TCRAP_Public/130510.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

            Friday, May 10, 2013, Vol. 16, No. 92


                            Headlines


A U S T R A L I A

HOYTS GROUP: Moody Assigns First-Time (P)B2 CFR
LIDI GROUP: Blinds Manufacturer Goes Into Administration
MONDELLO FARMS: Bills Australian Potato Growers
TINKLER GROUP: Creditor Presses for Holding Company Bankruptcy


C H I N A

* Moody's Sees Sales Growth Slowdown for Chinese Property Market


I N D I A

A TO Z RETAIL: CARE Cuts Rating on INR15cr Loan to 'CARE D'
ARTISONS TRADING: CARE Lowers Rating on INR10cr Loan to 'CARE D'
BARNALA REALTECH: CARE Assigns 'B+' Rating to INR10cr LT Loan
IBD UNIVERSAL: CARE Rates INR45.28cr LT Loan at 'CARE BB-'
LAHOTY BUILDCON: CARE Assigns 'BB' Rating to INR5cr LT Loan

MAN GLOBAL: CARE Assigns 'BB' Rating to INR70cr Long-Term Loan
M. V. OMNI: CARE Assigns 'BB' Rating to INR50cr LT Loan
OMKAM COMMUNICATIONS: CARE Rates INR16cr Long-Term Loan at 'C'
SHREEM SPA: CARE Rates INR80cr Long-Term Loan at 'CARE BB'
SHRI RAM: CARE Assigns 'BB+' Rating to INR14.91cr LT Loan

TRANSNATIONAL KNOWLEDGE: CARE Rates INR14.60cr LT Loan at 'BB'


I N D O N E S I A

ADARO INDONESIA: Moody's Affirms Ba1 CFR; Outlook is Stable


J A P A N

* Fitch Says Foreign Bonds to Bridge Life Insurers' Yield Gap


N E W  Z E A L A N D

CAPITAL + MERCHANT: Civil Claim Vs. Trustee Leads to Law Change
SOLID ENERGY: To Slash 105 Jobs in Bid to Keep Afloat


S I N G A P O R E

IENERGIZER: Moody's Rates $135MM Senior Term Loan Issuance 'B2'


S O U T H  K O R E A

NAMYANG DAIRY: Six Million Stores Vow to Join Boycott
STX GROUP: Credit Extended to Group Reaches KRW13 Trillion


V I E T N A M

DOT VN: Plans to Complete Viable Revenue Producing Platform


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


HOYTS GROUP: Moody Assigns First-Time (P)B2 CFR
-----------------------------------------------
Moody's Investors Service assigned a provisional (P)B2 corporate
family rating to Hoyts Group Holdings LLC. At the same time,
Moody's has assigned a provisional (P)B1 senior secured rating to
the proposed 1st lien $ Term Loan and Revolving Facilities
(equivalent to around AUD 296 million and AUD 40 million
respectively) and a provisional (P) B3 senior secured rating to
the proposed 2nd lien $ Term Loan Facilities (equivalent to around
AUD 102 million) to be entered into by Aufinco Pty Limited and US
Finco LLC, 100% owned and guaranteed subsidiaries of Hoyts.

This is the first time that Moody's has assigned ratings to Hoyts.
The outlook on the ratings is stable.

The assignment of a definitive corporate family rating and senior
secured term loan and revolving facility ratings is subject to
review of final documentation and successful close of the
transaction. The proceeds of the issuance will be used principally
to repay existing indebtedness, for specific distributions to
shareholders and to provide working capital.

Ratings Rationale:

"Hoyts ratings principally reflects its aggressive financial
profile with leverage expected to remain elevated over the next
several years, as well as solid market position, strong national
cinema circuit and good admissions levels. While we consider the
market to be mature and competitive, we expect Hoyts to have an
ongoing stable share of both the cinema and cinema advertising
market, underpinning the company's ratings", says Ian Lewis a
Moody's Vice President and Senior Credit Officer.

"We expect Hoyts to have a stable business profile with a modest
requirement for new capex and limited expansion opportunities
within its major markets and segments, though we expect modest
incremental benefits to earnings will be possible over time", says
Lewis who is also Lead Analyst for the company. "Equally we
anticipate that the company will remain highly leveraged
reflecting in large part the non-strategic nature of the
investment to 93% owner Pacific Equity Partners ("PEP"). We expect
that PEP will seek periodic distributions, within the protections
afforded under the loan documents ", adds Lewis.

Hoyts provisional (P)B2 Corporate Family Rating (CFR) reflects
Moody's expectation that the company's core businesses will
continue to grow slowly over the rating horizon though within a
mature market structure. As such, growth will be in the low single
digits on a multi-year basis but may be more volatile from time to
time depending upon the actual timing of movie releases and
success of theatre content.

The company's business though essentially solid, is likely to be
challenged by long-term decreasing and at times, variable
admissions, depending upon the timing and success of box office
releases. Though not as big as some of its offshore peers (such as
Cinemark USA Inc. (B1 stable), Regal Entertainment Group (B1
stable) and AMC Entertainment Inc. (B2 stable), Hoyts has a strong
market position in Australia (which is in turn less fragmented
than the US cinema market), supported by its nation-wide cinema
and screen circuit, with strong brand name recognition. The Val
Morgan cinema advertising business also has a strong market
position and should perform steadily.

Hoyt's ratings are challenged by its high leverage and an
aggressive capital structure along with limited liquidity compared
with some of its (mainly US) peers, though its profitability track
record is good and margins comparable. Moody's expects the
company's financial leverage to remain high over the next several
years - in the low to mid 6x Debt/EBITDA area (on an adjusted
Moody's basis). At the same time Moody's expects Hoyt's ratings to
be supported by an ability to drive pricing increases, to an
extent, through format and product innovation.

The company is majority owned by Pacific Equity Partners (PEP) who
Moody's does not see as being a long term strategic owner and this
is likely to see distributions channeled away from the business,
from time to time. Nevertheless Moody's thinks PEP will continue
to support ongoing discretionary capex within the business, though
at reasonably modest levels. For these reasons Moody's expects
leverage to remain high, constrained by generally lackluster
industry profit trends on the one hand and periodic shareholder
friendly activity.

The stable outlook reflects Moody's expectation for relatively
stable industry conditions in Australia and gradually declining to
flat (at best) admission levels, positive levels of free cash flow
as well as capacity for modest group revenue and earnings growth.
A manageable level of capex is contemplated, in line with Hoyts
largely completed digitization and slowing cinema rollout profile.

The (P)B1 senior secured rating assigned to the proposed 1st lien
$ Term Loan Facilities and Revolving Facility reflects a one notch
uplift to the Hoyts CFR of B2, indicative of its superior secured
position and claim in Hoyts capital structure.

The (P)B3 senior secured rating assigned to the proposed 2nd lien
$ Term Loan Facilities reflects a one notch lower rating to the
Hoyts CFR of B2, indicative of its inferior position and claim in
the Hoyts capital structure.

What Could Change the Rating - Up

The rating could be upgraded in the event that the company de-
leverages beyond Moody's current expectations on a sustainable
basis, to levels commensurate with a higher rating. Indicators of
this could be Debt/EBITDA below 6.0x. However given Moody's
expectations of Hoyts ownership and management strategy, Moody's
views this as being unlikely.

What Could Change the Rating - Down

The rating could be downgraded in the event that the company's
performance declines beyond Moody's current expectations through
poor earnings performance or other more adverse industry
conditions and/or displays ongoing negative free cash flow.
Moody's would be particularly concerned should the company's
liquidity profile erode to any extent. Indicators of downward
pressure could include Debt/EBITDA of 7.0x.

Hoyts Group Holdings LLC, Aufinco Pty Limited and US Finco LLC
ratings were assigned by evaluating factors that Moody's considers
relevant to the credit profile of the issuer, such as the
company's (i) business risk and competitive position compared with
others within the industry; (ii) capital structure and financial
risk; (iii) projected performance over the near to intermediate
term; and (iv) management's track record and tolerance for risk.
Moody's compared these attributes against other issuers both
within and outside Hoyt's core industry and believes Hoyt's
ratings are comparable to those of other issuers with similar
credit risk.

Hoyts is a major cinema exhibitor and a supplier of screen
advertising business based in Australia and New Zealand. Its core
business is "Hoyts Cinema" -- the cinema exhibition business which
accounts for over 70% of revenues and EBITDA. Hoyts has a strong
position in the cinema entertainment market with 53 cinemas and
437 screens. Hoyt's other businesses comprise DVD rentals (Hoyts
Kiosks) and cinema and outdoor advertising (Val Morgan). Hoyts is
93% owned by Pacific Equity Partners (PEP), a private equity firm
in Australian and New Zealand.


LIDI GROUP: Blinds Manufacturer Goes Into Administration
---------------------------------------------------------
Patrick Stafford at SmartCompany reports that Lidi Group has
collapsed just as the property industry has begun to find its feet
after years of instability.

The Group was placed in administration on May 7, with PPB Advisory
partner Craig Crosbie -- ccrosbie@ppbadvisory.com --appointed.

A spokesperson for PPB told SmartCompany that given the business
was only placed in administration on May 7, the administrators
would provide no comment.

