TCRAP_Public/130605.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

            Wednesday, June 5, 2013, Vol. 16, No. 110


                            Headlines


A U S T R A L I A

AROGEN PTY: Director Faces Probe Over AUD1-Million Withdrawal
AUSTRALIAN FINANCIAL: Placed Into Voluntary Liquidation
NATIONAL BUILDPLAN: Finalizing Completion of Three Projects
OLD TIN HUT: Merger Deal in Doubt After Liquidation
PACT GROUP: S&P Assigns 'B+' Issuer Credit Rating; Outlook Stable

TINKLER GROUP: Nathan Tinkler Settles Blackwood Claim
* Aus. Prime Mortgage Arrears Worsened in March, Moody's Says


C H I N A

CHINA BAK: Incurs $22.6-Mil. Net Loss in March 31 Quarter
CHINA GINSENG: Incurs $1.4-Mil. Net Loss in March 31 Quarter
CHINA PEDIATRIC: Incurs $4.7-Mil. Net Loss in First Quarter
FOSUN INT'L: Club Med Takeover No Impact on Moody's Ratings
HILONG HOLDING: Fitch Assigns 'BB' Issuer Default Rating


I N D I A

CHANDRAKONA COLD: CRISIL Assigns 'D' Ratings to INR84.6MM Loans
CITY MAX: CRISIL Rates INR80MM Term Loan at 'CRISIL B'
GIRDHARI LAL: CRISIL Assigns 'B-' Ratings to INR182.2MM Loans
IDBI BANK: Fitch Affirms Viability Rating at 'bb'
JAGANI BROTHERS: CRISIL Puts 'B+' Ratings on INR90MM Loans

KETI INFRA: CRISIL Assigns 'D' Ratings to INR800MM Loans
MURLIKRISHNA FOODS: CRISIL Puts 'BB-' Ratings on INR68MM Loans
PAULOMI ESTATES: CRISIL Rates INR200MM Bank Loan at 'B+'
RK STEELS: CRISIL Assigns 'BB' Ratings to INR100MM Loans
SACHDEVA RICE: CRISIL Assigns 'B' Ratings to INR70MM Loans

SARASWATHI ENG'G: CRISIL Rates INR35MM Loan at 'CRISIL B'
SPL PLAST: CRISIL Assigns 'B+' Ratings to INR35MM Loans
SUBNIL PACKING: CRISIL Places 'B' Ratings on INR82.5MM Loans
SURANA METACAST: CRISIL Puts 'B-' Ratings on INR174.5MM Loans
TRIPATHI HOSPITAL: CRISIL Rates INR90MM Term Loan at 'B'

V S METACAST: CRISIL Assigns 'B' Ratings to INR180MM Loans
VTC ESTATES: CRISIL Assigns 'B' Ratings to INR80MM Loans


N E W  Z E A L A N D

SOUTH TARANAKI: Medical Trust Set to Go Into Liquidation


X X X X X X X X

* EMEA Bldg Materials Sector to Remain Stable Thru 2014
* Fitch Sees Lower Volatility For Memory Chip Sector
* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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AROGEN PTY: Director Faces Probe Over AUD1-Million Withdrawal
-------------------------------------------------------------
Newcastle Herald reports that the Australian Securities and
Investments Commission has been asked to investigate the actions
of a Hunter company director who allegedly pulled almost
AUD1 million from accounts related to his company, Arogen Pty Ltd,
before it was put into administration with debts of more than AUD7
million.

Newcastle Herald relates that some of the money is believed to
have been used to pay a deposit on a AUD1.4 million apartment in
the Sydney suburb of Woolloomooloo.

According to the report, about 100 mostly Hunter businesses,
collectively owed about AUD7.3 million by drilling company Arogen,
voted to accept a deed of company arrangement which will recoup
about 12 cents for every dollar owed.

Administrator Paul Gidley from business insolvency firm Shaw-
Gidley said his hopes of securing a better or full return to
creditors hinged on a disputed payment of more than AUD4 million
from construction giant Leightons, and payment for work carried
out by Arogen at Kempsey.

The report says creditors heard on Monday that putting the company
into liquidation would return only 9.4 cents in the dollar to
them, while the deed would return 12.4 cents in the dollar and
would allow the company to continue trading and pursuing the money
owed to it.

But it was a series of payments made to Tony O'Meley in the
company's final months that most angered creditors, the report
relays.

Newcastle Herald says Mr. Gidley confirmed that Mr. O'Meley, while
he was an Arogen director, withdrew about AUD500,000 in cash from
the company for backpay which is yet to be validated. Further, two
payments totalling AUD204,666 were paid to his wife Ellie O'Meley.
A further AUD140,000 was paid to Park Properties, said to be a
deposit on the Woolloomooloo property.

Mr. Gidley confirmed that the transactions had been referred to
ASIC for investigation, while the actions of a law firm, which
acted for Mr. O'Meley and received AUD150,000 in payment, had been
referred to the Law Society for investigation, Newcastle Herald
adds.

Arogen Pty Ltd is a family-owned business specialising in
horizontal drilling.  Newcastle Herald reported that Arogen Pty
Ltd has gone into voluntary administration owing at least
AUD2 million. Paul Gidley of insolvency specialists Shaw Gidley
was appointed as administrator.


AUSTRALIAN FINANCIAL: Placed Into Voluntary Liquidation
-------------------------------------------------------
Laura Millan at Financial Standard reports that the Australian
Financial Services (AFS) Group has been placed into voluntary
liquidation, according to the Australian Securities and
Investments Commission (ASIC).

Financial Standard relates that the resolution to wind up the
company was made on May 30 by creditors. At the same time, AFS
Group's administrators Rachel Burdett-Baker and Luke Targett were
appointed as liquidators.

The meeting of creditors was held on May 30 where creditors
reviewed the companies' business, property and affairs, and
considered the companies' future according to a statement by
voluntary administrators BDO obtained by Financial Standard.

AFS Group was reported to be facing financial difficulties
February 2013 and BDO Australia was appointed voluntary
administrator of the company on April 2013.


NATIONAL BUILDPLAN: Finalizing Completion of Three Projects
-----------------------------------------------------------
Kerrin Thomas at ABC News reports that a creditors' meeting of
National Buildplan has heard an update on the proposed completion
of three projects in the New England North West.

At the meeting in Sydney on May 30, ABC relates, creditors voted
to accept a Deed of Company Arrangement, rather than place the
company into Liquidation.

The director now has 15 business days in which to execute that
document, the report notes.

According to the report, BRI-Ferrier's Costa Nicodemou said an
agreement being worked on should see some return for sub-
contractors.

"We're in final discussions with Freeman House, with the Society,
in terms of completing that project which we believe will realise
approximately AUD100,000 for creditors under the DOCA proposal,"
ABC News quotes Mr. Nicodemou as saying.  "In addition to
potential recoveries of AUD296,000 in bank guarantees, and also
approximately AUD870,000 in sub-contractor payments."

ABC News relates that Mr. Nicodemou said the company is also
finalising agreements on two other projects.

                      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.


OLD TIN HUT: Merger Deal in Doubt After Liquidation
---------------------------------------------------
The Maitland Mercury reports that liquidation of the Horseshoe
Bend club known as the Old Tin Hut has cast a shadow over a merger
proposal.

According to the report, the Maitland Ex-Servicemen's Citizen's
Bowling and Sporting Club was in discussions with Maitland Park
Bowling Club until the former closed its doors on Sunday for good.

