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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, October 11, 2013, Vol. 16, No. 202


                            Headlines


A U S T R A L I A

COMPLIANCE & COMPETENCY: Owner Fined Over Underpaying Employees
CRIGHTON PROPERTIES: Mariner Buys Tea Gardens for AUD6.2MM
GIPPSLAND SECURED: Noteholders Waiting to Learn Firm's Fate
TRELOAR GROUP: Goes Into Liquidation; 30 Jobs Slashed
VIRGIN AUSTRALIA: Fitch to Rate Class D Notes at 'B'

VIRGIN AUSTRALIA: Moody's Assigns 'B3' Rating to Class D Notes
WAREHOUSE SALES: Goes Into Liquidation


C H I N A

FRANSHION BRILLIANT: Moody's Rates US$ Sr. Unsec. Bonds at 'Ba1'
FRANSHION PROPERTIES: S&P Rates Proposed Sr. Unsecured Notes 'BB'
WINSWAY COKING: S&P Lowers Corporate Credit Rating to 'SD'


I N D I A

ANAND RICE: ICRA Reaffirms 'B' Rating on INR29cr Loans
CHAWLA IRON: ICRA Revises Rating on INR11.5cr Loan to 'BB-'
DAGGER MASTER: ICRA Cuts Ratings on INR9cr Loans to 'BB-'
DESIGN CLASSICS: ICRA Cuts Rating on INR4cr Loan to 'B+'
GNI INFRASTRUCTURE: ICRA Cuts Rating on INR25cr Loans to 'D'

IMEX TRADERS: ICRA Assigns 'B' Rating to INR8cr Loans
INFINITY FAB: ICRA Assigns 'B-' Ratings to INR5.69cr Loans
JEYENKAY PETROGELS: ICRA Revises Rating on INR3.4cr Loan to BB-
KRITIKA VEGETABLE: ICRA Rates INR11cr Cash Credit at 'B+'
LAXMI GOLDORNA: ICRA Rates INR6cr Cash Credit at 'B+'

LEGNO DOOR: ICRA Cuts Rating on INR6cr LT Loan to 'D'
MANDEEP INDUSTRIES: ICRA Places 'B' Rating on INR20cr Loans
MANIKCHAND VASUDHA: ICRA Reaffirms 'B+' Rating on INR17cr Loan
MELANGE SYSTEMS: ICRA Assigns 'B+' Rating to INR6cr LT Loan
NATIONAL AUTOPLAST: ICRA Cuts Ratings on INR19.05cr Loans to D

NAV JYOTI: ICRA Reaffirms 'B' Rating on INR53cr Loans
OSCAR CERAMICS: ICRA Suspends 'B+' Ratings on INR4.85cr Loans
PARI INDIA: ICRA Assigns 'BB-' Ratings to INR28.4cr Loans
ROYEL IMPEX: ICRA Reaffirms 'B' Rating on INR5cr LT Loan
SHREE BALAJI: ICRA Raises Rating on INR35cr Cash Credit to 'BB'

SKG TIMBERS: ICRA Assigns 'BB-' Rating to INR5cr Cash Credit
SLN RICE: ICRA Assigns 'B+' Ratings to INR8cr Loans
TIGER STEEL: ICRA Reaffirms 'B+' Rating on INR38.56cr Loans
TILE GRES: ICRA Suspends 'B' Ratings on INR5.5cr Loans
UNIQUE BIOTECH: ICRA Reaffirms 'D' Ratings on INR21.43cr Loans

VASAVI AGROTECH: ICRA Rates INR16cr Fund Based Limits at 'D'
VENKATESHWARA POWER: ICRA Puts 'B+' Ratings on INR236.83cr Loans
VEPARSEVA HEALTHCARE: ICRA Suspends D Ratings on INR17.53cr Loans
WINDSON CERAMIC: ICRA Assigns 'B' Ratings to INR7.9cr Loans
ZENITH INFOTECH: Appeals High Court's Liquidation Order


J A P A N

eACCESS LTD.: Moody's Raises Sr. Unsec. Debt Ratings to Ba1
HUMMINGBIRD SECURITISATION: S&P Puts B Rating on CreditWatch Pos.
PANASONIC CORP: To Halt Plasma TV Output This Fiscal Year


N E W  Z E A L A N D

BUSH TAVERN: 155-Year Nelson Pub Closes Doors
MAINZEAL PROPERTY: Receivers Recover NZ$22.5 Million


P H I L I P P I N E S

RIZAL COMMERCIAL: Fitch Confirms $1BB MTN Programme Rating at BB
RIZAL COMMERCIAL: Moody's Withdraws '(P)B1' MTN Program Rating


S O U T H  K O R E A

TONG YANG: Prosecution Opens Probe Into Chief Over Fin'l. Fraud


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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COMPLIANCE & COMPETENCY: Owner Fined Over Underpaying Employees
---------------------------------------------------------------
Julia Talevski at ARN reports that the sole director and owner of
now-liquidated Adelaide-based IT software company, James Manning,
has been fined by the Federal Circuit Court for underpaying five
former staff AUD314,595.

ARN relates that Mr. Manning was fined AUD52,800 and ordered by
Federal Circuit Court judge, Denys Simpson to pay the penalty to
former employees within 60 days. Because the company is in
liquidation, the penalty will return only about 17 cents in the
dollar to what is owed to employees, ARN notes.

According to the report, Mr. Manning's IT computer training
software company, Compliance & Competency Management, was placed
into liquidation before court proceedings commenced, preventing
action against the company.

ARN notes that Mr. Manning admitted numerous breaches of workplace
law including failing to pay minimum wages; annual leave
entitlements on termination; severance payment on termination; and
superannuation contributions between 2010 and 2011.

The Fair Work Ombudsman discovered the alleged underpayments when
it investigated complaints lodged by employees, the report relays.

He also admitted to failing to pay workers for up to four months,
despite employees raising issues about wages with him several
times, ARN says.


CRIGHTON PROPERTIES: Mariner Buys Tea Gardens for AUD6.2MM
----------------------------------------------------------
Nathalie Craig at MyAll Coast Nota reports that Tea Gardens
Hermitage Lifestyle Resort has been bought for AUD6.2 million by
Mariner Corporation after its original owner, Crighton Properties,
went into receivership earlier this year.

According to the report, chief executive of Mariner Corporation
Darren Olney-Fraser said his company would be finishing the job
that Crighton Properties started.

The report says the Hermitage has development application approval
for 280 retirement units to be built on 40 hectares.  At this
point the village is only partly completed, with a total of 65
units built, 61 of which are sold.

"Our immediate challenge will be to sell those four remaining
units," the report quotes Mr. Olney-Fraser as saying.

He estimates the rollout of the remaining 215 retirement units
would take between five and 10 years, the report relates.

Settlement with receiver McGrathNicol is expected to take 60 days,
with Mariner corporation taking over officially from late
November, MyAll Coast Nota reports.

The Hermitage is the second retirement village Mariner Corporation
has bought in the space of a week, with the company also buying
The Woniora retirement village in Wahroonga, Sydney, says the
report.

As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2013, SmartCompany said Crighton Group had
administrators appointed April 10, 2013, after the company
collapsed as a result of long delays in planning approvals.
Riad Tayeh and David Solomons of de Vries Tayeh were appointed as
administrators of the Crighton Group, which is made up of 15
companies.

The companies now in administration are the Hermitage Lifestyle
Resort, Crighton Properties, Myall River Downs, Crighton Building
Co, Crighton Lifestyle Resorts Real Estate, Myall Quays Shopping
Village, Lifestyle Resorts, Woodstock at Jamberoo, Crighton
Bowral, Myall Down Angus Stud, Red Gum Grove, Laurieton Lifestyle
Resort, Crighton Mudgee, Crighton Byron and Crighton Bathurst.

The Crighton Group is an aged care and property development group.
It has been operating for over 25 years and has around 30 staff.


GIPPSLAND SECURED: Noteholders Waiting to Learn Firm's Fate
-----------------------------------------------------------
Sarah Scopelianos at Weekly Times Now reports that noteholders
waiting to learn the fate of Gippsland Secured Investments are
supportive of a rescue group's plan to re-capitalize the company.

About 350 people attended the first of three meetings in Gippsland
Oct. 9 to hear from the receiver, The Trust Company and a rescue
group, according to Weekly Times Now.

The report notes that GSI accounts have been frozen since July 19
after a review of the company's loan book.  The company went into
receivership on September 3.

The report relates that an interim report forecasted investors
would see between an 80 to 90 cent return in the dollar.

Ernst & Young partner Adam Nikitins told Weekly Times Now the
first meeting in Bairnsdale was attended by about 350 noteholders
who heard from him as the receiver.

Mr. Nikitins said the rescue group's proposal to "re-capitalise"
the company had "threshold issues" but receivers would continue to
work with the group, the report relates.

The report discloses that Mr. Nikitins said the meeting showed
noteholders appeared supportive of the re-capitalization plan.

The report relays that the Trust Company's representative David
Grbin said the first interim distribution payments had been sent
to noteholders early this week in the mail.

The report adds that Mr. Grbin said the Trust had been working
with the GSI board for about 10 months about issues including low
levels of equality.


TRELOAR GROUP: Goes Into Liquidation; 30 Jobs Slashed
-----------------------------------------------------
Belinda-Jane Davis at The Maitland Mercury reports that 30 Treloar
Group manufacturing staff have been made redundant and will not be
paid last week's wages or their entitlements.

According to the report, Sydney-based liquidators Moore Stephens
met with staff at the Rutherford plant on October 9 and told them
that they would have to apply for assistance under the federal
government's fair entitlements guarantee to obtain their
entitlements.

The Maitland Mercury relates that liquidator Michael Hird said the
company had no money with which to pay staff.

"It's unfortunate, but there was nothing there so there was no
other option than to let them go," the report quotes Mr. Hird as
saying.  "We will assist them in their Centrelink applications."

The 20 administration staff, whose jobs had been flagged to be
cut, will keep their jobs and that section of the company has
changed its name from Treloar Group to Treloar Trading Group, the
report relates.

Treloar Group was the manufacturing side of the business that had
a foundry and a machine shop.

Treloar Trading Group is an associated company that sells products
made by Treloar Group and provides engineering and design
services. It will now source its manufactured products elsewhere.


VIRGIN AUSTRALIA: Fitch to Rate Class D Notes at 'B'
----------------------------------------------------
Fitch Ratings expects to assign the following rating to Virgin
Australia's proposed enhanced equipment notes (EEN), series 2013-1
(VA 2013-1) subject to review of final documents:

-- $64.6 million class D notes (D-tranche) with an expected
   maturity of October 2016 'B(EXP)'.

The 'B' rating for the D-Tranche is based on an estimated uplift
compared with Virgin Australia Holdings Limited's (VAH, not rated)
stand-alone credit profile, largely based on a high Affirmation
Factor, and expected collateral recovery prospects. While the
affirmation factor for this pool is considered high, Fitch
considers the collateral coverage for the D-Tranche to be weak,
which combined with the absence of a liquidity facility and
subordinated position to the C-Tranche (rated 'B+') supports the
one notch rating differential from the C-Tranche. The rating is
also supported by the class D note holders' right in certain cases
to purchase all of the class A notes, class B notes and class C
notes at par plus accrued and unpaid interest. Additionally, the
interest payments on the class D notes are senior to the principal
distributions to the class A, B and C notes.

Each note will be fully cross-collateralized, and all indentures
will be fully cross-defaulted from the date of the issuance of
each applicable note. Fitch believes these provisions in VA 2013-
1, which are standard enhancements of the modern EETC template,
increase the likelihood that VAH would affirm these notes and the
underlying aircraft and continue to make payments on the notes in
the case of in the case of administrative proceedings. Taken
together, these provisions treat all the aircraft as one pool of
assets as the collateral supporting this transaction.

For more information on the VA 2013-1 series of EEN's please see
the press release 'Fitch Rates VAH's Proposed 2013-1 EEN Class A
Notes 'A', Class B Notes 'BB+', Class C Notes 'B+'' dated Oct. 7,
2013 and the pre-sale report available at 'www.fitchratings.com'.

Fitch expects to assign the following rating:

Virgin Australia Enhanced Equipment Notes 2013-1:
-- Class D notes 'B(EXP)'.


