TCRAP_Public/131216.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

          Monday, December 16, 2013, Vol. 16, No. 248


                            Headlines


A U S T R A L I A

BC3 THOROUGHBREDS: Administrators Deny Punters' Club Link
BRISCONNECTIONS GROUP: Fort Street, Goldman Vie for Advisor Role
BRIGHTON-LE-SANDS AMATEUR: Club Placed in Liquidation
ITHELP4U: Couldn't Compete, Placed Under Liquidation
KAGARA LTD: Set to be Liquidated Today

OCTAVIAR ADMIN: Circuit Ct. Reverses Ruling in "Drawbridge" Suit


C H I N A

LDK SOLAR: Extends Anew Forbearance with Noteholders Until Jan. 9
SUNTECH POWER: PwC to Probe Planned Sale of Main Unit
SUNTECH POWER: Subsidiary to be Liquidated


I N D I A

ANIL EXPORT: CARE Reaffirms 'B+' Rating on INR2cr LT Bank Loans
APPOLLO DISTILLERIES: CARE Puts 'D' Rating on INR75.49cr Loans
ARCHIT ORGANOSYS: ICRA Reaffirms 'B' Ratings on INR3.5cr Loans
BHARAT COTTAGE: ICRA Suspends 'B+' Rating on INR10.39cr Loans
FIVE VISION: ICRA Suspends 'B+' Rating on INR23.5cr Loans

FLORA PACKAGING: ICRA Suspends 'B' Rating on INR5.7cr Loans
GANPATI GLOBAL: CARE Reaffirms 'B+' Rating on INR5.2cr Loans
ISHAN INT'L: ICRA Reaffirms 'B-' Rating on INR15cr Loans
ISPAT DAMODAR: ICRA Suspends 'B' Rating on INR115cr Loans
JBC INDUSTRIES: CARE Rates INR5cr LT Bank Loans at 'B+'

JONAS PETRO: ICRA Assigns 'B+' Ratings to INR5.5cr Loans
K.T.C FOODS: ICRA Reaffirms 'B' Ratings on INR87cr Loans
KISAN PROTEINS: CARE Assigns 'B+/A4' Rating to INR9.5cr Loans
MG TEX: CARE Assigns 'B' Rating to INR7.74cr LT Bank Loans
MINERVA AUTOMOBILES: CARE Rates INR6.72cr LT Loans at 'B+'

NATURE EFFICIENT: ICRA Suspends 'B' Rating on INR95.5cr Loans
NEEL KANTH: CARE Assigns 'B+' Rating to INR1.3cr LT Bank Loans
PADMASH LEATHERS: ICRA Suspends 'B' Rating on INR0.5cr Loans
PATODI COTTON: CARE Rates INR8cr LT Bank Loans at 'B'
PERUMAL SPINNING: ICRA Reaffirms B+ Rating on INR9.75cr Loans

PUSHP INDUSTRIES: CARE Rates INR4.35cr LT Bank Loans at 'B+'
RAKESH ADVERTISING: CARE Rates INR10cr LT Bank Loans at 'B+'
SAFE-TRONICS AUTOMATION: ICRA Reaffirms B+ Rating on INR4cr Loans
VIJAY TRANSMISSION: ICRA Cuts Ratings on INR10.78cr Loans to 'B+'
VIKAS COT: ICRA Assigns 'B+' Rating to INR20cr Loans

VIVEKANANDA PADDY: CARE Assigns 'B+' Rating to INR8.42cr Loans


S O U T H  K O R E A

HANMAG SECURITIES: Close to Bankruptcy After Trading Mistake


                            - - - - -


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


BC3 THOROUGHBREDS: Administrators Deny Punters' Club Link
---------------------------------------------------------
Australian Associated Press reports that the administrators of the
troubled BC3 Thoroughbreds Pty Ltd said there is no link between
the company which races horses and the so-called punters' club run
by Bill Vlahos.

According to the news agency, Mr. Vlahos is being sued by one of
the investors in the "The Edge" but the whereabouts of AUD194
million the club supposedly earned is unknown.

He resigned as chairman of BC3 earlier last week after he was
allegedly bashed and his vehicle containing his laptop was torched
at his property in country Victoria, the report says.

Geoffery Trent Hancock -- thancock@moorestephens.com.au -- &
Michael Charles Hird -- mhird@moorestephens.com.au -- of Moore
Stephens were appointed Joint & Several Administrators of BC3
Thoroughbreds Pty Ltd & BC3 Thoroughbreds AUS Pty Ltd on
Dec. 9, 2013.

The report notes that Moore Stephens issued a statement on
Dec. 14 in response to reports BC3 was financially linked to the
punters club.

"In particular, it has been reported that BC3 Thoroughbreds Pty
Ltd deposited AUD1 million into the punters club on January 21.
This is incorrect," Moore Stephens said in a statement obtained by
AAP.

Moore Stephens said an investigation of BC3's bank statements
showed no record of such a transaction or anything that suggested
the company was involved in the punters' club, the report adds.


BRISCONNECTIONS GROUP: Fort Street, Goldman Vie for Advisor Role
----------------------------------------------------------------
Bridget Carter at The Australian reports that Fort Street
Advisers, Moelis and The Flagstaff Group out of Melbourne are
believed to be making pitches to secure the advisory role for
BrisConnections.

The Australian relates that Fort Street is now thought to be the
bank to beat, with the recent appointment of restructuring expert
Jim McKnight from UBS, who has been involved with BrisConnection's
lenders and has worked on Sydney's Cross City Tunnel.

The report says Goldman Sachs was previously tipped as the
frontrunner, but is now conflicted, given it is working for
Transurban, which is likely to be a bidder for the asset.

Goldman has a strong track record restructuring distressed assets
and companies, including Nine, Billabong and pub business Redcape,
the report notes.

The Australian adds that Macquarie and UBS are both out of the
race given their advisory role on Queensland Motorways, while
another contender previously thought to be in the mix, boutique
investment bank Lazard, is also believed to have withdrawn.

Australia-based BrisConnections Group (ASX:BCSCA) --
http://www.brisconnections.com.au/is engaged in designing,
constructing, operating, maintaining and financing Airport Link in
Australia.  Airport Link is a 6.7 kilometer toll road, mainly
underground, connecting the North-South Bypass Tunnel, Inner City
Bypass and local road network at Bowen Hills, to the northern
arterials of Gympie Road and Stafford Road at Kedron, Sandgate
Road and the East West Arterial leading to the airport.

David McEvoy, Christopher Hill, and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group, the owner and operator of the AirportlinkM7 toll road on
Feb. 19, 2013.  This follows the appointment of partners of
McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

As reported in TCR-AP on Feb. 20, 2013, Yahoo!7, citing a release
to the ASX, said BrisConnections went into administration citing
low traffic levels and debts worth more than the tunnel.
BrisConnections entered negotiations to restructure its debt, but
the board was told lenders were not prepared to support the
proposals, according to Yahoo!7.


BRIGHTON-LE-SANDS AMATEUR: Club Placed in Liquidation
-----------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Philip Raymond
Hosking -- phosking@hoskinghurst.com.au -- of HoskingHurst Pty Ltd
has been appointed as liquidator to the Brighton-Le-Sands Amateur
Fishermen's Club.

In 2012, the club shut down when a controller was appointed by
lender Carrington National with claims that the club had not met
loan payments, dissolve.com.au recalls.

dissolve.com.au noted that the site was taken over by its owner,
Rockdale Council, as rental payments were not also made by the
club.  In 2010, a loan of around AUD750,000 was granted by
Carrington National to the club.  The lender is still reportedly
trying to recoup the money, dissolve.com.au relays.

Brighton-Le-Sands Amateur Fishermen's Club is also popularly
called Fishos.


ITHELP4U: Couldn't Compete, Placed Under Liquidation
----------------------------------------------------
Tony Ibrahim of CRN News reports that authorized repair center
IThelp4U has closed its two shopfronts following stiff competition
from Apple.

