TCRAP_Public/130114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, January 14, 2013, Vol. 16, No. 9


                            Headlines


A U S T R A L I A

BANKSIA SECURITIES: Investors Sue Over Potential AUD300MM Loss


C H I N A

AGILE PROPERTY: Perpetual Securities No Impact on Moody's Ba2 CFR
CITIC RESOURCES: Notes Repurchase No Impact on Moody's Ba3 CFR
DBA TELECOMMUNICATION: S&P Assigns 'BB-' Corporate Credit Rating
LDK SOLAR: Regains Compliance With NYSE Listing Requirement


H O N G  K O N G

CAPITAL TOP: Members' Final Meeting Set for Feb. 4
DOVERIDGE COMPANY: Members' Final Meeting Set for Feb. 5
GRAND HARVEST: Creditors' Proofs of Debt Due Jan. 23
HARVEST MARK: Creditors' Proofs of Debt Due Feb. 5
HONEST (HK): Lai and Haughey Appointed as Liquidators

IN HOUSE: Creditors' Meeting Set for Jan. 30
JOYRIDE INVESTMENT: Commences Wind-Up Proceedings
JUMBO STATES: Creditors' Proofs of Debt Due Feb. 5
LEGACY INTERNATIONAL: Members' Final Meeting Set for Feb. 8
MARKSMAN (WATER SOLUTION): Members' Final Meeting Set for Feb. 4

REDCHIP INTERNATIONAL: Annual Meetings Set for Jan. 31
SEIKO PRECISION: Members' Final Meeting Set for Feb. 4
SINOACE LIMITED: Members' Final Meeting Set for Feb. 6
SUN LEADER: Members' Final Meeting Set for Feb. 6
VICTORY LINE: Commences Wind-Up Proceedings


I N D I A

CONSOLIDATED COIN: CRISIL Assigns 'BB' Rating to INR85MM Loans
EMMANUVAL SILKS: Weak Liquidity Cues CRISIL Junk Ratings
GLOBAL HEALTH: CRISIL Places 'B+' Rating on INR137.5MM Loans
IBEX ENGINEERING: CRISIL Puts 'BB-' Rating on INR45.5MM Loans
KINGFISHER AIRLINES: India Government Rejects Revival Plan

MELSTAR INFORMATION: CRISIL Cuts Rating on INR150MM Loans to 'D'
NINA CONCRETE: CRISIL Reaffirms 'BB+' Rating on INR120MM Loan
RENUKA OIL: Delays in Loan Payment Cues CRISIL Junk Ratings
SANJAY STRIPS: CRISIL Reaffirms 'B+' Rating on INR150MM Loan
SHIEL AUTOS: CRISIL Assigns 'BB-' Rating to INR72.5MM Loans

SHRI GAJANAN: CRISIL Rates INR60MM Cash Credit at 'CRISIL B+'
SHRI KARVIR: CRISIL Assigns 'BB-' Rating to INR131.8MM Loans
UNIVERSAL POWER: CRISIL Upgrades Rating on INR770MM Loans to 'B'
VIJAI ELECTRICALS: CRISIL Hikes Rating on INR7.2BB Loans to 'B-'


J A P A N

PANASONIC CORP: To Shut Plasma TV Plant in China
TAKEDA RANDOM: Files for Bankruptcy


N E W  Z E A L A N D

WESTERN PACIFIC: Policyholders Face NZ$16-Mil. Payment Shortfalls


                            - - - - -


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


BANKSIA SECURITIES: Investors Sue Over Potential AUD300MM Loss
--------------------------------------------------------------
Joe Schneider at Bloomberg News reports that a group of more than
16,000 Australian investors facing losses exceeding
AUD300 million (US$317 million) from the insolvencies of Banksia
Securities Ltd. and Cherry Fund Ltd. sued the lenders and the
trustee for the notes in a bid to recoup their money.

Bloomberg recalls that Trust Co., a Melbourne-based wealth
manager, on Oct. 25 put Banksia in receivership in its capacity
as a trustee for debentures issued by the lender. Banksia had
outstanding commitments to debenture holders of AUD663 million,
Bloomberg relates citing a Dec. 7 report from McGrath Nicol, the
receivers.

According to Bloomberg, investors in Banksia received 20% of the
money they were owed in the first distribution in December, with
the receivers estimating an eventual total repayment of between
50 cents and 65 cents on the dollar.  Banksia and Cherry Fund
failed to conduct their business properly while Trust Co. didn't
adequately supervise and investigate the lenders' financial
position, the plaintiffs claimed in a Dec. 24 complaint filed in
the Supreme Court of Victoria in Melbourne.

Bloomberg relates that Trust Co. said in a statement to the
Australia Securities Exchange that "it considers this claim made
against it to be without basis."  Trust Co. "will continue to act
in the best interests of the debenture holders of Banksia
throughout the receivership."

Banksia and Cherry Fund failed because of a drop in Australian
property values, difficult credit market conditions, inadequate
provisioning in the loan books, and a mismatch between the timing
of debentures due for repayment and the recoverability of
borrowers' loans, the receivers said in the December report.

Cherry Fund owed debenture holders about AUD10 million, according
to the receiver and investors should get back between 55 cents
and 70 cents on the dollar, Bloomberg reports.

                      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 $660 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.



=========
C H I N A
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AGILE PROPERTY: Perpetual Securities No Impact on Moody's Ba2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Agile Property Holdings
Limited's proposed issuance of perpetual securities will have no
immediate impact on its Ba2 corporate family rating and senior
unsecured ratings.

The stable ratings outlook will also be unaffected.

Agile will use the proceeds from the perpetual securities for the
purchase of new land sites, refinancing and general working
capital purposes.

Moody's considers the perpetual securities as hybrid instruments
with debt and equity components.

"The perpetual securities will enhance Agile's funding for the
development of its business," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

Specifically, they will provide funding for Agile to develop
projects and enhance sales.

Agile's contract sales reached RMB33 billion (+5% year-on-year)
for 2012 largely due to its strong performance in December.

Moody's expects Agile's contract sales will moderately improve in
2013 as the market stabilizes and more projects become available
for sales across different regions.

"The perpetual securities could also diversify Agile's funding
sources and stabilize its capital structure," says Tsang, also
Moody's lead analyst for Agile.

The perpetual securities will offer equity feature which will --
as the new borrowings are raised -- reduce the impact on its debt
leverage and interest coverage.

"Therefore, the incremental debt raised from the hybrid issue
will not pressure Agile's credit profile," adds Tsang.

