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                      A S I A   P A C I F I C

          Friday, September 20, 2013, Vol. 16, No. 187


                            Headlines


A U S T R A L I A

BILLABONG INT'L: Inks New Deal With Centerbridge, Oaktree
CASH STORE: Bentleys Appointed as Administrators
COMPASS HOTEL: Former Chief Convicted of Breaching Duties
CROSS CITY: Kordamentha Appointed as Receivers
DRILLING & GROUTING: Ferrier Hodgson Appointed as Liquidators


C H I N A

CHINA ZHENGTONG: Moody's Confirms Ba3 CFR After Bond Issuance
HILONG HOLDING: Moody's Withdraws (P)Ba2 Bond Rating
SPG LAND: Moody's Upgrades CFR to B1; Senior Debt to B2
* Fitch Says Indebtedness in China Still Climbing
* Slightly More Urgent Risk from China Slowdown, Fitch Says


I N D I A

AMUL COTTON: CARE Rates INR6.5cr LT Bank Loans at 'B+'
BHAGWATI VINTRADE: CARE Rates INR21.43cr LT Bank Loans at 'BB-'
CHANCHAL INFRASTRUCTURE: CARE Rates INR35cr LT Bank Loans at 'B+'
DECCAN CHRONICLE: Registers Under Sick Industrial Companies
EVERSHINE OLEOCHEM: CARE Assigns 'BB' Rating to INR14.25cr Loans

FIBREMARX PAPERS: CARE Assigns 'BB-' Rating to INR32.49cr Loans
JASKAR TECHNO: CARE Assigns 'BB-' Rating to INR6cr LT Bank Loans
RAJDHANI CRAFTS: CARE Assigns 'D' Ratings to INR30.85cr Loans
RAMA HANDICRAFTS: CARE Assigns 'D' Ratings to INR13.45cr Loans
SHREE DEOSHARWALI: CARE Rates INR14.25cr LT Loans at 'B+'

SIDDHARTHA ENG'G: CARE Assigns 'BB' Rating to INR17cr LT Loans
SOLTEX PETRO: CARE Assigns 'BB+' Rating to INR35cr LT Loans
VIMIT METALS: CARE Rates INR5.83cr LT Loans at 'B+'
* INDIA: Auto Makers Struggle w/ Sharp Shift in Economy, WSJ Says


N E W  Z E A L A N D

FELTIX CARPETS: Court Wants Proof Litigation Funder Can Pay


P H I L I P P I N E S

METROPOLITAN BANK: Fitch Assigns 'BB+' LT Issuer Default Ratings
METROPOLITAN BANK: Moody's Rates Tier 2 Debt Securities 'Ba3'
* PHILIPPINES: List of Distressed Preneed Companies Revealed


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


BILLABONG INT'L: Inks New Deal With Centerbridge, Oaktree
---------------------------------------------------------
Billabong International Limited said that it has entered into
binding agreements with certain entities affiliated with
Centerbridge Partners, L.P. and Oaktree Capital Management, L.P.
in relation to a long term financing to recapitalise the Company
and provide Billabong with a stronger balance sheet and capital
structure to allow it to stabilise the business, address its cost
structure, and pursue a strategy to grow the business.

The agreements will enable Billabong to repay in full its existing
US$294 million (AUD315 million) bridge loan facility from the
Altamont Consortium which was entered into on 16 July
2013. The agreements include:

-- a 6 year senior secured term loan of US$360 million
   (AUD386 million) ("New Term Debt");

-- a AUD135 million equity placement to the C/O Consortium and,
    following the Placement, a AUD50 million non-underwritten,
    renounceable rights issue available only to shareholders
    other than the C/O Consortium, the proceeds of which will
    be used to repay up to US$172 million (AUD185 million) of
    the New Term Debt with no prepayment premium; and

-- 29.6 million options issued to the C/O Consortium exercisable
    at AUD0.50 per share.

In addition to this financing, Billabong retains the previously
announced commitment from GE Capital to provide an asset-based
multi-currency revolving credit facility of up to
US$140 million (AUD150 million).

In order to adequately reflect the C/O Consortium's significant
investment in the Company, the C/O Consortium will be permitted to
nominate representatives to the Board of Billabong. The
Company notes that both members of the Consortium have long track
records of successfully investing in and partnering with retail
and other businesses in achieving operational turnarounds.

The Company also announces that it has appointed Mr. Neil Fiske as
Chief Executive Officer and Managing Director of Billabong. Mr.
Fiske is a proven and industry-respected executive who brings to
Billabong a strong combination of world-class strategy and
successful execution experience as a CEO in retail and the active
outdoor category.

"In fully evaluating the competing refinancing proposals, on a
range of factors, the Board determined that the C/O Consortium
proposal was in the best interests of the Company, its
shareholders, its employees and other key Billabong stakeholders,
on both economic terms and in providing near term certainty. The
proposal was significantly improved compared to the C/O
Consortium's previously announced proposal and offered lower
financial leverage and cheaper cost of funds with lower equity
dilution than the Altamont proposal plus the ability for
existing shareholders to participate alongside the C/O Consortium
via the rights offering," said Billabong Chairman Dr. Ian Pollard.

"As Billabong continues to restructure its operations globally,
the need for immediate long-term funding certainty and a strong
financial base from which to reinvigorate an iconic group of
brands is best met by entering into this agreement now."

The Board of Billabong decided that it was in the best interests
of shareholders and all of the Company's stakeholders to conclude
a long term financing as soon as possible. The Board of
Billabong had regard to the protracted period of uncertainty,
distraction and disruption that had been faced by the business and
have entered into the long term refinancing so that the
Company can now focus on rebuilding the business and execute on
its ambitions to improve earnings.

                         About Billabong

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.

Bloomberg News reported that the Gold Coast, Australia-based
company has closed 158 stores, canceled relationships with three-
quarters of its suppliers, and is cutting 15 percent of jobs in
its European division.

The value of its 13 brands fell to AUD90 million at the end of
June from AUD614 million in December 2011, and the Billabong label
itself is worthless, the company said in its financial statements,
Bloomberg said.  About AUD37 million of group brand value was
locked up in the DaKine outdoor clothing and backpack label which
Billabong sold to Altamont last month, relayed Bloomberg.

Four other brands, including Element skateboards and Palmers
surfboard accessories, were also written down to a zero valuation,
according to the statements cited by Bloomberg.

Full-year losses widened to AUD860 million in the year ended June
from a AUD276 million loss in the previous 12 months, compared to
the AUD547 million average loss expected from four analysts
surveyed by Bloomberg.  A 14 percent fall in sales put revenue
below the company's operating costs and the company took a loan
from Altamont Capital Partners to refinance its debt, Bloomberg
added.


CASH STORE: Bentleys Appointed as Administrators
------------------------------------------------
Patrick Stafford at SmartCompany reports that a payday loans
company hunted by the corporate regulator in the Federal Court has
now been placed in administration.

SmartCompany relates that the collapse of Cash Store -- one of the
industry's largest -- comes as the Australian Securities and
Investments Commission has continued to pursue payday loan
companies which it accuses of breaching consumer credit
guidelines.

According to SmartCompany, the Cash Store was placed into
administration on September 16, with Bentleys Corporate Recovery
appointed as administrators. Director Kate Barnet was contacted by
SmartCompany, but no reply was available prior to publication.

The Courier-Mail has reported chief executive Tom Denovan sent
staff an email in which he calls the administration a "shock,"
SmartCompany relays.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 13, 2013, ASIC 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.

The Cash Store Pty Ltd 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.


COMPASS HOTEL: Former Chief Convicted of Breaching Duties
---------------------------------------------------------
The former Chief Executive of West Australian hotel chain Compass
Hotel Group Ltd (CHGL), Bryan Raymond Northcote, has been
convicted of breaching directors' duties and submitting false and
misleading documents to Australian Securities and Investment
Commission.

