TCRAP_Public/130726.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 26, 2013, Vol. 16, No. 147



BOULDER STEEL: Appoints Grant Thorton as Administrators
LIBERTY SERIES 2011-1: S&P Affirms BB Rating on Class E Notes
LM INVESTMENT: Creditors' Meeting Set August 1
PEDRA BRANCA: Dairying Farm Placed in Market
SUTTON AUTO: Placed Into Voluntary Administration


AGILE PROPERTY: Ratings Unchanged Following Land Purchase


AMARAVATHI SPINNING: ICRA Reaffirms INR13.31cr Loan Rating 'B-'
J.N.B. STEEL: ICRA Reaffirms 'BB-' Rating on INR2cr Term Loans
KEMS FORGINGS: ICRA Assigns 'BB' Rating to INR15.17cr Loans
OMNI AUTO: ICRA Assigns 'B+' Ratings to INR45.18cr Loans
OSWAL CABLE: ICRA Assigns 'BB+' Ratings to INR30.47cr Loans

PAN EMPIRE: ICRA Revises Rating on INR9.5cr Cash Credit to 'B'
PERFECT ENG'G: ICRA Reaffirms 'B-' Rating on INR17.5cr Loans
RK ELECTRICAL: ICRA Lowers Ratings on INR14cr Loans to 'D'
SARAF AGENCIES: ICRA Assigns 'B+' Rating to INR153cr Term Loan
SPRING MERCHANDISERS: ICRA Reaffirms 'B' Rating on INR5cr Loan

TEXMO PIPES: ICRA Cuts Ratings on INR45.22cr Loans to 'BB'
UNITED DECOR: ICRA Rates INR8cr Term Loan 'B+'
VERSATILE ENGINEERS: ICRA Reaffirms 'BB-' Rating on INR3.5cr Loan

N E W  Z E A L A N D

MAINZEAL PROPERTY: Former Construction Site Up For Sale or Lease


* Large Companies with Insolvent Balance Sheets

                            - - - - -


BOULDER STEEL: Appoints Grant Thorton as Administrators
Mary Bolling at Gladstone Observer reports that Boulder Steel, the
company behind plans for a steel plant in Gladstone, has gone into
voluntary administration.

Said Jahani -- -- and Trevor Pogroske -- -- of Grant Thornton Australia were
appointed administrators of Boulder Steel Ltd and Gladstone Steel
Plant Project Ltd on July 22, 2013.

According to the report, Mr. Jahani said company directors
initiated the administration process, "because they felt the
company was in financial difficulty."

"The process is really an opportunity to restructure and to come
out the other end if they can be recapitalised," the report quotes
Mr. Jahani as saying.

The company declined to comment on the move, which follows a
recent bid to attract investors, through a 2.1 cents per share
purchase plan.

The report relates that Mr. Jahani said in the next six weeks,
administrators will seek new investors to invest in or take over
the project, while existing investors are "frozen".

"Those who have already invested, it's probably not a great story
for them -- it is possible that current investors will have lost

Boulder Steel Limited (ASX:BGD) is engaged in the metal products
manufacturing, and the development of the Gladstone Steel Plant
Project. The Company operates in three segments: the development
of a steel production facility in Gladstone Queensland, an equity
investment in a steel forging business in Germany and a steel
production facility in United Arab Emirates.

LIBERTY SERIES 2011-1: S&P Affirms BB Rating on Class E Notes
Standard & Poor's Ratings Services affirmed its ratings on six
classes of notes issued by the trustee of Liberty Series 2011-1
SME.  The notes are backed by a portfolio of fully and partially
amortizing, and interest-only Australian-dollar, fixed- and
floating-rate loans to commercial borrowers, secured by first-
registered mortgages over Australian commercial or residential
properties originated by Liberty Financial Pty Ltd.

The rating affirmations reflect S&P's view that the rated notes
are able to withstand stresses that are commensurate with their
current rating levels.

The notes are performing within S&P's current rating expectations,
based on its latest performance review of the transaction.  All
classes of notes have benefited from an increase in credit
enhancement as a proportion of the outstanding balance as the
portfolio amortizes.  A liquidity reserve, which is maintained at
2.5% of the total notes outstanding, and a guarantee fee reserve
account, which is equal to A$1.0 million, are in place to support
the transaction.

As of May 31, 2013, cumulative net losses as a percentage of the
original portfolio balance total 0.1%.  All losses to date have
been covered by excess spread.

The notes are currently paying down on a sequential basis.  The
paydown structure has increased the weighted-average margin on the
notes, which could result in potential yield strain in the future.
As of May 31, 2013, the pool factor is approximately 61%.

The concentration of borrowers with large loans is high for this
portfolio, with the top 10 borrowers accounting for about 12.8% of
the portfolio as of May 31, 2013.  The level of arrears greater
than 30 days total 9.8% of the pool.  Loans greater than 90 days
in arrears make up 7.2% of the total.

Nevertheless, S&P expects the sequential pay structure of the
transaction to continue, and build-up credit support for the
senior notes and the current credit enhancements available to the
trust are commensurate with the current ratings on the notes.


SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:


Class       Rating
A1          AAA (sf)
A2          AAA (sf)
B           AA (sf)
C           A (sf)
D           BBB (sf)
E           BB (sf)

LM INVESTMENT: Creditors' Meeting Set August 1
---------------------------------------------- reports that the administrator of LM Investment
Management (LMIM) has called a creditors meeting on August 1 in
Australia, where it will recommend liquidating the company.