VIRGIN AUSTRALIA: Moody's Assigns 'B3' Rating to Class D Notes
--------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the Class D
Enhanced Equipment Notes, Series 2013-1 ("Class D EENs") that
Virgin Australia Holdings Limited ("VA", not rated) will arrange
to be issued in connection with the offering of the respective
senior Classes of Enhanced Equipment Notes of the Series 2013-1
("EENs"). VA offered the EENs for sale on 6 October 2013. Moody's
rated those EENs on 7 October 2013. The outlook assigned to all of
the EENs is stable.

Ratings Rationale:

The proceeds of the Class D EENs will provide a modest boost to
VA's liquidity. The issuance of the Class D EENs do not affect the
other aspects of the transaction; however, interest on the
Preferred Pool Balance of the Class D EENs will be paid prior to
payments of scheduled principal on the senior classes of the EENs
pursuant to the transaction's Intercreditor Agreement. There will
be no Class D liquidity facility to support interest payments on
the Class D EENs in the event of a default on the transaction.

EETC and EEN ratings are based on the specific features of a given
transaction. Moody's approach to rating this EEN transaction
should not be construed as a precedent for similar ratings
treatment when considering ratings of new EETC or EEN issues by
other non-US airlines situated outside of Australia or New
Zealand.

Any combination of future changes in the underlying credit quality
or ratings of VA, unexpected material changes in the market value
of the aircraft and/or changes in the status or terms of the
liquidity facilities or the credit quality of the liquidity
provider could cause Moody's to change its ratings of the EENs.

Virgin Australia Holdings Limited, headquartered in Brisbane,
Australia, is Australia's second largest airline. The company
generated about $4 billion of revenue while carrying more than 19
million passengers in its most recent fiscal year that ended 30
June 2013.


WAREHOUSE SALES: Goes Into Liquidation
--------------------------------------
Bendigo Advertiser reports that Bendigo has lost another major
central business district store with Warehouse Sales closing.

Bendigo Advertiser relates that a sign on the door of the Mitchell
Street business said 'Warehouse Sales Pty Ltd is closed due to
liquidation'.

The Warehouse Sales website has also shut down, the report relays.

According to the report, Bendigo Business Council executive
officer Patrick Falconer said the news about Warehouse Sales was
disappointing.

"It's obviously not good for the retail sector when a long
standing business has to close . . . especially one in a fairly
vibrant strip of Bendigo shopping area," the report quotes Mr.
Falconer as sayings.  "Nobody wants any business to close down but
unfortunately in a free market these things do occur."

Mr. Falconer said he hoped the Bendigo store could take an
opportunity such as Reilly's who survived as a family business
after the Retravision brand fell on hard times, the report adds.



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FRANSHION BRILLIANT: Moody's Rates US$ Sr. Unsec. Bonds at 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the US
dollar senior unsecured bonds to be issued by Franshion Brilliant
Limited and guaranteed by Franshion Properties (China) Limited.

The rating outlook is stable.

Franshion will use the proceeds from the proposed issuance for the
refinancing of outstanding indebtedness, as well as funding
working capital and other general corporate purposes.

Ratings Rationale

"The proceeds from the proposed issuance will improve Franshion's
ability to fund for its projects and to increase sales. The
issuance will also lengthen its debt maturity profile," says Kaven
Tsang, a Moody's Vice President and Senior Analyst and the Lead
Analyst for Franshion.

"At the same time, the issuance will have a limited impact on
Franshion's key credit metrics because the company will use part
of the proceeds to repay short-term debt," adds Tsang.

Moody's expects Franshion's EBITDA interest coverage to remain at
around 3.5x and adjusted recurring EBTIDA/interest at around 0.7x
in the next 12-18 months. Adjusted recurring EBITDA includes net
rental income and 50% of the hotel segment's EBITDA. Its
debt/total capitalization is likely to stay at 45%-50%.

These credit metrics are consistent with Moody's expectations for
Franshion's Baa3 corporate family rating.

The Baa3 corporate family rating continues to reflect the stable
rental income -- which buffers against business volatility -- from
Franshion's good portfolio of investment properties, including
prime office buildings and hotels in Shanghai and Beijing.

The rating also considers Franshion's strong access to onshore and
offshore funding, supported to some extent by its position as a
state-owned enterprise and as a subsidiary of Sinochem Hong Kong
(Group) Company Limited (Baa1 stable).

On the other hand, the expansion of its residential development
business -- in which it does not have a long operating history --
has increased Franshion's risk profile, while the lack of
geographic and cash flow diversity could result in volatility in
its performance.

In addition, Franshion's senior unsecured rating is notched down
to Ba1, reflecting structural and legal subordination. The ratio
of secured and subsidiary debt to total assets stood at 19% as of
June 2013. Moody's expects this ratio to remain at around 20% in
the next one to two years.

The stable outlook reflects Moody's expectation that Franshion
will maintain adequate liquidity to fund its expansion, with cash
holdings of around 10% of total assets.

Moody's would consider downgrading the ratings if Franshion: (1)
is unable to implement its business plan, or China's property
market experiences a significant downturn, such that cash flow is
weaker than expected; (2) pursues aggressive debt-funded land
acquisitions; or (3) significantly increases its investments in
residential properties and funds them via debt.

The following metrics would indicate downgrade pressure: (1)
adjusted debt/capitalization above 45%-50%; (2) EBITDA/interest
less than 3x-4x; or (3) adjusted recurring EBITDA/interest below
0.6x-0.75x on a sustained basis.

The rating could be upgraded if Franshion: (1) executes its sales
plan and achieves its sales targets; (2) improves its geographic
diversity and business scale; and (3) strengthens its financial
ratios, with EBITDA/interest above 6x-7x and adjusted recurring
EBITDA/interest at 1.0x-1.5x.

Listed on the Hong Kong Stock Exchange in 2007, Franshion
Properties (China) Limited is a 62.87% owned subsidiary of
Sinochem Hong Kong (Group) Company Limited, and which in turn is
98% owned by Sinochem Group, a state-owned enterprise under
China's State-Owned Assets Supervision and Administration
Commission.

Franshion develops commercial and integrated properties in first-
tier and major second-tier cities in China. As of June 2013, the
company had a total land bank of approximately 7.0 million square
meters, including 953,082 sqm of commercial properties and hotels.


FRANSHION PROPERTIES: S&P Rates Proposed Sr. Unsecured Notes 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
issue rating and 'cnBBB' Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Franshion Brilliant Ltd. Franshion Properties (China) Ltd.
(Franshion: BB+/Stable/--; cnBBB+/--) guarantees the notes.  The
ratings are subject to S&P's review of the final issuance
documentation.  Franshion will mainly use the net proceeds from
the proposed issuance to refinance debt, meet working capital
needs, and for general corporate purposes.

The issue rating is one notch lower than the corporate credit
rating on Franshion to reflect S&P's opinion that offshore
noteholders would be materially disadvantaged, compared with
onshore creditors, in the event of default.  In S&P's view, the
company's ratio of priority borrowings to total assets will remain
above its notching threshold of 15% for speculative-grade debt.

The corporate credit rating on Franshion reflects the company's
high project and geographic concentration; substantial capital
spending needs; and volatile, albeit improving, financial
performances.  The company's stable and sizable rental and hotel
income that good-quality investment properties support,
satisfactory execution capability, and disciplined financial
management temper these weaknesses.  The rating also reflects
S&P's view that Franshion is a strategically important subsidiary
of its parent Sinochem Hong Kong (Group) Co. Ltd.  S&P assess the
company's business risk profile to be "fair" and its financial
risk profile as "significant," as S&P's criteria define these
terms.

The stable outlook on Franshion reflects S&P's expectation that
the company will moderately grow its contract sales and maintain
its stable capital structure and good financial flexibility while
pursing fast expansion over the next 12 months.  S&P also expects
Franshion to maintain the good asset quality of its investment
properties and generate stable cash flows from property leasing
and hotels.


WINSWAY COKING: S&P Lowers Corporate Credit Rating to 'SD'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Winsway Coking Coal Holdings
Ltd. to 'SD' (selective default) from 'CC'.  At the same time, S&P
lowered the issue rating on the company's US$500 million 8.5%
senior unsecured notes due 2016 to 'D' from 'CC'.

S&P also lowered its long-term Greater China regional scale rating
on Winsway to 'SD' and on the notes to 'D' from 'cnCC'.  Winsway
is a China-based coking coal supply and logistics provider.

"We downgraded Winsway after the company's announcement that it
will complete the buyback offer of US$153.6 million of its US$500
million 8.5% senior unsecured notes due 2016," said Standard &
Poor's credit analyst Huma Shi.

The company has received consent from noteholders representing
about 68.60% of the total outstanding notes.

Standard & Poor's views such a buyback offer as a continuation of
Winsway's tender offer, and therefore a "distressed exchange,"
tantamount to an immediate default.

Winsway will buy back 31.27% of outstanding notes from
noteholders, paying US$475 for every note of US$1,000 par value.
For 2.08% of the outstanding notes, Winsway will pay noteholders
US$375 for every US$1,000.

Winsway's financial performance in the first half of 2013 was
worse than S&P's base-case expectation and we view its recovery
prospects as weak for the next 12 months.  S&P expects Winsway to
make further losses and generate negative cash flows in 2013 due
to continued weak coal pricing and operating conditions.  S&P
believes Winsway's highly leveraged capital structure is unlikely
to improve in the near term.  The company's debt could increase to
support its operations, and that is likely to keep its total debt
the same after the note buyback.

"After completion of the buyback, we will reassess Winsway's
credit profile, particularly the company's liquidity position,"
said Ms. Shi.  "We believe that under Winsway's distressed
financial situation, the company's access to bank credit may be
uncertain."

S&P expects to assign new ratings to Winsway and its outstanding
notes in the coming weeks.  S&P currently do not expect the new
corporate credit rating to be higher than 'B-'.



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ANAND RICE: ICRA Reaffirms 'B' Rating on INR29cr Loans
------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for the
INR29.00 crore fund based facilities of Anand Rice Mills.

                             Amount
   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Fund based facilities       29.00     [ICRA]B reaffirmed

The rating continues to be constrained by ARM's weak financial
profile, reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. The rating also takes
into account high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating however, favourably takes
into account long standing experience of promoters, expected
benefits arising out of established client relationships of its
group companies in rice industry and proximity of the mill to
major rice growing area which results in easy availability of
paddy.

Anand Rice Mills is a proprietorship firm, was set up in 1999 by
Mr. Sunil Kumar. ARM is engaged in processing and export of
basmati rice to countries in the Middle East. It has a plant at
Karnal (Haryana) which has a milling capacity of 6 tonnes per hour
and sortex machinery with a capacity of 4 ton/hr.

Recent Results

During the financial year 2012-13, the firm reported a profit
after tax (PAT) of INR0.24 crore on an operating income of
INR105.24 crore as against PAT of INR0.15 crore on an operating
income of INR68.78 crore in 2011-12.


CHAWLA IRON: ICRA Revises Rating on INR11.5cr Loan to 'BB-'
-----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR11.5
crores (enhanced from INR8 crores) fund based limits of Chawla
Iron Traders Pvt. Ltd. from '[ICRA]B+' to '[ICRA]BB-'. The outlook
on the long term rating is stable.

                            Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Fund Based Limits-        11.50     [ICRA]BB-(Stable); Revised
   Cash Credit

The rating revision takes into account the significant improvement
in financial performance of the company in FY13 as reflected by
healthy growth in turnover, improvement in operating
profitability, reduction in gearing levels (following equity
infusion and reduction in debt levels) and improvement in debt
coverage indicators. The rating also factors in the long
experience of the promoters in trading business and the low
repayment obligation of the company as the debt is largely in the
form of working capital borrowings. Nevertheless, the rating is
constrained intensely competitive and low value additive nature of
the trading industry which coupled with CITPL's modest scale of
operations has resulted in modest profitability indicators for the
company. Moreover, the company's profitability remains exposed to
adverse movement in the prices of traded goods as well as to
cyclicality in the steel industry. Going forward, company's
ability to improve its scale of operations and profitability while
maintaining its working capital intensity would be key rating
sensitivities.

Chawla Iron Traders Private Limited, incorporated in May 2009 is
engaged in trading of iron and steel related products which find
application mainly in construction and infrastructure sectors. The
company is promoted by Mr. Nitin Chawla, who has been engaged in
the steel trading business since the last 10-12 years. The company
has its warehouses in Mundka, Gurgaon and Naraina, Delhi with a
total storage capacity of 5000-6000 tonnes.

