TCRAP_Public/130715.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, July 15, 2013, Vol. 16, No. 138


                            Headlines


A U S T R A L I A

GM HOLDEN: Asks Federal Government to Almost Double Pledged Aid
LISA HO: In Liquidation; Owner Buys IP to Company's Brand Name
ORTHO GROUP: Owners in Administration, Jobs Uncertain
* E&Y Sees More Receiverships, Distressed Sales in Mining Sector


C H I N A

CITIC RESOURCES: Moody's Changes Outlook on Ba3 Ratings to Stable


I N D I A

AL NAFEES: CRISIL Upgrades Ratings on INR1.98BB Loan to 'BB+'
AMBIKA ELECTRONICS: CRISIL Rates INR65MM Loan at 'CRISIL B+'
ASOMI FINANCE: CRISIL Reaffirms 'B+' Ratings on INR492.5MM Loans
AXIS NIRMAN: CRISIL Assigns 'B+' Ratings to INR137.5MM Loans
BALLARPUR INDUSTRIES: S&P Lowers CCR to 'B+'; Outlook Negative

BHANU FARMS: CRISIL Assigns 'D' Ratings to INR253.5MM Loans
CALYX-MAJESTIQUE PROPERTIES: CRISIL Rates INR150MM Loan at 'BB'
JAIKA AUTOMOBILES: CRISIL Rates INR150MM Cash Credit at 'BB-'
MAHAVIR RICE: CRISIL Assigns 'BB-' Ratings to INR500MM Loans
MANISHA AGRO: CRISIL Assigns 'B' Ratings to INR60MM Loans

PUSHPAK MARKTRADE: CRISIL Ups Ratings on INR255MM Loans to 'BB-'
RUCHITA GOLD: CRISIL Reaffirms 'BB+' Ratings on INR1BB Loans
SAVITRIDEVI COTTON: CRISIL Reaffirms 'D' Ratings on INR70MM Loans
SHILPA STOCK: CRISIL Rates INR250MM Loan at 'CRISIL BB'
SHREE BALASARIA: CRISIL Rates INR50MM Cash Credit at 'B+'

SHRI BAJRANG: CRISIL Lowers Ratings on INR300MM Loan to 'B+'
SPANDANA SPHOORTY: CRISIL Reaffirms 'D' Rating on INR15BB Loan
T.C. AGRO: CRISIL Reaffirms 'B+' Rating on INR200MM Loan
UNILEC ENGINEERS: CRISIL Reaffirms BB- Ratings on INR64.5MM Loans


I N D O N E S I A

MULTIPOLAR TBK: Fitch Assigns 'B+' LT Issuer Default Rating
MULTIPOLAR TBK: S&P Assigns 'B+' CCR; Outlook Stable


J A P A N

L-JAC 7: S&P Lowers Rating on Class B Certificates to CCC
ORIX-NRL 15: S&P Raises Rating on Class C Certificates to BB


N E W  Z E A L A N D

HANOVER FINANCE: Hotchin, Watson Defamation Case Delayed to April


                            - - - - -


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


GM HOLDEN: Asks Federal Government to Almost Double Pledged Aid
---------------------------------------------------------------
Australian Associated Press reports that Holden has asked the
Federal Government to almost double the money it pledged to keep
the company making cars in Australia.

AAP relates that the company wants a further AUD265 million on top
of the AUD275 million already committed by Canberra, South
Australia and Victoria, a source close to the negotiations told
The Australian, because it cannot make a profit building cars in
Australia.

Its executives calculated that the decision by Ford to cease
manufacturing in 2016 had given Holden extra bargaining power and
it wanted to secure agreement with the Rudd government before an
election to lock in the Coalition in the event of a Labor loss.

"Since the Ford closure announcement, Holden believes it can apply
a lot of pressure to get more money," the source said.

According to the AAP, the Australian reported July 10 Holden was
seeking an extra AUD60 million but it is understood the figure is
significantly higher.

Even if it secures the additional cash, Holden must then get the
agreement of its General Motors parent to retool its Adelaide
plant over the Christmas production break, the report relays.

AAP notes that the source said Holden was losing money on every
car it produced and there was little prospect of turning the
operation around.

Projections using a lower figure of AUD150 million in additional
government support meant it would break even at best and was only
"postponing the inevitable".

"If they get it they'll be back for more," the source said.
"Holden is in a vice and it's tightening."

Holden is trying to negotiate wage reductions of up to AUD200 a
week from its employees to cut costs, which it says are more than
AUD3000 a car higher than GM's best practice.

It has already announced 400 job cuts and a reduction in the
assembly line running rate from 400 to 335 cars a day.

GM Holden is Australia's oldest automotive company, having grown
from a saddlery business established in Adelaide in 1856.  GM
Hoden is the Australian arm of U.S.-based automaker General
Motors Corporation.


LISA HO: In Liquidation; Owner Buys IP to Company's Brand Name
--------------------------------------------------------------
Melinda Oliver at SmartCompany reports that as Lisa Ho Designs
enters liquidation, it has emerged from its administrator that
designer Lisa Ho has bought the intellectual property rights to
the brand name.

Lisa Ho Designs entered liquidation on July 10 as a result of a
creditors meeting, and final entities will be wound up in the next
two weeks, the report says.

According to SmartCompany, administrators Barry Taylor and Todd
Gammel of HLB Mann Judd Sydney said they reached an agreement with
brand owner Lisa Ho regarding the sale of the majority of the
intellectual property of the business.

Mr. Gammel told SmartCompany that Ms. Ho had obtained the rights
to the name and the archive of historical designs. He could not
speculate on what Ms. Ho would do with the intellectual property
rights, stating that was "her decision".

SmartCompany relates that the news follows the separate sale of
Lisa Ho eyewear intellectual property to luxury eyewear producer
and distributor Face Optics on June 28.

According to the report, Mr. Gammel said the arrangement with Face
Optics will result in a return to the secured creditors of the
Lisa Ho business after costs.

"After the extensive sale program, we came to a position that the
sale of the IP to the two separate parties was the best way of
maximising value for these assets," the report quotes Mr. Gammel
as saying.

Administrators HLB Mann Judd were appointed as administrators to
iconic Australian fashion brand Lisa Ho earlier in May.
SmartCompany said Lisa Ho recorded AUD13.05 million in revenue in
2012 but made a loss of AUD2.3 million, which the business
attributed to "one-off issues".  This led to the appointment of
administrators to Lisa Ho Designs and Lisa Ho Retail.

The Lisa Ho chain comprises 10 flagship stores in Australia, two
clearance stores and an online store.


ORTHO GROUP: Owners in Administration, Jobs Uncertain
-----------------------------------------------------
Noel Towell at The Canberra Times reports that healthcare workers
at Ortho Group face an uncertain future after its owners called in
administrators.

The Canberra Specialist Surgical Centre in Deakin is owned by the
troubled national health company Ortho Group, which is battling
debts approaching US$100 million, according to The Canberra Times.

The report notes that Fairfax Media revealed in April that the
Ortho Group was in financial strife and facing an exodus of
surgeons from its operations across Australia.