The company, which once had a footprint in Sydney's Parramatta and
Penrith, was placed into liquidation on November 22 with
insolvency firm Ferrier Hodgson, according to CRN News.

The report relates that the owner blamed stiff competition from
neighboring Apple Stores for last month's liquidation and an
earlier decision in 2011 to shut the Parramatta store.

Parramatta closed because it couldn't compete with the
neighbouring Apple store in Castle Hill, the report relays.
IThelp4U's Penrith outlet closed as part of last month's
liquidation, the report notes.

Michael Seamons, founder of IThelp4U, told CRN News: "We shut shop
because we can't compete with Apple.  We've been [at Penrith] for
five years and two years ago Apple opened a store."

Mr. Seamons, the report relays, said Apple authorized service
partners were at a disadvantage because Apple "don't charge a
mark-up on their parts" or for labor.

The report says that Mr. Seamons added smaller Apple repair
partners were also squeezed on time.  "Being an authorized repair
centre we have to fix [an Apple] computer in three days.  The
Apple store has five to seven days to fix it," the report notes.

"The guys in Apple that are doing very good in the service side of
things are the country guys in Newcastle and the Central Coast.  I
wouldn't be an Apple reseller in the Sydney region even if I
could," CRN News quoted Mr. Seamons as saying.

Over the past two years, six staff members were made redundant
between both stores, the report says.

Ferrier Hodgson partner Robyn Duggan -- robyn.duggan@fh.com.au --
told CRN News that IThelp4U had been wound up over AU$2,932
insurance debt for workers compensation cover.  Mr. Duggan added
IThelp4U has yet to lodge proof of debt documentation.


KAGARA LTD: Set to be Liquidated Today
--------------------------------------
Sean Smith at The West Australian reports that Kagara Ltd's long-
suffering creditors have been dealt another blow with the company
heading into liquidation, 20 months after the base metals miner
collapsed.

The West Australian relates that the move by the company's
administrators from FTI Consulting further reduces the dwindling
prospects of even a modest recovery from Kagara's remaining
Queensland assets.

According to the report, FTI said discussions with potential
buyers over a sale of the assets, including the Chillagoe project,
via a deed of company arrangement would continue. However, given
its lack of success so far, there appears little chance of
stitching up a deal in the short term.

The wind-up, however, advantages Kagara's employees, enabling them
to claim most of what they are owed by the company under the
Federal Government's Fair Entitlement Guarantee, the report notes.

Kagara and its two subsidiaries, Mungana Pty Ltd and Kagara Copper
Pty Ltd, will be placed into liquidation today, Dec. 16.

The West Australian notes that FTI was forced to restart the sales
process after the collapse of a $71 million sale to a consortium
led by Queenslander Leendert Van der Sluys in July.

Kagara Ltd (ASX: KZL) -- http://www.kagara.com.au/-- engages in
exploration, development, and production of mineral properties in
Western Australia and North Queensland. It primarily focuses on
the exploration of zinc, copper, gold, lead, and nickel.

Michael Ryan -- michael.ryan@fticonsulting.com-- Mark Englebert
-- mark.englebert@fticonsulting.com --  Quentin Olde --
quentin.olde@fticonsulting.com -- and Stefan Dopking --
stefan.dopking@fticonsulting.com -- of FTI Consulting were
appointed Joint and Several Administrators of Kagara Ltd and
certain subsidiaries on April 29, 2012.

OCTAVIAR ADMIN: Circuit Ct. Reverses Ruling in "Drawbridge" Suit
----------------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that the U.S. Circuit Court of Appeals in New York ruled
on Dec. 11 that liquidators in a foreign bankruptcy can't use
Chapter 15 under the U.S. Bankruptcy Code unless the bankrupt
company resides or has a place of business or property in the U.S.

According to the report, the opinion, reversing the bankruptcy
court, means that foreign liquidators can't use the U.S.
bankruptcy court to conduct investigations or take discovery
without first establishing there is property in the U.S.

The case involved an Australian bankruptcy where the liquidators
filed a Chapter 15 petition and sought to take discovery from a
hedge fund in the U.S. Over the hedge fund's objection, U.S.
Bankruptcy Judge Shelley C. Chapman in Manhattan ruled that the
Australian proceedings were entitled to recognition as the so-
called foreign main proceeding.

Judge Chapman's ruling meant creditor actions in the U.S. were
halted automatically. It also meant the liquidators could use the
bankruptcy court for discovery.

Recognizing the importance of the issue and the dearth of
authority, Judge Chapman authorized a direct appeal to the Second
Circuit. Meanwhile, she granted the liquidators' request to take
discovery from the hedge fund.

The primary issue involved Section 109(a) of the Bankruptcy Code
and its requirement that a bankrupt must reside, have a place of
business, or assets in the U.S. The liquidators argued that the
section doesn't apply in Chapter 15 cases.

Writing for the three-judge appeals court, Circuit Judge Chester
J. Straub concluded that the plain meaning of the statute makes
Section 109 applicable in a Chapter 15 case because that section
is incorporated in Chapter 15 cases by Section 103(a).

Beyond plain meaning, Judge Straub said a textual analysis
supports making Section 109 applicable. He noted that the Collier
treatise on bankruptcy and two law review articles took the
position that the section applies in Chapter 15.

Judge Straub said that the venue provision for Chapter 15, Section
1410 of the Judiciary Code, is "purely procedural" and its lack of
a requirement of U.S. property doesn't excuse compliance with
Section 109.

The opinion contained several notable procedural twists.  Judge
Straub said that the hedge fund wasn't a "person aggrieved" and
thus lacked standing to appeal from the recognition order because
there was no direct and adverse pecuniary effect.

The hedge fund nonetheless was aggrieved by and could appeal from
the discovery order, Straub ruled. The discovery order brought up
the recognition order for appellate review.

The case is Drawbridge Special Opportunities Fund LP v. Barnet (In
re Barnet), 13-612, U.S. Second Circuit Court of Appeals
(Manhattan).

                   About Octaviar Administration

Australian liquidators for Octaviar Administration Pty Ltd. filed
a petition for creditor protection under Chapter 15 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 12-13443) on Aug. 13,
2012, in Manhattan.

The liquidators said the company didn't do business in the U.S.,
and they aren't aware of any U.S. creditors.  But the liquidators
filed a Chapter 15 petition in light of potential claims or causes
of action against parties located in the United States.  If the
application for recognition of the Australian liquidation as
"foreign main proceeding" is recognized, the liquidators will
investigate these potential claims and may ultimately commence
proceedings in the U.S. and/or seek to enforce a foreign judgment
in the U.S.

The Chapter 15 petition listed less than $100 million in assets
and more than $100 million in debt.

Prior to its demise, the Octaviar Group consisted of a travel and
tourism business, a corporate and investment banking business, a
funds management business, and as structured finance and advisory
business.  At it height, the Octaviar Group consisted of more than
400 companies, employed more than 3,000 employees, and had offices
in Australia, New Zealand and the United Arab Emirates.  The
business collapsed when the company announced in January 2008 that
it's separating its financial services business from its travel
and tourism business, which led to shares declining from AU$3.18
at opening to AU$0.99 at closing.  The decline caused an event of
default with lenders under a A$150 million bride financing
facility.  The travel and tourism business was ultimately sold to
Global Voyager Pty Limited to pay off debt.

Octaviar Administration provided the treasury function for
Octaviar Group.  OA was placed into liquidation by the Supreme
Court of Queensland in July 2009.

Katherine Elizabeth Barnet and William John Fletcher, the
liquidators of OA, are represented in the U.S. proceedings by
Howard Seife, Esq., at Chadbourne & Parke.



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C H I N A
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LDK SOLAR: Extends Anew Forbearance with Noteholders Until Jan. 9
-----------------------------------------------------------------
LDK Solar Co., Ltd., has entered into a new 30-day forbearance
arrangement with holders of a majority in aggregate principal
amount of its US$-Settled 10 Percent Senior Notes due 2014.  The
new forbearance arrangement, which expires on Jan. 9, 2014,
relates to the interest payment due under the Notes on Aug. 28,
2013.  That interest payment is still unpaid.  It is LDK Solar's
intention to find a consensual solution to its obligations under
the Notes as soon as possible and LDK Solar remains hopeful that
it will be able to achieve that goal.

