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        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, August 27, 2013, Vol. 16, No. 169


                            Headlines


A U S T R A L I A

ACACIA HOMES: Creditors' Meeting Slated For August 30
GUNNS LIMITED: Former Chairman Convicted of Insider Trading
MOTHERSHIP MUSIC: Flo Rida No Show Sparks Liquidation
PARK AVENUE: Bridal Store Placed Into Liquidation
STREETSCAPE PROJECTS: Obeid Won't Contest Liquidation

* ASIC to Cancel Registration of Liquidator Mark Darren Levi


C H I N A

CHINA CEETOP.COM: Incurs $293K Net Loss in Second Quarter
CHINA LOGISTICS: Incurs $493K Net Loss in Second Quarter
CHINA METAL: HK Regulator Faces Tough Battle in Mainland China
FRANSHION PROPERTIES: US Bond Issuance No Impact on Ratings
GEMDALE CORP: 2013 Interim Results Support Moody's Ba1 Rating


I N D I A

ANSHU AUTO: CRISIL Assigns 'B+' Ratings to INR46MM Loans
BSPL (INDIA): CRISIL Assigns 'B+' Ratings to INR230MM Loans
G AND G ISPAT: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
HOMBALE INFRA: CRISIL Assigns 'BB-' Ratings to INR400MM Loans
H.R. POLYCOATS: CRISIL Raises Ratings on INR194.7MM Loans to 'BB'

INDIAN ACOUSTICS: CRISIL Ups Ratings on INR50MM Loans to 'BB-'
J. B. DARUKA: CRISIL Upgrades Ratings on INR229.8MM Loans to 'B-'
KBJ EXPORTS: CRISIL Downgrades Rating on INR300MM Loan to 'BB+'
KBJ GEMS: CRISIL Downgrades Rating on INR200MM Loan to 'BB+'
KBJ GOLD: CRISIL Downgrades Rating on INR890MM Loan to 'BB+'

KBJ JEWELLERY: CRISIL Lowers Rating on INR1.10BB Loan to 'BB+'
LOMEX INDIA: CRISIL Upgrades Rating on INR20MM Loans to 'BB'
M.D. FROZEN: CRISIL Assigns 'D' Ratings to INR400MM Loans
MY CAR: CRISIL Upgrades Ratings on INR153MM Loans to 'B'
RADHA SMELTERS: CRISIL Cuts Ratings on INR508.5MM Loans to 'D'

RAGHAV RAMMING: CRISIL Assigns 'B+' Ratings to INR147.5MM Loans
RAIPUR BOTTLING: CRISIL Assigns 'B' Rating to INR100MM Loans
SHIVAM FOODS: CRISIL Lowers Rating on INR76MM Loan to 'B+'
VEL STEEL: CRISIL Assigns 'B+' Ratings to INR60MM Loans


X X X X X X X X

* BOND PRICING: For the Week Aug. 19 to Aug. 23, 2013


                            - - - - -


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


ACACIA HOMES: Creditors' Meeting Slated For August 30
-----------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Acacia Homes (S.A.) Pty Ltd on
Aug. 21, 2013.

A meeting of creditors will be held at 9:30 a.m. on Aug. 30, 2013,
in the offices of Clifton Hall, Level 1, 12 Gilles Street, in
Adelaide.


GUNNS LIMITED: Former Chairman Convicted of Insider Trading
-----------------------------------------------------------
The Australian Securities and Investment Commission Commissioner
Cathie Armour says the conviction of former Gunns chairman John
Eugene Gay for insider trading was a reminder the regulator was
committed to combating this serious criminal offence.

Mr. Gay is the most senior executive to be convicted of insider
trading in Australia.

Ms. Armour said maintaining confidence in the integrity of the
market was ASIC's priority.

Mr. Gay was convicted on the basis that he ought to have known the
information was inside information, not that he knew.

"The conviction of Mr. Gay sends a message to directors to
carefully consider the information they possess when making a
trading decision," Ms. Armour said.

"Company policies on trading windows are not a protection for
trading when a director possesses inside information."

More broadly, Ms. Armour says insider trading convictions
demonstrate ASIC's success in fighting this crime.

"Prosecuting insider trading has been a real focus for ASIC. Our
ability to see trading as it occurs, to look out for trading in
stocks we know are in play, and to invoke our investigatory powers
early has meant ASIC is a credible insider trading enforcement
agency," Ms. Armour said.

Earlier this month former Royal Bank of Canada employee John Kay
Jin Khoo was jailed for 14 months and in June 2013 former PwC tax
consultant Nicholas Glynatsis was sentenced to six months in jail.
These followed the sentencing of former Hanlong Mining executive
Calvin Zhu in February 2013 to 15 months jail.

Mr. Gay, who was chairman of Gunns from 2002 to 2010, pleaded
guilty earlier this month.

On Dec. 2 and Dec. 4, 2009, while in possession of inside
information relating to the financial performance of Gunns,
Mr. Gay placed orders to sell more than 3.4 million Gunns shares.
This trading was prior to the release of Gunns' half year results
on Feb. 22, 2010. Following this release, the Gunns share price
fell substantially.

Appearing via video link at the Supreme Court of Tasmania in
Launceston, Mr. Gay was convicted and fined AUD50,000. As a result
of his conviction, Mr. Gay will be automatically disqualified from
managing corporations for five years.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

                       About Gunns Limited

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.  KordaMentha has also been
appointed Receivers and Managers.

The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.


MOTHERSHIP MUSIC: Flo Rida No Show Sparks Liquidation
-----------------------------------------------------
Penelope Green at the Newcastle Herald reports that Mothership
Music Pty Ltd, the promotions company that on August 20 lost its
legal battle against Flo Rida over the rap star's no-show at the
2011 Fat As Butter festival, has been placed in voluntary
liquidation.

Liquidator Scott Turner told the Newcastle Herald that the
company, of which FAB promoter Brent Lean is a director, owed
almost AUD200,000 to the Australian Tax Office, as well as smaller
debts to a handful of other unsecured creditors, including Mr.
Lean.

According to the report, Mr. Turner said Mr. Lean and his business
partner, Justin Nyker, were shareholders of the company and that
its liquidation was linked to the failure of Flo Rida, aka Tramar
Dillard, to perform at the 2011 event in Newcastle.

"This all goes back to the issues with Flo Rida and legal
proceedings and so forth. It put a lot of pressure on the company
and therefore they had no choice but to put it into liquidation,"
the report quotes Mr. Turner as saying. "[The court case] could
have gone either way but unfortunately, it went the wrong way.
Certainly, if they had [won the case] it would have plugged a big
hole in the company . . . they spent a lot of money pursuing the
guy."

The Newcastle Herald relates that Mr. Lean, also a director of Fat
As Butter Pty Ltd, declined to comment on the decision last week
by the NSW Court of Appeal to uphold an appeal by Dillard against
Mothership Music's bid to sue the rapper and his management, VIP
Entertainment and Concepts, for breach of contract and damages.

However, a post on the FAB Facebook page said the organisers
wished to 100 per cent "confirm that it's business as usual" for
this year's festival, set for the Newcastle Foreshore from October
25 to 27, the report notes.


PARK AVENUE: Bridal Store Placed Into Liquidation
-------------------------------------------------
Leigh Van Den Broeke at The Daily Telegraph reports that
Park Avenue Bridal on Macquarie St, Parramatta was placed into
liquidation on August 20 and some women may face the prospect of
being without their ordered gown.

The report relates that the Department of Fair Trading said the
directors and employees at the store have not been contacted since
August 16 when the retailer was locked up.

"It was established the Parramatta premises had been locked and
secured since Friday 16 August and that the directors and
employees were unable to be contacted," Fair Trading Commissioner,
Rod Stowe, said.

"Investigators attended the premises today and made contact with
customers, some who had fully paid for and some who had partially
paid for wedding dresses," Mr. Stowe said, notes the Aug. 20
report.

"One customer today supplied a statement to Fair Trading
indicating she had fully paid more than $3,000 for her wedding
dress and is due to be married on August 31.

"That customer was able to collect her wedding dress today."

Mr. Stowe was advised by the liquidators, Cor. Cordis Chartered
Accountants, they were currently in the process of working through
orders that had been placed with the company and orders that were
in the process of being filled by other suppliers.

"The liquidators said dresses on the premises that had been paid
for and were completed should be able to be provided to customers,
subject to reconciliation by the liquidators," he said, notes the
report.

"It was also agreed that any consumers who had made partial
payments could collect finished garments, subject to final payment
and reconciliation by the liquidators."

"The liquidators have advised Fair Trading that customers whose
weddings were imminent would be prioritised for resolution."


STREETSCAPE PROJECTS: Obeid Won't Contest Liquidation
-----------------------------------------------------
Kate McClymont at The Sydney Morning Herald reports that
Moses Obeid's company finances will be laid bare after he gave up
attempts to prevent the City of Sydney council from pursuing a
AUD16.6 million debt.