CITPL reported PAT of INR1.03 crores on operating income of
INR55.84 crores in FY13 as against with PAT of INR0.07 crores on
operating income of INR39.38 crores in FY12.


DAGGER MASTER: ICRA Cuts Ratings on INR9cr Loans to 'BB-'
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR9.00
crore long term bank facilities of Dagger Master Tool Industries
Limited from '[ICRA]BB' to '[ICRA]BB-'. ICRA has also reaffirmed
the short term rating of '[ICRA]A4' assigned to INR0.50 crore
short term bank facilities of DMTIL. The outlook of the long term
rating continues to be Stable.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Term Loan Limit        4.83       [ICRA]BB-(Stable)/Downgraded
   Fund Based Limit       3.30       [ICRA]BB-(Stable)/Downgraded
   Unallocated limit      0.87       [ICRA]BB-(Stable)/Downgraded
   Non-fund Based Limit   0.50       [ICRA]A4/Reaffirmed

Rating Rationale

The revision of the long term rating factors in the stretched
liquidity position of the company led by deterioration in
profitability which has continued during till July 2014 in current
financial year. The deterioration in profitability margins is
driven by the stagnancy in revenues which coupled with increase in
overheads and interest cost following the completion of its recent
debt funded capex impacted the accruals. Increased debt levels
coupled with decline in profits and accruals have also led to
deterioration in debt protection metrics.

The rating continues to be supported by the diversified client
base across user industries which mitigates the client
concentration risk in its revenue; continued business and
technical association with its shareholder - Zecha - which is into
the business of tool dealership and manufacturing of end-mills and
established track record of the company as evidenced by the repeat
orders received from its diversified clients. While the company
has augmented its manufacturing capacity by ~40%, the ability to
secure more orders and adequately utilise increased capacities
will remain crucial for the overall profitability. While assigning
the rating ICRA also notes the exposure of DMTIL's towards foreign
currency fluctuations. Over 60% of the turnover of the company is
through exports and ~90% of its purchases are imported raw
materials. However, given that the cost of imported raw material
contributes to only ~25% of the turnover; the company's
profitability is likely to be positively impacted by ongoing rupee
depreciation. Going forward, ability of the company to secure
orders to adequately utilise its increased manufacturing
capacities while maintaining the profitability margins and prune
its working capital cycle to address liquidity issues will be key
rating sensitivities.

Dagger Master Tool Industries Limited (DMTIL) was established in
1980 as a partnership firm by Mr. Vimal Nayan Nevatia and his
partners. The company is held by Nevatia family (65%) and Germany
based company JoReiCo GmbH (35%). JoReiCo is the holding company
of Zecha with which DMTIL has a joint venture arrangement for
technical collaboration and sales dealership of its products in
international markets. DMTIL is a domestic player engaged in
manufacture and trading of solid carbide micro twist drills. The
end users of the company's tools and tooling are Original
Equipment Manufacturers (OEMs) and suppliers of products such as
auto components, fuel injection, turbo charger parts, electronic
parts, writing instruments, dental & trauma implants, surgical
needles, intra ocular lenses, hydraulics, pneumatics and
electrical equipments. The company has two manufacturing unit in
Aurangabad of which 2nd unit has been recently established and is
expected to be fully operational in Q3FY14.


DESIGN CLASSICS: ICRA Cuts Rating on INR4cr Loan to 'B+'
--------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the Rs.4.00
crore fund based (sub-limit) facilities of Design Classics Exports
Private Limited to '[ICRA]B+' from '[ICRA]BB-'. ICRA has
reaffirmed the short-term rating assigned to the Rs.7.50 crore
fund based facilities and Rs.0.45 crore non-fund based facilities
of the Company at '[ICRA]A4'. ICRA had earlier suspended the
ratings in August 2013 owing to non-cooperation from the client.
The suspension now stands revoked.

                             Amount
   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Long-term-Fund based       (4.00)     downgraded to [ICRA]B+
   (sub-limit) facilities                from [ICRA]BB- (Stable)

   Short-term-Fund based       7.50      [ICRA]A4 reaffirmed
   facilities

   Short-term-Non-fund         0.45      [ICRA]A4 reaffirmed
   based facilities

The revision in ratings reflects weaker than expected performance
during the last two fiscals on account of decline in orders from
its major export customer (Columbia Sportswear, US) which impacted
revenue growth. However, the revenues are supported to an extent
by steady growth in volumes from domestic retailers coupled with
significant orders from new export customer (Mothercare plc, UK)
and repeat orders from existing customer (Benetton S.p.A, Italy).
The ratings also takes into account the deterioration in working
capital and liquidity position of the Company owing to increase in
receivables and inventory levels consequent to its focus on
domestic sales, where its bargaining power is limited and
necessitates stocking of finished goods inventory. The ratings,
however, continue to derive comfort from the experience of
promoters in the business for over two decades. Going forward,
ability to improve order volumes and margins while minimizing the
working capital cycle, would be critical to support the Company's
cash flows and consequently its financial profile.

DCEPL is primarily engaged in manufacture and exports of knitted
garments to the US and Europe. The Company was established as a
partnership firm (M/s. Design Classics) in 1989 and later
converted into a private limited company in 1993. The Company also
caters to domestic market and supplies predominantly to retailers
in Chennai. Also, the Company has also been engaged in selling
customized inner-wear under the brand name "Design Legacy".
Currently, the Company has three manufacturing facilities in Tamil
Nadu.

Recent Results

The Company had reported net profit of Rs.0.5 crore on an
operating income of Rs.10.8 crore during 2012-13 (according to un-
audited results) as against net profit of Rs.0.1 crore on an
operating income of Rs.13.9 crore during 2011-12.


GNI INFRASTRUCTURE: ICRA Cuts Rating on INR25cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the sanctioned
fund based limit of INR18.30 crore, sanctioned non-fund based
limit of INR3.50 crore and proposed term loan limit of INR3.20
crore of GNI Infrastructure Private Limited from '[ICRA]B' to
'[ICRA]D'.

                             Amount
   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Long-Term Scale Fund        18.30     [ICRA]D/Downgraded
   Based limit

   Non-fund based limit         3.50     [ICRA]D/Downgraded

   Term loan limit              3.20     [ICRA]D/Downgraded

The ratings revision takes into account the delay of more than 30
days by the company in payment of interest on fund based
facilities availed during Q1FY14.

GNI Infrastructure Private Limited (GNI) is an Aurangabad based
closely held private limited company held by Mr. Harvinder Singh
and his family members. The company was established in 1980 and is
largely into the field of infrastructure development with its key
focus areas of roads, commercial/residential buildings and waste
management. Overtime, the company has diversified into the
business of petrol, Ready Mix Concrete (RMC), bitumen and electric
pole. Besides, the group companies are into the business of
hospitality and real estate.

In FY12 ended March 31, 2012; the company registered a PAT stood
at INR2.30 crore on an Operating Income (OI) of INR43.83 crore as
against a PAT of INR0.44 crore on an OI of INR26.49 crore in FY11.


IMEX TRADERS: ICRA Assigns 'B' Rating to INR8cr Loans
-----------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to INR8.00 crore
proposed fund based limits of Imex Traders.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Proposed Fund based limits      8.00     [ICRA]B assigned

The assigned rating is constrained by limited track record of the
firm in iron ore exports business; minimal value addition
resulting in low profitability and the high working capital
requirement due to trading nature of business. Further, the iron
ore exports business is highly vulnerable to government
regulations on exports such as differential freight policy and
increase in customs duty by 30% which reduced sales by 70% in
FY2013 and high customer concentration with top customer
accounting for majority of the firm's revenues. The rating,
however factors in favorable location of the firm and established
trade links ensuring supply of iron ore.

Established in 2008 as a partnership firm, Imex traders is engaged
in trading and export of iron ore fines of different grades
ranging from 57%-62% based out of Viskhapatnam, Andhra Pradesh.
The firm was promoted by two partners, Mr. Ch. Srinivasa Rao and
Mr. K. Bala Subrahmanyam. However in November'2009, Mr. K. Bala
Subrahmanyam retired from the firm and Mrs. Sri Lakshmi joined as
a partner of the firm. The day to day management of the firm will
be looked after by Mr. Ch. Srinivasa Rao.

Recent Results

Imex Traders registered a profit after tax of INR0.15 crore and
operating income of INR14.97 crore in 2012-13. In 2011-12, the
company registered a profit after tax of INR1.13 crore and
operating income of INR73.77 crore



INFINITY FAB: ICRA Assigns 'B-' Ratings to INR5.69cr Loans
----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B-' to INR4.44 crore
fund based and INR1.25 crore non-fund based limits of Infinity Fab
Engineering Co. Private Limited.

                            Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Term Loan                 0.79      [ICRA]B- assigned
   Cash Credit               3.65      [ICRA]B- assigned
   Bank Guarantee            1.25      [ICRA]B- assigned

The assigned rating is constrained by the highly competitive and
fragmented nature of the sheet metal fabrication industry; modest
scale of operations of the company; and susceptibility of the
company's profitability to raw material price movement due to
fixed price nature of the orders. Further, the rating takes into
consideration high receivable and inventory levels of the firm,
which have led to high working capital intensity and stretched
liquidity position. High inventory and receivables levels are due
to long project execution cycle of 5-8 months and delays in
payments from customers on top of 10% of the bill amount being
retained as retention monies.

The rating however, favorably factors in the long track record of
the company in the fabrication business; healthy increase in
operation income with a CAGR of 17% over the past three year,
albeit on low base and comfortable order book position of the
company having orders of INR14.07, which are 1.37 times FY2013
operating income.

Going forward company's ability to maintain its turnover growth
without compromising on margins and to improve its liquidity
position will remain key rating sensitivities from credit
perspective.

Infinity Fab Engineering Co. Private Ltd (IFEPL) was incorporated
in 1992 and was promoted by Mr. Ravindra Ganamukhi to undertake
sheet metal fabrication works; later, the company entered into
fabrication of pre engineered buildings (PEBs) and has been
supplying them for the past four years. The manufacturing facility
of IFEPEL is located in Balgaum, Karnataka and has a capacity to
produce about 1200MT per annum of steel structures.

Recent Results

In FY2013, the company reported an operating income of INR10.25
crore and a profit after tax of INR0.23 crore.


JEYENKAY PETROGELS: ICRA Revises Rating on INR3.4cr Loan to BB-
---------------------------------------------------------------
ICRA has revised the long-term rating for the INR3.40 crore long-
term fund based bank facility of Jeyenkay Petrogels Private
Limited, to '[ICRA]BB-' from '[ICRA]BB'. The short-term rating for
the INR11.00 crore short-term non-fund based bank facility has
also been revised to '[ICRA]A4' from '[ICRA]A4+'. Ratings of
[ICRA]BB- and/or [ICRA]A4 have also been assigned for the INR3.60
crore unallocated bank facilities of the company. The outlook on
the long term rating is 'Stable'.

                           Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Long-term fund            3.40      [ICRA]BB-(Stable) Revised
   based facility

   Short-term non-fund      11.00      [ICRA]A4 Revised
   based facility

   Unallocated facilities    3.60      [ICRA]BB- (Stable) and/or
                                       [ICRA]A4 Revised

The rating revision takes into account the fall in JPPL's
profitability margins in FY 13 and the consequent decline in
return indicators and accruals as well as high inventory period
increasing the working capital intensity of the business,
resulting in higher dependence on external borrowings. The capital
structure was aggressive as on 31st March 2013, as reflected by
gearing of 5.22x which has led to steep decline in coverage ratios
for the year. However, some comfort can be drawn from the fact
that part of the total debt comprises of unsecured loans from
directors. The ratings also factor in the susceptibility of the
revenues of the company to forex risks on its imports in the
absence of a formal hedging mechanism as well as intense
competition from a large number of unorganised players.

The ratings however, favorably factor in the established track
record of the director in the petrogels and speciality oils
industry and favourable demand prospects for the company's
products for key end user industries. About the Company
Established in 1996, JPPL is engaged in the manufacture of
petrogels and speciality grade oils. The partnership firm was
converted into a private limited company in August 2010. JPPL has
its corporate office in Ghatkopar, Mumbai and manufacturing
facility at Silvassa.

Recent Results

As per its audited financials for FY 13, JPPL recorded a net
profit of INR0.10 crore on an operating income.


