TCRAP_Public/130702.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, July 2, 2013, Vol. 16, No. 129



OPES PRIME: Founder Julian Smith Faces Trial
RM WILLIAMS: Placed in Receivership
SPRING GULLY: Creditors Approve Rescue Plan
TROEDEL-DOCUCOPY: Melbourne Print Operation in Liquidation
VIKING GROUP: Former CFO Receives Reduced Jail Sentence

* AUSTRALIA: Government Sets up $5MM Fund for Subcontractors


SUNTECH POWER: Inks New Forbearance Deal With Noteholders


AK DAS: CARE Assigns 'BB-' Rating to INR25cr LT Loan
DEKSON CASTINGS: CARE Assigns 'B+' Rating to INR4.88cr Loan
EASTERN ELECTROLYSER: CARE Puts 'BB+' Rating on INR7.5cr Loans
GBA STEEL: CARE Assigns 'B' Ratings to INR0.35cr Loans

HYQUIP TECHNOLOGIES: CARE Places 'D' Ratings on INR14.42cr Loans
M. B. ISPAT: CARE Rates INR9.75cr LT Loan at 'CARE B'
VEDANT DYESTUFFS: CARE Assigns 'B+' Rating to INR25.7cr Loan



RENESAS ELECTRONICS: To Withdraw From Mobile Phone Chip Business
SOFTBANK: S&P Expects to Lower CCR to 'BB+' Upon Acquisition

N E W  Z E A L A N D

HANOVER FINANCE: Hotchin Loses Bid to Include Trustee in FMA Case
SOLID GOLD: Online T-Shirt Shop Goes Out of Business

S O U T H  K O R E A

WOORI BANK: Full Sale Likely to be Challenging, Fitch Says


* VIETNAM: S&P Affirms 'BB-' LT Sovereign Rating; Outlook Stable


* BOND PRICING: For the Week June 24 to June 28, 2013

                            - - - - -


OPES PRIME: Founder Julian Smith Faces Trial
The Sydney Morning Herald reports that the founder of Opes Prime,
Julian Smith, will face a 10-week trial on July 22 almost two
years after two other founders were jailed for their role in the
AUD680 million collapse of the failed broker.

Laurie Emini and Anthony Blumberg were jailed in 2011 after
entering a plea bargain. Part of that deal included giving
evidence against Mr. Smith, who has pleaded not guilty to two
charges laid against him, SMH notes.

At the Supreme Court of Victoria on June 28, Justice Lasry said
the court would extend Mr. Smith's bail and set the trial date
after a series of delays, SMH reports.

                          About Opes Prime

Opes Prime Group Ltd was an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducted business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.

Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.

The TCR-AP reported on Oct. 17, 2008, that Opes Prime's creditors
voted on Oct. 15, 2008, to liquidate Opes Prime Stockbroking
Limited.  According to the Australian Associated Press, the
decision of the creditors will allow the liquidator to pursue
claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of
Opes -- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a
pool of nearly AUD1.6 billion in shares soon after the Opes
collapse, in a bid to recover money owed to them by Opes, the AAP

Opes Prime owed clients about AUD585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AUD400 million on Sept. 22, 2008, the AAP
noted citing Ferrier Hodgson.

RM WILLIAMS: Placed in Receivership
Patrick Stafford at SmartCompany reports that RM Williams
Agricultural Holdings, which spent several million dollars buying
a cattle station in the Northern Territory back in 2007 as part of
a plan to build the world's largest carbon farm, has been placed
in receivership.

SmartCompany relates that the company was founded and is run by
former News director Ken Cowley and counts Australian Competition
and Consumer Commission chairman Rod Sims as a shareholder --
although Sims was trying to sell his stake as long ago as 2011.

According to the report, PPB was appointed as receivers last week,
at the behest of Westpac. Partner Steve Parbery -- -- told SmartCompany the investigation is
still in its "early days".

SmartCompany says the appointment comes as the company was
attempting to build the world's largest carbon farm -- it actually
won a $9 million grant from the federal government to do so.

But the apparent failure of this project has sparked a warning
from the Australian Farm Institute, which said the company's
situation raises questions about the government's "Carbon Farming
Initiative," the report relays.

SmartCompany notes that the CFI allows farmers and land managers
to earn carbon credits by "storing" carbon or emissions in large
areas of land. These credits can be sold to businesses wanting to
offset their emissions.

RM Williams Agricultural Holdings was created, in part, to take
advantage of the CFI, the report says. The business bought the
Henbury Station in the Northern Territory for several million
dollars, and received a federal grant in order to build the
world's largest carbon farm.

News Corporation put AUD30 million into RM Williams Agricultural
Holdings back in 2009, the report discloses.

Mick Keogh, executive director of the Australian Farming
Institute, told SmartCompany it was never clear how the RM
Williams project was ever intended to produce carbon credits.

SPRING GULLY: Creditors Approve Rescue Plan
Nigel Austin at The Advertiser reports that Spring Gully Foods
creditors have approved a rescue plan to hand back control of the
60-year-old company to the Webb family.

Under the Deed of Company Arrangement about 300 creditors will be
paid 100 cents in the dollar. The deal will include an initial
repayment followed by regular quarterly payments until the debt is

According to the report, Spring Gully managing director
Kevin Webb said he was humbled and grateful for the support of
creditors, the public and major supermarket chains which had
rallied behind the company after it entered voluntary

The Advertiser relates that Mr. Webb said the company was
confident of ongoing success because it had made many many changes
in the past 11 weeks.

As well, profitability was back to where it should be, the company
had more professionals coming on board and its national
distribution was considerably improved, the report notes.

Spring Gully Foods is one of South Australia's iconic food
businesses.  The company specialises in jams, chutneys, pickles,
sauces and honey.

The fourth generation Spring Gully Foods went into voluntary
administration April 11, 2013, with debts of more than
AUD3 million.  According to ABC Rural, managing director
Kevin Webb said its financial losses are due to a dramatic fall in
retail sales.