In a surprise move, SMH relates, Mr. Obeid has decided not to
contest the council's move to put his company Streetscape into
liquidation.  SMH recalls that the Supreme Court last year ordered
Streetscape to pay the council AUD12 million, plus
AUD4.6 million in costs and interest. The debt related to
Mr. Obeid being prosecuted for selling streetpoles offshore in
breach of licensing agreements, the report relays.

After the judgment, SMH notes, Mr. Obeid appointed administrators
Ozem Kassem and Robert Kite from the accountancy firm Cor Cordis.
According to the report, the administrators voted with small
creditors, mostly friends and relatives of the Obeids, to accept
only a few cents in the dollar in full satisfaction of the money
they claimed to be owned by Mr. Obeid's company.

This Deed of Company Arrangement (DOCA) effectively wiped out
Mr. Obeid's company's AUD16.6 million debt to the council, the
report says.

The council took legal action to overturn this, claiming the DOCA
was neither fair nor reasonable, says SMH.

On August 21 in the Supreme Court Justice Ashley Black was told
Mr. Obeid and the administrators were not contesting the council's
move to set aside the DOCA and place Streetscape into liquidation,
SMH reports.

According to SMH, the council has appointed Deloitte partner David
Lombe to wind up the company. This means a thorough public
examination of the company's assets and recent transactions can
now take place.

Legal action against Mr. Obeid personally for the debt has been
ordered back to the Supreme Court for redetermination, the report
adds.

Streetscape Projects sells multipurpose street poles with street
lights, banners and security cameras.


* ASIC to Cancel Registration of Liquidator Mark Darren Levi
------------------------------------------------------------
The Australian Securities and Investment Commission said it will
cancel the registration of liquidator Mark Darren Levi following a
successful application to the disciplinary body, the Companies
Auditors and Liquidators Disciplinary Board (CALDB).

CALDB found that Mr. Levi was persistently and seriously dishonest
and, therefore, not a fit and proper person to remain registered
as a liquidator.

CALDB found that in 2009 Mr. Levi took AUD92,000 from Biseja Pty
Ltd while it was in receivership and under the control of
registered liquidator Jamieson Louttit. At the time of his alleged
misconduct, Mr. Levi was a senior staffer at Jamieson Louttit &
Associates.

ASIC alleged Mr. Levi dishonestly and without proper authority
used the AUD92,000 for his own benefit.  Mr. Levi used the money
to pay two personal tax bills.

CALDB found that Mr. Levi engaged in serious dishonesty in
misappropriating the funds, in falsifying records to disguise the
misappropriation and in putting forward a false version of events
after having admitted the misappropriation to Mr. Louttit.
Mr. Levi's dishonesty was not an isolated lapse, but involved
dishonesty on numerous occasions from April 2009 to at least 2011.

"Liquidators must maintain high professional standards," ASIC
Commissioner John Price said.

"Public confidence in insolvency practitioners would be seriously
eroded if Mr. Levi were allowed to continue to work as a
registered liquidator."

CALDB made its decision on July 2, 2013, but a series of stay and
suppression orders sought by Mr. Levi in the Supreme and Federal
Courts and the Administrative Appeals Tribunal (AAT) prevented
ASIC from reporting the outcome earlier.

ASIC's investigation into Mr. Levi's alleged misconduct is
continuing.

Mr. Levi is seeking a review of CALDB's decision with the AAT.

Mr. Levi is currently the managing director of Titan Advisory, a
corporate recovery and advisory firm based in Sydney.

The CALDB ordered that Mr. Levi's registration be cancelled from
July 30, 2013. The cancellation will not take effect until ASIC
removes Mr. Levi from its registers. ASIC will not do this until
Mr. Levi has been replaced as liquidator of his three current
external administrations. The application to replace Mr. Levi was
listed for hearing on Aug. 26, 2013, in the NSW Supreme Court.

The CALDB is an independent statutory body under the Corporations
Act and has the power to cancel or suspend the registration of a
liquidator or auditor.

The referral of Mr. Levi to CALDB is the sixth action ASIC has
taken recently against registered liquidators, including:

* three other confidential matters referred to the CALDB
  regarding practitioners' alleged misconduct;

* ASIC seeking orders to cancel the registration of Melbourne
  liquidator Andrew Leonard Dunner; and

* in February 2013, ASIC accepting an enforceable undertaking
  (EU) from Sydney liquidator Ian Lawrence Struthers, who agreed
  to cancel his registration as a liquidator for a minimum of
  three years.



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


CHINA CEETOP.COM: Incurs $293K Net Loss in Second Quarter
---------------------------------------------------------
China Ceetop.com, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $293,230 on $0 sales for the three months
ended June 30, 2013, compared with a net loss of $274,180 on
$1.3 million of sales for the same period last year.

The Company reported a net loss of $502,999 on $0 sales for the
six months ended June 30, 2013, compared with a net loss of
$512,479 on $2.6 million of sales for the corresponding period of
2012.

The 100% decrease in net sales was due to the Company's transition
from online retail sales to B to B supply chain service.

The Company' balance sheet at June 30, 2013, showed $3.5 million
in total assets, $4.0 million in total liabilities, and a
stockholders' deficit of $463,482.

                     Going Concern Uncertainty

"For the year ended Dec. 31, 2012, our independent auditors, in
their report on the financial statements, have indicated that the
Company has experienced recurring losses from operations and may
not have enough cash and working capital to fund its operations
beyond the very near term, which raises substantial doubt about
our ability to continue as a going concern.  Management has made a
similar note in the financial statements.  As indicated herein, we
must raise capital for the implementation of our business plan,
and we will need additional capital for continuing our operations.
We do not have sufficient revenues to pay our expenses of
operations.  Unless the Company is able to raise working capital,
it is likely that the Company either will have to cease operations
or substantially change its methods of operations or change its
business plan."

A copy of the Form 10-Q is available at http://is.gd/cQveKQ

Shenzhen, China-based China Ceetop.com, Inc., is an Oregon-
registered corporation.  Before 2013 the company owned and
operated the online retail platform, http://www.ceetop.com/
Due to excessive competition in online retail, the Company has
transformed itself into an integrated supply chain services
provider, and focuses on Business to Business "B to B" supply
chain management and related value-added services among
enterprises.


CHINA LOGISTICS: Incurs $493K Net Loss in Second Quarter
--------------------------------------------------------
China Logistics Group, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $492,809 on $3.49 million of sales
for the three months ended June 30, 2013, compared with net income
of $136,242 on $6.20 million of sales for the same period last
year.

The Company reported a net loss of $307,624 on $6.89 million of
sales for the six months ended June 30, 2013, compared with net
income of $695,507 on $11.57 million of sales for the same period
of 2012.

The decrease in net income for the second quarter and first six
months of 2013, respectively, was primarily due to lower revenues
and gross profits and an increase in interest expense and bad debt
expense.

The Company' balance sheet at June 30, 2013, showed $3.55 million
in total assets, $3.57 million in total liabilities, and a
stockholders' deficit of $17,822.

The Company said: "The Company has an accumulated deficit of
$20,553,440 at June 30, 2013, and a working capital deficit of
$138,121 at June 30, 2013.  During the six months ended June 30,
2013, the Company used cash in operating activities of $82,417.
The Company has incurred net (loss) income of $(307,624) and
$695,507 for the six months ended June 30, 2013, and 2012,
respectively.  The Company's ability to continue as a going
concern is dependent upon its ability to generate profitable
operations in the future and to obtain any necessary financing to
meet its obligations and repay its liabilities arising from normal
business operations when they come due.  The outcome of these
matters cannot be predicted at this time.  These matters raise
substantial doubt about the ability of the Company to continue as
a going concern."

A copy of the Form 10-Q is available at http://is.gd/1DhxCC

Shanghai, China-based China Logistics Group, Inc., is a Florida
corporation and was incorporated on March 19, 1999, under the name
of ValuSALES.com, Inc.  The Company changed its name to Video
Without Boundaries, Inc., on Nov. 16, 2001.  On Aug. 31, 2006, it
changed its name from Video Without Boundaries, Inc., to
MediaReady, Inc., and on Feb. 14, 2008, it changed its name from
MediaReady, Inc., to China Logistics Group, Inc.

On Dec. 31, 2007, the Company entered into an acquisition
agreement with Shandong Jiajia International Freight and
Forwarding Co., Ltd., and its sole shareholders Messrs. Hui Liu
and Wei Chen, through which the Company acquired a 51% interest in
Shandong Jiajia.  The transaction was accounted for as a capital
transaction, implemented through a reverse recapitalization.

