TCRAP_Public/130913.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, September 13, 2013, Vol. 16, No. 182



BELL GROUP: End in Sight For 20-Year Litigation
CASH STORE: Faces Civil Action Over Consumer Credit Law Breaches


CIFI HOLDINGS: Ratings Affirmed Following Tap Bond Offering


AGARWAL PROPERTIES: ICRA Assigns 'B' Rating to INR10cr LT Loans
BHANSALI INT'L: ICRA Assigns 'BB-' Rating to INR1cr LT Loans
BLACKSTONE GEM: ICRA Upgrades Rating on INR15cr Loans to 'B+'
CINEMATICA DIGITALS: ICRA Reaffirms 'BB' Rating on INR25cr Loans
COMPETENT DYESTUFF: ICRA Reaffirms 'B' Rating on INR10cr Loans

GMR ENERGY: ICRA Revises Ratings on INR39.41cr Loan to 'BB'
KNOWLEDGE EDUCATION: ICRA Puts 'D' Rating on INR6.5cr Term Loans
LUXMI RICE: ICRA Assigns 'B' Rating to INR15cr LT Loan
MAVERICK PROPERTIES: ICRA Puts 'BB+' Rating on INR35cr Term Loan
MILKFOOD LIMITED: ICRA Reaffirms 'BB' Ratings on INR71.04cr Loans

RLJ WOVEN: ICRA Reaffirms 'BB' Ratings on INR14.08cr Loans
SARVOTTAM ENTERPRISE: ICRA Assigns 'B+' Rating to INR7cr Loans
SHARAVATHY CONDUCTORS: ICRA Ups Rating on INR4.4cr Loans to 'BB-'

SHRI WARDHMAN: ICRA Assigns 'B+' Ratings to INR10cr Loans
SRI SEETHA: ICRA Assigns 'B+' Rating to INR4.8cr Cash Credit
STALLION GARMENTS: ICRA Reaffirms 'D' Ratings on INR36.11cr Loans
TIRUPATI TUBES: ICRA Assigns 'B+' Ratings to INR8cr Loans
VARDHAMAN INDUSTRIAL: ICRA Assigns 'B' Rating to INR12cr LT Loans

ZENITH INFOTECH: Loses Appeal Against Liquidation Order
ZETATEK INDUSTRIES: ICRA Reaffirms BB Ratings on INR22.25cr Loans

N E W  Z E A L A N D

BRIDGECORP LTD: Was on A Path to Insolvency, Crown Says
CAPITAL + MERCHANT: Perpetual Trust Removed as Firm's Trustee


* Large Companies with Insolvent Balance Sheets

                            - - - - -


BELL GROUP: End in Sight For 20-Year Litigation
Richard Gluyas at The Australian reports that the timeless Bell
Group litigation, which is estimated to have hoovered up more than
AUD500 million in legal fees since it began in 1993, could finally
be headed for settlement.

It emerged yesterday that the case has been adjourned for six
months and withdrawn from the High Court list pending the outcome
of settlement negotiations, the report relates.

According to the Australian, the case was due to be heard this
month on appeal from the West Australian Court of Appeal, which
ruled in August last year that a syndicate of 20 banks should
repay Bell Group creditors up to AUD3 billion.

The report relates that the High Court granted the banks,
including Commonwealth Bank, Westpac and National Australia Bank,
special leave to appeal last March.

                           About Bell Group

Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation.  On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990.  It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AUD800 million at the time.

CASH STORE: Faces Civil Action Over Consumer Credit Law Breaches
The Australian Securities and Investment Commission has launched
legal proceedings against the payday lending business operated by
The Cash Store, seeking financial penalties for breaching consumer
credit laws, including the responsible lending obligations, and
engaging in unconscionable conduct.

ASIC's civil penalty proceedings have been filed in the Federal
Court of Australia in Melbourne against Australian credit
licensees The Cash Store Pty Ltd (TCS) and Assistive Finance
Australia Pty Ltd (AFA).

ASIC claims that TCS and AFA have provided unaffordable loans to a
large number of their customers who were on low incomes or in
receipt of Centrelink benefits. In addition, ASIC claims that TCS
has acted unconscionably and unfairly in selling insurance in
relation to these loans to these customers when it was unlikely
that they could ever make a claim on that insurance.

"ASIC is committed to maintaining the integrity of the credit
industry by ensuring that providers of credit operate their
businesses in compliance with the credit laws," ASIC Commissioner
Greg Tanzer said.

"The responsible lending provisions [of the National Consumer
Credit Protection Act 2009 (National Credit Act)] are important in
protecting consumers from taking out loans they can't afford and
the prohibition against unconscionable conduct prevents businesses
from taking unfair advantage of vulnerable consumers."

ASIC is seeking declarations that TCS and AFA contravened their
responsible lending obligations, TCS engaged in unconscionable
conduct, and financial penalties for those breaches.

The proceedings are listed for a directions hearing in the Federal
Court in Melbourne on Sept. 27, 2013.

The maximum penalty for breaching the relevant credit laws is
AUD340,000 for each contravention and the maximum penalty for a
breach of the unconscionable conduct provision of the Australian
Securities and Investment Commission Act 2001 is AUD1.7 million
for each contravention. ASIC alleges that TCS and AFA have
committed multiple breaches of the credit laws.

TCS acts as a broker for consumers seeking small amount or payday
loans. All the loans organised by TCS were provided by AFA. TCS is
a wholly-owned subsidiary of a Canadian company, The Cash Store
Australia Holdings Inc, and is listed on the Toronto Stock
Exchange. AFA is also a wholly owned subsidiary of a Canadian
company, Assistive Financial Corp.


CIFI HOLDINGS: Ratings Affirmed Following Tap Bond Offering
Moody's Investors Service has affirmed the B1 corporate family
rating and B2 senior unsecured debt rating of CIFI Holdings
(Group) Co. Ltd. following the announcement of a tap bond offering
on its existing $ bonds first issued in April.

The tap bond offering has the same terms and conditions as the
existing notes. The proceeds from the proposed $ bonds will be
used to refinance outstanding debt, fund existing and new projects
and for general working capital requirements.

Ratings Rationale:

"The proposed bonds will strengthen the company's liquidity and
expand its offshore investor base," says Franco Leung, a Moody's
Assistant Vice President and Analyst.

Since its initial public offering in November 2012, CIFI has
enhanced its liquidity through bonds and debt issues. In April, it
issued five-year senior notes totaling $275 million, followed by a
$157 million three-year syndicated loan in July.

Moody's expects CIFI to maintain a strong cash balance of around
RMB5--RMB6 billion, which will more than cover its short term debt
maturity in the next 12 months of around RMB2.4 billion.

"CIFI's strong liquidity supports its B1 rating. Moreover, we
expect the company to use part of the proceeds from the proposed
bonds to repay maturing debt; further improving its debt maturity
profile," adds Leung, who is also the Lead Analyst for CIFI.

CIFI has improved its debt maturity profile in the last 12 months.
At the same time, its effective finance costs have decreased to
8.6% in 1H 2013 from 10.2% in 1H 2012, owing to its use of bond
proceeds to replace some of its high-cost domestic financing.

However, Moody's expects CIFI's debt leverage -- as measured by
debt/total capitalization -- to remain above 60% in the next 12-18
months, as it steps up land acquisitions, and given its ongoing
construction payment obligations.

Nonetheless, Moody's notes that CIFI has chosen to form joint
ventures to acquire land, in order to reduce its debt
requirements. Of the 11 parcels of land it acquired for RMB4.7
billion in the first half of the year, six were joint ventures.
Such partnerships also result in lower execution risks when the
partners are strong, such as in the case of Greenland (unrated)
and Henderson Group (unrated).