Mr. Northcote was the chief executive and executive director of
CHGL which floated on the Australian Securities Exchange on 3
January 2008 and operated a chain of 12 hotels and taverns in
Western Australia. CHGL went into receivership in March 2011.

Between October 2007 and April 2008, Mr. Northcote dishonestly
withheld information from the CHGL board and used his position to
gain a financial advantage. In December 2012 Mr. Northcote pleaded
guilty to one count of breaching his duty as a director.

Mr. Northcote also pleaded guilty to two counts of submitting
documents to ASIC which were false or misleading.

Appearing at the Sydney District Court on Sept. 17, 2013,
Mr. Northcote was convicted on all three counts and sentenced to
two years imprisonment on the charge of breaching directors duties
by gaining an improper advantage, and one year imprisonment on
each count of submitting documents to ASIC which were false or
misleading, with the latter two counts to be served concurrently
with the first count, resulting in a total effective sentence of
two years imprisonment to be served by way of an Intensive
Correction Order (ICO).

"One of ASIC's primary goals is to ensure fair and efficient
markets and this can only be achieved if company directors act
appropriately," ASIC Commissioner John Price said.

"Directors abusing their position to dishonestly gain a personal
advantage, run the risk that ASIC will identify the conduct and
bring criminal proceedings against them."

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

A company owned and controlled by Mr. Northcote, Yard House
Australia and New Zealand Pty Limited which traded as NovaPrime
(YANZ), entered into a conjunctional agreement with a hotel broker
whereby it would receive 50% of all sales commissions paid by CHGL
and vendors to the hotel broker for hotels purchased by CHGL.

YANZ subsequently received AUD,566,730 in commissions of which
Mr. Northcote received AUD1,091,984.19 either directly or via
companies owned or controlled by him.

Between December 2007 and August 2008 there were 10 CHGL board
meetings at which directors would be asked to declare conflicts of
interest. At these meetings Mr Northcote never declared his
interest in YANZ. Further, Mr. Northcote never declared his
conflict of interest at two meetings of CHGL's Risk Management
Committee where the issue of conflicts of interest were the first
item on the agenda.

Mr. Northcote submitted documents to ASIC which were misleading by
falsely claiming he had resigned from YANZ in October 2007.

                       About Compass Hotel

Compass Hotel Group (ASX:CXH) -- http://www.compasshotel.com.au/
-- is engaged in the provision of operating hotel and tavern
businesses in Western Australia and managing investment
properties in Western Australia.  The Company has four segments:
food, retail, beverage and other.  The Company's property
portfolio includes Kalamunda Hotel, Carine Glades Tavern,
Princess Rd Tavern, Peninsula Tavern, Brighton Hotel, Peel
Alehouse, Belmont Tavern, Herdsman Lake Tavern, Albion Hotel,
Gosnells Hotel, Greenwood Hotel and Lakers Tavern.  Its
subsidiaries include Kalamunda Hotel (WA) Pty Ltd, Carine Glades
Tavern (WA) Pty Ltd, Princess Road Tavern (WA) Pty Ltd, Brighton
Hotel (WA) Pty Ltd, Belmont Tavern (WA) Pty Ltd and Peninsula
Tavern (WA) Pty Ltd.


CROSS CITY: Kordamentha Appointed as Receivers
----------------------------------------------
Eric Johnston at The Sydney Morning Herald reports that
KordaMentha has been appointed the receiver to the Cross City
Tunnel in Sydney, marking the second time in eight years the
insolvency firm has overseen the debt-stricken toll road.

SMH relates that the appointment of receivers follows the tollroad
being placed in voluntary administration on
September 13.  KordaMentha will now push ahead with a sales
process for the toll road, the report says.

According to the report, KordaMentha said in a statement the
operation of the tunnel will continue as normal, and customers,
employees and other stakeholders would not see any change as a
result of these appointments.

"The tunnel is a world-class piece of Sydney infrastructure that
will continue to play a vital function for the people of this city
for generations to come. The receivers are confident the tunnel is
an attractive asset which will provide solid returns for the right
buyer," SMH quotes partner Martin Madden as saying.

The toll road's management will continue to look after day-to-day
operations and drivers should not notice any changes. The $4.91
one-way toll will be maintained, the report relays.

SMH says the secured creditors to the entities have signalled
their intention to work with the receivers of the tunnel and
support the sale process.

The owners' decision to appoint administrators follows the
resolution of the NSW Office of State Revenue to pursue an unpaid
tax bill for AUD64 million, SMH notes.


DRILLING & GROUTING: Ferrier Hodgson Appointed as Liquidators
-------------------------------------------------------------
Darren Weaver, Ben Johnson and Andrew Saker were appointed
administrators of Drilling & Grouting Services Pty Ltd on
June 11, 2013.

At the second meeting of creditors held on July 16, 2013,
creditors resolved to adjourn the meeting for a period not
exceeding 45 business days to allow further time to formulate
proposals for a Deed of Company Arrangement (DOCA).

Subsequently, at the reconvened second meeting of creditors held
on Sept. 16, 2013, Darren Weaver, Ben Johnson and Andrew Saker
were appointed Liquidators of the Company.

Drilling & Grouting Services Pty Ltd was established in Western
Australia in 1990 and operated nationally and across South-East
Asia. The Company utilises a fully equipped workshop and depot in
Perth, Western Australia that performs the design and fabrication
of specialised drill rigs and grouting system and essential
repairs and maintenance.


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


CHINA ZHENGTONG: Moody's Confirms Ba3 CFR After Bond Issuance
-------------------------------------------------------------
Moody's Investors Service has confirmed China ZhengTong Auto
Services Holdings Limited's Ba3 corporate family rating following
its completion of a $335 million bond issuance.

The ratings outlook is stable.

This action concludes ZhengTong's rating review for downgrade
which was initiated on July 26, 2013.

Ratings Rationale:

"The rating confirmation reflects ZhengTong's improved debt
maturity profile and liquidity position because of the recent bond
issuance," says Chenyi Lu, a Moody's Vice President and Senior
Analyst.

On September 16, 2013 ZhengTong issued credit enhanced bonds of
$335 million due June 2018 to repay two short-term loans -- RMB1.0
billion due on November 16, 2013 and RMB1.2 billion on  March 11,
2014.

With the proceeds from the bonds and its cash balance of RMB1.2
billion at end-June 2013, the company will be able to retire the
loans, as well as improve its debt maturity profile and liquidity
position.

Moody's notes that ZhengTong's 1H2013 results are within
expectations, and expects the company to maintain the credit
profile needed to support its Ba3 corporate family rating over the
next 12 -- 18 months.

The company increased revenue by 2.4% year-on-year to RMB14.0
billion in 1H2013 from RMB13.7 billion in 1H2012. Such low revenue
growth is due to lower average selling prices for some of its
brands.

Moody's will monitor revenue growth and expects the company's
2H2013 revenue levels to be higher than 1H2013, given seasonality
and the launch of new car models.

Gross margin increased to 9.8% in 1H2013 from 9.3% in 1H2012,
driven mainly by a greater revenue contribution from its more
lucrative after-sales services. Such services accounted for 9.8%
of total 1H2013 sales versus 7.7% in 1H2012, a positive
development.

Moody's expects its gross margin will be maintained at 9% - 10%
for the next 12 months.

Thus, adjusted EBITDA margin improved to 7.4% in 1H2013 from 6.7%
in 1H2012. Moreover, Moody's expects its EBITDA margin to improve
slightly in 2H2013, given continued expense controls.

The company's 1H 2013 credit metrics support its Ba3 ratings. Its
debt leverage -- measured by adjusted debt to EBITDA -- decreased
to 3.6x for the 12 months ended June 2013 from 3.8x for the 12
months ended December 2012. For the same period, adjusted EBITDA
to interest coverage improved to 4.2x from 4.0x.

