TCRAP_Public/130730.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

            Tuesday, July 30, 2013, Vol. 16, No. 149


                            Headlines


A U S T R A L I A

TAREE COMMUNITY: Goes Into Administration
ELITE CRANES: Faces Liquidation After Failing to Pay Debts
LM INVESTMENTS: Peter Drake Gets AUD26-Mil. Loan Before Collapse
M WEBB: Shaw Gidley Appointed as Liquidator


C H I N A

CHINA ZHENGTONG: Moody's Mulls Downgrade of Ba3 CFR
YUZHOU PROPERTIES: B1 CFR Unchanged Following Bond Issuance
* Fitch Says Small Stimulus Highlights Growth, Reform Challenges


H O N G  K O N G

CHINA METAL: HK Securities Commission Files Wind Up Application


I N D I A

ARAWALI PHOSPHATE: ICRA Reaffirms 'BB-' Rating on INR8.50cr Loans
BCC ESTATES: ICRA Downgrades LT Rating on INR25cr Loan to 'D'
ENGINEERS' GUILD: ICRA Rates INR4.95cr Fund Based Loans at 'B+'
FIREPRO SYSTEMS: ICRA Assigns 'B+' Long Term Rating
GARDENIA INDIA: ICRA Revises Rating on INR35cr Term Loan to 'B+'

GINNI FILAMENTS: ICRA Assigns 'BB-' Ratings to INR12.52cr Loans
K. C. FERRO: ICRA Assigns 'B' Ratings to INR23cr Loans
MEDICO REMEDIES: ICRA Reaffirms 'B+' Rating on INR5cr LT Loans
MINAXI TEXTILES: ICRA Reaffirms 'B+' Ratings on INR14.31cr Loans
ONEWORLD INDUSTRIES: ICRA Places 'BB' Ratings on INR58.83cr Loans

REFLEXIONS NARAYANI: ICRA Puts 'B+' Ratings on INR33cr Loans
SICO CERAMIC: ICRA Reaffirms 'B+' Ratings on INR5.82cr Loans
S.P. JAISWAL: ICRA Upgrades Ratings on INR62cr Loans to 'B'
SUMMER INDIA: ICRA Assigns 'D' Ratings to INR222.4cr Loans
SUMMER INDIA WEAVING: ICRA Rates INR21cr Term Loan at 'D'

SVE CASTINGS: ICRA Assigns 'BB' Ratings to INR13.46cr Loans


J A P A N

RENESAS ELECTRONICS: To Close Major Chip Plant in Tohoku Region


P H I L I P P I N E S

NATIONAL POWER: Moody's Eyes Possible Upgrade of Ba1 Rating
POWER SECTOR: Moody's Reviews Ba1 Ratings for Possible Upgrade


X X X X X X X X

* Moody's Notes Stable Rating Trend for Asian Non-Financial Corp.
* BOND PRICING: For the Week July 22 to July 26, 2013


                            - - - - -


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


TAREE COMMUNITY: Goes Into Administration
-----------------------------------------
ABC News reports that Taree Community College, a mid-north coast
Community College, has gone into liquidation after running into
financial difficulties.

The Taree Community College has provided adult education and
disability services to the Manning Valley for over 20 years.

The report notes that it is closing its doors July 26 and Chairman
Robert Hartup said the Board of directors was forced to make the
difficult decision to go into Administration.

The report relates that Mr. Hartup said a series of factors have
contributed to the College's financial difficulties.

"There have been changes to the way the education programs are
funded. . . . It's just a multiple of things that have worked
against us over a period of time. . . . I guess we've had a
downturn in student enrolment over the last year or two which has
also impacted upon us. . . . I guess also quantified by rising
costs for so many things that we deliver," the report quoted Mr.
Hartup as saying.

The report says that the welfare group The Samaritans said it is
prepared to help fill the gap left by the Taree Community College
closure.

The report relays that the charity's regional manager Roger
Bossmans said his greatest concern is for about 30 disabled people
who will no longer have a day placement to go to.

"We're actually going to a meeting with College and the funding
body on Tuesday where we will be introduced to families with other
service providers," the report quoted Mr. Bossmans as saying.

"We will do what we can to be able to take some of these clients
on and if some of these families would like to go to other
providers we're going to be happy to assist in them getting to
these other providers as well," Mr. Bossmans added, the report
notes.


ELITE CRANES: Faces Liquidation After Failing to Pay Debts
----------------------------------------------------------
Fairfax Media reports that Elite Cranes, a Brooklyn-based crane
company owned by prominent debt collector, Mick Gatto and business
partner Matt Tomas, is on the brink of collapse after failing to
pay its own debts to a subcontractor.

The news agency relates that Elite Cranes faces a liquidation
order in the Supreme Court next month over the failure to settle a
AUD67,057 debt with another crane-hire company APAC Cranes.

In October last year, the Magistrates Court ruled that Elite
Cranes owed the money to creditors of APAC Cranes, which was
placed into administration in 2011 with debts of more than
AUD1 million, Fairfax Media recalls citing documents lodged with
the Australian Securities and Investment Commission.

According to the report, Mr. Gatto resigned as a director and
secretary of the company in December 2012, but remains a
50 per cent shareholder in the embattled crane hire business.

Mr. Gatto, who was granted a boxing promoter's licence in May,
told Fairfax Media he was not involved in the daily operations of
Elite Cranes, which are handled by his business partner,
Mr. Tomas.

The Supreme Court has ordered Elite Cranes to pay the debt by
August 7, the report notes. If Elite Cranes refuses to pay, a
liquidator will be appointed to review the company's records and
determine what assets can be sold to pay off creditors, according
to Fairfax Media.

Fairfax Media relates that building industry sources said Elite
Cranes has also failed to pay union fees on behalf of its
employees to the Construction, Forestry, Mining and Energy Union.

Mr. Gatto insisted the debt would be paid before the deadline, but
did not explain the delay, the report adds.


LM INVESTMENTS: Peter Drake Gets AUD26-Mil. Loan Before Collapse
----------------------------------------------------------------
Michael West of BusinessDay reports that Peter Drake gave himself
a AUD26 million loan before his mortgage fund empire, LM
Investments, collapsed in March.

Adding this to other loans, including a AUD16 million loan to a
Hong Kong company controlled by the Kiwi-born businessman, and it
appears that Drake owes LM at least AUD46 million and is headed
for bankruptcy, the report relays.

According to the report, Mr. Drake brought a defamation action
against Fairfax Media and the author of this story before the
collapse of his AUD3 billion fund empire. Fairfax is defending the
claim.

The AUD26,473,875 loan to Mr. Drake has come to light in a report
on the affairs of LM Administration (LMA) by the administrators to
Mr. Drake's stable of companies, FTI Consulting.

BusinessDay says this was the largest loan among the
AUD30.2 million identified by the administrators as payments to
related parties of Mr. Drake and to Drake himself. It is not
specified by the administrators when the loans were made and the
FTI administration report says legal proceedings have commenced to
recover the money, relays BusinessDay.

"We have estimated that there will be nil recoveries in
pessimistic scenario, with recoveries unknown in optimistic
scenario," the administrator's report says, BusinessDay reports.

BusinessDay relates that sources said Mr. Drake was likely to
appoint a trustee in bankruptcy.

"Formal loan agreements were not entered into for any of these
loans and to date none of the loans have been repaid to the
company, however the parties did acknowledge the loans were
payable on demand," according to the the administrator's report
obtained by BusinessDay.

"Our investigations indicate the company's financial difficulties
can be attributed to . . . excessive loan amounts to and payment
of personal expenses of related parties of the director and the
director himself."

BusinessDay says the revelation of Mr. Drake loans presents
further anguish for the investors in his LM funds. With their
savings already frozen, they face diminishing returns on their
already dwindling investments.

LMA, whose sole director and shareholder is Drake, also received
AUD14 million in "pre-paid income" from five other LM funds,
including the flagship LM First Mortgage Income Fund, BusinessDay
reports.

In 2010 and 2011, as LM's funds were frozen and as its financial
position deteriorated, the gross income of LMA -- the company
which made the AUD26 million loan to Mr. Drake -- increased by
118 per cent, from AUD9.5 million to AUD20.8 million, "mainly due
to a 200.49 per cent increase in management fees".

