TCRAP_Public/130627.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

            Thursday, June 27, 2013, Vol. 16, No. 126


                            Headlines


A U S T R A L I A

DUNDEE'S HOTEL: In Liquidation; Workers' Future in Doubt
INNOVATE SA: Clifton Hall Appointed as Liquidator
WIRRINA COVE: Unable to Attract Bids at June 21 Auction
WRIGHTS HOME: Appoints Clifton Hall as Liquidators


C H I N A

EXIM BANK: Moody's Revises Baseline Credit Assessment to ba3
ZUNGUI HAIXI: OSC Probes Ernst & Young Over Audit Failure
* Chinese Issuers Continue to Replenish Land Banks Says Moody's


I N D I A

AA NUTTS: ICRA Assigns 'BB' Rating to INR0.80cr Loans
AFEEF CASHEW: ICRA Reaffirms 'BB' Rating on INR3cr LT Loan
AGARWAL FASTENERS: ICRA Assigns 'BB+' Ratings to INR18cr Loans
ALLIED MEDICAL: ICRA Cuts Rating on INR13cr Loans to '[ICRA]BB+'
ARADHNA FABRICS: ICRA Reaffirms 'BB-' Ratings on INR13.22cr Loans

CARRYCON INDIA: ICRA Upgrades Ratings on INR10.3cr Loans to 'B+'
CP SPONGE: ICRA Assigns 'B+' Ratings to INR23.12cr Loans
DEEPAK STEEL: ICRA Cuts Rating on INR40cr Loan to 'BB+'
EXCEL ANO: ICRA Rates INR3.35cr Loans at '[ICRA]B+'
HARSHA STONE: ICRA Assigns 'B-' Rating to INR0.44cr Loan

HMM INFRA: ICRA Assigns 'B' Rating to INR10cr Loan
PHYTO CHEM: ICRA Assigns 'B' Ratings to INR7.25cr Loans
QUICK FOODS: ICRA Assigns 'B+' Ratings to INR7.6cr Loans
SHANTI EDUCATIONAL: ICRA Rates INR7.1cr LT Loan at 'B-'
TRUE WELL: ICRA Assigns 'B' Ratings to INR6.50cr Loans

ULTRA POWER: ICRA Assigns 'C+' Ratings to INR27.5cr Loans


J A P A N

TOSHIBA CORP: To Restructure TV Business to End Losses


N E W  Z E A L A N D

DOMINION FINANCE: Three Directors Plead Guilty
FIVE STAR: Williams Launders Toxic Loans, Says Court


                            - - - - -


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


DUNDEE'S HOTEL: In Liquidation; Workers' Future in Doubt
--------------------------------------------------------
Murray Valley Standard reports that employees from Dundee's Hotel,
at Murray Bridge, have been stood down and are not likely to find
out their fate for some time.

The iconic hotel was placed into creditor's voluntary liquidation
late last week with debts of about AUD2.3 million, the report
relates.

Doors were closed on June 21 and the hotel's 25 employees are now
waiting to find out if they will re-open, Valley Standard says.

According to the report, liquidator Peter Macks, from Macks
Advisory, said creditors and directors would be meeting this week
but it was too early to comment on the business's immediate
future.

He said the hotel had gone into liquidation because its owners had
struggled to cope with mounting costs, the report notes.

"My understanding as to why it's happened is really because the
level of trading in recent times has been insufficient to deal
with the cost base the business had," the report quotes Mr. Macks
as saying.  "It was building up losses and the companies involved
had no choice but to place it into administration."


INNOVATE SA: Clifton Hall Appointed as Liquidator
-------------------------------------------------
Timothy Clifton of Clifton Hall was appointed as Liquidator in
respect of Innovate SA Incorporated on June 25, 2013.


WIRRINA COVE: Unable to Attract Bids at June 21 Auction
-------------------------------------------------------
Dissolve.com.au reports that the Wirrina Cove resort and
conference centre, which had been managed by receivers since 2011,
was still not able to attract any bids at a June 21 mortgage sale.
The sale is being handled by receiver David Whyte with Karen Seeto
marketing it, the report says.

Dissolve.com.au relates that the 18-hole golf course, 89-room
hoteland conference centre has been the center of a marketing
campaign since November of last year.  It entered receivership as
Equititrust Income Fund was controlled by BDO.

Ms. Seeto said the receiver has been in discussions with 3
interested parties, according to Dissolve.com.au. The asset was
among the last of the original 485 hectare package set, the report
notes.

Dissolve.com.au says assets that include a 75-lot residential
development and vacant land tracts that totaled approximately 295
hectares have already been sold. The marina's thirty berths were
kept and some parties are negotiating on a caravan park.


WRIGHTS HOME: Appoints Clifton Hall as Liquidators
--------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Wrights Home Furnishers Pty Ltd
on June 24, 2013.

The first meeting of creditors will be held on July 5, 2013 in the
offices of Clifton Hall, Level 4, 12 Gilles Street, in Adelaide at
10:00 a.m.



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


EXIM BANK: Moody's Revises Baseline Credit Assessment to ba3
------------------------------------------------------------
Moody's Investors Service has affirmed the A3 foreign currency
senior unsecured debt and issuer ratings of Export-Import Bank of
Malaysia Berhad (MEXIM), as well as its (P)A3 senior unsecured MTN
program rating.

At the same time, Moody's has revised the bank's baseline credit
assessment to ba3 from b1 following improvements in EXIM's
standalone credit profile.

The outlook on all EXIM's ratings remains stable.

Ratings Rationale:

Senior Unsecured Debt Rating Of A3

MEXIM's A3 senior unsecured rating is driven by its intrinsic
credit strength, as reflected by its BCA of ba3, and six notches
of uplift stemming from Moody's support assumptions.

At A3, MEXIM's senior unsecured debt rating is in line with the A3
rating for the government of Malaysia.

It also reflects its government ownership, its important policy
role in providing financial services to Malaysian trade-oriented
companies and cross-border businesses for which there is no or
limited private-sector alternative offering, and Malaysia's
history of lending support to government-related institutions and
banks. Furthermore, although explicit support is not mandated, the
bank's receipt of guarantees provided on its borrowings in 1999,
liquidity support in 2007, and recapitalization through a loan-to-
equity conversion in 2008 are tangible evidence of support in the
past. This track record of support reinforces Moody's view that
the bank will continue to benefit from government assistance, if
needed.

Baseline Credit Assessment (BCA) of ba3

The upward revision of MEXIM's BCA to ba3 from b1 reflects the
steady improvements in the bank's asset quality and liquidity over
the past three years, which reflect in turn its improved risk
management culture and practices since an internal re-organization
and transformation in 2008.

