TCRAP_Public/131108.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, November 8, 2013, Vol. 16, No. 222



BLUEARC: Goes Into Voluntary Administration


SUNTECH POWER: To Stop Making Solar Panels


AUTOMOBILE STERLING: ICRA Assigns 'BB' Ratings to INR40cr Loans
AVANI PROJECTS: ICRA Assigns 'BB+' Ratings to INR700cr Loans
ENEM NOSTRUM: ICRA Suspends 'B' Ratings on INR19.91cr Loans
GARG SALES: ICRA Reaffirms 'B+' Rating on INR2cr Loans
GENERAL NICE: ICRA Suspends 'D' Ratings on INR42.5cr Loans

GRAMA VIDIYAL: ICRA Rates PTC Series A3 Loan at 'BB+'
GUJARAT INFRAPROJECT: ICRA Suspends BB+/A+ Rating on INR20cr Loan
HARDWARE TRADING: ICRA Suspends BB Rating on INR2.5cr Loans
INDIA SHOES: ICRA Reaffirms 'BB+' Rating on INR4.5cr Loans
JEWEL CLASSIC: ICRA Upgrades Rating on INR55cr Term Loans to 'BB'

LAVIS SIGNATURE: ICRA Reaffirms 'B+' Ratings on INR20.32cr Loans
LOKMANGAL SUGAR: ICRA Suspends D Rating on INR124.18cr LT Loans
MANIPAL ACUNOVA: ICRA Reaffirms 'BB' Ratings on INR15.5cr Loans
MANJEERA PROJECTS: ICRA Reaffirms 'B+' Rating on INR27cr Loans
NITESH RESIDENCY: ICRA Reaffirms 'B+' Rating on INR312.5cr Loan

PARAS BHAVANI: ICRA Suspends 'B+' Rating on INR9.75cr Loan
SEVA GASES: ICRA Assigns 'BB' Ratings to INR15cr Loans
SHREE AMBAY: ICRA Suspends 'D' Ratings on INR11cr Loans
SKP BEARING: ICRA Cuts Ratings on INR9.96cr Loans to 'BB-'
SOWMIYA SPINNERS: ICRA Suspends 'B' Ratings on INR10cr Loans
SRIVEN BEER: ICRA Cuts Ratings on INR7.5cr Loans to 'B+'

SUNFAB: ICRA Suspends 'BB-' Rating on INR20cr Loans
SUPREME MOBILES: ICRA Assigns 'BB-' Rating to INR2.4cr Loans
UBIQUITY DIGITAL: ICRA Upgrades Ratings on INR35cr Loans to 'B'
VAYHAN COFFEE: ICRA Upgrades Ratings on INR60.75cr Loans to 'B-'

WAIDHAN ENGINEERING: ICRA Rates INR2.75cr Cash Credit at 'BB'

N E W  Z E A L A N D

CHORUS LTD: S&P Expects Firm to Breach Bank Covenants in 2 Years


* Large Companies with Insolvent Balance Sheets

                            - - - - -


BLUEARC: Goes Into Voluntary Administration
Mumbrella reports that digital agency BlueArc goes into voluntary
administration and appointed administrators, after the company
"was hit hard over the past few months" by financial difficulties.

The agency has chosen to appoint SV Partners as its administrator
to help restructure the company and control its costs, according

The first meeting of creditors is due to take place Nov. 11.

In a statement BlueArc conceded it had gone into voluntary
administration but said it was undergoing "a proactive restructure
due to the changing nature of the digital industry," the report

"Our Adobe, Kentico and Umbraco divisions are all very healthy and
have strong pipelines of activity, however, one of our other
practices has been hard hit over the past few months, resulting
unfortunately in some redundancies in this area last week," the
company said in a statement obtained by the news agency.

The report notes that the company disclosed to staff a major round
of redundancies and a restructure of its operations in Sydney and

The report relates that the administrators for the company told
Mumbrella they had been appointed due to concerns that the company
would face financial difficulties in the future.

"The company is in voluntary administration", said Ian Purchas,
director of SV Partners, "The appointment has been made on the
basis that the company would be likely to be having financial
difficulties in the future and not that they were necessarily
having them at the time of the appointment," the report relays.

BlueArc told Mumbrella that after laying off 10 people there were
no further redundancies planned and that "the business is trading
as normal while the restructure takes place".

The report says that the company admitted the voluntary
administration had already occurred at the time of giving that
comment, but said the decision had been made "in order to effect
this change and also to ensure the company receives the best
professional help and advice in order to emerge in as strong and
unaffected a position as possible."

"Our objective is to restructure the business as quickly as
possible, continue to trade as normal so as to minimize impact on
clients, staff and partners during this period and emerge post the
voluntary administration in a strong position."

"We deeply appreciate the support that we have been receiving from
our clients, staff and partners."

Earlier this year, the agency spun off a separate digital arm with
the launch of Ardent Digital.  The company has said no clients
would be moved between the two agencies, in the wake of the
redundancies and restructure.


SUNTECH POWER: To Stop Making Solar Panels
Wayne Ma, writing for The Wall Street Journal, reported that
Suntech Power Holdings Co. revealed for the first time that it
plans to emerge from bankruptcy restructuring as a distributor --
rather than a producer -- of solar panels.  But the plan, laid out
in a court filing on Nov. 5, quickly drew criticism from a U.S.

Suntech, once the world's largest solar-panel maker, will move
away from manufacturing panels and become a seller and distributor
of solar equipment, according to a court filing.

The company will "benefit from the supply of cheap solar panels
currently available from competitors in the market," Chairman
Michael Nacson said in the filing, the WSJ report related.
Suntech will focus on its panel installation and could outsource
production, the filing said.

Though Suntech is "cash-flow insolvent and may also be balance-
sheet insolvent. . . it will be possible to achieve a
restructuring to return Suntech and its subsidiaries to solvency,"
the filing said, according to the report.  Mr. Nacson didn't reply
to a request for comment.

Colin Peterson, managing director at distressed-debt hedge fund
Trondheim Capital LLC, said he was skeptical that Suntech would be
viable without manufacturing assets, the report further related.
Mr. Peterson holds about $1 million in Suntech bonds and is
leading the charge to put the company into involuntary bankruptcy
in the U.S.

                            About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013 in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at TEITELBAUM & BASKIN LLP, in White
Plains, New York.


AUTOMOBILE STERLING: ICRA Assigns 'BB' Ratings to INR40cr Loans
ICRA has assigned '[ICRA]BB' rating for the INR40 Crore fund based
bank facilities of M/s Automobile Sterling. The outlook for the
rating is stable.

   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Cash Credit             32.0       [ICRA]BB(Stable) assigned
   Inventory Funding        8.0       [ICRA]BB(Stable) assigned

The rating assigned takes into account Automobile Sterling's (AS)
established market position in Western Uttar Pradesh as an
authorised dealer of TML's CVs and the firm's ability to improve
its scale of operations. The ratings are, however, constrained by
cyclicality in the automobile industry and strong competitive
pressures resulting in low operating margins and limited
bargaining power with the principal, TML. The rating is also
constrained by AS' weak financial risk profile. The firm's ability
to improve its financial risk profile and manage its liquidity
will remain key rating sensitivities.

Automobile Sterling is the authorised dealer of commercial
vehicles (CV) manufactured by Tata Motors Limited (TML). It
purchases and sells all variants of CV manufactured by TML
including trucks, tippers, tractor-trailer, buses and SCV (cargo
and passenger). The operations of the entity are concentrated
mainly in western Uttar Pradesh. It has three 3S facilities at
Noida, Ghaziabad and Greater Noida and seven sales outlets at
Sahibabad, Hapur, Moradabad, Saharanpur and Modi Nagar.