TROEDEL-DOCUCOPY: Melbourne Print Operation in Liquidation
ProPrint reports that Troedel-Docucopy has fallen into liquidation
just a year after being born from the merger of
Troedel & Co and Docucopy in April 2012. Troedel-Docucopy was
wound up on June 27 and Andrew Hewitt of Grant Thornton was
appointed as liquidator.

Proprint says the liquidation involves three separate companies,
including the two original firms and the joint venture.

Mr. Hewitt told ProPrint that Troedel-Docucopy was basically a
sales and marketing arm for both Troedel & Co and Docucopy, which
acted as suppliers.

The offset side, Troedel & Co, which is officially known as
William Troedel & Co, was liquidated on June 25.  The position of
Docucopy is unclear, the report notes.

"The operations were contained within their old companies, and the
customers and the sales happened out of the joint venture
company," the report quoted Mr. Hewitt as saying.

"Troedel-Docucopy doesn't own any of the assets -- it's simply a
sales and marketing company. All of the printing equipment still
remains in Docucopy or William Troedel & Co."

Proprint adds that Mr. Hewitt said Troedel-Docucopy has three
major creditors: the National Australia Bank, Troedel & Co and
Docucopy.  The bank has a security over the company's debtor book,
Mr. Hewitt told Proprint.

VIKING GROUP: Former CFO Receives Reduced Jail Sentence
Adam Cooper at The Age reports that the chief financial officer of
the collapsed Viking Group has had a jail term reduced because of
the danger she put herself in by agreeing to stand as the key
witness in the multimillion-dollar fraud case.

The Age relates that Loukia Bariamis, 52, was on Friday jailed for
four years, with a non-parole period of two years, for defrauding
of the Australian Taxation Office of AUD1.8 million, an offence
unrelated to the collapse of the Viking Group.

According to the report, Ms. Bariamis pleaded guilty to one charge
of obtaining financial advantage by deception in that she
falsified 131 business activity statements over nine months in
2004-05 during her time as a registered tax agent.

In sentencing, The Age relates, County Court judge Paul Lacava
said he took into account that Ms. Bariamis, a mother of two, had
put herself in danger by agreeing to co-operate with investigators
from Operation Hagar, the police probe into the collapse of the
Viking Group, which went into liquidation in 2011.

The Age notes that Ms. Bariamis has pleaded guilty to three
charges of obtaining financial advantage by deception, related to
allegedly securing AUD33.5 million in loans from the Commonwealth
Bank during her time as Viking's chief financial officer in

She is scheduled to appear on those charges in the Supreme Court
in July, the report adds.

Melbourne-based Viking Group was a transport and logistics company
with operations in Queensland, New South Wales, Tasmania and
Western Australia.

SmartCompany said McGrathNicol was acting as receivers over
certain assets within Viking Group after being appointed by an
unnamed secured creditor in 2011.

* AUSTRALIA: Government Sets up $5MM Fund for Subcontractors
Daniel Emerson at The West Australian reports that the State
Government has set up a AUD5 million ex gratia fund to help 110
subcontractors left out of pocket when head contractors working
for its building management arm became insolvent.

The West Australian relates that Finance Minister Mike Nahan on
June 26 tabled in Parliament a Small Business Commissioner
investigation into the non- and under-payment of subcontractors
working on Building Management and Works projects.

The projects, which were undertaken as part of the Commonwealth's
Building the Education Revolution program, were administered by
BMW between October 2008 and October 2012, the report says.

Dr. Nahan told Parliament the State bore no legal liability to any
subcontractor under its so-called head contractor model, the West
Australian relays.

"(But) the State Government does recognise that subcontractors
that have come forward during the investigation have suffered
hardship," the report quotes Dr. Nahan as saying.

The report notes that eligible subcontractors will be entitled to
50 per cent of their verified losses under the Risk Cover-
administered ex gratia fund.

Dr. Nahan said all of the Commissioner's recommendations would be
implemented by the Government to provide better protection for
subcontractors working on State projects, the report adds.


SUNTECH POWER: Inks New Forbearance Deal With Noteholders
Suntech Power Holdings Co., Ltd. said that it has reached an
accord with holders of a majority of the 3% Convertible Senior
Notes for a new forbearance agreement that sets forth the next
steps in the debt restructuring process. The new forbearance
agreement provides further time to implement the restructuring and
will expire on August 30, 2013.

In particular, the new agreement contemplates an equitization of
all major debt claims held by the Bondholders. In addition, the
Bondholders will nominate two additional members to the Company's
Board of Directors who will provide guidance and assist in the
Company's ongoing restructuring efforts.

In the coming weeks, the Bondholders and the Company will work
toward a framework agreement regarding the specific terms of a
debt restructuring and equitization. The Company and the
Bondholders will also work together to identify strategic and
financial investors to bring in new capital to Suntech.

David King, Suntech's CEO said, "Through the efforts made by the
Bondholders and the Company in the past months, we now have a
clear path and focused work plan. The Company and the Bondholders
will work closely at both the Board and operational levels in the
coming weeks. We remain optimistic that a mutually acceptable
consensual restructuring of the Company is achievable."

                           About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

As reported by the TCR on March 20, 2013, Suntech Power Holdings
Co., Ltd., has received from the trustee of its 3% Convertible
Notes a notice of default and acceleration relating to Suntech's
non-payment of the principal amount of US$541 million that was due
to holders of the Notes on March 15, 2013.  That event of default
has also triggered cross-defaults under Suntech's other
outstanding debt, including its loans from International Finance
Corporation and Chinese domestic lenders.


