TCRAP_Public/130719.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 19, 2013, Vol. 16, No. 142


                            Headlines


A U S T R A L I A

ALINTA ENERGY: S&P Assigns 'B+' ICR; Outlook Stable
ALINTA HOLDINGS: Moody's Assigns (P)B1 Corporate Family Rating
LM INVESTMENT: ASIC Seeks Wind-Up Order For Fund
R.M. WILLIAMS: Northern Cattle Stations in Receivership


C H I N A

* Moody's Notes Progress in China's Local Government Bond Market


I N D I A

B. R. INDUSTRIES: ICRA Assigns 'B' Rating to INR8.50cr Loan
GAUTAM TECHNOCAST: ICRA Places 'BB+' Ratings on INR9.35cr Loans
J PAN TUBULAR: ICRA Assigns 'BB' Ratings to INR13cr Loans
LINGAYA'S SOCIETY: ICRA Reaffirms 'D' Rating on INR30cr Term Loan
M.M. BROTHERS: ICRA Assigns 'B+' Rating to INR4cr Loans

MALWA AUTOMOBILES: ICRA Places 'B+' Ratings on INR17cr Loans
MOHIT STEEL: ICRA Assigns 'BB' Ratings to INR4cr Loans
NANDI POLYMERS: ICRA Assigns 'B' Rating to INR8.20cr Loans
P. B. COTTON: ICRA Assigns 'B' Ratings to INR8.9cr Loans
PERTINENT INFRA: ICRA Assigns 'B+' Ratings to INR15cr Loans

PHIL COAL: ICRA Assigns 'B+' Ratings to INR12cr Loans
PUNJ LLOYD: Plans to Refinance INR1,400cr Debt Into Loans
SHREE GAURI: ICRA Upgrades Ratings on INR12.48cr Loans to 'B'
SHREE YAMUNA: ICRA Assigns 'B' Ratings to INR6.cr Loans
SOCIETY MOTORS: ICRA Reaffirms 'BB-' Ratings on INR21.1cr Loans

SRI KARUNAMBIKAI: ICRA Assigns 'B' Ratings to INR32.80cr Loans
TAURUS THERMOPLASTICS: ICRA Rates INR6.5cr Term Loans at 'B+'
VEELINE MEDIA: ICRA Assigns 'B+' Rating to INR7.5cr Loans
VOLTA FASHIONS: ICRA Rates INR35cr Loans at '[ICRA]B+'


I N D O N E S I A

PAN INDONESIA: Moody's Affirms 'ba2' Baseline Credit Assessment


N E W  Z E A L A N D

BLUE CHIP: Liquidators Drop Suit Vs. Ex-Directors, Auditors
DEVON CARE: Leaves NZ$400K Debt Following Liquidation
GFNZ GROUP: S&P Puts 'CCC' ICR on CreditWatch Positive
ORION MINERALS: Shareholders Reject Liquidation Attempt


P H I L I P P I N E S

PRUDENTIALIFE PLANS: TRO Bid Against Liquidation Denied


S I N G A P O R E

DCS ASSET: Fitch Affirms SGD9.4MM Class C Notes Rating at 'BB'


X X X X X X X X

* Heavy Investment Demands Pressure Asian Oil and Gas Companies
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


ALINTA ENERGY: S&P Assigns 'B+' ICR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B+' long-term issuer credit rating to Alinta Energy Finance Pty.
Ltd., a subsidiary of Alinta Holdings (collectively, Alinta).  The
outlook is stable.  At the same time, S&P assigned its 'B+' issue
rating and a recovery rating of '3' to the group's proposed U.S.
dollar (A$1.196 billion equivalent) senior-secured Term Loan B
facility, its A$240 million revolving credit facility, and its
U.S. dollar (A$75 million) delayed draw facility.

"The 'B+' long-term rating on Alinta reflects our view of the
Australian energy retailer and merchant electricity generator's
"fair" business risk profile and "highly leveraged" financial risk
profile," Standard & Poor's credit analyst Richard Creed said.

Alinta is proposing an undertaking of a simultaneous refinance and
recapitalization of the group for the purpose of refinancing debt
held by equity holders and stabilizing the group's capital
structure, through a reduction in senior debt.

"Our "highly leveraged" financial risk profile assessment reflects
Alinta's capital structure after the proposed recapitalization,
following which we expect fully adjusted debt to EBITDA to be in
the low-to-mid 5x range and the significant proportion of
ownership by private equity.  Our rating assumes that Alinta's
private-equity sponsors will periodically seek to releverage
Alinta to maximize shareholder returns.  We note that the proposed
debt facilities allow additional debt drawings subject to
limitations under the terms of the debt facilities.  Therefore,
while our base case shows Alinta could delever over time, we have
assumed only modest deleveraging over time, in line with the
amount required under its debt documents.  Alinta intends to hedge
cross-currency exposure on its debt facilities by substantially
hedging its forecast principal and interest exposure (after
factoring in expected debt amortization) for at least the next
four years and up to the seven-year loan tenor," S&P said.

The "fair" business risk profile assessment reflects the group's
reasonably stable earnings base, which has incremental growth
potential from its retail gas business in Perth; plus its merchant
power stations, which are largely contracted for the next few
years (some contracts extending out to the next decade).  Alinta's
south West Australian business, which accounts for more than half
of the group EBITDA, is the group's best asset, in our view, due
to its retail gas business, which has a market share in the high
90 percentages," S&P added.

"With high barriers to entry--resulting from the difficulty for
competitors in obtaining sufficient economies of scale to be able
to compete against such a dominant incumbent--we expect the retail
gas business to underpin earnings stability in the medium term.
Even so, the retail business does face some volume and
particularly price risk, which means we think it will be
challenging to improve segment earnings much in advance of
inflation.  In our view, there is also some degree of political
risk to Alinta's market position, because the incumbent state-
owned Perth electricity retailer Synergy could potentially be a
ready-made scale competitor in the gas market.  However, Synergy
is currently prevented by statute from competing in the
residential gas market.  While the situation may change over time,
it would require the state to lift electricity prices to cost-
reflective levels before Synergy would be permitted to compete,
and we do not envisage this occurring in the near term.  In fact,
there is no stated timeline as to when, if ever, this may come to
pass," S&P noted.

Mr. Creed added: "The outlook on the long-term rating is stable,
and assumes the refinancing and recapitalization occur as
represented.  We expect moderate organic growth, with periodic
small bolt-on acquisitions to produce increasing cash flows,
maintaining key credit measures in line with expectations for the
rating, including fully adjusted debt to EBITDA of about 5x-5.5x."

Downward rating pressure could arise if there were: a material
deterioration in Alinta's liquidity from stretched working capital
or aggressive shareholder distributions of all cash; weaker-than-
expected operating performance; or an increase in leverage such
that fully adjusted debt to EBITDA were to be sustained above 6x.
Other factors that would bring downward pressure to the ratings
would be a material reduction in the Western Australian businesses
margins, which could arise, for example, if a meaningful
competitor were to emerge, a run-off in offtake contracts that
were not replaced, or re-contracting on materially less
advantageous terms, as S&P would view this as being indicative of
a significant weakening of the group's businesses.

Upward rating pressure is considered unlikely in the short term
under the current management and board structure and the financial
objectives of Alinta's private equity owners.  Moreover, there is
a lack of earnings track record, which means that even if there
were financial policies that favor deleveraging, S&P would need to
have confidence this can be achieved.


ALINTA HOLDINGS: Moody's Assigns (P)B1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) B1
corporate family rating to Alinta Holdings.

At the same time, Moody's has assigned provisional (P) B1 senior
secured ratings to Alinta Energy Finance Pty Ltd.'s (AEF) proposed
1st lien senior secured USD Term Loan B (TLB), delayed draw and
revolving debt facility. The facilities are expected to be around
USD equivalent of AUD 1,196 million, AUD 75 million and AUD 240
million respectively.

AEF is Alinta's wholly owned financing vehicle, and the ultimate
Australian holding company of the group.

This is the first time that Moody's has assigned ratings to
Alinta.

The ratings outlook is stable.

The assignment of a definitive corporate family rating and senior
secured term loan and revolving facility ratings is subject to
review of final documentation and successful close of the
transaction.

The proceeds of the issuance will be used principally to repay
existing indebtedness and to provide working capital.

Ratings Rationale:

"Alinta's provisional (P) B1 rating reflects the inherently risky
nature of its East Coast vertically integrated energy business,
the operating challenges experienced in recent years, as well as
the company's high financial leverage and evolving capital
management policy. At the same time, the rating considers Alinta's
solid market position in the residential gas retail segment in
Western Australia (WA), as well as improvements in its operating
performance over the past year, and which support its rating at
the mid-to-high single-B level," says Spencer Ng, a Moody's
Assistant Vice President.

Alinta's East Coast merchant generation business is relatively
small and its residential retail business is still in its
development phase. Due to its modest operating scale, with only
two key merchant generators on the East Coast, the company is more
exposed to potential reliability issues at individual power
stations and the changing competitive dynamics of the energy
market.

