TCRAP_Public/130524.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, May 24, 2013, Vol. 16, No. 102


                            Headlines


A U S T R A L I A

FORD AUSTRALIA: To Cease Car Production in October 2016
SMART ABS: Fitch Assigns 'BB' Rating to AUD19.19MM Class E Notes
SOLAR CORP: Federal Court to Hear Wind-Up Petition on May 29


C H I N A

CENTRAL CHINA: S&P Assigns 'BB-' Rating to U.S. Dollar Notes
CENTRAL CHINA: Moody's Rates Proposed $-Denominated Notes 'B1'
CHINA PROPERTIES: Fitch Assigns 'B-' LT Issuer Default Rating
SUNTECH POWER: Bankrupt Unit Owes Chinese Creditors $2.5 Billion


I N D I A

AADI PLASTICS: ICRA Assigns 'BB+' Rating to INR10cr Loans
AANANDAM JEWELLERS: ICRA Rates INR8cr Loan at 'B+'
ACCELERATED FREEZE: ICRA Reaffirms 'C' Rating of INR3.67cr Loan
AEON TRUST: Rise in Default Rate May Prompt 'BB+' PTCs Rating
ASHWINI FROZEN: ICRA Rates INR0.92cr Term Loan at 'B+'

HACO MACHINERY: ICRA Cuts Ratings on INR11.23cr Loans to 'D'
HARSH EXIM: ICRA Assigns 'B' Ratings to INR7.35cr Loans
KAILASH TRADING: ICRA Assigns 'B' Ratings to INR6.9cr Loans
KANNAN ENTERPRISES: ICRA Cuts Ratings on INR14cr Loans to 'D'
KOPALLE PHARMA: ICRA Assigns 'B-' Ratings to INR15.9cr Loans

MVPR INFRA: ICRA Assigns 'BB' Rating to INR3cr Fund Based Limits
NEERUS ENSEMBLES: ICRA Assigns 'B+' Ratings to INR33.92cr Loans
SHRI RAM: ICRA Assigns 'B' Ratings to INR23cr Loans
TATA TELESERVICES: Reduces Number of Mobile Sites to Cut Costs
WORKSPACE METAL: ICRA Assigns 'B+' Ratings to INR15.15cr Loans

VI MICRO: ICRA Downgrades Rating on INR12.24cr Loan to 'D'


J A P A N

ARYSTA LIFESCIENCE: No Change on B2 CFR on Planned Loan Increase
ELPIDA MEMORY: Seeks Delaware Court Approval for Micron Sale


N E W  Z E A L A N D

DOMINION FINANCE: Director Pleads Guilty on FMA Charges


S I N G A P O R E

AMARU INC: To Restate Previously Filed Periodic Reports


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


FORD AUSTRALIA: To Cease Car Production in October 2016
-------------------------------------------------------
The Australian reports that Ford Australia will cease producing
vehicles in Australia from October 2016, in a move that will cost
1,200 jobs.

Ford Australia boss Bob Graziano announced the closure of the car-
maker's Broadmeadows and Geelong plants in Victoria while
unveiling a AUD141 million after-tax loss for 2012-13 year, the
report relates.

According to the Australian, Mr. Graziano said after losses of
AUD600 million over the last five years, the company had come to
the conclusion that it was no longer viable to produce vehicles in
Australia.

But he said the company would maintain a significant presence in
Australia with a staff of 1,500 in product development roles.

"Ford has been a part of the Australian automotive industry for
nearly 90 years and we have continued to successfully transform
our business over that time," the report quotes Mr. Graziano as
saying.  "Today we are transforming our business again in line
with the changing market place."

                           About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents.  With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo.  The Company provides financial
services through Ford Motor Credit Company.


SMART ABS: Fitch Assigns 'BB' Rating to AUD19.19MM Class E Notes
----------------------------------------------------------------
Fitch Ratings has assigned SMART ABS Series 2013-2US Trust's
(SMART) notes final ratings. The transaction is a securitisation
backed by Australian automotive lease receivables originated by
Macquarie Leasing Pty Limited (Macquarie Leasing).

USD142.5m Class A-1 notes: 'F1+sf'
USD187.5m Class A-2 (a & b) notes: 'AAAsf'; Outlook Stable
USD217.5m Class A-3 (a & b) notes: 'AAAsf'; Outlook Stable
USD202.5m Class A-4 (a & b) notes: 'AAAsf'; Outlook Stable
AUD9.382m Class B notes: 'AAsf'; Outlook Stable
AUD31.132m Class C notes: 'Asf'; Outlook Stable
AUD21.324m Class D notes: 'BBBsf'; Outlook Stable
AUD19.191m Class E notes: 'BBsf'; Outlook Stable
AUD12.794m seller notes: not rated

The notes were issued by Perpetual Trustee Company Limited as
trustee for SMART ABS Series 2013-2US Trust. The latter is a
legally distinct trust established pursuant to a master trust and
security trust deed.

Key Rating Drivers

The final ratings of the Class A notes are based on the quality of
the collateral; 11% credit enhancement provided by the subordinate
Class B, C, D, and E notes; the unrated seller notes and excess
spread. They also reflect a liquidity reserve account sized at 1%
of the aggregate amount of the notes at closing; an interest rate
swap arrangement the trustee has entered into with Macquarie Bank
Ltd (A/Stable/F1); a currency swap arrangement the trustee has
entered into with Australia & New Zealand Banking Group (AA-
/Stable/F1+) and Macquarie Leasing Pty Ltd's lease underwriting
and servicing capabilities.

The final ratings on the other classes of notes are based on all
the strengths supporting the Class A notes, excluding their credit
enhancement levels, but including the credit enhancement provided
by each class of notes' respective subordinate notes.

The transaction benefits from a highly diverse portfolio in terms
of both obligor and regional concentration and is similar, in both
portfolio characteristics and structure, to other SMART ABS Series
issued into the US market.

At the cut-off date, Macquarie Leasing's representative collateral
portfolio consisted of 24,345 leases totalling AUD852.9m with an
average size of AUD35,035. The pool comprises predominantly
passenger and light commercial vehicle lease receivables from
Australian residents across the country, consisting of amortising
principal and interest leases with varying balloon amounts payable
at maturity.

The main industry exposures include property and business services
(34.8%); government, administration & defence (16.9%); health &
community services (10.4%); other industries (9%); transport &
storage (7.6%); and construction (6.3%). The weighted average
balloon payment for the portfolio is 26.8% of the original lease
balance. The majority of leases consist of novated contracts
(65%), where the lease is novated to the employer in salary
packaging arrangements.

Historical gross loss rates by quarterly vintage on passenger
vehicle and truck leases range between 0.3% and 1.8%, and between
0.5% and 5%, respectively.

Rating Sensitivities

Fitch's stress and rating sensitivity analysis is discussed in the
corresponding new issue report entitled "SMART ABS Series 2013-2US
Trust", available on www.fitchratings.com or by clicking on the
above link. Included in a corresponding appendix is a description
of the representations, warranties, and enforcement mechanisms.


SOLAR CORP: Federal Court to Hear Wind-Up Petition on May 29
------------------------------------------------------------
Paul Weston at Gold Coast Bulletin reports that Coast suppliers,
installers and clients are attempting to recover tens of thousands
of dollars allegedly owed by Solar Corporation of Australia.

The solar company built by Smiley Sansoni, a businessman
blacklisted during the Federal Government roof insulation scheme,
had a call centre at Bundall and employed a Coast electrical
contractor who was installing 20 solar systems each week.

Solar Corporation of Australia will face wind-up proceedings in
the Federal Court on May 29, the report relates.

A spokesman for South Australian-based company Suntrix Pty Ltd
declined to comment on the amount of money owed but confirmed the
legal action after solar panels and inverters were provided to
Solar Corporation.