Now LMA is insolvent, and although it has total assets of
AUD31.6 million, they include the loans to Mr. Drake, whose
prospects of recovery are not compelling.

LMA, which is trustee of the Ekard Property Trust (Drake spelt
backwards), counts among its other assets two properties on South
Stradbroke Island, and it also owns four cars and leases one,
including a Lexus and a Mercedes, BusinessDay notes.

Also included in the report on LMA is the administrator's
investigation of Mr. Drake's personal financial position, adds
BusinessDay.

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).


M WEBB: Shaw Gidley Appointed as Liquidator
-------------------------------------------
The Land reports that M. Webb Bros. Pty Ltd, trading as Webb
Brothers Property and Livestock, has gone into liquidation.

The Land relates that creditors resolved to liquidate the well-
known real estate, livestock and rural merchandise business on
July 10, and on the same day the NSW Department of Fair Trading
appointed Scott Newton of Shaw Gidley Insolvency and
Reconstruction, Port Macquarie, to manage the liquidation process.

Under the liquidation process, the remaining divisions of the
company would be offered for sale and all other assets realised,
as well as outstanding debts pursued, and the proceeds distributed
among creditors, according to the report.

The Land relates that Mr. Newton said the business would continue
to trade through the liquidation process, with minimal affect on
its clients.

According to the report, Mr. Newton said the respective divisions
of the business would be offered for sale during the coming weeks,
with the process having begun for the Taree office of the real
estate division.

Mr. Newton said the balance of the company's operations, including
its real estate business in Gloucester and rural merchandise store
in Gloucester, would be placed on the market in coming weeks, the
report relays.

The livestock division of the business had already been taken over
by a new entity, Taree Gloucester Live-stock Pty Ltd, the report
adds.

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



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


CHINA ZHENGTONG: Moody's Mulls Downgrade of Ba3 CFR
---------------------------------------------------
Moody's Investors Service has placed the Ba3 corporate family
rating of China ZhengTong Auto Services Holdings Limited on review
for downgrade.

Ratings Rationale:

"The rating review is mainly driven by our concerns over the
company's weak liquidity and its increasing refinance risk, as
well as its heavy reliance on short-term debt financing and the
absence of clear take-out plans," says Chenyi Lu, a Moody's Vice
President and Senior Analyst.

"ZhengTong has loans of approximately RMB1.0 billion maturing on
November 16, 2013 and RMB1.2 billion on March 11, 2014. At this
stage, the company does not have adequate cash to pay off its
maturing debt. The company is currently pursuing various
refinancing options, but hasn't managed to conclude the
refinancing up to date," adds Lu, who is also Lead Analyst for the
company.

Moody's views ZhengTong's heavy reliance on short-term financing
and the close proximity of its debt maturities as materially
credit negative for its credit profile. If the company again uses
short-term loans to refinance its upcoming maturities or if
Moody's does not view the terms of any refinancing as
satisfactory, then its ratings will be under immediate pressure
for downgrade.

Moody's review will focus on ZhengTong's: (1) ability and plans to
refinance its short-term debt expeditiously and on satisfactory
terms, and (2) business operations in light of slower growth in
the luxury car market in China and resultant the impact on its
credit profile.

The principal methodology used in this rating was the Global
Automotive Retailer Industry Methodology published on December
2009.

Incorporated in 1999 and headquartered in Beijing, ZhengTong is a
leading car dealership in China, with a focus on the luxury and
ultra-luxury car market. The company has operations in 13
provinces, covering 29 cities in the top tier coastal cities, as
well as in the fast-growing second- and third-tier cities in
central and north China. It listed on the Hong Kong Stock Exchange
in December 2010.


YUZHOU PROPERTIES: B1 CFR Unchanged Following Bond Issuance
-----------------------------------------------------------
Moody's Investors Service says that it does not see any immediate
impact on the B1 corporate family and B2 senior unsecured debt
ratings and the stable outlook of Yuzhou Properties Company
Limited, following its issuance of bonds to China Life Insurance
Co Ltd (A1 stable) for HK$1.5 billion.

The company plans to use the proceeds from the issuance to
refinance its existing debt.

"The issuance will enhance Yuzhou's liquidity profile and improve
its debt maturity profile," says Lina Choi, a Moody's Vice
President and Senior Analyst.

The bond issuance -- along with the syndicated loan facility of
$101.8 million (RMB600 million) that Yuzhou signed on April 30 --
will boost Yuzhou's cash on hand, which was approximately RMB4.3
billion as of March 2013. This situation will in turn strengthen
its ability to refinance its short-term maturing debt of RMB2.3
billion and pay its committed land premium of RMB2.8 billion.

Furthermore, the bonds will lengthen the company's debt maturity
profile, as they have a tenor of six years.

"Yuzhou's debt leverage will not increase substantially as a
result of the bond issuance and will remain at a level appropriate
for the B1 rating," Choi says.

Since the proceeds will be used for repayment of existing debt,
Moody's expects Yuzhou's credit metrics -- adjusted debt/total
capitalization of around 55-60% and EBITDA/interest coverage of
3.0x-3.5x in the next 12-18 months -- to remain commensurate with
its rating level.

The bonds require the chairman of the company, who is also the
major shareholder, to pledge 23.99% of his shareholdings as
security. Moody's views this requirement as credit negative for
Yuzhou because the major shareholder, who currently has a 75%
stake, has to maintain a shareholding of at least 51% under
existing bond obligations and this China Life bonds.

For the first six months of 2013, Yuzhou's contract sales were
RMB5.7 billion, equal to around 71% of its full-year target of
RMB8 billion and 50% higher the same period a year ago. Such
success would encourage the company to replenish its land
holdings, including the RMB1.3 billion Jiading land acquisition in
early July 2013. Moody's will continue to monitor the company's
land acquisitions pace closely.

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

Yuzhou Properties Company Limited is a Fujian-based developer that
focuses on residential housing in Xiamen. It had a small land bank
(with a legal title) of around 8.5 million square meters in gross
floor area at end-May 2013. Of this land bank, 31% is in Xiamen;
24% in Hefei; 15% in Quanzhou; and the rest is spread across
Bengbu, Shanghai, Tianjin, Fuzhou, Longyan and Zhangzhou.


* Fitch Says Small Stimulus Highlights Growth, Reform Challenges
----------------------------------------------------------------
The limited size and scope of the stimulus measures announced by
China's State Council July 24 is in line with the relatively
cautious and targeted approach to stimulating the economy seen so
far this year, Fitch Ratings says. The Chinese authorities are
currently refraining from deploying large-scale stimulus of the
kind previously used to contain the impact of the global financial
crisis on growth.

Recourse to credit-fuelled, investment-led stimulus, as was seen
in the second half of last year, would exacerbate the structural
weaknesses in the economy, which would be credit negative. The key
structural economic weaknesses are reliance on investment to drive
growth and an associated run-up in leverage, both of which are
unsustainable in the longer term.

"We expect the Chinese economy to grow at 7%-7.5% out to 2015 (we
cut our forecast for 2013 to 7.5% from 8% in our June Global
Economic Outlook), consistent with our base case of a gradual
rebalancing as outlined in recent comments from China's senior
leadership. Continued consumption growth even at the bottom end of
the range seen in 2006-2012 can help maintain this growth rate
even if investment growth slows. Furthermore, the labour market
has so far remained resilient as growth has come down to about
7.5%, helping maintain social stability," Fitch says.

The measures announced on July 24 included temporary tax cuts for
businesses with sales of less than RMB20,000, and moves to
simplify administration and approvals for exporters, along with
initiatives to support railway financing. The focus on small and
medium-size enterprises may be a response to the slowdown in SME-
related manufacturing seen in recent months (SMEs have a heavier
weight in in the HSBC/Markit PMI Index, which recorded a
preliminary reading of 47.7 in July - the third straight month
that the reading has been below the 50 level that indicates
contraction). Evidence of weakness in activity has emerged despite
continued credit growth, suggesting that incremental growth
generated from credit has weakened.

