TCRAP_Public/130712.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, July 12, 2013, Vol. 16, No. 137



AUSTRALIAN ENERGY: Placed in Liquidation Over Outstanding Fees
BUNNY BITES: May Have Traded While Insolvent, Administrator Says
DA INFORMATION: Books Supplier Placed in Voluntary Administration
INGLEWOOD FARMS: Follows Parent in Receivership
M WEBB: Goes Into Liquidation; Assets Up For Sale

SMART ABS 2013-1US: Fitch Affirms 'BB' Rating on Class E Trust


YANZHOU COAL: Privatization Plan No Impact on Ratings


AGARTALA RUBBER: ICRA Assigns 'B+' Ratings to INR12.83cr Loans
AGRAWAL COT-SPIN: ICRA Reaffirms 'B' Rating on INR8cr Loan
ASHIRVAD INDUSTRIES: ICRA Rates INR1.5cr Cash Credit at 'B-'
CHALLANI RANKA: ICRA Reaffirms 'B+' Rating on INR10cr LT Loan

INS E SOLUTIONS: ICRA Assigns 'B-' Ratings to INR8cr Loans
JANTA ENGINEERS: ICRA Reaffirms 'B' Rating on INR19cr Loans
LAHARI HOLIDAY: ICRA Assigns 'B+' Ratings to INR29cr Loans
LEXONA CERAMIC: ICRA Assigns 'B' Ratings to INR9cr Loans
M.M.VORA AUTO: ICRA Assigns 'B+' Ratings to INR8.33cr Loans

METROWORLD TILES: ICRA Reaffirms 'B+' Ratings on INR15.55cr Loans
MOONLIGHT MARBLES: ICRA Assigns 'B-' Rating to INR12.54cr Loan
POWER TECH: ICRA Assigns 'B-' Rating to INR6.5cr Loan
SG ENGINEERS: ICRA Downgrades Rating on INR4cr Loans to 'B+'
SHAKTI CABLES: ICRA Reaffirms 'B-' Ratings on INR3.75cr Loans

SHREE BHAWANI: ICRA Reaffirms 'B+' Rating on INR1cr Loan
SINGHANIA BUILDCON: ICRA Rates INR41.80cr Term Loan at '[ICRA]B'
SRI VENKATA: ICRA Assigns 'B+' Rating to INR2.10cr Loan
UNIQUE GEM: ICRA Reaffirms 'B+' Rating on INR50cr Loan


BANK CENTURY: Bailout Scandal Not a Case of Corruption
INDONESIA: S&P Assigns 'BB+' Rating to US$ Global Unsecured Bond


JLOC 39: Fitch Cuts, Withdraws 'D' Rating on Class B & C TBIs


AE MODELS: Matromatic Handlings Goes Into Receivership

N E W  Z E A L A N D

CYNOTECH HOLDINGS: Applies For Voluntary Liquidation

S O U T H  K O R E A

* SOUTH KOREA: FSS Likely to Pick 100 SMEs For Restructuring


* Large Companies with Insolvent Balance Sheets

                            - - - - -


AUSTRALIAN ENERGY: Placed in Liquidation Over Outstanding Fees
-------------------------------------------------------------- reports that Energy Entrepreneur Allan Blood's
Australian Energy Company had been put to liquidation over
outstanding fees on a coal deal.

According to, Mr. Blood's scheme to convert brown
coal in Victoria into fertiliser involved a deal with Loy Yang
power station and coalmine owners. says the deal was acknowledged by Mr. Blood as
being settled.  Mr. Blood has a Latrobe Valley based scheme
proposing the use of clean-coal technology for turning brown coal
into urea, the report notes.

Media reports said on July 8 that the government has been exerting
efforts to ensure the generation of interest in brown-coal
reserves in Gippsland by directly selling to huge mining companies
in the country and abroad, according to  Mr.
Blood first became popular with is Australian Power and Energy Ltd
being granted with the government's special coal allocation, the
report relays. relates that the scheme made by Mr. Blood in 2002
was intended for a plant worth AUD6 billion to convert coal into
gas for manufacturing 50,000 barrels of diesel per day and
generating 500 megawatts of power.  Over time, Monash Energy
purchased the project netting Mr. Blood a significant profit.

BUNNY BITES: May Have Traded While Insolvent, Administrator Says
ABC Rural reports that Bunny Bites Foods, a vegetable processing
company owned by the chairman of the industry's peak body, Ausveg,
may have been trading while insolvent for two years before it went
into administration, owing farmers millions.

Bunny Bites Foods went into voluntary administration last month
owing nearly AUD10 million, ABC discloses says.

A report by the administrator shows that more than AUD5 million is
still owed to creditors following the sale of the business and key
assets to recently-created company Veg Pro 4, according to ABC.

ABC relates that the administrator, Robson Cotter Insolvency
Group, has advised creditors that they may be able to make a claim
against the company's directors for insolvent trading.

"The company has been clearly reliant on leverage and borrowing to
maintain its operations since at least 2011," a report to
creditors obtained by ABC said.   "It is evident that the company
is insolvent and has traded and incurred additional debts whilst

ABC says ASIC records showed that the company was owned by its two
directors, Peter Brent and Ausveg chairman, John Brent.

Documents obtained by ABC show at least AUD3.9 million is owed to
more than 100 unsecured creditors.  Robson Cotter estimates these
growers will receive between 0.4 and 8 cents for every dollar they
are owed by the company, ABC relays.

A spokesperson for the administrator told ABC that some creditors
with a personal guarantee from the directors may be able to make
claims directly to John and Peter Brent. It isn't clear how many
growers have secured personal guarantees or how much this will
affect the amount available to other creditors.

Documents obtained by ABC show the largest creditor is a vegetable
producer from Tasmania who claims to be owed almost
AUD1 million.

Several growers have told ABC they are worried they won't get
their money, but have been afraid to voice their concerns due to
fears it might affect them being paid.

Bunny Bites Foods is a Queensland-based vegetable processing

DA INFORMATION: Books Supplier Placed in Voluntary Administration
George Georges -- -- and John Lindholm
--- -- of Ferrier Hodgson were appointed
voluntary administrators of the following entities on
July 5, 2013:

   -- DA Information Services Pty Ltd
   -- The Information Specialists Pty Ltd
   -- Central Book Services Pty Ltd

"The administrators now control the Group's operations and are
assessing the Group's financial position. At this stage the
Administrators intend continuing the Group's trading while seeking
expressions of interest for a sale as a going concern," Ferrier
Hodgson said in a statement.

Sean Smith at The West reports that DA Information, the 60-year-
old business, which employs about 45 people, supplies books and
journals to the academic, professional and library markets in
Australia, New Zealand, Papua New Guinea and Fiji.

The West relates that Mr. Lindholm said that while Ferrier Hodgson
was still coming to grips with DA's finances and the reasons
behind the failure, the growing preference for ebooks was believed
to have been a factor in the collapse.

"Hard-book sale volumes have been declining, with e-products
taking a bigger slice, and I think it has been difficult to manage
that transition," The West quotes Mr. Lindholm as saying.

DA Information Services operates Australia's largest full service
academic library supplier, delivering a complete range of
print/electronic products and services which includes books,
eProducts and subscriptions.

INGLEWOOD FARMS: Follows Parent in Receivership
Julian Luke at FarmWeekly reports that Inglewood Farms, one of the
subsidiaries of the failed R.M. Williams Agricultural Holdings
business, has followed the parent company into receivership.

On June 28, The Land broke the news PPB Advisory had been
appointed as receivers and managers of RMWAH, and the firm
announced its partners Stephen Parbery and Greg Quinn had also
taken on the same role for the Inglewood Farms subsidiary,
according to FarmWeekly.

Inglewood Farms employs about 100 people and is the largest
producer of free-range organic poultry in Australia and the third-
largest in the southern hemisphere.