While the amount of gross debt and interest expenses will
increase after the issuance, Moody's anticipates that adjusted
debt/capitalization and interest cover will stay at around 50-55%
and 4x respectively in the next 1-2 years. Such ratios continue
to support its Ba2 rating.

Agile's liquidity is adequate. Moody's estimates that its cash
holding of RMB8-9 billion and projected operating cash flow of
RMB3.5-4 billion can fully cover its committed land payments,
repayments of maturing debt, and dividend payments that total
around RMB8 billion in the next 12 months.

Agile's Ba2 corporate family rating continues to reflect its long
operating track record and established brand in the economically
strong Pearl River Delta, as well as its disciplined financial
and liquidity management.

At the same time, the company's ratings are constrained by the
business and financial risks associated with its geographic
concentration in Guangdong province and Hainan province.

Moody's notes that the police in Hong Kong have filed formal
charges against Mr. Chen Zhou Lin, the Chairman of Agile Property
Holdings Limited, on two counts of indecent assault.

Moody's will continue to monitor the situation and assess the
impact on the rating and outlook.

Moody's also notes that Agile amended the covenants of its
offshore bank loans on 13 November 2012, so that Mr. Chen's
resignation, if it ever happened, would no longer constitute an
event of default.

This amendment has mitigated the risks of the potential for an
acceleration of the repayment of the company's offshore banks
loans if Mr. Chen ceases to act as Chairman.

Also, Agile has a contingency plan to recommend one of the two
Vice Chairpersons and Co-Presidents to succeed the current
Chairman in the event that he can no longer hold office due to a
criminal conviction.

The principal methodology used in rating Agile Property Holdings
Ltd was the Global Homebuilding Industry Methodology published in
March 2009.

Agile Property Holdings Ltd is one of China's major property
developers, operating in the mid- to high-end segments. As of
September 2012, the group had 68 projects under development, and
a land bank with an aggregate gross floor area of 46.1 million
square meters. Guangdong province is its largest market,
accounting for around 59% of the company's land bank. It listed
on the Stock Exchange of Hong Kong in 2005. Currently, the Chen
family, Agile's founding family, owns a 63.2% equity interest.


CITIC RESOURCES: Notes Repurchase No Impact on Moody's Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service says CITIC Resources Holdings Limited's
offer to repurchase USD200 million of its outstanding bonds is
credit positive, but will have no immediate impact on its Ba3
corporate family rating and senior unsecured bond ratings.

The positive ratings outlook is also unaffected.

On Jan. 4, 2013, CITIC Resources made an offer to repurchase up
to US$200 million of the principal amount of its US$1 billion
6.75% senior notes due 2014 at prices ranging from US$1,040 to
US$1,060 per US$1,000 of principal.

If the repurchase goes through, CITIC Resources would reduce its
aggregate indebtedness and lower its adjusted Debt/EBITDA to
around 3.3x from 4x for the last 12 months ending June 2012.

It could also help the company lower its interest expenses.

However, Moody's believes that its net debt position will remain
unchanged, and its metal and resources businesses will continue
to face the challenges of a sluggish global economy.

At the same time, Moody's notes that the positive rating outlook
reflects the company's strong liquidity position and improved
business profile.

As of June 30, 2012, it had a cash balance of HKD9 billion and
total reported debt of HKD12 billion. It also improved its debt
maturity profile and liquidity position by signing two new
syndicated loan facilities totaling US$780 million in 2012.

Moody's will continue to monitor the progress of the offer, CITIC
Resources' plan for capital spending and acquisitions, and the
performance of its core businesses.

The principal methodology used in rating CITIC Resources Holdings
Limited was the Global Independent Exploration and Production
Industry Methodology published in December 2011.

CITIC Resources is a energy and natural resources investment
holding company, with interests in aluminum smelting, manganese,
coal, the import and export of commodities, and the exploration,
development and production of oil. The company serves as the
principal natural resources and energy arm of its parent, CITIC
Group.


DBA TELECOMMUNICATION: S&P Assigns 'BB-' Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating and its 'cnBB+' long-term
Greater China regional scale rating to DBA Telecommunication
(Asia) Holdings Ltd., a China-based manufacturer and operator of
intelligent self-service payment terminals.  The outlook is
stable.

At the same time, Standard & Poor's assigned its 'BB-' long-term
issue rating and 'cnBB+' rating to the company's proposed senior
unsecured notes.

"The rating on DBA reflects our view of the exposure of the
company's intelligent self-service business to competition from
alternative payment service providers and regulatory
uncertainty," said Standard & Poor's credit analyst Lillian
Chiou.  "The execution risk in DBA's aggressive nationwide
expansion plan and revenue concentration in pre-paid phone cards
also weigh on the rating.  The company's adequate financial
buffers and good efficiency due to its integrated business model
temper these risks."

S&P assessed the company's business risk profile as "weak" and
its financial risk profile as "significant," as S&P's criteria
defines these terms.

"The sustainability of DBA's intelligent self-service (ISS)
business is untested, in our opinion.  The ISS business faces
stiff competition from substitute payment services.  In addition,
the ISS business is subject to high regulatory uncertainty.
Nevertheless, the company is the first non-financial company
licensed to provide e-payment services nationwide through its
connection with the payment and settlement system of UnionPay, a
bank card, in
China," S&P said.

DBA is exposed to revenue concentration risk in selling phone
cards through its ISS business.  The growth of DBA's ISS business
outpaces that of its information technology (IT) business.  S&P
estimates that sales from phone cards will continue to comprise
more than 90% of total cards sold in 2013.  However, S&P expects
still-strong growth in China's mobile communication demand to
temper the risk.

DBA's plan to increase the number of self-service payment
terminals to about 50,000 across China over the next three to
four years is aggressive, in S&P's opinion.  However, the high
flexibility in the implementation of the plan reduces the
execution risk.

S&P expects DBA to generate adequate profits to support the
rating over the next one to two years, partly due to the IT
business.  S&P anticipates that government policy will support
renewal demand for phone booths.

"We believe DBA's low leverage provides adequate buffer for the
company's planned capital expenditure and the risk of lower
returns from business expansion over the next one to two years.
In our base-case projection, after factoring in the proposed bond
issuance, we expect the company's debt-to-EBITDA ratio to rise to
about 1.8x in 2013.  We estimate the ratio of funds from
operations (FFO) to debt to fall to about 40.0% in 2013 from
630.1% at the end of 2012.  Both ratios are likely to improve in
2014," S&P noted.

"The stable outlook reflects our expectation that DBA will
maintain adequate financial buffers to support its debt-funded
growth strategy," said Ms. Chiou.  "We anticipate high double-
digit revenue growth over the next 12 months.  In our base case,
we also expect a healthy profit margin for DBA's IT business."