FTI Consulting was appointed in March to take charge of LMIM,
which was the fund manager for the First Mortgage Income Fund
(FMIF) in which many New Zealand investors had money trapped, the
report discloses. relates that the FMIF was frozen in late 2009 after
its portfolio of mostly Gold Coast property development loans slid
into arrears and default.

Since then investors, who thought they were exposed in safe
property assets, have seen the unit price drop from AUD1 (NZ$1.15)
to just 59 Australian cents, and have been warned to brace for
further falls. Kiwi investors had AUD140 million invested in the
fund at the point it was frozen.

There has been a legal tug of war over the fund, with various
parties vying for control, according to the report. recalls that in a hearing this month in the Queensland
Supreme Court FTI made a bid to remain as the responsible entity
for the fund, while Australian securities regulator ASIC asked for
PwC to be appointed as receiver to wind it up.

According to, ASIC said investors' interests were not
being served by the prolonged wrangling over the fund, which was
sold in New Zealand by advisers, including those of the now-
disbanded Money Managers financial planning empire.

Still another party to the proceeding was fund manager Trilogy,
which, with the backing of some Kiwi investors, sought to become
the responsible entity. It argued FTI could not continue as it was
in administration, the report relays. says the judge reserved her decision, and it is not
known whether it will be published before the creditors meeting.

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).

PEDRA BRANCA: Dairying Farm Placed in Market
Simone Smith at The Weekly Times reports that Pedra Branca
Dairying, one of Southern Australia's largest dairy properties,
has hit the market.

The report says the Pedra Branca Dairying operation at Mt Schank,
south of Mt Gambier, was placed into receivership in April by NAB,
and is now for sale by tender.

The farm, totalling 1229 hectare with up to 2,000 cows, can be
purchased as a whole or in separate titles, the report relates.

The Weekly Times discloses that minutes of a May creditors'
meeting lodged with the Australian Securities and Investment
Commission show NAB was owed AUD20 million, while AUD1.7 million
was owed to a number of unsecured creditors.

ASIC documents also revealed that the company was heavily geared
and lacked flexibility to downsize when the milk price dropped,
the report adds.

Pedra Branca Dairying is owned by Peter and Ros Doman. It employs
about 29 workers and supplies milk to Warrnambool Cheese and
Butter, according to ASIC.

SUTTON AUTO: Placed Into Voluntary Administration
Louise Nichols at Singleton Argus reports that Sutton Auto Group,
which sells new Ford and Nissan vehicles, was placed into
voluntary administration.  The group is now in the hands of the
administrator appointed by the Sydney based Dean-Willcocks
Insolvency Solutions.

Singleton Argus relates that the business located on John Street
was a sombre place on July 15 with its doors closed and a few
shocked staff lingering outside on the footpath discussing their

For the founder of the company Bill Sutton it was a very sad and
distressing day and something he never expected to see when he
opted to take a back seat role in August 2011 and handed over the
day-to-day management of the business to Noel Morris, the report

The report adds Mr. Sutton said it was his only option when he
fully understood the dire financial position of the company.

The first creditors meeting is expected to be held later this
week, the report notes.


AGILE PROPERTY: Ratings Unchanged Following Land Purchase
Moody's Investors Service sees no immediate impact on Agile
Property Holdings Ltd.'s Ba2 corporate family and senior unsecured
debt ratings and stable outlook following its acquisition of land
in Wuxi for RMB2.04 billion.

"While the acquisition appears sizeable in its total price, the
company had adequate funding -- including cash on hand and
operating cash flow -- to support the purchase," says Kaven Tsang,
a Moody's Vice President and Senior Analyst.

Moody's estimates that Agile had approximately RMB15 billion of
cash on hand at end-June 2013, as it had successfully issued a
perpetual bond of $700 million and closed the first tranche of a
syndicated loan amounted to HKD3,978 million.

"On the other hand, the acquisition will raise execution risk for
Agile," says Tsang, also Moody's lead analyst for Agile.

Wuxi is a new market for Agile and it will have to establish its
brand and track record in the city.

Also, the project will require sizable investments upfront,
including land and construction costs, before it can be presold as
estimated by the company in early 2015.

Agile's spending on land has totaled around RMB9 billion over the
past 7 months and the amount will raise the company's debt funding
requirements if it cannot achieve its sales targets.

Agile had contract sales of RMB16.14 billion in 1H 2013,
representing 38.4% of the company's full-year sales target.

Moody's expects Agile's contract sales to pick up in 2H 2013 as it
schedules to launch more new projects -- mainly for end-users --
in the coming months. If annual targets are achieved, the company
will maintain stable credit metrics in the next 12-18 months:
EBITDA interest coverage of around 4x and adjusted
debt/capitalization of 50-55%. These ratios match its Ba2 ratings.

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

Agile Property Holdings Ltd is one of China's major property
developers, operating in the mid- to high-end segment. As of July
22 2013, the group had 85 projects in 32 cities and districts in
China, and a land bank with a total GFA of 39.64 million sqm.
Guangdong province is its largest market, accounting for around
43% of the company's land bank. Agile listed on the Stock Exchange
of Hong Kong in 2005. Currently, the Chen family, Agile's founding
family, owns a 64.39% equity interest.


