TCRAP_Public/130815.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

          Thursday, August 15, 2013, Vol. 16, No. 161



CHAMBERS INVESTMENT: Seeks to Dodge Claims, Lawyer Says
HS VISION: ANZ Denies Decision to Put Firms in Administration
MINECORP: Failed Recapitalisation Bid Sparks Collapse
PAULDING CONSTRUCTIONS: Lawyer Denies Hiding Creditor Assets
RTI (WA): Ruth Tarvydas Has Until August 17 to Save Business

SLEEPMASTER: In Receivership, 500 Jobs at Risk
* AUSTRALIA: Northern Territory Bankruptcy Rate Rises by 44%


CHINA METAL: Paid Out HK$1BB Funds Before Liquidators Appointed
SHANGHAI ZENDAI: S&P Affirms 'B-' CCR; Outlook Stable
* CHINA: Department Stores Shut Amid Competition, Online Shopping


ADITYAPUR CITY: ICRA Rates INR46.34cr Term Loan at 'B+'
CAUVERY MEDICAL: ICRA Reaffirms 'D' Rating on INR74cr Term Loan
DELTA TECHNOLOGY: ICRA Ups Ratings on INR10cr Loans to 'BB+'
ERODE STEELS: ICRA Rates INR12.5cr Fund Based Loan at 'B+'
GSN FERRO: ICRA Downgrades Ratings on INR14cr Loans to 'D'

JAGATJIT INDUSTRIES: 'BB+' Rating on INR118.68cr Loans Reaffirmed
PRAKASH OILS: ICRA Assigns 'BB+' Rating to INR16.5cr Cash Credit
ROGER POWER: ICRA Reaffirms 'B+' Rating on INR20cr Loans
SRI AUROBINDO: ICRA Assigns 'B+' Ratings to INR100cr Loans
TURBOMACHINERY ENG'G: ICRA Assigns 'D' Ratings to INR75cr Loans

                            - - - - -


CHAMBERS INVESTMENT: Seeks to Dodge Claims, Lawyer Says
Aleks Vickovich writing for ifa News reports that a lawyer
representing former clients of a financial planning firm under
administration has questioned whether the move is a device to
shield against Financial Ombudsman Service claims.

ifa News relates that according to a letter sent from Perth-based
lawyer David Huggins to the Australian Securities and Investments
Commission -- obtained by ifa -- self-licensed firm Chambers
Investment Planners went into administration "because it was
unable to meet its ongoing liabilities with respect to FOS claims
that have been made against it".

In July it emerged that Grant Thornton administrators had been
appointed to the firm, with a source close to the matter
subsequently telling ifa Chambers was under pressure from a
dispute with its PI insurer, ifa News notes.

However, ifa News discloses that Mr. Huggins -- who represents a
number of former clients of Chambers seeking damages for losses
-- has a number of concerns about the administration process.

The letter to ASIC asks the regulator to investigate "whether the
placing of Chambers into administration is just a device that it
is intended to allow Chambers to avoid its FOS related
liabilities," ifa News discloses.

In addition, ifa News relays that the lawyer calls on ASIC to
investigate whether Chambers still has an active AFSL and whether
it has "adequate compensation arrangements in place" in accordance
with obligations under the Corporations Act.

"Chambers currently holds an AFSL and I suspect (but do not know
this) that it is operating -- as I understand the position -- a
company that is in administration cannot continue to hold an AFSL
-- the point being it is unclear to me why Chambers' AFSL has not
been cancelled," Mr. Huggins wrote, ifa News notes.

"From what I've seen, the standard of advice provided by Chambers
was very poor -- in my view, the persons who provided that advice
should not be allowed to continue working in the financial
services industry," Mr.  Huggins added, ifa News discloses.

HS VISION: ANZ Denies Decision to Put Firms in Administration
Bianca Keegan at The Cairns Post reports that banking giant ANZ
has denied its decision to put five Cairns businesses into
administration came as a shock to troubled development company HS
Vision Group.

HS Vision members flew to Sydney to meet with the bank but the
outcome is still unknown.

The bank reportedly ordered receivers to take over Paradise Palms
Golf Course and management letting rights of The Lakes, Cairns
One, The Greens and The Keys, while placing five Pelicans
Childcare Centresin voluntary administrations, according to The
Cairns Post.

The report notes that HS Vision Chief Executive Officer Rose-Marie
Dash said then that ANZ had suddenly rejected their refinance
proposal, despite a looming deal with a Chinese investor.

