TCRAP_Public/130527.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, May 27, 2013, Vol. 16, No. 103


                            Headlines


A U S T R A L I A

NATIONAL BUILDPLAN: Administrator Report Shows Creditor Recovery
NATIONAL BUILDPLAN: Tradies Call For Financial "Rescue" Package
SMART ABS 2013-2US: Moody's Rates AUD19.99MM Class E Notes 'Ba3'
STORM FINANCIAL: ASIC Appeals Ruling in Class Action Settlement
SWAN SERVICES: In Administration; Up to 2,500 Jobs Axed


C H I N A

ARCATA UNIVERSAL: Creditors' Proofs of Debt Due May 27
RAPID CAPITAL: Creditors' Proofs of Debt Due May 27


H O N G  K O N G

CIFI HOLDINGS: B1 CFR Unchanged Following Land Acquisition


I N D I A

ARTEE ROADWAYS: CRISIL Cuts Ratings on INR930MM Loans to 'D'
HIMALAYA POLYURETHANE: CRISIL Puts 'B' Ratings on INR72MM Loans
INCOM WIRES: CRISIL Assigns 'B' Ratings to INR40MM Loans
INDIA INDUSTRIES: CRISIL Assigns 'B' Ratings to INR80MM Loans
JAI PAWANSUT: CRISIL Puts 'B' Ratings to INR66.3MM Loans

J. N. TAYAL: CRISIL Assigns 'B+' Ratings to INR60MM Loans
KAMA METAL: CRISIL Upgrades Ratings on INR100MM Loans to 'B+'
RED CHILLIES: CRISIL Raises Rating on INR25MM Loan to 'B+'
SAGAR AGENCIES: CRISIL Assigns 'B+' Ratings to INR70MM Loans
SAV WIRES: CRISIL Assigns 'B' Ratings to INR430MM Loans

SHAMVIK GLASSTECH: CRISIL Cuts Ratings on INR500MM Loans to 'D'
SHRI VENKATESHWARA: CRISIL Assigns 'B+' Ratings to INR80MM Loans
SRI SRINIVASA: CRISIL Raises Ratings on INR160MM Loans to 'B-'


N E W  Z E A L A N D

BIKE NEW ZEALAND: Future in Doubt After Insolvency
DOMINION FINANCE: Justice Court Sends CEO Cropp in Jail


P H I L I P P I N E S

COOPERATIVE RURAL: Placed Under PDIC Receivership


                            - - - - -


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A U S T R A L I A
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NATIONAL BUILDPLAN: Administrator Report Shows Creditor Recovery
----------------------------------------------------------------
The Sydney Morning Herald reports that the debt owed to tradies
and suppliers by collapsed construction firm National Buildplan
Group has blown out to AUD58 million but administrators say they
are only likely to recoup cents on the dollar.

SMH relates that the latest report to creditors prepared by
administrator BRI Ferrier paints a grim picture of the final
months for the family-owned group.

The report has also identified a massive discrepancy between
director William Wheeler's estimate of the company's financial
position and what has been uncovered by the administrators, SMH
says.

"The Director's [Report as to Affairs] indicates a surplus of
AUD121,617 before Administration costs. However, our analysis of
the Company's asset and liability position as at the date of our
appointment indicates that there is a deficiency of AUD48,931,561
before costs."

The administrators have blamed NBG's collapse on an "inaccurate
estimate of costs", "poor quality control", "poor tender", "poor
project management", weather delays and problems with
subcontractors.  But the preliminary investigation has found that
although the company showed "signs of insolvency" around December
2012, the administrators do not believe that Mr. Wheeler allowed
the company to trade while insolvent.

"In early 2013, the company started to book unrealised losses on
six projects," said BRI director Costa Nicodemou.

"I don't think from the records I've seen that they went into
those contracts trying to get the skinniest margin possible. I
think it's more so a case of things that have happened post being
awarded those contracts."

About 1,000 unconfirmed claims have so far been lodged against
NBG, with debts to unsecured creditors now potentially more than
three times higher than originally estimated, according to SMH.

SMH discloses that the debt load -- up to AUD57.9 million owed to
trade creditors and AUD3.2 million to employees -- comes despite
the company tendering statutory declarations to the NSW
government in the weeks before the administration stating that
all legal entitlements had been paid to subcontractors and
employees.

According to SMH, BRI estimates that priority creditors
(employees) could recoup all of the money owed if NBG is run
under a deed of company arrangement and creditors' trust.
However, unsecured creditors -- mostly tradies and suppliers --
can only expect a return of between 0.08 cents and 5.6 cents on
the dollar.

Should the company be liquidated, unsecured creditors are likely
to receive nothing. Priority creditors could get 40.6 cents to
99.2 cents on the dollar, the report notes.

SMH adds that there is also expected to be an additional
distribution to some subcontractors of cents 3.7 to cents 5.04
from a AUD1 million retention fund held on trust for work
completed before the administration, but this can only be
distributed by order of a court.

Creditors are due to meet and vote on the future of the company
in Sydney on May 30, SMH reports.

                      About National Buildplan

Construction firm National Buildplan Group entered administration
in early April 2013.  At that time, it had seven offices and 180
staff in New South Wales, Queensland and Western Australia.

Martin Green and Peter Krejci of BRI Ferrier have been appointed
as voluntary administrators of National Buildplan Group.  The
company in the interim has ceased work on its construction
projects.  The family-owned group posted a AUD2.39 million profit
in the 2011-12 financial year before racking up a AUD6.28 million
loss over the next nine months.

Law firm Everingham Solomons represents a number of
subcontractors.


NATIONAL BUILDPLAN: Tradies Call For Financial "Rescue" Package
---------------------------------------------------------------
The Age reports that tradies caught out by the collapse of
National Buildplan Group have called for a financial "rescue"
package and an investigation into the failure of the company.

According to The Age, the call comes as administrators struggle
to sort through the construction company's finances, with
unsecured creditors including tradies, subcontractors and
suppliers owed at least AUD18 million when National Buildplan
entered administration in early April.