Lawyer Alice Carter, for Suntrix, told the Bulletin: "I've
attempted to get in contact with this company. I've been unable to
get through to anybody. I'm pretty much in the dark.  This is our
best step. No one will talk to us. I'm uncertain what's going on
with this company."

According to the report, Coast electrician and solar installer
Simon Martin estimates Solar Corporation owes him about AUD30,000.

Coast home owners have also confirmed they had complained to the
Ombudsman and Office of Fair Trading after Solar Corporation
former staffers advised them about being owed up to AUD720 each in
rebates, the report relates.

Business documents confirm Solar Corporation has sought more than
AUD1.3 million in credit from various banks and financiers during
the past 12 months, the Bulletin notes.



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


CENTRAL CHINA: S&P Assigns 'BB-' Rating to U.S. Dollar Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Central China Real Estate Ltd. (CCRE: BB-
/Stable/--; cnBB+/--).

At the same time, S&P raised the long term issue rating on CCRE's
existing senior unsecured notes to 'BB-' from 'B+' and the Greater
China regional scale rating on the notes to 'cnBB+' from 'cnBB'.
S&P raised the ratings because the company has improved its debt
structure by reducing the structural subordination risk on its
offshore debt.  S&P expects the company to maintain its priority
debt at less than 15% of total assets over the next 12 months.
The ratio was below this threshold for speculative-grade companies
in 2012.

CCRE intends to use the proceeds to repay existing debt, fund new
and existing property projects (including land premium), and for
general corporate purposes.  The rating is subject to S&P's review
of the final issuance documentation.

The rating on CCRE reflects the company's limited geographic
diversity and growing competition in Henan province.  CCRE's good
sales execution, focused strategy and good market position in
Henan, and sizable low-cost land reserves moderate these
weaknesses.  S&P continues to assess the company's business risk
profile as "weak" and its financial risk profile as "aggressive."

The stable outlook on CCRE reflects S&P's expectation that the
company will generate satisfactory property sales and have good
financial flexibility to meet its growing funding needs for
expansion.  S&P anticipates that the company will maintain a debt-
to-EBITDA ratio of 3x-4x in 2013 and stable profitability while
pursuing its growth strategy.

S&P may lower the rating on CCRE if the company's property sales
and margins are materially weaker than S&P's expectation, and its
debt-funded expansion is more aggressive than it expected.  S&P
considers a debt-to-EBITDA ratio above 4.5x and EBITDA interest
coverage below 3x as indicators of such weakness.

The likelihood of an upgrade is limited in the short term because
of CCRE's medium business scale and geographic concentration.  S&P
may raise the rating in the long run, if the company can maintain
consistent financial performances (including profitability),
expand its business scale, and increase its geographic diversity.


CENTRAL CHINA: Moody's Rates Proposed $-Denominated Notes 'B1'
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the $ senior
unsecured notes proposed by Central China Real Estate Limited.

At the same time, Moody's has affirmed the company's Ba3 corporate
family rating and B1 senior unsecured debt rating.

The ratings outlook is stable.

The proceeds from the $ notes issuance will be used to refinance
existing debt, facilitate property development projects and for
general corporate purposes.

Ratings Rationale:

"The issuance of the $ notes will provide funding to support
CCRE's property development projects, enhance its liquidity, and
improve its debt maturity profile," says Jiming Zou, a Moody's
Analyst.

CCRE's funding needs arise from its plan to acquire more land and
expand construction for a high level of sales target over the next
12 months. Moreover, CCRE plans to early refinance its US$300
million 12.25% notes due 2015.

"While CCRE's contract sales and revenue recognition are expected
to grow, its credit metrics are likely to weaken in 2013 as a
result of its increasing debt level and interest expenses after
the issuance of the proposed $ notes," adds Zou.

CCRE's total debt level is forecasted to increase to around RMB9
billion at end-2013 from RMB6.6 billion at end-2012, resulting
from the proposed bond issuance.

As a result, Moody's expects EBITDA/interest expense coverage will
fall to about 2.5-2.7x; and adjusted debt/book capitalization will
rise to around 60-65% at end-2013. Both metrics are weak for the
current rating level of Ba3. Any signs of a further increase in
debt leverage will pressure the current rating.

Despite its weak credit metrics, CCRE's Ba3 corporate family
rating is supported by its strong sales execution ability, fast
inventory turnover and its strong market position in Henan
Province, which has a large population relative other provinces in
China and where regulatory measures on property sales are
relatively mild.

CCRE recorded RMB3.79 billion in contract sales in the first four
months of 2013, equivalent to 31.6% of its full-year target and
representing a 24.3% yoy increase. This achievement reflects its
ability to offer products suited to the mass market in Henan and
management's strong sales execution.

On the other hand, the company's rating is constrained by its
geographic concentration in Henan. It is therefore very reliant on
the region's economy, income levels of homebuyers, and local
government policy.

The stable outlook reflects Moody's expectation that CCRE will
have adequate liquidity to fund its projects and debt repayments,
and will remain focused on Henan and its vicinity. At the same
time, it will maintain its disciplined approach to land
acquisitions.

Moody's notes CCRE's onshore subsidiary debt fell below 15% of
total consolidated assets at end-2012. Moody's will consider the
removal of notching on the senior unsecured debt rating, if the
company demonstrates a track record of maintaining this ratio
below 15%.

Upward rating pressure will be limited in the near term. However,
the possibility of an upgrade could emerge over the medium term if
CCRE (1) consistently achieves its planned sales; (2) demonstrates
a track record of good financial discipline with respect to
management of liquidity and debt; (3) demonstrates a successful
property sales track record beyond Henan; and (4) broadens its
offshore banking relationships.

With its credit metrics, Moody's sees EBITDA/interest coverage
consistently above 4-5x and adjusted debt leverage below 40-45% as
indications of a potential for a rating upgrade.

The ratings could come under pressure for a downgrade if CCRE (1)
experiences significant sales declines; (2) suffers a material
decline in profit margins; (3) accelerates expansion that impairs
its liquidity position, and/or increases its debt leverage
materially; and/or (4) undergoes a material reduction in the
ownership level or board representation of CapitaLand, a strategic
investor.

The potential for a downgrade could be triggered by a decline in
balance-sheet cash, or Moody's expectation that CCRE's credit
metrics would likely deteriorate, that is, EBITDA/interest below
2.5-3x on a sustained basis.

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

Founded in 1992, Central China Real Estate Limited is a major
property developer in Henan Province. As of December 31, 2012, it
had an attributable land bank of 16 million square meters (sqm).

The company listed on the Hong Kong Stock Exchange in June 2008.
The chairman, Mr. Wu Po Sum, has a 47% stake in the company.
CapitaLand (unrated), a strategic investor since 2006, has a 27%
stake.


CHINA PROPERTIES: Fitch Assigns 'B-' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has published China Properties Group Limited's (CPG)
Long-Term Issuer Default Rating of 'B-' with a Stable Outlook and
its senior unsecured rating of 'B-'.

Fitch has also assigned CPG's proposed senior unsecured USD notes
an expected 'B-(EXP)'. The final rating is contingent on the
receipt of final documents conforming to information already
received. The notes' rating is in line with its foreign currency
senior unsecured rating as the notes will represent direct,
unconditional and unsecured obligations of the company.

Key Rating Drivers

Limited sales track record: CPG made less than HKD1bn in annual
revenue in the past three years, including HKD693m in 2012.
However, given an inventory of over 600 thousand sqm in gross
floor area (GFA) available for sale in 2013, the company can
potentially achieve significant growth in sales if it overcomes
technical issues delaying construction and chooses to ramp up pre-
sales.

Project concentration risk: Over 95% of its sales in 2012 were
contributed by one project, Chongqing Manhattan. Although the
project still has over 1.5 million sqm of unsold GFA and more
projects are likely to contribute to sales in the future, the
limited number of projects leads to concentration risk, making
cash flow less likely to be stable.