As reported previously, LDK Solar has engaged Jefferies LLC as a
financial advisor for strategic advice in connection with the
Notes and LDK Solar's other offshore obligations.  Holders of LDK
Solar's offshore debt obligations may contact Augusto King at
aking@Jefferies.com, or Steven Strom at sstrom@Jefferies.com,
Lyndon Norley at lyndon.norley@Jefferies.com, or Richard Klein at
rklein@Jefferies.com with any questions.

Sidley Austin is acting as counsel to LDK Solar, led by Thomas
Albrecht at talbrecht@sidley.com, and Timothy Li at
htli@sidley.com.  LDK Solar understands that Ropes & Gray is
acting as counsel to a group of noteholders, led by Daniel
Anderson at daniel.anderson@ropesgray.com and Paul Boltz at
paul.boltz@ropesgray.com.  LDK Solar also understands that
Houlihan Lokey has been engaged as financial advisor to that same
group of noteholders; holders of the Notes may contact Brandon
Gale at bgale@hl.com with any questions.

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


SUNTECH POWER: PwC to Probe Planned Sale of Main Unit
-----------------------------------------------------
Charlie Zhu at Reuters reports that Suntech Power Holdings Co Ltd
said its restructuring manager would investigate the planned sale
of its main unit to Shunfeng Photovoltaic International Ltd for
legal infractions -- a move sources say could delay the
$495 million deal.

Reuters says delays to the sale could in turn complicate the
restructuring of Suntech, once the world's biggest solar power
manufacturer but which has since been crushed by a glut of solar
panels as demand faltered after the global financial crisis.

After defaulting on a $541 million offshore convertible bond,
Suntech is now locked in battle with some of the bond holders who
want to liquidate the company, says Reuters. It was delisted by
the New York Stock Exchange last month on concerns about its
ability to file earnings reports, the news agency recounts.

Reuters notes that PricewaterhouseCoopers, appointed in November
to handle the company's financial restructuring and thwart the
efforts of those bondholders, will look into whether the internal
transfer of Suntech's Japan and Singapore subsidiaries to its main
unit, the now bankrupt Wuxi Suntech Power Co Ltd, had violated any
laws.

The restructuring managers of PWC may take necessary legal steps
to "remedy any improper actions which have caused loss" to Suntech
Power Holdings and its creditors, Suntech said in a statement
cited by Reuters.

The Japan and Singapore subsidiaries were owned by a separate unit
of Suntech Power Holdings -- Power Solar System Co Ltd (PSS),
which is registered in the British Virgin Islands, the report
discloses.

According to Reuters, two sources familiar with the matter said
the transfer may have been conducted without any formal approval
of PSS.  PSS had been put into liquidation by PWC on Nov. 14, a
day before the sale of Wuxi Suntech to Shunfeng was approved by a
court in the eastern Chinese city of Wuxi, Suntech Power said Dec.
11, Reuters relays.

Shunfeng has paid CNY500 million as deposit on the acquisition of
Wuxi Suntech and was due to pay the remaining CNY2.5 billion on
Dec. 12, Reuters adds.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  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.


SUNTECH POWER: Subsidiary to be Liquidated
------------------------------------------
SolarServer reports that Suntech Power Holdings Co., Ltd. on
Dec. 10, 2013 disclosed that the Joint Provisional Liquidators
(JPLs) of the Company on Nov. 14, 2013, passed a sole
shareholder's resolution placing Power Solar System Co., Ltd., an
immediate subsidiary of the Company, into liquidation pursuant to
the Insolvency Act of the British Virgin Islands, the jurisdiction
of its incorporation.

Liquidators have since been appointed over PSS, Suntech said in a
press release, notes the report.

Already on November 11, 2013, SolarSever relates, the JPLs had
issued an announcement, referring to Suntech's Form 6-K filing
dated July 19th, 2013, which disclosed transfers and disposals of
shares of Suntech Power Japan Corporation (Suntech Japan) and
Suntech Power Investment Pte. Ltd. (Suntech Singapore) to Wuxi
Suntech Power Co. Ltd. (Wuxi Suntech) purportedly made in
connection with intragroup debt restructuring.

"Both Suntech Japan and Suntech Singapore were owned by PSS which
may have been insolvent under the laws of the BVI, and as such,
the Purported Share Disposals undertaken by PSS may be voidable
under BVI Law," Suntech reported, says SolarServer.

      Shunfeng Photovoltaic to Buy Interest of Wuxi Suntech

SolarServer relates that the November announcement indicated they
were also aware of the Hong Kong Stock Exchange announcement made
by Shunfeng Photovoltaic International Ltd. on November 1, 2013,
in relation to its proposed purchase of the entire equity interest
of Wuxi Suntech by its subsidiary Jiangsu Shunfeng Photovoltaic
Technology Co. Ltd.

PSS is the 100% shareholder of Wuxi Suntech, and any transfer or
disposal of Wuxi Suntech's shares requires the prior written
agreement and consent of PSS, says the report.

"The JPLs and the PSS liquidators have indicated that they are
continuing to investigate the Purported Share Disposals and the
proposed purchase of PSS's equity interest in Wuxi Suntech by
Jiangsu Shunfeng," reads the press release, notes SolarServer.
The JPLs and PSS liquidators announced to take such steps as may
be necessary on the basis of legal advice and court directions, as
appropriate, to remedy any improper actions which have caused loss
to Suntech, PSS and their creditors.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  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.


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I N D I A
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ANIL EXPORT: CARE Reaffirms 'B+' Rating on INR2cr LT Bank Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Anil Export (India).

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         2         CARE B+ Reaffirmed
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Anil Export (India)
continued to remain constrained by its weak financial risk profile
characterized by the highly leveraged capital structure, thin
profitability and weak debt coverage indicators. The rating is
further constrained by its modest scale of operations,
susceptibility of profitability to volatility in cotton prices and
its presence in the highly competitive and fragmented textile
industry.

The rating, however, continued to derive strength from the vast
experience of the promoters in the textile industry, synergy
derived from its sister concerns which have a presence over the
textile value chain and increase in total operating income during
FY13 (refers to the period April 1 to March 31).

The ability of AEI to increase its scale of operations along with
the improvement in its capital structure would be the key rating
sensitivities.

AEI was incorporated as a proprietorship firm in April 1995 and
subsequently converted to partnership firm in May 2010 by the
Mittal family as a part of the Vinod group of companies of
Ahmedabad; primarily engaged in the business of trading in textile
fabrics across India. AEI generates its income through two
segments, ie, trading in processed fabrics which it gets from its
sister concern, Vinod Fabrics Private Limited (VFPL; textile
processing, printing, dyeing unit since 1983 and is rated CARE
BB/CARE A4) and the rest through trading in grey fabrics.

The Vinod group is an established and integrated textile player
with a presence in the textile value chain from weaving to
processing to trading through its other sister concerns, viz,VFPL,
United Polyfab Private Limited (UPPL; weaving unit since 2005 and
is rated CARE BB/CARE A4) and Vinod Denim Ltd. (VDL; denim
manufacturing since 2009 and is rated CARE BB).

During FY13, AEI reported a PAT of INR0.11 crore on a total
operating income of INR42.28 crore as against a PAT of INR0.04
crore on a total operating income of INR29.66 crore during FY12.
During 7MFY14 (provisional), AEI achieved turnover of
approximately INR27 crore.


APPOLLO DISTILLERIES: CARE Puts 'D' Rating on INR75.49cr Loans
--------------------------------------------------------------
CARE assigns 'CARE D' rating to the long-term bank facilities of
Appollo Distilleries Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        75.49      CARE D Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Appollo Distilleries
Private Limited takes into account the instances of delays in debt
servicing by the company.

