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        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, November 18, 2013, Vol. 16, No. 228


                            Headlines


A U S T R A L I A

BANKSIA SECURITIES: Payout Outlook Improves on Fund Sale Deal
* Sakkara Buys Riverstone Site From Receivers


C H I N A

CHINA JO-JO: Gets 180-Day NASDAQ Listing Compliance Extension
CHINA XD: Fitch Rates Issuer Default Rating to 'BB-'


I N D I A

ALLURI SITARAMA: CRISIL Cuts Ratings on INR150MM Loans to 'BB'
APPU INTERNATIONAL: CARE Rates INR8.72cr LT Bank Loans at 'BB+'
BHAGIRATH ASSOCIATES: CRISIL Reaffirms BB+ Rating on INR4MM Loan
BLR KNITS: ICRA Suspends 'BB-' Rating on INR7.0cr Loans
BLUE STAR: CRISIL Suspends 'B' Ratings on INR95MM Loans

DNK ROSHANS: CARE Assigns 'B+' Rating to INR20cr LT Bank Loans
EAGLE FIBRES: CRISIL Suspends 'B+' Ratings on INR335.4MM Loans
ENNAR MARKETING: CRISIL Withdraws 'B+' Rating on INR55MM Loan
G B CHOWDHURY: CRISIL Ups Ratings on INR76.7MM Loans to 'B-'
GARGO MOTORS: CRISIL Reaffirms B+ Ratings on INR100MM Loans

GLOBAL JEWELLERY: CARE Rates INR6.5cr LT Bank Loans at 'B'
GUPTA MARRIAGE: CRISIL Places 'B-' Ratings on INR190MM Loans
HALBIT AVIONICS: CRISIL Reaffirms BB+ Rating on INR500MM Loan
ISHWAR OIL: ICRA Assigns 'B' Ratings to INR8.87cr Loans
JAI MAAKALI: CRISIL Cuts Ratings on INR160MM Loans to 'D'

JAYMAN TEXTILES: ICRA Assigns 'B+' Rating to INR10cr Loans
JOSHI COTEX: CRISIL Reaffirms 'B+' Ratings on INR56MM Loans
KAPIL RAYON: ICRA Reaffirms 'B-' Ratings on INR20cr LT Loans
KARTHIK INDUCTIONS: CRISIL Suspends 'B-' Rating on INR10MM Loan
KASHI KANCHAN: CRISIL Reaffirms 'B' Ratings on INR105MM Loans

KASIM TEXTILE: CARE Assigns 'BB' Rating to INR29.32cr LT Loans
KDH TEXTILE: CRISIL Upgrades Ratings on INR82.6MM Loans to 'BB-'
KHURANA COAL: CARE Assigns 'B+' Rating to INR5.25cr LT Bank Loans
KUNAL ENTERPRISES: CRISIL Assigns 'BB-' Ratings to INR85MM Loan
MANIYAR REFINERY: CRISIL Ups Ratings on INR100MM Loans to 'BB'

MG WELL: ICRA Upgrades Ratings on INR4.45cr Loans to 'B-'
OLIVE TREE: CARE Rates INR10cr LT Bank Loan at 'BB-'
PASUPATI ACRYLON: CRISIL Reaffirms 'B' Ratings on INR372.9M Loans
PENVER PRODUCTS: CRISIL Reaffirms 'B+' Rating on INR26MM Loan
PRAGATI AGRI: CARE Assigns 'BB' Rating to INR6cr LT Bank Loans

PRANALI CEMENT: ICRA Assigns 'B-' Ratings to INR13cr Loans
RAI SINGH: CARE Rates INR5.5cr Long-Term Bank Loans at 'B'
REDHU FARMS: CRISIL Reaffirms 'B' Ratings on INR164.9MM Loans
REDHU HATCHERIES: CRISIL Reaffirms 'B' Ratings on INR237.8M Loans
RUKMINIRAMA STEEL: CRISIL Suspends 'D' Ratings on INR151.6M Loans

S & P FEEDS: ICRA Reaffirms 'B+' Ratings on INR8.13cr Loans
SAI SABURI: CRISIL Assigns 'B' Rating to INR60MM LT Loan
SHRI VINAYANK: CARE Rates INR7.5cr LT Bank Loans at 'BB+'
SIYARAM METAL: ICRA Reaffirms 'B+' Rating on INR35cr Loan
SUCCESS EXIM: CARE Assigns 'B' Rating to INR5cr LT Bank Loans

TEXPLAS LIFESTYLE: CARE Assigns 'B-' Rating to INR9.92cr Loans
VAYUNANDANA POWER: CRISIL Suspends 'D' Ratings on INR275MM Loans
VEL'S INSTITUTE: CRISIL Reaffirms B+ Ratings on INR530MM Loans
VIR ELECTRO: ICRA Assigns 'BB' Ratings to INR14.5cr LT Loans
VOLTECH ENGINEERS: ICRA Suspends 'D' Rating on INR14.5cr Loans

Z-SQUARE SHOPPING: CRISIL Suspends 'D' Rating on INR650MM Loan


N E W  Z E A L A N D

CHORUS LTD: NZ Taps E&Y Australia to Assess Financial Position
ROSS ASSET: David Ross Gets 10 Years, 10 Months Jail Sentence


S O U T H  K O R E A

HANJIN SHIPPING: Parent Suffers From Huge Losses in Market Cap
HANJIN SHIPPING: CEO Resigns on Losses, Debt Repayments


T A I W A N

ACER INC: Fitch Downgrades Long-term Currency IDRs to 'BB-'


T H A I L A N D

TMB BANK: S&P Raises ICR From 'BB+'; Outlook Stable


                            - - - - -


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A U S T R A L I A
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BANKSIA SECURITIES: Payout Outlook Improves on Fund Sale Deal
-------------------------------------------------------------
Everard Himmelreich at The Standard reports that hopes of a
further 10 to 15 cents in the dollar for investors in the failed
Banksia Securities Limited (BSL) finance company have been boosted
with an agreement to sell the associated Banksia Mortgage Fund
(BMF) to the Deutsche Bank.

The Standard relates that Tony McGrath, of BSL receivers McGrath
Nicol, said the organisation was pleased with the outcome in
respect of the BSL positions and confirmed the sale continued to
support its overall repayment guidance of 80 to 85 cents in the
dollar.

Banksia investors have so far received payouts totalling 70 cents
in the dollar, the report notes.

BSL had an investment of about $48.5 million in BMF. Both were
part of the Banksia Financial Group but BMF did not follow BSL
into receivership last October, The Standard discloses.

BMF was a contributory mortgage scheme that gave people the
opportunity to invest in mortgages. It had about 1300 investors.

According to The Standard, Mr. McGrath said a binding sale
contract, conditional on approval by the Victorian Supreme Court,
had been finalised on November 1 for the sale of the BMF loan
portfolio, but the price or terms of the sale could not yet be
disclosed.

The sale contract was reached following a two-stage competitive
sales process for the BMF portfolio, the report relates.

A Supreme Court hearing is scheduled for December 6 to rule on
giving a final approval to the sale, The Standard adds.

                      About Banksia Securities

Banksia Securities Limited is a subsidiary of The Banksia
Financial Group Ltd.  TBFG is a privately owned, independent
group of companies operating in the finance sector, largely
operating as a National Financier and Mortgage Fund Manager.

The Trust Company (Nominees) Limited on Oct. 25, 2012, appointed
Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of
McGrathNicol as receivers and managers of Banksia Securities
Limited.  The Trustee is the secured creditor of BSL.

The Trustee made the appointment of Receivers and Managers
following a request of BSL's Board.

McGrathNicol said BSL owes approximately AUD660 million to
investors and advanced these funds to borrowers primarily to
finance real property purchases.  BSL holds first ranking real
property mortgages to secure its advances.

Control of the business and the assets of BSL rests with the
Receivers and Managers who will be working in close consultation
with the Trustee to ensure the interests of debenture holders are
being protected.

Interest payments and redemptions have been frozen as of
Oct. 25, 2012.


* Sakkara Buys Riverstone Site From Receivers
---------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Sydney's North
West Development Hub has been purchased by developer Sakkara.
Reportedly, a AUD1 billion end value is expected from the proposed
industrial development at Riverstone site. In 2011, the site had
been under the control of receiver KordaMentha, dissolve.com.au
says.

In many reports, dissolve.com.au relates, Sakkara noted its
objective to resurrect the site as a profitable industrial estate
located on a land that it owns. According to dissolve.com.au,
David Bedingfield, director at Sakkara, said the northwest
Sydney's residential growth zones would be complemented by the
estate. He stressed that it will provide jobs that will support
the growth of the region. Mr. Bedingfield expects the construction
to start in 2014 with the overall development to be completed in
five years, the report says.

In some releases, it was mentioned that the first buildings are
set to be finished before 2015 ends. Such properties are said to
be industrial parks in Erskine Creek and Eastern Creek. The
company is looking to target tenants to be committed to space
concentrating on logistics, refrigeration, transport,
manufacturing, utility and storage businesses, dissolve.com.au
reports.



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C H I N A
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CHINA JO-JO: Gets 180-Day NASDAQ Listing Compliance Extension
-------------------------------------------------------------
China Jo-Jo Drugstores, Inc. on Nov. 12 disclosed that on
November 6, 2013, it received notification from NASDAQ granting
the Company an additional 180-day period, or until May 5, 2014, to
remain listed on the NASDAQ Capital Market and to regain
compliance with NASDAQ's minimum $1.00 bid price per share rule.

Under NASDAQ Listing Rules, the Company was granted this extension
because it met the continued listing requirement for market value
of publicly held shares and all other applicable NASDAQ listing
requirements, except the bid price requirement.  The Company
provided written notice to NASDAQ of its intention to cure the bid
price deficiency during the second compliance period by affecting
a reverse stock split, if necessary.

The Company will regain compliance with the minimum bid
requirement if at any time prior to May 5, 2014, the bid price for
the Company's common stock closes at $1.00 per share or above for
a minimum of 10 consecutive business days.

If the Company does not regain compliance by the end of this
extension period, it will receive notification from NASDAQ that
its shares are subject to delisting.  At that point, the Company
may then appeal the delisting determination to a NASDAQ Hearings
Panel.

                About China Jo-Jo Drugstores, Inc.

China Jo-Jo Drugstores, Inc., through its subsidiaries and
contractually controlled affiliates, is a retailer and wholesale
distributor of pharmaceutical and other healthcare products in the
People's Republic of China.  As of September 30, 2013, the Company
had 51 retail pharmacies throughout Zhejiang Province and
Shanghai.


CHINA XD: Fitch Rates Issuer Default Rating to 'BB-'
----------------------------------------------------
Fitch Ratings has published China XD Plastics Co Ltd's (XD
Plastics) Long-Term Foreign-Currency Issuer Default Rating of 'BB-
' with Stable Outlook and foreign-currency senior unsecured rating
of 'BB-'.

Fitch has also assigned XD Plastics' proposed US-dollar notes an
expected 'BB-(EXP)' rating. The notes are to be issued by wholly
owned subsidiary Favor Sea Limited, and unconditionally and
irrevocably guaranteed by XD Plastics. The final instrument rating
is contingent upon receipt of final documents conforming to
information already received by Fitch.

Key Rating Drivers:

Established Track Record: XD Plastics' revenue increased at a
compound annual growth rate (CAGR) of around 35% over the last
three years, and it estimated its market share at 9% in 2012. It
increased its market share by offering modified plastics at prices
that were cheaper than imports from multinational corporations in
the Chinese market. Fitch expects this strategy will continue to
support XD Plastics in expanding its market share over the medium
term.

Healthy Long-Term Demand: Long-term demand for domestically
produced modified plastics is supported by the current low car
penetration rate in China, competitive prices that enable
substitution for imported modified plastics, and the increase in
modified plastics applications in car parts to improve performance
and cut costs.

Stiff Competition: The ratings are constrained by the fragmented
and competitive market that causes volatility in profit margins.
XD Plastics' EBITDAR margin dropped to 18.2% in the year to
September 2013 from 20.6% in 2012 as XD Plastics offered price
discounts to gain new customers in eastern China. Competition in
the industry is likely to remain stiff as supply increases over
time, which would put downward pressure on margins.

Slower Payments by Customers: XD Plastics is vulnerable to cycles
in the automotive value chain. When the automobile manufacturing
industry slowed down, XD Plastics' receivable days lengthened to
83 at the end of September 2013 (end of 2012: 58 days, end of
2011: 36 days), raising the company's working capital
requirements. XD Plastics moderated the impact on working capital
by adopting longer credit terms of 30 days (instead of
prepayments) with its suppliers.

Capacity Absorption Risk: There is market risk linked to the
company's plan for a new 300,000 ton plant in Sichuan that will
expand capacity by 80%. Other players are also expanding rapidly
to gain market share, and XD Plastics would need to expand its
customer base in southwestern and eastern China to utilise its new
capacity. The company's established customer relationships, proven
ability to obtain product certifications and existing customer
base in eastern China mitigate the market risk. In addition, the
company may delay and/or phase out its Sichuan expansion as most
of its capex remains uncommitted.