S&P could lower the rating if DBA's growth and profitability are
materially weaker than its expectation or if the company
undertakes a more aggressive expansion plan than it anticipates.
A deterioration in credit protection measures, such that debt
leverage approaches 2.5x, would indicate such weakness.

An upgrade is unlikely in the coming one to two years due to
DBA's revenue concentration in pre-paid phone cards and the
perceived threat of rapid growth for other substitute services
providers.


LDK SOLAR: Regains Compliance With NYSE Listing Requirement
-----------------------------------------------------------
LDK Solar Co., Ltd., announced that, based upon a notice received
on Jan. 3, 2013, from the New York Stock Exchange, the Company is
once again in compliance with the NYSE's continued listing
requirement of a minimum average closing price of $1.00 per share
over a consecutive 30-trading-day period.

On Nov. 16, 2012, the Company was notified by the NYSE that the
average price of the Company's common stock had traded below a
consecutive 30-trading-day average of $1.00 per share.  As a
result, under the NYSE rules, LDK Solar was required to bring its
average ADS closing price above $1.00 within the longer of six
months of receipt of the NYSE's notification or its next annual
meeting of shareholders if a shareholders' action was proposed.

At the close of trading on Dec. 31, 2012, the Company's average
closing price of its common stock for the previous 30 trading
days was above $1.00 per share.  Accordingly, the Company has
resumed compliance with all NYSE continued listing requirements.

                          About LDK Solar

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

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

KPMG in Hong Kong, China, said in a May 15, 2012, audit report,
there is substantial doubt on the ability of LDK Solar Co., Ltd.,
to continue as a going concern.  According to KPMG, LDK Solar has
a net working capital deficit and is restricted to incur
additional debt as it has not met a financial covenant ratio
under a long-term debt agreement as of Dec. 31, 2011.  These
conditions raise substantial doubt about the Group's ability to
continue as a going concern.

LDK Solar's balance sheet at Sept. 30, 2012, showed
US$5.76 billion in total assets, US$5.41 billion in total
liabilities, US$299.02 million in redeemable non-controlling
interests and US$45.91 million in total equity.



================
H O N G  K O N G
================


CAPITAL TOP: Members' Final Meeting Set for Feb. 4
--------------------------------------------------
Members of Capital Top Holdings Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
Feb. 4, 2013, at 3:00 p.m., at 10/F, Allied Kajima Building, at
138 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Lam Ying Sui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


DOVERIDGE COMPANY: Members' Final Meeting Set for Feb. 5
--------------------------------------------------------
Members of Doveridge Company Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 5,
2013, at 10:00 a.m., at 10/F, V Heun Building, 138 Queen's Road
Central, in Hong Kong.

At the meeting, Cheung Lo Yau, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


GRAND HARVEST: Creditors' Proofs of Debt Due Jan. 23
----------------------------------------------------
Creditors of Grand Harvest International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Jan. 23, 2013, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 27, 2012.

The company's liquidator is:

         Leigh Man Fung Camballaw
         Unit 2205, 22/F
         China Merchants Building
         303-307 Des Voeux Road
         Central, Hong Kong


HARVEST MARK: Creditors' Proofs of Debt Due Feb. 5
--------------------------------------------------
Creditors of Harvest Mark Enterprises Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 5, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 28, 2012.

The company's liquidator is:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F, Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


HONEST (HK): Lai and Haughey Appointed as Liquidators
-----------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey on Dec. 14, 2012, were
appointed as liquidators of Honest (HK) Manufacturing Limited.

The liquidators may be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


IN HOUSE: Creditors' Meeting Set for Jan. 30
--------------------------------------------
Creditors of In House International Limited will hold their
meeting on Jan. 30, 2013, at 3:00 p.m., for the purposes provided
for in Sections 241, 242, 243, 244, 255A and 283 of the Companies
Ordinance.

The meeting will be held at 22/F, Punfet Building, 701 Nathan
Road, Kowloon, in Hong Kong.


JOYRIDE INVESTMENT: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Joyride Investment Limited, on Dec. 28, 2012, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

         Lee King Yue
         72-76/F, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong


JUMBO STATES: Creditors' Proofs of Debt Due Feb. 5
--------------------------------------------------
Creditors of Jumbo States International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 5, 2013, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 28, 2012.

The company's liquidators are:

         Puen Wing Fai
         Lo Yeuk Ki Alice
         6/F, Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


LEGACY INTERNATIONAL: Members' Final Meeting Set for Feb. 8
-----------------------------------------------------------
Members of Legacy International Holdings Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on Feb. 8, 2013, at 10:00 a.m., at Room 602, 447 Lockhart
Road, H.K.

At the meeting, Sze Sau Wan, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


MARKSMAN (WATER SOLUTION): Members' Final Meeting Set for Feb. 4
----------------------------------------------------------------
Members of Marksman (Water Solution) Company Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on Feb. 4, 2013, at 3:30 p.m., at 10/F, Allied Kajima
Building, at 138 Gloucester Road, Wanchai, in Hong Kong.

At the meeting, Lam Ying Sui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


REDCHIP INTERNATIONAL: Annual Meetings Set for Jan. 31
------------------------------------------------------
Members and creditors of Redchip International Limited will hold
their annual meetings on Jan. 31, 2013, at 10:00 a.m., and
10:30 a.m., respectively at 29/F, Caroline Centre, Lee Gardens
Two, at 28 Yun Ping Road, in Hong Kong.

At the meeting, Osman Mohammed Arab, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SEIKO PRECISION: Members' Final Meeting Set for Feb. 4
------------------------------------------------------
Members of Seiko Precision (Hong Kong) Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on Feb. 4, 2013, at 11:00 a.m., at Block B, 6/F, Ying
Tung Industrial, at 802 Lai Chi Kok Road, in Kowloon.

At the meeting, Man King Chi Eddie, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


SINOACE LIMITED: Members' Final Meeting Set for Feb. 6
------------------------------------------------------
Members of Sinoace Limited, which is in members' voluntary
liquidation, will hold their final general meeting on Feb. 6,
2013, at 10:00 a.m., at 22nd Floor, Tai Yau Building, at 181
Johnston Road, Wanchai, in Hong Kong.

At the meeting, Victor Robert Lew, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


SUN LEADER: Members' Final Meeting Set for Feb. 6
-------------------------------------------------
Members of Sun Leader Industrial Company Limited, which is in
members' voluntary liquidation, will hold their final general
meeting on Feb. 6, 2013, at 10:30 a.m., at Rm 2210, 22/F, Insland
Place Tower, at 510 King's Road, North Point, in Hong Kong.