ADPL operates a brewery plant having an installed capacity of
50,000 KLPA (kilo litre per annum) at Billakuppam, Gummidipundi,
Tamil Nadu. The commercial operations of the facility commenced in
May 2012 and in the 11 months of operations upto March 2013, the
company manufactured 3.13 million cases of beer and sold 3.02
million cases. The manufacturing facility was established at a
total cost of INR116 crore, which was funded with term debt of
INR75 crore and the rest in the form of equity from the promoters.

ADPL is a subsidiary of Empee Distilleries Limited (rated 'CARE B'
under 'Credit Watch'), part of the Empee group of companies.


ARCHIT ORGANOSYS: ICRA Reaffirms 'B' Ratings on INR3.5cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' assigned to
the INR2.50 crore cash credit facility (reduced from INR3.50
crore) of Archit Organosys Limited. ICRA has also reaffirmed the
short term rating of '[ICRA]A4' assigned to the INR4.50 crore
short term fund based facilities and INR3.50 crore non fund based
facilities of AOL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit
   Facility              2.50        [ICRA]B (reaffirmed)

   Unallocated           1.00        [ICRA]B (reaffirmed)

   FDBP/FUDBP facility   4.50        [ICRA]A4 (reaffirmed)

   Letter of Credit      2.50        [ICRA]A4 (reaffirmed)

   Letter of Guarantee   1.00        [ICRA]A4 (reaffirmed)

The reaffirmation of the ratings takes into account AOL's small
size of operations in an intensely competitive industry; its weak
financial profile characterized by low profit margins coupled with
high gearing levels and weak coverage indicators. Further, the
rating factors in the foreign exchange fluctuation risk given the
high proportion of exports of total manufacturing sales and the
vulnerability of its profitability to raw material price
fluctuations. ICRA has also taken a note of the significant
contingent liability of the company related to forex losses on
matured derivative contracts incurred in FY 2009 and interest
thereon aggregating to INR1.47 crore as on 31st March 2013 (36% of
Tangible net worth as on 31st March 2013); while the matter is
currently under litigation, any unfavourable developments on the
matter may impair the financial profile of the company and
constitutes an event based risk. The ratings, however, continue to
positively consider the longstanding experience of the promoters
in the chemical industry; the company's diversified revenue
channels in the form of manufactured and trading sales; its
diversified customer base; and the favourable demand outlook for
its products.

Archit Organosys Limited (formerly Shri Chlochem Limited) was
incorporated in 1989 for the production of organic intermediates
viz. Mono Chloro Acetic Acid (MCAA) and Sodium Mono Chloro Acetate
(SMCA). The company's sole manufacturing unit is located at Naroda
GIDC, Ahmedabad in Gujarat with a production capacity of 5000 MTPA
of Mono Chloro Acetic Acid (MCAA). The company sells its chemical
products both in the domestic and international markets. The
company is also involved in trading of organic and specialty
chemicals namely Ethyl Acetate, Acetic Anhydride, Toluene etc.

In FY 2013, AOL reported an operating income of INR39.13 crore and
profit after tax of INR0.51 crore as against an operating income
of INR46.92 crore and profit after tax of INR0.67 crore during FY
2012.


BHARAT COTTAGE: ICRA Suspends 'B+' Rating on INR10.39cr Loans
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR10.39
crore, long term loans & working capital facilities and [ICRA]A4
rating to the INR3.70 crore, short term, non fund based letter of
credit and letter of guarantee facilities of Bharat Cottage
Industries. 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".

Bharat Cottage Industries was established in the year 1961 by late
Shri Mangilalji Danrajji Badamia. BCI is a partnership firm with
the board panel consisting of Mr. Mahendra Mangilalji Jain, Mrs.
Madhubala Mahendra Jain and Mr. Priyank Mahendra Jain. BCI is
engaged in manufacturing of plastic household and thermo-ware
products. Along with domestic sales, the company also exports its
products to various countries such as Dubai, Iraq, South Africa
and Srilanka. BCI has a manufacturing plant in Daman with a
manufacturing capacity of 1000MTPA. The firm has a sister concern
named Bharat Plast, which does job work for BCI only.


FIVE VISION: ICRA Suspends 'B+' Rating on INR23.5cr Loans
---------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]B+' assigned
earlier to the INR23.50 crore, fund-based bank facilities of Five
Vision Promoters Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in absence of the
requisite information from the company.

Incorporated in January 2005, Five Vision Promoters Private
Limited is a part of the SVP group- which has interests spanning
across real-estate, education, liquor and hospitality sectors.
FVPPL owns and operates a retail mall, namely "The Opulent" in
Ghaziabad (Uttar Pradesh), with a super built-up area of around 2
lakh square feet. The mall commenced operations in April 2010 and
has reputed tenants such as Bharti Retail, Woodland, Puma, Chunmun
Stores, Reliance Trends and Mc Donalds.


FLORA PACKAGING: ICRA Suspends 'B' Rating on INR5.7cr Loans
-----------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR5.70
crore bank limits of Flora Packaging Private Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


GANPATI GLOBAL: CARE Reaffirms 'B+' Rating on INR5.2cr Loans
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ganpati Global Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.20       CARE B+ Reaffirmed
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Ganpati Global
Private Limited continues to remain constrained on account of lack
of experience of the promoters in the guar gum business and
post implementation risk associated with its recently completed
greenfield project for processing of guar gum. The rating is
further constrained on account of GGPL's presence in the guar gum
processing business which is highly fragmented in nature and
susceptible to wide fluctuations in commodity prices.

The rating, however, continues to draw comfort from the positive
demand outlook of guar gum and its derivatives & proximity GGPL's
unit to raw material source.

Stabilization of operations and ability of GGPL to achieve the
envisaged level of operating income and profitability margins
remains the key rating sensitivity.

GGPL was originally incorporated as Mrinal Plastics Private
Limited in the year 1994 by Banka family of Jaipur, Rajasthan.
MPPL was engaged in the business of trading of plastic products
till 2009 when it was taken over by Murarka family based at
Jaipur. In October 2011, Murarka family changed the business
objective and the name of the company to GGPL.

GGPL has completed its greenfield plant for processing of guar gum
powder with total installed capacity of 3,600 Metric Tonnes Per
Annum (MTPA) in June 2013. The project was originally envisaged to
be completed by January 2013; however, it got delayed by more than
five months on account of non availability of power connection and
delay in installation of plant and machineries.

The project was set up at a total cost of INR7.48 crore which was
funded through debt-equity ratio of 1.28 times. GGPL markets its
product mainly in Rajasthan and procures key raw materials i.e.
guar gum split from nearby areas.


ISHAN INT'L: ICRA Reaffirms 'B-' Rating on INR15cr Loans
--------------------------------------------------------
ICRA has reaffirmed '[ICRA]B-' rating assigned to the INR15.00
crore fund based limits of Ishan International.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund based limits     15.00       [ICRA]B- reaffirmed

The rating reaffirmation takes into account the highly competitive
and low value additive nature of the rice milling industry which
coupled with ISIN's limited pricing power and small scale of
operations have resulted in relatively weak profitability
indicators for the firm. Further, the firm's working capital
intensive operations have been largely debt funded resulting in
high gearing and weak debt coverage indicators. ICRA also factors
in the vulnerability of firm's operations to agro climatic risks,
which can affect the pricing and availability of paddy. However,
ICRA draws comfort from the proximity of ISIN's mill to a major
rice growing area which results in easy availability of paddy and
stable demand outlook given that India is a major consumer and
exporter of rice.

Incorporated in the year 2001, Ishan International is s a
partnership firm engaged in milling of rice with an installed
capacity of 4 tons/hour. The firm has been promoted by Mr. Bhim
Sain who has a decade of experience in the rice industry.

Recent Results

The firm reported profit after tax of INR0.01 crore on an
operating income of INR46.52 crores in 2012-13 as against a profit
after tax of INR0.01 crore on operating income of INR42.13 crores
in 2011-12.