Moderate Leverage Profile: XD Plastics would still maintain a
healthy balance sheet during its capacity expansion, with funds
from operations (FFO)-adjusted net leverage peaking at around 2.5x
(12 months to September 2013:0.63x). We expect the company to
deleverage beginning 2016, after the completion of the project.

No Immediate Liquidity Concern: XD Plastics' unutilised
uncommitted banking facilities of USD75m and unrestricted cash of
USD275m at end-September 2013 cover most of its committed capex
and USD260m of short-term borrowings for the next 12 months. The
company has USD100m of convertible preferred stock outstanding,
which may be redeemed as early as 28 September 2014 if it fails to
issue the proposed US-dollar notes and is unable to achieve net
income of CNY800m in 2013 (9M2013 net income was CNY465.4m).

The company's liquidity profile will worsen if the early
redemption conditions are met, or if it proceeds with the Sichuan
expansion without securing long-term funding. Should the proposed
US-dollar notes be successfully issued, XD Plastics' liquidity
would remain adequate, as the effective maturity date of the
preferred stock would be extended to be the same as the proposed
US-dollar notes (as agreed between XD Plastics' and its preferred
stock holder).

Rating Sensitivities:

Negative: Future developments that may, individually or
collectively, result in negative rating action:

-- Failure to secure long-term funding for planned capacity
   Expansion

-- US-dollar preferred stocks become redeemable as early as
   Sept. 28, 2014

-- EBITDAR margin sustained below 15%

-- Receivable days sustained above 90 days

-- FFO-adjusted net leverage sustained above 2.5x during the
   Sichuan plant's construction period or/and sustained above
   2x after the capacity expansion

-- Weak capacity utilisation in the new plant

Fitch does not envisage any positive action until XD Plastics
achieves market leadership in multiple geographical regions in
China.



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I N D I A
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ALLURI SITARAMA: CRISIL Cuts Ratings on INR150MM Loans to 'BB'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Alluri
Sitarama Raju Educational Society to 'CRISIL BB/Stable/CRISIL A4+'
from 'CRISIL BBB-/Stable/CRISIL A3'.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit           12.5      CRISIL BB/Stable (Downgraded
                                   from 'CRISIL BBB-/Stable')

   Long-Term Loan        32.2      CRISIL BB/Stable (Downgraded
                                   from 'CRISIL BBB-/Stable')

   Bank Guarantee        60.0      CRISIL A4+ (Downgraded from
                                   'CRISIL A3')

   Proposed Long-Term   105.3      CRISIL BB/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BBB-/Stable')

The rating downgrade reflects the deterioration in ASRES's
business risk profile, with its surplus margins expected to remain
much below their historical levels over the medium term. The
society registered a steep decline in its operating surplus margin
in 2012-13 (refers to financial year, April 1 to March 31) because
of significant increase in its operational expenses. CRISIL
believes that ASRES has limited flexibility to increase fees in
its medical college and hospital division; this, coupled with the
continued increase in its operational expenses would constrain any
substantial improvement in the society's surplus margins over the
medium term.

There has been a significant year-on-year increase of around 35
per cent in ASRES's operational expenses in 2012-13 vis-…-vis a 15
per cent increase in revenues from its medical college and
hospital division. As a result, the society has registered a steep
decline in its operating surplus margin to 15.7 per cent in 2012-
13 from 26.7 per cent in 2011-12. Though the society is expected
to register a healthy growth in its revenues with an increase in
its student intake in 2013-14, its operating surplus margin is
expected to remain at around 15.0 per cent for the year.

The ratings reflect ASRES's established regional position in the
medical education segment, and the healthy revenue stream from its
multi-specialty hospital. These rating strengths are partially
offset by the society's exposure to regulatory risks, and
geographical concentration in its revenue profile.

Outlook: Stable

CRISIL believes that ASRES will maintain its established regional
position in the medical education and the healthcare segment over
the medium term. The outlook may be revised to 'Positive' if ASRES
registers a substantial and sustained improvement in its revenues
and surplus margins. Conversely, the outlook may be revised to
'Negative' if the society undertakes any large debt-funded capital
expenditure programme, thereby weakening its capital structure.


ASRES, located in Eluru (Andhra Pradesh), was established in 1998
as a not-for-profit society. The society has two divisions: a
multi-speciality hospital with a capacity of 1100 beds and an
educational institution which offers undergraduate and post
graduate courses in medicine, nursing, and para-medicine. The
medical college and general hospital are recognised by the Medical
Council of India. ASRES was promoted by Mr. G Ganga Raju, Mr. G V
K Ranga Raju, and Mr. G Rama Raju.


APPU INTERNATIONAL: CARE Rates INR8.72cr LT Bank Loans at 'BB+'
---------------------------------------------------------------
CARE assigns 'CARE BB+' & CARE BB+/CARE A4+ ratings to the bank
facilities of Appu International.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         8.72      CARE BB+ Assigned
   Facilities

   Long/Short-term        2.25      CARE BB+/CARE A4+ Assigned
   Bank 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 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 ratings assigned to the bank facilities of Appu International
are primarily constrained by its modest scale of operations
coupled with low profitability margins, customer concentration
risk with presence in a highly competitive industry. The ratings
are further constrained due to the higher reliance on demand of
bicycle from the government schemes and growth in the high end
segment.

The ratings, however, draw strength from the experienced
proprietor and long track record of API's operations, moderate
capital structure and operating cycle and API's established
relationship with reputed clients.

Going forward, API's ability to profitably scale up its operations
and reduce its customer concentration risk would be the key rating
sensitivities.

Established in 1992, Appu International is a proprietorship firm
established by Ms Meenu Aul. The firm is engaged in the
manufacturing of bicycle components viz painted frame, painted
fork, painted basket, dress guard, handle, complete seat, chain
wheel etc. The firm has three manufacturing units located in
Ludhiana, Punjab with an aggregate installed capacity of 7.5
million pieces per annum (as on March 31, 2013) for manufacturing
various bicycle components. API manufactures bicycle components
for the original equipment manufacturers (OEMs) viz Hero
Cycle Limited, Atlas Cycle (Haryana) Limited, Tube Investments of
India Limited (TIIL). The main raw material for the API is
Electric Resistance Welded (ERW) pipe, Cold Rolled Coils (CRC)
sheet, wire rod and nickel. The firm also sells its product under
its brand 'Appu'. The firm is ISO 9001:2000 certified for its
quality systems. The group firms viz Appu Bicycle Planet, Aulson
Technocrafts and ADI majestic are also engaged in a similar line
of manufacturing and trading of bicycle and bicycle components.

During FY13 (refers to the period April 1 to March 31), API
achieved a total operating income (TOI) of INR60.33 with a Profit
After Tax (PAT) of INR0.60 crore. As per the provisional results
the firm achieved a total operating income of INR26 crore till
August 31, 2013.


BHAGIRATH ASSOCIATES: CRISIL Reaffirms BB+ Rating on INR4MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhagirath Associates
continue to reflect the extensive experience of the firm's
promoters in the construction industry and the firm's above-
average financial risk profile marked by low gearing and healthy
debt protection metrics. These rating strengths are partially
offset by Bhagirath's exposure to intense competition and the
geographical concentration in its revenue profile.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee        146       CRISIL A4+ (Reaffirmed)
   Cash Credit             4       CRISIL BB+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Bhagirath will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' in case of a substantial increase in
Bhagirath's scale of operations, along with stable profitability,
or if the firm increases its geographical diversification.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile weakens, most likely because of less-than-
expected cash accruals, or large fresh debt-funded capital
expenditure, or pressure on liquidity because of substantial
withdrawal of capital by the promoters.

Update

Bhagirath registered year-on-year decline of 52 per cent in its
gross sales, to INR570.9 million in 2012-13 (refers to financial
year, April 1 to March 31). This was mainly because 2011-12 was an
aberration; the firm had bagged a large order in 2011-12,
resulting in abnormally high sales for the year. The firm achieved
revenue of around INR274.6 million in the past six month period
ending September 30, 2013, and is likely to report sales of around
INR600 million for 2013-14. The firm's operating margin for 2012-
13 declined to around 16.62 per cent from 31 per cent in the
previous year. Higher sales and large order had enabled the firm
to register super profits in 2011-12; the firm's margins have now
normalised and are expected to remain at the current level over
the medium term. The firm's working capital requirements remain
moderate, with gross current assets (GCAs) of 62 days as on March
31, 2013, vis-…-vis 47 days a year ago. It's gearing remains low,
at 0.45 times as on March 31, 2013. In the absence of any
significant debt-funded capex plan and no large incremental
working capital requirements, Bhagirath's gearing is likely to
remain below 1 time over the medium term. Bhagirath has
comfortable liquidity marked by healthy cash accruals vis-…-vis
incremental working capital requirements, and low bank limit
utilisation. CRISIL believes that Bhagirath's liquidity will
remain comfortable over the medium term, driven by low incremental
working capital requirements and the absence of any large debt-
funded capex plan.

For 2012-13, on a provisional basis, Bhagirath reported a profit
after tax (PAT) of INR64.2 million on net sales of INR567.6
million; the firm reported a PAT of INR259.8 million on net sales
of INR1185.6 million for 2011-12.

Bhagirath was established in 1996. It is an 'AA' class civil
contractor, engaged in construction of road, building, and
irrigation projects. The firm is a partnership concern formed by
Ahmedabad (Gujarat)-based Mr. Ashish Patel and his family members.


BLR KNITS: ICRA Suspends 'BB-' Rating on INR7.0cr Loans
-------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]BB-' assigned to
the INR7.0 crore long-term fund based facilities and the short-
term rating of [ICRA]A4 assigned to the INR0.74 crore non-fund
based facilities and INR0.25 crore short term fund based
facilities of M/s BLR Knits Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


BLUE STAR: CRISIL Suspends 'B' Ratings on INR95MM Loans
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Blue
Star Construction Co.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            165     CRISIL A4 Suspended

   Cash Credit                90     CRISIL B/Stable Suspended

   Proposed Long-Term
   Bank Loan Facility          5     CRISIL B/Stable Suspended

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

Established in the year 1978 as a partnership firm, Blue Star
Construction Company (BSCC) is a civil contractor engaged in
construction and maintenance of roads. The firm is also engaged in
manufacturing and laying paver blocks, undertaking projects for
earth filling works and waste water treatment. The firm was
established by Mr. Pandurang Thakur along with his 3 brothers. The
firm is currently managed by Mr. Pandurang Thakur and primarily
carries out construction activities in the state of Maharashtra.


DNK ROSHANS: CARE Assigns 'B+' Rating to INR20cr LT Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of DNK
Roshans Departmental Stores Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         20        CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of DNK Roshans
Departmental Stores Private Limited is primarily constrained by
its limited track record of operations, working capital intensive
nature of operations and low profitability margins. The rating is
further constrained by its presence in a highly competitive and
fragmented industry resulting in stiff competition and industry
risk associated with obsolescence of inventory due to the changing
fashion trends.

The rating however draws strength from the promoter's long
experience in garment retailing and trading business and favorable
location of its showrooms.

Going forward, the ability of the company to profitably scale up
operations while improving the capital structure and effective
management of working capital shall be the key rating
sensitivities.

Promoted by Mr Puneet Kohli and Mr Paras Kohli, DNK Roshans
Departmental Stores Private Limited (DRPL) was incorporated in
2003 and is engaged in the retailing and wholesaling of ladies
and men's garment. The company started its commercial operations
in April 2013 and operates through its two retail outlets located
in Delhi at Lajpat Nagar and Karol Bagh. The procurement of
goods is mainly done from the domestic dealers and traders. The
company also gets the garments manufactured on a contract basis
from the manufacturers in Delhi-NCR, as per the design and
specification required by the company.

During HIFY14 (refers to the period April 01 to September 30),
based on the provisional data, the company achieved a total
operating income of INR55 crore.


EAGLE FIBRES: CRISIL Suspends 'B+' Ratings on INR335.4MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Eagle
Fibres Pvt. Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL A4 Suspended
   Cash Credit              100      CRISIL B+/Stable Suspended
   Letter of Credit          20      CRISIL A4 Suspended
   Term Loan                235.4    CRISIL B+/Stable Suspended

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

EFPL, a part of Eagle group of companies, was set up in 1991 by
three brothers Mr. Ghanshyam Jaju, Mr. Radheshyam Jaju, the late
Mr. Rajesh Jaju, alongwith Mr. Srivallabh Bhandari, a business
partner. It is engaged in the spinning and sizing of polyester
filament yarn and nylon filament yarn, and weaving of fabric. EFPL
has its manufacturing facilities at Surat (Gujarat) and Silvassa
(Dadra and Nagar Haveli).

JPB Fibres is a partnership firm which has its unit at Surat,
which was acquired by EFPL in 2010, by discharging the liabilities
of the earlier promoter. The company is engaged in manufacturing
of nylon filament yarn. EFPL has 90 percent share in JPB Fibres,
while rest 10 percent is held by Mr. Amit Jaju (son of Mr.
Ghanshyam Jaju) in personal capacity. JPB Fibres has an installed
capacity of 2400 MTPA of nylon filament yarn.