At end-2012, its gross impaired loans ratio declined to 22.2%,
from its peak level of 50% at end-2010. This decline was
accompanied by a steady fall in nominal impaired loans and new
impaired loan formation rates. Stability for its liquidity profile
also improved, mainly from the bank's efforts in extending the
tenor of its funding. At end-2012, 68% of its total borrowings
showed a maturity of over five years, up from 36% a year ago.

Although the bank's capital level has declined with business
growth, the development is in line with Moody's expectations. At
end-2012, its Tier 1 capital ratio was 41.3%. Moody's expects its
capitalization to remain sufficient to withstand shocks at its
current rating level.

The stable ratings outlook reflects Moody's expectations that the
bank's overall credit fundamentals will remain stable, underpinned
by its improved risk management capabilities, in turn supporting
its business growth and asset quality. At the same time, Moody's
does not expect any changes to its policy status and government
ownership over the next 12-18 months, which could in turn impact
Moody's support assumptions.

What Could Drive The Ratings Down/Up

MEXIM's senior unsecured debt rating is aligned to that of the
sovereign due to its important policy role. Therefore, its rating
may move in line with any changes in the sovereign rating. MEXIM's
BCA could move up if the bank adopted a commercial business model
that would improve its profitability and asset quality metrics,
although such a development could imply a reduced policy role, or
a weakened relationship with the government.

Conversely, any signs of weakening links with the government or
diminishing policy importance could adversely affect MEXIM's debt
rating. Its BCA could be revised downwards if its asset quality
worsens without a commensurate increase in loan loss reserves, or
its Tier 1 ratio falls below its internal target of 16%.

Principal Methodology

The methodologies used in this rating were Government-Related
Issuers: Methodology Update published in July 2010 and Finance
Company Global Rating Methodology published in March 2012.

MEXIM is a development financial institution wholly owned by the
government of Malaysia, with 99.9% of its share capital held by
the Minister of Finance (Incorporated), and one ordinary share
held by the Federal Lands Commissioner (Incorporated).

MEXIM reported total assets of MYR7.3 billion (USD2.3 billion) at
end-December 2012.


ZUNGUI HAIXI: OSC Probes Ernst & Young Over Audit Failure
---------------------------------------------------------
Ben Dummett at The Wall Street Journal reports that the Ontario
Securities Commission accused Ernst & Young LLP of failing to
properly audit the financial statements of Zungui Haixi Corp.
ahead of the Chinese shoe maker completing a CAD39.8 million
initial public offering in 2009 and listing its shares on the
junior Canadian TSX Venture Exchange.

The Journal notes that the allegations come after the regulator in
December alleged the big accounting firm failed to adequately
audit the financial statements of Sino-Forest Corp. between 2007
and 2010. The Canadian company is accused of inflating the value
of its timber assets in China.

Sino-Forest, which emerged from bankruptcy protection earlier this
year, conducted an internal investigation into the allegations.
Former company executives have denied fraud. Ernst & Young has
defended its work for Sino-Forest.

According to the Journal, the OSC said Monday it now alleges Ernst
& Young of ignored signs Zungui may have manipulated its sales to
attract investors to invest in the IPO.

Ernst & Young said it plans to fight the latest charges, the
report relays.

"We will vigorously defend against the OSC's allegations," a
spokeswoman said in an e-mailed statement obtained by the Journal.
"Issues concerning Zungui Haixi came to light as a result of
actions we took during our 2011 audit. We brought these issues to
the attention of the audit committee and management, and
eventually resigned as auditor. We have cooperated with the OSC
throughout its subsequent investigation."

The OSC is scheduled to hold a hearing on the allegations
July 15, the Journal adds.

Zungui Haixi Corporation, through its subsidiaries, engages in the
manufacture and sale of athletic footwear, apparel, accessories,
and casual leather footwear in the People's Republic of China.


* Chinese Issuers Continue to Replenish Land Banks Says Moody's
---------------------------------------------------------------
Moody's Investors Service says its rated developers have been
active in acquiring new land in the past two months.

"We expect our rated developers will remain active in land
acquisitions in the coming three to six months, as they continue
to replenish their land banks to support their long-term growth
plans," says Kaven Tsang, a Moody's Vice President and Senior
Analyst.

Large national developers, such as China Overseas Land &
Investment Limited (Baa1 stable), China Vanke Co. Ltd. (Baa2
stable) and Poly Real Estate Group Co Ltd (Baa2 stable) have
acquired new land to replenish their land banks.

Meanwhile, a few regional players -- Yuexiu Property Company
Limited (Baa3 stable), Kaisa Group Holdings Limited (B1 stable)
and CIFI Holdings (Group) Co Ltd (B1 stable) -- have made sizeable
acquisitions in May and June.

"While their liquidity positions will remain adequate, the sizable
acquisitions will increase their execution risk," adds Tsang.

Tsang was speaking at the release of the latest edition of Moody's
China Property Focus newsletter.

The growth momentum in China's property market continued in May,
but the year-on-year growth rate slowed down to 33.9% from 56.8%
in April owing to: (1) the State Council's policy guidelines
announced in February to increase controls on the sector; and (2)
a higher comparative base in May last year when the market picked
up.

"We expect year-on-year sales growth will continue to slow down in
the coming months amidst tight controls and a higher comparative
base in the second half of 2012," says Tsang.

The report also states that property prices in China's 70 major
cities continued to climb in May 2013.

The number of cities with year-on-year growth in prices increased
to 69 in May from 68 in April, and which was the highest level
since September 2011.

In addition, the number of cities with price increases of more
than 5% year-on-year surged to 38 from 24 in the previous month,
and which was the highest level since April 2011.

Moody's expects the government will maintain its tight controls on
the property sector, given the robust price growth over the past
few months.

But further dramatic measures are unlikely as the month-on-month
price growth in six of the major cities, including Beijing and
Guangzhou, moderated to 1%-2% in May 2013 from 2%-3% in March.

The report also states that the credit profiles of rated
developers will remain largely stable in the next twelve months.

There were no rating changes in Moody's portfolio since the last
publication; just over 80%, or 33 out of 41 developers, had stable
rating outlooks as of 20 June 2013, versus 20 at end-2012.

Their stable outlooks reflect an improved operating environment,
their enhanced liquidity positions, as well as Moody's expectation
that the risks from the government's new tightening measures will
be manageable.