The report relates that in addition to being placed in
receivership, shareholders have sought to withdraw use of the R.M.
Williams brand by Inglewood Farms.

The report says that the business has an 80 per cent share of the
Australian organic free-range poultry market.

The report notes that while RMWAH went into receivership on June
26, at the time PPB Advisory said the four main subsidiaries
underneath the parent company -- the organic grain properties in
south-west Queensland, Inglewood Farms, Henbury Station in the
Northern Territory and beef properties near Darwin -- were not

In a statement PPB Advisory said its appointment as receivers and
managers of Inglewood Farms followed notification from the
company's directors that they intended to resign, the report

The report notes that the statement said this occurred after
Inglewood Farms' shareholders indicated they would not provide
additional funding to support the company's ongoing operations,
forcing the company's secured creditor to appoint receivers and

The report says that PPB Advisory is undertaking an urgent review
of Inglewood Farms to ensure operations continue with minimal
disruption and to prepare the business for a possible sale, the
statement said.

"Our immediate priority is to support the experienced team at
Inglewood Farms so the business can continue operating while we
undertake this review. . . . We are working with a number of
stakeholders to try to secure the future of the business," the
report quoted Mr. Parbery said as saying.

The report adds that PPB advisory has appointed accounting firm
RSM Bird Cameron as voluntary administrators to ensure creditors'
interests are protected.

M WEBB: Goes Into Liquidation; Assets Up For Sale
Gloucester Advocate reports that M Webb Bros Pty Ltd, trading as
Webb Bros Property and Livestock, has gone into liquidation.

Administrator Scott Newton from Shaw Gidley in Port Macquarie told
creditors at a meeting in Taree on July 10 the company would be
liquidated, the report says.

According to the report, director Ashley Hollinsgworth said the
business and its assets would be placed on the market but would
continue to trade.

M Webb Bros Pty Ltd operates real estate businesses in Gloucester
and Taree as well as a rural supplies store locally.  The company
was placed into voluntary administration on May 21, 2013,
following a decision by two of the three directors.

SMART ABS 2013-1US: Fitch Affirms 'BB' Rating on Class E Trust
Fitch Ratings has affirmed 23 classes of the SMART ABS series of
Australian Asset Backed Securities (ABS). The transactions are
securitisations of Australian auto and equipment receivables
originated by Macquarie Leasing Pty Limited (Macquarie Leasing).

The performance of the SMART transactions is well within Fitch's
expectations. Net losses experienced since closing have been well
below 1% for all three transactions. 30+ day delinquencies are
consistently tracking below 0.5% for the 2012-4US and 2013-1US
transactions, and below 1.3% for the 2012-3EQ equipment
receivables only transaction. To date, excess spread has been more
than sufficient to cover for losses experienced in each

The 2012-3EQ transaction has been paying principal on a pro-rata
basis and is expected to continue to do so until its call date.
2012-4US and 2013-1US continue to pay principal on a sequential
basis as of the May 2013 payment date. The payment method is
expected to switch to pro-rata in the near future, once the pro-
rata paydown test is met.

The rating actions are as follows:

SMART ABS Series 2012-3EQ Trust:
AUD133.7m Class A-2 (ISIN AU3FN0016416) affirmed at 'AAAsf';
Outlook Stable; and
AUD6.6m Class B (ISIN AU3FN0016424) affirmed at 'AAsf'; Outlook
Class A-1 (ISIN AU3FN0016408) paid in full in June 2013.

SMART ABS Series 2012-4US Trust:
USD130m Class A-2a (ISIN US83172LAB71) affirmed at 'AAAsf';
Outlook Stable;
USD102.5m Class A-2b (ISIN US83172LAE11) affirmed at 'AAAsf';
Outlook Stable;
USD175m Class A-3a (ISIN US83172LAC54) affirmed at 'AAAsf';
Outlook Stable;
USD60m Class A-3b (ISIN US83172LAF85) affirmed at 'AAAsf'; Outlook
USD82.5m Class A-4a (ISIN US83172LAD38) affirmed at 'AAAsf';
Outlook Stable;
USD20m Class A-4b (ISIN US83172LAG68) affirmed at 'AAAsf'; Outlook
AUD9.1m Class B affirmed at 'AAsf'; Outlook Stable;
AUD30m Class C affirmed at 'Asf'; Outlook Stable;
AUD20.6m Class D affirmed at 'BBBsf'; Outlook Stable; and
AUD18.5m Class E affirmed at 'BBsf'; Outlook Stable.
Class A-1 (ISIN US83172LAA98) paid in full in June 2013.

SMART ABS Series 2013-1US Trust:
USD47.7m Class A-1 (ISIN US78447NAA46) affirmed at 'F1+sf';
USD60m Class A-2a (ISIN US78447NAB29) affirmed at 'AAAsf'; Outlook
USD70m Class A-2b (ISIN US78447NAC02) affirmed at 'AAAsf'; Outlook
USD50m Class A-3a (ISIN US78447NAD84) affirmed at 'AAAsf'; Outlook
USD89m Class A-3b (ISIN US78447NAE67) affirmed at 'AAAsf'; Outlook
USD106m Class A-4a (ISIN US78447NAF33) affirmed at 'AAAsf';
Outlook Stable;
USD25m Class A-4b (ISIN US78447NAG16) affirmed at 'AAAsf'; Outlook
AUD5.9m Class B affirmed at 'AAsf'; Outlook Stable;
AUD19.4m Class C affirmed at 'Asf'; Outlook Stable;
AUD13.3m Class D affirmed at 'BBBsf'; Outlook Stable; and
AUD12m Class E affirmed at 'BBsf'; Outlook Stable.

In Fitch's rating sensitivity analysis, the likelihood of a
downgrade of the senior note classes is currently remote, based on
the transaction's strong performance to date.

A comparison of all three transaction's representations,
warranties and enforcement mechanisms (RW&Es) to those of typical
RW&Es for this asset class is available by accessing the reports
or links given under Related Research below.

Initial Key Rating Drivers and Rating Sensitivities are further
described in the respective New Issue reports.


YANZHOU COAL: Privatization Plan No Impact on Ratings
Moody's Investors Service says the proposed privatization of
Yancoal Australia Limited will not have any immediate impact on
Yanzhou Coal Mining Company Limited's Baa3 issuer rating and
negative outlook.

The plan will also not affect the Baa3 rating and negative outlook
on the US dollar bonds issued by Yancoal International Resources
Development Company Limited and guaranteed by Yanzhou Coal.

On July 8, 2013, Yanzhou Coal offered to privatize Yancoal
Australia Limited by buying the remaining 22% minority stake in
Yancoal Australia Limited through issuing CHESS Depositary
interests (CDIs) in exchange for the existing shareholdings. The
CDIs will be listed on the Australian Securities Exchange, and
will have the same economic entitlements as Yanzhou Coal's H
shares listed on the Hong Kong Exchange.

"The proposed privatization plan does not involve any cash
payments. Hence, it will not have any material impact on Yanzhou
Coal's liquidity and debt leverage positions," says Alan Gao, a
Moody's Vice President and Senior Analyst.

Moreover, Yancoal Australia's financials are fully consolidated
into those of Yanzhou Coal Mining Company Limited, given Yanzhou
Coal's current 78% stake in the company. The privatization plan
will not affect Yanzhou Coal's financial reporting.

The principal methodology used in this ratings was the Global
Mining Industry Methodology published in May 2009.

Yanzhou Coal Mining Company Limited was listed in Shanghai, Hong
Kong and New York in 1998. It is 53% owned by the Yankuang Group,
a state-owned enterprise wholly owned by the Shandong Provincial
State-Owned Assets Supervision and Administration Commission, and
is one of the top coal mining groups in China.

