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                      A S I A   P A C I F I C

            Tuesday, July 9, 2013, Vol. 16, No. 134



CHAMBERS INVESTMENT: Enters Administration After Insurer Dispute
GARDEN CULTURE: Appoints Clifton Hall as Liquidators
INTERMOCO LIMITED: Placed in Voluntary Administration
JOSTELM PTY: Spar Supermarket Goes Into Liquidation
PORT KEMBLA: Club Placed in Liquidation

TRIO CAPITAL: APRA Accepts EUs From Former Directors


CHINA LESSO: Fitch Affirms 'BB' Long-Term Issuer Default Rating
SHIMAO PROPERTY: Fitch Upgrades LT Issuer Default Rating to 'BB+'
TONJI HEALTHCARE: Accountants Resign Due to Increased Audit Risks
* Natural Gas Price Hike in China is Credit Negative Says Moody's


BOUTIQUE INT'L: ICRA Assigns 'B+' Rating to INR5cr LT Loan
FOCUS SHOES: ICRA Assigns 'B' Ratings to INR4.81cr Loans
GANGARAM SYNTHETICS: ICRA Reaffirms B+ Rating on INR21.9cr Loans

GURU ASHISH: ICRA Reaffirms 'B' Rating on INR40cr LT Loan
INDIAN PULP: ICRA Reaffirms 'C' Ratings on INR76.79cr Loans
INTERRA INFOTECH: ICRA Assigns 'B+' Ratings to INR5.5cr Loans
LA HOSPIN: ICRA Assigns 'D' Ratings to INR10cr Loans
MANIAM PROPERTIES: ICRA Reaffirms 'D' Rating on INR100cr Loan

OMEN VITRIFIED: ICRA Reaffirms 'B+' Ratings on INR22.55cr Loans
SHIVAM COTTON: ICRA Assigns 'B' Ratings to INR7.65cr Loans
SURINDER KUMAR: ICRA Reaffirms 'B+' Rating on INR17cr Loan


WILLCOM INC: Tokyo Court Ends Debt Rehabilitation Proceedings

N E W  Z E A L A N D

HANOVER FINANCE: Sues Broker Over Losses on Insurance Policies
PIKE RIVER: Families Unlikely to Get Compensation, Receiver Says


* Moody's Notes Continued Decline of Asian LSI in June 2013
* BOND PRICING: For the Week July 1 to July 5, 2013

                            - - - - -


CHAMBERS INVESTMENT: Enters Administration After Insurer Dispute
ifa reports that Chambers Investment Planners Pty Ltd has entered
voluntary administration due to a dispute with its insurer over
professional indemnity premiums. Grant Thornton was appointed
administrator on July 2, the report says.

According to ifa, the company's decision to enter voluntary
administration is largely in relation to a dispute with its PI
insurer over coverage of expenses emanating from a claim brought
by a client before the Financial Ombudsman's Service (FOS).

"In this case, the insurers decided to calculate the costs
relating to the FOS claim in a particular way that [Chambers
Investment Planners Pty Ltd] disputes," a source close to the
matter told ifa, speaking on condition of anonymity.

"If a client brings a claim against an AFSL before the courts and
is awarded AUD500,000 in damages their PI insurer will cover the
full amount plus costs minus excess," the source told ifa.

"But in the case of a FOS claim, if the same amount was awarded,
the insurer will only cover up to around AUD100,000 and the
licence holder will find themselves out of pocket for the rest."

Chambers Investment Planners Pty Ltd is an Australia Financial
Services Licensee.

GARDEN CULTURE: Appoints Clifton Hall as Liquidators
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
joint and several Liquidators of Garden Culture Pty Ltd on
July 5, 2013.

A meeting of creditors will be held at 10:30 a.m. on July 16,
2013, in the offices of Clifton Hall, Level 1, 12 Gilles Street,
in Adelaide.

INTERMOCO LIMITED: Placed in Voluntary Administration
Patrick Stafford at SmartCompany reports that Intermoco Limited
has collapsed into voluntary administration, following months of
financial challenges during which its losses have continued to

Intermoco appointed Daniel Juratowitch and Bruno Secatore of Cor
Cordis as voluntary administrators on July 3, the report relates.

SmartCompany relates that although the business was placed in
administration last week, it has been suffering financial
difficulties for some time with limited access to funding.

In the company's most recent half-yearly report, SmartCompany
discloses, it recorded a loss of AUD1.17 million, up from
AUD956,679 during the previous corresponding period.

SmartCompany recalls that the business had implemented a capital
raising process with the hope of raising AUD1.5 million, but on
May 15 it announced a shortfall of AUD604,000. The company entered
discussions with other investors for alternative funding, the
report relates.

However, a director resigned later in May and a trading halt was
implemented on July 2. The company entered voluntary
administration the next day.

Accounts auditors Nexia said in its review of Intermoco's half-
yearly report the company's financial situation carried a
"material uncertainty which may cause significant doubt about the
consolidated entity's ability to continue," SmartCompany adds.

Intermoco Limited (ASX:INT) --
provides managed utilities and services such as water, gas,
electricity, telephony and internet; research and sales of
hardware and software applications for Electricity, Gas and Water.

JOSTELM PTY: Spar Supermarket Goes Into Liquidation
Phillip Thomson at The Canberra Times reports that SPAR
supermarket in Canberra has gone into liquidation while the
capital's business heavyweights call for an early federal election
date to stop the continued uncertainty crippling the local

The Canberra Times relates that the owner of the SPAR supermarket
at Holt, Jostelm Pty Ltd, went into liquidation on July 5 owing
NZ$2.7 million, according to its administrator, Frank Lo Pilato,
from insolvency management company RSM Bird Cameron.

According to the report, the latest liquidation bolsters the
territory's position as the nation's capital for business failure,
with Australian Bureau of Statistics figures showing only 59 per
cent of enterprises started in 2008 had survived until 2012.

Mr. Lo Pilato said much of the NZ$2.7 million debt would not be
repaid, the report relays.

"We're going to try to sell [the supermarket] as a going concern,"
the report quotes Mr. Lo Pilato as saying.

He said the company had been unable to refinance to keep up with
the debt, the report adds.

PORT KEMBLA: Club Placed in Liquidation
Illawarra Mercury reports that the troubled Port Kembla RSL has
been placed in liquidation after administrators were unable to dig
the club out of its deep financial troubles.

The Mercury relates that the club closed its doors suddenly in
early May after the appointment of Blair Pleash and David Ingram
of the firm Hall Chadwick as voluntary administrators.

According to the report, a spokeswoman for the administrators
confirmed July 3 that they had now taken the more dramatic step of
placing the club in liquidation.

Further details about money owed and the payment of staff
entitlements are yet to be released, the Mercury notes.

As reported in the Troubled Company Reporter-Asia Pacific on
May 8, 2013, Illawara Mercury said administrators are poised to
take control of Port Kembla RSL as continuing financial troubles
come to a head.  The Mercury said that club directors lodged
documents to appoint Sydney's Hall Chadwick as administrators
after they were told the venue was likely headed for insolvency.

The club, which has 2,000 members, operated from a building owned
by the Port Kembla RSL sub-branch.

TRIO CAPITAL: APRA Accepts EUs From Former Directors
The Australian Prudential Regulation Authority (APRA) said it has
accepted enforceable undertakings from former Trio Capital Limited
directors Cameron Anderson, Michael Anderson, Terrence Hallinan,
Lorenzo Macolino and John Harte.

A total of 11 former Trio directors have now each provided an
enforceable undertaking to APRA, which effectively removes these
individuals from operating in the superannuation industry for a
specified period of time.

Mr. Cameron Anderson was an executive director of Trio from
November 2003 to November 2005. He was a member of Trio's
Investment Committee from January 2004 to November 2005.
Mr. Cameron Anderson has undertaken not to act as a trustee or as
a responsible officer of a body corporate that is a trustee,
investment manager or custodian of an APRA-regulated
superannuation entity for a period of 12 years.

