TCRAP_Public/131018.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, October 18, 2013, Vol. 16, No. 207


                            Headlines


A U S T R A L I A

HAPPY DAYS DINER: 1950s-Themed Diner Put Up For Sale
INVOGUE PROJECT: BJ Plumbing to Notice Employees Due to Collapse
SIFF: FIFA Appoints Interim Administration Over Fin'l. Woes
TEN NETWORK: Full-Year Loss Widens to AUD280.9 Million


C H I N A

CHINA PRECISION: Widens Net Loss to $68.9 Million in Fiscal 2013
MAOYE INT'L: Moody's Withdraws Ba2 Sr. Unsec. Bond Rating
SINO-FOREST: Nov. 18 Hearing on US Recognition of E&Y Settlement


I N D I A

AMISHA STEELS: CRISIL Assigns 'B+' Rating to INR55MM Loan
CHANDAN SALT: CRISIL Assigns 'B+' Ratings to INR16MM Loans
G. NAGESWARAN: CRISIL Assigns 'D' Ratings to INR115MM Loans
HAP GARMENTS: CRISIL Reaffirms B+ Rating on INR150MM Cash Credit
KRISHNA PULSES: CRISIL Assigns 'B+' Rating to INR49MM LT Loan

LAMBODHARA TEXTILES: CRISIL Puts 'BB' Ratings on INR491.3MM Loans
MASCOT INDUSTRIES: CRISIL Assigns 'B-' Ratings to INR34.5MM Loans
MATSYA AUTOMOBILES: CRISIL Cuts Ratings on INR60MM Loans to 'B+'
METRIX HEALTHCARE: CRISIL Ups Ratings on INR150MM Loans to 'B+'
MIDFIELD INDUSTRIES: CRISIL Suspends B+ Ratings on INR473MM Loans

NABAKALEBAR CHARITABLE: CRISIL Puts B- Ratings on INR150MM Loans
PARTAP WIRE: CRISIL Assigns 'B' Ratings to INR61MM Loans
PASUPATI SPINNING: CRISIL Ups Ratings on INR243.9MM Loans to B-
PRAKASH GLASS: CRISIL Suspends 'BB' Ratings on INR75MM Loans
RAMKRISHNA AGENCIES: CRISIL Ups Rating on INR125MM Loan to 'BB'

RUBBER PRODUCTS: CRISIL Assigns 'B-' Ratings to INR80MM Loans
SAT INDER: CRISIL Assigns 'B+' Ratings to INR50.5MM Loans
SRI BHAVANI: CRISIL Reaffirms 'BB-' Ratings on INR120MM Loans
TAMILNADU JAIBHARATH: CRISIL Puts 'D' Ratings on INR782MM Loans
TIRUPATI CYLINDERS: CRISIL Reaffirms BB+ Rating on INR150MM Loan

TIRUPATI LPG: CRISIL Reaffirms 'BB+' Rating on INR175MM Loan
VASTUSHREE DEVELOPERS: CRISIL Reaffirms 'B+' INR100MM Loan Rating
* Indian SF Ratings Resilient to Rising Delinquencies, Fitch Says


S O U T H  K O R E A
TONG YANG: Court Accepts Five Units' Receivership Application
TONG YANG GROUP: Prosecutors Carry Out Raids


X X X X X X X X

* APAC Sovereigns Face Growing Pressure on Credit Profiles
* Large Companies with Insolvent Balance Sheets


                            - - - - -


=================
A U S T R A L I A
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HAPPY DAYS DINER: 1950s-Themed Diner Put Up For Sale
----------------------------------------------------
Jenny Rogers at goldcoast.com.au reports that the happy days are
over for the operators of the Happy Days Diner at Upper Coomera.

Kristy Blackwell and Donna Frost had been battling to stay afloat
after custom at their once-bustling 1950s-themed restaurant was
reduced to a trickle as roadworks on the Tamborine-Oxenford Road
dragged on, goldcoast.com.au relates.

Their business virtually dried up when the John Muntz Causeway was
washed away in the Australia Day floods, the report says.

goldcoast.com.au relates that while one lane of the causeway was
re-opened and work on a new bridge to replace the old causeway is
due to be finished by the end of the year or early 2014, it all
got too hard for the two women, who shut the doors of the diner
last month.

According to the report, Ms. Frost said despite "incredible"
support from locals, "we just couldn't hold on any longer".

She said the pair had done everything they could to keep the
business afloat but hit insurmountable cashflow problems, the
report relays.

"We were just accumulating more and more debt and thought if
things didn't pick up, we didn't want to end up in the bankruptcy
courts," the report quotes Ms. Frost as saying.  "But we want to
thank all our loyal customers who stuck by us."

Marketing agent Sandra Blake of the Professionals Realty Upper
Coomera has placed the diner and a nearby house up for lease on
behalf of the locally based owner, the report adds.


INVOGUE PROJECT: BJ Plumbing to Notice Employees Due to Collapse
----------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that BJ Plumbing has
been compelled to give notice to its three workers after the
company lost $20,000 due to the collapse of InVogue Project Group.
BJ Plumbing is one of the contractors of the troubled group being
owed thousands of dollars for its work under a InVogue project.

The report says BJ Plumbing refurbished amenities, installed a new
fire hose system and kitchenette during the Roads and Maritime
Services building renovation.


SIFF: FIFA Appoints Interim Administration Over Fin'l. Woes
-----------------------------------------------------------
ABC News reports that Football's world governing body FIFA, along
with the regional body the Oceania Football Confederation (OFC),
have appointed an interim administration to run football in the
Solomon islands.

They've sent in what's called a 'normalization committee' to take
control of the Solomon Islands Football Federation (SIFF),
according to ABC News.  The report relates that the move was
agreed to after SIFF's funding was put on hold, pending an
investigation into the federation's handling of its finances.

The report notes that the OFC's General Secretary, Tai Nicholas,
said there's no indication of misappropriation by those running
the game, and it appears poor accounting is to blame.

"For one reason or another the former administration, for the
amount of activities they're involved in both internationally and
domestically, weren't able to fund everything. . . . The best way
forward in order for football to grow in that country is to
install a new administration, which was done by FIFA appointing a
Normalisation Committee to run the affairs of football, and to
call for new elections in a year's time. . . . We've concluded
lapses in financial management in terms of the accountability of
where the money went. . . . We can't prove there's
misappropriation, so the current administration agreed that maybe
it was time to install a normalisation for the time being, and
look to stakeholders across the Solomon Islands to install a new
administration," the report quoted Mr. Nicholas as saying.

The report relates that Mr. Nicholas told Pacific Beat the OFC is
keen to take over.

The report discloses that Mr. Nicholas said the Solomon Islands
needs to make sure all money is accounted for and spent for the
right reasons.

Mr. Nicholas believes the new administration will need to review
its priorities when it comes to entering tournaments, the report
adds.


TEN NETWORK: Full-Year Loss Widens to AUD280.9 Million
------------------------------------------------------
The Australian reports that Ten Network has announced a new four-
year, AUD200 million debt facility backed by its major
shareholders, after widening its full-year loss.

In the year to August 31, Ten posted a net loss of
AUD280.9 million, a significant widening on the AUD14.04 million
loss posted in fiscal 2012, The Australian discloses.

The Australian relates that the group said its net loss for the
year was impacted by one-off, non-recurring charges for continuing
operations of AUD336.2 million, including a
AUD292.1 million impairment charge for its television licence,
AUD29.7 million of charges relating to Eye contracts and other
restructuring costs of AUD14.4 million. It said the underlying
loss attributable to members was AUD5 million.