KRITIKA VEGETABLE: ICRA Rates INR11cr Cash Credit at 'B+'
---------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR11.00 crore
fund-based cash credit facility of Kritika Vegetable Oils Private
Limited. The rating of '[ICRA]A4' has also been assigned to the
INR1.50 crore short-term fund-based facility of KVOPL.

                          Amount
   Facilities          (INR crore)   Ratings
   -----------         -----------   -------
   Cash Credit             11.00     [ICRA]B+ assigned
   Bill Discounting         1.50     [ICRA]A4 assigned

The assigned ratings are constrained by the low value additive
nature of the company's operations; the highly fragmented nature
of edible oils industry characterized by the presence of a large
number of unorganized players, which results in intense
competitive pressures and thin profitability margins; exposure to
agro-climatic risks and global edible oil price movements. The
ratings also take into account the company's weak financial
profile characterized by low profitability, aggressive capital
structure and weak coverage indicators.

The ratings, however, take comfort from the long experience of the
promoter in the edible oils industry; the company's competitive
advantage in raw material procurement on account of its presence
in oil seed producing belt of Rajasthan and favorable demand
outlook for edible oils in the domestic market.

Incorporated in August 2004, Kritika Vegetable Oils Private
Limited (KVOPL) is primarily engaged in manufacturing of crude
mustard and soybean oils, mustard expeller oil, refined mustard
and soybean oils and de-oiled mustard and soybean cakes. The
company operates from its production unit located at Kota in
Rajasthan with an installed capacity to process 150 MT of mustard
seeds and 300 MT of soybean per day and refine 70 MT of crude oils
per day. The company is managed by Mr. P.D. Mittal who has an
experience of around 25 years in the trading of oilseeds and
edible oils.

Recent Results


For the year ended 31st March 2013 (as per provisional unaudited
financials), KVOPL reported an operating income of INR330.68 crore
and profit after tax of INR0.55 crore as against an operating
income of INR296.02 crore and profit after tax of INR0.42 crore
for FY12.


LAXMI GOLDORNA: ICRA Rates INR6cr Cash Credit at 'B+'
-----------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR6.00 crore
cash credit limits of Laxmi Goldorna House Private Limited.

                             Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Cash Credit Limits         6.00       [ICRA]B+ assigned

The assigned rating is constrained by LGHPL's small scale of
operations; weak financial profile characterized by low
profitability, high gearing levels and weak coverage indicators;
highly fragmented nature of the industry and strong presence of
organized players. The rating is further constrained by the high
working capital intensity of the operations driven by high
inventory requirements which in turn exposes the company's
profitability to any sharp and sustained fluctuations in gold
prices. The risk however gets partly mitigated due to the
company's policy of buying the equivalent of each day's sales. The
rating, however, takes comfort from the experience of the
promoters in the jewellery business; and steady growth in
operating income over the years.

Incorporated in the year 2010, Laxmi Goldorna House Private
Limited is engaged in wholesale business and retailing of gold
jewellery. The company has been operating from its showroom
located in Ahmedabad, Gujarat. The company has been promoted by
Mr. Jayesh Shah and his family members, who have more than a
decade of experience in jewellery business by virtue of other
group concern Sona Hi Sona Jewellers (Gujarat) Private Limited
engaged in similar line of business.

In FY 2013 (provisional unaudited financials), LGHPL reported an
operating income of INR44.22 crore and profit after tax of INR0.12
crore as against an operating income of Rs.30.04 crore and profit
after tax of INR0.07 crore during FY 2012.


LEGNO DOOR: ICRA Cuts Rating on INR6cr LT Loan to 'D'
-----------------------------------------------------
ICRA has revised the rating outstanding on the long term fund
based limits of INR6.0 crores of Legno Door Systems Private
Limited to '[ICRA]D' from '[ICRA]C+'.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long Term Fund           6.0       [ICRA]D (Revised from
   Based Limits                       [ICRA]C+)

The revision in rating factors in delays in debt servicing by the
company owing to its tight liquidity position. The company's
financial profile remains stretched with considerable net losses
over the last few years, negative net worth and weak coverage
indicators. The Company's limited track record and its current low
scale of operations restrict financial flexibility while high
competitive intensity in the industry limits pricing flexibility.
However, ICRA notes that, the Company's revenues going forward are
likely to be supported by healthy order book, business support
from group companies engaged in residential construction and new
customer additions. Tie-ups with renowned construction companies
and planned foray into new product segments such as Fire Doors,
Furniture and Interiors is also expected to aid in scaling up the
business. Going forward, the Company's ability to service its debt
obligations in a timely manner, scale up the operations, improve
its margins and working capital management would remain key rating
sensitivities.

Incorporated in January 2011, Legno Door Systems Private Limited
is engaged in manufacturing solid wooden doors, engineering doors,
flush doors, wooden floors and wardrobes. The Company has been
operational since April 2010 (initially as a partnership firm);
however post December 2010, the constitution was changed to
private limited company.

Recent Results

For 2012-13 (according to unaudited results),LDSPL's operating
income stood at Rs.2.7 crore with the net loss of Rs.0.6 crore
against net loss of INR0.7 crore on operating income of Rs.3.8
crore in 2011-12.


MANDEEP INDUSTRIES: ICRA Places 'B' Rating on INR20cr Loans
-----------------------------------------------------------
ICRA has assigned the '[ICRA]B' rating to the INR20.00 crore cash
credit facilities of Mandeep Industries. ICRA has also assigned
the short term rating of '[ICRA]A4' to INR10.00 crore short term
fund based facilities of MI.

                           Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Cash credit limits       20.00      [ICRA]B assigned

   Short Term Fund Based-   10.00      [ICRA]A4 assigned
   Warehouse receipt
   financing

The assigned ratings are constrained by MI's modest scale of
operations; its thin profitability margins due to low value
additive nature of operations and intense competition on account
of fragmented industry structure; and the firm's weak credit
metrics. The ratings also take into account the vulnerability of
MI's profitability to volatility in raw material prices which are
subject to seasonality and crop harvest. Further, MI is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure.

The ratings, however, favorably factor in the extensive experience
of partners and long track record of the firm's solvent extraction
business; favorable location of the firm giving it easy access to
quality raw materials; and stable demand outlook for the
derivatives products of groundnut and other oil seeds in India as
well as abroad.

Mandeep Industries was set up as a partnership firm in the year
1973 by members of Desai and Talaviya family. The firm is engaged
in solvent extraction to produce groundnut de-oiled cake (DOC) and
groundnut oil from groundnut oil cake. The extraction unit of the
firm is located at Upleta in Gujarat and has a processing capacity
of 200 MT per day of oil cake. Apart from groundnut oil cake, MI
is also involved in processing rapeseed cake, castor seed cake and
other oil seed cakes depending on the crop season and availability
of raw material (oil cakes) from the oil millers.

In FY 2013, MI reported an operating income of INR57.37 crore and
profit after tax of INR0.34 crore as against an operating income
of INR78.54 crore and profit after tax of INR1.06 crore during FY
2012.


MANIKCHAND VASUDHA: ICRA Reaffirms 'B+' Rating on INR17cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR17.00 crore
Term Loan facility of Manikchand Vasudha Developers.

                            Amount
   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Term Loan                 17.00      [ICRA]B+ reaffirmed

The rating continues to favourably factor in experience of the
promoters (Vasudha Group) in real estate project development for
around a decade and high net worth position of the Manikchand
Group, attractive location of the project due to proximity to well
developed commercial and residential areas and healthy customer
advances position due to healthy bookings in the launched part of
the project. The rating is however remains constrained by delays
in sanction of the remaining part of the project due to
unavailability of TDR at a reasonable rate. ICRA notes that delays
in execution arising out of the situation will result in deferment
of accruals to be generated from the project. Further,
deterioration of macroeconomic environment is affecting real
estate industry in general. Going forward, MVD's ability to
complete the sanction process and tie up the sales for remaining
part of the project will remain key rating sensitivity factors.

MVD has been formed in 2008 in order to develop real estate
projects. Sai Eshanya is the first project of the firm. The
promoters of the firm are Manikchand group promoted by Mr.
Rasiklal Dhariwal and Vasudha group promoted by Mr. Umesh
Kothawade. Manikchand group has various business interests through
other entities in industries like Gutka and Pan Masala, packaged
drinking water (Oxyrich), flexible laminations, electrical
switches manufacturing, foods, tea, real estate development etc.
Vasudha group is engaged in real estate development in Pune and
surrounding areas for around a decade and they have completed
around 10 projects till date. In the entity, the Manikchand group
is a funding partner while complete operations are managed by Mr.
Kothawade of Vasudha group.


MELANGE SYSTEMS: ICRA Assigns 'B+' Rating to INR6cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR6.00
crore fund based limits of Melange Systems Private Limited and a
short term rating of '[ICRA]A4' to the INR16.00 Crore short term
fund based limits of MSPL.

                            Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Long-term scale-          6.00      [ICRA]B+ Assigned
   Cash Credit

   Short-term scale-        16.00      [ICRA]A4 Assigned
   Bill Discounting

The assigned rating favorably factors in the extensive experience
of the promoters in embedded systems engineering and industrial
automation. ICRA takes note of the fact that significant research
and development in its core intellectual property- the Tarang
Networking solution and subsequent solution development efforts
which has resulted in MSPL servicing its first bulk order (Rs.
26.90 crore) since inception, in the last fiscal (FY13), for the
supply of its automatic energy meter solution. The rating also
derives comfort from the favorable working capital cycle as
reflected by NWC/OI of 3% with beneficial credit terms from its
creditors and favorable payment terms from customers. Further,
MSPL's low gearing (0.1x) and robust interest coverage of 10.4x in
FY13 are also a positive.

The rating, however, is constrained by MSPLs' modest scale of
operations with an operating income of around INR25.4 Crore for
FY13. Further, 2013 is the first fiscal in which the company's R&D
efforts resulted in significant orders and with order book of
INR6.60 crore as of 31st August, 2013 revenue visibility in the
short term is limited. ICRA also notes that significant orders
serviced last fiscal and the orders received in the current fiscal
are for servicing a single downstream order from Maharashtra State
Electricity Distribution Company Limited (MSEDCL). The rating is
also constrained by high customer concentration with ~80% of FY13
revenues coming from a single meter manufacturing company
servicing the same MSEDCL order. The company has other solution
and product offerings, apart from energy meter solutions, which
have not seen any significant traction in terms of confirmed
orders and as such do not provide any near term visibility.

Going forward, the company's ability to scale up the operations
and achieve stable revenues in conjunction with maintaining a
sound capital structure will be the key rating sensitivity
factors.

Melange Systems Private Limited is a wireless design and
manufacturing company based in Bangalore. The company has been
promoted by technocrats- Mr. Narain Attili and Mr. Nagaraj K.G,
both of whom have significant experience in embedded systems
engineering, industrial control and automation. Established in
2001, the company spent its initial years in research and
development activities developing core IP (Tarang Networking
module) that would be useful for developing products and solutions
in the field of wireless control systems for industrial automation
applications.

It has made significant progress in developing automatic energy
meters in association with various energy meter manufacturing
companies to service requirements of electricity distribution
companies for smart grid implementation. Towards this end, the
company has garnered large orders in FY2013 from meter
manufacturing companies to service Maharashtra State Electricity
Distribution Company requirement for automatic energy meters.

Recent Results

MSPL has recorded a profit after tax (PAT) of INR1.65 crore on an
operating income (OI) of INR25.35 crore in FY2013. MSPL has
reported PAT of INR0.04 crore on OI of INR1.75 crore in FY2012.


NATIONAL AUTOPLAST: ICRA Cuts Ratings on INR19.05cr Loans to D
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR14.00
crore term loans and INR3.50 crore fund based working capital
facilities of National Autoplast from '[ICRA]B+' to '[ICRA]D'.
ICRA has also revised short term rating assigned to the INR1.55
crore non-fund based bank limits of NAP from '[ICRA]A4' to
'[ICRA]D'.

                           Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Term Loans               14.00      Revised to [ICRA] D from
                                       [ICRA]B+

   Fund Based Limits         3.50      Revised to [ICRA] D from
                                       [ICRA]B+

   Non Fund Based Limits     1.55      Revised to [ICRA]D from
                                       [ICRA]A4

The rating action considers the delays in debt servicing by the
firm in the recent past, owing to its stretched liquidity
position.