Mr. Hallinan and Mr. Macolino were non-executive directors of Trio
from November 2003 to December 2004. Mr. Hallinan and
Mr. Macolino have each undertaken not to act as a trustee or as a
responsible officer of a body corporate that is a trustee,
investment manager or custodian of an APRA-regulated
superannuation entity for a period of eight years.

Mr. Michael Anderson was a non-executive director of Trio from
March 2005 to October 2005. Mr. Michael Anderson has undertaken
not to act as a trustee or as a responsible officer of a body
corporate that is a trustee, investment manager or custodian of an
APRA-regulated superannuation entity for a period of four years.

Mr. Harte was a non-executive director of Trio and the chair of
Trio's Investment Committee from January 2006 to May 2008.
Mr. Harte has undertaken not to act as a trustee or as a
responsible officer of a body corporate that is a trustee,
investment manager or custodian of an APRA-regulated
superannuation entity for a period of four years.

All five former directors have acknowledged APRA's concerns that
they failed to carry out their duties properly as a director of a
superannuation trustee.

APRA's concerns include a failure by the Trio board members to
adequately conduct due diligence in connection with the
appointment of related-party investment managers, placing
substantial sums for investment with the related-party investment
managers on the basis of insufficient due diligence and in the
absence of independent recommendations in respect of those
related-party investments, and the non-arm's length terms of the
appointments of the related-party investment managers and the
related-party investments. The related-party appointments occurred
in 2004 and the related-party investments were made and maintained
over subsequent periods.

The superannuation entities' investments in these related-party
investments have not been able to be redeemed. ACT Super
Management Pty Limited (ACT Super), the Acting Trustee appointed
to the Trio superannuation entities, does not expect that the
investments will be recovered.

The former directors have expressed regret at the consequences of
the matters that are the subject of APRA's concerns and the losses
caused to members of the superannuation entities from the failure
of the investments in the related parties.

APRA Member Helen Rowell said that the acceptance of enforceable
undertakings was an appropriate resolution of the matters between
the five former directors and APRA.  Ms. Rowell said "APRA relies
on superannuation trustees to carry out their duties and act in
the best interests of members. APRA will continue to pursue
directors who fail to meet their duties to ensure that they do not
continue to operate in the superannuation industry, so as to
maintain confidence in the superannuation system."

                        About Trio Capital

Trio Capital was formerly the trustee of five superannuation
entities and the responsible entity for 25 managed investment
schemes, including the Astarra Strategic Fund.  The Astarra
Strategic Fund was a fund of hedge funds, which in December 2009
had reported assets of $125 million.  Investors in the Astarra
Strategic Fund included several superannuation trusts managed by
Trio Capital as well as self-managed superannuation funds and
direct investors.

The Astarra Strategic Fund invested in several questionable
overseas hedge funds, mostly based in the Caribbean.  The
Australian Securities & Investments Commission commenced an
investigation into Trio Capital in October 2009 over concerns
about the legitimacy of its investments.  Trio Capital was placed
into administration on Dec. 16, 2009, and on April 16,  2010, the
NSW Supreme Court ordered that the Astarra Strategic Fund be
wound up.  Since this time the liquidator of Trio Capital has
been unable to recover the vast majority of the investments made
by the Astarra Strategic Fund.

Investigations into Trio Capital are continuing by both ASIC and
the Australian Prudential Regulation Authority.


CHINA LESSO: Fitch Affirms 'BB' Long-Term Issuer Default Rating
Fitch Ratings has affirmed China Lesso Group Holdings Limited's
(Lesso, formerly known as China Liansu Group Holdings Limited),
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
at 'BB'. The Outlook is Stable. Lesso is a plastic pipes and
fittings manufacturer.

Key Rating Drivers
Stable results performance: Lesso's revenue was up 7.4% at CNY10.9
billion in 2012, slower than in previous years. This was mainly
due to lower average selling prices (ASP) offsetting a 13% yoy
increase in sales volume. Because its ASP is benchmarked against
input (PVC etc) spot prices, changes to raw material costs are
passed on to the final price of Lesso's products. As a result, the
company is able to enjoy stable gross margins (2012: 24.3%; 2011:
24.2%) and EBITDAR margin (2012: 16.4%; 2011: 16.8%).

Lesso's stable sales are underpinned by its strong distribution
network and brand name. In 2012, the company further expanded its
nationwide network to include 1,300 independent distributors,
compared with 1,200 in 2012. This allows Lesso to fend off
competition from new entrants.

Strong cash generation: Operating cash flow (as defined by Fitch)
remained stable at CNY1.4bn for 2012. Lesso reported a modest
funds from operation (FFO) adjusted net of 0.26x at end-2012,
compared with a net cash position at end-2011. However, leverage
is low among 'BB' category credits.

Capex on track: Lesso's capex rose to CNY 1.5bn in 2012 from
CNY1.2bn in 2011. This was mainly due to pre-spending on land
acquired for new plants. Fitch expects annual capex during 2013-
2015 to be close to CNY1bn per annum, excluding potential spending
on new product acquisition above CNY100m each year. Lesso's new
capacity expansions in Hainan and Northern China are in line with
the company's nationwide expansion plan.

Product diversification insignificant: The company is seeking to
add new offerings (plastic-steel doors & windows, kitchen and
sanitary products etc) to its product portfolio to cross-sell to
existing clients. However, these products may only account for
around 3-5% of total revenue in 2013-2014 with limited impact on
its near-term performance.

Treasury management neutral: During 2012, apart from repurchasing
and cancelling USD9.8m of its outstanding bond, Lesso also
purchased CNY280m worth of Reg S USD bonds (coupon rates at 9%-
13.75%) maturing between November 2013 and April 2016. The
company's intention is to narrow the gap between its assets and
liabilities (USD senior unsecured notes due May 2016). It had
CNY1.9bn cash at end-2012. Given the small scale of the bond
purchase, Fitch views the associated credit risk as limited
relative to Lesso's balance sheet.

Geographic concentration a constraint: Of Lesso's 2012 revenue 63%
came from southern China, one of the most developed markets in the
country. However, this geographic concentration presents business
risk and is a constraint on Lesso's IDR.


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

  -- Losing its dominant market position in southern China
  -- EBITDA margin falling below 10% on a sustained basis
  -- FFO adjusted net leverage rising above 2.0x on a sustained

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

  -- Achieving dominance in a major market outside southern China
  -- EBITDA margin remaining above 15% on a sustained basis

SHIMAO PROPERTY: Fitch Upgrades LT Issuer Default Rating to 'BB+'
Fitch Ratings has upgraded China-based Shimao Property Holdings
Limited's Long-Term Issuer Default Rating (IDR) and its senior
unsecured rating to 'BB+' from 'BB'. The Outlook on the IDR is

The upgrade reflects Shimao's improved performance following its
strategic shift in geographical markets and product mix, as well
as its prudent financial management.

Key Rating Drivers

Strategic focus improved performance: Shimao has refocused itself
on key regions and cities where they have operational advantages.
Its expansion into new cities and third-tier cities remains
selective. Improved internal management in eight key regions
allows better day-to- day management of regional operations and
sales. Shimao delivered CNY46bn contracted sales in 2012, which
was above the original target of around CNY36bn-CNY40bn and is on
track to meeting its 2013 contracted sales target of CNY55bn.

Shift of product mix: To improve contracted sales Shimao adjusted
its residential property development mix to focus on first-time
home buyers and upgraded the quality of its housing stock. Shimao
continues to focus on small-to-medium sized units of 90sqm-140sqm
which accounts around 75%-80% of their units available for sale
for 2012 and 2013. Shimao has one of the highest recurring rental
income streams and the highest rental income to EBITDA ratio among
Chinese property companies rated by Fitch in the 'BB' category.