At the meeting, Lau Wing Ling, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.


VICTORY LINE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Victory Line Development Limited, on Dec. 28, 2012,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

         Lee King Yue
         72-76/F, Two International Finance Centre
         8 Finance Street
         Central, Hong Kong



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CONSOLIDATED COIN: CRISIL Assigns 'BB' Rating to INR85MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Consolidated Coin Company Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                65        CRISIL BB/Stable
   Packing Credit          100        CRISIL A4+
   Bank Guarantee          500        CRISIL A4+
   Cash Credit              20        CRISIL BB/Stable

The ratings reflect the benefits CCC derives from the extensive
industry experience of its promoters and its healthy financial
risk profile, marked by comfortable capital structure and healthy
debt protection metrics. These rating strengths are partially
offset by susceptibility of CCC's operating profitability to
volatility in raw material prices, its large working capital
requirements and company's exposure to customer concentration
risk.

Outlook: Stable

CRISIL believes that CCC will continue to benefit from its
promoters' industry experience and will maintain its healthy
financial risk profile, marked by low debt level and comfortable
accruals, over the medium term. The outlook may be revised to
'Positive' if the company reports higher-than-expected sales or
profitability while sustaining its financial risk profile, and
maintains limited exposure to group companies. Conversely, the
outlook may be revised to 'Negative' in case of increase in CCC's
exposure to group companies, larger-than-expected working capital
requirements, or lower than expected accruals leading to
deterioration in the company's financial risk profile.

                      About Consolidated Coin

Incorporated in 1994 by the name of Napcon Turbochargers Pvt Ltd,
the company is engaged in casting of ferrous and non-ferrous
alloys for manufacturing coin strips and coin blanks. The company
was renamed to Consolidated coin Company Private Limited in 2008-
09. The facility is located at Faridabad (Haryana) and day to day
operations are managed by Mr. Gautam Chopra.

CCC reported profit after tax (PAT) of INR1.3 million on net
sales of INR1769 million for 2011-12 (refers to financial year,
April 1 to March 31), against PAT of INR40.67 million on net
sales of INR919 million for 2010-11.


EMMANUVAL SILKS: Weak Liquidity Cues CRISIL Junk Ratings
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Emmanuval Silks to 'CRISIL D' from 'CRISIL BB/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit             107.9      CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Long-Term Loan           27.1      CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

The rating downgrade reflects E Silks' overdrawn cash credit
limits due to weak liquidity; the weak liquidity was caused by
the firm's large inventory requirements.

E Silks has high working capital requirements and is exposed to
risks relating to intense competition in the apparel retail
segment. However, the firm benefits from its established regional
market position and partners' extensive experience in the apparel
retail industry.

E Silks was set up as a partnership firm in 2008. It is engaged
in retailing of silk sarees and other ready-made garments. The
firm sells silk sarees under its own brand name, Emmanuval.

E Silks reported a profit after tax (PAT) of INR22.6 million on
net sales of INR1.5 billion for 2011-12 (refers to financial
year, April 1 to March 31), against a PAT of INR20.2 million on
net sales of INR1.4 billion for 2010-11.


GLOBAL HEALTH: CRISIL Places 'B+' Rating on INR137.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Global Health Care Products.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       52.5      CRISIL B+/Stable
   Bank Loan Facility

   Letter of Credit         10        CRISIL A4

   Bank Guarantee            2.5      CRISIL A4

   Cash Credit              85        CRISIL B+/Stable

The ratings reflect GHCP's expected small scale of operations,
limited track record with its key customer, GlaxoSmithKline, UK
(GSK), high customer concentration risk, and large working
capital requirements. These weaknesses are partially offset by
GHCP's average financial risk profile and the extensive
experience of the promoters in the industry.

Outlook: Stable

CRISIL believes that GHCP will maintain a stable business risk
profile, backed by its contract with GSK. The outlook may be
revised to 'Positive' in case of more-than-expected ramp-up in
scale of operations and profitability, with diversification in
customer base. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected ramp up in scale of
operations, most likely because of reduced demand from GSK, or if
the firm undertakes any large capital expenditure programme,
leading to pressure on cash accruals.

                        About Global Health

Established in 1997, GHCP is a partnership firm promoted by Mr.
Vasudev Baburao Prabhu and his family. The firm manufactures
toothpaste and has a manufacturing facility in Silvassa (Dadra
and Nagar Haveli).

GHCP initially manufactured toothpaste for Hindustan Unilever Ltd
(HUL; rated 'CRISIL AAA/Stable/CRISIL A 1+'). However, the same
was discontinued and GHCP stopped its operations since December
2009.

The firm had no operations during 2010-11 (refers to financial
year, April 1 to March 31) and 2011-12. In February 2012,
however, it entered into an agreement with GSK for manufacturing
toothpaste, and the firm started production in September 2012.


IBEX ENGINEERING: CRISIL Puts 'BB-' Rating on INR45.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Ibex Engineering Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                10.5      CRISIL BB-/Stable

   Proposed Cash            15        CRISIL BB-/Stable
   Credit Limit

   Cash Credit              20        CRISIL BB-/Stable

   Export Packing Credit    22.5      CRISIL A4+

The ratings reflect the extensive industry experience of Ibex's
promoter, and the company's above-average financial risk profile
marked by a comfortable capital structure. These rating strengths
are partially offset by Ibex's modest scale of operations in the
intensely competitive die casting and precision machining
industry, and the susceptibility of the company's operating
margin to volatility in raw material prices and in foreign
exchange rates.

Outlook: Stable

CRISIL believes that Ibex will continue to benefit over the
medium term from its promoter's extensive experience in the die
casting and precision machining industry. The outlook may be
revised to 'Positive' if the company increases its scale of
operations and operating profitability on a sustained basis, or
benefits from significant equity infusion by its promoter,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if Ibex registers a
decline in its revenues and operating profitability, or if it
undertakes a larger-than-expected, debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

                      About Ibex Engineering

Ibex, established in 1998, is involved in precision machining
activities for various industries. The company is promoted and
managed by Mr. G P Srikanth.

For 2011-12 (refers to financial year April 1 to March 31), Ibex
reported a profit after tax (PAT) of INR4.6 million on net sales
of INR168.1 million, against a PAT of INR2.7 million on net sales
of INR121.9 million during 2010-11.


KINGFISHER AIRLINES: India Government Rejects Revival Plan
----------------------------------------------------------
Karthikeyan Sundaram at Bloomberg News reports that Kingfisher
Airlines Ltd.'s revival plan was rejected by the Indian
government, setting back the company's efforts to restart
operations after it grounded flights following five years of
losses.