AK DAS: CARE Assigns 'BB-' Rating to INR25cr LT Loan
CARE assigns 'CARE BB-' and 'CARE A4+' ratings to the bank
facilities of AK Das Associates Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        25       CARE BB- Assigned
   Short-term Bank Facilities       60       CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of AK Das Associates
Ltd are constrained by small scale of operations, customer
concentration risk, working capital intensive nature of operation
marked by high collection period and risk associated with the
implementation of large sized hotel projects, which is unrelated
to the core activity of the company. The ratings also take into
account experience of the promoters with satisfactory track
record, reasonable revenue visibility on account of satisfactory
order book position and reputed clientele. The ability to
effectively manage its working capital including timely collection
of sale proceeds, steady flow of orders and timely execution of
the same are the key rating sensitivities.

Incorporated in 1996 as AK Das Associates Pvt Ltd, the company was
reconstituted as a public limited company in 1999 and its name was
changed to its present name. Currently, the company is engaged in
the construction of transmission lines and substations, and
related electrical and civil works.

AKDAL undertakes fabrication of electrical material, setting up
sub-station and transmission lines, and civil construction work
mainly for various government and semi-government entities.
AKDAL is essentially a closely-held company with the four
directors belonging to the Das family. The day-to-day affairs of
the company are looked after by Mr. Amiya Kanta Das.

CARE assigns 'CARE B+' rating to the bank facilities of Fortis
Ceramics Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term Bank Facilities       8.33      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Fortis Ceramics
Private Limited is constrained by the short track record of the
company, coupled with small scale of operations, exposure to
volatility in raw material prices and customer concentration risk
arising out of single customer contributing more than 95% to the
total operating income of the company.

The above weaknesses are partially offset by the reputed and
established clientele, strategic location of the plant, healthy
operating margins and moderate solvency position of the company.
The ability of the company to increase its scale of operations,
along with an improvement in the cash accruals is the key rating

Fortis Ceramics Private Limited was incorporated in the year 2009
by Mr. Rajesh Agrawal. The company is engaged in the manufacturing
of bricks, petroleum fines, refractory fines, refractory grog, and
alumina bricks grog. The manufacturing facility of the company is
situated at Jharsuguda with an installed capacity of 1,000 Metric
Ton Per Annum (MTPA) for firebricks and 1,500 MTPA for monolithic
material. The same was utilized around 75% in FY13. The company
procures raw material from Reliance Industries Limited (rated CARE
AAA/CARE A1+), Essar Oil Limited (rated CARE BBB+/CARE A3+),
Bombay Materials Private Limited, etc. FCPL sells more than 95% of
its final products to TRL Krosaki Refractories Limited (TRL).

In FY12 (refers to the period April 01 to March 31), FCPL
registered a PAT of INR0.12 crore against the total operating
income of INR12.03 crore. In FY13 (provisional), FCPL registered a
PAT of INR0.06 crore against the total operating income of
INR15.30 crore.

DEKSON CASTINGS: CARE Assigns 'B+' Rating to INR4.88cr Loan
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Dekson Castings Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.88      CARE B+ Assigned
   Short-term Bank Facilities      1.75      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Dekson Castings
Private Limited are constrained by the company's relatively small
scale of operations and high customer concentration risk. The
ratings are further constrained by the working capital intensive
nature of operations with stretched liquidity position, weak debt
coverage indicators and stretched operating cycle along with
operations in a cyclical industry.

The above constraints are partially offset by the long standing
experience of the promoters in the castings industry with location
advantage derived from proximity to its key customers and
moderately leveraged capital structure.

The ability of the company to improve its scale of operations and
diversify its customer base remains the key rating sensitivity.

Dekson Castings Private Limited as established in the year 1993 as
a proprietorship concern and was later reconstituted as a private
limited company in the year 2005. DCPL is promoted by
Mr. Vikram Dekate and his brother Mr. Chetan Dekate. DCPL is
engaged in the manufacturing of aluminium sand castings and
gravity die castings (GDC) components. The company was engaged in
the manufacturing of aluminium alloys until FY11; however, the
company exited the business segment given the commoditized nature
of the product and the limited margins.

The manufacturing unit of the company is located in Aurangabad,
and has an installed capacity of 1,180 Metric Tonnes Per Annum
(MTPA) as on March 31, 2013. DCPL is ISO 9001: 2008 certified by
TUV Austria.

During FY12 (refers to the period April 01 to March 31), the
company reported a net profit of INR0.02 crore over a total income
of INR9.83 crore while the company reported a PBT of INR0.16 crore
over a total operating income of INR13.67 crore as per FY13
provisional results.

EASTERN ELECTROLYSER: CARE Puts 'BB+' Rating on INR7.5cr Loans
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Eastern Electrolyser Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       0.50      CARE BB+ Assigned
   Long/Short-term Bank            7.00      CARE BB+/CARE A4+
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of Eastern
Electrolyser Limited are primarily constrained by its small scale
of operations, declining operating income and the elongated
operating cycle on account of high receivables. The ratings are
further constrained due to susceptibility of its margins to
adverse movement in exchange rates. The ratings, however, draw
strength from the experience of the promoters, established
business relations with its customers, significant growth in the
operating income and the profit margins during FY13 (refers to the
period from April 1 to March 31), favorable capital structure and
comfortable debt coverage indicators.

The ability to scale up its operations and managing its working
capital cycle by timely realisation of debtors will remain as key
rating sensitivity.

Eastern Electrolyser Limited was incorporated in 1987 by Mr.
Chintan Tewari. EEL is engaged in the manufacturing and supplying
of electrolytic cells, Hydrogen/Oxygen gas purification
systems and other tools which are used for hydrogen gas generators
based on the customer specifications. EEL mainly caters to various
industries such as power sector plants, renewable energy sector
plants, steel manufacturing plants and other manufacturing
industries. EEL also provides turnkey service to its customers
like assembling, erection, commissioning along with the annual
maintenance services during the life of the plant.

During FY13 (provisional), EEL reported a total operating income
of INR21.83 crore (FY12 - INR7.55 crore) and a PAT of INR3.71
crore (FY11- INR0.72 crore).