Recent Results

As per the provisional figures for the financial year 2012-13,
Automobile Sterling reported a Profit after Tax of INR0.9 Crore on
an Operating Income of INR246.2 Crore, against a Profit after Tax
of INR1.2 Crore on an Operating Income of INR314.1 Crore for the
financial year 2011-12.

AVANI PROJECTS: ICRA Assigns 'BB+' Ratings to INR700cr Loans
ICRA has assigned a long term rating of '[ICRA]BB+' to the INR412
crore (including INR300 crore of proposed limits) term loans,
INR69 crore cash credit limits and INR219 crore unallocated limits
of Avani Projects and Infrastructure Limited. The outlook on the
long term rating is stable.

   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limit-       69.00        [ICRA]BB+ (Stable)
   Cash Credit                          assigned

   Fund Based Limit-      112.00        [ICRA]BB+ (Stable)
   Term Loan                            assigned

   Fund Based Limits-     300.00        [ICRA]BB+ (Stable)
   Term Loan (Proposed)                 assigned

   Unallocated            219.00        [ICRA]BB+ (Stable)

While assigning the rating for APIL, ICRA has also considered the
business risk profiles of APIL's group companies, Sri Avani
Projects Private Ltd. and Adone Hotels and Hospitality Limited,
since there are strong operational, financial and managerial
linkages among the three companies. The rating takes into account
APIL's satisfactory track record of project execution, its strong
in-house project development capabilities, and the established
position of the Avani Group, in the real estate business in
Kolkata. The rating also draws comfort from the positive market
response to APIL's launched projects, given the level of bookings
achieved for ongoing projects thus far. Nevertheless, in ICRA's
opinion, the company's unsold inventory, which continues to be
high at present, results in significant exposure to market risks.
Moreover, some of the company's large projects are in the initial
stages of construction, thereby exposing APIL to execution risks.
Additionally, APIL is yet to achieve financial closure for one of
its ongoing projects, Avani Grand, although ICRA notes that the
sanction is under advanced stages of consideration by the banks.
The company's low return on capital employed and unfavourable
capital structure, notwithstanding the significant improvement in
the gearing of the company on account of equity infusion from the
promoters during 2012-13 (provisional), also have an adverse
impact on the rating. ICRA also takes note of the company's
exposure to geographical concentration risks, with operations
being primarily limited to Kolkata, and the susceptibility of the
real estate market to economic cycles.

Going forward, APIL's ability to successfully execute ongoing
projects within budgeted costs and time, market its projects and
command favourable prices, as well as to ensure timely collection
from the existing bookings, would be critical determinants of its
credit risk profile.

The real estate development activities of the Avani Group,
promoted by Mr. Shanti Lal Daga and Mr. Anirudh Daga, started in
1993. Since then, the Group has developed around 17 residential
and commercial projects comprising a constructed area of over 25
lakh sq. ft.

APIL is the flagship company of the Avani Group, and has completed
one residential project (Avani Oxford - I) and three commercial
projects (Avani Signature, Galaxy Mall and Avani Riverside Mall),
amounting to around 16.44 lakh sq. ft. of constructed area, till
date. The company has twelve additional residential and commercial
projects in the pipeline, with a proposed constructed area of over
190 lakh sq. ft.

Recent Results

During 2011-12, the company posted an operating income (OI) and
profit after tax (PAT) of INR94.55 crore and INR0.33 crore
respectively. During 2012-13 (provisional, stand-alone), APIL
recorded a profit before tax of INR4.86 crore on the back of an OI
of INR92.08 crore.

ENEM NOSTRUM: ICRA Suspends 'B' Ratings on INR19.91cr Loans
ICRA has suspended the '[ICRA]B' and the '[ICRA]A4' ratings
assigned to the fund based long term loans, short term non-fund
based bank guarantee facilities and untied limits aggregating to
INR19.91 crore of Enem Nostrum Remedies Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the

Established in 2000, Enem Nostrum Remedies Private Limited is
primarily engaged in providing research and development services
for pharmaceutical formulations development. The company is DSIR
(Department of Scientific and Industrial Research, India)
recognized and is focused on formulation research in the area of
Novel Drug Delivery Systems (NDDS) for oral solid dosage forms.

GARG SALES: ICRA Reaffirms 'B+' Rating on INR2cr Loans
ICRA has reaffirmed '[ICRA]B+' rating assigned to the INR2.00
crores (enhanced from INR1.75 crores) fund based limits of Garg
Sales Corporation.  ICRA has also reaffirmed '[ICRA]A4' rating
assigned to INR7.00 Crores (enhanced from INR4.75 crores) non-fund
based limits of GSC.

   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits        2.00        [ICRA]B+; Reaffirmed
   Non-Fund Based Limits    7.00        [ICRA]A4; Reaffirmed

The ratings reaffirmation take into account the highly competitive
nature of the timber trading industry characterized by the
presence of numerous unorganized players due to which the revenues
and profit margins of the firm have remained modest. The firm's
margins also remain exposed to foreign exchange fluctuation risk
as most of the timber is imported and risks arising out of
volatility in timber prices on account of stock and sale business
model wherein the timber purchases are not backed by confirmed
orders. The ratings are also constrained by moderate financial
profile of the company characterized by high total outside
liabilities to tangible net worth (TOL/TNW) ratio and moderate
debt protection metrics with OPBDITA/Interest of 2.45 times and
NCA/Debt of 7% and its exposure to risks associated with
partnership nature of firm. However, the ratings derive comfort
from the long track record of promoters in the timber trading
business and favorable logistics of the firm on account of
presence of branch office near Kandla port.

Going forward, ability of the firm to generate additional revenues
at adequate margins in the intensely competitive environment will
form the key rating sensitivities.

Garg Sales Corporation, incorporated in year 2000, is engaged in
timber trading business. The firm is promoted by Garg family. The
firm imports hardwood logs from various countries like Malaysia
(majority of total purchases), Ghana and New Zealand. GSC
distributes the sawn timber from its sales offices located in
Nangloi, Delhi (which is relatively sizeable timber market in
northern India), Gurgaon (Haryana) and Gandhidham, Gujarat.

Recent Results

As per FY13 provisional results, the firm reported Profit after
Tax (PAT) of INR0.28 crores on operating income (OI) of INR29.61
crores as against PAT of INR0.27 crores on OI of INR28.27 crores
in FY12.

GENERAL NICE: ICRA Suspends 'D' Ratings on INR42.5cr Loans
ICRA has suspended the long-term rating of '[ICRA]D' assigned to
the INR2.50 crore fund based (sub-limit) facility, and the short-
term rating of '[ICRA]D' assigned to the INR25.00 crore fund based
facility and the INR15.00 crore fund based (sub-limit) facility,
of General Nice Mineral Resources (India) Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance, in the absence of the requisite information from the

GRAMA VIDIYAL: ICRA Rates PTC Series A3 Loan at 'BB+'
The conditional ratings of [ICRA]A-(SO), [ICRA]BBB(SO) and
[ICRA]BB+(SO) have been assigned to PTC Series A1, PTC Series A2
and PTC Series A3 respectively, issued by Andromeda IFMR Capital
2013, backed by micro loan receivables pool, originated by Grama
Vidiyal Microfinance Limited (GVMFL).