The report relates that a statement from the Sydney-based company
conceded the crisis surrounding its Canberra business deepened
this year when nine out of 11 orthopaedic surgeons walked away
from the Canberra Specialist Surgical Centre over a contractual
row with Ortho Group.  But the company refused to disclose how
many staff are employed at the centre and co-located business
Capital Specialist Imaging, The Canberra Times relays.

"Ortho Group (Hospitals) Pty Ltd has entered voluntary
administration after six years of operation. . . . While
management has been committed to finding solutions for the
underperforming parts of the business, unfortunately they were
unsuccessful," the statement said, the report relays.

The report notes that Ortho Group said the surgeons' departure
left the centre in Deakin unable to cover its costs and that a
deal to sell the hospital had recently fallen through at the last
minute.

"This had an immediate impact on the costs of maintaining
operations at [Canberra Specialist Surgical Centre] which was
difficult to mitigate in the short term . . . . Negotiations to
sell [Canberra Specialist Surgical Centre] were unsuccessful last
week, leaving the company's directors with no option but to place
the business in to voluntary administration. . . . The
administrators will be considering all options available to them
in respect of [Canberra Specialist Surgical Centre] and Capital
Specialist Imaging in Canberra in order to maximise the return to
stakeholders and will advise their future plans as a matter of
urgency," the statement added, the report relays.


* E&Y Sees More Receiverships, Distressed Sales in Mining Sector
----------------------------------------------------------------
ABC News reports that insolvency experts are predicting more pain
to come over the next six to 12 months as the shakeout in
Australia's mining sector takes hold.

According to the report, restructuring firm Ernst & Young is
expecting to see more receiverships and distressed sales as miners
end their investment and construction phase to focus on
production.

ABC relates that the forecast comes after almost half of the
listed companies exposed to mining services issued profit
downgrades as projects are deferred and market conditions falter.

Ernst & Young's Asia Pacific leader of mining and metals
transactions, Paul Murphy, told AM the slowdown in mining is
starting to reverberate in the sector, especially among companies
with high debt, according to ABC.

"I think that's inevitable. I think things grew so quickly as all
the mining companies were looking at growth at all costs," ABC
quotes Mr. Murphy as saying.

"A lot of inefficient companies went along for the ride with that.
And some companies that have the higher debt levels and are more
vulnerable than others, there will be a rationalisation period
that occurs and some will become insolvent and go to the wall.

"Overall it is a bit of a correction in some ways that had to
happen. What tends to happen during these periods of
rationalisation is that longer-term the industry becomes stronger
and better able to withstand these shocks to slow-downs and
capital expenditure."



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C H I N A
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CITIC RESOURCES: Moody's Changes Outlook on Ba3 Ratings to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed the outlook to stable from
positive the Ba3 corporate family rating of CITIC Resources
Holdings Limited as well as the Ba3 rating on the senior unsecured
notes issued by CITIC Resources Finance (2007) Limited and
guaranteed by CITIC Resources.

The outlook change follows CITIC Resources' profit warning
announcement on July 9, 2013. The profit warning is mainly the
result of weak commodity selling prices from the slowdown of
global economy and a one-off expense related to $201.08 million in
principal amount of bond repurchases in early 2013.

Moody's has also affirmed the Ba3 corporate family rating and
senior unsecured bond rating of CITIC Resources.

Ratings Rationale:

"The outlook change to stable reflects our view that the
commodities businesses of CITIC Resources, mainly coal, aluminum
and manganese, will remain weak in next 6 to 12 months owing to a
slowing Chinese economy and weak global demand. As a result, the
company's earnings and cash flow generation will come under
pressure, thus limiting the upside potential for its rating," says
Simon Wong, a Moody's Vice President and Senior Credit Officer.

"Nonetheless, owing to the relative stable performance of its
exploration and production operations, its adjusted debt/EBITDA
should stay at around 4x and adjusted retained cash flow
(RCF)/debt at 11%-13% in the next 12 months, which still remains
supportive of its current rating level but not strong enough to
warrant an upgrade," adds Wong, who is also an International Lead
Analyst for CITIC Resources.

"Owing to the one-off nature of the expense related to the bond
repurchases and corresponding savings on interest expense, has not
been considered as a factor driving the outlook change," says Kai
Hu, a Moody's Vice President and Senior Credit Officer and Moody's
Local Market Analyst for CITIC Resources.

The Ba3 rating incorporates (1) CITIC Resources' standalone credit
profile, which reflects its small scale, sizable capital spending,
large acquisitive appetite and large exposure to volatile
commodity prices; and (2) a two-notch uplift, based on expected
support from its major shareholder, CITIC Group (Baa2, stable).

CITIC Resources has utilized part of its cash-on-hand to fund the
increased interest in Coppabella and Moorvale Joint Venture
(CMJV), subscription of 7.826% of equity interest in Alumina
Limited and repurchases of $201.08 million bonds in early 2013,
which have weakened its balance sheet liquidity.

However, CITIC Resources has demonstrated access to the bank and
debt markets given its association with the CITIC Group.

The stable outlook reflects Moody's expectation that (1) CITIC
Resources' Hainan-Yuedong project will be completed and its
production will ramp up according to its original schedule and
capex plan; (2) the company will successfully refinance the
remaining $798.92 million $ bonds maturing in May 2014.

The rating could be upgraded if CITIC Resources (1) is prudent in
its acquisitions; (2) maintains stable operations of its core
businesses; (3) achieves full-scale operations of its Hainan-
Yuedong project in 2015.

The credit metrics that Moody's will consider for an upgrade
include RCF/adjusted debt remaining above 15%-20%.

On the other hand, the rating could come under downgrade pressure
if (1) CITIC Resources embarks on a large-than-expected debt-
funded acquisition, or if the acquisition entails a high level of
implementation risk; (2) its financial profile deteriorates, such
that RCF/adjusted debt falls below 10%, and debt/capitalization
exceeds 55% for a prolonged period.

Any weakening in the relationship with CITIC Group -- that lowers
the support level -- will be negative for the rating. Should CITIC
Group's rating be downgraded, the company's support level, and
hence the rating uplift for CITIC Resources, will also be
revisited.

The principal methodology used in this rating was the Global
Independent Exploration and Production Industry published in
December 2011.

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



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I N D I A
=========


AL NAFEES: CRISIL Upgrades Ratings on INR1.98BB Loan to 'BB+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Al Nafees Frozen Food Exports Pvt Ltd (part of the Al Nafees
group) to 'CRISIL BB+/Stable' from 'CRISIL BB/Stable', and has
reaffirmed the rating on the company's short-term bank facilities
at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit             1,980      CRISIL BB+/Stable (Upgraded
                                      from 'CRISIL BB/Stable')

   Foreign Bill            1,000      CRISIL A4+ (Reaffirmed)
   Discounting

   Bank Guarantee             12.6    CRISIL A4+ (Reaffirmed)

   Term Loan                   7.4    CRISIL BB/Stable (Upgraded
                                      from 'CRISIL BB/Stable')

The rating upgrade reflects CRISIL's belief that the Al Nafees
group's liquidity will improve over the medium term, backed by the
group's healthy net cash accruals. The Al Nafees group's net cash
accruals for 2013-14 (refers to financial year, April 1 to March
31) are expected to be more than INR500 million, about 50 per cent
higher than the levels previously expected. The expected net cash
accruals will be adequate against the annual term loan repayment
of about INR110 million. The improvement in net cash accruals is
expected to be driven by sustained healthy growth of more than 15
per cent over the medium term, backed by healthy demand from its
targets markets in over 25 countries and by its moderate operating
profitability of about 7 per cent.