Total revenue in the same period was AUD660.9 million, a
12 per cent decline on AUD754.1 million in the previous year, the
report relays.

Television earnings before interest, taxation, depreciation and
amortisation for FY13 amounted to AUD46.1 million, down 44 per
cent from AUD82.4 million in FY12, The Australian discloses.

Ten declined to pay a dividend, the report notes.

The Australian notes that the media group said its new debt
facility was from Commonwealth Bank of Australia and was
guaranteed by Ten's major shareholders associated with Bruce
Gordon, Lachlan Murdoch and James Packer.

Ten Network Holdings Limited is an Australia-based company. The
principal activity of the Company is the investment in The Ten
Group Pty Limited (Ten Group) and controlled entities, whose
principal activities are the operation of multi-channel commercial
television licenses in Sydney, Melbourne, Brisbane, Adelaide and
Perth, and out-of-home advertising. The Company operates in the
television segment. Network Ten operates three free-to-air
television channels in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth.



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C H I N A
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CHINA PRECISION: Widens Net Loss to $68.9 Million in Fiscal 2013
----------------------------------------------------------------
China Precision Steel, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $68.93 million on $36.52 million of sales revenues for
the year ended June 30, 2013, as compared with a net loss of
$16.94 million on $142.97 million of sales revenues during the
prior fiscal year.  The increase in net loss is attributable to,
among other things, a substantial decrease in sales revenues, a
negative gross profit margin, and a substantial allowance for bad
and doubtful debts.

As of June 30, 2013, the Company had $119.92 million in total
assets, $67.01 million in total liabilities, all current, and
$52.91 million in total stockholders' equity.  As of June 30,
2013, the Company had cash and cash equivalents of approximately
$0.1 million.

Moore Stephens, Certified Public Accountants, in Hong Kong, issued
a "going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company has suffered a very significant
loss in the year ended June 30, 2013, and defaulted on interest
and principal repayments of bank borrowings that raise substantial
doubt about its ability to continue as a going concern.

A copy of the Form 10-K is available for free at:

                       http://is.gd/FhzkyS

                      About China Precision

China Precision Steel Inc. is a niche precision steel processing
company principally engaged in the production and sale of high
precision cold-rolled steel products and provides value added
services such as heat treatment and cutting medium and high
carbon hot-rolled steel strips.  China Precision Steel's high
precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-
rolled steel products are mainly used in the production of
automotive components, food packaging materials, saw blades and
textile needles.  The Company primarily sells to manufacturers in
the People's Republic of China as well as overseas markets such
as Nigeria, Thailand, Indonesia and the Philippines.  China
Precision Steel was incorporated in 2002 and is headquartered in
Sheung Wan, Hong Kong.


MAOYE INT'L: Moody's Withdraws Ba2 Sr. Unsec. Bond Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn Maoye International
Holdings Limited's provisional (P)Ba2 senior unsecured bond
rating.

Ratings Rationale:

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

Maoye International Holdings Limited is one of the leading
department store operators in China. Headquartered in Shenzhen,
Guangdong Province, the company has built a strong position in its
home market, while strategically expanding outside Guangdong.

Maoye listed on the Hong Kong Exchange in 2008. It opened its
first department store in Shenzhen in 1997. Since then, the
company has progressively expanded its business to 39 stores in 19
cities across China's four main regions. The fast expansion has
resulted in a geographically balanced portfolio of relatively
young stores.


SINO-FOREST: Nov. 18 Hearing on US Recognition of E&Y Settlement
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will hold a hearing Nov. 18, 2013, on the motion to recognize and
enforce an order by the Ontario Superior Court approving a
settlement of a class action lawsuit solely against Ernst & Young
LLP and Ernst & Young Global Limited for C$117 million and other
consideration.

The class consists of persons and entities who, from March 19,
2007, through August 26, 2011, purchased the common stock of Sino-
Forest Corporation on the United States Over-the-Counter market
and who were damaged thereby; or debt securities issued by Sino-
Forest other than in Canada and who were damaged thereby; and who
have, had, could have had or may have a claim against E&Y or any
of its member firms and any person or entitiy affiliated or
connected thereto in connection with the purchase or sale of Sino-
Forest securities.

These defendants are excluded from the US E&Y Settlement Class:
the officers and directors of Sino-Forest, members of the
immediate families of those persons, and the legal
representatives.

The Settlement Class excludes investors who purchased Sino-Forest
securities on the Toronto Stock Exchange or in Canada.

The hearing will be held 11:00 a.m. on Nov. 18 before Judge Martin
Glenn.  Objections or responses to the Motion must be filed with
the U.S. Bankruptcy Court by due Nov. 7.  Objections also may be
sent to:

US Counsel for Ernst & Young:

     Ken Coleman, Esq.
     Jonathan Cho, Esq.
     ALLEN & OVERY LLP
     1221 Avenue of the Americas
     New York, NY 10020

Bankruptcy Counsel for the Class Action Plaintiffs:

     Michael S. Etkin, Esq.
     Tatiana Ingman, Esq.
     LOWENSTEIN SANDLER LLP
     1251 Avenue of the Americas
     New Yor, NY 10020
     E-mail: tingman@lowenstein.com

Additional information on the Motion and E&Y Settlement may be
obtained upon request at:

     Richard A Speirs, Esq.
     COHEN MILSTEIN SELLERS & TOLL PLLC
     88 Pine Street
     New York, NY 10005
     Tel: 212-838-7797
     E-mail: rspeirs@cohenmilstein.com

                     About Sino-Forest Corp.

Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China.  Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products.  Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.

Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.

Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.

FTI Consulting commenced a Chapter 15 case for Sino-Forest in New
York (Bankr. S.D.N.Y. Case No. 13-10361) to give force and effect
of Sino-Forest's plan of compromise and reorganization that has
been sanctioned by creditors and an Ontario court.  The
Chapter 15 petition claimed assets and debt both exceed $1
billion.  Jeremy C. Hollembeak, Esq., at Milbank, Tweed, Hadley &
McCloy, LLP, serves as counsel in the U.S. case.



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I N D I A
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AMISHA STEELS: CRISIL Assigns 'B+' Rating to INR55MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Amisha Steels Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               55      CRISIL B+/Stable

The rating reflects weak financial risk profile constrained on
account of weak debt protection metrics, small scale of operation.
These weaknesses are partially offset by the experience of the
promoters in the steel industry.

Outlook: Stable

CRISIL believes that ASPL will maintain its business risk profile
on the back of its promoters' experience in the steel industry and
established relationships with customers/suppliers. The outlook
may be revised to 'Positive' if the company reports more than
expected operating margins leading to better business risk profile
or capital structure improves due to infusion of funds by the
promoters. Conversely, the outlook may be revised to 'Negative',
if the company's operating margins further declines or if the
company's financial risk profile deteriorates due to stretch in
working capital cycle.

Amisha Steels Private Limited is a private limited company engaged
in the business of trading of iron and steel products which
include products like Billet, Slab, TMT bars, Angel. The Company
is promoted by MR. Amit Kumar Agarwal and Mr. Sumit Kumar Agarwal
and is based out of Mandi- Gobindgarh, Punjab.


CHANDAN SALT: CRISIL Assigns 'B+' Ratings to INR16MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Chandan Salt Works Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              9        CRISIL B+/Stable

   Term Loan                7        CRISIL B+/Stable

The rating reflects CSWPL's average financial risk profile marked
by high gearing, its small scale of operations in the highly
fragmented salt industry, and customer concentration in its
revenue profile. These rating weaknesses are partially offset by
the extensive industry experience of CSWPL's promoters.