"Such risks were evident with Flinders power station's poor
performance in FY2012, when low electricity pool prices and
operational interruptions negatively affected earnings. Although
we note the company has improved its performance over the past 12
months, through restructuring its power station operations and
increasing electricity sales under contracts, such improvements
have only had a short history. Whilst we believe these measures
could improve the resilience and stability of Alinta's income from
its power stations, their long-term effectiveness must be tested
over time," adds Ng.

Notwithstanding these challenges, Alinta's business risk profile
is considered tolerable at the (P) B1 level due to its solid gas
retail business in WA. Alinta is the dominant provider of gas to
residential customers in the state with a near-monopoly position.
Its retail gas business in WA is the group's largest earnings
contributor and has acted as the foundation of group revenue
during challenging periods in the East Coast market.

"Although the company is exposed to some regulatory risk in this
market segment, as the state government needs to approve tariff
increases above inflation, such risk is reduced by the expectation
of slowing increases in network and wholesale gas costs over the
next two years," adds Ng.

Furthermore, Alinta's (P) B1 rating is constrained by its high
financial leverage and evolving capital management strategy.
Following the proposed transaction, financial leverage (on a
Moody's adjusted basis) is expected to peak at around 5.6x in
FY2014.

Whilst earnings growth and the cash-sweeping mechanism are
expected to lead to an improvement in leverage over the coming
years, Moody's notes that actual improvements will depend on the
realization of Alinta's forecasted growth levels and a sustained
turnaround in operating performance at its main power stations,
including Flinders.

"At present, around 80% of the company's equity interests are held
by private equity and hedge fund investors, who are not expected
to be natural long-term owners of Alinta. Additionally, we expect
its financial strategy to likely favor shareholder-friendly
initiatives within the confines of the loan documents. As such,
the rating assumes that financial leverage will not decrease
materially over time. Such an expectation of high financial
leverage constrains Alinta's rating at the high single-B level,"
says Ng.

Finally, Moody's notes that Alinta's ability to renew and extend
material gas supply and power sale contracts as they start to
mature from 2017 could also have major impact on its credit
profile beyond the near term.

Gas supply for Alinta's WA gas retail business is reliant on long-
term contracts with upstream suppliers in the state.

The stable outlook on the ratings reflects the company's expected
financial performance relative to the tolerance set for the rating
and limited refinancing -- at the minimum -- over the next 12- 18
month.

Alinta's corporate family rating could be upgraded if the company
maintains the improved operating performance achieved in FY2013
and there is no major adverse impact from potential changes in
Australia's carbon policy. Credit ratios justifying an upgrade
would include Funds from Operation (FFO) to debt exceeding 12%,
and FFO to interest expenses exceeding 2.5x, all on a sustained
basis.

The rating could be downgraded if FFO to debt drops below 8%, and
FFO to interest expenses falls below 2.0 times, all on a sustained
basis.

The principal methodology used in these ratings was Unregulated
Utilities and Power Companies published in August 2009.

Alinta is an energy retailer based in Australia with a gas and
electricity retail presence in Western Australian and the national
electricity market. It has around 700,000 customers in total. It
is also the owner and operator of seven intermediate or peaking
power stations across the country and one power station in New
Zealand. Together, the company's generation fleet has a combined
generation capacity of around 2,500 MW.


LM INVESTMENT: ASIC Seeks Wind-Up Order For Fund
------------------------------------------------
The Australian Securities & Investments Commission said it has
finished making its submissions in a court hearing to decide the
future of the multi-million LM First Mortgage Income Fund (FMIF).

The proceedings were started by two investors of the FMIF seeking
orders for the appointment of Trilogy Funds Management Limited as
responsible entity of the FMIF. The current responsible entity, LM
Investment Management Limited, opposed this application.

Appearing in the Queensland Supreme Court this week, ASIC sought
orders that the FMIF be wound-up and that registered liquidators
from PricewaterhouseCoopers be appointed as the receivers to wind
up the FMIF.

"ASIC took this action as it believes that the appointment of
receivers to the FMIF will allow the winding-up to proceed in the
most efficient and cost effective way to provide the best chance
of achieving the maximum return for investors," ASIC Commissioner
Greg Tanzer said.

"As such, ASIC believes that the persons responsible for winding-
up the FMIF should be appropriately independent.

"It is ASIC's view that the protracted litigation surrounding the
FMIF is not in the best interests of investors and wishes to see
the matter resolved as soon as possible."

Before this week's proceedings Deutsche Bank, a secured creditor
of the FMIF, appointed McGrathNicol as receiver of the FMIF. If
appointed, ASIC proposes that the incoming receivers work in
conjunction with Deutsche Bank's receiver for an orderly
realisation of the assets of FMIF.

Justice Dalton reserved her decision in the matter.

New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more than NZ$100 million tied up in.  LM
directors on March 19, 2013, appointed John Park and Ginette
Muller of FTI Consulting as voluntary administrators, blaming the
move on liquidity problems caused by a smear campaign.

LM is the responsible entity of these registered managed
investment schemes:

-- LM Cash Performance Fund;
-- LM First Mortgage Income Fund;
-- LM Currency Protected Australian Income Fund;
-- LM Institutional Currency Protected Australian Income Fund;
-- LM Australian Income;
-- LM Australian Structured Products Fund; and
-- The Australian Retirement Living Fund.

LM also operates the unregistered LM Managed Performance Fund.

The Supreme Court of Queensland in April appointed KordaMentha and
its affiliate firm Calibre Capital as joint trustees of the AUD350
million Gold Coast-based LM Managed Performance Fund (LMPF).


R.M. WILLIAMS: Northern Cattle Stations in Receivership
-------------------------------------------------------
Caddie Brain at ABC Rural reports that R.M. Williams Co Beef, the
owner of three cattle stations, two in the Northern Territory and
one in Queensland, has been placed in receivership.

PPB Advisory has been appointed as receiver and manager of all
three properties.

R.M. Williams Co Beef is a subsidiary company of R.M. Williams
Agricultural Holdings, which also went into receivership on July
10.  Labelle Downs, Welltree Station and Mirage Plains are owned
by R.M. Williams Co Beef.

"The next step is to prepare the businesses for a possible sale
and during this time the businesses will continue to trade on a
business as usual basis . . . .We are working with a number of
stakeholders to try and secure the future of the business and
protect the welfare of all stock," the report quoted spokesman
Greg Quinn as saying.

The report notes that Henbury Station, which is owned by R.M.
Williams Agricultural Co Landscape Management, also a subsidiary
company of R.M. Williams Agricultural Holdings, has not been
placed into receivership at this stage.



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


* Moody's Notes Progress in China's Local Government Bond Market
----------------------------------------------------------------
Moody's Investors Service says that China's Ministry of Finance's
recent announcement that it is extending its new pilot program for
a local government bond market to two more provinces - Jiangsu and
Shandong -- represents an important step forward.

Moody's notes that, as a result of the July 4 announcement, six
provinces and municipalities now have more autonomy to market
their own bonds as well as issue them in their own name. The
guidelines also provide advice on a more competitive process for
bond issuance, including the specification that a credit rating
system be established.

Moody's views were contained in a just-released special comment,
titled "What's Ahead for Local Government Bond Market in China?"

In Moody's view, this latest announcement shows that momentum is
building towards China's central government granting RLGs the
ability to borrow directly - something which they currently cannot
do - and which could ultimately lead to greater transparency and
more refined fiscal policies for these entities.

More specifically, a local government bond market would help meet
a number of central government goals with respect to improving the
governance of regional and local governments. A direct form of
borrowing would, for example, enhance the central government's
ability to monitor and regulate RLG indebtedness.

It would also improve RLG accountability for their own investments
and borrowing decisions; and discourage RLGs from engaging in
irregular financing activities.

Moody's notes that the central government has been proceeding in
measured steps as it seeks to balance its twin objectives of
granting RLGs more autonomy with respect to their financing needs
and of maintaining strong controls to ensure that debt levels are
affordable.



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


B. R. INDUSTRIES: ICRA Assigns 'B' Rating to INR8.50cr Loan
-----------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR 8.50 crore
fund-based working capital demand loan of B.R. Industries.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Working Capital          8.50    [ICRA]B assigned
   Demand Loan

The assigned rating is constrained by the small scale and low
value-added nature of the entity's operations; the highly
fragmented nature of edible oils industry characterized by the
presence of a large number of unorganized players, which results
in intense competitive pressures and thin profitability margins;
exposure of profitability to agro-climatic risks and global edible
oil price movements and risks inherent in partnership form of
business. The rating also takes into account the entity's weak
financial profile characterized by low profitability, weak
coverage indicators and aggressive capital structure.

The rating however takes comfort from the long experience of the
promoters in the edible oil industry; the entity's competitive
advantage in raw material procurement on account of its proximity
to oilseed producing belt of Rajasthan and favorable demand
outlook for edible oil and related products in the domestic
market.