Moody's expects the company to maintain Debt/EBITDA at around 3x -
- 3.5x over the next 12-18 months on the basis that it will
continue with its current pace of sales execution, as well as
maintain expense controls and its approach to financial
management.

ZhengTong's Ba3 rating reflects its strong position in China's
fast-growing luxury car dealership market, its large network, its
strong geographic coverage, and the diversity of its brand
offerings.

The rating is also supported by its continued focus on luxury
brands that has led to solid growth in sales and stronger margins
than those of low-end and middle-market brands.

But, the rating is constrained by the funding and execution risks
arising from its rapid expansion, its short listing history, the
intense competition in the car dealership industry in China, and
the increasing but small contribution of its after-sales services
business.

The liquidity position of the company continues to be supported by
RMB11 billion of bank facilities, as secured by a cash margin
pledge.

The stable outlook reflects Moody's expectation that ZhengTong
will: (a) maintain its leading position and share in the luxury
car dealership market in China; and (b) reduce acquisitive growth
in the next two years.

Upward pressure on the ratings could be limited, as ZhengTong
still has to integrate the Top Globe acquisition and bring out the
benefits of the transaction, and further improve its debt maturity
profile.

However, in the medium term, upward pressure could emerge if the
company can demonstrate: (i) prudent growth with disciplined
acquisitions and capital spending; (ii) improvements in its debt
maturity profile; and (iii) development of a growing revenue
stream from its after-sales service.

In terms of credit metrics, upgrade pressure could emerge if
ZhengTong can sustain Debt/EBITDA below 2.5x--3.0x and
EBITDA/interest above 5x--5.5x.

On the other hand, the ratings could be downgraded if ZhengTong:
(i) takes on further material debt-funded acquisitions, or expands
its stores rapidly; (ii) faces margin declines due to lower
operating efficiency, or deteriorating market conditions; or (iii)
fails to improve its debt maturity profile.

Credit metrics indicative of downgrade pressure would include
debt/EBITDA of more than 3.5x--4x and EBITDA/interest below 3x-
3.5x.

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

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


HILONG HOLDING: Moody's Withdraws (P)Ba2 Bond Rating
----------------------------------------------------
Moody's Investors Service has withdrawn Hilong Holding Limited's
provisional (P)Ba2 senior unsecured bond rating.

Ratings Rationale:

Moody's has withdrawn the rating as Hilong has decided to postpone
its proposed notes issuance.

Established in 2001, Hilong Holding Limited is an integrated
oilfield equipment and services provider. It has three main
businesses: drill pipes and related products; coating materials
and services; and oilfield services. Mr. Jun Zhang, the Chairman
and founder, is the controlling shareholder, with a 59.97% equity
interest in the company as of June 30 2013.


SPG LAND: Moody's Upgrades CFR to B1; Senior Debt to B2
-------------------------------------------------------
Moody's Investors Service has upgraded SPG Land (Holdings) Ltd.'s
corporate family rating to B1 from B3, and its senior unsecured
debt rating to B2 from Caa1.

At the same time, Moody's continues to review for upgrade SPG
Land's B1 corporate family rating and B2 senior unsecured rating.

Moody's placed SPG Land's ratings on review on May 9, 2013 after
it announced a share subscription agreement and an investment
agreement with Gluon Xima International Limited, an indirect
wholly-owned subsidiary of Greenland Holding Group, which is a
major China-based property conglomerate.

Moody's subsequently extended the review on August 8, 2013,
pending satisfactory completion of the share subscription by
Greenland.

Ratings Rationale:

"The upgrade to B1 reflects the improvement in SPG Land's equity
base and liquidity position through the new equity injection,"
says Franco Leung, a Moody's AVP/Analyst.

SPG Land announced on August 27, 2013 that the subscription of
shares and related transactions were completed after all the
resolutions set out in the notice of the extraordinary general
meeting were duly passed on August 5, 2013. As a result, Greenland
has become a 60% shareholder of SPG Land.

SPG Land's debt leverage has declined following the equity
injection of around HKD2.94 billion. It's pro forma 1H 2013
gearing ratio -- as measured by reported adjusted debt/total
capitalization -- improved to 54% from 67% at end-2012.

In addition, its liquidity profile has improved, as reflected by
the fact that pro forma 1H 2013 cash to short-term debt increased
to about 1.56x from 0.43x at end-2012.

"The rating review will consider the operation and financial
impact on SPG Land from Greenland's majority ownership", adds
Leung.

The review will focus on (a) SPG Land's future business strategy
under Greenland's supervision; (b) the strategic importance of SPG
Land to Greenland; (c) the support from Greenland for SPG Land;
(d) any change to SPG Land's access to the bank and capital
markets; and (e) the subordination risk to the senior unsecured
bonds issued by SPG Land.

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

SPG Land is principally engaged in the development of large-scale,
high-end residential communities, city center integrated projects,
and travel & leisure projects that target the middle-to-high-end
customer segment. At June 30, 2013, the company held a land bank
of 3.7 million sqm across Shanghai, Kunming, Huangshan, Suzhou,
Changshu, Wuxi, Haikou, Ningbo and Taiyuan.

Gluon Xima International Limited is incorporated in Hong Kong and
is an indirect wholly-owned subsidiary of Greenland Holding Group
and independently operated.

Greenland Holding Group is headquartered in Shanghai and is a
comprehensive enterprise group whose main businesses include real
estate development, energy, and finance activities. As a leading
developer in the China real estate market, Greenland Holding Group
operates real estate projects in over 70 cities across 25
projects.


* Fitch Says Indebtedness in China Still Climbing
-------------------------------------------------
Fitch Ratings says leverage continues to rise rapidly in China's
economy and talk of deleveraging, or contracting credit, is
misplaced.

Certain channels of credit are shrinking, but overall extension
remains high, with the stock of credit on pace to rise 20% in
2013, Fitch says in a Special Report published on Sept. 18.

The agency believes that China's economic growth and financial
stability can be maintained over the near- to medium-term, but the
longer that credit growth outpaces GDP expansion, the greater the
longer-term challenges. Even in a positive case -- in which credit
growth slows by 2pp annually to 12% while nominal GDP growth holds
at 11% -- credit/GDP would be pushed to near 250% by end-2017
(2008: 130%).

China's financial sector has some unique features that make such
high leverage more manageable than elsewhere. Yet no financial
system can sustain rising leverage indefinitely. Eventually,
swelling debt burdens will constrain economic activity as greater
resources are directed into debt-servicing and further investment
exacerbates overcapacity.

Interest owed by borrowers has risen to an estimated 12.5% of GDP
in 2013 from 7% in 2008. By end-2017, this will rise to 16% of GDP
in a positive case of stable interest rates and GDP growth, while
more realistic scenarios point to 19%-22%. Such high interest and
debt may ultimately overwhelm borrowers, while at the same time
placing a practical limit on the extent of interest rate
liberalisation.


* Slightly More Urgent Risk from China Slowdown, Fitch Says
-----------------------------------------------------------
Fitch Ratings has given a slightly greater urgency to the risk of
a material slowdown in China's economic growth in the updated
Asia-Pacific edition of its Risk Radar, though that is not the
agency's base case.

However, if growth in China does slow significantly, Fitch expects
that this would have the widest impact on the agency's portfolio
of rated entities. This is because the region's exporters,
particularly raw-material exporters, are dependent on demand from
China.

The update also takes into account the risk of a decline in real-
estate prices in the Asia-Pacific following a rollback of easy-
money policies in developed economies. Although Fitch stress tests
show rating resilience to significant price falls, the risk of
potential rating changes increases because the number of
securities covered has grown.