Bloomberg relates that a Civil Aviation Ministry official said
the INR6.5 billion (US$119 million) that parent UB Group pledged
to provide Kingfisher isn't adequate to ensure reliable services.
The plan submitted to the regulator doesn't provide for payments
of money owed to airports, said the official, who asked not to be
identified, citing government rules, according to Bloomberg.

Kingfisher, the only Indian carrier to order Airbus SAS
superjumbos, aims to restart operations this year with seven
aircraft, Chairman Vijay Mallya said in an e-mail to employees
obtained by Bloomberg.  The airline, which lost its license on
Jan. 1, has been talking to investors such as Etihad Airways
PJSC.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintains bases in major cities such as Delhi and
Mumbai.

                          *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2012, The Times of India said Kingfisher Airlines has
been given a reality check by its auditors in the company's
annual report 2011-12.  The company had current liabilities,
including borrowings and trade payables of INR8,436 crore,
against current assets of INR1,618.8 crore at the end of
March 2012.  According to TOI, the Vijay Mallya-promoted company
has defaulted in repayment of loans to banks and financial
institutions, for which several lenders have had to take a hit by
setting aside more funds, with overdues estimated at nearly
INR800 crore at the end of March 2012.

Kingfisher, which has been unprofitable since it was created in
2005, accumulated losses of $1.9 billion between May 2005 and
June 30 of this year, The Wall Street Journal reported citing
Sydney-based consultant CAPA-Centre for Aviation.  The airline
also owes about $2.5 billion to lenders, suppliers, leasing
companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


MELSTAR INFORMATION: CRISIL Cuts Rating on INR150MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Melstar Information Technologies Ltd (part of the Melstar
group) to 'CRISIL B+/Stable' from 'CRISIL BB/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            70       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Overdraft Facility     20       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Term Loan              60       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MITL and Melstar Inc (MI), together
referred to as the Melstar group. The consolidated approach is
because MI is a wholly owned subsidiary of MITL and both the
entities have significant business synergies and fungible cash
flows.

The downgrade reflects deterioration in the Melstar group's
business risk profile. The group's revenue growth from the
staffing and application development segment was low; at around 3
per cent year-on-year in 2011-12 (refers to financial year, April
1 to March 31). Moreover, MITL (on standalone basis) has reported
decline in revenue and operating profitability in first six
months period ended September 30, 2012 as compared to the
corresponding period of the previous year. The decline in demand
of staffing services due to economic slowdown and thus limited
ability to pass on any increase in cost has impacted the business
risk profile of the group. The MITL has reported operating loss
in first six months period ended September 30, 2012 as compared
to operating profit margin of around 7 per cent in the
corresponding period of previous year. Due to decline in
profitability, the debt protection indicators have also
deteriorated significantly as adjusted interest coverage has
declined to 1.17 times as on September 30, 2012 as compared to
5.60 times as on March 31, 2012. CRISIL believes that the Melstar
group's business risk profile will remain constrained over the
medium term on account of its presence in the low-value-addition
spectrum in staffing segment.

The rating reflects the Melstar group's modest scale of
operations in the highly fragmented staff augmentation and
software trading industry, and its average debt protection
metrics. These rating weaknesses are partially offset by the
benefits that the group derives from the extensive industry
experience of its key personnel.

Outlook: Stable

CRISIL believes that the Melstar group will benefit over the
medium term from the extensive industry experience of its key
management personnel. The outlook may be revised to 'Positive' if
the group increases its scale of operations while significantly
improving its operating margin, thus leading to an improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if there is a significant decline of the
Melstar group's revenues or operating profitability or
deterioration in its working capital management, and/or if it
undertakes a larger-than-expected, debt-funded, capital
expenditure programme, leading to deterioration in its financial
risk profile.

                          About the Group

MITL, part of the Yash Birla group of companies, primarily
provides staffing services to large IT companies and IT divisions
of large corporations. MITL also provides application development
and implementation services, albeit on a modest scale. MITL is
listed on the Bombay Stock Exchange and the National Stock
Exchange. Mr. Yashovardhan Birla has around 50 per cent stake in
MITL. The company currently has one subsidiary, MI, in the USA,
which caters to the US markets.

Melstar Group has reported a profit after tax (PAT) of INR14.9
million on net revenue of INR535.0 million for 2011-12(refers to
financial year, April 1 to March 31) , against a PAT of INR28.6
million on net revenue of INR255.0 million for 2010-11.

MITL on standalone basis has reported a loss of INR3.60 million
on net revenue of INR114.20 million for six months period ended
September 30, 2012, against a PAT of INR7.0 million on net
revenue of INR137.0 million for the corresponding period in the
previous year.


NINA CONCRETE: CRISIL Reaffirms 'BB+' Rating on INR120MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Nina Concrete
Systems Pvt Ltd continue to reflect NCS's established market
position, and its promoters' extensive experience, in the water-
proofing solutions industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         150      CRISIL A4+ (Reaffirmed)
   Cash Credit            120      CRISIL BB+/Stable (Reaffirmed)
   Letter of Credit        80       CRISIL A4+ (Reaffirmed)

The ratings also factor in the company's moderate financial risk
profile, marked by a substantial net worth, moderate gearing, and
healthy debt protection metrics. These rating strengths are
partially offset by NCS's working-capital-intensive operations,
leading to pressure on its liquidity.

Outlook: Stable

CRISIL believes that NCS will continue to benefit over the medium
term from its established market position and its promoter's
extensive industry experience; the company's liquidity, however,
is expected to remain stretched during this period mainly driven
by large working capital requirements. The outlook may be revised
to 'Positive', if NCS significantly increases its scale of
operations and profitability, and improves its working capital
management, leading to a substantial increase in its cash
accruals and hence to an improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company reports further weakening of its liquidity, driven mainly
by a stretch in its debtor cycle or a more-than-expected amount
getting blocked as retention money due from its customers. A
decline in NCS's cash accruals, or large, debt-funded capital
expenditure, leading to deterioration in its financial risk
profile, may also result in a 'Negative' outlook.

                        About Nina Concrete

NCS is part of the Nina group, which has been providing water
proofing, retrofitting, civil finishing works, exterior cladding,
and finishing systems for 45 years. The company derives around 85
per cent of its revenues from water-proofing solutions, and the
rest from sale of allied products such as concrete flooring,
fibre reinforcement, and construction chemicals. NCS has a tie-up
with various international companies such as Propex Concrete
Systems and WR Meadows Inc for the import of various chemicals
required for its water-proofing solutions and for direct sales.

