TCRAP_Public/130917.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, September 17, 2013, Vol. 16, No. 184


                            Headlines



A U S T R A L I A

LEHMAN BROTHERS: Australian Creditors Wait For Repayment
LYNAS CORP: Annual Loss Widens to AUD107.4 Million
NOBLE MINERAL: Ferrier Hodgson Appointed as Administrators
PRINT NATIONAL: Goes Into Receivership
YORK ENERGY: First Creditors' Meeting Set For September 19


C H I N A

CIFI HOLDINGS: Fitch Assigns 'B+' Rating to US$225MM Notes
FANTASIA HOLDINGS: Ratings Unchanged Over First Half 2013 Results


I N D I A

BKR HOTELS: CRISIL Downgrades Ratings on INR200MM Loans to 'D'
F. T. TEXTILES: CRISIL Assigns 'B+' Rating to INR49MM Loans
J. GALA: CRISIL Assigns 'BB-' Rating to INR100MM Loans
KEJRIWAL BEE: CRISIL Upgrades Ratings on INR400MM Loans to 'BB+'
KINGFISHER AIRLINES: Gets 4-Week Reprieve to Submit Revival Plan

MOC DIES: CRISIL Raises Ratings on INR198.9MM Loans to 'B'
NARMADA SOLVEX: CRISIL Raises Ratings on INR430MM Loans to 'BB-'
NARMADA SOLVEX: CRISIL Ups Ratings on INR317.1MM Loans to 'BB-'
PROMAS ENGINEERS: CRISIL Assigns 'B+' Rating to INR60MM Loans
SIGMA CHEMTRADE: CRISIL Assigns 'BB-' Rating to INR8.5MM Loans

TRADELINE ENTERPRISES: CRISIL Puts 'D' Ratings on INR450MM Loans
UNITED BREWERIES: Seeks Out-Of-Court Settlement With Creditors


V I E T N A M

VIETNAM PROSPERITY: Moody's Assigns B3 Rating; Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week Sept. 9 to Sept. 13, 2013


                            - - - - -


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


LEHMAN BROTHERS: Australian Creditors Wait For Repayment
--------------------------------------------------------
Emily Glazer at The Wall Street Journal reports that some hedge
funds that kept money with Lehman Brothers Holdings Inc. will
recoup 100% of their investments. Other groups, such as towns and
religious organizations that invested with Lehman's Australia
unit, will be less fortunate, the report says.

The Journal relates that the groups said roughly 300 Australian
townships, churches and community centers sunk money into
investments that the local unit of Lehman described more than five
years ago as floating-rate notes. Instead, they said, the
investments were collateralized debt obligations, or CDOs, a type
of security backed by a mix of bonds, loans and other assets that
later imploded, the report relays.

MontroseAccess is owed more than $2.75 million -- an amount still
being litigated -- after investing money with a unit of Lehman
Brothers Australia Ltd. in 2005, the Journal reports citing Darrel
Bourke, chief executive of the Queensland, Australia-based
nonprofit providing physical-disability care. The nonprofit works
with people battling conditions ranging from neuromuscular
disorders to acquired brain injuries, the report notes.

According to the Journal, Mr. Bourke said the money invested with
Lehman Australia had been accumulated over 12 to 15 years. "It was
there for future projects and really ongoing activity of the
organization," the report quotes Mr. Bourke as saying.  A Lehman
spokeswoman declined to comment on the litigation.

Lehman collapsed in September 2008, the biggest casualty of one of
the worst financial crises in history. Its U.S. brokerage business
was quickly sold to Barclays PLC, but the remnants of Lehman still
exist in billions of dollars of assets being divided up among
creditors, the Journal notes.

In all, more than $1.3 trillion of claims have been filed against
Lehman, while $308.7 billion in claims have been allowed as of
March 31, 2013, according to Lehman's July 23 update obtained by
the Journal.  In all, Australian creditors allege their claims are
worth between $400 million and $450 million, according to John
Walker, executive director of IMF Australia Inc., the Journal
relays.  According to the Journal, Mr. Walker said that group
funded an ongoing class action suit against Lehman Australia,
spending more than $9 million. Its class-action status is
currently being challenged on appeal.

The Journal says some Lehman Australia customers essentially have
claims based on their litigation against Lehman and must prove
causes of action to be admitted as creditors.  These "litigation
creditors" won't receive the same payouts as non-litigating
creditors, such as hedge funds with U.S. brokerage Lehman Brothers
Holdings and the U.K. unit Lehman Brothers International Europe,
Mr. Walker, as cited by the Journal, said.

                         About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 08-13555) on Sept. 15, 2008.  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012, a second payment of $10.2 billion on Oct. 1, 2012,
and a third distribution of $14.2 billion on April 4, 2013.  The
brokerage is yet to make a first distribution to non-customers,
although customers are being paid in full.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


LYNAS CORP: Annual Loss Widens to AUD107.4 Million
--------------------------------------------------
Australian Associated Press reports that a depressed rare earths
market has forced Lynas Corporation Limited to postpone its
expansion and renegotiate a AUD225 million debt facility.

AAP says the Australian rare earths miner, one of the world's few
non-Chinese producers, will have to start repaying debt next year
instead of in 2015.

Repaying the US$225 million in full a year early by 2016 was the
condition its Japanese lenders put on the new agreement to waive
for 15 months Lynas' previous obligations to ramp up to 'phase
two' production and cash margins expansion targets, according to
the news agency.

On September 16, Lynas reported that it had widened its full year
loss to AUD107.4 million for the 12 months to June 30, from
AUD102.6 million the previous year, AAP reports.

The miner only started selling rare earths products shortly before
the end of June, receiving a modest AUD900,000 first pay cheque,
the report adds.

                           About Lynas Corp.