According to the report, the business turns over approximately
AUD4.5 million a year. PPB is now advertising for expressions of
interest for the business, the report relays.

SmartCompany says the business has been exposed to a stressed
property development sector, especially in the company's home town
of Melbourne.

Melbourne-based Lidi Group manufactures commercial and high-end
residential blinds commercial and residential properties.


MONDELLO FARMS: Bills Australian Potato Growers
-----------------------------------------------
ABC News reports that South Australian growers still owed money by
collapsed potato firm Mondello Farms say they are now being billed
by the company for seed.

According to the report, Waterloo Corner grower Robert Cirillo
said he was skeptical about whether he ever would be paid money
Mondello owes him.

"It's going to make it very tough, but we know nothing better than
to work seven days a week and we'll struggle on as best we can,"
the report quotes Mr. Cirillo as saying.

ABC News adds that receiver McGrath Nichol said Mondello Farms
would be advertised for sale next week.

There will be another creditors' meeting next month, the report
notes.

Mondello Farms is a large scale wholesaler of processed potatoes
and employs about 140 staff in itsSouth Australian and Victorian
operations.  Mondello Farms' operations are comprised of potatoes
grown on owned and leased land in South Australia and Victoria,
potatoes sourced from third party growers, a substantial
processing packaging facility.

news.com.au reported in March that Mondello Farms was placed in
receivership. McGrathNicol was appointed as receivers following
Heard Phillips being appointed administrators of the company,
according to news.com.au.


TINKLER GROUP: Creditor Presses for Holding Company Bankruptcy
--------------------------------------------------------------
Joe Schneider at Bloomberg News reports that BKK Partners Pty,
which advised Nathan Tinkler on his failed AUD5.3 billion bid for
Whitehaven Coal Ltd., sought to push the former billionaire's
holding company into bankruptcy for not paying its bills.

BKK sued in Federal Court in Sydney, claiming Tinkler Group Pty
failed to pay AUD220,000 for advisory work done to Nov. 1, 2012,
Bloomberg relates citing an application to appoint a liquidator
filed April 22. A hearing is scheduled for May 22.

Bloomberg says Mr. Tinkler, an electrician-turned-entrepreneur who
owns about a fifth of the outstanding shares of Whitehaven Coal,
was ranked as Australia's youngest billionaire at the age of 35 by
BRW magazine in 2011 after he sold his house in 2006 to help buy a
AUD30 million Middlemount coal lease in Queensland.

He testified in court in March in a separate case that he's living
on an allowance he gets from his wife who controls a AUD1.4
billion trust.

According to Bloomberg, the Sydney Morning Herald said Tinkler and
his wife Rebecca were also sued personally in the New South Wales
Supreme Court in Sydney over the same debts.

The Supreme Court confirmed in an e-mail a lawsuit was filed April
22, the report relays. A hearing on the Supreme Court lawsuit is
scheduled for July 29.

Bloomberg recalls that Mr. Tinkler's Mulsanne Resources Pty was
ordered liquidated by a New South Wales state judicial officer on
Nov. 20 after the company failed to pay AUD28.4 million for shares
in coal developer Blackwood Corp. His Patinack Farm Administration
Pty was put in liquidation a day later by a federal judge in
Adelaide over a debt to Workcover Corp. of South Australia,
Bloomberg relates.

Mr. Tinkler lost ownership of his personal jet and helicopter
after a financing company pushed TGHA Aviation Pty into
receivership on Nov. 23, Bloomberg adds.

He has avoided other of his companies being pushed into bankruptcy
with settlements at the last minute, including an October
agreement with Mirvac Group (MGR) over a failed property deal.



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


* Moody's Sees Sales Growth Slowdown for Chinese Property Market
----------------------------------------------------------------
Moody's Investors Service says that the outlook for China's
property market remains stable, but sales growth will slow.

Those developers focused on the mass-market will enjoy the
strongest level of sales. They include China Overseas Land &
Investment Limited (Baa1 stable), China Vanke Co., Ltd. (Baa2
stable), Longfor Properties Company Limited (Ba1 stable), Country
Garden Holdings Company Limited (Ba3 positive) and Shimao Property
Holdings Limited (Ba3 stable).

"Moody's stable outlook reflects our expectation for around 10%
year-on-year growth in the value of residential property sales
over the next 12 months, in line with the average seen in 2012,
but down from the high levels seen during January-March 2013,"
says Kaven Tsang, a Moody's Vice President.

"Our view is that urbanization and favorable mortgage financing
for first-time home buyers will continue to support demand and
sales volume, while new guidelines issued by the central
government in February to further clamp down on investment demand
will slow price increases," says Tsang.

Tsang was speaking on the release of Moody's latest Chinese
property market outlook, titled "Property Developers' Sales Growth
Will Slow Amid Housing-Market Controls."

Other themes covered by the report include the consideration that
the guidelines will not dampen overall sales volumes because many
developers have shifted their focus to mass-market housing, which
addresses home-owner demand and is not the target of the
government's policies.

Accordingly, those developers with large inventories of luxury
properties -- which are subject to policy controls -- will see
weak sales growth, says the report. These companies, which include
Yanlord Land Group Limited (Ba3 stable), Zhong An Real Estate
Limited (B2 negative) and SPG Land (Holdings) Limited (B3
negative), will need time and new funding to reposition their
product strategy.

"With stocks overall, Moody's expects that the rated developers
will keep their work-in-progress inventory at reasonable levels --
around two to two and a half times revenue -- as they continue to
expand cautiously," says Franco Leung, a Moody's Assistant Vice
President, adding "Through the down-cycles in 2008 and 2011-2012,
they learned to allocate capital only to projects that have good
track records of contract sales."

The report also said that liquidity remains adequate for most
rated developers. Improved inventory management, continued access
to offshore bond markets, and stable sales growth will help most
rated developers maintain adequate liquidity during the outlook
period.

However, a few low-rated developers, will still need to address
refinancing of their large proportion of short-term debt since
their sales are not strong.

Looking ahead, Moody's is unlikely to change the industry outlook
to positive over the next 12 months because it believes the
central government will not relax its restrictions on home
purchases due to the risk of a run-up in prices.

On the other hand, Moody's would consider changing the outlook
back to negative if the government imposed additional restrictions
that Moody's believes would cause year-over-year property sales to
fall 10%-15% for six months.



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


A TO Z RETAIL: CARE Cuts Rating on INR15cr Loan to 'CARE D'
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
A TO Z Retail Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        15       CARE D Revised from
                                             CARE BB

Rating Rationale

The revision in the rating assigned to the long-term bank
facilities of A to Z Retail Ltd (ARL) takes into account the
ongoing overdrawals in its fund-based bank facilities for more
than 30 days.

ARL, incorporated in 2005, is engaged in the retailing of a wide
range of textiles like home d‚cor and furnishing, apparels and
fashion accessories, etc. The company operates through two retail
outlets in Mumbai, one at Crawford Market (A to Z) and other at
Hughes road (Splendour), with a combined carpet area of 8,500
square feet (sq ft).


ARTISONS TRADING: CARE Lowers Rating on INR10cr Loan to 'CARE D'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Artisons Trading India Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        10       CARE D Revised from
                                             CARE BB

Rating Rationale

The revision in the rating assigned to the long-term bank
facilities of Artisons Trading India Pvt Ltd takes into account
the ongoing delays in debt servicing and overdrawals in its fund-
based bank facilities for more than 30 days.

Artisons, incorporated in 2010, is engaged in the retailing of a
wide range of textiles like home d‚cor and furnishing, apparels &
fashion accessories, etc. As on September 30, 2012, the company
was operating through six retail outlets, of which five are in the
name of 'A to Z' and one in the name of 'Splendour' located in
Mumbai, with an aggregate carpet area of around 12,680 sq ft.


BARNALA REALTECH: CARE Assigns 'B+' Rating to INR10cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Barnala
Realtech.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10        CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Barnala Realtech is
constrained by its short track record of operations, concentration
of its revenues from a single project, project implementation
risk, competition from other real estate players and its
constitution as a partnership firm with inherent risk of the
withdrawal of capital.

The rating, however, derives strength from the experience of the
partners in the real estate industry, financial closure achieved
for the ongoing project, location advantage and moderate booking
status position of the project.

The ability of the firm to complete its ongoing projects in a
timely manner without any cost overrun and achievement of the
sales at anticipated prices would be the key rating sensitivity.

Barnala Realtech was established in April 2011 as a partnership
firm for construction and sale of residential apartments and is
currently developing a new project named "Riverdale Aquagreens" at
Zirakpur, Chandigarh, which is expected to be complete by March
2014. BRT is promoted by Mr. Jiwan Lal Jindal and Mr. Vijay Kumar,
who have significant experience in the area of property
consultancy and infrastructure cum housing development projects.


IBD UNIVERSAL: CARE Rates INR45.28cr LT Loan at 'CARE BB-'
----------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of IBD
Universal Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       45.28     CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of IBD Universal
Private Limited is primarily constrained on account of the
saleability risk associated with lower booking status received in
its three ongoing real estate projects namely 'Indus Satellite
Green Phase-3', 'Hallmark Citii Phase-3' and 'Kings Park' coupled
with inherent risk associated with the real estate industry.  The
rating, however, favorably takes into account the established
track record of the IBD group in the real estate sector and
advance stage of completion of the projects.