Delivery of prudent financial strategy: During the challenging
operating environment in 2011, Shimao demonstrated operational
flexibility and prudent financial management. Land acquisition
slowed down to conserve cash. The company continues to have strong
financial support from over 10 onshore and offshore banks.
Management's focus on maintaining ample liquidity and ready access
to various funding channels further supports its ratings.

Solid recurring income: The company's 64%-owned Shanghai Shimao
provides rental income while Shimao's hotel operations is another
source of recurring income. Management expects to continue
investing in commercial and retail properties and hotels. Fitch
believes this will offer additional financial flexibility for the
group if required. However, over the past three years, more than
90% of Shimao's revenue was from property sales.

Stable operating performance: Fitch expects Shimao to maintain a
stable operating performance and prudent financial policies in the
short-to-medium term and to meet its 2013 contracted sales of
CNY55bn. A large and well-located land bank of 36.2 million sq m
across China and its proven track record in selective expansion to
third-tier cities will also underpin its stable performance.

Sufficient liquidity: At end-2012 Shimao had CNY18bn cash (of
which CNY2.2bn were restricted cash) and CNY10bn unused bank
credit facilities. Fitch expects the group to maintain sufficient
liquidity to fund development costs, land premium payments and
debt obligations during 2013-2015, based on its diversified
funding channels and flexible land acquisition strategy.

Rating Sensitivities

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

  -- continued weakening of the operating environment, leading
     to EBITDA margin erosion below 20% (28.6% at end-2012)

  -- aggressive debt-funded expansion leading to net debt-to-
     inventory sustained above 40% (43.4% at end-2012)

  -- Contracted sales/gross debt below 1.25x (1.1x at end-2012)
     on a sustained basis

  -- Tightening liquidity due to a sustained fall in free cash
     flows, or weakened access to financing channels

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

  -- Longer track record of stable business growth

  -- Expansion, improved scale and cash efficiency without
     impacting on profitability, with EBITDA margin above 25%
     on sustained basis

  -- Demonstrated leverage flexibility, leading to net debt-to-
     inventory below 35% on a sustained basis

  -- Contracted sales/gross debt above 1.25x

TONJI HEALTHCARE: Accountants Resign Due to Increased Audit Risks
The Board of Directors of Tongji Healthcare Group, Inc., on
June 28, 2013, received a letter from EFP Rotenberg, LLP,
informing the Company that because of the increased audit and
business risks with performing so-called PCAOB audits in China,
they were resigning as the Company's independent registered public
accounting firm with immediate effect.

EFP's report on the Company's consolidated financial statements
for the years ended Dec. 31, 2012, and 2011 did not contain an
adverse opinion or a disclaimer of opinion and was not qualified
or modified as to uncertainty, audit scope, or accounting
principles.  The resignation was not due to any disagreement with
the Company.

                      About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

Tongji Healthcare disclosed a net loss of $1.20 million on
$2.77 million of total operating revenue for the year ended
Dec. 31, 2012, as compared with a net loss of $218,150 on $2.68
million of total operating revenue during the prior year.

The Company's balance sheet at March 31, 2013, showed
$14.20 million in total assets, $15.50 million in total
liabilities and a $1.29 million total stockholders' deficit.

EFP Rotenberg, LLP, in Rochester, New York, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has negative working capital of $12,264,823, an
accumulated deficit of $1,785,336, and shareholders' deficit of
$1,208,670 as of Dec. 31, 2012.  The Company's ability to continue
as a going concern ultimately is dependent on the management's
ability to obtain equity or debt financing, attain further
operating efficiencies, and achieve profitable operations."

* Natural Gas Price Hike in China is Credit Negative Says Moody's
Moody's Investors Service says that rise in China's natural gas
prices is credit negative for gas operators, but has no immediate
rating impact

On June 28, China's National Development and Reform Commission
(NDRC) announced it will increase the average wholesale price of
natural gas for non-residential consumption and expand the use of
a market-based pricing mechanism for natural gas beginning this

The natural gas price increase is credit negative for China's city
gas operators because it will increase their gas purchase costs.
These companies have significant exposure to nonresidential users
like commercial and industrial customers and vehicle gas refueling
stations, which will be subject to the price hike.

Affected companies include ENN Energy Holdings Limited (Baa3
stable), China Resources Gas Group Limited (CR Gas, Baa1 stable),
The Hong Kong and China Gas Co. Ltd. (HKCG, A1 stable), Towngas
China Company Limited (TCCL, Baa2 stable) and China Oil and Gas
Group Limited (COG, Ba1 stable), all of which directed more than
70% of their total gas volume in China to non-residential users in

The financial impact will be moderate with mild margin compression
for China's city gas operators in 2013, because Moody's expects
companies to pass higher gas costs onto end users through tariff
adjustments as they did following the last wellhead price hike in
2010. Given the cost advantage of gas over other fuels and the
monopoly nature of city gas operators in their respective
operating area, there will be limited resistance to the cost pass-

The recent increase is less than the NDRC's last gas price hike in
June 2010, when it raised the average domestic onshore wellhead
price by around 25%, which resulted in a tariff hike for both
residential and nonresidential users. At that time, margin
compression for the gas operators was modest. For instance, ENN's
and TCCL's adjusted EBITDA margin declined by just 4%-6% in 2010
with moderate improvement in 2011 after taking the full impact of
tariff adjustments.

Compared with the 2010 hike, the expected impact of this year's
increase will also be more moderate as it only involves
nonresidential users. Tariff adjustments for commercial and
industrial users are governed by bilateral agreements. On the
other hand, approval for tariff adjustments for residential users
require a longer process, often involving public hearings, which
could take at least 3-6 months. Moody's expects a more timely cost
pass through from gas operators to end users this year than the
hike in 2010.

Additionally, HKCG, CR Gas, ENN and TCCL serve affluent regions
with diversified customer portfolios, where they have monopoly
positions in their respective operating areas. Their customers
should have adequate wherewithal to absorb tariff increase. By
comparison, more than half of COG's gas sale volume comes from the
less economically developed region of Qinghai. Nevertheless, the
average increase in Qinghai is only RMB0.1 per cubic meter, which
is much lower than the national average of RMB0.26 per cubic

Moody's notes that China's recent economic slowdown, in
combination with the tariff hike, may discourage commercial and
industrial customers from using natural gas, which would lead to
slower growth in gas sale volumes. Gas operators may also need to
share some increased costs with low margin commercial and
industrial users. Nevertheless, given that Moody's rated city gas
operators currently have average EBITDA margins of 20%-30%, they
have a good buffer against increased costs.

In a boarder perspective, the nationwide rollout of market based
pricing mechanism on incremental nonresidential gas usage implies
that China is committed to aligning the price of imported gas with
the domestic gas tariff in order to encourage upstream suppliers
to increase gas supplies to meet the rising demand in the long
term. As China is committed to increase the use of clean energy
and increasingly reliance on imported natural gas to meet domestic
demand, Moody's expects the NDRC to make more frequent adjustments
in natural gas price going forward.

According to the NDRC's recent announcement, it will also expand
the market based pricing mechanism for natural gas it introduced
in Guangdong province and Guangxi Zhuang Autonomous Region in
early 2012. The nationwide wholesale price for incremental gas
usage from non-residential users above the existing volume of
2012, 112 billion cubic meters, will be priced at 85% of the cost
of alternative energy sources, such as fuel oil and liquid
petroleum gas.


BOUTIQUE INT'L: ICRA Assigns 'B+' Rating to INR5cr LT Loan
ICRA has assigned the long term rating of '[ICRA]B+' to
INR5.0 crore fund based bank facilities of Boutique International
(P) Limited. ICRA has also assigned the short term rating of
'[ICRA]A4' to INR12.0 crore fund based bank facilities of BIPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term: Fund          5.00    [ICRA]B+/assigned
   Based Limits

   Short Term: Fund        12.00    [ICRA]A4/assigned
   Based Limits

The assigned rating is constrained by BIPL's financial profile as
reflected in the weak debt coverage indicators, which is on
account of low profitability levels, despite the moderate capital
structure. The rating is also constrained by the high customer and
geographic concentration with most of the sales being to its
foreign group company which in turn supplies to retailers in
Europe. The weak demand in its key market of Europe has impacted
the sales volume for the company, which has resulted in a decline
in the operating income over the last few years.