The ratings reflect the Al Nafees group's established market
position in the processed meat industry, supported by its
promoters' extensive industry experience, and the group's healthy
net worth and moderate debt protection metrics. These rating
strengths are partially offset by the Al Nafees group's working-
capital-intensive operations, resulting in a weak capital
structure, and the susceptibility of the group's revenues to
unfavorable changes in government regulations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ANFF and its group entities, Al Nafees
Proteins Pvt Ltd, Al Tamash Exports Pvt Ltd, Prestige Food
Exports, and Al Super Frozen Foods Pvt Ltd.  This is because these
entities, together referred to as the Al Nafees group, are in the
same line of business, and have intra-group operational and
financial linkages.

Outlook: Stable

CRISIL believes that the Al Nafees group will maintain its
established market position, supported by healthy demand from its
target markets. The outlook may be revised to 'Positive' if the Al
Nafees group's revenue growth and profitability exceed
expectations, and if the group efficiently manages its working
capital requirements, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the Al Nafees group's liquidity weakens significantly, most likely
on account of increase in its working capital requirements, or if
its financial risk profile weakens because of decline in its
revenues and profitability, or if the group undertakes a
significant debt-funded capital expenditure programme.

ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. The group consists of four other companies - ANP,
ATE, PF and ASFF - which are involved in similar businesses. ANP,
a subsidiary of ANFF, processes sheep and goat meat, while ATE is
a cold storage wherein the group companies also store their
products. PF processes fish, while ASFF processes buffalo meat.

The Al Nafees group's profit after tax (PAT) is estimated at
INR420 million on revenues of INR13.3 billion for 2012-13, against
a PAT of INR290 million on revenues of INR9.9 billion for 2011-12.


AMBIKA ELECTRONICS: CRISIL Rates INR65MM Loan at 'CRISIL B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Ambika Electronics.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Secured Overdraft        65       CRISIL B+/Stable
   Facility

The rating reflects AE's modest scale of operations in the
intensely competitive electronic equipment trading industry, and
below-average financial risk profile marked by weak debt
protection metrics and a modest net worth. These rating weaknesses
are partially offset by the extensive industry experience of AE's
partners.

Outlook: Stable

CRISIL believes that AE will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case the firm registers
significant improvement in its scale of operations and
profitability, or benefits from substantial equity infusion by its
promoters, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if AE records
increase in its working capital requirements, resulting in
deterioration in its liquidity, or if the firm undertakes a large,
debt-funded capital expenditure programme, resulting in weakening
of its capital structure.

AE was established as a partnership firm in 1990 by Mr. Ramesh
Aithal and Mr. Shantharam Holla. The firm, based in Bengaluru
(Karnataka), the business of trading in electronic equipment; it
currently distributes electronic equipment of LG and Toshiba.

AE reported a net profit of INR0.2 million on revenues of
INR91.2 million for 2011-12 (refers to financial year, April 1 to
March 31), against a net profit of INR0.18 million on revenues of
INR116.7 million for 2010-11.


ASOMI FINANCE: CRISIL Reaffirms 'B+' Ratings on INR492.5MM Loans
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Asomi Finance Pvt Ltd
continues to reflect the company's modest scale of operations with
regional concentration in its revenue profile, and its exposure to
risks inherent in the microfinance sector. These rating weaknesses
are partially offset by Asomi Finance's adequate capitalisation.
The access to funding has marginally improved in recent months.

                           Amount
   Facilities            (INR Mln)  Ratings
   ----------            ---------  -------
   Long-Term Bank         161.6     CRISIL B+/Stable (Reaffirmed)
   Facility

   Proposed Long-Term     330.9     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

In the light of recent developments in the West Bengal chit funds
sector, there exists a risk that the contagion may spread to the
neighbouring states. If that happens, it can adversely impact the
asset quality of micro finance companies' operating in these
neighbouring states. In this context, CRISIL will continue to
monitor Asomi Finance's asset quality closely, especially if some
of its borrowers have been affected by the chit funds episode.

Outlook: Stable

CRISIL believes that Asomi Finance will remain adequately
capitalised over the medium term. The outlook may be revised to
'Positive' if the company consistently raises debt to fund its
growth plans, or to scale up its operations; and significantly
improves its earnings profile while maintaining its asset quality.
Conversely, the outlook may be revised to 'Negative' if Asomi
Finance reports a substantial weakening in its asset quality or
capitalisation.

Asomi Finance, the erstwhile Arham (India) Finance Pvt. Ltd, is a
non deposit taking non banking financial company. The company was
taken over by Mr. Subhra Bharali,a post graduate in Rural
Development from Institute of Rural Management Anand (IRMA), in
2008. In 2008-09 (refers to April 1 to March 31), Rural Implus
Fund 1, a sector specific fund invested INR 80 million of equity
and compulsory convertible preference shares in Asomi Finance. The
microfinance operations were started under the acquired company in
February 2009. As on September 30, 2012, the company's operations
were spread across 48 branches in 18 districts of Assam.

Prior to Asomi Finance, Mr. Subhra Bharali worked with the
Ministry of Rural Development for two years and later he was
associated with ASOMI (Society) for doing development activities
in the state of Assam along with a few professionals. Mr. Bharali,
resigned from the post of secretary of ASOMI (Society) with effect
from May 30, 2011. In October 2011, after Mr.Bharali's
resignation, ASOMI (Society) defaulted on loans to Small
Industries Development Bank of India due to asset quality issues.

As on September 30, 2012, Asomi Finance had loans outstanding of
INR339.60 million disbursed to 72,527 borrowers. In 2011-12
(refers to financial year April 1 to March 31), Asomi Finance
reported a net profit of INR4.9 million on a total income of
INR87.4 million as against a net profit of INR7.4 million on a
total income of INR76.4 million in 2010-11. For the half year
ended September 30, 2012, Asomi Finance reported a net profit of
INR4.11 million on a total income of INR44.56 million.


AXIS NIRMAN: CRISIL Assigns 'B+' Ratings to INR137.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Axis Nirman and Industries Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                7.5      CRISIL B+/Stable

   Proposed Term Loan      40.0      CRISIL B+/Stable

   Cash Credit             36.0      CRISIL B+/Stable

   Proposed Cash Credit    54.0      CRISIL B+/Stable
   Limit

The rating reflects ANIL's below-average financial risk profile,
marked by a small net worth and a high gearing, and modest scale
of operations in the intensely competitive jute industry. These
rating weaknesses are partially offset by the extensive experience
of ANIL's promoters and the company's strong relations with its
key customers.

Outlook: Stable

CRISIL believes that ANIL will continue to benefit over the medium
term from its promoters' extensive experience in the jute industry
and the ultramarine blue pigments industry. The outlook may be
revised to 'Positive' if the company registers improvement in its
liquidity on account of efficient working capital management or
significant improvement in its operating profitability and
revenues resulting in better cash accruals. Conversely, the
outlook may be revised to 'Negative' in case ANIL's working
capital cycle lengthens further or if the company undertakes a
larger-than-expected, debt-funded capital expenditure programme,
resulting in deterioration in its financial risk profile.