On May 20, 2013, Moody's Investors Service assigned a provisional
(P)Ba2 rating to the subordinated guaranteed perpetual capital
securities ("hybrid securities") to be issued by Yanzhou Coal
International Trading Co Ltd and guaranteed by Yanzhou Coal Mining
Co Ltd ("Yanzhou Coal").

At the same time, Moody's has affirmed Yanzhou Coal's Baa3 issuer
rating and the Baa3 rating of the bonds issued by Yancoal
International Resources Development Co Ltd and guaranteed by
Yanzhou Coal.


AGARTALA RUBBER: ICRA Assigns 'B+' Ratings to INR12.83cr Loans
ICRA has assigned a long term rating of '[ICRA]B+' and a short
term rating of '[ICRA]A4' to the INR17.63 crore bank facilities of
Agartala Rubber Industry.

   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Long Term Fund Based/      10.00    [ICRA]B+ (Assigned)
   Cash Credit

   Long Term Fund Based/       2.83    [ICRA]B+ (Assigned)
   Term Loan

   Short Term Fund Based/      1.80    [ICRA]A4 (Assigned)

   Long Term/Short Term        3.00    [ICRA]B+/[ICRA]A4
   Interchangeable                     (Assigned)

The assigned rating is constrained by short track record of
Agartala Rubber Industry in a business segment characterised by
significant operational risk on account of exposure to high
volatility in Natural Rubber prices and cyclicality in the end
user industry. Correspondingly, in 2012-13, the firm has witnessed
steep revenue de-growth due to materialization of aforementioned
risks, the impact of which on profitability is likely to be
adverse thereby resulting in relatively weak debt coverage
indicators in comparison to 2011-12. The decline in turnover has
also been accompanied by receivables build up, whereby working
capital intensity of operations and dependence upon bank
borrowings has increased and resulted in stretched liquidity
profile as is evident by high utilization of working capital
limits during past few months. Further, the credit profile is
inhibited by concentration of operations in Northeast region,
which apart from posing locational challenges (as most of
customers are based in North India), exposes the firm to agro-
climatic risks attached to rubber harvesting and geopolitical
risks. ICRA also takes note of ARI's exposure to customer
concentration risk with three major customers contributing more
than 55% of sales. Nevertheless, this risk is partially mitigated
by benefits arising from being part of the 'Kuber Group', which
has established distribution network and long standing presence in
the rubber trading business. Also, established relationship of the
Group with rubber growers and dealers, and favourable location of
the firm's factory in Rubber Park, Agartala assures supply of key
raw material. The rating also takes into account partnership
constitution of the entity leading to inherent risks with respect
to capital withdrawals, which can have adverse bearing on the
capital structure.

Going forward, the firms' ability to employ prudent working
capital management and protect profits from adverse movements in
rubber prices and demand from end user industry will remain key
rating sensitivities besides the extent of capital withdrawals by
the partners.

Established in April 2007, Agartala Rubber Industry is primarily
engaged in manufacturing of Technically Specified Block Rubber
with its unit based out of Rubber Park at Industrial Growth
Centre, Agartala in state of Tripura. The firm's factory has an
installed capacity of 24MT/per day, and is located on a land
parcel admeasuring 2 acres. This land was taken on a 30 year lease
beginning 2007 from Tripura Industrial Development Corporation
Ltd. Thereafter, the construction work was completed and
commercial production commenced in the first quarter of
2010-11. Majority of ARI's production finds end use in tyre and
tube manufacturing industry.

AGRAWAL COT-SPIN: ICRA Reaffirms 'B' Rating on INR8cr Loan
The rating of '[ICRA]B' has been reaffirmed for the INR8.00 crore
fund based cash credit facility of Agrawal Cot-spin Private

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              8.00    [ICRA]B reaffirmed

The rating continues to be constrained by the company's weak
financial profile as reflected by declining operating income,
stretched liquidity entailing high reliance on external borrowings
and adverse capital structure along with weak debt coverage
indicators. The rating also takes into account the low value add
nature of operations and intense competition on account of
fragmented industry structure leading to thin profit margins. The
rating is further constrained by vulnerability of profitability to
adverse fluctuations in raw material prices which are subject to
seasonal availability of raw cotton and government regulations on
MSP and export quota.

The rating, however positively considers the long experience of
the promoters in the cotton ginning and pressing industry, and the
advantage company enjoys by virtue of its location in cotton
producing region giving it easy access to raw cotton and positive
demand outlook for cotton and cottonseed.

Established in 1997, ACPL is a closely held company owned and
managed by Mr. Manubhai Agrawal and other members of the family.
It is engaged in ginning of raw cotton to produce cotton bales and
crushing of cotton seeds to produce cottonseed oil. It deals in S-
6 type of cotton. The company has 32 ginning machines with an
intake capacity of around 200 metric tons of raw cotton per day
and 8 expellers with production capacity of 9 tons of raw cotton
seed oil per day.

Recent Results

For the year ended March 31, 2013 (provisional unaudited
financials), ACPL reported an operating income of INR30.68 crore
and profit before tax of INR0.36 crore as against an operating
income of INR33.74 crore and profit after tax of INR0.19 crore
during FY 2012.

ASHIRVAD INDUSTRIES: ICRA Rates INR1.5cr Cash Credit at 'B-'
The rating of '[ICRA]B-' has been assigned to the INR1.50 crore
long-term fund based facility and a rating of '[ICRA]A4' has been
assigned to the INR10.00 crore short term non fund based facility
of Ashirvad Industries & Infrastructure.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              1.50    [ICRA]B- assigned
   Bank Guarantee          10.00    [ICRA]A4 assigned

The assigned ratings are constrained by the high financial risk
profile as evident from weak return indicators and low
profitability. The ratings are further constrained by the highly
competitive and fragmented industry structure owing to low entry
barriers and vulnerability of profitability to any adverse
fluctuations in the raw material prices, which are also subject to
seasonality, crop harvest and regulatory risks. Further the entity
remains exposed to traffic risk as any downside in traffic
movement could affect the liquidity position of the firm. ICRA
also notes that as Ashirvad Industries & Infrastructure is a
partnership concern, any significant withdrawals from the capital
account could affect its capital structure.

However, the ratings favorably factor in the long track record of
the firm in the ginning industry; long experience of promoters in
the toll collection activity with successful record in past and
scaling up in the operating income on the back of recently
commenced commodity trading activity.

Ashirvad Industries & Infrastructure was established in the year
1998 and is engaged in the business of ginning and pressing of raw
cotton. The firm's plant is located in Mitadi with a total
production capacity of 200 bales per day. The firm also operates
as a toll collection agent on behalf of the highway operator and
has bid for and completed several projects in the past. Currently,
the firm is operating two toll collection projects in the state of
Gujarat. In addition to this, the firm has commenced trading in
cotton and limited quantities of other commodities in FY 2013.

Recent Results

For the year ended on March 31, 2013, the firm reported an
operating income of INR109.58 crore and profit after tax of
INR0.20 crore as against an operating income of INR10.86 crore and
profit after tax of INR0.07 crore for FY 2012.

CHALLANI RANKA: ICRA Reaffirms 'B+' Rating on INR10cr LT Loan
ICRA has reaffirmed the '[ICRA]B+' rating to the INR10.0 crore
(enhanced from INR5.5 crore) long term fund-based facilities of
M/s Challani Ranka Jewellery.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Long-term, fund-based      10.0    [ICRA]B+ Reaffirmed

The rating reaffirmation factors in the modest size of operations
of the firm, highly fragmented nature of the jewellery business,
intense competition among local players and the region-specific
jewellery preferences and trade practices. The rating is further
constrained by the exposure of the firm's profitability to
volatility in silver prices, and the high working capital
intensity in the business.