The recent scrapping of the loan rate floor for bank lending
suggests that the new administration headed by Xi Jinping and Li
Keqiang has some appetite for structural reform, although the
impact of this specific measure will probably be small as few
loans were priced at the floor. Additional financial reform could
help facilitate rebalancing by ensuring capital is priced in line
with market forces, discouraging less productive investments.
Appropriate fiscal reform could also reduce the need for local
governments to borrow via shadow banking channels.

"We downgraded China's Local-Currency Issuer Default Rating to
'A+' from 'AA-' in April, reflecting the growth of general
government indebtedness - driven at the local government level -
since 2008, and our concern over risks to China's financial
stability because of continued rapid credit growth. The Outlooks
on the LC IDR and on China's 'A+' Foreign Currency IDR, which is
supported by the strength of the sovereign's foreign currency
balance sheet, are Stable," Fitch states.

A repeat of the much bigger stimulus programmes of recent years
would exacerbate the economy's structural weaknesses and put
pressure on the ratings, as would a significant and sustained
slowdown in growth that led to a rise in unemployment and
intensified social and political unrest. Conversely, if economic
rebalancing proceeds smoothly over the next 12-18 months and we
became confident that the hangover from the 2009-2010 credit surge
is under control, this could ultimately lead to an upgrade,
although this is unlikely within our two-year Outlook horizon.



================
H O N G  K O N G
================


CHINA METAL: HK Securities Commission Files Wind Up Application
---------------------------------------------------------------
South China Morning Post reports that the Securities and Futures
Commission has filed an application with the High Court to wind up
Hong Kong-listed China Metal Recycling (CMR), which an American
short-seller accused of fraud earlier this year.

SCMP relates that the securities regulator wants the court to
appoint a liquidator to manage the firm's assets, a source
familiar with the situation said.

"The regulator's action is aimed at preventing any assets being
misappropriated," the source, as cited by SCMP, said.

According to the report, lawmaker Ronny Tong Ka-wah, a senior
counsel, said the law allowed the SFC or the financial secretary
to apply for a court order to wind up a company if they believed
doing so was in the public interest.

SCMP says trade in the company's shares has been suspended since
January, when a report by Glaucus Research Group accused it of
faking its financial statements.

China Metal Recycling (Holdings) Limited is engaged in the
recycling, processing and marketing of metals, including ferrous
and nonferrous metals, which are the raw materials for a wide
range of metallic end-products. The Company collects scrap steel,
scrap copper and other scrap metals and processes them using
advanced equipment to produce recycled scrap metals. The metals
are classified as ferrous metal, namely iron and steel; non-
ferrous metal, including copper and aluminum, as well as other
materials, including ores, scrap plastic and others.



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


ARAWALI PHOSPHATE: ICRA Reaffirms 'BB-' Rating on INR8.50cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]BB-' assigned to the
INR8.5 crore (enhanced from INR6.5 crore) fund based bank limits
of Arawali Phosphate Limited. The outlook on the long term rating
is 'Stable'.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long-term fund-         8.50     [ICRA]BB- (Stable) reaffirmed
   based limits

The rating reaffirmation factors in the vulnerability of APL's
profitability to agro climatic & regulatory risks associated with
the fertiliser business; customer concentration risk towards
Chambal Fertilizers & Chemicals Limited; high financial risk
profile of APL characterised by high gearing, tight liquidity
position & modest debt coverage indicators. Nevertheless the
rating positively factors in APL's established track record in the
SSP business, proximity to indigenous source for rock phosphate
and healthy growth prospects for SSP industry in India due to
policy impetus to stimulate demand and improved subsidy structure.

Arawali Phosphate Limited was established in 2000 and is engaged
in the manufacture of Single Super Phosphate (SSP) Fertilizer. The
company's plant is located in Umarda, Udaipur with a capacity of
66,000 tpa (200tpd). The company initially started operations with
a capacity of 100 tpd (33,000 tpa), which was subsequently
expanded to the present level. The company undertakes sales
through marketing arrangement with Chambal Fertilisers & Chemicals
Limited.

Recent Results

As per provisional and unaudited results for FY13, the company
reported a turnover of INR25.11 crore and a net profit of INR0.40
crore as against a turnover of INR25.10 crore and net profit of
INR0.38 crore achieved in FY12.


BCC ESTATES: ICRA Downgrades LT Rating on INR25cr Loan to 'D'
-------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR25.00
Crore bank facilities of BCC Estates Private Limited from
'[ICRA]BB+' to '[ICRA]D.

The rating revision takes into account instances of delays in debt
servicing since February 2013 on account of cash flow mismatches
resulting from steep decline in cash cover from 1.2 times to 0.5
times as the Company was unable to renew leave and license
agreement with one of the two tenants. Further, despite the elapse
of three months since this event in March 2013, the Company has
been unsuccessful at securing a tenant for this floor given the
continued sluggishness in commercial real estate market of Mumbai,
which is also reflected in continued vacancy in part of the
leasable space since last 5 years. Thus, the already low occupancy
level of 66% has now declined to 33%, thereby making the monthly
cash inflows insufficient for debt servicing as reflected in cash
cover of 0.5 times. Further, the sole remaining tenant has also
negotiated a 25% downward revision in rent from December 2012
onwards upon renewal of the agreement, thereby further weakening
the cash flow profile. Notwithstanding the attractive location of
the property, the low occupancy levels are expected to keep the
cash flows under pressure.

Going forward, BEPL's ability to lease out two vacant floors at
satisfactory rentals while retaining current tenant, and timely
funding support from the promoters in the interim will be crucial
for timely debt servicing.

BCC Estate Private Limited is promoted by Bhatia Group of Indore,
and owns three floors covering an area of about 40,000 square feet
in Viraj Tower, which is located on Western Express Highway,
Andheri (East) Mumbai. Out of the three floors owned by BEPL, two
floors were given on leave & license basis to Religare Reality
Limited (RRL) and Hyundai Merchant Marine Private Limited.
However, from April 2013 onwards, RRL has vacated the floor, and
now only one out of three floors owned by BEPL is leased out to
HMMPL.


ENGINEERS' GUILD: ICRA Rates INR4.95cr Fund Based Loans at 'B+'
---------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR4.95 crore cash
credit facility of Engineers' Guild. ICRA has also assigned an
'[ICRA]A4' rating to the INR5.00 crore non-fund based bank
facilities of EG.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Fund Based Limits         4.95     [ICRA]B+ assigned
   (Cash Credit)

   Non Fund Based Limits     5.00     [ICRA]A4 assigned
   (Bank Guarantee)

The assigned ratings take into the small scale of current
operations of the firm despite consistent top-line growth over the
past few years, highly competitive nature of the construction
industry wherein business is procured on tender based contract
awarding system, which keeps margins of all the players including
EG under check, and high geographical concentration risks arising
from operations being concentrated in the state of Assam only.

The ratings also factor in the vulnerability of its profitability
to the movement in the raw material prices because of the absence
of price escalation clause in its work orders and the strained
liquidity position as reflected by the high utilization of the
working capital limits, risk of which is accentuated on account of
growing scale of operations that would entail increased working
capital requirements given the current healthy order book
position.

The ratings, however, derives comfort from the long track record
of the partners in the construction business, its status as a
Class - 1(A) contractor with Public Works Department (PWD),
enabling EG to bid for all contracts floated by the department
within the state of Assam and consistent growth in profit margins
over the past few years. The return on capital employed of the
firm has also remained comfortable over the years. ICRA also notes
that EG is a partnership firm and any significant withdrawal of
capital would affect its net worth and may have an adverse impact
on the capital structure.

Established in 1996, EG is engaged in the construction and
maintenance of roads, bridges and buildings for various Government
departments in the state of Assam. The firm is registered as a
Class - 1(A) contractor with Public Works Department (PWD), Assam.

Recent Results

The firm reported a net profit of INR0.60 crore (provisional) on
an operating income of INR13.58 crore (provisional) in 2012-13; as
compared to a net profit of INR0.38 crore on an operating income
of INR9.80 crore in 2011-12.


FIREPRO SYSTEMS: ICRA Assigns 'B+' Long Term Rating
---------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' and short
term rating of '[ICRA]A4' to the INR290 Crore* bank lines of
Firepro Systems Private Limited.