ANIL, incorporated in 1988 by Mr. Aditya Sarda and his group
companies, manufactures laundry grade ultramarine blue pigments
and trades in jute products.

ANIL reported a provisional profit after tax (PAT) of INR2 million
on net sales of INR299 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR1 million on net
sales of INR202 million for 2011-12.


BALLARPUR INDUSTRIES: S&P Lowers CCR to 'B+'; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit ratings on India-based paper
manufacturer Ballarpur Industries Ltd. (BILT) and its core
subsidiary Ballarpur International Graphic Paper Holdings B.V.
(BIGPH) to 'B+' from 'BB-'.  The outlook on the ratings is
negative.

"We lowered the ratings because we believe BILT's significantly
weakened financial performance is unlikely to improve to a level
commensurate with a 'BB-' rating over the next 12-18 months," said
Standard & Poor's credit analyst Wee Khim Loy.  This is even
though S&P anticipates that the company's operating performance
will improve in the period.

S&P revised its assessment of BILT's financial risk profile to
"highly leveraged" from "aggressive."  S&P assess the company's
business risk profile as "fair."

S&P considers BIGPH to be a core subsidiary of BILT and analyze
the companies on a consolidated basis.  S&P has therefore
equalized the rating on BIGPH with that on BILT.

S&P expects BILT's debt to remain high over next 12-18 months
because the company's free operating cash flow (FOCF) will be only
marginally positive in the period.  Improved profitability and low
capital expenditure will drive the improvement in FOCF, which was
negative for over the past four years because of high capital
expenditure.

S&P anticipates that BILT's cash flow ratios will remain weak over
the next two years.  S&P forecasts the company's debt-to-EBITDA
ratio to be more than 5.0x in fiscal 2015, compared with 6.0x in
fiscal 2012.  The ratio of funds from operations to debt is likely
to be about 10% in fiscal 2015, compared with 11% in fiscal 2012.

BILT's operating performance is likely to improve over the next
two years as the company will benefit from a full ramp-up of its
pulp mill in Malaysia, commissioning of a pulp mill in India, and
other operating efficiency measures.  BILT's operating performance
was weaker than S&P expected in fiscal 2013.  Leverage increased
because of high debt, and a weaker-than-expected performance at
the Malaysia operations and India operations.

"The negative outlook reflects the likelihood that BILT's
operating and financial performance may not improve as much as we
anticipate over the next 12-18 months," said Ms. Loy.  "The
negative outlook also reflects the company's continuing covenant
pressure."

"We could lower the ratings if benefits from BILT's pulp capacity
integration and the improvement in the company's operating
efficiency are lower than we anticipated, such that EBITDA
interest coverage falls below 1.75x on a sustained basis.  We
could also lower the rating if the company finds it hard to comply
with its covenants, or faces difficulty in raising funds for
capital expenditure or refinancing," S&P said.

S&P could revise the outlook to stable if: (1) stronger-than-
expected profitability and debt reduction brings BILT's FFO-to-
debt ratio to about 12% on a sustainable basis; (2) the company
does not undertake sizable and debt-funded capital spending or
acquisitions; and (3) BILT faces no near-term covenant pressure.


BHANU FARMS: CRISIL Assigns 'D' Ratings to INR253.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISILD' ratings to the bank
facilities of Bhanu Farms Limited. The rating reflects delays in
servicing term debt obligations due to weak liquidity; driven by
delay in commencement of project.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                150.0     CRISIL D

   Proposed Long-Term         2.3     CRISIL D
   Bank Loan Facility

   Bank Guarantee            41.2     CRISIL D

   Cash Credit               60.0     CRISIL D

BFL also has a modest scale of operations due to initial days of
operations. Rating also reflects BFL's working capital intensive
nature of operations in highly competitive industry. However the
company benefits from extensive industry experience of its
promoters.

Bhanu Farms Limited was incorporated in May 2010 as a closely held
public limited company by Mr. Anant Bangur, Dr. R. Shyam Rungta
and Mr. Gokul Chand Biyani. The company has an integrated cold
chain facility at Ghunsor Village in Jabalpur, Madhya Pradesh
consisting of two Individual Quick Freezing (IQF) processing
plants and one pulping plant for fruit and vegetables with a
combined installed capacity of 5.0 MT/hr. BFL commenced operations
in February 2013. Mr. Anant Bangur manages day to day operations
of the company.


CALYX-MAJESTIQUE PROPERTIES: CRISIL Rates INR150MM Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facility of Calyx-Majestique Properties.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                150       CRISIL BB/Stable

The rating reflects the low demand and funding risks for CMP's
ongoing project, driven by healthy bookings, advantageous location
of the project, and already sanctioned project loan. The rating
also factors in the extensive experience and successful track
record of the firm's partners in the real estate industry in Pune
(Maharashtra). These rating strengths are partially offset by
CMP's susceptibility to project implementation risks, marked by
large pending construction for its project, and its vulnerability
to the cyclicality inherent in the Indian real estate industry.

Outlook: Stable

CRISIL believes that CMP will continue to benefit over the medium
term from its partners' extensive experience in the real estate
industry in Pune. The outlook may be revised to 'Positive' in case
of better-than-anticipated bookings of the balance units in the
firm's project and earlier-than-expected receipt of customer
advances, leading to substantial cash inflows. Conversely, the
outlook may be revised to 'Negative' in case of time or cost
overrun in CMP's project, or slower-than-expected ramp up in
balance customer bookings, leading to diminished cash inflows and
deterioration in its financial risk profile, particularly its
liquidity.

CMP, a partnership firm between Calyx Construction LLP and members
of the Majestique group, was established in 2010. The firm was set
up to undertake residential real estate development in Pune. It is
executing a residential project at Pirangut in Pune, with a
saleable area of around 0.6 million square feet (sq ft), out of
which it is currently undertaking the construction of the first
phase of 0.2 million sq ft.


JAIKA AUTOMOBILES: CRISIL Rates INR150MM Cash Credit at 'BB-'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facility of Jaika Automobiles Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              150      CRISIL BB-/Stable

The rating reflects the extensive experience of JAPL's promoters
in the automobile dealership business, and the company's
established relations with the principal, Hyundai Motors India
Ltd.  These strengths are partially offset by the below-average
financial risk profile, marked by a modest net worth, a high total
outside liabilities to tangible net worth ratio, and subdued debt
protection metrics; and exposure to intense competition in the
automobile dealership segment.

Outlook: Stable

CRISIL believes that JAPL will continue to benefit from the
extensive experience of its promoters in the automobile dealership
segment, over the medium term. The outlook may be revised to
'Positive' if the company reports a significant growth in its
revenues and profitability, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if a slowdown
in the passenger vehicle segment significantly impacts JAPL's
revenue and profitability; or if there is lengthening of its
working capital cycle, thereby adversely affecting its financial
risk profile.

JAPL, part of the Jaika Group, was incorporated in 1960, by the
Kale family. The company is an authorized dealer for passenger
vehicles of Hyundai in Chhattisgarh. It has nine showrooms and
four workshops across the state.