GBA STEEL: CARE Assigns 'B' Ratings to INR0.35cr Loans
CARE assigns 'CARE B' and 'CARE A4' to the bank facilities of GBA
Steel And Metal Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       10        CARE B Assigned
   Long-term/Short-term Bank     0.25        CARE B/CARE A4
   Facilities                                Assigned

Rating Rationale

The ratings assigned to the bank facilities of GBA Steel and Metal
Private Limited are primarily constrained by short track record of
its operations with limited experience of its promoters and,
leveraged capital structure and low profitability margins. The
ratings are further constrained by high competitive intensity of
its business, exposure to raw material price volatility and highly
fragmented nature of industry, coupled with susceptibility of its
margins due to cyclicality of the steel industry.

The ratings, however, find support from moderate operating cycle
and liquidity position of the company.

Going forward, GBA's ability to increase its scale of operations
and profitability margin, coupled with improvement in capital
structure shall be the key rating sensitivities. The ability of
GBA to manage raw material price volatility shall also be the key
rating sensitivity, going forward.

GBA Steels & Metals Private Limited a closely-held family-managed
company was incorporated in March 2010 by Mr. Amit Agarwal,
Mr. Praveen Agarwal and Mr. Rajesh Agarwal. The company was
incorporated to set up a Mild Steel (MS) ingots manufacturing
capacity of 25,200 TPA (tonnes per annum) at Mathura, Uttar
Pradesh. The commercial operations of the unit started in November
2012. The main raw materials are sponge iron and mild steel scrap,
which are mainly procured from the domestic market. The company
also imports steel scrap. The company sells its products directly
to steel rolling mills mainly located in western Uttar Pradesh.

During FY13 (based on unaudited results) (refers to the period
November 1 to March 31) GBA reported total operating income of
INR20.66 crore and PAT of INR0.04 crore.

HYQUIP TECHNOLOGIES: CARE Places 'D' Ratings on INR14.42cr Loans
CARE assigns 'CARE D' to the bank facilities of Hyquip
Technologies Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       4.42      CARE D Assigned
   Short-term Bank Facilities     10.00      CARE D Assigned

Rating Rationale

The ratings take into account the delays in servicing of debt
obligations consequent to the strained liquidity position of
Hyquip Technologies Ltd.

The company was incorporated in the year 2003 as Hyquip Exports
Limited and is a part of the Hyquip Group, primarily established
for exporting the municipal solid waste management processing
equipments manufactured by the associate concerns. Later in 2006,
the company changed the name to Hyquip Technologies Limited.  HTL
develops clean and green technologies for recycling of Municipal
Solid Waste (MSW), conversion of MSW into compost, Refuse-derived
Fuel (RDF) Facility RDF, power from waste and also generation of
power from biomass.

During FY12 (refers to the period from April 1 to March 31), as
per audited financials, HTL reported a total income of INR18.59
crore and a PAT of INR0.63 crore.

During 9MFY13, as per unaudited financials, HTL reported a total
income of INR4 crore and a PAT of INR0.08 crore.

M. B. ISPAT: CARE Rates INR9.75cr LT Loan at 'CARE B'
CARE assigns 'CARE B' rating to the bank facility of M. B. Ispat
Corporation Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facility         9.75      CARE B Assigned

Rating Rationale

The rating assigned to the bank facility of M. B. Ispat
Corporation Ltd is primarily constrained by its weak financial
risk profile marked by erratic revenue, low profitability margins
and weak debt coverage indicators. The rating is further
constrained by lack of backward integration for key raw material,
susceptibility to volatile commodity prices, working capital
intensive nature of business and presence in a highly competitive
and cyclical nature of the iron and steel industry.

The above constraints outweigh the comfort derived from the
reasonable experience of the promoter in the iron and steel

The ability of the company to improve its scale of operations,
along with improvement in the profitability margins, while
mitigating raw material prices fluctuations and sustaining
competition would be the key rating sensitivities.

MICL incorporated in July 2002, by the Agarwal family of Burdwan,
West Bengal, with Mr. Shankar Lal Agarwal, being the main
promoter. The company commenced operations in November 2003, with
the sponge iron plant [initial install capacity - 30,000 Metric
Tonne Per Annum MTPA)], located at Bankura, West Bengal.
Subsequently, in September 2004, the company expanded the capacity
of sponge iron from 30,000 MTPA to 60,000 MTPA. Apart from
manufacturing, it is also involved in the trading of iron and
steel products accounting for about 31.83% of total operating
income in FY12).

During FY12 (refers to the period April 01 to March 31), MICL
reported a total operating income of INR73 crore and a PAT (after
deferred tax) of INR0.40 crore. In FY13 (provisional), MICL
reported total operating income of INR76.5 crore.

CARE assigns 'CARE B' rating to the bank facilities of Mangalam
Education Society.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      10.41      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Mangalam Education
Society is primarily constrained on account of net deficit
reported in the last three financial years ended FY12 (refers to
the period from April 1 to March 31) and weak solvency position of
the society. The rating is further constrained on account of the
project implementation risk associated with the construction of a
new school at Bhilwara, its presence in the highly competitive and
regulated Indian education industry.

The rating, however, favorably takes into account the wide
experience of the promoters and strong support from associate
concern. The rating further drives strength from MES's franchise
agreement with reputed society i.e. Delhi Public School Society
(DPSS) and continuous growth in Total Operating Income (TOI).

The ability of the society to increase its scale of operations
through high enrollment in view of highly competitive scenario and
successful completion of its project within envisaged cost and
time parameters is the key rating sensitivity.

Udaipur-based (Rajasthan) MES was formed as society in 2004 with
an objective to run, operate and manage educational institutions.
Mr. Govind Agrawal is the Chairman of the society who has
an experience of almost a decade in running educational
institutions. In 2005, MES entered into a franchisee agreement
with DPSS for setting up an English medium school in the name of
Delhi Public School (DPS) from pre-primary to Class XII at
Udaipur. The school is operative from 2007 and got affiliation
from Central Board of Secondary Education (CBSE) for secondary
level and senior secondary level in 2008 and 2010 respectively.