Incorporated in the year 1986, BRI is primarily engaged in
manufacturing of mustard oil, mustard cakes from mustard seeds and
occasionally undertakes processing of cotton seeds as well. It is
a partnership firm managed by Mr. Lokesh Goyal who has an
experience of over two decades in the business of processing
oilseeds and manufacturing edible oils. Its plant, located in
Tonk, Rajasthan, has a capacity to process 100 tonnes of seeds per
day.

Recent Results

For the year ended March 31, 2013 (as per provisional unaudited
financials), BRI reported an operating income of INR18.70 crore
and profit after tax of INR0.02 crore as against an operating
income of INR16.72 crore and profit after tax of INR0.03 crore for
FY12.


GAUTAM TECHNOCAST: ICRA Places 'BB+' Ratings on INR9.35cr Loans
---------------------------------------------------------------
The rating of '[ICRA]BB+' has been assigned to the INR 6.00 crore
cash credit facility and INR3.35 crore term loan facility of
Gautam Technocast. The outlook on the rating is stable. Also, the
rating of '[ICRA]A4+' has been assigned to the INR1.56 crore
short-term non-fund based limit of GT.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Cash Credit               6.00     [ICRA]BB+ (stable) assigned
   Term Loan                 3.35     [ICRA]BB+ (stable) assigned
   Non-fund Based, Short-    1.56     [ICRA]A4+ assigned
   term facilities

The assigned ratings are constrained by moderate scale of
operations coupled with de-growth in the operating income in FY
2013 due to lower off-take by the primary customer, Mahindra &
Mahindra Limited; M&M has contributed majority of the total sales
over the years resulting in high client concentration risk for the
firm. The ratings also take into account vulnerability of
profitability to fluctuations in raw material prices; however the
same is partly mitigated by procurement of raw materials against
firm orders and the firm's ability to pass significant fluctuation
in raw material prices to customers through price revisions as
seen in the past. The ratings are further constrained by the
competitive pressures from organized as well as unorganized
players in the industry and limited bargaining power of the firm
with respect to pricing flexibility with the customers. ICRA also
notes that GT is a partnership concern and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure.

The assigned ratings, however, favorably factor in the long
association of the Gautam group with M&M and the extensive
experience of the promoters in the casting industry. The ratings
also positively factor in the stable demand outlook for farm
equipment sector/tractor industry over the medium term and the
moderate capital structure and debt coverage indicators of the
firm.

Incorporated in 1995, Gautam Technocast is a partnership firm
engaged in manufacturing of grey iron casting and ductile iron
casting with its plant located in Rajkot, Gujarat. The firm has an
installed capacity of 13,500 Metric Tonnes Per Annum (MTPA) and
manufactures castings of weight up to 2500 kg. GT is part of the
"Gautam Group" and is promoted by Mr. Dharmesh Dhami, Mr. Praful
Dhami and Mr. Mishal Javia who have long-standing experience in
the casting industry through other group concerns namely "Gautam
Casting Industries Private Limited". Most of the components
manufactured by the firm find applications in the farm equipment
sector and it mainly supplies to the tractor division of Mahindra
and Mahindra Limited (M&M). Some of the major products
manufactured by the firm include Front Axle Support, Retainer Rear
Axle Bearing, Sleeve Clutch Release, Oil Sump, etc.

Recent Results

During FY 2013 (provisional unaudited financials), GT reported an
operating income of INR42.41 crore and profit after tax of INR1.65
crore as against an operating income of INR53.97 crore and profit
after tax of INR1.75 crore during FY 2012.


J PAN TUBULAR: ICRA Assigns 'BB' Ratings to INR13cr Loans
---------------------------------------------------------
ICRA has assigned rating of '[ICRA]BB' for INR13.0 crore long term
fund based bank facilities of J Pan Tubular Components Private
Limited. ICRA has also assigned '[ICRA]A4+' rating for INR7.0
crore short term non-fund based bank facilities of the company.
The outlook on the long-term rating is 'stable'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit              11.5    [ICRA]BB(stable) assigned
   Term Loans                1.5    [ICRA]BB(stable) assigned
   Letter of Credit          6.0    [ICRA]A4+ assigned Bank
   Guarantee                 1.0    [ICRA]A4+ assigned

The assigned ratings consider JPAN's long track record of
operations, experienced promoters that have supported it by way of
unsecured advances and subscription to preference capital, as well
as established customer profile. The ratings also factor in the
management's steps to improve its client and geographic
concentration. While the company's profit margins have improved
during last two years, they are on the lower side on account of
competitive pressures and lower bargaining position with respect
to customers. The profitability indicators are also not fully
insulated from fluctuation in input costs. JPAN's business is
working capital intensive and relatively high working capital
borrowings puts pressure on its financial risk profile.

JPAN manufactures a wide variety of copper tubular components and
assemblies like Capillaries, Driers, Strainers, Couplers, Return
bends, Connector assemblies etc. While the company started its
operations from Greater Noida in 1998, it gradually expanded its
geographic footprint by opening new units at Pune (2010) and
Bangalore (2012). The company has a production capacity of 5000-
6000 assemblies in a day which find application in air
conditioners, refrigerators as well as heat exchangers, etc. The
company's operations are managed by its promoter director, Mr.
Jignesh Panchal.


LINGAYA'S SOCIETY: ICRA Reaffirms 'D' Rating on INR30cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the rating for INR 30.0 crore bank facilities
of Lingaya's Society at '[ICRA]D'.  The reaffirmation of rating
takes into account the continuing delays in debt servicing by the
trust due to deterioration in its liquidity profile.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Term loans              30.0     [ICRA]D Reaffirmed

Lingaya's University started as Lingaya's Institute of Management
& Technology in 1998. The institute was affiliated to Maharishi
Dayanand University till the year 2009, when it was declared as a
deemed university in the name of Lingaya's University. The
university, based out of Faridabad, offers various Undergraduate,
Post Graduate and Doctoral programs in Engineering, Technology,
Management, Computer Applications and Humanities and Social
Sciences. At present, Lingaya University currently has an annual
intake of around 1,200 students, and gross student strength of
around 4,200 students. The faculty strength is around 200 for the
university. Apart from the university, the promoter group also
manages several other institutes, namely Sri Viveka Institute of
Technology and Lingaya's Lalita Devi Institute of Management &
Sciences. The society also runs Lingaya School at Faridabad, which
is however on a small scale currently.

Recent Results

In 2011-12, Lingaya reported Operating Income (OI) of
INR33.3 Crore, Profit before Depreciation, Interest and Tax
(PBDIT) of INR6.6 Crore and Profit After Tax (PAT) of INR-1.3
Crore.


M.M. BROTHERS: ICRA Assigns 'B+' Rating to INR4cr Loans
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' and a short
term rating of '[ICRA]A4' to the INR25.0 crore Fund and Non-fund
based facilities of M.M. Brothers.

                              Amount
   Facilities                (INR Cr)   Ratings
   ----------                --------   -------
   Fund Based Facilities        4.00    [ICRA]B+(Assigned)
   Non-Fund Based Facilities   21.00    [ICRA]A4 (Assigned)

The ratings reflect MMB's established track record as electrical
contractors for Government entities, its experienced partners and
its reputed client profile. However, the ratings are constrained
by MMB's small scale of operations, moderate order book size which
limits revenue visibility and, its high working capital intensity
of operations which has led to constrained cash flows in the past.
The ratings also take into consideration high geographical and
sectoral concentration of the firm's order book and high
competitive intensity translating into moderate profitability.

Going forward, MMB's ability to secure new orders, grow its
revenues while improving its profitability will be amongst the key
rating sensitivity factors. Company's Profile M.M. Brothers is a
partnership firm incorporated in 2010 and operates as a turnkey
contractor for the electrical works contracted by the Rajasthan
Government. The partners in the firm include Mr. Dhoot Sogani, Mr.
Sunil Sogani and Mrs. Sangeeta Sogani. The firm is registered as
an E1 contractor in the various government departments in the
Rajasthan region. It has experienced and qualified engineers and
supervisory staff and has undertaken a number of projects in the
region.

It has been engaged in the external electrification works for
Government Organizations like Madhya Pradesh Poorv Kshetra Vidyut
Vitran Company, Jaipur Vidyut Vitran Nigam Limited, Rajasthan
State Road Development Construction Corporation, Rajasthan Housing
Board and Urban Improvement Trust. The scope of the work involves
shifting of overhead lines, laying of underground cables, external
electrification of new colonies, electric poles installation,
erection of lines, installing transformers between lines etc.

Recent Results

As per the provisional for FY13, the company reported a net profit
after tax (PAT) of INR 1.57 crore on OI of INR 30.81 crore. During
FY12, it made a PAT of INR 0.57 crore on an OI of INR 16.47 crore.


