TCRAP_Public/130919.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, September 19, 2013, Vol. 16, No. 186


                            Headlines


A U S T R A L I A

ASTON METALS: Receivers Seek Expression of Interest for Assets
BELL GROUP: Legal Action Against 20 Banks Settled
FILIAE INVESTMENT: Clifton Hall Appointed as Liquidators
MENTONE GARDENS: Residents' Families Lose AUD4MM in Bond Money
SECURITY CONTRACTOR: Court Appoints Timothy Clifton as Liquidator

* AUSTRALIA: Dairy Industry Faces Uncertainty Amid Dairy Sales


C H I N A

COUNTRY GARDEN: Strong Sales Trigger Moody's Ba2 CFR Upgrade
WUZHOU INT'L: Moody's Assigns B2 CFR; Outlook Stable


I N D I A

ARDEE HI-TECH: ICRA Assigns 'B+' Rating to INR20cr Term Loan
ASCOT HOTELS: Owner Faces Hudco Claim Over Loan Default
BALKRUSHNA GINNING: ICRA Assigns 'B+' Rating to INR6cr Loans
GANAPATI MOTORS: ICRA Assigns 'BB-' Ratings to INR21cr Loans
KALPAKA MOTORS: ICRA Assigns 'BB-' Ratings to INR8.5cr Loans

KRISHNAPOULTRY: ICRA Upgrades Ratings on INR18cr Loans to 'B+'
LAMB CERAMICS: ICRA Assigns 'B' Ratings to INR6.75cr Loans
MRO-TEK LIMITED: ICRA Reaffirms 'BB-' Ratings on INR3cr Loans
RESONANCE SPECIALTIES: ICRA Assigns 'BB-' Rating to INR3cr Loans
SARVESH CARS: ICRA Assigns 'BB-' Ratings to INR1.78cr Loans

SAVAIR ENERGY: ICRA Rates INR15cr Fund Based Loan at 'B+'
SAVANI EXPORTS: ICRA Reaffirms 'B' Rating on INR7cr Loan
VIPUL DYE: ICRA Reaffirms 'BB-' Ratings on INR15.2cr Loans
WESTERN OVERSEAS: ICRA Assigns 'B' Ratings to INR5.24cr Loans
ZURI HOTELS: ICRA Assigns 'D' Ratings to INR22cr Loans


I N D O N E S I A

APEXINDO PRATAMA: S&P Assigns 'B+' CCR; Outlook Stable


J A P A N

INDEX CORP: Sega Sammy Wins Auction to Buy Firm


N E W  Z E A L A N D

MONSTAVISION HOLDINGS: Still Trading Despite Receivership


S O U T H  K O R E A

KOREA LINE: Will be Sold Off to SM Group, Sources Say
KUMHO ASIANA: FTC Approves Unit's Debt-to-Equity Swap Plan


S R I  L A N K A

PEOPLE'S LEASING: Fitch Affirms 'B+' LT Issuer Default Rating


                            - - - - -


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


ASTON METALS: Receivers Seek Expression of Interest for Assets
--------------------------------------------------------------
dissolve.com.au reports that expressions of interest are sought by
FTI Consulting for the purchase of the assets of Aston Metals
Limited and Aston Metals (Qld) Limited.

The assets of the companies include gold, zinc, silver and copper
deposits in Queensland in different developmental and exploration
stages, the report says.

The tenements include Isa West Project, Walford Creek Project, Isa
South Project, Isa North Project and Constance Range Project,
dissolve.com.au adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2013, brisbanetimes said receivers have been appointed to
a Nathan Tinkler-linked firm, Aston Metals Group.  The receivers
were appointed by Madison Pacific Trust Ltd in its
capacity as Security Trustee over all the secured property of
Aston Metals, according to brisbanetimes.

Aston Metals is an unlisted copper explorer with tenement holdings
in the Mount Isa region of north-west Queensland, Australia.


BELL GROUP: Legal Action Against 20 Banks Settled
-------------------------------------------------
Richard Gluyas at The Australian reports that Australia's longest
and most expensive legal action targeting 20 bank lenders to
disgraced entrepreneur Alan Bond has finally been settled, two
decades after it began.

The Australian says a one-page statement released by the Perth-
based liquidator of Bell Group, Tony Woodings, signalled the end
of a saga that created an unrivalled, AUD500 million flow of fees
to the legal profession.

The settlement, foreshadowed in The Australian last week, comes 30
years after Mr. Bond famously wrested the America's Cup from the
US in what was the businessman's finest public hour, before he was
sent to jail for three years in 1997 on fraud charges.

According to the report, Mr. Woodings said the case had continued
for so long because it was "factually complex" and had created a
lot of judicial precedent.

Most importantly, he said the banks "took exception" to the
allegation that they knew the Bell Group was insolvent when they
took security over its assets, the report relates.

The Australian notes that the liquidator declined to say whether
this reflected poorly on the banks. However, he said the legal
system did not emerge too favorably from the case, and said the
outcome would never have been achieved without the financial
support of some "heavyweights", including the Insurance Commission
of Western Australia. The Australian notes that the long-running
litigation involved different circumstances to
Mr. Bond's guilty plea to siphoning AUD1.2 billion from one of his
companies, Bell Resources, to prop up his ailing Bond Corporation.

At the heart of the proceedings were restructured banking
facilities provided to Mr. Bond's Bell Group just before its 1991
collapse, notes The Australian.

The report says Mr. Woodings alleged that the group was already
insolvent when the banks, including Westpac, Commonwealth Bank and
National Australia Bank, took security over AUD265 million in
assets. He alleged the banks were aware Bell Group was insolvent
and therefore caused the directors to breach their duties, the
report relays.

When the assets were sold, the ICWA and the Australian Taxation
Office were left more than AUD500 million out of pocket, according
to the report.

                           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.


FILIAE INVESTMENT: Clifton Hall Appointed as Liquidators
--------------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed as
Joint and Several Liquidators of Filiae Investment Co. Pty Ltd on
Sept. 13, 2013.


MENTONE GARDENS: Residents' Families Lose AUD4MM in Bond Money
--------------------------------------------------------------
Amy Bainbridge at ABC News reports that families of dozens of
residents at an aged care centre in Melbourne's south east have
been told there is little hope of recovering AUD4 million in bonds
paid to the facility.

ABC notes that the previous owners of Mentone Gardens collected
bonds from some families, some as large as AUD400,000.

The families also signed documents believing the fees were going
into a trust and would not be touched while their relative resided
at the home, the report relates.

Mentone Gardens went into administration in June and its sale was
confirmed on September 16.  The new owners are not taking on the
debt, ABC says.

ABC notes that at the third creditors meeting at the Sandringham
Yacht Club, administrator Mathew Gollant asked the 50 people
present to approve a move to put the facility into liquidation.

In total, there are more than 30 unsecured creditors affected,
with the vast majority being families who have placed relatives in
care at the facility, the report adds.

Mentone Gardens is a Victorian Government-regulated Supported
Residential Service (SRS) providing respite and occasional care
for the elderly.


SECURITY CONTRACTOR: Court Appoints Timothy Clifton as Liquidator
-----------------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Liquidator of
Security Contractor Recruitment Services Pty Ltd on Sept. 12,
2013, by Order of the Federal Court of Australia.


* AUSTRALIA: Dairy Industry Faces Uncertainty Amid Dairy Sales
--------------------------------------------------------------
Brad Thompson at The West Australian reports that the
West Australia dairy industry is set for another squeeze with
Brownes branching out into production of a specialty product, up
to a dozen farmers close to retirement and at least nine dairies
in the South West already on the market.

The West Australian says the industry is anxiously monitoring
efforts to sell a block of eight dairies near Scott River.

The report relates that four come under the banner of Lactanz --
WA's biggest single milk producer -- three are owned by former
Australian Farmer of the Year Ross Woodhouse and the other by the
Dunnet family.

The West Australian notes that Lactanz Dairies went into
receivership in June with debts of AUD21 million, despite
producing 15 million litres of milk a year. It has been on and off
the market for the past 10 months with the asking price falling
dramatically after starting at AUD30 million, the report
discloses.