During FY12, MES has reported net deficit of INR0.82 crore on a
total operating income of INR7.51 crore as against net deficit of
INR0.92 crore on TOI of INR5.79 during FY11.

CARE assigns 'CARE BB' ratings to the bank facilities of Radha
Madhav Automobiles Pvt Ltd.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        13       CARE BB Assigned

Rating Rationale

The rating assigned to Radha Madhav Automobiles Private Ltd
(RMAPL) is constrained by the cyclical nature of the automobile
industry, intense competition among dealers leading to thin profit
margins, highly leveraged capital structure and working capital
intensive nature of operations. The ratings favorably factor in
the experience of the management team, long standing relationship
with Toyota Kirloskar Motors Pvt Ltd, growth in sales volume and
the total operating income over years along with the growth in
contribution to income from allied services. Going
forward, the ability of the company to improve profitability
margins, the capital structure and managing working capital
efficiently are the key rating sensitivities.

Radha Madhav Automobiles Private Limited was established in
March 2004 and promoted by Mr. M Srinivas. RMAPL is an authorized
dealer of Toyota with its showrooms at Vijayawada, Guntur, Ongole
and Khammam in Andhra Pradesh. RMAPL belongs to Mithra Group of
Vijayawada established in 1964 as a trading organization.

During FY12 (refers to the period April 1 to March 31), RMAPL
reported a total income of INR141.58 crore and a PAT of INR0.65

VEDANT DYESTUFFS: CARE Assigns 'B+' Rating to INR25.7cr Loan
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Vedant Dyestuffs And Intermediates Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      25.70      CARE B+ Assigned
   Short-term Bank Facilities      0.65      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Vedant Dyestuffs
and Intermediates Private Limited are constrained by its small
scale of operations with high dependence on exports, moderate
operating margins, debt-funded expansion plans and working capital
intensive nature of business. The ratings are further constrained
by operations in highly competitive and cyclical industry,
susceptibility of margins to volatile raw material prices along
with customer concentration and foreign exchange fluctuation risk.

The aforesaid constrains are partially offset by the strengths
derived from long-standing presence of the promoters in
manufacturing of dyes and dye intermediaries and presence in
cluster with easy access to raw material.

The ability of VDIPL to achieve growth in scale of operations as
envisaged and efficient working capital management are the key
rating sensitivities.

Incorporated in 1993, Vedant Dyestuffs and Intermediates Private
Limited is an ISO 9001:2008 certified company, engaged in
manufacturing of synthetic organic dyes used in leather &
textile industry. VDIPL's manufacturing facility is located at
Taloja, Maharashtra with an installed capacity of 2,000 MTPA.

VDIPL is mainly an export-oriented company with nearly 95% of the
sales through exports to Spain, Italy Brazil, Germany and USA in
FY12 (refers to period April 01 to March 31). The raw material is
procured from domestic suppliers with negligible amount of

In FY12, VDIPL posted total operating income of INR14.85 crore
(vis-a-vis INR13.59 crore in FY11) with PAT of INR0.93 crore (vis-
a-vis INR1.52 crore in FY11). During 9MFY13, the company has
posted total income of INR7.19 crore and net loss of INR1.70

CARE assigns 'CARE B+' to the proposed ncd issue of Vilas Javdekar
Eco Shelters Private Limited.

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Non Convertible Debentures      35        CARE B+ Assigned

Rating Rationale

The rating assigned to the debentures of Vilas Javdekar Eco
Shelters Private Limited (VJES) is constrained by the nascent
stage of real estate projects with land-related clearances yet to
be obtained, project yet to launched besides inherent risk
associated with the real estate projects.

The above weaknesses are partially tempered by the long track
record of the promoters in the execution of real estate projects
and the strategic location of the projects.

Timely realization of sales proceeds and completion of the
projects without any cost overruns is the key rating sensitivity.

Vilas Javdekar Eco Shelters Pvt Ltd is a company belonging to the
Vilas Javdekar Group. The flagship entity of the group is Vilas
Javdekar Eco Homes (VJEH CARE BB-). VJES is currently in the
process of embarking on a project at Wakad, Pune, with a total
saleable area of 4.03 lakh sq feet. The said project will be
spread out over an area of 4.65 acres (approximately 1.83 lakh sq
feet) with 250 residential flats comprising a total area of 3.30
lakh sq feet and commercial space of 0.70 lakh sq feet. The
company has entered into a joint development agreement with the
land owners, whereby the land owners will be entitled to 50% of
saleable area in addition to an upfront non-refundable amount of
INR2.50 crore. All approvals, construction cost and incidentals
are to be borne by the company.

The group is also executing a residential project (Shivalaya) with
a total saleable area of 0.12 lakh sq feet at Kothrud in Pune.
Shivalaya is being executed by Vilas Javdekar Eco Homes. To fund
the above projects VJES is proposing a non convertible debenture
issue of INR23 crore (with a green shoe option for an additional
INR12 crore).


RENESAS ELECTRONICS: To Withdraw From Mobile Phone Chip Business
The Asahi Shimbun reports that Renesas Electronics Corp. and its
wholly owned subsidiary Renesas Mobile Corp. decided to withdraw
from the mobile phone chip business due to tougher-than-expected
market conditions and in order to focus their managerial resources
on their core business, Renesas Electronics said on June 27.

According to the report, the Renesas group will stop development
of chips for the 4th-generation wireless modem products at the end
of December while it will continue to supply modem products older
than 4th-generation, or already in mass production and supplied to
its customers.