MALWA AUTOMOBILES: ICRA Places 'B+' Ratings on INR17cr Loans
------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B+' for the
INR17.0 Crore bank facilities of Malwa Automobiles Private
Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits        14.1    [ICRA]B+ assigned
   Non-fund based limits    0.75    [ICRA]B+ assigned
   Unallocated              2.15    [ICRA]B+ assigned

The assigned rating takes into account MAPL's long operating
history and its steady business volumes over the years in the
highly competitive automotive dealership business in India, along
with increasing volumes from the sale of petroleum products from
its HPCL fuel pump. MAPL has been in the business for more than
three decades and the group holds dealerships for Hyundai Motor
India Limited, General Motors India Private Limited, Nissan Motor
India Private Limited and Honda Motorcycle & Scooter India Pvt.
Ltd. However, the rating is constrained by MAPL's moderate scale
of operations, high competitive intensity in its area of
operations, relatively low profitability indicators and weak
financial risk profile. MAPL's ability to increase its scale of
operations as well as improve its working capital cycle will
remain key rating sensitivities.

Malwa Automobiles Private Limited has been operating as a Tata
Motors & Fiat dealership since 1999 in Karnal. The company has a
sales showroom cum service workshop, both in Karnal as well as
Panipat (since 2006). As a result of successful running of the
operations in Karnal and Panipat, the promoters have opened a new
showroom in Rohini (Delhi), which commenced operations this year.
In addition to the automobile dealership business, the company
also has a HPCL fuel pump located in Kundli. The promoters of the
company are highly experienced in the field of automobiles and
have been engaged in this business for 35 years. Apart from MAPL,
the group also has dealerships of Hyundai Motor India Limited,
Nissan Motor India Private Ltd, Chevrolet (GM) and Honda
Motorcycle & Scooter India Pvt. Ltd. in Karnal and Delhi. July

Recent Results

In 2011-12, MAPL reported Operating income of INR121.1 Crore,
Operating Profit before Depreciation, Interest and Tax of INR3.8
Crore and Profit before Tax (PBT) of INR0.6 Crore.


MOHIT STEEL: ICRA Assigns 'BB' Ratings to INR4cr Loans
------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB' to the
INR2.00 crore cash credit limits and INR2.00 crore working capital
term loans of Mohit Steel Industries Private Limited.  The outlook
on the long term rating is stable. ICRA has also assigned a short
term rating of '[ICRA]A4+' to the INR6.00 crore non fund based
limits of MSIPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based-Cash          2.00    [ICRA]BB (Stable) assigned
   Credit Limits

   Fund Based- Working      2.00    [ICRA]BB (Stable) assigned
   Capital Term Loan

   Non Fund Based-Letter    6.00    [ICRA]A4+; assigned
   of Credit Limits

   Non Fund Based-Bank     (2.00)*  [ICRA]A4+; assigned
   Guarantee Limits

   * Sub limit of INR6 crore of LC Limit

The assigned ratings take into consideration the long track record
of the promoters in the steel manufacturing business; operational
support from the group concerns engaged in similar line of
business and comfortable capital structure at present. The
ratings, however, are constrained by MSIPL's small scale of
operations; low profitability as a result of high competitive
intensity and low value addition; susceptibility of its margins to
volatility in raw material prices and cyclicality inherent in the
steel industry which may keep MSIPL's cash flows volatile.

Incorporated in 1997, Mohit Steel Industries Private Limited is
engaged in manufacturing Mild Steel Ingots through induction
furnace route. The company has its registered office in Panjim,
Goa and manufacturing facility at Kundaim Industrial Estate, Goa.
At present the installed capacity of the plant is 30,000 MTPA. Mr.
Sandeep Agarwal, Director is actively involved into the business
and looks after the overall operations of the company with the
help of Mr. B.L Biyani, Executive Director who looks after the
manufacturing operations of the company.

Recent Results

In FY 2013, the company reported a net profit before tax of
INR0.63 crore (provisional) on an operating income of INR56.52
crore (provisional).


NANDI POLYMERS: ICRA Assigns 'B' Rating to INR8.20cr Loans
----------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to INR8.20 crore long term fund
based and non-fund based limits of Nandi Polymers India Private
Limited. ICRA has also assigned short term rating of '[ICRA]A4' to
INR1.80 crore short term bank lines of NPPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long term fund based     8.20    [ICRA]B assigned
   and non-fund based
   limits

   Short term non-fund      1.80    [ICRA]A4 assigned
   based limits

The ratings favorably factor in NPPL's long track record in the
manufacture of HDPE pipes and water tanks and its diversified
client base. The ratings also factor in the steady growth in
operating income and the diversified geographical presence with
revenues coming from 4 states-Andhra Pradesh, Tamil Nadu,
Karnataka and Kerala through a network of more than 300 dealers
and distributors.

The ratings are however constrained by NPPL's weak financial
position characterized by low scale of operations, low profit
margins, highly leveraged capital structure, and high working
capital intensity of operations. The ratings also take into
account the highly competitive and fragmented nature of the
industry with competition from both unorganized and established
players and vulnerability of operating profitability to
fluctuations in cost of key raw material i.e. HDPE given the
company's limited ability pass on the same to its customers.

Nandi Polymers India Private Limited was incorporated in 2005 as a
private limited company. NPPL is a part of Nandi group of
companies which has presence in agro industries, infrastructure,
pipes, cement etc. Nandi Polymers was in the business of
manufacturing HDPE pipes since 2005. In 2009, the company added
water tanks to its product portfolio.

In provisional results for FY13, NPPL had an operating income of
INR28.41 crore and PAT of INR0.46 crore.


P. B. COTTON: ICRA Assigns 'B' Ratings to INR8.9cr Loans
--------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR7.00 crore
long term cash credit and INR1.90 crore of term loan of P.B.
Cotton & Oil Industries.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             7.00     [ICRA]B assigned
   Term Loan               1.90     [ICRA]B assigned

The assigned rating is constrained by the limited track record of
the firm's operations; as well as highly competitive business
environment given the fragmented industry structure owing to low
entry barriers with limited profitability in ginning and pressing
operations. The ratings are further constrained by its exposure to
the regulatory risks with regard to the minimum support price
(MSP) for raw cotton and imposition of any restriction on cotton
exports by Government of India as well as vulnerability of
profitability to adverse movements in raw cotton prices. ICRA also
notes that PBCOI is a partnership firm and any substantial
withdrawals from capital account would adversely affect the
capital structure. Also, timely execution of the ginning and
pressing units within the budget costs as well as stabilisation of
the operations thereafter remains a rating sensitivity.

The rating, however, favorably takes into account the proximity of
the firm's plant to cotton producing belt of India resulting in
regular and easy access to raw materials and its presence in
cotton seed oil expelling leading to revenue diversification to
some extent.

P.B. Cotton and Oil Industries was incorporated as a partnership
firm in January 2013 with a motive to enter cotton ginning and
pressing and oil crushing operations. The promoters of the firm
are Mr. Hasmukh Patel, Mr. Bharat Patel, Mr. Pravin Patel, Mr.
Manoj Patel and Mr. Parshotam Patel. The partners have reasonable
experience in cotton ginning and pressing industry through their
earlier association with other firms as partners or as key
operating personnel. The firm has already commenced crushing
operations from its manufacturing facility located in Halvad by
installing 3 expellers and is under process of installing 24
ginning and pressing machines. The ginning and pressing operations
are expected to commence from October 2013.

Recent Results

For the year ended March 31, 2013 (3 months), the firm reported an
operating income of INR0.62 crore and profit before tax of INR0.04
crore (un-audited provisional).


PERTINENT INFRA: ICRA Assigns 'B+' Ratings to INR15cr Loans
-----------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to the INR 15.0 crore long
term fund based facilities of Pertinent Infra & Energy Limited.

                              Amount
   Facilities                (INR Cr)   Ratings
   ----------                --------   -------
   Long term, fund based       12.57    [ICRA]B+ Assigned
   limits-Term Loans

   Long term, Unallocated/      2.43    [ICRA]B+ Assigned
   Proposed

ICRA has taken a consolidated view of all the three companies of
the group viz. Priyadarshini Polysacks Limited, Pristine
Industries Limited and Pertinent Infra & Energy Limited while
arriving at the ratings, as the group derives significant business
synergies from each other.

The assigned rating favorably factors in the long standing
experience of the promoters in the wind energy sector and
financial flexibility provided by the existing group business;
however the rating is constrained by small scale of operations,
weak capital structure with high gearing and weak debt coverage
indicators and exposure to plant utilization and counter party
risks. ICRA also take note of possible cash flow mismatches in
near to medium term given low accruals and sizeable repayment
obligations and financial support from group remains critical.

PIEL, a part of the Kolhapur based Sanghvi Group is engaged in
wind energy power generation business. It operates a 1.5 MW
windmill in Satara (Maharashtra).