Outlook: Stable

CRISIL believes that CSWPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with customers. The outlook may be
revised to 'Positive' if the company generates higher-than-
expected cash accruals or benefits from significant equity
infusion by its promoters, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if there is a significant decline in CSWPL's cash accruals or
deterioration in its working capital cycle, or if it undertakes a
large debt-funded capital expenditure programme, resulting in
further weakening of its financial risk profile.

Incorporated in 1995, CSWPL manufactures common salt for
industrial uses. There are two directors on its board: Mr. Shiv
Kumar Khemka and his son, Mr. Prasann Khemka.

For 2012-13 (refers to financial year, April 1 to March 31), CSWPL
reported a profit after tax (PAT) of INR1.6 million on net sales
of INR57.8 million, against a PAT of INR0.4 million on net sales
of INR52.0 million for 2011-12.


G. NAGESWARAN: CRISIL Assigns 'D' Ratings to INR115MM Loans
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of G. Nageswaran (GN) and has assigned its 'CRISIL
D/CRISIL D' ratings to these facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           10       CRISIL D (Assigned;
                                     Suspension Revoked)

   Long-Term Loan           11       CRISIL D (Assigned;
                                     Suspension Revoked)

   Secured Overdraft        94       CRISIL D (Assigned;
   Facility                          Suspension Revoked)

The ratings had been suspended by CRISIL as per its rating
rationale dated March 5, 2013, as GN had not provided the
necessary information required for reviewing the ratings. The
ratings reflect the delays by GN in servicing its debt; the delays
have been caused by the firm's weak liquidity.

GN has a below-average financial risk profile, marked by a highly
leveraged capital structure and moderate debt-protection metrics,
and a modest scale of operations. However, the firm benefits from
its proprietor's extensive experience in the civil construction
industry.

Established as a proprietorship firm in 1985, GN is engaged in
execution of civil construction works mainly for the Government of
Tamil Nadu and the National Highways Authority of India.

For 2011-12 (refers to financial year, April 1 to March 31), GN
reported a net profit of INR21.94 million on contract income of
INR457.65 million, against a net profit of INR17.62 million on
contract income of INR381.32 million for 2010-11.


HAP GARMENTS: CRISIL Reaffirms B+ Rating on INR150MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Hap Garments Pvt
Ltd (HGPL) continues to reflect HGPL's below-average financial
risk profile marked by a small net worth, a high gearing, and weak
debt protection metrics.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             150.0     CRISIL B+/Stable

The rating also factors in the company's limited track record in
the ready-made garments segment and exposure to intense industry
competition. These rating weaknesses are partially offset by the
extensive experience of HGPL's promoters in the textiles industry.

Outlook: Stable

CRISIL believes that HGPL will continue to benefit over the medium
term from its promoters' extensive experience in the domestic
ready-made garments industry. The outlook may be revised to
'Positive' if the company generates higher-than-expected net cash
accruals, or benefits from substantial equity infusion, thereby
reducing the pressure on its liquidity. Conversely, the outlook
may be revised to 'Negative' if HGPL undertakes a large, debt-
funded capital expenditure programme, or in case of lengthening of
its working capital cycle, resulting in weakening of its financial
risk profile.

HGPL, incorporated in 2010 and based in Kolkata (West Bengal),
manufactures garments such as salwar suits and sarees for women.
The company also trades in salwar suits. HGPL has a manufacturing
unit in Kolkata with capacity of about 60,000 pieces per month.
The company derives about 90 per cent of its revenues from sales
to wholesalers, and the rest from retail sales. HGPL commenced
commercial operations in August 2010.


KRISHNA PULSES: CRISIL Assigns 'B+' Rating to INR49MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Krishna Pulses & Cereals (KPC).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Warehouse Receipts       49       CRISIL A4

   Proposed Long-Term       49       CRISIL B+/Stable
   Bank Facility

   Proposed Short-Term     102       CRISIL A4
   Bank Facility

The ratings reflect KPC's weak financial risk profile, marked by
high gearing and weak debt protection metrics, small net worth and
small scale of operations in a highly fragmented industry. These
rating weaknesses are partially offset by KPC's promoter's
extensive experience in the business.

Outlook: Stable

CRISIL believes that KPC's financial risk profile will remain
weak, marked by small net worth, high gearing and weak debt
protection metrics, on account of large working capital
requirements. However, KPC will benefit over the medium term from
its promoters' extensive experience and healthy operating margin.
The outlook may be revised to 'Positive' if there is a significant
ramp up in KPC's scale of operations or its capital structure
improves driven by capital infusion by the partners or higher than
expected net cash accruals. Conversely, the outlook may be revised
to 'Negative' if KPC's financial risk profile deteriorates, due to
decline in revenue and profitability, resulting in further
weakening of debt protection metrics or the firm undertakes a
large debt-funded capital expenditure (capex) programme.

KPC is a partnership firm incorporated in 1995 by Mr. Raman
Aggarwal, Mr. Krishan Kumar Aggarwal and Mr. Gaurav Aggarwal. In
2011 Mr. Raman Aggarwal and Mr. Krishan Kumar Aggarwal retired
from the partnership, and Mrs. Renu Aggarwal (wife of Mr. Raman
Aggarwal) and Mrs. Sudha Aggarwal (wife of Mr. Krishan Kumar
Aggarwal) were admitted as partners. The firm manufactures wheat
products such as maida, atta and other food grain commodities. Its
flour mill is situated in Dinanagar (Punjab).

KPC reported a profit after tax (PAT) of INR0.2 million on net
sales of INR112.3 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net sales
of INR104.7 million for 2011-12.


LAMBODHARA TEXTILES: CRISIL Puts 'BB' Ratings on INR491.3MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Lambodhara Textiles Limited (LTL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan          389.5     CRISIL BB/Stable

   Cash Credit             101.8     CRISIL BB/Stable

   Export Packing Credit    48.7     CRISIL A4+

The ratings reflect LTL's established market presence in the
viscose and polyester yarn industry, and healthy operating
efficiencies. These rating strengths are partially offset by LTL's
below-average financial risk profile, marked by a highly leveraged
capital structure; and moderate scale of operations in the
intensely competitive textile industry.

Outlook: Stable

CRISIL believes that LTL will continue to benefit from its
established position in the viscose and polyester yarn industry.
The outlook may be revised to 'Positive' if the company
significantly improves its financial risk profile, particularly
capital structure through improvement in cash accruals or equity
infusion from the promoters. Conversely, the outlook may be
revised to 'Negative' if LTL's revenues or operating margin is
lower-than-expected; or the company undertakes a large debt-funded
capital expenditure (capex) programme, thereby weakening its
capital structure.

LTL was set up in Coimbatore in 1994. The company manufactures
viscose yarn and polyester yarn primarily in the 20s to 50s count.
Mr. R Santossh, manages the daily operations of the company.

LTL reported a profit after tax (PAT) of INR32 million on total
revenue of INR980 million for 2012-13 (refers to financial year,
April 1 to March 31), and a loss of INR7 million on total revenue
of INR758 million for 2011-12.