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


AA NUTTS: ICRA Assigns 'BB' Rating to INR0.80cr Loans
-----------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR1.50 crore
long term fund based facilities (sub limit) of AA Nutts. ICRA has
assigned a long term rating of '[ICRA]BB' to the INR0.80 crore
term loan facilities of AA Nutts.  The outlook on the long term
rating is stable. ICRA has also reaffirmed the '[ICRA]A4' rating
to the INR13.00 crore (enhanced from INR9.60 crore) short term
fund based facilities and the INR3.50 crore short term non fund
based facilities (sub limit) of the firm.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term loans         0.80     [ICRA]BB(Stable)/assigned

   Long term fund         (1.50)    [ICRA]BB(Stable)/reaffirmed
   based facilities
   (sub-limit)

   Short term fund         13.00    [ICRA]A4/reaffirmed/ assigned
   based facilities

   Short term non fund     (3.50)   [ICRA]A4/reaffirmed
   based facilities
   (sub-limit)

ICRA has taken a consolidated view of AA Nutts and another group
entity, Al Aziz and Company for the purpose of ratings, on account
of the common management and close operational linkages among the
aforementioned entities.

The reaffirmation of ratings takes into account the long standing
experience of the promoter in the cashew processing business and
the healthy growth in revenues during 2011-12 and 2012-13,
supported by both increase in sales volume and average
realizations. The ratings also positively factor in the firm's
operational linkages with group entities, which aid AA Nutts in
enhancing its business capabilities.

The ratings are, however, constrained by financial profile of the
firm, characterised by a) thin margins owing to low value
addition/product differentiation and a highly competitive and
fragmented industry structure, b) high working capital intensity,
resulting in high debt levels compared to the scale of operations,
c) stretched gearing and coverage indicators owing to high debt
levels amidst thin accruals, and d) strained cash flows on account
of high working capital requirements amidst thin operating
profits. The ratings also take into account the prevailing labor
shortage in the region and its current impact/possible impact on
the firm's margins, owing to fulfilment of orders through third
party purchases; the firm does not have any mechanization or
diversification plans in the near term. Akin to other players in
the industry, AA Nutts' margins are vulnerable to volatility in
cashew price movements and forex fluctuations, although the latter
is mitigated to an extent by the hedging mechanism adopted by the
firm. AA Nutts also has high geographic concentration with the
United States of America (USA).

Commenced in 2007 as a partnership firm, AA Nutts is engaged in
sale of cashew kernels and raw cashew nuts (RCNs). The firm
procures its raw materials primarily from Africa and Indonesia,
processing them in its manufacturing facilities located in Kollam,
Kerala and primarily exports the processed blanched cashew kernels
to USA, Europe and the Middle East countries. Part of the sales is
also done in domestic markets and in through merchant exports,
although these have remained less than 30% in the last few years.
The firm is currently managed by Mr. M. A. Anzar.


AFEEF CASHEW: ICRA Reaffirms 'BB' Rating on INR3cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR3.00 crore
long term fund based facilities (sub limit) of Afeef Cashew
Company. The outlook on the long term rating is stable. ICRA has
also reaffirmed the '[ICRA]A4' rating to the INR13.20 crore
(enhanced from INR11.00 crore) short term fund based facilities
and the INR3.50 crore short term non fund based facilities (sub
limit) of the firm. ICRA has also assigned a short term rating of
'[ICRA]A4' to INR1.14 crore non-fund based facilities of Afeef.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Long Long term fund     (3.00)    [ICRA]BB(Stable)/reaffirmed
   based facilities
   (sub-limit)

   Short term fund based    13.20    [ICRA]A4/reaffirmed
   facilities

   Short term non fund      (3.50)   [ICRA]A4/reaffirmed
   Based facilities
   (sub-limit)

   Short term non fund       1.14    [ICRA]A4/assigned
   based facilities

ICRA has taken a consolidated view of Afeef Cashew Company and
another group entity, Alpha International for the purpose of
ratings, on account of the common management and close operational
linkages among the aforementioned entities.

The reaffirmation of ratings takes into account the long standing
experience of the promoter in the cashew processing business and
the healthy growth in revenues during 2011-12 and 2012-13
supported by both increase in sales volume and average
realizations. The ratings also positively factor in the firm's
operational linkages with group entities, which aid Afeef in
enhancing its business capabilities.

The ratings are, however, constrained by weak financial profile of
the firm, characterised by a) thin margins owing to low value
addition/product differentiation and a highly competitive and
fragmented industry structure, b) high working capital intensity,
resulting in high debt levels compared to the scale of operations,
c) stretched gearing and coverage indicators owing to high debt
levels amidst thin accruals, and d) strained cash flows on account
of high working capital requirements amidst thin operating
profits.

The ratings also take into account the prevailing labour shortage
in the region and its impact on the firm's margins, owing to
fulfilment of orders through third party purchases; worsening of
the situation is likely to impact the firm further, in the absence
of any mechanization or diversification plans in the near term.
Akin to other players in the industry, Afeef's margins are
vulnerable to volatility in cashew price movements and forex
fluctuations, although the latter is mitigated to an extent by the
hedging mechanism adopted by the firm. Afeef also has high
geographic concentration with the United States of America (USA).

Commenced in 2007 as a partnership firm, Afeef Cashew Company is
engaged in sale of cashew kernels and raw cashew nuts (RCNs). The
firm procures its raw materials primarily from Africa and
Indonesia, processing them in its manufacturing facilities located
in Kollam, Kerala and primarily exports the processed blanched
cashew kernels to USA, Europe and the Middle East countries. Part
of the sales is also done in domestic markets and in through
merchant exports, although these have remained less than 30% in
the last few years. The firm is currently managed by Mr. Mohammed
Najeeb.


AGARWAL FASTENERS: ICRA Assigns 'BB+' Ratings to INR18cr Loans
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR8.00 crore
fund-based bank facilities and the INR10.00 crore term loans of
Agarwal Fasteners Private Limited. The outlook on the long-term
rating is 'stable'. ICRA has also assigned an '[ICRA]A4+' rating
to the INR8.00 crore fund based and INR4.00 crore non-fund-based
bank facilities of AFPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long-term, fund-         8.00    [ICRA]BB+ (Stable) assigned
   based limits

   Term Loans             10.00     [ICRA]BB+ (Stable) assigned

   Short-term, fund-       8.00     [ICRA]A4+ assigned
   based limits

   Short-term, non-        4.00     [ICRA]A4+ assigned
   fund based limits

The assigned ratings take into account long experience of the
promoters in the stainless steel fasteners industry; strong
distribution capability of AFPL, in form of large dealer network,
which gives the company pan-India coverage for its products and
wide product range of the company, catering to multiple sectors,
which reduces industry specific risks. However, the ratings are
constrained by high gearing of the company; highly fragmented and
unorganized nature of the fasteners industry, which exerts pricing
pressures; exposure to price risks, given the cyclicality inherent
in the stainless steel industry and moderately high working
capital intensity of operation, which adversely impacts liquidity
profile of the company and exposure to forex risk, given the
significant dependence on exports and in the absence of a formal
hedging mechanism.