High capex needs: While CPG has settled all land premium for
existing projects, given more than 4.5 million sqm for future
development, Fitch expects the company to incur capex of over
HKD8bn over the next four years to develop its property portfolio.
Its currently low gearing, with estimated 20% of net debt/adjusted
inventory after excluding market revaluation from investment
properties at end-2012, may be maintained only if the company
significantly ramps up pre-sales of its development properties.

Prime locations: While its investment properties currently
generate limited recurrent income, they were valued at HKD55bn at
end-2012 and are located in prime locations in downtown of
Shanghai and Chongqing. Fitch expects the unique locations and
large scale of the investment properties will provide CPG with
financial flexibility.

Low land costs: Much of the land bank was acquired over five years
ago at low cost, especially for its projects in Shanghai. This
should allow CPG to achieve higher gross and EBITDA margins of
over 50% in its future sales. It will also provide CPG with price
flexibility in a market downturn.

Strong shareholder's support: The company's Managing Director and
75% shareholder, Wong Sai Chung, has provided significant
financial support by subscribing to HKD500m of convertible notes,
and providing over HKD1.2bn of a shareholders' loan which is
subordinated to CPG's other debt, including the proposed senior
unsecured bonds. Funding from the shareholder has helped underpin
the company's financial position.

Rating Sensitivities

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

-- A deterioration in CPG's liquidity position, e.g. failure to
   refinance maturing debt

-- Repayment of the shareholders' loan without any improvement in
   the company's operating cash flows

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

-- Contracted sales over HKD5bn and recognised revenue over
   HKD3bn while maintaining its current strong financial position

-- Reduced concentration risk such that no single project
   accounts for over 70% of total sales


SUNTECH POWER: Bankrupt Unit Owes Chinese Creditors $2.5 Billion
----------------------------------------------------------------
Reuters News & Insight reports that local creditors of Wuxi
Suntech, the bankrupt unit of Suntech Power Holdings Co Ltd, on
Wednesday claimed the subsidiary owed them a combined $2.5
billion, at the start of a debt restructuring process expected to
last months.

Reuters says Wuxi Suntech, the biggest subsidiary of New York-
listed Suntech Power, filed for bankruptcy protection in China in
March, five days after its troubled parent company defaulted on a
$541 million dollar convertible bond.

According to Reuters, the restructuring of Suntech's domestic
debts is being closely watched by its overseas creditors, whom
analysts say are expected to take a "haircut" -- or suffer losses.
Last week Suntech Power said it reached an agreement with some
foreign creditors to further defer its obligations on the bond.

The claims for the domestic debts of CNY15.6 billion ($2.5
billion) came from more than 500 creditors, including banks and
some of Wuxi Suntech's suppliers, but most of the claims have yet
to be reviewed and verified by its court-appointed debt
administrator, creditor representatives told Reuters.

Reuters notes that the court held the first meeting of Wuxi
Suntech's creditors in the eastern Chinese city of Wuxi -- where
Suntech Power is headquartered -- on Wednesday to brief creditors
on the debt restructuring and the debt administrator vowed to
protect creditors' interest.

"We will complete the drafting of the restructuring plan and
choose a strategic investor as soon as possible," Yang Erguan, a
spokesman for the debt administrator, said in a statement issued
after the creditor meeting attended by 460 representatives.

So far, the administrator has confirmed debt claims amounting to a
total of CNY3.3 billion from 300 creditors, Mr. Yang said, adding
that it hoped to complete all debt registration and verification
by the end of June, Reuters reports.

                           About Suntech

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

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

                           About Suntech

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

Suntech Power Holdings Co., Ltd., announced that on March 18,
2013, a group of eight Chinese banks filed a petition for
insolvency and restructuring of its Chinese subsidiary Wuxi
Suntech Power Holdings Co., Ltd., in the Wuxi Municipal
Intermediate People's Court in Jiangsu Province, China.  Wuxi
Suntech notified the Court that it will not file an objection
against the petition.

Wuxi Suntech is the Company's principal operating subsidiary in
China engaged in the manufacture of photovoltaic (PV) cells and PV
modules.  The Company has additional cell and module production
facilities at wholly owned or partially owned subsidiaries in
Wuxi, Shanghai and Luoyang and, in the event insolvency and
restructuring of Wuxi Suntech is approved by the Court, the
Company said it intends to continue production of solar products
to meet customer orders.  In addition, management said it will
work with any Court-appointed administrators to ensure all of
Suntech's product warranty obligations are met.



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


AADI PLASTICS: ICRA Assigns 'BB+' Rating to INR10cr Loans
---------------------------------------------------------
ICRA has assigned '[ICRA]BB+' to INR8.5 crore cash credit limit
and INR1.5 crore term loan of Aadi Plastics Industries Private
Limited. The long-term rating has been assigned stable outlook.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based Limits       10.0     [ICRA]BB+ (stable) assigned

The rating takes into account extensive promoter experience in the
PP/HDPE woven sack industry, diversified product profile,
established and diversified client base coupled with sustainable
revenue model based on increasing consumption of plastic usage.
However, the ratings are constrained by stretched financial
profile characterized by relatively low profitability and moderate
capital structure and coverage indicators. The ratings also take
in to account margins vulnerability to adverse movement in raw
material prices and competition from other players in the segment.

Going forward, ICRA expects company to maintain its margins backed
by relatively higher value add products, though any large debt
funded capex plan may have adverse impact on financial profile.

APL is manufacturer of PP/HDPE woven sacks, Jumbo bags, LDPE/LLPE
liners, HDPE woven tarpaulins, Sealing bags, HDPE woven reinforced
geo-membranes, HDPE tents, Car and Two wheeler covers etc. The
company has a manufacturing facility at Kagal, Maharashtra with
capacity to manufacture HDPE bags, Jumbo bags, Liners and
Tarpaulins which are used in industries such as Cement, Sugar and
other packaging industry. Incorporated in September 1998, is
jointly promoted by Mr Chandrakant Shakiram Kalani, Mr Sundar
Shakiram Kalani, Mr Ashok Chandrakant Kalani, Mr Shankar
Chandrakant Kalani and Mrs Rupa Sundar Kalani.

Recent Results

During FY12 and 9MFY13 (Provisional and Unaudited), the company
reported Operating Income of INR50.8 crore and INR49.2 crore and
PAT margin of 2.8% and 5.8% respectively.


AANANDAM JEWELLERS: ICRA Rates INR8cr Loan at 'B+'
--------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR8.0 crore bank
facilities of Aanandam Jewellers.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based Limits        8.0     [ICRA]B+ assigned

The assigned rating takes into account Aanandam's limited track
record of operations, susceptibility of its profits to adverse
movements in gold prices, high competitive intensity of the
business and risks associated with partnership firm. The rating
further factors in Aanandam's weak profitability indicators as
majority of its revenues are derived from low margin wholesale
segment and its modest debt coverage indicators (as reflected by
debt to equity ratio of 2.77 times, Debt/OPBDITA of 7.7 times and
NCA/Debt of 7.0% as on Mar 31, 2013) as the firm has funded its
growth in FY13 mainly through external borrowings. However, the
rating derives comfort from the experience of the promoters who
have been operating jewellery manufacturing and retail business in
Karol Bagh, New Delhi through various group entities over a long
period of time. Going forward, the firm's ability to scale up
revenues profitably and improve debt coverage indicators while
managing its exposure to gold price fluctuation risk will be the
key rating sensitivities.

Recent results

In FY 2012, the firm generated a PAT of INR0.08 crore on an
operating income of INR21.6 crore. As per the provisional numbers
provided by the company, in FY 2013, the firm achieved a PBT of
INR0.56 crore on sales of INR64.6 crore. As on March 31, 2013, the
firm had a total debt of INR8.1 crore on partner's capital of
INR2.9 crore.