The rating also takes into account the vulnerability of garment
exporters in the country to the fluctuations in exchange rates,
raw material prices and intense competition in export markets from
other domestic and international suppliers. These concerns are
further heightened for BIPL in the backdrop of its limited
operating profitability margins. The relatively modest scale of
operations also limits the benefits arising out of economies of
scale and bargaining power with the customers and suppliers,
thereby resulting in limited financial flexibility.

The rating however favorably takes into account the established
relationship with the leading retailers in Europe through its
foreign group company to which BIPL supplies most of its garment
requirement and also the experience of the promoters of three
decades in the garment export industry. The rating also takes into
account the diversification of the customer base by the company
which has resulted in an significant improvement in the order book
for FY 2013-14 with pending orders as on March 31, 2013 being
equivalent to -68% of the gross sales in FY 2012-13 which has to
be executed during 5M FY 2013-14.

Going forward, BIPL's ability to secure fresh orders, diversify
its customer base and improve its revenues in the backdrop of
competitive pressures & weak demand and its ability to improve the
profit margins would be critical for improvement in debt coverage
indicators and hence would be key rating sensitivities.

BIPL was incorporated in FY 1988-89 and is engaged in the
manufacturing and export of readymade garments for women and kids.
The company started operations from FY 1997-98 and presently has
three manufacturing units, two in Noida and one in Delhi, with a
total capacity of manufacturing 18 lakh garment pieces per annum.
Out of the three manufacturing units, two are owned by the
promoters and one is owned by the company.

ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR1.02 crore term loans, INR0.04 crore unallocated fund based
limits and INR6 crore fund based facilities and the short term
rating of '[ICRA]A4' to the INR 2 crore non-fund based facilities
of Chintamani Commodities.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               1.02     [ICRA]B+ reaffirmed

   Fund based facilities   6.00     [ICRA]B+ reaffirmed

   Unallocated fund        0.04     [ICRA]B+ reaffirmed
   based limits

   LC/BG                   2.00     [ICRA]A4 reaffirmed

ICRA's ratings continue to factor in the limited track record and
small scale of operations of the firm in its core business of
manufacturing copper rods. These factors coupled with the highly
competitive and low value additive nature of business coupled with
limited control over input prices has resulted in relatively
modest financial profile as reflected in low net margins and weak
cash flows. Given the industry dynamics, ICRA does not expect any
significant improvement in profitability in the medium term.
Further, the firm has a relatively high gearing, weak coverage
indicators and stretched liquidity position as is evident in the
full utilization of the cash credit limits. However the ratings
are supported by the firm's experienced partners who have more
than three decades of experience in this industry and the order
backed purchases by the firm which limits the exposure of the
firm's profitability to any adverse movement in the raw material

Going forward, the ability of the firm to increase its turnover
while maintaining the margins would remain key rating drivers for
the firm.

Chintamani Commodities is a part of Chintamani group that was set
up by Mr. Chintamani Sharma in 1981. Chintamani Commodities was
set up in 2009 by Mr. Bakul Sharma (Mr. Chintamani Sharma's
grandson) as a sole proprietorship concern for trading of copper
rods. In 2010 the proprietorship firm was converted into a
partnership firm with Mr. Bakul Sharma (60%) and his father Mr.
Devender Kumar Sharma (40%) as partners. The firm's manufacturing
facility is located in Delhi and has a capacity to manufacture
4300 MT of oxygen free copper rods. These rods find application in
defense and power industries.

Recent Results

The firm has reported a PAT of INR 0.14 crores on an operating
income of INR36.84 crores in FY 12.As poer provisional results for
FY 13,firm reported an operating income of INR44.28 crores.

ICRA has assigned a long term rating of '[ICRA]B' to the INR44.83
crores fund based limits of Disha Industries Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits-      44.83   [ICRA]B assigned
   Long Term

The assigned rating is constrained by stabilization risk arising
out of its recently commissioned kraft paper plant which is yet to
see its full year of operation. The rating is also constrained by
high gearing levels arising out of debt funded capex for paper
plant which has also resulted in high repayment obligations going
forward.  The rating also takes into account high competitive
intensity of the industry and vulnerability of contribution levels
and thus profitability margins to volatility in waste paper

The rating however derives comfort from long standing experience
of promoters with strong relationships with several customers and
suppliers resulting in easy availability of waste paper at
competitive prices.

Disha Industries Ltd was established in the year 1995 to
manufacture Kraft paper from recyclable waste paper. The company
was started by Mr. Ajay Paliwal and Mr. Suraj Prakash who have
over two decades of experience in paper trading business. DIL has
set up a plant to manufacture 56000 tonne p.a of Kraft paper at a
total project cost of Rs 58.88 crores which has been funded
through term loan of INR 34.83 crores and remaining through
promoter's contribution. The plant started operations wef February

Recent Results:

During the FY11 and FY12 company has only incurred pre operative
expenses and no sales were made thus resulting in losses of
INR0.01 crores in each of the two years. DIL reported a net loss
of INR -1.02 crores on an operating income of INR3.09 crores for
the year ended March 31, 2013.

FOCUS SHOES: ICRA Assigns 'B' Ratings to INR4.81cr Loans
ICRA has assigned the long-term rating of '[ICRA]B' to the INR4.81
crore fund based limits of Focus Shoes Private Limited. ICRA has
also assigned a short term rating of '[ICRA]A4' to the INR0.42
crore short term non-fund based bank limits of FSPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based-Cash         4.25     [ICRA]B assigned

   Fund Based-Term         0.56     [ICRA]B assigned

   Non-Fund Based          0.42     [ICRA]A4 assigned

The ratings factor in the modest scale of operations of the
company and weak financial profile characterized by high gearing
and stretched liquidity position reflected by high utilization
levels of working capital facilities. The ratings are also
constrained by vulnerability of its profitability to raw material
price volatility, and highly competitive and fragmented nature of
the footwear industry which limits pricing flexibility. The
ratings however draw comfort from the long experience of the
promoters in footwear industry, diverse client base and strong
revenue growth witnessed over FY10-12.

Going forward, company's ability to increase its scale of
operations while improving its profitability and liquidity
position by efficiently managing working capital intensity would
be the key rating sensitivities.

Incorporated in April 2008 as a private limited entity, Focus
Shoes Private Limited is engaged in trading and manufacturing of
Polyurethane, PVC (Polyvinyl Chloride) and EVA (Ethylene Vinyl
Acetate) based footwear products like floaters, sports shoes and
school shoes. At present, manufacturing is being done at rented
premises owned by associate concern N.R. Footwear Pvt. Ltd. (NRF)
located at Footwear Park, Sector-17, Bahadurgarh (Haryana).
Besides own manufacturing, FSPL also sell products manufactured by
associate concerns Steel Shoes Pvt. Ltd. and NRF. Promoter of the
company, Mr. Angad Puri belongs to Puri family which has been
engaged in footwear business for nearly 40 years through various
other concerns. Mr. Angad Puri is a graduate and has done
specialized course in footwear designing.

Recent Results

In FY12, FSPL has reported operating profits of INR 0.91 crore and
net profit of INR 0.09 crore on operating income of INR 13.62
crore compared to operating profits of INR 0.55 crore and net
profit of INR 0.07 crore on operating income of INR 7.30 crore. As
per FY13 estimates, operating income is expected to increase to
INR 24.72 crore.