The report relates that the group is committed to continue its
operation related to car information systems and industrial
equipment business to further strengthen them as its core

Renesas acquired the wireless modem technology and its business
unit from Nokia Corp. of Finland in November 2010, the report

Renesas Mobile Europe Oy, a Helsinki-based subsidiary of Renesas
Mobile, and Renesas Mobile Europe's two subsidiaries in Bangalore,
India, and Beijing are currently developing chips for mobile
devices, The Asahi Shimbun reports.

                        About Renesas Electronics

Based in Tokyo, Japan, Renesas Electronics Corp. -- manufactures semiconductor systems for
mobile phones and automotive applications.

The Company reported a net loss of JPY168 billion for the fiscal
year ended March 31, 2013, compared with a net loss of
JPY62.60 billion in fiscal year ended March 31, 2012.

In February, shareholders of Renesas Electronics Corp. approved a
JPY150 billion investment plan from a government-backed fund and
eight companies to accelerate restructuring steps, the Japan Times
Online reported.

SOFTBANK: S&P Expects to Lower CCR to 'BB+' Upon Acquisition
Standard & Poor's Ratings Services said it has kept its 'BBB'
long-term corporate credit and senior unsecured debt ratings on
Japan-based telecommunications and Internet company Softbank Corp.
on CreditWatch with negative implications.  Softbank's acquisition
of U.S.-based Sprint Nextel Corp. (Sprint Nextel; B+/Watch Dev/--
), the third largest wireless service provider in the U.S.,
remains subject to Federal Communications Commission (FCC)
approval.  S&P expects to resolve the CreditWatch status when the
FCC rules on the acquisition, which S&P believes is most likely to
occur in July 2013.  S&P placed its ratings on Softbank on
CreditWatch with negative implications on Oct. 12, 2012, after
Softbank announced it was in discussions to invest in Sprint

After S&P's March 29, 2013, announcement maintaining the
CreditWatch status on its ratings on Softbank, Sprint Nextel
received a counteroffer from U.S.-based satellite TV provider DISH
Network Corporation, which expressed its willingness to acquire
Sprint Nextel and equity method subsidiary Clearwire Corp.
(CCC/Watch Pos/--), a U.S.-based wireless Internet service
provider.  In late June, Softbank and Sprint Nextel amended their
merger agreement to increase the payout to Sprint Nextel
shareholders.  In addition, Sprint Nextel and Clearwire agreed to
increase Sprint Nextel's purchase price for Clearwire shares.
Both transactions raise the acquisition cost and cash outflow from
the group.  Nonetheless, Softbank's strong internal cash flow
generation and growing cash position provide some buffer to absorb
the increased acquisition cost on a consolidated basis, in S&P's
view.  Accordingly, S&P maintains its expectation that it would
lower its long-term corporate credit rating on Softbank to 'BB+'
based on a "satisfactory" business risk profile and "significant"
financial risk profile if the transaction proceeds.

Standard & Poor's believes consolidated EBITDA for Softbank will
grow in the event the acquisition proceeds, because operating
performance for both Softbank and Sprint Nextel is improving.  S&P
maintains its base-case expectation that Softbank's debt to EBITDA
(after adjustments including for lease and pension liabilities and
to subtract surplus cash) will be around the mid-4.0x level as of
the end of fiscal 2013 (ending March 31, 2014), but S&P expects it
to improve to below 4.0x by the end of fiscal 2015.

S&P intends to resolve its CreditWatch placement on Softbank when
the FCC rules on the Sprint Nextel acquisition.  S&P believes this
is most likely to occur in July 2013.

N E W  Z E A L A N D

HANOVER FINANCE: Hotchin Loses Bid to Include Trustee in FMA Case
----------------------------------------------------------------- reports that former Hanover boss Mark Hotchin lost his
bid to have the failed finance company's trustees included in a
Financial Markets Authority (FMA) case suing Hanover's directors
and promoters. relates that the FMA is pursuing civil action against
the directors and promoters of Hanover and two related companies
aimed at recovering some of their investors' lost millions. says the FMA alleges that during 2007 and 2008 the
companies issued prospectuses, advertisements and directors'
certificates containing untrue statements.

According to, the FMA is seeking penalties and
compensation for people who relied on these statements and
invested NZ$35 million in the Hanover companies.

The report says Mr. Hotchin argued that as trustees of the
companies, New Zealand Guardian Trust (NZGT) and Perpetual Trust
were liable to contribute to any compensation he and the other
defendants may be ordered to pay to the FMA.

But in a written judgment issued Monday, Justice Helen Winkelmann
said the trustees did not have a duty to monitor the companies'
prospectuses, the report relays.

"The trustees' role in connection with the prospectus is a limited
one," the report quotes Justice Winkelmann as saying.

Trustees were supposed to rely on the issuer's certificate signed
by the directors saying that the prospectus was up to date and not
false or misleading.

To argue that the trustees were responsible for checking whether
there was anything untrue in the material "requires a strained
reading" of the legislation, Justice Winkelmann, as cited by, said.

The judge also ruled that the finance companies' directors and
trustees did not share the same liability, the report relays.

                       About Hanover Finance

Hanover Finance Limited -- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30 said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.

SOLID GOLD: Online T-Shirt Shop Goes Out of Business
---------------------------------------------------- reports that Solid Gold Bomb, an online T-shirt
company founded in Australia that blamed a "computer error" for
shirts that glorified rape, murder and sex crimes, has gone out of

Michael Fowler said his company Solid Gold Bomb had officially
shut up shop, the report relates.

According to, Mr. Fowler's company went into a
tailspin in March after Amazon shoppers noticed it was advertising
T-shirts with offensive slogans such as "Keep Calm and Rape A
Lot", "Keep Calm and Knife Her" and "Keep Calm and Kill Her".

Other designs included "Keep Calm and Grope On" and "Keep Calm and
Choke Her", among many other variations of the World War II
propaganda slogan "Keep Calm and Carry On," the report notes. says Amazon was the firm's main distribution channel
and the online retailer suspended its account after an uproar that
saw Amazon accused of making money from domestic violence.