JAPL reported a profit after tax (PAT) of INR7.5 million on net
sales of INR1.1 billion for 2011-12 (refers to the financial year,
April 1 to March 31), and a PAT of INR10.5 million on net sales of
INR1 billion for 2010-11.


MAHAVIR RICE: CRISIL Assigns 'BB-' Ratings to INR500MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the bank
facilities of Mahavir Rice Mills.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                14.5     CRISIL BB-/Stable

   Cash Credit             400.0     CRISIL BB-/Stable

   Proposed Long-Term       85.5     CRISIL BB-/Stable
   Bank Loan Facility

The rating reflects the extensive experience of MRM's promoters in
the basmati rice industry, and regular funding support from the
promoters. These rating strengths are partially offset by MRM's
weak financial risk profile, marked by high gearing and weak debt
protection metrics, and its working-capital-intensive nature of
operations.

Outlook: Stable

CRISIL believes that MRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
capital structure and liquidity, most likely by equity infusion,
higher-than-expected cash accruals, or better working capital
management. Conversely, the outlook may be revised to 'Negative'
if MRM's liquidity or capital structure weakens significantly, its
profitability declines, or it undertakes a larger-than-expected,
debt-funded capital expenditure programme.

MRM was set up in 1987 as a partnership firm by the Assandh,
Karnal (Haryana)-based Kumar family. The firm is promoted and
actively managed by Mr. Suresh Kumar and his brothers, Mr. Ramesh
Chandra, Mr. Raj Kumar, and Mr. Chandgi Ram. It is engaged in
hulling and milling of paddy.

MRM reported, on a provisional basis, a net profit of
INR7.98 million on net sales of INR865.1 million for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
net profit of INR4.04 million on net sales of INR544.2 million for
2011-12.


MANISHA AGRO: CRISIL Assigns 'B' Ratings to INR60MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
Bank facilities of Manisha Agro Industries.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              35        CRISIL B/Stable
   Term Loan                25        CRISIL B/Stable

The rating reflects the firm's weak financial profile marked by
its leveraged capital structure and weak debt protection metrics,
its small scale of operations in the highly fragmented cotton
ginning industry and its vulnerability to changes in government
regulations. These rating weaknesses are partially offset by the
benefits that the firm derives from the extensive industry
experience of its promoters.

Outlook: Stable

CRISIL believes that MAI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning business. The outlook may be revised to 'Positive' if the
company's revenues and profitability increase substantially
leading to an improvement in its financial risk profile or in case
of significant infusion of capital resulting in an improvement in
MAI's capital structure. Conversely, the outlook may be revised to
'Negative' if the company undertakes aggressive, debt-funded
expansions, or if its revenues and profitability decline
substantially leading to deterioration in its financial risk
profile.

Set up in the year 2011 as a partnership firm, MAI is engaged in
ginning and pressing of raw cotton. Based in Adilabad (Andhra
Pradesh), the firm is promoted by Mr. Siraj Ali Rajani, Mr. Mohd
Ali Rajani, Mr. Ismail Bhai Rajani, and Mr. Ameen Ali Rajani.

For 2011-12 (refers to financial year, April 1 to March 31), MAI
reported a profit after tax (PAT) of INR0.32 million on net sales
of INR178.2 million.


PUSHPAK MARKTRADE: CRISIL Ups Ratings on INR255MM Loans to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Pushpak
Marktrade (India) Pvt Ltd to 'CRISIL BB-/Stable/CRISIL A4+' from
'CRISIL B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              135      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit          45      CRISIL A4+ (Upgraded from
                                     'CRISIL B+/Stable')

   Proposed Long-Term        90      CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Letter of Credit          30      CRISIL BB-/Stable

The rating upgrade reflects the substantial improvement in
Pushpak's financial risk profile, backed by infusion of equity and
extension of unsecured loans by the promoters, and stronger
profitability. With equity and unsecured loans of INR44 million
and improvement in operating profitability by 30 basis points in
2012-13 (refers to financial year, April 1 to March 31), Pushpak's
total outside liabilities to tangible net worth ratio has improved
to an estimated 2.9 times as on March 31, 2013, from 3.6 times a
year earlier. The promoters have infused equity of INR5 million in
May 2013, and are expected to again infuse equity of INR5 million
in 2013-14, which would lead to a further improvement in Pushpak's
capital structure.

The ratings reflect the extensive experience of Pushpak's
promoters in the trading industry. This rating strength is
partially offset by the company's weak financial risk profile,
marked by a small net worth and weak debt protection metrics, and
its working-capital-intensive operations.

Outlook: Stable

CRISIL believes that Pushpak will continue to benefit over the
medium term from regular infusion of equity and extension of
unsecured loans by promoters, and steady accretion to reserves.
The outlook may be revised to 'Positive' if there is more-than-
expected improvement in the company's capital structure and
liquidity, backed by higher accretion to reserves. Conversely, the
outlook may be revised to 'Negative' in case of any change in
Pushpak's risk management policy, or if the company's working
capital management deteriorates, leading to weakening of its
financial risk profile, particularly its liquidity.


Set up in 2004 by Mr. Arun Beswal, Pushpak trades in multiple
products such as coal, textile fabrics, scrap iron, steel plates,
plastic granules, and stationery items. The products are sold to a
wide clientele that includes wholesalers, semi-wholesalers, and
commission agents, spread across Gujarat (coal), Rajasthan (scrap
iron and steel products), and Maharashtra (fabrics, plastic
granules).

Pushpak, on a provisional basis, reported a profit after tax (PAT)
of INR3.1 million on net sales of INR995 million for 2012-13; it
had reported a PAT of INR2.2 million on net sales of INR756
million for 2011-12.


RUCHITA GOLD: CRISIL Reaffirms 'BB+' Ratings on INR1BB Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ruchita Gold
Pvt Ltd continues to reflect the extensive experience of RGPL's
promoters in the gold jewellery business and the company's
moderate financial risk profile supported by moderate cash
accruals and regular equity infusion by promoters. These rating
strengths are partially offset by the company's average working
capital management, exposure to intense competition in the
industry, and low operating margin.

                        Amount
   Facilities         (INR Mln)  Ratings
   ----------         ---------  -------
   Cash Credit          680      CRISIL BB+/Stable (Reaffirmed)

   Proposed Long-Term   320      CRISIL BB+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL expects RGPL to maintain its credit risk profile on the
back of long standing experience of the promoters and moderate
financial risk profile supported by moderate cash accruals and
working capital requirements. The outlook may be revised to
'Positive' if the company generates higher-than-expected cash
accruals, leading to significant improvement in debt-protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case of a stretch in working capital cycle or a decline in its
operating margins.

Update

For 2012-13 (refers to financial year, April 1 to March 31),
RGPL's business and financial risk profiles were broadly in line
with CRISIL's expectations. Although RGPL generated lower-than-
expected cash accruals, the company maintained its financial risk
profile supported by promoters' funding.