"Being a liquidation it's not a situation where the club can
amalgamate formally," the report quotes liquidator Graeme Beattie
of Moore and Stephens Accountants and Advisors as saying.

The report says the club ceased to trade with very little notice.

The decision was made at a meeting of creditors on May 23 and the
club served its last drinks three days later, the report relates.

According to the report, Mr. Beattie said any deal to see the Old
Tin Hut live on in some shape or form was for directors to work
out but added it would be subject to strict laws.

"Any surplus funds in these circumstances have to be directed into
the community or a like-club," Mr. Beattie said.  "The funds don't
go to the members."


PACT GROUP: S&P Assigns 'B+' Issuer Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term issuer credit rating to Australia-based rigid
plastics and industrial metals packaging company Pact Group
Industries Pty Ltd. (Pact Group) with a stable outlook.  At the
same time, S&P assigned its 'B+' issue-level rating to Pact's
US$885 million (A$907 million), first-lien, senior secured term
loan; and A$75 million and NZ$30 million, first-lien, senior
secured revolving credit facilities.  The recovery rating on the
term loan and revolvers is '3'.

The 'B+' issuer credit rating on Pact Group reflects S&P's view of
the company's "highly leveraged" financial risk profile and "fair"
business risk profile.  On May 29, 2013, Pact Group completed its
recapitalization and issue of first-lien senior secured term loan
and first-lien senior secured revolvers.

"Pact's financial risk profile is a constraint on the ratings.
The profile reflects the company's highly leveraged capital
structure, very aggressive financial and operating policies, and
ownership structure," said Standard & Poor's credit analyst Adrian
Chow.

The group is owned by Geminder Holdings Pty Ltd., a holding
company that is ultimately owned by an entity related to Raphael
Geminder, Executive Chairman of Pact Group.  The investment
interests and level of indebtedness above Geminder Holdings are
unclear.

Pact's business profile is supported by the group's: leading
market position in the Australian and New Zealand rigid plastic
packaging industry; predominant exposure to relatively stable food
and beverage end-markets; and strong operating margins and
profitability.  Partly tempering these strengths are the group's
exposure to consumer demand and industrial cycles, relatively
smaller scale,; and somewhat concentrated geographical diversity
relative to the major global packaging companies.

Mr. Chow added: "The stable outlook on Pact Group reflects our
expectation that the group's pro-forma fully adjusted (including
operating leases) debt to EBITDA will be about 5.2x and trend
lower over the next 12 months.  We also expect Pact will maintain
a fair business risk profile.  The 'B+' rating has limited buffer
and assumes no material transactions within the wider group
activities."

Negative ratings pressure could arise if fully adjusted debt-to-
EBITDA trended upward from the initial level toward mid-5x, which
could result from weak operating performance or debt-funded
acquisitions.

Upward rating potential is currently limited given the opacity of
the group's ownership structure.


TINKLER GROUP: Nathan Tinkler Settles Blackwood Claim
-----------------------------------------------------
Leo Shanahan at The Australian reports that coal entrepreneur
Nathan Tinkler appears to have avoided a legal battle that may
have bankrupted him, after reaching a settlement with coal miner
Blackwood Corporation.

The Australian relates that the coal junior Blackwood said that it
would drop a AUD28 million claim against Mr. Tinkler's Mulsanne
Resources in return for a AUD12 million settlement package.

The report says Blackwood had pursued Mr. Tinkler in the
New South Wales Supreme Court after Mulsanne made a AUD28 million
takeover offer for Blackwood last year but failed to follow
through on the deal once the offer was accepted.

The Australian recalls that Mr. Tinkler has previously told a
court that his backers reneged after he made the bid.

But Blackwood claimed that Mr. Tinkler made the offer while
insolvent, and was pursuing him for compensation in what could
have been a bankrupting compensation claim. The miner was also
seeking to have Mr. Tinkler, his wife's assets and all of his
company assets frozen during the legal action.

However, the miner announced Tuesday it would settle for a
AUD12 million payment from Mr. Tinkler, with the takeover of
Blackwood by Mr. Tinkler was also abandoned under the deal.

The Australian notes that the one-time billionaire has until
June 30 to make the payment under the settlement agreement. If the
money is not paid by the deadline, the legal proceedings, which
include a freezing order application, will resume.

Bloomberg News recalled Mr. Tinkler last month put up for sale his
Patinack Farm thoroughbred breeding and racing business, including
1,000 racehorses, stallions and broodmares, saying he didn't have
time to manage the operation.  Bloomberg relates that Mr. Tinkler,
who last year abandoned a AUD5.3 billion ($5.2 billion) bid for
Whitehaven Coal Ltd., is struggling to meet creditors' demands,
with several of his companies threatened with liquidation.

Among those suing Mr. Tinkler and his wife is BKK Partners Pty,
which advised him on his Whitehaven bid. BKK claimed Tinkler Group
Pty failed to pay AUD220,000 for advisory work, Bloomberg notes.


* Aus. Prime Mortgage Arrears Worsened in March, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says that Australian prime mortgage
arrears worsened in March versus the previous month.

As published in Moody's just-released Global Structured Finance
Collateral Performance Review, Moody's says arrears in excess of
30 days in the Australian prime residential mortgage market were
1.66% in March, up from 1.60% in February and up from 1.59% the
same period one year earlier.

Thirty-day-plus arrears in the Australian non-conforming market
were marginally higher at 7.85% compared with 8.45% in February
but down from 8.70% in February 2012.

Australian Prime 60-day-plus arrears, at 0.90%, compare favourably
to some of the other countries covered in the Global Collateral
Performance Report. The Netherlands (0.83%) and Japan (0.28%) are
the only countries reporting a lower 60-plus arrears rate.

"Looking ahead, we expect the performance trends witnessed in 2012
to continue over 2013 with stable delinquencies, underpinned by
expected GDP growth of 2.0% to 3.0%, a continuation of the low
interest rate environment, and a steady unemployment rate of 5.0%
to 6.0%" says Jennifer Wu, a Moody's Vice President and Senior
Credit Officer.

      About Moody's Global Collateral Performance Report

Moody's Global Collateral Performance Report is updated monthly
and covers the collateral performance of 41 structured finance
sectors located globally. In the US, the performance metrics of 12
asset classes are covered, in Europe: 19, in Japan: 7, in
Australia: 2, and in Canada: 1.

The report features typical aggregate performance metrics, such as
delinquencies and losses, as well as sector-specific metrics that
include residential and commercial property prices, loans in
special servicing, refinancing profiles, average WARF levels,
senior OC levels, payment rates, and excess spread. The underlying
data is also included. The metrics are accompanied by sector
commentary and outlooks, and projected losses by vintage where
applicable.

Australian data focuses on:

- Australian Prime RMBS

- Australian Non-conforming RMBS

- Australian Home Prices


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CHINA BAK: Incurs $22.6-Mil. Net Loss in March 31 Quarter
---------------------------------------------------------
China BAK Battery, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of $22.6 million on $44.1 million of revenues
for the three months ended March 31, 2013, compared with a net
loss of $15.6 million on $32.8 million of revenues for the same
period last year.

The Company reported a net loss of $47.9 million on $107.8 million
of revenues for the six months ended March 31, 2013, compared with
a net loss of $17.4 million on $104.5 million of revenues for the
six months ended March 31, 2012.

The Company's balance sheet at March 31, 2013, showed
$418.2 million in total assets, $392.7 million in total
liabilities, and stockholders' equity of $25.5 million.