"CIFI's strong sales execution also continues to support its B1
rating," says Leung.

CIFI typically aims to achieve pre-sales within 10-12 months of
land acquisitions. For the first eight months of this year, it
recorded a year-on-year contract sales growth of 68% or RMB9.3
billion, representing 66% of its full-year target of RMB14

The stable rating outlook reflects Moody's expectation that CIFI
will maintain financial discipline and management, and will have
adequate liquidity to support its sales growth.

Upward rating pressure could emerge if CIFI: (1) achieves stable
sales growth; (2) maintains solid liquidity to support sales
growth and to buffer against any downturn in the market; and (3)
maintains its good financial discipline and if its EBITDA margins
exceed 20%-23%.

On the other hand, downgrade pressure could emerge if CIFI's: (1)
sales growth or liquidity position weaken, as evidenced by a cash
balance below 10%-15% of total assets; (2) profitability
deteriorates such that its EBITDA margin is below 15%; or (3)
ability to service debt or its financial flexibility decreases, as
indicated by weak interest coverage; in particular, if
EBITDA/interest is below 2.0x.

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

CIFI Holdings (Group) Co. Ltd. was listed on the Hong Kong Stock
Exchange in November 2012. The company focuses on developing
residential and commercial properties mainly in the Yangtze River
Delta Region. It has also expanded to the Pan Bohai Rim and the
Central Western Region. It owned 57 projects and had a land bank
of 7.7 million square meters as of June 30.


AGARWAL PROPERTIES: ICRA Assigns 'B' Rating to INR10cr LT Loans
ICRA has assigned a long-term rating of '[ICRA]B' to INR10.00
crore long-term fund-based facilities of Agarwal Properties and

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Long-Term Fund             10.00     [ICRA]B Assigned
   Based Facilities

The rating factors in the considerable experience of the promoters
in the real-estate sector in National Capital Region (NCR),
engaged in civil construction works for reputed builders in the
region. The promoters are well versed with the local dynamics;
which has helped the firm to achieve satisfactory level of
bookings for its maiden project - 'Defense 64', located at Defense
Enclave, Sardhana Road, Meerut Cantonment (Meerut). The project
was launched in March-2012 and the construction work has started,
however it is into nascent stage of development and thus faces
high execution risks; smooth execution of the project and its
completion within reasonable time frame is highly dependent upon
the ability of the firm to tie-up the funds in a timely manner.
The project is envisaged to be funded out of promoters'
contribution, bank loan and customer advances. Till Nov-12, the
promoters infused around 77% of their committed contribution (17%
of project funding) largely used for the purchase of land parcel
for the project; however the advances from the customers remained
low while bank funding is not yet sanctioned. The land & approval
costs constitute around 21% of project cost with scheduled land
purchase payments over next 2-3 years; given that the promoters'
contribution is lower than the land & approval cost, the firm is
required to fund a part of the land purchase cost out of customer
advances. The customer advances constitute 42% of budgeted project
funding. As only 25% of the payments from customers is collected
at the time of sale (remaining at possession), it remains highly
critical for the firm to sell the unsold area (~60% of saleable
area) in a timely manner and improve its collection efficiency
(40% as on Nov-12) for the area sold. Given that the flats sold
till Nov-12 were mainly smaller unit size units (around 88% units
sold are 2 BHK flats), the firm is yet to demonstrate its ability
to sell the larger unit size flats. Further, as per the subvention
scheme around 75% of sales value will be received by the firm at
the time of possession, exposes it to risks associated with timely
collection from customers post-construction. Around 41% of the
budgeted project cost is to be funded out of bank loans; the
ability of the firm to raise the project term loan in a timely
manner is crucial to bridge the project's cash flow mismatches.
However, in the absence of bank funding or availability of it with
a shorter tenure would necessitate the firm to accelerate the sale
of the project so as to cover the shortfall in cash flows.
Although accelerating the sale would lower the realization from
the project; however the overall profitability of the project
would largely remain intact on account of reduced financial burden
for the firm. Going forward, the ability of the firm to improve
its collection efficiency for the payments from customers, timely
sale of the un-sold area and tie-up of bank funding at favorable
terms are the key rating sensitivity factors.

Agarwal Properties and Developers is a partnership firm which was
incorporated in 2010 with Mr. Avnish Goel and Mr. Amit Singhal as
partners, having profit sharing of 50% each. During YTD'FY-13, Mr.
Avnish Geol and Mr. Amit Singhal retired from the firm and 3 new
partners joined - Grip Developers India Pvt. Ltd, Mr. Piyush Gupta
and Mr. Sant Gopal Arora in the profit-sharing ratio of 98%, 1%
and 1%. The firm is developing its maiden housing project -
'Defense 64' at Defense Enclave, Sardhana Road, Meerut Cantonment,
Meerut (Uttar Pradesh). The firm is constructing 65 residential
flats with saleable area of 97,090 square feet, utilizing 2,700
square meters of land parcel.

BHANSALI INT'L: ICRA Assigns 'BB-' Rating to INR1cr LT Loans
ICRA has assigned a long term rating of '[ICRA]BB-' and a short
term rating of '[ICRA}A4' to the INR10.4 Crore bank facilities of
Bhansali International.  The outlook on the long rating is Stable.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Fund-Based limits-         1.0       [ICRA]BB- (Stable)
   Long Term scale                      assigned

   Fund-Based limits-         8.6       [ICRA]A4 assigned
   Short Term scale

   Non Fund-Based limits-     0.8       [ICRA]A4 assigned
   Short Term scale

The ratings are constrained by the relatively low market share of
the firm in relation to the overall exports of guar gum from the
country; agro-climatic risks related to guar seed production; and
vulnerability of profits to volatility in foreign currency
exchange rates. Further, Bhansali International is a partnership
firm and any significant withdrawals from the capital account
would adversely affect its capital structure.

The ratings, however, factor in the established track record of
the firm in the guar gum business; healthy demand prospects for
guar gum; limited competition from substitutes for the oil and gas
segment, although some new products are being developed for the
food segment, and the proximity of the firm's plant to raw
material supply. The significant fall in profits or high capital
withdrawal adversely impacting capital structure and debt
protection metrics would be the key rating sensitivities.

Bhansali International was formed in 2000 as partnership firm. The
firm is engaged in manufacturing of guar gum and by-products. It
is a promoter family-driven entity, with its manufacturing plant
located Jodhpur, Rajasthan. The promoters of Bhansali group have
been in the business of guar gum since 1975. The firm supplies
guar gum powder to the players supplying to edible as well as Oil
& Gas exploration activities. The firm procures guar splits from
split producers based in Jodhpur and near-by regions. The firm had
manufacturing capacity of around 3600 MTPA guar powder as on March
31, 2013.

Recent Results

Bhansali International reported a turnover of INR103.78 Crore and
a net profit of INR0.77 Crore during financial year 2012-13. The
company had reported a turnover of INR108.76 Crore and a net
profit of INR1.90 Crore during financial year 2011-12.

BLACKSTONE GEM: ICRA Upgrades Rating on INR15cr Loans to 'B+'
ICRA has upgraded the rating assigned to the fund based limit of
INR15.00 Crore to '[ICRA]B+' from '[ICRA]B' of Blackstone Gem &

   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Fund Based Limits              15.00      Upgraded to [ICRA]B+
   (Export Bills Discounting)                from [ICRA]B

The rating upgrade takes into account the stabilization of
operations of the firm since the last rating exercise with the
company recording a growth of four times in the turnover during
FY13 and strong order book position of US$ 8.33 Million (Assuming
1 US$ = INR66, orders in hand of INR54.98 crore). The rating
continues to remain supported by the experience of the promoters
in manufacturing and exports of diamond studded gold jewellery.