RGPL has registered a year-on-year growth of 35 per cent for 2012-
13 with revenues of INR4.24 billion primarily led by increase in
realisations because of higher gold prices. The company registered
a volume growth of about 14 per cent year-on-year. RGPL maintained
its operating margin at 3.1 per cent in 2012-13 which was in line
with historical trends as well as CRISIL's expectations. However,
the company registered net cash accruals of INR18 million in 2012-
13 as against INR34 million in the previous year because of
foreign currency loss. It had availed foreign currency demand loan
(FCDL) in 2011-12 and 2012-13 and incurred loss because of rupee
depreciation. RGPL has discontinued using FCDLs and relies on
rupee borrowings for its incremental working capital requirements.
RGPL procures gold on immediate payment basis and its working
capital requirements are, therefore, not expected to increase
because of change in Central Bank's policies on purchase of gold
on credit basis. Although the volume growth is expected to be
subdued over the medium term, CRISIL believes that RGPL will
maintain its business risk profile backed by its promoters'
experience in the industry and its established customer base; the
sustainability of its operating margins will, however, remain a
rating sensitivity factor.

RGPL maintained its financial risk profile despite lower-than-
expected accruals because of funding support from its promoters.
Led by high finance cost for 2012-13 (after factoring the forex
losses), RGPL's interest coverage ratio was about 1.3 times for
the year. However, the company maintained its financial risk
profile, including its liquidity because of equity infusion of
INR45 million in 2012-13. RGPL's total outside liabilities to
tangible net worth ratio was about 3.5 times as on March 31, 2013
which was in line with CRISIL's estimation. RGPL's bank limit
utilisation remained high at an average of about 97 per cent
during the 12 months through April 2013. However, the company does
not have any term debt repayment obligations. CRISIL believes that
RGPL's financial risk profile will remain moderate over the medium
term; however, higher-than-expected reliance on bank borrowings
for incremental working capital requirements will remain a rating
sensitivity factor.

For 2012-13, RGPL has registered a profit after tax (PAT) of
INR17.57 million on net sales of INR4242 million as against a PAT
of INR34 million on net sales of INR3146 million for 2011-12.

RGPL was set up in September 2010 by Mr. Jitendra Jain and his
brother, Mr Kiran Jain. The company retails gold jewellery to
various wholesalers and showrooms in Mumbai and other parts of
Maharashtra. It gets the gold jewellery manufactured on a job-work
basis.


SAVITRIDEVI COTTON: CRISIL Reaffirms 'D' Ratings on INR70MM Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Savitridevi
Cotton & Oil Ltd continues to reflect instances of delay by SCOL
in servicing its debt; the delays have been caused by the
company's weak liquidity. SCOL has weak liquidity because of its
low cash accruals and stretched receivables.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              26.0     CRISIL D (Reaffirmed)

   Term Loan                30.0     CRISIL D (Reaffirmed)

   Proposed Long-Term       14.0     CRISIL D (Reaffirmed)
   Bank Loan Facility

SCOL also has a small scale of operations, and is susceptible to
intense competition in the cotton industry, to unfavorable
regulatory changes, to erratic monsoon, and to volatility in
cotton prices. However, SCOL benefits from its promoters'
extensive experience in the cotton industry.

Update

For 2012-13 (refers to financial year, April 1 to March 31),
SCOL's revenues are estimated at around INR93.8 million, lower
than CRISIL's expectations, against INR216.3 million reported in
2011-12. The decline was mainly on account of poor monsoon during
2012-13. SCOL's liquidity has remained weak on account of large
working capital requirements and low cash accruals. SCOL has an
average financial risk profile, marked by a low gearing of 1.01
times and a modest networth of INR49.8 million as on March 31,
2012, and average debt protection metrics, with net cash accruals
to total debt and interest coverage ratios at 0.13 times and 2.1
times, respectively, during 2011-12. With significant decline in
revenues in 2012-13 as compared with the previous year and
estimated modest operating profitability, CRISIL believes that
SCOL's financial risk profile will remain average over the medium
term, marked by a modest net worth and average debt protection
metrics.

SCOL, incorporated in 2009-10, is a closely held public limited
company that is involved in ginning and pressing of cotton and
extraction of crude oil from cotton seeds. It is promoted by Mr.
Bharat Maruti Patil (based in Sangli [Maharashtra]) and his
colleagues. SCOL was initially set up as a private limited
company; it was reconstituted as a closely held public limited
company in January 2011.

For 2011-12, SCOL reported a profit after tax (PAT) of INR0.03
million on net sales of INR216.3 million, against a loss of INR0.1
million on net sales of INR53.9 million for 2010-11.


SHILPA STOCK: CRISIL Rates INR250MM Loan at 'CRISIL BB'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the various bank facilities of Shilpa Stock Broker Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           160      CRISIL A4+
   Overdraft Facility       250      CRISIL BB/Stable

The ratings reflect the extensive experience of SSBPL's promoters
in the broking business and its moderate capitalisation. These
rating strengths are partially offset by SSBPL's modest market
position, its weak earnings profile and its susceptibility to
uncertainties inherent in the broking business.

Outlook: Stable

CRISIL expects SSBPL to maintain its credit risk profile by
leveraging its expertise in the retail broking business. The
outlook may be revised to 'Positive' if the company substantially
improves its market position and earnings profile. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
SSBPL's capitalisation or if the company diversifies into
unrelated businesses.

Set up in 1998 by Mr. Gopal Maliwal and Mr. Rakesh Nahar, SSBPL is
engaged in the business of retail equity broking. Currently, SSBPL
has eight branches with about 250 franchisees spread across major
cities in India. SSBPL is registered with Security and Exchange
Board of India (SEBI) for cash segment trading at both Bombay
Stock Exchange and National Stock Exchange (NSE), and for futures
and options trading and currency derivatives with NSE.

The company reported a loss of INR13 million on total income of
INR47 million for 2012-13 as against a loss of INR11 million on
total income of INR73 million for 2011-12.


SHREE BALASARIA: CRISIL Rates INR50MM Cash Credit at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shree Balasaria Constructions Pvt Ltd.

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

The rating reflects SBCPL's susceptibility to inherent risks and
cyclicality in the real estate sector and exposure to risks
associated with implementation of its on-going real estate
project. These rating weaknesses are partially offset by the
extensive experience of SBCPL's promoters in the real estate
industry.

Outlook: Stable

CRISIL believes that SBCPL will continue to benefit over the
medium term from the extensive experience of its promoters in real
estate development. The outlook may be revised to 'Positive' if
the company achieves more-than-expected bookings, thereby
increasing its revenues and strengthening its financial
flexibility and cash flow adequacy. Conversely, the outlook may be
revised to 'Negative' if SBCPL faces time or cost overrun in its
on-going project, or if offtake from the project is below
expectations.

SBCPL was formed in 1992 by Mr. M C Balasaria and his family in
Kolkata (West Bengal). The company is in the real estate business;
it develops and constructs residential buildings in and around
Howrah (West Bengal) and Kolkata. Currently, it is developing a
residential complex at Cossipore in Kolkata.