Shandong Jiajia, formed in 1999 as a Chinese limited liability
company, is an international freight forwarder and logistics
management company.  Headquartered in Qingdao, Shandong Jiajia has
branches in Shanghai, Xiamen, Lianyungang and Tianjin with
additional sales office in Rizhao.


CHINA METAL: HK Regulator Faces Tough Battle in Mainland China
--------------------------------------------------------------
The South China Morning Post reports that the Hong Kong Securities
and Futures Commission has had an initial win in its bid to wind
up China Metal Recycling, but faces a tougher battle when it
applies to mainland courts to get access to the mainland assets of
the company.

Accountants and lawmakers said this could be a lengthy and painful
process for the city's securities watchdog, although it would not
be mission impossible, the report says.

According to the report, the SFC won an order from the Court of
First Instance on July 29 to appoint provisional liquidators to
the company and to hear an appeal to have the company wound up.
The company is accused of overstating its financial position when
it applied for a listing on the Hong Kong market in 2009 and in
its annual report for that year, the report notes.  The regulator
believes those misstatements remain in force, says SCMP.

SCMP relates that the provisional liquidators secured a court
injunction on July 31 to freeze almost HK$1.7 billion of assets,
and filed a writ against the founding chairman of the company
Jacky Chun Chi-wai and his wife Lai Wun-yin and 10 firms for
losses incurred from false information and financial statements
provided by Chun and "purported payments for fictitious
transactions".

But in a setback for the SFC, Lai and two companies asked the
court on August 9 to lift the injunctions to freeze the assets and
the judge, Jason Pow Wing-nin, agreed to their request, according
to the report.

"There was no basis to suggest [Lai] was in fraudulent breach of
fiduciary duties. There was no evidence that the defendant knew or
participated in the fictitious transactions," the report quotes
Mr. Pow as saying.

Together with executive director Fung Ka-lun, Chun and Lai have
also served notice they will oppose the winding-up petition and
argument is to be heard on October 16 which may turn into a
lengthy legal battle, the report relates.

But even if the court grants a winding-up order, more challenges
lie ahead, SCMP says.

The report notes that while the company is listed in Hong Kong,
China Metal Recycling is incorporated in the Cayman Islands and
its major assets and operations are on the mainland. Hence the
Hong Kong-appointed liquidators can get access only to books and
records and assets located in the city and not on the mainland or
in the Cayman Islands, which will require separate court actions,
the report says.

To get access to the company's mainland assets, the SFC will first
need to apply to the Cayman Islands' courts to secure an order
winding up the company. Legal experts and liquidators told the
South China Morning Post this would not be too difficult.

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

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.


FRANSHION PROPERTIES: US Bond Issuance No Impact on Ratings
-----------------------------------------------------------
Moody's Investors Service says that the $200 million bonds due
April 2022 issued by Franshion Brilliant Limited and guaranteed by
Franshion Properties will not affect:

- The Baa3 corporate family rating of Franshion Properties (China)
Limited

- The Ba1 senior unsecured ratings for the bonds issued by
Franshion Development Limited and Franshion Investment Limited

- The stable outlooks for all these ratings

"The proceeds from the new bond issuance will provide additional
funding to Franshion Properties to expand its business and to
lengthen its debt maturity profile," says Kaven Tsang, a Moody's
Vice President and Senior Analyst and the Lead Analyst for
Franshion Properties.

"The new bond issuance will have a limited impact on Franshion
Properties' key credit metrics because the company will use part
of the proceeds to repay short-term debt," adds Tsang.

Moody's expects that, after the issuance, EBITDA interest coverage
will remain at around 4x and adjusted recurring EBTIDA/interest at
around 0.7x in the next 12-18 months. Debt/total capitalization is
likely to stay at 45%-50%. Such credit metrics match Franshion
Properties' Baa3 corporate family rating.

Meanwhile, Franshion Properties' financial results for H1 2013 are
in line with expectations.

Its stable and healthy rental income, strong growth in property
sales and improving financial metrics well support its Baa3
corporate family rating.

Franshion's investment property portfolio, the main contributor to
recurring EBITDA, enjoyed a 9.1% year-on-year increase in EBITDA
to HKD554 million in H1 2013. On the other hand, such an
improvement partly offset the 13.4% year-on-year decline in EBITDA
for its hotel business.

The occupancy rate for its three major investment properties --
Beijing Chemsunny World Trade Center, Sinochem Tower, and Jin Mao
Tower -- remain high at above 97%.

As a result, adjusted recurring EBTIDA/interest for the 12 months
to June 2013 was largely unchanged at 0.72x, versus 0.73x for the
full year of 2012.

Franshion Properties is on track to meeting the annual targets for
contract sales in its development business. It achieved HKD11.2
billion of contract sales in H1 2013, representing around 50% of
its full-year target.

At the same time, it recognized a significant 424% year-on-year
growth in development revenues, which in turn raised overall
EBITDA for H1 2013 to HKD4.6 billion and adjusted EBITDA/interest
for the 12 months ended June 2013 to 4.7x from 3.3x for the full
year of 2012. This improvement is consistent with Moody's
expectation for its Baa3 corporate family rating.

Additionally, Franshion Properties maintained adequate liquidity
with unrestricted cash holdings of HKD9.3 billion as of June 30,
2013. This amount can fully cover its short-term debt of HKD7.2
billion.

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

Listed on the Hong Kong Stock Exchange in 2007, Franshion
Properties (China) Limited is a 62.87% owned subsidiary of
Sinochem Hong Kong (Group) Company Limited, and which in turn is
98% owned by Sinochem Group, a state-owned enterprise under
China's State-Owned Assets Supervision and Administration
Commission.

Franshion develops commercial and integrated properties in first-
tier and major second-tier cities in China. As of June 2013, the
company had a total land bank of approximately 7.0 million square
meters, including 953,082 sqm of commercial properties and hotels.


GEMDALE CORP: 2013 Interim Results Support Moody's Ba1 Rating
-------------------------------------------------------------
Moody's Investors Service says Gemdale Corporation's 2013 interim
results are in line with Moody's expectations and continue to
support its Ba1 corporate family rating and stable outlook.

"Gemdale's robust contract sales performance continues to support
its Ba1 corporate family rating," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

Gemdale recorded 40% year-on-year growth in contract sales to
RMB22.4 billion in January-July 2013, and equal to 53% of its
annual target.

"Though Gemdale's debt leverage increased -- as the company
stepped up its land acquisitions -- it is within the range for its
current rating," adds Tsang, who is also the Lead Analyst for
Gemdale.

In 1H 2013, Gemdale paid RMB5.5 billion in land premium. In
contrast, it did not make any land acquisitions in 1H 2012 when
the property market was weak.

These recent acquisitions and its higher level of development
resulted in adjusted debt/capitalization increasing to 54.9% as of
end-June 2013 from 51.5% as of end-December 2012. Adjusted net
debt/net capitalization grew to 39.2% from 27.2%.

Moody's expects Gemdale's adjusted debt/capitalization to stay
between 50% and 55% over the next one to two years, which would
continue to position it in the Ba1 rating category.

"Gemdale's 1H 2013 lower profit margin reflects the costs incurred
in early 2012 as it promoted pre-sales," says Tsang.

Gemdale's revenue increased by 36% year-on-year to RMB8.8 billion
in 1H 2013, but gross profit was largely unchanged at RMB1.9
billion. Its gross margin dropped to 22.0% in 1H 2013 from 30.0%
in 1H 2012 and 25.5% in 2H 2012, as the company recognized the
sales concluded in 2011 and early 2012, when it offered more
discounts to generate sales during the down-cycle.

Accordingly, EBITDA interest coverage dropped to 3.5x in the 12
months ended June 2013 from 3.9x in 2012, and which is consistent
with Moody's expectation of a 3.5x-4.0x range over the next two
years.

Gemdale maintains good liquidity. Its cash balance of RMB17.6
billion as of end-June 2013 and estimated annual operating cash
flow of around RMB10 billion will be sufficient to pay RMB11.1
billion of maturing debt and estimated land payments of RMB10
billion in the coming 12 months.

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

Incorporated in China, Gemdale Corporation is one of the leading
developers in China's residential property sector. It began its
property development business in Shenzhen in 1993 and has
progressively expanded its business to cover the seven major
regions across the country. As of end-June 2013, it had an
attributable land bank of 18.7 million sqm in gross floor area.



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I N D I A
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ANSHU AUTO: CRISIL Assigns 'B+' Ratings to INR46MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Anshu Automotives Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan            6       CRISIL B+/Stable

   Bank Guarantee            9       CRISIL A4

   Cash Credit              40       CRISIL B+/Stable

The ratings reflect AAPL's working-capital-intensive operations
and susceptibility to economic downturns. The ratings also factor
in the company's average financial risk profile marked by a modest
net worth. These rating weaknesses are partially offset by AAPL's
established regional presence in the automobile dealership
industry, supported by its promoter's extensive industry
experience.