Aanandam Jewellers is a partnership firm which was incorporated in
the year 2010 and is engaged in wholesaling and retailing of gold
and diamond jewellery. The firm is part of New Delhi based group
of entities promoted by Mr. Manoj Soni and Mr. Vikas Verma. The
firm has a showroom in Karol Bagh and gets the jewellery developed
from local job workers.


ACCELERATED FREEZE: ICRA Reaffirms 'C' Rating of INR3.67cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]C' outstanding
on INR3.67 crore term loan facility of Accelerated Freeze Drying
Company Limited. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' outstanding on the short term fund based facilities of
INR28.93 crore and USD 4.5 million and INR1.90 crore short term
non fund based facilities of AFDC. The rating reaffirmation takes
into account the company's stretched capital structure due to
continued high working capital intensity of its operations,
susceptibility of margins to steep fluctuations in raw material
prices and exchange rate movements and the Company's small scale
of operations restricting benefits from scale economics.

                          Amount
   Facilities            (INR Cr)     Ratings
   ----------            --------     -------
   Term Loans              3.67       [ICRA]C reaffirmed

   Short Term Fund         28.93 +    [ICRA]A4 reaffirmed
   based facilities      US$4.5 mil.

   Short Term Non-fund      1.90      [ICRA]A4 reaffirmed
   based facilities

The ratings also consider the experience of promoters in food
processing business and presence of foreign collaborators like
Nissin Foods and Itochu Corporation, who consume ~60-70% of AFDC's
output, as shareholders in the Company (-48% stake). Additionally,
ICRA also takes note of the company's efforts to increase sales to
existing and new customers, launch new products, lower procurement
costs and rationalize its collection cycle. While, the scale of
operations have witnessed growth in 2012-13 (as per
provisional/unaudited financials) on the back of aforementioned
factors and increased capacity, the translation of these efforts
into improvement in margin and working capital intensity remains
to be seen and will be critical to improve the Company's credit
profile.

Accelerated Freeze Drying Company Limited was incorporated in 1986
in Cochin, Kerala. The Company is promoted by Amalgam Foods
Limited, Cochin (52% shareholding) in collaboration with Nissin
Foods, Hong Kong (38% shareholding) and Itochu Corporation, Japan
(10% shareholding). AFDC processes and exports freeze-dried
seafood and spices. The Company has two plants in Cochin and
Bangalore with the former mainly processing seafood and partly
pepper, whereas the Bangalore plant processes herbs, spices and
vegetables.


AEON TRUST: Rise in Default Rate May Prompt 'BB+' PTCs Rating
-------------------------------------------------------------
Fitch Ratings has affirmed four pass-through certificates (PTCs)
from three Indian ABS transactions, Aeon Trust 2012, Aeon Trust II
2012 and Aeon Trust 2013. These transactions are backed by
commercial vehicles loans originated by Sundaram Finance Limited.

Key Rating Drivers

The affirmations reflect adequate levels of credit enhancement
(CE) and sound asset performance.

The CE of Aeon Trust 2012 increased to 33.1% in April 2013 from
10.2% in November 2011 as the portfolio amortised to 31% of the
initial balance. The 90+dpd as a percentage of the initial pool
balance and the outstanding pool balance was 0.3% and 1%
respectively as of March 2013, a decline from 0.8% and 1.9%
respectively as of November 2012.

The CE of Aeon Trust II 2012 increased to 19.7% in April 2013 from
9% in January 2012 as the portfolio amortised to 50% of the
initial balance. The 90+dpd as a percentage of the initial pool
balance and the outstanding pool balance was 0.4% and 0.9%
respectively as of March 2013, a decline from 1.1% and 2%
respectively as of December 2012.

The CE of Aeon Trust 2013 increased to 10.8% in April 2013 from
9.9% in January 2013 as the portfolio amortised to 92% of the
initial balance. The 90+dpd as a percentage of both the initial
pool balance and the outstanding pool balance was 0.3% as of March
2013.

None of the transactions report any loans in arrears by 180 days
or more, as all three are required by the transaction
documentation to charge-off such loans. CE, which is in the form
of fixed deposits, has not been utilised as excess spread has been
sufficient to absorb charge-offs to date.

Rating Sensitivities

Fitch considers a downgrade to be unlikely for all three
transactions.

For Aeon Trust 2012, based on the current CE, an increase in the
base-case default rate by 4.9x to 14.6%, while keeping other risk
factors constant, may result in a one-notch downgrade of the PTCs
to 'BB+sf'.

For Aeon Trust II 2012, based on the current CE, an increase in
the base-case default rate by 2.3x to 7%, while keeping other risk
factors constant, may result in a one-notch downgrade of the PTCs
to 'BB+sf'.

For Aeon Trust 2013, based on the current CE, an increase in the
base-case default rate by 1.5x to 4.3%, while keeping other risk
factors constant, may result in a one-notch downgrade of the PTCs
to 'BB+sf'.

Initial key rating drivers and rating sensitivity are described
further in the new issue reports for Aeon Trust 2012 dated 8
February 2012 and Aeon Trust II 2012 dated 10 April 2012.

The full list of rating actions is as follows:

Aeon Trust 2012
INR769,270,187 Series A PTCs due February 2016: affirmed at BBB-
sf; Outlook Stable

Aeon Trust II 2012
INR571,821,493 Series A PTCs due August 2016: affirmed at BBB-sf;
Outlook Stable

Aeon Trust 2013
INR879,892,083 Series A1 PTCs due March 2014: affirmed at BBB-sf;
Outlook Stable
INR949,461,009 Series A2 PTCs due February 2017: affirmed at BBB-
sf; Outlook Stable


ASHWINI FROZEN: ICRA Rates INR0.92cr Term Loan at 'B+'
------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR0.92 crore fund
based term loan facility of Ashwini Frozen Foods. A rating of
'[ICRA]A4' has also been assigned to the INR5.00 crore export
packaging facility, the INR1.00 crore stand by line of credit
facility and to the INR0.40 crore non fund based credit exposure
limit of AFF.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Term Loan                 0.92     [ICRA]B+ assigned
   Export Packaging Credit   5.00     [ICRA]A4 assigned
   Credit Exposure Limit     0.40     [ICRA]A4 assigned
   Stand by Limit            1.00     [ICRA]A4 assigned

The assigned ratings are constrained by AFF's modest size of
operation and weak financial risk profile as reflected by low
profitability, adverse capital structure and weak debt protections
indicators. The ratings are further constrained by inherent risks
associated with the seafood export industry; intense competition
in a fragmented industry with minimal product differentiation; and
susceptibility of earnings to raw material prices and exchange
rate volatility. Further, the export business is vulnerable to
change in regulations imposed by importing nations and in export
benefits structure provided by the Indian government. While
assigning the ratings ICRA has also noted the likely risks of
capital withdrawals inherent in partnership firms.

The ratings however favorably take into account the long
experience of the promoters in the seafood processing industry,
long standing relationship of the firm with few of its top
customers resulting in repeat orders over the years and growing
demand for Indian seafood in overseas market, mainly from South
East Asian countries, and Japan.

Ashwini Frozen Foods, established in 1995, is engaged in seafood
processing which includes ribbon, croaker cuttlefishes, etc. and
crabs which are exported to multiple international destinations.
The processing facility of the firm is located at Mangrol,
Gujarat. The firm is currently owned and managed by Mr. Bhimji M
Khoraw along with 4 other partners having a long experience in sea
food industry.

Recent Results

For the year ended March 31, 2012, the firm reported an operating
income of INR12.74 crore with profit after tax (PAT) of INR0.16
crore. Further, the firm has also achieved an operating income of
INR24.74 crore with PAT of INR0.21 crore during FY 2013
(provisional unaudited).