Lynas Corporation Limited (ASX:LYC) -- http://www.lynascorp.com/
-- is a mineral exploration company operating mainly in
Australia.  The Company's activities are focused primarily on the
exploration and development of rare earths deposits and
exploration for other mineral resources.  Lynas Corporation
Limited is also engaged in the planning, design and construction
of a concentration plant and advanced materials processing plant.
The Company's subsidiaries include Lynas Malaysia Sdn Bhd, Lynas
Transales Pty Ltd, Mt Weld Niobium Pty Ltd, Mt Weld Holdings Pty
Ltd, Mt Weld Rare Earths Pty Ltd, Lynas Chemet Australia Pty Ltd
and Mt Weld Mining Pty Ltd.

                          *     *     *

The company incurred three consecutive annual net losses of
AUD43.04 million, AUD104.12 million, and AUD102.61 million for the
years ended June 30, 2010, 2011 and 2012.


NOBLE MINERAL: Ferrier Hodgson Appointed as Administrators
----------------------------------------------------------
Martin Jones, Darren Weaver and Ben Johnson of Ferrier Hodgson
were appointed voluntary administrators of Noble Mineral Resources
Limited on Sept. 12, 2013, pursuant to Section 436A of the
Corporations Act 2001.

The Administrators now control the Company's trading and are
assessing the Company's financial position.

The first meeting of creditors will be held on Sept. 24, 2013, at
2:30 p.m. (AWST) at the offices of Ferrier Hodgson, Level 26, 108
St Georges Terrace, in Perth, Western Australia.

Noble Mineral Resources Limited is an ASX-listed company,
exploring for and developing large-scale gold deposits in Ghana,
West Africa.

The receivers may be reached at:

          Martin Jones
          Darren Weaver
          Ben Johnson
          Level 26, BankWest
          Tower 108 St George's
          Terrace Perth
          WA 6000
          E-mail: martin.jones@fh.com.au
                  darren.weaver@fh.com.au
                  Ben.M.Johnson@fh.com.au


PRINT NATIONAL: Goes Into Receivership
--------------------------------------
Melinda Oliver at SmartCompany reports that a printing company
with approximately 35 staff and a turnover of around AUD8 million
per year has gone into receivership.

Print National, a New South Wales-based business, was placed under
external administration earlier this month, with a buyer for the
business now being sought, SmartCompany relates.

According to the report, Deloitte Touche Tohmatsu administrators
Brendan Chapman and Neil Cussen are seeking "urgent" expressions
of interest from parties to take over the company.

Mr. Cussen told SmartCompany that: "I can advise that the
receivers are taking a business-as-usual approach, and are seeking
immediate expressions of interest for a sale of that business."

Print National has operations in Lisarow, Sydney and Newcastle,
and achieved turnover of approximately AUD8 million in the 2012-13
financial year, the report discloses.


YORK ENERGY: First Creditors' Meeting Set For September 19
----------------------------------------------------------
Martin Jones, Andrew Saker and Darren Weaver of Ferrier Hodgson
were appointed voluntary administrators of York Energy NL on
Sept. 9, 2013, pursuant to Section 436A of the Corporations Act
2001.

A first meeting of creditors will be held on Sept. 19, 2013, at
the Perth office, Level 26 108 St Georges Terrace, in Perth,
Western Australia.

York Energy NL is an unlisted public company with a 100% interest
in a South African subsidiary which in turn holds (or held) an
option to acquire a majority interest in a South African mining
project.

The receivers may be reached at:

          Martin Jones
          Darren Weaver
          Andrew Saker
          Level 26, BankWest
          Tower 108 St George's
          Terrace Perth
          WA 6000
          E-mail: martin.jones@fh.com.au
                  darren.weaver@fh.com.au
                  andrew.saker@fh.com.au



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


CIFI HOLDINGS: Fitch Assigns 'B+' Rating to US$225MM Notes
----------------------------------------------------------
Fitch Ratings has assigned Chinese property developer CIFI
Holdings (Group) Co. Ltd's (CIFI, 'B+'/Positive) US$225 million
12.25% notes due 2018 a final rating of 'B+'.

The notes are issued as a tap to the US$275 million 12.25% notes
due 2018 issued in April 2013, with the same terms and conditions.
The assignment of the final rating follows the receipt of
documents conforming to information already received and the final
rating is in line with the expected rating assigned on Sept. 12,
2013.

Separately, CIFI has announced its financial results for H113,
which are generally in line with Fitch's expectation and therefore
have no impact on the ratings.

Key Rating Drivers

Positive outlook: Fitch believes that CIFI is likely to grow to a
scale commensurate with a 'BB-' profile within the next 12 months,
with contracted sales to rise to over CNY14bn in 2013 (2012:
CNY9.5bn), based on its available-for-sale and estimated sell-
through (sales/available for sale) ratio. CIFI achieved CNY7.2bn,
or 96% yoy growth, in contracted sales in H113.

High sales turnover: CIFI's credit profile has been improving
since it standardised its product types and shifted its focus to
mass-market housing in 2011. The agency expects this model to
result in a rapid rise in sales turnover and contracted sales.
CIFI's contracted sales/total debt was 1.1x in 2012, and Fitch
estimates the ratio to improve to 1.3x in 2013.

National presence: CIFI has a diversified presence in the Bohai
Economic Rim, Yangtze River Delta, and Central Western Region,
reducing its exposure to uncertainties inherent in local policies
and local economies while providing room to scale up. Fitch
expects local demand to continue to be strong and its mass-market
strategy to work well in high-tier cities. CIFI had around 86% of
its land bank in first- and second-tier cities as of June 2013.

Slower deleveraging: Net debt/adjusted inventory increased to
around 36% at end-H113 from 30% at end-2012, which represents
moderate leverage compared with its peers. Nonetheless, the
company's high growth target, together with further issues of
offshore bonds in H213, may limit its ability to deleverage in the
next 12 months.

Limited EBITDA margin: Fitch expects the company to achieve EBITDA
margins in the high teens over the next two to three years,
compared with 20%-25% for the past two years. The focus on mass-
market housing also means that operating margins are lower than
those of its peers.