ENNAR MARKETING: CRISIL Withdraws 'B+' Rating on INR55MM Loan
--------------------------------------------------------------
CRISIL has withdrawn its ratings on the fund-based bank facilities
of Ennar Marketing at the firm's request and on receipt of a no
dues certificate from its banker, State Bank of India. CRISIL has
also placed the rating on the non-fund based facility of Ennar on
'Notice of Withdrawal' for a period of 60 days, at the firm's
request. The ratings will be withdrawn at the end of the notice
period, in line with CRISIL's policy on withdrawal of its bank
loan ratings.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit         55.00     CRISIL B+/Stable Withdrawn

   Stand by Line        5.00     CRISIL A4 Withdrawn
   of Credit

   Bank Guarantee       2.50     CRISIL A4 (Notice of Withdrawal)

Ennar distributes automotive lubricant oils. Its daily operations
are managed by its proprietor, Mr. Rajesh Agarwal, who has over 20
years of experience in the industry.


G B CHOWDHURY: CRISIL Ups Ratings on INR76.7MM Loans to 'B-'
------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of G B
Chowdhury Holdings Private Limited to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        150      CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Cash Credit            30      CRISIL B-/Stable (Upgraded
                                  from 'CRISIL D')

   Term Loan              46.7    CRISIL B-/Stable (Upgraded
                                  from 'CRISIL D')

The upgrade reflects timely debt servicing by GBHPL since July
2013. This has been backed by improvement in net cash accruals.
CRISIL expects liquidity of the company to be supported by more-
than-adequate cash accruals annually vis-a-vis term debt repayment
of INR8 million in 2013-14 and 2014-15. However, GBHPL's liquidity
will continue to remain constrained by its large working capital
requirements which in turn lead to high bank limit utilisation.
Nevertheless, in case of liquidity crunch, CRISIL expects
promoters to infuse funds to service debt in a timely manner to
ensure timely debt servicing going forward as well.

CRISIL's rating on the long-term bank facilities of GBHPL
continues to reflect stretched liquidity and intense industry
competition. The company, however, benefits from its promoters'
extensive industry experience and its established relationship
with its customers.

Outlook: Stable

CRISIL believes that GBHPL will continue to benefit from the
promoter's established relationship with key customers. The
outlook may be revised to 'Positive' if company reports higher
than expected sales and stable operating margins in medium term
with improvement in working capital cycle which will in turn
improve its liquidity. Conversely, the outlook may be revised to
'Negative' if company reports lower than expected sales or
substantial reduction in operating margins or if company
undertakes large debt funded capital expenditure or company's
working capital cycle deteriorates leading to further
deterioration in financial risk profile of the company.

GBHPL trades in SIM cards, recharge vouchers, and e-top ups for
Vodafone India Ltd since 2009. GBHPL also started operating in the
logistics business from 2010-11; it transports food grains and
sugar for FCI in North-East India.

GBHPL is expected to report a profit after tax (PAT) of INR10
million on net sales of INR426 million for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR10
million on net sales of INR283 million for 2011-12.


GARGO MOTORS: CRISIL Reaffirms B+ Ratings on INR100MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Gargo Motors Ltd
continues to reflect GML's small scale of operations, and weak
financial risk profile, marked by small net worth, high
indebtedness, and weak debt protection metrics. These rating
weaknesses are partially offset by GML's established relationship
with its principal, Tata Motors Ltd.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           50      CRISIL B+/Stable (Reaffirmed)
   Channel Financing     50      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GML's overall business profile will remain
constrained on account of slowdown in the demand of passenger
vehicles. The outlook may be revised to 'Positive' if GML achieves
larger-than-expected cash accruals or witnesses large equity
infusion, leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if there is a
further pressure on topline and profitability or the company
undertakes a larger-than-expected, debt-funded capital expenditure
programme, further constraining its financial risk profile.

Update

For 2012-13 (refers to financial year, April 1 to March 31), GML
registered a topline of INR603 million, almost at similar lines
with its sales of INR632 million in 2011-12. Due to unrelenting
sluggish demand for passenger vehicles, CRISIL expects the topline
growth to remain muted in 2013-14 and believes that the operating
margin will be maintained at about 4 per cent.

GML's financial risk profile is constrained by small net worth of
around INR44 million and high total outside liabilities to
tangible net worth ratio of 4.4 times as on March 31, 2013 and
moderate debt protection metrics with net cash accruals to total
debt and interest coverage ratios of 0.04 times and 1.3 times,
respectively, in 2012-13. The company's liquidity is stretched due
to large inventory levels. The debt funding of the working capital
requirements translates into high bank limit utilisation exceeding
90 per cent for the 12 months ended July 2013 and results in low
unencumbered cash balance of about INR2 million as on March 31,
2013. The company, however, has no long-term debt obligations.
CRISIL expects GML's financial risk profile and liquidity to
remain weak over the medium term.

For 2012-13, on a provisional basis, GML reported a net profit of
INR2.7 million on net sales of INR603 million, against a net
profit of INR2.4 million on net sales of INR632 million for 2011-
12.

Incorporated in 1996, GML is a closely held public limited entity
promoted by Mr. Kamakhya Borthakur; GML commenced operations in
2006. The company is an authorised dealer of passenger cars of TML
in the state of Assam. Mr. Kamakhya Borthakur has also promoted
Gargo Motors (rated 'CRISIL B+/Stable'), which is an authorised
dealer of TML's commercial vehicles.


GLOBAL JEWELLERY: CARE Rates INR6.5cr LT Bank Loans at 'B'
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Global Jewellery Private Limited.

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

   Short-term Bank       0.50       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Global Jewellery
Private Limited is primarily constrained by the relatively small
scale of operations, erosion in the net-worth due to net losses,
stretched operating cycle, significant tangible and intangible
financial support provided to the group companies, and weak debt
coverage indicators. The ratings are further constrained by
foreign exchange fluctuation risk and susceptibility of margins to
volatile raw material prices.  The aforesaid constraints far
outweigh the strength derived from experience of the promoters in
the gems & jewellery business and moderately comfortable capital
structure.

The ability of GJPL to scale up its operations and improve its
profitability amidst the intense competition along with efficient
management of working capital borrowings are the key rating
sensitivities.

Global Jewellery Private Limited [erstwhile Suashish Jewellery
Exports Limited incorporated by Mr Rameshkumar Goenka & Mr Ashish
Goenka in the year 1992] is engaged in the manufacturing of order
based gold and diamond studded jewellery. In 1996, SJEL was
acquired by Mr Sanjiv Shah (holds 9.28%) and the Mumbai based
holding company namely Troika Securities Private Limited (holds
90.72% stake) and the company's name was changed to Global
Jewellery Limited, subsequently being reconstituted to a private
limited company in 2002. GJPL is a 100% exports oriented unit with
manufacturing at Santacruz Electronics Exports Processing Zone
(SEEPZ), at Andheri (East), Mumbai.

During FY13, (refers to the period April 1 to March 31) GJPL
reported a total operating income of INR33.97 crore (vis-…-vis
INR17.09 crore in FY12) and incurred a net loss of to INR0.12
crore in FY13 (vis-a-vis net loss of INR1.55 crore of FY12).


GUPTA MARRIAGE: CRISIL Places 'B-' Ratings on INR190MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Gupta Marriage Halls Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        30      CRISIL B-/Stable
   Term Loan                160      CRISIL B-/Stable

The rating reflects GMH's small scale of operations and weak
financial risk profile, marked by an average capital structure and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the company's
promoter in the hospitality industry.

Outlook: Stable

CRISIL believes that GMH will continue to benefit over the medium
term from the extensive industry experience of its promoter. Its
financial risk profile is, however, expected to remain weak over
this period on account of its on-going capital expenditure (capex)
and seasonality in its revenues. The outlook may be revised to
'Positive' in case of significant improvement in the company's
financial risk profile, most likely through capital infusion or
improvement in its scale of operations while achieving a healthy
operating margin. Conversely, the outlook may be revised to
'Negative' if GMH undertakes a debt-funded capex programme,
leading to deterioration in its financial risk profile.

Established in 1996, GMH is promoted and managed by Mr. Rakesh
Gupta. The company manages Samrat Heaven, a hotel which is
centrally located near Shastrinagar in Meerut (Uttar Pradesh).


HALBIT AVIONICS: CRISIL Reaffirms BB+ Rating on INR500MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Halbit Avionics Pvt Ltd
continue to reflect the strong operational support that Halbit
receives from Hindustan Aeronautics Ltd (HAL; rated 'CRISIL
AAA/Stable/CRISIL A1+') and Elbit Systems Ltd (Elbit). The ratings
also factor in the benefits that Halbit derives from its niche
positioning in, and the healthy growth prospects for, the Indian
defence sector. These rating strengths are partially offset by the
company's weak financial risk profile, marked by low networth, and
driven by large capital expenditure (capex) plans, customer
concentration in its revenue profile, and its susceptibility to
volatility in foreign exchange rates.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         350      CRISIL A4+ (Reaffirmed)
   Proposed Term Loan     500      CRISIL BB+/Stable (Reaffirmed)

Halbit has large capex plans of over INR580 million, which will be
funded through a term loan of INR500 million and available surplus
funds. The proposed capex was earlier expected to be completed in
the next three years but has now been deferred by a year. The
capex is towards development of simulators for the Ministry of
Defence and for setting up a production line to manufacture
avionics devices for Elbit; these projects are expected to result
in higher revenues and profitability after their completion.

Outlook: Stable

CRISIL believes that Halbit will continue to benefit over the
medium term from its close association with HAL and its niche
positioning in the Indian defence sector. The outlook may be
revised to 'Positive' if Halbit implements its planned capex
programme without any major time and cost overruns, generates
healthy cash accruals, or benefits from significant equity
infusion, resulting in earlier-than-expected improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if the company undertakes a larger-than-expected
additional debt-funded capex programme, or if it registers less-
than-anticipated improvement in its profitability.

Halbit, based in Bengaluru (Karnataka), was set up on May 1, 2007,
as a joint venture between HAL (50 per cent), Elbit (26 per cent),
and Merlinhawk Associates (24 per cent). Halbit is promoted by HAL
and Elbit for design, development, and integration of, and
providing support (operations and maintenance) for, advanced high-
quality avionics products, simulators, and training systems,
primarily for customers in the defence sector in India and across
the globe.

Halbit reported a net loss of INR16.7 million on net sales of
INR461 million for 2012-13 (refers to financial year, April 1 to
March 31), against a profit after tax of INR2.9 million on net
sales of INR147 million for 2010-11.


ISHWAR OIL: ICRA Assigns 'B' Ratings to INR8.87cr Loans
-------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR0.87 crore term
loans and INR8.00 crore cash credit facility of Ishwar Oil Mill.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund            8.00       [ICRA]B assigned
   Based-Cash Credit

   Long Term Fund            0.87       [ICRA]B assigned
   Based-Term Loan

The assigned rating is constrained by the firm's limited track
record of operations, the highly fragmented and competitive
industry due to the presence of large number of players and the
vulnerability of firm's profitability to movements in cottonseed
prices. The rating also takes into account the firm's weak
financial risk profile characterized by low profitability,
aggressive capital structure and weak coverage indicators. The
rating also considers any potential impact on net worth and
gearing levels in case of any substantial withdrawal from capital
account given the constitution as a partnership firm.
The rating, however, takes comfort from the favorable demand
outlook for edible oil sector and the favorable location of the
firm's plant with respect to raw material procurement. ICRA also
positively considers the long standing experience of IOM's
promoters in the cottonseed oil industry.

Ishwar Oil Mill was incorporated in 2012 by Mr. Ashok Gamdha and
Mr. Ramesh Gamdha as a partnership firm and is engaged in
manufacturing of edible cottonseed oil and cottonseed oil cake.
The firm markets crude cottonseed oil in loose form to bulk
dealers and cottonseed oil cake as cattle feed to dairies. IOM
operates from its plant located in Gondal, Rajkot with a total
installed capacity of crushing ~113 MT of cottonseeds per day.


JAI MAAKALI: CRISIL Cuts Ratings on INR160MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its long term rating on the bank loan
facilities of Jai Maakali Fish Farms Private Limited to 'CRISIL D'
from 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           150      CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

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


The downgrade in rating is driven by persistent irregularities in
JMFFPL's cash credit account mainly on account of the company's
weak liquidity. JMFFPL's liquidity has been impaired on account of
its stretched receivables position.

JMFFPL also has a weak financial risk profile, marked by a modest
net worth and weak debt protection metrics, small scale of
operations in a fragmented and competitive industry, working-
capital-intensive operations, and susceptibility to volatility in
raw material prices. These rating weaknesses are partially offset
by the benefits that JMFFPL derives from its promoters' extensive
experience in the fish cultivation and poultry businesses

JMFFPL, incorporated in 2003, is based in Tanuku (Andhra Pradesh).
The company is engaged in cultivation of fish such as Rohu and
Katla across 2750 acres at Potluru and Dosapadu villages in West
Godavari District (Andhra Pradesh). JMFFPL is promoted by Mr.
Kumar Pappu Singh, who has more than two decades of experience in
the poultry business.

JMFFPL reported, on a provisional basis, a profit after tax (PAT)
of INR 19 million on net sales of INR302.3 million for 2012-13, as
against a PAT of INR5 million on net sales of INR159.3 million for
2011-12.