Outlook: Stable

CRISIL believes that AAPL will maintain its established regional
presence in the automobile dealership industry, supported by its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company increases its scale of
operations and operating profitability on a sustainable basis,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if AAPL registers decline
in its revenues and operating profitability, or if the company
undertakes a larger-than-expected debt-funded capital expenditure
programme, resulting in weakening of its financial risk profile.

AAPL was set up as a private limited company in 2007 by Mr. Ajay
Naidu. It is an exclusive authorised dealer for Force Motors Ltd.

For 2012-13 (refers to financial year, April 1 to March 31), AAPL,
on a provisional basis, reported a profit after tax (PAT) of
INR4.8 million on net sales of INR480.9 million, against a PAT of
INR4.4 million on net sales of INR327.7 million for 2011-12.


BSPL (INDIA): CRISIL Assigns 'B+' Ratings to INR230MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of BSPL (INDIA) Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               25      CRISIL B+/Stable

   Working Capital          205      CRISIL B+/Stable
   Demand Loan

The rating reflects BIPL's weak financial risk profile, marked by
a small net worth and weak debt protection metrics. The rating
also factors in the company's susceptibility to volatility in raw
material prices, and geographical and product concentration in its
revenue profile. These rating weaknesses are partially offset by
the extensive experience of BIPL's promoter in the steel industry.

Outlook: Stable

CRISIL believes that BIPL will continue to benefit over the medium
term from the extensive trading experience of its promoter.
CRISIL, however, believes that the company's financial risk
profile will remain constrained over this period, with a high
total outside liabilities to tangible net worth ratio and weak
debt protection metrics, due to its large working capital
requirements. The outlook may be revised to 'Positive' if BIPL's
financial risk profile improves significantly, most likely because
of capital infusion by the promoter and better-than-expected
revenues and profitability. Conversely, the outlook may be revised
to 'Negative' if the company's profitability or revenues decline,
or if there is a stretch in its working capital cycle, resulting
in lower-than-expected cash accruals. Larger-than-expected debt-
funded capital expenditure, leading to deterioration of its
financial risk profile, may also result in a 'Negative' outlook.

BIPL was set up in 1997 by Mr. Bishwambar Lal Saboo. The Saboo
family has been engaged in a similar line of business since 1992
through a partnership concern, J H Agency. BIPL took over the
partnership firm in 1997. The company has been trading in roofing
steels in Guwahati (Assam) since its inception.


G AND G ISPAT: CRISIL Assigns 'B+' Rating to INR70MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of G and G Ispat Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B+/Stable

The rating reflects GGPL's exposure to intense competition in the
steel industry, the vulnerability of operating margins to
volatility in raw material prices and average financial risk
profile marked by low net worth and moderate gearing. These
weaknesses are partially offset by the extensive experience of
GGPL's partners in the steel industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GGPL and Ispat India (Ispat) (CRISIL
B+/Stable); this is because the two entities have significant
business and financial linkages and have common management.

Outlook: Stable

CRISIL believes that GGPL will continue to benefit over the medium
term from its partners extensive experience in steel industry. The
outlook may be revised to 'Positive' in case there is higher than
expected improvement in the company's profitability and ramp up of
operations leading to better than expected cash accruals ,leading
to improvement in capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a significant decline in the
company's revenues or profitability margins or larger than
anticipated debt funded capex resulting in a weakening in its
financial risk profile.

GGPL, was established in April 2011, by Chattisgarh based Agarwal
facility. The company is engaged in manufacturing of mild steel
channels and angle and its manufacturing facility is located in
Raipur (Chattisgarh).


HOMBALE INFRA: CRISIL Assigns 'BB-' Ratings to INR400MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Hombale Infrastructure Projects LLP.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash           280       CRISIL BB-/Stable
   Credit Limit

   Proposed Bank           170       CRISIL A4+
   Guarantee

   Bank Guarantee           30       CRISIL A4+

   Cash Credit             120       CRISIL BB-/Stable

The ratings reflect the extensive experience of HIPL's promoters
in the civil construction sector and its healthy order book. These
rating strengths are partially offset by HIPL's below-average
financial risk profile marked by weak debt protection metrics, its
small scale of operations, and exposure to customer concentration
in its revenue profile.

Outlook: Stable

CRISIL believes that HIPL will continue to benefit over the medium
term from its experienced management and healthy order book. The
outlook may be revised to 'Positive' if the company scales up its
operations and significantly improves its operating profitability,
resulting in higher-than-expected cash accruals and improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if HIPL's revenues decline or the company faces any
significant delay in project execution or in receipt of payment
from its customers, further weakening its financial risk profile,
especially liquidity.

Incorporated in 2010, Bangalore-based HIPL undertakes civil
construction works.

HIPL posted, on a provisional basis, a profit after tax (PAT) of
INR14.6 million on net sales of INR339 million during 2012-13
(refers to financial year, April 1 to March 31) as against PAT of
INR14.9 million on net sales of INR268 million for 2011-12.


H.R. POLYCOATS: CRISIL Raises Ratings on INR194.7MM Loans to 'BB'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
H.R. Polycoats Pvt Ltd (part of the HR group) to 'CRISIL
BB/Stable' from 'CRISIL BB-/Stable', and has reaffirmed its rating
on the company's short-term bank facility at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               80      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit         110      CRISIL A4+ (Reaffirmed)

   Proposed Long-Term         8.2    CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan                106.5    CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

The rating upgrade reflects improvement in the HR group's
liquidity, supported by ramp up in sales and improvement in
operating margin leading to improvement in net accruals. The cash
accruals are expected to be sufficient to meet the group's debt
obligations over the medium term. The upgrade also factors in the
improvement in the HR group's gearing and debt protection metrics
on the back of improvement in accruals. CRISIL believes that the
HR group's financial risk profile will improve on the back of
moderate accruals against no major capital expenditure (capex)
plans for the medium term.

The ratings reflect the extensive industry experience of the HR
group's promoters in the artificial leather industry and the
group's growing revenues and cash accruals. These rating strengths
are partially offset by the HR group's weak financial risk
profile, marked by a high gearing, because of large debt-funded
capex and working capital requirements. The ratings also factor in
the group's modest scale of operations in the intensely
competitive leather industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HRPPL and HR Polycoats (HRP). This is
because both these entities, together referred to as the HR group,
share the same management team, sell products under a common
brand, and are in the same line of business. Furthermore, the
management has plans to merge the two entities by March 31, 2014.

Outlook: Stable

CRISIL believes that the HR group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
registers significant improvement in its scale of operations and
profitability, leading to better-than-expected cash accruals and
liquidity. Conversely, the outlook may be revised to 'Negative' in
case the HR group's working capital requirements are larger than
expected or if the group undertakes a debt-funded capex programme,
resulting in deterioration in its financial risk profile,
particularly in its liquidity.

HRPPL was set up in May 2009 by Mr. Raj Kumar Dhawan and Mr.
Harish Dhawan. It manufactures coated textile fabric (also known
as imported or artificial leather or leatherette), which is a
cheap substitute for leather in shoes, upholstery, and clothing.
Its manufacturing unit is in Bahadurgarh (Haryana). HRP, set up as
a partnership firm in 1994, also manufactures artificial leather.
The firm has a manufacturing facility in Bahadurgarh.

The HR group reported a profit after tax (PAT) of INR6.7 million
on net sales of INR837.0 million for 2011-12 (refers to financial
year, April 1 to March 31), against a PAT of INR7.8 million on net
sales of INR651.8 million for 2010-11.


INDIAN ACOUSTICS: CRISIL Ups Ratings on INR50MM Loans to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Indian
Acoustics Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               30      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Foreign Bill             130      CRISIL A4+ (Upgraded
   Discounting                       from 'CRISIL A4')

   Packing Credit           110      CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Proposed Long-Term        20      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The ratings upgrade reflects improvement in the company's
liquidity profile backed by stabilization of operations along with
improvement in financial risk profile owing to equity infusion by
promoters. The company commenced its operations in November 2011
and has significantly ramped up its operations registering
estimated sales of INR617.5 million for 2012-13 (refers to
financial year, April 1 to March 31), its first full year of
operations. Due to equity infusion of INR74.8 million in 2012-13,
the company's gearing has been below 2 times as on March 31, 2013.
IAPL registered more than expected cash accruals of INR7.7 million
in 2012-13 as against its debt repayment obligations of INR3.1
million. The company's bank limits have been utilized at moderate
levels of 65 per cent for the past five months ended May 2013.

The ratings reflect its promoters' extensive experience in the
electronic equipment industry, and average financial risk profile
marked by moderate gearing. These rating strengths are partially
offset by IAPL's small scale of operations in a fragmented and
highly competitive industry and working capital intensive
operations.