GANGARAM SYNTHETICS: ICRA Reaffirms B+ Rating on INR21.9cr Loans
ICRA has re-affirmed the long term rating of '[ICRA]B+' assigned
to the enhanced limit of INR21.90 crore (enhanced from INR21.50
crore) fund based facilities of Gangaram Synthetics Private

   Facilities           (INR Cr)   Ratings
   ----------           --------   -------
   Fund Based Limits      21.90    [ICRA]B+ (Reaffirmed/assigned)

The reaffirmation of rating takes into account the long track
record and extensive experience of the promoters in the textile
industry, established brand "Prafful" in saris and dress material,
diversification into retail segment (The Company has 160 outlets
in different malls across the country and has three company owned
showrooms), which is expected to improve the profitability and
brand visibility of the company. Further the rating continues to
draw comfort from the presence of group companies in textile
manufacturing processes like yarn manufacturing, and dyeing,
printing, and embroidery on dress material.

The rating is however constrained by intensely competitive and
fragmented nature of the textile industry with low entry barriers
and modest scale of operations which limits economies of scale and
constrains the profitability of the company. Further, working
capital intensive nature of operations on account of high
inventory level has resulted in high dependence of external
borrowings, thereby resulting in weak capital structure as is
reflected in gearing of 2.80 times as on March 2012. Leveraged
capital structure and low profitability has resulted in below
average debt coverage indicators as is reflected in interest
coverage of 1.21 times and Total Debt/OPDBITA of 5.65 times Going
forward, the ability of the company to improve upon its brand
reach and profitability will remain key rating drivers for the

Gangaram Synthetics was incorporated in May 1986 with its head
office at Surat. Gangaram Synthetics is primarily a trading entity
which caters to the domestic market of ready to stitch Prafful
brand ethnic women's wear in the domestic market. Gangaram
Synthetics is present both in the retail and wholesale segment
space- through its long established past relations with dealers in
the wholesale segment and in retail space through tie ups with
supermarkets, malls etc. The company is part of Prafful group
having business presence in manufacturing of saris and dress
material. The group consists of various entities specializing in
different processes like yarn manufacturing, dyeing, printing,
embroidery, etc.

Recent Results
During the financial year 2011-12, the company reported a profit
after tax (PAT) of INR0.30 crore on an operating income of
INR69.70 crore. As per the provisional results for financial year
2013, the Company reported profit after tax (PAT) of INR0.50 crore
on an operating income of INR73.66 crore.

GURU ASHISH: ICRA Reaffirms 'B' Rating on INR40cr LT Loan
ICRA has reaffirmed its '[ICRA]B' rating on the long-term scale to
the INR 40.0 crore bank facility of Guru Ashish Corporation.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Outstanding Long-term,    40.0     [ICRA]B reaffirmed
   fund-based facilities
   (Cash Credit)

The rating reaffirmation takes into account the increase in
average realization for its Kalyan project by about 15% during
fiscal FY 2013 and steady progress on the construction front
(about 45% of the total project cost incurred as on March 31,
2013). The rating continues to factor in the long track record of
promoters in the real estate industry especially Mumbai.

The rating is however constrained on account of the high marketing
risks for the project with a significant portion of sales yet to
be tied up and associated funding risks since a substantial
portion is to be self-funded. Further the challenging macro-
economic environment is expected to put pressure on sales bookings
in current fiscal. The funding risk is further enhanced as the
group has to cater to the funding requirements of another large
project expected to be launched in the near term. With the
repayment of the external debt proposed to commence from current
fiscal, the timely sales and collection from the customers would
remain key rating sensitivities for the company.

Guru Ashish Corporation, part of the Gurukrupa group was
incorporated by Mr. Mansukh Kothari, Mr. Sureja and Mr. Chetan
Patel in 1994 to foray into real estate business. The partners
work in tandem for all projects and a local partner is brought in
whenever they enter into a new suburb/city.

The company is undertaking development of a residential project at
Kalyan (West), Mumbai. The total saleable area for the project is
555,300 sq. ft. The project consists of five buildings and seven
wings with two wings of 15 floors each and five wings of 19 floors
each. Expected project completion date which was March, 2015 is
expected to be delayed by a year since construction of two Wings
(approximately 140,000 sq.ft.) has been postponed by the company
given the ongoing economic slowdown. The budgeted project is INR
150.7 crore with INR 45 crore (30%) funded by the promoters, INR
40 crore (26%) from bank debt and balance 43% from customer
advances. The financial closure for the project was achieved with
50% of the debt disbursed till March 2013.

As a group, they are primarily involved in development of
residential projects with limited experience in developing
commercial projects. It has developed residential projects between
Malad and Borivali at Mumbai and two projects at Rajkot in
Gujarat. The group has so far completed more than 0.9 million
square feet of construction through different project companies.
It currently has 0.57 million sq.ft. of projects under
construction and expects to launch another 1.8 million sq.ft.
through various project companies.

INDIAN PULP: ICRA Reaffirms 'C' Ratings on INR76.79cr Loans
ICRA has reaffirmed the '[ICRA]C' rating to the INR36.48 crore
term loan, INR15.93 crore cash credit and INR24.38 crore fund
based bank facilities of Indian Pulp & Paper Private Limited. ICRA
has also reaffirmed the '[ICRA]A4' rating to the INR12.32 crore
non fund based bank facilities of IPPPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limit-        36.48   [ICRA]C reaffirmed
   Term Loan

   Fund Based Limit-        15.93   [ICRA]C reaffirmed
   Cash Credit

   Fund Based Limit-        13.52   [ICRA]C reaffirmed
   Working Capital
   Term Loan

   Fund Based Limit-        10.86   [ICRA]C reaffirmed
   Funded Interest
   Term Loan

   Non Fund Based Limit-    12.25   [ICRA]A4 reaffirmed
   Letter of Credit and
   Bank Guarantee

   Non Fund Based Limits-    0.07   [ICRA]A4 reaffirmed
   Forward Contract

The reaffirmation of the ratings take into consideration IPPPL's
moderate scale of current operation with no major growth observed
in the turnover achieved during 2012-13 and its adverse financial
risk profile characterized by losses at net level in all the years
since commencement of operations, adverse capital structure and
depressed level of debt coverage indicators. The ratings are also
constrained by the pressure on IPPPL's liquidity position mainly
on account of an increase in the inventory and receivable levels,
as is evidenced by the negative cash generated from operations in
2012-13. ICRA considers the intensely competitive and fragmented
nature of the paper industry with low entry barriers and exposure
of players including IPPPL to fluctuation in raw material and
finished goods prices which impacts the margins. The ratings,
however, continues to derive comfort from the experience of the
promoters in the paper industry, locational advantage enjoyed by
IPPPL for plant being located close to the target market and raw
material sources and favorable demand outlook of the kraft paper

The Kolkata based Agarwal family had set up Balaji Kagaz Private
Limited in 2004. The company acquired Indian Paper Pulp Company
Limited in 2006 from the Government of West Bengal at a
consideration of INR 11.80 crore. Subsequently, the name of the
company was changed to Indian Pulp & Paper Private Limited (IPPL).
The company has a kraft paper manufacturing capacity of 49,500
metric tonnes per annum (MTPA) and pulp making capacity of 60,000
MTPA, along with 1.2 MW captive co-generation power plant at
Naihati, West Bengal. The company is involved in the manufacturing
of wide range of kraft paper as per customer specification.

Recent Results

The company reported a net loss of INR10.75 crore (provisional)
during 2012-13 on an operating income of INR61.01 crore
(provisional), as compared to a net loss of INR18.78 crore on an
operating income of INR57.86 crore during 2011-12.