JAYMAN TEXTILES: ICRA Assigns 'B+' Rating to INR10cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR10.00
crore fund based facilities of Jayman Textiles Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term, Fund          10.00       [ICRA]B+ (assigned)
   Based Limits

The assigned rating takes into account the vast experience of the
promoters in the cotton trading business and moderate capital
structure characterized by low working capital utilization levels.
The rating is, however, constrained by modest profitability of the
company due to limited value addition in the trading nature of
business which has led to weak debt and interest coverage ratios.
The rating is further constrained by highly competitive and
fragmented industry structure owing to low entry barriers and
vulnerability of profitability to cotton prices, which are subject
to seasonality and crop harvest.

Incorporated in 1972, Jayman Textiles Private Limited is engaged
in the trading of ready cotton bales and cotton seeds. The day to
day activities are managed by Mr. Manish Shah, who has been
engaged in the business for over two decades. The company's
revenues are derived completely from the domestic market, through
a network of brokers and agents.


JOSHI COTEX: CRISIL Reaffirms 'B+' Ratings on INR56MM Loans
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Joshi Cotex
continues to reflect JC's weak financial risk profile marked by
weak debt protection metrics, its small scale of operations in the
intensely competitive cotton industry, and its vulnerability to
changes in government policy. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's promoters.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           50       CRISIL B+/Stable (Reaffirmed)
   Term Loan              6       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
increases its scale of operations and profitability, and if its
partners infuse substantial equity, which will improve its capital
structure. Conversely, the outlook may be revised to 'Negative' if
JC's working capital borrowings are larger than expected, or if it
undertakes a substantial debt-funded capital expenditure (capex)
programme, leading to weakening of its financial risk profile.

Update

JC's net sales increased to INR264 million in 2012-13 (refers to
financial year, April 1 to March 31) from INR150 million in 2011-
12 due to higher sales volume of cotton bales and recovering
cotton prices. CRISIL believes that the firm's revenues will grow
at a moderate rate over the medium term because of strong domestic
demand for cotton. JC's operating profit margin declined to 3.4
per cent in 2012-13 from 5.0 per cent in 2011-12 due to higher raw
material cost; the margin is expected to remain in the range of 3
to 5 per cent over the medium term.

JC has improved its working capital (funded through bank
borrowings) in 2012-13, reflected in its gross current assets
(GCA) decreasing to 98 days as on March 31, 2013, from 167 days as
on March 31, 2012, which has led to moderate bank limit
utilisation of around 61 per cent over the 12 months through July
2013. The GCAs consisted of inventory and receivables of 43 days
and 51 days, respectively, as on March 31, 2013.

JC's financial risk profile has improved in 2012-13, with its
gearing reducing to 1.56 times as on March 31, 2013, from 2.50
times a year earlier. Its net worth, however, remained low at
INR32.9 million as on March 31, 2013, despite capital infusion of
about INR6.0 million in 2012-13. JC's financial risk profile is
expected to remain weak over the medium term, as the firm will
continue to fund its working capital through bank borrowings,
leading to moderate gearing and weak debt protection metrics. JC's
net cash accruals to total debt and interest coverage ratios were
0.08 times and 1.88 times, respectively, for 2012-13.

JC was set up in 2007 by Mr. Vikas Joshi and his family. The firm
is engaged in ginning and pressing of raw cotton (kapas) to make
cotton bales.


KAPIL RAYON: ICRA Reaffirms 'B-' Ratings on INR20cr LT Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B-' rating assigned to INR15.0
crore, long-term loans and INR5.0 crore long-term, fund based
facilities of Kapil Rayon (India) Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term loans          15.00      [ICRA]B- reaffirmed
   Long-term, fund
   based facilities          5.00      [ICRA]B- reaffirmed

The rating reaffirmation takes into account the long experience of
the promoters' in the business. The rating is however constrained
by small scale of operations with weak capital structure and
stretched liquidity profile of the company. ICRA notes that the
company has faced severe delays in planned project execution which
will stymie the rate of growth vis-a-vis expectation. The company
continues to remain a marginal player in a fragmented and cost-
competitive industry with modest capacity. Recognition under TUFS
from both, Central and State Government will reduce the interest
burden on term loan; nonetheless, cash accruals remain very weak.

Kapil Rayon (India) Private Limited was incorporated in 2000 by
current directors, Mr. Pinkesh Shah and Mr. Kapil Shah. The
company is a small-sized company in the textile industry and is
currently into weaving of yarn fabrics. The company has 44 weaving
looms at its manufacturing facility located at MIDC Tarapur. The
total installed weaving capacity is a modest 21 lakh metres per
annum. The company's plans to add 54 Rapier looms increasing the
manufacturing capacity have been delayed.

Recent Results

For the twelve months ending March 31, 2013, KRIPL reported profit
after tax (PAT) of INR0.1 crore on an operating income of INR20.2
crore as compared to a PAT of INR0.1 crore on an operating income
of INR12.8 crore for the twelve months ending March 31, 2012.


KARTHIK INDUCTIONS: CRISIL Suspends 'B-' Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Karthik
Inductions Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           17.5     CRISIL A4 Suspended
   Bill Discounting         20.0     CRISIL A4 Suspended
   Cash Credit              10.0     CRISIL B-/Stable Suspended
   Letter of Credit         20.0     CRISIL A4 Suspended

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

CRISIL has combined the business and financial risk profiles of
RSRPL and KIL, together referred to as the Rukminirama group. This
is because the two entities are in the same line of business,
under a common management, have significant inter-company
transactions, and derive considerable business synergies from each
other.

KIL reported on a standalone basis a profit after tax (PAT) of
INR1.5 million on net sales of INR638 million for 2010-11, against
a PAT of INR1.3 million on net sales of INR537 million for 2009-
10.


KASHI KANCHAN: CRISIL Reaffirms 'B' Ratings on INR105MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Kashi Kanchan Pvt
Ltd continue to reflect KKPL's weak liquidity owing to large
working capital requirements, and its below-average financial risk
profile, marked by a small net worth, high gearing, and average
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the civil construction industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            35      CRISIL A4 (Reaffirmed)

   Cash Credit               70      CRISIL B/Stable (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility         2      CRISIL B/Stable (Reaffirmed)

   Term Loan                  3      CRISIL B/Stable (Reaffirmed)

   Working Capital           30      CRISIL B/Stable (Reaffirmed)
   Demand Loan

Outlook: Stable

CRISIL believes that KKPL's liquidity will remain weak over the
medium term owing to its working-capital-intensive operations. The
outlook may be revised to 'Positive' if KKPL generates higher-
than-expected accruals and improves its working capital
management, thus strengthening its liquidity. Conversely, the
outlook may be revised to 'Negative' if the company's liquidity
weakens, most likely due to further stretch in its receivables
cycle.

KKPL was originally set up as a partnership concern in 1974 by Mr.
Surendra Kumar Padhi and Mr. Abhimanyu Padhi; the firm was
reconstituted as a private limited company in 2005. KKPL
undertakes civil construction activities involving road, drainage,
and building construction, primarily in Odisha.

For 2012-13 (refers to financial year, April 1 to March 31), KKPL
reported a profit after tax (PAT) of INR5.9 million on revenues of
INR151 million, against a PAT INR2.4 million on revenues of INR148
million for 2011-12.


KASIM TEXTILE: CARE Assigns 'BB' Rating to INR29.32cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Kasim Textile Mills Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        29.32      CARE BB Assigned
   Facilities

   Short-term Bank        2.50      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings are constrained due to the small size of operations of
Kasim Textile Mills Private Limited, its exposure to volatility in
raw material prices and the financial risk profile marked by a
thin net profit margin and high overall gearing. The ratings take
into account the vast experience of the promoter in the textile
industry, its reputed customer base and the continuous financial
assistance from the promoter by way of equity infusion and
unsecured loans.

Kasim Textile Mills Private Limited is an established textile
manufacturing company in Madurai, Tamil Nadu, founded by Hajee M
Abdul Kasim Rowthar. The operations of the company are now managed
by Abdul Kasim Rowthar's son Mr A Shahul Hameed. KTMPL
manufactures 100% cotton fabrics, 100% organic cotton, BCI cotton
grey fabrics, filament fabrics, blended fabrics, grey fabrics,
dyed woven fabrics, shuttleless grey fabrics and airjet grey
fabric. The company's grey fabric width ranges from 59" to 69"
with counts ranging from 30s to 80s. The majority of the company's
fabric is sold domestically to reputed textile manufacturing
companies and the rest is exported. The company started its
operations with 24 looms in 1993. Currently the company has 68
Toyota Airjet looms with a total installed capacity of 78 lakh
meters per annum (LMPA).

As per the audited results for FY13 (refers to the period April 1
to March 31), KTMPL generated a PAT of INR0.34 crore on a total
income of INR52.22 crore.


KDH TEXTILE: CRISIL Upgrades Ratings on INR82.6MM Loans to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
KDH Textile Pvt Ltd to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit           30        CRISIL BB-/Stable (Upgraded
                                   from 'CRISIL B+/Stable')

   Term Loan             52.6      CRISIL BB-/Stable (Upgraded
                                   from 'CRISIL B+/Stable')

The rating upgrade is driven by the improvement in KDH's business
risk profile supported by an increase in its scale of operations
along with efficient working capital management. CRISIL believes
that improvement in KDH's business profile is likely to be
sustained over the medium term due to fair revenue visibility
backed by healthy demand and established position of the company.

The rating continues to reflect the extensive experience of KDH's
promoters in the textile industry, its efficient working capital
management, and its above-average financial risk profile, marked
by strong debt protection metrics. These rating strengths are
partially offset by the company's modest scale of operations in
the intensely competitive textile industry, and susceptibility of
its profitability to volatility in raw material prices.

Outlook: Stable

CRISIL believes that KDH will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
more-than-anticipated increase in its revenues and profitability,
leading to higher-than-expected net cash accruals, while
efficiently managing its working capital. Conversely, the outlook
may be revised to 'Negative' if KDH's financial risk profile,
particularly its liquidity, deteriorates, most likely because of a
decline in its revenue and profitability, larger-than- expected
debt-funded capital expenditure, or a substantial increase in its
working capital requirements.

KDH was incorporated in 2009, promoted by the Delhi-based Narang
family. The company undertakes designer embroidery work on women's
suits at its facility in Barhi near Haveli (Haryana). Mr.
Nirmaljeet Narang, Mr. Vikramjeet Narang, and Mr. Rajpal Narang
are KDH's key promoters and manage its day-to-day operations.

KDH reported a net profit of INR2.18 million on net sales of
INR185.8 million for 2012-13, against a net profit of INR3.41
million on net sales of INR82.7 million for 2011-12.


KHURANA COAL: CARE Assigns 'B+' Rating to INR5.25cr LT Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Khurana Coal Sales.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.25       CARE B+ Assigned
   Facilities

   Short-term Bank       1.70       CARE A4 Assigned
   Facilities

The rating assigned by CARE for partnership firms is generally
based on the capital deployed by the partners and the financial
strength of the firm at present. The rating may undergo a change
in case of the 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 Khurana Coal Sales
are primarily constrained by the small scale of operations, low
profitability margins coupled with weak debt service coverage
indicators. The ratings are further constrained by the highly
fragmented and competitive industry. Furthermore, the constitution
of the entity as a partnership firm also constrains the ratings.
The rating, however, finds support from the experienced partners,
long track record of operations and the moderate capital
structure.

The ability of KCS to increase its scale of operations while
improving its profitability margins in a competitive industry and
maintaining its capital structure shall be the key rating
sensitivities.

Khurana Coal Sales is a partnership firm established by Ms Savitri
Khurana and Mr Jugal Kishore in 1992. Later on in 1997, Mr Jugal
Kishore retired from the partnership and Mr Dheeraj Khurana joined
as partner. Mr Dheeraj Khurana and Ms Savitri Khurana have equal
profit and loss sharing ratio. KCS is engaged in the trading of
industrial coal (grade D and E) which finds its application in
fire bricks manufacturing and is used as fuel in boilers etc.

During FY13 (refers to the period April 1 to March 31), KCS
reported a net profit of INR0.02 crore on a total operating income
of INR42.60 crore. Moreover, the firm has achieved a turnover of
INR19.27 crores for 6MFY14.


KUNAL ENTERPRISES: CRISIL Assigns 'BB-' Ratings to INR85MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Kunal Enterprises (Hyderabad).

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            79      CRISIL BB-/Stable
   Working Capital
   Term Loan               6      CRISIL BB-/Stable

The rating reflects the extensive experience of KE's promoters in
the plywood trading industry, and its established supplier
relationships. These rating strengths are partially offset by the
firm's moderate scale of operations in the intensely competitive
plywood trading industry, its large working capital requirements,
and its below-average financial risk profile, marked by a high
total outside liabilities to tangible net worth ratio.

Outlook: Stable

CRISIL believes that KE will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with its key suppliers. The outlook may
be revised to 'Positive' if the firm significantly scales up its
operations and achieves better profitability, leading to higher-
than-expected accruals. Conversely, the outlook may be revised to
'Negative' if KE's relationship with its key suppliers weakens,
leading to decline in its revenues or profitability, or if the
firm undertakes any large, debt-funded capital expenditure
programme, resulting in weakening of its financial risk profile.