                           Amount
   Facilities             (INR Cr)   Ratings
   ----------             --------   -------
   Long term and short      290      [ICRA]B+/[ICRA]A4 (Assigned)
   Term-Fund based and
   non fund based limits

Rating Rationale

ICRA's rating is constrained by the large amount of old debtors
and as well as large investments of the company its subsidiaries,
whose performance has been modest in last few years and write off
of the same could result in further erosion of the net worth.

Ratings are also constrained by the competitive nature of the fire
safety system integration industry and exposure of the company to
prospects of commercial and residential real estate projects and
associated long working capital cycles; and geographic
concentration risk arising out of its large presence mainly being
in Bangalore.

At the same time ICRA favorably factors in acquisition of majority
stake by Panasonic Corporation (Moody's Baa3) and its Indian
subsidiary last year, resulting in considerable infusion of equity
and access to bank funding, considerable execution track record of
the company in fire safety field in various prestigious projects
in residential, commercial and infrastructure fields over the
years; and company's present order-book, wherein it is expanding
its scope of operations, giving better visibility on the revenue
growth. ICRA also notes the steps being taken by the management to
improve the internal control systems, which is expected to improve
cash flow from operations and consistent improvement in the same
is the key rating sensitivity.

Firepro Systems Private Limited was incorporated in 1992 by its
chairman and Managing Director Mr. NS Narendra in Bangalore. It
takes system integration and turnkey contract projects mainly in
fire safety industry as well as security automation and
surveillance systems. It also expanded its geographic scope to
Australia, Middle East Asia, Malaysia, Germany and Singapore
through its subsidiaries. In 2012 its majority stake was acquired
by Panasonic Corporation and its Indian subsidiary Anchor
Electricals Private Limited.

In FY-2013 (9 months) it recorded INR107 Cr revenues and INR54 Cr
net loss.


GARDENIA INDIA: ICRA Revises Rating on INR35cr Term Loan to 'B+'
----------------------------------------------------------------
ICRA has revised the long term rating to '[ICRA]B+' from
'[ICRA]B-' assigned to INR35.00 crore term loan of Gardenia India
Limited.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               35.00    Revised to [ICRA]B+

The rating is constrained by the high market risk faced by the
company for its projects given the sales achieved so far in its
residential projects, especially Gardenia Gateway and the slowdown
in the real estate industry amid the high interest rate scenario.

The rating also factors in the relatively high execution risk for
its projects which are in early stage of development, especially
Gardenia Gateway which is significantly larger than the size of
projects completed in the past and the risk of funding shortfall
in case of low sales and/or low collection from customers.

The rating also takes into consideration its high gearing of ~2.9
times as on December 31, 2012, subdued debt coverage indicators
and corporate guarantees of INR157 crore given by GIL for projects
of its group companies. On the other hand the ratings continue to
derive strengths from GIL's experienced promoters, GIL's
established track record in the real estate industry (especially
residential housing) and regular funding support from the
promoters for its projects.

The rating also takes into consideration the financial closure of
its projects with the sanction of term loan for its projects.

Gardenia India Limited was founded by Mr. Manoj Kumar Ray &
Mr. Sanjeev Sharma in January 2007. GIL is involved in real estate
development activities and is an ISO 9001:2000 certified company.
Prior to setting up GIL, its promoters had been involved in real
estate industry for more than a decade. GIL has completed a number
of projects in past and is involved in development of few projects
primarily in National Capital Region.

Recent Results

The company has reported operating income and profit after tax of
INR150.76 crore and INR6.90 crore respectively in FY2012. For
9MFY2013 (provisional) company has reported operating income of
INR112.48 crore and profit after tax of INR6.95 crore.


GINNI FILAMENTS: ICRA Assigns 'BB-' Ratings to INR12.52cr Loans
---------------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]BB-' to INR12.52
crore debentures of Ginni Filaments Limited. The outlook on long
term rating is stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Non-Convertible         12.17    [ICRA]BB- (stable)
   Debentures

   Zero Rate Debentures     0.35    [ICRA]BB- (stable)

The assigned rating takes into account diversified product
portfolio of GFL within textiles industry having different demand
drivers and raw materials, improvement in margins and cash
accruals in FY2013 on the back of improved demand for cotton yarn
amid limited increase in cotton prices and its established market
position in spunlace non-woven fabric industry which has
applications in personal care industry and medical industry.

ICRA has favorably considered healthy growth prospects for wipes
in the domestic market which is growing at ~20-25% annually in
volume terms. While assigning the rating, ICRA has considered
improvement in GFL's financial performance during FY2013 marked
with higher operating profitability and resultant cash accruals on
the back of improved demand for cotton yarn amid limited increase
in cotton prices. The higher profitability has also been
contributed by non-woven fabric and wipes division.

The rating is also supported by company's track record in spinning
business and promoters' long standing experience in textiles
industry with established market presence. The rating is, however,
constrained on account of majority of revenues emanating from
commodity products like cotton yarn and non-woven fabric which are
highly competitive thus keeping profitability under check over
long term, high working capital requirements partly due to
seasonal availability of major raw material cotton and
vulnerability to policy level decision of China on release of
cotton reserves at lower prices and curbing yarn imports. Due to
commodity nature of products, the pricing power of GFL is limited
while competitive intensity remains high.

The rating also factors in, the vulnerability of GFL's earnings in
near term to any adverse policy decision by China on its cotton
procurement policy, whereby China has imposed 40% import duty on
cotton imports and also offering high support prices for cotton to
its farmers. As a result of high domestic cotton prices as well as
high import duty on cotton, Indian mills have seen a strong demand
for cotton yarn from China whereas the cotton exports to China
remained subdued. With subdued cotton exports, the Indian mills
have witnessed a limited increase in cotton prices in relation to
increase in yarn prices and hence the profitability will remain
susceptible to China's policy on release of cotton reserves as
well as domestic cotton prices.

The revenues from GFL's value added segments like fabric and
garments declined by 12-13% in FY2013 albeit on lower base. The
financial risk profile of GFL is modest with high indebtedness on
account of debt funded capital expenditure in the past and high
working capital requirements. The company had to restructure its
debt obligations in FY2009 due to large forex losses and weak
liquidity.

GFL incurred large losses in FY2008, FY2009 and FY2012 due to
which it carries accumulated losses of INR46.17 crore as on
March 31, 2013. Since GFL derives ~58% of its revenues through
exports, the depreciation of Indian Rupee (INR) is expected to be
beneficial in near term; however its earnings will remain exposed
to movement in foreign exchange rates.


K. C. FERRO: ICRA Assigns 'B' Ratings to INR23cr Loans
------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR15.00
crore term loans and INR8.00 crore cash credit facilities of 'K.
C. Ferro & Rerolling Mills Private Limited'.

                               Amount
   Facilities                 (INR Cr)   Ratings
   ----------                 --------   -------
   Fund Based Long term-        15.00    [ICRA]B Assigned
   Fund Based-Term Loans

   Long term-Fund Based-         8.00    [ICRA]B Assigned
   Cash Credits

The assigned ratings are constrained by limited operational track
record of the company and weak financial risk profile as reflected
in loss making operations, highly leveraged capital structure and
tight liquidity position.

The ratings are further constrained by susceptibility of
profitability to volatility in raw material prices as well as
increasing competitive pressures. The assigned ratings however
favorably factor in the long standing experience of the promoters
in the steel industry, locational advantages by virtue of
proximity to several real estate projects in the nearby areas as
well as the operational synergy achieved through its group
companies in terms of raw material sourcing and business
development since they cater to similar industry.

K. C. Ferro & Reroling Mills Private Limited was established in
2008 with an objective to engage into TMT bars manufacturing
activity. The company is primarily engaged into manufacturing of
Thermo Mechanically Treated (TMT) bars with size ranging from 8MM
till 32MM. Mr. Pawan Agarwal who has a relevant experience of 22
years in steel industry is the chairman and managing director of
the company along with directors namely Mr. Neeraj Agarwal and Mr.
Mohender Garg who have a relevant experience of ~5 years in steel
industry.

Recent updates:

As per FY13 provisional statement shared by company, the company
has achieved a turnover of approximately INR11.27 crore and
operating profit of approximately INR-0.68 crore.