Table 1: Rating Summary

Description      (INR Crore)    Payout Maturity  Rating
-----------      -----------    ---------------  ------
PTC Series A1       32.09       November 2014    [ICRA]A-(SO) PTC
PTC Series A2        2.21       November 2014    [ICRA]BBB(SO) PTC
Series A3        1.11       November 2014    [ICRA]BB+(SO)
Originator's         1.48                        Unrated
Residual Share

The ratings are based on the strength of cash flows from the
selected pools of contracts; the credit enhancement available in
the form of (i) cash collateral of 10.00% of the pool principal to
be provided by the Originator, which is consistent with the
Minimum Retention Requirement (MRR) prescribed by the RBI
Guidelines on Securitisation (ii) principal subordination of
13.00% of the pool principal for PTC A1 (i.e. principal amount
payable to PTC A2 and PTC A3 and overcollateralization) and that
of 7.00% of the pool principal for PTC A2 (i.e. principal amount
payable to PTC A3 and overcollateralization); (iii) subordination
of the Excess Interest Spread (EIS) in the structure; and the
integrity of the legal structure.

The selected pool consists of unsecured micro loans (less than or
equal to INR15,000 each), and is characterised by low initial
tenure of contracts (50 weeks), average seasoning of 23.8 weeks
and no overdue on the selected loans as of date. All the contracts
in the underlying pool are compliant with the Minimum Holding
Period (MHP) criteria of at least 12 repayments for weekly
products, as prescribed by the RBI Securitisation Guidelines.
Moreover, the current pool comprises of General Loans only.
According to the transaction structure, the entire pool of
selected contracts will be assigned to a Special Purpose Vehicle
(Trust) at par. The Trust has issued three series of PTCs backed
by the receivables. PTC A1 (87% of the pool principal), PTC A2 (6%
of pool principal) and PTC A3 (3% of pool principal) have
sequential seniority on principal payment, with an
overcollateralization of 4% provided by the originator. Any
payment to the Originator will be made only after all the PTC
Payouts are fully made. The introduction of a mezzanine tranche to
transaction structures should enable access to an additional
investor segment.

Though the pool would be receiving cashflows on a weekly basis,
payouts to the PTCs would be made on a monthly basis. The promised
cash flow schedule for PTC A1 on a monthly basis will consist of
monthly interest (at the pre-determined rate on its principal
outstanding) and principal repayment on the last payout date. The
excess collections available every month, after meeting the
promised payout to PTC A1 would be first used to make the expected
principal payment to PTC A1, as per a pre-defined schedule. Any
residual cashflow after making the expected principal payment to
PTC A1 would be paid as an expected interest payout to PTC A2. As
no payment is scheduled to be paid to PTC A2 during the tenure of
PTC A1, the CC would not be drawn for meeting shortfall in this
expected interest payment.

After the maturity of PTC A1, the collections from the pool would
be first used to make the cumulative interest payment (including
any unpaid interest payouts carried forwarded from prior payouts)
to PTC A2. Subsequent to maturity of PTC A1, the cashflow schedule
would comprise of monthly interest payment to PTC A2, while the
excess pool collections after making the interest payment, would
be paid to PTC A2 by way of its principal amortization. After the
maturity of PTC A1 and PTC A2, the collections from the pool will
be passed on to PTC A3 each month, first by way of amortization of
PTC A3 principal amount, and later by way of residual, such that
the overall yield to PTC A3 does not exceed a specified yield.
Based on the analysis of the past performance of GVMFL's micro
loan portfolio and the expected future performance of the selected
pool of loans, ICRA believes that the credit support provided has
been adequately sized to cover the credit / liquidity risk in the

                       About the Originator

GVMFL (rated [ICRA]BBB-(stable) for its long term debt programs,
[ICRA]A3 for its short term Commercial Paper program and assigned
Microfinance grading of M2), a non-deposit taking NBFC, is a
microfinance institution based out of Tamil Nadu. Established in
1997, the company provides credit to economically backward women
mainly in rural, urban and semi-urban areas through a joint
liability (or group lending) mechanism for building productive
assets. As of August 2013, GVMFL had a portfolio of INR537 crore,
which remains primarily concentrated in the state of Tamil Nadu.
The company also has operations in the states of Maharashtra and
Madhya Pradesh, where currently a small part of the portfolio is
concentrated. Of the total portfolio of GVMFL, the group loan
product continues to remain the key product, while the share of
Seasonal Loans (contingency loans given for consumption purpose)
and individual business loans remains small in the portfolio.

For FY2013, GVMFL reported a net profit of INR3.3 crore (0.60% of
ATA) as against a profit of a profit of INR0.3 crore in FY2012.
Despite marginal improvement, profitability remains weaker than
comparable peers as operating cost levels remained high. GVMFL's
capitalization in relation to managed assets remains stretched at
16.34% as of Jun-13 vis-a-vis that of 16.01% as of Mar-13. The 0+
delinquency level for overall the portfolio of GVMFL was
negligible at 0.003% as on August 2013. While the credit quality
has been good in the past, the borrower segment being people from
below poverty line, without adequate credit history or collateral
does pose a high potential credit risk in the transaction.
Further, the operations-intensive nature of the business makes the
servicing role very critical.

In the past, ICRA has assigned ratings to 44 transactions of micro
loan receivables originated by GVMFL- to PTCs under 28
transactions and to Purchaser Payouts (and Second Loss Credit
Enhancement Provider Payouts in one transaction) under 16
transactions involving bilateral assignment. Of these, 37
transactions have matured. All the ICRA-rated GVMFL transactions
have performed well with 100% collections and nil delinquencies
till June 2013 payouts. The ratings of instruments in 24 of these
transactions have been upgraded till date, on account of good
performance of the underlying pools and the availability of
adequate credit enhancement for the balance tenure. The ratings of
the rated instruments in the rest of the transactions are stable
at their initial level.

GUJARAT INFRAPROJECT: ICRA Suspends BB+/A+ Rating on INR20cr Loan
ICRA has suspended [ICRA]BB+/[ICRA]A4+ rating assigned to the
INR20.00 Crore fund based/non fund based bank facilities of
Gujarat Infraproject Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

HARDWARE TRADING: ICRA Suspends BB Rating on INR2.5cr Loans
ICRA has suspended the '[ICRA]BB' rating assigned to the INR2.50
crore fund based limits and the '[ICRA]A4' rating to the INR25.00
crore short term non-fund based letter of credit/buyers credit
limit of Hardware Trading Corporation. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Hardware Trading Corporation is a partnership firm established in
the year 1960 engaged in the business of trading of import
licenses, chemicals and batteries. The firm has four godowns in
Bhiwandi, Maharashtra and the registered office in Kolkata,
however, the operations are based out of Mumbai.

INDIA SHOES: ICRA Reaffirms 'BB+' Rating on INR4.5cr Loans
ICRA has reaffirmed the long term rating of '[ICRA]BB+' to the
INR4.50 crore (revised from INR6.00 crore) term loans of India
Shoes Exports Private Limited; the outlook on the rating is
Stable. ICRA has also reaffirmed the short term rating of
'[ICRA]A4+' to the INR50.45 crore (enhanced from INR36.15 crore)
short-term fund based and non-fund based facilities of ISEPL.