"While we don't agree that the appointment of administrators was a
shock for the company, I will continue to decline to comment," ANZ
spokesman Stephen Ries wrote in a statement obtained by the news

The report discloses that Stage one of the retail and residential
project on Spence St, worth AUD$85 million, was supposed to begin
in April.  The report relates that it had been delayed by the

The report notes that the 17,000sq m Central Park development, due
to open in 2015, is being bankrolled by HS Vision Group, Malaysian
developer Shahwan Saffwan, Gasparin Groupand Vukobratich

MacDonnells Lawpartner Russell Beer, who is acting on behalf of HS
Vision Group, said receivers had not been appointed to the CBD
development, the report says.

Meanwhile, all staff at the golf course, residential complexes and
childcare centres in Cairns, Innisfail and Atherton have been
retained while administrators McGrathNicol and Grant Thornton
Australia take over, the report discloses.

"Existing staff at these locations will continue to service these
(residential) operations and distribute collected rent to unit
owners in the ordinary course. . . . The Pelicans Childcare
Centres will also continue to operate as usual," the report quoted
McGrathNicol partner Jamie Harris as saying.

Administrators, who have taken control of the group's six
businesses, will investigate the financial affairs of the entity
before reporting findings to creditors, the report adds.

HS Vision Group was founded in 1985 by Ross Straguszi and Peter

MINECORP: Failed Recapitalisation Bid Sparks Collapse
Patrick Stafford at SmartCompany reports that mining equipment
services company Minecorp has been placed in administration as the
resources industry continues to taper off from its heights.

SmartCompany says Minecorp was placed in administration last week,
after months of downsizing and a failed recapitalisation bid. The
company's assets have been sold to international entity RMA Group,
the report relates.

According to the report, the collapse follows several others in
the mining and resources industries. Smaller businesses focused on
exploration and equipment have suffered.

Minecorp, which focused on mine vehicle safety products and "fleet
safety solutions", was even featured in the Telstra Business
Awards and the BRW Fast 100. However, general manager Keith Bailey
told SmartCompany the business was struck by the sector's ongoing

"The mining services sector has seen revenue decline aggressively
from late last year," the report quotes Mr. Bailey as saying.
"Minecorp had done various things to resize and realign, but that
weakness continued."

The business currently has 70 employees, but that figure is down
significantly from the company's peak.  Mr. Bailey said the
business even attempted a recapitalisation effort, but was
ultimately unsuccessful, adds SmartCompany.

Minecorp -- manufactures,
distributes and installs automotive products.

PAULDING CONSTRUCTIONS: Lawyer Denies Hiding Creditor Assets
Ben Butler at The Sydney Morning Herald reports that in just 18
days following the collapse of Paulding Constructions, lawyer John
Voitin and insolvency practitioner Leonard Milner billed the
failed home building company more than AUD180,000, a court heard
on August 13.

SMH relates that Mr. Voitin, a solicitor who in separate
proceedings has been accused of frauds worth tens of millions of
dollars, told the Victorian Supreme Court he denied any
involvement in hiding Paulding Constructions' assets from the
company's creditors.

According to the report, Associate Justice Jamie Wood heard that
Mr. Voitin gave Paulding managing director John Paulding a
backdated loan agreement that, when signed, had the effect of
putting off for four years the repayment of a AUD2 million loan
Paulding Constructions made to another of Mr. Paulding's
companies, Port Phillip Property Group.

Mr. Voitin was answering questions on oath on August 13 as part of
a liquidators' examination, funded by corporate watchdog the
Australian Securities and Investments Commission, of the collapse
of Paulding Constructions, SMH relays.

According to SMH, Leslie Glick, QC, counsel for the liquidators,
Pitcher Partners, told the court there was evidence of phoenix
activity, where the assets of a failing company are used without
payment by a new company controlled by the same people, leaving
creditors unpaid.

"The people instructing this liquidation want to know whether this
solicitor has been involved in, or attempted to be involved in,
this phoenix activity," the report quotes Mr. Glick as saying.

Mr. Voitin said he could not recall what happened to a crucial
correspondence file that disappeared following Paulding
Constructions' collapse in late 2009 -- although at a previous
hearing he said it was probably lost when it fell off his car, the
report adds.

RTI (WA): Ruth Tarvydas Has Until August 17 to Save Business
Kate Emery at The West Australian reports that high-profile Perth
designer Ruth Tarvydas has less than a week to try to save a key
plank of her fashion empire, with a deadline looming to secure a
cash lifeline or face liquidation.

The West Australian says creditors owed more than AUD1 million
have given Tarvydas until August 17 to complete a deal to sell a
piece of intellectual property, details of which have been kept
confidential, or face having her former flagship company go into

The West Australian understands liquidation would be unlikely to
affect business at Tarvydas' new Claremont store but would be a
blow to the designer's reputation and jeopardise a return for

According to the report, Ms. Tarvydas has been working on selling
the intellectual property for seven months but it is understood
deal has not been struck. If it cannot be completed by Saturday,
the only alternative to liquidation would be to convince creditors
to alter the deed of company arrangement currently in place to
give Ms. Tarvydas more time, the report says.