The petition has been sent to federal independent MP Tony Windsor
by legal firm Everingham Solomons, which represents a number of
subcontractors in the NSW city of Tamworth, the report relates.

"The subcontractors' aims are to seek a financial package for
stranded subcontractors and their employees," solicitor Terry
Robinson wrote.

"Notwithstanding that it was well recognized that the industry
required urgent reform, such reform and protections were not put
in place and once again small business and their employees are
being asked to suffer the consequences."

Administrators BRI Ferrier estimates the company owes
AUD30 million to creditors. Citing the size, complexity and
"incomplete" records, BRI Ferrier received a 30-day extension
this month to continue its investigation, The Age reports.

According to the report, some subcontractors are concerned their
businesses are at risk if they do not receive an immediate
government payment or assistance.

The Age says the letter calls for an independent investigation
into National Buildplan's collapse, alleging negligence on the
part of government departments responsible for managing the
contracts.

Mr. Robinson in a written statement stated that the
subcontractors are clearly asking the question as to whether
New South Wales and/or the Commonwealth government was aware of
the impending financial collapse and if so, why action was not
taken at an earlier time to protect government projects and to
protect subcontractors, relates The Age.

                      About National Buildplan

Construction firm National Buildplan Group entered administration
in early April 2013.  At that time, it had seven offices and 180
staff in New South Wales, Queensland and Western Australia.

Martin Green and Peter Krejci of BRI Ferrier have been appointed
as voluntary administrators of National Buildplan Group.  The
company in the interim has ceased work on its construction
projects.  The family-owned group posted a AUD2.39 million profit
in the 2011-12 financial year before racking up a AUD6.28 million
loss over the next nine months.

Law firm Everingham Solomons represents a number of
subcontractors.


SMART ABS 2013-2US: Moody's Rates AUD19.99MM Class E Notes 'Ba3'
----------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to notes
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the SMART ABS Series 2013-2US Trust.

Issuer: SMART ABS Series 2013-2US Trust

$142.50 million Class A-1 Notes, Assigned P-1 (sf);

$45.00 million Class A-2a Notes, Assigned Aaa (sf);

$142.50 million Class A-2b Notes, Assigned Aaa (sf);

$50.00 million Class A-3a Notes, Assigned Aaa (sf);

$167.50 million Class A-3b Notes, Assigned Aaa (sf);

$137.50 million Class A-4a Notes, Assigned Aaa (sf);

$65.00 million Class A-4b Notes, Assigned Aaa (sf);

AUD9.38 million Class B Notes, Assigned Aa2 (sf);

AUD31.13 million Class C Notes, Assigned A2 (sf);

AUD21.32 million Class D Notes, Assigned Baa2 (sf);

AUD19.19 million Class E Notes, Assigned Ba3 (sf).

The AUD12.79 million Seller Notes are not rated by Moody's.

The Class A-1, Class A-2a, Class A-3a and Class A-4a Notes are
fixed rate Notes while the Class A-2b, Class A-3b and Class A-4b
Notes are floating rate Notes.

The transaction is a securitization of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles,
originated by Macquarie Leasing Pty Limited ("Macquarie"). This
is Macquarie's second ABS transaction issued in 2013.

Ratings Rationale:

SMART ABS Series 2013-2US Trust replicates structures seen in
previous SMART transactions sponsored by Macquarie, and closely
follows the structure seen in other SMART ABS Series offered in
the US. Notable features of the transaction include the
conservative composition of the receivables pool backing the
transaction, the $-denominated senior notes and the sequential to
pro-rata principal repayment profile.

The pool includes a high percentage of novated leases (65%),
which exhibit a lower level of risk than other contract types. At
the same time, the deal is exclusively backed by motor vehicles,
predominantly cars. Past non-US SMART transactions and other
Australian ABS transactions typically include 10-15% of other
equipment types. Motor vehicles exhibit less pro-cyclical default
patterns and, on average, higher recovery rates. As a result,
Moody's views the SMART ABS Series 2013-2US Trust pool as having
more positive collateral characteristics than peer portfolios.

In order to fund the purchase price of the portfolio, the Trust
is issuing twelve classes of Notes. The Notes will be repaid on a
sequential basis in the initial stages (until the subordination
percentage increases from the initial 11.0% to 18.9%, and from
12.0% to 19.9% including the liquidity reserve) and during the
tail end of the transaction. At all other times, the structure
will follow a pro rata repayment profile. This principal paydown
structure is comparable to other structures in the Australian ABS
market in recent years.

The deal includes seven senior, $-denominated tranches. The Class
A-1 Notes are fast-pay money-market notes, rated P-1. The Class A
Notes will be repaid sequentially within the Class A Note
allocation. The ratings are based on the credit enhancement
provided by the subordinated notes and the liquidity reserve, in
total equal to 12% for the Class A Notes.

An unusual feature of this and previous $-denominated SMART
transactions is that the maturity dates of the Class A Notes were
set not with reference to the maturity of the longest dated
receivable but rather with reference to the scheduled principal
amortization profile (with a certain buffer to allow for defaults
and delinquencies). Moody's has accounted for the possibility of
losses and delinquencies during the term of the Class A Notes in
its assessment of the likelihood of their repayment and believes
scheduled principal amortization to be sufficient to repay the
Class A Notes by the maturity dates in full.

Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40.00%. These rates imply an expected (net) loss
of 1.08%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 1.44%
(extrapolated) and 53.24% respectively.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Volatility Assumption Scores And Parameter Sensitivities

The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis. Here, for
instance, Moody's has been provided with detailed vintage and
individual default data for the 1998-2012 period. In addition,
Moody's observes that Australian auto ABS, and specifically past
SMART transactions, have to date been performing stably. Overall,
the V score of Low/Medium allows Moody's to have a material
degree of comfort with regard to assumptions made in rating the
SMART ABS Series 2013-2US Trust.