   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term, Term         4.50         [ICRA]BB+ (Stable),
   Loans                                reaffirmed

   Short term, Fund       37.00         [ICRA]A4+,
   based Limits                         reaffirmed/assigned

   Short term, Non-       7.95          [ICRA]A4+,
   fund based Limits                    reaffirmed/assigned

   Short term,            5.50          [ICRA]A4+, reaffirmed
   Standby Limits

The reaffirmation of the ratings reflects the established
operational capability of the Farida Group, with the Group being
one of the largest leather and leather goods exporters in India;
the longstanding track record of the promoters in the leather
industry and the sustained association of the company with reputed
international brands in footwear industry. The ratings also factor
in the robust revenue growth witnessed by the company in the
recent years following the increase in orders from major

The ratings are however constrained by the low margins, weak
coverage indicators and high gearing levels of the company. The
ratings further consider the sharp increase in leather prices in
recent years; high customer concentration; and, the exposure to
significant forex risk considering the contribution of exports to
the overall revenues.

Farida Group is one of the largest exporters of leather and
leather goods from India. The Group comprises 11 companies, with 6
companies involved in shoe manufacturing activities, while the
rest are involved in manufacturing shoe components. India Shoes
Exports Private Limited was established in 1979 to manufacture
leather shoes for domestic as well as global market. M/s Farida
Holdings Private Limited, promoted by the family members of
Mr. Rafeeque Ahmed is the single largest stakeholder in ISEPL. The
company's current production infrastructure includes two factory
units, having a cumulative capacity of 1.2 million units per annum
(shoe uppers and full shoes).

In FY 2013 the company reported Profit after Tax (PAT) of INR1.2
crore on an operating income of INR170.3 crore; and in FY 2012 the
company reported a PAT of INR1.1 crore on an operating income of
INR124.8 crore.

JEWEL CLASSIC: ICRA Upgrades Rating on INR55cr Term Loans to 'BB'
ICRA has upgraded the rating for INR55.0 crore bank facilities of
Jewel Classic Hotels Private Limited from '[ICRA]B+' to

   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            55.0        [ICRA]BB (Stable), Upgraded

The outlook on the long term rating is 'stable'.
The improvement in rating reflects the healthy improvement in
profit margin and improved debt maturity profile. The rating
considers significant experience of JCH's promoters in the
hospitality industry as well as low competitive intensity due to
absence of similar hotel in nearby region. The rating is, however,
constrained due to company's weak financial risk profile with
significant debt levels for expansion in rooms at Noor Mahal
Hotel. On account of delay in full-fledged commencement of
commercial operations of Noor Mahal Hotel, JCH's cash flows have
remained stretched. However, with improved debt maturity profile,
the company's coverage indicators are expected to improve. The
ability of JCH to improve its scale of operations and generate
sufficient cash flows to service its debt obligations would be a
key rating sensitivity going forward.

JCH was incorporated in 1994 as a proprietary firm by Mr. Manbeer
Choudhary with an objective of operating hotel properties in the
Karnal region (Haryana). It became a private limited company in
August 1997. The company began operations with a 54 room four-star
hotel property named Hotel Jewel's spread over an area of 43,056
sq. Ft. in Karnal. JCH came up with a 125 room five-star hotel
property named Hotel Noor Mahal in June 2010 with the objective of
catering to its high end clientele comprising primarily of
business delegates and wedding guests through its MICE and banquet
offerings. With two operational hotel properties, the promoters
have nearly 18 years of experience in the hotel business.

Recent Results

The company reported Operating Income (OI) of INR12.5 Crore,
Operating Profit before Depreciation, Interest and Tax (OPBDIT) of
INR6.9 Crore and Net profit of INR1.2 Crore in 2013-14 (6 months)
as per audited financials.

LAVIS SIGNATURE: ICRA Reaffirms 'B+' Ratings on INR20.32cr Loans
The rating of '[ICRA]B+' has been reaffirmed to the INR10.00 crore
fund based cash credit facility and the INR10.32 crore (reduced
from INR12.30 crore) term loan facility of Lavis Signature Panel
Private Limited. The rating of '[ICRA]A4' has also been
assigned/reaffirmed to the INR0.36 crore short term non fund based
bank guarantee facility and INR10.00 letter of credit facility
(sub-limit of cash credit facility) of LSPPL.

   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit             10.00        [ICRA]B+ reaffirmed
   Term Loans              10.32        [ICRA]B+ reaffirmed
   Bank Guarantee           0.36        [ICRA]A4 assigned
   Letter of Credit       (10.00)       [ICRA]A4 reaffirmed

The rating continues to be constrained by Lavis Signature Panel
Private Limited (LSPPL)'s weak financial profile as reflected by
thin profitability, weak debt coverage indicators, adverse capital
structure and highly working capital intensive nature of the
business emanating from its limited track record and early years
of operations. The rating also takes into account the high
supplier concentration for supply of bagasse which is seasonal in
nature and susceptibility to its availability and prices given its
increasing demand for power generation. The rating also factors in
the vulnerability of profitability to cyclicality inherent in the
real estate industry. Further, the ratings take note of LSPPL's
modest scale of operations amidst highly fragmented industry
characterized by availability of substitute products and intense
competition from organized as well as unorganized players.

The ratings however draw comfort from the long experience of the
promoters in the wood processing and laminate industry; favourable
cost dynamics for particle boards as compared to plywood and
proximity to raw material sources.

Established in 2009, Lavis Signature Panel Private Limited is
engaged in the business of manufacturing of particle and pre
laminated particle board. The company is promoted by Mr.
Dhansukhbhai Patel, Mr. Hasmukhbhai Patel and Mr. Amrutbhai Patel
who have interests in various common and individual businesses in
timber and laminates industry. The manufacturing facility of the
company is located at Kathlal in Kheda District, Gujarat, having
an installed capacity of producing 3500 units of particle board
and 2500 units of pre laminated particle boards of size of 2.44" X
1.22" sq. m. per day.

Recent Results
For the year ended 31st March, 2013, LSPPL reported an operating
income of INR23.63 crore and profit after tax of INR0.29 crore.

LOKMANGAL SUGAR: ICRA Suspends D Rating on INR124.18cr LT Loans
ICRA has revised the long-term rating assigned to INR124.18 crores
fund based facilities of Lokmangal Sugar Ethanol and Co-generation
Limited to '[ICRA]D' from '[ICRA]B. Further, ICRA has suspended
the rating assigned to long term fund based facilities of LSECGL.

   Facilities           (INR crore)       Ratings
   ----------           -----------       -------
   Long-term fund         124.18          Downgraded to [ICRA]D;
   based limits                           Suspended
   (Term loans)

The rating revision takes into account the regular delays in debt
servicing by LSECGL arising on account of stretched liquidity
position. In addition, ICRA has also suspended the ratings, due to
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Lokmangal Sugar Ethanol & Co-generation Industries Ltd. was
incorporated in 2003 by Mr. Subhash Deshmukh and his family
members who are the largest shareholders. The sugar plant and co-
gen unit are located in Solapur, Maharashtra. The company also has
a standalone unit for converting rectified spirit to ethanol. The
sugar plant with installed capacity of 2,500 TCD became
operational in May 2008 onwards while the co-generation facility
with an installed capacity of 15 MW became operational in April
2009. In FY 2012, the company expanded its capacities of the sugar
plant to 6,000 TCD and that of the co-generation unit to 31.5 MW.

MANIPAL ACUNOVA: ICRA Reaffirms 'BB' Ratings on INR15.5cr Loans
ICRA has reaffirmed '[ICRA] BB' rating to the INR5.5 crore term
loan and INR10.0 crore Cash Credit Facilities of Manipal Acunova
Limited. ICRA has also reaffirmed an '[ICRA] A4' rating to the
INR38.5 crore Non-fund based facilities of the company. Rated
amount has been enhanced by Rs 14.0 crore. Outlook on the long
term rating continues to be stable.