Administrators were called into Ms. Tarvydas' company RTI (WA) Pty
Ltd in October amid tough retail conditions. A report to creditors
estimated the company may have had as little as AUD200 in the bank
by the time administrators were appointed by long-time financier
ANZ, The West Australian discloses.

At the time Ms. Tarvydas said that she hoped it could trade its
way out of difficulty, the report adds.

SLEEPMASTER: In Receivership, 500 Jobs at Risk
9news reports that one of Australia's leading bedroom product
companies, Sleepmaster, has gone into receivership as the tough
retail sector claims another victim.

Around 500 employees could lose their jobs, both in China and
Australia, should the company be wound up, according to 9news.

The report relates that Business Review Weekly said Sleepmaker was
placed into receivership on August 8 by secured creditor Bibby
Financial.  Bibby is one of Australia's largest cash flow lenders,
and operates in 15 different countries.

9news says that Australia's tough retail sector is proving
difficult for many companies to survive.

Weak consumer confidence has seen many leading retailers suffer
falling revenues since the global financial crisis, 9news
discloses.  Add in online shopping and the rise of online
retailers, along with stores trading on sites such as Ebay, and
consumers have been choosing to go for products with the lowest
prices, pushing traditional retailers and producers to the wall,
the report relays.

Sleepmaster is the owner of iconic brands including Jason, a
pillow and quilt brand, blanket brand Onkaparinga and Trailmaster
camping equipment.

* AUSTRALIA: Northern Territory Bankruptcy Rate Rises by 44%
Lorraine Davies at ABC News reports that there has been a jump in
the number of bankruptcies in the Northern Territory.

ABC News relates that June quarter figures from the Commonwealth
Insolvency and Trustee Service show bankruptcies increased in the
Territory by 44 per cent, compared with the previous June quarter.

Nationally, there was a decline in bankruptcies of 4 per cent, the
report relays.

ABC notes that during the same period, the number of debt
agreements made in the Territory more than doubled.

Personal insolvencies rose by 70 per cent, a rise of
109 per cent, the report notes.

Nationally, insolvencies fell, ABC News reports.

The figures follow the release of a range of statistics in the
past month that show Territory residents and businesses are
struggling with rising unemployment, the highest inflation rate in
Australia, declining retail sales and falling housing approvals,
according to ABC News.


CHINA METAL: Paid Out HK$1BB Funds Before Liquidators Appointed
Michelle Yun at Bloomberg News reports that the provisional
liquidators of China Metal Recycling Holdings Ltd. said the
company paid out more than HK$1 billion ($129 million) in the two
weeks before their appointment.

The funds were paid to parties including some of the companies the
liquidators have sued for damages, Douglas Lam, a lawyer for the
liquidators, told Hong Kong's High Court last week, Bloomberg

According to Bloomberg, the liquidators, appointed last month at
the request of the city's Securities and Futures Commission, claim
China Metal's founding chairman, his wife and 10 companies
orchestrated false trading schemes, disclosed false or misleading
information to China Metal and paid dividends on inflated profit.

"There's no evidence whatsoever related to the claims for the
moment" against Chun's wife Lai Wun Yin, her lawyer Victor Joffe
told the court August 8. Judge Jason Pow agreed to discontinue an
injunction against Lai, Bloomberg relays.

Bloomberg says the liquidators obtained an injunction on July 30
freezing more than HK$1.6 billion of the defendants' assets.
Wellrun Ltd., through which Mr. Chun holds his stake in China
Metal, has objected to the regulator's application for
liquidation, according to the report.

Meanwhile, MetalBulletin reports that the Hong Kong Court of First
Instance has said that the appointment of provisional liquidators
for CMR will be continued until it makes a further order.

SFC said China Metal Recycling did not appear at a hearing on
August 2 to oppose the appointment of the provisional liquidators,
MetalBulletin relates.

Cosimo Borrelli and Jocelyn Chi Lai-man, from forensic accounting
firm Borrelli Walsh have been appointed as provisional

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.

SHANGHAI ZENDAI: S&P Affirms 'B-' CCR; Outlook Stable
Standard & Poor's Ratings Services said that it had affirmed its
'B-' long-term corporate credit rating on China-based property
developer Shanghai Zendai Property Ltd. with a stable outlook.  At
the same time, S&P affirmed the 'cnB' long-term Greater China
regional scale rating on the company.  S&P then withdrew all the
ratings at the company's request.  Shanghai Zendai repaid its
senior unsecured notes in June 2012.