According to the regulatory filing, the Company has a working
capital deficiency, accumulated deficit from recurring net losses
incurred for the current period and prior years and significant
short-term debt obligations maturing in less than one year as of
Sept. 30, 2012, and March 31, 2013.  "These factors raise
substantial doubts about the Company's ability to continue as a
going concern."

A copy of the Form 10-Q is available at http://is.gd/g1wKfX

Shenzhen, PRC-based China BAK Battery, Inc., is a leading global
manufacturer of lithium-based battery cells.


CHINA GINSENG: Incurs $1.4-Mil. Net Loss in March 31 Quarter
------------------------------------------------------------
China Ginseng Holdings, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $1.4 million on $497,943 of revenues
for the three months ended March 31, 2013, compared with a net
loss of $281,962 on $902,807 of revenues for the three months
ended March 31, 2012.  "The increase of the net loss in this
quarter is primarily due to the inventory impairment."

The Company reported a net loss of $3.1 million on $2.7 million of
revenues for the nine months ended March 31, 2013, compared with a
net loss of $1.1 million on $3.1 million of sales for the nine
months ended March 31, 2012.  "The net loss was primarily due to
the decreased whole sales and increased cost of sales as a
percentage of revenue and the inventory impairment.

The Company's balance sheet at March 31, 2013, showed $6.3 million
in total assets, $6.8 million in total liabilities, and a
stockholders' deficit of $462,148.

According to the regulatory filing, the Company had an accumulated
deficit of $8.8 million as of March 31, 2013, and there are
existing uncertain conditions the Company foresees relating to its
ability to obtain working capital and operate successfully.

"Management's plans include the raising of capital through the
equity markets to fund future operations and the generating of
revenue through its businesses.  Failure to raise adequate capital
and generate adequate sales revenues could result in the Company
having to curtail or cease operations.

"Additionally, even if the Company does raise sufficient capital
to support its operating expenses and generate adequate revenues,
there can be no assurances that the revenues will be sufficient to
enable it to develop business to a level where it will generate
profits and cash flows from operations.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern."

A copy of the Form 10-Q is available at http://is.gd/FBgvW2

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China.  The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards.  However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.


CHINA PEDIATRIC: Incurs $4.7-Mil. Net Loss in First Quarter
-----------------------------------------------------------
China Pediatric Pharmaceuticals, Inc., filed its quarterly report
on Form 10-Q, reporting a net loss of $4.7 million on $882,483 of
net sales for the three months ended March 31, 2013, compared with
a net loss of $1.8 million on $4.8 million of net sales for the
same period last year.

The Company's balance sheet at March 31, 2013, showed $7.5 million
in total assets, $608,483 in total current liabilities, and
stockholders' equity of $6.9 million.

The Company had accumulated deficit of $11.3 million and
$6.5 million as at March 31, 2013, and Dec. 31, 2012.  "These
create an uncertainty about the Company's ability to continue as a
going concern."

A copy of the Form 10-Q is available at http://is.gd/YlW0Nb

Located in Xi'an, Shaanxi Province, PRC, China Pediatric
Pharmaceuticals, Inc., is engaged in the business of manufacturing
and marketing of over-the-counter and prescription pharmaceutical
products for the Chinese marketplace as treatment for a variety of
disease and conditions.


FOSUN INT'L: Club Med Takeover No Impact on Moody's Ratings
-----------------------------------------------------------
Moody's Investors Service says that Fosun International Limited's
(Ba3 stable)) planned take-over bid with other partners for France
based Club Mediterranee, commonly known as Club Med (unrated),
will not have any immediate impact on Fosun's Ba3 corporate family
rating and B1 senior unsecured debt ratings, or on its stable
ratings outlook.

"Moody's does not expect the current proposed takeover offer to
acquire Club Med as having an immediate impact on Fosun's
financial and liquidity positions," says Alan Gao, a Moody's Vice
President and Senior Analyst.

The acquisition, if it proceeds based on the announced terms, will
merely represent approximately 9% of Fosun's total investment
portfolio and 1% of its total assets at year-end 2012.

On May 30, Fosun announced that it entered an investment agreement
with AXA Private Equity (AXA) and the senior management of Club
Med for a joint tender offer for all the shares and securities to
the share capital of Club Med. A joint venture has been set up for
the acquisition, with Fosun and AXA each initially holding an
equal interest of 50%. However, Fosun and AXA's equity interest
could be diluted to 47.6% each, if Club Med's management
contributes EUR8 million for a 4.7% stake.

At the proposed bid price of EUR17/share, the offer values Club
Med at EUR541 million, and assumes a 100% acceptance by
shareholders of the offer price. Moreover, the tender offer
includes a bid of EUR19.23/bond for Club Med's existing EUR80
million convertible bonds, with par value of EUR16.36/ bond.
Hence, the total consideration for the acquisition would amount to
around EUR670 million, including transaction costs, or around
EUR331 million for Fosun, assuming a 47.6% stake in the joint bid.

According to the announcement, Fosun would settle its
consideration contribution with a 9.96% share in Club Med and a
7.5% share in convertible bonds it already owns. Moody's therefore
estimates that the remaining funding requirement for Fosun would
be around EUR270 million.

Fosun has announced that its maximum cash contribution would be
EUR153 million (RMB1.2 billion). Consequently, the announcement
indicates that the joint venture may need to be funded by around
EUR240 million in debt.

The offer is conditional on the acquisition joint venture
obtaining a minimum ownership of 50.1% in Club Med, along with the
required approvals from the authorities and shareholders.

The expected cash funding requirement for Fosun represents 5% of
the company's RMB22.1 billion consolidated cash balance at end-
2012, or 24% of its annual RMB5.0 billion investing cash inflow,
including dividend income. In addition, the funding requirement
could be substantially met by the $210 million (RMB1.2 billion)
sales proceeds from Fosun's recent disposal of its interest in
Focus Media Holdings Limited (unrated).

Club Med, is a French resort operator providing all inclusive
holiday solutions, at 71 resort villages across the world. Europe
is the company's largest market, with a 72% revenue contribution
in 2012. However, management in recent years has shifted its
growth strategy to Asia, particularly China, because of the
country's strong tourism spending. The proposed acquisition is in
line with Fosun's stated investment strategy focusing on
consumption related high growth opportunities, as China is
encouraging more domestic consumption, rather than fixed assets
investments, in leading new economic growth.

Moody's views that Fosun's partnering with AXA and the management
team of Club Med is essential to maintain the friendly nature of
the takeover bid, reducing any execution and integration risks.
Moreover, given Fosun's minority interest if the acquisition is
completed, Moody's does not expect Club Med to be consolidated
under Fosun.

On the other hand, if Fosun and its joint venture partners are
required to lift their offer price in order to achieve a
meaningful shareholding, Moody's will review the financial impact
of such revised offers.


HILONG HOLDING: Fitch Assigns 'BB' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has assigned Hilong Holding Limited a Long-Term
Foreign Currency Issuer Default Rating (IDR) of 'BB' with Stable
Outlook. Additionally, Fitch has assigned Hilong a foreign
currency senior unsecured rating of 'BB' and an expected 'BB(EXP)'
rating to Hilong's proposed USD senior unsecured notes. The final
instrument rating is contingent upon receipt of final documents
conforming to information already received by Fitch.

KEY RATING DRIVERS

Strong Domestic Market Position: Hilong has strong market
positions in its core businesses of drill pipe manufacturing and
coating materials and services. In particular, the issuer has
successfully expanded its market share in drill pipe and the oil
country tubular goods (OCTG) markets in China since the Global
Financial Crisis. The company's market share in drill pipes and
the OCTG coating market was 45% and 75% respectively in 2012, and
these core businesses account for over 70% of Hilong's revenue
(2012: 73%).