According to the report, Mr. Fowler, an American who married an
Australian, made several apologies for the shirts but his company
never recovered from the Amazon suspension. He was forced to sack
half of his workers and forego a salary before finally closing the

Mr. Fowler blamed a "computer error" for the debacle, the report

Solid Gold Bomb was launched in Melbourne by Fowler in 2008 but
that same year moved its headquarters to London before finally
settling in the US.

S O U T H  K O R E A

WOORI BANK: Full Sale Likely to be Challenging, Fitch Says
The completion of the Korea government's new plan to sell Woori
Financial Group (WFH) in three parts is likely to be challenging,
Fitch Ratings says. "We believe that sales of the two regional
banks and the brokerage subsidiary are likely to be more readily
achievable. But the privatisation of Woori Bank, the largest part,
may be difficult," Fitch says.

The size of Woori Bank, and the government's intention not to sell
it to a foreign buyer, means a complete sell-down of the state's
stake will remain very challenging. Domestic purchasers of
sufficient scale may lack the financial flexibility to make such
an acquisition, especially with the tougher Basel III capital
standards being phased in from December 2013. "We believe there is
also a high chance for labour issues to arise, as a domestic
merger would result in substantial branch overlap - particularly
in the cities. Other potential obstacles are capital market
conditions and any change in the political agenda after the
election set provisionally for June 2014," Fitch states.

"We are also less optimistic about the sale because the government
has been attempting to sell its whole controlling stake in the
group for the past decade. However, we believe Korea's intention
to sell is much stronger now, as there is pressure to raise funds
for the welfare initiatives that President Park Geun-hye laid out
in the presidential election campaign. The government is also
looking to sell a non-controlling stake in Industrial Bank of
Korea for the same reasons. We expect the government to remain
price sensitive, although less so than before.

"The plan to sell the non-core units first is sensible, but could
under some conditions place some financial stress on the holding
company. In a declining stock market, more of WFH's minority
shareholders are likely to cash in their rights through the put-
back options they will receive upon each split and sale of non-
core subsidiaries.

"We believe the government's exit from WFH would benefit
governance and operations. Many of the bank's key managers are
replaced whenever there are major political changes, leading to a
lack of consistency in long-term strategy. Political influence
also means that the group has often acted as if it were a policy
bank. We expect sold entities to become more commercially driven.

The new plan, designed to expedite the state's exit from WFH, is
for the two regional banks to be spun off as separate bank holding
companies before they are divested. The securities firm will
remain in WFH until it is sold. The bidding process for the three
main non-core subsidiaries will start in July 2013. The last stage
involves the holding company being merged back into Woori Bank
before its sale.

The government has a 56.97% stake in WFH through Korea Deposit
Insurance Corporation. WFH was established in 2001 by the
government to consolidate several banks that failed during the
1997 Asian Crisis."


* VIETNAM: S&P Affirms 'BB-' LT Sovereign Rating; Outlook Stable
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
and 'B' short-term sovereign credit ratings on the Socialist
Republic of Vietnam.  The outlook is stable.  S&P also affirmed
its 'BB-' issue rating on Vietnam's senior unsecured bonds and its
'axBB+' long-term and 'axB' short-term ASEAN regional scale rating
on Vietnam.  The transfer and convertibility (T&C) assessment
remains 'BB-'.

The ratings on Vietnam reflect the country's low-income economy,
its weak fiscal position, a developing monetary and financial
framework, and the possibility that its evolving policy framework
could weaken sovereign risk indicators.  Vietnam's external
indicators, reflecting moderate liquidity and a modest net narrow
external debt level, support its sovereign creditworthiness.

"Vietnam's macroeconomic conditions reflect the government's
policy choice, which emphasizes stability and the need to address
structural shortcomings in the banking and state-owned sectors in
particular," said Standard & Poor's credit analyst Agost Benard.
"Stabilization measures undertaken since 2011 have considerably
reduced macroeconomic imbalances, improved confidence in the local
currency, and led to somewhat greater perceived policy

Improved credit metrics indicate a diminished risk of
macroeconomic and financial instability.  The government has
lowered inflation to 6%-7% from over 20% in 2011, and real
interest rates have been positive for more than a year.  Sharply
reduced credit growth and the ensuing moderation of import demand
resulted in a significant turnaround in external balances--with
both the trade and current accounts turning to a surplus after a
decade of sizable deficits.

The economic rebalancing and associated restructuring do, however,
come at the cost of subdued growth, which may eventually test the
government's staying power, more so if social pressures emerge.

"We gauge that official commitment to this trade-off is strong for
now, and expect further improvements in economic indicators along
with incremental progress in reforming the banking and public
enterprise sectors," Mr. Benard said.

A low average income, projected at US$2,000 in 2013, remains the
main constraint for the sovereign rating on Vietnam.  Moreover,
S&P expects growth of this measure to be below historical trends
in the next two years, as both private and public sector
investment will remain subdued as bank lending slows.

Vietnam's creditworthiness is, however, supported by a moderate
and improving external position.  The sovereign's external
borrowings remain modest, with low cost and long maturity, and S&P
projects that gross external debt will remain well below 50% of
GDP in the next three years.  At the same time, S&P expects that
gross external financing needs will not exceed the sum of current
account receipts and usable foreign exchange reserves in this

The stable outlook on the ratings reflects S&P's expectation that
Vietnam will maintain an appropriately tight economic policy
stance that allows banking sector and other reforms to progress
while maintaining macroeconomic stability.  This would allow
fiscal, external, and economic indicators to improve over the next
two to three years.

S&P may lower the sovereign credit ratings if an early easing of
the policy stance causes a marked deterioration in one or more key
indicators in the above areas.  S&P may raise the ratings if there
are indications that Vietnam has developed a capacity to produce
per capita real GDP growth above 5.5% per year on a sustainable
basis without causing macroeconomic imbalances. A  reappraisal of
institutional and governance effectiveness, likely based on a
track record of greater macroeconomic policy consistency and
tangible progress in structural reforms, may also lead to a rating

In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.