Incorporated in 1987, AFPL is closely held by Agarwal family and
is involved in manufacture of stainless steel nuts and bolts. The
manufacturing facility of AFPL is ISO 9001:2008 certified. During
first half of 2012-13, AFPL has shifted its main manufacturing
facility from Vasai to Palghar, both of which are located in Thane
district of Maharashtra.

Recent Results

As per the provisional results for the first eleven months of
2012-13, AFPL recorded profit before tax of INR5.38 crore on the
back of an operating income of INR105.44 crore. In 2011-12, AFPL
recorded a profit after tax (PAT) of INR2.67 crore on an operating
income of INR106.89 crore.


ALLIED MEDICAL: ICRA Cuts Rating on INR13cr Loans to '[ICRA]BB+'
----------------------------------------------------------------
ICRA has revised the long term rating for 13.00 crore (earlier
INR11.04 crore) term loans and fund-based limits of Allied Medical
Limited from '[ICRA]BBB-' to '[ICRA] BB+'. The long-term rating
carries a stable outlook. ICRA has also revised the short-term
rating for INR6.00 crore (earlier INR1.50 crore) non-fund-based
limit of AML from '[ICRA]A3' to '[ICRA]A4+'.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Long Term Loans and       13.00    [ICRA]BB+ {Revised from
   Fund-based Limits                  [ICRA]BBB-}

   Non-fund-based Limits      6.00    [ICRA]A4+ {Revised from
                                      [ICRA]A3}

The revision in ratings reflects significant liquidity pressure
faced by AML, as indicated by persistently high utilization of
working capital limits. The liquidity strain has built up due to
elevated working capital intensity on account of stretched
receivables, high inventory levels and limited credit offered by
principals. Also, the company has incurred significant expenditure
on equipments and research and development which has impacted its
liquidity position. The ratings continue to be constrained by
AML's moderate scale of operations, near-stagnant revenue growth
over the last three years and fragmented industry structure
characterized by large number of players dotting the spectrum
leading to high competitive intensity. ICRA also notes that the
company is exposed to risks associated with fluctuations in
foreign exchange rates on account of imports of medical equipments
and will be impacted by recent depreciation of Indian National
Rupee (INR).

The ratings, however, derive comfort from AML's experienced and
technically qualified promoters with long track record in the
medical equipment industry; established relationships with some of
the global medical equipment companies; its diversified customer
base, with a healthy mix of private sector and government clients
and the stable demand prospects for medical equipments in India.

Going forward, easing of liquidity pressures and improvement in
scale of operations while maintain the credit metrics will be the
key rating sensitivity.

Allied Medical Limited was promoted by Dr. Vinod Kohli and his
family in 1982 and is engaged in manufacturing and trading of
anesthesia and other medical equipment. The manufacturing
facilities of the company are located in the city of Gurgaon
(Haryana). AML is ISO 9001:2000 and ISO 13485 certified for
Design, Manufacture, Supply and Service of Medical Surgical and
Hospital Equipments; it is also accredited with GMP (Good
Manufacturing Practices) certification recognized by World Health
Organisation (WHO). The R&D division of the company is recognized
by Ministry of Science & Technology.

Recent Results

In FY2013, as per the provisional financial statements, Allied
Medical Limited (AML) reported operating income of INR40.12 crore
(previous year INR39.05 crore) and net profit of INR1.66 crore
(previous year INR2.00 crore).


ARADHNA FABRICS: ICRA Reaffirms 'BB-' Ratings on INR13.22cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB-' to the
INR13.02 crore1 fund based and INR0.20 crore non-fund based bank
facilities of Aradhna Fabrics Private Limited. The outlook on the
long term rating continues to remain Stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund          13.02    [ICRA]BB-(Stable)/Reaffirmed
   Based Limits

   Long Term Non-Fund       0.20    [ICRA]BB-(Stable)/Reaffirmed
   Based Limits

The rating reaffirmation draws comfort from the experience of the
promoters, who have been in the textile industry for more than
three decades. The operational profile of the company has remained
stable in the past few years with more than 90% of the revenues
being derived from low value add knitting and fabric processing
operations, which coupled with subdued demand has resulted in low
operating profitability. Thus, despite a moderately geared capital
structure, low profitability of operations has resulted in weak
debt coverage indicators of the company as reflected by interest
coverage of 1.92x, TD/OPBDITA of 3.94x and NCA/TD of 9% in FY13 as
per the provisional results. The company had written off
receivables of INR1.72 crore from one of its garment customers in
2011-12, which resulted in a decline in the operating
profitability from 3.9% in FY11 to 1.4% in FY12. Although
profitability has improved to ~5% in FY13 as per the provisional
results, a large proportion of the sales continues to be
contributed from the knitting, fabric processing and trading
activities, which is expected to be continued in the near term,
which shall keep the profitability low and debt coverage
indicators weak.

The rating continues to remain constrained by stagnancy in
turnover witnessed by the company and modest scale of operations
in a fragmented and competitive industry which is dominated by the
unorganized sector, thereby limiting its pricing power and
benefits of economies of scale. Given the low entry barriers,
AFPL's business growth and profitability will continue to remain
susceptible to entry of new players in the industry; however the
company's forward integration into garmenting segment, which by
virtue of higher value addition and better realizations could
improve the overall profitability going forward as the company
scales up its modest scale of garmenting operations. Going
forward, an improvement in the profitability which shall be
largely dependent on the company's ability to scale up its
garmenting business and subsequently the extent of improvement in
debt coverage indicators would be the key rating sensitivities.

AFPL was incorporated in November 1995 and is promoted by Mr.
Ashok Avasthi. The company started with the fabric knitting and
during FY 2001-02, forward integrated into manufacturing of
readymade garments for kids under its brand ATOZ and Kids First.
However, due to fire at its garmenting unit in April 2007, the
garmenting operations were suspended for ~2 years and were resumed
in October 2009. Currently the company is primarily engaged into
fabric knitting & processing and manufacturing of garments for
other domestic apparel brands at its unit in Ludhiana (Punjab)
with an installed capacity of 7.5 tons per day for knitted fabric
and 2,000 garment pieces per day. AFPL is also engaged in trading
of yarn and fabric which accounted for 4% of total sales in FY
2012-13.