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the
expected loss and the Aaa credit enhancement - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In the case of SMART ABS Series 2013-2US Trust, the model
indicated rating for the Class A Notes remain investment grade
when the default rate rises to 3.6% (double of Moody's assumption
of 1.80%) and recovery rates are reduced to 20% (half of Moody's
assumption of 40%); the model indicated rating for the Class A-4
Notes drops 7 notches to Baa1. While the Class A Notes rank pari
passu for losses, the Class A sub-classes pay down sequentially.
This results in the Class A-4 Notes being outstanding when the
structure is paying pro rata, hence exposing the notes to a
relatively higher risk of loss as the dollar value of
subordination decreases over time. The model indicated ratings
for the Class B Notes drop 8 notches to Ba1.

Rating Methodology

The principal methodology used in this rating was Moody's
Approach to Rating Auto Loan-Backed ABS published in May 2013.

The cash flow model used to analyses the transaction was ABSROM
3.5, in which, substantially all default scenarios were
considered. Therefore, Moody's analysis encompasses the
assessment of stress scenarios.


STORM FINANCIAL: ASIC Appeals Ruling in Class Action Settlement
---------------------------------------------------------------
The Australian Securities and Investment Commission has appealed
the recent decision of the Federal Court of Australia to approve
the settlement between former Storm Financial clients and
Macquarie Bank Limited.

The settlement follows a class action brought against the bank by
Sydney law firm Levitt Robinson.

The settlement will see Macquarie Bank pay AUD82.5 million
(inclusive of legal and administrative costs) in final settlement
of the claims of 1,050 Storm clients who took out margin loans
with the bank.

Under the settlement, around 315 investors who funded the class
action will be reimbursed their legal costs and also compensated
for approximately 42% of their losses (as estimated by Levitt
Robinson) while around 735 Macquarie borrowers will only get back
about 18% of their losses (as estimated by Levitt Robinson).

During proceedings in the Federal Court of Australia on
May 2, 2013, for approval of the settlement, ASIC intervened to
express concerns about matters affecting the fairness of the
deal.

On May 3, 2013, Justice Logan approved the settlement.

ASIC's appeal relates to:

   * the distribution of the money, which is not in proportion
     to losses suffered;

   * whether a funders' premium for class action members who
     funded the action amounts to an unfair advantage for those
     members at the expense of the remaining 70% of class action
     members; and

   * whether inadequate notice was given to class action members
     of the prospect of payment of a funders' premium.

ASIC deputy chairman Peter Kell said, "Settlement of a class
action should be undertaken in the interests of the class action
group as a whole. ASIC's appeal raises the question whether this
settlement was unfair to the 70% of class action members who did
not, or were unable to, contribute to the funding of the action."

ASIC's various actions in connection with Storm continue,
including its proceeding (brought in part on behalf of two former
Storm investors) against Macquarie Bank, Bank of Queensland
Limited, and Senrac Pty Limited, with ASIC alleging
unconscionable conduct in connection with their dealings with
Storm investors. The trial is scheduled to start on June 3, 2013.

ASIC has also alleged that Macquarie Bank, along with Bank of
Queensland, was knowingly concerned in the conduct by Storm of an
illegal managed investment scheme. Judgment in this case has been
reserved.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

In 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.  Storm later closed its business and fired all of
its 115 staff.  The closure, the company's administrators said,
was due to the significant reduction in Storm's income resulting
in trading losses being incurred "at a rate which the company
could no longer absorb."

The Commonwealth Bank of Australia, Storm's largest creditor,
lodged a AUD27.09 million debt claim at a first meeting of the
company's creditors on Jan. 20, 2010.  The group's remaining
creditors are owed AUD51 million, plus a provision for dividends
of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


SWAN SERVICES: In Administration; Up to 2,500 Jobs Axed
-------------------------------------------------------
Anthony Wayne Elkerton and David Gregory Young of Pitcher
Partners were appointed joint voluntary administrators of the
following companies on May 22, 2013:

   -- Swan Services Pty Limited

   -- Cleaners QLD Pty Limited (formerly traded as Swan Services
      (QLD) Pty Limited)

   -- Cleaners SA Pty Limited (formerly traded as Swan Services
      S.A. Pty Limited)

   -- Cleaners ACT Pty Limited (formerly traded as Swan Services
      (ACT) Pty Limited)

   -- Superior Cleaners WA Pty Limited (formerly traded as Swan
      Services (W.A.) Pty Limited)

   -- Cleaners New South Wales Pty Limited

   -- Cleaners VIC Pty Limited (formerly traded as Swan Services
      Victoria Pty Limited)

Pitcher Partners said "All of the above companies have ceased to
trade. The employment of all cleaners is terminated effective
from May 22, 2013, unless otherwise advised. All employees and
creditors will be formally notified of the appointment by post in
the coming days.

"Pitcher Partners is aware that a number of employees have been
offered employment by replacement contractors. Each customer has
made their own arrangements. Pitcher Partners is assisting in
that process."

The Sydney Morning Herald reports that Mr. Elkerton said May 23
the company had been losing money on several contracts, was hit
by a major computer glitch earlier this year, and had suffered a
delay in receiving payments from customers.

Early estimates are that the company owes AUD2.8 million to
creditors and is owed AUDI2.5 million, SMH discloses.

"Rumours have been circulating over the company's financial
health, especially over the past weeks. Debtors have certainly
delayed their payment terms, which hit the profitability of the
company," SMH quotes Mr. Elkerton as saying.

Swan Services Pty Ltd was run by founder and owner Robert Swan
for a period of 43 years. Swan Services Pty Ltd and its
subsidiaries employed 2,466 people across universities, shopping
centres and office blocks nationally.


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ARCATA UNIVERSAL: Creditors' Proofs of Debt Due May 27
------------------------------------------------------
The creditors of Arcata Universal Limited are required to file
their proofs of debt by May 27, 2013, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on April 1, 2013.

The company's liquidator is:

          Jianli Hu
          No 7 Building
          Lane 188
          Jinglian Road
          Minghang District
          Shanghai PRC
          Telephone: +86 (574) 5899 9888
          Facsimile: +86 (574) 5899 9800


RAPID CAPITAL: Creditors' Proofs of Debt Due May 27
---------------------------------------------------
The creditors of Rapid Capital Limited are required to file their
proofs of debt by May 27, 2013, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on April 1, 2013.