The affirmed rating prior to the withdrawal reflected S&P's
opinion that Shanghai Zendai's property sales will remain low over
the next 12 months, given a limited number of projects and weak
sales execution.  In addition, Shanghai Zendai has some exposure
to the capital-intensive and long pay-back nature of commercial
property leasing.  The rating also reflected the company's "less
than adequate" liquidity, as S&P's criteria defines the term, weak
cash flow coverage, and high leverage.  Shanghai Zendai's
increasing recurring income, established record in Shanghai, and
access to bank credits partially tempered these risks.

The stable outlook prior to the rating withdrawal reflected S&P's
expectation that Shanghai Zendai's leverage would decline to be
commensurate with the current rating and its liquidity sources
would cover liquidity uses by more than 1x over the next 12

* CHINA: Department Stores Shut Amid Competition, Online Shopping
The Asahi Shimbun reports that upscale department stores, offering
the cachet of luxury brand goods and superb customer service, are
shutting their doors one after another in China, despite an eye-
popping growth in consumption in the world's second largest

According to the report, rapid economic growth prompted a glut of
department store openings, which ushered in both cutthroat
competition and skyrocketing costs. In addition, the spread of
malls and online retailing are threatening to replace department
stores as principal venues of shopping, even before the latter
have had time to win a loyal customer base, the report relates.

An outlet of New-Mart, a major Chinese department store chain,
closed on Aug. 1 in Shenyang, the largest city in northeast China,
Asahi Shimbun reports. The news shocked local residents, because
Isetan, a Japanese competitor, had only just withdrawn from an
adjacent building two months earlier, the report notes.

On May 31, Isetan Shenyang was filled for the last time with
shoppers eager to grab half-price goods in a closing sale.

About 10 department stores pack the area where Isetan Shenyang was
located, the report notes.


ADITYAPUR CITY: ICRA Rates INR46.34cr Term Loan at 'B+'
ICRA has assigned a long term rating of '[ICRA]B+' to the INR46.34
crore proposed term loan facility of Adityapur City Centre Hotel
Private Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits-      46.34    [ICRA]B+ assigned
   Term Loan

The rating takes into account the lack of experience of the
promoters in the hotel business, the nascent stage of construction
that exposes the project to execution risks, and the company's
exposure to funding risks, with the debt tie-up yet to be
achieved. The rating also incorporates the risks associated with
the long gestation period that is typical for a new hotel to turn
profitable, the company's exposure to geographical as well as
property concentration risks, and its vulnerability to the
cyclicality associated with the hotel industry.

The rating, however, derives support from the demonstrated track
record of the Forum Group, of which ACCHPL is a part, in the real
estate space in Eastern India, which mitigates execution risks to
an extent, notwithstanding the nascent stage of construction at
present, and the relatively low cost of the land acquired for the
upcoming project that lowers the overall development cost.
Additionally, the rating also favorably factors in the recent
improvement in connectivity between the project site (located at
Adityapur) and Jamshedpur, thereby aiding its competitive

ACCHPL 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. The group
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
others. Currently, ACCHPL is engaged in the development of a 3
Star category hotel in Adityapur, Jharkhand.

CAUVERY MEDICAL: ICRA Reaffirms 'D' Rating on INR74cr Term Loan
ICRA has reaffirmed the rating of '[ICRA]D' to the INR74.0 crore
term loan of Cauvery Medical Center Limited. The reaffirmation in
the rating factors in the continued delays in debt servicing by
the company in the recent past.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               74.0     [ICRA] D

The delays in debt servicing are largely on the account of the
shortfall arising on account of the lower occupancy (30%) at the
hospital which resulted in negative net cash accruals of
INR9.61.crore against the scheduled debt repayment of
INR2.48.crore in FY13. Moreover, CMCL's debt protection metrics
remains stretched marked by high gearing and weak debt protection
metrics (Total Debt /OPBDITA of 65.82, NCA/Total Debt of -24%).
Going forward, CMCL's ability to attain high occupancy levels and
generate sufficient cash flows to meet its debt repayment
obligations will be the key rating sensitivity factors.

Cauvery Medical Center Limited was incorporated in 1987 by a group
of US based doctors who came together to form a company Cauvery
Medical International (CMI). CMI is the majority shareholder in
CMCL, which is now headed by Dr G R Ravi Kumar. CMCL planned to
set up a 350 bed multi specialty hospital in Bangalore; due to
shortage of funds the expansion plans have been deferred and only
65 in-patient beds are operational as of date. CMCL entered into
an alliance with Sankara Netralaya to offer services in
ophthalmology in CMCL premises and discussion is underway for
similar alliances in the near future.