MASCOT INDUSTRIES: CRISIL Assigns 'B-' Ratings to INR34.5MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Mascot Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------             ---------  -------
   Term Loan                  26.3    CRISIL B-/Stable

   Proposed Long-Term          5.7    CRISIL B-/Stable
   Bank Loan Facility

   Foreign Bill Discounting    2.5    CRISIL B-/Stable

   Packing Credit             20.0    CRISIL A4

The ratings reflect Mascot's modest scale of operations in the
intensely competitive textile industry, working capital intensive
nature of operations and stretched liquidity position. These
rating weaknesses are partially offset by the extensive experience
of Mascot's partners in the textiles industry.

Outlook: Stable

CRISIL believes that Mascot will continue to benefit over the
medium term from its partners extensive experience in the textile
industry. The outlook may be revised to 'Positive' in case there
is significant and sustained improvement in the firm's revenues
and profitability while improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
decline in the firm's revenues or operating margins or an
elongation of its working capital cycle or larger than anticipated
debt funded capital expenditure, resulting in weakening in its
financial risk profile.

Mascot set up in 1970 is engaged in manufacturing and export of
handloom cotton fabrics and made-ups. Mr. C. Jayachandran and Mrs.
Meena Jayachandran (wife of Mr. Jayachandran) are the partners in
the firm. The firm is based out of Kerala.

For 2011-12 (refers to financial year, April 1 to March 31),
Mascot reported a profit after tax (PAT) of Rs 0.5 million on net
sales of INR41.5 million, as against a PAT of INR2.1 million on
net sales of INR53.0 million for 2010-11.


MATSYA AUTOMOBILES: CRISIL Cuts Ratings on INR60MM Loans to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Matsya
Automobiles Ltd (MAL) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Channel Financing        400      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long-Term        10      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The rating downgrade reflects an increase in MAL's working capital
requirements and deterioration in its debt protection measures in
2012-13 (refers to financial year, April 1 to
March 31). The increase in MAL's working capital requirements is
driven by a significant increase in its inventory holding period,
to more than 40 days in 2012-13, from 21 days in 2011-12. The
increased working capital requirement has been met through short
term debt due to which the company's gearing increased to 9.9
times in 2012-13 in comparison to 3.5 times as on March 31, 2012.
MAL's operating margin has also declined to 1.2 per cent in 2012-
13, as compared to 2.2 per cent 2011-12, driven by a decline in
demand in the heavy commercial vehicle (HCV) segment. CRISIL
believes that business risk profile will remain constrained by its
weakening working capital cycle, and lower-than-expected sales
over the medium term.

The ratings continue to reflect MAL's low bargaining power with
the principal, Tata Motors Ltd (TML; rated 'CRISIL AA-
/Positive/CRISIL A1+') resulting in low profitability, and
exposure to intense competition in the automobile dealership
industry. These rating weaknesses are partially offset by the
benefits that MAL derives from its long-standing association with
its principal.

Outlook: Stable

CRISIL believes that MAL will maintain a stable business risk
profile over the medium term, supported by the promoters'
experience in the dealership business. The outlook may be revised
to 'Positive' if the company's financial risk profile improves,
driven by better profitability and cash accruals. Conversely, the
outlook may be revised to 'Negative' if MAL's working capital
cycle weakens, or it undertakes any debt-funded capital
expenditure plans.

MAL was incorporated in Alwar (Rajasthan) in 1992. The company is
the exclusive authorised dealer for TML's heavy commercial
vehicles, in five districts of Rajasthan: Alwar, Bharatpur,
Dhaulpur, Sawai Madhopur and Karauli. The company currently
operates one showroom with sales, service, and spares (3S)
facilities in Alwar, and four branch offices across the four
districts. Additionally, MAL has two marketing offices in Bhiwadi
and Behror (Alwar). The company is promoted by Mr. Vijay Gupta and
his family.

MAL reported net loss of INR8 million on its operating income of
INR3152 million for 2012-13; and a profit after tax (PAT) of
INR33.5 million on an operating income of INR2754 million for
2011-12.


METRIX HEALTHCARE: CRISIL Ups Ratings on INR150MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Metrix Healthcare Private Limited to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              27.5     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long-Term      122.5     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects an improvement in the business risk
profile of company marked by an increase in MHPL's scale of
operations and distribution network.

The rating reflects MHPL's weak financial risk profile marked by
small scale of operations, high working capital requirements and
low net worth. However, these rating weaknesses are partially
offset by the promoter's extensive experience in the
pharmaceutical industry.

Outlook: Stable

CRISIL believes that Metrix Healthcare Private Limited (MHPL) will
benefit over the medium term from its promoters' extensive
experience in pharmaceutical industry. The outlook may be revised
to 'Positive' if the company further scales up its operations
while efficiently managing its working capital requirements,
leading to improvement in its accruals and financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates, most likely because
of higher than expected increase in working capital requirements,
or if there is a decline in operating profitability.

Incorporated in 2004, MHPL is engaged in distribution and
marketing of pharmaceuticals drugs including tablets, syrups,
capsules and injectable. The company gets its products
manufactured through third party manufacturers and sells the
products under its brand. The company is promoted by Mr. Yogesh
Gupta, Ms. Nirupama Gupta and Mr. Anuj Gupta.

MHPL reported profit after tax (PAT) of INR10.3 million on net
sales of INR275.4 million for 2012-13 (refers to financial year,
April 1 to March 31) as against PAT of INR4.3 million on net sales
of INR39 million for 2011-12.


MIDFIELD INDUSTRIES: CRISIL Suspends B+ Ratings on INR473MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Midfield Industries Ltd (MIL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           22.5     CRISIL A4 Suspended

   Cash Credit             320.0     CRISIL B+/Stable Suspended

   Letter of Credit         70.0     CRISIL A4 Suspended

   Proposed Long-Term       69.9     CRISIL B+/Stable Suspended
   Bank Loan Facility

   Standby Line of Credit   34.5     CRISIL A4 Suspended

   Term Loan                83.1     CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by MIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MIL is yet to
provide adequate information to enable CRISIL to assess MIL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Set up in 1990, MIL manufactures packaging consumables such as
high-tensile steel strapping, low-tensile steel strapping, seals
for diverse applications, collated nails, and angle boards for
varied industries such as steel, aluminium, and glass. MIL also
provides end-to-end packaging solutions at the customer's
location. The company's manufacturing units are in Hyderabad
(Andhra Pradesh), Roorkee (Uttarakhand), and Mumbai (Maharashtra).


NABAKALEBAR CHARITABLE: CRISIL Puts B- Ratings on INR150MM Loans
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Nabakalebar Charitable Trust (NCT), and has assigned
its 'CRISIL B-/Stable' rating to the trust's bank facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Funded Interest          8.5      CRISIL B-/Stable (Assigned;
   Term Loan                         Suspension Revoked)
   Working Capital         20.0      CRISIL B-/Stable (Assigned;
   Term Loan                         Suspension Revoked)

   Term Loan              110.0      CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long-Term      11.5      CRISIL B-/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)
The ratings had been suspended by CRISIL as per its rating
rationale dated July 25, 2013, as NCT had not provided the
necessary information required for review of the ratings. NCT has
now shared the requisite information, thereby enabling CRISIL to
assign ratings to the bank facilities.

The rating reflects NCT's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, modest
scale of operations, and vulnerability to regulatory risks
associated with educational institutions. These rating weaknesses
are partially offset by the extensive industry experience of NCT's
promoters in the industry.

Outlook: Stable

CRISIL believes that NCT will benefit over the medium term from
the extensive industry experience of its promoters, and the
increasing demand for its technical courses. The outlook may be
revised to 'Positive' if significantly higher net cash accruals,
or sizeable equity infusions result in a stronger capital
structure for the trust. Conversely, the outlook may be revised to
'Negative' if decline in profitability or lack of timely funding
support from the promoters leads to pressure on the trust's
liquidity.