HACO MACHINERY: ICRA Cuts Ratings on INR11.23cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long term rating of Haco Machinery Private
Limited from '[ICRA]BB' to '[ICRA]D' for INR11.23 crore fund based
and non fund based facilities.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               5.28     [ICRA]D revised from
                                    [ICRA]BB (Stable)

   Cash Credit Facility    4.10     [ICRA]D revised from
                                    [ICRA]BB (Stable)

   Non Fund Based          1.85     [ICRA]D revised from
   Facilities                       [ICRA]BB (Stable)

The revision in rating takes into account the weak financial
profile of the company and its inability to gain a foothold in the
Indian market in the business of manufacturing of sheet metal
forming machinery. Demand for the products manufactured has
remained weak in the last year and the company has not been able
to improve its scale of operations and in-fact shown de-growth
which has resulted in the company operating at below optimum
levels and thus it has reported losses in the last five years.
Although, the company has enjoyed support from its parent Haco
Belgium, in both financial and operational terms, inadequate scale
of operations has resulted in erosion of net worth and liquidity
mismatch. Moreover, the inventory holding period has increased
substantially which has further strained the liquidity position of
the company. These factors have resulted in delays in debt
servicing. While going forward, the company intends to enter the
low value add segment by procuring low cost sheet metal forming
machines from its group company Haco, China, and intends to scale
back its current high priced product segment, it remains to be
seen whether the company will be able to manage the competition in
this segment and improve its scale of operations.

HACO Machinery Pvt Ltd (erstwhile ISGEC Haco Metal Forming
Machinery Pvt Ltd) commenced operations in November, 2007 as a JV
between SISL and HACO NV Belgium. However SISL sold its entire
stake in the company to the Haco which is now the sole promoter in
the company. HACO is a well known international player in the
field of sheet metal forming machinery such as hydraulic press
brakes, shears and plasma cutting machines. HMPL operates out of a
manufacturing unit in Rewari, Haryana. Its product portfolio
comprises of hydraulic press brakes, hydraulic shears, and plasma
cutting machines.

For the year ended March 31, 2012 the company had reported an
operating income of INR8.69 crore as against INR9.10 crore in FY
2011. The Profit after Tax remained negative at -INR3.41 crore in
FY 2012 as against -INR2.36 crore in FY 2011.


HARSH EXIM: ICRA Assigns 'B' Ratings to INR7.35cr Loans
-------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR5.00 crore
cash credit facility and INR2.35 crore term loan facility of Harsh
Exim Consultancy LLP . The rating of '[ICRA]A4' has also been
assigned to the INR0.15 crore short-term non-fund based limit of
HEC.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             5.00     [ICRA]B assigned
   Term Loan               2.35     [ICRA]B assigned
   Non-fund Based,         0.15     [ICRA]A4 assigned
   Short-term facilities

The assigned ratings are constrained by the HEC's relatively small
scale of operations in a highly fragmented license trading
industry with low entry barriers and the highly competitive
education industry. The ratings are further constrained by weak
financial profile of the firm as evident from stretched capital
structure and moderate debt coverage indicators; dependency of the
firm's revenue growth to rise in exports, which in turn is linked
to issuance of duty free licenses and government regulations
related to import/export. ICRA also notes that HEC is a
partnership concern and any significant withdrawals from the
capital account could adversely impact its net worth and thereby
the capital structure. However, the rating favorably factors in
the long-standing experience of the promoters in the export-import
license trading and consultancy business and the firm's customer
base comprising of reputed clients. The ratings also positively
factor in the healthy profitability and moderate return indicators
of the firm in the recent past.

Incorporated in September 2010, Harsh Exim Consultancy LLP (HEC)
is a limited liability partnership firm engaged in four different
business activities involving export/import license trading,
export/import consultancy, a kid's school and tennis coaching
academy. The firm is promoted by Mr. Ramesh Gathani and other
family members.

Recent Results

During FY 2012, HEC reported an operating income of INR4.73 crore
and profit after tax of INR0.54 crore as against an operating
income of INR3.96 crore and profit after tax of INR0.86 crore
during FY 2011. Based on provisional un-audited financials of
first 10 months FY 2013, HEC has reported operating income of
INR17 crore.


KAILASH TRADING: ICRA Assigns 'B' Ratings to INR6.9cr Loans
-----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to the INR4.50
Crore long-term fund based facilities, INR1.50 Crore long-term non
fund based facilities and INR0.90 Crore long-term proposed fund
based facilities of Kailash Trading Corporation. ICRA has also
assigned '[ICRA]A4' rating to the INR3.10 Crore short-term non
fund based facilities of Kailash Trading Corporation.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   LT-Fund based           4.50     [ICRA]B assigned
   facilities

   LT-Non Fund based       1.50     [ICRA]B assigned
   Facilities

   LT-Proposed fund        0.90     [ICRA]B assigned
   based facilities

   ST- Non Fund based      3.10     [ICRA]A4 assigned
   facilities

The assigned ratings consider the experience of the promoters in
dealing in engineering plastics for over a decade and the long
standing relationship of the Firm with some of its customers. The
ratings are however constrained by the thin margins on account of
the trading nature of business, moderate client concentration
risk, exposure to forex risk (on imports) and stretched financial
profile characterised by high gearing and weak coverage
indicators. The ratings also consider the high competition from
the unorganized sector in the commodity polymers segment, although
KTC faces limited competition in the engineering polymers segment.
Further, the Firm is also indirectly exposed to the cyclical
nature of the Indian passenger vehicle industry, which consumes
significant part of the polymers the Firm trades in. Going
forward, the firm's ability to improve its margins and reduce its
gearing would be critical for improving its credit profile.

Established in 2001, Kailash Trading Corporation is engaged in
trading of plastics, chemicals, and additives. KTC caters to the
South Indian market and its products are used in Automobiles,
Electrical, Electronics, Telecommunications, Consumer Appliances,
Textiles, Pharmaceuticals, Paints, and Printing Ink, among others.
KTC is one of the largest dealers of Bayer Material Science
Private Limited for Polycarbonates and SRF Limited for Nylon in
India. KTC forms part of the KTC Group which was promoted by Shri.
K. Lakshmi Narayana. After his demise his son Mr. K Chandrasekhar
is heading the group. The other companies in the KTC group are KLN
Automobiles Private Limited, KLN Motor Agencies Private Limited
and Sri Vijayalakshmi Automobiles Private Limited.

Recent Results

According to unaudited results, the Firm's profits before tax
stood at INR0.2 Crore on an operating income of INR49.6 Crore
during 2012-13. For the fiscal, 2011-12, the Firm reported an
operating income of INR52.4 Crore with profit before tax of INR0.2
Crore.


KANNAN ENTERPRISES: ICRA Cuts Ratings on INR14cr Loans to 'D'
-------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR1.00
crore term loan facilities and the INR6.00 crore fund based (sub-
limit) facilities of M/s. Kannan Enterprises to '[ICRA]D' from
'[ICRA]B+'. ICRA has also downgraded the short-term rating
assigned to the INR7.00 crore fund based facilities of the entity
to '[ICRA]D' from '[ICRA]A4'. The rating revisions reflect delays
in debt servicing by the entity owing to tight liquidity
conditions.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term loan facilities       1.00     Downgraded to [ICRA]D
                                       from [ICRA]B+

   LT-Fund based facilities   6.00     Downgraded to [ICRA]D
   (sub-limit)                         from [ICRA]B+

   ST-Fund based facilities   7.00     Downgraded to [ICRA]D
                                       from [ICRA]A4

Established in 1997 as a proprietorship concern, KE is engaged in
processing of plain cashew kernels from raw cashew nuts (RCNs).
The entity imports raw materials primarily from Africa, processes
them primarily in its manufacturing facility in Tamil Nadu which
has an aggregate installed capacity to process 3.5 Metric Tonnes
(MT) / day, packs the processed cashew kernels and sells them in
the domestic/export markets. Further, the entity also trades
cashew kernels and RCNs, with a small portion of its income also
being derived from sale of other by-products such as cashew shells
and cashew nut shell oil in the local markets.