Hilong's key customers are financially strong and include China
National Petroleum Corporation (A+/Stable); China Petroleum and
Chemical Corporation (A+/Stable); Baosteel Group Corporation (A-
/Stable); and Shell Petroleum Development Company of Nigeria. The
stable relationships with these key clients and the technical
expertise Hilong possesses provide reasonable protection for the
issuer's market position and profitability (2012 consolidated
EBITDA margin: 26.4%).

New in Oilfield Services: Leveraging on its drill pipe and coating
businesses, Hilong expanded into oilfield services in 2008. Fitch
believes its strategy of moving into oil field services segment
does not improve its credit profile. The oil field services
segment is fragmented and Hilong does not possess a market
position similar to what it has in the drill pipe and coating
materials sectors. Significant capex is required at this initial
stage before Hilong can establish a solid position in this
segment. Nonetheless, Fitch draws comfort from Hilong's strategy
of expanding through familiar customers. Also, the issuer has
successfully established a good working relationship with Shell,
which mitigates the additional business risks.

Limited Operating Scale:

Despite strong market positions in its core business of drill
pipes and coating materials, Hilong's operating scale is limited
(2012 EBITDA: CNY 0.6bn) when compared to its global peers, which
commonly produce a substantially larger range of equipment and
provide a larger suite of services.

Adequate Credit Protection:

The issuer is currently lowly leveraged with funds from operations
(FFO) net adjusted leverage of 1.1x and FFO Gross interest
coverage of 8.4x at end-2012. Due to expansion and capex, leverage
will increase moderately in 2013 to 2015. Fitch expects FFO net
adjusted leverage to move towards 2x in the next few years. Fitch
also acknowledges the issuer's flexible capex plan, in which
outflow can be reduced when necessary to conserve cash flow during
a sector downturn.

RATING SENSITIVITIES

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

- FFO adjusted net leverage of over 2x on a sustained basis

- EBITDA margin of core business (defined as drill pipe &
  related products and coating materials & services) of less
  than 20%

- EBITDA generated by core business falls below 60% of
  consolidated EBITDA

Positive: Future developments that may, individually or
collectively, result in positive rating action:

- Material increase in operating scale of core business



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CHANDRAKONA COLD: CRISIL Assigns 'D' Ratings to INR84.6MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Chandrakona Cold Storage Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              69.3     CRISIL D
   Working Capital          12.4     CRISIL D
   Facility
   Bank Guarantee            2.9     CRISIL D

The ratings reflect the continuous overutilisation of CCSPL's cash
credit limit for more than 30 consecutive days; the overutilsation
of the cash credit limit has been on account of the company's weak
liquidity.

CCSPL has a weak financial risk profile, marked by a high gearing
and weak debt protection metrics, and is exposed to intense
competition in the cold storage industry in West Bengal. However,
CCSPL benefits from its promoters' extensive industry experience.

CCSPL was established in 1982 by Mr. Jayanta Roy and Mr. Kanailal
Roy. The company has set up a cold storage unit (with four
chambers) in Paschim Mednipur (West Bengal).


CITY MAX: CRISIL Rates INR80MM Term Loan at 'CRISIL B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of City Max Hospital and Research Centre.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                80       CRISIL B/Stable

The ratings reflect CMHR's below-average financial risk profile
marked by high gearing and weak debt protection metrics, and its
nascent stage of operations. These rating weaknesses are partially
offset by the extensive experience of CMHR's promoters in the
medical sector, and financial support from its promoters.

Outlook: Stable

CRISIL believes that CMHR's operations benefit from its promoters'
extensive experience in the medical sector. The outlook may be
revised to 'Positive' if the hospital stabilises its operations,
records high occupancy, simultaneously improves its capital
structure, and generates significant growth in its revenues and
operating margin. Conversely, the outlook may be revised to
'Negative' if the hospital records lesser-than-expected occupancy
resulting in lower-than-expected revenues and profitability, and
delays servicing its debt obligations; or if it undertakes a large
debt-funded capital expenditure (capex) programme, thereby
weakening its debt protection metrics.

Incorporated in 2011, CMHR is a multi-specialty hospital in Tohana
(Haryana). The construction of the hospital began in 2011; it has
been in operation since November 2012. With a capacity of 100
beds, CMHR is a multi-specialty hospital providing services in
several medical specialties including gastroenterology, neurology,
fertility care, cardiology, and oncology.


GIRDHARI LAL: CRISIL Assigns 'B-' Ratings to INR182.2MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Girdhari Lal Manohar Lal Glass Works No.-2.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B-/Stable
   Term Loan                132.2    CRISIL B-/Stable

The rating reflects GMGW's working-capital-intensive operations,
and weak financial risk profile marked by high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of GMGW's promoters in the
glass industry and the financial support that the firm receives
from them.

Outlook: Stable

CRISIL believes that GMGW will continue to benefit over the medium
term from it promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case the firm registers more-than-
expected increase in its revenues with improvement in its
operating margin, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case GMGW
posts less-than expected revenues or profitability, resulting in
lower-than-expected cash accruals, resulting in deterioration in
its financial risk profile.

GMGW, based in Firozabad (Uttar Pradesh), was established in 1977
as a manufacturer of drinking glasses. With reconstitution in
GMGW's partnership in 2011, the firm's partners amended the scope
of its operations and thereby set up a glass container
manufacturing unit, which commenced operations in January 2013.The
firm is owned by managed by partners namely Mr. Manish Bansal, Mr.
Mohit Mohan Agarwal, Mr. Rohit Agarwal, Mr. Pradeep Gupta, Mr.
Deepak Gupta and Mr. Sanjeev Gupta.


IDBI BANK: Fitch Affirms Viability Rating at 'bb'
-------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) of IDBI Bank Ltd. (IDBI) and Indian Bank (IB) at 'BBB-'.
Simultaneously, Fitch has also affirmed IDBI's Viability Rating
(VR) at 'bb' and that of IB at 'bbb-'. IDBI's SR and SRF have also
been affirmed at '2' and 'BBB-' respectively, while those of IB
have been affirmed at '3' and 'BB+' respectively. The Outlook on
the IDRs is Negative.

KEY RATING DRIVERS

IDBI's SR and SRF are driving factors behind its IDR and primarily
reflect Fitch's expectation of a continued high probability of
government support to the bank. It factors in IDBI's size and
systemic importance given its share in system assets and deposits
(both at around 3.5% in FY12) and history of support extended
during its transition from a legacy development finance
institution (DFI). Regular capital injections from the government,
which totalled around INR65bn (including INR3.8bn from Life
Insurance Corporation of India in FY11) were also made in the last
three years, as was the conversion of its Tier 1 bonds into common
equity in FY12. The negative outlook on IDBI's IDR mirrors that of
the sovereign.

IDBI's VR suffers from an overhang of its legacy as a DFI, which
reflects in its wholesale focused business model and also
performance. While Fitch acknowledges steady improvements achieved
by IDBI in the last three years, it still lags behind large and
some mid-sized government banks. Despite a total capitalisation of
13.1% (at FY13), Tier 1 at 7.7% is comparably lower than most
peers. IDBI's low-cost deposit ratio per branch has held up well
and there has been a significant reduction in its dependence on
expensive bulk deposits (36% of total deposits FY13; 52% FY12).
While it is still above the government's maximum prescribed
ceiling of 15%, sustained lower dependence should benefit funding
costs and eventually profitability in the medium term. In the
interim, asset quality will remain a challenge to its
profitability which has traditionally been lower (ROAA five-year
average: 0.6%) owing to its wholesale focus.