Successful completion of the projects within envisaged cost
parameters along with timely receipt of the booking advances and
sale of the balance units at envisaged prices are the key rating
sensitivities.

Indus Dwellings Private Limited was incorporated on July 15, 1999,
as a private limited company to carry out the real estate
development and is the flagship company of the IBD group. On
June 12, 2008, the name of the company was changed to IBD
Universal Private Limited. At present, IBD Universal is executing
two residential project namely 'Hallmark Citii Phase-3' (of 2/3
BHK) and 'Kings Park' (of 3/4/5 BHK) at Bhopal which would house
268 and 186 units, respectively. The total combined build-up area
of the projects is estimated to be 587,270 sq ft. IBD Universal
has recently completed three mid-scale residential projects with
total build-up area of 1,435,233 sq ft out of which two projects
are located at Bhopal namely Hallmark Citii Phase-1 and Hallmark
Citii Phase-2 in which IBD Universal has sold/booked all units as
on March 31, 2013, and one project at Indore namely Indus
Satellite Greens Phase-3 in which booking has remained at 68% of
total units against 100% cost incurred as on March 31, 2013.


LAHOTY BUILDCON: CARE Assigns 'BB' Rating to INR5cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Lahoty Buildcon Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.00      CARE BB Assigned
   Short-term Bank Facilities      2.75      CARE A4 Assigned
   Long-term/Short-term Bank       4.00      CARE BB/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of Lahoty Buildcon
Limited are primarily constrained on account of its declining
Total Operating Income (TOI) in the last two financial years ended
in FY12 (refers to the period April 1 to March 31) and its
stressed liquidity position. The ratings are further constrained
on account of its high sector and geographical concentration risk
with majority of the projects being executed in Rajasthan region
and high degree of competition in the construction industry.

The ratings, however, favorably take into account the experience
of the management in executing construction contracts, their long
association with government bodies, LBL's moderate order book
position and comfortable solvency position.

Increase in the scale of operations by geographical
diversification and increase in customer base along with
improvement in the profitability margins in a highly competitive
industry are the key rating sensitivities.

Jaipur-based (Rajasthan) LBL was incorporated in 2008 with a
purpose to take over the existing business of Lahoty Builders, a
proprietorship concern formed in 1982. LBL acquired the entire
business of LAB in 2010. LBL was promoted and is managed by Mr. Om
Prakash Lahoty along with his two sons, Mr. Ashok Lahoty and
Mr. Ashish Lahoty. The company is an 'AA' class (highest in the
scale of AA to E) approved government contractor with Government
of Rajasthan (GoR). It has experience of more than three decades
through its proprietorship concern in the field of construction
and execution of water supply projects and excavations, laying and
jointing of all types of pipelines for government as well as
private clients in Rajasthan.

During FY12, LBL reported a total income of INR21.25 crore (FY11:
INR39.68 crore), with a PAT of INR0.48 crore (FY11: INR0.60
crore). As per the provisional result of 9MFY13, LBL has achieved
a total operating income of INR20.56 crore.


MAN GLOBAL: CARE Assigns 'BB' Rating to INR70cr Long-Term Loan
--------------------------------------------------------------
CARE assigns 'CARE BB' ratings to the bank facilities of Man
Global Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
    Long-term Bank Facilities      70         CARE BB Assigned

Rating Rationale

The ratings are constrained by the project execution risk, pending
debt tie-up and infusion of funds by the promoters for upcoming
projects, sales risk for ongoing and upcoming projects and high
dependency on customer advances to fund the projects given the
cyclical nature of the real estate industry.

The rating, however, factors in experience of the promoters,
favorable location of the projects and satisfactory sales booking
status of the ongoing project.

The ability of the company to mobilise funds and obtain approvals
for its projects, and achieve the envisaged level of sales in a
timely manner are the key rating sensitivities.

Man Global Ltd, incorporated in 1986 as Mansukhani Builders (P)
Ltd, is engaged in real estate business and belongs to the Man
group. The Man group, promoted by Mansukhani family, is
in the business since 1970 and has diversified business interest
from the manufacturing and coating of large diameter pipes,
infrastructure, and real estate development. The flagship company
of the group, Man Industries (India) Ltd is engaged in the
manufacturing of SAW pipes.

Mr. Rameshchandra Mansukhani, the founder promoter of the Man
group, is having a rich business experience of around 36 years in
manufacturing of steel pipes. Moreover, he is engaged in the real
estate business for over 30 years. He is well-supported by his son
Mr. Nikhil R Mansukhani, who manages the day-to-day affairs of
MGL.

Presently, MGL has undertaken three projects in Mumbai. These are
Man Opus Phase-I and II (Mira Road), and redevelopment project (at
Bandra). Out of these Man Opus Phase - I is the ongoing
project while the others are upcoming projects. Moreover, the
company also has plans for one additional project, which is at
land negotiation stage in Mumbai.

Man Opus Phase - I, residential project, comprises of four
buildings of stilt+25 floors, offering 850 flats (1BHK, 1.5 BHK
and 2 BHK) having saleable area of 6.46 lakh square feet (lsf).
The soft launch of the project was done in April 2011, and is
expected to be completed by the end of FY 15-16.

Man Opus Phase - I has already sold inventory of INR190.2 crore as
on March 31, 2013, and has tiedup receivables of INR152.20 crore
as on the same date.


M. V. OMNI: CARE Assigns 'BB' Rating to INR50cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of M. V. Omni Projects (India) Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        50       CARE BB Assigned
   Short-term Bank Facilities       75       CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of M. V. Omni Projects
(India) Limited are constrained by its moderate scale of
operations in an intensely competitive construction industry, its
moderately high leverage and its stretched liquidity on the back
of high working capital intensity of its operations.

The ratings, however, derive comfort from the established track
record and proven project execution capability of MOPIL in the
construction business along with its moderate order-book and
geographically diversified presence.

The ability of MOPIL to increase the scale of its operations along
with growth in order book, improve its capital structure and
liquidity would be the key rating sensitivities.

MOPIL was incorporated in 2002, upon conversion of the
proprietorship concern named 'M. V. Omni Enterprises' which
commenced operations in 1994. The company is engaged in the
construction of residential and commercial buildings for
government and public sector entities, setting up Railway
Signaling & Telecom (S&T), laying city gas and oil distribution
pipelines.

During FY12 (refers to the period April 1 to March 31), civil
construction contributed 86% (74% in FY11), S&T 7% (17%) and city
gas distribution 7% (11%) to its total operating income (TOI) of
INR171.28 crore.

During FY12, MOPIL earned a PAT of INR8.72 crore on a total
operating income of INR171.28 crore as against a PAT of INR6.56
crore on a total operating income of INR127.54 crore in FY11.
Furthermore, as per the provisional results for 7MFY13, MOPIL
earned a total operating income of about INR107 crore.


OMKAM COMMUNICATIONS: CARE Rates INR16cr Long-Term Loan at 'C'
--------------------------------------------------------------
CARE assigns 'CARE C' rating to the bank facilities of
Omkam Communications Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        16       CARE C Assigned

Rating Rationale

The rating assigned to the long-term bank facilities of Omkam
Communications Private Limited is constrained on account of the
instances of overdrawals in its Cash Credit account, working
capital intensive operations due to long collection period,
moderate scale of operations and low profitability margins due to
trading business. These weaknesses, however, are partially offset
by experienced promoters of the company, its diversified product
profile and low inventory risk.

The ability of the company to improve its profitability margins
and manage its working capital requirements effectively shall be
the key rating sensitivities.

Omkam Communications Private Limited was incorporated in January
1988 as Retrofit Systems Private Ltd. Subsequently, the name of
the company was changed to Cyberlogy (India) Private Limited in
May 2002 and thereafter to the present name in February 2010. Mr.
Peeyush Aggarwal, with over 25 years of experience in managing
various businesses, is the promoter of OCPL.

The company is engaged in the trading of hardware and software
products related to information technology, web hosting solutions,
e-commerce solutions, website development etc. The company
mainly executes orders for government departments and large
corporates through sub-tenders.

OCPL reported a PAT of INR0.8 crore on a total income of INR142.7
crore during FY12 (refers to the period April 1 to March 31) as
against PAT of INR0.7 crore on a total income of INR108.7 crore
during FY11. On a provisional basis, OCPL reported a PAT of INR1.2
crore on a total income of INR186.1 crore during FY13.


SHREEM SPA: CARE Rates INR80cr Long-Term Loan at 'CARE BB'
----------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Shreem Spa & Resorts Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        80       CARE BB Assigned

Rating Rationale

The rating of Shreem Spa & Resorts Ltd is constrained by the
nascent stage of implementation of its predominantly debt-funded
ongoing five-star resort-cum-club project, which is also the
promoter's first venture in the cyclical and highly competitive
hospitality industry.

The rating, however, favorably takes into account the promoter's
experience in managing various businesses, strategic location of
the resort and its proposed association with "Carlson Rezidor" to
manage the operations of the resort.

SSRL's ability to implement the project within the envisaged time
and cost parameters, and, subsequently, achieve envisaged
occupancy levels with desired Average Room Rates (ARRs) would
be the key rating sensitivities.