AMARAVATHI SPINNING: ICRA Reaffirms INR13.31cr Loan Rating 'B-'
ICRA has reaffirmed the long-term rating outstanding on the
INR4.03 crore term loan facilities, the INR8.25 crore fund based
facilities and the INR1.03 crore non-fund based facilities of
Amaravathi Spinning Mills (Rajapalayam) Private Limited at
'[ICRA]B-'. ICRA has also reaffirmed the short-term rating of
'[ICRA]A4' outstanding on the INR2.50 crore non-fund based
facilities of ASMRPL. ICRA has also reaffirmed the [ICRA]B-
/[ICRA]A4 ratings outstanding on the INR0.22 crore unallocated

   Facilities                (INR Cr)   Ratings
   ----------                --------   -------
   Term loans facilities       4.03     [ICRA]B- reaffirmed
   Fund based facilities       8.25     [ICRA]B- reaffirmed
   Non-fund based facilities   1.03     [ICRA]B- reaffirmed
   Non-fund based facilities   2.50     [ICRA]A4 reaffirmed
   Unallocated limits          0.22     [ICRA]B-/[ICRA]A4

The rating reaffirmation factors in the continuing weak financial
profile of the Company characterized by meager accruals, stretched
capital structure and weak coverage indicators, the intense
competition in a highly fragmented industry structure (amidst low
product differentiation) which restricts pricing flexibility and
the Company's relatively small scale of operations which restricts
financial flexibility. The ratings also consider the experience of
promoters in the spinning industry for over two decades and
established relationship of the Company with its leading

ASMRPL, incorporated in November 1989, is primarily engaged in
producing cotton yarn. Based in Rajapalayam (Tamil Nadu), the
Company commenced commercial production in 1992 with a capacity
of 2,880 spindles and gradually enhanced it to 12,168 spindles.
The Company sells yarn in markets like Coimbatore, Salem, Erode,
Tirupur and Karur. ASMRPL has also commenced production of
socks at Erode (Tamil Nadu) in August 2011 and exports the same to
Poland. The Company is closely held by the promoters and their

J.N.B. STEEL: ICRA Reaffirms 'BB-' Rating on INR2cr Term Loans
ICRA has reaffirmed the long term rating of '[ICRA]BB-' for INR2.0
crore term loans of J.N.B. Steel Industries Pvt Ltd. The outlook
on the rating is stable. ICRA has also reaffirmed the short term
rating of '[ICRA]A4' to the INR18.0 crore  fund-based limits of

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans               2.0     [ICRA]BB-(stable) reaffirmed
   Fund Based Limits       18.0     [ICRA]A4 reaffirmed

The reaffirmation of ratings positively factor in JSIPL's improved
scale of operations resulting from combination of enhanced
production capacity and its higher utilization. The ratings
continue to derive comfort from JSIPL's experienced promoters, its
proximity to raw-material suppliers, and its long
relationships with customers and suppliers. The ratings are,
however, constrained by JSIPL's higher gearing levels (total debt
/ total net-worth has increased from 1.87 times as on March 31,
2012 to 2.48 times as on March 31, 2013) to support its increased
scale of operations, and planned capital expenditure (in
debt:equity ratio of 3:1) which is expected to keep gearing at
elevated levels in medium term. The ratings are also constrained
by the competitive nature of the industry, risks of cyclicality
inherent to the industry, and exposure to volatility in the raw
material prices.

Going forward, the company's ability to improve its profitability
and capital structure will be the key rating sensitivities.

Incorporated in 2003, JNB Steel Industries Pvt Ltd is engaged in
manufacturing of Stainless Steel Pipes/Tubes with installed
capacity of 2800 Metric Tonnes Per Annum (MTPA) and cold rolled
coils (CRC) with installed capacity of 7500 MTPA. The CRC unit was
set-up recently with its commercial operations starting from May
2010. In FY13, SS Pipe capacity was increased from 1800
MTPA to 2800 MTPA.

In FY2013, JSIPL registered operating income (OI) of INR107.8
crore and profit after tax (PAT) of INR1.66 crore compared to OI
of INR64.4 crore and PAT of INR0.96 crore in FY2012.

KEMS FORGINGS: ICRA Assigns 'BB' Rating to INR15.17cr Loans
ICRA has assigned the long-term rating of '[ICRA]BB' to the
INR15.17 crore fund based facilities of Kems Forgings Limited. The
outlook on the long term rating is stable. ICRA has also assigned
the rating of '[ICRA]A4+' to the INR5.0 crore short-term non fund
based facilities of KFL.

   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund based Limits-       15.17     [ICRA]BB (Stable)/assigned
   State Bank of India

   Non Fund based Limits-    5.00     [ICRA]A4+/assigned
   State Bank of India

The assigned ratings take into account longstanding experience of
the promoters of more than four decades in the forging and steel
trading business. The ratings also take into consideration the
company's sustained profitable operations; favorable long term
demand outlook for the construction equipment and automobile

The ratings are, however, constrained by underutilization of
capacity due to limited order inflows for the hammer facility, the
muted demand outlook for 2013-14, moderately high customer
concentration, and working capital intensity owing to significant
debtor's days. Nevertheless, ICRA draws comfort from KFL's
established relationship with its major clients and recent
customer addition to its portfolio. The Company's ability to
improve its utilisation levels and margins, while growing revenues
would remain key rating sensitivities going forward.