In FY13, IDBI reported gross NPL ratios of 3.2% (FY12: 2.5%)
though on a stressed assets basis (gross NPL plus restructured
loans-to-total loans) the ratio was 10.8%. IDBI's exposure to
infrastructure is partly due to its DFI legacy but stress on the
sector (as a whole) is on the rise as observed through intense
restructuring in the sector (particularly in power) in FY13. Fitch
expects the same to maintain momentum through FY14 as structural
bottlenecks push under-construction projects beyond their start
dates. While IDBI has had limited success in paring down exposure,
it has managed to keep it broadly stable. IDBI's non-funded book
is on the higher side among government banks and while it may be a
good source of fee income, the risk under this book is still
largely untested. This remains a matter of concern since IDBI's
ability to withstand moderate level of stress in the
infrastructure sector is still lower than peers rated higher on
the VR.

IB's SR and SRF are more representative of its moderate size and
systemic importance despite a larger branch presence than IDBI. IB
accounts for around 2% of system assets and deposits, which are
concentrated in southern India. This is likely to result in a
moderate probability of support from the government, if needed.
IB's IDR - which is at the same level as that of IDBI - is driven
by its VR. Accordingly, the negative outlook on IB's IDR is also a
reflection of the potential for further weakening of its intrinsic
credit profile; IB's IDR was revised to Negative ahead of the
negative outlook on the sovereign.

IB's VR has come under pressure owing to asset quality issues
exacerbated by high concentrations in the infrastructure sector.
Consequently, the potential impact on IB's stressed asset ratio
(FY13: 11.3%) has been more pronounced despite IB managing to pare
down exposure to infrastructure compared with FY10. The reported
gross NPL ratio at 3.3% (FY12: 2%) has been relatively more benign
and could potentially face some pressure, albeit at a moderating
pace. While both IB and IDBI have been making efforts to reduce or
stem their exposures, concentration risk will take time to
address. IB's ability to withstand a moderate amount of stress is
better than most of its peers owing to better capital position and
superior profitability. However, a severe and prolonged downturn
in the infrastructure sector - which is not Fitch's base case -
may prove even difficult for IB to handle and could affect its
credit profile.

IB's relatively solid and consistent capital position is the key
underpinning its VR and is supported by a better-than-peers,
albeit declining, profitability cover and an improving funding
profile. While IB's total capitalisation is comparable to that of
IDBI (13.1% at FY13), the quantity and quality of capital have
been consistently superior with a Tier 1 ratio of around 11%. IB,
thus far, has managed its capital position mainly through internal
accruals supported by better profitability and stable dividends.
While loan impairment charges have increased significantly for
both IB and IDBI, the former's ROAA of 1.04 % (FY13) is still
higher than most large and mid-sized government banks in India,
albeit off its previous highs (five-year average: 1.4%).

RATING SENSITIVITIES - IDRs and VRs

IDBI's IDR is at the same level as its SRF, and will not be
affected by a downgrade of its VR, unless considerations
underpinning the 'BBB-' SRF also weaken. However, a downgrade of
India's sovereign rating - which is currently on Negative Outlook
- will also trigger a downgrade of the IDR for IDBI. Similarly, a
change in the sovereign's outlook to stable will also lead to a
revision of the outlook on IDBI's IDR.

In comparison, IDBI's VR at 'bb' is representative of its relative
weaknesses which partly stem from its legacy as a DFI. While there
have been steady, but slow, improvements in performance in the
last few years, it is well behind that of better rated VR peers.
The VR could, however, be downgraded if its stand-alone strength
is materially affected by a sustained disruption or reversal of
these improvements amid growing concentration risk, greater than
expected weakening in asset quality and/or deteriorating funding
mix, but this scenario is viewed unlikely.

IB's IDR and VR - which are at the same level as the sovereign -
have no immediate upside. However, the IDR (and the VR) will be
downgraded in the event of a sovereign downgrade or if the VR gets
downgraded ahead of any sovereign downgrade. The IDR is expected
to maintain its negative outlook even if the sovereign's outlook
were to be revised to stable given pressures on its standalone
credit profile. IB's VR, which is rated two notches above IDBI, is
experiencing downward pressures and will likely be downgraded if
capitalisation deteriorates more than expected. The VR also
remains vulnerable to prolonged stress in the infrastructure
sector which may weaken the bank's loss-absorption capacity and
lead to a downgrade of the VR.

RATING SENSITIVITIES - SRs and SRFs

The SRs and SRFs are determined by the agency's assessment of the
government's propensity and ability to support a bank determined
by its relative size and systemic importance. A change in the
government's ability to provide extraordinary support due to a
change in the sovereign ratings would affect the SRs and SRFs. The
SRs and SRFs will also be impacted by any change in the
government's willingness to extend timely support.

The rating actions are as follows:

IDBI Bank Ltd.
Long-Term IDR affirmed at 'BBB-'; Outlook Negative
Short-Term IDR affirmed at 'F3'
Viability Rating affirmed at 'bb'
Support Rating affirmed at '2'
Support Rating Floor affirmed at 'BBB-'

Indian Bank
Long-Term IDR affirmed at 'BBB-'; Outlook Negative
Short-Term IDR affirmed at 'F3'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'


JAGANI BROTHERS: CRISIL Puts 'B+' Ratings on INR90MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Jagani Brothers Corporation.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       4.5      CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit             72.0      CRISIL B+/Stable

   Overdraft Facility      13.5      CRISIL B+/Stable

The rating reflects the benefits that JBC derives from low
working-capital-intensive nature of its operations and its
promoters' extensive experience in the jewellery industry. These
rating strengths are partially offset by JBC's average financial
risk profile, marked by average gearing and debt protection
metrics, and susceptibility of profitability to volatility in raw
material prices and intense competition.

Outlook: Stable

CRISIL believes that JBC will maintain its business risk profile
over the medium term, backed by its promoters' extensive
experience in the jewellery industry. The outlook may be revised
to 'Positive' in case of improvement in financial risk profile
driven by improvement in profitability along with improvement in
capital structure, and geographical diversification of its revenue
profile. Conversely, the outlook may be revised to 'Negative' if
the firm's operating margin or operating income declines or if the
firm's financial risk profile deteriorated due to stretch in
working capital requirements or a larger-than-expected, debt-
funded capital expenditure programme.

Established in 2011, JBC is promoted by Mr. Jagani Vijay
Khimjibhai and his family members. The firm manufactures and
trades in silver and gold jewellery, mainly on wholesale basis.

JBC reported a net profit of INR0.99 million on net sales of
INR1419.51 million for 2011-12 (refers to financial year, April 1
to March 31).


KETI INFRA: CRISIL Assigns 'D' Ratings to INR800MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Keti Infrastructure Pvt Ltd. The ratings reflect
instances of delay by KIPL in servicing its debt; the delays have
been caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            20      CRISIL D
   Term Loan                780      CRISIL D

KIPL also has an average financial risk profile, marked by weak
debt protection metrics, and is exposed to the earnings risks
inherent in toll-based road projects. However, the company
benefits from its promoters' extensive industry experience.