According to the report, dairy farmers have had their equity cut
by up to 30 per cent in recent years because of falling farm
prices.  The West Australian says there are fears the trend will
continue as the Federal Government presses ahead with a crackdown
on overseas ownership of agricultural land by cutting the
threshold for Foreign Investment Review Board scrutiny from
AUD248 million to AUD15 million.

Chinese and Malaysian interests have shown interest in WA dairy
investments over the past 18 months but stopped short of
finalising purchases, the report notes.

Industry sources said up to a dozen of about 150 dairy farmers
still in WA were looking to retire or exit the industry, with
bigger producers expected to buy their milking cows and in some
cases lease part of the farms, The West Australian adds.

A Dairy Australia survey released this month showed 7 per cent of
WA producers were planning to exit or were unsure about their
plans for the next few years, the report relays.



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


COUNTRY GARDEN: Strong Sales Trigger Moody's Ba2 CFR Upgrade
------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family and
senior unsecured debt ratings of Country Garden Holdings Company
Limited to Ba2 from Ba3.

The outlook for all ratings are stable.

Ratings Rationale:

"The upgrade reflects the consideration that Country Garden has
established strong sales execution, supported by strong mass-
market demand. Moody's believes the company can sustain its sales
momentum, given its competitive business model," says Lina Choi, a
Moody's Vice President and Senior Analyst.

Country Garden reported contract sales of RMB51.9 billion in the
first eight months of 2013, achieving 84% of its target for the
year. Such good sales are due to its business model of efficient
turnover in favorable market conditions, facilitating price
stability and strong sales volume.

Moody's believes that Country Garden's strong sales execution will
continue because its products are well designed and competitively
priced for first-home buyers and up-graders. Its average contract
sales price was RMB6,638 per square meter in 1H 2013, which is
competitive for suburban projects.

Its business model aims at developing affordable housing with
value-added services in integrated townships to meet the needs of
China's growing middle class. This is a segment which supports
long-term demand for property, and which in turn, supports Country
Garden's business growth.

"Country Garden's good control over costs is also important in
sustaining its business model," says Choi.

Country Garden has maintained a stable post- Land Appreciation Tax
gross profit margin, measuring 29.6% as of 1H 2013. This is due to
its ability to control costs for properties sold at RMB4,650 per
square meter in 1H 2013, including the land cost of RMB659 per
square meter.

Country Garden has a large and low-cost land bank, which offers
pricing flexibility, and which is a significant advantage in a
down market. This flexibility is seen in its consistent sales
performance in good business years (2007, and 2009-10) and in more
difficult times (2008 and 2011).

"The upgrade also reflects Country Garden's prudent financial
management and maintenance of a stable credit profile in a fast
growing phase for the company. It has also kept a strong level of
liquidity through its timely product delivery and prudent land
acquisition strategy," adds Choi, who is also the Lead Analyst for
Country Garden.

Country Garden has maintained stable credit metrics through the
cycle. EBITDA/interest was 3.9x in 2012 when the property market
was weak, and is strong when compared with 3.0x for most Ba3-rated
peers. Moody's expects Country Garden's EBITDA/interest to be
around 3.5x and adjusted debt/total capitalization to be 50% -
55%, over the next 12-18 months, positioning it at the Ba2 level.

The company's prudent financial management is also reflected in
its good liquidity management. Through the down cycle in 2011-
2012, it kept its cash balance above 10% of total assets. Its
cautious land acquisition strategy is one of the drivers for its
stable liquidity profile.

Currently, it has outstanding land payments of around RMB6
billion, a total which is small relative to its total annual
contract sales of more than RMB60 billion.

Its unrestricted cash on hand was RMB15.2 billion, as of June 30,
2013, up from RMB11.8 billion at end-2012. Its unrestricted cash
more than covers its short-term debt of RMB6.8 billion.

The company's Ba2 rating reflects its large size, and good
experience in suburban property development in China's Guangdong
Province.

However, the current Ba2 rating is constrained by Country Garden's
large funding needs -- given its rapid growth model -- and its
reliance on sales contributions from Guangdong Province.

The stable outlook reflects Moody's expectations that Country
Garden will continue to achieve solid sales and maintain its
prudent financial management in the next 12 -- 18 months. Such
factors would help it preserve its good liquidity and strong
credit profile.

Upward rating pressure could emerge if Country Garden (i) achieves
growth with further improvements in its credit metrics --
EBITDA/interest exceeds 4.0-4.5x and adjusted debt/total
capitalization below 50%; and (ii) maintains strong liquidity --
cash at 10% -15% of total assets and covers more than 1.0x - 1.5x
of its short-term debt.

On the other hand, downward rating pressure would emerge if
Country Garden: (1) is unable to sustain its solid sales track
record due to new regulations or adverse market conditions; (2)
posts significant and sustained margin deterioration -- EBITDA
margin below 20%; or (3) adopts an aggressive land acquisition
strategy, which in turn, has a negative effect on its liquidity --
cash failing to cover 1.0x of short-term debt.

Credit metrics indicating downgrade pressure would include
EBITDA/interest below 3.5x or debt/total capitalization above 55%
on a sustained basis.

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

Country Garden Holdings Company Limited, founded in 1997 and
listed on the Hong Kong Stock Exchange, is a leading Chinese
integrated property developer. As of June 2013, it had a sizeable
land bank of 62.7 million square meters in attributable gross
floor area.

It also owns and operates 37 hotels with a total of 11,119 rooms
as of June 2013. The hotels are located mainly in China's
Guangdong Province, and support its development of townships.


WUZHOU INT'L: Moody's Assigns B2 CFR; Outlook Stable
----------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Wuzhou International Holdings Ltd.

At the same time, Moody's has assigned a provisional (P)B3 senior
unsecured rating to its proposed USD notes.

The outlook for the ratings is stable.

The proceeds from the proposed bonds will be used to fund the
company's development of property projects.

Moody's will remove the provisional status of the USD notes once
Wuzhou completes the bond issuance on satisfactory final terms and
conditions.

Ratings Rationale:

"Wuzhou's B2 corporate family rating primarily reflects the
company's competitive position in Wuxi municipality and generally
good sales performance. The rating also benefits from its high
profitability, thanks to its low-cost land, moderate construction
costs, and adequate liquidity," says Jiming Zou, a Moody's
Assistant Vice President and Analyst.

In addition, despite an expected deterioration, given that it
needs to fund its large expansion plans, its key credit metrics --
EBITDA/interest of about 4.5x and debt/capitalization of 50%-55%
over the next 12-18 months -- will remain strong for the rating
level.

"However, these strengths are offset by volatility in its main
businesses, its short operating history, small scale, and
significant execution risks regarding the company's ambitious
strategy to expand into areas outside Wuxi," says Zou.

Wuzhou has reported strong sales and earnings performance over the
last few years, underpinned by economic growth and rising
urbanization. Demand for wholesale and commercial properties was
strong in its key market of Wuxi.

Its robust sales have also been aided by the absence of purchase
restrictions or borrowing constraints imposed by the government
against the fast rises in prices in the residential sector.

In addition, Wuzhou's strategy to sell off most of its properties,
unlike other commercial property developers, facilitates fast
turnover and prompt cash collections, which benefit the
maintenance of liquidity and fulfillment of debt repayment
schedules.

Nevertheless, the company's high reliance on sales of wholesale
and commercial properties suggests relatively high volatility in
its business profile. This is because the sales of commercial real
estate projects are partly driven by speculative demand, which is
affected by the macro economy, investment appetite, and financing
availability.

Furthermore, adding to the volatility is the fact that recurring
rentals and management income only contribute to 5% of total
revenue.

The execution risks associated with its developing commercial
projects outside of Wuxi remain high, given Wuzhou's limited track
record in these new cities. The company has expanded its market
coverage to another 10 cities in 6 provinces, but most of these
cities are 3rd or 4th tier with less advanced economies when
compared to Wuxi.

The company's liquidity position is adequate. Its unrestricted
cash balance amounted to RMB1.4 billion at end-June 2013, and this
is sufficient to cover RMB835 million in short-term debt. However,
additional funding will be necessary to fund its fast expansion
and to retire some of its high-cost trust loans.