Recent Results

Cauvery Medical Center Limited has reported a negative profit
after tax (PAT) of INR14.89 crore on an operating income (OI) of
INR7.02 crore in the FY 2012-13. In FY12 company reported the
negative PAT of INR11.91 crore on an OI of INR11.91 crore. August

DELTA TECHNOLOGY: ICRA Ups Ratings on INR10cr Loans to 'BB+'
ICRA has upgraded the long term rating outstanding on INR10.00
crore line of credit of Delta Technology and Management Services
Private Limited from '[ICRA]BB' to '[ICRA]BB+'. The outlook on the
long term rating is Stable.

   Facilities           (INR Cr)   Ratings
   ----------           --------   -------
   Fund Based Limits       4.57    Upgraded to [ICRA]BB+ (Stable)
   (Term loan)                     from [ICRA]BB (Stable)

   Fund Based Limits       1.00    Upgraded to [ICRA]BB+ (Stable)
   (Cash Credit)                   from [ICRA]BB (Stable)

   Unallocated             4.43    Upgraded to [ICRA]BB+ (Stable)
                                   from [ICRA]BB (Stable)

The upgrade in rating favorably factors in the improved financial
profile of DTMPL with steady growth in its turnover, healthy
profitability in FY2013 and strengthening of the coverage
indicators following partial repayment of its term loans.

The rating also takes into account the established position of
DTMPL in providing Enterprise Resource Planning (ERP) solutions
and other service offerings in the agro commodities, waste
management and food safety verticals and strong operational
profile of the company with lean structure and zero bench
strength, experienced senior management, and promoters with strong
domain knowledge.

The rating is also supported by the expected increase in revenue
contribution from DTMPL's 100% US subsidiary Delta Tech USA Inc
(DTUSI) which caters to the new added clients in the USA (United
States of America) and its 21% contribution to DTMPL's standalone
revenue in FY2013, resulting in reduced client concentration on
its largest client, Alliance One Industries (AOI). However, the
rating is constrained by the small scale of operations of the
company with limited clientele and significant geographic
concentration to USA and stagnation in revenues from AOI in

The rating is further constrained by the increasing competition in
the fragmented Information Technology (IT) outsourcing industry
with large number of players, limiting the pricing power of DTMPL.
ICRA also notes that DTMPL remains exposed to volatility in
exchange rates as all its revenue receipts are in dollars and it
does not have any hedging policy notwithstanding the fact that the
recent rupee depreciation continues to work in the company's

Delta Technology and Management Services Private Limited is a
Hyderabad based Information Technology services company. Having
started its operations in 2006, the company provides ERP and other
software solutions to for Agro commodity players, Quality
compliance and Waste management companies. The company provides
services of experienced IT employees to its clients in order to
reduce their IT human resource expenditure, through outsourcing.
DTMPL's major clientele include USA based Tobacco procurement
major Alliance One Industries (AOI) and waste management company
Republic Services Inc (RSI) and its associate Allied Waste
Industries Inc (AWII) and food safety and quality compliance
company SafetyChain Software (SCS). As on 30th June 2013, DTMPL
had resource strength of 165 employees of whom 160 were billable
resources, providing IT services to its clientele.

ERODE STEELS: ICRA Rates INR12.5cr Fund Based Loan at 'B+'
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR12.50
crore fund based facility of Erode Steels.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based facility     12.50    [ICRA]B+ assigned

The assigned rating considers the experience of the promoters in
the business of trading in construction materials and the long
term favorable outlook for construction sector which is expected
to drive the firm's business growth.

The rating is, however, constrained by the highly-geared capital
structure, stretched coverage metrics, nominal profits and cash
accruals due to high interest costs, and the fragmented / highly
competitive nature of the trading business which restricts scope
for a significant increase in profitability.

The rating also considers the ongoing weakness in the construction
industry which is expected to impact cash accruals at least in the
near term. The firm's high inventory level exposes its accruals to
the risk of decline in prices.

Established in 1990, Erode Steels is a partnership firm which is
primarily engaged in trading in construction materials. Key
products traded by the firm include structural steel products,
cement, paint and roofing sheets. The firm is managed by Mr. V
Ganesh and his family members as partners.