   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loan            5.5        [ICRA]BB (Stable) (Reaffirmed)

   Fund Based-Cash     10.0        [ICRA]BB (Stable) (Reaffirmed)

   Non Fund Based-     36.0        [ICRA]A4 (Reaffirmed)
   Letter of Comfort

   Non Fund based-      2.5        [ICRA]A4 (Reaffirmed)
   Bank Guarantee

The ratings take into account the strong parentage and highly
experienced board /senior management of Manipal Acunova Limited
with Manipal Group and Orbimed as key shareholders; its multi-
location delivery platform built through select acquisition
strategy and well-equipped facilities providing the full range of
services from Bio-Availability (BA)/Bio-Equivalence (BE) studies
to Phase-I & IV clinical research (including oncology).

ICRA notes that MAL has achieved moderate scale in short span of
time and ranks among leading CROs in India and also company has
significant experience in dealing with major regulatory
authorities enabling the company to establish a geographically
diverse client base extending to export markets.

The ratings are however constrained by further decline in
profitability in past two years owing to newly acquired
subsidiaries (in Denmark & Thailand) which are yet to break-even
for full year and large share of revenue from European operation
which entails low margin. This has resulted in worsening of
coverage indicators - interest coverage (OPBDITA/Interest &
finance charges) has declined from 5.6 times in March 2011 to 1.9
times in March 2013. In addition, ratings are constrained by
moderate scale of operation in a fragmented CRO market and
increased regulatory risk in higher margin Indian market as
approval flows in clinical trial segment have slowed. In addition
CRO business typically has high employee cost and fixed costs and
hence remains vulnerable to any demand slowdown in target markets.
ICRA takes comfort from the fact that PE exit timeline has been
extended by another 18 months; however it continues to be a key
monitorable in medium term.

MAL's ability to improve profitability margins and maintain
capital structure in the midst of scaling up operations will be
critical in sustaining its credit profile.

Established as an Indian CRO in 2005, Manipal Acunova has grown
into a full service CRO with delivery platform spread over US
Europe and South East Asia (SEA). Manipal Acunova has positioned
itself as a Niche CRO providing end-to-end services in key
Therapeutic areas and has established presence in key markets with
significant presence in Emerging Markets. India, Eastern Europe
and South East Asia therefore form its core operating areas; with
areas such as Oncology, Cardiovascular, Endocrinology,
Respiratory, Diagnostic Agents and Stem Cell therapy forming its
key domains. Over the years Company has followed select
acquisition strategy to increase its delivery platform and access
to diverse patient pool. This has helped company achieve scale and
target bigger sponsors. Acunova Life Sciences Private Limited
(ALS) (35.1%), MEMG International India Private Limited (23.8%)
and OrbiMed Advisors (25.1%) are some key shareholders.

For FY2012-13, MAL reported a profit of INR1.0 crore on net sales
of INR132.8 crore, against a loss of INR0.7 crore and net sales of
INR118.2 crore, in the previous year.

MANJEERA PROJECTS: ICRA Reaffirms 'B+' Rating on INR27cr Loans
ICRA has re-affirmed the '[ICRA]B+' rating to INR27.00 crore fund
based facilities of Manjeera Projects.

   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund based facilities     27.00        [ICRA]B+ reaffirmed

The rating reaffirmation continues to take into account the
moderate market risk given that around 26% amounting to 268 flats
out of 1021 are yet to be sold; the bookings in phase I is not
commensurate with the ongoing progress when compared to the
bookings witnessed in phase II (relatively higher bookings despite
lower construction progress) thereby further increasing the market
risk of unsold portion in phase I. The rating is constrained by
the withdrawal of INR65 crore of partners' capital over the last
two years to fund various ongoing projects of the group companies-
Manjeera Construction Limited and Manjeera Retail Holdings Limited
which could exert pressure on the liquidity of the firm.

ICRA notes that notwithstanding the launch of the project in 2008,
the locational advantages and the established reputation of the
Manjeera Group in residential real estate segment in Hyderabad,
close to 26% of the units are unsold at present. On account of
inadequacy of sales bookings, MP has been depending on borrowings
to fund the construction activity and as such MP's ability to
liquidate the unsold inventory at remunerative rates is critical.
As against INR30.26 crore of collections pending from existing
sales made, the firm is yet to incur INR41.88 crore towards
construction as on Mar 31, 2013. In addition, the firm has access
to undrawn bank limits of INR10 crore. However, of the pending
collections, INR11.96 crore pertains to Blocks B and C for which
the receipts (80% of sale value received as against 25%
construction progress) are far more when compared to current
construction stage and hence these may not be realizable in near
term unless substantial construction progress is achieved.
Therefore, there could be a cash flow mismatch and need to bring
back the capital withdrawn earlier.

Further, ICRA also notes that there are running delays in the
project which could result in higher than anticipated construction
costs and a further possible escalation on account of disallowance
of tax benefits u/s 80(IB)10 of the Income Tax Act, 1961. Given
the various projects being undertaken by the Group in several
companies, the possibility of redeployment of funds from MP into
these projects cannot be ruled out, a risk that is heightened by
the ease of withdrawal of capital from the partnership firm. The
rating is also constrained by the single project nature of the
firm which results in undiversified cash flows.

The rating however draws comfort from the Group's established
track record as a residential real estate developer in Hyderabad,
the assured customer advances with sizeable proportion of
customers opting for ADF, thereby bringing in substantial sale
consideration upfront, the proposed tax benefits.
Going forward, the firm's ability to tie up the sales in a timely
manner and complete the projects in a timely manner remain key
rating sensitivities.

Manjeera Projects is a partnership firm established in 2006 with
Mr.G.Yoganand, M/s. Manjeera Estates Private Limited (MEPL) and
M/s. Gajjala Investments & Holdings Private Limited as partners.
MP has currently one project - Manjeera Diamond Towers (MDT) under
execution in residential segment with a total constructed area of
1.45 million sq ft in 12 blocks. The firm has not undertaken any
projects in the past (MDT being the lone project). However
Manjeera Constructions Limited, the flagship company in the group
has executed over 23 projects totaling 2.46 million square feet.

NITESH RESIDENCY: ICRA Reaffirms 'B+' Rating on INR312.5cr Loan
ICRA has reaffirmed the rating of '[ICRA]B+' for the INR312.50
crore term loan programme of Nitesh Residency Hotels Private

   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term scale-       312.50        [ICRA] B+/Retained
   Term Loan

The rating reaffirmation continues to factor in the expected
strained cash flows for the 277-room 5-Star Deluxe 'Ritz Carlton'
Hotel, located on Residency Road, Bangalore, in the initial years
of operations given the generally gradual ramping up of
occupancies and ARR's and the overall subdued demand outlook for
luxury category hotels in Bangalore.

Further, ICRA notes that construction of the hotel has been
completed with significant time and cost overruns which has
impacted the overall viability of the project. Trial operations at
the Ritz Carlton, Bangalore have commenced from 29th June, 2013
and the full scale operations are expected to start from Oct. 31,
2013; on commencement of full scale operations, the hotel's
ability to generate sufficient revenues to service its debt
obligations will remain a key rating sensitivity. In the initial
years, ICRA expects the company to require external funding
support to meet its debt servicing obligations in a timely manner
and the ability and willingness of the sponsors to support the
project during the operational phase will remain crucial; though
the promoters have demonstrated their support in the past by
funding the entire cost overrun through fresh equity infusion.

The rating however continues to favourably factor in the brand
strength of the Ritz Carlton Group of hotels, the favourable
location of the hotel within the Central Business District of
Bangalore and the majority ownership of CPI India I Limited (74%
holding). Further, the restructured debt terms are more favorable
to the company with repayment being spread over 9 years (viz-a-viz
6 years 6 months as per previous terms).