NCT was formed in 2000 by Mr. Pramod Ranjan Mallick. The trust
manages one college, Bhubaneswar Engineering College, which began
operations in 2008-09 (refers to financial year, April 1 to
March 31). The college offers B Tech courses in Electrical and
Electronics, Electronics & Telecommunication, Computer Science,
Civil, Aeronautical, and Mechanical Engineering, and Information
Technology. The college also offers diploma coursess, Mashers of
Business Administration and M Tech courses. The college is
approved by All India Council for Technical Education (AICTE) and
affiliated to Biju Patnaik University of Technology (BPUT),
Odisha.


PARTAP WIRE: CRISIL Assigns 'B' Ratings to INR61MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Partap Wire India Pvt Ltd (PWIL; part of Partap
group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        1       CRISIL B/Stable
   Bank Loan Facility

   Bank Guarantee            4       CRISIL A4

   Cash Credit              60       CRISIL B/Stable

The ratings reflect the Partap group's weak financial risk
profile, and its working-capital-intensive operations. The rating
also factors in the susceptibility of the group's margins to
fluctuation in raw material prices, and its exposure to risks
related to intense competition in the fragmented industry. These
rating weaknesses are partially offset by the extensive industry
experience of the Partap group's promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PWIL and PM Industry (PMI). This is
because these entities, together referred to as the Partap group,
are in the same line of business, have a common marketing network,
and are under the same management. Moreover, the management plans
to merge the two entities over the medium term.

Outlook: Stable

CRISIL believes that the Partap group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
reports higher-than-expected sales, and if there is an improvement
in its financial risk profile driven most likely by improvement in
its profitability and capital structure. Conversely, the outlook
may be revised to 'Negative' if the Partap group's financial risk
profile deteriorates, most likely because of lower-than-
anticipated profitability, larger-than-expected working capital
requirements, or large debt-funded capital expenditure.

PWIL was established in 1991. The company manufactures galvanised
iron wires, wire mesh, and barbed wires at its production facility
in Kangra (Himachal Pradesh). It is managed by Mr. Surjit Mahajan
and his sister-in-law, Ms. Aruna Mahajan. PMI, a proprietorship
firm, manufactures the same products at its facility in Kangra. It
is managed by Mr. Vishal Mahajan.

PWIL, on a standalone basis, is estimated to report a profit after
tax (PAT) of INR0.42 million on net sales of INR167 million for
2012-13 (refers to financial year, April 1 to March 31); it had
reported a PAT of INR0.38 million on net sales of INR142 million
for 2011-12.


PASUPATI SPINNING: CRISIL Ups Ratings on INR243.9MM Loans to B-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Pasupati Spinning & Weaving Mills Ltd (PSWML) to
'CRISIL B-/Stable' from 'CRISIL C' while reaffirming ratings on
the short-term bank loan facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           33.0     CRISIL A4 (Reaffirmed)

   Bill Purchase-           71.1     CRISIL A4 (Reaffirmed)
   Discounting Facility

   Cash Credit              50.2     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

   Foreign Bill Purchase    40.4     CRISIL A4 (Reaffirmed)

   Letter of Credit         47.3     CRISIL A4 (Reaffirmed)

   Packing Credit          112.5     CRISIL A4 (Reaffirmed)

   Working Capital          43.7     CRISIL B-/Stable (Upgraded
   Demand Loan                       from 'CRISIL C')

   Proposed Long-term      150.0     CRISIL B-/Stable (Upgraded
   bank loan facility                from 'CRISIL C')

The rating upgrade is driven by PSWML's timely servicing of debt
obligations and redemption of the optionally convertible
cumulative debentures (not rated by CRISIL). The rating was
previously constrained by delays in redemption of these
debentures, which the company redeemed by availing of a corporate
loan. PSWML's liquidity could improve in the near term, supported
by an increase in cash accruals commensurate with its operating
revenues, and expected support from the promoters in the form of
unsecured loans. However, the company's liquidity is constrained
by its sizeable debt obligations.

The ratings also factors in PSWML's working-capital-intensive
operations and the susceptibility of its operating margin to
Government of India's policies related to raw material prices.
These rating weaknesses are partially offset by the extensive
experience of PSWML's promoters in the yarn industry.

Outlook: Stable

CRISIL believes that PSWML will maintain a stable business risk
profile over the medium term, on the back of its promoter's
extensive experience in the textile industry. The outlook may be
revised to 'Positive' if PSWPL's liquidity improves significantly,
most likely because of infusion of funds by promoters and/or more-
than-expected cash accruals. Conversely, the outlook maybe revised
to 'Negative' if the company undertakes a large debt-funded
capital expenditure programme, and/or if its profitability
declines significantly, leading to deterioration in its overall
financial risk profile.

PSWML was incorporated in New Delhi in 1979. The company is
promoted by Mr. Ramesh Kumar Jain, and manufactures cotton yarn,
polyester grey and dyed sewing thread, and knitted fabric. PSWML
has a sewing thread manufacturing facility in Kala Amb (Himachal
Pradesh) and polyester viscose yarn and cotton yarn manufacturing
units in Dharuhera (Haryana).

The company reported a profit after tax (PAT) of INR199.6 million
(includes extra ordinary income of INR145.8 due to write-back of
term loan dues, principal and interest on debentures and
provisions of excise duty) on net sales of INR1564 million for
2012-13 (refers to financial year, April 1 to March 31), and a PAT
of INR12.1 million on net sales of INR1123 million for 2011-12.


PRAKASH GLASS: CRISIL Suspends 'BB' Ratings on INR75MM Loans
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Prakash
Glass and Rubber Works (PGR).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              45       CRISIL BB/Stable Suspended
   Proposed Term Loan       25       CRISIL BB/Stable Suspended
   Term Loan                 5       CRISIL BB/Stable Suspended

The suspension of ratings is on account of non-cooperation by PGR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PGR is yet to
provide adequate information to enable CRISIL to assess PGR's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

PGR, set up in 2000 as a partnership firm, is in the business of
processing toughened glass. Mr. Sailesh Kumar Gupta and his
brother, Mr. Kapil Kumar Gupta, are the firm's partners. The firm
mainly processes toughened glass used in the automobile and
construction industries. PGR mainly caters to the replacement
market of processed glass. The firm has a total processing
capacity of 320,000 square feet per month (sfpm).


RAMKRISHNA AGENCIES: CRISIL Ups Rating on INR125MM Loan to 'BB'
---------------------------------------------------------------
CRISIL has upgraded its long term rating on the bank facility of
Ramkrishna Agencies to 'CRISIL BB/Stable' from 'CRISIL BB-
/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              125      CRISIL BB/Stable

The rating upgrade reflects steady improvement in Ramkrishna's
business risk profile backed by healthy revenue growth and
improved profitability. With its association with Samsung, the
domestic leader in mobile handsets, the firm witnessed strong
year-on-year revenue growth of about 59% to touch INR3418 million
in 2012-13, while improving operating margins to around 2.4% in
FY13 from 1.8%in FY12. Improved profitability on a maintained
working capital cycle also strengthened Ramkrishna's debt
protection metrics. Moreover, stronger accretion to reserves more
than doubled the firm's capital base to INR790 million as on March
31, 2013. CRISIL believes the firm will continue on its growth
path backed by steady demand for Samsung mobiles resulting in
healthy topline and cash accruals and further improving its
financial risk profile.