MEDICO REMEDIES: ICRA Reaffirms 'B+' Rating on INR5cr LT Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR5.00
crore (enhanced from INR2.00 crore) long term fund based limits of
Medico Remedies Private Limited. ICRA has also reaffirmed the
'[ICRA]A4' rating assigned to the INR4.00 crore, short term non-
fund based limits of the company.

                            Amount
   Facilities              (INR Cr)   Ratings
   ----------              --------   -------
   Long-term, fund-          5.00     [ICRA]B+ reaffirmed
   based facilities

   Short-term, non-fund      4.00     [ICRA]A4 reaffirmed
   based facilities

The ratings continue to reflect the vast experience of the
promoters in the formulation manufacturing industry which has
aided the company in forging strong relations with MRPL's key
clients. The company has recorded a healthy growth in revenues
over the last two years, on account of expansion of its exports to
new geographies and favorable currency movement. However, MRPL has
no formal hedging policies, which exposes the company to currency
fluctuations. The financial profile of the company is
characterised by moderate coverage and gearing indicators.
Nonetheless, the presence of strong competition in the semi-
regulated markets has resulted in a decline in the operating
profit margins, since MRPL is unable to pass on the increase in
raw material costs to its customers. This coupled with the
increase in scale has resulted in a higher working capital
requirement for the company. Nonetheless, the support from the
promoters in terms of unsecured loans and equity infusion provides
comfort to an extent. The capacity expansion being undertaken by
the company to manufacture beta-lactum antibiotics is likely to
boost growth in the future and the timely commencement of the same
will remain a key to the future growth.

Medico Remedies Private Limited, a family owned organisation, was
incorporated in 1994, when the company took over the formulations
unit of Syncom Formulations India Private and in 2000 transferred
the registration of the company in the name of the promoters. The
company is primarily engaged in the manufacturing of
pharmaceutical formulations for generics, which is supplied in the
domestic market as well as international market, comprising mainly
of the semi-regulated markets. The company manufactures tablets,
capsules and dry syrups from its WHO GMP certified plant located
in Palghar, Thane.

Recent Results

For the twelve months ending March 31, 2013, MRPL reported profit
after tax (PAT) of INR0.48 crore (unaudited) on an operating
income of INR33.74 crore (unaudited) as compared to a PAT of
INR0.27 crore on an operating income of INR20.10 crore for the
twelve months ending March 31, 2012


MINAXI TEXTILES: ICRA Reaffirms 'B+' Ratings on INR14.31cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR11.50 crore
cash credit facility and INR2.81 crore term loan facility of
Minaxi Textiles Limited. ICRA has also reaffirmed the '[ICRA]A4'
rating to the INR0.55 crore non-fund based limits of MTL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               2.81     [ICRA]B+ reaffirmed
   Cash Credit            11.50     [ICRA]B+ reaffirmed
   Letter of Credit        0.30     [ICRA]A4 reaffirmed
   Bank Guarantee          0.25     [ICRA]A4 reaffirmed

The assigned ratings are constrained by MTL's relatively modest
scale of operations, vulnerability of its profitability to adverse
fluctuations in raw material prices and its presence in highly
fragmented and competitive industry leading to pressure on
margins. The ratings are further constrained by working capital
intensive nature of MTL's operations leading to high limit
utilizations and current capex plans of the company which is
expected to stretch the capital structure of the company.

The assigned ratings, however, positively considers the
established track record of the company along with extensive
experience of the promoters in the textile sector and favorable
location of the company in the textile manufacturing & processing
hub giving it easy access to a large customer base. The rating
also takes into account the strong operating income growth of the
company (~44% CAGR) in the past 4 years, backed by increased
production capacity and rising capacity utilization levels.

Minaxi Textiles Limited was established in 1995. It is engaged in
weaving of cotton yarn to produce grey cloth. The business is
primarily managed by Mr. Bharat Patel, Mr. Dinesh Patel, Mr. Kirit
Patel and Mr. Nirmal Patel. The manufacturing facility of the
company is located at Chhatral (Gujarat) with an installed
capacity to manufacture 32.30 lakh meters of grey cloth per annum.

Recent Results

During FY 2013, the company reported a profit after tax of INR1.17
crore on an operating income of INR37.82 crore as against profit
after tax of INR0.69 crore on an operating income of INR26.44
crore in FY 2012.


ONEWORLD INDUSTRIES: ICRA Places 'BB' Ratings on INR58.83cr Loans
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR58.83 Crore fund
based bank facilities of Oneworld Industries Private Limited. ICRA
has also assigned '[ICRA]A4+' rating to INR20.00 Crore short term
non fund based facilities of OIPL, which is a sub limit of the
long term fund based limits. The outlook assigned to the long term
rating is Stable.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   LT Scale-Fund Based        3.83     [ICRA]BB (Stable) Assigned
   Limits-Term Loan

   LT Scale-Fund Based       55.00     [ICRA]BB (Stable) Assigned
   Limits-Cash Credit

   ST Scale-Non Fund Based  (20.00)    [ICRA]A4+ Assigned
   Limits-Letter of Credit

The assigned ratings factor in its established and reputed client
base along with the management`s reasonable track record in
trading of fabric. The ratings are however, constrained by OIPL's
weak profit margins arising from the predominantly trading nature
of operations, its stretched liquidity profile and weak coverage
indicators. While the capital structure remains leveraged, a
notable part of debt comprises of interest free unsecured loans,
which by virtue being subordinate to bank debt provides a source
of comfort.

Oneworld Industries Private Limited is a private limited company,
established in the year 2012 to take over the assets and
liabilities of Roshvil Enterprises with effect from April 22,
2013. RE is engaged in business of trading of various types of
fabric textile materials in bulk quantity.  The company has its
head office at Lower Parel, Mumbai and a leased warehouse at
Bhiwandi.

Recent results:

As per the consolidated financials of Roshvil Enterprises and
Oneworld Industries Private Limited, OPIL recorded a net profit of
INR4.86 Crore (consolidated) on an operating income of INR678.66
Crore for the year ending March 31, 2013.


REFLEXIONS NARAYANI: ICRA Puts 'B+' Ratings on INR33cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR33.00
crore fund based bank facilities of Reflexions Narayani Impex
Private Limited. ICRA has also assigned a short term rating of
'[ICRA]A4' to INR4.00 crore fund based  bank limits of RNIPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loans              18.60    [ICRA]B+ assigned
   Overdraft Facility      14.40    [ICRA]B+ assigned
   Packaging Credit         2.00    [ICRA] A4 assigned
   Foreign Bill Purchase    2.00    [ICRA] A4 assigned

The ratings are constrained by RNIPL's exposure to high client
concentration risk, with a single client accounting for 81% of the
Operating Income (OI) in financial year 2012-13 (FY13). ICRA notes
that discontinuation of business with a similar large client in
2010 led to a sharp drop in turnover in FY10 and FY11, resulting
in operating losses.

The ratings also take into account the high working capital
intensity of operations on account of a high inventory holding
period; exposure to exchange rate fluctuations due to high
reliance on exports, albeit partially mitigated by import of key
raw materials and depressed levels of coverage indicators despite
a low gearing.

The ratings however, draw comfort from the established track
record of the company in the leather industry; repeat orders from
reputed clientele in the leather goods segment which provides
revenue visibility in the near term and high net profitability in
the last two years supported by lease rentals from reputed tenants
for the commercial space developed by the company.

Going forward, the ability of the company to scale up its
operations, while maintaining its profitability and managing its
working capital requirements would be key rating sensitivities.

RNIPL, promoted by Mr. Satyabrata Mukherjee was incorporated in
1994 and is engaged in the manufacture and exports of leather
products like wallets/ purses, bags, passport holders, luggage
ware etc for both men and women. The manufacturing facility of the
company is located in Kasba Industrial Estate in Kolkata with an
installed capacity of around 8 lakh pieces per annum. The company
is a 100% export oriented unit.

Recent Results

RNIPL registered a profit before tax of INR8.78 crore
(provisional) on the back of an operating income of INR27.38 crore
during FY13 as against a profit after tax of INR5.34 crore on an
operating income of INR20.38 crore in FY12.