Outlook: Stable

CRISIL believes that IAPL will continue to benefit from its
promoters' extensive experience and its established and
geographically diversified customer base. The outlook may be
revised to 'Positive' in case of significant improvement in IAPL's
scale of operations and profitability leading to higher-than-
expected cash accruals and improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case IAPL
reports lower-than-expected cash accruals, or undertakes a larger-
than-expected, debt-funded capital expenditure programme, or its
working capital requirements increase substantially, thus leading
to deterioration in its financial risk profile.

Incorporated in 2010, IAPL is promoted by Mr. Surinder Kalra and
his son, Mr. Amarjit Kalra. It manufactures and assembles public
address systems and its various components which include loud
speakers, amplifiers, microphones, and woofers, and other related
electronic and electrical equipment. The company commenced its
operations around November 2011 and its manufacturing facilities
are located at Noida. IAPL markets its products under the brand
name Five Core.

IAPL, on a provisional basis, reported a profit after tax (PAT) of
INR4.9 million on net sales of INR 617.5 million for 2012-13. It
had reported a PAT of INR1.3 million on net sales of INR173
million for 2011-12.


J. B. DARUKA: CRISIL Upgrades Ratings on INR229.8MM Loans to 'B-'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of J. B.
Daruka Papers Ltd to 'CRISIL B-/Stable' from 'CRISIL D'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100.0    CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan                129.8    CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects the timely servicing of debt by JBDPL
over the three months through July 2013, following the
restructuring of its long-term debt. The upgrade also factors in
CRISIL's belief that JBDPL will generate adequate accruals
subsequently which will ensure adequate coverage of its maturing
term loan obligations over the medium term. The company posted
cash accruals of over INR35 million during 2012-13 (refers to
financial year, April 1 to March 31). JBDPL's healthy cash
accruals have resulted in a moderate gearing, and debt protection
metrics.

The rating reflects JBDPL's stretched liquidity due to its high
working capital requirements. The rating also factors in JBDPL's
marginal scale of operations and limited product diversity. The
company, however, benefits from its promoters' extensive
experience and JBDPL's established position in the paper industry.

Outlook: Stable

CRISIL believes that JBDPL will continue to benefit from its
promoters' extensive experience and its established position in
the paper industry. The outlook may be revised to 'Positive' if
the company prudently manages its working capital requirements.
Conversely, the outlook may be revised to 'Negative' if the
company faces deterioration in its working capital management or
if it generates significantly lower-than-expected cash accruals.

JBDPL was set up by three brothers, Mr. Jagdish Agarwal, Mr.
Shambhoo Nath Agarwal and Mr. Vishwanath Agarawal in 1995. The
company manufactures absorbent kraft paper and has a plant at
Sitapur (Uttar Pradesh).

For 2012-13, JBDPL, on a provisional basis, reported net sales of
INR604.8 million. JBDPL reported profit after tax of INR12.1
million on net sales of INR587.6 million in 2011-12.


KBJ EXPORTS: CRISIL Downgrades Rating on INR300MM Loan to 'BB+'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of KBJ
Exports Ltd. to 'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL BBB-
/Stable/CRISIL A3'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         300      CRISIL A4+ (Downgraded from
                                   'CRISIL A3')

   Cash Credit            300      CRISIL BB+/Stable (Downgraded
                                   from 'CRISIL BBB-/Stable')

The downgrade reflects stretch in liquidity position for the group
entities i.e. KBJ Exports And KBJ Jewellery Ltd. over past few
months due to stretched receivables with instances of overdrawals
in cash credit limit. CRISIL believes that stretched liquidity
position of KBJ group to continue over the near to medium term on
account of stretched receivables.

The rating continues to reflect KBJ group's established presence
in the gems & jewellery industry, and its above average financial
risk profile on the back of funding support from promoters and
absence of any term debt obligations. These rating strengths are
partially offset by high competition and fragmented nature of
business and regulatory changes in the gems and jewellery
industry.

For arriving at the ratings, CRISIL has consolidated the business
and financial profiles of of KBJ Gold Ornaments Ltd. (KBJ Gold),
KBJ Jewellery Pvt. Ltd., KBJ Gems & Jewellery Ltd. and KBJ Exports
together referred as 'KBJ Group' on account of business synergies
within the group due to common manufacturing facilities, common
set of customers, financial fungibility within group companies.

Outlook: Stable

CRISIL believes that KBJ Group will continue to benefit from its
promoters' extensive experience in the gold jewellery business.
The outlook may be revised to 'Positive' if it reports more-than-
expected growth in revenues and margins, and improved liquidity
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if the group's debt protection metrics
deteriorate because of lower-than-expected growth in revenues and
margins, larger-than-expected debt-funded capex, or a significant
stretch in working capital cycle.

KBJ Exports was incorporated in 2011 by Mr. Mohit Kamboj, a
Mumbai-based third generation entrepreneur; it manufactures gems.
The company is part of the Mumbai-based KBJ group engaged in
wholesale gold jewellery manufacturing such as necklaces
(primarily mangalsutras), bracelets, earrings, bangles and other
related products.

The other group entities are KBJ Gold, KBJ Gems & Jewellery and
KBJ Jewellery. All these entities are based in Mumbai and have
common manufacturing facilities, common set of customers, and
common promoters and management

KBJ Exports reported a profit after tax (PAT) of INR10 million on
net sales of INR3.4 billion for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR1 million on net
sales of INR155 million for 2010-11.


KBJ GEMS: CRISIL Downgrades Rating on INR200MM Loan to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of KBJ
Gems and Jewellery Limited (KBJ Gems & Jewellery; part of the KBJ
group) to 'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL BBB-
/Stable/CRISIL A3'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          100      CRISIL A4+ (Downgraded from
                                    'CRISIL A3')

   Cash Credit             200      CRISIL BB+/Stable (Downgraded
                                    from 'CRISIL BBB-/Stable')

The downgrade reflects stretch in liquidity position for the group
entities i.e. KBJ Exports Ltd. And KBJ Jewellery Ltd. over past
few months due to stretched receivables with instances of
overdrawals in cash credit limit. CRISIL believes that stretched
liquidity position of KBJ group to continue over the near to
medium term on account of stretched receivables.

The rating continues to reflect KBJ group's established presence
in the gems & jewellery industry, and its above average financial
risk profile on the back of funding support from promoters and
absence of any term debt obligations. These rating strengths are
partially offset by high competition and fragmented nature of
business and regulatory changes in the gems and jewellery
industry.

For arriving at the ratings, CRISIL has consolidated the business
and financial profiles of of KBJ Gold Ornaments Ltd., KBJ
Jewellery Pvt. Ltd., KBJ Gems & Jewellery, and KBJ Exports Pvt.
Ltd. together referred as 'KBJ Group' on account of business
synergies within the group due to common manufacturing facilities,
common set of customers, financial fungibility within group
companies.

Outlook: Stable

CRISIL believes that KBJ Group will continue to benefit from its
promoters' extensive experience in the gold jewellery business.
The outlook may be revised to 'Positive' if it reports more-than-
expected growth in revenues and margins, and improved liquidity
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if the group's debt protection metrics
deteriorate because of lower-than-expected growth in revenues and
margins, larger-than-expected debt-funded capex, or a significant
stretch in working capital cycle.

KBJ Gems & Jewellery was incorporated in 2011 by Mr. Mohit Kamboj,
a Mumbai-based third generation entrepreneur; it manufactures
fancy jewellery. The company is part of Mumbai-based KBJ group
engaged in wholesale gold jewellery manufacturing such as
necklaces (primarily mangalsutras), bracelets, earrings, bangles
and other type of related allied products.

The other group entities are KBJ Gold, KBJ Exports and KBJ
Jewellery. All these entities are based in Mumbai, and have common
manufacturing facilities, common set of customers, and common
promoters and management.

KBJ Gems & Jewellery reported a profit after tax (PAT) of INR8
million on net sales of INR2.8 billion for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.3
million on net sales of INR130 million for 2010-11.


KBJ GOLD: CRISIL Downgrades Rating on INR890MM Loan to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
KBJ Gold Ornaments Ltd. to 'CRISIL BB+/Stable/CRISIL A4+' from
'CRISIL BBB-/Stable/CRISIL A3'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         310      CRISIL A4+ (Downgraded from
                                   'CRISIL A3')

   Cash Credit            890      CRISIL BB+/Stable (Downgraded
                                   from 'CRISIL BBB-/Stable')

The downgrade reflects stretch in liquidity position for the group
entities i.e. KBJ Exports Ltd. And KBJ Jewellery Ltd. over past
few months due to stretched receivables with instances of
overdrawals in cash credit limit. CRISIL believes that stretched
liquidity position of KBJ group to continue over the near to
medium term on account of stretched receivables.

The rating continues to reflect KBJ group's established presence
in the gems & jewellery industry, and its above average financial
risk profile on the back of funding support from promoters and
absence of any term debt obligations. These rating strengths are
partially offset by high competition and fragmented nature of
business and regulatory changes in the gems and jewellery
industry.