NCS, based in Mumbai, has been providing water-proofing solutions
to corporate clients such as Tata Housing Corporation Pvt. Ltd.
and Godrej Properties Ltd, construction entities such as
Shapoorji Pallonji & Co Ltd and BE Billimoria & Co Ltd (rated
'CRISIL A/Stable/CRISIL A1'), and real estate developers such as
Kanakia Spaces Pvt. Ltd. and Raheja Developers Ltd.

The Nina group is headed by Mr. Mehul Parikh, who is also the
chairman and managing director of NCS. He is supported by his
brother Mr. Kaushal Parikh and his sister Ms. Shital Parikh in
managing the day-to-day operations of the company.

NCS reported a profit after tax (PAT) of INR55.7 million on net
sales of INR1.0 billion for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR44.9 million on net
sales of INR943.7 million for 2010-11.


RENUKA OIL: Delays in Loan Payment Cues CRISIL Junk Ratings
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Renuka Oil Industries to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           2.5       CRISIL D (Downgraded from
                                       'CRISIL A4')

   Cash Credit             20.0       CRISIL D (Downgraded from
                                       'CRISIL B/Stable')

   Term Loan               65.0       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The ratings reflect instances of delays by ROI in servicing its
term loan obligations. The term loan was availed by ROI to
construct a warehouse, which is presently being leased to Food
Corporation of India (FCI). ROI was to earn monthly lease rentals
from this warehouse; however the inflow of rentals has not yet
started due to certain pending operational formalities between
ROI and FCI. This has resulted in a cash flow mismatch, thereby
impairing the firm's ability to repay the term debt obligations
in a timely manner.

The ratings also reflect ROI's modest scale of operations, below-
average financial risk profile, marked by a modest net worth and
weak debt protection metrics, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive industry experience of ROI's partners.

                          About Renuka Oil

ROI, a partnership firm set up in 2005, extracts cotton seed oil,
manufactures cotton seed oil cake, and processes cotton bales.
The partners are Mr. Sundersingh Juneja and Ms. Harbanskaur
Juneja. ROI's day-to-day operations are managed by Mr.
Sundersingh Juneja under the guidance of his father, Mr.
Charanjeetsingh Juneja. The firm's manufacturing facility is in
Khamgaon (Maharashtra). ROI has set up a warehouse with a storage
capacity of 250,000 quintals in Badnera (Maharashtra). The
warehouse is presently being leased to FCI, and ROI will generate
lease rental revenues from this warehouse.

ROI reported a profit after tax (PAT) of INR2.48 million on an
operating income of INR138.20 million for 2011-12 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.92
million on an operating income of INR93.30 million for 2010-11.


SANJAY STRIPS: CRISIL Reaffirms 'B+' Rating on INR150MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sanjay Strips
Private Limited continues to reflect SSPL's weak financial risk
profile marked by a small net worth, high total outside
liabilities to tangible net worth (TOL/TNW) ratio and weak debt
protection metrics, and its susceptibility to volatility in steel
prices and to intense competition in the steel trading business.
These rating weaknesses are partially offset by the extensive
industry experience of SSPL's promoter in the steel trading
business.

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

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the
medium term from its promoter's extensive experience in the steel
trading business and its established relationships with
customers. The outlook may be revised to 'Positive' if there is
substantial and sustained improvement in the company's revenues
and profitability margins from the current levels or there is
substantial increase in net-worth on the back of equity infusion
by its promoter. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the company's
profitability margins from the current levels or there is a
significant deterioration in the company's capital structure on
account of larger-than-expected working capital requirements.

                        About Sanjay Strips

SSPL was established as a proprietary concern named Sanjay Steels
by Mr. Sanjay Gupta in July 2007; it was reconstituted as a
private limited company in April 2011. The company trades in
cold-rolled sheets and steel long products.

SSPL reported a profit after tax (PAT) of INR4.8 million on net
sales of INR1.6 billion for 2011-12 (refers to the financial year
April 1 to March 31), against a PAT of INR8.3 million on net
sales of INR 1.6 billion for 2010-11.


SHIEL AUTOS: CRISIL Assigns 'BB-' Rating to INR72.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Shiel Autos.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long-Term       12.5      CRISIL BB-/Stable
   Bank Loan Facility

   Bank Guarantee           15.0      CRISIL A4+

   Cash Credit              50.0      CRISIL BB-/Stable

The ratings reflect the extensive experience of Shiel's promoters
in the automobile dealership business and its association with
the reputed Bajaj brand. The ratings also factor in the firm's
limited exposure to inventory and debtor risks. These rating
strengths are partially offset by Shiel's limited bargaining
power with its principal, Bajaj Auto Ltd (BAL; rated as CRISIL
AAA/FAAA/Stable/CRISIL A1+), resulting in low operating
profitability, and its below-average financial risk profile,
marked by a small net worth, high gearing, and weak debt-
protection metrics.

Outlook: Stable

CRISIL believes that Shiel will continue to benefit over the
medium term from its position as the authorized dealer for BAL in
Agra (Uttar Pradesh) for the past 24 years. The outlook may be
revised to 'Positive' if the firm's gearing improves and it
generates higher-than-expected net cash accruals. Conversely, the
outlook may be revised to 'Negative' if Shiel's financial risk
profile deteriorates further, most likely due to significant
decline in sales volumes and net cash accruals.

                      About Shiel Autos

Based in Agra, Shiel has been a dealer for BAL's two-wheelers for
the past 24 years. The firm has four showrooms-cum-workshops (for
sales, services, and spares) and two showrooms, all of which are
based in and around Agra. Its day-to-day operations are managed
by the two partners, Mr. Rajiv Rattan and his brother Mr. Sanjeev
Rattan.

Shiel reported a net profit of INR1.3 million on net sales of
INR565 million for 2011-12 (refers to financial year, April 1 to
March 31), against a net profit of INR1.1 million on net sales of
INR545 million for 2010-11.


SHRI GAJANAN: CRISIL Rates INR60MM Cash Credit at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the cash
credit facility of Shri Gajanan Rice Mill (part of the Gajanan
group).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               60       CRISIL B+/Stable

The rating reflects the Gajanan group's modest scale of
operations and moderate financial risk profile marked by a modest
net worth and subdued debt protection metrics. These rating
weaknesses are partially offset by the benefits that the group
derives from its promoters' extensive experience in the rice
milling industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SGRM and Shri Gajanan Food Industries.
This is because these two entities, together referred to as the
Gajanan group, are in the same business and share the same
management team.