Wuzhou's bond rating is one notch below its corporate family
rating, reflecting structural subordination to the debt at its
domestic subsidiaries, which accounted for nearly 25% of total
assets at end-June 2013. Moody's expects this ratio to remain at a
similar level in the coming 2-3 years.

The stable outlook reflects Moody's expectation that Wuzhou will
continue to achieve growth in its new projects and exhibit no
material deterioration in its financial profile. The stable
outlook also expects the company continued access to funding by
domestic banks.

Upward rating pressure could emerge, if Wuzhou (1) establishes a
track record of good sales performance in new locations, and (2)
demonstrates a stable financial profile with EBITDA/interest
expense above 3.0x; and (3) maintains adequate liquidity.

The rating could be downgraded, if (1) Wuzhou's sales decline as a
result of a poor reception to its development projects, or a
significant downturn in the regional economies where it operates,
(2) EBITDA interest coverage falls below 2.0x, or (3) liquidity
deteriorates.

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

Wuzhou is a property developer in China and specializes in the
development and operation of wholesale markets and multi-
functional commercial complexes. The company was listed on the
Hong Kong Stock Exchange in June 2013.



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I N D I A
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ARDEE HI-TECH: ICRA Assigns 'B+' Rating to INR20cr Term Loan
------------------------------------------------------------

ICRA has assigned a long-term rating of '[ICRA]B+' to the INR20.00
crore term loan/fund based facilities of Ardee Hi-Tech Private
Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Proposed term loan/             20.00    [ICRA]B+ assigned
   fund based facilities

The assigned rating considers the experience of the promoter in
the mineral beneficiation business and the order from GMDC to the
company which provides revenue visibility. The rating also
considers the stretched financial profile, with low turnover,
nominal profits, depressed coverage indicators and a high working
capital intensity; the significant debt-funded capital expenditure
plan, which exposes AHPL to project related risks. While this is
likely to adversely impact the capital structure and coverage
metrics over the medium term, the proposed conversion of unsecured
loans from promoter into equity in the current fiscal is likely
improve the gearing to a certain extent. ICRA notes that while the
approvals required for setting up the new plant to execute the
order from GMDC are available, the Company is yet to achieve
financial closure, exposing the Company to funding risk. Further,
the rating considers the debt repayments and the capital
expenditure, which are expected to stretch cash flows going
forward.

AHPL is primarily engaged in distribution of pneumatic valves,
cylinders, automation systems, air treatment equipment, tubes and
fittings used across various industries. It is also engaged in
providing EPC services for mineral beneficiation systems and raw
material handling systems. The Company was promoted by Dr. G.V.
Ramana in 1996.

Recent results

AHPL reported a net profit of INR0.01 crore on an operating income
of INR4.26 crore during 2012-13 (according to unaudited results),
against a net profit of INR0.11 crore on an operating income of
INR4.96 crore during 2011-12.


ASCOT HOTELS: Owner Faces Hudco Claim Over Loan Default
-------------------------------------------------------
The Economic Times reports that Vikram Bakshi, the ousted managing
director of Connaught Plaza Restaurants that runs McDonald's chain
in North and East India, faces battle on another front with the
Housing and Urban Development Corporation (Hudco) moving to seize
his assets after a loan default.  ET says the government-backed
lender has filed a case against Mr. Bakshi after he failed to meet
payments on loans worth INR80 crore for his privately-held Ascot
Hotels & Resorts, Noida, near New Delhi.

"Cheques signed by Mr. Bakshi had bounced several times," the
report quotes Rajinder Paul, executive director-finance, Hudco, as
saying.  "We have filed a case in the debt recovery tribunal." Mr.
Bakshi declined comment citing legal proceedings, the report
relays.

According to the report, Hudco's moves compounds the problems for
Mr. Bakshi who was accused by McDonald's of using the Connaught
Plaza resources for his other privately-held companies. McDonald's
and Mr. Bakshi are fighting the dispute at the Company Law Board,
the report notes.

Ascot Hotels & Resorts, headed by Mr. Bakshi, operates premium
serviced apartments, wayside amenities, retail and specialty
restaurants. Most of these chains are operated under the brand
name, Savoy.


BALKRUSHNA GINNING: ICRA Assigns 'B+' Rating to INR6cr Loans
------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to the
INR6.00 crore fund based bank limits of Balkrushna Ginning &
Pressing Industries.

                             Amount
   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Long Term Fund Based        5.00      [ICRA]B+ Assigned
   Limits-Cash Credit

   Proposed Limit              1.00      [ICRA]B+ Assigned

The rating is constrained by the firm's weak financial risk
profile characterized by leveraged capital structure and stretched
liquidity position. The rating also takes note of firm's
relatively small scale of operations which limits scale economies
in a business involving low value addition and exposure to risk of
capital withdrawals given that the firm is a partnership concern.
The rating also incorporates lack of diversification in the
product profile and susceptibility of the cotton prices to
seasonality and regulatory risks which together with the highly
competitive industry environment further exerts pressure on
margins.

The rating however considers the experience of the promoter in the
cotton ginning industry and advantage the firm enjoys by virtue of
its location in cotton producing region giving it easy access to
raw cotton.

Balkrushna Ginning & Pressing Industries promoted by Mr. Dhirubhai
Kalsaria and its other four partners was incorporated on 2006 and
started its commercial production in the same year. The firm is
engaged in the business of cotton ginning and pressing in Una
(Gujarat). The company has its plant set up at Una district in
Gujarat and is currently operating at a capacity of about 21,600
bales annually. The firm has its registered office in Nagpur
Maharashtra.

Recent Results

During FY 2013, the firm has reported a net profit of INR0.06
crore on an operating income of INR23.64 crore (provisional
unaudited figures) as against net profit of INR0.04 on an
operating income of INR17.83 during FY 2012.


GANAPATI MOTORS: ICRA Assigns 'BB-' Ratings to INR21cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR21.00 crore
(including an untied amount of INR1 crore) fund based bank
facilities of Ganapati Motors.  The outlook on the long term
rating is stable.

                        Amount
   Facilities          (INR crore)   Ratings
   -----------         -----------   -------
   Fund Based Limit-       6.00      [ICRA]BB- (Stable) assigned
   Cash Credit

   Fund Based Limit-      14.00      [ICRA]BB- (Stable) assigned
   Cash Credit (Dealer
   Financing Scheme)

   Fund Based Limit        1.00      [ICRA]BB- (Stable) assigned
   (Untied)

The assigned rating factors in the experience of the partners in
the automobile dealership business, and the firm's status as an
authorised dealer of Maruti Suzuki India Limited which is the
market leader in the domestic passenger vehicle segment.
Currently, the firm is also the sole authorized dealer of MSIL in
Bhilai, Chhattisgarh due to which it enjoys competitive advantage
over its peers. The rating is, however, constrained by high
intensity of competition amongst dealers of various automobile
companies, and the commission structure decided by the principal
which keeps the margins of all the players including GM under
check along with high utilization of the working capital limits by
the firm, which restricts its financial flexibility. GM, being a
partnership firm is also exposed to the risks of capital
withdrawal by the partners. ICRA notes that the current
sluggishness in the automobile industry in India, along with high
interest rates and rising fuel prices in the country which is
expected to increase further due to INR depreciation, is likely to
have an adverse impact on the business growth in the near term at
least.

Incorporated in 2004, Ganapati Motors is engaged in the automobile
dealership business as an authorized dealer of Maruti Suzuki India
Limited. The firm currently operates through three owned showrooms
and two workshops in Chhattisgarh. GM deals in sales and service
of vehicles, sale of spare parts & accessories along with trading
of pre-owned cars.

Recent Results

The firm has reported a net profit of INR3.07 crore (provisional)
on an operating income of INR115.09 crore (provisional) during
2012-13, as compared to a net profit of INR0.95 crore on an
operating income of INR95.32 crore during 2011-12.


KALPAKA MOTORS: ICRA Assigns 'BB-' Ratings to INR8.5cr Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the INR2.50
crore fund based facilities and INR6.00 crore proposed term loan
facilities of Kalpaka Motors.  The outlook on the long term rating
is stable.