KE was set up in 2000 as a sole proprietorship firm, and was later
reconstituted as a partnership firm in 2007. The firm, based in
Hyderabad (Andhra Pradesh), trades in plywood, decorative
laminates, and veneers. Its day-to-day operations are managed by
its managing partner, Mr. Kunal Agarwal.

KE reported a profit after tax (PAT) of INR5.1 million on net
sales of INR248 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR3.4 million on net sales
of INR279 million for 2011-12.


MANIYAR REFINERY: CRISIL Ups Ratings on INR100MM Loans to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term-bank facilities of
Maniyar Refinery Pvt Ltd (part of the Maniyar refinery group) to
'CRISIL BB/Stable' from 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          57.5      CRISIL BB/Stable (Upgraded
                                  from 'CRISIL B+/Stable')

   Long-Term Loan        5.5      CRISIL BB/Stable (Upgraded
                                  from 'CRISIL B+/Stable')

   Proposed Long-Term   37.0      CRISIL BB/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL B+/Stable')

The rating upgrade reflects improvement in the Maniyar refinery
group's business risk profile, marked by a healthy year-on-year
(y-o-y) growth aided by the stabilisation of commercial operations
at its newly set up edible oil refinery unit. The group's
operating profitability remains moderate, in line with previous
years. The upgrade also factors the improvement in the group's
financial risk profile, marked by an improvement in the capital
structure and debt protection metrics. The group's liquidity has
also improved marked by adequate cash accruals to meet its
maturing term debt obligations and need-based fund support from
the promoters.

The rating continues to reflect the Maniyar refinery group's
established regional presence in the edible oil industry, aided by
the extensive industry experience of its promoters and its
moderate financial risk profile. These rating strengths are
partially offset by the moderate scale of operations in the
intensely competitive edible oil refining segment and the
susceptibility of its operating profitability to volatility in raw
material prices.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of, MRPL with its associate entity Sri
Aishwarya Refinery Pvt. Ltd., collectively referred to as the
Maniyar refinery group, herein. This is because both the entities
are in a similar line of business and share significant business
synergies.

Outlook: Stable

CRISIL believes that the Maniyar refinery group will continue to
maintain its established regional presence in the edible oil
industry, aided by its promoters' extensive industry experience
over the medium term. The outlook may be revised to 'Positive' if
there is substantial and sustained improvement in the group's
profitability, while registering healthy revenue growth, or a
substantial increase in its net worth on the back of equity
infusion from promoters. Conversely, the outlook may be revised to
'Negative' if there is steep decline in the Maniyar refinery
group's profitability or significant deterioration in its capital
structure because of larger-than-expected working capital
requirements.

MRPL and SARPL were set up by Mr. Kailash Chand Maniyar and his
family in 2007and 2011, respectively. Both the companies are
involved in the refining and sale of edible oil.

During 2012-13 (refers to financial year April 1 to March 31), the
Maniyar refinery group, on a consolidated basis, reported a profit
after tax (PAT) of INR8.4 million on net sales of INR1.7 billion.


MG WELL: ICRA Upgrades Ratings on INR4.45cr Loans to 'B-'
----------------------------------------------------------
ICRA has upgraded the rating assigned to the INR4.45 crore long-
term fund based bank facilities of MG Well Solutions Project
International Private Limited to '[ICRA]B-' from '[ICRA]C+'. ICRA
has also reaffirmed the '[ICRA]A4') rating to the INR3.00 crore
short-term non-fund based bank facilities of the company. Ratings
of [ICRA]B- and/or [ICRA]A4 have been revised/reaffirmed for the
INR0.05 crore unallocated bank facilities of the company.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term fund             1.00       [ICRA]B- Revised
   based facility

   Term Loan                  3.45       [ICRA]B- Revised

   Short-term non-            3.00       [ICRA]A4 Reaffirmed
   fund based
   facilities

   Unallocated facilities     0.05       [ICRA]B- and/[ICRA]A4
                                         Revised/Reaffirmed

The revised ratings are constrained by MGW's stretched financial
profile as reflected in its low profitability margins, with losses
sustained and high volatility in revenues attributed to the
inability of the company to take up further orders. Both
receivables and inventory position of the company are high, which
have led to an adverse liquidity position. This has increased the
external borrowings of the company and rendered the capital
structure highly leveraged with a gearing of 3.16 times as on 31st
March 2013; though part of the debt comprises of interest-free
unsecured loans from the directors. ICRA notes that, while the
future debt-funded capex may further increase the debt levels of
MGW, increase in net worth in the form of equity and conversion of
unsecured loans into equity would keep gearing levels largely
unchanged. The ratings also take into account the susceptibility
of the company's revenues to forex fluctuations as well as risks
typical of the tender based nature of business. MGW is also
exposed to intense competition from other large players who
dominate the field of cementing for oil and gas rigs.
The ratings, however, favorably factor in the established
experience of the promoters in the field of cementing of wells in
oil and gas rigs.

Incorporated in 2005 as a limited company, MG Well Solutions
Project International Private Limited commenced operations in 2009
and is engaged in providing cementing services for oil and gas
rigs.  The company has its registered office in Jabalpur.

Recent Results

As per its audited financials for FY 13, MGW recorded net loss of
INR0.54 crore on an operating income of INR4.31 crore.


OLIVE TREE: CARE Rates INR10cr LT Bank Loan at 'BB-'
----------------------------------------------------
CARE assigns 'CARE BB-' ratings to the bank facility of Olive Tree
Retail Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        10.00      CARE BB- Assigned
   Facility

Rating Rationale

The rating assigned to the bank facilities of Olive Tree Retail
Pvt Ltd is constrained by relatively small scale of operations
with relatively short track record of the company, low
profitability margins, working capital intensive nature of the
business leading to high overall gearing, renewal based franchisee
agreement, stiff competition from organised and unorganised
players in retail sector. The above constraints are partially
offset by experienced promoters, geographically diversified
operation, product portfolio of established brands and minimum
guarantee clause in contract with some franchisors for assured
profit.

The ability of the company to increase the scale of operations
along with increase in profitability margins and manage its
working capital requirements efficiently shall remain the key
rating sensitivities.

Olive Tree Retail Pvt Ltd is a Kolkata based company, incorporated
in August 2009 by Mr. Amurto Basuray, Mrs. Gouri Basuray (mother
of Mr. Amurto Basuray) and Mrs. Tina Basuray (wife of Mr. Amurto
Basuray). OTR is engaged in the retail business of apparel,
footwear, accessories and baby products. It operates in Kolkata,
Siliguri, Bangalore, Mumbai, New Delhi and Pune with 30 retail
outlets of established brands viz. Puma, Chicco, Calvin Klein and
FCUK (French Connection, UK). In addition to that OTR has two
other retail outlets in the name of "Slice of Bengal" and "Babeez
world store" in New Delhi and an online store in the name of
"Babeez world online".

OTR is a closely held company managed by a three member board
where all board members represent the promoter's family.
Currently, the day to day affairs of OTR are managed by Mr.
Amurto Basuray, Managing Director, with adequate support from
other co-directors and team of experienced professionals.

During FY13 (refers to the period April 1, 2012 to March 31,
2013), OTR achieved a PBILDT of INR1.9 crore (Rs.1.1 crore in
FY12) and a PAT of INR0.6 crore (Rs.0.4 crore in FY12) on the
total income of INR70.0 crore (Rs.49.3 crore in FY12).
Furthermore, OTR has achieved INR52.0 crore of total income during
H1FY14.


PASUPATI ACRYLON: CRISIL Reaffirms 'B' Ratings on INR372.9M Loans
-----------------------------------------------------------------
CRISIL's ratings on bank facilities of Pasupati Acrylon Ltd
continue to reflect PAL's weak financial risk profile marked by a
weak capital structure and debt protection metrics, and
susceptibility to volatility in acrylonitrile prices and
fluctuations in foreign exchange rates. These rating weaknesses
are partially offset by PAL's established position in the acrylic
fibre industry, supported by its experienced promoter and its
healthy relationships with customers.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         49.6     CRISIL A4 (Reaffirmed)

   Cash Credit           106.2     CRISIL B/Stable (Reaffirmed)

   Letter of Credit    1,500.4     CRISIL A4 (Reaffirmed)

   Proposed Short-       123.3     CRISIL A4 (Reaffirmed)
   Term Bank Loan
   Facility

   Term Loan             214.2     CRISIL B/Stable (Reaffirmed)

   Working Capital        52.5     CRISIL B/Stable (Reaffirmed)
   Term Loan

Outlook: Stable

CRISIL believes that PAL's capital structure will remain weak over
the medium term, mainly because of high debt levels. The outlook
may be revised to 'Positive' if the company's capital structure
improves significantly because of more-than-expected cash accruals
or equity infusion. Conversely, the outlook may be revised to
'Negative' if PAL's profitability is constrained significantly,
leading to lower-than-expected cash accruals and further
deterioration in the company's capital structure.

Update

PAL has reported an operating income of INR4.2 billion in 2012-13
(refers to financial year, April 1 to March 31), registering a
moderate year-on-year growth of 4.8 per cent. This was mainly
driven by moderate pickup in acrylic fibre demand owing to
relatively stable raw material prices leading to a better
competitiveness of acrylic fibre vis-a-vis cotton, a substitute
for acrylic fibre. For the first six months of 2013-14, PAL
registered revenues of INR2.5 billion; it is expected to achieve
healthy yearly revenues of INR4.4 billion to INR4.5 billion over
the medium term.

The operating profitability, however, continues to be
significantly volatile and low. For 2012-13, PAL has achieved an
operating margin of 1.3 per cent which was lower than CRISIL's
expectation for the same year; it had a negative operating margin
of 3.2 per cent in 2011-12. Substantial foreign exchange losses
incurred by PAL on its raw material imports (95 per cent of the
raw material requirement is imported) continue to put pressure on
its operating profitability. Over the medium term, the operating
margin is expected to improve slightly to 2.5 to 3.5 per cent,
supported mainly by decrease in the company's power costs. Any
further improvement in PAL's operating profitability will be a key
rating sensitivity factor over the medium term.

PAL's gearing was high at 3.63 times as on March 31, 2013 and is
expected to remain high over the medium term, mainly driven by low
profitability leading to low accretion to reserves and high short-
term debt. The debt protection metrics: interest coverage ratio
and net cash accruals to total debt ratio were also weak at
negative 0.02 times and 0.49 times in 2012-13. Over the medium
term, any improvement in the debt protection metrics will be
directly proportional to improvement in PAL's profitability.

PAL reported a profit after tax (PAT) of INR15 million on reveneus
of INR4.2 billion for 2012-13, against a net loss of INR87 million
on revenues of INR3.99 billion for 2011-12.

PAL, incorporated in 1987, is promoted by Mr. Mukesh Jain. It
manufactures and sells acrylic fibre/yarn. The company's
manufacturing plant is in Thakurdwara (Uttar Pradesh).


PENVER PRODUCTS: CRISIL Reaffirms 'B+' Rating on INR26MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Penver Products Pvt Ltd
continue to reflect Penver's exposure to risks relating to average
scale of operations and to risks inherent in the seafood export
industry; the ratings also factor in Penver's weak financial risk
profile, marked by strained capital structure. These rating
weaknesses are partially offset by the benefits that Penver
derives from its promoters' extensive industry experience.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Long-Term Loan         26.00     CRISIL B+/Stable (Reaffirmed)
   Packing Credit         63.00     CRISIL A4 (Reaffirmed)
   Bill Discountin       110.00     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Penver will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationships with customers. The outlook may be
revised to 'Positive' if the company scales up its operations
substantially, leading to better-than-expected cash accruals along
with efficient working capital management. Conversely, the outlook
may be revised to 'Negative' if low cash accruals, large working
capital requirements, or debt-funded capex constrains its
financial risk profile.

Set up in 1997 as a partnership firm by Mr. Philips Thomas and Mr.
Papachan Francis, Penver was reconstituted as a private limited
company in 1998. The Kerala-based company exports seafood, such as
shrimp, cuttlefish, squid, tuna, and octopus. The company has
expanded its activities by setting up two seafood restaurants
under the name, Oyster Bay.

For 2012-13 (refers to financial year, April 1 to March 31),
Penver reported a profit after tax (PAT) of INR9 million on net
sales of INR922 million, against a PAT of INR12 million on net
sales of INR704 million for 2011-12.


PRAGATI AGRI: CARE Assigns 'BB' Rating to INR6cr LT Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Pragati Agri Products Pvt Ltd.

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

   Short-term Bank        3.5       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Pragati Agri
Products Pvt Ltd are primarily constrained by its relatively small
size of operations coupled with low profitability margins in the
highly competitive edible oil industry. The ratings also factor in
its susceptibility to volatile raw material price, exposure to
vagaries of nature being an agri-based commodity and low level of
awareness amongst the consumer fraternity about rice bran oil
(RBO).

The aforesaid constraints are partially offset by its long track
record of operations, longstanding experience of the promoters in
the edible oil business, reputed clientele, proximity to raw
material source and comfortable capital structure.

The ability of the company to increase its scale of operations
along with an improvement in the profitability margins would be
the key rating sensitivities.