Kems Forgings Limited is part of the Gandhi Group, established in
the year 1964 as a steel marketing company in Calcutta. The
Companies within the group consists of Southern Steels and
Forgings (SSF), KFL and KACL. Mr. S.K. Gandhi, the managing
director, Mr. Manish Gandhi (finance and production director), Mr.
Kushal Gandhi (sales and marketing director) and Mr. Deepak Gandhi
(procurement director) along with family and group companies hold
96.5% equity stake in KFL as on March 31, 2013 and rest is held by
Mr. V M Dasot and family. Incorporated in 1970, KFL is engaged in
closed die steel forgings and machined forgings (hot forging)
primarily catering to the automotive and construction equipment
industry. KFL has two manufacturing facility located in Attibele
and Hoskote area of Bangalore with combined installed capacity of
28,800 MT (Metric Tons) per annum. KACL is engaged in
manufacturing of precision machine components and assembly for
automotive industry.

SSF is engaged in trading of steels and is the authorized
distributor and dealer for Rashtriya Ispat Nigam Limited,
Visvesvaraya Iron and Steel Company Limited and JSW Steel Limited
in South India.

Recent Results

For 2012-13 (provisional), the Company reported net profit of
INR3.0 crore on an operating income of INR121.1 crore as against
net profit of INR4.1 crore on an operating income of INR138.2
crore in 2011-12.

OMNI AUTO: ICRA Assigns 'B+' Ratings to INR45.18cr Loans
ICRA has assigned a long term rating of '[ICRA]B+' to the INR26.28
crore term loans and INR18.90 crore fund based facilities of Omni
Auto Limited. ICRA has also assigned a short term rating of
'[ICRA]A4' to the INR5.20 crore non-fund based facilities of OAL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans             26.28     [ICRA]B+ assigned
   Fund Based Facilities  18.90     [ICRA]B+ assigned
   Non-Fund Based          5.20     [ICRA]A4 assigned

The ratings factor in the aggressive capital structure of the
company as a result of its debt funded capital expenditure, high
working capital intensity in business as a result of unfavourable
raw material sourcing arrangement, in the past, leading to a
stretched liquidity position. ICRA also notes that although OAL
has significant client concentration risks, as a majority of the
company's sales are made to the Timken group (Timken),
counterparty risks are on the lower side. Significant growth in
turnover and profits in recent years, along with an improvement in
profitability has kept OAL's coverage indicators at moderate

The ratings favorably take into account OAL's established
relationships with its reputed clientele in the domestic market,
the long experience of the promoters in manufacturing machined
components catering to the automobile and railways sector and the
vertically integrated nature of the company's operations with in-
house forging, heat treatment and machining facilities that
provide control on the quality and costs of its products. The
addition of such facilities, along with commissioning of a new
plant in FY12, has enabled OAL to increase its scale of operations
as well as profitability over the years. Although the working
capital intensity is likely to ease with the company starting to
source material from a local vendor in recent months, the high
debt repayment obligation in the near term is likely to keep cash
flows tight.

Going forward, the ability of the company in managing its
liquidity position, while ramping up operations of the newly
commissioned plant, would be the key rating sensitivity.

Omni Auto Limited is engaged in manufacturing machined components
for the automobile and railways sectors. The company was
incorporated in the year 1996 and operated as a machined
components supplier to the Timken group. Over the years, OAL's
operations have been backward integrated with in house forging
facilities, heat treatment plants and component machining
facilities. The company has its manufacturing plants located in
Jamshedpur, and Sri City through four production units.

Recent Results

During FY13, OAL registered a profit after tax of INR3.17 crore on
the back of net sales of INR78.44 crore. OAL registered a profit
after tax of INR2.72 crore on the back of net sales of INR71.85
crore in FY12.

OSWAL CABLE: ICRA Assigns 'BB+' Ratings to INR30.47cr Loans
ICRA has assigned a long- term rating of '[ICRA]BB+' to the
INR24.0 crore fund based limits, and INR6.47 crore term loans of
Oswal Cable Private Limited.  The outlook on the long term rating
is Stable. ICRA has also assigned a short term rating of
'[ICRA]A4+' to the INR55.12 crore non fund based limits of OCPL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based limits       24.00    [ICRA]BB+(stable) assigned
   Term Loans               6.47    [ICRA]BB+(stable) assigned
   Non Fund Based Limits   55.12    [ICRA]A4+ assigned

ICRA's ratings draw comfort from the company's established
position in the cable and conductor industries, arising out of the
promoters' rich experience in this industry and status as an
approved vendor to several state utilities and other customers,
and the satisfactory demand outlook for the product. ICRA's
ratings also draws comfort from the fact most of its contracts
have "price escalation" clauses, which partly mitigates the
vulnerability of profitability margins to volatility in prices of
raw materials. The ratings are however constrained by modest scale
of operations and the intensely competitive nature of cables and
conductor industry, which has resulted in modest profitability

Further, the company has high working capital (WC) intensity of
operations due to high receivable days, as large part of the
revenues comes from cash strapped state utilities, although ICRA
notes that going forward the same is expected to reduce with
increased contribution of revenues from private players.
Substantial debt funding of the working capital requirements have
resulted in high gearing of 1.71 times and modest coverage
indicators as reflected by Total Debt to OPBDITA of 3.58 times and
NCA/Total debt of 7.74% as on March 31, 2012.