KIPL was incorporated in April 2007 as a special-purpose vehicle
of Indore-based Keti Constructions Ltd, for the reconstruction and
strengthening of a 112-kilometre road from Chhindwara to Matkuli
in Madhya Pradesh, on a build-operate-transfer (BOT) basis. KIPL
signed a concession agreement with Madhya Pradesh Road Development
Corporation Ltd in June 2007; the concession period expires in
March 2033. Construction work commenced on April 1, 2008, and the
project was completed in two phases; tolling for Phase I commenced
from March 20, 2010, and for Phase 2 from April 16, 2011. KIPL is
a part of the Indore-based Keti group promoted by Mr. Kedar Mal
Jakhetia and his family.


MURLIKRISHNA FOODS: CRISIL Puts 'BB-' Ratings on INR68MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Murlikrishna Foods Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               10      CRISIL BB-/ Stable
   Rupee Term Loan           40      CRISIL BB-/ Stable
   Proposed Long-Term        18      CRISIL BB-/ Stable
   Bank Loan Facility

The rating reflects the extensive experience of MFPL's promoters
in the chicory processing industry, and favorable industry
prospects. These rating strengths are partially offset by the
exposure to risks related to project implementation and
stabilisation.

Outlook: Stable

CRISIL believes that MFPL will benefit over the medium term from
its promoters' extensive experience in the chicory processing
industry. The outlook may be revised to 'Positive' if MFPL
successfully implements the project and significantly improves its
scale of operations and profitability, post stabilisation of its
operations. Conversely, the outlook may be revised to 'Negative'
if the company incurs time or cost overruns in project
implementation, resulting in low accruals or lengthening of its
working capital cycle, thereby constraining its liquidity.

MFPL was incorporated in 2012 by the Varshney family. The company
is scheduled to commence operations in June 2013, and will produce
chicory in liquid and powder form. These products will be used as
sweetening agents, and blended with coffee powder.


PAULOMI ESTATES: CRISIL Rates INR200MM Bank Loan at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-term
bank facilities of Paulomi Estates Pvt Ltd continues to reflect
PEPL's exposure to the risks and cyclicality inherent in the real
estate sector, and to implementation-related risks associated with
its ongoing real estate project, which can affect the project
saleability, and therefore, its operating cash flows. These rating
weaknesses are partially offset by the extensive experience of
PEPL's promoters in the real estate industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       200      CRISIL B+/Stable
   Bank Loan Facility

Outlook: Stable

CRISIL believes that PEPL will continue to benefit over the medium
term from its promoter's extensive experience in the real estate
industry. The outlook may be revised to 'Positive' if the company
generates more-than-expected cash flows, most likely through early
completion of, or achieves bookings that are higher than expected
from, its ongoing project, thereby strengthening its financial
flexibility. Conversely, the outlook may be revised to 'Negative'
if PEPL faces any delays in project completion and in customer
receipts, or a cost overrun in the project, or a significant fall
in realisations.

PEPL was incorporated in 2005, promoted by Mr. J Madan Mohan Rao;
it undertakes residential real estate projects in Hyderabad
(Andhra Pradesh). The company is currently constructing a villa
project in Kokapet, Hyderabad. It plans to diversify its business
by entering the solar power industry in Andhra Pradesh.


RK STEELS: CRISIL Assigns 'BB' Ratings to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facilities of R.K. Steels.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                6.7      CRISIL BB/Stable
   Cash Credit             80.0      CRISIL BB/Stable
   Proposed Cash Credit    13.3      CRISIL BB/Stable
   Limit

The rating reflects the extensive experience of RKS's promoters in
the wire industry, and its moderate financial risk profile, marked
by low gearing and moderate debt protection metrics. These rating
strengths are partially offset by RKS's working-capital-intensive
business and susceptibility to volatility in raw material prices.

Outlook: Stable

CRISIL believes that RKS will continue to benefit from its
promoter's extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if RKS scales up its
operations and profitability significantly while maintaining its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case RKS's financial risk profile deteriorates due
to substantial debt-funded working capital requirements.

RKS was set up in 2007 as a proprietorship firm by Mr. Rakesh
Mahajan. The firm manufactures several types of wires such as
steel wires, galvanised iron wires, chain spring wires, Hard
Bright (HB) wires, among others at its facility in Kangra
(Himachal Pradesh).

RKS reported a book profit of INR17.5 million on net sales of
INR488.5 million for 2011-12 (refers to financial year, April 1 to
March 31), as against a book profit of INR28.1 million on net
sales of INR379.1 for 2010-11.


SACHDEVA RICE: CRISIL Assigns 'B' Ratings to INR70MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sachdeva Rice and General Mills.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL B/Stable
   Term Loan                 10      CRISIL B/Stable

The rating reflects SRGM's weak financial risk profile, marked by
a highly leveraged capital structure and weak debt protection
metrics. This rating weakness is partially offset by the benefits
that SRGM derives from its partners' extensive experience in the
rice industry.

Outlook: Stable

CRISIL believes that SRGM will continue to benefit over the medium
term from its partners' extensive experience in the rice industry.
The outlook may be revised to 'Positive' if the firm registers
significant increase in its revenues and profitability, leading to
improvement in its financial risk profile, or benefits from
significant infusion of capital, resulting in improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if SRGM undertakes any aggressive, debt-funded
expansions, or if its revenues and profitability decline
substantially, resulting in deterioration in its financial risk
profile.

SRGM was set up in 2008 by Mr. Sachit Sachdeva and his family. It
is a partnership firm based in Fazilka (Punjab). The firm
processes paddy into basmati rice with processing capacity of 3
tonnes per hour.


SARASWATHI ENG'G: CRISIL Rates INR35MM Loan at 'CRISIL B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Saraswathi Engineering Construction Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          50.00     CRISIL A4
   Overdraft Facility      35.00     CRISIL B/Stable

The ratings reflect SEPL's small scale of, and working-capital-
intensive operations on account of the tender-based nature of its
business. The ratings also factor in the firm's average financial
risk profile marked by a small net worth. These rating weaknesses
are partially offset by the extensive experience of SEPL's
promoters in the civil construction industry and stable business
profile arising from its planned diversification in to the real
estate industry.

Outlook: Stable

CRISIL believes that SEPL will continue to benefit over the medium
term from its promoter's extensive industry experience, however
liquidity might get constrain due to reliance on external funds
for its future diversification plans in to real estate industry.
The outlook may be revised to 'Positive' if SEPL strengthens its
business risk profile by successfully bidding for more civil
construction projects, and significantly increases its revenues
and profitability, while maintaining the capital structure.
Conversely, the outlook may be revised to 'Negative' if SEPL's
revenues and profitability decline substantially or the company
faces considerable delays in realisation of receivables, or it
undertakes a larger-than-expected, debt-funded capital expenditure
programme, thereby weakening its financial risk profile,
particularly liquidity.

Set up in 1984 as a partnership firm, SEPL got its present name
when it reconstituted as a private limited company in 1986. It is
managed by Mr. P Kandasamy and family. The company is a civil
contractor (majorly buildings) and has plans to diversify into
real estate projects. The company is based in Erode (Tamil Naidu).


SPL PLAST: CRISIL Assigns 'B+' Ratings to INR35MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facilities of SPL Plast Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              12.5     CRISIL B+/Stable
   Term Loan                22.5     CRISIL B+/Stable

The rating reflects SPLPPL's initial phase and small scale of
operations, its vulnerability to fluctuations in raw material
prices, and its aggressive capital structure. These rating
weaknesses are partially offset by the strong financial and
managerial support that the company is likely to receive from its
promoters, the Varmora group.