                           Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Fund based facilities    2.50       [ICRA]BB-(Stable)/assigned
   Proposed term loan       6.00       [ICRA]BB-(Stable)/assigned

The assigned rating favorably considers the firm's decade long
experience in the auto dealership business, its strong footage in
the four districts of North Kerala in which KM acts as the sole
authorized dealer for M&M's small commercial vehicles and firm's
healthy financial profile characterized by rising (although low)
profit margins and comfortable debt indicators. The rating also
considers the strong parentage of the firm being part of the
established KTC Group, which has diversified presence across
various segments in Kerala like transportation, healthcare, real
estate, petrol pumps, film industry etc. The ratings are however
constrained by firm's limited scale as the operations are
currently restricted to a smaller geography with lesser product
offerings, which has high susceptibility to demand slowdown in the
automotive industry. The firm is currently setting up a new
showroom in Kochi, which will encompass other segments (like
passenger vehicles, PVs); this is expected to support the scale
although the margins maybe lower given the inherently competitive
nature of PVs. The debt funded capacity expansion is likely to
stretch the firm's debt indicators; given the subdued outlook for
both commercial vehicles and passenger vehicles, achieving early
break-even volumes will be critical for improving the credit
profile of the firm.

Kalpaka Motors was established in the year 2002 as a partnership
firm with Mr. P. V. Nidhish, Ms. P. V. Hemalatha and Ms. P. V.
Sherin as partners. The firm is an authorized dealer of M&M in the
sub-one tonne category in North Kerala and operates with seven
showrooms spread across Calicut, Kannur, Kasaragod and Wayanad
districts. The firm is part of the reputed KTC Group, founded by
Late Mr. P. V. Sami in Calicut, Kerala and has diverse presence
across segments like transportation, healthcare, real estate,
petrol pumps, film industry etc. The firm is currently setting up
a new showroom at Kochi; operations expected to commence by
October 2013.

Recent Results

According to un-audited figures, the entity had achieved net
profit of INR1.5 crore on an operating income of INR37.0 crore
during 2012-13 as against net profit of INR1.7 crore reported on
an operating income of INR52.5 crore during 2011-12.


KRISHNAPOULTRY: ICRA Upgrades Ratings on INR18cr Loans to 'B+'
--------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR2.61
crore term loan facilities, the INR6.00 crore fund based
facilities, the INR2.47 crore non-fund based facilities and the
INR6.92 crore proposed facilities of Krishnapoultry Tex Mill India
Private Limited  to '[ICRA]B+' from '[ICRA]B-'.

                              Amount
   Facilities               (INR crore)   Ratings
   -----------              ----------    -------
   Term loan facilities        2.61       upgraded to [ICRA]B+
                                          from [ICRA]B-

   Fund based facilities       6.00       upgraded to [ICRA]B+
   (long-term)                            from [ICRA]B-

   Non-fund based facilities   2.47       upgraded to [ICRA]B+
   (long-term)                            from [ICRA]B-

   Proposed facilities         6.92       upgraded to [ICRA]B+
   (long-term)                            from [ICRA]B-

The rating upgrade takes into account healthy growth in revenues
and margins in the textile business during 2012-13 aided by
recovery in demand alongside improvement in realizations. Also,
equity infusion by the promoters during 2012-13 coupled with
sizeable accretion to reserves translated to higher than expected
net worth resulting in moderation in gearing levels to an extent
as on March 31, 2013. The rating also factors in the significant
experience of the promoters in the industry. The rating is,
however, constrained by the Company's small scale of operations
(post demerger of poultry division) which restricts scale
economies, intense competition in a highly fragmented industry
restricting pricing flexibility and vulnerability of textile
industry to competitive pressures from other low-cost countries.
The rating also considers the stress on operating margins
attributable to spike in power costs on the backdrop of adverse
power scenario prevailing in the State. Going forward, the ability
of the Company to enhance its scale of operations, sustain
profitability and improve its capital structure will remain the
key rating sensitivities.

Krishnapoultry Tex Mill India Private Limited was established in
the year 1983 as a proprietary concern by Mr. V.C. Palanisamy and
was later converted into a private limited company in 2005. The
Company was engaged in the sale of layer eggs and also in the
manufacturing and marketing of cotton yarn and fabric (done
through outsourcing) till 2011-12. However, the poultry division
has been hived-off with effect from April 01, 2012 as a part of
the group restructuring and the Company is currently engaged only
in textile business. The Company's manufacturing facility is
located in Erode (Tamil Nadu) and it operates with an installed
capacity of 16,800 spindles and 34 looms.

Recent Results

According to un-audited results, the Company has reported a net
profit of INR1.1 crore on an operating income of INR36.3 crore
during 2012-13. KTMIPL has reported net loss of INR0.8 crore on an
operating income of INR56.5 crore during 2011-12 as against net
Profit of INR0.1 crore on an operating income of INR60.9 crore in
2010-11.


LAMB CERAMICS: ICRA Assigns 'B' Ratings to INR6.75cr Loans
----------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR6.75 crore
long-term fund based facility and a rating of '[ICRA]A4' has been
assigned to the INR0.75 crore short term non fund based facility
of Lamb Ceramics Private Limited.

                             Amount
   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Cash Credit                2.00       [ICRA]B assigned
   Term Loan                  4.75       [ICRA]B assigned
   Bank Guarantee             0.75       [ICRA]A4 assigned

The assigned ratings are constrained by small size of operations
as compared to organized tile manufacturers in India and weak
financial risk profile characterized by low profitability,
leveraged capital structure and stretched liquidity position. The
ratings also take into account the vulnerability of the company's
profitability to the cyclicality associated with real estate
industry; highly competitive nature of ceramic tile industry and
the margins remaining vulnerable to increase in gas prices with
gas being the primary energy source for the company's operations.
Further, the ratings remain constrained by the high working
capital intensity of operations which has resulted in tight
liquidity position for the company as reflected by almost full
utilization of cash credit limit during the last 13 months.

However, the ratings favorably factor in the long experience of
promoters in ceramic industry and the entity's location advantage
in raw material procurement over other tile manufacturers on
account of its favorable location in Morbi, which is the ceramic
tile manufacturing hub of the country.

Incorporated in 2009, Lamb Ceramics Private Limited commenced
commercial production of ceramic wall tiles in August 2010, with a
production capacity of 21000 MTPA at its plant located at New
Dhuva in Rajkot district of Gujarat. The company is engaged in
manufacturing of glazed ceramic wall tiles of sizes - 10"X13",
18"X12" and 12"X12". The company has established two brands namely
"Lamb" and "Sco" for selling its products in the market.

Recent Results

For the year ended on March 31, 2013, the company reported an
operating income of INR10.54 crore and profit after tax of INR0.13
crore as against an operating income of INR10.01 crore and profit
after tax of INR0.05 crore for FY 2012.


MRO-TEK LIMITED: ICRA Reaffirms 'BB-' Ratings on INR3cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR2.0
crore fund based limits and INR1.0 crore(revised from INR3.0
crore) non fund based limits of MRO-TEK Limited at '[ICRA]BB-'.
ICRA has also reaffirmed the short term rating assigned to the
INR3.0 crore (revised from INR5.0 crore) non fund based limits of
MRO-TEK at '[ICRA]A4'. ICRA has also rated INR24.0 crore of
proposed fund based/non fund based limits of MRO-TEK at
'[ICRA]BB-' and '[ICRA]A4'. The outlook on the long term rating is
stable.

                              Amount
   Facilities               (INR crore)   Ratings
   -----------              -----------   -------
   Fund Based Facilities-       2.0       [ICRA]BB-
   Long Term                              (Stable)/Reaffirmed

   Non Fund Based Facilities-   1.0       [[ICRA]BB-
   Long Term                              (Stable)/Reaffirmed

   Non Fund Based Facilities-   3.0       [ICRA]A4/ Reaffirmed
   Short Term

   Fund Based/Non Fund         24.0       [ICRA] BB-
   Based Limits                           (Stable)/[ICRA]A4

The reaffirmation in the ratings continues to favorably factor in
MRO-TEK's long track record in the telecom and networking
equipment business. Moreover, the company has been able to
successfully diversify its revenue stream by venturing in to Solar
Based Equipment Projects which beside providing additional
revenues of -INR15 crore to the company in FY13 (~30% of FY13
turnover) reported gross profit of -INR4 crore( gross margin of
~27%).In addition, the company's current borrowing levels continue
to be low (utilization of INR0.6 crore on a sanctioned limits of
INR2.0 crore as on June 30, 2013) as so far the company has been
funding the losses through its surplus cash balances which have
declined from INR33.11 crore as on March 31, 2009 to INR4.60 as on
March 31, 2013; however, MRO-TEK's dependence on external
borrowings may increase going forward, if the company fails to
generate positive cash flows or infuse equity capital. ICRA also
notes that the company has an order book of -INR32 crore (INR22
crore from the Solar division and INR10 crore from the Networking
and Access division) as on June 30, 2013 which provides revenue
visibility in the short term.