SICO CERAMIC: ICRA Reaffirms 'B+' Ratings on INR5.82cr Loans
------------------------------------------------------------
The rating of '[ICRA]B+' has been reaffirmed for the INR2.50 crore
(enhanced from INR1.50 crore) fund based cash credit facility and
the INR3.32 crore (reduced from INR3.35 crore) term loan facility
of Sico Ceramic Private Limited. The rating of '[ICRA]A4' has been
reaffirmed for the INR0.80 (enhanced from the INR0.50 crore) short
term non fund based facilities of SCPL.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit Limits      2.50     [ICRA]B+ reaffirmed
   Term Loan               3.32     [ICRA]B+ reaffirmed
   Bank Guarantee          0.80     [ICRA]A4 reaffirmed

The ratings continues to be constrained by limited track record of
the company's operations, small scale of planned operations in
relation to other larger organized ceramic tile manufacturers,
weak financial profile characterized by adverse capital structure
and debt coverage indicators as well as highly competitive
business environment on account of presence of large number of
organized as well as unorganized players in the region.

The ratings also take into account its limited product portfolio
and relatively low brand visibility for the company as compared to
other established and organized players. The ratings are also
constrained by vulnerability of profitability and cash flows to
cyclicality inherent in the real estate industry, which is the
main consuming sector and to the availability and increasing
prices of gas, as gas is its major source of fuel. The ratings,
however, favorably factor in the long experience of the promoters
in the ceramic industry and the location advantage enjoyed by SCPL
with its plant located in ceramic hub of Morbi. Further SCPL's
foray into digital printing tiles is expected to support revenue
growth.

Sico Ceramic Private Limited is engaged in manufacturing of wall
tiles with its plant situated at Morbi, Gujarat. The company was
incorporated in 2010 and is promoted by Mr. Harjivan Mohot,
Mr. Kantilal Goriya, Mr. Sandip Vidja and Mr. Ketan Aghara. The
commercial operations were commenced in June 2011 with an
installed capacity of 25110 MTPA. It currently manufactures wall
tiles of sizes 10"x13", 10"x10" with the current set of
machineries and production facilities.

Recent Results

For the year ended 31st March, 2013, SCPL reported an operating
income of INR12.52 crore and profit after tax of INR0.22 crore.


S.P. JAISWAL: ICRA Upgrades Ratings on INR62cr Loans to 'B'
-----------------------------------------------------------
ICRA has revised upwards the rating assigned to the INR57.75 crore
term loans and INR4.25 crore fund based bank limits of S. P.
Jaiswal Estates Private Limited to '[ICRA]B' from '[ICRA]D'
assigned earlier. ICRA has also revised the rating assigned to the
INR3 crore non fund based bank limits of SPJEPL to '[ICRA]A4' from
'[ICRA]D' assigned earlier.

                          Amount
   Facilities            (INR Cr)    Ratings
   ----------            --------    -------
   Term Loans              57.75     Upgraded to [ICRA]B
   Fund Based Limits        4.25     Upgraded to [ICRA]B
   Non Fund Based Limits    3.00     Upgraded to [ICRA]A4

The revision in the ratings primarily takes into account SPJEPL's
improved financial discipline enabling timely servicing of debt
obligations in recent months. While assigning the ratings, ICRA
has factored in the business and financial risk profiles of SPJEPL
and its group companies United Hotels & Properties Private
Limited, Orianna Hospitalities Private Limited, Sharadhayane
Lakshmi Hotels Pvt Ltd (SLHPL; a 100% subsidiary of SPJEPL) and
HHI Resorts Private Limited (HRPL; a 100% subsidiary of SPJEPL).
The ratings take into account SPJEPL's increased financial support
to the relatively weaker group entities, deterioration in the
capital structure following the increase in the debt levels to
fund the acquisition as well as renovation of the hotel 'Emlion'
in Bengaluru in FY12, which coupled with declining net
profitability had an adverse impact on the debt protection
metrics. UHPL has commissioned a hotel in Pune in April'12, which
has been funded through bank debt, interest free advances from
SPJEPL and nominal equity. The supply overhang in the Pune hotel
market has adversely impacted the occupancy levels in FY13. The
receipt of bar license recently, however, is likely to help the
company to increase the occupancy levels going forward, although
the ARRs are unlikely to witness a significant improvement, at
least over the near term.

The ratings continue to take note of SPJEPL's established brand -
'The Hotel Hindusthan International in the Indian hospitality
industry, particularly in the Eastern region of India, its healthy
return on capital employed on a standalone basis, although the
same would witness a deterioration on a consolidated basis. While
the performance of the hospitality industry continues to be
exposed to economic cycles, ICRA notes the operating parameters of
the company for FY13, especially for Kolkata, Bhubaneshwar and
Varanasi properties, have largely remained stable. ICRA notes that
the Kolkata hotel market would be subject to emerging competition
from additional hotel rooms expected over the medium term, which
is likely to keep a check on any significant increase in the
average room rates (ARRs) of SPJEPL's Kolkata property over the
medium term; however its locational advantage and established
market position continues to provide some comfort. Although the
addition of the Bengaluru and Pune properties have resulted in
some geographical diversification for the HHI Group, the ability
to improve the operational and financial performance in these two
properties especially in light of adverse demand supply position
in the Bengaluru and Pune hotel industry would be a key rating
sensitivity going forward.

SPJEPL was incorporated in 1969 with the setting up of a hotel in
Kolkata under the brand name 'The Hotel Hindusthan International'
(HHI). Subsequently, the company set up a hotel each in Varanasi
and Bhubaneshwar in 1988 and 2007 respectively. SPJEPL acquired a
hotel in Bengaluru under its 100% subsidiary, Sharadhayane Lakshmi
Hotels Pvt Ltd, in Sep'11. Currently, the company has a total room
inventory of 433 rooms spread across these four cities. The
company also provides hotel management education under the name
'Regency HHI Institute of Hotel Management & Catering Technology'
in Varanasi.

Recent Results

During FY12, SPJEPL reported a profit after tax (PAT) of INR4.33
crore on an operating income (OI) of INR85.04 crore as against a
PAT and an OI of INR4.65 crore and INR73.29 crore respectively
during FY11.


SUMMER INDIA: ICRA Assigns 'D' Ratings to INR222.4cr Loans
----------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to the INR142.96
crore term loan facilities of Summer India Textile Mills Private
Limited. ICRA has also assigned short-term rating of '[ICRA]D' to
the INR54.00 crore fund based facilities, the INR13.94 crore
proposed fund based facilities and the INR11.50 crore non-fund
based facilities of SITMPL.

                                 Amount
   Facilities                   (INR Cr)   Ratings
   ----------                   --------   -------
   LT-Term loan facilities       142.96    [ICRA]D assigned

   LT-Fund based facilities      (10.00)   [ICRA]D assigned
   (long-term) [sub limit]

   ST-Fund based facilities       54.00    [ICRA]D assigned
   (short-term)

   ST-Fund based facilities-      13.94    [ICRA]D assigned
   proposed (short-term)

   ST-Non-fund based facilities   11.50    [ICRA]D assigned
   (short-term)

The ratings take into account the delay in debt servicing by the
Company owing to tight liquidity conditions arising from large
working capital requirements coupled with high interest charges
and debt repayments. The capital structure of the Company is
characterized by high gearing largely on account of high debt-
funded capital expenditure; the exposure of earnings to volatility
in yarn prices and exchange rate fluctuations. ICRA however takes
note of the four decades long experience of the promoters' in the
textile business. The Company is in value added product profile
(like table tops, napkins, bed linen and kitchen towels) of the
Company and established relationship with the customers which
lends stability to volumes.

ICRA has considered the consolidated business and financial
profiles of SITMPL and Summer India Weaving and Processing Mills
Private Limited (which is engaged in production of fabric) for the
purpose of these ratings due to common promoters/management. These
two entities are collectively referred to as "Summer India Group."

Established in 1972 as partnership firm by Mr. K.S. Rangasamy,
SITMPL was incorporated as a private limited company in 1997. The
Company is primarily engaged in production and export of table
tops, napkins, bed linen and kitchen towels. SITMPL caters mainly
to hospitality and retail chains in the United States and Europe.
The Company's manufacturing facility is located in Tiruchengode
(Tamil Nadu) which operates with 85 looms and 235 stitching
machines. The facility also houses a weaving preparatory unit and
a fully fledged fabric processing unit having capacity for
bleaching 80,000 meters per day and dyeing 20,000 meters of fabric
per day.