OCPL's ability to scale up in a profitable manner, manage its
working capital intensity and maintain a healthy financial risk
profile in the context of the modest scale of operations would
remain the key rating drivers.

Oswal Cables Private Limited, an ISO 9001:2000 certified company,
was established way back in 1971 in the state of Rajasthan to
manufacture and supply AAC/ACSR conductors as its main objectives.
The company established its second unit at Hyderabad, Andhra
Pradesh in 2005 for manufacture of Conductors. OCPL has an
installed capacity of 12000 MT per annum, which the company
expects to expand to 24000 MT per annum during FY14. OCPL has also
executed few EPC projects in the state of Rajasthan, Punjab,
Uttrakhand, Gujarat etc. Company has also undertaken trading of
transformers and tower parts.

Recent Results

OCPL has reported a profit after tax (PAT) of INR0.28 crore on an
operating income of INR121.09 crore in FY 2011-12 as compared to
PAT of INR3.52 crore on an operating income of INR98.0 crore in
FY 2010-11.

PAN EMPIRE: ICRA Revises Rating on INR9.5cr Cash Credit to 'B'
ICRA has revoked the suspension and revised the long term rating
assigned to the INR9.50 crore cash credit facility (reduced from
INR37.00 crore) of Pan Empire India Private Limited (erstwhile Pan
Empire) from '[ICRA]B+' to '[ICRA]B'. ICRA has reaffirmed the
short term rating '[ICRA]A4' to the INR9.50 crore fund based
EPC/FBD/PCFC facilities (Sublimit of cash credit) (reduced from
INR37.00 crore), INR9.50 crore non fund based LC/Buyer's Credit
(Sublimit of cash credit) (reduced from INR37.00 crore) and
INR0.50 crore non fund based credit exposure limit (reduced from
INR1.50 crore) of PEIPL.

   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based-Cash Credit     9.50     Revised from [ICRA]B+ to

   Fund Based-EPC/FBD/PCFC    9.50     [ICRA]A4 reaffirmed

   Non Fund Based-LC/Buyer's  9.50     [ICRA]A4 reaffirmed

   Non Fund Based-Credit      0.50     [ICRA]A4 reaffirmed
   Exposure Limit
The revision in ratings factors in the deteriorating financial
profile characterized by significant increase in gearing levels,
increased working capital intensity of operations on account of
stretched receivables and high inventory levels. The ratings is
also constrained by modest scale of operations, high
competitive intensity of the trading business resulting from low
entry barriers and susceptibility of operations to commodity price
risks given the seasonality of various agro products as well as
crop harvest.

The ratings, however, consider the extensive experience of the
promoters in the scrap trading and trading of agro commodities.
The ratings also draw comfort from the operational and financial
support from group concerns involved in diversified business
operations as well as established relationship with suppliers and

Pan Empire India Private Limited was initially incorporated in the
year 2011 as a partnership firm and was converted into a private
limited company in May 2013 by addition of two new shareholders
namely Mr. Tushar P. Kansagara and Mr. Badal N. Kansagara to the
existing partners of the earlier firm. The company is engaged in
trading of agro commodities such as cotton bales, cottonseeds, raw
cashew nuts, yellow soya doc (de oil cake) and of metal scrap and
also deals in iron scrap, pig iron scrap and re- rolling scrap.
The management of the company is looked after by Mr. Arvind P.
Patel, Mr. Alpesh V. Patel and Mr. Tushar P. Kansagara.

Recent Results

For the year ended March 31, 2013, PEIPL reported an operating
income of INR18.92 crore and profit before tax of INR0.36 crore as
against an operating income of INR3.76 crore and a net loss of
INR0.52 crore during FY 2012 (nine months operation).

PERFECT ENG'G: ICRA Reaffirms 'B-' Rating on INR17.5cr Loans
ICRA has reaffirmed the long-term ratings to the INR11.50 term
loans and INR6.00 crore non-fund based bank facilities of Perfect
Engineering Associates Private Limited at '[ICRA]B-'. ICRA has
also reaffirmed the short-term rating to the INR1.50 crore
short-term non-fund-based bank facilities of PEAPL at '[ICRA]A4'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               11.50    [ICRA]B- reaffirmed

   Long-term non-fund       6.00    [ICRA]B- reaffirmed
   based Limits

   Short-term non-fund      1.50    [ICRA]A4 reaffirmed
   based Limits

The rating reaffirmations take into account the long experience of
the management in municipal water works business; healthy growth
in operating income and profitability in 2012-13; healthy order
book of about INR37.50 crore, which gives visibility to revenues
in the medium term and established relations with government
departments along with highest certification for water mechanical
works from MCGM.

The ratings are however constrained by weak financial risk profile
as reflected by small scale of operation, high gearing and weak
coverage indicators; high working capital intensity of operation
due to extended receivable cycle caused by procedural delays in
clearing of bill from the customers and high sales concentration
risks, with about 80% of the revenues coming from Municipal
Corporation Of Greater Mumbai during the last six years.