The ratings, however, continue to be constrained by MRO-TEK's
continued weak financial performance as reflected by fourth
successive year of net losses; the continued losses in the past
four years have resulted in weakening of MRO-TEK's debt protection
metrics. Besides, the company's net working capital intensity of
operations, though moderated, continues to remain high on account
of high receivable and inventory days. With the company's fixed
costs remaining high in comparison to the turnover (as the
employee strength has largely remained the same in the past three
years, employee expenses in excess of INR14 crore in the past
three years between FY11 and FY13), the company has continued to
incur cash losses in the past three fiscals (FY11 to FY13) and the
revival in the same remains to be seen.

Going forward, the company's ability to scale up its operations in
the Solar Division and improve the performance of the networking
and access division while optimizing its fixed cost structure so
as to turn cash positive will be the key rating sensitivity
factors.

MRO-TEK Limited, founded in the year 1984, is mainly engaged in
the business of providing access networking and communication
products. The main products offered by the company include modems,
interface converter and multiplexers among others. Till FY09, more
than 85% of the company's total turnover was contributed by
manufacturing and distribution of products developed by certain
overseas principle/s. However since FY10, the company has
increased its focus on in-house developed products in order to
reduce/eradicate erstwhile, dependence on others' technology and
thereby to increase the Company's intrinsic networth. As the
gestation period of new telecom products is typically long
involving extensive testing at the customer end, the new products
launched by the company is yet to find adequate traction in the
market. The situation is further aggravated by the high
competitive nature of the industry market by presence of several
large well entrenched players which have already proven their
products/ technology in the market. In addition to the networking
and access business, MRO-TEK has also ventured into the Solar
Based Equipment Project in FY13 as a move to diversify the revenue
stream. The company derived -INR15 crore revenue from the Solar
Business and the same is expected to remain the thrust area for
the company going forward.

Recent Results

MRO-TEK reported net loss of INR13.2 crore on operating income
(OI) of INR49.6 crore in FY13 as compared to net loss of INR14.3
crore on an OI of INR34.1 crore in FY12. During Q1FY14, the
company continued to report net loss of ~ INR3.5 crore on sales of
INR11.1 crore.


RESONANCE SPECIALTIES: ICRA Assigns 'BB-' Rating to INR3cr Loans
----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the INR3.00
crore fund-based working capital facilities of Resonance
Specialties Limited. ICRA has also assigned a short-term rating of
'[ICRA]A4' to the INR4.00 crore short-term, non-fund based limits
of the company. The long term rating carries a stable outlook.

                             Amount
   Facilities             (INR crore)  Ratings
   -----------            ----------   -------
   Long-term, fund based     3.00      [ICRA]BB-(Stable)/assigned
   working capital
   facilities

   Short-term, non-fund      4.00      [ICRA]A4 assigned
   based working capital
   facilities

The rating takes into account the proven experience of the
promoters in the manufacturing of pyridines and its derivatives
and RSL's moderate gearing levels and comfortable coverage
indicators. The ratings, however, are constrained by RSL's small
scale of operations leading to a weak bargaining position amongst
suppliers as well as customers and susceptibility of the margins
to volatility in raw material prices and foreign exchange rates.
The ratings also factor in the risk of variability in demand from
end user industries coupled with stiff competition from larger
players in the industry as has been experienced in the past.

Incorporated in 1989, Resonance Specialties Limited (RSL) in the
manufacturing of pyridine and its derivatives which have a range
of applications in industries such as pharmaceuticals and
agrochemicals. The company's plant is located in the Tarapur
Industrial Zone near Mumbai, India with a manufacturing capacity
of 1590 MT per annum including 540 MT for Cyanopyridines and its
derivatives.

Recent results:

RSL reported a net profit of INR0.46 crore on an operating income
of INR39.80 crore in FY2013, as against a net loss of INR0.52
crore on an operating income of INR35.84 crore in FY2012.


SARVESH CARS: ICRA Assigns 'BB-' Ratings to INR1.78cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the INR0.79
crore term loans, INR0.40 crore fund based limits and INR0.59
crore proposed limits of Sarvesh Cars and Motors Private Limited.
The outlook on the long-term rating is stable. ICRA has also
assigned a short term rating of '[ICRA]A4' rating to the INR3.5
crore short term fund based limits of the company.

                           Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   LT Scale-Term Loans     0.79        [ICRA]BB-/Stable/assigned

   LT Scale-Fund Based     0.40        [ICRA]BB-/Stable/assigned
   (CC)

   LT Scale-Proposed       0.59        [ICRA]BB-/Stable/assigned
   limits

   ST Scale-Fund based     3.50        [ICRA]A4/assigned
   facilities (Inventory
   Funding)

The assigned ratings factor in the established market position of
SCMPL, being the sole dealer for Ford India Private Limited for
the regions of Vellore, Kanchipuram, and Thiruvannamalai The
rating is however constrained by the high dependence of the
company on a single OEM (FIPL), which enjoys a marginal market
share in the Indian market and further lost market share in 2012-
13. Small scale of operations, owing to high dependence on single
high volume small-car model-Figo (a low price model) sales,
further constrains the rating. However the recent successful
launch of the compact sports utility vehicle Ecosport by FIPL is
expected to support the volume growth of the company. The rating
also takes into account the financial profile of the company
characterized by the highly leveraged capital structure and
moderate accruals resulting from thin margins, which is a
characteristic of automobile dealership industry. Debt funded
capital expenditure plans in the short term for setting up a new
dealership would further impact the stretched debt indicators
negatively. Going forward, ability of the company to improve its
margins, by concentrating on service income and spare and
accessories sales, which have relatively higher profit margins,
and its financial profile, would be crucial in improving debt
profile of the company.

Incorporated in 2009 by Mr. B. Gnanaprakash and his wife Ms.
Ashwini, Sarvesh Cars and Motors Private Limited is located in
Vellore (Tamil Nadu) and is the only authorized dealer for Ford
India Private Limited, for Vellore, Kanchipuram and Tiruvannamalai
districts of Tamil Nadu. The company sells all the models of Ford
- compact car Figo, sedan Fiesta (Classic and New Fiesta), Utility
vehicle Endeavour and the recently launched compact sports utility
vehicle Ecosport. SCMPL also sells spare parts, accessories and
provides service to passenger cars in Vellore. The company has a
full-fledged 3S (Sales, Service, and Spares) showroom in Vellore,
started in February 2010, and in 2011, a touch point with one car
display, was inaugurated in Kanchipuram.

Recent Results

According to audited results, the Company reported profit after
tax of INR0.19 crore on an operating income of INR22.19 crore
during the year 2012-13, as against profit after tax of INR0.14
crore on an operating income of INR21.26 crore during the previous
financial year 2011-12.