The rating however favourably considers the long lineage of the
partners in the jewellery industry, the established tie-ups with
suppliers and customers, the brand equity of the entity in the
domestic silver jewellery market and the planned expansion of
operations through setting up of additional retail outlets. While
arriving at the ratings, ICRA also takes cognizance of the recent
steep fall in silver prices which has impacted the profitability
of CRJ which has been subsequently offset by the sharp uptick in
volumes. The ratings also continue to factor in the firm's
increased inventory holding, which has aggravated CRJ's working
capital intensity besides exposing its profitability to any sharp
fluctuations in silver prices as well as foreign exchange rates.

Challani Ranka Jewellery is a partnership firm formed by the
brothers, Mr. Mahendar A Challani and Mr. Sumti A Challani. The
firm was formed in the year 2001 to capitalize on the
opportunities presented in the wholesale silver market in Chennai.
The day to day operations of the business are overseen primarily
by Mr. Sumti A Challani. The family has been in the jewellery
business since 1960. The firm has a wholesale and retail jewellery
store in Sowcarpet, Chennai. Both Mr. Mahendar Challani and Mr.
Sumti Challani are also partners in other group entities - Anand
Automobiles and Challani Finance. Anand Automobiles is an
authorized dealer of Hero Motocorp and Challani Finance is headed
by their father Mr. R J Anand Mul - the Chairman of the Group.

Recent Results

The firm had reported an operating income of INR23.0 crore and and
net profit of INR1.5 crore for the financial year ended March 2013

ICRA has reaffirmed the long-term rating of '[ICRA]D' to INR6.25
crore fund based limits of Discovery Intermediates Private

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits        6.25    [ICRA]D reaffirmed

The reaffirmation of rating continues to be constrained by delays
in servicing of debt obligation; weak financial profile
characterized by dip in operating income & high working capital
intensity and high client concentration risk on account of 62% of
total revenue coming from Dr. Reddy's Laboratories Limited.  The
rating is further constrained by the vulnerability of DIPL's
profitability to raw material price risk and highly competitive
nature of pharmaceutical contract manufacturing industry given the
presence of numerous small to medium sized player's limits pricing
flexibility. The rating however factors in the long experience of
promoters in the pharmaceutical industry; reputed clientele base
like DRL, Matrix Laboratories Limited and job work agreement with
Mylan Laboratories Limited.

Incorporated in 2004, Discovery Intermediates Private Limited is
engaged in the manufacturing of pharmaceutical intermediates. The
company has been promoted by Mr. M.V. Sekhara Rao and his son Mr.
Prashanth Manne. The company presently manufactures various types
of intermediates and supplies to bulk drug manufacturers. The
company's manufacturing facility is based in Nalgonda district of
Andhra Pradesh.

Recent Results

For FY2013, the company reported Rs.22.76 crore sales and PBT of
INR4.15 crore as compared to INR22.96 crore sales and INR0.40
crore PBT in FY2012.

INS E SOLUTIONS: ICRA Assigns 'B-' Ratings to INR8cr Loans
ICRA has assigned the long term rating of '[ICRA]B-' to
INR8.0 crore fund based and non-fund based bank limits of INS E
Solutions Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term: Fund          6.5     [ICRA] B-/assigned
   Based Limits

   Long Term: Non-Fund      1.5     [ICRA] B-/assigned
   Based Limits

The assigned rating is constrained by the stretched liquidity
position of the company which has resulted in regular delays in
the payment of statutory liabilities and also over-utilization of
the working capital limits. As the business is working capital
intensive, absence of both regular enhancement in the working
capital limits and infusion of external funds, has stretched the
liquidity of the company and has also constrained the revenue
growth, given the modest accruals from operations. The assigned
rating is also constrained by the weak financial profile of the
company which is on account of low profitability and high leverage
which has resulted in modest debt coverage indicators. Moreover,
given the high competitive intensity and limited value add
involved, the profitability is expected to remain under pressure
which shall continue to keep the financial profile modest.

The rating however favorably takes into account the established
track record of more than a decade of the company in the area of
IT network, audio-video and security systems which is also evident
in its reputed clientele who had given repeat orders in the past.
The promoters, who are technically qualified and have been
involved in this line of business for over two decades, are
actively involved in the business operations, which also support
the assigned rating. Going forward, improvement in the liquidity
through regular enhancement in the working capital limits and
infusion of external funds would be the key rating sensitivity.

INSE was incorporated in FY 2000 and is primarily engaged in
installation of IT network, Audio-Visual and Security systems
along with the hardware. In addition, the company also provides
manpower staffing services for IT facility management and network
maintenance. Prior to FY 2000, the business operations were
carried out in partnership firm Infotech Network Systems and were
transferred to INSE in FY 2000.

JANTA ENGINEERS: ICRA Reaffirms 'B' Rating on INR19cr Loans
ICRA has reaffirmed the long-term rating of Janta Engineers &
Company Iron at '[ICRA]B' for an enhanced amount of INR19.0 crore
(enhanced from INR18.0 crore) fund based limits. ICRA has also
reaffirmed the short-term rating at '[ICRA]A4' for an enhanced
amount of INR9.0 crore (enhanced from INR5.0 crore) non fund based
limits of JECI.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Working Capital Limits    19.0     [ICRA]B reaffirmed
   LC/BG Limits               9.0     [ICRA]A4 reaffirmed

The rating action takes into account JECI's moderate scale of
operations; and high working capital intensity of the business
primarily due to high debtor levels, which has led to full
utilisation of the bank limits. The ratings also factor in the
competitive and fragmented nature of the steel fabrication
industry which limits the pricing flexibility of the industry
participants including JECI; and the relatively limited value
additive nature of the firm's operations. These factors, coupled
with exposure to raw material price volatility have translated
into modest profitability indicators for the firm. Nevertheless,
the ratings draw comfort from the long experience of the partners
in the business, which has enabled the firm to regularly secure
orders and also establish a wide customer base, which includes
established public sector as well as private sector enterprises.
These factors have enabled JECI to achieve a steady revenue growth
over the years. Going forward, increase in the firm's scale of
operations and improvement in the working capital cycle of the
business, primarily through reduction in receivable levels, will
remain the key rating sensitivities.

Incorporated in the year 2006, Janta Engineers & Company Iron is a
partnership firm engaged in the manufacturing of steel fabricated
products, largely for power and cement plants. The firm has been
promoted by Mr. S.K Singhal and his son Mr. Viraj Agarwal, as
partners with equal capital contribution. JECI presently has three
manufacturing facilities located in Faridabad, Haryana.

Recent Results

For FY2012, the firm has achieved an operating income of INR93.4
crore and a Profit after Tax (PAT) of INR0.44 crore. For FY2013,
JECI has achieved an operating income of INR103 crore (as per
provisional financials).

LAHARI HOLIDAY: ICRA Assigns 'B+' Ratings to INR29cr Loans
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR29.00
crore fund based facilities of Lahari Holiday Homes Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits-       1.50    [ICRA]B+ Assigned
   Cash Credit

   Fund based limits-      11.12    [ICRA]B+ Assigned
   Term Loan

   Unallocated Limits      16.38    [ICRA]B+ Assigned

The assigned ratings are constrained by the weak demand conditions
and the inability of the company to increase the average room
rates over the last 3 years along with the dip in occupancy
witnessed in FY13. The ratings also take into account the
stretched cash flows of the company on the back of lower
profitability due to economic slow-down and the resulting lower
leisure spend by corporate clients and the continuous capex being
undertaken by the company for new facility additions. ICRA notes
that LHHL has attracted INR21.25 Crore in Dec'12 from Hiranandani
Realtors Private Limited (HRPL, a Hiranandani Group company)
through issue of warrants which is a positive development for the
company. These warrants can be converted into fully paid-up equity
share within 18 months on payment of balance consideration of upto
INR85 Crore at the sole discretion of HRPL. ICRA also factors in
the ambitious expansion plans of the company that could increase
the indebtedness and adversely impact the capital structure and
coverage ratios of the company, however, extent of capital
expansion would depend upon the conversion of the issued warrants
into equity. The ratings also negatively factor in the advances to
the extent of INR~20 Crore made to the group company undertaking
real estate development since the recovery is linked to the
prospects of the project that is currently in nascent stages of

However the assigned ratings take comfort from the established
presence of the company in the resort industry with seven years of
operational track record along with the good customer acceptance
and prominent companies in Hyderabad among the clientele.