Incorporated in 1972, Perfect Engineering Associates Pvt. Ltd.
(PEAPL) is based out of Mumbai, Maharashtra and is involved in
repair and construction of water pipe lines and construction of
water reservoirs for various municipal corporations.

Recent Results

As per provisional results for year 2012-13, PEAPL reported a
profit after tax (PAT) of INR1.04 crore on an operating income of
INR20.61 crore as compared to a PAT of INR0.15 crore on an
operating income of INR16.15 crore in 2011-12.

RK ELECTRICAL: ICRA Lowers Ratings on INR14cr Loans to 'D'
ICRA has revised the long term rating of RK Electrical Industries
(India) Private Limited from '[ICRA]B+' to '[ICRA]D' for INR10.00
crore fund based facilities. ICRA has also revised the short term
rating of RKEIPL from '[ICRA]A4' to '[ICRA]D' for INR14.00 crore
non fund based facilities.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits       10.00    [ICRA]D revised from [ICRA]B+
   Non-Fund Based Limits   14.00    [ICRA]D revised from [ICRA]A4

The rating revision takes into account the weak financial profile
and stretched liquidity position of the company which has led to
over drawls in its working capital limits. The company is engaged
in the manufacturing of Low Tension Power Cables, Control Cables
and Instrumentation Cables and has not been able to secure orders
for the same which has resulted in degrowth in its operating
income in the past two years. Further debt funded capex for
installation of new plant for manufacturing of XLPE (Cross linked
polyethylene insulated power cable) cables has resulted increase
in gearing of the company. Debt coverage indicators of the company
too remain weak. Although the company has a good brand
recognition, inadequate scale of operations has resulted in
liquidity mismatch. Further, debtor collection period of the
company has increased substantially which has further strained the
liquidity position of the company. The profitability of the
company is also exposed to fluctuations in raw material prices as
the contracts are fixed price in nature.

Going forward, with the commissioning new plant, the scale of
operations of the company is expected to improve; however the
ability of the company to service its debt obligations in a timely
manner, gain new orders and improve its profitability and cash
flows will remain key rating drivers.

R K Electrical Industries (India) Private Limited was incorporated
in the year 1974 by Mr. R.K Sethi and is engaged in the business
of manufacturing wires and cables. The company's product profile
includes Low Tension power cable, control cables, instrumentation
cables, low tension Aerial bunched cables (ABC). The company also
manufactures Signalling and quad cables for Indian Railways.

SARAF AGENCIES: ICRA Assigns 'B+' Rating to INR153cr Term Loan
ICRA has assigned a long term rating of '[ICRA]B+' to the INR153
crore proposed term loan facility of Saraf Agencies Private

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits-      153      [ICRA]B+ assigned
   Term Loan (proposed)

The rating takes into account the lack of experience of SAPL's
promoters in the manufacture of titanium slag, and the exposure of
the company to execution and off-take risks given the early stage
of the company's upcoming titanium slag manufacturing project,
although ICRA notes that the recruitment of technically skilled
management and a project consultant mitigates the risks to some
extent. Additionally, the bank debt for the project is yet to be
tied up, which results in vulnerability to funding risks, with the
significant reliance on debt funding, given the budgeted project
gearing of over 2 times, further aggravating such risks. The
uncertainties associated with the ongoing litigation with SAPL's
erstwhile joint venture partners also have an adverse impact on
the rating as any unfavourable ruling may impact project execution
going forward. However, the rating draws comfort from the
strategic location of the project site in close proximity to a
source of the key raw material (ilmenite) required for the same,
which is expected to reduce inward freight costs, as well as the
high quality of ilmenite deposits in Odisha, which is likely to
provide a competitive advantage in the export market.

The eligibility of SAPL's project for tax and duty benefits, given
its location within a Special Economic Zone (SEZ) also has a
favourable impact on the rating. The promoters have already
infused over 25% of the budgeted equity contribution, which
demonstrates their commitment to the project.

SAPL, incorporated in June, 1965, is a part of the Forum Group,
promoted by S. M. Shroff, and his son, Rahul Saraf. The group is
primarily engaged in the business of real estate development and
caters to both the commercial and residential segments in Eastern
India. It has successfully undertaken construction of several
landmark projects in Eastern India, with a total built-up area of
approximately 17 lakh square feet, including the Forum Shopping
Mall in Kolkata, Forum Mart in Bhubaneshwar, Infinity and
Technopolis buildings at Salt Lake, Sector V in Kolkata among

Currently, SAPL is engaged in the development of a high purity
titanium slag plant, with a capacity of 36,000 tonnes per annum
(TPA), and a high purity pig iron plant, with a capacity of 20,000
TPA, in the "Titanium Park" SEZ located in Chhatrapur, Ganjam,
Orissa, at a cost of INR228 crore. A Chinese company, Beijing
Huipeng Weiye Industry & International Trade Co. Ltd. (HPWY), has
been appointed for provision of equipment and technical

Recent Results

During 2012-13 (provisional), the company posted an operating
income and profit after tax of INR4.35 crore and INR2.90 crore
respectively, primarily from rental and interest income. In 2011-
12, FPHPL recorded a profit after tax of INR4.71 crore on the back
of an operating income of INR4.17 crore, due to significant
interest income being received during the year.