National Autoplast is a partnership firm founded in 2009. It is
engaged in the manufacturing and marketing of injection moulded
plastic components, mainly for the automotive industry. The firm
has a manufacturing plant in Oragadam, near Chennai and supplies
to the tier I suppliers of Nissan Motors India Private Limited and
Hyundai Motors India Limited. The plant commenced operations in
May 2011. NAP is part of the National Plastics Group of Chennai,
which was started in 1951 by Mr Bachhraj Parakh. There are two
other group companies, National Plastic Technologies Limited and
National Polyplast (India) Limited, both engaged in the
manufacturing of injection moulded plastic components.


NAV JYOTI: ICRA Reaffirms 'B' Rating on INR53cr Loans
-----------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating for INR53.00 crore
(enhanced from INR33.00 crore) fund based facilities of Nav Jyoti
Agro Foods Pvt. Ltd.

                            Amount
   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Working Capital            53.00     [ICRA]B reaffirmed
   facilities

ICRA's rating action factors in highly competitive nature of the
industry, NJAFPL's weak profitability metrics. This coupled with
NJAFPL's high gearing has resulted in weak debt protection
indicators. The rating also continues to be constrained by its
stretched liquidity position as reflected by consistently high
working capital limits utilization arising out of high inventory
holding period. The rating, however favorably takes into account
long standing experience of promoters in rice industry and
proximity of the mill to major rice growing area which results in
easy availability of paddy.

In June 2011, Nav Jyoti Agro Foods Pvt. Ltd. took over M/s Nav
Jyoti Agro Foods which was established in 2007 with Mr. Pankaj
Kumar, Mr. Anil Kumar, Smt. Usha Rani, Smt. Sunita Rani and Smt.
Madhu Bala as partners. The company is involved in the milling and
processing of basmati rice and is based out of Nissing, Karnal
(Haryana), which is in close proximity to the local grain market.
The company also exports rice to countries like Saudi Arabia,
Dubai, etc

Recent Results

During FY2013, the Company reported a net profit after tax (PAT)
of INR0.43 crore on an operating income of INR142.76 crore as
against a PAT of INR0.14 crore on an operating income of INR58.74
crores in FY 2012.


OSCAR CERAMICS: ICRA Suspends 'B+' Ratings on INR4.85cr Loans
-------------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR4.85
crore long-term fund-based limits & [ICRA]A4 rating assigned to
the INR0.45 crore short-term non fund-based bank limits of Oscar
Ceramics. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                               Amount
   Facilities               (INR crore)   Ratings
   -----------              -----------   -------
   Long Term-Fund Based         2.00      [ICRA]B+ suspended
   Limits-Cash Credit

   Long Term-Fund Based         2.85      [ICRA]B+ suspended
   Limits- Term Loan

   Short Term-Non Fund          0.45      [ICRA]A4 suspended
   Based Limits-Bank
   Guarantee

   Short Term-Non Fund         (2.05)     [ICRA]A4 suspended
   Based Limits-Foreign
   Letter of Credit

Oscar Ceramics is a wall tiles manufacturer with its plant
situated at Morbi, Gujarat. The firm was established in 1999. OC
is managed by Mr. Dharmesh Patel and other partners. The plant has
an installed capacity to manufacture 11,250 MT of wall tiles p.a.
OC currently manufactures wall tiles of size 12" X 18", and 12" X
24". The firm has installed digital printing tiles manufacturing
machine imported from Spain in August, 2012 commercial production
from which was expected to start from end of September, 2012.


PARI INDIA: ICRA Assigns 'BB-' Ratings to INR28.4cr Loans
---------------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR15.0 crore cash
credit limits, INR5.0 crore FBP Limits and INR8.4 crore term loans
of Pari India. The outlook on the long-term rating is stable.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Cash Credit              15.0      [ICRA]BB-(stable) assigned
   FBP                       5.0      [ICRA]BB-(stable) assigned
   Term Loans                8.4      [ICRA]BB-(stable) assigned

The firm's rating is constrained by the highly competitive and low
value additive nature of the rice milling industry which coupled
with PARI's limited pricing power and and small scale of
operations have resulted in relatively weak profitability
indicators for the firm. Further, the firm's working capital
intensive operations have been largely debt funded resulting in
high gearing and weak debt coverage indicators. ICRA also factors
in the vulnerability of firm's operations to agro climatic risks,
which can affect the pricing and availability of paddy. ICRA
however draws comfort from the proximity of the mill to a major
rice growing area which results in easy availability of paddy and
stable demand outlook given that India is a major consumer and
exporter of rice.

Incorporated in 2008, Pari India is a partnership firm engaged in
milling of rice and has an installed capacity of 6 tons/hour. The
facility of the firm is located in Amritsar. The firm has been
promoted by Mr. Tushar Sachdev and Mrs Ridhi Sachdev.

MTPL reported a net profit of INR0.93 crores on an operating
income of INR51.92 crores in FY13 as against net profit of INR0.38
crores on an operating income of INR39.01 crores in FY12.


ROYEL IMPEX: ICRA Reaffirms 'B' Rating on INR5cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' to the
Rs.5.00 crore fund based facilities of M/s Royel Impex. ICRA has
also reaffirmed the short-term rating of '[ICRA]A4' to the
INR15.00 crore non-fund based facilities and INR5.00 crore non-
fund based sub-limits of the Firm.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long term: Fund          5.00      [ICRA]B/reaffirmed
   Based facilities

   Short term: Non-fund    15.00      [ICRA]A4/reaffirmed
   based facilities

   Short term: Non-fund   (5.00)      [ICRA]A4/reaffirmed
   based (sub-limit)
   facilities

The ratings consider the significant experience of the promoters
of over five decades in the timber trading business, the firm's
established relationship with the suppliers, enabling timely
availability of timber for the firm and sustained demand for
timber which drives the revenue growth for the firm. The ratings
however remain constrained by the firm's limited scale of
operations which restricts its pricing flexibility given the
competition prevalent in the industry with limited entry barriers,
and the concern on adequate availability of quality timber which
is dependent on the trade regulations prevailing in the supplying
market. The ratings also remain tempered by the moderate financial
profile of the Firm characterized by stretched working capital
indicators and thin margins, which is vulnerable to the volatility
in timber prices and fluctuation in foreign exchange rates.

Royal Impex was incorporated in the year 1950 and is a partnership
concern promoted by Mr. V. M. Hussain Khan. The Firm located in
Kochi, Kerala is primarily engaged in the import and trading of
timber such as teak, pingoda, ting etc. The Firm imports the
timber mainly from Myanmar and in small quantities from Malaysia,
South America and African countries. RI caters to wholesale timber
dealers mainly in Kerala and also to dealers in Tamil Nadu and
Karnataka. The Firm has saw mills in Kochi and Payyanoor (Kannur
district) where the timber is cut as per customer specifications.

Recent Results (Un-audited)

The Firm's net profit stood at INR0.4 crore on an operating income
of INR40.0 crore in 2012-13, as against net profit of INR0.4 crore
reported on an operating income of INR37.4 crore for 2011-12.


SHREE BALAJI: ICRA Raises Rating on INR35cr Cash Credit to 'BB'
---------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR35.00
crore proposed Cash Credit facility of Shree Balaji Realty to
'[ICRA]BB' from '[ICRA]BB-'. The outlook on the rating is stable.

                            Amount
   Facilities             (INR crore)  Ratings
   -----------            -----------  -------
   Cash Credit (proposed)    35.00     [ICRA]BB (stable) upgraded
                                       from [ICRA]BB- (stable)

The rating upgrade reflects healthy growth in the bookings for the
project 'Ganga Florentina', expected improvement in the customer
advances position and on track execution of the project till date.
The rating continues to favourably factor in experience of the
promoters in real estate project development in Pune and strong
brand recognition of the 'Goel Ganga' brand which is expected to
help in accelerating bookings going forward as well. ICRA also
notes that all the transactions related to the project will be
routed through escrow mechanism and the same is expected to
maintain transparency. The rating however remains constrained by
execution risks associated with a typical real estate project as
the work is in initial stages. Further, around 40% of the project
is being financed by debt and capital structure is expected to
remain under pressure in the near term. ICRA also notes that the
real estate sector is facing a slowdown across geographies in the
country and ability of the firm to tie up the sales at adequate
rates in timely manner will remain a key rating sensitivity
factor.

Established in Sept 2012, SBR is developing a residential real
estate project 'Ganga Florentina' at Mohammadwadi, near NIBM in
Pune. The promoters of the firm are Meenamani Ganga Builder LLP,
promoted by Goel Ganga Developments along with three other
entities i.e. Mohta Builders, Jindal Builders & Developers and
Limra Ventures LLP. Goel Ganga Developments is engaged in real
estate development in Pune for around two decades. The group has
developed around 5.5 million sq ft area in last 10 years.


SKG TIMBERS: ICRA Assigns 'BB-' Rating to INR5cr Cash Credit
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the INR5.00
crores fund based bank facilities of SKG Timbers Private Limited.
ICRA has also assigned a short term rating of '[ICRA]A4' to the
INR18.00 crores Non- fund based facilities of SKGTPL. The outlook
on the long term rating is Stable.

                             Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Fund Based Limits-         5.00      [ICRA]BB- assigned
   Cash Credit

   Non-Fund Based Limits-    18.00      [ICRA]A4 assigned
   Letter Of Credit

The rating assigned factor in the extensive experience of the
promoters in timber trading, low gearing and healthy growth in
turnover. These rating strength are however partially offset by
highly competitive nature of the business and its susceptibility
to regulatory changes in timber industry. Further, the entire
timber requirement is met through imports (in USD) and the import
payables are not completely hedged by the company exposing the
company to exchange rate fluctuations.

SKGTPL is a privately owned company that was incorporated in 2010.
Mr. Sushil Kumar Goel who is the director of the company is
actively engaged in the working of the business. Mr Sushil Goel
has been engaged in the business of timber trading since 1992.The
company imports timber from Africa, Belgium and Malaysia. The
company's Head office located at Nangloi (Delhi) & Branch office
located at Gandhidham (Gujarat).

Recent Results:

SKGTPL reported a net profit of INR0.21 crores on an operating
income of INR55.10 crores for the year ended March 31, 2013 and a
net profit of INR0.21 crores on an operating income of INR32.10
crores for the year ended March 31, 2012.


SLN RICE: ICRA Assigns 'B+' Ratings to INR8cr Loans
---------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' rating to INR8.00
crore1 fund based limits of SLN Rice Industries.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Cash Credit Limits       6.00      [ICRA]B+ assigned
   Term Loan                1.00      [ICRA]B+ assigned
   Adhoc Limits             1.00      [ICRA]B+ assigned

The assigned rating is constrained by intensely competitive nature
of rice milling industry with competition from a large number of
players, which restricts the ability of the players to pass on
hike in input costs; weak financial profile of the firm
characterized by low profitability & high gearing levels; and
risks inherent in a partnership firm. These apart, the ratings are
also constrained by the susceptibility of profitability & revenues
to agro-climatic risks which impact the availability of the paddy
in adverse weather conditions. The ratings however favorably
factor in the long track record of the promoters in the rice mill
business and positive demand prospects for the rice.

Founded in 2003 as partnership firm by Mr. K. Umesh Babu and Mr.
K. Natesh Babu. SLN Rice Industries is engaged in the milling of
paddy and produces raw rice. The rice mill is located at Tumkur,
Karnataka. The installed capacity of the plant is 5 tph (tons per
hour).

Recent Results

As per the results for FY2013, the firm reported net profit of
INR0.69 crore on turnover of INR30.86 crore.


TIGER STEEL: ICRA Reaffirms 'B+' Rating on INR38.56cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR16.00
crore fund-based bank facilities and the INR14.56 term loans of
Tiger Steel Engineering (India) Pvt. Ltd at '[ICRA]B+'. ICRA has
also assigned the '[ICRA]B+' rating to the INR8 crore proposed
long-term loan facilities of TSEPL. ICRA has also reaffirmed the
short-term rating of '[ICRA]A4' to the INR50.08 crore non-fund
based facilities and assigned the '[ICRA]A4' rating to the
proposed non-fund based facilities of TSEPL.