Lahari Holiday Homes Limited was incorporated in 2003 by Mr. G.
Hari Babu. The Company operates a 3 star resort on a 42 acre land
near Patancheru, Hyderabad, the commercial operations for which
started in the year 2006. The resort provides multiple facilities
including convention center, cricket stadium, go-carting and water
rides apart from restaurants and 59 rooms for accommodation. LHHL
is a part of the Lahari Group which has interests in real estate
and construction.

Recent Results

In FY12, LHHL reported an operating income of INR9.43 crore with a
net profit of INR0.06 crore as against an operating income of
INR9.06 crore with a net profit of INR0.59 crore in FY11. In FY13,
the company reported a net profit of INR0.05 crore (un-audited &
provisional) on an operating income of INR9.10 crore (un-audited
and provisional).

LEXONA CERAMIC: ICRA Assigns 'B' Ratings to INR9cr Loans
ICRA has assigned an '[ICRA]B' rating to the INR6.00 crore term
loan and the INR3.00 crore cash credit facility of Lexona Ceramic.
ICRA has also assigned an '[ICRA]A4' rating to the INR0.95 crore
non fund based bank guarantee facility of LC.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based-Term          6.00    [ICRA]B assigned

   Fund Based-Cash          3.00    [ICRA]B assigned

   Non Fund Based-Bank      0.95    [ICRA]A4 assigned

The assigned ratings are constrained by LC's nascent stage of
commercial operations and risks associated with stabilization of
plant as per the expected operating parameters given the highly
competitive business environment owing to fragmented nature of the
tiles industry. The ratings also take into consideration LC's
presence only in ceramic wall tiles segment which restricts sale
prospects from large institutional buyers and builders. While
assigning the ratings, ICRA also takes note of the dependence of
operations and cash flows of the firm on the performance of the
real estate industry which is the main consuming sector for firm's
products, and vulnerability of profitability to increasing prices
of gas and power. ICRA expects the capital structure and credit
metrics to remain stretched given the aggressive debt funded
nature of project. Further, being a partnership firm, any
substantial withdrawal by the partners can have an adverse impact
on the capital structure of the firm.

The ratings, however, favorably factor in the presence of the
firm's plant in Morbi giving it easy access to raw material
sources. The ratings also consider the positive outlook for wall
tiles driven by budget 2013-14 proposals and likely boost in the
demand for rural and affordable urban housing.

Lexona Ceramic was established on 22nd December 2012 as
partnership firm and is engaged in manufacturing of digitally
printed ceramic wall glazed tiles from its plant located in
Rangpar (Tal. Morbi), Gujarat having manufacturing capacity of
30,000 MTPA. The firm has commenced commercial production from
June 2013 and will be initially manufacturing wall glazed tiles of
size 12" X 24".

M.M.VORA AUTO: ICRA Assigns 'B+' Ratings to INR8.33cr Loans
The rating of '[ICRA]B+' has been assigned to the INR8.33 crore
fund based facilities of M.M.Vora Automobiles Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              6.00    [ICRA]B+ assigned
   Term Loan                2.33    [ICRA]B+ assigned

The assigned rating, is constrained by the company's relatively
modest scale of operations, high competitive pressures faced by
Mahindra & Mahindra Limited from other established OEMs as well as
new players and the susceptibility of company's operations to any
slowdown in the automobile industry. The assigned rating also
factors in the low profitability associated with dealership
business, weak capital structure, poor coverage indicators and
working capital intensive nature of operations

The assigned rating, however, positively factors in MMVAPL's long
standing relationship with its principal (M&M) and M&M's strong
presence in the UV/SUV car segment, extensive experience of the
promoters in auto dealership business with multiple showrooms in
Gujarat (Vadodara, Anand and Nadiad) and aligned servicing
facilities. The ratings also considers the healthy growth in the
operating income of the company over the last three years and its
presence in multiple vehicle segments, sale of spares and service
providing revenue diversification.

M.M.Vora Automobiles Private Limited was promoted as a
proprietorship concern by the Vora family in the year 1932. MMVAPL
currently is involved in the automobile dealership of Mahindra &
Mahindra Limited (M&M) and have showrooms and servicing facilities
in Vadodara, Anand and Nadiad in Gujarat.

Recent Results

For the year FY2011-12, the company reported an operating income
of INR79.87 crore and profit after tax of INR0.20 crore. Further,
the company has reported an operating income of Rs.100.71 crore
and profit before depreciation and tax (PBDT) of INR0.22 crore for
FY13 (provisional unaudited numbers).

METROWORLD TILES: ICRA Reaffirms 'B+' Ratings on INR15.55cr Loans
ICRA has reaffirmed the long term rating of '[ICRA] B+' assigned
to the INR6.00 crore (enhanced from INR4.00 crore) cash credit
facility and INR9.55 crore (enhanced from INR8.00 crore) term
loans of Metroworld Tiles Private Limited.  Also, ICRA has
reaffirmed the short term rating of '[ICRA]A4' assigned to the
INR2.11 crore (enhanced from INR0.99 crore) short term non fund
based facilities of MTPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              6.00    [ICRA]B+ reaffirmed
   Term Loans               9.55    [ICRA]B+ reaffirmed
   Bank Guarantee           2.11    [ICRA]A4 reaffirmed

The ratings are constrained by MTPL's relatively small size of
operations as compared to organized tile manufacturers in India;
highly competitive nature of ceramic tile industry and relatively
lower visibility of its brand compared to other large organized
players. The ratings also take into account the vulnerability of
MTPL's profitability to the cyclicality associated with real
estate industry; margins remain vulnerable to increasing gas
prices with gas being the primary energy source for the company's

However, the ratings favorably factor in the extensive experience
of promoters in ceramic industry; steady increase in scale of
operations and stable demand outlook for MTPL's new products -
Polished Glazed Vitrified Tiles (PGVT) and porcelain tiles.

Metroworld Tiles Private Limited is a glazed vitrified tile
manufacturer with its facility in Morbi, Gujarat and installed
capacity of 46500 MTPA. The company had started with manufacturing
vitrified tiles and later modified its operations to switch its
production to Polished Glazed Vitrified Tiles (PGVT) and Porcelain
Tiles. The company is part of Metro Group of Industries having
presence across floor tiles, vitrified tiles and glazed vitrified
tiles manufacturing activity. MTPL is promoted by Mr. Dilip R.
Patel and Mr. Ratilal L. Patel.

Recent Results

For the year ended on March 31, 2013, the company reported an
operating income of INR30.66 crore and profit after tax of INR0.21
crore (as per provisional financials) as against an operating
income of INR20.55 crore and net loss of INR0.07 crore for FY

MOONLIGHT MARBLES: ICRA Assigns 'B-' Rating to INR12.54cr Loan
ICRA has assigned '[ICRA]B-' rating to the INR12.54 crores long
term fund based limits of Moonlight Marbles Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long term Fund          12.54    [ICRA]B- assigned
   based limits

The assigned ratings are constrained by intensely competitive
nature and low value additive nature of the marble processing
industry which coupled with MMPL's modest scale of operations have
resulted in modest profitability indicators and given the
fundamental industry dynamics, ICRA does not expect any
significant improvement in the same. The ratings also factor in
the company's modest financial risk profile as reflected by low
profitability apart the high gearing levels, moderate coverage
indicators and high working capital intensity of operations.
Nevertheless, the ratings derive comfort from the long experience
of the promoters in this business, their established relationship
with customers and satisfactory demand outlook for marble

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.