Aside from these changes, Fitch's view of the macroeconomic risk
factors affecting the Asia-Pacific region is broadly unchanged
from the previous publication of the Risk Radar in April.

The September 2013 Asia-Pacific edition complements the global
Risk Radar publication released in the same month.


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AMUL COTTON: CARE Rates INR6.5cr LT Bank Loans at 'B+'
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Amul
Cotton Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.50      CARE B+ Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Amul Cotton
Industries is constrained by the weak financial risk profile
marked by thin profitability, leveraged capital structure and
stressed liquidity indicators, modest scale of operations and its
presence in a highly fragmented and working capital intensive
cotton ginning industry with limited value addition. The rating is
further constrained by the volatility associated with cotton
prices due to the seasonal nature of the industry and
susceptibility to adverse changes in government policies.

The rating, however, derives strength from the vast experience of
the promoters and its proximity to cotton-producing belt of
Gujarat.

The ability of ACI to increase its scale of operations while
moving up in the textile value chain along with an improvement in
its profitability and capital structure in light of the
competitive nature of the industry would be the key rating
sensitivities.

ACI was constituted as a partnership firm in 2006. ACI is engaged
in the cotton ginning & pressing business. The firm is promoted by
Mr. Saukatali Gangani and Mr. Najimali Gangani along with
other family members. ACI operates from its sole manufacturing
plant located at Babra, Amreli (Gujarat) which has an installed
capacity of 40,000 bales per annum as on March 31, 201. ACI
generates its entire income from the domestic market. The capacity
remained fully utilized in the peak season.

During FY13 (refers to the period April 1 to March 31), ACI
reported a Total Operating Income (TOI) of INR46.38 crore and
Profit after Tax (PAT) of INR0.07 crore as against the TOI of
INR50.57 crore and PAT of INR0.02 crore during FY12.


BHAGWATI VINTRADE: CARE Rates INR21.43cr LT Bank Loans at 'BB-'
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Bhagwati Vintrade Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      21.43      CARE BB- Assigned
   Short-term Bank Facilities      1.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bhagwati Vintrade
Pvt Ltd are primarily constrained by its short track record of
operations with the limited experience of the promoters in the
rice milling business and its below average financial risk profile
which is marked by the small scale of operations, low
profitability margins, leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained by the
high level of government regulations, seasonal nature of
availability of paddy resulting in high working capital intensity,
exposure to the vagaries of nature and its presence in a highly
fragmented and competitive industry.

The aforesaid constraints are partially offset by the presence of
1.2 MW captive power plants which is sufficient to meet the in-
house power requirements, its proximity to major paddy-growing
areas enabling easy availability and logistics advantage.

The ability of the company to derive benefit from the recently
concluded capacity expansion project and scale up its operations
and profitability along-with effective working capital management
will be the key rating sensitivities.

Bhagwati Vintrade Pvt Ltd incorporated in August 2008 by Mr Vivek
Kumar Agarwal and Mr Rohit Kumar Agarwal of Jharkhand, initially
commenced as an investment company dealing in securities. In March
2010, BVPL was acquired by Mr Sandip Kumar Goel, Mr Manoj Kumar
Agarwal and Mr Vivek Kumar Banka for setting up a rice processing
unit and a captive biomass power plant. The rice milling unit
commenced operations in June 2011 with a processing capacity of
48,000 metric tonne per annum (MTPA), while 1.2 Mega Watt (MW)
captive biomass powerplant commissioned in June 2012. The
company's milling unit is located at Sandi, Ramgarh district of
Jharkhand, which is in the vicinity to a major paddy-growing area,
which enables easy procurement of paddy.

In March 2013, subsequent to the stabilisation of operation, the
company expanded the capacity of rice milling to 96,000 MTPA.
During FY12 (refers to the period April 01 to March 31), BVPL
reported a total operating income of INR31.4 crore and PAT of
INR0.4 crore. Furthermore, as per provisional FY13, BVPL reported
a total operating income of INR56 crore and PAT of INR0.6 crore.


CHANCHAL INFRASTRUCTURE: CARE Rates INR35cr LT Bank Loans at 'B+'
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Chanchal
Infrastructure Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       35        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Chanchal
Infrastructure Private Limited is primarily constrained on account
of the high project debt-equity ratio and higher dependence on
customer advances, implementation and saleability risk associated
with the ongoing project owing to low booking advance in a subdued
scenario for the cyclical real estate sector.

The rating, however, favorably takes into account the wide
experience of the promoter group in the real estate segment and
locational advantage of the project. The ability of CIPL to
successfully complete its on-going real estate project along with
the timely receipt of sale proceeds at the envisaged prices is the
key rating sensitivity

Incorporated in March 2010, CIPL is a part of the Chanchal group
of Ahmedabad, which is promoted by Mr. Kenon Patel, Mr. Rinkal
Patel and Mr. Kulin Patel, who have over a decade of experience in
the real estate sector. Over the years, the group has developed
more than 20 projects in the residential and commercial segments.

Under the project named - 'Saransh Ambience' (SA), CIPL is
constructing a high-rise residentialcum-commercial complex having
six towers (A, B, C, D, E and F), with a total saleable area of
2.89 lsf comprising of 158 residential units (2BHK: 76 flats &
3BHK: 82 flats) and 24 shops.


DECCAN CHRONICLE: Registers Under Sick Industrial Companies
-----------------------------------------------------------
The Times of India reports that over a year after its financial
woes came out into the open, beleaguered Deccan Chronicle Holdings
Limited (DCHL) has finally declared itself sick and checked into
the Board for Industrial and Financial Reconstruction (BIFR).  TOI
says the latest development comes even as the company is facing
considerable heat from multiple lenders trying to recover dues
running into over INR4,000 crore.

TOI relates that the company informed the stock exchanges on
September 18 that BIFR had registered a case under Section 15 (1)
of the Sick Industrial Companies (Special Provisions) Act 1985
(SICA).  "The honorable Board for Industrial and Financial
Reconstruction (BIFR) has registered our reference under section
15(1) of the Sick Industrial Companies (Special Provisions) Act
1985 as Case No.66/2013 vide their letter
No. 3(D-1/BC/2013) dated September 17, 2013," DCHL said in a BSE
filing, the report relays.

According to Section 15(1) of SICA, the board of directors of the
company must, within 60 days from the date of finalization of the
company's audited accounts for the financial year at the end of
which the company has become a sick industrial company, make a
reference to BIFR for determination of the measures that shall be
adopted with respect to the company, relates TOI.

TOI quotes a legal expert as saying that, "This means that the
company has accepted that its entire net worth has been wiped out
and confirms that the company is in big financial trouble."

Based in Secunderabad, India, Deccan Chronicle Holdings Limited
engages in the printing and publishing of newspapers and
periodicals.  The company publishes Deccan Chronicle, an English
daily; Financial Chronicle, a financial daily; and Andhra Bhoomi,
a regional daily.  It also owns franchise rights for the
Hyderabad team of the Indian Premier League.


EVERSHINE OLEOCHEM: CARE Assigns 'BB' Rating to INR14.25cr Loans
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Evershine Oleochem Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       14.25     CARE BB Assigned
   Long-term/Short-term Bank        1.50     CARE BB/CARE A4
   Facilities                                Assigned
   Short-term Bank Facilities      20.00     CARE A4 Assigned

Rating Rationale

The ratings of Evershine Oleochem Limited are constrained on
account of its short track record and small scale of manufacturing
operations in toilet soap segment, volatile trading operations
with inherently thin profitability margins and modest debt
coverage indicators. The ratings are further constrained due to
susceptibility of its profitability to volatile raw material and
commodity prices amidst high level of competition in the branded
toilet soap segment in India.

The ratings, however, favorably take into account EOL being part
of the Ruchi group, which has an established track record in the
agro commodity business, along with its operational linkages
with Ruchi Soya Industries Limited (RSIL; rated CARE A-/CARE A2+)
and access to RSIL's established marketing and distribution set-up
for selling its products.