Pragati Agri Products Pvt Ltd was incorporated in June 1995 by two
brothers, Mr Sushil Kumar Agarwal and Mr Purushottam Agarwal of
Kolkata. Initially it commenced operations with trading in rice
bran oil and rice bran. Subsequently in February 2006, PAPL
discontinued the trading operation and forayed into extraction of
crude edible oil. PAPL's manufacturing plant is situated in
Burdwan, West Bengal, having an installed capacity of 66,000
Metric Tonnes Per Annum (MTPA).

During FY13 (refers to the period April 1 to March 31), PAPL
reported a total operating income of INR74.13 crore and PAT of
INR0.33 crore.


PRANALI CEMENT: ICRA Assigns 'B-' Ratings to INR13cr Loans
----------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR11.0 crore term
loan and the INR2.0 crore fund-based bank facilities Pranali
Cement Pipes Pvt. Ltd. ICRA has also assigned an '[ICRA]A4' rating
to the INR1.0 crore short-term non-fund based bank facilities of
PCPP.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Term Loan              11.00      [ICRA]B- assigned
   Fund-based Limits       2.00      [ICRA]B- assigned
   Non-fund based Limits  (1.00)     [ICRA]A4 assigned

The assigned ratings take into account the small scale of PCPPL's
operations at present; the company's negative net-worth as on
March 31, 2013 as a result of net losses incurred for two
consecutive years; and high levels of inventory which expose the
company to significant price risks. The ratings are further
constrained by the company's depressed coverage indicators; and
its high working capital intensity of operations; which adversely
impacts the liquidity profile. Nevertheless, ICRA also positively
notes the long experience of the promoters in the concrete pipes
manufacturing business; its superior technology of production
leading to better quality products and production capability which
improves the company's competitive profile; and its healthy order
book position in comparison to the current scale of operations
which provides revenues visibility in the near term.

Incorporated in 2006-07, PCPPL is promoted by Mr. Indermal Jain
and is engaged in the manufacturing of concrete pipes up to 3,000
mm of diameter. The company began its commercial operations in
2011-12; however, the promoters have an experience of over three
decades in the concrete pipes business. The company's
manufacturing facility is located at Wada in Thane, Maharashtra
and has an installed capacity of around 100,000 metric tonnes per
annum (MTPA).

Recent Results

In 2012-13, PCPPL reported a net loss of INR2.28 crore on an
operating income of INR5.34 crore as compared to a net loss of
INR4.07 crore on the back of an operating income of INR1.49 crore
in 2011-12.


RAI SINGH: CARE Rates INR5.5cr Long-Term Bank Loans at 'B'
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Rai Singh
Mahaveer Singh.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.50       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 change in case of the 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 Rai Singh Mahaveer
Singh is primarily constrained on account of its financial risk
profile marked by thin profit margins, the leveraged capital
structure and the weak liquidity position and its presence in the
highly competitive industry. The rating is further constrained on
account of its constitution as a proprietorship firm and
vulnerability of its profit margins to commodities price
fluctuation.

The rating, however, derives strength from the long standing
experience of the proprietor in the trading of agro-commodities
business and location advantage.

Improvement in the overall financial risk profile coupled with
better working capital management will be the key rating
sensitivity.

RSMS is a proprietorship concern formed in 1982 by Mr Mahabir
Singh Bhadu to work as a commission agent of agriculture
commodities. Later on, since 1990 onwards, RSMS started trading
of various agriculture commodities. Currently, the firm is engaged
in the trading of agriculture commodities mainly cotton, mustard
seeds, wheat, guar and pulses. RSMS purchases the commodities
mainly from the commission agents located at a local market and
supplies to the mills and traders located at Rajasthan, Haryana
and Delhi.

During FY12 (refers to the period April1 to March 31), RSMS
reported a total income of INR38.78 crore with a PAT of INR1.06
crore. As per the provisional result of FY13, the company has
achieved a total operating income of INR58.30 crore with a PAT of
INR0.11 crore.


REDHU FARMS: CRISIL Reaffirms 'B' Ratings on INR164.9MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Redhu Farms
Pvt Ltd (RFPL; part of the Redhu group) continues to reflect the
Redhu group's weak financial risk profile, marked by high gearing,
an average net worth, and weak liquidity. The rating also factors
in the group's large working capital requirements and its exposure
to risks inherent in the poultry farming business. These rating
weaknesses are partially offset by the extensive experience of the
Redhu group's promoters in the poultry industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           100      CRISIL B/Stable (Reaffirmed)
   Proposed Long-Term

   Bank Loan Facility     34.9    CRISIL B/Stable (Reaffirmed)

   Term Loan              30.0    CRISIL B/Stable (Reaffirmed)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of RFPL and Redhu Hatcheries Pvt Ltd. This
is because the two companies, together referred to as the Redhu
group, are in the same line of business, and have a common
management, and financial and business linkages, as reflected in
intra-group transactions. Moreover, RHPL and RFPL have provided
corporate guarantees for each other's bank facilities.

Outlook: Stable

CRISIL believes that the Redhu group will benefit from
stabilisation of operations at its broiler farms, over the medium
term. Its financial risk profile, particularly its liquidity,
will, however, remain constrained over this period due to low cash
accruals vis-…-vis large term loan obligations and working capital
requirements. The outlook may be revised to 'Positive' in case of
further improvement in the group's liquidity, most likely due to
higher-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the Redhu
group's liquidity due to less-than-expected cash accruals, large
working capital requirements, or large debt-funded capital
expenditure.

Update

The Redhu group's revenues registered a 7 per cent year-on-year
growth to around INR1.34 billion in 2012-13 (refers to financial
year, April 1 to March 31); the growth was mainly driven by
increased realisations from the broiler business over the past two
years. CRISIL expects the group's revenue growth to remain
constrained over the medium term with no major plans for fresh
capacity addition. The Redhu group's operating margin remained
stable at around 6 per cent in 2012-13.

The Redhu group's operations are moderately working-capital-
intensive as reflected in its gross current assets (GCAs),
estimated at 94 days as on March 31, 2013; the GCA days have been
at similar levels in the past. These GCAs consist of inventory of
around 90 days. As a result, the group's average bank limit
utilisation was over 100 per cent during the 12 months through
September 2013

The Redhu group's net worth is estimated to have remained average
at around INR153.6 million as on March 31, 2013, thereby limiting
its financial flexibility to meet any exigency. The group has
substantial debt contracted for funding its working capital
requirements; this, coupled with its average net worth, is
estimated to have resulted in high gearing of around 2.17 times as
on March 31, 2013.

RHPL (incorporated in 1992) and RFPL (1997) are in the poultry
farming business. The Redhu group sells day-old chicks, eggs, and
culls, and trades in poultry feed. The group started its broiler
business in 2008-09. RHPL and RFPL have about 150,000 and 100,000
egg-laying birds, respectively. Their hatchery units and broiler
farms are in Jind (Haryana) and near Pilani (Rajasthan). The
promoters have also set up Lakshya Food (India) Ltd (Lakshya),
which is engaged in dairy farming and manufacture of milk
products. Lakshya does not have significant business linkages with
the Redhu group.


REDHU HATCHERIES: CRISIL Reaffirms 'B' Ratings on INR237.8M Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Redhu
Hatcheries Pvt. Ltd. (part of the Redhu group) continues to
reflect the Redhu group's weak financial risk profile, marked by
high gearing, an average net worth, and weak liquidity. The rating
also factors in the group's large working capital requirements and
its exposure to risks inherent in the poultry farming business.
These rating weaknesses are partially offset by the extensive
experience of the Redhu group's promoters in the poultry industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               135     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term         67.8   CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan                  35.0   CRISIL B/Stable (Reaffirmed)

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Redhu Farms Pvt Ltd and Redhu
Hatcheries Pvt Ltd. This is because the two companies, together
referred to as the Redhu group, are in the same line of business,
and have a common management, and financial and business linkages,
as reflected in intra-group transactions. Moreover, Redhu Farms
Pvt Ltd (RFPL) and RHPL have provided corporate guarantees for
each other's bank facilities.

Outlook: Stable

CRISIL believes that the Redhu group will benefit from
stabilisation of operations at its broiler farms, over the medium
term. Its financial risk profile, particularly its liquidity,
will, however, remain constrained over this period due to low cash
accruals vis-…-vis large term loan obligations and working capital
requirements. The outlook may be revised to 'Positive' in case of
further improvement in the group's liquidity, most likely due to
higher-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the Redhu
group's liquidity due to less-than-expected cash accruals, large
working capital requirements, or large debt-funded capital
expenditure.

Update

The Redhu group's revenues registered a 7 per cent year-on-year
growth to around INR1.34 billion in 2012-13 (refers to financial
year, April 1 to March 31); the growth was mainly driven by
increased realisations from the broiler business over the past two
years. CRISIL expects the group's revenue growth to remain
constrained over the medium term with no major plans for fresh
capacity addition. The Redhu group's operating margin remained
stable at around 6 per cent in 2012-13.

The Redhu group's net worth is estimated to have remained average
at around INR153.6 million as on March 31, 2013, thereby limiting
its financial flexibility to meet any exigency. The group has
substantial debt contracted for funding its working capital
requirements; this, coupled with its average net worth, is
estimated to have resulted in high gearing of around 2.17 times as
on March 31, 2013.

RHPL (incorporated in 1992) and RFPL (1997) are in the poultry
farming business. The Redhu group sells day-old chicks, eggs, and
culls, and trades in poultry feed. The group started its broiler
business in 2008-09. RHPL and RFPL have about 150,000 and 100,000
egg-laying birds, respectively. Their hatchery units and broiler
farms are in Jind (Haryana) and near Pilani (Rajasthan). The
promoters have also set up Lakshya Food (India) Ltd (Lakshya),
which is engaged in dairy farming and manufacture of milk
products. Lakshya does not have significant business linkages with
the Redhu group.


RUKMINIRAMA STEEL: CRISIL Suspends 'D' Ratings on INR151.6M Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rukminirama Steel Rollings Private Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL D Suspended
   Cash Credit               40      CRISIL D Suspended
   Letter of Credit          50      CRISIL D Suspended
   Term Loan                 31.6    CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of
RSRPL and Karthik Inductions Ltd (KIL), together referred to as
the Rukminirama group. This is because the two entities are in the
same line of business, under a common management, have significant
inter-company transactions, and derive considerable business
synergies from each other.

RSRPL reported, on a standalone basis, a profit after tax (PAT) of
INR2.2 million on net sales of INR1.81 billion for 2010-11,
against a PAT of INR9.2 million on net sales of INR1.53 billion
for 2009-10.


S & P FEEDS: ICRA Reaffirms 'B+' Ratings on INR8.13cr Loans
-----------------------------------------------------------
ICRA has re-affirmed the rating of '[ICRA]B+' to the INR5.13 crore
term loan facilities and the INR3.00 crore cash credit facilities
of S & P Feeds Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term, Fund         5.13        [ICRA]B+ Re-affirmed
   Based Limits-
   Term Loan

   Long Term, Fund         3.00        [ICRA]B+ Re-affirmed
   Based Limits-
   Cash Credit

The rating re-affirmation takes into account the long standing
experience of the promoters in the poultry industry, with group
companies engaged in poultry breeding, hatcheries and contract
broiler farming for more than 15 years. The rating also notes that
the firm's operations commenced with adequate turnover and margins
in FY13; the favorable long-term prospects for the domestic
poultry industry; and the location advantage derived by the feed
unit being located close to raw material sources. ICRA has also
considered the financial health of the group company, Anand
Hatcheries Pvt Ltd, with closely linked operations and financial
comfort provided by it.

The rating, however, remains constrained by the leveraged capital
structure, and moderate coverage indicators (given the first year
of operation). The firm's profitability remains vulnerable to
volatile raw material prices, with key ingredients like maize and
soy meal forming more than 85% of production costs. ICRA also
takes note of the inherent risks in the poultry industry- such as
disease out breaks, volatile realizations and the seasonal nature
of business. Maintaining healthy capacity utilization, while
managing volatile raw material prices, will remain key sensitivity
factors going forward.

SPFL is engaged in the business of poultry feed manufacturing
(pellet) and contract broiler farming. It commenced commercial
operation in July 2012, with an installed feed production capacity
of 4,800 tons per month. The manufacturing plant is located at
Bhaur, Nasik, Maharashtra. SPFL is part of the Nasik-based Anand
Agro Group, engaged in the poultry business for more than 15
years. The Group's flagship company, AHPL, was incorporated in
1996; and is involved in breeder farming, hatcheries and contract
broiler farming, along with another small group company


SAI SABURI: CRISIL Assigns 'B' Rating to INR60MM LT Loan
--------------------------------------------------------
CRISIL has assigned its CRISIL B/Stable rating to the long-term
bank facilities of Sai Saburi Hospitals Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan            60      CRISIL B/Stable

The rating reflects SSHPL's exposure to implementation and demand
risks associated with its hospital project in Khurda (Odisha).
This rating weakness is partially offset by the entrepreneurial
experience of the company's promoter.

Outlook: Stable

CRISIL believes that SSHPL will continue to benefit over the
medium term from its promoter's entrepreneurial experience. The
outlook may be revised to 'Positive' if SSHPL stabilises
operations at its hospital earlier than expected, resulting in
higher-than-anticipated accruals. Conversely, the outlook may be
revised to 'Negative' if there is a significant cost or time
overrun in setting up the project, impacting the company's
financial risk profile.