Nitesh Hotels, promoted by Nitesh Estates Limited and Mr. Nitesh
Shetty (26% holding) and CPI India I Limited (74% holding), has
developed a 277 room five star deluxe hotel at Residency Road,
Bangalore. All construction activities have been completed and the
hotel, to be operated under the 'Ritz Carlton' brand, is slated to
start full scale operations from 31st, October 2013. The project
has been developed at a total cost of INR770.2 crore which has
been funded through debt of INR312.5 crore and equity of INR457.7

PARAS BHAVANI: ICRA Suspends 'B+' Rating on INR9.75cr Loan
ICRA has suspended [ICRA]B+ rating assigned to the INR9.75 crore
cash credit facility of Paras Bhavani Steel Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the

   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Cash Credit Facility      9.75          [ICRA]B+; Suspended

Paras Bhavani Steel Private Limited was incorporated in 2007 and
is involved in manufacturing of welded stainless steel (SS) tubes
and pipes with its plant located at Odhav near Ahmedabad in
Gujarat. The plant currently has installed capacity to manufacture
9000 MTPA of SS tubes. The company is promoted by Mr. Parasmal S.
Bohra and his family members.

SEVA GASES: ICRA Assigns 'BB' Ratings to INR15cr Loans
ICRA has assigned a long term rating of '[ICRA]BB' to the INR15.0
crore term loans and fund based facilities of Seva Gases Private
Limited; the outlook on the rating is Stable. ICRA has also
assigned a short term rating of '[ICRA]A4' to the INR5.80 crore
non-fund based facilities of Seva.

   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long term, Term        13.60      [ICRA]BB (Stable), assigned

   Long term, Fund         0.20      [ICRA]BB (Stable), assigned
   based  Limits

   Long term, Proposed     1.20      [ICRA]BB (Stable), assigned
   Fund based Limits

   Short term, Non fund     (5.80)     [ICRA]A4, assigned
   based Limits

The ratings factor in the established track record of the promoter
in the trading of industrial gases, tie-ups with various
suppliers, steady volume growth over the past three years and a
diversified client portfolio. The ratings also take into account
the increasing revenue contribution from the projects division
which is involved in marketing of air separation units of one of
the Chinese manufacturers and also in EPC of such plants at
customer sites. The ratings further consider the healthy financial
profile of the company with strong operating margins, healthy
capital structure, moderate working capital intensity and
comfortable coverage indicators.

The ratings, nevertheless, are constrained by the significant
debt-funded capex that has been incurred for the setting up of
Trichy manufacturing unit and the power intensive production
process which is expected to depress the profit margins especially
considering the prevailing power shortage scenario in Tamil Nadu
and the resultant high power costs. The ratings also consider the
risks inherent to EPC operations including cost and time overrun
risks which have the potential to impact margins.

Seva Gases Private Limited, incorporated in 2008, is engaged in
the trading of industrial and cryogenic gases in Tamil Nadu. Prior
to the incorporation of SGPL, the promoter - Mr. S Alagappan - was
undertaking the same business through his proprietorship concern-
Siva Enterprises. The entire operations of the proprietorship were
transferred to SGPL in FY 2010-11. SGPL currently sources
cryogenic gases like liquid oxygen, liquid nitrogen and liquid
argon from large suppliers and supplies to various customers in
the Coimbatore, Trichy and Chennai industrial clusters. The
company has recently tied up with Suzhou Xinglu Air Separation
Plant Science and Technology Development Co Ltd (XAL) for
marketing XAL's air separation units in India. In addition to
marketing these air separation units, the company also installs
and commissions these plants for its customers. The company has
also set up its own production facility in Trichy, Tamil Nadu with
a capacity to produce 75 TPD of gases like oxygen and nitrogen.

SHREE AMBAY: ICRA Suspends 'D' Ratings on INR11cr Loans
ICRA has suspended [ICRA]D rating assigned to the INR7.50 crore
long-term working capital facilities & the [ICRA]D rating to the
INR3.50 crore short term non fund-based facilities of Shree Ambay
Forgings Pvt. Ltd. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of requisite
information from the company.

SKP BEARING: ICRA Cuts Ratings on INR9.96cr Loans to 'BB-'
ICRA has revised the long term rating assigned to the INR2.00
crore cash credit facility and INR7.96 crore term loan facility of
SKP Bearing Industries to '[ICRA]BB-' from '[ICRA]B+'. The outlook
on the long term rating is 'Stable'. ICRA has reaffirmed the short
term rating assigned to the INR0.03 crore short-term non-fund
based facilities of SKP at '[ICRA]A4'.

   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based-Cash        2.00      Revised to [ICRA]BB- (Stable)
   Credit                           from [ICRA]B+

   Non Fund Based-        7.96      Revised to [ICRA]BB- (Stable)
   Term Loans                       from [ICRA]B+

   Non Fund Based         0.03      [ICRA]A4 reaffirmed

The revision in long term rating takes into account the
improvement in capital structure of the firm on account of
repayment of term loans, also led by capital infusion, which in
turn has resulted into moderation of gearing levels to 1.53 times
as on March 31, 2013 compared to 3.75 times as on March 31,2012.
The ratings also take comfort from the long experience of the
partners in bearing industry, and established and reputed customer
base maintained by the firm over the last five years.
The ratings, however, continue to remain constrained by SKP's
small scale of operations; moderate financial profile as reflected
by weak net profitability and high working capital intensity owing
to high inventory holding period; and intense competition from
organized as well as unorganized players due to highly fragmented
industry structure. The ratings also factor in the concentrated
supplier base of the firm in both, domestic and overseas markets;
exposure of profitability to foreign exchange rate fluctuation as
a significant portion of raw material requirement is met through
imports and to any adverse fluctuations in raw material price due
to large inventory holding periods. Further, SKP is a partnership
concern and any significant withdrawals from the capital account
would impact the net worth and thereby the capital structure.

SKP Bearing Industries was established in the year 1992 as a
partnership firm by Mr. Shrinand Palshikar and is engaged in the
business of manufacturing of needle rollers, cylindrical rollers
and specialized pins and caters to the demand from automotive,
textile & other industrial sectors. The rollers manufactured by
the company find applications in automotive transmission, starter
drives of vehicles, universal joints, roller clutches, rocker
arms, rollerised cam lifters etc. SKP is a tier-I supplier to the
original equipment manufacturers (OEMs).

Recent Results

For the year ended March 31, 2013 the firm reported an operating
income of INR11.56 crore and profit after tax of Rs 0.55 crore as
against an operating income of Rs 11.04 crore and profit after tax
of Rs 0.28 crore for the financial year 2011-12.

SOWMIYA SPINNERS: ICRA Suspends 'B' Ratings on INR10cr Loans
ICRA has suspended '[ICRA]B' rating assigned to the INR7.20 crore
term loans and INR2.50 crore working capital facilities, &
'[ICRA]A4' rating to the INR2.20 crore short term, non fund based
facilities of Sowmiya Spinners Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.

SRIVEN BEER: ICRA Cuts Ratings on INR7.5cr Loans to 'B+'
ICRA has revised the long-term rating assigned to INR7.00 crore
fund based limits and INR0.50 crore unallocated limits of Sriven
Beer and Wine Distributors from '[ICRA]BB-' to '[ICRA]B+'.