Rating Sensitivities

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

-- Delivery of its contracted sales target in 2013

-- Maintaining the current strategy of high cash-flow turnover,
   such that contracted sales/total debt is sustained at over
   1.3x

-- Maintaining its EBITDA margin at over 18% (H113: 19%)

-- Sustaining a net debt/adjusted inventory ratio of below 35%

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

-- Failure to meet the above guidelines over the next 12-18
   months, which would lead to the Outlook being revised to
   Stable


FANTASIA HOLDINGS: Ratings Unchanged Over First Half 2013 Results
-----------------------------------------------------------------
Moody's Investors Service says Fantasia Holdings Group Company
Limited's B1 corporate family rating and B2 senior unsecured
rating remain unaffected by its 1H 2013 results.

The ratings outlook is stable.

"Moody's expects Fantasia to achieve higher contract sales in 2H
2013 than the level seen in 1H 2013," says Jiming Zou, a Moody's
Assistant Vice President and Analyst.

In 1H 2013, Fantasia's contract sales increased 128.3% year-on-
year to RMB3.7 billion and its book revenues rose 9.5% to RMB2.7
billion.

The 1H 2013 contract sales of RMB3.7 billion represent just about
37% of the full-year target of RMB10 billion. But Moody's is not
concerned about this low level because the company has a track
record of concluding more sales in the second half.

Moreover, the company has 17 projects or phases of projects under
construction with a planned saleable area of 2.6 million sqm. Such
a large area should provide good support to meeting its full-year
target.

"Fantasia's credit metrics continue to support its B1 rating,"
says Zou.

Fantasia's credit profile, based on its rolling 12-month
performance remains adequate for its current rating.
EBITDA/interest for the 12 months to end-June was 3.3x and
debt/book capitalization was 60%.

However, Moody's expects interest coverage to decline to 2.5x for
2013 and the next 12 months, given a weakening gross margin. The
margin fell to 37.5% in 1H 2013, or down 4.2 percentage points
from the level of 2012 . Such a level weakly positions the company
at the B1 level.

"At the same time, Fantasia has maintained adequate liquidity,
which is important for operating through the property market
cycles in China," adds Zou.

Fantasia's liquidity position remains adequate, as shown by RMB4.2
billion cash on hand versus RMB3 billion in short-term debt at
end-June 2013. The issuance of USD250 million and RMB1 billion
senior notes in 1H 2013 support the company's liquidity and its
development plan.

The principal methodology used in this rating was the Global
Homebuilding Industry Methodology published in March 2009.

Fantasia Holdings Group Co., Limited is a property developer
established in 1996. It listed on the Hong Kong Stock Exchange in
November 2009. At June 30, 2013, it had a land bank of 13.33
million square meters of gross floor area (including land banks
under framework agreements), mainly in Chengdu and the Pearl River
Delta. It develops high-end office buildings and luxury
residential properties, targeting small- and medium-sized
enterprises (SMEs) and affluent individuals.


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


BKR HOTELS: CRISIL Downgrades Ratings on INR200MM Loans to 'D'
--------------------------------------------------------------
CRISIL had downgraded its rating on the bank facilities of BKR
Hotels & Resorts Pvt Ltd (BHRPL; part of the BKR group) to 'CRISIL
D' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                127.5    CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Term Loan        72.5    CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by the BKR group
in servicing its term debt; the delays have been caused by the
group's weak liquidity. The group has been in capex mode over the
last two years, and hence, the cash accruals have been
insufficient to service its debt obligations.

The BKR group is exposed to risks related to its start-up nature
of operations, and its susceptibility to intense competition and
cyclicality in the hospitality industry. Furthermore, the BKR
group has a below-average financial risk profile, marked by weak
debt protection metrics. However, the group benefits from the
financial support that it receives from its promoters and the
attractive location of its hotel project in Chennai (Tamil Nadu).

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of BHRPL and BKR Hotels, together referred
to as the BKR group, herein. This is because both the entities are
engaged in the same line of business, and have a common management
and fungible cash flows.

Incorporated in July 2007, BHRPL is a part of the BKR group of
companies that operates a hotel, BKR Grand, and a convention
centre at Thyagaraya Nagar in Chennai (Tamil Nadu). The BKR group
comprises two entities - BHRPL and BKR Hotels (established as a
partnership firm in May 2010). Both the entities are located on
the same premises and are commonly managed.


F. T. TEXTILES: CRISIL Assigns 'B+' Rating to INR49MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of F. T. Textiles Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            3       CRISIL A4
   Cash Credit              49       CRISIL B+/Stable

The ratings reflect FTTPL's below-average financial risk profile,
marked by a leveraged capital structure, with low operating
margin. These rating weaknesses are partially offset by the
healthy ramp-up in FTTPL's scale of operations with its moderate
working capital requirements and the extensive industry experience
of the company's promoters.

Outlook: Stable

CRISIL believes that FTTPL will continue to benefit from the long-
standing industry experience of its promoters. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's profitability and scale of operations, resulting in
better-than-expected cash accruals and efficient working capital
management, also leading to significant improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of pressure on the company's liquidity, most likely because
of lower-than-expected cash accruals or larger-than-expected
working capital requirements or any debt-funded capital
expenditure (capex) plan.

FTTPL was set up in 2009 in Thane (Maharashtra) by Mr. Fayyazuddin
Mulla. It manufactures grey cloth, mainly polyester cloth. The
cloth is sold under its FT Guru brand, mainly in Surat (Gujarat).


J. GALA: CRISIL Assigns 'BB-' Rating to INR100MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facility of J. Gala Enterprises.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       100      CRISIL BB-/Stable

The ratings reflect the benefits that JGE derives from its
partner's extensive experience in real-estate development. This
rating strength is partially offset by JGE's exposure to project
funding, implementation and off-take risk with respect to its
ongoing project and to risks relating to cyclicality in Indian
real estate industry.

Outlook: Stable

CRISIL believes that JGE will benefit over the medium term from
its promoters extensive experience in the real estate industry.
The outlook may be revised to 'Positive' if the company exhibits
significant progress in bookings and flow of advances for its
ongoing project. Conversely, the outlook may be revised to
'Negative' in case of larger than expected debt funding of the
project or lower-than-expected consumer interest and flow of
customer advances in the projects.