The rating remains constrained by high geographic and client
concentration risks revenues of the firm; high credit period
provided by BGJ to its customers; high competitive intensity from
organized and unorganized players on account of fragmented nature
of gems and jewellery industry; risk of capital withdrawals on
account of partnership nature of entity.

Incorporated in 2009, Blackstone Gem & Jewellery is a closely held
partnership firm promoted by Mr. Purshottam Walia and
Mr. Sanjiv Walia to manufacture and export machine-made diamond
studded gold jewellery and plain gold jewellery. It is a 100%
export oriented unit involved in B2B sales with a client base in
Singapore. The jewellery manufacturing takes place in a plant set
up by the firm in the Surat Special Economic Zone, Gujarat. The
firm also has an associate concern, Unique Gem & Jewellery,
operational since 2009 engaged in manufacturing of hand crafted
diamond studded jewellery. Even UGJ is an export oriented unit
with clients located in Singapore, Hong Kong and UAE.

CINEMATICA DIGITALS: ICRA Reaffirms 'BB' Rating on INR25cr Loans
ICRA has reaffirmed the '[ICRA]BB' rating assigned to INR25 crore
bank lines of Cinematica Digitals Private Limited. The outlook on
the long term rating is Stable.

   Facilities               (INR crore)   Ratings
   -----------              -----------   -------
   Fund Based Limits           25.00      [ICRA]BB re-affirmed
   (term loans)

The rating reaffirmation continues to factor in the well
established relationship of the promoter group with the Telugu
film industry with its presence in production, distribution and
exhibition businesses. The main promoter, Allu Entertainment
Private Limited (AEPL), has in turn been promoted by Mr. Allu
Aravind, a reputed producer in the Telugu film industry. The
rating is also supported by CDPL's strong market share in the
digital cinema exhibition industry in Andhra Pradesh (AP),
garnered within a three year period and its tie-up with Real Image
Media Technologies Limited (RIMT), one of the leading providers of
digital cinema solutions in India. The rating also draws comfort
from the fairly stable, monthly cash inflows received by CDPL by
virtue of its 75% revenue sharing agreement with RIMT. The rating
is however constrained by CDPL's small scale of operations with a
presence only in Andhra Pradesh (AP), delays in collection of its
receivables from RIMT and the impact of the recent move to
bifurcate the State of Andhra Pradesh on the Telugu film industry
affecting the release of big budget films and their screenings
which will in turn affect the VPF charges collected by CDPL.
ICRA's rating also takes into account the technology obsolescence
risks CDPL is vulnerable to, given its large investments in
digital projection systems whose life is limited, requiring
replacements every five to seven years. ICRA also notes that
CDPL's revenue growth from its existing business could be
restricted by the intense competition amongst existing players
limiting the scope of any upward revision in VPF charges, and the
fact that digitization of all the existing theatres in AP is
almost complete. Going forward, the ability of the company to
maintain its revenue and profitability while limiting its
borrowing levels and realizing the receivables from RIMT on time
will remain the key rating sensitivity.

CDPL was incorporated in April, 2010 by Allu Entertainment Pvt.
Ltd., a production house in Telugu Cinema industry promoted by Mr.
Allu Aravind, a reputed film producer. The company, with the help
of technology tie-up with Real Image Media Technologies, provides
digital cinema solutions to theatres (movie exhibitors) in Andhra
Pradesh. CDPL owns the digital cinema equipment that it installs
in a theatre and charges a recurring Virtual Print Fee (VPF) per
screen from the distributors for every screen. In addition, the
company also gets income from display of ads during the movie
screening, income from maintenance charges collected towards
maintaining the equipment and from sale of projector lamps.

Recent Results (Provisional)

In FY2013, CDPL reported an operating income of INR16.10 crore
with an operating profit of INR11.40 crore as against an operating
income of INR13.33 crore with an operating profit of INR9.72 crore
in FY2012.

COMPETENT DYESTUFF: ICRA Reaffirms 'B' Rating on INR10cr Loans
ICRA has reaffirmed the long-term rating of '[ICRA]B' assigned to
the INR10.0 Crore fund-based, working capital limits of Competent
Dyestuff & Allied Products Pvt Ltd.

   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Long Term Fund             10.0       [ICRA]B reaffirmed
   Based limits

The reaffirmation of ratings factors in the aggressive financial
risk profile of the company as characterised by low return
indicators, adverse capital structure, low coverage indicators,
negative cash flows and stretched liquidity position. Apart from
that, the rating is constrained by the supplier concentration risk
in the DHF business, with purchases only from three suppliers;
high exposure to steel industry, which makes the revenue and
profitability of the company vulnerable to the cyclicality of
steel industry; inability of the company to increase its scale of
business on account of some customers shifting to direct
purchases; and exposure to price risk arising from fluctuations in
the prices of fluorspar. Nevertheless, ICRA has favourably
factored in the established track record of the promoters of over
two decades in the trading of fluorine-based chemicals;
established relationship with suppliers as well as customers and
the low value of sales per customer, which mitigates the credit
risk arising from debtors.

Competent Dyestuff and Allied Products Pvt Limited was
incorporated in 1990. The company is engaged in trading of
fluorine-based chemicals. The company is distributor of fluorine-
based chemicals for the Aditya Birla Group (Tanfac Industries
Ltd), the Mafatlal Group (Navin Fluorine International Limited)
and SRF Limited. CDAPPL primarily caters to the requirements of
steel and glass industries. The company also trades in fabric.

Recent Results

The company reported revenues of INR52.20 Crore and a net profit
of INR0.33 Crore during 2012-13. CDAPPL reported a turnover of
INR49.71 Crore and a net profit of INR0.20 Crore during 2011-12.

GMR ENERGY: ICRA Revises Ratings on INR39.41cr Loan to 'BB'
ICRA has revised the rating assigned to the INR39.41 crore term
loan programme of GMR Energy Limited to '[ICRA]BB' from
'[ICRA]BB+' earlier. ICRA has also reaffirmed the '[ICRA]A4+'
rating assigned to the INR1300 crore non fund based limits of GMR
Energy. ICRA has also withdrawn the outlook on the long term
rating. ICRA is unable to ascertain the outlook since the extent
of support to be extended by GMR Energy to its subsidiaries is
uncertain at this stage.

The rating revision is primarily on account of GMR Energy's
exposure to the deteriorating credit profile of several of its
operational and under development subsidiaries, thus necessitating
funding support from GMR Energy. Being a Hold Co for the energy
segment of the GMR Group, GMR Energy is directly impacted by any
decline in the operational/financial profile of its subsidiaries.
However, the extent of funding support to be extended to its
subsidiaries is unclear at this stage - clarity will emerge once
the implications of the subsidiaries' fuel and offtake
arrangements are more certain. The rating continues to be
constrained by funding pressures given the considerable equity
commitments and the debt being drawn to part-fund these
commitments. Cash generation for GMR Energy is much lower than its
debt servicing commitments, thus necessitating additional fund
raising/refinancing to meet debt commitments in a timely manner.
Besides, GMR Energy's own 235 MW merchant power plant based on KG
basin gas has been operating at low PLF levels on account of
declining gas availability. ICRA also notes that GMR Energy had
received an amount of INR1395 crore from certain investors in
March 2011 - as per the terms of the agreement with these
Investors, GMR Energy is required to provide an exit to these
Investors through an IPO route, failing which the Investors have
the right to require GMR Energy to purchase their investment at an
agreed upon IRR. Given its already strained financial position,
ICRA notes that GMR Energy would be unable to purchase the
investment at the prior agreed IRR. The ratings however favourably
factor in GMR Energy's position as the Hold Co for the Group's
interests in the energy segment and the fund raising ability
demonstrated in the past.