ISPAT DAMODAR: ICRA Suspends 'B' Rating on INR115cr Loans
---------------------------------------------------------
ICRA has suspended '[ICRA]B' rating assigned to the INR72.00 crore
term loan, INR43.00 crore, fund based, working capital facility,
and '[ICRA]A4' rating to the INR22.20 crore, short term, non-fund
based, working capital facility of Ispat Damodar Limited.

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.


JBC INDUSTRIES: CARE Rates INR5cr LT Bank Loans at 'B+'
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of JBC
Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         5         CARE B+ Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of JBC Industries is
constrained by its small scale of operation with thin
profitability, risk related to renewal-based dealership agreement,
its presence in a highly competitive and fragmented industry,
working capital intensive nature of operations leading to a
leveraged capital structure and its constitution as a
proprietorship entity. However, the rating drives strength from
its long track record of operation, experience of the proprietor
and its association with Tata Steel Ltd (Agrico & wire division).
The ability of JBC to increase its scale of operation with
simultaneous improvement in profitability margins in a competitive
environment and effective management of working capital will be
the key ratings sensitivities.

JBC Industries (JBC) was established as a proprietorship entity on
August 1, 1995 by Mr Jitendra Patra based out of Orissa. Since
inception, the entity has been engaged in the trading of iron &
steel products like HB wire, GI wire, agricultural equipment and
manufacturing of binding wire, barbed wire, chain-link net and
fastener nails. JBC is the authorised dealer of Tata Steel Ltd
(Agrico and wire division) for 20 districts of Orissa. The
manufacturing facility of JBC is located at Mancheswar Industrial
Estate of Bhubaneswar, Orissa, with an aggregate installed
capacity of 270 MTPA.

Trading remains the core business segment for the entity over the
years with a contribution of about 94% in its total income during
FY13 (refers to the period April 1 to March 31).

During FY13, JBC registered a total income of INR28.68 crore
(INR26.50 crore in FY12) with PBILDT and PAT of INR1.37 crore and
INR0.27 crore (INR1.36 crore and INR0.26 crore in FY12),
respectively.


JONAS PETRO: ICRA Assigns 'B+' Ratings to INR5.5cr Loans
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR4.50
crore1 term loan and INR1.00 crore cash credit limits of Jonas
Petro Products Private Limited. ICRA has also assigned a short-
term rating of '[ICRA]A4' to INR1.50 crore non-fund based limits
of JPPPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             4.50        [ICRA]B+ assigned
   Cash Credit           1.00        [ICRA]B+ assigned
   Bank Guarantee        0.75        [ICRA]A4 assigned
   Letter of Credit      0.75        [ICRA]A4 assigned

The assigned ratings are constrained by the modest scale of
operation in the recycled fuel oil business; low capacity
utilization of the plant owing to limited availability of raw
material in the absence of any long term agreement with suppliers
and weak financial profile characterized by high gearing, moderate
coverage indicators and net loss for 6m FY2014. The assigned
ratings however take comfort from the long experience of the
promoters in the oil trading business; in-house laboratory for
quality testing of raw materials used in the oil recycling process
and favorable demand prospects of the recycled fuel oil in India.

Going forward, signing of long term contracts for raw material
procurement and improvement in plant utilization levels with
improvement in operating margins and managing of working capital
requirements are the key rating sensitivities from a credit
perspective.

Jonas Petro Products Private Limited was established in the year
2010 by Mr Sunil Jonas and Ms Sandhya Jonas. JPPPL is engaged in
recycling and processing of waste oil and converting it into
recycled fuel oil. The company's plant is located at Mangalore,
Karnataka and it started operations from April 2012. JPPPL has a
storage capacity of 12000 Kilo litres.

Recent Results

As per the provisional results for 6m FY2014, the company reported
net loss of INR0.10 crore on turnover of INR1.91 crore as against
net profit of INR0.06 crore on turnover of INR0.37 crore during
FY2013.


K.T.C FOODS: ICRA Reaffirms 'B' Ratings on INR87cr Loans
--------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]B' to the
INR87.00 crore (enhanced from INR13.70 crore) fund based
facilities and proposed limits of K.T.C Foods Private Limited.

                             Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Fund based Facilities     86.83      [ICRA]B (reaffirmed)

   Proposed (Unallocated
   limits)                    0.17      [ICRA]B (reaffirmed)

The reaffirmation of rating factors in company's weak financial
profile marked by thin profitability, high gearing level and
consequently weak debt protection metrics. Further, rating is
constrained by high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating, however favorably takes
into account long standing experience of promoters in rice milling
business, considerable turnover achieved in the first year of
operations and proximity of the mill to major rice growing area
which results in easy availability of paddy.

Going forward ability of the company to maintain healthy growth in
revenues & profitability, while maintaining a prudent capital
structure will be the key rating sensitivities.

KTC Foods (P) Limited was established in the year 2010. The
Company is primarily engaged in the milling of paddy rice with an
installed capacity of 18 tons per hour. The company has a sortex
machine with the capacity of 18 tons per hour. The company caters
to both domestic as well as export markets. The company
differentiates itself by selling broken rice with its own brand
name of "Barfi".

To cater the growing demand of rice in domestic and export markets
the company has enhanced its milling and sortex capacity in the
current financial year. The Company has incurred capex of INR15.00
crore for enhancing its milling capacity from 6 tph to 18 tph and
sortex capacity from 6 tph to 18tph. This has been funded by a mix
of fresh debt, equity infusion by promoters and unsecured loans.

Recent Results

During the financial year 2012-13, the company reported profit
after tax (PAT) of INR0.35 crore on an operating income of
INR164.30 crore.


KISAN PROTEINS: CARE Assigns 'B+/A4' Rating to INR9.5cr Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Kisan Proteins Private Limited.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term /Short-      9.50       CARE B+/CARE A4 Assigned
   term Bank
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Kisan Proteins
Private Limited are primarily constrained on account of its modest
scale of operations and its weak financial risk profile marked by
thin profitability, leveraged capital structure and weak debt
coverage indicators. Furthermore, the ratings are also constrained
on account of its highly working capital intensive nature of
operations resulting in modest liquidity condition, its presence
in the highly fragmented and seasonal mustard oil industry with
dependence on agro climatic conditions and susceptibility of its
profitability to the fluctuations in mustard seed price and
foreign exchange rates.

The ratings, however, derive strength from the vast experience of
the promoters with an established track record of operation and
easy availability of raw materials with diversified customer base
hiving presence in the domestic and overseas markets.

The ability of KPPL to increase its scale of operations along with
improvement in the profitability and capital structure through
efficient working capital management are the key rating
sensitivities.

Palanpur-based (Gujarat) KPPL is a private limited company
incorporated on Jan. 1, 2005 by Mr Manubhai Karsanbhai Patel and
Mr Ramanbhai Kanjibhai Patel along with two other promoters. The
company is primarily engaged in solvent extraction from mustard
seed cake. It manufactures mustard oil and mustard de-oiled cake
(MDOC) through solvent extraction plant having a capacity of 6,000
metric tonnes per annum (MTPA) as on March 31, 2013. The
manufacturing facility is located at Ahmedabad-Palanpur highway,
district Banaskantha (Gujarat).

It also carries out the trading of caster seed, mustard oil and
mustard DOC. During FY13 (refers to the period April 1 to
March 31), the revenue from trading formed 32.50% of total
operating income (TOI). KPPL sells its products in the domestic as
well as overseas markets and the export revenue contributed 34% of
TOI in FY13. As per the audited results for FY13, KPPL reported a
total operating income of INR60.45 crore (FY12: INR58.69 crore)
and net profit of INR0.14 crore (FY12: INR0.14 crore). For H1FY14
(provisional), KPPL registered turnover of INR40.40 crore.