INTERRA INFOTECH: ICRA Assigns 'B+' Ratings to INR5.5cr Loans
ICRA has assigned a long-term rating of '[ICRA]B+' to INR5.50
crore bank lines, comprising of INR5.00 crore term loan facilities
and INR0.50 crore Cash Credit limits of Interra Infotech India
Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan Facilities    5.00     [ICRA]B+ Assigned
   Cash Credit Limits      0.50     [ICRA]B+ Assigned

The rating takes comfort from the long experience of the promoters
in IT-ITES industry which has helped the ultimate holding company
-- Interra Information Technologies, Inc. in securing business
assignments, being executed by Interra Infotech India Private
Limited and its parent -- Interra Information Technologies India
Private Limited. Although the final pricing charged by IITUS to
its various clients varies, however IIIPL is reimbursed on cost
plus basis on monthly basis with 15% profit margin (at PBT level)
and thus provides cushion to its profitability margins (OPM of 19%
and NPM of 12% in CY-2012). This also helped the company in
maintaining steady profitability levels with low working capital
intensity of operations and satisfactory liquidity position. Being
located in Noida SEZ and deriving operating revenues from software
exports, IIIPL is eligible for fiscal benefits related to tax
incentives*; which would be available till FY-2016 and will
continue to support its profitability in the medium term. Although
IIIPL is present in the industry for around 7 years, however the
scale of operations remains modest with an Operating Income (OI)
of INR16.55 crore for CY-2012.

The rating is however constrained on account of sole dependence of
IIIPL on its ultimate holding company for the business
assignments; and any decline in the operating or financial
performance of IITUS would also adversely impact the income and
cash flows of IIIPL. Owing to cost-plus basis revenue model, while
the profitability of IIIPL appears to be satisfactory, which
coupled with low leveraging levels (gearing of 0.29x on Dec-12)
resulting in satisfactory debt coverage indicators as reflected in
Interest coverage of 13.54x, Total Debt/OPBDITA of 1.06x and NCA/
Total Debt of 89% for CY-2012, however on a consolidated basis,
the profitability levels of the group remains weak as IITUS has
been adversely impacted to economic slowdown in its key market,
which is also a concern. Going forward, while ICRA expects IIIPL
to continue reporting profitable operations owing to its cost-plus
arrangements, however the level of the profitability can be
subject to the transfer pricing agreements between IIIPL and
IITUS. Further, given the sole dependence of IIIPL on IITUS,
timely collections against its billings will be critical for cash
flows of IIIPL as any weakening in operational or financial
profile of IITUS can adversely impact the cash flows of IIIPL and
will be a rating sensitivity.

Interra Infotech India Private Limited is a step-down subsidiary
of Interra Information Technologies Inc., based in Noida SEZ and
provides IT-ITES to various international clients; with services
include - product engineering, ERP solutions and web-based custom
enterprise applications. IITUS's operations are spread across 5
countries, with a sales network spanning in the United States,
Canada, United Kingdom, India and Japan. The group has total
employee strength of 310 (including 40 support staff) with 250
based in India and 60 are based in U.S. The U.S. employee team
mainly consists of sales and marketing staff, apart from technical
team deployed at client site. The group two development centers in
India based in Noida and Kolkata.

LA HOSPIN: ICRA Assigns 'D' Ratings to INR10cr Loans
ICRA has assigned long-term rating of '[ICRA]D' to INR8.45 crore
Term Loan and INR0.15 crore cash credit limit of La Hospin Hotels
and Resorts Private Limited. ICRA has also assigned ratings of
[ICRA]D/[ICRA]D to INR1.40 crore unallocated limits of LHRPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               8.45     [ICRA]D assigned
   Cash Credit             0.15     [ICRA]D assigned
   Unallocated Limits      1.40     [ICRA]D/[ICRA]D assigned

The assigned ratings are constrained by delays in debt servicing
by the company due to tight liquidity position; delays in
completion of the hotel renovation project due to which returns
have not been generated out of capital invested; and modest scale
of operations with a single hotel property in Rajamundry, Andhra
Pradesh. The ratings are further constrained by limited experience
of the promoters in the hotel industry and thin net profitability
margins of the company over the years. However, the ratings
favorably factor in the healthy revenue growth of the company
although on a modest base, moderate gearing level, and favorable
location of the hotel property with reasonable growth prospects.

La Hospin Hotels and Resorts Private Limited operates the La
Hospin Hotel situated on the banks of river Godavari in
Rajahmundry, Andhra Pradesh. The current promoters, Mr. Chowdary
S. Garapati and his family took over the hotel property from its
previous owners through transfer of shares in 2008. The hotel has
been in operation for close to two decades and was earlier called
Mahalakshmi Residency before being renamed to "La Hospin Hotel"
under LHRPL. The hotel currently has 69 rooms (40 are
operational), 2 restaurants, a lounge and two banquet halls. The
property is currently undergoing renovation and the additional 29
rooms will be operational once the same is completed.

Recent Results

As per the provisional results for FY 2013, the firm reported
profit before tax of INR0.12 crore on turnover of INR4.08 crore as
against net loss of INR0.10 crore on turnover of INR3.76 crore
during FY 2012(audited results).

MANIAM PROPERTIES: ICRA Reaffirms 'D' Rating on INR100cr Loan
ICRA has reaffirmed the long-term rating of '[ICRA]D' assigned to
the INR 100 crore fund based limits of Maniam Properties Private

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan                100     [ICRA]D Re-affirmed

The rating reaffirmation factors in continuing delays in debt
servicing due to slower-than-expected monetization through sale of
space at the company's Pink Square mall at Jaipur.

MPPL is a joint venture (JV) between Kshitij Venture Capital Fund,
Mani Square Pvt. Ltd. (Mani Group) and Salarpuria Properties Pvt
Ltd (Sattva Group) whose shareholdings in the project are 40%, 35%
and 25% respectively. KVCF is a domestic retail-focused real
estate fund whose corpus is being invested in developing malls
across India. MPPL owns and operates the Pink Square Mall at
Govind Marg, Jaipur.

OMEN VITRIFIED: ICRA Reaffirms 'B+' Ratings on INR22.55cr Loans
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR8.00
crore (enhanced from INR5.00 crore) fund-based cash credit
facility and INR14.55 crore term loan facility of Omen Vitrified
Private Limited. The rating of '[ICRA]A4' has also been reaffirmed
to the INR1.73 crore short-term non-fund based facilities of OVPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             8.00     [ICRA]B+ reaffirmed/assigned
   Term Loan              14.55     [ICRA]B+ reaffirmed
   Bank Guarantee          1.73     [ICRA]A4 reaffirmed

The ratings reaffirmation continue to take into account OVPL's
weak financial indicators as reflected by stretched capital
structure, modest debt coverage indicators and high working
capital intensity. The ratings also continue to take note of
exposure to the availability and increasing prices of natural gas
which forms the major source of fuel. The ratings are also
constrained by vulnerability of OVPL's profitability and cash
flows to cyclicality inherent in the real estate industry, which
is the main consuming sector. Further the ratings are constrained
by highly competitive business environment on account of presence
of large number of organized as well as unorganized players in the
region that limits pricing flexibility, thus making it difficult
to pass on the cost rise to customers.

However, the ratings favorably factor in the long experience of
the promoters in the ceramic industry, steady ramp up of
operations resulting in robust growth in operating income and the
location advantage enjoyed by OVPL giving it easy access to raw
material sources.

Omen Vitrified Private Limited was incorporated in July 2010 and
is promoted by Mr. Manish Adroja and other family members. The
company manufactures soluble salt and nano polished vitrified
tiles of size 605x605 mm with its current set of machineries. The
plant is located in Morbi, Gujarat and operates in two shifts of
12 hrs each with an installed capacity of 57000 metric tons per
annum. The promoters are associated with other concerns viz. Omson
Ceramic, Omexo Tiles, Ajanta Hardware and Khatiyawad Sales in
similar line of business.

Recent Results

During FY 2013 (provisional unaudited financials) the company
reported profit before tax of INR0.56 crore on an operating income
of INR39.91 crore.

ICRA has upgraded the long term rating from '[ICRA]B-' to
'[ICRA]B+' for the INR 8.16 crore fund based facilities of Prafful
Industries Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits        8.16    [ICRA]B+ (upgraded)

The rating upgrade factors in improved financial profile of the
company which is reflected by steady profitability, adequate
accruals and low gearing over the last two years. The same is also
getting reflected in timely debt servicing by the company and
moderate utilization of working capital limits. The rating
continue to factor in experienced management with significant
track record in the textile business; strong group support with
presence of group companies in various segments i.e wholesale,
retail and export; easy availability of raw materials; and steady
demand prospects on account of its operations being located in the
textile hub of the country.