Recent results

Erode Steels reported a net profit of INR0.8 crore on an operating
income of INR64.8 crore during 2012-13, against a net profit of
INR0.5 crore on an operating income of INR53.0 crore during 2011-

GSN FERRO: ICRA Downgrades Ratings on INR14cr Loans to 'D'
ICRA has revised the long term rating assigned to INR11.50 crore
bank lines of GSN Ferro Alloys Private Limited to '[ICRA]D' rating
from '[ICRA]B+' earlier. ICRA has also revised the INR2.50 crore
short term bank lines of GSN to '[ICRA]D' from '[ICRA]A4' earlier.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Long term fund          11.50    Revised to [ICRA]D from
   based and non-fund               [ICRA]B+
   based limits

   Short term non-fund      2.50    Revised to [ICRA]D from
   based limits                     [ICRA]A4

The rating revision takes into account delays in discharging the
debt obligations in the recent months. The company had undertaken
capex of 22 MVA in Q1 FY13 with an overall project cost of
INR53.54 crore. The two 11 MVA furnaces could not commence
commercial production owing to insufficient power availability at
the manufacturing unit. As a result cash flows were insufficient
to make debt repayments.

Going forward, timely repayment of term loan obligations and ramp
up of operations at the 22 MVA unit would constitute key rating

GSN was incorporated in August 2005. The company is into
manufacturing of Ferro alloys. The company started commercial
production of Ferro alloys with a capacity of 2.5 MVA (3600 MTPA
of silicomanganese) in June 2006. The project was financed by a
term loan of INR1 crore from Andhra Pradesh State Financial
Corporation (APSFC) and from owner's equity of INR1.78 crore. The
company expanded its capacity in FY09 by adding a capacity of 7.50
MVA which resulted in total capacity of 10.0 MVA. The company has
installed two new furnaces of 11 MVA each with a total cost of
INR53.5 crore, funded through INR32.5 crore term loan and balance
amount in the form of unsecured loans and equity infusion by

JAGATJIT INDUSTRIES: 'BB+' Rating on INR118.68cr Loans Reaffirmed
ICRA has reaffirmed the long term rating of '[ICRA]BB+' for
INR50.00 crore fund based limits and INR68.68 crore term loans of
Jagatjit Industries Limited. The outlook on the long term rating
is stable. ICRA has also reaffirmed the short-term rating of
'[ICRA]A4+' for INR12.00 crore short term non-fund based of JIL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       50.00    [ICRA]BB+ (stable);reaffirmed
   Term loans              68.68    [ICRA]BB+ (stable);reaffirmed
   Non-fund based limits   12.00    [ICRA]A4+;reaffirmed

The ratings continue reflect weak operating profitability of the
company, high vulnerability of its margins to changes in raw
material prices due to presence in low-priced segment of Indian
Made Foreign Liquor (IMFL) market and restrictions on pricing of
liquor. The liquor segment of the company reported PBIT of INR25.7
crore in FY2013 as against INR2.6 crore in previous year however
PBIT margin still remains at low at 3.2%. The recovery in
profitability in liquor division is expected to be slow as company
is entering into new markets such as Maharashtra, Canteen Stores
Department etc entailing higher marketing costs and increased
spends on new brands that will keep the margins under pressure.

The packaging division registered PBIT of INR-8.4 crore during
FY2013 compared to INR7.0 crore in FY2012. The margins in the
packaging division of the company were adversely impacted due to
lower production owing to technical issues in the plant and lower
realizations on account of competitive pressures. The margins in
glass division are also expected to remain under pressure due to
competitive pressures. Due to overall low profitability, the debt
coverage indicators of the company continue to remain modest. The
ratings are, however, supported by JIL's established brands with a
pan India presence; strong distribution network; stable revenue
source from job work.

The ratings continue to draw comfort from JIL's stable revenue
source from rented properties (INR21.8 crore in FY2013). Operating
in an industry characterized by high duties and taxes, JIL faces
high regulatory risk and is exposed to changes in state policies
governing sale and pricing of spirits.

Going forward, movement in its operating profitability and growth
in operating income would be the key rating sensitivities. As of
now, there is no major capex planned by the company however any
significant debt funded capex impacting the debt coverage
indicators would also be the key rating sensitivity.

Jagatjit Industries Limited was set up by Late Mr. L.P. Jaiswal in
the year 1944. The company's primary activity is the production
and distribution of liquor. It operates in four segments:
Beverages, Food, Packaging and Others. Beverage segment includes
manufacturing and supply of bottled Indian made foreign liquor,
country liquor, industrial alcohol and licensing use of its IMFL
brands. The company manufactures a range of alcoholic beverages
that include whisky, rum, gin and vodka. Food segment includes
manufacturing and supplies of food products and providing services
for manufacture of food products. In this segment, a significant
portion of revenues is derived from contract manufacturing of
malted milk products for GlaxoSmithkline Consumer Healthcare.
Packaging segment includes manufacturing and supply of glass
bottles to open market and for its captive consumption.

Recent results:

The company reported operating income of INR968.9 crore and net
profit of INR5.1 crore in 2012-13 compared to INR1,044.7 crore
operating income and INR35.1 crore of net profit in FY2012.