                             Amount
   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Fund-based limits          16.00     [ICRA]B+ reaffirmed

   Term loans                 14.56     [ICRA]B+ reaffirmed

   Proposed long               8.00     [ICRA]B+ assigned
   term loans

   Non-fund based             50.08     [ICRA]A4 reaffirmed
   limits

   Proposed non-fund           7.00     [ICRA]A4 assigned
   based limits

The reaffirmation of ratings take into account the company's tight
liquidity profile as characterized by a few instances of
devolvement in letters of credit in the recent past; the
conversion of working capital demand loan to a term loan with
repayments scheduled in the current year, which is expected to
further strain the company's cash flows in the near future; the
proposed increase in borrowings for working capital purposes and
the largely debt-funded capital expenditure to be incurred in the
near future, which is expected to adversely impact the company's
capital structure. The ratings are further constrained due to the
company's exposure to raw material price risks, given the high
inventory holding period; the exposure to currency fluctuation
risks on account of increased procurements through imports; and
the increased competition in the Pre-Engineered Building (PEB)
industry, which exerts downward pressure on the company's
profitability.

Nevertheless, the ratings favourably factor in the long experience
of the management; TSEPL was one of the early entrants in the Pre
Engineered Buildings (PEB) business in India; the sequential
increase in the company's operating income in the past three
years; and the healthy order-book of INR140 crore as on August 31,
2013 which provides revenue visibility in the near term. ICRA also
notes the modernisation of manufacturing equipments in the current
year and memorandum of understanding (MOU) entered with a key
Japanese player in the industry which improves the company's
revenue potential; and the demonstrated support from group
entities in the form of provision of raw material with favourable
credit terms.

Incorporated in 1996, TSEPL is in the business of design,
fabrication and erection of Pre-Engineered Buildings. The company
is a wholly-owned subsidiary of the Tiger Group, based in the
United Arab Emirates, which has presence in steel fabrication and
trading, civil construction and manufacture of cladding and
insulation. TSEPL has manufacturing facilities in Murbad
(Maharashtra) and Hardwar (Uttarakhand), with a combined capacity
of 30,000 MTPA for hot-rolled products and 40,000 MTPA for cold-
rolled products.

Recent Results

As per the audited results for 2012-13, TSEPL reported a profit
after tax (PAT) of INR4.13 crore on an operating income of
INR182.67 crore as compared to a PAT of INR2.48 crore on an
operating income of INR161.99 crore in 2011-12.


TILE GRES: ICRA Suspends 'B' Ratings on INR5.5cr Loans
------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR5.50
crore long-term fund-based limits & '[ICRA]A4' rating assigned to
the INR0.50 crore short-term non fund-based bank limits of Tile
Gres. The suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                               Amount
   Facilities                (INR crore)   Ratings
   -----------               -----------   -------
   Long Term-Fund Based          2.50      [ICRA]B suspended
   Limits-Cash Credit

   Long Term-Fund Based          3.00      [ICRA]B suspended
   Limits-Term Loan

   Short Term-Non Fund           0.50      [ICRA]A4 suspended
   Based Limits-Bank
   Guarantee

Tile Gres Ceramics was established as partnership firm in June,
2010 to manufacture wall tiles of size 12"X 8" and 10" X 13" with
the production facility being located in Morbi, Gujarat. The
installed capacity of the plant is 24,000 MTPA with the current
set of machineries. The firm was promoted by Mr. Sunilkumar
Aghara, Mr. Pravin Patel, Mr. Narendra Aghara, and Mr. Mehul
Patel, along with other ten partners, having an extensive
experience in tile manufacturing industry.


UNIQUE BIOTECH: ICRA Reaffirms 'D' Ratings on INR21.43cr Loans
--------------------------------------------------------------
ICRA has reaffirmed '[ICRA]D' rating to INR10.96 crore long term
bank lines of Unique Biotech Limited. ICRA has also reaffirmed
'[ICRA]D' rating to INR10.47 crore short term bank lines of UBL.

                             Amount
   Facilities             (INR crore)   Ratings
   -----------            ----------    -------
   Long term fund           10.96       [ICRA]D reaffirmed
   based limits

   Short term fund          10.47       [ICRA]D reaffirmed
   based limits

The rating is primarily constrained by the recent delays in
servicing of debt obligations owing to cash flow mismatches given
the slow ramp up of operations and high debt repayments of INR1.15
crore every quarter in addition to repayment of short term loans.
While capex was completed in FY11, the stabilization of
manufacturing processes for new products-yeasts and enzymes- took
over 2 years resulting in low incremental income from the
abovementioned products in FY11 and FY12. UBL has commercialized
Serratiopeptidase (an enzyme) and Saccharomyces Boulardii (yeast)
in FY13 and attained revenues of INR6.34 crore from the two
products as against INR1.32 crore in FY12. UBL remains exposed to
adverse movements in currency since the company earns more than
35% of its income through exports. Given high repayments, ICRA
notes that debt servicing could be challenging in the short term
unless there is steady ramp up of operations.

Incorporated in December 2000, Unique Biotech Limited (UBL) is
primarily involved in the manufacture and marketing of probiotics
as individual cultures, blends and finished formulations. The
company has also started manufacturing serratiopeptidase (an
enzyme) and sachharomyces boulardi (probiotic yeast) in last 2
years. Although the company is focused on human healthcare, it
also markets some probiotic strains for poultry, pet animals and
livestock in bulk as well as finished formulations. The company
markets its products to domestic pharmaceutical companies besides
exports to countries like the US, Europe, Japan, Switzerland and
Korea. The company was promoted by Dr. M. Ratna Sudha and Dr.
R.V.S.K Chakravarthy. For FY13, UBL reported an operating income
of INR29.87 crore and PAT of INR1.85 crore.


VASAVI AGROTECH: ICRA Rates INR16cr Fund Based Limits at 'D'
------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to INR16.00 crore
fund based limits of Vasavi Agrotech Industries Private Limited.

                              Amount
   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Fund Based Limits          16.00      [ICRA]D assigned

The assigned rating is constrained by delays in debt servicing by
the company due to delays in project completion and associated
cost overruns. The rating is also constrained by weak financial
profile of the company characterized by low profitability & high
gearing levels; vulnerability of demand of rice bran oil to
cheaper substitutes and the highly fragmented nature of the edible
oil industry; and exposure to agro-climatic risks which could
affect the availability of the main raw material, rice bran. The
assigned rating however takes comfort from favorable demand
prospects for rice bran oil due to its health benefits &
competitive pricing compared to soyabean & sunflower oil; easy
availability of raw material in Andhra Pradesh and starting of
commercial operations from January 2013.

Incorporated in the year 2010, Vasavi Agrotech Industries Private
Limited is engaged in solvent extraction from rice bran with a
product mix of Rice Bran Oil and De-oiled Rice Bran. The company's
solvent extraction facilities are located at Kethapally village,
Nalgonda district with an installed production capacity of 300
tons per day. The company started its commercial production from
January 2013.

Recent Results
In FY2013 (unaudited & provisional), the company reported an
operating income of INR2.08 crore and operating profits of INR0.49
crore.


VENKATESHWARA POWER: ICRA Puts 'B+' Ratings on INR236.83cr Loans
----------------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to INR170.00 crore cash
credit and INR66.83 crore term loan facility of Venkateshwara
Power Project Limited.

                            Amount
   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Long term-Cash Credit      170.00    [ICRA]B+ assigned
   Long term-Term Loan         66.83    [ICRA]B+ assigned

The rating takes into consideration long standing experience of
the promoters in the sugar industry and established relations with
farmers coupled with adequate cane availability and high yield in
the region over the years. The company has high recovery of sugar
due to better quality of cane in the area which improves the
viability of cane crushing. Forward integrated operation with co-
generation plant enhances the profitability though PLF for the co-
gen unit has been moderate on back of limited availability of
bagasse at affordable prices. The rating is however constrained by
stretched financial risk profile marked by high gearing and
working capital intensity inherent in the sugar business. The
working capital cycle was stretched further in FY13 on back of
increased stocks at the end of year in anticipation of better
prices. The rating also factors in vulnerability to government
regulations regarding cane and sugar pricing and exposure to agro-
climatic risks and cyclical trends in sugar business.

Incorporated in 1994, VPPL is involved in manufacturing and supply
of sugar and allied products. VPPL has a sugar manufacturing
facility in Belgaum district of Karnataka, with a crushing
capacity of 6000 tonnes crush per day (TCD). The operations of the
company are forward integrated with a bagasse-based co-generation
plant of 23 MW.

Recent Results

During FY13, VPPL reported operating income of INR163.83 crore,
OPBITA of INR30.86 crore and PAT of INR10.73 crore (provisional
and unaudited numbers).


VEPARSEVA HEALTHCARE: ICRA Suspends D Ratings on INR17.53cr Loans
-----------------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR15.79 crore
term loans, the INR1.50 crore proposed term loan and the INR0.24
crore credit exposure limit of Veparseva Healthcare Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                            Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Fund Based-Term Loan     15.79      [ICRA]D; Suspended

   Fund Based-Term Loan      1.50      [ICRA]D; Suspended
   (Proposed)

   Non Fund Based-Credit     0.24      [ICRA]D; Suspended
   Exposure Limit


Veparseva Healthcare Private Limited was incorporated in June 2007
and has set up a hospital by the name of 'Saviour Hospital'. VHPL
is promoted by three promoters including one practicing doctor
with other two promoters being involved in trading and
distribution of medical equipments. VHPL commenced providing
medical services from January 2011 onwards. However the hospital
has become fully operational from May 2012 and currently has 70
beds. The hospital is super specialty in nature offering tertiary
care services.


WINDSON CERAMIC: ICRA Assigns 'B' Ratings to INR7.9cr Loans
-----------------------------------------------------------
The long-term rating of '[ICRA]B' has been assigned to the INR3.00
crore cash credit facility and the INR4.90 crore term loan
facility of Windson Ceramic. The rating of '[ICRA]A4' has also
been assigned to the INR1.00 crore short-term non-fund based
facility of WC.

                         Amount
   Facilities          (INR crore)   Ratings
   -----------         -----------   -------
   Cash Credit             3.00      [ICRA]B assigned
   Term Loan               4.90      [ICRA]B assigned
   Bank Guarantee          1.00      [ICRA]A4 assigned

The assigned ratings are constrained by the implementation risks
associated with the project, with scheduled commissioning targeted
for October 2013. The ratings are further constrained by the
vulnerability of the firm's profitability, post-commissioning, to
the cyclicality inherent in the real estate industry, which is the
main consuming sector; and to the adverse fluctuations in prices
of raw materials and natural gas, which is the major fuel. The
ratings also take into consideration the highly competitive
ceramic industry with presence of large established organized tile
manufacturers as well as unorganized players in Morbi (Gujarat)
resulting in limited pricing flexibility. ICRA also notes that WC
is a partnership firm and any significant withdrawals from the
capital account would affect its net worth and thereby its capital
structure.

The ratings, however, favourably take into account the experience
of the promoters in the ceramic industry and locational advantage
due to presence of the firm's plant in Morbi, India's ceramic hub,
giving it easy access to raw material.

Incorporated in March 2013, Windson Ceramic is setting up ceramic
wall tiles manufacturing facility at Morbi, Gujarat, with planned
installed capacity of ~5000 boxes per day. The firm proposes to
manufacture digitally printed ceramic wall tiles of two sizes 10"
x 15" and 12" x 18". Commercial production is expected to commence
from October 2013. The firm is promoted by Mr. Hitesh Kavar and
eleven other partners. The promoters of the firm have experience
in ceramic industry by way of their association with other related
companies.


ZENITH INFOTECH: Appeals High Court's Liquidation Order
-------------------------------------------------------
Larry Walsh at ChannelNomics reports that on the second
anniversary of its bond default, embattled Zenith Infotech is
making a last ditch effort before the India Supreme Court to stave
off liquidation and pay its massive $85 million debt, according to
foreign press reports.

Last month, the report recalls, a lower court ordered the
liquidation of the cloud and backup vendor.  According to the
report, the court agreed with creditors that Zenith Infotech no
longer had the cash flow or assets to fully pay off its debts.
Liquidation, they argued, would recover a portion of the tab.

Working in favor of creditors' arguments is Zenith Infotech's
admission earlier this year that its assets and cash flow were
less than its outstanding debt, according to ChannelNomics.

ChannelNomics relates that since defaulting on its foreign
currency convertible bonds in September 2011, Zenith Infotech has
maintained its intent to repay the $85 million debt, preferably in
installments. The company proposed to the court that it would pay
$4 million to creditors now and the balance over the next two to
three years, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 8, 2013, Economic Times said the Bombay High Court admitted
the winding-up petition filed by foreign lenders against Zenith
Infotech and also appointed advocate Shalil Shah as the
provisional liquidator.  ET related that on July 30 Justice SJ
Kathawala, while pronouncing the operative part of the order,
observed that prima facie the company is unable to pay its debt.
However, the court has also directed lenders to publish the
advertisement about the winding-up petition.  According to ET,
Zenith Infotech had defaulted on two foreign currency convertible
bond (FCCB) dues in 2011 and 2012, aggregating $83 million.