The rating is however constrained by PIPL's modest scale of
operations and high competitive intensity of the industry
characterized by presence of large number of organized and
unorganized players. This coupled with low value additive nature
of business has resulted in low return on invested capital.
Although, capacity utilization of the company has improved over
the last two years, the resultant improvement in profitability has
been offset to some extent by increased fuel & power costs, which
coupled with volatile raw material costs, have led to some
pressure on margins.

Going forward, the ability of the company to improve upon its
scale of operations and maintain healthy operating profitability
would be the key rating sensitivities.

Prafful Industries Private Limited incorporated in 1992, has a
dying and printing facility located in GIDC (Gujarat Industrial
Development Corporation) Industrial area in Sachin, Surat with a
capacity of 3 crore metres per annum.

Recent Results

During the financial year 2011-12, the company reported a profit
after tax (PAT) of INR0.28 crore on an operating income of
INR29.04 crore. As per the provisional results for financial year
2013, the Company reported profit after tax (PAT) of INR0.15 crore
on an operating income of INR28.10 crore.

ICRA has assigned '[ICRA]B' rating to INR 1.25 crore (INR9.25
crore enhanced from INR8.00 crore) bank lines of Shakti

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based limits       9.25     [ICRA]B (assigned)

The rating continues to be constrained by SI's weak financial
profile, reflected by low profitability metrics and consequently
weak debt coverage indicators. The rating also takes into account
high intensity of competition in the industry and agro climatic
risks, which can affect the availability of paddy in adverse
weather conditions. The rating, however favorably takes into
account long standing experience of promoters in rice industry and
proximity of the mill to major rice growing area which results in
easy availability of paddy. Further consistent growth in sales
also provides comfort to the assigned rating.

Shakti Industries is a partnership firm, was set up in 1996 by
Mr. Pawan Kumar, Mr. Sudhir Kumar Midha and Mr. Sandip Kumar
Midha. The firm is engaged in processing and export of basmati
rice to countries in the Middle East. It has a plant at Jalalabad
(Punjab) which has a milling capacity of 3 tonnes per hour.

Recent Results

During the financial year 2011-12, the firm reported profit after
tax (PAT) of INR0.03 crore on an operating income of INR25.41
crore as against PAT of INR0.03 crore on an operating income of
INR18.63 crore in FY11. As per the provisional results of
financial year 2012-13 the firm has reported sales of INR30.42

SHIVAM COTTON: ICRA Assigns 'B' Ratings to INR7.65cr Loans
The rating of '[ICRA]B' has been assigned to the INR6.00 crore
cash credit facility and the INR1.65 crore term loan facility of
Shivam Cotton & Oil Industries.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             6.00     [ICRA]B assigned
   Term Loan               1.65     [ICRA]B assigned

The assigned rating is constrained by the implementation risks
associated with the project, with commissioning expected in August
2013. The rating is further constrained by the highly competitive
and fragmented industry structure owing to low entry barriers
which is expected to keep the margins under pressure, post
commissioning; and the vulnerability of the firm's profitability
to raw material (cotton) prices, which are subject to seasonality,
crop harvest and regulatory risks. ICRA also notes that SCOI is a
partnership firm and any significant withdrawals from the capital
account would affect its net worth and thereby its capital

The rating, however, favorably considers the long experience of
the promoters in the cotton industry; favorable location of the
firm giving it easy access to quality raw cotton and stable demand
outlook for cotton and cotton seeds in the domestic market.

Incorporated in October 2012 as a partnership firm, Shivam Cotton
& Oil Industries is setting up a plant for manufacturing cotton
bales and cotton seed oil through ginning, pressing and seed
crushing activity. The proposed unit is located at Saraya, Rajkot
in Gujarat. The project entails installation of twenty four
ginning machines, one pressing machine and three oil expeller
machines with a total installed capacity to process 19,200 metric
tonnes (MT) of raw cotton annually. Commercial production is
expected to commence from August 2013.

SURINDER KUMAR: ICRA Reaffirms 'B+' Rating on INR17cr Loan
ICRA has re-affirmed '[ICRA]B+' rating to INR17.00 crore bank
lines of Surinder Kumar & Co.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits       17.00    [ICRA]B+ (reaffirmed)

ICRA's rating action continues to be constrained by firm's
presence in a highly competitive industry, SK's moderate scale of
operations and its weak profitability metrics. This coupled with
SK's high gearing has resulted in weak debt protection indicators.
However, the ratings favorably factor in SK's experienced
promoters with long track record in rice milling industry and
proximity of the mill to major rice growing area which results in
easy availability of paddy.

Surinder Kumar & Co. is a partnership firm promoted by Mr. Sunil
Kumar and his family members. The firm is primarily engaged in
milling of basmati rice. The firm is also engaged in converting
semi processed rice into parboiled Basmati rice. SK's milling unit
is based out of Fazilka, Distt. Ferozpur, Punjab which is in close
proximity to the local grain market.

Recent Results

During the financial year 2011-12, the firm reported a profit
after tax (PAT) of INR0.50 crore on an operating income of
INR45.08 crore. As per the provisional results for financial year
2013, the Company reported an operating income of INR72.54 crore.


WILLCOM INC: Tokyo Court Ends Debt Rehabilitation Proceedings
WILLCOM, Inc., of which 100% of its issued shares are held by
SoftBank Corp., received an order of termination of rehabilitation
proceedings from the Tokyo District Court on
July 1, 2013. Consequently, WILLCOM became a consolidated
subsidiary of the Company on the same day.

In February 2010, WILLCOM filed a petition with the Tokyo District
Court for commencement of rehabilitation proceedings. Following
the court's order to commence rehabilitation WILLCOM entered into
the rehabilitation process in March 2010. In accordance with the
rehabilitation plan, approved in
November 2010, WILLCOM has been repaying rehabilitation claims and
such. This consists of making payments amounting to
JPY41.0 billion for rehabilitation claims and rehabilitation
security interests evenly over six years starting from 2011.
SoftBank became WILLCOM's sponsor in August 2010, dispatched a
business trustee, and has been providing necessary support for
business operations and execution of the rehabilitation plan.
SoftBank acquired 100% of WILLCOM's issued shares in December

Softbank said: "the cumulative number of subscribers of WILLCOM
(total of PHS and 3G service) once exceeded 4.66 million at the
end of July 2007, but declined to 3.78 million at the end of
December 2010. However, with the Company's support, WILLCOM
implemented a rapid succession of initiatives such as the
introduction of attractive and reasonable price plans, enhancement
of the product lineup, and expansion of the store network, and as
a result, the net subscriber additions (new subscribers minus
cancellations) turned positive after 19 months of net losses in
January 2011. Since then, the cumulative number of subscribers
continues to increase and stood at 5.45 million at the end of May
2013. Along with the increase in subscribers, WILLCOM's quarterly
operating income turned positive in the second quarter of fiscal
2011, and is sustaining its positive trend.

"As the business results are improving steadily, WILLCOM made a
lump-sum repayment of the rehabilitation claims and such
(outstanding balance of approximately JPY 27.1 billion) by
procuring the necessary funds from the Company, and filed a
petition with the Tokyo District Court for the termination of its
rehabilitation proceedings. On July 1, 2013, WILLCOM received an
order of termination of rehabilitation proceedings from the Tokyo
District Court. Consequently, WILLCOM is no longer supervised by
the court or trustees, and became a consolidated subsidiary of the
Company on the same day."