CRISIL's rating also reflects Ramkrishna's extensive experience of
the firm's proprietor in the distribution business, its exclusive
distribution rights in Odisha for a fast growing principal coupled
with a strong dealership network, and its low exposure to
inventory- and receivables-related risks. These rating strengths
are partially offset by the firm's weak financial risk profile,
marked by a modest net worth, and high TOL/NW, and its exposure to
risks related to supplier concentration and to intense competition
in the mobile handset industry.

Outlook: Stable

CRISIL believes that Ramkrishna Agencies' revenues will continue
to grow over the medium term at a robust rate on the back of
Samsung's dominant position in the domestic mobile handsets
industry. Its financial risk profile will, however, remain weak
over this period due to debt-funding of the large incremental
working capital requirements arising from the growth. The outlook
may be revised to 'Positive' in case of significant and sustained
improvement in the firm's capital structure and liquidity, most
likely through infusion of long-term funds by the proprietor.
Conversely, the outlook may be revised to 'Negative' if Ramkrishna
Agencies' liquidity deteriorates due to a longer-than-expected
working capital cycle, or if its revenues decline substantially
leading to lower than expected net cash accrual generation.

Ramkrishna Agencies, a sole proprietorship firm, was established
in 1993 by Ms. Renu Hans. The firm is an exclusive distributor of
Samsung India Electronics Pvt Ltd's mobile handsets and home
appliances in Odisha.

For 2012-13, Ramkrishna Agencies reported net sales(on provisional
basis) of INR3.41 billion and a profit after tax (PAT) of INR33.1
million, against net sales of INR2.15 billion and PAT of INR11.9
million for 2011-12.


RUBBER PRODUCTS: CRISIL Assigns 'B-' Ratings to INR80MM Loans
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of The Rubber Products Ltd (RPL) and has assigned its
'CRISIL B-/Stable/CRISIL A4' ratings to these facilities. CRISIL
had suspended the ratings as per its rating rationale dated May
24, 2013, because RPL had not provided the necessary information
for a rating review. RPL has now shared the requisite information,
enabling CRISIL to assign ratings to the company's bank
facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           2.5      CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             51.5      CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit        12.5      CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Long-Term      28.5      CRISIL B-/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)


The ratings reflect RPL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and its large
working capital requirements. These rating weaknesses are
partially offset by RPL's established market position in the
rubber products manufacturing industry.

Outlook: Stable

CRISIL believes that RPL will continue to benefit over the medium
term from its established position in the industry. The outlook
may be revised to 'Positive' if the company's liquidity improves,
primarily led by improvement in its profitability and working
capital cycle. Conversely, the outlook may be revised to
'Negative' if RPL's financial risk profile deteriorates, most
likely driven by a decline in its revenues or profitability or a
further stretch in its receivables.

RPL was originally set up by the late Mr. Narayan Shetty in 1966
and was reconstituted as a public listed company with the present
name in 1989. In 2006, the late Mr. Sadanand Shetty (friend of Mr.
Narayan Shetty) acquired a majority shareholding in the company.
RPL manufactures rubber products such as sheets, hoses, coated
fabric, extruded rubber products, boats and jackets, mini water
tanks (collapsible ponds), and inflammable storage spaces. Its
overall operations are managed by Ms. Sucharita Hegde, daughter of
Mr. Sadanand Shetty.

RPL reported a net loss of INR1.7 million on net sales of INR184
million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net loss of INR11 million on net sales of
INR140.5 million for 2011-12.


SAT INDER: CRISIL Assigns 'B+' Ratings to INR50.5MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sat Inder Constructions Pvt Ltd (SICPL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash           10        CRISIL B+/Stable
   Credit Limit

   Proposed Bank           10.5      CRISIL B+/Stable
   Guarantee

   Bank Guarantee          19.5      CRISIL A4

   Cash Credit             30.0      CRISIL B+/Stable

The ratings reflect SICPL's working capital intensive operations
and exposure to intense competition. These rating weaknesses are
partially offset by the extensive experience of SICPL's promoters
in the construction business.

Outlook: Stable

CRISIL believes that SICPL will maintain its business risk profile
backed by its promoters' extensive experience in the construction
industry, over the medium term. The outlook may be revised to
'Positive' if the company strengthens its credit risk profile
through greater geographical diversification and improves its
working capital management. Conversely, the outlook may be revised
to 'Negative' if SICPL's financial risk profile weakens due to
weak liquidity driven by lengthy working capital cycle or larger-
than-expected debt-funded capital expenditure programmes.

Inder Constructions, a partnership concern formed in 1984 by Batth
family, was converted to SICPL in February 2013 by Mr. Inder Pall
Singh Batth. SICPL undertakes civil construction activities (roads
and infrastructural works) for government entities such as Central
Public Works Department (CPWD), Indian Institute of Technology
(IIT), Kharagpur and others in Orissa and West Bengal.


SRI BHAVANI: CRISIL Reaffirms 'BB-' Ratings on INR120MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Bhavani
Traders (SBT) continues to reflect the extensive experience of
SBT's promoters in trading in steel and cement, and its
established relationships with major customers and suppliers.
These rating strengths are partially offset by the firm's small
scale of operations in the highly fragmented and competitive
trading business, and its weak financial risk profile, marked by a
small net worth, and high total outside liabilities to tangible
net worth (TOLTNW) ratio.

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

   Proposed Cash          20       CRISIL BB-/Stable(Reaffirmed)
   Credit Limit

Outlook: Stable

CRISIL believes that SBT will continue to benefit over the medium
term from the extensive industry experience of its management. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations, profitability, and capital structure, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SBT undertakes aggressive debt-funded
expansions, or if its revenues and profitability decline
substantially, leading to weakening of its financial risk profile.

Update

For 2012-13 (refers to financial year, April 1 to March 31), SBT
recorded an operating income of INR1.5 billion, which was in line
with CRISIL's expectations. The company's operating profitability
of 1.4 per cent for 2012-13 was marginally better than CRISIL's
expectation. SBT's financial risk profile remains weak, with a
TOLTNW ratio of around 4.3 times as on March 31, 2013. Despite no
major debt-funded capital expenditure, the company's TOLTNW ratio
is expected to remain high due to large working capital
requirements. SBT's working capital limit utilisation was high at
an average of around 97 per cent over the 12 months through June
2013.

SBT, on a provisional basis, reported a profit after tax (PAT) of
INR6 million on net sales of INR1.5 billion for 2012-13; it had
reported a PAT of INR11 million on net sales of INR1.4 billion for
2011-12.

Set up in 1989, SBT is engaged in trading in steel products,
cement, and asbestos sheets. The company is promoted by Mr. K
Eshwar Rao and is based in Visakhapatnam (Andhra Pradesh).


TAMILNADU JAIBHARATH: CRISIL Puts 'D' Ratings on INR782MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the short-term bank
facilities of Tamilnadu Jaibharath Mills Ltd, and has reaffirmed
its rating on the company's long-term bank facilities at 'CRISIL
D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              260      CRISIL D

   Key Loan                 100      CRISIL D

   Long-Term Loan           173.2    CRISIL D

   Proposed Long-Term       221.3    CRISIL D
   Bank Loan Facility

   Bank Guarantee             5.0    CRISIL D

   Letter of Credit          22.5    CRISIL D

The ratings continue to reflect instances of delay by TNJBL in
meeting its term loan obligations; the delays have been caused by
the company's weak liquidity.