The ability of EOL to profitably scale-up its toilet soap
manufacturing operations, successfully manage volatility
associated with prices of traded commodities along with
improvement in its debt coverage indicators and capital structure
would be the key rating sensitivities.

Incorporated as RSIL Holdings Limited on January 29, 1996, the
name of the company was changed to EOL on July 13, 2010. EOL is
promoted by the Shahra family of Indore who are also the
promoters of the Ruchi group of companies. EOL was a dormant
company till FY10 (refers to the period April 1 to March 31).
Since FY11, EOL is engaged in the manufacturing of toilet soap.
Apart from this, EOL also trades in various commodities based on
available opportunity. EOL had an installed capacity of 47,520
Metric Ton Per Annum (MTPA) for manufacturing toilet soap, 5,000
MTPA of nutraceutical food supplement and 6,000 MTPA of cosmetic
variants as on March 31, 2013. The manufacturing facility of EOL
which commenced operations in March 2010 is located at Roorkee in
Uttarakhand.

As per the provisional results for FY13, EOL reported a total
operating income of INR38.31 crore [FY12 (A): INR877.06 crore] and
a PAT of INR1.01 crore [FY12 (A): INR0.59 crore].


FIBREMARX PAPERS: CARE Assigns 'BB-' Rating to INR32.49cr Loans
---------------------------------------------------------------
CARE assigns 'CARE BB-/CARE A4' ratings to the bank facilities of
Fibremarx Papers Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      32.49      CARE BB- Assigned
   Short-term Bank Facilities      3.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Fibremarx Papers
Ltd are primarily constrained by its leveraged capital structure,
its moderately weak debt service coverage indicators and working
capital intensive nature of operations. The ratings are further
constrained by FPL's susceptibility to volatility in raw material
prices and its presence in highly fragmented and
competitive industry.

The ratings, however, draw comfort from experienced promoters,
growing scale of operations coupled with moderate profitability
margins and stable demand indicators from the end-user
industries.

Going forward, the ability of FPL to scale up its operations while
efficiently manage its working capital requirement and improve its
capital structure shall be the key rating sensitivities.

Fibremarx Papers Limited, a closely-held public limited company
was incorporated in January 2006 and commenced its commercial
operations in May 2006. The company is promoted by Mr. Jasdeep
Singh Goraya and his brother Simrandeep Singh Goraya. The company
is engaged in manufacturing of writing & printing paper at its
manufacturing facility located at Udham Singh Nagar, Kashipur,
Uttrakhand with an installed capacity of 39,000 Tonnes Per Annum
(TPA) as on March 31, 2013. The main raw material for the company
is waste paper which is largely procured domestically including
some imports from USA, Netherland, Saudi Arabia etc. The company
sells its product all over India through a network of around 35
distributors.

During FY12 (refers to the period April 1 to March 31), FPL
reported a PAT of INR0.93 crore on a total operating income of
INR89.27 crore. Furthermore, FPL has achieved a total operating
income of INR100.31 crore and PAT of INR1.39 crore in FY13 (based
on unaudited results).


JASKAR TECHNO: CARE Assigns 'BB-' Rating to INR6cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Jaskar Techno Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       6.0       CARE BB- Assigned
   Short-term Bank Facilities      1.8       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of JasKar Techno Pvt
Ltd are constrained by its low-margin nature of business with lack
of pricing power in a competitive industry, linkage to the
fortunes of Cummins India Ltd, high working capital intensity of
operations and moderate financial risk profile marked by thin
profitability and high overall gearing ratio. The aforesaid
constraints are partially offset by the rich experience of the
promoters, its presence in diversified industry segments with
diversified geographical presence and being the authorised dealer
of CIL.

The ability to enhance the scale of operation, along with
improvement in financial position and efficient management of
working capital would be the key rating sensitivities.

JasKar Techno Pvt Ltd, incorporated on April 6, 2010 was promoted
by Chahal family of Dhanbad, Jharkhand. The company remained
dormant for a year and started operations in FY12 by taking over
the promoter's existing proprietorship business 'M/s J. K.
Supplies & Solution'. M/s J. K. Supplies & Solution' was an
authorised dealer of Cummins India Ltd (CIL) for its products and
service support.

Currently, the company has its presence in Chandigarh Haryana,
Madhya Pradesh, Punjab and Orissa. CIL is a 51 % subsidiary of
Cummins Inc. USA. CIL, headquartered in Pune since 1962. CIL
is the country's leading manufacturer of diesel and natural gas
engines for power generation, industrial and automotive markets.
Jai Kar Techno Private Limited an associate company of JKTPL is
also engaged in the similar line of business.

During FY13 (refers to the period April 1, 2012, to March 31,
2013), the company reported a PBILDT of INR2.2 crore (INR0.9 crore
in FY12) and a PAT of INR0.6 crore (loss of INR0.5 crore in FY12)
on total income from operations of INR36.2 crore (INR31.0 crore in
FY12). Furthermore, the company, has reported to achieve net sales
of INR7.28 crore during Q1FY14.


RAJDHANI CRAFTS: CARE Assigns 'D' Ratings to INR30.85cr Loans
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Rajdhani
Crafts Industries Private Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      18.60      CARE D Assigned
   Long/Short-term Bank           12.25      CARE D Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Rajdhani Crafts
Industries Private Limited factor in the ongoing delays in
servicing of interest and installment of its term loan due to
stressed liquidity position.

Jaipur-based (Rajasthan) RCIPL was incorporated in 2009 by
Mr. Sudhir Agarwal along with his brother Mr. Sameer Agarwal and
has started commercial operation from April 2011. RCIPL is
mainly engaged in manufacturing of wooden artistic handicrafts and
plywood items like furniture, bed side, beds, bench, box, chairs,
coffee table, cubes, desk, dining table, doors, dressoir and high
board, etc. The company supplies its products in domestic market
as well as exports to Europe, USA, UK and Australia whereby Europe
alone contributed about 80% of its exports in FY12. The export
sales constituted around 50% of total operating income in FY12. In
domestic market, RCIPL sells its product through a network of
dealers present in the states of Maharashtra, Madhya Pradesh,
Delhi, Rajasthan and Kolkata. The promoters of RCIPL have also
promoted Rajdhani Crafts (RAC, incorporated in 2000, rated 'CARE
A4'), which is also engaged in the same line of business.

During FY12 (refers to period from April 01 to March 31), RCIPL
reported a Total Operating Income (TOI) of INR7.35 crore with net
loss of INR3.74 crore.


RAMA HANDICRAFTS: CARE Assigns 'D' Ratings to INR13.45cr Loans
--------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Rama
Handicrafts.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities       5.95      CARE D Assigned
   Short-term Bank Facilities      7.50      CARE D Assigned

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the proprietor in
addition to the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Rama Handicrafts
factor in the ongoing delays in servicing of interest and
installment of its term loan owing to weak liquidity position.

Jaipur-based (Rajasthan) RHC was formed in 1978 as a partnership
firm by the members of Chippa family. RHC is primarily engaged in
the business of manufacturing and export of garments, madeups and
home furnishing items to Japan. It has its plant located at Jaipur
and has an installed capacity of manufacturing 21 lakh pieces per
annum of garments as on March 31, 2013 from around 500 sewing
machines. It utilised around 85% of its capacity in FY13 (refers
to the periof April 1 to March 31). Further, RHC is also engaged
in electricity generation through its three owned wind mills
situated in Maharashtra and supplies electricity to Maharashtra
Electricity Board. It has operation and maintenance agreement with
Suzlon Energy Limited.