Outlook: Stable

CRISIL believes that SPLPPL will continue to benefit over medium
term from the financial and managerial support of its promoter.
The outlook may be revised to 'Positive' if the company improves
its scale of operations along with healthy profitability, leading
to its higher-than-expected accruals. Conversely, the outlook may
be revised to 'Negative' if SPLPPL's financial risk profile
deteriorates, most likely due to lower-than-expected accruals or a
stretched working capital cycle, or significant debt-funded
capital expenditure.

Incorporated in 2012, SPLPPL is part of the Varmora group,
promoted by Mr. Hirenbhai Patel and family. The company
manufactures polycarbonate food-grade bottles at its facility in
Gandhinagar (Gujarat). It started its operations in February 2013.

SPLPPL, on a provisional basis, reported net sales of INR2.4
million for 2012-13 (refers to financial year, April 1 to
March 31).


SUBNIL PACKING: CRISIL Places 'B' Ratings on INR82.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Subnil Packing Machines Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       27.5     CRISIL B/Stable
   Bank Loan Facility

   Letter of Credit         10.0     CRISIL A4

   Bank Guarantee            7.5     CRISIL A4

   Cash Credit              55.0     CRISIL B/Stable

The ratings reflect SPMPL's small scale of operations, and
customer concentration. The ratings also factor in the company's
below-average financial risk profile marked by a high capital
structure. These rating weaknesses are partially offset by the
benefits that SPMPL derives from its promoters' extensive
experience in the tube filling industry and its diversified end-
user profile.

Outlook: Stable

CRISIL believes that SPMPL will continue to benefit over the
medium term from its promoters' industry experience and its
established relationships with its key customers. The outlook may
be revised to 'Positive' in case the company scales up its
operations and profitability on a sustained basis, while it
maintains its capital structure, resulting in better-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' in case the company registers decline in its revenues
because of reduced offtake from its customers or undertakes a
large, debt-funded capital expenditure programme, leading to
furtherweakening of its financial risk profile.

SPMPL was set up in 1988 in Hyderabad (Andhra Pradesh). It
primarily manufactures tube filling machines. The company's day-
to-day operations are managed by its promoter, Mr. Rajesh
Subramaniam.

SPMPL reported a profit after tax (PAT) of INR2 million on net
sales of INR100 million during 2011-12 (refers to financial year,
April 1 to March 31) as against PAT of INR2 million on net sales
of INR90 million during 2010-11.


SURANA METACAST: CRISIL Puts 'B-' Ratings on INR174.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Surana Metacast (India) Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               64.0      CRISIL B-/Stable

   Proposed Long-Term       0.5      CRISIL B-/Stable
   Bank Loan Facility

   Cash Credit            110.0      CRISIL B-/Stable

   Letter of Credit        25.0      CRISIL A4

The ratings reflect SMPL's start-up nature, and, hence, small
scale, of operations in the intensely competitive steel industry,
and average financial risk profile; the ratings also factor in the
vulnerability of the company's operating margin to volatility in
raw material prices. These rating weaknesses are partially offset
by the benefits that SMPL derives from its promoters' extensive
experience in the steel industry.

Outlook: Stable

CRISIL believes that SMPL will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case the
company successfully stabilizes its operations, resulting in
higher-than-expected topline and profitability, and, hence, a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case SMPL records a lower-than-expected
operating margin or sub-optimum capacity utilization, resulting in
insufficient cash accruals to service its term debt on time.

SMPL, incorporated in 2011, is promoted by the Gujarat-based
Surana family. The company has set up a facility to manufacture
mild steel billets/ingots and rounds at Mandali near Mehsana
(Gujarat). The company started commercial production in February
2013.


TRIPATHI HOSPITAL: CRISIL Rates INR90MM Term Loan at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Tripathi Hospital Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 90      CRISIL B/Stable

The rating reflects THPL's small scale of operations and risks
related to implementation of its ongoing multi-specialty hospital
project. The rating also factors in risks attached to successful
stabilisation of operations and hence, achievement of revenues and
cash accruals. These rating weaknesses are partially offset by the
benefits that the company derives from the extensive industry
experience of the promoters.

Outlook: Stable

CRISIL expects THPL to maintain its stable business risk profile
over the medium term, backed by its promoter's extensive industry
experience and established market position. The outlook may be
revised to 'Positive' if the company significantly expands its
scale of operations aided by timely implementation and
stabilisation of the proposed hospital along with an improvement
in operating profitability, resulting in higher than expected cash
accruals and hence, improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's scale of operations remain stagnant and financial and
liquidity risk profile deteriorate due to time and cost overruns
in the proposed project or larger than expected debt funded
capital expenditure.

Incorporated in November 2001, Tripathi Hospital Pvt Ltd is
engaged in the business of providing medical services in the
fields of Orthopedics and Gynecology/Obstetrics. The hospital
first established as a partnership firm in 2000 was later
converted into a private company in 2001. The husband and wife duo
of Mr. B.K. Tripathi and Mrs. Nidhi Tripathi actively manage the
hospital. The company is in the process of setting up a 100 bedded
hospital in Noida.


V S METACAST: CRISIL Assigns 'B' Ratings to INR180MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of V S Metacast Pvt Ltd.

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

   Bank Guarantee             7.5    CRISIL A4

   Cash Credit              120.0    CRISIL B/Stable

The ratings reflect VSML's start-up nature, and small scale, of
operations in fragmented and highly competitive steel industry,
weak financial risk profile marked by high gearing and weak debt
protection metrics and vulnerability of operating margin to
volatility in raw material prices. These rating weaknesses are
partially offset by the promoters' extensive experience in steel
industry.

Outlook: Stable

CRISIL believes that VSML will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' in case the
company successfully stabilizes its operations, resulting in
higher-than expected topline and profitability and, hence, better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case VSML records a lower-than-expected operating
margin or sub-optimum capacity utilization, resulting in
insufficient cash accruals to service its term debt on time.

VSML, a private limited company, was incorporated in 2011 and is
promoted by the Gujarat based Agarwal group. The Agarwal group is
into manufacturing of various steel products since 1972. VSML is
installing a manufacturing facility of mild steel (MS)
billets/ingots and rounds at Ahmedabad (Gujarat). The construction
of the facility as well as the machinery procurement and
installation is complete. The operations started in April 2013.
The directors of VSML are Mr. Vivek Agarwal and his uncle, Mr.
Anil Agarwal.


VTC ESTATES: CRISIL Assigns 'B' Ratings to INR80MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of VTC Estates.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                61.1     CRISIL B/Stable
   Cash Credit               5.0     CRISIL B/Stable
   Proposed Long-Term       13.9     CRISIL B/Stable
   Bank Loan Facility

The rating reflects VTC's small scale of operations, with its
limited track record and its exposure to competition and cyclical
trends in hospitality industry. The rating also factors in the
firm's below-average financial risk profile, marked by small net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by the funding support extended to VTC by its
partners and the strategic location of its hotel.

Outlook: Stable

CRISIL believes that VTC will continue to benefit from the funding
support extended by its partners, over the medium term. The
outlook may be revised to 'Positive' in case VTCE generates
higher-than-expected cash accruals, led by significant ramp up in
its occupancy levels. Conversely, the outlook may be revised to
'Negative' in case the firm faces continued pressure on its cash
accruals, thereby weakening its liquidity further.