The company's liquidator is:

          Jianli Hu
          No 7 Building
          Lane 188
          Jinglian Road
          Minghang District
          Shanghai PRC
          Telephone: +86 (574) 5899 9888
          Facsimile: +86 (574) 5899 9800



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H O N G  K O N G
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CIFI HOLDINGS: B1 CFR Unchanged Following Land Acquisition
----------------------------------------------------------
Moody's Investors Service sees no immediate impact on CIFI
Holdings Co Ltd.'s B1 corporate family rating and B2 senior
unsecured rating from the company's successful bid for a land
parcel in Hangzhou.

The ratings outlook remains stable.

On May 22, 2013, CIFI said that it secured the land use rights of
a land parcel in Binjiang district, Hangzhou, for a total
consideration of RMB3.56 billion, or about RMB13,500 per square
meter on average based on the planned gross floor area.

"While the land acquisition increases its execution risks given
the sizeable amount for a single project, CIFI's overall
committed capital spending on land acquisition year-to-date and
the related impact on its credit metrics remain within our
expectations," says Franco Leung, a Moody's Assistant Vice
President and Analyst.

CIFI's business is fairly concentrated in the Yangtze River
Delta, which is home to about 51% of its total land bank. It has
operations in Shanghai, Suzhou, Hefei, Zhenjiang and Jiaxing in
the region, and the latest project will be its first in Hangzhou.

Assuming that CIFI owns 100% of the project, the acquisition
amount is about 23% of its total inventory value at end-2012 and
is therefore substantial relative to its scale of operations.
Historically, CIFI has acquired land parcels at a low cost -- its
average land cost was around RMB2,200 per square meter at-end
2012 -- partly because some of these land parcels are located in
lower tier cities or suburban areas.

At the same time, Moody's notes that the new land parcel is
located in a prime area -- Hangzhou Olympic and International
Expo Center -- and which enhances the marketability of the
project.

Furthermore, the company said that it has identified a Chinese
property developer to form a 50%:50% joint venture to develop the
land. The land in Hangzhou has a total planned gross floor area
of approximately 264,550 square meters, and the company plans to
develop it into an 80% residential and 20% commercial complex
with offices and retail shops.

"Forming a joint venture will help CIFI mitigate the risk
involved in the development of the project," says Leung, also the
Lead Analyst for CIFI.

In addition, Moody's expects the company to have sufficient
liquidity in the next 12 months even in a scenario where it owns
100% of the project. CIFI's cash on hand of RMB4.7 billion at
end-2012, the $275 million proceeds from the bonds it issued in
April, as well as its operating cash flow are likely to be
sufficient to cover the committed land payments and construction
costs of its existing projects in the next 12 months.

CIFI also has a good track record of developing residential and
commercial projects. Moreover, its contract sales of RMB4.5
billion for the first four months of 2013 are equivalent to 36%
of its full-year target of RMB12.5 billion, reflecting the
benefits of its focus on mass-market housing and its fast
turnover of assets.

The principal methodology used in rating CIFI Holdings (Group) Co
Ltd was the Global Homebuilding Industry Methodology published in
March 2009.

CIFI Holdings (Group) Co. Ltd. was incorporated in Cayman Islands
in May 2011 and was listed on the Hong Kong Stock Exchange in
November 2012. CIFI develops residential and commercial
properties mainly in the Yangtze River Delta Region. It has also
expanded to the Pan Bohai Rim and the Central Western Region. It
owned 49 projects and had a land bank of 6.2 million square
meters at end-2012.



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ARTEE ROADWAYS: CRISIL Cuts Ratings on INR930MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Artee Roadways Pvt Ltd to 'CRISIL D' from 'CRISIL BB/Stable'.
The downgrade reflects instances of delay by ARPL in servicing
its debt; the delays have been caused by ARPL's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              160      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Rupee Term Loan          770      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

ARPL also has large working capital requirements, marked by high
debtor cycle and average financial risk profile, marked by
average debt protection metrics. These rating weaknesses are
partially offset by ARPL's established track record in the
logistics industry.

Set up as a partnership firm in Anand (Gujarat) in 1982, ARPL was
reconstituted as a private limited company in 2002. The company
transports (by road) refrigerated perishable goods, and is
managed by Mr. Deepak Shah, who joined the family business in
1997.

For 2011-12 (refers to financial year, April 1 to March 31), ARPL
reported, on a provisional basis, a profit after tax (PAT) of
INR12.7 million on net sales of INR830.7 million; for 2010-11,
ARPL reported a PAT of INR11 million on net sales of INR750
million.


HIMALAYA POLYURETHANE: CRISIL Puts 'B' Ratings on INR72MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Himalaya Polyurethane Pvt Ltd.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                 47       CRISIL B/Stable
   Cash Credit               25       CRISIL B/Stable
   Letter of Credit          32.5     CRISIL A4

The ratings reflect HPPL's weak financial risk profile, marked by
a small net worth and weak debt protection metrics. The ratings
also factor in HPPL's small scale of operations, and its exposure
to risks relating to intense competition in the fragmented home
furnishings industry. These rating weaknesses are partially
offset by the extensive industry experience of HPPL's promoters
and their funding support.

CRISIL has treated the unsecured loans extended by the promoters
as neither debt nor equity as these are subordinated to bank
debt.

Outlook: Stable

CRISIL believes that HPPL will continue to benefit over the
medium term from its promoters' funding support; however, its
financial risk profile is expected to remain weak, driven by its
ongoing capital expenditure (capex) and small cash accruals. The
outlook may be revised to 'Positive' if the company achieves
significant improvement in its cash accruals most likely due to
earlier than expected implementation of its ongoing capex,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if HPPL faces and cost
and time overruns in implementation of its large ongoing debt-
funded capex programme, resulting in deterioration in liquidity.