SPRING MERCHANDISERS: ICRA Reaffirms 'B' Rating on INR5cr Loan
ICRA has revoked the suspension and reaffirmed an '[ICRA]B' rating
to the INR5.00 crore (earlier INR4.00 crore) cash credit facility
of Spring Merchandisers Private Limited.  ICRA has also reaffirmed
an '[ICRA]A4' rating to the INR7.50 crore (earlier INR5.50 crore)
non-fund based bank limits of SMPL, which includes INR2.00 crore
short term fund based facility. The total utilization of fund
based and non fund based limits should not exceed INR12.00 crore
(earlier INR6.75 crore) at any point of usage.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based Limits-      5.00     [ICRA]B; reaffirmed
   Cash Credit

   Non Fund Based Limits   7.50     [ICRA]A4;reaffirmed
   ILC/FLC/Buyer's Credit

The ratings continues to factor in SMPL's weak financial profile
characterised by decline in revenues, low profitability and cash
accruals arising from the limited value addition in the business
and stretched liquidity position as evident from augmenting
payables and consistently high usage of working capital
facilities. The ratings also consider the susceptibility of SMPL's
margin to fluctuation in raw material prices and foreign exchange
rates as SMPL imports majority of its raw material requirement.

Further, ICRA takes note of severe competition on account of
presence of a large number of players in both organised and
unorganised market.

The ratings, however, consider the experience of the promoters in
the non ferrous metal industry and the location advantage of being
present in Daman (Union Territory) wherein SMPL accrues the
benefit of Central Sales Tax exemption.

Incorporated in 1995, SMPL is a private limited company and is
engaged in trading and manufacturing of non ferrous metals (copper
alloys ingots, copper ingots, brass alloys ingots, brass ingots,
aluminum alloys ingots and zinc ingots). The company has a plant
in Daman (Union Territory) with an installed capacity of 12,840
metric ton per annum (MTPA).

Recent Results:

SMPL recorded a net profit of INR0.26 crore (provisional) on an
operating income of INR55.11 crore (provisional) as per
provisional financials for the year ending March 31, 2013.

TEXMO PIPES: ICRA Cuts Ratings on INR45.22cr Loans to 'BB'
ICRA has revised the rating assigned to the INR42 crore fund based
limits, INR3.13 crore term loans and INR0.09 crore unallocated
limits of Texmo Pipes and Products Limited from '[ICRA]BB+' to
'[ICRA]BB'.  The outlook on the long term rating is stable. ICRA
has also revised the short-term rating assigned to the INR30 crore
non-fund based limits of TPPL to '[ICRA]A4' from '[ICRA]A4+'.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund Based limits       42.00    Revised to [ICRA]BB(stable)
                                    from [ICRA]BB+(stable)

   Term Loans               3.13    Revised to [ICRA]BB(stable)
                                    from [ICRA]BB+(stable)

   Non-Fund Based limits   35.00    Revised to [ICRA]A4 from

   Unallocated limits       0.09    Revised to [ICRA]BB(stable)
                                    from [ICRA]BB+(stable)

The revision of ratings takes into the business slowdown in TPPL's
core business of PVC pipes in FY 2013 which has resulted in
marginal decline in revenues of the company and significant
deterioration in operating and net profits of the company during
the year. Further the liquidity position of the company remains
stretched as reflected by high utilization of fund based limits
and instances of devolvement of letter of credit. The ratings are
also constrained by the intensely competitive nature of
the pipes industry, TPPL's modest scale of operations and
susceptibility of its profitability to adverse movements in raw
material prices. Nevertheless, the ratings are supported by TPPL's
experienced management, long track record of promoters in the
pipes industry and its established distribution network.

TPPL was incorporated in July 2008, prior to which the business
was conducted through four different partnership firms namely Shri
Venkat Industries, Shri Padmavati Irrigation, Shri Mohit
Industries and Balaji Industries. In July 2008, Shri Mohit
Industries was converted into a limited company and its
name was changed to Texmo Pipes and Products Limited (TPPL). In
August 2008, TPPL signed a business transfer agreement with the
other three partnership firms for the purchase of assets and
liabilities of these entities. Thus the operations of all group
entities were consolidated in TPPL.

TPPL is involved in manufacturing of Polyvinyl Cloride (PVC) pipes
and High Density Poly Ethylene (HDPE) pipes which are used in
irrigation, agriculture, portable water supply, telecommunication
etc. In FY10, the company raised INR45 crore through Initial
Public Offering. The funds were deployed to increase the
manufacturing capacity of PVC pipes and expand into new product
categories. In FY11, the company has raised INR44.02 crore through
GDR. Currently, TPPL has an installed capacity of
46470 MT of PVC pipes and Suction Hose, 16734 MT of HDPE and drip
in line pipes and 3324 MT of injection moulding/fittings.