The group concern of RHC includes Radhey Rama Landfarms Developers
Private Limited (incorporated in 2007) engaged in manufacturing
and export of garments, Gajanan Towers Private Limited
(incorporated in 2002) and Vanke Bihari Construction Private
Limited (incorporated in 1987), both engaged in real estate
business.

During FY12 (refers to the period April 1 to March 31), RHC
reported a total income of INR27.57 crore (FY11: INR19.30 crore),
with a net loss of INR1.66 crore (FY11: PAT of INR1.11 crore). As
per provisional results for FY13, RHC is reported total operating
income of INR12.43 crore.


SHREE DEOSHARWALI: CARE Rates INR14.25cr LT Loans at 'B+'
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Deosharwali Oil Industries.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      14.25      CARE B+ Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Shree Deosharwali
Oil Industries is constrained by the project implementation and
post project stabilization risk, dependence of raw material
availability to the vagaries of nature, low-margin business, low
level of awareness amongst the consumer fraternity about rice bran
oil, its presence in a fragmented & competitive edible oil
industry, subdued demand outlook of the edible oil industry and
the partnership nature of constitution. The rating, however,
derives strength from the experience of the promoter and
integrated business model.

The ability of the company to successfully complete the project
and achieve the projected turnover and profitability margins as
envisaged would be the key ratings sensitivities.

Shree Deosharwali Oil Industries was set up by Mr. Umesh Kumar
Agrawal and Mr. Binay Kumar Jindal of Bargarh (Odisha) as a
partnership firm, governed by partnership deed dated January 17,
2012. SDOI, being a partnership concern, is exposed to the
inherent risk of partner's capital being withdrawn at the times of
personal contingency and the limited ability to raise capital.
Moreover, poor succession planning may result in the dissolution
of the firm.

Project details
SDOI proposes to set up a solvent extraction unit for the
extraction of oil from rice bran and refinery unit to refine such
crude oil. The manufacturing facility is being set up at
Govindpur, Bargarh (Odisha) with a proposed installed capacity of
200 TPD solvent extraction plant and 50 TPD oil refineries at an
aggregate project cost of INR8.43 crore (excluding margin money
for working capital amounting to INR3.56 crore) being financed at
a debt-equity ratio of 0.72:1. The financial closure for the
project has been achieved.


SIDDHARTHA ENG'G: CARE Assigns 'BB' Rating to INR17cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to bank facilities
of Siddhartha Engineering Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities        17       CARE BB Assigned
   Long/Short-term Bank             88       CARE BB/CARE
   Short-term Bank Facilities       15       CARE A4+

Rating Rationale

The above ratings are constrained by the small scale of operation
of Siddhartha Engineering Ltd., working capital intensive nature
of business, client concentration risk, volatility of input
prices and the fragmented nature of the industry in which SEL
operates. The above constraints are partially offset by the long
and satisfactory track record of SEL along with the experience of
the promoters, healthy order book position and moderate financial
risk profile of SEL.

Diversifying customer base along with steady order flow and their
timely execution, managing working capital effectively with timely
receipt of contract proceeds are the key rating sensitivities.

SEL, established as a partnership firm in 1972 by Mr S.S. Palo was
transformed into a public limited company in 2008. SEL is engaged
in execution of turnkey electrical engineering contracts, which
includes designing, supply, erection, commissioning and testing of
electrical substations and overhead lines up to 400KV. The company
is entirely an electrical engineering company and subcontracts the
civil construction part of the project to other local contractors.
It operates all India basis but now executing majorly in Orissa.
Over the years it has completed more than 200 projects for various
utilities and private sector and public sector entities.
Presently, the designing, engineering and procurement functions
are managed by Mr S.S. Palo and the project function is managed by
his son Mr Siddhartha Palo.

In FY13, SEL earned PAT (after deferred tax) of INR1.23 crore on
net sales of INR38.57 crore.


SOLTEX PETRO: CARE Assigns 'BB+' Rating to INR35cr LT Loans
-----------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' to the bank facilities of
Soltex Petro Products Limited.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities         35      CARE BB+ Assigned
   Short-term Bank Facilities         3      CARE A4 Assigned

Rating Rationale

The ratings are constrained by low profitability margins primarily
on account of low value addition in the business, working capital
intensive nature of operations, fragmented and highly competitive
nature of the industry and project-related risk with regards to
the funding and implementation.

The ratings consider the experience of the promoters in the
polymer granules industry and diversified customer base.
The ability of the company to implement the proposed project
without time/cost overrun, optimally utilize the enhanced capacity
and manage the incremental working capital requirement are the key
rating sensitivities.

Soltex Petro Products Limited was incorporated in 1992 as a
private limited company and reconstituted as a closely-held public
limited company in 1997. SPPL manufactures masterbatches and
polymer additives. The products manufactured by SPPL are used as
raw materials in the manufacture of storage tanks, non-wovens,
plastic containers, furniture plastics etc. SPPL has its
manufacturing unit at Daman (Union Territory of Daman and Diu),
Rudrapur (Uttarakhand), and Kolkata (West Bengal) with combined
capacity of 60,000 MT per annum as on March 31, 2013.

The capacity utilization of its manufacturing facility was around
75% during FY13 (refers to the period April 1 to March 31). The
company imports around 10 per cent of its raw materials; against
this around 10 per cent of its total revenue is contributed by
export sales. In the overseas markets, SPPL exports to Russia,
South-East Asian, Middle East and African countries and imports
raw material from Malaysia and Thailand.

During FY13, the company reported a PAT of INR3.92 crore on a
total operating income of INR118.61 crore as compared to a PAT of
INR3.13 crore on total operating income of INR92.33 crore during
FY12 (refers to the period April 1 to March 31).


VIMIT METALS: CARE Rates INR5.83cr LT Loans at 'B+'
---------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Vimit
Metals And Infrastructure Pvt Ltd.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long-term Bank Facilities      5.83       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Vimit Metals and
Infrastructure Private Limited is primarily constrained on account
of its short track record and modest scale of operations in a
highly competitive industry as well as vulnerability of margins to
fluctuations in the raw material prices. The rating is further
constrained due to its financial risk profile marked by moderate
profitability, weak solvency position, weak liquidity position and
risk related to successful completion of the ongoing project.

The rating, however, favorably takes into account the experience
of the management in the industry.  The ability of the company to
improve its scale of operations with an improvement in
profitability margins and timely completion of the capex plan will
be the key rating sensitivities.

Jaipur-based (Rajasthan) VMIPL, incorporated in May 2008, was
promoted by Mr. Arun Sharma along with his son, Mr Amit Sharma.
VMIPL is engaged in the business of manufacturing of Polyvinyl
chloride (PVC) pipes, soil waste and rain water (SWR) pipes,
unplasticized polyvinyl chloride (uPVC) pipes and fittings that
find their end user applications in irrigation, water management,
drainage and sewerage systems. Initially, the company was engaged
in the trading of PVC resins. However, it discontinued its trading
activities after completion of the capex project for the
production of pipes and fittings in November 2009. The installed
capacity of the unit is 2,664 Metric Tonnes Per Annum (MTPA) as on
March 31, 2013, and is ISO 9001:2008 certified. It markets
its product under the brand name of 'Vimit Pipes'.

VMIPL is currently undertaking a project to expand its installed
capacity by 700 MTPA. The total cost of the project is INR3.20
crore being funded at a debt equity ratio of 2.76:1. The
additional capacity is envisaged to be operational by November
2013.

During FY12 (refers to the period April 1 to March 31), VMIPL
reported a total operating income of INR8.13 crore (FY11: INR3.37
crore) and PAT of INR0.07 crore (FY11: INR0.04 crore). As per the
provisional result of FY13, it has registered a total operating
income of INR6.86 crore.