SHRI BAJRANG: CRISIL Lowers Ratings on INR300MM Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shri
Bajrang Alloys Limited to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Bill Discounting         400      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              300      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The rating downgrade reflects CRISIL's expectation that SBAL's
revenues and accruals are likely to be impacted on the medium term
on account of the slowdown in off-take by the power sector which
accounts for a substantial proportion of its revenues. SBAL's
revenues of INR1.29 billion in 2012-13 declined by
19.7 per cent viz-a-viz its revenues for 2011-12. The margins were
stable at around 5.3 per cent. SBAL's financial risk profile also
deteriorated during 2012-13 on account of significant debt
contracted to support the group entities. The gearing increased to
2.25 times as on March 31, 2013 from 1.35 times as on
March 31, 2012. The net cash accruals to total debt (NCATD) were
also low at around 4 per cent in 2012-13.

The support to group entities continues to be a key rating
sensitivity factor.

The rating continues to reflect the benefits that SBAL derives
from the extensive experience of its promoters in the steel
industry coupled with established relationships with suppliers and
customers. These rating strengths are partially offset by the
susceptibility of SBAL's operating margins to volatility in steel
prices, its vulnerability to cyclicality in the steel industry and
to slowdown in off-take by the end-user industry and its below-
average financial risk profile marked by modest net worth and high
gearing.

Outlook: Stable

CRISIL believes that SBAL will continue to benefit from its
promoter's extensive industry experience and established
relationships with its customers and suppliers. The outlook may be
revised to 'Positive' in case there is significant and sustainable
improvement in the company's revenues and profitability, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if SBAL's financial risk profile weakens
further, because of a sharp decline in profitability or revenues,
any large debt-funded capital expenditure or further increase in
exposure to group companies.

Shri Bajrang Alloys Ltd is a part of the Chhattisgarh based Goel
group founded by four brothers - Suresh, Rajendra, Narendra and
Anand Goel. The group has its office in Raipur:

SBAL, the flagship company of the group, established in 1990, is
engaged in the production of structural steel material. The
company has been approved by Power Grid Corporation of India for
supply to their projects apart from supplies to railways, power
projects and telecom sector. SBAL is listed on Bombay Stock
Exchange. Mr. Anand Goel looks after the day-to-day operations of
the company. Another major company in the group is Shri Bajrang
Power & Ispat Limited (SBIPL).

SBPIL was incorporated in 2002 towards continuous backward
integration plan of the group. The company is into the
manufacturing of sponge iron, ferro alloys and power. SBPIL
recently commissioned an integrated steel plant, at a cost of INR
6 billion funded in a debt equity ratio of 3:1.

For 2012-13 (refers to financial year, April 1 to March 31), SBAL
reported a profit after tax (PAT) of INR14 million on net sales of
INR1.29 billion, against a PAT of INR21.4 million on net sales of
INR1.51 billion for FY2011-12.


SPANDANA SPHOORTY: CRISIL Reaffirms 'D' Rating on INR15BB Loan
--------------------------------------------------------------
CRISIL's ratings on Spandana Sphoorty Financial Limited's bank
facilities reflect instances of delay in debt servicing by
Spandana with respect to two banks which are not part of the
company's corporate debt restructuring (CDR) mechanism yet.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Bank         15,000     CRISIL D(Reaffirmed)
   Facility

   Long-Term Bank         10,000     Withdrawn
   Facility

Spandana's debt repayments have been restructured under the CDR
mechanism in September 2011. The debt restructuring package, inter
alia, provided for a revised loan repayment schedule, which began
in April 2012. Spandana has been adhering to the revised debt
repayment schedule for all the lenders as per the CDR master
restructuring agreement - including 36 lenders who are part of the
CDR mechanism. Two banks are, presently, not part of CDR package;
therefore, the original loan repayment schedule still holds in
respect of these banks. Spandana is not adhering to that schedules
and is negotiating with these banks for a one-time settlement of
its dues.

The key features of the CDR package include conversion of
INR10 billion of the INR23-billion debt into optionally
convertible cumulative redeemable preference shares (OCCRPS) and
rescheduling the remainder INR13-billion debt, after a moratorium
of one year, over seven years from April 2012 onwards. The
reduction of INR10 billion of bank facilities is on account of
conversion of bank loans into OCCRPS. The restructured debt
includes commercial papers of INR1.5 billion that have been
converted into term loans as part of the CDR package. The weighted
average interest cost of Spandana's restructured debt has
increased to 12 per cent per annum from 10.5 per cent earlier.
Furthermore, the company's current shareholders have infused INR70
million of equity capital into the company, as per the terms of
the package.

In addition, given Spandana's sizeable exposure to Andhra Pradesh
(59 per cent of loans outstanding as on March 31, 2012), where
recovery rates continue to be weak. The company has completely
written off this portfolio in 2012-13. As a result, the company's
networth stood at INR (-) 8.38 billion as on December 31, 2012
(INR2.12 billion as on March 31, 2012). The company is also in
talks with its lenders for conversion of its OCCRPS of INR10
billion into equity. The constrained funding environment and
challenges associated with adhering to the new regulatory
requirements could constrain the growth of Spandana's business
outside Andhra Pradesh. Any fresh delays in debt servicing by
Spandana and the extent of pressure on its capitalisation will be
key rating sensitivity factors for the company.

Spandana was incorporated as Spandana Sphoorty Innovative
Financial Services Ltd in 2003. It is a non-banking financial
company (NBFC). It took over the microfinance operations of
Spandana, a non-governmental organisation. Spandana's name was
changed to the current one in 2007-08 (refers to financial year,
April 1 to March 31).

Spandana lends predominantly to women. The company's assets under
management reduced to INR22.5 billion as on March 31, 2012 from
INR34.5 billion as on March 31, 2011.

For 2011-12, Spandana reported a net loss of INR1.33 billion on a
total income of INR3.42 billion (provisional), against a net loss
of INR0.10 billion on a total income of INR7.82 billion for the
previous year.

During the nine months ending December 31, 2012, the company
reported a net loss of INR9.9 billion on a total income of INR3.0
billion mainly due to provisioning of INR10.8 billion on the AP
portflio.


T.C. AGRO: CRISIL Reaffirms 'B+' Rating on INR200MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of T.C. Agro Food
Industries continue to reflect TC Agro's working-capital-intensive
operations in a highly fragmented rice industry, and weak
financial risk profile marked by a high gearing, weak debt
protection metrics, and a small net worth. The ratings also factor
in the firm's high dependence on the monsoon and exposure to risks
related to unfavourable changes in government policies. These
rating weaknesses are partially offset by the extensive industry
experience of TC Agro's proprietor, and the benefits that the firm
is expected to derive from the healthy growth prospects of the
basmati rice industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            200      CRISIL B+/Stable (Reaffirmed)
   Packing Credit          30      CRISIL A4 (Reaffirmed)

For arriving at its rating, CRISIL has treated the unsecured loans
of INR130.1 million extended to TC Agro by its proprietors and
family as neither debt nor equity, as these loans are interest-
free in nature and have been subordinated to bank borrowings.

Outlook: Stable

CRISIL believes that TC Agro will continue to benefit over the
medium term from its proprietor's extensive experience in the rice
industry. The outlook may be revised to 'Positive' in case the
firm registers improvement in its financial risk profile, driven
by better-than-expected cash accruals, or in case of equity
infusion by its promoter, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case TC Agro faces further stress on its liquidity, resulting
from lower-than-expected cash accruals or larger-than- expected
working capital requirements and debt-funded capital expenditure.