WILLCOM Inc. provides wireless data and voice services to
corporate and consumer customers in Japan.  The company launched
its service in 1995 and is the largest operator employing Personal
Handyphone System (PHS) technology.  PHS is a kind of stripped-
down cellular service with relatively low charges; the technology
was developed in Japan and most of its users live in Japan and
China. WILLCOM provides mobile service nationwide in Japan,
serving more than 4 million subscribers.  The Carlyle Group owns
60% of WILLCOM; Kyocera Corporation owns 30%.

In February, Willcom filed for bankruptcy protection with the
Tokyo District Court with liabilities of JPY206 billion.

N E W  Z E A L A N D

HANOVER FINANCE: Sues Broker Over Losses on Insurance Policies
Hamish Fletcher at The New Zealand Herald reports that a company
directed by Hanover Group Holdings' Mark Hotchin and Eric Watson
is suing Auckland insurance broker Apex General over potential
losses on policies worth up to NZ$50 million.

The Herald relates that the proceedings are due to be heard next
February and follow Hanover Group's fight with insurance giant
AIG, which it lost in the High Court last December and has since
taken to the Court of Appeal.

According to the Herald, the AIG stoush was over a policy Hanover
wanted to use for legal costs associated with the forthcoming
civil case between former Hanover directors or promoters and the
Financial Markets Authority as well as any damages that may be
payable in those proceedings.

Told by AIG it was not covered for certain claims, Hanover Group
Holdings -- now known as OHL -- is taking action against Apex
General, the broker which negotiated the policy, the report

The Herald says OHL and three subsidiaries have filed proceedings
against Apex in the High Court at Auckland, alleging the broker
breached its contracts and the Fair Trading Act and was negligent.

From 2004 Hanover paid Apex an annual fee for insurance services
that included placing and renewing policies with the likes of AIG,
according to Hanover's statement of claim obtained by the Herald.

In 2007 -- the year in which Hanover issued offer documents with
allegedly untrue statements -- Apex negotiated the placement of
directors and officers (D&O) insurance for Hanover totalling
NZ$50 million, the report relates.

D&O policies traditionally cover defence and other costs in
liability claims brought against directors or executives of a

The Herald says the first layer of Hanover's D&O insurance was
placed with AIG and is worth up to NZ$20 million while an excess
layer of NZ$30 million was placed with Axis Speciality Europe and
Lloyds Syndicate.

The report states that Hanover's 2006-2007 D&O policy with AIG
excluded cover for loss in claims linked to prospectuses where the
amount to be raised from the market was over NZ$400 million, with
some prospectuses listed as being covered despite this clause.

According to the report, Hanover said that in October 2007 it told
an Apex broker it required "full prospectus cover" for the coming
year, which its statement of claim says meant cover "for all past,
current and future prospectuses".

The Herald says the broker soon after told Hanover that AIG had
agreed to provide full prospectus cover.

Relying on this advice, the finance group then directed that the
broker should renew the policy.

But in 2011 AIG told Hanover it would not provide cover for claims
linked to Hanover Finance's and United Finance's 2007 prospectuses
as they had raised more than NZ$400 million and were therefore
excluded from the policy, the report relays.

Hanover's statement of claim said the underwriters of the $30
million excess layer have also refused to accept they need to
provide full prospectus cover, according to the Herald.

The Herald adds that Hanover said it has suffered, or will suffer,
the loss of indemnity payments which it would have otherwise
obtained from AIG and from the excess layer D&O policy.

It also said it suffered the loss of more than NZ$675,000 it has
spent on pursuing insurance cover so far, the report notes.

The Herald says Hanover claims Apex breached its duty of care when
the broker "received clear and unequivocal instructions" from a
manager at Hanover but "failed to give effect to those
instructions" by not obtaining full prospectus cover. Hanover
wants an inquiry into all the losses suffered as a result of
Apex's alleged breach of contract and judgment for this sum,
together with interest and costs.

While Apex accepts it had a duty of care towards Hanover, its
statement of defence denies it breached contracts and the Fair
Trading Act or that it was negligent, the Herald adds.

                      About Hanover Finance

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

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

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

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

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

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.

PIKE RIVER: Families Unlikely to Get Compensation, Receiver Says
---------------------------------------------------------------- reports that Pike River Coal Ltd's receiver said an
order of compensation for the families and survivors of the Pike
River mining disaster may be sentiment only, as the company does
not have enough money in the kitty.

In the Greymouth District Court on July 5, relates,
Judge Jane Farish awarded NZ$110,000 per victim to the families of
the 29 victims and reparation to the two survivors.

But receiver John Fisk of PricewaterhouseCoopers said Pike River
has only NZ$500,000 in available funds and NZ$156,000 in leftover
insurance money, according to relates that Mr. Fisk said in cases where companies in
receivership do not have enough money to pay compensation, the
liability may have to be written off. Any fines would not even
considered claimable under the creditor process.

"Any reparations become an unsecured claim against the company so
if there isn't sufficient assets to pay the creditors, which is
the case here, then unfortunately, there isn't money available
distribute," the report quotes Mr. Fist as saying.

Unsecured creditors are currently owed NZ$31 million, with another
NZ$20.5 million owed to Pike's major shareholder,
New Zealand Oil and Gas, the report discloses. notes that questions remain as to whether the
Government might step in to provide compensation for the victims
of the 2010 mining disaster now that the legal avenues have been
largely exhausted.

According to the report, Mr. Fisk said in some situations,
compensation can be sought against company directors. Former chief
executive Peter Whitall is about to face several health and safety
charges laid by the Ministry of Business, Innovation and
Employment. But other directors remain uncharged.

At present he could see no avenue for the families to be paid, the
report notes.

"It's an unfortunate situation but that's the commercial reality
of it," Mr. Fisk, as cited by, said.

                        About Pike River

Pike River Coal Limited (NZE:PRC) -- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010
after 29 miners died in a series of explosions on Nov. 19, 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River Coal also owed another estimated NZ$10 million
to NZ$15 million to contractors, including some of the men who
lost their lives in the disaster.


* Moody's Notes Continued Decline of Asian LSI in June 2013
Moody's Investors Service says that its Asian Liquidity Stress
Index (Asian LSI) declined for a second consecutive month to 23.9%
in June from 25% in May.

"The index's June decline reflects a net decrease, to 27 from 28,
in the number of companies with our lowest (weakest) speculative-
grade liquidity score (SGL-4)," says Laura Acres, a Moody's Senior
Vice President.

"The LSI has held in a tight and elevated range since it hit its
recent high of 29.1% in October 2012. The current reading is below
the record high of 37% reached during the fourth quarter of 2008
amid the global financial crisis, but it is far above the November
2011 all-time low of 9.0%."

Acres was speaking on the release of Moody's latest "Asian
Liquidity Stress Index" report.

The liquidity sub-index for Chinese speculative-grade companies
also declined in June, to 28.8% from 31.0% in May, as one Chinese
company exited the list of those with an SGL-4 score and the
number of rated Chinese high-yield corporate rose by one to 59,
says the report. China's high-yield property index decreased to
29.4% from 31.4% in May for the same reason.

Indonesian corporate liquidity remains stronger than the other
Asian-based sub-indexes because Indonesian issuers have been able
to access the domestic and regional bank markets to arrange
committed, term funding. 2013 has also seen Indonesian corporates
make a return to the cross-border bond markets.

Meanwhile, the Australian liquidity sub-index also fell, to 6.7%
in June from 7.1% in May. The number of Australian companies with
an SGL-4 score was unchanged at one.

The report says the number of high-yield rated bond issuances
dried up in June after a strong start earlier this year. Two of
the month's three bond deals were postponed.

Despite the lack of issuance in June, the first six months of 2013
have been a record for the Asian high-yield bond markets.

* BOND PRICING: For the Week July 1 to July 5, 2013

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


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


CHINA GOVT BOND       1.64    12/15/2033    CNY    68.83


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


BUMI INVESTMENT      10.75   10/6/2017     USD      74.00


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


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


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


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


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


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


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

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

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


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

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

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

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

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

                 *** End of Transmission ***