SAVAIR ENERGY: ICRA Rates INR15cr Fund Based Loan at 'B+'
---------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B+' to the INR15.00
crore Fund based, INR27.50 crore Non Fund based and INR0.50 crore
Unallocated bank facilities of Savair Energy Limited. ICRA has
also assigned a short term rating of '[ICRA]A4' to the INR32.50
crore Non Fund based and INR0.50 crore Unallocated bank facilities
of the company. The INR27.50 crore Non Fund based and INR0.50
crore Unallocated bank facilities are rated are both the scales
and would attract rating as per the tenor of usage

                            Amount
   Facilities            (INR crore)   Ratings
   -----------           -----------   -------
   Fund based (CC)          15.00      [ICRA]B+ assigned

   Non Fund Based (BG/LG)   27.50      [ICRA]B+ assigned/[ICRA]A4
                                        Assigned

   Unallocated               0.50      [ICRA]B+ assigned/[ICRA]A4
                                        Assigned

   Non Fund Based (LC)       5.00      [ICRA]A4 assigned

The ratings are constrained by the modest financial profile of the
company as indicated by its small scale of operations with a de-
growth in turnover in FY 2013, moderate profitability levels,
stretched capital structure (gearing of 2.82X as of March 2013)
and low coverage indicators. The ratings are further constrained
by the stretched liquidity position owing to the working capital
intensive nature of operations as indicated by negative fund flow
from operations and consistently high fund based limit utilization
levels. The rating also takes into account the high client
concentration risk, susceptibility of profitability to raw
material prices given the fixed price nature of contracts as well
as high competitive intensity in the industry. While assigning the
ratings ICRA has taken note of SEL's pre-qualified vendor status
with leading public sector customers and sourcing arrangements
with reputed vendors/Original Equipment Manufacturers (OEMs) which
indicates towards product acceptability and conformance to quality
standards. The ratings, further, favorably factors in the
promoter's long and established position in the industry as well
as the healthy order-book position which provides visibility to
sales in the near term. However, the order-book concentration risk
remains high with the top two orders attributing to 80% of the
unexecuted order-book position. Going forward, the company's
ability to execute the orders in a timely manner, achieve healthy
profitability levels and maintain its capital structure at a
comfortable level, given the working capital intensity of
operations, remain critical from our credit perspective.

Savair Energy Limited was founded in 2001 as Energy Logistics
Private Limited by Mr. Sajji Anthony. The company provides
process/plant engineering services on an EPC basis. SEL provides
complete turnkey services for setting up processes likes gas/air
compressor systems, fuel handling systems, chilling plants, ash
handling systems, piping of seat/gas/air etc which find
application in heavy industries, oil & gas and power sector etc.
SEL started out as an energy audit service provider and was also
engaged in manufacture of air optimisers. The company made a foray
in providing process solutions on an Engineering, Procurement and
Construction (EPC) basis in 2003.

For the financial year ending March 31, 2013, the company reported
an operating income of INR26.00 crore (provisional) and a net
profit of INR0.71 crore as compared to an operating income of
INR83.06 crore and a net profit of INR2.08 crore in the same
period last year.


SAVANI EXPORTS: ICRA Reaffirms 'B' Rating on INR7cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for INR7.00
crore cash credit facility of Savani Exports. ICRA has also
reaffirmed the rating of '[ICRA]A4' for INR3.00 crore short term
fund based facility of SE.

                               Amount
   Facilities               (INR crore)   Ratings
   -----------              -----------   -------
   Cash Credit facility         7.00      [ICRA]B reaffirmed

   Short Term Fund Based
   Facility- Warehouse
   receipt financing            3.00      [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account SE's small
scale of operations; its low profitability due to limited value
additive nature of operations and intense competition on account
of fragmented industry structure; and the firm's weak coverage
indicators. The ratings further takes into account the firm's
exposure to commodity price volatility, agro-climatic conditions
and relevant import/export-related government regulations - the
impact of these risks was witnessed in FY13 during which the firm
witnessed a -51% de-growth in revenues. ICRA also notes that SE is
a partnership firm and any significant withdrawals from the
capital account could adversely impact its net worth and thereby
the credit profile. The ratings, however, continues to positively
consider the longstanding experience of the partners in the cotton
industry and the favorable location of the firm giving it easy
access to high quality raw cotton.

Savani Exports was set up in the year 2004 as a partnership firm
by Savani family. The firm is engaged in cotton ginning and
cottonseed crushing from its facility located at Manavadar, Dist-
Junagadh in Gujarat. The firm has 36 ginning machines and 5
crushing machines with a production capacity of ~18 MT of cotton
bales per day. The partners of the firm have more than two decades
of experience in the cotton industry.


VIPUL DYE: ICRA Reaffirms 'BB-' Ratings on INR15.2cr Loans
----------------------------------------------------------
The long-term rating of '[ICRA]BB-' has been reaffirmed for
INR10.0 crore fund-based facilities and INR5.20 crore proposed
limits of Vipul Dye Chem Limited. Further, the short-term rating
of '[ICRA]A4' has been reaffirmed for non-fund based facilities of
aggregating to INR3.15 crore of VDCL. The outlook on the long-term
rating is Stable.

                          Amount
   Facilities           (INR crore)  Ratings
   -----------          -----------  -------
   Fund-based Limits        10.00    [ICRA]BB-(stable)/reaffirmed
   Term Loans (proposed)     5.20    [ICRA]BB-(stable)/reaffirmed
   Non-Fund-based Limits     3.15    [ICRA]A4 reaffirmed

The ratings reaffirmation continues to reflect the relatively
small scale of operations of the company, the moderate financial
risk profile as reflected in low profitability and return
indicators, and the high working capital intensity. The ratings
are further constrained by the high competitive pressures in the
industry and vulnerability of profitability to exchange rate
fluctuations given the high share of exports in total sales.

The ratings, however, continue to favorably factor in the long &
established track record of the promoters in the dyes & pigments
business, the diversified customer base, established relationships
with suppliers which ensure regular supply of raw materials as
well as traded chemicals, and the satisfactory capital structure
at present.

Vipul Dye Chem Limited was incorporated in 1974 as a private
limited company and was converted to a public limited company in
1994. It is engaged in the manufacturing and trading of dyes,
chemicals, and intermediates. The products manufactured by the
company include napthols, fast color bases, fast color salts,
reactive dyes, acid dyes, direct dyes, food colors & lake colors,
pigment powders, pigment dispersions, basic dyes, and
intermediates for dyestuff pigments which find wide applications
in textile dyeing & printing, painting, and printing ink
industries. The company is also involved in the trading of dyes
and pigments wherein it procures the products domestically and
exports the same to various countries.

Recent Results

For the year-ended March 31 2013, the company has reported an
operating income (OI) of INR34.24 crore and profit after tax (PAT)
of INR0.62 crore. For quarter-ended June 30, 2013, the company has
reported OI of INR10.51 crore and PAT of INR0.23 crore.


WESTERN OVERSEAS: ICRA Assigns 'B' Ratings to INR5.24cr Loans
-------------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR0.50 crore
cash credit facility and the INR 4.74 crore term loan facility of
Western Overseas.  The rating of '[ICRA]A4' has also been assigned
to the INR0.30 crore short-term non-fund based bank guarantee
facility of W.O.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Term Loans              4.74       [ICRA]B assigned
   Cash Credit             0.50       [ICRA]B assigned
   Bank Guarantee          0.30       [ICRA]A4 assigned

Rating Rationale

The assigned ratings are constrained by execution risks associated
with the implementation of textile processing unit by Western
Overseas (W.O.) as well as the stabilisation risks thereafter.
ICRA further notes that capital expenditure (capex) is
predominantly debt funded which in turn exposes the firm's debt
servicing capability to risk of delay as well as slower than
expected ramp up of operations. The rating is also constrained by
the competitive pressures from organized and unorganized players
in the fragment textile processing industry and vulnerability of
profitability to adverse fluctuations in the prices of key raw
materials. Further, W.O. is a partnership concern and any
significant withdrawals from the capital account would impact the
net worth and thereby the capital structure.

The ratings, however, favorably factor in the long standing
experience of promoters in textile processing industry through
other group concern and location advantage enjoyed by the firm on
account of being located in proximity to Jetpur - the dyeing and
printing hub of Gujarat which is expected to result in easy access
to key raw materials.

Western Overseas was incorporated on July 11, 2012 as a
partnership firm by Thumar Family with the objective of
manufacturing dyed and printed textile fabrics. The firm is in the
process of setting up a textile processing plant in Jetalsar
(district - Rajkot), Gujarat with annual installed capacity of 90
lakh meters.