PRAKASH OILS: ICRA Assigns 'BB+' Rating to INR16.5cr Cash Credit
The ratings of '[ICRA]BB+' with a stable outlook and '[ICRA]A4+'
have been assigned to the INR85.00 crore bank facilities of
Prakash Oils Limited.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Cash Credit             16.50    [ICRA]BB+ (Stable) assigned
   Letter of Credit        42.00    [ICRA]A4+ assigned
   Proposed Limits         26.50    [ICRA]BB+ (Stable)/[ICRA]A4+

The ratings are constrained by the high business risks associated
with the edible oil industry including the high competitive
intensity and fragmentation therein; vulnerability of
profitability to import pressure, volatility in global edible oil
prices, changes in import duty differential between crude and
refined oil as well as to commodity price fluctuations and
vulnerability to agro climatic risks which can impact the
availability of the main raw material, soybean seed.

The ratings are also inhibited by the moderate financial risk
profile with low operating margins, moderately high gearing and
moderate coverage indicators. Nevertheless, while assigning the
rating, ICRA has favorably factored in the considerable experience
of promoters in the edible oil business; the company's locational
advantage with its manufacturing facilities being situated in the
soybean belt of the country; increase in the branded sales of the
company and the favorable demand prospects for edible oil and de-
oiled cake.

Prakash Oils Limited was incorporated in the year 1986 and is
engaged in the manufacturing and trading of edible oils and de-
oiled Cake (DOC). POL has soya oil extraction and refining plant
at Pithampur, Indore in the state of Madhya Pradesh with an
installed processing capacity of 400 MTPD (metric tonne per day)
of solvent extraction, 100 MTPD of edible oil refining and 150
MTPD of vanaspati oil refining. The other group companies of POL
are Prakash Soya Limited (PSL), Manish Agro Tech Limited (MATL;
Rated: [ICRA]BB (Stable), [ICRA]A4) and Mann Exports Private
Limited (MEPL). All these companies are in the same line of
business and operate under a common management.

In unaudited 2012-13 the company reported net profit after tax
(PAT) of INR5.08 crore on a turnover of INR721.43 crore against
net profit after tax of INR6.15 crore on a turnover of INR482.10
crore in 2011-12.

ROGER POWER: ICRA Reaffirms 'B+' Rating on INR20cr Loans
ICRA has reaffirmed the '[ICRA]B+' rating to the INR5.00 crore
cash credit (enhanced from INR2.52 crore earlier), INR9.28 crore
term loans (enhanced from INR7.44 crore earlier) and INR5.72 crore
fund based facilities (reduced from INR10.04 crore earlier) of
Roger Power Technologies Private Limited.

   Facilities               (INR Cr)   Ratings
   ----------               --------   -------
   Fund Based-Term Loans      9.28     [ICRA]B+ reaffirmed
   Fund Based-Cash Credit     5.00     [ICRA]B+ reaffirmed
   Fund Based-Untied          5.72     [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the fragmented nature
of the industry characterized by a large number of small players,
which in turn leads to intense competition, RPTPL's small scale of
current operations, notwithstanding the significant increase in
turnover during 2012-13 over the preceding year and weak
bargaining power against both stronger suppliers and customers.
The rating is also constrained by the weak financial profile of
RPTPL characterised by decline in the profit margins and return on
capital employed in 2012-13 over 2011-12 and depressed level of
coverage indicators despite improvement in the gearing level
during 2012-13 over previous year.

ICRA also notes that RPTPL is exposed to high customer and sector
concentration risks, as the top five clients contributed around
62% of the total sales during 2012-13, with the client base being
primarily concentrated in the cement sector. The rating, however,
favorably takes into account the locational advantage of the
company's plant and positive demand outlook for RPTPL's product,
primarily driven by the expected growth in the cement sector. The
expected commissioning of the on-going facilities in the near
term, are likely to improve the operational profile of the company
going forward; though may have a negative impact on the company's
gearing as the projects are partly debt funded.

RPTPL, established in 2008 by Mr. Gyanendra Singh, started its
commercial production in September 2010. The company has been
engaged in the manufacture of bulk packing materials made of
polypropylene (PP). RPTPL's factory is located at the Industrial
Growth Centre, Urla, Raipur, Chhattisgarh, having an annual
capacity of 4,680 metric tonne (MT).