PHIL COAL: ICRA Assigns 'B+' Ratings to INR12cr Loans
-----------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR1.45
crore term loan and INR10.00 crore cash credit facilities of Phil
Coal Benefication Private Limited. An untied limit of INR0.55
crore of PCBPL has also been rated at [ICRA]B+.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Fund Based Limit-        1.45     [ICRA]B+ assigned
   Term Loan

   Fund Based Limit-       10.00     [ICRA]B+ assigned
   Cash Credit

   Fund Based Limit-        0.55     [ICRA]B+ assigned
   Untied

The rating factors in the highly fragmented industry structure
with a number of unorganised players dominating the coal trading
and logistics business, leading to intense competition and modest
margins, the limited bargaining power of the company against its
established clients, and vulnerability of the company's
profitability to volatility in coal prices. The rating also takes
into account a high working capital intensive nature of PCBPL's
operations which keeps its liquidity under pressure, the company's
aggressive capital structure and weak coverage indicators. The
rating, however, derives comfort from the experience of the
promoters in coal trading and logistics business through its group
entities which have established presence in the industry, the
locational advantage enjoyed by PCBPL given its proximity to SECL
mines and a significant growth in top-line achieved by the company
over the last two years.

Incorporated in 2006, PCBPL is engaged in the coal trading and
logistics business at Bilaspur in Chhattisgarh. The operations of
the company commenced in December 2010. The company also has a
coal crushing facility with an input capacity of 2.4 million ton
per annum (mtpa) which was commissioned in 2011-12.

Recent Results

The company reported a net profit of INR0.83 crore (provisional)
on an operating income of INR55.27 crore (provisional) in
2012-13, as compared to a net profit of INR0.34 crore on an
operating income of INR15.30 crore in 2011-12.


PUNJ LLOYD: Plans to Refinance INR1,400cr Debt Into Loans
---------------------------------------------------------
The Economic Times reports that Punj Lloyd is planning to
refinance up to INR1,400 crore of debt into dollar loans over the
next six months to cut costs and soften the impact of a falling
rupee, a senior company official has said.

At present, the company's profile of debt, and its business
locations are not in harmony, the report says.  While about
65-70 per cent loans of Punj Lloyd's INR5,500 crore debt pile is
in rupees, 65-70 per cent of its businesses are outside India.

According to the report, the mismatch has led to a steep rise in
finance costs for the company due to high interest rate regime in
India and has made a big dent in its profitability.

"Problem is really the high interest cost. So now we are working
on solutions to see how we can offshore some of the debts. There
is a complete mismatch between our debt profile and our business,"
the report quotes Punj Lloyd's Director (Corporate Affairs) Luv
Chhabra as saying.

In the last five years, the report discloses, Punj Lloyd's
interest outgo has risen by more than three and half times to
INR780.76 crore in 2012-13. It stood at INR220.76 crore in
2008-09, the report discloses.

Meanwhile, company's net sales, at INR11,408 crore in FY'13, are
yet to achieve the peak levels of INR11,876 crore which Punj Lloyd
had achieved in 2008-09, The Economic Times adds.

India-based Punj Lloyd Limited provides design, engineering,
procurement, construction (EPC), and project management services
for the energy, infrastructure, and defense sectors.


SHREE GAURI: ICRA Upgrades Ratings on INR12.48cr Loans to 'B'
-------------------------------------------------------------
ICRA has revised the rating assigned to the INR12.48 crore long
term fund based facilities of Shree Gauri Rice Mill Private
Limited to '[ICRA]B' from '[ICRA]B-'.  The revision in rating
takes into account the demonstrated ability of SGRMPL to scale up
its operations which is also supported by the reasonable track
record of the promoters in rice milling as well as the location
advantage derived by way of the plants proximity to paddy farmers
in Nadiad. The firm is also expected to continue benefitting from
the increased off take following the de-regulation of non-basmati
exports by the Government of India.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             6.25     Upgraded to [ICRA]B from
                                    [ICRA]B-

   Term Loan               6.23     Upgraded to [ICRA]B from
                                    [ICRA]B-

The ratings are constrained by the company's modest scale of
operations and weak financial profile as reflected by low profit
margins due to inherently low value addition in the business, its
highly leveraged capital structure although improved, as well as
low return indicators. The ratings are further constrained by the
large scheduled debt repayments which could lead to pressure on
the cash flows in the near to medium term, also given the high
working capital intensity in the operations. The rating also takes
into account the highly fragmented nature of the industry and
vulnerability of profit margins to volatility in paddy prices
which are exposed to seasonality and variations in crop harvests
and regulatory risk.

Shree Gauri Rice Mill Private Limited was incorporated in 2010 and
is engaged in the business of rice milling. The company operates
from its plant located at Nadiad, Kheda in the state of Gujarat,
with an installed capacity of 8 MTPH (Metric Tonne per Hour). The
company is promoted by Mr. Dilip Kela and Mr. Ashok Kela.

Recent Results

In FY 2013 (based on provisional un-audited financials), SGRMPL
reported an operating income of INR57.10 crore (as against
INR17.07 crore in FY 2012) and profit after tax of INR0.50 crore
(as against INR0.13 crore in FY 2012).


SHREE YAMUNA: ICRA Assigns 'B' Ratings to INR6.cr Loans
-------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR 2.40 crore term
loans and INR4.00 crore fund based cash credit facilities of Shree
Yamuna Ginning and Pressing Factory.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long Term Fund           4.00    [ICRA]B assigned
   Based-Cash Credit

   Long Term Fund           2.4     [ICRA]B assigned
   Based-Term Loan

The assigned ratings are constrained by the lack of track record
of the firm's operations; highly competitive business environment
given the fragmented nature of the cotton ginning industry;
vulnerability of profitability to adverse fluctuations in raw
material prices due to seasonality and crop harvest; and
regulatory risks such as MSP and restrictions imposed by GOI on
direct export of cotton. While assigning the ratings, ICRA also
notes that the capital structure of the firm is expected to remain
highly leveraged due to the aggressive debt to equity ratio of the
project as well as high working capital intensity of the ginning
business. Further, SYGPF is a partnership firm and any significant
withdrawals from the capital account could adversely affect its
net worth and thereby its capital structure.

The assigned ratings, however, factor in the long experience of
the promoters in the cotton ginning and pressing industry;
favorable location of the plant with respect to raw material
procurement and stable demand outlook for cotton and cottonseeds.

Incorporated in August 2012 as a partnership firm, Shree Yamuna
Ginning and Pressing Factory (SYGPF) is setting up a plant in
Jamnagar, Gujarat, to manufacture cotton bales by ginning and
pressing raw cotton. The manufacturing unit is expected to become
operational in October 2013 with an input capacity of 100 MTPD to
produce 200 bales of cotton assuming 24 hours of operations. The
firm is promoted and managed by Mr. Sumit Asani, Mr. Rasikbhai
Pabari and Mr. Prabhudas Sutaria along with other family members
and relatives.


SOCIETY MOTORS: ICRA Reaffirms 'BB-' Ratings on INR21.1cr Loans
---------------------------------------------------------------
ICRA reaffirmed the rating of '[ICRA]BB-' for long-term bank
facilities of Society Motors Limited. The outlook on the long-term
rating is "Stable". ICRA also assigned rating of '[ICRA]A4' for
short-term bank facilities. The total rated amount is INR24.0
crore.

                        Amount
   Facilities          (INR Cr)   Ratings
   ----------          --------   -------
   Cash Credit           16.00    [ICRA]BB- (Stable) re-affirmed

   Term Loan              1.82    [ICRA]BB- (Stable) re-affirmed

   Stand By Line Of       1.00    [ICRA]A4 assigned
   Credit

   Bank Guarantee         1.90    [ICRA]A4 assigned

   Unallocated            3.28    [ICRA]BB- (Stable) re-affirmed

The re-affirmed rating considers SML's improvement in scale of
operations and expectations of healthy growth supported by
diversification in business segment by introducing distribution of
Shell Lubricants and Tata Green Batteries. Further, ICRA
recognizes the company's long track record of operations in the
Kanpur region and diversification through two wheeler dealership
of BAL in addition to passenger vehicles dealership of TML and
FIAT. The ratings are, however, constrained by SML's thin profit
margins and weak cash flows as inherent in the dealership
business. SML's financial profile is characterized by high gearing
of 3.3x as on March 2013 and weak debt protection indicators.
Being in the automotive dealership business, the company is also
exposed to other industry related risks like susceptibility to
slowdown in domestic automotive market and high competitive
intensity.

Going forward, company's ability to improve profitability and
capital structure would remain key rating sensitivities.

Society Motors Limited was established by Mr. S. P. Agnihotri in
the decade of 1970 as a proprietorship concern and in 1981 Mr.
Agnihotri converted the firm in to a company. Initially company
had dealerships of Fiat (Padmini cars), Bullet and Vespa. Now SML
is an authorized dealer of passenger vehicles of TML and FIAT and
two wheelers of BAL. Further the company is wholesale distributor
of spare parts of BAL in Kanpur, company has also awarded
dealership of KTM bikes under the dealership of BAL. Recently
company has also started dealership of Shell Lubricants and Tata
Green Batteries. SML's territory for PV dealership comprises of
Kanpur and neighboring districts of Fatehpur, Kannauj, Banda,
Farukhabad and Unnao; while for BAL two wheelers its territory is
confined to Kanpur district.