Recent Results:

As per the provisional results for FY13, AFPL had net profit of
INR0.43 crore on operating income of INR52.22 crore as against net
profit of INR0.48 crore and operating income of INR53.55 crore and
for the year ending March 2012.


CARRYCON INDIA: ICRA Upgrades Ratings on INR10.3cr Loans to 'B+'
----------------------------------------------------------------
ICRA has upgraded the rating for INR5.0 crore fund-based limits
and INR5.3 crore non-fund based limits (enhanced from INR2.5 crore
earlier) of Carrycon India Limited from '[ICRA]B' to '[ICRA]B+'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Fund Based          5.0     [ICRA]B+; Upgraded from
   Limits                           [ICRA]B

   Non-Fund Based           5.3     [ICRA]B+; Upgraded from
   Limits                           [ICRA]B

The upgrade of CIL's rating factors in better revenue visibility
on account of its improved order-book position as it had secured
large projects in civil construction segment apart from its
traditional telecom networking projects. With diversification into
civil construction business, CIL's working capital intensity has
also improved, nevertheless it remains high at 44% in FY13. The
rating continues to take support from CIL's long track record in
the telecom infrastructure support business, its experienced
promoters, and its association with some reputed companies. CIL's
rating is, however, constrained by its weak liquidity position,
and limited financial flexibility owing to modest net-worth and
low profitability. The rating is also constrained by business risk
arising out of its modest scale of operations, and exposure to
fluctuations in raw-material prices.

In ICRA's opinion due to expected increase in CIL's scale of
operations supported by its relatively large order-book, its
funding requirement are likely to increase, thus its ability to
get its bank lines enhanced and/or raise funds through equity
dilution will be critical. Going forward, the company's ability to
improve upon its profitability and efficiently manage its working
capital cycle will be amongst the key rating sensitivity factors.

Incorporated in 1995, Carrycon India Limited is promoted by Mr. G.
D. Rao, Mr. Prakash Bhanu, and Mrs. Sadhana Rao. CIL provides
civil contractor/engineering services in the area of installing
infrastructure for Telecom support services, Telecom network
maintenance services, and installation of telecom towers, water
supply, sewerage, de-silting, trunk sewer lines and civil
construction work.

Recent Results

As per the provisional financial results for the FY13, the company
had operating income (OI) of INR22.1 crore and profit after tax
(PAT) of INR0.35 crore as compared to OI of INR17.4 crore and PAT
of INR0.35 crore in FY12.


CP SPONGE: ICRA Assigns 'B+' Ratings to INR23.12cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR3.125
crore term loan and INR20.00 crore cash credit facilities of C. P.
Sponge Iron Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Fund Based-        20.00    [ICRA]B+ assigned
   Cash Credit

   Fund Based-Term          3.12    [ICRA]B+ assigned
   Loan

The rating takes into consideration the weak financial profile of
the company, as characterised by its declining profitability, low
returns from business and weak coverage indicators. The rating
also factor in the inherent vulnerability of CPSIPL to the
cyclicality in the steel industry, which is currently passing
through a difficult phase and the high working capital intensity
of operations which is likely to exert pressure on the liquidity
position of the company at least in the near term. CPSIPL also has
capital expenditure (capex) plans, the size of which is large
relative to its current balance sheet size. This is likely to
expose the company to project execution risks and funding risks,
in ICRA's opinion.

The rating however favorably takes into account the experience of
the promoters in the steel industry, and the fuel supply agreement
with Eastern Coalfields Limited for partial supply of coal
ensuring steady availability of one key raw material and reducing
costs to an extent. ICRA notes that a group company of CPSIPL has
downstream facilities and this reduces its off-take risks. The
ability of the company to improve its profitability margins and
reduce its working capital intensity would remain key rating
sensitivity going forward.

Incorporated in 2002, C. P. Sponge Iron Private Limited (CPSIPL)
manufactures sponge iron with an annual production capacity of
60,000 tons per annum (tpa). The plant is located at Durgapur in
West Bengal with two DRI kilns of capacity 100 tpd (tons per day).

Recent Results

The company reported a net profit of INR0.72 crore on an operating
income of INR84.08 crore as per the provisional results during
FY13 as compared to a net profit of INR0.55 crore on an operating
income of INR58.06 crore during FY12.


DEEPAK STEEL: ICRA Cuts Rating on INR40cr Loan to 'BB+'
-------------------------------------------------------
ICRA has revised downwards the rating assigned to the INR40.00
crore (enhanced from INR20.00 crore) cash credit facility of
Deepak Steel & Power Limited from '[ICRA]BBB-' to '[ICRA]BB+'. The
outlook on the long term rating has been revised from Negative to
Stable. ICRA has also revised downwards the rating assigned to the
INR10.00 crore (enhanced from INR3.12 crore) non-fund based bank
facilities of DSPL from '[ICRA]A3' to '[ICRA]A4+'.  The [ICRA]A3
rating assigned earlier to the INR35.00 crore fund based facility
has been withdrawn.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Long Fund Based Limit-    40.00    [ICRA]BB+ (Stable)
   Cash Credit                        downgraded

   Non-Fund Based Limits-    10.00    [ICRA]A4+ downgraded/
   Bank Guarantee/Letter of           assigned
   Credit/Forward Contract

   Fund Based Limit-Export     Nil    [ICRA]A3 withdrawn
   Packing Credit/Short
   Term Loan

The rating revision primarily takes into account the ongoing
supply-side bottlenecks and an adverse demand scenario in the
steel industry, affecting both the manufacturing and trading
activities of the company, which in turn have led to a significant
decline in turnover over the last two years. The working capital
intensity of DSPL also increased sharply during 2012-13 on account
of mounting receivables and inventory levels, negatively impacting
the company's liquidity position. The ratings, however, continue
to factor in the experience of DSPL's promoters in the steel
industry, proximity of DSPL's plant to raw material sources
leading to low freight costs and the company's conservative
capital structure, aided by regular equity infusions. ICRA notes
that DSPL has been allotted mining rights for both iron ore and
coal which, post commissioning, is likely to improve the cost
structure of the company.

Nevertheless, delay in commissioning of the coal and iron ore
mines and the limited availability of iron ore in Odisha due to
the decline in the mining activities have led to low capacity
utilization in its existing facilities. The company has
discontinued production of billets and has shutdown one of its
manufacturing units (at Uliburu) since September 2012. The ratings
also reflect the inherent vulnerability of DSPL to the cyclicality
in the steel industry, which is likely to keep the company's
margins and cash flows volatile in future.