For arriving at the ratings, CRISIL has consolidated the business
and financial profiles of of KBJ Gold, KBJ Jewellery Pvt. Ltd.,
KBJ Gems & Jewellery Ltd. and KBJ Exports Pvt. Ltd. (KBJ Exports)
together referred as 'KBJ Group' on account of business synergies
within the group due to common manufacturing facilities, common
set of customers, financial fungibility within group companies.

Outlook: Stable

CRISIL believes that KBJ Group will continue to benefit from its
promoters' extensive experience in the gold jewellery business.
The outlook may be revised to 'Positive' if it reports more-than-
expected growth in revenues and margins, and improved liquidity
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if the group's debt protection metrics
deteriorate because of lower-than-expected growth in revenues and
margins, larger-than-expected debt-funded capex, or a significant
stretch in working capital cycle.

KBJ Gold Ornaments Limited, incorporated in 2009, by Mumbai based
Mr. Mohit Kamboj, a third generation entrepreneur, and is engaged
in the trading of gold Jewellery such as necklaces (primarily
mangalsutra), bracelets, earrings, bangles and other type of
related allied products.

KBJ Gold is part of Mumbai based KBJ group engaged in wholesale
gold jewellery manufacturing. Apart from KBJ Gold, KBJ group has
other entities named KBJ Jewellery Pvt. Ltd. (KBJ Jewellery), KBJ
Gems & Jewellery Ltd. (KBJ Gems & Jewellery) and KBJ Exports Pvt.
Ltd. (KBJ Exports). All the entities are based at Mumbai with
common manufacturing facilities, common set of customers, common
promoters and management.

KBJ Gold reported a profit after tax (PAT) of INR30 million on net
sales of INR4.9 billion for 2011-12, as against a PAT of INR16
million on net sales of INR2.58 billion for 2010-11.


KBJ JEWELLERY: CRISIL Lowers Rating on INR1.10BB Loan to 'BB+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of KBJ
Jewellery Private Limited to 'CRISIL BB+/Stable' from 'CRISIL BBB-
/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             1,100     CRISIL BB+/Stable

The downgrade reflects stretch in liquidity position for the group
entities i.e. KBJ Exports Ltd. And KBJ Jewellery Ltd. over past
few months due to stretched receivables with instances of
overdrawals in cash credit limit. CRISIL believes that stretched
liquidity position of KBJ group to continue over the near to
medium term on account of stretched receivables.

The rating continues to reflect KBJ group's established presence
in the gems & jewellery industry, and its above average financial
risk profile on the back of funding support from promoters and
absence of any term debt obligations. These rating strengths are
partially offset by high competition and fragmented nature of
business and regulatory changes in the gems and jewellery
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KBJ Exports, KBJ Gold Ornaments Ltd,
KBJ Jewellery Pvt Ltd and KBJ Gems & Jewellery Ltd, together
referred to as the KBJ group. This is because of the business
synergies within the group owing to common manufacturing
facilities, common set of customers, and financial fungibility
within group companies.

Outlook: Stable

CRISIL believes that KBJ Group will continue to benefit from its
promoters' extensive experience in the gold jewellery business.
The outlook may be revised to 'Positive' if it reports more-than-
expected growth in revenues and margins, and improved liquidity
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if the group's debt protection metrics
deteriorate because of lower-than-expected growth in revenues and
margins, larger-than-expected debt-funded capex, or a significant
stretch in working capital cycle.

KBJ Jewellery was incorporated in 2006, by Mr. Mohit Kamboj, a
Mumbai-based third generation entrepreneur; it manufactures plain
gold jewellery. The company is part of the Mumbai-based KBJ group
engaged in wholesale gold jewellery manufacturing such as
necklaces (primarily mangalsutras), bracelets, earrings, bangles
and other related products.

The other group entities are KBJ Exports, KBJ Gold, and KBJ Gems &
Jewellery. All these entities are based in Mumbai, and have common
manufacturing facilities, common set of customers, and common
promoters and management.

KBJ Jewellery reported a profit after tax (PAT) of INR41 million
on net sales of INR6.09 billion for 2011-12 (refers to financial
year, April 1 to March 31), as against a PAT of INR28 million on
net sales of INR5.18 billion for 2010-11.


LOMEX INDIA: CRISIL Upgrades Rating on INR20MM Loans to 'BB'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Lomex India Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL BB-
/Positive', while reaffirming its rating on the company's short-
term bank facilities at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Positive')

   Letter of Credit         210      CRISIL A4+ (Reaffirmed)

The rating upgrade reflects the consistent improvement in LIPL's
financial risk profile, particularly its liquidity, on the back of
fund infusion by the promoters. The promoters have infused around
INR116 million during the period between 2010-11 (refers to
financial year, April 1 to March 31) and 2012-13 to support the
company's incremental working capital requirements arising out of
its increased scale of operations. The fund infusion has also
improved LIPL's capital structure, with its total outside
liabilities to tangible net worth (TOLTNW) ratio improving to 1.34
times as on March 31, 2013, from 2.34 times as on March 31, 2011.
CRISIL believes that LIPL's financial risk profile will remain
moderate in the absence of any major debt-funded capital
expenditure (capex) plan over the medium term.

The upgrade also reflects the successful stabilisation of LIPL's
increased capacity to 32,000 cubic meters per annum (cmpa) from
16,000 cmpa, which has resulted in higher revenues of INR632
million and a sustained operating margin of 4 per cent in 2012-13.

The ratings reflect LIPL's long track record and strong reputation
in the wood panel industry, and its moderate financial risk
profile, marked by an improving TOLTNW ratio. These rating
strengths are partially offset by the company's working-capital-
intensive operations, exposure to intense competition in the
fragmented wood panel industry, and susceptibility to volatility
in foreign exchange rates.

Outlook: Stable

CRISIL believes that LIPL will continue to benefit over the medium
term from its promoter's established relationships with customers
and suppliers. The outlook may be revised to 'Positive' if LIPL
reports substantial and sustained improvement in its revenues and
profitability, or if its working capital management improves.
Conversely, the outlook may be revised to 'Negative' if the
company reports a steep decline in its profitability margins, or
if its capital structure deteriorates significantly, most likely
because of large, debt-funded capex or substantial incremental
working capital requirements.

Incorporated in 1992, LIPL is part of the DPG group based in
Kolkata (West Bengal [WB]) and is managed by Mr. Amit Kumar Goyal.
The company manufactures veneers and plywood used in manufacturing
furniture. Its manufacturing unit is in Howrah (WB).

LIPL reported a profit after tax (PAT) of INR10.1 million on net
sales of INR632 million for 2012-13, against a PAT of INR2.6
million on net sales of INR301 million for 2010-11.


M.D. FROZEN: CRISIL Assigns 'D' Ratings to INR400MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of M.D. Frozen Food Exports (part of the MD group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                86.4     CRISIL D

   Proposed Long-Term      108.6     CRISIL D
   Bank Loan Facility

   Packing Credit          150.0     CRISIL D

   Cash Credit              50.0     CRISIL D

   Letter Of Guarantee       5.0     CRISIL D

The ratings reflects instances of delays by MDFE in servicing its
term debt obligations; the delays have been caused by the firm's
weak liquidity position, owing to large working capital
requirements coupled with large term debt repayments and ongoing
capital expenditure requirements

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MDFE and M.D. Frozen Food Exports Pvt
Ltd (MDPL), together referred to as the MD group. This is because
both these entities are promoted by the same promoter family, have
strong business and financials linkages. MDPL derived around 70
per cent of its revenues from sales to MDFE in 2012-13 (refer to
as financial year April 1 to March 31).

MDFE's ratings also factors in susceptibility of its business risk
profile to the change in government regulations affecting buffalo
meat exports, its high geographic concentration, its vulnerability
to fluctuations in foreign exchange rates. These rating weaknesses
are partially offset by MDFE's established market position in
processed meat industry and its expected benefits from the
integrated nature of operations and its promoters' extensive
experience in the meat processing industry. The ratings also
factors in firm's moderate capital structure and average debt
protection metrics.

MDFE promoted by Mr. Mohd. Salim and his brothers is a partnership
concern and is engaged in processing and export of frozen buffalo
meat. The firm is based out of Delhi.

MDPL, incorporated in 1996, by Mr. Mohd. Salim and his brothers,
is engaged in processing and export of buffalo meat. The company
is based out of Delhi.