J. Gala Enterprises was setup as a partnership in 1987. Mr. Virji
Gala, Mr. Bharat Gala, Mr.Dalpat Jain, Ms. Zaver Jain, Mr. Ankit
Gala. The company is into development of residential real estate
in Mumbai and primarily focuses on redevelopment projects. JGE is
currently executing a redevelopment project 'ARHAM' at
Chinchpokli, Mumbai.

For 2012-13 (refers to financial year, April 1 to March 31), JGE
reported, on a provisional basis, a profit after tax (PAT) of
INR12.8 million on net sales of INR74.7 million, against a PAT of
INR3.5 million on net sales of INR27.0 million for 2011-12.


KEJRIWAL BEE: CRISIL Upgrades Ratings on INR400MM Loans to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Kejriwal
Bee Care India (P) Ltd (KBC) to 'CRISIL BB+/Stable' from 'CRISIL
BB/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              300      CRISIL BB+/Stable (Upgraded
                                     from 'CRISIL BB/Stable')

   Term Loan                100      CRISIL BB+/Stable (Upgraded
                                     from 'CRISIL BB/Stable')

The rating upgrade reflects expected improvement in KBC's business
and financial risk profiles on the back of healthy growth in the
KBC's operating income and profitability owing to healthy demand
from export markets (and recently commissioned capacity
enhancement project that is expected to result in above average
growth in scale of operations over the medium term). KBC's growing
cash accruals will result in improvement in its liquidity and debt
protection metrics and will lead to healthy accretions to its net
worth. Although the liquidity of KBC has remained moderate because
of consistent increase in GCA days over the past three years;
however regular equity infusion by promoters has supported the
liquidity. Going forward the level of gross current assets (GCA)
days and its impact on liquidity of KBC will remain a key rating
sensitive factor. CRISIL believes that KBC's financial risk
profile will continue to benefit from support by promoters and its
growing cash accruals over the medium term.

CRISIL's rating on the bank facilities of Kejriwal Bee Care India
Pvt Ltd (KBC) continues to reflect the benefits that Kejriwal
derives from its promoters' experience in, and healthy demand
prospects for the honey industry and its increasing scale of
operations and improving operating efficiency. These rating
strengths are partially offset by Kejriwal's average financial
risk profile, marked by moderate net worth, high gearing and
moderate debt protection metrics, customer concentration, and
large working capital requirements.

Outlook: Stable

CRISIL believes that Kejriwal Bee Care India (Pvt) Ltd (KBC) will
benefit over the medium term from the extensive experience of its
promoters in the honey processing and marketing business and its
improved operating efficiency. The outlook may be revised to
'Positive' if Kejriwal's working capital requirements reduces
significantly leading to significant improvement in liquidity, or
its debt protection metrics improve significantly, primarily
driven by its improved profitability, or its capital structure
improves further, most likely because of significant equity
infusion by the promoters. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected improvement in cash
accruals, constraining its liquidity or if its liquidity
deteriorates because of large incremental working capital
requirements primarily driven by stretch in receivable and/or in
case the company undertakes a larger-than-expected debt-funded
capex programme, weakening its overall financial risk profile.

In 2003, Kejriwal, a subsidiary of Kejriwal Enterprises was
established by Mr. N M Kejriwal to undertake processing and
selling of honey.

For 2011-12 (refers to financial year, April 1 to March 31), KBC
reported a profit after tax (PAT) of INR21 million on net sales of
INR1061 million, against a PAT of INR17 million on net sales of
INR802 million for 2010-11.


KINGFISHER AIRLINES: Gets 4-Week Reprieve to Submit Revival Plan
----------------------------------------------------------------
The Times of India reports that the Karnataka high court has
granted four weeks time to the defunct Kingfisher Airlines Ltd
(KFA) for submitting its plans/proposals for reviving the company.

This was after the counsel for the beleagured company told the
court that some proposals have been received and they are working
out a scheme for reviving the airliner by having talks with
investors, TOI relates. The company also placed before the court
in a sealed cover, some of the documents relating to the revival
plan.

At this juncture, the report says, the counsel for the employees
of the company and some of the creditors argued that they have not
been paid their dues by the company. "Wait. You may get some good
news. Any way you have waited for so long. You can wait for four
more weeks," Justice S Abdul Nazeer advised them before adjourning
the hearing on batch of company petitions seeking initiation of
winding up proceedings under the Companies Act, the report
relates.

TOI said while the employees are seeking for a direction to settle
their salary dues, which they claim to have not been paid since
last year, some of the companies have filed petitions seeking
recovery of dues/service charges from the airliner.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and
Mumbai.

Kingfisher Airlines, which has been unprofitable since it was
created in 2005, accumulated losses of $1.9 billion between
May 2005 and June 30, 2012, The Wall Street Journal reported
citing Sydney-based consultant CAPA-Centre for Aviation.  The
airline also owes about $2.5 billion to lenders, suppliers,
leasing companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


MOC DIES: CRISIL Raises Ratings on INR198.9MM Loans to 'B'
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of MOC Dies
& Moulds (MOCD) to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            1.1     CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit              10.0     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Long-Term Loan           25.0     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Cash Credit     15.0     CRISIL B/Stable (Upgraded
   Limit                             from 'CRISIL D')

   Proposed Long-Term      147.4     CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   SME Credit                1.5     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by MOCD over
the six months through August 2013, on the back of sustained
improvement in the firm's liquidity driven by improved cash
accruals. The firm's revenues have grown considerably over the
last year, driven by an increasing order flow from its existing
customers. Revenue growth, coupled with sustenance of healthy
operating profitability has enabled the firm to record greater
than expected cash accruals. CRISIL further believes that MOD
would sustain its revenue growth and healthy operating
profitability, over the medium term, thereby generating adequate
cash accruals for servicing their scheduled debt repayments.

The ratings reflect MOCD's modest scale of operations in the
fragmented casting industry and its below-average financial risk
profile, marked by highly leveraged capital structure. These
rating weaknesses are partially offset by the promoter's extensive
experience in the casting industry.