HPPL was originally incorporated in 1992 as Styrofoam Insulation
and Packaging (India) Pvt Ltd. It was taken over by the current
promoters, the Jadhwani family, in 2007, and was renamed in 2011.
HPPL manufactures foam, and has recently also started
manufacturing mattresses. The company's manufacturing unit is in
Thane (Maharashtra), and it is in the process of establishing
another unit in Valsad (Gujarat).

For 2011-12 (refers to financial year, April 1 to March 31), HPPL
reported a profit after tax (PAT) of INR1.8 million on net sales
of INR57.7 million, against a PAT of INR1.5 million on net sales
of INR53.6 million for 2010-11.


INCOM WIRES: CRISIL Assigns 'B' Ratings to INR40MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Incom Wires and Cables Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       10       CRISIL B/Stable
   Bank Loan Facility

   Cash Credit              30       CRISIL B/Stable

   Letter of Credit         24       CRISIL A4

   Bank Guarantee            6       CRISIL A4

The ratings reflect IWCL's small scale of operations in the
intensely competitive cable industry, working-capital-intensive
operations, and below-average financial risk profile, marked by a
small net worth and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the company's promoters in the cable industry, and near-term
revenue visibility due to a moderate order book.

Outlook: Stable

CRISIL believes that IWCL 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
higher-than-expected growth in revenues, while substantially
improving its working capital cycle, thereby leading to an
improved financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in IWCL's
financial risk profile, most likely due to delay in receivables,
or decline in revenues and profitability, or in case of further
lengthening of its working capital cycle.

IWCL, incorporated in 1995, manufactures telecommunication,
signalling, and power cables. It has a varied product portfolio
of electric wires, power cables, control cables, railway
signalling cables, railway quad cables, and telephone cables. The
company has its manufacturing unit in Mayapuri Industrial Estate,
Delhi. IWCL is approved by the Research Design and Standards
Organisation as a Part 1 supplier of signalling cables and Part 2
supplier of telecommunication cables to the Indian Railways.

IWCL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR108.1 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.1 million on net
sales of INR69.2 million for 2010-11.


INDIA INDUSTRIES: CRISIL Assigns 'B' Ratings to INR80MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of India Industries.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Proposed Cash Credit       28.5     CRISIL B/Stable
   Limit

   Cash Credit                20.0     CRISIL B/Stable

   Long-Term Loan             31.5     CRISIL B/Stable

The rating reflects India Industries' modest scale of operations
in the intensely competitive automotive (auto) components
industry, and below-average financial risk profile, marked by a
high gearing and average debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's promoters.

Outlook: Stable

CRISIL believes that India Industries will continue to benefit
over the medium term from its promoters' established
relationships with key customers. The outlook may be revised to
'Positive' in case of significant improvement in the firm's scale
of operations and profitability, or substantial equity infusion
by the partners, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
India Industries' working capital requirements increase,
resulting in deterioration in its liquidity, or if it undertakes
a large, debt-funded capital expenditure programme, weakening its
capital structure.

India Industries, established as a partnership firm in 1985 by
Mr. S Shanmugam and B Rajendran, is based in Chennai (Tamil
Nadu). The firm is a tier II auto-component supplier engaged in
manufacturing brake assembly parts.

India Industries reported a net profit of INR1.6 million on net
sales of INR86.43 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR0.8 million on net
sales of INR28.69 million for 2010-11.


JAI PAWANSUT: CRISIL Puts 'B' Ratings to INR66.3MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Jai Pawansut Polytex Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                36.3     CRISIL B/Stable
   Bank Guarantee            1.2     CRISIL A4
   Cash Credit              30.0     CRISIL B/Stable

The ratings reflect JPPPL's below-average financial risk profile,
marked by a weak capital structure and low cash accruals. The
ratings also reflect the company's modest scale of business
because of its nascent stage of operations. These rating
weaknesses are partially offset by the benefits that JPPPL
derives from its promoters' extensive experience in the textiles
industry through group entities.

CRISIL has treated the unsecured loans of INR5 million extended
to JPPPL by its promoter and related parties as on March 31,
2012, as neither debt nor equity. This is because these loans are
expected to remain in the business over the long term and are
subordinated to the company's bank debt.

Outlook: Stable

CRISIL believes that JPPPL will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the company registers
significant improvement in its profitability and its scale of
operations, resulting in better-than-expected cash accruals along
with improvement in its working capital management, in turn
leading to more-than-expected improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on JPPPL's liquidity because of lower-than-expected cash
accruals or larger-than-expected working capital requirements, or
any large, debt- funded capital expenditure.

JPPP was set up in 2010 in Surat (Gujarat) by the Khanna family.
The company manufactures, and trades in yarn, mainly bright
polyester yarn. Its manufacturing facility is located at Surat.


J. N. TAYAL: CRISIL Assigns 'B+' Ratings to INR60MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of J. N. Tayal Steels Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                26.4     CRISIL B+/Stable

   Proposed Long-Term        3.6     CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit              30       CRISIL B+/Stable

   Letter of Credit         40       CRISIL A4

The ratings reflect JNTSPL's small scale of operations in
fragmented and highly competitive steel industry and
susceptibility of its margins to volatility in prices of raw
material. These rating weaknesses are partially offset by its
promoters' experience in the steel and related industries.

Outlook: Stable

CRISIL believes that JNTSPL will benefit from its promoters'
experience in the steel industry and related industries. The
outlook may be revised to 'Positive' if the company improves its
scale of operations and accruals or strengthens its working
capital management, leading to improvement in its financial risk
profile, especially its liquidity. Conversely, the outlook may be
revised to 'Negative' if JNTSPL's overall financial risk profile
weakens on account of lower-than-expected cash accruals,
weakening in its working capital management or any significant
debt-funded capital expenditure programme, leading to weak
liquidity.

Incorporated in 2011-12 (refers to financial year, April 1 to
March 31), JNTSPL manufactures steel ingots at its facility in
Ludhiana (Punjab). The company is promoted by brothers Mr. Nitin
Tayal and Mr. Jatin Tayal.