SRI KARUNAMBIKAI: ICRA Assigns 'B' Ratings to INR32.80cr Loans
--------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to INR20.30
crore term loan facilities and INR12.50 crore long term fund based
facilities of Sri Karunambikai Mills Private Limited. ICRA has
also assigned the short term rating of '[ICRA]A4' to INR30.75
crore fund based facilities and INR 10.85 crore non fund based
facilities of SKMPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              20.30    [ICRA]B assigned

   Long term fund          12.50    [ICRA]B assigned
   based facilities

   Short term fund         30.75    [ICRA]A4 assigned
   based facilities

   Short term non fund     10.85    [ICRA]A4 assigned
   based facilities

The ratings consider the constrained capital structure of the
Company with high gearing (-4.7x on March 31, 2013) and stretched
coverage indicators, owing to high working capital debt
requirements and term loans availed in the past under TUFS scheme
for expansion/modernisation of facilities. The company operates in
highly competitive environment with limited pricing flexibility
and its operations are susceptible to volatility in cotton yarn
and fibre prices, exchange rate movements and changes in Gov't
policies. The Company had witnessed losses in 2011-12, owing to
weak demand and high raw material cost and while there has been
improvement in top-line and operating margin in 2012-13 due to
demand revival and rationalization of raw material prices, the net
margin remains constrained due to high interest burden. The
ratings however draw comfort from the significant experience of
the promoters in the spinning industry and the Company's presence
in largely lower count segment of yarn, which have relatively
stable demand.

The spinning sector had witnessed weakness in 2011-12 on the back
of steep decline in demand coupled with high cost raw material
procured in preceding fiscal, which resulted in significant losses
for Indian spinners. While, there has been recovery in demand and
margin in 2012-13, the same has been subdued on account of high
power costs and continued economic weakness in major export
markets like US and EU. With large repayments falling due for the
company in the medium term, the company may require
refinancing/promoter funding to timely refinance the loans.
Additionally, any steep volatility in yarn demand or raw material
prices could also adversely impact the liquidity profile. It will
be crucial for the company to moderate its working capital
intensity to reduce its debt levels and interest burden and
improve its credit profile.

Sri Karunambikai Mills Private Limited is a spinning company
founded in 1956. The Company is based out of Somanur and is
engaged in manufacturing and sales of cotton yarn and knitted
fabric. The yarn is manufactured from its two manufacturing
facilities in Somanur (Coimbatore district) and Vinnapalli
(Sathyamangalam district), with aggregate capacity of 33,400
spindles, 5 open end machines and 1000 rotors. The Company gets
the knitted fabric manufactured on job work basis. The Company
mainly manufactures and sells lower count (20-40 counts) cotton
yarn and caters to both domestic and export market through agents

Recent Results

SKMPL reported operating income (OI) and profit after tax (PAT) of
INR119.2 crore and INR2.2 crore respectively compared to OI and
PAT of INR92.7 crore and INR(5.6) crore in preceding fiscal


TAURUS THERMOPLASTICS: ICRA Rates INR6.5cr Term Loans at 'B+'
-------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR 6.50 crore
term loans of Taurus Thermoplastics Private Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              6.50     [ICRA]B+ assigned

The assigned rating is constrained by the small scale and limited
track record of operations of the company as well as the
fragmented nature of the packaging industry resulting in high
competition from organized as well as unorganized players in the
domestic market. The rating also considers the exposure of the
company's profitability to volatility in raw material prices
although the cost-based pricing mechanism followed mitigates this
risk to some extent. Further, ICRA takes into account the high
regulatory risks associated with plastic based packaging products
as witnessed in the past with a ban being imposed on use of
plastic packaging in the gutkha segment.

The assigned rating, however, favorably takes into account the
reasonably long experience of the promoters in flexible packaging
and printing business and the favorable demand outlook for
flexible packaging in the domestic market driven primarily by
increasing consumerism, fast growing retail sector, changing
lifestyle and rising affluence and urbanization levels.

Incorporated in December 2010, Taurus Thermoplastics Private
Limited began commercial production of PVC shrink films,
Polypropylene sheets and disposable containers in December 2012.
The company's manufacturing facility is located at Rama Road
Industrial Area in New Delhi and has a capacity to produce 100 TPM
of PP sheets, 60 TPM of PVC shrink films and 40 TPM of disposable
containers. The company produces packaging products which are used
across diverse array of industries like consumer durables,
pharmaceuticals, food and beverages, engineering, stationery etc.

Recent Results

For the year ended March 31, 2013, TTPL reported an operating
income of INR3.65 crore and loss of INR0.21 crore.


VEELINE MEDIA: ICRA Assigns 'B+' Rating to INR7.5cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR 7.5 crore fund
based bank limits of Veeline Media Limited. ICRA has also assigned
an '[ICRA]A4' rating to INR1.5 crore non fund based bank limits of
VML.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits        7.5     [ICRA]B+ assigned
   Non-Fund Based Limits    1.5     [ICRA]A4 assigned

The ratings take into account VML's loss making operations during
FY09 - FY12, high working capital intensity of the business that
exerts pressure on the liquidity position of the company and its
weak financial profile as reflected by low return on capital
employed and depressed debt coverage indicators. The ratings,
however, take note of VML's conservative capital structure and
significant growth in turnover and profits during FY13, although
the scale of operations continues to remain small in absolute
terms. ICRA notes that the repeat orders from reputed clients
reflect acceptable product quality. While VML has plans to foray
into different line of business which is likely to diversify the
product profile of the company, the ability of the company to
establish itself in a new line of business would remain a key
challenge going forward. Additionally the efficient management of
its working capital requirements, while scaling up the operations,
would be a key rating sensitivity going forward.

Incorporated in 1989, the company is primarily engaged in
manufacturing of water dispenser machines. The company commenced
manufacturing of water dispenser machines from 2009 from its
manufacturing unit in Kolkata, West Bengal. In July'11, the
company shifted its production facility to Baddi, Himachal
Pradesh. The capacity of the water dispenser unit is about 90000
pieces per annum.

Recent Results

During FY13, as per provisional financials, VML reported a profit
after tax (PAT) of INR0.74 crore on the back of an operating
income of INR22.18 crore as against a net loss of INR0.89 crore on
the back of an operating income of INR13.99 crore during FY12.


VOLTA FASHIONS: ICRA Rates INR35cr Loans at '[ICRA]B+'
------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR35.00
crore proposed bank facilities of Volta Fashions Private Limited.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Proposed bank facilities     35.00    [ICRA]B+ assigned

The assigned rating is constrained by the execution risks involved
in the Greenfield projects including the time and cost overrun
risks, funding risks given that the term loans are yet to be
sanctioned and the lack of experience of VFPL's promoters in the
textile sector. ICRA notes that given the large installed capacity
and the high fixed overhead expenses, VFPL's ability to bag large
orders will determine the profitability of the unit and
consequently its debt coverage. Further, the company's ability to
maintain high product quality, meet delivery deadlines and keep
the attrition levels low while achieving desired efficiency levels
remains to be seen given the limited track record and small scale
of existing pilot project operations.

The rating also takes into account the non availability of a
dedicated/captive washing unit at VFPL, which is a pre-requisite
for producing denim garments (which constitute 30% of the plant's
installed capacity). Nevertheless, ICRA's rating draws comfort
from the financial flexibility lent to VFPL by the strong and well
diversified promoter group, their ability to infuse capital from
time to time as reflected in VFPL's well capitalized equity base
and the location of the unit in Visakhapatnam, a port city with
adequate availability of women work force.

ICRA also notes that the proposed unit will have the latest
machinery from reputed suppliers like Juki, Durkopp Adler, and
Eastman among others and computer controlled conveyor belt based
product movement could enhance the garment throughput. Further,
the assigned rating favorably factors in the savings resulting
from subsidized interest charges as the unit falls under the
purview of TUFS (Technology Upgradation Fund Scheme) coupled with
subsidies in electricity charges it enjoys under the state
government's industrial investment promotion policy.

VFPL was incorporated in the year 2004 by Mr. Prasad Motaparti
group and Volta Impex Private Limited (VIPL, another group company
which is into export of capital goods) to carry out garment
manufacturing in India. VFPL was allotted 10,980 sq.mts (2.71
acres) of land at Apparel Export Park in Autonagar, Visakhapatnam,
set up by APIIC (Andhra Pradesh Industrial Infrastructure
Corporation) in conjunction with Handloom and Textile Ministry of
A.P and co-financed by the Central Government. The company is
setting up a 4 million unit per annum garment manufacturing
facility to produce Men's shirts and trousers, jackets, Men's
denims and women's tops which will be sold in domestic and foreign
markets. The new unit is expected to commence operations from
January 2014. While the new unit is being setup, VFPL is running a
pilot project at Mindi village in Visakhapatnam with close to 200
sewing machines.

Recent Results (Provisional)

VFPL (from its operations in the Mindi village) reported an
Operating Income (OI) of INR3.09 crore and Operating loss (EBITDA)
of INR0.60 crore in FY2013 as against an OI of INR0.49 crore and
EBITDA loss of INR0.83 crore in FY2012.