Outlook: Stable

CRISIL believes that MOCD will continue to benefit over the medium
term from its promoters' experience in the casting industry and
their established customer relationship. The outlook may be
revised to 'Positive' if the firm registers larger-than-expected
improvement in cash accruals, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if MOCD witnesses considerable decline in its revenues
and profitability, or if it undertakes any large, debt-funded
capital expenditure (capex) programme, leading to weakening of its
financial risk profile.

Incorporated in 1999, MOCD manufactures tools and dies, aluminum
castings, sheet metal parts, fabrication and machined parts. The
firm's day-to-day operations are managed by Mr. D Gobianand.

MOCD reported a provisional profit after tax (PAT) of INR11.7
million on net sales of INR251.5 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR2.88
million on net sales of INR128.3 million for 2011-12.


NARMADA SOLVEX: CRISIL Raises Ratings on INR430MM Loans to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Narmada Solvex Private Limited (NSP, part of Ruhatiya group) to
'CRISIL BB-/Stable' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             349.9     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Long-Term Loan           13.0     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long-Term       67.1     CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that Ruhatiya group's
liquidity will remain comfortable, supported by moderate cash
accruals, and low debt repayment obligations. Cash accruals are
expected to remain moderate due to the timely and successful ramp
up of operations in recently added capacities, leading to healthy
growth in revenues. Further, the group has been able to sustain
its profitability and efficient working capital management during
the ramp-up phase leading to better-than-expected cash accruals.
The group's liquidity is also supported by the funding support
from promoters.

The rating continues to reflect the extensive cotton industry
experience of its promoters and their funding support and Ruhatiya
group's moderate scale of operations. These rating strengths are
partially offset by Ruhatiya group's below-average financial risk
profile, marked by high gearing and weak debt protection metrics
and low operating margin and susceptibility of the same to
volatility in raw material prices.

For the rating exercise, CRISIL has combined the business and
financial risk profiles of NSP, Ruhatiya Cotton and Metal Pvt Ltd
(RCM), Ruhatiya Spinners Pvt Ltd and Omprakash Shivprakash (OS),
collectively referred to as the Ruhatiya group, herein. Unlike its
earlier standalone view of each of these entities, CRISIL has
revised its analytical approach because of strong intra-group
fungibility of funds.

Outlook: Stable

CRISIL believes that the Ruhatiya group will maintain its credit
risk profile, backed by the extensive experience of its promoters
and their funding support. The outlook may be revised to
'Positive' if the group's financial risk profile improves
significantly, supported by either capital infusion and/or
significant improvement in its cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of the group faces
higher-than-expected working capital requirements or incurs any
large debt-funded capex programme, leading to deterioration in its
financial risk profile especially liquidity.

The Ruhatiya group was started in 1952 by Ruhatiya family of
Akola. Initially, the group was engaged only in cotton trading,
ginning and pressing; over the years, the group has diversified
into cotton spinning, dal mills, commodity trading, and soya oil
extraction. In 1952 promoters set up OS which is engaged in
ginning and pressing of cotton; in 1984 - RCM, which is engaged in
ginning and pressing of cotton; in 1996 - RSPL which is engaged in
spinning of cotton and in 2008 - NSP which is engaged in solvent
extractions of crude soya oil.


NARMADA SOLVEX: CRISIL Ups Ratings on INR317.1MM Loans to 'BB-'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Narmada Solvex Private Limited (NSP, part of Ruhatiya group) to
'CRISIL BB-/Stable' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             304.1     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Long-Term Loan           13.0     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that Ruhatiya group's
liquidity will remain comfortable, supported by moderate cash
accruals, and low debt repayment obligations. Cash accruals are
expected to remain moderate due to the timely and successful ramp
up of operations in recently added capacities, leading to healthy
growth in revenues. Further, the group has been able to sustain
its profitability and efficient working capital management during
the ramp-up phase leading to better-than-expected cash accruals.
The group's liquidity is also supported by the funding support
from promoters.

The rating continues to reflect the extensive cotton industry
experience of its promoters and their funding support and Ruhatiya
group's moderate scale of operations. These rating strengths are
partially offset by Ruhatiya group's below-average financial risk
profile, marked by high gearing and weak debt protection metrics
and low operating margin and susceptibility of the same to
volatility in raw material prices.

For the rating exercise, CRISIL has combined the business and
financial risk profiles of NSP, Ruhatiya Cotton and Metal Pvt Ltd
(RCM), Ruhatiya Spinners Pvt Ltd (RSPL) and Omprakash Shivprakash
(OS), collectively referred to as the Ruhatiya group, herein.
Unlike its earlier standalone view of each of these entities,
CRISIL has revised its analytical approach because of strong
intra-group fungibility of funds.

Outlook: Stable

CRISIL believes that the Ruhatiya group will maintain its credit
risk profile, backed by the extensive experience of its promoters
and their funding support. The outlook may be revised to
'Positive' if the group's financial risk profile improves
significantly, supported by either capital infusion and/or
significant improvement in its cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of the group faces
higher-than-expected working capital requirements or incurs any
large debt-funded capex programme, leading to deterioration in its
financial risk profile especially liquidity.

The Ruhatiya group was started in 1952 by Ruhatiya family of
Akola. Initially, the group was engaged only in cotton trading,
ginning and pressing; over the years, the group has diversified
into cotton spinning, dal mills, commodity trading, and soya oil
extraction. In 1952 promoters set up OS which is engaged in
ginning and pressing of cotton; in 1984 - RCM, which is engaged in
ginning and pressing of cotton; in 1996 - RSPL which is engaged in
spinning of cotton and in 2008 - NSP which is engaged in solvent
extractions of crude soya oil.


PROMAS ENGINEERS: CRISIL Assigns 'B+' Rating to INR60MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Promas Engineers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              60.0     CRISIL B+/ Stable

   Letter of Guarantee      10.0     CRISIL A4

The ratings reflect PEPL's modest scale of operations in the
fragmented and competitive equipment manufacturing industry,
average financial risk profile marked by high gearing and moderate
debt-protection metrics, and working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters.