ZURI HOTELS: ICRA Assigns 'D' Ratings to INR22cr Loans
------------------------------------------------------
ICRA has assigned '[ICRA]D' rating to the INR20.0 crore Term Loans
and INR2.0 crore Long-Term Fund Based Limits of Zuri Hotels and
Resorts Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Term Loans              20.0       [ICRA]D assigned
   Long-Term Fund           2.0       [ICRA]D assigned
   Based Limits

The assigned rating reflects recent delays in debt servicing by
the company owing to its tight liquidity position. The company has
a stretched financial profile with net losses and weak coverage
indicators arising from muted operating metrics and high fixed
costs (interest and depreciation). The operating metrics have been
constrained by demand slowdown and competition from other
established properties in Kumarakom, where the Company has the
property. Part of the Zuri group, which also has properties in
Bangalore and Goa, the company enjoys financial support from the
promoters who have periodically infused funds in the company by
way of unsecured loans. Going forward, the company's ability to
improve its operational performance and profitability in order to
regularize its debt servicing will be critical for improvement in
credit profile.

Part of the Zuri Group, Zuri Hotels and Resorts Private Limited is
primarily engaged in hospitality business with a 5-star hotel in
Kumarakom (72 rooms). Apart from the hotel, the company also has a
total wind generation capacity of 5 Mega Watts (MW) with 20
turbines of 250 Kilo Watt (KW) each situated at Alankulam Village,
Tirunelvelli District, Tamil Nadu. The entire electricity
generation is sold to Tamil Nadu Electricity Board as per the
Power Purchase Agreement entered with them. The company was formed
in April, 2013 by demerging the The Zuri Kumarakom Resorts & Spa,
Kerala which was earlier under the erstwhile Zuri Hospitality
Private Limited which owned three properties namely the Zuri Varca
White Sands Resort & Casino, Goa, The Zuri Kumarakom Resorts &
Spa, Kerala and The Zuri Whitefield, Bengaluru.

The Zuri group was founded by Mr. Chamanlal Kamani, an NRI from
Rajkot in Gujarat who had migrated to Kenya in late 1940s.The
group has presence in furniture, real estate, floriculture and
hospitality in several countries. In India, the group is mainly
present in hospitality business with two 5-star deluxe hotels and
one 5-Star hotel. The Indian operations are being looked after Mr.
Chamanlal's grand-sons Mr. Aditya Deepak Kamani and Mr. Abhishek
Rashmi Kamani. The promoters also own around 300 acres of land in
Goa on which they have plans to develop high end villas.

Recent Results

For 2012-13, the company reported a net loss of INR 1.28 crore on
an operating income of INR 22.7 crore.



=================
I N D O N E S I A
=================


APEXINDO PRATAMA: S&P Assigns 'B+' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Indonesia-based oilfield drilling
services company PT Apexindo Pratama Duta Tbk.  The outlook is
stable.  At the same time, S&P assigned its 'axBB' long-term ASEAN
regional scale rating to the company.  S&P also assigned its 'B+'
long-term issue rating to a proposed issue of US$400 million
senior secured notes due 2018 that Apexindo guarantees.  Apexindo
Netherlands B.V., a special purpose vehicle of Apexindo, will
issue the notes.

"The rating on Apexindo reflects the company's participation in a
competitive industry and ownership by financial sponsors.  The
rating also reflects Apexindo's customer, geographic, and asset
concentration, and high debt leverage," said Standard & Poor's
credit analyst Rajiv Vishwanathan.  "The company's strong market
position in Indonesia and the high credit quality of its customers
temper the above risks.  Apexindo's strong operating and
profitability record and revenue visibility arising from medium-
term contracts further underpin the rating."

Apexindo's "weak" business risk profile reflects the company's
small fleet and limited asset diversity, which heightens exposure
to unplanned downtime at any of its rigs.  Apexindo operates eight
onshore drilling rigs, four swamp barges, two jack up rigs, and
one floating production storage and offloading vessel.  The jack
up rigs contribute more than 55% of the company's EBITDA.

Apexindo derives all its revenue from its operations in Indonesia,
and 70% of it from a single customer, Total S.A.  However, the
company's market position in Indonesia is strengthened by industry
regulations that promote the use of local drilling companies.
Apexindo is one of the few local companies that directly qualify
under this regulation.  The requirement of a local flag for swamp
barges further improves Apexindo's position in Indonesia and
reduces short-term demand volatility.

The current medium-term contract backlog of US$762 million through
2017 supports Apexindo's business.  S&P expects Apexindo's above-
average profitability to remain strong over the next 18-24 months.
This is because of the company's high utilization levels,
contracted increase in day rates in 2013-2017, and a low cost base
that partly stems from the use of local skilled manpower.

Apexindo's "aggressive" financial risk profile reflects its high
debt.  Apexindo took on more debt to fund asset maintenance and
upgrades, following the purchase of the company by new owners in
2012.  However, S&P expects Apexindo's capital expenditure and
asset purchases to be minimal in the next 12-24 months.

Apexindo's liquidity is "adequate," as defined in S&P's criteria.
S&P expects the company's sources of liquidity to be less than
1.2x its uses in 2013.  However, S&P believes that Apexindo's
liquidity is sufficient because it has assumed that the company
will refinance its existing debt obligations in 2013 with proceeds
from the proposed US$400 million bond.

"The stable outlook on Apexindo reflects our view that the
company's profitability will improve over the next 12-24 months,"
said Mr. Vishwanathan.  Apexindo's low capital expenditure and
contracted drilling backlog also support S&P's outlook.  The
stable outlook assumes that proceeds from the proposed bonds will
support the company's liquidity position.

S&P may lower the rating if Apexindo's liquidity position weakens
or its FFO-to-debt ratio falls below 12% on a sustained basis.
This could happen in 2013 if the company's average offshore
utilization rate reduces by 5% and its EBITDA margin declines by
about 300 basis points from the average of 45% over the past 18-24
months.  A sharp reduction in the day rates at the time of
contract renewals on the offshore rigs could also pressure on the
credit metrics.  S&P may also lower the rating if Apexindo is
unable to refinance its existing debt obligations through the
proposed bond.

S&P do not expect to upgrade Apexindo over the next 12 to 18
months given the limited scale of the company's assets, its
business risk profile, and its ownership by financial sponsors.
S&P would consider an upgrade if Apexindo's business risk profile
significantly improves and its FFO-to-debt ratio is above 20% on a
sustained basis.  A material reduction in asset and customer
concentration would underpin the improvement in the business risk
profile.  Apexindo's cash flows could improve if day rates
increase, utilization rates on all rigs remain high, and EBITDA
margins stay stable or improve because of prudent cost management.
An increase in the company's order book coupled with significant
improvement in onshore drilling could also support such a
strengthening in cash flows.



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


INDEX CORP: Sega Sammy Wins Auction to Buy Firm
-----------------------------------------------
Shigeru Sato and Takahiko Hyuga at Bloomberg News report that
Sega Sammy Holdings Inc. won an auction to buy Index Corp., two
people with knowledge of the matter said.

The acquisition may be valued at about JPY14 billion ($141
million), one of the people, who asked not to be identified before
an announcement scheduled for as early as September 17, told
Bloomberg.  Index's bankruptcy advisers plan to complete a deal
with Sega Corp., a unit of Sega Sammy, in early November,
Bloomberg's sources said.

Japan-based Index Corporation is engaged in mobile contents
business.  The company makes software for smartphones and Nintendo
Co.'s 3-D handheld players.

Index, with debt totaling JPY24.5 billion as of May 31, filed for
bankruptcy protection with the Tokyo district court on June 27,
according to a statement obtained by Bloomberg News.  The company
was forced to file for bankruptcy protection in part because of
investment losses from earlier acquisitions, Index said on
June 27.



====================
N E W  Z E A L A N D
====================


MONSTAVISION HOLDINGS: Still Trading Despite Receivership
---------------------------------------------------------
Rebecca Stevenson at Stuff.co.nz reports that big screen business
MonstaVision Holdings appears to be still trading despite being
placed into receivership last week.

Grant Graham -- ggraham@kordamentha.com -- of KordaMentha, was
appointed receiver of MonstaVision Holdings and subsidiary
MonstaVision (NZ) Events on September 13, the report says.

Secured creditor Bank of New Zealand (BNZ) appointed receivers to
the company at MonstaVision's request, BNZ said, notes the report.

Fisher & Paykel's subsidiary, Equipment Finance, is also a secured
creditor of the company, the report relays.