Ratings Affirmed

Vietnam (Socialist Republic of)
Sovereign Credit Rating                BB-/Stable/B
ASEAN Regional Scale                   axBB+/--/axB

Senior Unsecured                       BB-
Commercial Paper                       B


* BOND PRICING: For the Week June 24 to June 28, 2013

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


GRIFFIN COAL MINING   9.50     12/1/2016    USD    39.00
GTL INFRASTRUCTURE    2.53     11/9/2017    USD    40.43
MIDWEST VANADIUM     11.50     2/15/2018    USD    63.50
MIDWEST VANADIUM     11.50     2/15/2018    USD    71.12
NEW S WALES TREA      0.50     9/14/2022    AUD    68.46
NEW S WALES TREA      0.50     10/7/2022    AUD    68.23
NEW S WALES TREA      0.50    10/28/2022    AUD    68.03
NEW S WALES TREA      0.50    11/18/2022    AUD    67.82
NEW S WALES TREA      0.50    12/16/2022    AUD    68.00
NEW S WALES TREA      0.50      2/2/2023    AUD    67.52
NEW S WALES TREA      0.50     3/30/2023    AUD    66.97
TREAS CORP VICT       0.50     8/25/2022    AUD    69.41
TREAS CORP VICT       0.50      3/3/2023    AUD    68.12
TREAS CORP VICT       0.50    11/12/2030    AUD    46.75


CHINA GOVT BOND       1.64    12/15/2033    CNY    68.83


3I INFOTECH LTD       5.00    4/26/2017     USD    30.10
COROMANDEL INTL       9.00     7/23/2016    INR    16.31
DR REDDY'S LABOR      9.25     3/24/2014    INR     5.00
GRAMEEN FIN SERV     14.05      6/7/2016    INR    54.59
JCT LTD               2.50      4/8/2011    USD    20.00
MASCON GLOBAL LT      2.00    12/28/2012    USD    10.00
PRAKASH IND LTD       5.63    10/17/2014    USD    59.49
PRAKASH IND LTD       5.25     4/30/2015    USD    59.66
PUNJAB INFRA DB       0.40    10/15/2024    INR    33.83
PUNJAB INFRA DB       0.40    10/15/2025    INR    30.79
PUNJAB INFRA DB       0.40    10/15/2026    INR    28.03
PUNJAB INFRA DB       0.40    10/15/2027    INR    25.53
PUNJAB INFRA DB       0.40    10/15/2028    INR    23.31
PUNJAB INFRA DB       0.40    10/15/2029    INR    21.37
PUNJAB INFRA DB       0.40    10/15/2030    INR    19.62
PUNJAB INFRA DB       0.40    10/15/2032    INR    16.62
PUNJAB INFRA DB       0.40    10/15/2033    INR    15.34
PYRAMID SAIMIRA       1.75      7/4/2012    USD     1.00
REI AGRO              5.50    11/13/2014    USD    70.16
REI AGRO              5.50    11/13/2014    USD    70.16
SHIV-VANI OIL         5.00     8/17/2015    USD    30.15
SUZLON ENERGY LT      7.50    10/11/2012    USD    65.12
SUZLON ENERGY LT      5.00     4/13/2016    USD    49.87


BUMI INVESTMENT      10.75   10/6/2017     USD      74.00


ELPIDA MEMORY         2.03     3/22/2012    JPY    14.37
ELPIDA MEMORY         2.10    11/29/2012    JPY    14.37
ELPIDA MEMORY         2.29     12/7/2012    JPY    14.37
ELPIDA MEMORY         0.50    10/26/2015    JPY     8.12
JPN EXP HLD/DEBT      0.50     9/17/2038    JPY    67.41
JPN EXP HLD/DEBT      0.50     3/18/2039    JPY    67.93
TOKYO ELECTRIC        2.36     5/28/2040    JPY    70.25


BAYAN TELECOMMUN     13.50     7/15/2006    USD    22.75
BAYAN TELECOMMUN     13.50     7/15/2006    USD    22.75


BAKRIE TELECOM       11.50      5/7/2015    USD    40.00
BAKRIE TELECOM       11.50      5/7/2015    USD    37.87
BLD INVESTMENT        8.63     3/23/2015    USD    70.00
BLUE OCEAN           11.00     6/28/2012    USD    39.37
BLUE OCEAN           11.00     6/28/2012    USD    39.37
DAVOMAS INTL FIN     11.00     12/8/2014    USD    25.75
DAVOMAS INTL FIN     11.00     12/8/2014    USD    25.75
INDO INFRASTRUCT      2.00     7/30/2049    USD     1.87


CHEJU REGION DEV      3.00    12/29/2034    KRW    67.09
EXP-IMP BK KOREA      0.50     9/28/2016    BRL    64.45
EXP-IMP BK KOREA      0.50    10/27/2016    BRL    72.04
EXP-IMP BK KOREA      0.50    11/28/2016    BRL    69.49
EXP-IMP BK KOREA      0.50    12/22/2016    BRL    68.07
EXP-IMP BK KOREA      0.50    10/23/2017    TRY    69.15
EXP-IMP BK KOREA      0.50    11/21/2017    BRL    66.35
EXP-IMP BK KOREA      0.50    12/22/2017    TRY    67.85
EXP-IMP BK KOREA      0.50    1/25/2017     TRY    73.97


SRI LANKA GOVT        6.20      8/1/2020    LKR    73.80
SRI LANKA GOVT        7.00     10/1/2023    LKR    67.80
SRI LANKA GOVT        5.35      3/1/2026    LKR    56.88
SRI LANKA GOVT        8.00      1/1/2032    LKR    71.08


G STEEL               3.00     10/4/2015    USD     8.00
MDX PUBLIC CO         4.75     9/17/2003    USD    16.25


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

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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