Moonlight Marbles Private Limited was established in the year 1990
by Mr. Ashok Kumar Jain and Mr. Kailash Singhvi.  It is engaged in
manufacturing of marbles. The manufacturing facility of the
company is located at Rajasamand in Rajasthan. The company exports
around 15-20% of the products to areas like Middle East, Europe

The company reported a net profit of INR0.49 crores on an
operating income of INR25.24 crores in FY13 (provisional results)
as against net profit of INR0.35 crores on an operating income of
INR27.37 crores in FY12(audited results).

POWER TECH: ICRA Assigns 'B-' Rating to INR6.5cr Loan
ICRA has assigned a long term rating of '[ICRA]B-' to the INR6.50
crore long-term fund based limits of Power Tech.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits        6.50    [ICRA]B- assigned

The assigned rating is constrained by the low scale of current
operations, limited revenue visibility with the order book being
concentrated largely on a single contract under implementation and
running delays on the ongoing project resulting in slowdown in
revenues for the firm. The rating is also constrained by weak
financial profile of the firm characterized by considerable
volatility in revenues and profitability and strained liquidity on
account of low cash accruals and working capital requirements.
ICRA notes that there has been diversion of funds from the firm to
other group concerns requiring the bankers to call back in part
the working capital facilities extended to PT further stretching
the liquidity position of the firm. Withdrawal of partner's funds
in the recent past and poor cash accruals have led to a marginal
growth in net worth over the years, which coupled with the working
capital borrowings taken from the bank have increased the gearing
levels and weakened the coverage indicators. The rating however,
draws comfort from the presence of a well experienced and
qualified team of professionals to look after the operations and
the long standing relationship with the Indian Navy.

PT was initially incorporated as a proprietorship firm in the year
1999 by Mrs. L Suryakantham. The proprietorship was reconstituted
as a partnership firm in 2010 with the admission of Mr. Srinivasa
Rao as a partner. Since its inception, PT has been executing rate
contracts for piping works for the Ministry of Defence, Government
of India. Power Tech is a sister concern of the "Ultra" group of
companies which have interests in manufacture and supply of
defence equipment for the Indian Navy under Ultra Dimensions
Private Limited (rated at [ICRA]B). The group also undertakes pipe
fabrication works, annual contracts for ship maintenance for the
Navy etc.

Recent Results (Provisional)

PT has, for the eleven months ended February 28, 2013 reported an
operating income of INR6.50 crore and an operating profit of
INR0.44 crore as against INR1.54 crore and INR0.17 crore
respectively for 2011-12.

SG ENGINEERS: ICRA Downgrades Rating on INR4cr Loans to 'B+'
ICRA has downgraded the long-term rating assigned to the INR4.0
crore fund based facilities of SG Engineers from '[ICRA]BB-' to
'[ICRA]B+'. ICRA has reaffirmed the short-term rating of
'[ICRA]A4' to the INR4.0 crore short-term fund based facilities of
SG Engineers.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based limits        4.0     [ICRA]B+ Downgraded from

   Non Fund Based Limits    4.0    [ICRA]A4 reaffirmed

The rating downgrade factors in sharp decline in operating income
of the company from INR17.92 crore in FY 2012 to INR6.93 crore in
FY 2013, on account of no fresh inflow of orders from defense and
para military forces, a key customer for SG in the past. The above
may cause the firm to report net losses in FY 2013. In addition
the rating continues to be constrained by the highly fragmented
and competitive nature of metal fabrication industry which has led
to low pricing flexibility. This has resulted in modest operating
margins which remain exposed to adverse movement in raw material
prices particularly steel as contracts do not carry price
variation clause. Nevertheless, the ratings derive comfort from
long and established track record of promoters in the fabrication
industry which has resulted in repeat orders from key client and
favourable financial profile as reflected by strong capitalization
indicators (gearing of 0.73 times as on March 31, 2012) and
coverage indicators (interest coverage of 3.37 times in FY12).

Going forward, ICRA expects moderate growth in operating income on
account of steady increase in demand from the defense sector. In
ICRA's view, SG's ability to scale up in a profitable manner,
manage working capital intensity and maintain a healthy financial
risk profile in the context of the small scale of operations would
remain the key rating sensitivities.

SG Engineers was established in the year 1987 as a proprietorship
firm by Mrs Bina Gupta. At present, the firm is managed by
Mrs. Bina Gupta and her son Mr. Siddharth Gupta who is an engineer
and management graduate from UK. Over the years SG has expanded
its product portfolio to include value-add products such as
Punched Tape Concertina Coils, Post Fence Metal Angles,
Prefabricated Building Structures and Fiber Re-inforced Plastics
and Incinerators. The company has three manufacturing units, one
each in New Delhi, Haryana and Himachal Pradesh. The Delhi and
Haryana units are involved in fabrication works while the Himachal
Pradesh unit is involved in manufacturing of Pre Engineered
Buildings (PEB) and Polyurethane Foam (PUF) panels. The primary
customers for the firm are various departments of defense such as
the Indian Army and other Paramilitary Forces.

Recent Results

SG has reported a profit after tax (PAT) of INR0.36 crore on an
operating income of INR17.92 crore in FY 2011-12 as compared to
PAT of INR0.26 crore on an operating income of INR19.43 crore in
FY 2010-11.

SHAKTI CABLES: ICRA Reaffirms 'B-' Ratings on INR3.75cr Loans
ICRA has reaffirmed the long term rating at '[ICRA]B-' for INR1.75
crore fund based limits and INR2.00 crore non-fund based limits
and the short term rating at '[ICRA]A4' for INR1.50 crore non-fund
based limits of Shakti Cables Private Limited. ICRA has also
reaffirmed the ratings of [ICRA]B-/[ICRA]A4 to INR4.75 crore
unallocated limits of SCPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              1.50    [ICRA]B- reaffirmed
   Cash Credit (SME)        0.25    [ICRA]B- reaffirmed
   Bank Guarantee           2.00    [ICRA]B- reaffirmed
   Letter of Credit         1.50    [ICRA]A4 reaffirmed
   Unallocated Limits       4.75    [ICRA]B-/[ICRA]A4 reaffirmed

The reaffirmation of the ratings continues to be constrained by
SCPL's modest scale of operation and high customer concentration
risk with state utilities, Andhra Pradesh Northern Power
Distribution Company Limited, Andhra Pradesh Eastern Power
Distribution Company Limited Limited, Andhra Pradesh Southern
Power Distribution Company Limited, accounting for more than 90%
of the revenue. The rating action also considered the
vulnerability of the operating margins to raw material price
fluctuations though partly mitigated by the price escalation
clause in the contractual agreement with the customers. SCPL's
financial profile is weak owing to high gearing of 3.8 times as on
March 31, 2013 and high working capital intensity of the business
leading to stretched liquidity position. Working capital intensity
is high due to large manufacturing cycle of 3-5 months per order
resulting in high inventory and delayed receivables given the
preponderance of public sector customers.

The reaffirmation of the ratings positively factors in the long
experience of the promoters in the cable manufacturing business;
and SCPL's established relations with the customers. Going
forward, revenue growth remains highly contingent on company's
ability to provide for bank guarantees to execute orders from
state utilities and improve revenue contribution from private

Shakti Cables Pvt. Ltd. was incorporated in the year 1984 to
manufacture cables and conductors. SCPL is promoted by Mr. Anil
Parekh, having more than three decades of experience in cable
manufacturing business. SCPL's plant is located in Patancheru,
Hyderabad having manufacturing capacity of 150 tons per month. The
company is engaged in the manufacturing of low tension (LT) cables
of various types like XLPE Low Tension (LT) Power Cables, LT-AB
Cables; and LT-PVC Cables. SCPL makes both armored and unarmored
varieties of cables.

Recent Results

In FY2013 (unaudited and provisional), the company reported an
operating income of INR7.47 crore and a profit after tax of
INR0.05 crore.