=================
I N D O N E S I A
=================


PAN INDONESIA: Moody's Affirms 'ba2' Baseline Credit Assessment
---------------------------------------------------------------
Moody's Investors Service has affirmed the Baa3/Prime-3 global
local currency and foreign currency bank deposit ratings of Pan
Indonesia Bank TBK (P.T.), as well as its baseline credit
assessment (BCA) of ba2. At the same time, the adjusted BCA is
lowered to ba2 from ba1. The outlook on the long-term ratings
remains stable.

Ratings Rationale:

Panin's BCA reflects its improved asset quality and good
capitalization, both products of a prudent management style that
allowed the bank to navigate the 1997 financial crisis without
government aid. As a result, Panin did not transfer legacy problem
assets to the government and has had to focus on reducing problem
loans through aggressive write offs, especially from corporate
customers. As of 2012, problem loans (including non-performing
loans (NPLs) and restructured loans) declined to 4.2% of gross
loans from 6.7% of gross loans in 2011 and 7.3% of gross loans in
2010.

Panin has a modest franchise by Indonesian standards, with a 3.15%
share of total deposits and 496 branch offices. Panin has recently
expanded its domestic platform in order to grow its retail
business and capture more deposits. As a result, lower-cost
current account and savings account (CASA) deposits grew to 61% of
Panin's total funding in 2012 from 49% in 2010. Nevertheless,
liquidity has tightened, as loan growth since 2010 exceeded
deposit growth. Going forward, the environment may become more
challenging Panin in meeting liquidity requirements.

Profitability remains modest, with a mild deterioration on its
operating efficiency due to branch network expansion and staff
increases. Similar to other banks, Panin has identified consumer
and commercial (small and medium-sized enterprises or SME) sectors
as key areas for growth. While competition has intensified, the
bank has successfully made progress in expanding across all
segments. In 2012, commercial lending accounted for 43% of total
loans, corporate lending 28% and consumer lending 29%.

Going forward, Moody's expects the operating environment to become
more challenging, due to lower economic growth and rising interest
rates. For Panin, Moody's expects continued improvements in asset
quality to become challenging, as loan growth will likely decline
from the elevated levels of the recent past. Liquidity and margins
may also come under some pressure, as competition for deposits
intensifies .

Moody's assesses there to be a high likelihood of support by the
Indonesian government to Panin in a systemic crisis. This view is
predicated on the bank's position as the sixth largest bank by
system deposits in a concentrated banking landscape. Of note, the
ten largest banks - out of 122 players - control 65% of system
deposits. The anticipation of systemic support provides a two-
notch uplift for Panin's Baa3 global local currency (GLC) deposit
rating from its ba2 BCA.

At the same time, Moody's has removed its previous assumptions of
parental support from Australian and New Zealand Bank (ANZ, B-/a1
Aa2 stable), given (1) the decreased likelihood for eventual
control, given ANZ's current 39% stake is already close to the
updated foreign ownership limits prescribed by the Indonesian
regulators; (2) the increased capital cost for holding minority
stakes under the Basel III; and (3) ANZ's 99% stake in PT ANZ
Indonesia (unrated), which reduces the strategic benefits of a
stake in Panin. On balance, Moody's believes these factors have
diminished the incentives for ANZ to further support Panin.

Without parental support, Panin's adjusted baseline credit
assessment is the same as the BCA of ba2. However, when the
benefit of systemic support is considered, Panin's local-currency
deposit rating of Baa3 does not change.

The principal methodology used in this rating was Global Banks
published in May 2013.



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


BLUE CHIP: Liquidators Drop Suit Vs. Ex-Directors, Auditors
-----------------------------------------------------------
Herald Sun reports that the liquidator of Blue Chip Group has
dropped proceedings against the failed New Zealand property
investment group's former directors and auditors, saying it was
unable to raise enough funds for a legal battle.

The company failed in 2008 owing NZ$84 million (AUD72.69 million)
to more than 2,000 investors.  Herald Sun says liquidator Meltzer
Mason Heath filed a NZ$40 million claim against the failed
property investment group alleging "inherent flaws" in its
business model, which involved selling apartments off the plan in
Auckland's central business district.

The lawsuit had been withdrawn, the liquidator said on Thursday,
Herald Sun relays.

"For more than two years the liquidators attempted to obtain
litigation funding for the proceedings, which arose out of the
collapse of the Blue Chip Group," the report quotes Jeff Meltzer
as saying.  "Ultimately, it was found to be impossible to secure
the necessary funding to prosecute a large and complex claim."

According to the report, Mr. Meltzer said there were "significant
secured and preferential liabilities" within the Blue Chip Group
which would need to be settled before any dividend could be paid
to unsecured creditors.

"It was apparent that substantial recoveries would need to be made
before any return to investors and unsecured creditors,"
Mr. Meltzer said.

The Financial Markets Authority is still investigating Blue Chip.
The firm was probed by the Serious Fraud Office, though the white-
collar crime investigator decided there was insufficient evidence
to pursue a prosecution, the report adds.

                        About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


DEVON CARE: Leaves NZ$400K Debt Following Liquidation
-----------------------------------------------------
Manawatu Standard reports that Devon Care Ltd has left more than
NZ$400,000 of bills in its wake after being liquidated.

Devon Care was placed into liquidation late last year by its
shareholders after racking up more than NZ$500,000 of debts,
including NZ$286,000 in unpaid tax and a NZ$362,000 bank loan, the
report discloses.

The liquidation, run by Roderick McKenzie, was completed on
July 16 and final account records were published.

According to the report, the sale of the business this year
brought in NZ$90,000, NZ$48,000 of which was used to pay a secured
creditor and part of the tax bill.  The rest of the money was used
to service other expenses related to the liquidation. Part of the
bank loan was able to be paid off with funds held by the bank, the
report says.

The Standard relates that no other money was paid out to creditors
during the liquidation, leaving creditors NZ$445,000 out of
pocket.

Devon Care Ltd is a Manawatu-based home support agency for
disabled people.


GFNZ GROUP: S&P Puts 'CCC' ICR on CreditWatch Positive
------------------------------------------------------
Standard & Poor's Rating Services said that it had placed its
'CCC' long-term issuer credit rating on New Zealand-based finance
company GFNZ Group Ltd. on CreditWatch with positive implications.
S&P's 'C' short-term issuer credit rating on GFNZ has been
affirmed.  S&P also placed the 'CCC' long-term counterparty credit
and financial strength ratings on GFNZ's wholly owned insurance
subsidiary Quest Insurance Group Ltd. on CreditWatch with positive
implications.

"We placed the ratings on CreditWatch with positive implications
because we expect GFNZ's new funding arrangements to improve the
company's liquidity profile, which is our key rating factor," said
Standard & Poor's credit analyst Harry Hu.

S&P believes there is at least a one-in-two chance that it may
raise its ratings on GFNZ and Quest after it further assess the
terms of GFNZ's recently negotiated funding transactions once they
are approved.  The ratings on Quest are equalized with those on
GFNZ, given Quest's status as GFNZ's core insurance subsidiary.

On July 16, 2013, GFNZ announced that it had completed
negotiations for a series of funding transactions that will
generate NZ$27.5 million on drawdown.  The transactions include:
(1) a NZ$30 million securitized debt facility provided by Westpac
New Zealand Ltd., of which NZ$17.5 million is expected to be drawn
down on settlement; (2) a NZ$5 million debt facility from
professional investors; and (3) a NZ$5 million unsecured loan from
GFNZ's cornerstone shareholder Federal Pacific Group.  The
transactions are subject to shareholder approval on July 31, 2013.
If the transactions are approved, S&P expects GFNZ to use these
funds, together with its cash on hand, to repay all existing debt
holders, effectively releasing the company from its debt
moratorium on Aug. 1, 2013.

Following the approval of the funding transactions, S&P also
expects some benefit to GFNZ's business risk profile from more
stable and ongoing funding facilities.  S&P is yet to assess the
extent of this benefit.  On the other hand, S&P still needs to
evaluate whether the terms of the transactions, particularly the
ring-fencing of securitized receivables, would heighten the risk
of non-payment to other debtholders, particularly over the next 12
months.

"We aim to resolve the CreditWatch within the next three months
once we have clarity on the approved and finalized terms of the
new funding transactions," said Mr. Hu.

At a minimum, GFNZ would need to demonstrate it will not face
payment difficulties over the next 12 months to benefit from a
one-notch upgrade.  Any rating uplift beyond that is less likely
in the short- to medium-term but could occur if the improvement in
the company's funding and liquidity stability and its business
risk profile is greater than S&P currently anticipates.  Any
uplift in the rating assumes that the ring-fencing of securitized
receivables would not heighten the risk of non-payment to other
debtholders.

Conversely, S&P could affirm the long-term issuer credit rating if
it believes that the proposed funding transactions do not
materially benefit GFNZ's credit-standing or are not approved by
the shareholders.