MY CAR: CRISIL Upgrades Ratings on INR153MM Loans to 'B'
--------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of My Car Pvt Ltd 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              130      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan                 23      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects steady improvement in MCPL's business
risk profile backed by healthy revenue growth and stable
profitability. The company witnessed substantial year-on-year
revenue growth in 2012-13 (refers to financial year, April 1 to
March 31), while sustaining healthy operating margin. Revenue of
the company increased to INR1.27 billion in 2012-13 from INR1
billion a year ago while maintaining operating profitability at
3.7 per cent during the past two years. The company is expected to
continue on its growth path supported by the established
experience of the promoters in the automobile dealership industry.

CRISIL's rating on the long-term bank facilities of MCPL continue
to reflect the company's weak financial risk profile, marked by
small net worth, weak debt protection metrics, and high total
outside liabilities to tangible net worth (TOLTNW) ratio. The
rating also reflects MCPL's low bargaining power with its
principal, and exposure to intense competition in the automotive
dealership market. These rating weaknesses are partially offset by
MCPL's established market position in the automobile dealership
segment in Kanpur (Uttar Pradesh).

Outlook: Stable

CRISIL believes that MCPL will benefit over the medium term from
its established market position in the automobile dealership
segment in Kanpur (Uttar Pradesh). The outlook may be revised to
'Positive' if MCPL's financial risk profile improves, primarily on
account of equity infusion by its promoters, or on account of
improved profitability, leading to improvement in debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
MCPL reports lower-than-expected revenue or margins or if it
undertakes a large, debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

MCPL, set up in 2000 by Mr. Vijay Garg, is an authorised dealer in
Kanpur for passenger cars manufactured by Maruti Suzuki India Ltd
(MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+'); it has four
showrooms and seven workshops. MCPL also deals in spares parts and
accessories manufactured by MSIL.


RADHA SMELTERS: CRISIL Cuts Ratings on INR508.5MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Radha Smelters Ltd to 'CRISIL D' from 'CRISIL BB/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             280.0     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Letter of Credit         80.0     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Long-Term Loan            3.0     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Term Loan               145.5     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by RSL in
servicing its debt; the delays have been caused by RSL's weak
liquidity resulting from its large working capital requirements.

RSL also has limited pricing flexibility and its profitability
margins are susceptible to volatility in raw material prices.
However, the company benefits from its established regional market
position in the steel industry and its promoters' extensive
industry experience.

Promoted by Mr. Sunil Sheraf, RSL manufactures billets, thermo-
mechanically treated bars, and mild steel angles, channels, and
sections. The company's manufacturing facilities are in
Shankarampet and Nacharam, near Hyderabad (Andhra Pradesh).


RAGHAV RAMMING: CRISIL Assigns 'B+' Ratings to INR147.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Raghav Ramming Mass Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                65.0     CRISIL B+/Stable

   Credit Limit Under        7.5     CRISIL B+/Stable
   Gold Card

   Bill Discounting under    2.5     CRISIL A4
   Letter of Credit

   Cash Credit              75.0     CRISIL B+/Stable

The rating reflects RRMPL's modest scale of operations, risks
relating to off-take from its new capacity, working capital
intensive nature of operations and below-average financial risk
profile marked by high gearing and subdued debt protection
metrics. These rating weaknesses are partially offset by benefit
that RRMPL derives from its established customer base and
extensive experience of its promoters in the steel and allied
products industry.

Outlook: Stable

CRISIL expects RRMPL to benefit from its established customer base
and promoters' extensive experience in end user steel industry.
The outlook may be revised to 'Positive' in case RRMPL quickly
stabilizes its operations at its new plant and generates healthy
cash accruals sufficient to meet its debt repayment obligation
while improving capital structure. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected profitability
or turnover, and deterioration in liquidity or financial profile
on account of stretch in working capital cycle.

RRMPL, incorporated in 2009, is promoted by the Jaipur based Kabra
family. RRMPL is engaged in the manufacture of ramming mass used
for coating the inner surface of induction furnaces. Mr. Rajesh
Kabra and Mr. Sanjay Kabra oversee the day to day operations of
the company. Currently RRMPL has a manufacturing capacity of
15,000 TPA and is in the process of setting up a capacity of 200
TPD.

For 2011-12 (refers to financial year, April 1 to March 31), RRMPL
reported, a profit after tax (PAT) of INR2.3 million on net sales
of INR106.5 million, against a PAT of INR1.0 million on net sales
of INR60.9 million for 2010-11.


RAIPUR BOTTLING: CRISIL Assigns 'B' Rating to INR100MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Raipur Bottling Company.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL B/Stable

The rating reflects weak financial risk profile marked by small
networth, high gearing and subdued debt protection indicator,
susceptibility to regulatory risks in the Indian Made Foreign
Liquor (IMFL) sector and working capital intensive operations.
These rating weaknesses are partially offset by RBC's promoters'
extensive experience in the IMFL bottling segment.

Outlook: Stable

CRISIL believes that RBC will benefit over the medium term from
the extensive experience of promoters in the industry. The outlook
may be revised to 'Positive' if RBC's revenues increase
significantly, while improving its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative',
if any regulatory changes adversely impact the concern's revenues
and margins or if the concern undertakes a large debt funded
capital expenditure programme or there is stretch in its working
capital cycle, leading to further deterioration in the financial
risk profile.

RBC, setup in 1998, is a sole proprietorship concern of Mr. Sucha
Singh Rai. The concern is engaged in processing and bottling of
liquor. The concern's manufacturing unit is located in Raipur
District in Chhattisgarh.

RBC reported a profit after tax (PAT) of INR1.8 million on net
sales of INR477.9 million for 2011-12 (refers to financial year,
April 1 to March 31), against PAT of INR 0.9 million on net sales
of INR 313.5 million for 2010-11.


SHIVAM FOODS: CRISIL Lowers Rating on INR76MM Loan to 'B+'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shivam Foods Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               76      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in SFPL's liquidity,
marked by high bank limit utilisation and low current ratio, and
deterioration in the company's overall financial risk profile
because of large capital expenditure (capex). SFPL's liquidity has
deteriorated, as reflected in the decline in its current ratio to
1.12 times in 2012-13 (refers to financial year, April 1 to March
31) from 1.32 times in 2012-13. Also, SFPL has weak liquidity, as
reflected in its high bank limit utilisation of 101 per cent over
the 12 months through May 2013. SFPL has implemented a large capex
programme of about INR20 million towards increasing its milling
capacity. The capex has resulted in further stretch in its
liquidity. With low operating profitability and increasing working
capital requirements resulting from increase in its capacity, the
company's dependence on short-term debt is expected to increase.
The rating downgrade also reflects deterioration in SFPL's
financial risk profile, as reflected in increase in the company's
gearing to 2.21 times as on March 31, 2013 from 1.83 times as on
March 31, 2012. CRISIL believes that SFPL's financial risk profile
will remain weak on account of the company's low cash accruals,
and increasing working capital requirements resulting from
increase in its milling capacity during 2012-13.

The rating reflects SFPL's weak debt protection metrics because of
low operating margin, small scale of operations in a highly
fragmented and competitive industry, and significant dependence on
the agricultural products segment for revenues. These rating
weaknesses are partially offset by SFPL's stable scale of
operations.

Outlook: Stable

CRISIL believes that SFPL will continue to benefit over the medium
term from stable demand from its key customers. The outlook may be
revised to 'Positive' if the company registers improvement in its
profitability, leading to an improvement in its financial risk
profile, particularly in its liquidity. Conversely, the outlook
maybe revised to 'Negative' in case SFPL's working capital
requirements are larger than expected, or if the company
undertakes a larger-than-expected, debt funded capex programme,
thereby weakening its capital structure and liquidity.

SFPL, incorporated in 2002, operates flour mills for production of
wheat products such as maida, atta, suji, and bran. Its flour
mill, located in Ramnagar (Uttar Pradesh), has capacity to produce
330 tonnes per day (tpd) of wheat products and about 60 tpd of
pulses. The company has an established market position in Uttar
Pradesh, Bihar, Jharkhand, West Bengal, Chhattisgarh, and
Maharashtra.

SFPL's profit after tax (PAT) is estimated at INR0.6 million on
net sales of INR4.26 billion for 2012-13, against a net loss of
INR2.7 million on net sales of INR3.57 billion for 2011-12.


VEL STEEL: CRISIL Assigns 'B+' Ratings to INR60MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vel Steel Tubes & Engineering Private
Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        15      CRISIL B+/Stable
   Bank Loan Facility

   Proposed Cash Credit      15      CRISIL B+/Stable
   Limit

   Cash Credit               30      CRISIL B+/Stable

   Letter of Credit          20      CRISIL A4

The ratings reflect VSTEPL's small scale of operations and the
susceptibility of its operating margin to volatility in raw
material prices and to intense competition in the steel industry.
These rating weaknesses are partially offset by the extensive
experience of VSTEPL's promoters and moderate financial risk
profile, marked by moderate gearing and debt protection metrics.