SHREE BHAWANI: ICRA Reaffirms 'B+' Rating on INR1cr Loan
ICRA has reaffirmed the '[ICRA]B+' rating to INR1.00 crore
(enhanced from INR0.75 crore ) cash credit facility of Shree
Bhawani Lumbers. ICRA has also reaffirmed an '[ICRA]A4' rating to
the INR10.50 crore (enhanced from INR7.50 crore) short-term, non-
fund based facilities of SBL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit Limits       1.00    [ICRA]B+ reaffirmed
   Letter of Credit        10.50    [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to factor in the modest
size of operations and weak profitability and return indicators
due to the highly competitive business environment. Further the
ratings are also constrained on account of lack of product
diversification and vulnerability of profitability to volatility
in timber prices and foreign exchange fluctuations.

However, the ratings continue to favorably consider the track
record of the promoters and the firm in the timber related
business and diversified market presence across India, Further;
the rating also draws comfort from location advantage of the unit
and positive demand outlook for the timber industry.

Shree Bhawani Lumbers was incorporated in 2003 by Mr. Satish Goyal
& Mr. Niranjan Poddar. Earlier the partners were involved in
textile business under the name of "Umesh textiles". Shree Bhawani
Lumbers is engaged in timber trading business wherein it imports
Pinewood from New Zealand and Hardwood from Malaysia with the
products sold to end user industries like packaging & construction
industries. The firm is located at Gandhidham in Kutch District
(Gujarat), near e Kandla Port. It has a sawing capacity of 1100
CBM per month.

Recent Results

For the year FY13 (unaudited figures), the firm reported an
operating income of INR34.17 crore and a profit after tax of
INR0.35 crore as against operating income of INR29.76 crore and a
profit after tax of INR0.12 crore for FY 12.

SINGHANIA BUILDCON: ICRA Rates INR41.80cr Term Loan at '[ICRA]B'
ICRA has assigned an '[ICRA]B' rating to the INR41.80 crore term
loan facilities of Singhania Buildcon Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits-      41.80    [ICRA]B assigned
   Term Loans

The rating takes into account the significant time and cost over-
run witnessed in one of the company's partly debt funded projects
on account of change in plan to convert a proposed commercial
complex into a hotel and funding risks associated with the project
as the debt tie-up for the additional cost to complete the hotel
has not yet been achieved. ICRA notes that any further delay in
project completion may lead to cashflow mismatches, given the
company's significant debt service obligations in the near term.
The rating is also constrained by the ongoing slowdown in the real
estate sector which may lead to market risks for unsold stock.
ICRA also notes that the company has embarked upon a number of
large projects for which it has to significantly scale up
resources and bring in funds to ensure timely execution. The
rating, however, factors in the long experience and established
position of the promoters in the real estate business in
Chhattisgarh, and the favorable location of a number of projects
in proximity to the upcoming All India Institute of Medical
Sciences (AIIMS) at Raipur mitigating market risks to an extent.
Nevertheless, SBPL's business lacks geographical diversification
as the company's operations are primarily concentrated in and
around Raipur.

Incorporated in 1999, SBPL is the flagship company of the
'Singhania Buildcon' group which is engaged in the real estate
business in Raipur, Chhattisgarh for over a decade. Most of the
projects undertaken by SBPL are located in and around the Raipur
city. SBPL is a partner in an ICRA rated entity Singhania Merlin
Estate (rated at [ICRA]BB+/Stable) which has constructed a modern
residential housing complex 'Singapore City' at Raipur.

Recent Results

SBPL reported a net profit of INR2.57 crore (provisional) on an
operating income of INR22.83 crore (provisional) during 2012-13,
as compared to a net profit of INR5.40 crore on an operating
income of INR24.71 crore in 2011-12.

SRI VENKATA: ICRA Assigns 'B+' Rating to INR2.10cr Loan
ICRA has assigned long-term rating of '[ICRA]B+' to INR2.10 crore
cash credit limits and short term rating of '[ICRA]A4' to INR5.25
crore working capital demand loan of Sri Venkata Sai Boiled & Raw
Rice Mill. ICRA has also assigned ratings of [ICRA]B+/[ICRA]A4 to
INR0.65 crore unallocated limits of SVSBRRM.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash credit limits        2.10    [ICRA]B+ assigned

   Working capital           5.25    [ICRA]A4 assigned
   demand loan

   Unallocated limits        0.65    [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by SVSBRRM's weak financial
profile characterised by low profitability, high gearing and weak
debt coverage indicators; small scale of operations and highly
competitive nature of the rice milling industry restricting the
operating margins. The ratings are further constrained by the
agro-climatic risks which could affect the availability of paddy
in adverse weather conditions; risks inherent in partnership firm
due to limited ability to raise capital and the exposure to
personal liabilities of the partner. The ratings however take
comfort from experienced management with long track record of
operations in the rice industry; easy availability of rice owing
to presence in a major rice producing region and favorable demand
prospects of the industry as SVSBRRM caters to Kerala and AP
markets where rice is a staple food.

Sri Venkata Sai Boiled & Raw Rice Mill was incorporated in the
year 2000 and is engaged in the milling of paddy and produces
boiled rice. It was founded by Mr. Raavi Srinivasa Rao. The firm
has a milling unit in Prakasam district of Andhra Pradesh with a
milling capacity of 4 tons per hour.

UNIQUE GEM: ICRA Reaffirms 'B+' Rating on INR50cr Loan
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR50.00 crore fund based bank limits of Unique Gem & Jewellery.
ICRA has also assigned '[ICRA]B+' rating to the unallocated amount
of INR10.00 crore

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based Limit-EBD      50.00    [ICRA]B+ reaffirmed

   Sub-limit within Fund    (50.00)   [ICRA]B+ reaffirmed
   Based Limit- EBR

   Sub-limit within Fund    (08.00)   [ICRA]B+ reaffirmed
   Based Limit- Forward

   Unallocated Amount        10.00    [ICRA]B+ assigned

The rating reaffirmation factors in high working capital intensity
of operations due to delays in realizing receivables resulting in
leveraged capital structure; susceptibility of UGJ's margins to
foreign exchange fluctuations and UGJ's exposure to geographic
concentration risks. ICRA also notes the competitive pressures
faced by UGJ from organized and unorganized players in the
fragmented gems & jewellery industry.

The rating however continues to factor in UGJ's procurement
process which is backed by orders, thereby limiting exposure to
raw material price fluctuations and operational support received
from group concern engaged in the similar line of business.

Unique Gem and Jewellery is a closely held partnership company
that commenced operations in 2009. UGJ is a partnership firm with
Mr. P.H Walia and Mr. Sanjay Walia as its partners with 50% share
each. UGJ is engaged in manufacturing and exporting hand crafted
diamond studded jewellery. UGJ has its manufacturing facility at
Surat SEZ. The firm has an associate concern, Blackstone Gem &
Jewellery (rated [ICRA]B by ICRA), operational since 2009 engaged
in manufacturing diamond studded gold jewellery.

Recent Results

UGJ recorded a profit after tax (PAT) of INR0.74 crore on an
operating income of INR135.02 crore for the year ending March 31,
2012 and a PBT of INR6.51 Crore on operating income of INR152.86
crore for 2012-13 (based on provisional figures shared by the


BANK CENTURY: Bailout Scandal Not a Case of Corruption
The Jakarta Globe reports that the antigraft body said the Bank
Century bailout scandal was not a case of corruption, but the
abuse of power.

The report relates that Pramono Anung, a deputy speaker of the
House of Representatives who presided over a closed meeting
between the Corruption Eradication Commission (KPK) and the House
committee that oversees the probe, said he was satisfied with the
KPK's statement because it strengthened the cases against former
Bank Indonesia Deputy Governor Budi Mulya, and the central bank's
former deputy for supervision, Siti Chalimah Fadjriah.