   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit        7.00        Revised from [ICRA]BB-(Stable)
                                  to [ICRA]B+

   Unallocated        0.50        Revised from [ICRA]BB-(Stable)
   Limits                         to [ICRA]B+

The rating revision primarily takes into account the erosion of
SBWD's net worth upon withdrawal of capital by partners, adversely
impacting the capital structure of the firm on the back of
increasing debt levels resulting in gearing increase from 6.06
times in FY2012 to 10.04 times in FY2013. SBWD has also witnessed
a reduction in already thin margins of the liquor distribution
business due to higher employee expenses incurred to manage high
volume beer business and to improve collection efficiency. The
improved collection efficiency has resulted in decrease in debtors
from 60 days in FY2012 to 44 days in FY2013 marginally improving
the working capital position of the firm. The rating continues to
be constrained by risks arising from partnership nature of the
firm susceptible to capital withdrawal by partners. The rating
however continues to factor in the partners' experience in the
liquor industry, sole distributor status for Chandrapur district
for key brands of United Spirits Limited and United Breweries
limited which has a strong market position in India, and
distributed customer base with more than 300 customers.

Going forward, SBWD's ability to improve its capital structure
along with scale of operation without any margin contraction will
remain key sensitivities from credit perspective.

Sriven Beer & Wine Distributors was incorporated as a partnership
firm on September 10, 2010 with Mr. Y.D. Prasad Reddy and M/s.
Mandovi Distilleries & Breweries Pvt Ltd. as partners with 50%
partnership interest each. The firm is the distributor for United
Spirits Ltd (USL), & United Breweries Ltd. (UBL), for Chandrapur
district in Maharashtra. The firm has distribution rights for
brands like Mc Dowells No. 1 Whiskey, Signature Rare Whiskey,
Black Dog Scotch Whiskey, Diplomat Whiskey, Royal Challenge
Whiskey, Kingfisher Beers, and Canon Beers.

Recent Results

The operating income has increased from INR37.79 crore in FY2012
to INR45.70 crore in FY2013 and profit after tax has increased
from INR1.54 crore in FY2012 to INR1.73 crore in FY2013.

SUNFAB: ICRA Suspends 'BB-' Rating on INR20cr Loans
ICRA has suspended the long term rating of '[ICRA]BB-' assigned to
the INR16.25 crore term loan facility and the INR3.75 crore fund
based facilities of Sunfab. The suspension follows ICRA's
inability to carry out a rating surveillance, in the absence of
the requisite information from the company.

SUPREME MOBILES: ICRA Assigns 'BB-' Rating to INR2.4cr Loans
ICRA has assigned the long term rating of '[ICRA]BB-' for INR2.40
Crores bank facilities of Supreme Mobiles Limited. The outlook on
long term rating is 'Stable'. ICRA has a outstanding rating of
[ICRA]BB- (stable) for INR6.10 Crores bank facilities of Supreme
Mobile Limited.

   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits       2.40        [ICRA]BB-(stable) assigned
   (Cash credit)

The assigned rating takes into account the healthy growth in
revenues registered by SML over the last two years, besides its
dominant position as an authorised dealer of Passenger Vehicles
and Commercial Vehicles of Mahindra & Mahindra Limited (M&M) in
four districts of Haryana. The ratings are, however, constrained
by thin margins on vehicles and accessories coupled with the
slowdown in the auto industry, its weak financial risk profile
with high gearing and moderate coverage indicators. With working
capital intensive nature of operations, moderate operating profits
and large dependence on bank financing resulted in weak interest
coverage. The ratings also factor in the high competitive
intensity from dealers of other OEMs resulting in increased
pressure to pass on price discounts to customers. The ratings also
factor in the high competitive intensity from dealers of other
OEMs resulting in increased pressure to pass on price discounts to

Supreme Mobiles Limited is an authorized dealer for Mahindra &
Mahindra Ltd operating four showrooms and workshops in four cities
of Haryana namely Hisar, Bhiwani, Fatehabad and Jind, where it is
the only dealer of M&M vehicles. SML has been associated with M&M
since last two decades and is one of the major dealers of M&M in
the state of Haryana. It has been operating its Hisar facility
since 1981, Bhiwani facility since 1994, Fatehabad facility since
2005 and Jind facility since 2007. Recently, SML has undertaken
moderate expansion and renovation of its showroom in Bhiwani and
also built a new workshop in the same city.

ICRA has assigned rating of '[ICRA]B+' to the INR9.0 crore Cash
Credit facilities of Telmos Automobiles (P) Ltd. ICRA has also
assigned rating of '[ICRA]A4' to the INR1.1 crore of Dealer
Financing facilities, INR0.75 crore of Standby Line of Credit
facilities and INR0.10 crore of Unallocated facilities of TAPL.

   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term Fund           9.00       [ICRA]B+ Assigned
   Based Facilities

   Short term Fund          1.10       [ICRA]A4 Assigned
   Based Facilities
   (sub-limit of
   Long-term Fund

   Short term Fund          0.75       [ICRA]A4 Assigned
   Based Facilities

   Unallocated Facilities   0.10       [ICRA]A4 Assigned

The assigned ratings take into account the long-standing
experience of Telmos Automobiles Private Limited's promoters in
the dealership business and its diversified product mix. The
ratings are, however, constrained by the moderate scale of
operations coupled with the low profitability of the dealership
business. The decline in Tata Motors Limited's share of the
domestic passenger vehicle market has put pressure on the
company's turnover though it has been partially offset by healthy
growth in Honda Motorcycle and Scooter India's share of the
domestic two-wheeler market. Further, thin operating margin and
relatively high interest expense of the company has resulted in a
stretched credit profile characterized by weak coverage ratios.
Also, the competitive intensity is high on account of the presence
of other OEM dealerships in the vicinity. Going forward, the
ability of the company to increase its scale of operations and
improve its debt profile will be the key rating sensitivities.

The Telmos group was incepted in 1990 through the incorporation of
Telmos Electronics Pvt. Ltd. for manufacturing of electrical
control panels etc by Mr DN Gupta and his two sons, Mr Ravi Gupta
and Mr Sanjeev Gupta. In Jan, 2001 the group took an authorized
dealership for Tata Motors Ltd. (TML - Passenger Vehicles) for
Hisar (3S facility) and Sirsa (3S facility) in the name of Telmos
Automobiles (P) Ltd. Further, in May 2006, the group took the
dealership of Honda two-wheelers (HMSI) at Sirsa (3S facility) in
the name of Decent Honda. Recently, the company opened another 3S
facility at Dabwali for Honda two-wheelers.

UBIQUITY DIGITAL: ICRA Upgrades Ratings on INR35cr Loans to 'B'
ICRA has upgraded the rating assigned earlier to the INR35.00
crore, fund-based limits of Ubiquity Digital Card Systems Limited
to '[ICRA]B' from '[ICRA]D.

   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Term Loan             32.50        [ICRA]B (upgraded)
   Unallocated            2.50        [ICRA]B (upgraded)

The rating upgrade takes into account regularization of debt
servicing by UDCSL with the timely payment of interest on term
loan raised for construction of its on-going commercial project -
Brilliant Titanium. Notwithstanding the expected delay of few
months in completion of the project, the progress has been
satisfactory with ~86% of the planned cost incurred as on
September 2013. The rating also draws comfort from the favourable
location of the project and long track record of the promoters in
Indore commercial real estate market.

The rating is however constrained by the significant market risk
for UDCSL's project as no firm leasing agreement is in place for
the area under development while the project is near completion.
Any delay in sale or lease of the area developed would increase
dependence on promoter funding support to meet debt repayment
obligations scheduled to commence from Q1 FY2015. The risk is
further accentuated by the high competition in the commercial real
estate market of Indore.