Outlook: Stable

CRISIL believes that PEPL will continue to benefit over the medium
term from the extensive experience of its promoters and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if there is significant
improvement in the company's scale of operations while it
maintains its profitability. Conversely, the outlook may be
revised to 'Negative' if PEPL reports lower-than-expected cash
accruals, or its working capital cycle is stretched, leading to
pressure on its liquidity.

PEPL, based in Navi Mumbai (Maharashtra), was established in 2003.
It manufactures industrial equipment used in the pharmaceutical,
chemical, and food-processing industries. PEPL's operations are
managed by Mr. B B Gatkal and Mr. James Pereira.

For 2012-13 (refers to financial year, April 1 to March 31), on a
provisional basis, PEPL reported a profit after tax (PAT) of
INR6.59 million on net sales of INR95.6 million; it had reported a
PAT of INR3.43 million on net sales of INR65.56 million for 2011-
12.


SIGMA CHEMTRADE: CRISIL Assigns 'BB-' Rating to INR8.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Sigma Chemtrade Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               8.5     CRISIL BB-/Stable

   Letter of credit &      130.0     CRISIL A4+
   Bank Guarantee

The ratings reflect the extensive experience of SCPL's promoters
and the company's established relationship with major suppliers.
The ratings also factor in SCPL's financial flexibility, supported
by funding support from its promoters. These rating strengths are
partially offset by SCPL's modest scale of operations in a
fragmented polymer trading industry, and average financial risk
profile constrained by low cash accruals.

For arriving at the ratings, CRISIL has treated the unsecured
loans of INR24.2 million as on March 31, 2013 extended to SCPL by
its promoters and related parties as neither debt nor equity. This
is because these unsecured loans are expected to remain in the
business over the long term.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with major suppliers and its customers.
The outlook may be revised to 'Positive' in case the company
registers significant improvement in its scale of operations and
operating profitability, resulting in higher-than-expected cash
accruals and, as a result, improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case SCPL's working capital requirements are larger than expected
or if its cash accruals are lower than expected, resulting in
deterioration in its financial risk profile.

SCPL was set up in 2007 in Indore (Madhya Pradesh) by the Goyal
family. It trades in polymers and chemicals. SCPL also acts as an
indenting agent and consignment stockiest for polymers. The
promoter family has over 30 years of experience in the polymer
trading industry.


TRADELINE ENTERPRISES: CRISIL Puts 'D' Ratings on INR450MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Tradeline Enterprises Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan          163.6     CRISIL D

   Funded Interest          26.7     CRISIL D
   Term Loan

   Export Performance        1.4     CRISIL D
   Guarantee

   Foreign Bill             80.0     CRISIL D
   Negotiation

   Packing Credit           10.0     CRISIL D

   Packing Credit           10.0     CRISIL D

   Working Capital          56.3     CRISIL D
   Term Loan

   Inland/Import Letter    102.0     CRISIL D
   of Credit

The rating reflects instances of delay by TEPL in servicing its
debt; the delays have been caused by the company's weak liquidity.

TEPL also has a below average financial risk profile marked by a
weak capital structure and is susceptible to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of TEPL's promoters in the
cotton textile industry.

Incorporated in 2005 as a private limited company, TEPL is
involved in the manufacturing and sale of cotton yarn. The company
is a promoted and managed by Mr.Prashant. P. Palayam.

During 2012-13 (refers to financial year April 1 to March 31),
TEPL reported a net loss of INR124.2 million on net sales of
INR226.4 million as against a net loss of INR153.5 million on net
sales of INR464.3 million during 2011-12.


UNITED BREWERIES: Seeks Out-Of-Court Settlement With Creditors
--------------------------------------------------------------
The Times of India reports that United Breweries Holdings (UBHL),
the investment arm of Vijay Mallya's UB Group, is seeking an out-
of-court settlement with at least two of the five petitioners who
had filed winding petitions against the company in the Karnataka
high court.

"Out of the five petitioners we have serious counterclaims against
three of the them. That leaves two petitioners with whom we are in
dialogue for an out of court settlement," the report quotes Mr.
Mallya as saying. But Mr. Mallya didn't disclose the names of the
petitioners with whom his investment company is holding talks, the
report relays.

TOI says the list of petitioners who have taken UBHL to court
include Rolls-Royce & Partners Finance Ltd, RRPF Engine Leasing
Limited, BNP Paribas, Avions De Transport Regional GIE, and IAE
International Aero Engines AG.

According to the report, Mr. Mallya said it was business as usual
despite UBHL's ongoing court battles and the company's over
INR7,000 crore exposure in Kingfisher Airlines (KFA). He added
that efforts were on to recapitalize KFA, but didn't share any
timelines or the company's recapitalization strategy, the report
relays.

This was Mr. Mallya's first formal address to the media after
selling controlling stake in United Spirits to British drinks
giant Diageo and also comes a year after KFA was grounded, adds
TOI.

United Breweries Holdings Ltd. operates an airline, bottles
beverages, manufactures fertilizers, and offers construction
services.



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


VIETNAM PROSPERITY: Moody's Assigns B3 Rating; Outlook Stable
-------------------------------------------------------------
Moody's assigns first time ratings of B3/Not Prime on long/short
term foreign/local currency deposits of Vietnam Prosperity Joint
Stock Commercial Bank (VP Bank). The rating reflects: 1) The bank
financial strength rating (BFSR) and baseline credit assessment
(BCA) of E/caa1, and 2) a moderate support from the government of
Vietnam (B2 stable). All ratings carry a stable outlook.

Ratings Rationale:

VP Bank's BCA takes into consideration VP Bank's growing franchise
with a focus on the retail and SME markets, relatively advanced
governance standards, and progressive management plan to modernize
credit risk management and operational controls. The BCA also
reflects the bank's need for external capital, exposure to other
Vietnamese banks, and aggressive turnaround plan, which involves
inherent execution and asset quality risks.

Established in 1993, VP Bank is primarily focused on retail and
SME customers. The bank's total asset size of VND103 trillion
($4.9 billion) positions it as a mid-tier joint stock commercial
(JSC) bank in Vietnam. The bank has a nationwide branch network,
but its traditional strength has been in the north.