MG TEX: CARE Assigns 'B' Rating to INR7.74cr LT Bank Loans
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of MG Tex Fab Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.74       CARE B Assigned
   Facilities

   Short-term Bank       0.10       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of MG Tex Fab Private
Limited is primarily constrained on account its nascent stage of
operations, weak financial risk profile marked by net
loss during FY13 (refers to the period April 1 to March 31),
leveraged capital structure as well as weak debt coverage
indicators. Furthermore, the ratings are also constrained on
account of susceptibility of profit margins to volatility in the
prices of raw material and its presence in the highly fragmented
industry leading to stiff competition in the industry.

The ratings, however, derive comfort from the experience of the
promoters in the industry coupled with location advantage due to
its presence in Surat (Gujarat) which is one of the largest
textile hubs of India.

Improvement in the overall financial risk profile through increase
in the scale of operations along with improvement in profit
margins and capital structure are the key rating sensitivities.

Incorporated in 2007, MTF is engaged in the manufacturing of grey
fabrics (viz French crepe, velvet, raw silk and metty pc) from
yarn. The company has undertaken a phase-wise project to
manufacture grey fabric in early FY12. The overall cost of the
project was INR7.63 crore, funded by debt of INR5.97 crore and
promoter's contribution of INR1.66 crore. The project has been
set-up at Surat, with 66 imported high powered machines (looms)
having an installed capacity of 84.32 lakh meters per annum.
Although, MTF was incorporated in 2007, the production commenced
from October 2011, when a phase of the project was completed. The
entire project was completed in the month of December 2012. The
key raw material i.e. cotton and polyester yarn is sourced
entirely from domestic market (mainly Surat) and the revenues are
also entirely earned from the domestic market (mainly from
Gujarat, Rajasthan & Maharashtra).

During FY13, MTF reported a net loss of INR0.25 crore on a TOI of
INR9.36 crore.


MINERVA AUTOMOBILES: CARE Rates INR6.72cr LT Loans at 'B+'
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Minerva Automobiles Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.72       CARE B+
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Minerva Automobiles
Pvt Ltd is constrained by short track record of operation, low
bargaining power with Original Equipment Manufacturers (OEMs)
and reliance on volume for growth, renewal-based dealership
contract, working capital intensive nature of operation and
intense competition in the auto dealership industry. The above
constraints are partially offset by the experienced promoters and
moderate product portfolio with moderate geographical reach.

The ability of the company to achieve the projected revenue and
profit margins and manage its working capital requirements
efficiently shall remain the key rating sensitivities.

Minerva Automobiles Pvt Ltd is a Bolangir-based (Odisha) company
incorporated on February 15, 2012, by Mr Brijesh Meher, Mr
Abhishek Meher, Mr Chintesh Meher and Mr Animesh Meher. All the
promoters are related as brothers except Mr Abhishek Meher, who is
related as nephew with others. MAPL is an authorized dealer of
Mahindra & Mahindra Ltd (MML). It is engaged in providing sale and
after sale services of MML's personal and commercial vehicles
through its showroom (leased) situated in the Bolangir district of
Odisha. MAPL is setting up another showroom in Bhawanipatna which
is expected to start commercial operation from January 2014.

MAPL is a closely held company managed by a four-member board
where all the board members represent the promoter's family.
Currently, the day to day affairs of MAPL are managed by Mr
Brijesh Meher, director, with adequate support from other co-
directors and a team of experienced professionals.

As maintained by the management, MAPL has achieved total sales of
INR21.52 crore during 8MFY14 (refers to the period April 01 to
November 30).


NATURE EFFICIENT: ICRA Suspends 'B' Rating on INR95.5cr Loans
-------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR95.50
crore, long term loans & working capital facilities & [ICRA]A4
rating to the INR0.80, short term, non fund based bank guarantee
facilities of Nature Efficient Electronics Pvt. Ltd. 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".

Nature Efficient Electronics Private Limited (NEEPL or the
company), was incorporated in September 2009 by Mr. Dhanish Jain,
who was earlier involved in the business of trading and
manufacturing of electrical appliances such as electrical
switches, wires, etc. The company is engaged in the business of
manufacturing Compact Fluorescent Lamps (CFL). The manufacturing
unit is located in the district of Thane and the registered office
is located at Bandra Kurla Complex, Mumbai.


NEEL KANTH: CARE Assigns 'B+' Rating to INR1.3cr LT Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Neel Kanth Herbs.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        1.30       CARE B+ Assigned
   Facilities

   Long-term/Short-      4.00       CARE B+/CARE A4 Assigned
   term Bank
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Neel Kanth Herbs
are primarily constrained on account of the risk associated with
the predominantly debt-funded green-field project which has
been recently commissioned. The ratings are further constrained on
account of its constitution as a partnership concern,
vulnerability of its profitability margins to volatile raw
material prices and its presence in a highly fragmented agro
processing industry.

The above weaknesses are partially offset by the experience of the
management in the agro processing industry, its reputed clientele
and healthy demand prospects.

The ability of the firm to stabilize its operation and achieve the
envisaged level of sales and profitability are the key rating
sensitivities.

Jaipur-based (Rajasthan), NKH was formed in 2011 as a partnership
concern by Mr Kanhaiyalal Goenka and Ms Rita Goenka. NKH was
formed with an objective to set up a green-field plant for
the processing of agriculture commodities mainly groundnut. The
firm has completed its project and started commercial operations
from December 2012. The plant was set up at an aggregate cost
of INR2.30 crore (excluding margin money for working capital),
which was funded through a debt equity mix of 2.48:1 times. The
manufacturing plant of the firm is located at Jaipur and has an
installed capacity of 12,000 Metric Tonne Per Annum (MTPA) to
process agriculture commodities.

As per the audited results of FY13 (refers to the period April 1
to March 31), NKH reported a total income of INR6.09 crore with a
net loss of INR0.05 crore. As per the provisional result for
7MFY14, NKH registered a TOI of around INR4.16 crore.


PADMASH LEATHERS: ICRA Suspends 'B' Rating on INR0.5cr Loans
------------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR0.50
crore term loans and '[ICRA]A4' rating assigned to the INR4.50
crore short-term fund-based facilities, INR4.50 crores short term
fund based facilities (sublimit) and INR2.00 crore short-term
proposed facilities of Padmash Leathers and Exports 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


PATODI COTTON: CARE Rates INR8cr LT Bank Loans at 'B'
-----------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Patodi
Cotton Ginning Factory.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         8         CARE B Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Patodi Cotton
Ginning Factory is primarily constrained on account of its modest
scale of operations and its weak financial risk profile marked
by thin profitability, leveraged capital structure, weak debt
coverage indicators and stressed liquidity position. Furthermore,
the rating is also constrained on account of the susceptibility of
its profitability to cotton price fluctuations and its presence in
the highly fragmented and seasonal cotton ginning industry,
wherein the prices and supply for cotton are being highly
regulated by the government.

The above mentioned factors far offset the benefits derived from
around three decades of vast experience of the proprietor in the
cotton business. The ability of PCGF to increase its scale of
operations while managing the volatility associated with
the cotton prices along with improvement in its profitability and
capital structure are the key rating sensitivities.

Dewas-based (Madhya Pradesh), PCGF was established in 2005 as a
proprietorship firm by Mr Rahul Patodi. The firm is mainly engaged
in the trading & ginning of cotton & cotton seeds and trading of
other commodities like wheat, soyabean & yarn. The cotton and
other traded materials are primarily procured from Loharda mandi
in Dewas (Madhya Pradesh) and also through brokers from ginning
mills in Madhya Pradesh, Maharashtra & Gujarat. The processing
facility of PCGF is located at Dewas (MP) with a total installed
capacity of 8,000 MTPA of cotton bales as on March 31, 2013.
Despite having own manufacturing set up, the firm has generated
the entire operating income from the trading of cotton bales,
cotton seeds and cotton yarn in the past two years ended FY13
(refers to the period April 1 to March 31).