SITMPL's group company, SIWPMPL is engaged in production of fabric
with 40 looms and 80 stitching machines. SIWPMPL primarily cater
to the requirement for fabric from SITMPL. SIWPMPL is also closely
held, with the same promoter group holding the stake.


SUMMER INDIA WEAVING: ICRA Rates INR21cr Term Loan at 'D'
---------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]D' to the INR21.00
crore term loan facilities of Summer India Weaving and Processing
Mills Private Limited.

                             Amount
   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   LT-Term loan facilities    21.00    [ICRA]D assigned

The rating take into account the delay in debt servicing by the
Company owing to tight liquidity conditions arising from large
working capital requirements coupled with high interest charges
and debt repayments. The capital structure of the Company is
characterized by high gearing largely on account of high debt-
funded capital expenditure; the exposure of earnings to volatility
in yarn prices and exchange rate fluctuations. ICRA however takes
note of the four decades long experience of the promoters' in the
textile business. The Company is in value added product profile
(like table tops, napkins, bed linen and kitchen towels) of the
Company and established relationship with the customers which
lends stability to volumes.

ICRA has considered the consolidated business and financial
profiles of SIWPMPL and Summer India Textile Mills Private Limited
(which is engaged in production and export of table tops, napkins,
bed linen and kitchen towels) for the purpose of these ratings due
to common promoters/management. These two entities are
collectively referred to as "Summer India Group".

SIWPMPL, incorporated in 2005 by Mr. A.R. Aasaithambhee, is
primarily engaged in production of fabric from cotton yarn. The
Company sources yarn from domestic manufacturers and cater mainly
to the fabric requirements of SITMPL. The Company's manufacturing
facility is located in Tiruchengode (Tamil Nadu) which operates
with 40 looms and 80 stitching machines.

Its group company, SITMPL is primarily engaged in production and
export of table tops, napkins, bed linen and kitchen towels with
85 looms and 235 stitching machines. SITMPL has a weaving
preparatory unit and a fully fledged fabric processing unit.
SITMPL is also closely held, with the same promoter group holding
the stake.


SVE CASTINGS: ICRA Assigns 'BB' Ratings to INR13.46cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB' to the term
loan and fund based facilities of SVE Castings Private Limited
aggregating to INR13.46 crore. The outlook on the long-term rating
is stable.

                          Amount
   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan                6.96    [ICRA]BB (stable)
   Fund Based Limits        6.50    [ICRA]BB (stable)

The Rating reflects the relatively small scale of operation and
high gearing of the company due to recent debt funded capacity
expansion which reduces the financial flexibility in medium term.
With margin at lower level, interest coverage (opbdita/interest
and finance charges) continues to be low at 1.67 times and net
cash accrual/total debt is also low at 11%.  The gearing has
improved to 1.54 times of net-worth on account of equity infusion
by promoters, however entire amount has been utilized to pay off
suppliers resulting in continued elevated level of liquidity risk.
Net margin and accrual to reserves remain low; however ICRA notes
that savings in power cost due to satisfactory operation of
windmill and higher sales should result in margin expansion going
forward.

Rating also favorably factors in company's long track record
spanning over 15 years which has helped it establish long term
relationship with the client and secure repeat orders. Going
forward, easing liquidity position and margin expansion will be
key monitorable.

SVECPL was established in 1997 to cater to the Castings Need of
Valve & Pump manufacturing industries, Petrochemical Plants and
Refineries Projects. It is an established Steel Foundry located at
South India, Karnataka State, Bellary city 300 Kms from Bangalore
city. It is engaged in manufacturing of Steel, Alloy Steel,
Special Steel, Stainless Steel and Ni-base alloy graded castings
as per ASTM/ International Standards based on the customer
requirements.

The company is capable of producing 1800 tons of castings per
annum by a team of highly qualified professionals. The company can
produce maximum weight of 500kg Single casting. The capacity has
been enhanced to 3000 tons of castings in FY2012. Company has also
installed the sand reclamation plant from Warill Engineering,
Australia and installed 1.50MW Wind Mill unit near Raichur, to
produce green power to meet power requirement.

In FY 2012, SVECPL reported Profit After Tax (PAT) of INR0.16
crore & Profit Before Tax (PBT) of INR0.38 crore, on an operating
income of INR38.04 crore. For FY2013, the company has reported PBT
of INR0.49 crore on an operating income of INR45.87 crore on
provisional basis.



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


RENESAS ELECTRONICS: To Close Major Chip Plant in Tohoku Region
---------------------------------------------------------------
Kyodo News reports that struggling chip-maker Renesas Electronics
Corp. is looking to close or shrink its major production base for
system LSI chips in Tohoku after failing to sell it to a Taiwanese
firm, company sources said.

According to the news agency, sources said Renesas had been trying
to sell the Tsuruoka factory in Yamagata Prefecture since last
July, but negotiations with Taiwan Semiconductor Manufacturing Co.
failed to reach terms.

The plant produces cutting-edge system LSIs, widely used to make
digital electronics products, but has been suffering from sluggish
demand for use in home video game consoles, the report says.

Kyodo notes that the sources said Renesas plans to deal with the
more than 900 workers at the plant via early retirement and
transfers.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.

The Company reported a net loss of JPY168 billion for the fiscal
year ended March 31, 2013, compared with a net loss of
JPY62.60 billion in fiscal year ended March 31, 2012.

In February, shareholders of Renesas Electronics Corp. approved a
JPY150 billion investment plan from a government-backed fund and
eight companies to accelerate restructuring steps, the Japan Times
Online reported.


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


NATIONAL POWER: Moody's Eyes Possible Upgrade of Ba1 Rating
-----------------------------------------------------------
Moody's Investors Service has placed the Ba1 senior unsecured
rating of National Power Corporation on review for upgrade.

The rating action follows Moody's decision to place the Philippine
government's Ba1 long-term foreign-currency and local-currency
ratings on review for upgrade on July 25, 2013.

Ratings Rationale:

"The senior unsecured bond rating reflects the Philippine
government's unconditional and irrevocable guarantee for NPC's
rated long-term bonds," says Mic Kang, a Moody's Vice President
and Senior Analyst.

NPC has transferred 99.9% of its rated US dollar bonds, including
$300 million due in 2028 and $160 million due in 2016, to Power
Sector Assets & Liabilities Management Corporation (Ba1 review for
upgrade).

The methodologies used in this rating were Regulated Electric and
Gas Utilities published in August 2009, and Government-Related
Issuers: Methodology Update published in July 2010.

NPC is fully owned by the government. It primarily operates and
manages the power facilities that have been transferred to PSALM.


POWER SECTOR: Moody's Reviews Ba1 Ratings for Possible Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed the Ba1 corporate family and
senior unsecured bond ratings of Power Sector Assets & Liabilities
Management Corporation (PSALM) on review for upgrade.

The rating action follows Moody's decision to place the Philippine
government's Ba1 long-term foreign-currency and local-currency
ratings on review for upgrade on July 25, 2013.

Ratings Rationale:

"PSALM's ratings are underpinned by its distinct policy role and
its close integration with the government," says Mic Kang, a
Moody's Vice President and Senior Analyst.

The company's policy role is to restructure and reform the
Philippine power sector. In addition, the government is obligated
to assume any remaining assets and liabilities at the end of
PSALM's corporate life.

"The government has provided unconditional and irrevocable
guarantees for debt issued by PSALM and transferred from National
Power Corporation," adds Kang.

NPC (Ba1 review for upgrade) has transferred more than 99% of its
rated US dollar bonds, including $300 million due in 2028 and $160
million due in 2016, to PSALM.

The methodologies used in this rating were Regulated Electric and
Gas Utilities published in August 2009, and Government-Related
Issuers: Methodology Update published in July 2010.

Power Sector Asset & Liabilities Corporation, wholly owned and
controlled by the Philippine government, was established in 2001
to take ownership of, and manage, all generation-related assets,
liabilities, contracts with independent power producers, real
estate and other disposable assets of NPC, including National
Transmission Corporation, and to privatize and sell these assets
to liquidate NPC's financial obligations.