Outlook: Stable

CRISIL believes that VSTEPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
steel industry. The outlook may be revised to 'Positive' if the
company reports significantly better-than-expected cash accruals
while maintaining its capital structure. Conversely, the outlook
may be revised to 'Negative' if VSTEPL records lower-than-expected
cash accruals or if the company undertakes any large debt-funded
capital expenditure or if the working capital management
deteriorates, resulting in deterioration in its credit risk
profile.

VSTEPL, incorporated in 2008, manufactures mild-steel tubes and
pipes. The company is promoted by Mr. R Srinivasan and his family
members.

VSTEPL, on a provisional basis, reported profit after tax (PAT) of
INR5.5 million on net sales of INR114.5 million for 2012-13
(refers to financial year, April 1 to March 31) as against PAT of
INR2.5 million on net sales of INR93 million for 2011-12.



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


* BOND PRICING: For the Week Aug. 19 to Aug. 23, 2013
-----------------------------------------------------

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


  AUSTRALIA
  ---------

COMMONWEALTH BANK O    1.50   04/19/22     AUD     72.10
EXPORT FINANCE & IN    0.50   12/16/19     NZD     74.77
EXPORT FINANCE & IN    0.50   06/15/20     NZD     72.53
MIDWEST VANADIUM PT   11.50   02/15/18     USD     75.00
MIDWEST VANADIUM PT   11.50   02/15/18     USD     72.38
MIRABELA NICKEL LTD    8.75   04/15/18     USD     69.00
MIRABELA NICKEL LTD    8.75   04/15/18     USD     66.75
NEW SOUTH WALES TRE    0.50   12/16/22     AUD     67.71
NEW SOUTH WALES TRE    0.50   09/14/22     AUD     67.78
NEW SOUTH WALES TRE    0.50   10/07/22     AUD     67.55
NEW SOUTH WALES TRE    0.50   11/18/22     AUD     67.12
NEW SOUTH WALES TRE    0.50   02/02/23     AUD     67.24
NEW SOUTH WALES TRE    0.50   03/30/23     AUD     66.69
NEW SOUTH WALES TRE    0.50   10/28/22     AUD     67.34
PALADIN ENERGY LTD     3.63   11/04/15     USD     75.00
PALADIN ENERGY LTD     6.00   04/30/17     USD     72.59
TREASURY CORP OF VI    0.50   11/12/30     AUD     45.31
TREASURY CORP OF VI    0.50   08/25/22     AUD     69.19
TREASURY CORP OF VI    0.50   03/03/23     AUD     67.70


CHINA
-----

CHINA GOVERNMENT BO    1.64   12/15/33     CNY     65.65


HONG KONG
---------

MTR CORP LTD           3.65   06/17/43     USD     72.54



INDONESIA
---------

DAVOMAS INTERNATION   11.00   12/08/14     USD     25.13
DAVOMAS INTERNATION   11.00   12/08/14     USD     25.13
ENERCOAL RESOURCES     9.25   08/05/14     USD     49.89
INDONESIA GOVERNMEN    4.63   04/15/43     USD     71.50
INDONESIA GOVERNMEN    4.63   04/15/43     USD     71.86
INDONESIA TREASURY     6.38   04/15/42     IDR     72.00
PERTAMINA PERSERO P    5.63   05/20/43     USD     72.25
PERTAMINA PERSERO P    5.63   05/20/43     USD     71.98
PERUSAHAAN LISTRIK     5.25   10/24/42     USD     70.50
PERUSAHAAN LISTRIK     5.25   10/24/42     USD     69.52
PERUSAHAAN PENERBIT    6.10   02/15/37     IDR     79.00



INDIA
-----

3I INFOTECH LTD        5.00   04/26/17     USD     28.04
CORE EDUCATION & TE    7.00   05/07/15     USD     27.79
COROMANDEL INTERNAT    9.00   07/23/16     INR     14.61
DR REDDY'S LABORATO    9.25   03/24/14     INR      4.93
GTL INFRASTRUCTURE     2.53   11/09/17     USD     41.05
INDIA GOVERNMENT BO    5.87   08/28/22     INR     74.28
INDIA GOVERNMENT BO    0.26   01/25/35     INR     18.41
JAIPRAKASH ASSOCIAT    5.75   09/08/17     USD     73.32
JCT LTD                2.50   04/08/11     USD     20.00
MASCON GLOBAL LTD      2.00   12/28/12     USD     10.00
PRAKASH INDUSTRIES     5.25   04/30/15     USD     58.73
PRAKASH INDUSTRIES     5.63   10/17/14     USD     61.23
PYRAMID SAIMIRA THE    1.75   07/04/12     USD      1.00
REI AGRO LTD           5.50   11/13/14     USD     69.92
REI AGRO LTD           5.50   11/13/14     USD     69.92
SHIV-VANI OIL & GAS    5.00   08/17/15     USD     28.53
SUZLON ENERGY LTD      5.00   04/13/16     USD     48.60
SUZLON ENERGY LTD      7.50   10/11/12     USD     70.25


JAPAN
-----

AVANSTRATE INC         3.02   11/05/15     JPY     36.01
ELPIDA MEMORY INC      0.50   10/26/15     JPY     12.13
ELPIDA MEMORY INC      0.70   08/01/16     JPY     10.50
ELPIDA MEMORY INC      2.10   11/29/12     JPY     18.00
ELPIDA MEMORY INC      2.03   03/22/12     JPY     12.38
ELPIDA MEMORY INC      2.29   12/07/12     JPY     12.13
JAPAN EXPRESSWAY HO    0.50   03/18/39     JPY     68.03
JAPAN EXPRESSWAY HO    0.50   09/17/38     JPY     68.62
TOKYO ELECTRIC POWE    2.37   05/28/40     JPY     67.75
TOKYO ELECTRIC POWE    1.96   07/29/30     JPY     70.50

KOREA
-----
CHEJU REGIONAL DEVE    3.00   12/29/34     KRW     64.15
E-MART CO LTD          2.85   04/15/16     KRW     12.42
EXPORT-IMPORT BANK     0.50   11/21/17     BRL     62.10
EXPORT-IMPORT BANK     0.50   12/22/17     BRL     60.31
EXPORT-IMPORT BANK     0.50   01/25/17     TRY     68.44
EXPORT-IMPORT BANK     0.50   09/28/16     BRL     69.08
EXPORT-IMPORT BANK     0.50   10/23/17     TRY     63.11
EXPORT-IMPORT BANK     0.50   10/27/16     BRL     68.36
EXPORT-IMPORT BANK     0.50   11/28/16     BRL     67.45
EXPORT-IMPORT BANK     0.50   12/22/17     TRY     61.54
EXPORT-IMPORT BANK     0.50   08/10/16     BRL     72.04
EXPORT-IMPORT BANK     0.50   12/22/16     BRL     67.31
KEB CAPITAL INC        3.33   03/29/15     KRW     27.05
KOREA FINANCE CORP     3.07   07/23/16     KRW     10.49
LOTTE ENGINEERING &    3.76   02/13/16     KRW     14.60
NONGHYUP BANK          4.06   05/28/22     KRW     33.17
OSUNG LST CO LTD       4.00   07/07/16     USD     29.51


MALAYSIA
--------

SPECIAL PORT VEHICL    5.80   07/29/16     MYR     69.11


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

BAYAN TELECOMMUNICA   13.50   07/15/06     USD     22.75
BAYAN TELECOMMUNICA   13.50   07/15/06     USD     22.75


SINGAPORE
---------

BAKRIE TELECOM PTE    11.50   05/07/15     USD     27.00
BAKRIE TELECOM PTE    11.50   05/07/15     USD     25.25
BLD INVESTMENTS PTE    8.63   03/23/15     USD     63.38
BUMI CAPITAL PTE LT   12.00   11/10/16     USD     58.50
BUMI CAPITAL PTE LT   12.00   11/10/16     USD     57.25
BUMI INVESTMENT PTE   10.75   10/06/17     USD     57.00
BUMI INVESTMENT PTE   10.75   10/06/17     USD     55.70
INDO INFRASTRUCTURE    2.00   07/30/10     USD      1.88
OVERSEA-CHINESE BAN    3.50   12/27/37     USD     74.02


SRI LANKA
---------

SRI LANKA GOVERNMEN    9.00   06/01/43     LKR     72.43
SRI LANKA GOVERNMEN    5.35   03/01/26     LKR     57.15
SRI LANKA GOVERNMEN    9.00   07/01/28     LKR     73.95
SRI LANKA GOVERNMEN    7.00   10/01/23     LKR     67.20
SRI LANKA GOVERNMEN    8.00   01/01/32     LKR     70.20
SRI LANKA GOVERNMEN    6.20   08/01/20     LKR     73.22


THAILAND
--------

G STEEL PCL            3.00   10/04/15     USD      8.75
MDX PCL                4.75   09/17/03     USD     16.13


                             *********

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.


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

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

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

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

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



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