Based on reported loans only, VP Bank's current loan mix is 48%
retail, 43% SME, and 9% corporate. Among Vietnamese banks Moody's
rates, VP Bank has one of the lowest loan exposures to SOE, which
accounts for only 3% of its overall loan book. VP Bank's retail
banking strategy targets residents of Ho Chi Minh and Hanoi with
monthly income of between $225-749. More than 90% of its loan to
this segment is secured by property assets. Mortgage loans account
for 44% of the retail book, with loan-to-value of 60-70% for a new
mortgage loan.

In addition to loans, VP Bank has rapidly grown its deposit base,
which grew by over 100% between 2011 and 2012, and 29% in 2013
year-to-date. Factors contributing to growth include a market-wide
shift into deposits from investments in securities and real
estate, as well as the bank's own expansion strategy.

Like other banks in Vietnam, VP Bank faces a rising asset quality
problem, compounded by poor reporting practices among domestic
borrowers. VP Bank had total non-performing loans of 2.7% of gross
loans in 2012. Including special mention loans, total problem
loans constituted 10.7% of total gross loans at the end of 2012.
Moody's adjusts the reported NPLs ratio to include special mention
loans because restructured loans are commonly categorized as
special mention loans in Vietnam.

Interbank exposures are 26% of VP Bank's total assets and 26% of
total liabilities as of 2012. A substantial portion of interbank
exposures represent lending on the interbank market, which
provides narrow and volatile margins. However, Moody's views
potential counterparty credit risk as a greater concern than
profitability, given the high degree of interconnections between
Vietnamese banks. The connectivity implies that riskier banks can
transfer liquidity and credit risk to the entire system, when
counterparty's exposure to these troubled institutions is unknown.

Based on reported numbers, VP Bank's current capital ratio
provides some buffer for existing special mention and non-
performing loans. Assuming write-offs are taken to reduce the
adjusted NPL ratio (including special mention loans) to 2%, while
maintaining a 70% coverage ratio, VP Bank can sustain a 9% Tier 1
ratio. Further capital will be required to fund growth, which may
be sourced from foreign strategic investors.

VP Bank's global local currency (GLC) deposit rating is B3, based
on Moody's assessment of a moderate probability of systemic
support from the government of Vietnam, given the VP Bank's
relatively large scale (ranked 6th among private JSC banks in
terms of total assets) and the high level of interdependence in
the banking system. The assessment of anticipated systemic support
provides a one-notch uplift for its GLC rating from its BCA of
caa1.

VP Bank's baseline credit assessment could be under an upward
pressure if there is a substantial capital injection that would
provide a sufficiently robust base to support prospective growth
for 18-24 months when also considering a reasonable amount of
earnings and credit costs.

Like other Vietnamese banks, VP Bank faces the same systemic
issues, therefore a more rapid reform program from the government
of Vietnam that leads to a clearer path towards recapitalization
of the banks, greater transparency and more effective risk
management could have positive rating implications for the bank.
In addition, a significant decrease in exposures (including loans
and investments) to other banks as a proportion of total assets, a
continued growth in deposit base, accompanied by significantly
lower reliance on interbank funding, and a more moderate growth
rate that results in more conservative capital consumption, could
be positive for VP Bank's ratings. In addition, a substantial
increase in the bank's risk absorption buffers, i.e. Tier 1 Ratio
and provisions, could also lead to a rating upgrade.

Conversely, the baseline credit assessment of VP Bank would be
lowered - to the "ca" category - if it became clear that the Bank
was only avoiding default due to extraordinary systemic support.
The deposit and debt ratings could be lowered if there are signs
that support may not be forthcoming to the extent that is required
to restore economic solvency.

The principal methodology used in this rating was Global Banks
published in May 2013.



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


* BOND PRICING: For the Week Sept. 9 to Sept. 13, 2013
------------------------------------------------------

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

  AUSTRALIA
  ---------

COMMONWEALTH BANK     1.50    04/19/22      AUD    72.02
EXPORT FINANCE & I    0.50    12/16/19      NZD    74.63
EXPORT FINANCE & I    0.50    06/15/20      NZD    72.38
MIDWEST VANADIUM P   11.50    02/15/18      USD    72.50
MIDWEST VANADIUM P   11.50    02/15/18      USD    72.88
MIRABELA NICKEL LT    8.75    04/15/18      USD    65.05
MIRABELA NICKEL LT    8.75    04/15/18      USD    65.50
NEW SOUTH WALES TR    0.50    12/16/22      AUD    67.26
NEW SOUTH WALES TR    0.50    09/14/22      AUD    67.29
NEW SOUTH WALES TR    0.50    10/28/22      AUD    66.83
NEW SOUTH WALES TR    0.50    10/07/22      AUD    67.03
NEW SOUTH WALES TR    0.50    03/30/23      AUD    66.25
NEW SOUTH WALES TR    0.50    11/18/22      AUD    66.61
NEW SOUTH WALES TR    0.50    02/02/23      AUD    66.79
NEWCREST FINANCE P    5.75    11/15/41      USD    73.62
NEWCREST FINANCE P    5.75    11/15/41      USD    81.82
PALADIN ENERGY LTD    3.63    11/04/15      USD    70.06
PALADIN ENERGY LTD    6.00    04/30/17      USD    68.64
TREASURY CORP OF V    0.50    11/12/30      AUD    44.37
TREASURY CORP OF V    0.50    03/03/23      AUD    67.26
TREASURY CORP OF V    0.50    08/25/22      AUD    68.77