Outlook: Stable

CRISIL believes that the Gajanan group will continue to benefit
over the medium term from its promoters' extensive experience in
the rice milling industry. The outlook may be revised to
'Positive' in case the group achieves significant and sustained
improvement in its revenues and margins, while it maintains its
capital structure. Conversely, the outlook may be revised to
'Negative' in case the Gajanan group registers significant
decline in its revenues or margins, or undertakes a larger-than-
expected debt-funded capital expenditure programme, resulting in
weakening in its financial risk profile.

                       About the Group

SGRM was established as a proprietorship concern in 1994 by Mr.
Deepak Urade. It is in the rice milling business. SGFI was
established as a proprietorship concern in 2007 by Mr. Sharad
Urade. It is also in the rice milling business. The Gajanan
group's manufacturing facilities are at Brahmapuri in District
Chandrapur (Maharashtra).

The Gajanan group reported a profit after tax (PAT) of INR1.8
million on net sales of INR525.2 million for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR1.3
million on net sales of INR424.4 million for 2010-11.


SHRI KARVIR: CRISIL Assigns 'BB-' Rating to INR131.8MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Shri Karvir Nivasini Mahalaxmi Ispat Pvt
Ltd.

                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Term Loan           2.3      CRISIL BB-/Stable (Assigned)


   Proposed LT Bank    9.5      CRISIL BB-/Stable (Assigned)
   Loan Facility

   Cash Credit       120.0      CRISIL BB-/Stable  (Assigned)

The ratings reflect the extensive experience of SKPL's promoters
in the steel industry, established relationships with its
customers and suppliers and moderate operational efficiencies,
backed by the integrated nature of its operations. These rating
strengths are partially offset by the susceptibility of SKPL's
operating margin to volatility in raw material prices, dependence
on the fortunes of the end-user industries and moderate financial
risk profile, marked by moderate net worth and subdued debt
protection metrics

Outlook: Stable

CRISIL believes that SKPL will maintain a stable business risk
profile over the medium term, backed by the extensive experience
of its promoters in the steel industry, the integrated nature of
its operations, and established relationships with customers and
suppliers. The outlook may be revised to 'Positive' if the
company achieves a significant improvement in its revenues and
margins while improving its capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case there is significant deterioration in its profitability or a
stretch in its working capital cycle, leading to deterioration in
its capital structure.

                         About Shri Karvir

Incorporated in 1994 and promoted by the Gandhi family and Mr.
Malani, SKPL primarily manufactures thermo-mechanically-treated
(TMT) bars. The company's manufacturing facility is in Kolhapur,
Maharashtra. Its day-to-day operations are managed by Mr. Malani.

SKPL reported a profit after tax (PAT) of INR8.1 million on net
sales of INR1.2 billion for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.9 million on net
sales of INR898.7 million for 2010-11.


UNIVERSAL POWER: CRISIL Upgrades Rating on INR770MM Loans to 'B'
----------------------------------------------------------------

CRISIL has upgraded its ratings on the bank loan facilities of
Universal Power Transformer Pvt Ltd (part of the UPT group) to
'CRISIL B/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           120       CRISIL A4 (Upgraded from
                                      CRISIL D)

   Cash Credit              120       CRISIL B/Stable (Upgraded
                                       from CRISIL D)

   Foreign Bill              30       CRISIL A4 (Upgraded from
   Discounting                        CRISIL D)

   Letter of Credit          30       CRISIL B/Stable (Upgraded
                                      from CRISIL D)

   Letter of Credit          20       CRISIL A4 (Upgraded from
                                      CRISIL D)

   Proposed Long-Term       615       CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from CRISIL D)

   Term Loan                  5       CRISIL B/Stable (Upgraded
                                      from CRISIL D)

The rating upgrade reflects timely servicing of term debt by the
UPT group over the six months ended December 31, 2012 and
CRISIL's belief that the group will generate adequate cash
accruals to service its debt obligations over the medium term.
CRISIL, however, believes that the UPT group's liquidity, while
improved marginally, will remain stretched, marked by large
receivables.

The ratings reflect the UPT group's weak financial risk profile,
marked by weak debt protection metrics, large working capital
requirements, and moderate scale of operations in the intensely
competitive transformers industry. The rating also reflects the
group's susceptibility to volatility in raw material prices.
These rating weaknesses are partially offset by the benefits that
UPT group derives from its promoters' experience in the
transformers industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of UPTPL and UPT Fabrication Pvt Ltd.
This is because UPTPL and UPTF, together referred to as the UPT
group, have common promoters, operational synergies, fungible
funds, and are in the same line of business.

Outlook: Stable

CRISIL believes that UPT Group will maintain its business risk
profile over the medium term, supported by promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the group's liquidity improves in a sustained manner, supported
by improvement in its working capital cycle or if the company
reports more-than-expected revenues and cash accruals.
Conversely, the outlook may be revised to 'Negative' if there is
a significant decline in its volumes or if the group increases
its exposure to its associate companies or if there is a further
stretch in receivables.

                          About the Group

Universal Transformers, a proprietorship firm, was established in
1978 and was acquired by Magnum Electric Machine Manufacturers
Pvt Ltd (Magnum) in June 2003. Magnum changed its name to UPTPL
in August 2003 UPTPL manufactures power transformers and executes
turnkey projects.

UPTF manufactures tanks for transformers. It is a captive plant
and a 100 per cent subsidiary of UPTPL.

For 2011-12 (refers to financial year, April 1 to March 31), the
UPT group reported a net loss of INR120 million on net sales of
INR973 million, against a net loss of INR34 million on net sales
of INR1027 million for 2010-11.


VIJAI ELECTRICALS: CRISIL Hikes Rating on INR7.2BB Loans to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Vijai Electricals Ltd (part of Vijai Electricals group) to
'CRISIL B-/Stable' from 'CRISIL C/CRISIL D'; the short-term
rating has been reaffirmed at 'CRISIL A4'.

                          Amount
  Facilities            (INR Mln)    Ratings
  ----------            ---------    -------
  Cash Credit             4860.0     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C/CRISIL D')

  Long-Term Loans         2346.1     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C/CRISIL D')

  Proposed Term Loan        19.7     CRISIL B-/Stable
                                     (Reaffirmed)

  Working Capital Term     843.5     CRISIL B-/Stable
  Loan                               (Reaffirmed)

  Term Loan               1788.8     CRISIL B-/Stable
                                     (Reaffirmed)

  Funded Interest Term     639.3     CRISIL B-/Stable
  Loan                               (Reaffirmed)

  Letter of Credit        4430.1     CRISIL A4 (Reaffirmed)

  Bank Guarantee         14272.5     CRISIL A4 (Reaffirmed)

The rating upgrade reflects timely servicing of financial
obligations by Vijai Electricals over the last nine months ended
December 2012. The upgrade also factors in CRISIL's belief that
the cash accruals of the Vijai Electricals group would be
sufficient to meet its term debt repayment obligations over the
medium term.