Zenith Infotech Limited -- http://www.zenithinfotech.com/-- is an
India-based company. The Company is serving information technology
(IT) providers worldwide. Its product and services include
computer software and computer network and integration. The
Company's subsidiaries include Zenith Infotech (Singapore) Pte
Ltd., Zenith Infotech Services Sdn.Bhd. and Zenith Infotech FZE.
During September 2011, the Company sold its MS Division to Zenith
RMM LLC.



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


eACCESS LTD.: Moody's Raises Sr. Unsec. Debt Ratings to Ba1
-----------------------------------------------------------
Moody's Japan K.K. has upgraded the senior unsecured debt and
issuer ratings of eAccess Ltd. (eAccess) to Ba1 from Ba2.
The rating outlook is stable.

Ratings Rationale:

The upgrade reflects the fact that the rated senior unsecured
foreign bonds are no longer effective subordinated to the
company's outstanding secured bank loans. As of October 4, 2013,
eAccess has fully repaid its secured bank debt.

A large part of the company's assets were used as collateral for
its secured syndicated loans, representing nearly 40% of eAccess'
total debt at June-end 2013. Consequently, Ba2 rating assigned to
the unsecured bond rating reflected the lack of access to these
assets. The bonds now have full access on a pari passu basis with
other unsecured obligations.

Moody's has incorporated expected support and equalized eAccess'
rating to that of parent SoftBank Corp. (Ba1, stable) on July 18,
2013. The rating continues to consider the strategic benefits to
eAccess from being an integral part of SoftBank group that is
greater in size, marketing and branding organization and also
access to capital.

Moody's notes that there is no explicit support to eAccess debt
from SoftBank. However, there is in Moody's opinion, continued
support extended from SoftBank in the case of needed. SoftBank
retains nearly all of the economic ownership of eAccess and the
company provides important support to SoftBank through its LTE
spectrum to SoftBank's mobile products.

eAccess' rating would be upgraded if SoftBank's rating is
upgraded. Upward rating pressure could emerge if eAccess'
financial profile on a standalone basis strengthens. For instance,
if debt/EBITDA improves to and remains above2.5x, and if EBITDA
margin remains above 35%, the rating may be upgraded.

However, should eAccess' financial metrics deteriorate
meaningfully from current levels, a downgrade could be considered.
And any future actions indicating a diminished financial or
operational support from SoftBank would lead to a review of the
rating.

eAccess Ltd, headquartered in Tokyo, is a multi-service operator
of an asymmetric digital subscriber line (ADSL) business and a
mobile broadband business. As a result of delisting from the Tokyo
Stock Exchange on 26 December, 2012, it is no longer a publicly
traded company.

SoftBank Corp., headquartered in Tokyo, is a holding company that
owns leading global providers of various services, including
broadband, fixed-line and mobile telecommunications, software
distribution and networking


HUMMINGBIRD SECURITISATION: S&P Puts B Rating on CreditWatch Pos.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
rating on one Japanese synthetic collateralized debt obligation
(CDO) transaction on CreditWatch with positive implications.

The CreditWatch positive placement reflects the tranche's
synthetic rated overcollateralization (SROC) level, which exceeded
100% with a sufficient SROC cushion at a higher rating than the
current rating as of Sept. 30, 2013.

S&P intends to review this tranche by the end of this month.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATING PLACED ON CREDITWATCH POSITIVE

Hummingbird Securitisation Ltd.
Series 2 loan
To                      From          Amount
B (sf)/Watch Pos        B (sf)        JPY3.0 bil.


PANASONIC CORP: To Halt Plasma TV Output This Fiscal Year
---------------------------------------------------------
Grace Huang at Bloomberg News reports that Panasonic Corp. will
halt production of plasma TV panels this fiscal year, according to
a person with direct knowledge of the situation.

Bloomberg relates that Panasonic is considering selling part of
its Amagasaki factory, near Osaka, Japan, the person, who asked
not to be identified because the information hasn't been released
publicly. The Amagasaki factory is the only Panasonic plant making
the devices, and a sale before March could account for a 40
billion-yen ($412 million) writedown, the person, as cited by
Bloomberg, said.

According to the report, President Kazuhiro Tsuga in March said
the company would keep producing plasma even as the technology
loses favor to liquid-crystal displays. In June the Osaka-based
maker of Viera sets said it was considering options for plasma
after its TV and panel business accumulated 300 billion yen of
operating losses in the two years ending March 2013.

"It is a milestone for Panasonic," said Koki Shiraishi, an analyst
at SMBC Nikko Securities based in Tokyo told Bloomberg. "The sale
of the plant will generate some cash inflow and this will help
Panasonic reduce the cost of halting the operation."

Nikkei news agency earlier reported Panasonic planned to halt
production of plasma TV panels, according to Bloomberg. The
company issued a statement to the Tokyo Stock Exchange saying it
isn't the source of the report.

Panasonic posted first-quarter profit after changes in pension
accounting and cost cuts.  Bloomberg adds that the company is
headed for its first annual profit in three years as President
Tsuga restructures to end losses in TVs, semiconductors and mobile
phones.

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd. -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of
the company's products are marketed under the Panasonic brand
name worldwide, along with other product, or region, specific
brand names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.

In February, Fitch Ratings put Panasonic Corporation's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) and local
currency senior unsecured ratings at 'BB', respectively. The
Outlook on the Long-Term IDRs is Negative. Simultaneously,
Panasonic's Short-Term Foreign- and Local-Currency IDRs have been
affirmed at 'B'.

Fitch said the speculative-grade ratings reflect Panasonic's weak
competitiveness in its core businesses, particularly in TVs and
panels, as well as weak cash generation from operations (CFO).
The Negative Outlook reflects the agency's view that the
company's financial profile is not likely to show a material
improvement in the short- to medium-term. Fitch acknowledges that
the company is heading in the right direction with its
restructuring efforts which could potentially lead to margin
recovery over the long-term. However, the company's turnaround
programme remains exposed to execution risk.



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


BUSH TAVERN: 155-Year Nelson Pub Closes Doors
---------------------------------------------
Adam Roberts at Stuff.co.nz reports that long-running Nelson pub
Bush Inn Tavern has gone into liquidation just six months after a
new owner pledged to turn it around.

The Bush Inn Tavern on Grove St in the Wood closed its doors on
October 6, as the company managing the tavern, Bush Tavern 201l3
Limited, was put into liquidation, the report relates.

Stuff.co.nz says liquidator Geoff Falloon has been appointed to
find a new owner.  The report relates that Picton man Barry Dorset
took over the tavern in April, becoming the latest owner in the
pub's 155-year history. He had 30 years experience in the
hospitality industry.

In April, he said the pub had lost a bit of patronage over the
years, but he had been keen to turn that around, and had made
changes to the restaurant and opted for a "traditional pub
approach", rather than offering craft beer brands, Stuff.co.nz
recalls.

According to the report, Mr. Falloon said there were a number of
parties interested in the business, and he hoped he would be able
to have a purchaser for the lease and the business, or the whole
complex by the end of the week.  He was unable to comment on the
reasons for the liquidation, the report relates.

The amount owing was "not too bad", but he did not yet know the
full story.  As creditors put in their claims the business' status
would become clearer, Stuff.co.nz adds.


MAINZEAL PROPERTY: Receivers Recover NZ$22.5 Million
----------------------------------------------------
The New Zealand Herald reports that the receivers for failed
construction firm Mainzeal Property and Construction have raised
some NZ$22.5 million in asset sales and recoveries from
outstanding contracts, and are confident there will be some money
left over for the liquidator to mop up.

PricewaterhouseCooper's David Bridgman and Colin McCloy expect to
have surplus funds for the liquidators once they've finished
managing the receivership of the Mainzeal companies they are
overseeing, according to The New Zealand Herald.

The report notes that of the NZ$111.4 million in known assets
identified, the pair have recovered NZ$9.4 million from contract
receivables, NZ$4.6 million from selling construction assets, and
NZ$9.7 million from property sales, as at Aug. 5.

The report relates that between February 6 and August 5 the
receivers made payments of NZ$18.6 million, including a NZ$4.9
million payment to the secured creditor, NZ$5.3 million in
contract expenses to complete work, NZ$2.4 million for staff and
NZ$2.4 million in receivers' fees.  That left net funds of almost
NZ$3.9 million at the end of the period, the report relays.

With the sale of Mainzeal's former headquarters owned by related
party 200 Vic Ltd likely to cover secured creditor Bank of New
Zealand, Bridgman and McCloy say it is "likely that upon the
retirement the receivers will be able to provide the liquidators
with a surplus from net realizations," the report relays.

The liquidators, the report says, represent unsecured creditors
owed some NZ$106.3 million, whereas the receivers were appointed
by BNZ who was owed NZ$11.3 million, the bulk of which was over
the Victoria St building.  Preferential creditors, including staff
entitlements and outstanding tax, are owed about NZ$5.3 million,
the report discloses.

The report notes that the receivers are working with liquidators
Brian Mayo-Smith, Andrew Bethell and Stephen Tubbs of BDO in
pursuing some NZ$46.6 million in related party debt, which stemmed
from two significant restructures in the two years leading up to
the group's collapse.

In the liquidator's latest update last month, Mayo-Smith, Bethell
and Tubbs said the quantum of any distribution to unsecured
creditors will depend on the pursuit of the related party debts,
and if unsuccessful, any return "is not likely to be substantial,"
the report relates.

The report recalls that Mainzeal Property and Construction and
Mainzeal Living were tipped into receivership on Feb. 6, the
Waitangi Day public holiday, and 200 Vic joined them on Feb. 13.
Liquidators were appointed to the Mainzeal group later that month
on Feb. 28.

The report recalls that former Prime Minister Jenny Shipley and
former Brierley Investments Chief Executive Paul Collins resigned
as directors of Mainzeal Property and Construction in December, at
the request of Mainzeal and Richina group principal Richard Yan,
an Auckland-based businessman, but remained directors of Mainzeal
Group until just before the MPC receivership.



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


RIZAL COMMERCIAL: Fitch Confirms $1BB MTN Programme Rating at BB
----------------------------------------------------------------
Fitch Ratings has confirmed the rating on Philippine-based Rizal
Commercial Banking Corp.'s (RCBC) USD1bn medium-term note (MTN)
programme at senior unsecured 'BB'. The rating confirmation
follows a periodic update of the programme, including business and
industry developments as well as financial statements. Fitch had
affirmed the programme rating on 2 August 2013.

Fitch stresses that there is no assurance that the notes issued in
the future under the programme will be assigned a rating, or that
the rating assigned to a specific issue under the programme will
have the same rating as the programme rating.

Key Rating Drivers

The senior unsecured programme rating is at the same level as
RCBC's 'BB' Long-Term Issuer Default Rating (IDR). This is because
the senior notes are direct, unsubordinated and senior unsecured
obligations of the bank, and rank equally with all its other
unsecured and unsubordinated obligations.

Rating Sensitivities

A change in RCBC's IDR, presently on a Stable Outlook, will have
an impact on the programme rating.

For more details on RCBC's ratings and credit profile, see "Fitch
Takes Positive Actions on 2 Philippine Banks; Affirms 2 Others",
dated 2 August 2013, and RCBC's full rating report, dated 19
August 2013, available at www.fitchratings.com.

RCBC's other ratings are as follows:

- Long-Term Foreign-Currency IDR 'BB'; Outlook Stable
- Long-Term Local-Currency IDR 'BB'; Outlook Stable
- Viability Rating 'bb'
- Support Rating '3'
- Support Rating Floor 'BB-'


RIZAL COMMERCIAL: Moody's Withdraws '(P)B1' MTN Program Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the (P)B1 subordinate
Medium Term Note (MTN) program rating of Rizal Commercial Banking
Corporation (RCBC), following the revision of the terms and
conditions of RCBC's $1 billion Euro MTN program, to remove the
coverage of subordinated debt issuance from the program.

The revised Euro MTN program will now allow the issuance of senior
unsecured notes only. As such, the (P)Ba2 senior MTN program
rating assigned to the program remains unaffected.

All other ratings of RCBC remain unaffected. A full list of the
bank's ratings can be found at the end of this press release.