PERUMAL SPINNING: ICRA Reaffirms B+ Rating on INR9.75cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR9.75
crore fund based facilities of Perumal Spinning Mills Private
Limited at '[ICRA]B+'. ICRA had earlier suspended the rating in
August 2013 owing to non-cooperation from the client. The
suspension now stands revoked.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term-Fund        9.75       [ICRA]B+ reaffirmed
   based facilities

The rating reaffirmation consider the experience of promoter in
the textile business for over two decades and the improvement in
Company's working capital position as on March 2013 aided by
decline in inventory levels. The rating is, however, constrained
by the exposure of the Company's revenues and profitability to
volatility in cotton and yarn prices, and its presence in the
medium count segment in a highly fragmented spinning industry,
where high competition-coupled with low product differentiation-
limits pricing flexibility and its relatively small scale of
operations restrict scale economies and financial flexibility.
Despite recording healthy growth in revenues during last fiscal
driven by revival in yarn demand, sharp increase in power cost on
the backdrop of adverse power scenario prevalent in the State had
adversely impacted the operating margins. This scenario coupled
with significant interest expenses resulted in Company posting net
losses during 2012-13. Hence, with the reserves getting eroded in
successive fiscals, the Company's capital structure remains
stretched, with a gearing of 2.2 times as on March 2013, in spite
of reduction in debt levels supported by decline in working
capital borrowings. Going forward, the ability of the Company to
enhance its scale of operation and profitability alongside
improvement in capital structure would remain the key rating
sensitivities.

PSMPL, incorporated in 1989 by Mr. S. Perumal, is primarily
engaged in manufacture of cotton yarn. The Company produces medium
counts of carded/combed yarn (in the count range of 40s to 60s)
and supplies primarily to domestic garment manufacturers. The
Company operates with an installed capacity of 14,112 spindles and
its manufacturing facility is located in Salem (Tamil Nadu). The
Company is closely held by Mr. P Ashokaraman (son of Mr. S
Perumal) and his son.

Recent Results
The Company had reported net loss of INR0.3 crore on an operating
income of INR28.2 crore during 2012-13 as against net loss of
INR0.5 crore on an operating income of INR21.8 crore during 2011-
12.


PUSHP INDUSTRIES: CARE Rates INR4.35cr LT Bank Loans at 'B+'
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Pushp Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        4.35       CARE B+ Assigned
   Facilities

   Short-term Bank       5.00       CARE A4 Assigned
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Pushp Industries
are primarily constrained on account of its weak financial risk
profile marked by thin profitability margin, highly leveraged
capital structure and stressed liquidity position. The ratings are
further constrained on account of its modest scale of operations
coupled with its constitution as a partnership firm, customer &
supplier concentration risk, weak demand from the automobile
sector to constrain growth in the short term with threat from
cheap imports from China and foreign exchange fluctuation risk.

The ratings, however, derive strength from experienced partners,
assured sale agreement with SKF and growth in infrastructure
development activities to support growth in operations. Increase
in scale of operations with improvement in profitability margin
and better working capital management by the firm will be the key
rating sensitivity.

PSI was formed in 2010 as a partnership concern and is a part of
the Pushp Group (PG) based out of Jaipur (Rajasthan). The PG has
been in the business of manufacturing bearing races/rings through
forging route, turning route and trepanning route since 1970. The
group concern includes Perfect Turners (PTS, formed in 1995, rated
CARE BB-/CARE A4) which manufactures bearing rings, railway
bearing components and Tapered Roller Bearing (TRB) rings, Pushp
Enterprises (PSE, formed in 1997, rated CARE BB/CARE A4) engaged
in the manufacturing and supply of two-wheeler bearing rings to
SKF India Limited (SKF) and Pushp Forging Private Limited (PFPL,
incorporated in 2003, rated CARE BB-/CARE A4) engaged in the
manufacturing of bearing rings.

The overall affairs of PG are looked after by Jangid family.
PSI was formed with a purpose to acquire German-based operational
plant of SKF to manufacture four-wheeler rings. It has also
entered into an off-take agreement with SKF to supply 100% of its
production of rings to SKF for a five-year period starting from
October 2010. It manufactures rings in the range of 19.20 mm to 48
mm outer diameter with a weight of 20 gms to 93 gms. It has total
installed capacity of 576 Lakh Pieces Per Annum (LPPA) as on
March 31, 2012 which operated at 70% of capacity utilization level
during FY12 (refers to the period April 1 to March 31).

During FY13, PSI reported a total income of INR26.52 crore
(Rs.18.09 crore in FY12) with net losses of INR0.55 crore (net
profit of INR0.12 crore in FY12). As per provisional result of
7MFY14, the company has achieved total operating income of
INR19.65 crore.


RAKESH ADVERTISING: CARE Rates INR10cr LT Bank Loans at 'B+'
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Rakesh
Advertising Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         10        CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Rakesh Advertising
Private Limited is primarily constrained on account of its weak
financial risk profile marked by cash loss during FY13 (refers to
the period April 1 to March 31), highly leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations. The rating is further constrained
due to the risk associated with non-renewal of rights on leased
sites coupled with inherent regulatory risk.

The rating, however, favorably takes into account the promoters'
experience of over two decades in the publication and advertising
business, healthy growth in total operating income and well
diversified client base.

RAPL's ability to increase its scale of operations and to improve
its profitability by maximizing the revenue from the transit media
segment during the tenure of the rights and to improve its
solvency position and collection period would remain the key
rating sensitivities.

Promoted by Mr Rakesh Gandhi, Rakesh Advertising Private Limited
was incorporated in 2003 by taking over the existing business
operations of a partnership concern, M/s Rakesh Advertising, which
was formed by the Gandhi family in 1983. RAPL operates in two
segments of media, ie, print media advertisement and transit media
(one of the segment of out-of-home advertising) advertisement. The
revenue derived from the print media segment stood at 34% of the
total operating income (TOI) during FY13, whereas the balance 66%
was derived from transit media. RAPL has been a member of the
Indian Newspaper Society since 2000. RAPL had entered in to
transit media business during FY12 and has its presence in all
cities of Gujarat and Mumbai (Maharashtra) where as it has signed
contracts for outdoor advertisement with Gujarat State Road
Transport Corporation (GSRTC) and Brihanmumbai Electric Supply and
Transport (BEST) buses, an undertaking of Bombay Municipal
Corporation. RAPL has exclusive rights for transit advertisement
displayed on GSRTC buses (7,600 buses as on March 2012 when
contract was awarded) and BEST buses (3,768 buses as on May 2012
when contract was awarded) each having a tenure of two years and
three years, respectively.

As against a net profit of INR0.79 crore on a total operating
income (TOI) of INR18.80 crore in FY12, RAPL reported a net loss
of INR3.02 crore on a TOI of INR45.94 crore during FY13.


SAFE-TRONICS AUTOMATION: ICRA Reaffirms B+ Rating on INR4cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating to the INR4.00 crore
(enhanced from INR2.00 crore) long-term fund-based bank facilities
of Safe-Tronics Automation Private Limited at [ICRA]B+. ICRA has
also reaffirmed the short-term rating to the INR8.00 crore
(enhanced from INR4.50 crore) non-fund based bank facilities of
SAPL at '[ICRA]A4'.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term fund-          4.00      [ICRA]B+ reaffirmed
   based Limits

   Short-term non-
   fund based Limits        8.00      [ICRA]A4 reaffirmed

The rating reaffirmation takes into account long experience of the
promoters in execution of turnkey project related to F&G detection
system; healthy order book of the company, which improves revenue
visibility in near to medium term; reputed clientele of SAPL,
which reduces counterparty credit risk and exclusive supply
arrangement with Detector Electronics Corporation, USA, which has
leading position in F&G detection system domain. However, the
ratings are constrained by the small scale of operations;
Increased working capital intensity of operations in 2012-13 due
to high receivables, which adversely impacts liquidity profile;
SAPL's low albeit improving, net profits and cash accruals,
increase in gearing in 2012-13; fixed price nature of contracts,
which exposes the company to risk of cost escalations and exposure
to forex fluctuation risks given its dependence on imports.