SSRL is a closely-held public limited company incorporated on
February 19, 2009, to develop a 120-room five-star resort-cum-club
at Gram Bharti Crossroads Pethapur- Mahudi Highway,
Gandhinagar, Gujarat. The project site is located at around 12 km
from the State capital, Gandhinagar. Total cost of the project is
estimated at INR132.45 crore, which is envisaged to be funded
through sanctioned term loan of INR80 crore, equity share capital
of INR32.45 crore and balance through club membership fees.

As on March 15, 2013, SRRL has invested INR31.85 crore in the
project, which was financed by term loan of INR2.31 crore,
membership fees of INR4.54 crore and balance through equity
infusion. The hotel is expected to commence operation from October
2014.  The hotel is proposed to be operated by leading hospitality
chain Carlson Rezidor under the brand
"Radisson".


SHRI RAM: CARE Assigns 'BB+' Rating to INR14.91cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Shri Ram Charitable Trust.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       14.91     CARE BB+ Assigned

Rating Rationale

The rating assigned to the long-term bank facilities of Shri Ram
Charitable Trust is constrained by the average financial risk
profile of the trust restricted by its relatively small scale of
operation, intense competition from established and upcoming
educational institutes in the region with regulated nature of the
education sector in India and risk associated with the
implementation of the expansion project. The aforesaid constraints
are partially offset by the experience of the management with a
decade long track record, wide spectrum of courses with moderate
enrolment rate and modern infrastructure with latest available
technology.

The ability of the trust to improve enrolment rate with
simultaneous improvement in scale of operation and successful
completion of project would be the key rating sensitivities.

Shri Ram Charitable Trust was formed in the year 2003 as a public
charitable trust registered under Section 12A of the Income Tax
Act, to establish educational institutes imparting education in
various professional disciplines in Muzaffarnagar, Uttar Pradesh.
SRCT was promoted by Mr. Subhash Chandra Kulshreshtha based out of
Muzaffarnagar, Uttar Pradesh. Presently, the trust has eight
institutes spread over an area of two hectares offering varied
graduation and postgraduation courses in various disciplines like
engineering, management, law, polytechnic, architecture,
journalism & mass communication, fine arts, information technology
and media under the brand name 'Shri Ram Group of College'.

Shri Ram College is the oldest institute amongst all, with highest
contribution to the overall revenue (remained in the range of 50%-
70% in between FY10-FY12) of the trust. Currently, SRCT has total
intake capacity of 9,735 students with 344 qualified faculty
members ensuring student faculty ratio of approx 28:1. The various
courses offered by SRCT are affiliated to U.P. Board of Technical
Education (UPBTE), Chaudhary Charan Singh (C.C.S) University,
Meerut and Mahamaya Technical University (MTU), Uttar Pradesh.

During FY12 (refers to the period April 1, 2011, to March 31,
2012), the trust reported a Surplus before interest and
depreciation ofINR7 crore (INR3.9 crore in FY11) and a Net Surplus
of INR5.5 crore (INR2.4 crore in FY11) on the total income from
operations of INR15.5 crore (INR12 crore in FY11).


TRANSNATIONAL KNOWLEDGE: CARE Rates INR14.60cr LT Loan at 'BB'
--------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of
Transnational Knowledge Society.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       14.60     CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Transnational
Knowledge Society is primarily constrained on account of its short
track record and modest scale of operations. Furthermore, the
rating is constrained by high regulatory restrictions regarding
approvals and accreditations and intense competition in the
education industry.

The rating, however, derives comfort from the vast experience of
the promoters in the education industry coupled with comfortable
profit margins on account of healthy enrollment ratio, moderate
capital structure and debt coverage indicators.

The ability of TKS to increase the scale of operations by
maintaining healthy enrolment ratio in addition to maintaining
better profit margins and improvement in the capital structure are
the key rating sensitivities.

TKS is an education society registered under Madhya Pradesh
Society Registration Act, 1973. TKS was established by Mr. Ashish
Sojatia (Managing Trustee) in 2008 with the objective of imparting
quality education. TKS located in Indore (Madhya Pradesh) manages
one education institute namely 'Acropolis Technical Campus', which
offers courses in the field of engineering and Master of Business
Administration (MBA). TKS has due approvals for undertaking
teaching on various courses from All India Council of Technical
Education and has an affiliation with Rajiv Gandhi Technical
University, Bhopal and Devi Ahilya Vishwavidyalaya, Indore.

TKS is a part of Indore-based 'Acropolis Group', which runs other
society i.e. 'Teach for India Education and Research Samiti'
(TIERS rated 'CARE BBB-'), having four educational institutes.
These are Acropolis Institute of Technology & Research (AITR),
Acropolis Institute of Pharmaceutical Education & Research
(AIPER), Acropolis Faculty of Management Studies & Research
(AFMR), and Acropolis Institute of Management Studies & Research
(AIMSR). These institutes offer courses in the field of
engineering, MBA, Master of Computer Application, pharmacy,
Bachelor of Commerce, Bachelor of Business Administration and
Bachelor of Computer Application.

As against a surplus of INR0.12 crore on a total operating income
of INR4.35 crore in FY11 (refers to the period April 1 to March
31), TKS reported a surplus of INR1.20 crore on a total operating
income of INR8.68 crore during FY12.  As per the provisional
results of 9MFY13, TKS achieved a total operating income of
INR9.64 crore and surplus of INR1.75 crore.



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


ADARO INDONESIA: Moody's Affirms Ba1 CFR; Outlook is Stable
-----------------------------------------------------------
Moody's Investors Service affirmed the corporate family and senior
unsecured bond rating of PT Adaro Indonesia (Adaro) at Ba1. The
outlook of the ratings is stable.

Ratings Rationale:

"The affirmation reflects Adaro's strong liquidity position, track
record of prudent financial management, and our expectation that
the company will focus on deleveraging such that its adjusted debt
to EBITDA ratio will return to below 2-2.3x by end 2014," says
Simon Wong, a Moody's Vice President and Senior Analyst.

"Its rating headroom, however, has narrowed due to the expected
deterioration of its credit metrics in 2013, as a result of
weakened thermal coal prices and the continued funding support for
its parent, Adaro Energy" adds Wong, also the lead analyst for
Adaro.

Adaro's Debt/EBITDA and EBIT/Interest are projected to deteriorate
to 2.3x-2.6x and 5.2x-5.7x, respectively, in 2013, compared to
2.0x and 7.7x in FY2012. This is based on Moody's assumption that
Newcastle benchmark thermal coal prices will average $90 per tonne
in 2013, Adaro will successfully reduce its production cash cost
during the same period by 2-7% to alleviate its margin pressure
and achieve a sales volume of 50-53 million tons.

Cost cutting measures include the reduction of planned stripping
ratio to 5.75x from 6.4x in 2012, however, the benefit of pre-
stripping activity in 2012 and reducing stripping ratio in 2013 is
likely to be one-off, without compromising the overall mining
plan. The completion of an overburden crusher conveyor system and
the mine-mouth power plant in Q2 2013 will also enhance efficiency
and cost savings.

Adaro's strong liquidity profile continues to buffer it against
the weak operating environment. Adaro recorded $301 million of
cash on hand and has access to $300 million of undrawn, committed
banking facilities as at 31 December 2012. The company is
currently refinancing a bank loan of $377 million maturing in 2013
and 2014 to extend debt maturity and financial flexibility.

"Funding support for Adaro Energy and Adaro Energy's plans to
invest in greenfield independent power projects (IPPs) are also
key negative rating drivers, but we take some comfort as Adaro
Energy will significantly reduce its capex by about 60% and
dividend payout in 2013, and the Group has adopted a liquidity and
capital conservation strategy amidst the current challenging
operating environment" says Wong.

Moody's expects Adaro to fund Adaro Energy's 2013 cash requirement
with its operating cash flow and cash on hand.

Adaro is the principal cash flow generator and a borrower of
record, to fund Adaro Energy's vertical integration strategy.
Funds have been channeled to the various sister companies through
Adaro Energy in the form of dividends, intercompany loans,
advances and prepayments against services to undertake the work.

Adaro's ratings also reflect its status as one of the world's
lowest-cost producer and exporter of thermal coal, its quality and
diversified customer base, mainly comprising power utilities in
the region.

However, the ratings also recognize key challenges including
various greenfield power plant and mining projects undertaken by
Adaro Energy which could exert further pressure on the credit
profile of both Adaro Energy and Adaro. Moody's will review the
financial structure when the IPPs reach financial close and adjust
Adaro Energy's total debt as needed.

Adaro is also one of the most highly rated single commodity mining
companies globally; furthermore, its revenue base remains
relatively small and the company lacks production diversity
compared with similarly rated global peers.

The stable outlook reflects Moody's expectation that Adaro will
focus on deleveraging and cost control, as well as exercise
prudence in its financial management.

The possibility of upward pressure is limited given the current
weak market conditions.

Downward pressure could emerge, if Adaro experiences material
disruption to its operations or industry fundamentals further
deteriorate to the extent that Adaro's ability to service its debt
is weakened. Such trends could be evidenced by adjusted
debt/EBITDA rising above 2.5x and/or EBIT/interest falling below
4x on a sustained basis.