Established in August 2008 as a partnership firm, VTC owns and
operates a 3-star hotel called The TOY Hotel in Chandigarh
(Punjab). The hotel has 25 rooms, which include five designer
suites. Facilities offered by the hotel include a restaurant, two
banquet halls, a bar and a lounge. It commenced operations in
November 2010.



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


SOUTH TARANAKI: Medical Trust Set to Go Into Liquidation
--------------------------------------------------------
Taranaki Daily News reports that the trust governing the failed
SouthCare medical centre is about to go into voluntary
liquidation, leaving many former employees out of pocket.

Taranaki Daily relates that a nurses' union representative said
staff are owed a significant amount of wages and annual leave by
the abrupt closure.

The South Taranaki Medical Trust has moved to assure staff that
getting them their pay was the priority, the report says.

But New Zealand Nurses' Organisation (NZNO) Taranaki organiser
Chrissy Darth said staff were still waiting for their final pay
almost three weeks after the doors were shut, according to
Taranaki Daily.

The report relates Ms. Darth said an information gap meant staff
couldn't even work out how much was owed to them.

According to the report, Trust spokeswoman Ainsley Luscombe said
the centre's closure was a "pretty disappointing" outcome and
paying staff was their top priority.

"The trust is currently going through the process of appointing a
liquidator to wind up the trust, and as soon as this process is
completed staff will be contacted and updated on the situation,"
the report quotes Ms. Luscombe as saying.



===============
X X X X X X X X
===============


* EMEA Bldg Materials Sector to Remain Stable Thru 2014
-------------------------------------------------------
The outlook for the EMEA building materials sector will remain
stable over the next 12-18 months as aggregate EBITDA growth is
likely to remain flat to slightly positive, says Moody's in its
latest Industry Outlook report on the sector published. The EMEA
building materials sector's outlook has been stable since April
2011.

The new report, entitled "EMEA Building Materials: Cement Volume
Growth in Emerging Markets, North America Underpin Stable
Outlook", is now available on www.moodys.com. Moody's subscribers
can access this report via the link provided at the end of this
press release

Moody's forecasts that aggregate EBITDA growth in the EMEA
building materials sector will be between -4% and +4% over the
next 12-18 months, and more towards the upper end of that range,
between flat and 4% growth, in 2013, with large discrepancies
between European-focused producers and more geographically
diversified companies.

Over the next 12-18 months, Moody's expects most EMEA buildings
materials companies to focus on deleveraging to restore stronger
credit metrics and regain investment-grade ratings. This could
result in very little M&A activity.

"We expect to see good volume growth in Asia-Pacific and Latin
America as well as mid-single-digit increases in cement volumes in
North America, which will compensate for a mid-single-digit
decline in cement volumes in Western Europe in 2013. Demand will
remain very heterogeneous across Europe," says Stanislas
Duquesnoy, a Vice President - Senior Credit Officer in Moody's
Corporate Finance Group and author of the report.

In addition, Moody's expects energy costs to be more benign than
they were in 2012. Cement producers with more exposure to emerging
markets should continue to see higher cost inflation than more
European-focused peers because of inflation-related payroll and
logistics costs.

Moody's also notes that, due to new accounting changes in 2014,
issuers will no longer be able to account for joint ventures using
the proportional consolidation method and will have to switch to
equity consolidation. Lafarge SA (Ba1 stable), HeidelbergCement AG
(Ba1 stable) and CRH (Baa2 stable) will be affected the most
because more than 5% of their revenues are generated from joint
ventures.

Moody's could change its outlook for this industry to positive if
it believes that aggregated EBITDA growth is likely to exceed 4%
over the coming 12-18 months. This is unlikely at present, but
could occur if the European market recovers faster than
anticipated or if there is sustained growth in the US private
residential and commercial construction sectors, coupled with
continued growth in emerging markets. Moody's would consider
changing the outlook to negative if EBITDA growth declines by more
than 4% due to a fall in volumes resulting from more pronounced
macroeconomic pressure or a spike in inflation, both of which
would exert pressure on margins.


* Fitch Sees Lower Volatility For Memory Chip Sector
----------------------------------------------------
Fitch Ratings expects global memory chip makers to experience a
more moderate level of cyclicality due to supply side capacity
adjustments and bourgeoning demand in emerging markets for
smartphones and tablet PCs.

Fitch recently revised SK Hynix Inc.'s (Hynix, BB) outlook to
Positive, taking the view that the company's credit profile is
likely to benefit from a tighter supply-demand balance. The key
reasons were chip makers' conservative capacity control, the
oligopoly structure of the industry following the merger of Elipda
Memory Inc. into Micron Technology Inc. (the world's third and
fourth largest dynamic random access memory (DRAM) makers
respectively), and the gradual exit of second-tier Taiwanese
manufacturers. Historically the memory semi-conductor business has
been plagued by a high degree of cyclicality and over-capacity,
and this has acted as a constraint on Hynix's ratings.

Prices of commodity DRAMs used in PCs have rebounded by more than
60% since November 2012 with the average contract price of DDR3
4GB rising to USD25.5 in May 2013 from about USD15.5 in November
2012 according to DRAMeXchange. This stands in stark contrast to a
record 14% yoy decline in global PC shipments in Q113 amidst
anaemic economic growth in developed markets.

The recent strength in DRAM prices is largely due to shifting
product mix and supply side factors. Conservative capacity
expansion and the ongoing capacity allocation shift away from
commodity DRAMs used in PCs towards more profitable specialty
usages, including DRAMs for servers and mobile phones (mDRAM), has
played a vital role in addition to industry exit and consolidation
activity. Moreover, PC manufacturers, aware of these supply side
dynamics, have actually been stocking up on DRAM inventories to
avoid any potential shortages as and when the PC market recovers.

The Korean market leaders, Samsung Electronics (Samsung,
A+/Stable) and Hynix, have lowered their portion of commodity
DRAMs to less than 20% and 40% of the total supply respectively in
Q113. Under this environment, Hynix's DRAM business, which
accounted for 71% of total revenues in Q113, has turned profitable
and helped the company's overall EBIT margin to improve to 11% in
Q113 from only 2% in Q412 (2012 EBIT margin: -2.2%).

Strong growth momentum for mDRAM demand is likely to be maintained
in 2013 and 2014 given the ongoing proliferation of smartphones
and tablet PCs. Competition in the mDRAM segment has intensified
leading to significant price erosions as industry players seek to
limit their exposure to PC DRAM. Nevertheless the outlook for the
mDRAM sub-sector remains robust on the back of bourgeoning demand
for low- to mid-end smartphones and tablets in emerging markets,
especially China. In addition, the largest supplier, Samsung, is
reserving at least 70% of its total output for its own mobile
devices which limits the market supply.

Hynix is the second largest mDRAM maker with a 21.7% market share
in Q113, and the product accounts for about 30% of the company's
total DRAM revenue. Apple is Hynix's largest mDRAM customer, but
comparatively weak iPhone sales in the March quarter was negative
for Hynix. Fitch believes this risk could be partially mitigated
if Samsung ends up sourcing Hynix's chips for a portion of its
Galaxy smartphone series. In addition, rising demand from China is
also positive.

Hynix recorded an EBIT loss in 2012 due to weak chip prices
despite gradual improvement in H212. However, its EBIT margin
recovered to 11% in Q113, and Fitch forecasts that Hynix's overall
DRAM segment will achieve 17% revenue growth with 10% EBIT margin
in 2013 (2012: -5.6%), largely on the back of expected strong
demand for mobile and server DRAMs, as well as a stronger
contribution from the PC DRAM segment.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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.



                 *** End of Transmission ***