KOPALLE PHARMA: ICRA Assigns 'B-' Ratings to INR15.9cr Loans
------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B-' to the INR12.90 crore
long-term fund based limits, INR1.00 crore long-term non fund
based limits and INR2.00 crore unallocated bank limits of Kopalle
Pharma Chemicals Private Limited. ICRA has also assigned a rating
of '[ICRA]A4' to the INR5.59 crore short-term non fund based
limits of KPCPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       12.90    [ICRA]B- assigned
   Non-fund based limits    1.00    [ICRA]B- assigned
   Unallocated              2.00    [ICRA]B- assigned
   Non-fund based limits    5.59    [ICRA]A4 assigned

The assigned rating is constrained by the low scale of operations
of KPCPL in the manufacture of intermediates for generic and non-
patent APIs, a business that is highly fragmented, company's
product profile comprising of mature molecules limiting its
pricing power and client concentration risk with nearly 80% of the
total sales (FY 12) being made to Dr. Reddy's Laboratories
Limited. The rating also takes into account KPCPL's weak financial
profile characterized by high working capital intensity on account
of very high inventory days, low profitability, weak coverage
indicators and moderate gearing levels. The rating however
positively factors in the long track record of the promoters in
this line of business and their established relationship with the
customers.

KPCPL is a 30 year old company engaged in the business of
manufacturing pharmaceutical intermediates with limited exposure
in Active Pharmaceutical Ingredients (APIs). Headed by Mr. G
Ramesh, the company is primarily a domestic player deriving
majority of its revenues from DRL from sale of intermediates like
Amlodipine Bisilate, Benzisoxazole Hydrochloride etc. used in the
manufacture of APIs in the antipsychotic, anti ulcer therapeutic
segment. Its manufacturing facility is located in Jeedimetla,
Hyderabad.

Recent Results (Provisional)

KPCPL has, for the ten months ended January 31, 2013 reported an
operating income of INR21.07 crore and a net profit of INR0.14
crore as against INR26.33 crore and INR0.13 crore respectively for
2011-12.


MVPR INFRA: ICRA Assigns 'BB' Rating to INR3cr Fund Based Limits
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to the INR3.00
crore fund based facilities and a short term rating of '[ICRA]A4+'
to the INR9.00 crore non fund based facilities of MVPR
Infrastructure Limited. The outlook on the long term rating is
stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       3.00     [ICRA]BB assigned
   Non-fund based limits   9.00     [ICRA]A4+ assigned

The [ICRA]BB/ A4+ ratings take into account the past experience of
the promoters in the construction business since several of the
promoters are also promoters of GVPR Engineers Private Limited, a
Hyderabad-based construction company largely focused on water
supply and electrical work. As a result, MIL also benefits from
sub contracts from GVPR. The ratings also positively factors in
the healthy growth in the operating income of the company albeit
on a small base. MIPL has a strong order book with of about 3
times FY12 revenues (70% are sub-contracts from GVPR) which
provides revenue visibility in the near term. The ratings are
however constrained by MIPL's low scale of operations and high
concentration risks as there are only 4 projects on the order
book. Most of the projects currently being executed by the company
are recent and in the initial phases. The ratings are also
constrained by the geographical concentration of the company, with
majority of the projects being executed in the state of Andhra
Pradesh. The rating also takes into account the high working
capital intensity of operation on account of large receivable from
the customers - working capital requirements are being largely
funded through debt.

MVPR Infrastructure Limited was incorporated in the year 2003 by
the current directors Mr. M.V. Pavan Kumar Reddy who is a director
in GVPR Engineers Limited and Smt. M.V. Sunitha Reddy as MVPR
Engineers Limited in Hyderabad. Later, in the year 2009 the
company was renamed as MVPR Infrastructure Limited. The company is
primarily involved in water supply works and Electricals work
primarily in the states of Andhra Pradesh, Karnataka and
Maharashtra. Most of the projects executed by MIL have been
subcontracted by GEL and even in the current order book about 70%
of the total orders are in the form of sub contracts from GVPR
Engineers Limited.


NEERUS ENSEMBLES: ICRA Assigns 'B+' Ratings to INR33.92cr Loans
---------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to INR33.92 crore
fund based limits of Neerus Ensembles Private Limited. ICRA has
also assigned ratings of '[ICRA]B+/[ICRA]A4' to INR1.08 crore
unallocated limits of NEPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             20.00    [ICRA]B+ assigned
   Term Loans              13.92    [ICRA]B+ assigned
   Unallocated Limits       1.08    [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by the high geographical
concentration of NEPL's own stores with 10 out of 13 stores
located in Hyderabad, Andhra Pradesh (AP) contributing more than
70% of the revenue and limited presence outside AP. NEPL has
witnessed de-growth in same store sales in key stores in
Hyderabad, thus, revenue growth remains contingent on sales from
new stores. NEPL has opened three new stores in FY2013, which
contributed about 10% of the revenues in FY2013. Revenue de-growth
can be attributed to fragmented and competitive textile retail
market facing competition both from organized and unorganized
players and, general slowdown in economy in the past few years.
The ratings are also constrained by high working capital intensity
of business due to high inventory levels to cater to varied
customer requirements and seasonality of the business. The company
has a weak financial profile characterized by high gearing of 5.06
times and stretched interest coverage indicator of 1.49 times for
FY2012.

The assigned ratings, however, draw comfort from promoters' long
experience in textile retail & wholesale business; company's
presence in Indian women ethnic category along with presence in
kids wear and recent foray into men's wear; established market
position of "NEERU'S" brand in the state of Andhra Pradesh and
favorable store location in the areas with large discretionary
income like Banjara Hills, Jubilee Hills, and Somajiguda in
Hyderabad. Further, NEPL has established sourcing arrangements and
healthy vendor relationships which help the company to obtain
adequate credit for inventory purchases moderating the working
capital requirements. Given that growth prospects remain buoyant
for the women's wear market, especially for the branded ethnic
wear segment as the organized retail remains under penetrated in
India. Managing working capital requirements and maintaining
revenue growth remain key rating sensitivities from credit
perspectives.

Founded initially as a partnership firm in 1979, Neerus Ensembles
Private Limited was incorporated as private limited company during
the year 2005. NEPL is involved in the retailing of textile
including women's wear, men's wear and kid's wear under the brand
name "NEERU'S" with primary on sarees and dress materials. NEPL
has 13 stores of which 10 are located in Hyderabad and one each in
Mysore, Vijaywada and Vizag. Further, NEPL is also present in
multi-brand retailer - Future Group's 'Central', Landmark Group's
'Lifestyle'. At present NEPL is present in 11 Central and 4
Lifestyle locations in Bangalore, Chennai, Hyderabad, Pune, Mumbai
and Vizag. Promoters of NEPL also have a partnership firm Neerus
textile involved in wholesale textile business.

Recent Results

In FY2012, the company reported an operating income of INR81.75
crore and a profit after tax of INR1.11 crore.


SHRI RAM: ICRA Assigns 'B' Ratings to INR23cr Loans
---------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR19.72 crore fund
based limits and INR3.28 crore proposed fund based limits of Shri
Ram Impex (India) Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       19.72    [ICRA]B assigned
   Proposed Fund            3.28    [ICRA]B assigned
   Based Limits

The assigned rating takes into account the company's modest scale
of operations and weak financial profile as characterized by low
profitability, moderate gearing levels and weak coverage
indicators. The rating also factors in the high competitive
intensity in steel trading business resulting from low entry
barriers and vulnerability to any adverse movement in the prices
of traded goods. The rating further takes into account the
stretched liquidity position of the company as reflected by low
unutilized bank limits. Nevertheless, the rating draws comfort
from the experience of the promoters in steel trading business.
Going forward the ability of the company to increase its scale of
operations in a profitable manner while maintaining its working
capital intensity will be the key rating sensitivities.

