31, 2011, 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.

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 Company's management has discussed the matters with the Board
of Directors and the members of the Audit Committee of the
Company, and the Company's independent registered public
accounting firm Wei Wei & Co., LLP.  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
====================


STX GROUP: Creditors Discuss STX Bid for Liquidity
--------------------------------------------------
Yonhap News Agency reports that creditor banks of STX Group met on
Monday to discuss whether to accept the group's request to inject
liquidity into the troubled shipbuilding conglomerate in return
for a corporate overhaul, bank officials said.

STX Group's troubled holding company, STX Corp., and two
affiliates -- STX Heavy Industries and STX Engine -- requested
main creditor Korea Development Bank (KDB) supply liquidity in
exchange for its voluntary debt-relief and restructuring efforts.

Yonhap, citing industry data, discloses that more than KRW1
trillion (US$911.6 million) in debt matures this year for STX
Group with KRW500 billion in debt coming to maturity alone in May.
STX faces a maturing KRW200 billion in corporate bonds on May 14,
according to banks.

According to Yonhap, bank officials said that creditors are moving
to accept the group's request as the rejection of liquidity supply
could bring a chain reaction of collapses among affiliates.

If approved, the group's affiliates will be able to receive acute
liquidity and defer debt repayment in return for undergoing a
stringent corporate overhaul, the report notes.

But the KDB also warned that if planned due diligence reveals
doubts about the group's viability, the creditors could nullify
their liquidity-for-self-rescue agreement with STX Group,
according to Yonhap.

STX Group, a South Korean shipbuilding conglomerate, has seen its
major affiliates struggling from liquidity shortages as they have
been suffering from mounting debt due to the downturn in the
shipbuilding and shipping sectors, the news agency discloses.

STX Corp. has 11 affiliates including STX Pan Ocean and STX
Offshore & Shipbuilding under its wing.

IT service provider ForceTec, in which group chief Kang Duk-soo
holds 69.4 percent stake, has a 23.1 percent stake in STX Corp.
Mr. Kang also holds a 25 percent interest in STX Construction,
which applied for a court receivership on April 26, the report
adds.



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


* BOND PRICING: For the Week April 29 to May 3, 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.


                            *********


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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