GMR Energy was originally incorporated as Tanir Bavi Power Company
Limited (TBPCL) and promoted by foreign investors in October 1996.
Subsequent to TBCPL's acquisition by GMR Infrastructure Limited,
the name of the company was changed to GMR Energy Limited in 2003.
GMR Energy earlier owned and operated a barge-mounted, naphtha
based combined cycle plant of capacity 235 MW near Mangalore in
the state of Karnataka. The plant commenced commissioning in June
2001 and sold electricity to two of the Karnataka State
electricity distribution companies namely Bangalore Electricity
Supply Company Ltd and Mangalore Electricity Supply Company Ltd as
per the terms of a PPA which expired in June 2008. Since the
expiry of the PPA, GMR Energy has been operating the plant on
merchant mode. GMR Energy has recently converted the plant to gas
based operations at a cost of approx. INR605 crore. The plant has
been relocated to Kakinada and has also tied up gas supplies from
Reliance India Limited & Niko Limited till March 2014. During
2012-13, GMR Energy recorded an operating income and a net loss of
INR170.36 crore and INR494.86 crore respectively.

KNOWLEDGE EDUCATION: ICRA Puts 'D' Rating on INR6.5cr Term Loans
ICRA has assigned the long term rating of '[ICRA]D' to INR6.50
crore term loans of Knowledge Education Foundation.

   Facilities               (INR crore)   Ratings
   -----------              -----------   -------
   Fund based limits-          6.50       [ICRA]D assigned
   Term loan

The assigned rating takes into account the delays in servicing of
debt obligations by the society on account of its stretched
liquidity position due to the initial period of stabilization of
the school (Delhi Pubic School, Bikaner) operating under the
society (as the aforementioned school commenced operations only in
AY 2009-10) as well as the debt-funded capital expenditure
undertaken by the society for infrastructural development. While
the school has been witnessing increasing enrolments, the society
has turned cash positive only in FY2013 due to the initial
gestation period and high fixed costs, with cash accruals
continuing to remain modest vis--vis scheduled debt repayments.
This in turn increased society's reliance on unsecured loans as
well as contributions from society members for servicing of its
debt obligations.

ICRA however takes note of the society's strength in the form of
its association with Delhi Public School (DPS) Brand which lends
the school an established brand name and provides operational and
management expertise. While the society has proposed increase in
intake capacity from AY 2014-15, its ability to attract students
and thereby improve its cash accruals would be the key rating

Incorporated in 2007, Knowledge Education Foundation runs and
operates CBSE-affiliated Delhi Public School(DPS) in Bikaner,
Rajasthan. The school is located on a land parcel of 14.30 acres
in a housing project 'Brindavan enclave' in Bikaner, Rajasthan.
DPS Bikaner commenced operations in AY 2009-10 and initially
catered to students till Standard VII. The school has been
witnessing increasing enrolments and currently (AY 2013-14) has a
student-strength of 1084. The school presently caters to students
till XIth Standard (which became operational in AY 2013-14 ).

LUXMI RICE: ICRA Assigns 'B' Rating to INR15cr LT Loan
ICRA has assigned the long term rating of '[ICRA]B' to the INR7.00
crores fund based bank facilities of Luxmi Rice Mill. Additionally
ICRA has an outstanding long term rating of '[ICRA]B' to INR8.00
crores fund based limits of Luxmi Rice Mill.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Fund Based-Long Term      15.00      [ICRA]B assigned

The assigned rating is constrained by the low value additive and
highly competitive nature of the rice milling industry which has
impacted the profitability indicators of the company. This coupled
with the high gearing of the company, arising out of substantial
debt funding of large working capital requirements, have resulted
in modest coverage and liquidity indicators for the company. ICRA
also factors in the agro climatic risks, which can impact the
availability of the basic raw material namely paddy. The rating
however, favorably takes into account the long standing experience
of promoters in the rice industry, their strong relationships with
several customers and suppliers and proximity of the mill to major
rice growing area which results in easy availability of paddy.
Recent Results: LRM reported a net profit of INR0.02 crores on an
operating income of INR15.01 crores for the year ended March 31,
2012 and a net profit of INR0.02 crores on an operating income of
INR8.51 crores for the year ended March 31, 2011.

Luxmi Rice Mill was established in the year 1985 as a partnership
firm with Mr. Ishwar Chand, Mr. Rohtash Kumar, Mr. Ram Pal Goyal,
Mr. Motiram, Mr. Dharampal and Mr Ashok Kumar as partners. In the
year 1986 partnership firm was reconstituted as Mr. Motiram and
Mr. Dharampal retired from the firm. Further, in the year 1997
partnership firm was reconstituted again after the retirement of
Mr. Moti ram and the remaining partners decided to share profits
in equal ratio. Company is having its manufacturing unit at Sirsal
Road, Assandh, Karnal. As per the management milling capacity of
the plant is 2 tonnes/hr. Luxmi Rice Mill is engaged in the
business of processing and trading of rice in domestic market.
Firm sells its product under the brand name of "KANNU.

MAVERICK PROPERTIES: ICRA Puts 'BB+' Rating on INR35cr Term Loan
ICRA has assigned the long term rating of '[ICRA]BB+(SO)' to the
INR35 crore term loans of Maverick Properties Private Limited. The
outlook on the long-term rating is 'Stable'. The letter SO in
parenthesis suffixed to a rating symbol stands for Structured
Obligation. An SO rating is specific to the rated issue, its
terms, and its structure. SO ratings do not represent ICRA's
opinion on the general credit quality of the issuers concerned.

   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Term Loan                35.00      [ICRA]BB+(SO) (Stable)

The SO rating is based on the escrow mechanism being followed by
MPPL towards the rated term loan, which provides a higher priority
to debt service obligations. The company also maintains a
liquidity support in terms of debt service reserve account
(equivalent to INR1.06 crore i.e. 2 months of debt servicing) to
ensure timely servicing of debt obligations.

The rating also takes into account the project's advantageous
location in the central area of Mysore with good connectivity to
major parts of the city and its high occupancy level, which will
facilitate high footfalls. Further, MPPL's vacancy risk is low in
the medium term considering the low proportion of lock-in expiry
till FY2016, and the significant investments done by the tenants
in fit-outs. However, the rating is constrained by the close
alignment of debt servicing requirements to rental inflows, which
renders MPPL's debt servicing ability vulnerable to variability in
interest rates, decline in rentals and/or occupancy levels.
Moreover, MPPL has high dependence on two of its anchor tenants
occupying 45% of the entire leasable area, which although is
partly mitigated by their long-term lease commitment. Besides,
funding requirement towards construction of Phase-II of the mall
and planned developments in its group concerns may constrain the
liquidity profile of the company. ICRA has also noted MPPL's plans
of developing additional 1.95 lakh square feet (lsf) of commercial
space, which will entail additional funding requirements; the
actual funding pattern for the expansion will be critical in
determining MPPL's overall financial risk profile going forward.
Further, the ability of the company to timely collect the rentals
from its tenant and the extent of debt-funded capex and/or support
provided to the group companies will be key rating sensitive

MPPL is an SPV of the 'Maverick Group' developing shopping mall,
'Garuda Mall' over 4.19 acre of land in the city centre of Mysore
near Mysore palace and Mysore Bus Stand. It is developing 3.5 lakh
sft of built-up area (3 lakh leasable area) on Develop, Operate,
Maintain & Transfer (DOMT) basis with Mysore City Corporation for
40 years. Phase I of the mall with a built-up area of 1.55 lsf
(leasable area of 1.05 lsf) developed at a cost INR57 crore was
commercially launched in Apr'13 and is 91% occupied. The
construction of Phase II of the mall has not yet commenced. The
mall has anchor tenants as Pantaloons and PVR and other tenants
such as Madura Garments, Arvind mills, Aditya Birla, Spice Retails
Ltd., Inmark Retail and H.M Leisure.