DSPL, formerly known as Deepak Industries (P) Ltd, was
incorporated in 1994 and was subsequently converted into a public
limited company in 2003. The company, promoted by the Gupta family
of Barbil, Odisha, is engaged in the manufacturing of sponge iron
(2,49,000 TPA) and billet (1,11,000 TPA). The company also has a
power generating capacity of 38 MW at present. The manufacturing
facilities of DSPL are located at Jharibahal, Topadihi and Uliburu
in Odisha. Previously, DSPL had also been engaged in the export of
iron ore fines and trading of sized iron ore in the domestic
market, which were discontinued since November 2011.

Recent Results

During 2012-13, DSPL reported a net profit of INR1.57 crore
(provisional) on an operating income of INR129.43 crore
(provisional), as compared to a net profit of INR2.63 crore on an
operating income of INR214.25 crore during 2011-12.


EXCEL ANO: ICRA Rates INR3.35cr Loans at '[ICRA]B+'
---------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR3.35
crore fund based limits of Excel Ano Components. ICRA has also
assigned a short term rating of '[ICRA]A4' to INR1.40 crore non
fund based limits and INR0.25 crore fund based limits of EAO.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Long Fund based limits    3.35     Assigned [ICRA]B+
   Fund based limits         0.25     Assigned [ICRA]A4
   Non Fund based limits     1.40     Assigned [ICRA]A4

The assigned ratings are constrained by EAO's small scale of
operations; modest profitability and the high working capital
intensity of operations as reflected in NWC/OI of 41% for FY2013
on account of high receivables(debtor days of 118 for FY2012-13).
The small size of the company vis--vis peers in the industry and
customers results in low bargaining power in the highly fragmented
Aluminium extrusion industry which is also likely to exert
pressure on the profitability levels of the firm. ICRA on the
other hand also considers the long track record of the promoters
in the industry and established relationships with reputed players
like Hawkins Cooker Limited.

Excel Ano Components is a partnership firm engaged in
manufacturing Aluminium extrusions through its facilities located
in Hyderabad, Andhra Pradesh. The firm has a capacity to
manufacture ~2400 MT per annum. The firm is managed by Mr. Sarva
Nagender who has experience of over 2 decades in the Aluminium
extrusion industry.

Recent Results

The firm reported an operating income and profit of INR9.49 crore
and INR0.50 crore respectively in FY2013 (as per provisional and
unaudited statements) as against an operating income and net
profit of INR9.99 crore and INR0.14 crore respectively in FY2012.


HARSHA STONE: ICRA Assigns 'B-' Rating to INR0.44cr Loan
--------------------------------------------------------
ICRA has assigned '[ICRA]B-' rating to the INR0.44 crores long
term fund based limits and '[ICRA]A4' rating to the INR5.50 crores
short term fund based limits of Harsha Stone Industries.  ICRA has
also assigned '[ICRA]A4' rating to the INR1.56 crore unallocated
short term fund based limits of HSI.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Long Long term            0.44     [ICRA]B- assigned
   Fund based limits

   Short term fund           5.50     [ICRA]A4 assigned
   based limits

   Unallocated short         1.56     [ICRA]A4 assigned
   term fund based limits

The assigned ratings are constrained by intensely competitive
nature of stone processing industry, HSI's modest scale of
operations and low value additive nature of its operations. The
ratings also factor in the firm's modest financial risk profile as
reflected by low profitability, high gearing levels, moderate
coverage indicators and high working capital intensity of
operations. Further HSI is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure. Nevertheless, the
ratings derive comfort from the long experience of the promoters
in this business and their established relationship with
customers.

Going forward, ability of the firm to increase its scale of
operations in a profitable manner while maintaining working
capital intensity will be key rating sensitivities.

Harsha Stone Industries was established in the year 1988 as a
partnership firm. It is engaged in the processing of natural stone
products primarily sandstone. The manufacturing facility of the
firm is located at Kota in Rajasthan and Betamcharia in Andhra
Pradesh. The firm exports mainly to European countries.

The firm reported a net profit of INR0.21 crores on an operating
income of INR12.73 crores in FY12 as against net profit of INR0.14
crores on an operating income of INR8.64 crores in FY11.


HMM INFRA: ICRA Assigns 'B' Rating to INR10cr Loan
--------------------------------------------------
ICRA has assigned an '[ICRA]B' and '[ICRA]A4' ratings to the
INR14.00 crore Fund and Non-Fund Based bank limits of HMM Infra
Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Fund Based         10.00    [ICRA]B (Assigned)
   Facilities

   Non-Fund Based           4.00    [ICRA]A4 (Assigned)
   Facilities

The ratings reflect HMM's weak financial profile characterized by
declining turnover and net losses during FY2010-12 owing to
reduced demand for bus coaches from the main clients which include
Tata Motors and Ashok Leyland. The liquidity profile of the
company also turned adverse during this period owing to weak cash
accruals coupled with significant annual debt repayment
obligations and full utilization of working capital limits. The
ratings are further constrained due to vulnerability of profits to
movements in the steel prices given the fixed price nature of
contracts and high inventory holdings. However, the rating
favorably takes into account HMM's experienced management,
company's long track record in the steel fabrication business and
healthy order flow for the recently started business, fabrication
of heavy steel structures which provides visibility to revenues in
the short to medium term. Going forward, HMM's ability to secure
new orders, grow its revenues while improving its profitability
and capital structure will be amongst the key rating sensitivity
factors.

HMM INFRA LIMITED formerly known as HMM Coaches Ltd is a public
limited company incorporated in 1996 and has been historically
involved in the fabrication of automobiles body unit at village
Mandour (Ambala). The company is promoted by the Goel family of
Haryana and has two manufacturing units, in Ambala (Haryana) and
Khapoli (Punjab). The unit in Khapoli was sold off in 2012;
however, the company is yet to receive the complete payment for
the sale. Its main promoter, Mr. Bhupinder Goel has about
20 years experience in the business of auto body building. With
the reduced demand for automobiles body since FY2011, the company
diversified into manufacturing heavy steel structures and
installed an annual capacity of 24,000 MT p.a. Its product profile
includes box & H beams, crane girders, composite steel plate
girders which find their use in rail over bridges, solar power
plants, tube & pipe punching machine etc.

Recent results:

In FY2013, HMM reported a profit after tax (PAT) of INR0.23 crore
on an operating income (OI) of INR38.61 crore as against a PAT of
INR-1.00 crore on an OI of INR38.61 crore in the previous year.