Similarly, if Adaro Energy's adjusted debt/EBITDA rises above 3-
3.5x and/or EBIT/interest falls below 3x on a sustained basis,
Adaro's ratings would come under pressure.

Other negative rating trends include: 1) event risk as a result of
any adverse decision regarding the off-setting of VAT payments; 2)
any change in laws and regulations, particularly on the mining
concessions, that would affect the business; and 3) any abrupt
change in financial or operational strategy and/or dividend
policies.

The principal methodology used in this rating was Global Mining
Industry Methodology published in May 2009.

Adaro Indonesia is one of the largest single-site coal producers
in the southern hemisphere and one of the world's largest sub-
bituminous coal companies. It exports 77.3% of its products to
Asia, the US and Europe, while the rest is for the domestic
market. It is wholly owned by Adaro Energy, an integrated energy
group, listed on the Indonesia Stock Exchange.



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


* Fitch Says Foreign Bonds to Bridge Life Insurers' Yield Gap
-------------------------------------------------------------
The plans of major Japanese life insurers for a modest increase in
their allocation to foreign bonds -- at the expense of Japanese
government bonds (JGBs) -- will help them bridge the period of low
yields, says Fitch Ratings. "We expect the change to continue
until either the average interest rate on their guaranteed-return
savings products falls or JGB yields rise. However, low long-term
JGB yields will still hold back insurers' progress in resolving
what may be their most critical challenge this year -- the
mismatch between the duration of their assets and liabilities,"
Fitch says.

Fitch expects the average guaranteed interest rate on savings
products to fall in line with current yields of around 1.5%-2% on
20- to 30-year JGBs in the next three to 10 years for 'A' rated
and above companies, and over a period of longer than 10 years for
'BBB' rated and below companies. Any rise in JGB yields as a
result of Prime Minister Shinzo Abe's attempts to boost growth and
inflation would shorten this timeframe.

The switch to foreign-currency-denominated bonds is likely to be
modest because of more stringent regulation aimed at preventing
insurers from taking on too much foreign-currency risk, as well as
the yen-dominated profile of most insurers' liabilities.

The Japanese Financial Services Agency tightened its solvency
margin regulation for FY11, and now Japanese insurers' exposure to
foreign currency requires a higher capital charge (10% of FX
exposure). Most insurers are likely to hedge the foreign-exchange
risk, which will reduce the capital charge but also the yield
enhancement.

The lack of JGB supply and low yields will also slow the pace at
which insurers raise their exposure to long-term JGBs to cut the
duration gap between assets and liabilities. Fitch estimates this
gap to be approximately five years. The sensitivity to interest
rates which the gap produces makes this a major risk.



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


CAPITAL + MERCHANT: Civil Claim Vs. Trustee Leads to Law Change
---------------------------------------------------------------
The New Zealand Herald reports that a civil claim launched by
Capital + Merchant's receivers against the failed finance
company's trustee has indirectly led to the Government tabling a
law change.

According to the report, receiver KordaMentha has filed action
against Capital + Merchant's trustee, Perpetual Trust, for an
alleged breach of duty.  This created a conflict of interest for
Perpetual, which appointed KordaMentha as second receivers of the
company in November 2007.

Because of the claim, Perpetual is attempting to resign as trustee
and be replaced by the Public Trust, the Herald understands, the
report relays.

The Herald notes that Public Trust is New Zealand's sole Crown-
owned trustee company and has more than $35 billion under
supervision.

It is believed the proceedings, deciding whether Public Trust will
replace Perpetual, are to be heard by the High Court next month,
says the Herald.

But the risk this case could set a potential precedent led to
Justice Minister Judith Collins introducing a law to Parliament,
the report says.

According to the Herald, Mr. Collins said an outdated 57-year-old
rule in the Trustee Act meant trustees of failed finance companies
-- like Capital + Merchant -- could apply to have the Public Trust
replace them.

"It's simply not acceptable for trustees who wish to retire or
resign, to pass their responsibilities to the Public Trust and the
taxpayer, with huge and unrecoverable costs," the report quotes
Mr. Collins as saying.

Citing a statement from Mr. Collins, the report discloses that
there are 60 failed finance companies in receivership, liquidation
or moratorium and Perpetual is trustee of 22 of those firms.

Mr. Collins' proposed law -- called the Trustee (Public Trust)
Amendment Bill -- said a retiring trustee must first try to
appoint another replacement before seeking Public Trust's
appointment, the report adds.

                     About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.

Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on Nov. 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd.  Fortress appointed Tim
Downes and Richard Simpson of Grant Thornton, chartered
accountants, while trustee Perpetual Trust have called in
KordaMentha.

Capital + Merchant owed NZ$167.1 million to about 7,500
investors. Fortress reportedly has a prior charge over assets and
was owed around NZ$70 million in total.


SOLID ENERGY: To Slash 105 Jobs in Bid to Keep Afloat
-----------------------------------------------------
Stuff.co.nz reports that embattled mining company Solid Energy
will shed another 105 jobs, with redundancy costs of
NZ$3.5 million, in an effort to stay afloat.

According to the report, the company plans to slash 52 people from
its head office in Christchurch and 53 from its regional offices,
cutting its total corporate workforce from 234 to 129.

The cuts were expected to save the company NZ$18million a year,
the report relays.

Stuff.co.nz notes that Solid Energy's full headcount would drop to
about 1,000 by the end of June, compared with more than 1,600
people a year ago.

Just 87 people would be left at its Christchurch headquarters,
down from about 313 last year, the report relays.

Stuff.co.nz relates that Solid Energy chairman Mark Ford said the
53 regional cuts will be spread evenly between Auckland, Nelson,
Buller, Grey District and Waikato, with one position targeted in
Southland. All are support or corporate people, with no mining
staff affected.

Mr. Ford said the job losses were part of a new strategy focusing
on its core coal mining business, the report relays.

Solid Energy had already cut 400 jobs last year, closed a West
Coast mine, halted expansion work on other mines and offloaded
non-core assets in a bid to balance its books.

Its Nature's Flame wood pellet business will go on the market
shortly.

Meanwhile, Stuff.co.nz reports that Finance Minister Bill English
on May 8 floated the possibility of the state-owned coalminer not
having a viable future in an interview with Radio New Zealand.

That led Labour's state-owned enterprises spokesman Clayton
Cosgrove to question whether the Government was going back on its
word to keep the company out of receivership, the report relates.

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas,
biomass, biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.



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


IENERGIZER: Moody's Rates $135MM Senior Term Loan Issuance 'B2'
---------------------------------------------------------------
Moody's Investors Service assigned a definitive B2 corporate
family rating to iEnergizer Limited.

At the same time, Moody's has assigned a definitive B2 foreign
currency rating to the $135 million senior secured term loan drawn
by iEnergizer Ltd. (iEnergizer) and Aptara, Inc. (Aptara), its
wholly-owned subsidiary.

The outlook for both ratings is stable and all ratings are
affirmed.

Ratings Rationale:

Moody's has removed the provisional status of the corporate family
rating and senior secured rating, originally assigned on February
25, 2013. Moody's rating rationale was set out in a press release
issued on that date and explored more fully in a Credit Opinion
issued on February 27, 2013.

The proceeds from the issue of the term loan are being used to
refinance a $20 million shareholder loan and a $114.5 million low-
cost loan from a third party. These loans were incurred in the
process of acquiring Aptara and were technically repayable on
demand. As a result of this particular liquidity risk, Moody's
assigned a provisional rating to the CFR, in addition to the loan
facility, and the draw-down of the six-year, amortizing term loan
has now removed this concern.

The term loan is guaranteed by as many subsidiaries as feasible,
including the invoicing entities in Mauritius. Over 90% of the
cash generated is received by parties to the loan.

The stable outlook reflects Moody's expectations that iEnergizer's
business model remains consistent, and that the company will keep
an organic bias to its expansion.

"While we see the attractiveness of iEnegizer's broad offering in
content transformation solutions we nevertheless expect overall
adjusted EBITDA margins to decline slightly over time, towards the
low 20% range, as a result of competitive pressures and additional
costs as the business grows", says Alan Greene, a Moody's VP-
Senior Credit Officer and Lead Analyst for iEnergizer.

Given size and leverage constraints, there is very limited upside
potential for the ratings. But upgrade pressure could evolve over
the longer term if the company maintains overall EBITDA margins
above 20%, while improving its relative market share and with
revenues surpassing $500 million. Credit metrics that could
support this outcome would include i) total debt/EBITDA below
4.0x; or ii) free cash flow/total debt of around 8% to 10% or
better, on a sustained basis.

On the other hand, the rating could face downward pressure if free
cash flow is adversely impacted by a decline in revenues and
rising costs, or by an overly aggressive acquisitions policy. Such
a scenario could be accompanied by i) total debt/EBITDA exceeding
4.5-5.0x; ii) free cash flow/total debt falling below 5%; or iii)
(EBITDA-capex)/interest expenses falling below 1.5x to 2.0x, on a
sustained basis.

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



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


NAMYANG DAIRY: Six Million Stores Vow to Join Boycott
-----------------------------------------------------
Yonhap News Agency reports that the nationwide rage against
Namyang Dairy Products Co., which allegedly strong-armed
distributors into ordering more products, reached new heights on
Thursday, as millions of independent store owners vowed to join an
ongoing boycott against one of the country's largest dairy
producers.