TNJBL has a weak financial risk profile, marked by high gearing
and below-average debt protection metrics. The company is also
exposed to risks related to volatility in raw material prices, and
to power shortage in Tamil Nadu. TNJBL, however, benefits from the
long track record of the Ramalinga Mills group, of which it is a
part, in the textile industry.

Set up in 1989, TNJBL is part of the Ramalinga group of companies.
TNJBL manufactures cotton yarn.

TNJBL reported a net loss of INR17.3 million on net sales of
INR869.9 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net loss of INR199.3 million on net sales of
INR735.1 million for 2011-12.


TIRUPATI CYLINDERS: CRISIL Reaffirms BB+ Rating on INR150MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tirupati Cylinders Ltd
(TCL; part of the Tirupati group) continue to reflect the Tirupati
group's established market position and promoters' extensive
experience in the liquefied petroleum gas (LPG) cylinder
manufacturing industry. These rating strengths are partially
offset by the group's constrained financial flexibility on account
of large exposure to associate company, and susceptibility to high
customer and geographical concentration.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         30      CRISIL A4+ (Reaffirmed)
   Cash Credit           150      CRISIL BB+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has now combined the business
and financial risk profiles of TCL and Tirupati LPG Industries Ltd
(TLPG), together referred to as the Tirupati group. This is
because both the companies are managed by the same promoters, are
in the same line of business, have operational linkages with
regards to procurement of goods, and fungible finances. Besides,
there is cross holding among the two companies.

CRISIL had earlier combined the business and financial risk
profiles of International Cylinders Pvt Ltd (ICL), TLPG, and TCL.
The financial and business risk profiles of ICL is now not
consolidated with TCL and TLPG on account of the management stated
posture that ICL is now managed by Mr. Arun Goyal (elder brother
of Mr. Dinesh Goyal) and has no operational linkages in the form
of sales and purchases to/from TCL and TLPG.

Outlook: Stable

CRISIL believes that the Tirupati group will benefit over the
medium term from its established position in the domestic LPG
cylinder manufacturing industry backed by healthy client
relationship. The outlook may be revised to 'Positive' if the
Tirupati group reduces its exposure to group companies
significantly or achieves geographic diversity in its revenue
profile. Conversely, the outlook may be revised to 'Negative' in
case the group's operating profit witness significant pressure or
it faces stressed liquidity, arising from larger-than-expected
exposure to group companies or pay-out of penalty imposed by
Competition Commission of India.

The Tirupati group was set up in 1989 by taking over a sick unit
in Muzaffarnagar (Uttar Pradesh) under TCL. In 1994, TLPG was set
up and took over a cylinder manufacturing unit from Uttar Pradesh
Financial Corporation, based in Selaqui, Dehradun (Uttarakhand).

The Tirupati group manufactures LPG cylinders for Indian oil
marketing companies, such as Indian Oil Corporation Ltd (rated
'CRISIL AAA/Negative/CRISIL A1+'), Bharat Petroleum Corporation
Ltd (rated 'CRISIL AAA/FAAA/Negative/CRISIL A1+'), and Hindustan
Petroleum Corporation Ltd (rated 'CRISIL AAA/FAAA/Negative/CRISIL
A1+'). The group has a combined manufacturing capacity of around 2
million LPG cylinders per annum on a single shift basis. It
manufactures LPG cylinders of various sizes as per customers'
requirement; however, over 90 per cent of its revenues are from
the 14.2-kilogram cylinder.

The Tirupati group's profit after tax (PAT) and net sales are
estimated at INR65.2 million and INR1.96 billion, respectively,
for 2012-13 (refers to financial year, April 1 to March 31); the
group reported a PAT of INR96.5 million on net sales of INR1.88
billion for 2011-12.


TIRUPATI LPG: CRISIL Reaffirms 'BB+' Rating on INR175MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of and Tirupati LPG
Industries Ltd (TLPG; part of the Tirupati group) continue to
reflect the Tirupati group's established market position and
promoters' extensive experience in the liquefied petroleum gas
(LPG) cylinder manufacturing industry. These rating strengths are
partially offset by the group's constrained financial flexibility
on account of large exposure to associate company, and
susceptibility to high customer and geographical concentration.

                        Amount
   Facilities         (INR Mln)  Ratings
   ----------         ---------  -------
   Bank Guarantee        10      CRISIL A4+ (Reaffirmed)
   Cash Credit           175     CRISIL BB+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has now combined the business
and financial risk profiles of TPLG and Tirupati Cylinders Ltd
(TCL), together referred to as the Tirupati group. This is because
both the companies are managed by the same promoters, are in the
same line of business, have operational linkages with regards to
procurement of goods, and fungible finances. Besides, there is
cross holding among the two companies.

CRISIL had earlier combined the business and financial risk
profiles of International Cylinders Pvt Ltd (ICL), TLPG, and TCL.
The financial and business risk profiles of ICL is now not
consolidated with TCL and TLPG on account of the management stated
posture that ICL is now managed by Mr. Arun Goyal (elder brother
of Mr. Dinesh Goyal) and has no operational linkages in the form
of sales and purchases to/from TCL and TLPG.

Outlook: Stable

CRISIL believes that the Tirupati group will benefit over the
medium term from its established position in the domestic LPG
cylinder manufacturing industry backed by healthy client
relationship. The outlook may be revised to 'Positive' if the
Tirupati group reduces its exposure to group companies
significantly or achieves geographic diversity in its revenue
profile. Conversely, the outlook may be revised to 'Negative' in
case the group's operating profit witness significant pressure or
it faces stressed liquidity, arising from larger-than-expected
exposure to group companies or pay-out of penalty imposed by
Competition Commission of India.

The Tirupati group was set up in 1989 by taking over a sick unit
in Muzaffarnagar (Uttar Pradesh) under TCL. In 1994, TLPG was set
up and took over a cylinder manufacturing unit from Uttar Pradesh
Financial Corporation, based in Selaqui, Dehradun (Uttarakhand).

The Tirupati group manufactures LPG cylinders for Indian oil
marketing companies, such as Indian Oil Corporation Ltd (rated
'CRISIL AAA/Negative/CRISIL A1+'), Bharat Petroleum Corporation
Ltd (rated 'CRISIL AAA/FAAA/Negative/CRISIL A1+'), and Hindustan
Petroleum Corporation Ltd (rated 'CRISIL AAA/FAAA/Negative/CRISIL
A1+'). The group has a combined manufacturing capacity of around 2
million LPG cylinders per annum on a single shift basis. It
manufactures LPG cylinders of various sizes as per customers'
requirement; however, over 90 per cent of its revenues are from
the 14.2-kilogram cylinder.

The Tirupati group's profit after tax (PAT) and net sales are
estimated at INR65.2 million and INR1.96 billion, respectively,
for 2012-13 (refers to financial year, April 1 to March 31); the
group reported a PAT of INR96.5 million on net sales of INR1.88
billion for 2011-12.


VASTUSHREE DEVELOPERS: CRISIL Reaffirms 'B+' INR100MM Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the bank facility of Vastushree Developers
continues to reflect VD's susceptibility to risks related to
completion, funding, and saleability of its projects, and its weak
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                100      CRISIL B+/Stable

The rating also factors in the firm's susceptibility to inherent
risks and cyclicality in the Indian real estate industry. These
rating weaknesses are partially offset by the extensive experience
of VD's partners in the real estate industry and the expected
funding support from them.

Outlook: Stable

CRISIL believes that VD will continue to benefit over the medium
term from its partners' extensive experience in the real estate
industry. The outlook may be revised to 'Positive' in case of
better-than-expected booking of units and receipt of customer
advances, leading to higher-than-expected cash inflows.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the firm's liquidity, most likely due to delays
in receipt of customer advances, a time or cost overrun in its
ongoing project, or implementation of larger-than-expected other
projects.