SRIPL was set up in 2000 by Mr. Puneet Bhatia and Mr. Vineet
Bhatia. The company is involved in importing, and trading of tin
plate, TFS sheets and tin sheet cutting etc.

Recent Results

The company reported a net profit of INR0.60 crores on an
operating income of INR77.93 crores in FY12 as against net profit
of INR0.82 crores on an operating income of INR75.30 crores in
FY11.


TATA TELESERVICES: Reduces Number of Mobile Sites to Cut Costs
--------------------------------------------------------------
The Times of India reports that cash-strapped Tata Teleservices is
cutting back on the number of mobile sites, substituting it with
leased networks from competitors, the latest in a series of
austerity measures by the Tata Group's telecom arm.  TOI says the
move follows a slew of other steps, such as paring lossmaking
customers, delaying launches of new services and even returning
CDMA airwaves to the government.

TOI relates that in Bihar, Rajasthan and West Bengal (with the
exception of Kolkata), the company is ending tower leases and
removing signal emitting devices in areas where mobile usage is
low.  According to the report, a senior executive with the company
said that sites that have low utilisation, or areas where fewer
customers use the network meant for a larger subscriber base,
would be moved to areas of higher call traffic or outside these
circles. This strategy was being pursued for both GSM and CDMA
operations, the executive, as cited by TOI, said. He spoke on
condition of anonymity.

According to the report, the executive said customers in these
circles would use networks of operators like Aircel, Idea
Cellular, Vodafone and MTS that have intra-circle roaming pacts in
place with Tata Teleservices. The dual-technology firm, the sixth
largest in India by customers, said it was seeking to reduce costs
while at the same time increasing prices, the report notes.

Tata Teleservices (Maharashtra) Limited is an Indian company
engaged in the business of providing telecommunication services,
which include basic services, cellular services and broadband
services for retail and enterprise. The Company provides
services in about 357 towns and cities in the States of
Maharashtra and Goa through its telephone exchanges located at
Turbhe (Navi Mumbai), Nariman Point (Mumbai), Marol (Mumbai),
Andheri (Mumbai), Pune, Nasik, Panaji, Nagpur and Kolhapur.
During the fiscal year ended March 31, 2007, the Company rolled
out code division multiple access (CDMA) wireless services in
186 towns in Maharashtra and Goa.  The Company holds two Unified
Access (basic and cellular) Services Licences (UASLs), one for
Mumbai Metro area and another for rest of Maharashtra and Goa.
The Company also holds the National Internet Service provider --
Internet Telephony license.  The Company is a subsidiary of Tata
Sons Limited.


WORKSPACE METAL: ICRA Assigns 'B+' Ratings to INR15.15cr Loans
--------------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR15.15 crore fund
long term fund and non fund based limits of Workspace Metal
Solutions Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term loan               9.60     [ICRA]B+ assigned
   Fund based limits       3.05     [ICRA]B+ assigned
   Non fund based limits   2.50     [ICRA]B+ assigned

The rating is constrained by WMSPL's nascent stage of operations
and the fact that acceptability of WMSPL's products in the market
is yet to be established. Further, the ratings take into account
the limited moratorium available for debt repayment owing to delay
in project commissioning; the risk of cash shortfall gets further
accentuated owing to its current modest order book position.
Consequently, the company would be dependent on fund infusion from
promoters to meet its debt repayment obligations pending the ramp
up in its cashflow from operations. However the rating favorably
factors in the strengths derived from WMSPL being part of the
Pyrotech group and long standing relationships built by the group
with large corporate clients. Going forward, the company's ability
to stabilize its operations and profitably, ramp up its scale of
production in order to meet the targeted cashflows and timely
promoter support if required will remain the key rating
sensitivities.

Workspace Metal Solutions Private Limited was set up to
manufacture metal based furniture to be used in offices and retail
spaces. The company started project execution around March 2011
and has commissioned the facility in Sep 2012, three months later
than scheduled. The company is a part of Udaipur based Pyrotech
group which has interests in manufacturing of control panels,
electronic equipments, temperature sensors and industrial cables.

Recent results

The company has started commercial operations in H1 FY13. In FY12,
the company generated a net loss of INR0.11 crore. As of
March 31, 2013, the company had a networth of INR3.89 crore and a
debt of INR1.58 crore. As per the provisional numbers shared by
the company, the company achieved sales of INR2.6 crore in FY13.


VI MICRO: ICRA Downgrades Rating on INR12.24cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR12.24
crore term loan facilities (increased from INR10.92 crore) of Vi
Micro Educational Trust from '[ICRA]B-' to '[ICRA]D'.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Term loans-Indian Bank    12.24     Revised to [ICRA]D from
                                       [ICRA]B-

The revision in rating considers the recent delay in debt
servicing by the Trust and the financial position with continued
losses at the net level. The hold-up in government funds for
graduate scholarship has resulted in a delayed payment during the
month of February 2013 which was subsequently regularised. The
Trust's capital structure and coverage indicators are stretched
and is expected to remain at similar levels over the near term
owing to the debt funded capital expenditure plans. The rating
also considers the intense competition prevalent in the industry
which impacts the Trust's ability to hire and retain experienced
faculty. The rating factors the significant experience of
promoters in the education sector, the favorable demand outlook
for higher education in India and the location advantage of the
college with easy access to the relatively untapped rural populace
which is expected to drive revenue growth. With high debt
repayment obligations over the medium term, improved accruals from
operations and promoter funding would be critical for ensuring
timely debt servicing and improving the credit profile.

Vi Micro Educational Trust was registered on November 27, 2007
with two trustees. The trust is promoted by Mr. R.
Vijayarajeswaran and his wife Mrs. V. Revathy. The trust started
the engineering college, Vi Micro Institute of Technology, at
Srikundram Village, Kancheepuram District (about 50 kms from
Chennai, Tamil Nadu), on September 6, 2009. The college currently
offers engineering courses in five specialisations namely -
mechanical, electronics and communication, electrical and
electronics computer science and civil. The college has 879
students and is affiliated to the Anna University, Chennai.

Recent Results

For the nine months period ended December 31, 2012, the Trust has
made net loss of INR0.4 crore on an operating income of INR4.7
crore (according to un-audited results) as against net loss of
INR0.6 crore on operating income of INR5.6 crore for 2011-12.



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


ARYSTA LIFESCIENCE: No Change on B2 CFR on Planned Loan Increase
----------------------------------------------------------------
Moody's Investors Service said that Arysta LifeScience
Corporation's plan to change the size of its first and second lien
term loans will not impact its ratings.

The principal methodology used in rating Arysta was the Global
Chemical Industry Methodology published in 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Arysta LifeScience Corporation, headquartered in Tokyo, is a
agrochemical company with a diverse portfolio of crop protection
products. Arysta's global operations generated revenues in 2012 of
$1.6 billion.

On May 9, 2013, Moody's assigned a B2 Corporate Family Rating to
Arysta LifeScience Corporation, Ba3 ratings to its proposed $150
million revolving credit facility due 2018 and $1,100 million
7-year first lien term loan, and a Caa1 rating to its proposed
$555 million 7.5-year second lien term loan.


ELPIDA MEMORY: Seeks Delaware Court Approval for Micron Sale
------------------------------------------------------------
Thomson Reuters News & Insight reports that Elpida Memory Inc
asked the U.S. Bankruptcy Court in Delaware on Wednesday to
enforce its reorganization plan sale to Micron Technologies Inc, a
final step to creating the world's second-largest maker of memory
chips.