Stuff.co.nz says MonstaVision's shareholders include the Accident
Compensation Corporation (ACC), the Warehouse founder Stephan
Tindall's K One W One, former rich-lister and Sport NZ director
Bill Birnie and former All Black Olo Brown.  K One W One holds
8.33 per cent of MonstaVision, ACC 6.15 per cent and Birnie's
Picasso Nominees 5.43 per cent.

The outdoor screen company is majority owned by Upper Hutt-based
Blockbuster Investments' Evans family and Australian-registered
company Odin Enterprises' Trevor Perry, Stuff.co.nz discloses.

Blockbuster and Odin each own more than 30 per cent of
MonstaVision, the report notes.

A staff member who answered the phone at MonstaVision's Auckland
office said he was not sure what was happening but "we are still
here," according to the report.

In 2009, it was reported the company had raised more than
NZ$1 million from shareholders to buy screens for an expected lift
in business related to the 2011 Rugby World Cup, the report adds.

MonstaVision provided large light emitting diode (LED) screens for
outdoor events and venues around the country including AMI Stadium
in Christchurch, the Heineken Open Tennis tournament in Auckland
and the Hobbit premiere in Wellington.



====================
S O U T H  K O R E A
====================


KOREA LINE: Will be Sold Off to SM Group, Sources Say
-----------------------------------------------------
Yonhap News reports that industry sources said Korea Line Corp.,
now under court receivership, will be sold off to a local business
group.

Early this month, SM Group was selected as the preferred bidder
for Korea Line, which has been under court receivership due to
mounting debts, according to Yonhap News.  SM Group's business
portfolio ranges from construction to chemicals.

The report notes that sources said Korea Line and SM Group will
sign a deal valued at around KRW215 billion (US$198 million).

Hit hard by the global economic down turn, the shipper has been
under court receivership since early 2011 as the company has
suffered from massive debts worth over KRW1 trillion, the report
notes.

The report relays that Korea Line logged an operating income of
KRW26.2 billion in the second quarter of the year on sales of
KRW139 billion.  The report notes that in February this year, the
sale of the country's leading bulk carrier ruptured over
guaranteed debts.

The report adds that other bidders including conglomerates CJ and
SK groups have expressed their intent to buy Korea Line, but gave
up due to the company's price tag.

                      About Korea Line Corp.

Korea Line Corp. has been engaged in marine transport and port
logistics businesses since 1968.  Its head office is in Seoul
Korea and its representative offices are in Shanghai and
Singapore.  KLC is a publicly listed company on the Korean Stock
Exchange.  Its operations are centered in Korea and the vas
majority of its assets, shareholders and employees are located in
Korea.


KUMHO ASIANA: FTC Approves Unit's Debt-to-Equity Swap Plan
----------------------------------------------------------
Yonhap News reports that South Korea's antitrust watchdog on
September 17 approved the creditor banks' plan to overhaul
troubled builder Kumho Industrial Co. via a debt-to-equity swap,
paving the way for them to accelerate the restructuring.

According to the news agency, main creditor Korea Development Bank
(KDB) and others are seeking to normalize the ailing builder by
converting the value of KRW79 billion (US$72.8 million) in
commercial paper held by its affiliate Asiana Airlines Inc. into
equity.

Yonhap says the Fair Trade Commission (FTC) concluded that the
creditors' plan is not against the law on banning cross-
shareholding, following high-stake deliberations.

Controversy has centered on whether the proposed debt-to-equity
swap could be recognized as an exception in banning fresh cross-
shareholding when corporate restructuring is involved, Yonhap
notes.

According to the report, Kumho Industrial holds a 30 percent stake
in Asiana Airlines, and if the debt-to-equity swap is conducted,
the country's No. 2 carrier will have a 13 percent interest in the
builder, which would create the cross-shareholding structure.

Yonhap relates that the government is considering allowing
exceptions in restricting fresh cross-shareholding among large
conglomerates, saying that corporate overhaul could result in
"unintended" cross-shareholding, hinting at relaxing the
enforcement for such cases.

"We welcome the FTC's decision. The creditors will proceed with
the restructuring move," said an official at KDB, Yonhap reports.

Asiana Airlines should dispose of the interest to be acquired in
six months after a stake purchase under the current law, says
Yonhap News.

According to Yonhap, the creditors have pumped nearly
KRW6 trillion into Kumho Industrial, which has been under the debt
rescheduling program since 2010 following its parent group Kumho
Asiana Group's liquidity crunch.

Despite the liquidity supply, the builder is still undergoing
hardship so that without creditors' proposed normalization plan,
its capital might be completely eroded by end-2013 and its shares
are likely to be delisted from the market, the news agency adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, The Korea Herald said Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion.  In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion.  The creditors
decided on Dec. 30, 2009, to put two other ailing units -- Kumho
Industrial Co. and Kumho Tire Co. -- under a debt rescheduling
program.  Meanwhile, the group's other two units -- Korea Kumho
Petrochemical Co. and Asiana Airlines Inc. -- will have to
improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.  Kumho
Asiana unveiled a restructuring plan on Jan. 5, 2011, that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap News Agency reported.

                        About Kumho Asiana

Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields.  The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.



================
S R I  L A N K A
===============


PEOPLE'S LEASING: Fitch Affirms 'B+' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka-based People's Leasing &
Finance Company PLC's (PLC) Long-Term Issuer Default Rating (IDRs)
at 'B+'. The agency has also affirmed PLC's National Long-Term
Rating at 'AA-(lka)'. The Outlook on the IDRs and National LT
Rating is Stable.

Key Rating Drivers

PLC's IDRs, National Long-Term Rating, and National Short-Term
Rating on its outstanding commercial paper issues reflect Fitch's
view that PLC's parent, the state-owned and systemically important
People's Bank (PB, AA+(lka)/Stable), has a high propensity but
limited ability to provide extraordinary support to PLC if
required, because PLC is strategically important to PB and due to
other linkages.

These linkages include PB's majority ownership and board
representation, including a common chairman, a common brand and
PLC's association with PB's franchise. In 2012, PLC accounted for
over 10% of PB's group assets, and contributed to over 26% of its
post-tax profits. Apart from its own branches, PLC also operates
over 125 window offices within PB's branches.

PB's limited ability to provide support to PLC stems from its own
'AA+(lka)' rating, which is in turn derived from the government of
Sri Lanka's limited ability to provide support to PB, as reflected
in the sovereign rating of 'BB-'/Stable. PB is fully owned by and
is a key lender to the government of Sri Lanka. PB is systemically
important because it is the second-largest bank in the country
with a share of banking system assets and deposits at 18% in 2012.

It is likely that state support will flow to PLC through PB, due
to their strong linkages. PLC's association with the PB brand and
therefore with the state, and the consequent reputation risk to
the state should PLC fail, also supports Fitch's view.

The two-notch differential between the National Long-Term ratings
of PLC and PB reflect Fitch's view that timely support from the
state may be constrained by regulatory restrictions between the
entities (such as maximum exposure limits) or administrative
delays usually seen in layered support structures.

PLC's outstanding senior unsecured redeemable debentures are rated
in line with its National Long-Term Rating, because the
instruments do not have any going concern- or gone-concern loss-
absorbing features, and are therefore expected to be repaid in
line with PLC's other senior creditors in the event of a
liquidation.

Rating Sensitivities

PLC's ratings may be downgraded if PB gives up its majority stake
in PLC, or if PB's ability to provide support weakens, or if PLC's
strategic importance to PB diminishes over time.

Fitch does not expect PLC's standalone credit profile to improve
above its Long-Term IDRs, primarily due to higher business and
financial risks than companies that are rated higher than PLC.
Therefore Fitch does not expect PLC's ratings to be upgraded,
unless PB's ratings are upgraded.

PLC's ratings:
-- Long-Term Foreign-Currency IDR: 'B+'; Stable Outlook
-- Long-Term Local-Currency IDR: 'B+'; Stable Outlook
-- National Long-Term Rating: 'AA-(lka)'; Stable Outlook
-- Senior unsecured redeemable debentures: 'AA-(lka)'
-- National short-term commercial paper rating: 'F1+(lka)'



                             *********

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

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

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


                            *********


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

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

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

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

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



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