Ratings Rationale:

RCBC's (P)Ba2 senior MTN program rating reflects both the
structure of the proposed issue and RCBC's Ba2 long-term deposit
rating.

RCBC can issue senior notes of any maturity under the program,
although the (P)Ba2 senior unsecured rating will not immediately
apply to any of the specific notes.

Ratings on such notes are subject to Moody's review of the terms
and conditions set forth in the final prospectuses, supplements,
or offering memoranda of the notes to be issued.

Furthermore, Moody's does not intend to assign ratings to:

(1) individual notes that are linked to the performance of another
obligor (credit-linked notes);

(2) notes in which payment of the principal or interest is
variable and contractually dependent on the occurrence of a non-
credit-linked event, or the performance of an index (non-credit-
linked notes), except for notes whose principal and coupon
payments are affected by standard sources of variation.

RCBC's Ba2 long-term deposit rating is underpinned by its baseline
credit assessment (BCA) of ba3, plus a one-notch uplift owing to
systemic support.

RCBC's rating reflects its intrinsic strengths, which stem from
its well-established niche in the corporate middle market and
special economic zones, improved capitalization, and potential
synergies from its affiliation with the Yuchengco Group of
companies. The rating also takes into account its relatively small
market presence, steady earnings, and weak, but improving asset
quality.

RCBC's ratings could be upgraded if: (1) its asset quality
continues to improve to the extent that non-performing assets
(non-performing loans [NPLs], foreclosed assets and assets held by
its special purpose vehicles) decline to less than 30% of equity
and loan-loss reserves; and/or (2) the company can continue to
rein in credit costs and improve its risk-adjusted profitability,
reflected by net income of more than 2.5% of average risk-weighted
assets.

Conversely, the bank's ratings could be downgraded if RCBC's: (1)
operating environment weakens significantly or underwriting
practices become less stringent, resulting in its NPL ratio
exceeding 7.5%; and/or (2) NPLs rise without a corresponding
increase in loan-loss provisions, resulting in its NPL coverage
falling below 80%; and/or (3) capital buffer declines materially,
such that Tier 1 capital ratio falls below 9%.

RCBC's ratings are as follows:

Bank Financial Strength Rating (BFSR) of D-, which maps to BCA of
ba3

Foreign currency deposits rated Ba2/Not Prime

Foreign currency MTN program rated (P)Ba2/(P)Not Prime

Foreign currency senior unsecured debt rated Ba2

Foreign currency preferred stock rated B3(hyb)

All ratings have a stable outlook.

Headquartered in Manila, RCBC reported total assets of PHP374
billion ($8.7 billion) as of 30 June 2013.



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


TONG YANG: Prosecution Opens Probe Into Chief Over Fin'l. Fraud
----------------------------------------------------------------
Yonhap News reports that state prosecutors said that they have
launched an investigation into Hyun Jae-hyun, the chief of
financially troubled Tong Yang Group, on suspicion of fraudulently
issuing commercial papers worth KRW160 billion (US$150 million).

The probe comes after a local civic group had filed a charge
against Hyun Jae-hyun with the Seoul Central District Prosecutors'
Office, according to Yonhap News.

The report notes that Chairman Hyun is accused of issuing some
KRW156.9 billion worth of asset-backed commercial papers (ABCPs),
a type of short-term debts, in July and September, even with prior
knowledge that the firm has lost its ability to pay back its debt
and was on the verge of coming under court receivership.

The report relates that two-thirds of such debts were floated with
assets of Tongyang Cement & Energy Co. as collateral and sold to a
lot of investors last month, up until two weeks before the group
filed for court receivership of three of its units on Sept. 30.

The report relays that earlier in the day, the group's labor union
also sued Hyun for the alleged financial scam, arguing that he had
cheated the investors into buying such assets with no warning of
its crippling finances.

The report discloses that the labor union alleged that retail
investors who bought the ABCPs of Tongyang Cement & Energy will
likely suffer massive losses.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.



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


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

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

AACL HOLDINGS LT          AAY              39.61       -4.66
AAT CORP LTD              AAT              32.50      -13.46
ANAECO LTD                ANQ              12.09      -16.38
ARASOR INTERNATI          ARR              19.21      -26.51
AUSTRALIAN ZI-PP          AZCCA            77.74       -2.57
AUSTRALIAN ZIRC           AZC              77.74       -2.57
BECTON PROPERTY           BEC             267.47      -15.73
BIRON APPAREL LT          BIC              19.71       -2.22
CLARITY OSS LTD           CYO              28.67       -8.42
CWH RESOURCES LT          CWH              12.09       -1.29
HAOMA MINING NL           HAO              23.85      -33.70
LANEWAY RESOURCE          LNY              10.84      -11.48
MACQUARIE ATLAS           MQA           1,643.35   -1,018.17
MISSION NEWENER           MBT              10.95      -25.02
NATURAL FUEL LTD          NFL              19.38     -121.51
QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


CHINA

ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


HONG KONG

ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


INDONESIA

APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


INDIA

ABHISHEK CORPORA          ABSC             58.35      -14.51
AGRO DUTCH INDUS          ADF             105.49       -3.84
ALPS INDUS LTD            ALPI            215.85      -28.22
AMIT SPINNING             AMSP             16.21       -6.54
ARTSON ENGR               ART              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
BLUE BIRD INDIA           BIRD            122.02      -59.13
CAMBRIDGE TECHNO          CTECH            12.77       -7.96
CELEBRITY FASHIO          CFLI             27.59       -8.60
CFL CAPITAL FIN           CEATF            12.36      -49.56
CHESLIND TEXTILE          CTX              20.51       -0.03
COMPUTERSKILL             CPS              14.90       -7.56
CORE HEALTHCARE           CPAR            185.36     -241.91
DCM FINANCIAL SE          DCMFS            18.46       -9.46
DFL INFRASTRUCTU          DLFI             42.74       -6.49
DHARAMSI MORARJI          DMCC             21.44       -6.32
DIGJAM LTD                DGJM             99.41      -22.59
DISH TV INDIA             DITV            517.02      -18.42
DISH TV INDI-SLB          DITV/S          517.02      -18.42
DUNCANS INDUS             DAI             122.76     -227.05
FIBERWEB INDIA            FWB              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
GOLDEN TOBACCO            GTO             109.72       -5.01
GSL INDIA LTD             GSL              29.86      -42.42
GUJARAT STATE FI          GSF              10.26     -303.64
GUPTA SYNTHETICS          GUSYN            52.94       -0.50
HARYANA STEEL             HYSA             10.83       -5.91
HINDUSTAN SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
JENSON & NIC LTD          JN               16.65      -75.51
JOG ENGINEERING           VMJ              50.08      -10.08
JYOTHY CONSUMER           JYOC             69.07      -31.72
KALYANPUR CEMENT          KCEM             24.64      -38.69
KANCO ENTERPRISE          KANE             10.59       -4.93
KDL BIOTECH LTD           KOPD             14.66       -9.41
KERALA AYURVEDA           KERL             13.97       -1.69
KINGFISHER AIR            KAIR          1,782.32     -997.63
KINGFISHER A-SLB          KAIR/S        1,782.32     -997.63
KITPLY INDS LTD           KIT              37.68      -45.35
KM SUGAR MILLS            KMSM             19.14       -0.47
LLOYDS FINANCE            LYDF             14.71      -10.46
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
MARKSANS PHARMA           MRKS             76.23      -31.89
MILTON PLASTICS           MILT             17.67      -51.22
MODERN DAIRIES            MRD              32.97       -3.87
MTZ POLYFILMS LT          TBE              31.94       -2.57
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
NICCO UCO ALLIAN          NICU             25.42      -79.20
NK INDUS LTD              NKI             141.35       -7.71
NRC LTD                   NTRY             73.10      -51.18
NUCHEM LTD                NUC              24.72       -1.60
PANCHMAHAL STEEL          PMS              51.02       -0.33
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
REMI METALS GUJA          RMM             101.32      -17.12
RENOWNED AUTO PR          RAP              14.12       -1.25
ROLLATAINERS LTD          RLT              22.97      -22.24
ROYAL CUSHION             RCVP             14.42      -73.93
SADHANA NITRO             SNC              16.74       -0.58
SANATHNAGAR ENTE          SNEL             39.67      -11.05
SAURASHTRA CEMEN          SRC              89.32       -6.92
SCOOTERS INDIA            SCTR             19.75      -13.35
SEN PET INDIA LT          SPEN             11.58      -26.67
SHAH ALLOYS LTD           SA              213.69      -39.95
SHALIMAR WIRES            SWRI             25.78      -38.78
SHAMKEN COTSYN            SHC              23.13       -6.17
SHAMKEN MULTIFAB          SHM              60.55      -13.26
SHAMKEN SPINNERS          SSP              42.18      -16.76
SHREE RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
SOUTHERN PETROCH          SPET            210.98     -175.98
SPICEJET LTD              SJET            386.76      -30.04
SQL STAR INTL             SQL              10.58       -3.28
STATE TRADING CO          STC           1,279.23     -219.37
STELCO STRIPS             STLS             14.90       -5.27
STI INDIA LTD             STIB             24.64       -0.44
STORE ONE RETAIL          SORI             15.48      -59.09
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
UNIFLEX CABLES            UFCZ             47.46       -7.49
UNIWORTH LTD              WW              159.14     -146.31
UNIWORTH TEXTILE          FBW              21.44      -34.74
USHA INDIA LTD            USHA             12.06      -54.51
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


JAPAN

FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


KOREA

DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


MALAYSIA

HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NEW ZEALAND

NZF GROUP LTD             NZF              11.69       -4.60
PULSE UTILITIES           PLU              14.58       -4.84


PHILIPPINES

GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


SINGAPORE

ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


THAILAND

ASCON CONSTR-NVD          ASCON-R          59.78       -3.37
ASCON CONSTRUCT           ASCON            59.78       -3.37
ASCON CONSTRU-FO          ASCON/F          59.78       -3.37
CALIFORNIA W-NVD          CAWOW-R          28.07      -11.94
CALIFORNIA WO-FO          CAWOW/F          28.07      -11.94
CALIFORNIA WOW X          CAWOW            28.07      -11.94
DATAMAT PCL               DTM              12.69       -6.13
DATAMAT PCL-NVDR          DTM-R            12.69       -6.13
DATAMAT PLC-F             DTM/F            12.69       -6.13
K-TECH CONSTRUCT          KTECH            38.87      -46.47
K-TECH CONSTRUCT          KTECH/F          38.87      -46.47
K-TECH CONTRU-R           KTECH-R          38.87      -46.47
M LINK ASIA CORP          MLINK            83.61       -7.85
M LINK ASIA-FOR           MLINK/F          83.61       -7.85
M LINK ASIA-NVDR          MLINK-R          83.61       -7.85
PATKOL PCL                PATKL            52.89      -30.64
PATKOL PCL-FORGN          PATKL/F          52.89      -30.64
PATKOL PCL-NVDR           PATKL-R          52.89      -30.64
PICNIC CORP-NVDR          PICNI-R         101.18     -175.61
PICNIC CORPORATI          PICNI           101.18     -175.61
PICNIC CORPORATI          PICNI/F         101.18     -175.61
SHUN THAI RUBBER          STHAI            19.89       -0.59
SHUN THAI RUBB-F          STHAI/F          19.89       -0.59
SHUN THAI RUBB-N          STHAI-R          19.89       -0.59
SUNWOOD INDS PCL          SUN              19.86      -13.03
SUNWOOD INDS-F            SUN/F            19.86      -13.03
SUNWOOD INDS-NVD          SUN-R            19.86      -13.03
THAI-DENMARK PCL          DMARK            15.72      -10.10
THAI-DENMARK-F            DMARK/F          15.72      -10.10
THAI-DENMARK-NVD          DMARK-R          15.72      -10.10
TONGKAH HARBOU-F          THL/F            62.30       -1.84
TONGKAH HARBOUR           THL              62.30       -1.84
TONGKAH HAR-NVDR          THL-R            62.30       -1.84


TAIWAN

BEHAVIOR TECH CO          2341S            30.90       -0.22
BEHAVIOR TECH-EC          2341O            30.90       -0.22
HELIX TECH-EC             2479T            23.39      -24.12
HELIX TECH-EC IS          2479U            23.39      -24.12
HELIX TECHNOL-EC          2479S            23.39      -24.12
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

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

Copyright 2013.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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