Recent Results

The mall commenced from Apr'13, so there were no operating
revenues till FY2013. As on 31st Mar'13, MPPL had INR28.8 crore of
LRD loan outstanding, against the overall project cost of INR57

MILKFOOD LIMITED: ICRA Reaffirms 'BB' Ratings on INR71.04cr Loans
ICRA has reaffirmed the long term rating to INR47.00 crore fund
based limits, INR8.75 crore term loans and INR15.29 crore
unallocated amount of Milkfood Limited at '[ICRA]BB'. The outlook
on long-term rating is stable. ICRA has also reaffirmed the short-
term rating at '[ICRA]A4' to INR3.5 crore non-fund based limits of
the company. ICRA has reaffirmed 'MB+' rating for INR5.0 crore
fixed deposit programme of MFL.

   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund based limits       47.00      [ICRA]BB (stable)reaffirmed
   Term loans               8.75      [ICRA]BB (stable)reaffirmed
   Unallocated limits      15.29      [ICRA]BB (stable)reaffirmed
   Non-fund based limits    3.50      [ICRA]A4 reaffirmed
   Fixed Deposits           5.00      MB+, reaffirmed

The reaffirmation of MFL's ratings factor in company's established
brand in the milk food segment, positive export prospects
especially with rupee depreciation and financial support by
promoters as reflected in INR50.4 crore interest free advances to
MFL having no fixed repayment schedule. The ratings are however
constrained by subdued operating performance as witnessed in
further decline in milk procurement volumes by 21% in FY2013 over
preceding year and sizeable repayment obligations in FY2014 in
relation to net cash accruals requiring funding support. The
operating profit of the company declined from INR17.37 crore in
FY2012 to INR16.70 crore in FY2013 while interest expenses
increased impacting the debt coverage indicators. The ratings are
further constrained by vulnerability of profitability owing to
availability of surplus milk on weather conditions and exposure to
Government regulations. The financial profile of the company is
modest marked with gearing of 2.7x, interest coverage ratio of
1.4x and Total Debt/OPBDITA of 5.2x for FY2013. Going forward,
improvement in MFL's milk processing volumes, operating profit
margin and capital structure would be the key rating sensitivity.

Incorporated in 1973, Milkfood Limited is engaged in the
manufacture and marketing of milk products. It is promoted by
Karamjit Jaiswal, of the Jaiswal family, who have business
interests in alcoholic beverages, malted foods, plastic and glass
bottling. The company manufactures pure ghee, skimmed and whole
milk powder, casein and whey powder. Pure ghee and skimmed milk
powder are marketed under the brand name 'Milkfood'. Located at
Bahadurgarh and Moradabad in Uttar Pradesh, the manufacturing
units have a combined milk handling capacity of 10 lac litres per

Recent Results
MFL reported total income of INR88.84 crore and net loss of 3.52
crore in Q1 FY2014 compared to INR80.75 crore and net loss of
INR0.94 crore in Q1 FY2013.

ICRA has assigned the long term rating of '[ICRA]BB' and short
term rating of '[ICRA]A4' to the enhanced Fund and Non-Fund Based
bank limits of INR12.0 crore (earlier INR7.5 crore) of Narayandas
Phoolchand Mishra Infrastructures Private Limited. The long term
rating has been assigned a stable outlook.

   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund Based Facilities     4.0      [ICRA]BB (Stable)

   Non-Fund Based            8.0      [ICRA]A4 (Assigned)

The assigned ratings take into account NPMIPL's established track
record in the roads construction segment, its experienced
promoters, its reputed client profile and adequate debt coverage
indicators. However, the ratings are constrained by NPMIPL's
reduced turnover during FY2013 due to slow progress on some of the
contracts and increase in gearing levels on account of debt funded
capital expenditure incurred towards purchase of plant and
machinery. The capital expenditure was backed by improvement in
new order flow during the year and also led to decline in sub-
contracting work, ICRA notes that the benefits of such expenditure
is expected to lead to revenue growth and improvement in profit
margins over the years going forward The ratings continue to be
constrained because of the company's small scale of operations,
high geographical and sectoral concentration of its current order
book which comprises of only road projects centered around the
villages in Madhya Pradesh region and high competitive intensity
in the roads construction industry in the Madhya Pradesh region.
Going forward, NPMIPL's ability to grow it turnover, improve its
profitability and maintain its capital structure at comfortable
levels will remain amongst the key rating sensitivity factors.

Narayandas Phoolchand Mishra Infrastructures Private Limited was
incorporated on October 14, 2003 and is engaged in the business of
construction and up-gradation activities of roads, bridges,
culverts on contract basis for Government departments since last
38 years. The company is promoted by the family of Shri Narayan
Das Mishra and the entire shareholding is held within the Mishra
family. It has A-5 registration of contractors, which qualifies
them to bid for contracts of unlimited amount. Its main clients
include Public Works Department, M.P., Pradhan Mantri Gram Sadak
Yojana (PMGSY), Madhya Pradesh Road Development Corporation
(MPRDC), Madhya Pradesh Audyogik Kendra Vikas Nigam limited
(MPAKVN), Military Engineering Services, Mhow, Containment board,

Recent Results:

In FY12, the company reported a net profit of INR0.89 crore on a
turnover of INR31.10 crore. Further, as per the provisional
numbers for FY13, NPMIPL reported a profit after tax (PAT) of
INR0.89 crore on a turnover of INR28.48 crore.

RLJ WOVEN: ICRA Reaffirms 'BB' Ratings on INR14.08cr Loans
ICRA has reaffirmed the long term rating of '[ICRA]BB' to the
INR7.08 crore (reduced from INR9.10 crore earlier) term loan and
INR7.00 crore cash credit facilities of RLJ Woven Sacks Private
Limited. ICRA has also assigned an [ICRA]BB rating to the INR2.42
crore untied limits of RWSPL. The outlook on the long term rating
is stable. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to the INR0.50 crore non fund based bank limits of

   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Fund Based Limit-         7.08      [ICRA]BB (Stable)
   Term Loan                           reaffirmed

   Fund Based Limit-         7.00      [ICRA]BB (Stable)
   Cash Credit                         reaffirmed

   Fund Based Limit-         2.42      [ICRA]BB (Stable) assigned

   Non Fund Based Limit-     0.50      [ICRA]A4 reaffirmed
   Bank Guarantee

The reaffirmation of the ratings take into consideration the
improvement in revenue during 2012-13 over the preceding year on
the back of increase in average sales realization; the diversified
customer profile of the company across various sectors which
reduces sectoral concentration risk to a large extent and an
improvement in the capital structure of RWSPL primarily due to
equity infusion by the promoters in 2012-13. The ratings, however,
continue to remain constrained by the fragmented nature of the
woven sack industry characterised by a large number of small
players, which in turn leads to intense competition; the weak
financial profile of the company characterised by low net profit
margin, nominal cash accruals, decline in return on capital
employed in 2012-13 and depressed coverage indicators despite some
improvement in 2012-13. ICRA also notes that RWSPL's size of
operations is relatively small, which deprives it from the
benefits of economies of scale and also results in its weak
bargaining power against suppliers and customers.