KAMA METAL: CRISIL Upgrades Ratings on INR100MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Kama Metal and Alloys Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable', and has reaffirmed the rating on the company's
short-term bank facility at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              62.5     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit         10.0     CRISIL A4 (Reaffirmed)

   Proposed Long-Term        8.2     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                29.3     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects expected improvement in KMPL's
liquidity profile driven by expected increase in the company's
cash accruals vis--vis its fixed debt obligations for 2013-14
(refers to financial year, April 1 to March 31). The expected
improvement in cash accrual is primarily driven by KMPL's ramp up
of operations from the increased production capacity. The
liquidity is further supported by continuous infusion of interest
free unsecured loans & advances from KMPL's promoters. KMPL's
bank limits are, however, expected to remain fully utilised on
account of the company's large incremental working capital
requirements.

The ratings reflect KMPL's small scale of operations,
susceptibility to volatility in raw material prices, and large
working capital requirements. These rating weaknesses are
partially offset by the benefits that KMPL derives from its
promoters' extensive industry experience and the partly
integrated nature of its operations; the ratings also factor in
the company's moderate financial risk profile marked by a
comfortable gearing and above-average debt protection metrics.

Outlook: Stable

CRISIL believes that KMPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case the
company significantly scales up its operations, while it manages
its working capital efficiently. Conversely, the outlook may be
revised to 'Negative' in case KMPL faces pressure on its
liquidity, resulting from lower-than-expected cash accruals, or
larger-than-expected incremental working capital requirements or
debt-funded capital expenditure.

KMPL, incorporated in 2008, operates an ingot manufacturing unit
as well as a rolling division (key products include mild steel
ingots, flats, and pipes). The company has an ingot manufacturing
capacity of 25,000 tonnes per annum (tpa) and a rolling capacity
of 22,000 tpa. Currently, about 90 per cent of the ingots
manufactured by KMPL are used in captive consumption in the
rolling division.

KMPL reported a profit after tax (PAT) of INR8.5 million on net
sales of INR359 million for 2011-12, against a PAT of INR10.0
million on net sales of INR306.0 million for 2010-11.


RED CHILLIES: CRISIL Raises Rating on INR25MM Loan to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Red Chillies Mercantile Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable', while reaffirming its rating on the company's
short-term bank facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               25      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Export Packing Credit    105      CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in RCMPL's scale of
operations led by healthy growth in the company's revenue.
RCMPL's operating income increased to INR849 million in 2012-13
(refers to financial year, April 1 to March 31) from INR216
million in 2011-12. The healthy revenue growth was mainly driven
by increase in the company's production capacity, better off-take
in the last quarter of 2012-13 and the sales achieved by its
wholly owned subsidiary, Red Chillies Inc (RCI). Furthermore,
RCMPL's operating margin improved to 7.7 per cent in 2012-13
against a margin of 4.2 per cent in 2011-12 because of company's
better price negotiations with its customers. CRISIL believes
that RCMPL will continue to register moderate growth in its
revenues over the medium term, supported by its healthy
relationship with its customers and its continued focus on
addition of new customers. RCMPL had a healthy gearing of 0.99
times as on March 31, 2013, mainly on account of equity infusion
by its promoters and retention of its healthy cash accruals.
However, given RCMPL's incremental debt funded working capital
requirements and debt funded capital expenditure (capex) plans,
CRISIL believes that the company's gearing will weaken over the
medium term.

The ratings reflect RCMPL's modest scale of operations in the
highly fragmented and competitive readymade garment industry and
large working capital requirement. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the readymade industry.

Outlook: Stable

CRISIL believes that RCMPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
ready-made garments industry. The outlook may be revised to
'Positive' in case the company registers more-than expected
improvement in its scale of operations and profitability or
demonstrates better working capital management, leading to
improvement in its financial risk profile, especially in its
liquidity. Conversely, the outlook may be revised to 'Negative'
in case RCMPL registers deterioration in its working capital
management, records lower-than-expected profitability, or
undertakes a larger-than-expected, debt-funded capex programme,
leading to weakening in its liquidity.

Incorporated in 2010, RCMPL manufactures readymade garments for
men, women, and children. Its daily operations are managed by Mr.
Ashish Karnani and Mr. Aakarsh Dalmia. RCI, a wholly owned
subsidiary of RCMPL, was incorporated in 2011-12. RCI operates as
RCMPL's marketing office in New York, USA.


SAGAR AGENCIES: CRISIL Assigns 'B+' Ratings to INR70MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sagar Agencies.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       21.2     CRISIL B+/Stable
   Bank Loan Facility

   Cash Term Loan            8.8     CRISIL B+/Stable

   Bank Guarantee           35.0     CRISIL A4

   Cash Credit              40.0     CRISIL B+/Stable

The ratings reflect SA's below average financial risk profile
marked by small net worth and subdued debt protection metrics and
its working capital intensive nature of operations. These rating
weaknesses are partially offset by the extensive experience of
SA's promoters in trading of polymer and pipe-fittings.

Outlook: Stable

CRISIL believes that SA will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' in case of sustained increase in
revenues and profitability leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of deterioration on the company's financial
risk profile on account of decline in cash accruals or large debt
funded capital expenditure.

Established in 1990, Sagar Agencies (SA) is involved in the
trading of poly urethane and poly vinyl chloride resins, and pipe
fittings. The day to day operations of the company is managed by
Mr. P P Sathyapalan.

SA reported a net profit of INR 5.8 million on net sales of INR
310.8 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net profit of INR 6.7 million on net
sales of INR 196.3 million for 2010-11.


SAV WIRES: CRISIL Assigns 'B' Ratings to INR430MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sav Wires Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Standby Line of Credit      30      CRISIL B/Stable

   Cash Credit                400      CRISIL B/Stable

   Letter of Credit           100      CRISIL A4

The ratings reflect SWPL's exposure to intense competition in the
steel wire segment, and working-capital-intensive operations.
These rating weaknesses are partially offset by SWPL's
established market position, supported by its promoters'
extensive industry experience, and moderate financial risk
profile marked by a healthy net worth and a low gearing.