* INDIA: Auto Makers Struggle w/ Sharp Shift in Economy, WSJ Says
-----------------------------------------------------------------
Sean McLain at The Wall Street Journal reports that for years,
Udayan Banerjee's business making automobile exhaust systems was
in high gear as middle-class Indians flocked to buy cars. This
summer, the business came to a screeching halt, the Journal says.

"July and August were the worst months I've ever seen," the
Journal quotes Mr. Banerjee as saying, predicting that his Sharda
Motor Industries Ltd. would post a loss for this year's third
quarter.

Until recently, the Journal notes, India was seen as a potential
new Asian tiger, powered by its globalized information-technology
industry, and auto makers were among the biggest beneficiaries of
a boom in consumer-driven growth. Now they are reeling as
investors pull back from emerging markets around the world,
exposing the frailties of an Indian economy that was already
decelerating sharply even before the global market turmoil,
according to the Journal.

The Journal says the U.S. Federal Reserve's surprise decision on
September 18 to stick with easy-money policies that have been
buoying developing-country economies helped lift Indian stock
markets and the rupee -- along with other Asian currencies -- on
September 19.

But the reprieve from the Fed is unlikely to turn around the
fortunes of corporate India, the Journal notes.

According to the news agency, business in India faces daunting
bureaucratic hurdles that have helped stifle manufacturing. The
country depends on imported energy and runs huge trade deficits.
Welfare programs strain public finances.

Growth slowed to 4.4% in the April-June quarter, the economy's
worst performance in four years, notes the report. The government
is predicting gross domestic product will expand 5.5% for the full
year ended March 31, the Journal discloses.

The Journal relates that India's $64 billion automotive industry
is struggling. Sales, which grew by more than 50% between 2010 and
2012, have been slowing sharply. In the 12 months ended
March 31, sales were down 6.7% from the previous year - the first
decline in annual sales in a decade, the Journal discloses.



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


FELTIX CARPETS: Court Wants Proof Litigation Funder Can Pay
-----------------------------------------------------------
Marta Steeman at Stuff.co.nz reports that the High Court has told
the plaintiff in the class action against the former owners and
directors of Feltex Carpets to supply it with the "complete"
undertaking by the litigation funder for another NZ$1.8 million of
security.

The information must be supplied by 5:00 pm today, September 20,
notes the report.

It follows court orders on July 19 for the plaintiff to supply
more security -- NZ$1.8 million, Stuff.co.nz says.

According to the report, about 3,600 former shareholders of the
failed carpetmaker, represented by plaintiff Eric Houghton, are
taking the action against the directors, promoters, sellers and
co-managers of the offering of Feltex shares to the public in mid-
2004. The company collapsed two-and-a-half-years later.

The case has been running for more than five years and the main
trial is not set to start until March next year, the report notes.

Stuff.co.nz says the court issued yesterday a judgment by Justice
Robert Dobson, giving the plaintiff a deadline of 5:00 p.m. today
to supply:

-- the complete terms of the undertaking proposed by litigation
    funder London-based Harbour Litigation Funding (HLIF) for
    additional security of NZ$1.8 million;

-- the financial statements of HLIF for the year to December 31,
    2012, and a copy of its six monthly accounts to June 30,
    2013, if available;

-- the costs to HLIF of providing a bond or guarantee for the
    additional security by a reputable New Zealand financial
    institution.

The bond or guarantee would commit the institution to paying
adverse costs orders made in favor of the defendants up to
NZ$800,000, and up to NZ$1.8 million from January next year until
determination of the High Court case, according to the report.

On July 19, Justice Dobson ordered that the plaintiff was to
provide further security for costs, Stuff.co.nz relays.

                        About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.



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


METROPOLITAN BANK: Fitch Assigns 'BB+' LT Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has assigned Philippine-based Metropolitan Bank &
Trust Company (Metrobank) Long-Term Issuer Default Ratings (IDRs)
of 'BB+' with a Positive Outlook and a Viability Rating (VR) of
'bb+'. The agency has also assigned the bank's proposed Basel III-
compliant USD-denominated dated subordinated securities an
expected rating of 'BB(EXP)'.

The final rating on the securities is subject to the receipt of
final documentation conforming to information already received. A
full list of rating actions is provided at the end of this
commentary.

Key Rating Drivers - VR and IDRs

Metrobank's VR and IDRs reflect its standalone profile, driven by
an established domestic presence and funding base, a satisfactory
record in asset quality and profitability as well as improved
loan-loss reserves. The ratings also take into account common
structural issues faced by major Philippine banks, such as a high
concentration in their loan books, modest reserves against their
holdings of foreclosed properties, developing corporate governance
standards, and the presence of conglomerates as controlling
shareholders.

The Positive Outlook reflects Fitch's view that Metrobank already
exhibits traits - both quantitative and qualitative - of higher-
rated banks globally, but would prefer to see recent improvements
in its risk profile, including current capitalisation, sustained
before considering an upgrade. Metrobank has been reducing
exposure to non-core investments, while recent robust results have
been aided by a benign operating environment. Progressive
divestments will further trim Metrobank's holdings in its
associates, which equalled 10% of the bank's core equity at end-
June 2013, down from 16% at end-2012 (local peer average: 6%).

Metrobank's core capital ratios have been at higher levels over
the last two to three years, in anticipation of the adoption of
Basel III capital rules on 1 January 2014. However, market risks
and variability in capital may have somewhat increased because one
measure undertaken to shore up capital in Q113 was to reclassify
some held-to-maturity securities to available-for-sale at fair
value, which is higher than their historical costs amid a low
interest-rate environment.

Around 85% of Metrobank's funding is in the form of deposits,
underpinned by its franchise and a large retail deposit base. Its
balance sheet is reasonably liquid, with a loan/deposit ratio of
around 70%. A buoyant domestic economy should support lending and
fee-based operations, while credit costs may stay low, despite
some over-exuberance in certain market segments. These could help
counter the impact of intense competition and expansion costs and,
possibly, reduce trading gains if the interest-rate cycle turns.
The bank's profitability is likely to ease from 2012/H113 levels,
which included one-time gains from securities reclassification and
associates disposal.

The dominance of conglomerates in the country means the proportion
of commercial loans in banks' loan portfolios is likely to remain
high (around 70%) and their loan books will be focused on large
borrowers. Metrobank's asset quality is comparable with the
industry average, supported by benign credit conditions and
generally manageable corporate leverage. Reserves covered 117% of
non-performing loans (NPLs) and 13% of foreclosed properties at
end-2012.

Key Rating Drivers - USD-denominated dated subordinated securities

The Basel III-compliant Tier 2 securities are rated one notch
below the 'bb+' VR because of the subordinated status and
associated loss-severity risk. The securities - alongside other
Tier 2 securities of Metrobank - rank below the bank's senior
creditors, including depositors, but above holders of the bank's
share capital and Tier 1 capital securities. No additional notches
have been ascribed to non-performance risk, despite the presence
of non-viability terms, which Fitch regards to be of a minimal
incremental risk relative to the VR assigned. The central bank has
sole discretion in determining if Metrobank is non-viable, and if
it does so, the securities will have to be written down to the
extent necessary to restore the viability of the bank (that is, no
mandatory full write-down language). There are no write-back
features on the securities.

Key Rating Drivers - Support Rating (SR) and Support Rating Floor
(SRF)

The SR and SRF reflect Fitch's view of a moderate probability of
extraordinary state support for Metrobank, if needed. Fitch
believes that Metrobank is systemically important to the country
due to its sizeable domestic deposit base.

Rating Sensitivities - VR and IDRs

Improvements in the broader operating environment, possibly
reflected by higher sovereign ratings, and structural features in
the Philippines, could be positive for Metrobank's ratings over
the next one to two years. This is provided Metrobank maintains
its capital and funding strengths (relative to other domestic
banks), further reduces its exposure to non-bank investments, and
demonstrates satisfactory asset quality and risk-adjusted
profitability through credit cycles.