S&P notes that a CreditWatch positive placement is not necessarily
a precursor to an upgrade.


ORION MINERALS: Shareholders Reject Liquidation Attempt
-------------------------------------------------------
Radio New Zealand reports that an attempt by a shareholder in
Orion Minerals to oust three of its directors and liquidate the
company has failed.

Orion is a small investment company listed on the alternative
market, holding just over NZ$8 million in cash as its only asset.
The report relates that the company held a special meeting in
Auckland on July 17, in which it gained from shareholders to set
up a scrap metal business in Australia.

But seven other resolutions proposed by investor John Sorensen,
who owns 5.4% of the company, were not approved.

According to the report, Mr. Sorensen wanted to oust Orion
chairman Roger Gower and two other directors and appoint two more
as their replacement. He also wanted the company to liquidate, so
his investment could be returned, the report relays.

Orion said the board did look at liquidating the company, but
thought all shareholders would be better served by investing its
money in a business opportunity, Radio NZ reports.



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


PRUDENTIALIFE PLANS: TRO Bid Against Liquidation Denied
-------------------------------------------------------
Business Mirror reports that the Court of Appeals (CA) has denied
the petition filed by a group of plan holders seeking the issuance
of a temporary restraining order (TRO) against the implementation
by the Insurance Commission (IC) of its order to liquidate the
assets and properties of Prudentialife Plans Inc. to cover
obligations to some 300,000 clients.

In a six-page resolution penned by Associate Justice Ramon Cruz,
the report says, the CA's Seventh Division held that there was no
bad faith and arbitrariness on the part of the IC to warrant the
issuance of a TRO.

According to the report, the CA noted that Section 50 of Republic
Act 9829, otherwise known as the Pre-Need Code of the Philippines,
allows the issuance of a TRO provided arbitrariness and bad faith
are shown.

"To our mind, the existence of these elements for us to issue this
ancillary relief has not been properly pleaded. We will therefore
deny the plea for the issuance of a TRO," the CA, as cited by
Business Mirror, said.

However, the appellate court has set for hearing on July 24 the
plea of the plan holders for the issuance of a writ of preliminary
injunction, according to Business Mirror.

The report says the CA also directed the parties in the case to
submit arguments on the irreparable injury that the petitioners
will suffer should the questioned liquidation proceedings be
allowed to proceed, as well as the existence of arbitrariness and
bad faith in the issuance of the assailed directive of the IC.

As reported in the Troubled Company Reporter-Asia Pacific on
May 28, 2013, the Philippine Daily Inquirer said the Insurance
Commission wants to go ahead and liquidate the failed preneed
company.  Under the liquidation plan, some PHP8 billion in trust
funds is to be divided among 300,000 holders of educational,
pension and memorial plans. The trust funds consist of cash and
noncash assets, but the latter would have to be sold first.
But the plan holders are expected to receive only a portion of the
principal amount they paid for, and this would depend on the kind
of plan they hold. Educational plan holders could get back an
average of only 20 percent; pension plan holders, around 43
percent; and memorial plan holders, 80 percent. As the trust fund
is being distributed, the Insurance Commission intends to file
insolvency proceedings in a regular court to run after the other
corporate assets of Prudentialife, including those held by its
subsidiaries, the Inquirer related.

                      About Prudentialife Plans

Prudentialife Plans Inc. -- http://www.prudentialife.com/-- is
a pre-need company.  The company offers life, pension and
education plans.  It has diversified into financial services,
non-life insurance, memorialization, real estate and travel and
leisure.

In September 2012, Prudentialife Plans Inc. was placed in
receivership by the Insurance Commission, which says the
continuance of the business would be "hazardous to its present and
future planholders."

"The Insurance Commission has decided that the conservatorship of
PPI be now terminated. We find that the only remaining option
under the law is to declare PPI under receivership," Insurance
Commissioner Emmanuel Dooc said in a directive dated Sept. 19,
2012.

"Since there is no clear intention on the part of the
stockholders of PPI to infuse additional capital or to submit
infusion plan to cure the company's huge financial deficiencies,
it is now very clear that PPI will remain insolvent.

"The Insurance Commission hereby orders PPI to desist from
transacting further business," the regulator said.

The commission said PPI's proposal for rehabilitating the company,
as well as proposals filed by a group of planholders known as the
Batiles Group and a pre-need company called Loyola Plans
Consolidated Inc., were "not exhaustive enough."



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


DCS ASSET: Fitch Affirms SGD9.4MM Class C Notes Rating at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed DCS Asset Funding Pte. Ltd. (DCS) - a
securitisation of credit card and charge card receivables in
Singapore originated by Diners Club (Singapore) Private Limited
(Diners Singapore). The rating actions are as follows:

SGD6m working capital facility (WCF) due March 2014 affirmed at
'A-sf'; Outlook Stable

SGD100m class A1 fixed-rate notes due March 2016 affirmed at 'A-
sf', Outlook Stable

SGD42.1m class A2 floating-rate notes due March 2016 affirmed at
'A-sf', Outlook Stable

SGD11.2m class B floating-rate notes due March 2016 affirmed at
'BBBsf', Outlook Stable

SGD9.4m class C floating-rate notes due March 2016 affirmed at
'BBsf', Outlook Stable

Key Rating Drivers

The affirmations reflect the stable performance of the underlying
assets which has been well within Fitch's expectations, and
adequate credit enhancement. The tight labor market in Singapore
continues to support the underlying assets' performance.

The three-month average delinquent ratio has been stable at 0.8%
since October 2012, well below the transaction trigger of 3%. The
three-month average default ratio was at 0.6% in June 2013, versus
the transaction trigger of 2%.

The three-month average payment rate has been around 18%-21% since
July 2012 and was at 18.7% in June 2013, above the transaction
trigger of 15%. The three-month average excess spread, after the
absorption of defaults, has been healthy at an average of 0.9% in
the past 12 months to June 2013.

Rating Sensitivities

Fitch considers the possibility of downgrade unlikely over the
next 12 months.

Base on Fitch's model, assuming the average payment rate of 21.3%
and the average annualised gross yield of 22.3% in the past 12
months to June 2013, the rating of each rated class would be able
to withstand at least a 3.9x increase of the average annualised
default rate to 30% over the same period.



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


* Heavy Investment Demands Pressure Asian Oil and Gas Companies
---------------------------------------------------------------
Moody's Investors Service says that large capital-spending
programmes and acquisitions will remain key sources of pressure
for the standalone credit quality of many investment-grade oil and
gas companies in Asia.

"In particular, companies at the lower end of the investment-grade
rating scale will continue to face greater pressure from large
debt-funded acquisitions and capital spending," says Simon Wong, a
Moody's Vice President and Senior Credit Officer.

"Moreover, acquisitions of oil and gas assets with long
development lead time are subject to greater execution delays or
cost overruns, a credit negative. If acquisitions accelerate
production output and diversify oil and gas reserves, then the
pressure from large debt-funded acquisitions will reduce," he
adds.

Wong was speaking on a just-released Moody's report titled, "Asia
Pacific Oil and Gas Industry: Exploration and Production:
Acquisitions, Investments Pressure Fundamentals of Some Asian Oil
Companies."

According to the report, because most Asian oil companies are
national oil companies -- in which governments own large stakes
and which often own or manage their strategic resources of their
countries -- their ratings incorporate a high to very high degree
of explicit or implied government support.

Moody's believes that the need for acquisitions and large capital-
spending reflects the fact that Asian national oil companies are
under pressure to invest in order to diversify their reserves
geographically.

In addition, given the push by Asian governments to secure long-
term energy supplies -- including for clean energy -- amid rising
domestic demand, these companies are also seeking to expand their
production sources.

The ability of companies to complete deals beyond those already
announced will likely be complicated by the increasingly stringent
regulations and controls that developed countries are implementing
to limit foreign investment by Asian national oil companies in
their hydrocarbon resources.

"Whether acquisitions would affect overall credit quality and
ratings would also depend on the further analysis of government
support to the national oil companies and the transparency and
track record of that support," Wong says.

Three companies -- China National Petroleum Corporation (CNPC, Aa3
stable), Petroliam Nasional Berhad (Petronas, A1 stable) and Oil
and Natural Gas Corporation (ONGC, Baa2 stable) -- have very high
or high capacity to make acquisitions owing to their substantial
cash on hand and/or low debt levels.

They can spend more than $10 billion on acquisitions in addition
to their announced capital spending plans without hurting their
underlying credit quality.

Four companies -- CNOOC Limited (Aa3 stable), PTT Exploration and
Production Public Co. (PTTEP, Baa1 stable), Korea National Oil
Corp (KNOC, A1 stable) and China Petroleum and Chemical
Corporation (Sinopec, Aa3 stable) -- have moderate headroom and
can spend an additional $2 billion to $10 million.

Two firms -- Pertamina (Baa3 stable) and Woodside Petroleum (Baa1
stable) -- have low to moderate flexibility to make small
acquisitions of no more than $1 billion to $2 billion.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------
AUSTRALIA

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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