Incorporated in 2006, by the Jain family based out of Kolkata,
RWSPL is engaged in the manufacturing of bulk packing materials
made of polypropylene. The company started its operations in 2008-
09 and presently has an annual manufacturing capacity of 7,500
MTPA. The manufacturing facility of the company is located at
Sankrail in Howrah district of West Bengal

Recent Results

The company has reported a profit after tax of INR0.38 crore on an
operating income of INR36.59 crore in 2012-13; as compared to a
net profit of INR0.16 crore on an operating income of INR30.64
crore in 2011-12.

ICRA has assigned an '[ICRA]B' rating to the INR10.00 crore term
loan facility of Rushabhdev Infraprojects Private Limited.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Term Loan                 10.00      [ICRA]B assigned

The assigned rating reflects the subdued booking status of the
ongoing project with only -11% of the total units sold till date
and the predominantly debt and customer advances funded nature of
the ongoing project leading to funding risk. The rating further
factors in the intense competition in the residential apartment
space and the exposure of company's operations to cyclicality in
the real estate sector. Also, the rating considers the
vulnerability of the company's profitability to adverse
fluctuations in the cement and steel prices, which is mitigated to
an extent due to phased booking undertaken by the company.

The rating, however, favorably factors in the past experience of
the promoters in the real estate industry and the established
brand name of "Sharan" in Ahmedabad.

Rushabhdev Infraprojects Private Limited was incorporated in 2011
and is engaged in construction of residential apartments. The
company is based out of Ahmedabad, Gujarat and is currently
focused on execution of residential projects in Ahmedabad. The
company is promoted by Shah & Benani families who have been
associated with the real estate business in Ahmedabad region for
over a decade. The promoters have carried out several projects
under the brand name of the "Sharan" in Ahmedabad under other
associate concerns. RIPL is currently executing a single
residential project, namely Sharan Sapphire in Ahmedabad region.

SARVOTTAM ENTERPRISE: ICRA Assigns 'B+' Rating to INR7cr Loans
The rating of '[ICRA]B+' has been assigned to the INR7.00 crore
fund-based cash credit facility of Sarvottam Enterprise.

   Facilities             (INR crore)    Ratings
   -----------            -----------    -------
   Cash Credit               7.00        [ICRA]B+ assigned

The assigned rating takes into account the firm's modest scale of
operations and its weak financial profile characterized by thin
profitability margins, high gearing levels and moderate coverage
indicators. The assigned rating further factors in the intense
competitive pressures owing to the presence of a large number of
organized as well as unorganized players in the grain processing
industry as well as exposure of the firm's profitability to agro-
climatic risks and government policies which can cause volatility
in raw material prices. ICRA also notes that Sarvottam Enterprise
is a proprietorship firm and any significant withdrawals from the
capital account would affect its net worth and thereby the gearing
levels. The assigned rating, however, favorably considers the long
standing experience of the promoters in flour milling business as
well as favorable demand prospects for flour milling products in
the domestic market driven by varied applications and increasing

Going forward, ICRA expects the operating income of Sarvottam
Enterprise to grow steadily driven primarily by healthy demand
prospects for grain milled products in the domestic market.
However, the profitability is expected to remain moderate given
the low value added nature of the business and intensely
competitive and fragmented nature of the industry. The ability of
the firm to scale up in a profitable manner, withstand the impact
of raw material price changes on profitability and improve the
capital structure will be some of the key rating sensitivities.

Recent Results

During FY 2013, the firm has reported an operating income of
INR35.89 crore and profit after tax (PAT) of INR0.28 crore against
operating income of INR28.75 crore and profit after tax (PAT) of
INR0.17 crore in FY 2012.

SHARAVATHY CONDUCTORS: ICRA Ups Rating on INR4.4cr Loans to 'BB-'
ICRA has revised the long term ratings for INR4.40 crore bank
lines of Sharavathy Conductors Private Limited from '[ICRA]B+' to
'[ICRA]BB-' and reaffirmed the short term ratings for INR75.60
crore at '[ICRA]A4'. Outlook on the long term rating is Stable.

   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Fund Based Limits          4.40       [ICRA]BB-/Revised from
   (proposed)                            [ICRA]B+

   Non Fund Based Limits     75.60       [ICRA]A4/Reaffirmed

ICRA's rating revision factors in improved performance in FY2013
and 4m-FY2014, in terms of revenues and profitability and
company's present order-book, which gives visibility on revenues
in the near term. Rating also derive comfort from relatively long
presence of the company in the transmission conductor industry,
controlled working capital intensity and favorable capital
structure characterized by absence of any major term loan. At the
same time ratings are constrained by high competitive intensity of
the transmission conductor industry, moderate size of the company
in terms of turnover, exposure to weak credit profile of state
power transmission companies and distribution companies in the
core business, volatile performance of the company in last few
years due to low order bookings and moderate coverage indicators.

Sharavathy Conductors Private Limited was incorporated in 1967 and
is promoted by Mr. Kaardam Patel. It has 2 transmission conductor
manufacturing plants in Bangalore and manufactures AAC, ACSR and
AAAC conductors. It is a certified ISO 9001-2000 company by Det
Norskse Veritas, Netherlands since 1998 and its facilities are
approved by PGCIL.

In FY2012 it reported INR0.25 Cr net loss on an Operating Income
of INR29.03 Cr. In FY2013 it reported INR0.97 Cr net profit on an
Operating Income of INR113.06 Cr.

SHRI WARDHMAN: ICRA Assigns 'B+' Ratings to INR10cr Loans
ICRA has assigned the long term rating of '[ICRA]B+' to INR6.70
crore fund based limits and INR3.30 crore non-fund based limits of
Shri Wardhman Takniki Shiksha Samiti.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Fund based limits          6.70      [ICRA]B+ assigned
   Non-fund based limits      3.30      [ICRA]B+ assigned

The assigned rating takes into account SWTSS's management's
experience of more than two decades in the education sector as
well as the established position of Gyan Ganga Group of
Institutions in the Madhya Pradesh region which has helped the
society in achieving full occupancy levels in its campus, thereby
providing revenue visibility. Notwithstanding the stable
occupancies, given the single asset nature of operations and
limited number of course offerings, the scale of operations of the
society has however remained modest with an operating income of
INR11.17 crore in FY13. This coupled with society's limited
ability to pass on cost increases owing to the regulated fee
structure has resulted in modest level of operating surplus. With
the society undertaking continuous capital expenditure towards
infrastructural development, modest cash accruals in turn has
necessitated increased reliance on debt funding, consequent to
which the financial profile has also remained weak with a
stretched capital structure and subdued debt coverage indicators.

While ICRA takes note of the increase in the sanctioned intake for
BE and M. Tech courses in AY 2013-14, which should help the
society in improving the scale of operations, the ability of the
society to better its profitability and thus cash accruals remains
to be seen. This especially becomes critical given the significant
debt repayments over the next two years. This apart, any large
debt-funded capital expenditure can put a further pressure on
company's coverage indicators and would also be crucial for
determining the availability of cash accruals for debt servicing
and is thus a key rating sensitivity.

Incorporated in 2006 and registered under the Madhya Pradesh
Societies' Registration Act, 1973, Shri Wardhman Takniki Shiksha
Samiti (SWTSS) is a single-asset society that runs Gyan Ganga
College of Technology. The college offers courses in engineering,
management and computer application and had a student-strength of
2346 in the Academic Year (AY) 2012-13. SWTSS is one of the four
societies operational under the Gyan Ganga group of Institutions
of Madhya Pradesh which is headed by Mr. Jain. Besides Gyan Ganga
College of Technology, the group operates three Engineering &
Management Colleges and three K-12 schools. The first institute
under the group was established in 1992.