Outlook: Stable

CRISIL believes that SWPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case the
company generates higher-than-expected profitability and cash
accruals, thereby supporting its working-capital-intensive
operations. Conversely, the outlook may be revised to 'Negative'
if SWPL's working capital requirements increase, resulting in
deterioration in its liquidity, or if the company undertakes any
large, debt-funded capital expenditure programme.

SWPL was set up in August 2011 by Kolkata (West Bengal)-based Mr.
Anand Agarwal and his son, Mr. Ayush Agarwal. The company has a
wire drawing unit in Bhilai (Chhattisgarh). SWPL manufactures
binding wires, galvanised iron (GI) wires, cold-dip GI wires, and
electrode quality wires. It commenced commercial operations in
February 2012.

SWPL reported a profit after tax of INR1.9 million on net sales
of INR323.1 million for 2011-12.


SHAMVIK GLASSTECH: CRISIL Cuts Ratings on INR500MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shamvik Glasstech Pvt Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              345      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                155      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects the delay by SGPL in servicing its
term loan, while its cash credit facility has remained overdrawn
for over 30 consecutive days. The delays have been caused by the
company's weak liquidity, driven by its stretched working capital
cycle.

SGPL has a below-average financial risk profile, marked by low
interest coverage ratio and high gearing. The company is also
exposed to risks associated with the slowdown in demand for
passenger vehicles and competition from other car dealers.
However, SGPL benefits from the diversification in its business,
which lends stability to its revenues.

SGPL was incorporated in 1973 in collaboration with Maul
Technology, USA, as Maul Eastern Ltd. In 1993, the present
management took over all the shares from Maul Technology and
renamed the company as SGPL. SGPL manufactures machinery and
spares used for manufacturing glass, and also have a dealership
for Tata Motors Ltd.


SHRI VENKATESHWARA: CRISIL Assigns 'B+' Ratings to INR80MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shri Venkateshwara Corporation.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                13.5     CRISIL B+/Stable
   Proposed Term Loan        6.5     CRISIL B+/Stable
   Cash Credit              30.0     CRISIL B+/Stable
   Proposed Cash Credit     30.0     CRISIL B+/Stable
   Limit

The rating reflects SVC's below average financial risk profile
marked by a small networth, and its stretched liquidity resulting
from tightly matched cash accruals against term debt repayments.
The ratings also reflect SVC's modest scale of operations in a
fragmented industry resulting in low operating margins for the
firm. These rating weaknesses are partially offset by the
benefits that SVC derives from its promoters' extensive
experience in the rice milling industry and the funding support
that it receives from them.

Outlook: Stable

CRISIL believes that SVC will continue to benefit over the medium
term from its promoter's extensive experience in the rice
industry and the funding support that it receives from them. The
outlook may be revised to 'Positive' if the firm registers
improvement in its financial risk profile, particularly in its
liquidity, most likely because of higher-than-expected cash
accruals and more-than-expected funding support from its
promoters. Conversely, the outlook may be revised to 'Negative'
in case SVC registers deterioration in its financial risk
profile, particularly in its liquidity, because of lower-than-
expected cash accruals, higher than expected working capital
requirement, or larger-than-expected debt-funded capital
expenditure programme.

SVC, established in 2006, mills and processes rice, mainly the
HMT and Kolam varieties. Its customers are mainly traders and
distributors based in western India. The firm is promoted by Mr.
Devrajbhai Patel, Mr. Abhijeet Phadnavis, and Mrs. Bharati
Kontamwar, who have nearly two decades of experience in the rice
milling and trading business. SVC's processing unit is in Mul
(Maharasthra).


SRI SRINIVASA: CRISIL Raises Ratings on INR160MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has upgraded the rating on the long-term bank facilities
of Sri Srinivasa Agro Foods to 'CRISIL B-/Stable' from 'CRISIL
D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan          60.0      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Cash Credit             40.0      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Cash Credit    60.0      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects timely servicing of debt by SSAF on
account of improvement in its liquidity. The firm's liquidity has
improved on the back of its increasing accruals, and the infusion
of INR35 million of fresh capital by its partners. In its initial
phase of operations, SSAF has successfully scaled up its
operations, with estimated revenues of INR370 million in 2012-13
(refers to financial year, April 1 to March 31) against that of
INR52 million in 2010-11. CRISIL believes that SSAF will continue
to meet its debt obligations on time, supported by its healthy
net cash accruals; it generated net cash accruals of around INR15
million in 2012-13.

The rating reflects SSAF's weak financial risk profile, marked by
a small net worth, an aggressive gearing and moderate debt
protection metrics, and the susceptibility of the firm's
operating margin to adverse regulatory changes related to paddy
rice. These rating weaknesses are partially offset by the
benefits that SSAF derives from its promoter's extensive
experience in the rice processing industry.

Outlook: Stable

CRISIL believes that SSAF will continue to benefit over the
medium term from its promoter's extensive experience in the rice
processing business. The outlook may be revised to 'Positive' if
the firm registers improvement in its accruals and maintains its
working capital management, resulting in further improvement in
its liquidity. Conversely, the outlook may be revised to
'Negative' if SSAF stocks inventory for long periods, leading to
lengthening of its working capital cycle, thereby resulting in
deterioration in its financial risk profile, particularly in its
liquidity.

SSAF was set up in 2009 by Mr. Valluri Veerraju in Mandapeta
(Andhra Pradesh). It processes paddy rice. The firm commenced
operations in December 2010; 2011-12 was its first full year of
operations.

SSAF reported a profit after tax (PAT) of INR2.4 million on net
sales of INR368.9 million for 2011-12, against a PAT of INR0.49
million on net sales of INR52.2 million for 2010-11.



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


BIKE NEW ZEALAND: Future in Doubt After Insolvency
--------------------------------------------------
Dissolve.com.au reports that Bike New Zealand has been in
question for being at risk of insolvency. However, despite the
company's projected huge financial deficit, its website
development capitalization had helped it convert the expenses
into assets, the report says.