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


* Moody's Notes Stable Rating Trend for Asian Non-Financial Corp.
-----------------------------------------------------------------
Moody's Investors Service says that the rating trend for non-
financial corporates in Asia Pacific (ex-Japan) was stable in 2Q
2013, driven mainly by the stabilization of the rating outlooks
for Chinese property companies and the better-than-expected
performance of Indonesian developers.

"We expect the stable rating trend to continue for the rest of
2013, given our expectation that China's GDP will grow 7%-8%
during the year, the overall improvement in the liquidity profiles
of Asian issuers, and our expectation that the availability of
liquidity and credit will remain sufficient despite some
tightening in China," says Clara Lau, a Moody's Group Credit
Officer.

Lau was speaking about a just-released Moody's report titled,
"Stable Rating Trend for Asian Corporates at Mid-Year; Negative
Trends Easing in Japan."

According to the report, the share of Asian corporate ratings with
stable outlooks edged up slightly as of end -June 2013 to 75%,
while the share of ratings with negative implications declined
slightly to 18%.

However, headwinds such as tightening liquidity and slowing
economic growth in China could affect the stable rating trend.
Moreover, uncertainty related to the timing of the end of the
quantitative easing measures by the US government could result in
volatility in the credit markets.

"We expect metals and mining, commodity-related and consumer
electronics companies to remain under pressure in the face of
weakening demand from China," Lau says.

Highly leveraged Chinese companies will also be vulnerable to the
slowdown in the domestic economy, as they have limited financial
flexibility to cope with a market downturn. Chinese property
developers with low ratings are also susceptible to higher
refinancing risks if liquidity tightens further in China.

Many Korean companies will also remain under pressure as a result
of weak growth in key export markets, subdued domestic consumer
spending, and the appreciation of the KRW against the $ and JPY,
as well as the aggressive investment strategies of some companies.

For Japanese non-financial corporates, the negative rating trend
eased somewhat in 2Q 2013, despite the sluggish economy and the
uncertainty related to global economic growth. The share of
ratings with negative implications decreased to 42% at end-2Q 2013
from 44% at end-1Q 2013, while the share of stable outlooks edged
up to 55% from 54%.

"We expect the pressure to continue easing during the rest of
2013, as Japanese corporates benefit from the weakened yen and
demand arising from domestic reconstruction investments," Lau
adds.

The rating trend for Australian and New Zealand corporates should
also remain stable, except for metals and mining issuers which
will continue to grapple with weak commodity prices and demand,
and overcapacity.


* BOND PRICING: For the Week July 22 to July 26, 2013
-----------------------------------------------------

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


  AUSTRALIA
  ---------

GRIFFIN COAL MINING   9.50     12/1/2016    USD    39.00
GTL INFRASTRUCTURE    2.53     11/9/2017    USD    43.33
MIDWEST VANADIUM     11.50     2/15/2018    USD    63.50
MIDWEST VANADIUM     11.50     2/15/2018    USD    71.21
MIRABELA NICKEL       8.75     4/15/2018    USD    71.50
NEW S WALES TREA      0.50     9/14/2022    AUD    69.50
NEW S WALES TREA      0.50     10/7/2022    AUD    69.28
NEW S WALES TREA      0.50    10/28/2022    AUD    69.07
NEW S WALES TREA      0.50    11/18/2022    AUD    67.82
NEW S WALES TREA      0.50    12/16/2022    AUD    68.00
NEW S WALES TREA      0.50      2/2/2023    AUD    68.37
NEW S WALES TREA      0.50     3/30/2023    AUD    68.13
TREAS CORP VICT       0.50     8/25/2022    AUD    70.52
TREAS CORP VICT       0.50      3/3/2023    AUD    69.23
TREAS CORP VICT       0.50    11/12/2030    AUD    47.89


CHINA
-----

CHINA GOVT BOND       1.64    12/15/2033    CNY    68.04


INDIA
-----

3I INFOTECH LTD       5.00    4/26/2017     USD    30.61
COROMANDEL INTL       9.00     7/23/2016    INR    15.29
DR REDDY'S LABOR      9.25     3/24/2014    INR     4.98
JCT LTD               2.50      4/8/2011    USD    20.00
MASCON GLOBAL LT      2.00    12/28/2012    USD    10.00
PRAKASH IND LTD       5.63    10/17/2014    USD    64.69
PRAKASH IND LTD       5.25     4/30/2015    USD    67.33
PUNJAB INFRA DB       0.40    10/15/2024    INR    31.96
PUNJAB INFRA DB       0.40    10/15/2025    INR    28.94
PUNJAB INFRA DB       0.40    10/15/2026    INR    26.20
PUNJAB INFRA DB       0.40    10/15/2027    INR    25.53
PUNJAB INFRA DB       0.40    10/15/2028    INR    26.20
PUNJAB INFRA DB       0.40    10/15/2029    INR    19.38
PUNJAB INFRA DB       0.40    10/15/2030    INR    15.12
PUNJAB INFRA DB       0.40    10/15/2032    INR    16.62
PUNJAB INFRA DB       0.40    10/15/2033    INR    13.91
PYRAMID SAIMIRA       1.75      7/4/2012    USD     1.00
REI AGRO              5.50    11/13/2014    USD    70.31
REI AGRO              5.50    11/13/2014    USD    70.31
SHIV-VANI OIL         5.00     8/17/2015    USD    29.61
SUZLON ENERGY LT      7.50    10/11/2012    USD    65.12
SUZLON ENERGY LT      5.00     4/13/2016    USD    50.33


INDONESIA
----------

BUMI CAPITAL         12.00   11/10/2016    USD      66.00
BUMI INVESTMENT      10.75   10/6/2017     USD      65.50


JAPAN
-----

ELPIDA MEMORY         2.03     3/22/2012    JPY    14.62
ELPIDA MEMORY         2.10    11/29/2012    JPY    15.12
ELPIDA MEMORY         2.29     12/7/2012    JPY    14.62
ELPIDA MEMORY         0.50    10/26/2015    JPY    12.62
TOKYO ELECTRIC        2.36     5/28/2040    JPY    71.12
TOKYO ELECTRIC        1.95     7/29/2030    JPY    74.87


PHILIPPINES
-----------

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


SINGAPORE
---------

BAKRIE TELECOM       11.50      5/7/2015    USD    39.00
BAKRIE TELECOM       11.50      5/7/2015    USD    36.16
BLD INVESTMENT        8.63     3/23/2015    USD    63.87
DAVOMAS INTL FIN     11.00     12/8/2014    USD    24.62
DAVOMAS INTL FIN     11.00     12/8/2014    USD    24.62
ENERCOAL RESOURCES    9.25     08/05/2014   USD    70.66
INDO INFRASTRUCT      2.00     7/30/2049    USD     1.87


SOUTH KOREA
-----------

EXP-IMP BK KOREA      0.50     9/28/2016    BRL    64.45
EXP-IMP BK KOREA      0.50    10/27/2016    BRL    72.04
EXP-IMP BK KOREA      0.50    11/28/2016    BRL    69.16
EXP-IMP BK KOREA      0.50    12/22/2016    BRL    68.07
EXP-IMP BK KOREA      0.50    10/23/2017    TRY    69.15
EXP-IMP BK KOREA      0.50    11/21/2017    BRL    62.85
EXP-IMP BK KOREA      0.50    12/22/2017    TRY    64.37
EXP-IMP BK KOREA      0.50    1/25/2017     TRY    73.97
OSUNG LST CO LTD      4.00    7/7/2013      USD    27.47


SRI LANKA
---------

SRI LANKA GOVT        6.20      8/1/2020    LKR    74.69
SRI LANKA GOVT        7.00     10/1/2023    LKR    67.80
SRI LANKA GOVT        5.35      3/1/2026    LKR    56.67
SRI LANKA GOVT        8.00      1/1/2032    LKR    71.27


THAILAND
--------

G STEEL               3.00     10/4/2015    USD    11.25
MDX PUBLIC CO         4.75     9/17/2003    USD    16.00



                             *********

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
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                 *** End of Transmission ***