Going forward, ability of the company to tie-up lease and sales
agreement for the project and timely funding of any shortfall that
might arise in meeting debt servicing obligations will be the key
rating sensitive factors.

Ubiquity Digital Card Systems Ltd. (UDCSL) was incorporated on 4th
August 1999 and is developing its first project (Brilliant
Titanium) at Plot No.9 of Scheme No.78 Part II, Indore (Madhya
Pradesh). This project will be a commercial complex made on the
land area of 71,882 sq. ft. having saleable area of 306,225 sq.
ft. As on September 2013, company has incurred ~86% of the total
estimated project cost of INR67.0 crore with completion expected
by March 2014 (compared to December 2013 earlier).

The Company is an associate of M/s Brilliant Estates Ltd. which is
promoted by Mr. Sanjay Choudhary who has successfully completed
many commercial projects in Indore. The Group is focused on
constructing commercial premises for Indian corporates, Multi-
national companies and IT/ITES companies and has successfully
constructed and leased about a million square feet area of
commercial space.

VAYHAN COFFEE: ICRA Upgrades Ratings on INR60.75cr Loans to 'B-'
ICRA has upgraded the long-term rating on the INR47.02 crore fund
based limits, INR0.25 crore non-fund based facilities and INR13.48
crore unallocated limits of Vayhan Coffee Limited from '[ICRA]C+'
to '[ICRA]B-'. ICRA has also reaffirmed the short-term rating on
the INR5.00 crore non-fund based facilities of VCL at '[ICRA]A4'.

   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long Term Fund          47.02         [ICRA]B- Upgraded from
   Based Limits                          [ICRA]C+

   Long Term Non-           0.25         [ICRA]B- Upgraded from
   Fund Based Limits                     [ICRA]C+

   Short Term Non           5.00         [ICRA]A4 Reaffirmed
   Fund Based Limits

   Unallocated Limits      13.48         [ICRA]B- Upgraded from

The ratings upgrade takes into account the timeliness in servicing
the debt obligations over the last eight months due to relative
improvement in cash flows on account of better management of
working capital. The ratings also take into account the
significant repeat orders from international customers, healthy
growth in sales volumes and reduced gearing levels aided by term
loan repayments and accruals. The assigned ratings continue to
factor in the managements' extensive exposure to the coffee
industry and the geographically diversified presence with exports
to ~20 countries. The healthy order book of the company is
expected to support the company's volumes going forward.
The ratings are however constrained by the commoditised nature of
the instant coffee business which is characterised by intense
competition and the exposure of company's margins to adverse
movements in international coffee prices and foreign exchange
rates. The ratings also take into account the reduction in the
operating profit margin of VCL from 21.7% in FY12 to 11.1% in FY13
and the stretched liquidity condition as seen from the fully
utilized working capital limits due to the high interest and
principal outgo. ICRA also notes that the expansion plan of Rs
~100 Crore which is in nascent stages and is expected to be
largely debt funded could stretch the leverage and coverage

In FY13, the company reported a net profit of INR3.4 crore on an
operating income of INR151.8 crore.

Vayhan Coffee Limited was incorporated on December 22, 2005. The
promoters of the company are D.R.S. Paramananda Raju, D. Rama Raju
and K.V.K. Raju. VCL manufactures and exports spray dried and
agglomerated instant coffee to various countries in Asia, Europe
and Africa. VCL is the 15th largest exporter of coffee
contributing 1.78% of the coffee exports from India in FY12. The
company has setup an export oriented Instant Coffee plant at West
Godavari District, Andhra Pradesh (AP) with an installed capacity
of 3600 tons per annum (TPA) which was increased to 4500 TPA in

WAIDHAN ENGINEERING: ICRA Rates INR2.75cr Cash Credit at 'BB'
ICRA has assigned '[ICRA]BB' rating to the INR2.75 crore cash
credit facilities and '[ICRA]A4' rating to the INR2.40 crores non
fund based limits of Waidhan Engineering and Industries Private
Limited.  The outlook on the long-term rating is stable.

   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Cash Credit            2.75        [ICRA]BB(stable) assigned
   Bank Guarantee         2.40        [ICRA]A4 assigned

The ratings are constrained by WEIPL's modest scale of operations,
susceptibility to fluctuations in raw material prices and
intensely competitive nature of the re treading industry.
Nevertheless, the ratings draw comfort from the long experience of
the promoters and established their relationship with key
customers and diversified sales mix of the company which imparts
operating flexibility. Going forward, ability of the company to
increase its scale of operations in a profitable manner while
maintaining working capital intensity will be the key rating

Waidhan Engineering and Industries Private Limited (WEIPL) was
established in the year 1986 as a private limited company .It is
engaged in activities like re treading of OTR tyres and conveyer
belt repair etc. The manufacturing facility of the company is
located at Waidhan in Madhya Pradesh.

The company reported a net profit of Rs 0.65 crore on an operating
income of Rs 22.54 crores in FY13 as against net profit of Rs 0.67
crore on an operating income of Rs 20.14 crores in FY12.

N E W  Z E A L A N D

CHORUS LTD: S&P Expects Firm to Breach Bank Covenants in 2 Years
Tom Pullar-Strecker at reports that credit ratings
agency Standard & Poor's expects Chorus will breach its banking
covenants within two years unless it receives help. says that fresh evidence has emerged both for and
against the contention that Chorus could absorb a NZ$10 reduction
in the price it can charge for copper broadband without government

According to, Standard & Poor's and Moody's are both
reviewing Chorus's credit ratings after the Commerce Commission on
November 5 ordered a 23 per cent cut in wholesale copper broadband
pricing. notes that Moody's has placed Chorus's "Baa2" credit
rating on review for a possible downgrade and Standard & Poor's
placed its long-term "BBB" rating for Chorus on "credit watch".

According to the report, Standard & Poor's credit analyst
Paul Draffin said that without "offsetting credit-supportive
actions", the commission's ruling would probably lead Chorus to
breach its banking covenants in its 2015 financial year.

If the price cut went ahead, Standard & Poor's would probably cut
Chorus's credit rating by "at least one notch", Mr. Draffin, as
cited by, said.

Moody's senior analyst Maurice O'Connell said the ruling would
"exacerbate Chorus' negative free cashflow position" and "put
significant pressure on the company's key financial metrics," relays.

But the Coalition for Fair Internet Pricing, which opposes
government help for Chorus, released an opinion from Auckland
University emeritus professor of finance, Jerry Bowman, says

In it he said he believed the price cut should not destabilise the
company or put it in financial distress, the report relates. adds that Mr. Bowman acknowledged the price cut, which
Chorus said would knock NZ$142 million off its annual earnings
before tax, interest, depreciation and amortisation (Ebitda),
could be expected to hit Chorus's share price.

Chorus Ltd -- is a telecommunications
utility provider. The Company provides services, such as network
access services, property co-location services, field services and
roadmap of services. The Company's network access services provide
direct access to Chorus local access network. It connects around
1.8 million New Zealand homes and businesses. Its property
portfolio includes local telephone exchanges, roadside cabinets,
mobile masts and radio towers. The Company manages security and
access to its buildings and infrastructure across the country. The
Company installs or repairs end customers' phone or Internet
services. The phone and Internet companies use its network to
deliver services. The Company also provides services to radio
operators or organizations that need wireless communications.
These organizations include TeamTalk, NZ Police, Civil Defense
organizations and broadcasters.


* Large Companies with Insolvent Balance Sheets

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

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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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


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

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

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

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

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

                 *** End of Transmission ***