SSHPL, incorporated in 2013, is setting up a multi-speciality
hospital in Khurda. The project is scheduled to be completed by
August 2015. The company is promoted by Mr. Sarada Mishra.


SHRI VINAYANK: CARE Rates INR7.5cr LT Bank Loans at 'BB+'
---------------------------------------------------------
CARE assigns 'CARE BB+' rating the bank facilities of Shri
Vinayank Enterprises & Property.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.50       'CARE BB+' Assigned
   Facilities

Rating Rationale

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 the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

The rating assigned to the bank facilities of Shri Vinayank
Enterprises & Property is constrained primarily due to the shorter
tenure of the ongoing lease agreement which it has entered into
with DilipBuildcon Limited (DBL; rated CARE BBB / CARE A3) as
against the loan tenure of about eight years, yet to be
established track record of receipt of those lease rentals,
inherent risk associated with the termination of lease agreement
after expiry of the lock-in period and its constitution as a
partnership firm.

The rating, however, derives strength from its resourceful and
experienced partners along with envisaged ring-fencing of lease
rentals receivable from the lessee (DBL) which has a moderate risk
profile. The ability of SVEP to establish a sufficient track
record of timely receipt of lease rentals and any change in the
credit profile of the lessee would be the key rating
sensitivities.

Incorporated in 2010 as a partnership firm, SVEP is part of the
DilipBuildcon Group (based in Bhopal, Madhya Pradesh) which has
interests in the development and construction of roads. SVEP
has developed a multi-storied building (three floors and a
mezzanine floor with a total area of 43,000 square feet) on its
premises at Bhopal, which is leased out to DBL. The cost of
project is INR11.74 crore being funded through a debt of INR7.50
crore and the partners' contribution of INR4.24 crore (D/E of
1.77x). The project site was handed over to DBL on June 1, 2013.


SIYARAM METAL: ICRA Reaffirms 'B+' Rating on INR35cr Loan
---------------------------------------------------------
The rating of '[ICRA]B+' has been reaffirmed for the INR35.00
crore (enhanced from INR25.00 crore) cash credit facility of
Siyaram Metal Udyog Private Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Cash Credit facility       35.00      [ICRA]B+ reaffirmed

The reaffirmation of rating takes into account the weak financial
profile characterized by modest profitability indicators, adverse
capital structure and debt protection metrics along with high
working capital intensity and tight liquidity position as
reflected by regular over-drawls in the cash credit facility. The
rating also takes into account the lack of diversification in
product profile and the risks arising out of volatility in brass
prices as well as to foreign exchange rate fluctuations due to
reliance on imports for procurement.

However, the rating draws comfort from the experience of the
promoters and the established position of the company within the
non-ferrous metals industry as well as the established
relationships with suppliers and customers.

SMUPL is a metal merchant based out of Jamnagar, Gujarat and has
been in operation for the last two decades; the company has
primarily been involved in the business of trading of non-ferrous
metallic scrap. The company was operated as a proprietorship
concern called Siyaram Metal Udyog till April 2010, when it was
converted to a private limited company. SMUPL mainly imports non-
ferrous scrap; the product profile largely includes brass scrap,
ingots and other copper alloys, besides zinc. The company caters
to the Indian market, particularly Jamnagar and surrounding areas.

Recent Results

For the year FY 2013, the company reported an operating income of
INR222.39 crore and profit after tax of INR0.55 crore.


SUCCESS EXIM: CARE Assigns 'B' Rating to INR5cr LT Bank Loans
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Success Exim Private Limited.

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

   Short-term            15         CARE A4 Assigned
   Bank Facilities

Rating Rationale

The ratings assigned to the bank facilities of Success Exim Pvt
Ltd are primarily constrained by its weak financial risk profile
marked by the small scale of operations, low profitability
margins, leveraged capital structure and weak debt service
coverage indicators. The ratings are further constrained by its
presence in a highly fragmented industry characterized by intense
competition and foreign exchange fluctuation risk.

The ratings however draw comfort from the promoter's long
experience in the trading of non ferrous metals and growing scale
of operations.

Going forward, SEPL's ability to scale up its operations while
improving its profitability margins and capital structure shall be
the key rating sensitivities.  Effective management of foreign
exchange fluctuation risk shall also be a key rating sensitivity.

Success Exim Private Limited was incorporated in 1991 by Mr Sita
Ram Bhuwalka. The company started its commercial operations in
June 2003. SEPL is engaged in the trading (domestic as well as
exports) of lead ingot, lead concentrate, aluminum ingot, lead ore
which find its application in the manufacturing of automotive
parts and batteries. SEPL also trades in teak wood which is used
in the manufacturing of doors, widows etc. SEPL imports traded
goods primarily from United Arab Emirates, Taiwan, Ghana, Nigeria
and exports to Indonesia and Spain. The export comprised 27% of
the total operating income during FY13 ( refers to the period from
April 1 to March 31).

During FY13, SEPL achieved a total operating income (TOI) of
INR42.22 crore with a profit after tax (PAT) of INR0.07 crore as
against TOI of INR37.42 crore and a net loss of INR0.47 crore in
FY12.


TEXPLAS LIFESTYLE: CARE Assigns 'B-' Rating to INR9.92cr Loans
--------------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Texplas Lifestyle India Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        9.92       CARE B- Assigned
   Facilities

   Long-term/Short-      0.10       CARE B-/CARE A4 Assigned
   term Bank
   Facilities

   Short-term Bank       0.40       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Texplas Lifestyle
India Private Limited are primarily constrained by its short track
record and small scale of operations coupled with its weak
financial profile characterized by low PAT margins, highly
leveraged capital structure and weak debt coverage indicators. The
ratings also factor in the working capital intensive nature of
business and customer concentration risk.

The ratings, however, draw strength from the experienced promoters
and their demonstrated financial support to TLI and association of
TLI with reputed customers.

Going forward, the ability of the company to increase the scale of
operations, improving its capital structure and efficient working
capital management would be the key rating sensitivities.

Texplas Lifestyle India Private Limited, incorporated in August
2009, is a venture of the Texplas group and currently being
managed by Mr JC Jain, his son, Mr Shriyance Jain and his wife,
Ms Sunita Jain. TLI is engaged in the manufacturing of home
appliances such as mixer grinders, steam iron, dry iron etc at its
manufacturing facility located at Roorkee, Haridwar. The company
procures its raw materials like bushes, wires, jars, etc, from
various suppliers and manufacturers located in Haryana, Uttar
Pradesh, etc.

For FY12 (refers to the period April 1 to March 31), TLI achieved
a total operating income of INR8.67 crore with PAT of INR0.08
crore. Moreover, for FY13 (unaudited results) the company achieved
a total operating income of INR15.05 crore.


VAYUNANDANA POWER: CRISIL Suspends 'D' Ratings on INR275MM Loans
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vayunandana Power Limited.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               30      CRISIL D Suspended
   Long-Term Loan           245      CRISIL D Suspended

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

Incorporated in 2002 by Mr. Popuri Ankineedu, Mr. P Vijay Kumar,
Mr. Krishna, and Mr. V Krishna Mohan Rao, VPL operates a 10-
megawatt biomass-based power generation project in Gadchiroli
(Maharashtra). The project was commissioned in December 2010; VPL
has a PPA with MSEDCL for a period of 13 years from the date of
commencement of commercial operations.


VEL'S INSTITUTE: CRISIL Reaffirms B+ Ratings on INR530MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Vel's Institute of
Science Technology & Advanced Studies continues to reflect
VISTAS's susceptibility to a high degree of regulation by
government agencies. This rating weakness is partially offset by
the benefits that VISTAS derives from its promoter's extensive
experience in the educational services segment and its above-
average financial risk profile, marked by moderate capital
structure and debt protection metrics.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           100      CRISIL B+/Stable (Reaffirmed)
   Term Loan             430      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VISTAS will continue to benefit over the
medium term from its established position across various
educational streams. The outlook may be revised to 'Positive' if
VISTAS reports sustained improvement in its scale of operations
while maintaining its healthy profitability, thus resulting in
significant improvement in the trust's liquidity. Conversely, the
outlook may be revised to 'Negative' if the trust's financial risk
profile, particularly its liquidity, deteriorates because of
larger-than-expected debt-funded capex, or if its revenue declines
because of regulatory changes or if the company extends
significant funds to group concerns.

Update

During 2012-13 (refers to financial year, April 1 to March 31),
VISTAS reported operating income of INR643 million, which was
broadly in line with CRISIL's expectations. Operating margin has
remained around 30 per cent for the past four years through March
2013 and the company reported operating margin of 31 per cent for
2012-13. Given the healthy student intake in 2013-14, revenue
performance of the trust is expected to remain healthy over the
medium term.

The trust's financial risk profile is above average, marked by
moderate net worth, low gearing, and healthy debt protection
metrics. VISTAS reported moderate net worth of INR717 million for
2012-13. The capital structure continues to remain comfortable
with gearing of 0.98 times as on March 31, 2013. The trust does
not have any debt-funded capital expenditure (capex) plan over the
medium term and, hence, gearing is expected to remain healthy. The
debt protection metrics are also healthy with net cash accruals to
total debt ratio of 0.23 times and interest coverage ratio of 2.75
times for 2012-13. The financial risk profile is expected to
remain above average on account of steady cash accruals over the
medium term.

Liquidity of the trust is adequate with moderate bank limit
utilisation and generation of sufficient cash accruals against
repayment obligations. The bank lines were utilised by 64 per cent
over the 6 months ended September 30, 2013. The trust is expected
to generate cash accruals of more than INR160 million as against
repayment obligations of INR80 million over the medium term.

Set up in 2007 in Chennai (Tamil Nadu) by Mr. Ishari K Ganesh,
VISTAS offers courses in commerce, computing science, management,
pharmaceutical sciences, physiotherapy, hotel and catering,
maritime studies, engineering, life sciences, pure sciences,
visual communications, languages, dental, and nursing.


VIR ELECTRO: ICRA Assigns 'BB' Ratings to INR14.5cr LT Loans
------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB' to the
INR2.00 crore cash credit facility and INR12.50 crore term loan
facilities of Vir Electro Engineering Private Limited. The outlook
on the long-term rating is stable. ICRA has also assigned the
short-term rating of '[ICRA]A4+' to the INR5.50 crore fund based
unallocated facilities of VEE.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long Term, Fund             2.00        [ICRA]BB Assigned
   Based-Cash Credit

   Long Term, Fund            12.50        [ICRA]BB Assigned
   Based-Term Loan

   Short Term, Fund            5.50        [ICRA]A4+ Assigned
   Based-Unallocated

The assigned ratings favorably factor in the long standing
experience of the promoters in the metal fabrication industry; the
firm's established relationship with reputed customers in the
engineering sector, which reduces counterparty credit risk; and a
consistent order inflow, providing revenue visibility over the
near to medium term. The ratings are, however, constrained by a
stretched capital structure and weak coverage indicators on
account of debt funded capex incurred in setting up the new unit;
high customer concentration risk and limited bargaining power
against reputed customers. The company's margins are exposed to
raw material price fluctuations as its orders are generally fixed
price in nature. Going forward, ensuring adequate capacity
utilization at its new unit to improve the profitability will be
the key rating sensitivity for the company.

Incorporated in 1996, Vir Electro Engineering Private Limited is
engaged in metal steel fabrication and galvanization-primarily for
Crompton Greaves Limited, ABB Limited and Siemens India Limited.
Mr. Santosh Dalvi, the director of the company, oversees the
operations of the company. The company operates through its
fabrication and galvanization units at Ambad and Gonde, Nashik,
with a total installed capacity of 2,600 MT per annum.


VOLTECH ENGINEERS: ICRA Suspends 'D' Rating on INR14.5cr Loans
--------------------------------------------------------------
ICRA has suspended the ratings of '[ICRA]D' assigned to the
INR14.5 crore bank facilities of Voltech Engineers 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.


Z-SQUARE SHOPPING: CRISIL Suspends 'D' Rating on INR650MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Z-Square
Shopping Mall Private Limited.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             650       CRISIL D Suspended

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

CRISIL has combined the business and financial risk profiles of Z
Square and its holding company, ZEL. This is because the two
entities, together referred to as the Zazsons group, have
guaranteed each other's bank loans and will continue to provide
need-based support to each other.

Z Square is setting up a large mall in Kanpur (Uttar Pradesh). The
company commenced the mall project in 2006. The mall commenced
commercial operations in May 2010. ZEL was incorporated in 1985 by
Mr. Tahir Hussain. The Hussain family of Kanpur has been in the
leather business since 1862; it initially traded in raw hides. ZEL
is into leather tanning, and manufacturing of finished leather and
ladies' sandals. It has a manufacturing unit in Jajmau (Kanpur).



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


CHORUS LTD: NZ Taps E&Y Australia to Assess Financial Position
--------------------------------------------------------------
Paul McBeth at Australian Associated Press reports that
New Zealand Communications Minister Amy Adams has hired Ernst &
Young Australia to investigate Chorus's financial position after
the Commerce Commission ordered price cuts to the network
operator's copper lines.

According to the report, Ms. Adams has tasked the accounting firm
with assessing the impact of the final regulator's decision on
Chorus's financial indicators now and over the build period for
the taxpayer-sponsored ultrafast broadband network (UFB) and rural
broadband initiative (RBI).