According to the report, Mr. Pramono said the investigation would
widen because the bailout case constituted an abuse of power that
caused the state to incur losses through the long-term loan
facility policy (FPJP) and BI regulations.

"All along it appeared to be a case of graft but it's not, because
there was no corruption," the report quotes Mr. Pramono as saying.
Mr. Pramono is the Indonesian Democratic Party of Struggle (PDI-P)
lawmaker who chairs the House committee on the Bank Century
bailout probe.

Golkar Party committee member Bambang Soesatyo described the
meeting as positive and said he was confident the KPK could solve
the case, the report relays.

Mr. Bambang said the KPK also confirmed the involvement of several
other people widely suspected of playing a role, after questioning
several witnesses, including Sri Mulyani Indrawati, Indonesia's
finance minister from 2005 to 2010.

Bank Century was a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The government took over Bank
Century -- the first such move since the 1997-1998 crisis -- to
save it from collapse and restore confidence in the banking
sector.  The government initially injected IDR1 trillion (US$106
million) to increase liquidity at Bank Century after LPS seized it
on Nov. 21, 2008, over a week after the bank failed to comply with
a IDR5 billion obligation.  Bank Century then received a total
capital injection of IDR6.76 trillion from the LPS.

Headquartered in Jakarta, Indonesia, PT Bank Century Tbk -- is a financial institution.  The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking.  The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.

INDONESIA: S&P Assigns 'BB+' Rating to US$ Global Unsecured Bond
Standard & Poor's Ratings Services assigned its 'BB+' long-term
foreign currency issue rating to a proposed U.S. dollar-
denominated benchmark-size global senior unsecured bond issue by
the Republic of Indonesia (BB+/Stable/B; axBBB+/axA-2).  The issue
will be a new bond maturing in 2023.  It will be part of the
country's US$20 billion global medium-term notes program.

The bond will constitute the direct, unconditional, and unsecured
obligations of the sovereign, and will rank equal with Indonesia's
other unsecured and unsubordinated external debt.  The bond is
backed by the full faith and credit of the Republic of Indonesia.

The sovereign credit ratings on Indonesia reflect the economy's
low per capita income, developing structural and institutional
foundations and weak policy environment, and high and rising
external leverage.  These rating constraints are weighed against
the country's well-entrenched cautious fiscal management and
resultant modest general government debt and interest burden,
which make for a favorable debt profile.


JLOC 39: Fitch Cuts, Withdraws 'D' Rating on Class B & C TBIs
Fitch Ratings has downgraded JLOC 39's class B and C trust
beneficiary interests (TBIs) to 'Dsf' and simultaneously withdrawn
the outstanding ratings of the transaction due to tranche default.
The transaction was a Japanese multi-borrower type CMBS
securitisation. The rating actions are:

Class B TBIs downgraded to 'Dsf' from 'CCsf'; rating withdrawn

Class C TBIs downgraded to 'Dsf' from 'Csf'; rating withdrawn

Class D TBIs 'Dsf'; rating withdrawn

Key Rating Drivers

The rating actions follow the write-down of the TBIs' principal to
zero at today's payment date. The workout on the remaining two
defaulted underlying assets has now been completed, resulting in a
partial recovery of the underlying assets.

The proceeds from the defaulted underlying assets have been
applied to the repayment of the TBIs sequentially and the class A
TBIs has been redeemed in full today.

Fitch will no longer calculate the Recovery Estimate for this
transaction following the withdrawal of the ratings.

This transaction was a securitisation of Tokutei Mokuteki Kaisha
specified bonds and non-recourse loans issued by and extended to a
total of 10 issuers or borrowers, respectively. At closing in
December 2007, these underlying assets were ultimately secured by
34 properties.


AE MODELS: Matromatic Handlings Goes Into Receivership
TheSundaily reports that Malaysian AE Models Holdings Bhd's major
subsidiary Matromatic Handlings Systems (M) Sdn Bhd (MHS) -- a
casualty of the ongoing delays faced by KLIA2 in Sepang -- is now
under receivership.

MHS secured a RM81.8 million sub-contract from the UEMC-Bina Puri
joint venture in September 2010, according to TheSundaily.

The report relates that the contract was for the supply,
installation and maintenance of a baggage handling system for the
main terminal building, satellite building, skybridge and piers
for the new low-cost carrier terminal. The job was initially to
take 20 months to complete, from November 15, 2010 to July 14,
2012, TheSundaily says.

The report relays that the group on July 9 disclosed to Bursa
Malaysia that Malayan Banking Bhd appointed Adam Primus Varghese
Abdullah of ADAMPRIMUS as receiver and manager of the company on
July 3, 2013.

The report notes that MHS is principally involved in
manufacturing, installation and marketing of material handling and
conveyor systems and parts

The report discloses that Malaysian AE Models failed to service
the monthly fixed repayment amounting to RM16.1 million as at
May 31, 2013 in respect of a syndicated term loan facility of up
to RM100 million.  The event of default has triggered a demand
from the financiers on the full outstanding amount of RM96.1
million as at May 31, 2013, the report notes.

TheSundaily adds that Malaysian AE Models said it is in the midst
of discussing and negotiating with the financial institutions on
the proposed settlement.

N E W  Z E A L A N D

CYNOTECH HOLDINGS: Applies For Voluntary Liquidation
---------------------------------------------------- reports that NZAX-listed Cynotech Holdings Limited has
applied to be put into voluntary liquidation and has ceased
trading on the NZAX. relates that this follows the withdrawal of financial
support from the company's 77.5 per cent shareholder Budget Loans
Group (formerly Cynotech Securities), which is owned by Hawkins
family interests.

According to the report, Allan Hawkins, who is chairman of
Cynotech Holdings, said in a statement to the market the company
could no longer continue operating because it would "become
insolvent without the provision of ongoing funding from its major
shareholders and others".

Mr. Hawkins is best known for his role as the boss of Equiticorp
which collapsed after the 1987 sharemarket crash. His return to
the business scene has been controversial because of fraud
convictions he received in 1992 which resulted in a six-year
prison sentence.

Cynotech's main assets were the impaired loan books of National
Finance 2000 and Western Bay Finance, the report discloses.

"The directors advise that any trade creditors and taxes of
Cynotech Holdings Ltd will be paid up to date for the period up to
30th June," Mr. Hawkins said in his statement advising of the
company's pending liquidation, reports

Based in New Zealand, Cynotech Holdings Limited (NZE:CYT) -- through its subsidiaries is engaged
in holding company; consumer and commercial loans; specialist
lending and fee income; finance group funding, and debt

S O U T H  K O R E A

* SOUTH KOREA: FSS Likely to Pick 100 SMEs For Restructuring
Yonhap News reports that the Financial Supervisory Service (FSS)
will likely pick at least 100 smaller firms later this year to
undergo restructuring following the first disclosure of large
companies for a corporate overhaul, its official said Thursday.

According to the report, FSS officials said the financial
regulator has been evaluating about 1,000 small and medium
enterprises (SMEs) that owe KRW50 billion (US$44.0 million) in
loans to their creditor banks to sort out troubled companies that
face the threat of default.

Yonhap relates that the FSS said evaluation focuses on the
companies in the manufacturing, real estate and construction
sectors that have run into a liquidity shortage with worsening
financial soundness in the last three years.

Yonhap notes that the list for troubled SMEs is expected to rise
this year, as the regulator included more candidates for 2013 in
the large-company group announced on Wednesday to 40 from 36.

It will give a grade of "C" to companies subject to a debt workout
program, with others to be rated a "D" for court receivership,
Yonhap relays.

Yonhap adds that the FSS said it will try to minimize the number
of those for liquidation so that as many companies as possible
will get a chance for a turnaround. The regulator selected 121 in
2010, 77 in 2011 and 97 smaller firms last year, according to FSS


* Large Companies with Insolvent Balance Sheets

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


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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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 ***