PHYTO CHEM: ICRA Assigns 'B' Ratings to INR7.25cr Loans
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR7.00 crore
fund based and INR0.25 crore non fund based bank facilities of
Phyto Chem (India) Limited. ICRA has also assigned a short term
rating of '[ICRA]A4' to the INR3.50 crore non fund based bank
facilities of PCIL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Fund bases         7.00     [ICRA]B assigned
   Facilities

   Bank Guarantee          0.25     [ICRA]B assigned

   LC/ILC                  3.50     [ICRA]A4 assigned

The [ICRA]B/[ICRA]A4 ratings are constrained by the inherent
vulnerability of the pesticides and agro-chemical (PAC) business
to adverse agro-climatic conditions, limited client base of the
company and absence of any long term tie-ups resulting in high
volatility in institutional sales, high working capital intensity
and the fragmented nature of the PAC industry. Since PCIL's sales
are limited to the domestic market (and more particularly within
Andhra Pradesh (AP) which contributes close to 90% of total
revenues), the company is directly exposed to variations in
monsoon conditions and crop acreage. PCIL's working capital
intensity is also high on account of long recovery times of over 6
months for significant amount of receivables, and high raw
material inventory which is partially offset by relatively high
credit period on imports (backed by LC facility). The ratings draw
comfort from the long track record of the promoters in the PAC
business. ICRA also notes that PCIL is diversifying its retail
network to other states which is expected to reduce dependence on
AP market over medium term.

PCIL was incorporated on 11th January, 1989 as a Private Limited
Company named Phyto Chem (India) Private Limited in the State of
Andhra Pradesh. The company had a public issue in January 1995 and
got listed on the Bombay Stock Exchange. The Company is engaged in
manufacture of Pesticides, Insecticides and related products. PCIL
has a plant for production of Pesticides Formulations, located in
Bonthapally -- 40kms from Hyderabad.

Recent Results

PCIL recorded a net profit of INR0.64 crore on a turnover of
INR33.47 in FY 13 when compared to INR0.95 crore and INR26.93
respectively in FY 12.


QUICK FOODS: ICRA Assigns 'B+' Ratings to INR7.6cr Loans
--------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to INR4.00 crore fund
based cash-credit facility and INR3.60 crore term loan facility of
Quick Foods Co. A rating of '[ICRA]A4' has also been assigned to
INR0.25 crore short-term non-fund based facility of QFC.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Cash Credit        4.00     [ICRA]B+ assigned
   Term Loan               3.60     [ICRA]B+ assigned
   Bank Guarantee/Import   0.25     [ICRA]A4 assigned
   LC/FSC

The assigned ratings are constrained by QFC's limited track record
of operations and stretched liquidity position marked by high
inventory levels on account of seasonal nature of operations. The
ratings also factor in the stressed capital structure of the firm
owing to initial debt funded capex and vulnerability of
profitability to fluctuations in raw material prices which are
subject to seasonality and crop harvest. ICRA further incorporates
the intense competition in the food processing industry and low
brand visibility and the partnership status of QFC, whereby any
significant withdrawals from the capital account could affect its
net worth and thereby its capital structure.

The ratings, however, favorably factor in the long experience of
the promoters in food processing business; positive demand outlook
given the government's initiatives to promote food industry as
well as growing demand for ready to eat food on account of
changing food habits across urban regions in India.

Quick Foods Co. was incorporated in the year 2009 and is engaged
in manufacturing of dehydrated and frozen products with its
manufacturing facilities located in Gomta, Gujarat. It is a group
company of Pardes Dehydration Co., engaged in dehydration of
vegetables. QFC was formed with a motive to add more value added
products under the group's banner. The firm is currently headed by
Mr. Hitendra Parekh, who has been present in food processing
industry since 1983.


SHANTI EDUCATIONAL: ICRA Rates INR7.1cr LT Loan at 'B-'
-------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR7.1 crore term
loan of Shanti Educational Trust.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Loan           7.1     [ICRA]B- Assigned

The rating takes into consideration the nascent stage of SET's
operations as the school commenced operations from April 2013,
affiliation from Central Board of Secondary Education (CBSE) yet
to be received, aggressive funding structure for setting up the
school and the board performance of the students yet to be tested,
which could impact the admissions going forward. The rating takes
into account the large number of admissions at SET for during the
first academic year of 2013-14 and the established franchise
partner -- G. D. Goenka Public School under which SET has set up
its school.

SET was established in 2010 as a trust in Patna, Bihar. The trust
has started a school as a franchisee of G.D. Goenka Public School
and the first batch of 257 students have been admitted for the
academic session 2013-14.


TRUE WELL: ICRA Assigns 'B' Ratings to INR6.50cr Loans
------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to INR6.20 crore
fund based limits of True Well Pipe Industries. ICRA has also
assigned ratings of '[ICRA]B/[ICRA]A4' to INR0.30 crore
unallocated limits of TWPI.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Fund based         6.20     [ICRA]B assigned
   Limits

   Unallocated Limits      0.30     [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by the highly competitive and
fragmented nature of the pipe industry leading to pressure on
margins; project execution risk due to nascent stage of
construction of HDPE pipe manufacturing facility; and risks
arising from proprietorship nature of the firm. Additionally,
marketing risk of the new product being a new area of business for
TWPI; the firm's stressed cash flows due to debt funded expansion
and high working capital requirements and vulnerability of
profitability to the fluctuations in key raw material prices as it
constitutes more than 80% of the cost of production constrain the
ratings.

The ratings, however, favorably factor in the long experience of
the promoter of about two decades in Pipe industry; steady
increase in revenues albeit on a small base and favorable growth
prospects driven by demand in drip irrigation and government's
impetus on road development projects. The ability of the entity to
complete the project without time & cost overruns, scale up
volumes and profitability while managing its working capital cycle
will be the key rating sensitivities from credit perspective.

Founded in 1997, True Well Pipe Industries was a partnership firm
between the two partners, Mr. V.M. Rama Krishna and Mr T.
Gopalakrishna to manufacture rigid PVC tubes. However in the year
1997, Mr. T. Gopalakrishna retired from the firm and consequently
the firm was dissolved and Mr. V.M. Rama Krishna took over the
firm and registered under his proprietorship concern. The
manufacturing unit is located in Nellore District of Andhra
Pradesh. In 2008, the promoter leased out an outlet to increase
its scale of operations.

Recent Results

In 2012-13, TWPI reported net profit of INR0.11 crore
(provisional) on operating income of INR26.62 crore (provisional)
as against net profit of INR0.09 crore on operating income of
INR22.17 crore in 2011-12.