The ratings reflect the Vijai Electricals group's working-
capital-intensive nature of operations, its limited pricing
flexibility and susceptibility of its profitability margins to
volatility in raw material prices, and its below-average
financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits the group derives from its wide product
portfolio, control over its supply chain, and state-of-the-art
manufacturing facilities.

For arriving at the ratings, CRISIL has combined the financial
risk profiles of Vijai Electricals and its subsidiaries, Vijai
Electrica Do Brasil Ltd, Brazil, and Vijai Electricals Mexico SA
DE CV, Mexico, and its associate company, Samrakshana Electricals
Ltd (SEL, rated 'CRISIL D'); collectively referred to as the
Vijai Electricals group. This is because of strong intra-group
operational linkages among all the entities.

Outlook: Stable

CRISIL believes that Vijai will maintain its established position
in the transformers industry over the medium term, backed by its
promoters' extensive industry experience and its wide product
portfolio. The outlook may be revised to 'Positive' if there is a
substantial and sustained improvement in the company's revenues
and profitability margins or there is a sustained improvement in
its working capital management. Conversely, the outlook may be
revised to 'Negative' if there is a steep decline in the
company's profitability margins or there is a significant
deterioration in its capital structure on account of larger-than-
expected working capital requirements or large, debt-funded
capital expenditure programme.

                       About Vijai Electricals

Vijai Electricals was incorporated in 1980 as a private limited
company and is promoted by Mr. D J Ramesh, the chairman and
managing director. It was reconstituted as a public limited
company in 1992. The company is based in Hyderabad (Andhra
Pradesh). It manufactures power and distribution transformers,
and erects transmission and distribution lines. Vijai Electricals
has been approved a corporate debt restructuring (CDR) package
with effect from March 2012.



=========
J A P A N
=========


PANASONIC CORP: To Shut Plasma TV Plant in China
------------------------------------------------
Juro Osawa at The Wall Street Journal reports that Panasonic
Corp. said Friday it is shutting a plasma television assembly
plant in Shanghai, the latest indication of how the Japanese
consumer electronics maker's big bet on the technology hasn't
paid off.

The Journal relates that the closure of the struggling Japanese
electronics giant's sole dedicated plasma TV factory in China is
part of its broader restructuring, and comes at a time when
demand for plasma TVs is steadily declining. Liquid-crystal-
display TVs dominate the market, and most Panasonic TV sets now
come with LCD screens, the Journal notes.

According to the news agency, Panasonic said the Shanghai plasma
TV plant has stopped operations, and Panasonic's majority-owned
Chinese joint venture that runs the factory will be liquidated.
The employees at the Shanghai plant will be leaving the company,
the Journal relays.

However, Panasonic, which has invested billions of dollars into
producing plasma and LCD panels for TVs, said it plans to
continue to assemble some plasma TV sets in China, the Journal
says.  It will move operations to another Chinese TV factory in
the eastern province of Shandong, where it currently produces LCD
TV sets, according to Journal.

Having posted net losses in three of the past four fiscal years,
the company best known for its Viera TV sets is redoubling its
efforts to streamline operations to return to profit. In October,
the Journal recalls.  Panasonic forecast a net loss of
JPY765 billion ($8.61 billion) for this fiscal year ending
March 31, citing hefty restructuring costs, the report adds.

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd., -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of
the company's products are marketed under the Panasonic brand
name worldwide, along with other product, or region, specific
brand names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.


TAKEDA RANDOM: Files for Bankruptcy
-----------------------------------
The Japan Times, citing Business Journal, reports that Takeda
Random House Japan filed for bankruptcy on Dec. 14, 2012.

The company, originally founded as a joint venture between
Kodansha and U.S. publisher Random House, was founded in
May 2003, and at its peak did JPY1.3 billion in annual sales, the
report discloses.



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


WESTERN PACIFIC: Policyholders Face NZ$16-Mil. Payment Shortfalls
-----------------------------------------------------------------
Otago Daily Times reports that Christchurch earthquake victims
holding policies with collapsed Queenstown company Western
Pacific Insurance could be more than NZ$16 million out of pocket,
or 33% down on their respective claims.

Total policyholder claims against Western Pacific, from the
September 2010 earthquake and the devastating February 2011 quake
total NZ$48.2 million, but after estimates of the reinsurance
recovery payouts, the policyholders face a $16.1 million
shortfall, according to liquidators Grant Thornton's latest
two-monthly creditors' report obtained by ODT.

"We expect there will be a shortfall of funds available for
claims and also expect that the quantum of claims may increase as
assessment of same is completed," Grant Thornton said,
reiterating predictions from an earlier report last August, ODT
relates.

That meant it is "unlikely" any funds would be available for
separate creditors of the company, whose estimate of losses
stands at NZ$27.6 million, the report relays.

Boutique insurer Western Pacific, whose directors were
Queenstown-based Graham Smolenski and his brother in-law Jeff
McNally, held 7,000 policies around the world, with total
potential liabilities of more than NZ$10 billion, but fell over
in April 2011 following claims for just NZ$6 million of the first
quake-related claims, and initial creditor claims of
NZ$3.8 million.

Total claims by creditors and policyholders then spiralled to
NZ$65 million, the report notes.

According to ODT, Grant Thornton had retained the reinsurance
treaties during the liquidation by paying NZ$430,000 in premiums,
with a further NZ$2 million premium owed for 2011 treaties.

Grant Thornton said it expected the reinsurers to offset that
NZ$2 million owed, and said estimated recoveries due stood at
NZ$34 million, ODT adds.

                      About Western Pacific

Western Pacific Insurance is a New Zealand-owned and operated
insurance company.  It was established in April 2005, and is
principally a broker brand that offers a broad range of
commercial, domestic and specialty products as well as programmes
for affinity groups, underwriting agents and preferred brokers.
It has about 7,000 policy holders in New Zealand.

David Ruscoe and Simon Thorn of Grant Thornton New Zealand were
appointed liquidators of Western Pacific on April 1, 2011, after
Western Pacific's directors became concerned about the solvency
of their company.



                             *********

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, Ivy B. Magdadaro, Frauline S. Abangan, and
Peter A. Chapman, Editors.

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

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

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



                 *** End of Transmission ***