According to the report, the concern of the cycling community
over the fate of the company has been growing due to the sport
organization's financial challenges which include an outstanding
loan, falling trust income and lack of commercial sponsor.

Dissolve.com.au relates that the company's sixth-month account to
December 20, 2012, was revealed during the annual meeting of
BikeNZ on May 20.  BikeNZ said it already had expectations that
it will experience a huge deficit. However, the company revealed
a NZ$131,000 surplus after it capitalized NZ$200,000 for website
development, the report relays.

Jason Watkins, business support manager of BikeNZ, said that
despite their deficit projections, they had been instructed by
the auditors to capitalize their funds which they spent on the
website, Dissolve.com.au reports.

Mr. Watkins stated; however, that this trend can just be a one-
off for the company and the digital asset's value is expected to
depreciate by NZ$70,000 every year ceasing to happen in 2016, the
report adds.

Bike New Zealand is New Zealand's second-highest funded sports
organization and prime Olympic investment.


DOMINION FINANCE: Justice Court Sends CEO Cropp in Jail
-------------------------------------------------------
The National Business Review reports that Justice Graham Lang at
Auckland High Court sentenced Dominion Finance boss Paul Cropp to
two years and seven months imprisonment.

Mr. Cropp was found guilty of theft in relation to the collapsed
finance company last month, following a six-week, judge-alone
trial, according to The National Business Review.  The report
relates that the theft charges, brought by the Serious Fraud
Office, involved related-party lending of about $13.57 million in
breach of Dominion's trust deeds.

Mr. Cropp is the first chief executive, in the recent finance
company trials before the court, to be convicted.

Unlike these other offenders, Mr. Cropp had not personally gained
from his offending and his motivation was "having Dominion
Finance remain afloat," the judge said, according to the report.

The report discloses that crown prosecutor Brian Dickey pushed
for a starting point of five to five-and-a-half years, while
defence lawyer John Billington QC said home detention would be
appropriate.

Two other men -- Dominion Finance director Robert Barry Whale and
a third company executive whose name was suppressed -- were found
not guilty of the charges, the report notes.  A fourth director,
Terry Butler, who recently died of cancer, was excused from the
trial late last year, the report says.

The report recalls that Dominion Finance Group was placed in
receivership in 2008, owing almost 6000 debenture holders $176.9
million.  Subsidiary North South Finance was placed in
receivership two years later, owing 3900 debenture holders $31
million, the report relates.

The report relays that both companies were subsidiaries of NZX-
listed Dominion Finance Holdings, which was placed in liquidation
in 2009.  They offered property and commercial loans.

Receivers have estimated recoveries of 10c-25c in the dollar for
debenture holders in Dominion Finance Group and of 65c-70c in the
dollar for those in North South Finance, the report adds.



=====================
P H I L I P P I N E S
=====================


COOPERATIVE RURAL: Placed Under PDIC Receivership
-------------------------------------------------
The Monetary Board (MB) placed the Cooperative Rural Bank of
Bulacan under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 823.A
dated May 23, 2013. As Receiver, PDIC took over the bank on
May 24, 2013.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the
maximum deposit insurance coverage of PHP500,000.

The PDIC also announced that it will conduct Depositors-Borrowers
Forums from May 30, 2013 to June 5, 2013 to inform depositors of
the requirements and procedures for filing deposit insurance
claims. Claim forms will be distributed during the Forum. The
schedule and venue of the Forum will be posted in the bank
premises and in the PDIC website, www.pdic.gov.ph. The claim
forms and the requirements and procedures for filing are likewise
available for downloading from the PDIC website.

Depositors may update their addresses with the PDIC
representatives at the bank premises or during the Forum using
the Mailing Address Update Forms to be furnished by PDIC
representatives. Duly accomplished Mailing Address Update Forms
should be submitted to PDIC representatives accompanied by a
photo-bearing ID of the depositor with signature. Depositors may
update their addresses until June 13, 2013.

Depositors with valid deposit accounts with balances of PHP15,000
and below need not file deposit insurance claims. But depositors
who have outstanding obligations with the Cooperative Rural Bank
of Bulacan including co-makers of the obligations, and have
incomplete and/or have not updated their addresses with the bank,
regardless of amount, should file deposit insurance claims.

For depositors that need not file deposit insurance claims, PDIC
targets to start mailing payments to these depositors at their
addresses recorded in the bank no later than the 3rd week of June
2013.

For depositors that are required to file deposit insurance
claims, the PDIC targets to start claims settlement operations
for these accounts no later than the 2nd week of July 2013. The
schedule of the claims settlement operations will be announced
through notices to be posted in the bank premises and other
public places as well as through the PDIC website,
http://www.pdic.gov.ph/

Cooperative Rural Bank of Bulacan was an 18-unit bank with Head
Office located in Banga I, Plaridel, Bulacan. It has 13 branches
in Bulacan (Angat, Balagtas, Baliuag, Bocaue, Bulacan, Malolos,
Malolos-Cabanas, Meycauayan, Paombong, Pulilan, San Jose del
Monte City, San Miguel and Sta. Maria); and a branch each in
Urdaneta (Pangasinan), Cainta (Rizal), Sta. Rosa (Laguna) and
Makati (a microfinance-oriented branch). Latest available records
show that as of March 31, 2013, Cooperative Rural Bank of Bulacan
had 44,388 accounts with total deposit liabilities of
PHP2.17 billion. A total of 44,166 deposit accounts or 99.5% of
the accounts have balances of PHP500,000 or less and fully
covered by deposit insurance. Total insured deposits amounted to
P1.79 billion or 82.4% of the total deposits.

According to the Bank Information Sheet (BIS) as of December 31,
2012 filed by the Cooperative Rural Bank of Bulacan with the
PDIC, the bank is majority-owned by Crb Employees Credit Coop
(39.74%) and United Coop Bankers Coop (34.77%). Its Chairman is
Isidoro C. Santos and its President/CEO is Reynaldo C. Capalad.


                             *********

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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