Recent Results

The company has reported a net profit of INR0.10 crore
(provisional) on an operating income of INR36.00 crore
(provisional) during 2012-13 as compared to a net profit of
INR0.10 crore on an operating income of INR23.46 crore during

SRI AUROBINDO: ICRA Assigns 'B+' Ratings to INR100cr Loans
ICRA has assigned the long term rating of '[ICRA]B+' to INR61.00
crore fund based limits and INR39.00 crore non-fund based limits
of Sri Aurobindo Institute of Medical Sciences.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Fund based limits       61.00    [ICRA]B+ assigned
   Non-fund based limits   39.00    [ICRA]B+ assigned

The assigned rating derives comfort from stable fee-based income
from the society's medical and dental courses - which have been
witnessing 100% occupancy levels which coupled with improved
performance metrics of the hospital segment over the last three
years have helped society increase its scale of operations to
INR104.70 crore in FY2013 from INR38.29 crore in FY2010 as well as
net surplus to INR15.50 crore in FY2013 from a net loss of INR1.28
crore in FY2010. The rating also draws comfort from more than two
decades of experience of management in the education and
healthcare sector and the favourable demand outlook for medical
education in India which should support occupancies going forward.

The rating is, however, constrained by the stretched liquidity
profile of the society owing to regular debt-funded capital
expenditure and significant debt repayment obligations. This
coupled with lumpiness in the fee receipts and debt repayments can
further result in cash flow mismatches. Regular debt funded capex
coupled with funding support by way of unsecured loans from
promoter group to fund cash losses in initial years of operations
have also resulted in elevated debt levels, which coupled with
scheduled debt repayments have resulted in moderation of debt
coverage indicators despite improvement in operational profile.
The rating is also constrained on account of regulated fee
structure, which can limit the ability to timely implement fee
hikes in case of increase in operating costs; however this concern
is partially mitigated by satisfactory level of operating and net

With the proposed increase in intake capacity for medical courses,
though the scale of operations and surpluses are expected to
further improve however the scale of capital expenditure and
adequacy of debt funding availed to fund the same in a timely
manner will be the key determinants of its credit profile and
liquidity and will thus remain the key rating sensitivities going

Operational since 2004, SAIMS operates 6 colleges that offer 14
courses, a 900 bedded general hospital and 100 bedded
multispecialty hospital in an integrated campus in Indore. While
the general hospital was established in 2003-04 to comply with the
MCI norms and caters primarily to weaker sections of the society,
multispecialty hospital became operational in 2010-11 and targets
the middle and upper middle sections of the society and offers
treatments in all major specialties. The society is managed by Dr.
Vinod Bhandari, his wife Dr. Manjushree Bhandari and other family
members- two sons and their wives who are also associated with 2
other hospitals and educational societies in Indore.

Recent Results

As per the unaudited results for twelve months ending March 2013
Society reported a net surplus of INR15.50 crores operating income
of INR104.70 crore as against the net surplus of INR2.87 crore on
an operating income of INR77.19 crore in FY2012 (Audited).

TURBOMACHINERY ENG'G: ICRA Assigns 'D' Ratings to INR75cr Loans
ICRA has assigned a long-term rating of '[ICRA]D' to INR60.00
crore fund based limits of Turbomachinery Engineering Industries
Limited. ICRA has also assigned a short term rating of '[ICRA]D'
to INR15.00 crore non-fund based limits of TEIL.

   Facilities            (INR Cr)   Ratings
   ----------            --------   -------
   Term Loan               35.00    [ICRA]D Assigned
   Cash Credit             25.00    [ICRA]D Assigned
   Letter of Credit        10.00    [ICRA]D Assigned
   Bank Guarantee           5.00    [ICRA]D Assigned

The assigned ratings are constrained by delays in servicing of
term loan repayment obligations in a timely manner by the company
and its stretched liquidity position due to delayed receivables.
The ratings, however, favorably consider the established presence
of the company, more than four decades of promoter's experience
and past track record of profitable operations coupled with modest
gearing levels.

Going forward, the ability of the company to service its debt
obligations in a timely manner and its ability to improve its
liquidity position will be the key rating sensitivities.

Incorporated in 1987, Turbomachinery Engineering Industries
Limited (TEIL) is an ISO 9001 certified company and caters to
power industry in the areas of refurbishment works, supply of
spares and services, repairs and retrofits, EPC contracts,
operation and maintenance contracts, re-engineering and relocation
of power plants. The company has an in-house research and
development centre and a manufacturing facility to provide
critical spares like turbine blades, journal bearings etc. The
company also provides requisite services at the client site. The
company is managed by Mr. Subbarayudu, who has more than 40 years
of experience in this industry. TEIL is the flagship company of
Turbo group which includes Turbomachinery Educational Society
(which runs an engineering college in Hyderabad) and Chincholi
Sugar and Bio Industries Limited (presently setting up a sugar
plant at Chincholi in Gulbarga District, Karnataka).

Recent Results

In FY2013, the company reported an operating income of INR153.13
crore and an operating profit of INR27.59 crore as against
INR131.62 crore and INR16.27 crore in FY 2012.


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
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