AAP relates that Ernst & Young (EY) will also have to identify the
financial capability of Chorus against regulator obligations and
contractual obligations, while accounting for any adjustments
Chorus could undertake to strengthen its books -- including tweaks
to operational costs, capital cost structures, debt facilities and
its dividend policy.

"The immediate concern to the government is if its UFB and RBI
contracts are at risk," Ms. Adams said in a statement, AAP
reports.

"The findings of the independent assessment will help to inform
any decisions the government needs to make to ensure the
successful delivery of the UFB and RBI projects."

The news agency notes that EY has until December 6 to provide a
draft report, with the final report due by December 12.

The government may also commission work from an investment bank on
the likelihood of a successful capital raise by Chorus to meets
its obligations, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2013, Stuff.co.nz said credit ratings agency Standard &
Poor's expects Chorus will breach its banking covenants within two
years unless it receives help.  Stuff.co.nz said 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 intervention.  According
to Stuff.co.nz, 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.

Chorus Ltd -- http://chorus.co.nz/-- 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.


ROSS ASSET: David Ross Gets 10 Years, 10 Months Jail Sentence
-------------------------------------------------------------
David Robert Gilmour Ross has been sentenced in the Wellington
District Court to 10 years and 10 months of imprisonment following
a joint agency investigation by the Serious Fraud Office (SFO) and
the Financial Markets Authority (FMA).

The Wellington based financial adviser pleaded guilty in August
this year to four Crimes Act charges of false accounting and one
charge of theft by person in special relationship laid by the SFO.
He pleaded guilty to three FMA charges of providing a financial
service when he was not registered for that service, knowingly
making a false declaration to FMA for the purposes of obtaining
authorisation as an Authorised Financial Adviser (AFA) and
producing documents to FMA which he knew to be false or
misleading.

The investigation into David Ross, Ross Asset Management (RAM) and
related entities began in October last year when FMA received
complaints from investors who had been unable to withdraw their
funds. A joint investigation with the SFO subsequently commenced.

Mr. Ross has admitted running a Ponzi scheme which he disguised by
falsely reporting clients' investments. Large portions of client
portfolios shown as invested through a broker 'Bevis Marks' were
fictitious and never existed, resulting in an overstatement of
investment positions at September 2012 of more than $385 million.
Between June 2000 and September 2012 Mr Ross reported false
profits of $351 million from purported trading of the fictitious
securities. The overall loss to investors is in excess of $115
million.

SFO Director, Julie Read said, "More than 1,200 client accounts
were affected by Mr Ross' scheme so his offending has had a
devastating impact on many lives. The financial losses are not
only significant to those individuals but they will have a flow on
effect as those investors' dealings in the New Zealand economy are
impacted. It is important the SFO remains vigilant in fighting
financial crime so we don't see a repetition of this sort of
scheme."

FMA CEO, Sean Hughes, said he had the utmost sympathy for
investors who had trusted their finances with David Ross and that
the law had been changed as a result.

"From next year financial advisers who manage a client's portfolio
under an investment authority will no longer be able to hold that
money or property themselves.

"This change will better protect the security of investors' money
and FMA's risk-based monitoring of AFAs will assist in ensuring
that they are meeting their new obligations," said Mr. Hughes.

Sean Hughes and Julie Read acknowledged that the joint agency
approach to the RAM investigation had produced a prompt and
effective outcome.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



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


HANJIN SHIPPING: Parent Suffers From Huge Losses in Market Cap
--------------------------------------------------------------
Yonhap News Agency reports that Korean Air Lines Co., South
Korea's top air carrier, and its troubled shipping affiliate have
lost about KRW600 billion (US$560 million) in market value in
recent weeks, data showed November 15.

The news agency relates that the move came more than two weeks
after Korean Air decided to provide KRW150 billion to Hanjin
Shipping Co. to help ease its temporary liquidity squeeze.

Korean Air's market cap shrank 21.7 percent between Oct. 30 and
November 14, wiping out KRW489.9 billion in market value,
according to the data compiled by the Korea Exchange. Hanjin
Shipping also lost KRW102.7 billion in market value during the
cited period, the data showed.

On November 14, local rating agencies downgraded Korean Air's
credit rating to A- from A while lowering Hanjin Shipping's rating
by one notch to BBB+.

According to Yonhap, Kim Bong-gyun, a researcher at Korea Ratings,
said Korean Air's burden of the financial support has materialized
and the possibility that the carrier may provide additional
financial support to its affiliate cannot be ruled out.

Hanjin Shipping has suffered liquidity woes due to a protracted
slump in the shipping industry, Yonhap notes.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service. Its container
service provides transportation of reefer cargoes, dangerous
cargoes, over-sized cargoes, industrial equipment and others. Its
bulk service provides transportation of iron ores, coals, general
merchandise, liquefied natural gas (LNG) and oil products. Its
terminal service provides logistics services with a global network
of 14 dedicated container terminals. Its 3PL service includes
freight forwarding services, contract logistics and others. The
Company also involves in the provision of ship repair yard
services.


HANJIN SHIPPING: CEO Resigns on Losses, Debt Repayments
-------------------------------------------------------
Kyunghee Park at Bloomberg News reports that Hanjin Shipping Co.
(117930)'s Chief Executive Officer Kim Young Min resigned, taking
responsibility for two successive years of losses at South Korea's
largest shipper and a delay in getting financial support from
creditors.

Mr. Kim, 58, will stay until a replacement is found, the Seoul-
based company said in an e-mailed statement cited by Bloomberg.
Mr. Kim was appointed as CEO in January 2009 after 20 years with
Citigroup Inc., and his term was to end in March 2015, the report
says.

"There's no good news for Hanjin right now," Bloomberg News quotes
Yun Hee Do, an analyst at Korea Investment & Securities Co. in
Seoul, as saying. "The company hasn't been able to make money
recently and its interest payment has been increasing. There's
quite a sizable amount of debt coming due next year for Hanjin."

Bloomberg recalls that Korean Air said last month it will provide
KRW150 billion ($141 million) to Hanjin to help ease the company's
liquidity shortage. The shipping line has
KRW736.4 billion of debt and loans maturing next year, compared
with KRW58 billion in 2013, according to data compiled by
Bloomberg. Its cash and cash equivalent was KRW506.6 billion at
the end of June, Bloomberg discloses.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service. Its container
service provides transportation of reefer cargoes, dangerous
cargoes, over-sized cargoes, industrial equipment and others. Its
bulk service provides transportation of iron ores, coals, general
merchandise, liquefied natural gas (LNG) and oil products. Its
terminal service provides logistics services with a global network
of 14 dedicated container terminals. Its 3PL service includes
freight forwarding services, contract logistics and others. The
Company also involves in the provision of ship repair yard
services.



===========
T A I W A N
===========


ACER INC: Fitch Downgrades Long-term Currency IDRs to 'BB-'
-----------------------------------------------------------
Fitch Ratings has downgraded Taiwan-based Acer Inc.'s (Acer) Long-
Term Foreign- and Local-Currency Issuer Default Ratings to 'BB-'
from 'BB' and its National Long-Term Rating to 'BBB(twn)' from
'BBB+(twn)'. The Outlook is Negative.

Key Rating Drivers:

Further Deterioration Expected: The downgrade reflects Fitch's
expectation that demand for PCs will remain subdued, that Acer's
market position will remain weak and that operating losses will
continue. Given the company's weakening position in such a highly
competitive and increasingly commoditized market, we do not
believe Acer's differentiation strategy and modest cost cutting
will quickly lead to a return to profitability. According to data
from IDC, Acer's worldwide PC shipments declined 35% yoy in 3Q13,
and its market share fell to 6.7% in 3Q13 from 9.5% in 3Q12.

Heavily Exposed to Weak Segments: Acer has significant exposure to
the weaker segments of the subdued PC market. Consumer PCs,
Western Europe and emerging markets have all fared worse than the
overall market due to weak consumer spending and substitution by
smartphones and tablets. Dell Inc. (BB-/Stable) has become more
aggressive in the PC business, which will place further pressure
on Acer. In August 2013, IDC predicted that worldwide PC shipments
will fall 9.7% and 2% yoy in 2013 and 2014 respectively.

Turnaround Looks Challenging: Acer's key markets are not improving
and investments in products and research and development will
weigh on already slim gross margins. We believe that Acer will
continue to struggle to defend its market share in a shrinking PC
market and we do not believe that the company will be able to
execute a strategy to return to sustained profitability at levels
it previously generated (FY09 and FY10 EBIT margins: 2.5%-3.0%
versus -2.7% in 3Q13).We expect any meaningful margin recovery
will be very slow. In 3Q13, Acer's revenue fell 11.7% yoy and
operating loss totalled TWD2.5bn.

Tablets, Smartphones Not Saviours: We do not believe that Acer's
tablet and smartphone products will contribute significantly to a
profit turnaround, because of their limited scales in terms of
sales, and the company's weaker design and channel capability
compared with larger vendors. According to IDC, Acer's tablet
market share was just 2.5% in 3Q13. Acer's smartphone strategy to
increasingly focus on emerging markets will face intense
competition from low-cost Chinese vendors. Tablets and smartphones
accounted for 6% and less than 1%, respectively, of Acer's 3Q13
revenue.

Adequate Liquidity: Fitch expects Acer to maintain a net cash
position over the medium term. With the poor profitability and the
uncertainties of its restructuring though, its net cash position
has become increasingly important as it partly offsets the
company's weaker cash generation. At end-September 2013, Acer had
a cash balance of TWD34bn, which comfortably covered its total
debt of TWD18bn.

Rating Sensitivities:

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- sustained negative EBIT margin
-- sustained negative free cash flow
-- loss of its net cash position, although we note that retention
   of its net cash position in itself would not be sufficient to
   avoid a downgrade.

Positive: Future developments that may, individually or
collectively, lead to stabilization of the Outlook include:
-- stemming both market share loss and revenue decline
-- operating EBIT margin of 0.5% or above on a sustained basis
-- FFO-adjusted leverage below 5.0x (2012: 5.4x) on a sustained
   basis



===============
T H A I L A N D
===============


TMB BANK: S&P Raises ICR From 'BB+'; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term issuer credit rating on TMB Bank Public Co. Ltd. to
'BBB-' from 'BB+'.  The outlook is stable.  S&P also raised the
short-term issuer credit ratings on the Thailand-based bank to
'A-3' from 'B'.  At the same time, S&P raised the long-term ASEAN
regional scale rating on TMB to 'axA-' from 'axBBB+' and affirmed
the 'axA-2' short-term ASEAN regional scale rating on the bank.

"We upgraded TMB because we expect the bank to maintain the
sustained improvement in its risk management practices," said
Standard & Poor's credit analyst Cheul Soo Cho.  S&P revised its
assessment of TMB's risk position to "adequate" from "moderate,"
as S&P's criteria define these terms, and therefore raised the
bank's stand-alone credit profile to 'bb+' from 'bb'.  The rating
also incorporates S&P's expectation of extraordinary support from
the Thai government to TMB, given the bank's systemic importance.

S&P believes TMB's restructuring of its operations since its
collaboration with ING Bank N.V. in April 2008 has improved its
financial profile.  TMB has strengthened risk management,
rationalized staff strength, transformed branches, sold
nonperforming loans (NPLs), and reduced the proportion of term
deposits to total deposits.  The bank is once again focusing on
growth and plans to increase its market share of loans as well as
deposits.

In S&P's view, TMB's asset quality has improved substantially over
the past few years.  The bank's gross nonperforming asset ratio
(NPA ratio; including NPLs, restructured loans, and foreclosed
assets) is now comparable with peers'.  The gap between the bank's
NPL ratio and that of other large banks has also narrowed.  TMB's
ratio of NPA to total loans was 6.7% as of June 30, 2013, with an
NPL ratio of about 4.8%.  The bank has tightened its underwriting
standards over the past few years.

TMB's capitalization is moderate, in S&P's opinion.  The bank's
risk-adjusted capital ratio (pre diversification) under Standard &
Poor's framework was 6.2% on Dec. 31, 2012.  S&P expects this
ratio to remain above 5% for the next two years.  TMB's earnings
profile has been improving because of better margins.

TMB's business position is adequate and reflects the bank's
average market position, its strengthened management team, and its
satisfactory business and geographic diversification.
Nevertheless, a change in TMB's management team or ownership might
lead to a change in the bank's strategy and could affect its
credit profile.  The bank's funding profile is average and
characterized by majority deposit funding.

"The stable outlook reflects our expectation that TMB will
maintain its business profile and continue to increase its
earnings," said Mr. Cho.

S&P could lower the rating if TMB's risk-adjusted ratio declines
below 5% on a sustained basis, which could happen if: (1) the
bank's loan growth is significantly higher than S&P's expectations
or its credit costs increase sharply; or (2) economic risk in
Thailand increases.  S&P could also lower the rating if the bank's
asset quality deteriorates sharply, such that the gap between the
bank's NPL ratio and that of other large banks widens.  This could
happen if TMB fails to effectively execute its strategy to
increases its loans to small and midsize enterprises, leading to
higher NPLs.

The rating has limited upside potential over the next 12-24 months
at least.



                             *********

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

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

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


                            *********


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

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

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

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

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



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