ULTRA POWER: ICRA Assigns 'C+' Ratings to INR27.5cr Loans
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]C+' to the INR19.50
crore long-term fund based limits and the INR8.00 crore
unallocated limits of Ultra Power Projects Pvt. Ltd.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Fund based         19.50    [ICRA]C+ assigned
   Limits

   Unallocated              8.00    [ICRA]C+ assigned

The assigned rating is constrained by the absence of firm fuel
supply arrangements for UPPPL's 7.5 MW Industrial Waste based
power plant located in Andhra Pradesh, shortage in availability of
rice husk, poultry litter and the other raw materials and the
consequent volatility in PLF (Plant Load Factor) levels as
demonstrated by the recent dip in power generation.

The rating also negatively factors in the fixed price nature of
the twenty years Power Purchase Agreement (PPA) with Central Power
Distribution Company of Andhra Pradesh Limited limiting the
company's ability to pass through any increase in raw material
prices. ICRA notes that financial profile of the company is weak
characterised by volatility in profits on account of fluctuations
in raw material prices and power generation levels, weak coverage
indicators and a negative net worth owing to the recent vintage of
plant and machinery. In addition, UPPPL is also exposed to counter
party risk given that it sells its entire power output to APCPDCL.
Considering the limited availability of raw material and
consequently low projected capacity utilization, ICRA notes that
infusion of funds by the promoters would be critical to timely
debt servicing. However, ICRA's rating draws comfort from the
presence of a long term PPA with assured off take of the power
generated, stabilization of operations since commencement of
commercial operations in June, 2010.

UPPPL operates an Industrial Waste based power plant with an
installed capacity of 7.5 MW located in Yacharam, Ranga Reddy
District in A.P. The power generated from this plant which began
its commercial operations in June 2010 is sold to APTRANSCO under
a twenty-year PPA. UPPPL is a part of the "Ultra" group of
companies which have interests in manufacture and supply of
defence equipment for the Indian Navy under their group company
Ultra Dimensions Private Limited. The group also undertakes pipe
fabrication works, annual contracts for ship maintenance for the
Navy.

Recent Results (Provisional)

UPPPL has, for the year ended March 31, 2013 reported an operating
income of INR14.57 crore and a net loss of INR5.02 crore as
against INR22.68 crore and INR4.42 crore respectively for 2011-12.



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


TOSHIBA CORP: To Restructure TV Business to End Losses
------------------------------------------------------
Naoko Fujimura & Takashi Amano at Bloomberg News report that
Toshiba Corp. will present a restructuring plan in July designed
to turn around television operations that have lost $1 billion in
the past two years.

The Japanese maker of flash-memory chips, elevators and reactors
plans to make the unit profitable in the second half of this
business year ending March 31, Hisao Tanaka, who became president
yesterday, told reporters in Tokyo earlier this month, Bloomberg
reports.

Bloomberg notes that Toshiba and Sony Corp. are among Japanese
companies that have been reorganizing businesses for years, trying
to revive TV operations hurt by falling prices and a strong yen.
At the same time, the report relates, they have tried to speed up
development on new products to lure back customers from industry
leaders Apple Inc. and Samsung Electronics Co.

According to Bloomberg, the maker of Regza TVs needs to offer more
value-added models, while cutting fixed costs and inventories, Mr.
Tanaka said, adding details of the plan have yet to be decided.

"Cutting fixed costs by just 10 billion yen ($103 million) isn't
enough," the report quotes Mr. Tanaka as saying.

Bloomberg relates that Mr. Tanaka said the company, whose sales
shrank 24 percent in the past five years, plans to set up a new
division to house patents held by various companies within the
Toshiba group.  These previously tended to be used separately
within each division, limiting the potential for sharing
innovation, Mr. Tanaka said.

                       About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.



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


DOMINION FINANCE: Three Directors Plead Guilty
----------------------------------------------
The New Zealand Herald reports that three Dominion Finance
directors -- including two well-known members of the business
community -- have pleaded guilty and been convicted of making
untrue statements in offer documents.

The Herald says the men are the last of the Dominion Finance
directors to go through the court system and were due to go to
trial early next month.

According the report, Dominion Finance and North South Finance
directors Rick Bettle and Vance Arkinstall pleaded guilty to five
Securities Act charges for signing offer documents that contained
untrue statements.  Another director Paul Forsyth pleaded guilty
to seven Securities Act charges on June 26.

Messrs. Bettle and Arkinstall were originally facing all seven
charges but the Financial Markets Authority -- which is bringing
the case against the men -- is no longer pursuing two of those.

The report says the men admitted the charges, which related to the
finance companies' prospectuses and advertisements, in the High
Court at Auckland on Wednesday before Justice Sarah Katz.

Six of the failed companies' directors were originally facing
charges but one has died and two others earlier pleaded guilty,
the Herald notes.

Messrs. Bettle, Arkinstall and Forsyth are due to be sentenced on
August 16 and the men were remanded at large on Wednesday,
according to the Herald.

Justice Katz ordered a pre-sentence report with a home-detention
appendix be prepared for all three men, the report adds.

                       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 Group 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.


FIVE STAR: Williams Launders Toxic Loans, Says Court
----------------------------------------------------
The New Zealand Herald reports that Five Star founder
Neill Williams planned and carried out a complex scheme to launder
"toxic" related-party loans culminating in a transaction that was
"as uncommercial as can be imagined", the High Court heard Monday.

The Herald relates that the elderly accountant -- who has been
declared bankrupt twice since age 60 -- was sentenced to three
years, seven months in jail earlier this year in a Financial
Markets Authority case.

According to the report, Mr. Williams' trial on separate charges
brought by the Serious Fraud Office began in the High Court at
Auckland on June 24, where the accused pleaded not guilty to two
counts of theft by a person in a special relationship and five of
dishonesty using a document. The charges related to alleged
offending between mid-2003 and 2007 at Five Star Consumer Finance,
one of the companies in the collapsed Five Star Group, the Herald
says.

The Herald notes that Crown lawyer Brian Dickey said one of the
theft charges related to a "complex matrix of interrelated and
interdependent transactions" from March 2007. It involved Antares
Finance Holdings (another company in the Five Star Group)
purchasing all the shares of FSCF from Five Star Finance, which
was previously its parent company.

According to the Herald, the Crown lawyer said the transactions
were designed to direct FSCF investor funds into FSF and "cleaned
out" substantial related-party lending, some of which gave rise to
the other theft charge Mr. Williams is facing.

Five Star's related-parted balance was growing, which Mr. Dickey
said was a problem for Mr. Williams and the group's listed
directors, the report adds.

                       About Five Star Finance

Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.

Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.

Five Star Finance Limited went into receivership on September 5,
2007.  Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007.  At the start of the liquidation in June
2009, the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post.  The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.



                             *********

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

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

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


                            *********


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

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

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

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

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



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