Recent Results

As per the unaudited results for twelve months ending March 2013,
the society reported a net surplus of INR1.36 crore on an
operating income of INR11.17 crore as against a net surplus of
INR0.30 crore on an operating income of INR9.53 crore in FY2012

SRI SEETHA: ICRA Assigns 'B+' Rating to INR4.8cr Cash Credit
ICRA has assigned long-term rating of '[ICRA]B+' to INR4.80 crore
fund based limits of Sri Seetha Rama Raw & Boiled Rice Mill. ICRA
has also assigned ratings of [ICRA]B+/ [ICRA]A4 to INR6.20 crore
crore unallocated bank limits of SSRRBRM.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Cash Credit               4.80       [ICRA]B+ assigned
   Unallocated limits        6.20       [ICRA]B+/[ICRA]A4

The assigned ratings are constrained by intensely competitive
nature of rice industry with presence of several small-scale
players which further increases the pressure on the operating
margins; moderate financial profile of the firm characterized by
low profitability & low gearing levels; and risks inherent in a
partnership firm. These apart, the ratings are also constrained by
the susceptibility of profitability & revenues to agro-climatic
risks which impact the availability of the paddy in adverse
weather conditions. The ratings however take comfort from the long
track record of the promoters in the rice mill business and
favorable demand prospects for rice with India being the second
largest producer and consumer of rice internationally.

Founded in the year 1995 as a partnership firm Sri Seetha Rama Raw
& Boiled Rice Mill is engaged in the milling of paddy and produces
raw & boiled rice. The rice mill is located at Mandapeta village
of East Godavari district, Andhra Pradesh. The installed
production capacity of the rice mill is 8.25 tons per hour.

Recent Results

In FY2013, the firm reported an operating income of INR26.12 crore
and operating profits of INR0.85 crore.

STALLION GARMENTS: ICRA Reaffirms 'D' Ratings on INR36.11cr Loans
ICRA has reaffirmed the long term rating of '[ICRA]D' outstanding
on the INR14.11 crore long term loans, INR10 crore Cash Credit of
Stallion Garments. ICRA has also reaffirmed the short term rating
of '[ICRA]D' outstanding on INR12.00 Crore short term fund based
facilities of Stallion Garments.

   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   LT-Term Loan               14.11      [ICRA]D reaffirmed

   LT-Cash Credit             10.00      [ICRA]D reaffirmed

   ST-Fund based facilities   12.00      [ICRA]D reaffirmed

The ratings consider the continuing delays in debt servicing by
the firm, owing to the tight liquidity position and stretched cash
flows. The firm's financial profile is characterised by lower
accruals, stretched working capital intensity on the back of
higher stock holding and weak capitalization and coverage
indicators. Going forward, the firm's ability to improve the
accruals and manage the debt indicators will be critical for
improving its credit profile, thereby meeting the scheduled debt
repayment obligations in a timely manner.

M/s. Stallion Garments was established in the year 1986 as a
partnership firm, is primarily engaged in the manufacture and
export of hosiery garments to Europe and U.S. The firm sells
innerwear under its brand name "When" for men and "Lam" for women
in the domestic market. The firm also has license to manufacture
and market the series of series of Levi's Strauss innerwear for
men to India, Sri Lanka, Bangladesh and Nepal. The firm's garments
are largely exported which account for ~50% of the total revenue
for the year 2012-13.

Recent Results

The firm has reported a net profit of INR0.02 crore on an
operating income of INR31.3 crore for the year 2012-13 as compared
to a net loss of INR1.7 crore on an operating income of INR28.3
crore in the 2011-12.

TIRUPATI TUBES: ICRA Assigns 'B+' Ratings to INR8cr Loans
A rating of '[ICRA]B+' has been assigned to the INR1.60 crore term
loan and INR6.40 crore fund based cash credit facility of Tirupati
Tubes Private Limited.  A rating of '[ICRA]A4' has also been
assigned to the INR3.00 crore non fund based letter of credit
(sublimit of cash credit) facility of TTPL.

   Facilities          (INR crore)   Ratings
   -----------         -----------   -------
   Cash Credit             6.40      [ICRA]B+ assigned
   Term Loan               1.60      [ICRA]B+ assigned
   Letter of Credit       (3.00)     [ICRA]A4 assigned

The ratings are constrained by TTPL's limited operating history
with the operations yet to stabilize and low profit margins given
the modest value addition and commoditized nature of products.

The ratings also take into account the highly competitive and
fragmented nature of the industry with competition from both
unorganized and established players and vulnerability of operating
profitability to fluctuations in cost of key raw material i.e.
steel, given the company's limited ability to pass on the same to
its customers.

The assigned ratings however, favorably take into account the
extensive experience of promoters in the steel industry, the
locational advantage due to proximity of its manufacturing
facility to raw material sources and stable demand outlook for
steel products in the medium to long term.

Incorporated in 2012, Tirupati Tubes Private Limited is promoted
by Mr. Anil Somani, Mr. Ankit Somani and Mr. Shailesh Somani and
is engaged in the manufacturing of stainless steel pipes and
tubes. The manufacturing facility of the company is located at
Kalol, Gujarat and has an installed capacity of 4368 MTPA.

Recent Results

For FY 2013, the company reported a profit after tax of INR0.13
crore on an operating income of INR7.08 crore.

VARDHAMAN INDUSTRIAL: ICRA Assigns 'B' Rating to INR12cr LT Loans
ICRA has assigned a long-term rating of '[ICRA]B' to INR12.00
crore fund-based facilities of Vardhaman Industrial Steel Private

   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Long-Term Fund             12.00      [ICRA]B Assigned
   Based Facilities

The assigned rating is constrained by the company's weak financial
profile which is on account of modest profitability and high
leverage. The company's modest scale of operations in a low value
added trading business, of commoditized products limits the
pricing power which has resulted in modest profitability. The
assigned rating also takes into account the stretched liquidity
profile of the company which is due to the steady revenue growth
and high working capital intensity of operations, and has led to
regular reliance on ad-hoc limits from the banks and unsecured
loans from the promoters. The company maintains high levels of
inventory which in addition to increasing working capital
requirements also exposes the company to the volatility in the
steel prices, which could adversely impact the profitability. The
rating however favorably takes into account the satisfactory track
record of the promoters in the trading of steel products through
other group companies and the relationship with a large number of
customers for supply of the steel products. Despite the wide
customer base, the revenue concentration is high with one
customer, which is a group company, accounting for ~22% of the
total revenues of the company in FY-2013. Going forward,
improvement in the liquidity and financial profile of the company
would be the key rating sensitivities.

Incorporated in March 2011, Vardhman Industrial Steel Private
Limited (VISPL) is promoted by Mr. Sushil Jain and his wife Ms.
Anju Jain. The promoters are having satisfactory experience in
steel trading business through two firms - Vardhaman Steel Sales
and Vardhaman Loha & Traders, the operations of which got
transferred to VISPL in FY-2013. VISPL has its head office and
warehouse facility located at Bahadurgarh (Haryana) and is
primarily engaged in trading of iron and steel products mainly -
angles, pipes, plates, bars, rounds etc.