CHINA
-----

CHINA DEVELOPMENT     3.80    10/30/36      CNY    74.52
CHINA GOVERNMENT B    1.64    12/15/33      CNY    66.15


HONG KONG
---------

MTR CORP LTD          3.65    06/17/43      USD    72.42


INDONESIA
---------

DAVOMAS INTERNATIO   11.00    12/08/14      USD    25.00
DAVOMAS INTERNATIO   11.00    12/08/14      USD    25.00
ENERCOAL RESOURCES    9.25    08/05/14      USD    44.00
INDONESIA GOVERNME    4.63    04/15/43      USD    71.00
INDONESIA GOVERNME    4.63    04/15/43      USD    71.60
INDONESIA TREASURY    6.38    04/15/42      IDR    69.50
PERTAMINA PERSERO     5.63    05/20/43      USD    72.00
PERTAMINA PERSERO     6.00    05/03/42      USD    75.75
PERTAMINA PERSERO     5.63    05/20/43      USD    71.71
PERTAMINA PERSERO     6.00    05/03/42      USD    74.83
PERUSAHAAN LISTRIK    5.25    10/24/42      USD    70.50
PERUSAHAAN LISTRIK    5.25    10/24/42      USD    69.66


INDIA
-----

3I INFOTECH LTD       5.00    04/26/17      USD    29.82
CORE EDUCATION & T    7.00    05/07/15      USD    24.33
COROMANDEL INTERNA    9.00    07/23/16      INR    14.70
DR REDDY'S LABORAT    9.25    03/24/14      INR     4.94
GTL INFRASTRUCTURE    2.53    11/09/17      USD    39.35
INDIA GOVERNMENT B    6.17    06/12/23      INR    74.64
INDIA GOVERNMENT B    6.83    01/19/39      INR    69.75
INDIA GOVERNMENT B    5.87    08/28/22      INR    74.23
INDIA GOVERNMENT B    6.01    03/25/28      INR    69.02
INDIA GOVERNMENT B    0.26    01/25/35      INR    17.42
INDIA GOVERNMENT B    6.13    06/04/28      INR    69.78
INDIA GOVERNMENT B    5.97    09/25/25      INR    70.75
JAIPRAKASH ASSOCIA    5.75    09/08/17      USD    72.97
JCT LTD               2.50    04/08/11      USD    20.00
MASCON GLOBAL LTD     2.00    12/28/12      USD    10.00
PRAKASH INDUSTRIES    5.25    04/30/15      USD    48.79
PRAKASH INDUSTRIES    5.63    10/17/14      USD    50.00
PYRAMID SAIMIRA TH    1.75    07/04/12      USD     1.00
REI AGRO LTD          5.50    11/13/14      USD    70.00
REI AGRO LTD          5.50    11/13/14      USD    70.00
SHIV-VANI OIL & GA    5.00    08/17/15      USD    20.00
SUZLON ENERGY LTD     5.00    04/13/16      USD    47.02
SUZLON ENERGY LTD     7.50    10/11/12      USD    60.13


JAPAN
-----

ELPIDA MEMORY INC     0.50    10/26/15      JPY    11.88
ELPIDA MEMORY INC     0.70    08/01/16      JPY     9.50
ELPIDA MEMORY INC     2.10    11/29/12      JPY    18.13
ELPIDA MEMORY INC     2.03    03/22/12      JPY    11.88
ELPIDA MEMORY INC     2.29    12/07/12      JPY    11.88
JAPAN EXPRESSWAY H    0.50    03/18/39      JPY    67.95
JAPAN EXPRESSWAY H    0.50    09/17/38      JPY    68.54
TOKYO ELECTRIC POW    2.37    05/28/40      JPY    66.75
TOKYO ELECTRIC POW    1.96    07/29/30      JPY    71.38


KOREA
-----

CHEJU REGIONAL DEV    3.00    12/29/34      KRW    64.99
EXPORT-IMPORT BANK    0.50    10/23/17      TRY    64.07
EXPORT-IMPORT BANK    0.50    12/22/17      BRL    60.59
EXPORT-IMPORT BANK    0.50    11/21/17      BRL    61.41
EXPORT-IMPORT BANK    0.50    01/25/17      TRY    69.43
EXPORT-IMPORT BANK    0.50    10/27/16      BRL    69.28
EXPORT-IMPORT BANK    0.50    09/28/16      BRL    69.96
EXPORT-IMPORT BANK    0.50    12/22/17      TRY    62.47
EXPORT-IMPORT BANK    0.50    12/22/16      BRL    68.93
EXPORT-IMPORT BANK    0.50    11/28/16      BRL    68.32
EXPORT-IMPORT BANK    0.50    08/10/16      BRL    72.15
LG ELECTRONICS INC    3.68    05/22/23      KRW    15.68
NONGHYUP BANK         4.06    05/28/22      KRW    102.07


MALAYSIA
--------

SPECIAL PORT VEHIC    5.80    07/29/16      MYR    69.11


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

BAYAN TELECOMMUNIC   13.50    07/15/06      USD    22.75
BAYAN TELECOMMUNIC   13.50    07/15/06      USD    22.75


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50    05/07/15      USD    27.00
BAKRIE TELECOM PTE   11.50    05/07/15      USD    28.50
BLD INVESTMENTS PT    8.63    03/23/15      USD    62.75
BUMI CAPITAL PTE L   12.00    11/10/16      USD    54.88
BUMI CAPITAL PTE L   12.00    11/10/16      USD    64.21
BUMI INVESTMENT PT   10.75    10/06/17      USD    63.50
BUMI INVESTMENT PT   10.75    10/06/17      USD    63.67
INDO INFRASTRUCTUR    2.00    07/30/10      USD     1.88
OVERSEA-CHINESE BA    3.50    12/27/37      USD    74.05


SRI LANKA
---------

SRI LANKA GOVERNME    9.00    06/01/43      LKR    72.15
SRI LANKA GOVERNME    5.35    03/01/26      LKR    56.77
SRI LANKA GOVERNME    9.00    06/01/33      LKR    74.57
SRI LANKA GOVERNME    6.20    08/01/20      LKR    73.12
SRI LANKA GOVERNME    9.00    07/01/28      LKR    73.97
SRI LANKA GOVERNME    7.00    10/01/23      LKR    67.27
SRI LANKA GOVERNME    8.00    01/01/32      LKR    69.04


THAILAND
--------

G STEEL PCL           3.00    10/04/15      USD    11.75
MDX PCL               4.75    09/17/03      USD    16.50



                             *********

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.



                 *** End of Transmission ***