Reuters relates the majority of Elpida's secured and unsecured
creditors approved the plan, which included the sale of assets to
Micron for JPY60 billion ($582 million) in cash and another JPY140
billion ($1.36 billion) paid in annual installments until 2019.

However, U.S. creditors led by hedge funds Linden Advisors, Owl
Creek Asset Management and Taconic Capital Advisers have argued
that Elpida is worth JPY300 billion ($2.91 billion). They have
been actively fighting the plan, although their final appeal in
Japan failed last week, leaving the U.S. courts as their remaining
venue.

According to Reuters, Elpida still needs to have its
reorganization plan recognized and enforced by a U.S. Bankruptcy
Court to protect its U.S. assets from creditors under Chapter 15
of the bankruptcy code.

Reuters relates that the company's representative said in court
papers filed with the U.S. Bankruptcy Court in Wilmington,
Delaware, that recognition was urgently needed to prevent
upsetting customer relationships.

"Any delay in granting recognition could even jeopardize the
impending closing of the Micron-Elpida deal, which must happen
soon in order to enable the two businesses to merge and reap the
benefits of full integration," the report quotes a company
representative as saying.

Reuters says the judge in Delaware overseeing Elpida's
Chapter 15, Christopher Sontchi, warned the company's legal team
last year that he didn't have a "problem tanking a case" after the
U.S. creditors brought to light a lack of disclosure.

Reuters relates that the hedge funds are also appealing a November
decision by Judge Sontchi approving a technology sale and transfer
agreements that the bondholders had said would make the Micron
sale inevitable.

A U.S. District Court magistrate in Wilmington recommended on
Monday that the appeal be withdrawn from mediation and proceed to
litigation, Reuters adds.

                      About Elpida Memory Inc.

Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is
a Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips.  The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM,
Mobile RAM and XDR DRAM, among others.  The Company distributes
its products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.

After semiconductor prices plunged, Japan's largest maker of DRAM
chips filed for bankruptcy in February with liabilities of 448
billion yen ($5.6 billion) after losing money for five quarters.
Elpida Memory and its subsidiary, Akita Elpida Memory, Inc.,
filed for corporate reorganization proceedings in Tokyo District
Court on Feb. 27, 2012.  The Tokyo District Court immediately
rendered a temporary restraining order to restrain creditors from
demanding repayment of debt or exercising their rights with
respect to the company's assets absent prior court order.
Atsushi Toki, Attorney-at-Law, has been appointed by the Tokyo
Court as Supervisor and Examiner in the case.

Elpida Memory Inc. sought the U.S. bankruptcy court's recognition
of its reorganization proceedings currently pending in Tokyo
District Court, Eight Civil Division.  Yuko Sakamoto, as foreign
representative, filed a Chapter 15 petition (Bankr. D. Del. Case
No. 12-10947) for Elpida on March 19, 2012.

Micron Technology, Inc. on Feb. 28 announced the Tokyo District
Court's issuance of an order approving Elpida Memory Inc.'s plan
of reorganization.  Elpida's plan of reorganization calls for
Micron to sponsor Elpida's reorganization under which Elpida will
become a wholly owned subsidiary of Micron.  The Tokyo District
Court's approval follows an Elpida creditor vote, concluded on
Feb. 26, in which the creditors voted to approve the
reorganization plan.



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


DOMINION FINANCE: Director Pleads Guilty on FMA Charges
-------------------------------------------------------
The New Zealand Herald reports that Dominion Finance director
Robert Barry Whale -- who was acquitted earlier this year in a
case brought by the Serious Fraud Office -- has pleaded guilty and
been convicted on separate charges of misleading investors.

Mr. Whale, 65, admitted in the High Court at Auckland Thursday to
seven Securities Act charges brought by the Financial Markets
Authority.

The Herald relates that the charges related to alleged untrue
statements in the Dominion Finance Group and North South Finance
offer documents and advertisements. These included prospectuses,
investment statements and an allegedly misleading newsletter to
investors.

Justice Sarah Katz convicted Mr. Whale on the seven charges, and
ordered a short-form pre-sentence be prepared containing a home
detention appendix.

He is due to be sentenced on June 14, the report notes.

According to the report, Mr. Whale was to stand trial next month
alongside fellow directors Vance Arkinstall, Richard Bettle and
Paul Forsyth before he pleaded guilty.

Another Dominion director Ann Butler, who was also due to stand
trial on these charges, also pleaded guilty earlier this month and
is due to be sentenced on the same day as Mr. Whale, the report
relays.

Last month, the Herald recalls, Mr. Whale was found not guilty on
charges of theft by a person with a special relationship brought
by the SFO.

                       About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance was put into receivership in September 2008
owing about NZ$176.9 million to more than 5,900 investors. It was
put into liquidation by the High Court at Auckland in May 2009.
Associate Judge Faire appointed William Black and Andrew Grenfell
of McGrathNicol as liquidators of the firm.  Receiver Rod
Partington of Deloitte said the liquidation application will not
affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.



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


AMARU INC: To Restate Previously Filed Periodic Reports
-------------------------------------------------------
The Board of Directors of Amaru, Inc., was notified by Wei Wei &
Co. LLP., its current independent registered public accounting
firm who is re-auditing the financial statements for the Company's
fiscal year ended Dec. 31, 2011, that certain adjustments were not
properly reflected in 2011 Financial Statements and have a
material impact on previously issued unaudited interim financial
statements contained in the Company's quarterly reports.
Consequently, the Company has been advised by Wei Wei that the
quarterly reports on Form 10-Q for the quarters ended March 31,
2012, June 30, 2012, and Sept. 30, 2012, cannot be relied upon.

According to Wei Wei, the following adjustments were not properly
reflected in the 2011 Financial Statements:

   1. Impairment in the Company's two investments totaling
      approximately $492,000;

   2. Accrued interest in the amount of approximately $187,000;
      and

   3. Investment made by the Company in the amount of $200,000
      and loan received from a shareholder in the same amount.

Not properly recording the adjustments resulted in: (i) a net
overstatement of investments as of Dec. 31, 2011, of approximately
$292,000; (ii) an understatement of liabilities as of Dec. 31,
2011, of approximately 387,000; and (iii) an understatement of
expenses of approximately $679,000 and related understatement of
net loss for the same amount for the year ended Dec. 31, 2011.

The Company will file an amended Form 10-K for the fiscal year
2011 and amended quarterly reports on Form 10-Q for the quarters
ended March 31, 2012, June 30, 2012, and Sept. 30, 2012.

Meanwhile, the Company notified the U.S. Securities and Exchange
Commission that it was unable to file its quarterly report on Form
10-Q for the period ended March 31, 2013, in a timely manner
because the Company was not able to complete timely its financial
statements without unreasonable effort or expense.

                          About Amaru Inc.

Singapore-based Amaru, Inc., a Nevada corporation, is in the
business of broadband entertainment-on-demand, streaming via
computers, television sets, PDAs (Personal Digital Assistant) and
the provision of broadband services.  The Company's business
includes channel and program sponsorship (advertising and
branding); online subscriptions, channel/portal development
(digital programming services); content aggregation and
syndication, broadband consulting services, broadband hosting and
streaming services and E-commerce.

After auditing the 2011 results, Wilson Morgan, LLP, in Irvine,
California, noted that the Company has sustained accumulated
losses from operations totalling $40.7 million at Dec. 31, 2011.
This condition and the Company's lack of significant revenue,
raise substantial doubt about the Company's ability to continue as
going concern, the auditors said.

Amaru reported a net loss from operations of $1.37 million in
2011, compared with a net loss from operations of $1.50 million in
2010.  The Company's balance sheet at Sept. 30, 2012, showed $3.28
million in total assets, $3.08 million in total liabilities and
$195,261 in total stockholders' equity.



===============
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.



                 *** End of Transmission ***