UNITED DECOR: ICRA Rates INR8cr Term Loan 'B+'
ICRA has revised the long-term rating for the INR8.00 crore
long-term fund based bank facility and INR8.00 crore term loan
facility of United Decor Options Private Limited, to '[ICRA]B+'
from '[ICRA]BB-'. The shortterm rating for the INR0.50 crore non-
fund based bank facility has been reaffirmed at '[ICRA]A4'.
Ratings of [ICRA]B+ and/or [ICRA]A4 have also been assigned for
the INR2.00 crore unallocated bank facilities of the company.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long-term fund          8.00     [ICRA]B+ Revised
   based facility

   Term Loan               8.00     [ICRA]B+ Assigned

   Short-term non-         0.50     [ICRA]A4 Reaffirmed
   fund based facility

   Unallocated facilities  2.00     [ICRA]B+ and/or [ICRA]A4

The rating revision factors in the decline in the operating income
of UDOPL in FY 13 following fall in export orders and
deterioration in capital structure following increase in debt
availed for property purchased. The ratings, further continue to
reflect the low, although improving, profitability of the
company due to trading nature of business and its tight liquidity
position as reflected by high bank limit utilization pattern. ICRA
notes that UDOPL is exposed to adverse movements in exchange rates
given its dependence on imports and exports. The ratings, however,
continue to favorably factor in the operational & financial
support received, from group companies engaged in related
businesses and the company's diversified product profile which
reduces sales concentration risks.

Incorporated in 2006, United Decor Options Private Limited, is
engaged in the trading of floorings, toiletries and personal care
items. The United group has three other companies viz; United
Distributors Inc. which is in import and distribution of food and
personal care items, Lifestyle Asia Pvt. Ltd. which imports &
distributes lifestyle products of reputed brands, and Singapore
International School.

UDOPL has its registered office at Opera House, Mumbai.

Recent Results

As per its audited financials for FY 12, UDOPL recorded a net
profit of INR0.73 crore on an operating income of INR89.99 crore.
As per the provisional financials for FY 13, the company reported
a net profit of INR0.66 crore on an operating income of INR78.94

VERSATILE ENGINEERS: ICRA Reaffirms 'BB-' Rating on INR3.5cr Loan
ICRA has reaffirmed the '[ICRA]BB-' rating to INR8.53 crore long
term bank facilities of Versatile Engineers. The outlook on long
term rating is stable. ICRA has also reaffirmed the '[ICRA]A4' to
INR0.06 crore short term non fund based facilities of Versatile

   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Long Term, Fund based    3.53     [ICRA]BB-(Stable) reaffirmed
   Limits-Term Loan

   Long Term, Fund based
   Limits-Cash Credit       5.00     [ICRA]BB-(Stable) reaffirmed

   Short Term, Non fund     0.06     [ICRA]A4 reaffirmed
   based limits- Bank

The ratings reaffirmation take into account established track
record of promoters in auto component industry with an experience
of over four decades in auto component manufacturing business and
long standing relationship with reputed OEMs like Mahindra &
Mahindra Limited (indirectly through group company), New Holland
Fiat (India) Private Limited and their Tier I suppliers. The
ratings are, however, constrained by the small scale of operations
in highly fragmented auto component machining industry; high
client concentration risk with top three clients contributing ~90%
of revenues and stretched cash flows on back of thin accruals and
leveraged capital structure. ICRA further notes that the firm
remains exposed to cyclicality inherent in auto industry though
majority of sales are derived from tractor segment which has been
relatively more resilient to economical cycles.

Versatile is a partnership firm engaged in providing machining for
ferrous casting. Firm was constituted in 1969 in Kolhapur with two
partners Mr. Vitthal Janwadkar & his son Mr. Prabhakar Janwadkar.
Firm was reconstituted on April 2004 with the retirement of Mr.
Vitthal Janwadkar and admission of Mr. Yatin Janwadkar (son of Mr

N E W  Z E A L A N D

MAINZEAL PROPERTY: Former Construction Site Up For Sale or Lease
Colin Taylor at The New Zealand Herald reports that the Wiri
construction yard of failed construction company Mainzeal is being
marketed for sale or lease through Savills.

"The site at 7 Bolderwood Place is owned by a private syndicate
and was used by Mainzeal from 1984 but the lease has now ended,"
the Herald quotes Savills broker Bruce Webb, who is marketing the
property for sale or lease with joint managing director Paddy
Callesen by private treaty closing on July 31.

"The exit of Mainzeal from the 1.2ha site opens up possibilities
for a new owner, a developer or a tenant," Mr. Webb said. "The
financial dynamics for the site are different from what they were
when it was occupied by Mainzeal. It means there is more scope for
a new owner or developer to change the use of the site and its

According to the report, Mr. Webb said a construction company
could buy the site and carry on using it as a yard or an
investor/developer might consider other uses, such as a unit
development or subdivision of the land into four separate freehold
titles as has been done on the neighbouring property.

Mainzeal, New Zealand's third-biggest construction company at the
time of its receivership, bought the site from Fletcher
Developments, which purchased 60ha in the 1970s and subdivided it
into industrial sites in the 1980s, the Herald notes.

The Herald says the yard was quickly established by Mainzeal,
which kept the block as an open-air site for construction
equipment until 2000 when it developed a tiered high- and low-stud
office and warehouse for truck maintenance to reduce the cost of
having vehicles repaired elsewhere.

The report relates that Mr. Callesen said after 24 years of
ownership Mainzeal sold the site in a sale and leaseback to the
private syndicate.

"It is now being offered as vacant and will be ideal for a
substantial horseshoe-shaped unit development or it could be
subdivided into four separate titles of about 3000sq m each as has
been done on the next-door site. Each freehold site was sold

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN discloses. Subcontractors are among the unsecured
creditors, says NZN.


* Large Companies with Insolvent Balance Sheets

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


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

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

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

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

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

                 *** End of Transmission ***