Incorporated in 2007, SAPL is involved in providing turnkey
solutions for Fire and Gas (F&G) Detection Systems. SAPL is an
exclusive representative for products of Detector Electronics
Corporation (part of United Technologies Corporation, USA) and
Norriseal (part of Dover Corporation, USA). SAPL receives its
orders from other large EPC contractors or directly from the
customers, through a tender based contract award system. Most of
the customers of SAPL are large companies in oil and gas industry.

Recent Results

In 2012-13, SAPL reported a profit after tax (PAT) of INR0.57
crore on an operating income of INR12.79 crore as compared to a
PAT of INR0.37 crore on an operating income of INR12.39 crore in
2011-12.


VIJAY TRANSMISSION: ICRA Cuts Ratings on INR10.78cr Loans to 'B+'
-----------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR6.00
crore fund-based facility and INR4.78 crore (reduced from INR10.45
crore) of term loans of Vijay Transmission Private Limited to
'[ICRA]B+(SO)' from '[ICRA]BB-(SO)'.  The SO (structured
obligation) rated working capital facilities and term loans are
credit enhanced by an unconditional and irrevocable corporate
guarantee issued by Vijay Steel Corporation Private Limited
(VSCPL; erstwhile Vickson Steel Private Limited). An SO rating is
specific to the rated issue, its terms, and its structure. 'SO'
ratings do not represent ICRA's opinion on the general credit
quality of the issuers concerned.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund-Based limits     6.00         [ICRA]B+(SO) downgraded
   Term Loans            4.78         [ICRA]B+(SO) downgraded

The rating downgrade takes into account the downgrade in the long-
term rating of VSCPL to [ICRA]B+ (pronounced ICRA B plus) from
[ICRA]BB- (pronounced ICRA double B). The rating is based on the
unconditional and irrevocable corporate guarantee issued by VSCPL
for the rated bank facilities of VTPL. The rating addresses the
servicing of the bank lines to happen as per the terms of the
underlying sanction letter and the guarantee arrangement and
assumes that the guarantee will be duly invoked, as per the terms
of the underlying sanction letter and guarantee agreements, in
case there is a default in payment by the borrower. The rating is
based on the strength of guarantee and it would have to be
reviewed for any incremental funding after the guarantee is
revoked.

Incorporated in December 2006, Vijay Transmission Private Limited
is a private limited company engaged in the business of
fabrication and/or galvanising of substation structures,
transmission towers & other structural items, and allied
activities. The company is an associate of Vijay Steel Corporation
Pvt. Ltd. which holds ~39.2% stake in VTPL (as on September 2013).
The company has fully equipped fabrication shops (Mass, Prototype
& Special Structures) in Raipur to undertake fabrication work with
capacity of 18,000 MTPA. At the same location, VTPL also has a
galvanizing facility of capacity of 21,000 MTPA.

The company has reported a profit after tax (PAT) of INR0.4 crore
on operating income (OI) of INR84.6 crore in FY 2012-13 (unaudited
financial results), as compared to net loss of INR1.6 crore on an
OI of INR96.3 crore in FY 2011-12.

Vijay Steel Corporation Private Limited (VSCPL; erstwhile Vickson
Steel Private Limited) was incorporated in 1966 by Mr. K. C.
Paliwal as a partnership firm for trading of steel products.
Subsequently, the firm was converted into a private limited
company in 1995. The promoters have nearly four decades of
experience in steel trading and have established relationships
with reputed construction companies. The company predominantly
trades in long products of numerous varieties and grades, which it
procures from secondary steel manufacturers, rolling mills and
other traders.

The company has reported net loss of INR2.7 crore on OI of
INR110.4 crore in FY 2012-13, as compared to a PAT of INR0.3 crore
on an OI of INR220.9 crore in FY 2011-12.


VIKAS COT: ICRA Assigns 'B+' Rating to INR20cr Loans
----------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to INR20.00 crore bank
facilities of Vikas Cot Fiber Private Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term fund          18.68      [ICRA]B+, assigned
   Based facilities

   Unallocated              1.32      [ICRA]B+, assigned

The assigned rating takes into account promoters experience in
cotton ginning & trading and its favourable location owing to
proximity to cotton producing belt of Maharashtra and Madhya
Pradesh resulting which enables VCF to establish better relations
with farmers and saves transportation costs. The rating is however
constrained by fragmented and seasonal nature of the industry,
VCF's limited presence in the textile value chain and dynamic
regulatory environment. Further rating is constrained due to high
leverage and low profitability margins resulting in modest level
of net cash accruals. Hence, there is always need for external
funding for increasing the scale of operations. Further the
capacity of the company to bear any adverse price movements in
cotton inventory is low due to weak profitability.
While ICRA expects VCF's operating profit margin to remain in low
single digits, high debt funded capital expenditure and
deterioration in debt coverage indicators would be the key rating
sensitivity.

Vikas Cot Fiber Private Limited was incorporated in May 2008 by
Khandelwal Family in Sendhwa, Madhya Pradesh. The company is
engaged in cotton ginning and pressing. VCF is also involved in
cotton trading.The company manufactures lint from kapas (raw
cotton) and undertakes pressing operation to produce bales. Cotton
seed is the by-product of ginning operation which the company
sells to oil extraction units.


VIVEKANANDA PADDY: CARE Assigns 'B+' Rating to INR8.42cr Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Vivekananda Paddy Mills Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.42       CARE B+ Assigned
   Facilities

   Short-term Bank       0.28       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Vivekananda Paddy
Mills Private Limited are constrained by its small scale of
operations with thin profitability, its presence in a fragmented,
competitive and highly regulated industry, exposure to the
vagaries of nature and high working capital intensive nature of
its operations leading to a leveraged capital structure. The
ratings, however, derive strengths from the experience of the
promoters, proximity of its plant to raw material sources,
satisfactory capacity utilizations and favourable industry
scenario.

The ability of the company to increase its scale of operations
along with an improvement in the profitability and effective
management of working capital would be the key rating
sensitivities.

Burdwan-based (West Bengal) VMPL, incorporated on April 22, 2010,
was promoted by Mr Subhra Prokash Dan and his relatives. The
company took over the partnership business of M/s Vivekananda Agro
Product (established in the year 2007) established by the
promoters of VMPL engaged in rice milling & processing business in
2010. Currently, VMPL is engaged in rice milling with its facility
located at Bajekumarpur, Burdwan, with an aggregate installed
capacity of 10,000 MTPA on double shift basis.

During FY13 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR2.10 crore (Rs.1.18 crore in FY12)
and a PAT of INR0.22 crore (Rs.0.05 crore in FY12) on a total
income from operations of INR21.99 crore (Rs.19.80 crore in FY12).
Being an unlisted company, it does not prepare quarterly results.
However, the management has confirmed that they have achieved
total revenue of INR13.31 crore during H1FY14.



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


HANMAG SECURITIES: Close to Bankruptcy After Trading Mistake
------------------------------------------------------------
Yonhap News Agency reports that Hanmag Securities Co. was made
virtually bankrupt Dec. 13 after a critical mistake in an options
transaction in the previous trading session.

According to the report, market officials said Hanmag Securities
made a numerical mistake in its options trading in Dec. 12's
session that resulted in a loss of KRW46 billion (US$43.6
million).

Yonhap relates that Hanmag Securities announced Dec. 13 that the
company failed to settle all of its transactions by the deadline
of 4 p.m., making the firm practically insolvent.

The Korea Exchange (KRX), South Korea's bourse operator, said the
equity capital of Hanmag hovers at around KRW200 billion, raising
the possibility that the small industry player could soon go
bankrupt, Yonhap relays.

The report says a KRX meeting earlier in the day failed to find a
way to rescue the troubled firm.  Yonhap notes that the other
players in the botched deal, which met the legal requirements and
could only be canceled voluntarily, were overseas investors.

It would mark the first time for a South Korean securities firm to
go bankrupt from an ordering mistake, officials, as cited by
Yonhap, said.

South Korea-based Hanmag Securities Co. is a small-scale local
securities firm specializing in futures.



                             *********

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
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