The news agency relates that more than 150 associations of pro-
small business activists and independent store owners called on
Namyang to fully compensate for the "material and emotional damage
it caused to the victims." They added that some six million mom-
and-pop establishments dealing with Namyang goods will cut off
orders if the company fails to comply by May 20, Yonhap relays.

The Korea Herald says Namyang has fallen into a sweeping
controversy over an audio clip revealing a compromising incident
in which one of its employees used abusive language with a
business partner, taking advantage of his authoritative position.

The Korea Herald relates that the audio file portrayed a scene in
which a 30-something office worker from Namyang's headquarters
shouted and hurled insults at a 50-year-old man who runs a
regional distribution channel for the dairy firm on a contract
basis.

According to the Korea Herald, the verbal abuse involved the
amount of orders the main office was trying to ship. The incident,
which is going viral on the Internet, happened three years ago.
The audio, which was uploaded on Friday to YouTube, garnered some
300,000 hits.

In the file, the young worker used vulgar language in threatening
the distributor who said it was difficult to handle the sales
requested by the headquarters.

People who watched the clip expressed anger over the weekend. When
the recorded file was disclosed, there was an online petition
movement calling for legal punishment of Namyang, the Korea Herald
reports.

Headquartered in Seoul, South Korea, Namyang Dairy Product Co.,
Ltd. engages in the production and sale of dairy products. The
company operates through two divisions, Dairy Products and Milk
Beverages.


STX GROUP: Credit Extended to Group Reaches KRW13 Trillion
----------------------------------------------------------
The Korea Times reports that the liquidity crisis at the STX Group
is weighing heavily on creditor banks amid dismal earnings outlook
for the banking sector.

The Financial Supervisory Service (FSS) said creditors of STX may
suffer losses totaling KRW13.2 trillion ($12.1 billion) if the
group collapses, according to the report.

"That's just the worst case scenario that's unlikely to happen,
but it will take a long time until creditor banks fully recover
from the impact of the STX crisis," the report quotes an FSS
official as saying.

The report says the Korea Development Bank (KDB), the Export-
Import Bank of Korea (Korea Eximbank), Nonghyup Bank and other
creditors loaned a total of KRW5.2 trillion to STX as of the end
of March. They also provided payment guarantees worth
KRW7.1 trillion and were holding KRW771 billion worth of corporate
bonds issued by the firm, the Korea Times relates.

According to the report, KDB will suffer the biggest damage should
STX default. STX owes KRW3.9 trillion to KDB, KRW2.28 trillion to
Korea Eximbank, KRW2.24 trillion to Nonghyup,
KRW1.53 trillion to Woori Bank and KRW1.13 trillion to Korea
Finance Corp.

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, YonhapNews disclosed.

STX Corp., the group's holding company, and its two affiliates
have asked the KDB to inject liquidity in return for a voluntary
debt relief process to salvage the firm from insolvency.

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, Yonhap added.



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


DOT VN: Plans to Complete Viable Revenue Producing Platform
-----------------------------------------------------------
Dot VN, Inc., said it is very close to completing the technical
aspects required by Google to launch the Vietnamese IDN
(International Domain Names) marketing program.  Dot VN already
has a long term working relationship with the world's largest
online marketing and search engine leader.  This will allow and
begin the advertising monetization of Vietnamese IDN web
platforms.  In common terms it means that Dot VN will begin
creating multiple revenue streams from views and clicks associated
with the nearly 1 million registered Vietnamese IDN domain names.
The most important aspect is the traffic and Dot VN has already
established success in the area.

Starting on May 6, 2013, Dot VN was to begin the process of
restructuring corporate debt.  Dot VN management is confident that
it is now able to move forward into a self sustaining revenue
production phase.  Dot VN is already working well with suppliers,
vendors and employees and will concentrate the restructuring
efforts on extending maturity dates and reducing debt and
maintenance costs.

The Company already has plans to set up advisory committees with
the various types of stakeholders, in order to assure openness and
transparency in operating and restructuring of debt.  Toward this
end, the Company has engaged Eric Dierker to co-ordinate and help
manage this transition.  Eric Dierker worked with the Company in
Vietnam and the U.S. in forming the contractual and procedural
agreements with the Vietnamese Government as early as 2001 in the
capacity of Global Internet Strategist.  Mr. Dierker is an expert
in negotiating creditor/debtor relations.

Dot VN filed a Form 8-K with the U.S. Securities and Exchange
Commission which sets forth a clear disclosure of the current
corporate obligation structure, within the parameters of
appropriate confidentiality.  A copy of the Form 8-K is available
for free at http://is.gd/JbAFbn

                          About Dot VN

Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
http://www.INFO.VN

The Company is the "exclusive online global domain name registrar
for .VN (Vietnam)."  Dot VN is the sole distributor of Micro-
Modular Data Centers(TM) solutions and E-Link 1000EXR Wireless
Gigabit Radios to Vietnam and Southeast Asia region.  Dot VN is
headquartered in San Diego, California with offices in Hanoi,
Danang and Ho Chi Minh City, Vietnam.

Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.

The Company's balance sheet at Jan. 31, 2012, showed
$2.49 million in total assets, $9.20 million in total liabilities
and a $6.70 million total shareholders' deficit.

Following the 2011 results, PLS CPA, in San Diego, Calif., noted
that the Company's losses from operations raised substantial doubt
about its ability to continue as a going concern.



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------


AUSTRALIA


AACL HOLDINGS LT           AAY            39.61        -4.66
AAT CORP LTD               AAT            32.50       -13.46
AAT CORP LTD               AAT            32.50       -13.46
ARASOR INTERNATI           ARR            19.21       -26.51
AUSTRALIAN ZI-PP           AZCCA          77.74        -2.57
AUSTRALIAN ZIRC            AZC            77.74        -2.57
BECTON PROPERTY            BEC           267.47       -15.73
BIRON APPAREL LT           BIC            19.71        -2.22
BOWEN ENERGY LTD           BWN            10.06        -1.19
CLARITY OSS LTD            CYO            28.67        -8.42
CNPR GROUP                 CNP        15,483.44      -349.73
CWH RESOURCES LT           CWH            12.09        -1.29
HAOMA MINING NL            HAO            25.26       -27.35
MACQUARIE ATLAS            MQA         1,618.82      -941.02
MISSION NEWENER            MBT            22.05       -27.72
NATURAL FUEL LTD           NFL            19.38      -121.51
ORION GOLD NL              ORNDC          10.91        -0.31
QUICKFLIX LTD              QFX            15.84        -1.91
REDBANK ENERGY L           AEJ           295.35       -13.08
RENISON CONSOLID           RSN            10.50        -9.23
RENISON CONSO-PP           RSNCL          10.50        -9.23
RIVERCITY MOTORW           RCY           386.88      -809.14
RUBICOR GROUP LT           RUB            60.12       -61.63
STERLING PLANTAT           SBI            37.84       -10.78


CHINA

ANHUI GUOTONG-A            600444         70.61        -3.64
BAOCHENG INVESTM           600892         42.73        -3.58
CHANG JIANG-A              520         1,387.12       -64.68
CHENGDU UNION-A            693            26.99       -26.74
CHIFENG JILONG-A           600988         14.83        -3.52
CHINA KEJIAN-A             35             61.36      -211.36
DONGXIN ELECTR-A           600691         13.31       -35.40
HEBEI BAOSHUO -A           600155        107.75       -89.29
HUASU HOLDINGS-A           509            84.22       -18.79
HUBEI MAIYA CO-A           971           133.45        -1.85
HULUDAO ZINC-A             751         1,025.01      -104.94
HUNAN TIANYI-A             908            62.99        -4.40
JILIN PHARMACE-A           545            31.52        -6.57
JINCHENG PAPER-A           820           113.20      -102.79
QINGDAO YELLOW             600579        163.31      -103.32
SHANDONG HELON-A           677           726.23      -199.92
SHANG BROAD-A              600608         38.89       -11.05
SHANXI GUANLU-A            831           263.65       -38.86
SHENZ CHINA BI-A           17             28.69      -271.45
SHENZ CHINA BI-B           200017         28.69      -271.45
SHENZ INTL ENT-A           56            260.84       -53.74
SHENZ INTL ENT-B           200056        260.84       -53.74
SHIJIAZHUANG D-A           958           211.99      -123.23
SICHUAN GOLDEN             600678         71.51      -107.85
TAIYUAN TIANLO-A           600234         65.61       -14.45
TIANJIN GLOBAL-A           600800        134.90        -2.42
TIANJIN MARINE             600751         49.95       -92.48
TIANJIN MARINE-B           900938         49.95       -92.48
TIBET SUMMIT I-A           600338         91.79       -14.79
TOPSUN SCIENCE-A           600771        125.72      -115.82
WUHAN BOILER-B             200770        173.56      -191.42
WUHAN GUOYAO-A             600421         10.41       -27.07
WUHAN XIANGLON-A           600769        168.96        -5.24
XIAMEN OVERSEA-A           600870        274.55      -133.44
XIAN HONGSHENG-A           600817         95.47      -241.46
XINJIANG CHALK-A           972           667.59       -46.89
YANBIAN SHIXIA-A           600462        106.82      -136.87
YIBIN PAPER IN-A           600793        127.35        -4.70
YUEYANG HENGLI-A           622            34.87       -25.93