However, the Outlook may be revised to Stable, should Metrobank's
financial profile become vulnerable to a material build-up of
risks in the macroeconomic environment and domestic banking
sector. The VR could be undermined should Metrobank's loss-
absorption buffers weaken amid event risks (such as large
takeovers), aggressive loan growth or risk-taking, or should its
exposures become more concentrated. However, because the 'BB+' IDR
is at the same level as the SRF, the IDR will not be affected by a
VR downgrade, unless considerations underpinning the SRF also
weaken.

Rating Sensitivities - USD-denominated dated subordinated
securities

A change in Metrobank's VR will have an impact on the securities
rating. The securities may be downgraded if the non-viable terms
become clearer and result in a higher non-performance risk than
presently assessed.

Rating Sensitivities - SR and SRF

A change in the government's ability to provide extraordinary
support would affect the SR and SRF. This could occur with a
change in the sovereign ratings, although this seems highly
unlikely in the near term considering the recent upgrade of, and
Stable Outlook on, the Philippines' sovereign ratings (see related
rating action commentary dated 27 March 2013 at
www.fitchratings.com).

The SR and SRF will also be impacted by any change in the
government's willingness to extend timely support. One development
that could lead to an adverse outcome is global initiatives to
reduce implicit state support for banks, although Fitch views this
to be a longer-term risk in the Philippines.

The list of rating actions is as follows:

Metrobank
- Long-Term Foreign-Currency IDR assigned at 'BB+'; Outlook
  Positive
- Long-Term Local-Currency IDR assigned at 'BB+'; Outlook
  Positive
- Viability Rating assigned at 'bb+'
- Support Rating assigned at '3'
- Support Rating Floor assigned at 'BB+'
- Expected rating on subordinated notes assigned at 'BB(EXP)'


METROPOLITAN BANK: Moody's Rates Tier 2 Debt Securities 'Ba3'
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 (hyb) rating to the
proposed Tier 2 unsecured subordinated debt securities of
Metropolitan Bank & Trust Company (MBT, Ba1 review for upgrade).
MBT is the first Philippine bank to obtain a Moody's rating for
capital qualifying subordinated debt with contractual loss
absorption upon the point of non-viability, which is consistent
with Bangko Sentral ng Pilipinas's (BSP) Basel III bank capital
regulations.

The rating is positioned two notches below MBT's ba1 adjusted
baseline credit assessment (adjusted BCA).

The rating outlook is stable, reflecting the outlook on the bank's
D+ bank financial strength rating (BFSR), which maps to a BCA of
ba1.

Ratings Rationale:

The rating is positioned two notches below the adjusted baseline
credit assessment (BCA), in line with Moody's standard notching
guidance for subordinated debt, with loss triggered at the point
of non-viability on a contractual basis.

The bonds rank pari passu with the bank's plain vanilla
subordinated debt in terms of their status in a winding-up of MBT.

The Basel III Tier 2 rating is one notch below that of the bank's
plain vanilla subordinated debt. The additional notching reflects
the potential uncertainty associated with the timing of the loss
absorption of the contractual non-viability subordinated debt. BSP
has discretion to determine the point at which the bank is non-
viable.

Under the terms and conditions, the principal on these capital
securities would be written down, partially or in full, in the
event that the BSP notifies MBT that without such write-offs, the
bank would become non-viable, or if BSP decides to make a public
sector injection of capital without which the bank would become
non-viable.

While the level of write down is ascertained by the issuer with
regulatory approval, the amount written off must be sufficient to
ensure that the issuer does not become non-viable.

As the Ba3 (hyb) rating is linked to MBT's BCA, the rating could
be upgraded when MBT's BCA is upgraded. It is unlikely for MBT
(ba1 BCA) to be rated above the sovereign (Ba1 review for upgrade)
as Moody's views the correlation between the bank and the
sovereign to be high. Going forward, the bank's BCA could be
revised upwards when the sovereign rating is upgraded and if the
bank consistently maintains: [1] gross non-performing loans (NPL)
below 2% of total loans; and/or [2] net income of more than 2.5%
of average risk-weighted assets; and/or [3] high level of loss
absorption capacity reflected by Tier 1 ratio of above 12%.

Conversely, the rating could be downgraded when MBT's BCA is
downgraded, particularly if: [1] aggressive organic expansion or
acquisitions result in a significant increase in its risk profile;
and/or [2] the operating environment weakens significantly or
underwriting practices become loose, resulting in the gross NPL
ratio exceeding 3%; and/or [3] an increase in NPLs without a
corresponding increase in loan loss provisions, resulting in the
NPL coverage falling below 80%; and/or [4] a material decline in
its capital buffer, such that Tier 1 ratio falls below 10%.

MBT's other ratings remain unaffected. The ratings are as follows:

- BFSR of D+, equivalent to a BCA of ba1

- Local and foreign currency long-term/short-term deposits: Ba1/NP

- Local currency subordinated debt: Ba2

- Preference Shares: B1 (hyb)

The principal methodology used in this rating was Global Banks
published in May 2013.

MBT, headquartered in Manila, had assets of PHP1.22 trillion ($28
billion) as of June 2013. It is the Philippines' second largest
bank by assets.


* PHILIPPINES: List of Distressed Preneed Companies Revealed
------------------------------------------------------------
The Philippine Daily Inquirer reports that the Insurance
Commission (IC) placed the following 30 preneed companies under
conservatorship as of February 2012:

1. Comprehensive Annuity Plans and Pensions
2. Garden of Memories Park and Chapel
3. Ideal Pension Plans
4. Eduplan
5. Classic Plans
6. First Interstate Miltiplex Pension Plans
7. Gillamac Life and Pension Plans
8. Global Family Protection Plans
9. Holy Life Plan
10. Premiere Memorial Plans
11. Redeemer Life Plan
12. Supreme Educational Plan
13. Celestial Memorial Life Plans
14. Samson Memorial Plan
15. East Asia Plans
16. Capitol Plans
17. Excel Memorial Life Plans
18. Group Developer
19. Familicare Plans
20. Prudentialife Plans
21. Grayline Plans
22. Rhine Plans
23. Primeplan International
24. Pryce Plans
25. Pamana
26. Savior Life Plan
27. Phil Asia Care Plans
28. Danvil Plans
29. Special Plans
30. Pension and Retirement Plan

The IC later ordered the liquidation of Prudentialife Plans, the
Inquirer relates.

In addition, the Inquirer discloses, there were 11 distressed
preneed firms as of March 2013 whose trust funds were under
liquidation either by the Securities and Exchange Commission-
appointed liquidator or the corporation, and five were under
rehabilitation/receivership/liquidation by a Regional Trial Court
(RTC).

Preneed firms under liquidation by a SEC-appointed liquidator
were:

1. All Asiaplans
2. Asian Diamond Plans
3. Family Plans
4. GEI Guaranteed Education
5. Legacy Consolidated Plans
6. Metropolitan Life Plan
7. Millennium Plans
8. OCE Plans
9. Scholarship Plan
10. Success Education Guarantee System
11. University Plans

Under rehabilitation/receivership/liquidation by an RTC are:

1. Abundance Provider and Entrepreneurs
2. College Assurance Plan Philippines
3. Pet Plans
4. Platinum Plans
5. TPG

The news agency said several factors have been cited to have
contributed to the industry's decline.

Among these were the continued sale of open-ended plans despite
the deregulation of tuition in 1992 that led to the skyrocketing
of tuition; the 1997 Asian financial crisis that caused trust fund
investments to have lower interest yields; inappropriate
accounting practices; collusion among preneed companies and their
affiliates; investment in related companies and interlocking
directorates; lack of capability by the regulator to adequately
monitor the industry; and lack of a Philippine Deposit Insurance
Corp.-type insurance for the industry, says the Inquirer.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

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

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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
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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