ZENITH INFOTECH: Loses Appeal Against Liquidation Order
The Economic Times reports that Zenith Infotech, which is facing a
winding up petition from its foreign lenders, has lost its high
court appeal challenging the liquidation order, the latest setback
for the software firm which has been battling allegations of
serious corporate governance slippages.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 8, 2013, ET said the Bombay High Court admitted the winding-
up petition filed by foreign lenders against Zenith Infotech and
also appointed advocate Shalil Shah as the provisional liquidator.
ET related that on July 30 Justice SJ Kathawala, while pronouncing
the operative part of the order, observed that prima facie the
company is unable to pay its debt. However, the court has also
directed lenders to publish the advertisement about the winding-up
petition.  According to ET, Zenith Infotech had defaulted on two
foreign currency convertible bond (FCCB) dues in 2011 and 2012,
aggregating $83 million.

On September 10, the division bench dismissed Zenith's appeal
saying, "we are not inclined to stay the operation of the order,
in so far as the appointment of the administrator is concerned.
However, we direct that for a period of four weeks from today, the
issuance of an advertisement of the admission of the petition
shall stand stayed," ET reports.

Zenith Infotech Limited -- is an
India-based company. The Company is serving information technology
(IT) providers worldwide. Its product and services include
computer software and computer network and integration. The
Company's subsidiaries include Zenith Infotech (Singapore) Pte
Ltd., Zenith Infotech Services Sdn.Bhd. and Zenith Infotech FZE.
During September 2011, the Company sold its MS Division to Zenith

ZETATEK INDUSTRIES: ICRA Reaffirms BB Ratings on INR22.25cr Loans
ICRA has reaffirmed the long term rating outstanding on the
INR11.50 crore fund based and INR10.75 crore non-fund based bank
facilities of Zetatek Industries Limited at '[ICRA]BB'. The
outlook on the long term rating is stable. ICRA has also
reaffirmed the short term rating outstanding on the INR0.75 crore
non-fund based bank facilities of ZIL at '[ICRA]A4'.

   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Cash Credit                3.00      [ICRA]BB Reaffirmed
   Bank Guarantee            10.75      [ICRA]BB Reaffirmed
   Letter of Credit           0.75      [ICRA]A4 Reaffirmed
   Unallocated                8.50      [ICRA]BB Reaffirmed

The ratings reaffirmation factors in the healthy growth in
revenues and successful execution of a large project for Indira
Gandhi Centre for Atomic Research (IGCAR) which underscores the
company's ability to execute complex projects. The ratings also
draw comfort from the established track record and experience of
the promoter group, long standing relations of the company with
Defence PSUs, the high entry barriers in the industry as well as
the favorable demand outlook arising out of government's focus on
defence sector. However the ratings are constrained by the high
working capital requirements given the long cash conversion cycle
in the business, which combined with the high project
concentration, can lead to volatility in cash flows. The debt
level of the company has increased in the past 2 years on account
of increasing working capital requirements and the company's
ability to maintain adequate liquidity while sustaining revenue
growth will be the key rating sensitivity. ICRA also notes that
the company's outstanding order book remains highly concentrated
towards the group company Gagan Aerospace Private Limited (GAPL)
(approx. 85% of the order book) where the supply has remained slow
in the past 1 year on account of change in equipment design,
although these sales are expected to ramp up in the current year
as the design has been finalized.

Incorporated in 1990, ZIL is a closely held public limited company
founded and managed by Mr. R Siva Kumar. ZIL is engaged in the
manufacture of various kinds of testing equipments primarily used
for performance testing in the aerospace & defence industry. The
company's product offerings include "environmental test chambers",
"vibration test systems" and "rate tables". Apart from this, the
company also supplies navigation subsystems to GAPL which is
engaged in the manufacture of "Inertial Navigation Systems" used
for navigation purposes in ships, aircrafts and guided missiles.

ZIL recorded a net profit of INR2.75 crore on a turnover of
INR35.43 crore in FY 13 (provisional unaudited financials) when
compared to INR2.16 crore and INR27.61 crore respectively in FY12.

N E W  Z E A L A N D

BRIDGECORP LTD: Was on A Path to Insolvency, Crown Says
Tina Morrison at BusinessDesk reports that Bridgecorp, the failed
finance company whose directors were imprisoned for making false
statements in offer documents seeking investor funds, was on the
path to insolvency when it issued the prospectus in 2006, Crown
lawyer Brian Dickey told the Court of Appeal September 11.

BusinessDesk notes that the company's former chief financial
officer Rob Roest is appealing his High Court conviction and six-
and-a-half year sentence for making untrue statements in the
prospectus.  Bridgecorp collapsed in 2007 owing NZ$459 million to
14,500 investors.

According to the report, Mr. Dickey said the prospectus was "an
act of desperation" as the company sought to shore up its cash
position, but it didn't sell it to the public that way.

BusinessDesk relates that Mr. Dickey said Bridgecorp was in a
liquidity squeeze with optimistic cash flow projections which
weren't being met, as problem loans which couldn't be repaid were
rolled over instead of being classed as impaired.

To bolster its cash position, Bridgecorp in September 2006 turned
to rival finance company St Laurence for a higher interest rate
secondary loan to pay investors when maturities fell due as
reinvestment rates declined and new investment money dried up, Mr.
Dickey, as cited by BusinessDesk, said.

"Bridgecorp did not fail unexpectedly or it shouldn't have failed
unexpectedly to its directors," the report quotes Mr. Dickey as
saying.  The company's financial position "very patently paints a
picture that this company is on a trajectory to insolvency at the
time it issued the prospectus."

The appeal in which Mr. Roest is representing himself is in its
final day and is proceeding, the report notes.

                       About Bridgecorp Ltd

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).

CAPITAL + MERCHANT: Perpetual Trust Removed as Firm's Trustee
Hamish Fletcher at the New Zealand Herald reports that Perpetual
Trust has successful removed itself as trustee of the failed firm
Capital + Merchant Finance and won't have to pay costs incurred by
its replacement, a High Court judge said.

The Herald relates that receiver KordaMentha has filed action
against Capital + Merchant's trustee, Perpetual Trust, for an
alleged breach of duty.

This created a conflict of interest for Perpetual, which appointed
KordaMentha as second receivers of C+M following the collapse of
the finance firm, the report relates.

Because of the KordaMentha claim, Perpetual wanted to resign as
trustee and be replaced by the Public Trust and went to the High
Court at Auckland seeking orders to achieve this, according to the

Public Trust is New Zealand's sole Crown-owned trustee company and
has more than NZ$35 billion under supervision, the Herald notes.

According to the report, Public Trust was concerned at Perpetual's
request as it had never assumed trusteeship of a failed finance

It thought taking over the trusteeship would cost a significant
amount of money -- which would not be reimbursed because C+M has
no assets, the report relays.

After initially opposing the orders, the Herald relates, Public
Trust said it would abide by the court's decision but filed a
counterclaim for Perpetual to pay the costs of Public Trust acting
as trustee for C+M.

The matter was heard in June by Justice Mark Woolford, whose
decision was released publicly on Thursday, September 12.

Justice Woolford decided Public Trust should be appointed to
replace Perpetual, as the latter had an "irresolvable conflict of
interest," the report adds.

                       About Capital + Merchant

Capital + Merchant Finance Ltd, operating in property finance,
was one of the bigger finance companies in New Zealand.

Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on Nov. 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd.  Fortress appointed Tim
Downes and Richard Simpson of Grant Thornton, chartered
accountants, while trustee Perpetual Trust have called in

Capital + Merchant owed NZ$167.1 million to about 7,500
investors. Fortress reportedly has a prior charge over assets and
was owed around NZ$70 million in total.


* Large Companies with Insolvent Balance Sheets

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


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

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

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

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

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

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