HONG KONG

ASIA COAL LTD              835            20.25        -9.45
BEP INTL HLDGS L           2326           12.99        -0.37
BUILDMORE INTL             108            16.92       -45.22
CHINA HEALTHCARE           673            33.18       -15.21
CHINA OCEAN SHIP           651           408.06       -51.68
CROSBY CAPITAL             8088           22.66       -12.05
FIRST NTUL FOODS           1076           17.52       -56.24
FU JI FOOD & CAT           1175           73.43      -389.20
GRANDE HLDG                186           255.10      -208.18
MELCOLOT LTD               8198           36.29       -86.21
MITSUMARU EAST K           2358           22.77       -20.63
PALADIN LTD                495           173.10       -13.20
PROVIEW INTL HLD           334           314.87      -294.85
SINO RESOURCES G           223            38.67       -23.83
SUNLINK INTL HLD           2336           17.79       -36.13
SURFACE MOUNT              SMT            64.14       -29.40
U-RIGHT INTL HLD           627            14.80      -204.65


INDONESIA

APAC CITRA CENT            MYTX          187.46        -3.73
ARGO PANTES                ARGO          154.01        -3.12
ARPENI PRATAMA             APOL          416.73      -206.52
ASIA PACIFIC               POLY          371.81      -836.19
JAKARTA KYOEI ST           JKSW           29.81       -41.48
MATAHARI DEPT              LPPF          254.86      -270.94
MITRA INTERNATIO           MIRA        1,076.79      -446.64
MITRA RAJASA-RTS           MIRA-R2     1,076.79      -446.64
PANASIA FILAMENT           PAFI           30.93       -21.52
PANCA WIRATAMA             PWSI           31.13       -38.63
PRIMARINDO ASIA            BIMA           11.11       -20.32
RENUKA COALINDO            SQMI           15.30        -0.51
SEKAR BUMI TBK             SKBM           18.90        -0.90
SUMALINDO LESTAR           SULI          166.28       -18.26
TOKO GUNUNG AGUN           TKGA           13.22        -1.15
TOKO GUNUNG-RTS            TKGA/R         13.22        -1.15
UNITEX TBK                 UNTX           15.58       -20.80


INDIA

ABHISHEK CORPORA           ABSC           58.35       -14.51
AGRO DUTCH INDUS           ADF           105.49        -3.84
ALPS INDUS LTD             ALPI          215.85       -28.22
AMIT SPINNING              AMSP           16.21        -6.54
ARTSON ENGR                ART            16.52        -3.14
ASHAPURA MINECHE           ASMN          167.68       -67.64
ASHIMA LTD                 ASHM           63.23       -48.94
ATV PROJECTS               ATV            60.17       -54.25
BELLARY STEELS             BSAL          451.68      -108.50
BHAGHEERATHA ENG           BGEL           22.65       -28.20
BLUE BIRD INDIA            BIRD          122.02       -59.13
CAMBRIDGE TECHNO           CTECH          12.77        -7.96
CELEBRITY FASHIO           CFLI           27.59        -8.60
CFL CAPITAL FIN            CEATF          12.36       -49.56
CHESLIND TEXTILE           CTX            20.51        -0.03
COMPUTERSKILL              CPS            14.90        -7.56
CORE HEALTHCARE            CPAR          185.36      -241.91
DCM FINANCIAL SE           DCMFS          18.46        -9.46
DFL INFRASTRUCTU           DLFI           42.74        -6.49
DHARAMSI MORARJI           DMCC           21.44        -6.32
DIGJAM LTD                 DGJM           99.41       -22.59
DISH TV INDIA              DITV          517.02       -18.42
DISH TV INDI-SLB           DITV/S        517.02       -18.42
DUNCANS INDUS              DAI           122.76      -227.05
FIBERWEB INDIA             FWB            16.51        -7.98
GANESH BENZOPLST           GBP            49.24       -21.14
GOLDEN TOBACCO             GTO           109.72        -5.01
GSL INDIA LTD              GSL            29.86       -42.42
GUJARAT STATE FI           GSF            10.26      -303.64
GUPTA SYNTHETICS           GUSYN          52.94        -0.50
HARYANA STEEL              HYSA           10.83        -5.91
HINDUSTAN PHOTO            HPHT           74.44    -1,519.11
HINDUSTAN SYNTEX           HSYN           11.46        -5.39
HMT LTD                    HMT           123.83      -517.57
ICDS                       ICDS           13.30        -6.17
INDAGE RESTAURAN           IRL            15.11        -2.35
INTEGRAT FINANCE           IFC            49.83       -51.32
JCT ELECTRONICS            JCTE          104.55       -68.49
JD ORGOCHEM LTD            JDO            10.46        -1.60
JENSON & NIC LTD           JN             16.65       -75.51
JOG ENGINEERING            VMJ            50.08       -10.08
JYOTHY CONSUMER            JYOC           69.07       -31.72
KALYANPUR CEMENT           KCEM           24.64       -38.69
KDL BIOTECH LTD            KOPD           14.66        -9.41
KERALA AYURVEDA            KERL           13.97        -1.69
KINGFISHER AIR             KAIR        1,782.32      -997.63
KINGFISHER A-SLB           KAIR/S      1,782.32      -997.63
KITPLY INDS LTD            KIT            37.68       -45.35
KM SUGAR MILLS             KMSM           19.14        -0.47
LLOYDS FINANCE             LYDF           14.71       -10.46
LLOYDS STEEL IND           LYDS          510.00       -48.98
LML LTD                    LML            50.66       -70.76
MADRAS FERTILIZE           MDF           158.91       -64.91
MAHA RASHTRA APE           MHAC           22.23       -15.85
MARKSANS PHARMA            MRKS           76.23       -31.89
MILTON PLASTICS            MILT           17.67       -51.22
MODERN DAIRIES             MRD            32.97        -3.87
MTZ POLYFILMS LT           TBE            31.94        -2.57
MURLI INDUSTRIES           MRLI          275.90       -20.19
MYSORE PAPER               MSPM           97.02       -15.69
NATH PULP & PAP            NPPM           14.50        -0.63
NATL STAND INDI            NTSD           22.09        -0.73
NICCO CORP LTD             NICC           78.28        -4.14
NICCO UCO ALLIAN           NICU           25.42       -79.20
NK INDUS LTD               NKI           141.35        -7.71
NRC LTD                    NTRY           73.10       -51.18
NUCHEM LTD                 NUC            24.72        -1.60
PANCHMAHAL STEEL           PMS            51.02        -0.33
PARASRAMPUR SYN            PPS            99.06      -307.14
PAREKH PLATINUM            PKPL           61.08       -88.85
PIONEER DISTILLE           PND            48.76        -1.44
PREMIER INDS LTD           PRMI           11.61        -6.09
QUADRANT TELEVEN           QDTV          188.57      -116.81
QUINTEGRA SOLUTI           QSL            16.76       -17.45
RAJ AGRO MILLS             RAM            10.21        -0.61
RATHI ISPAT LTD            RTIS           44.56        -3.93
RELIANCE MEDIAWO           RMW           354.99      -105.00
RELIANCE MED-SLB           RMW/S         354.99      -105.00
REMI METALS GUJA           RMM           101.32       -17.12
RENOWNED AUTO PR           RAP            14.12        -1.25
ROLLATAINERS LTD           RLT            22.97       -22.24
ROYAL CUSHION              RCVP           14.42       -73.93
SADHANA NITRO              SNC            16.74        -0.58
SANATHNAGAR ENTE           SNEL           39.67       -11.05
SAURASHTRA CEMEN           SRC            89.32        -6.92
SCOOTERS INDIA             SCTR           19.43       -10.78
SEN PET INDIA LT           SPEN           11.58       -26.67
SHAH ALLOYS LTD            SA            213.69       -39.95
SHALIMAR WIRES             SWRI           25.78       -38.78
SHAMKEN COTSYN             SHC            23.13        -6.17
SHAMKEN MULTIFAB           SHM            60.55       -13.26
SHAMKEN SPINNERS           SSP            42.18       -16.76
SHREE GANESH FOR           SGFO           35.96        -1.80
SHREE RAMA MULTI           SRMT           49.29       -25.47
SIDDHARTHA TUBES           SDT            75.90       -11.45
SITI CABLE NETWO           SCNL          110.69       -14.26
SOPAF SPA                  SSZ           153.76       -24.22
SOUTHERN PETROCH           SPET          210.98      -175.98
SPICEJET LTD               SJET          386.76       -30.04
SQL STAR INTL              SQL            10.58        -3.28
STATE TRADING CO           STC         1,279.23      -219.37
STELCO STRIPS              STLS           14.90        -5.27
STI INDIA LTD              STIB           24.64        -0.44
STORE ONE RETAIL           SORI           15.48       -59.09
SUN PHARMA - PP            SPADVPP        16.81       -13.07
SUN PHARMA ADV             SPADV          16.81       -13.07
SUPER FORGINGS             SFS            16.31        -5.93
TAMILNADU JAI              TNJB           19.13        -2.69
TATA TELESERVICE           TTLS        1,311.30      -138.25
TATA TELE-SLB              TTLS/S      1,311.30      -138.25
TODAYS WRITING             TWPL           44.08        -5.32
TRIUMPH INTL               OXIF           58.46       -14.18
TRIVENI GLASS              TRSG           24.23       -12.34
TUTICORIN ALKALI           TACF           20.48       -16.78
UNIFLEX CABLES             UFC            47.46        -7.49
UNIFLEX CABLES             UFCZ           47.46        -7.49
UNIWORTH LTD               WW            159.14      -146.31
UNIWORTH TEXTILE           FBW            21.44       -34.74
USHA INDIA LTD             USHA           12.06       -54.51
VANASTHALI TEXT            VTI            25.92        -0.15
VENTURA TEXTILES           VRTL           14.33        -1.91
VENUS SUGAR LTD            VS             11.06        -1.08