VD was set up in 2001 by Mr. Abhijeet Keshav Bhujbal, Mrs. Sarika
Abhijit Bhujbal, Mr. Mahesh Ashok Mathwad, Mr. Kishore Ashok
Mathwad, and Mr. Rakesh Ashok Mathwad. The firm is developing a
real estate property, Vastushree Adrina, in Pune (Maharashtra),
which was about 67 per cent complete as on September 15, 2013. The
project comprises 232 flats and 12 shops covering a total saleable
area of 196,000 square feet.

VD reported a profit after tax (PAT) of INR5.3 million on net
sales of INR14.2 million for 2011-12 (refers to financial year,
April 1 to March 31); it had reported a PAT of INR2.9 million on
net sales of INR20.9 million for 2010-11.


* Indian SF Ratings Resilient to Rising Delinquencies, Fitch Says
-----------------------------------------------------------------
Delinquency rates in Indian structured finance transactions will
continue rising in the next 12-18 months due to the fall in the
country's economic growth rate and rising fuel prices weakening
debt-servicing ability, Fitch Ratings says. "But collateral
performance remains within our base-case assumptions, and loss-
absorption mechanisms and credit enhancement build-up in Indian SF
transactions will continue to support the stable rating
performance and outlook of the asset class," Fitch says.

Lenders' effective collection strategies, with regular and
frequent borrower contact and strong local knowledge relating to a
borrower's circumstances, have helped keep delinquency rates in
Indian SF transactions low. But a rising trend is evident in
Fitch-rated transactions, reflecting the slowdown in the Indian
economy in the last two to three years.

For transactions closed in the financial year to March 2013, the
average 90+ days delinquency rate was 2.0% within seven months of
closing (the equivalent figure for FY12 transactions was 1.7%).
Transactions closed in FY12 have been more resilient due to higher
seasoning, but the trend to higher delinquencies is also evident.
In September 2013, 90+ days delinquencies for these transactions
had almost doubled, rising to 2.5% from 1.3% a year earlier.

"Nevertheless, the 90+ day delinquency rates have been within our
base-case assumptions made when we assigned ratings (90+ dpd
assumptions at transaction closing average 4.5%), while 180+ day
delinquency rates remain low. At end-September 2013, the 180+ dpd
delinquency rate was only 0.54% for the FY12 vintage and 0.17% for
FY13. This suggests an over 80% cure rate for the 90+ dpd,
reflecting originators' successful collection strategies, the
cultural and social stigma regarding unpaid loans, and the desire
of borrowers with restricted access to alternative sources of
credit to avoid default. We therefore expect 180+ day
delinquencies to rise, but remain modest," Fitch says.

The good monsoons this year will also help keep a lid on
delinquency rates, as 48% of the Fitch-rated portfolio consists of
light or small commercial vehicle loans related mainly to
agriculture or the transport of essential goods and services.

Loss-absorption through excess spread (averaging 12.3% and 6.9%,
respectively, for the FY12 and FY13 transactions at closing) and
the pass-through payment structures of the transactions will
continue to support the stable rating performance despite the rise
in delinquencies.

Amortisation has resulted in credit enhancement build-up. CE for
transactions closed in FY12 averaged 38.6% at end-September 2013,
or 3.5x the closing level. CE for transactions closed in FY13
averaged 16.5% at the same date, 1.4x the closing level. Only two
of the 22 Fitch-rated Indian SF transactions have drawn on their
CE facility. In each case, this has only happened once, and for
less than 2% of the CE facility amount. The CE facilities were
subsequently topped up by excess spread to their original amounts.



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


TONG YANG: Court Accepts Five Units' Receivership Application
-------------------------------------------------------------
Yonhap News Agency reports that five affiliates of troubled Tong
Yang Group won court protection October 17 to cope with liquidity
crisis, court officials said.

Yonhap relates that the move comes after the country's 38th-
largest conglomerate filed for court receivership for five of its
units -- Tongyang Inc., Tongyang Leisure Co., Tongyang
International Inc., Tongyang Cement & Energy Co. and Tongyang
Networks Corp. -- on Sept. 30 and Oct. 1 after it failed to pay
back maturing short-term debts worth some 110 billion won
(US$103.1 million) in time.

According to the report, the officials said the bankruptcy
division of the Seoul Central District Court accepted applications
for court receivership and appointed chief restructuring officers.

Yonhap notes that the liquidity shortage has so far left tens of
thousands of individual investors who bought the firm's bonds on
the verge of losing their money, prompting a prosecution probe for
alleged financial fraud into the group's chairman, Hyun Jae-hyun.

Yonhap says Mr. Hyun is accused of issuing some KRW156.9 billion
worth of asset-backed commercial papers (ABCPs), a type of short-
term debt, in July and September, even with prior knowledge that
the firm had lost its ability to pay back its debts and was on the
verge of coming under court receivership.

Two-thirds of such debts were floated with assets of Tongyang
Cement & Energy Co. as collateral and sold to a lot of investors
last month, up until two weeks before the group filed for court
receivership, the report relates.

Yonhap adds that the group's labor union argued that Mr. Hyun had
misled the investors into buying such assets with no warning of
its crippling finances. It further alleged that retail investors
who bought the ABCPs of Tongyang Cement & Energy will likely
suffer massive losses.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.


TONG YANG GROUP: Prosecutors Carry Out Raids
--------------------------------------------
Arirang News reports that prosecutors raided the affiliates of
cash-strapped Tong Yang Group and the homes of its chairman and
board members on Oct. 15.

Tong Yang is being probed over allegations it issued a massive
number of fraudulent commercial papers and corporate bonds to
investors, despite its financial difficulties, according to
Arirang News.

The report notes that three of the affiliates filed for court
receivership at the end of last month.

The report discloses that prosecutors say they will analyze the
seized documents and summon Tong Yang Group officials and
executives for questioning.



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


* APAC Sovereigns Face Growing Pressure on Credit Profiles
----------------------------------------------------------
Sovereigns in the Asia-Pacific face rising pressure on their
credit profiles due to a structural slowdown in many economies,
although the only negative rating action taken during Q313 was the
revision of Malaysia's Outlook to Negative, Fitch says in a new
report.

"The extent to which authorities can implement credible, coherent
macroeconomic policies will likely be a key question for regional
sovereign ratings," said Andrew Colquhoun, Fitch's Head of Asia-
Pacific Sovereigns.

The "Asia-Pacific Sovereign Credit Overview Q313" includes Fitch's
revision of the Outlook on Malaysia's 'A-' rating to Negative from
Stable in July. The revision reflected the agency's view that the
government's narrow win in May's elections curtailed its room for
manoeuvre in implementing fiscal consolidation and structural
fiscal reforms that would head off pressure on the credit profile.
Malaysia joins Japan as the only two Asia-Pacific sovereigns on
Negative Outlook in Fitch's rating universe.

India and Indonesia (both BBB-) have come under a degree of market
pressure over the summer. They remain on Stable Outlook, although
their starting positions of relatively wide current-account
deficits and high inflation mean that room for policy slippage is
limited at current rating levels.

Fitch affirmed the ratings of Hong Kong (AA+/Stable), Korea (AA-
/Stable), New Zealand (AA/Stable) and Taiwan (A+/Stable) over the
quarter and the report includes updated rating rationales for
those countries.


* 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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