JAPAN

DDS INC                    3782           19.54        -1.03
FUJITSU COMP LTD           6719          388.54       -11.97
HARAKOSAN CO               8894          193.09        -4.52
HIMAWARI HD                8738          288.37       -50.80
ISHII HYOKI CO             6336          144.19       -23.48
KANMONKAI CO LTD           3372           55.07        -3.19
MISONOZA THEATRI           9664           64.39        -5.55
NIS GROUP CO LTD           NISZ          444.72      -158.85
PROPERST CO LTD            3236          305.90      -330.20
T&C HOLDINGS INC           3832           12.42        -2.66
TAIYO BUSSAN KAI           9941          148.45        -1.49
WORLD LOGI CO              9378           42.96       -73.74


KOREA

CHIN HUNG INT-2P           2787          571.91        -9.34
CHIN HUNG INTL             2780          571.91        -9.34
CHIN HUNG INT-PF           2785          571.91        -9.34
CORENTEC CO LTD            104540         27.48        -4.53
DAISHIN INFO               20180         740.50      -158.45
DVS KOREA CO LTD           46400          17.40        -1.20
KOREA PACIFIC 05           93400          19.23        -3.67
KOREA PACIFIC 06           93410          11.56        -2.37
KOREA PACIFIC 07           99210          26.66        -7.95
NAMKWANG ENGINEE           1260          762.58       -56.69


MALAYSIA

HAISAN RESOURCES           HRB            41.05       -10.24
HO HUP CONSTR CO           HO             45.56       -16.24
LFE CORP BHD               LFE            39.08        -0.85
PETROL ONE RESOU           PORB           51.39        -4.00
PUNCAK NIA HLD B           PNH         4,315.38       -21.35
SILVER BIRD GROU           SBG            44.30       -30.68
SUMATEC RESOURCE           SMTC          201.52        -2.77
VTI VINTAGE BHD            VTI            16.01        -3.34


NEW ZEALAND

ALLIED FARMERS             ALF            27.12        -2.16
NZF GROUP LTD              NZF           142.71        -0.26


PHILIPPINES

CYBER BAY CORP             CYBR           14.62      -102.98
FIL ESTATE CORP            FC             40.90       -15.77
FILSYN CORP A              FYN            23.11       -11.69
FILSYN CORP. B             FYNB           23.11       -11.69
GOTESCO LAND-A             GO             21.76       -19.21
GOTESCO LAND-B             GOB            21.76       -19.21
PICOP RESOURCES            PCP           105.66       -23.33
STENIEL MFG                STN            21.07       -11.96
SWIFT FOODS INC            SFI            24.36        -0.25
UNIWIDE HOLDINGS           UW             50.36       -57.19
VICTORIAS MILL             VMC           176.29        -5.33


SINGAPORE

ADVANCE SCT LTD            ASCT           48.74        -2.27
CEFC INTL LTD              SUNE           12.67        -0.90
HL GLOBAL ENTERP           HLGE           83.35        -5.01
NEW LAKESIDE               NLH            19.34        -5.25
SCIGEN LTD-CUFS            SIE            68.70       -42.35
SUNMOON FOOD COM           SMOON          19.33       -14.30
TRANSCU GROUP LT           TSCU           19.86        -1.38
TT INTERNATIONAL           TTI           231.48       -88.02


THAILAND

ABICO HLDGS-F              ABICO/F        15.28        -4.40
ABICO HOLDINGS             ABICO          15.28        -4.40
ABICO HOLD-NVDR            ABICO-R        15.28        -4.40
ANANDA DEV PCL             ANAN          283.54        -3.55
ANANDA DEVELOP-F           ANAN/F        283.54        -3.55
ANANDA DEVE-NVDR           ANAN-R        283.54        -3.55
ASCON CONSTR-NVD           ASCON-R        59.78        -3.37
ASCON CONSTRUCT            ASCON          59.78        -3.37
ASCON CONSTRU-FO           ASCON/F        59.78        -3.37
BANGKOK RUBBER             BRC            77.91      -114.37
BANGKOK RUBBER-F           BRC/F          77.91      -114.37
BANGKOK RUB-NVDR           BRC-R          77.91      -114.37
CALIFORNIA W-NVD           CAWOW-R        28.07       -11.94
CALIFORNIA WO-FO           CAWOW/F        28.07       -11.94
CALIFORNIA WOW X           CAWOW          28.07       -11.94
CIRCUIT ELEC PCL           CIRKIT         16.79       -96.30
CIRCUIT ELEC-FRN           CIRKIT/F       16.79       -96.30
CIRCUIT ELE-NVDR           CIRKIT-R       16.79       -96.30
DATAMAT PCL                DTM            12.69        -6.13
DATAMAT PCL-NVDR           DTM-R          12.69        -6.13
DATAMAT PLC-F              DTM/F          12.69        -6.13
ITV PCL                    ITV            36.02      -121.94
ITV PCL-FOREIGN            ITV/F          36.02      -121.94
ITV PCL-NVDR               ITV-R          36.02      -121.94
K-TECH CONSTRUCT           KTECH          38.87       -46.47
K-TECH CONSTRUCT           KTECH/F        38.87       -46.47
K-TECH CONTRU-R            KTECH-R        38.87       -46.47
KUANG PEI SAN              POMPUI         17.70       -12.74
KUANG PEI SAN-F            POMPUI/F       17.70       -12.74
KUANG PEI-NVDR             POMPUI-R       17.70       -12.74
M LINK ASIA CORP           MLINK          83.61        -7.85
M LINK ASIA-FOR            MLINK/F        83.61        -7.85
M LINK ASIA-NVDR           MLINK-R        83.61        -7.85
PATKOL PCL                 PATKL          52.89       -30.64
PATKOL PCL-FORGN           PATKL/F        52.89       -30.64
PATKOL PCL-NVDR            PATKL-R        52.89       -30.64
PICNIC CORP-NVDR           PICNI-R       101.18      -175.61
PICNIC CORPORATI           PICNI         101.18      -175.61
PICNIC CORPORATI           PICNI/F       101.18      -175.61
PONGSAAP PCL               PSAAP          11.83        -0.91
PONGSAAP PCL               PSAAP/F        11.83        -0.91
PONGSAAP PCL-NVD           PSAAP-R        11.83        -0.91
SAHAMITR PRESS-F           SMPC/F         27.92        -1.48
SAHAMITR PRESSUR           SMPC           27.92        -1.48
SAHAMITR PR-NVDR           SMPC-R         27.92        -1.48
SHUN THAI RUBBER           STHAI          19.89        -0.59
SHUN THAI RUBB-F           STHAI/F        19.89        -0.59
SHUN THAI RUBB-N           STHAI-R        19.89        -0.59
SUNWOOD INDS PCL           SUN            19.86       -13.03
SUNWOOD INDS-F             SUN/F          19.86       -13.03
SUNWOOD INDS-NVD           SUN-R          19.86       -13.03
THAI-DENMARK PCL           DMARK          15.72       -10.10
THAI-DENMARK-F             DMARK/F        15.72       -10.10
THAI-DENMARK-NVD           DMARK-R        15.72       -10.10
TONGKAH HARBOU-F           THL/F          62.30        -1.84
TONGKAH HARBOUR            THL            62.30        -1.84
TONGKAH HAR-NVDR           THL-R          62.30        -1.84
TRANG SEAFOOD              TRS            15.18        -6.61
TRANG SEAFOOD-F            TRS/F          15.18        -6.61
TRANG SFD-NVDR             TRS-R          15.18        -6.61
TT&T PCL                   TTNT          589.80      -223.22
TT&T PCL-NVDR              TTNT-R        589.80      -223.22
TT&T PUBLIC CO-F           TTNT/F        589.80      -223.22


TAIWAN

BEHAVIOR TECH CO           2341S          30.90        -0.22
BEHAVIOR TECH-EC           2341O          30.90        -0.22
HELIX TECH-EC              2479T          23.39       -24.12
HELIX TECH-EC IS           2479U          23.39       -24.12
HELIX TECHNOL-EC           2479S          23.39       -24.12
POWERCHIP SEM-EC           5346S       2,036.01       -52.74
TAIWAN KOL-E CRT           1606U         507.21      -147.14
TAIWAN KOLIN-EN            1606V         507.21      -147.14
TAIWAN KOLIN-ENT           1606W         507.21      -147.14



                             *********

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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