Update

For 2012-13 (refers to financial year, April 1 to March 31), TC
Agro's operating income increased by an estimated 42 per cent to
about INR1013.8 million, from INR712.2 million in the previous
year. The increase was mainly because of higher demand of, and
high realisation from, basmati rice in the domestic markets in the
previous year. However, at the same time, TC Agro's overall
profitability has declined, mainly because of intense competition
in the basmati rice industry constraining the pricing power of the
firm. TC Agro's operating margin declined to 4.5 per cent in 2012-
13 against an operating margin of 6.2 per cent in 2011-12.

Also, TC Agro's working capital requirements have remained large,
as its operations involve high inventory storage on account of the
seasonal nature of its business. The firm's gross current asset
days stood at 215 as on March 31, 2013 with debtors of around 65
days and inventory of around 150 days. Larger working capital
requirements along with lower cash accruals have resulted in high
dependence on external funds, as reflected in the firm's high bank
limit utilisation of around 95 per cent.

TC Agro has a weak financial risk profile, marked by a high
gearing, a small net worth, and weak debt protection metrics. It
had a gearing of 14.77 times (treating unsecured loans of INR130.1
million as neither debt nor equity) as on March 31, 2013, on
account of its large working capital requirements. Its net worth
stood at INR27.4 million as on March 31, 2013; the net worth has
remained small because of its low accretions to reserves. The
small net worth restricts the financial flexibility available to
the firm in case of any adverse conditions or economic downturns
in the business. TC Agro's debt protection metrics have remained
weak because of its low cash accruals from business. Its interest
coverage and net cash accruals to total debt ratios were at 1.28
times and 0.02 times, respectively, for 2012-13.

TC Agro, on a provisional basis, reported a profit after tax (PAT)
of INR1.9 million on net sales of INR1013.8 million for 2012-13,
against a PAT of INR2.0 million on net sales of INR712.2 million
for 2011-12.

TC Agro was established as a partnership firm in 1995, with Mr.
Ram Gopal Singla and Mr. Rajendra Kumar as partners. In 2002, the
partnership firm was reconstituted as a proprietorship firm with
Mr. Ram Gopal Singla as its proprietor. The firm is involved in
the milling and sorting of basmati rice. It has a manufacturing
unit in Karnal (Haryana) with milling capacity of 14 tonnes per
hour (tph) and sorting capacity of 8 tph.

The firm is in the process of doubling its sorting capacity to 16
tph from current 8 tph. The operations under the new capacity are
expected to commence in October 2013.


UNILEC ENGINEERS: CRISIL Reaffirms BB- Ratings on INR64.5MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Unilec Engineers
Ltd continue to reflect the extensive experience of UEL's
promoters in the electrical equipment industry, and its
established relationships with customers and its suppliers. The
ratings also factor in the company's comfortable financial risk
profile, marked by a healthy capital structure and moderate debt
protection metrics. These rating strengths are partially offset by
UEL's modest scale of operations in the intensely competitive
electrical equipment industry, and its working-capital-intensive
operations.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            55      CRISIL BB-/Stable (Reaffirmed)
   Letter of Credit      120      CRISIL A4+ (Reaffirmed)
   Term Loan               9.5    CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that UEL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, while maintaining its operating
profitability and debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if UEL reports a slowdown in its
revenues or deterioration in its profitability, capital structure,
and debt protection metrics.

Update

UEL has generated revenues of around INR358 million in 2012-13
(refers to financial year, April 1 to March 31), against INR354
million in 2011-12. The almost stagnant revenues in 2012-13,
despite a healthy order book, were because of lower-than-
anticipated offtake by Lanco Infratech Ltd.  UEL currently has an
unexecuted order book of around INR510 million, to be executed
over the next 12 to 18 months. A major portion of the order book
continues to be from Lanco; UEL expects better offtake from Lanco
in 2013-14. CRISIL believes that UEL will generate revenues of
around INR400 million in 2013-14 on the back of steady orders from
its customers.

UEL's operating margin for 2012-13 is estimated at around 7.3 per
cent, as against 6.3 per cent reported in 2011-12. The improvement
in profitability has primarily been driven by the increased
contribution from high-value-added products, primarily special
electrical control panels, which it supplies to Bharat Heavy
Electricals Ltd (BHEL). CRISIL believes that UEL will maintain its
operating margin at 6 to 8 per cent over the medium term, backed
by continued demand from BHEL and other existing customers, and
increasing revenues from the high-value-added segment.

UEL only had maintenance capital expenditure (capex) of around
INR3 million in 2012-13, and does not have any major debt-funded
capex plans over the medium term. CRISIL expects the company's
gearing to remain moderate at 1.1 to 1.2 times over the medium
term, in the absence of any debt-funded capex plans.

UEL's liquidity remains stretched, as reflected in its high
average bank limit utilisation of 100 per cent over the 12 months
through April 2013. However, the company is expected to generate
sufficient cash accruals of around INR10 million, against low term
debt repayment obligations of around INR1.0 million, in 2013-14.

UEL reported a profit after tax (PAT) ofINR5.6 million on net
sales ofINR354 million for 2011-12, against a PAT ofINR4.9 million
on net sales of INR321 million for 2010-11.

UEL, a closely held public limited company which was incorporated
in 1993, was acquired in 2004 by its current promoters, Mr. Amit
Airy and Mr. Bharat Bhushan Airy. UEL manufactures electrical
control panels, low-voltage switchgears, and bus ducts for power
generation, transmission, and distribution companies. The company
has manufacturing and technical service divisions at Gurgaon and
Bawal district (both in Haryana).



=================
I N D O N E S I A
=================


MULTIPOLAR TBK: Fitch Assigns 'B+' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has assigned Indonesia-based retailer PT Multipolar
Tbk a Long-Term Issuer Default Rating (IDR) of 'B+' with Stable
Outlook.

The agency has also assigned MLPL a senior unsecured rating of
'B+' and its proposed senior unsecured USD notes an expected
'B+(EXP)' rating, with a Recovery Rating of 'RR4'. The proposed
notes are to be issued by Pacific Emerald Pte Ltd and guaranteed
by PT Multipolar Tbk and certain subsidiaries. The final rating is
contingent upon receipt of documents conforming to information
already received.

Key Rating Drivers

Structural subordination: The ratings of MLPL largely reflect its
holding company structure and its high dependence on dividends.
The ratings, however, also recognise the group's solid market
position in the Indonesian retail sector which is supported by
favorable macroeconomic conditions.

MLPL's holding company structure means that its cashflows are
structurally subordinated to the obligations of its operating
subsidiaries, in particular PT Matahari Putra Prima Tbk (MPPA) and
PT Matahari Department Store Tbk (MDS), which together represent
more than 50% of MLPL's cashflows. As such, MLPL's capacity to
meet its debt obligations is therefore contingent upon MPPA's and
MDS's ability to continue distributing dividends.

High fixed costs: Notwithstanding MPPA's and MDS's strong cash-
generating ability and their moderate leverage, their strategy to
lease retail space exposes both companies to the risk of rising
rental expenses and results in weaker credit metrics than other
rated peers with a self-owned property strategy. Hence in Fitch's
view MPPA's flexibility to upstream dividends is therefore
restricted by its limited financial flexibility as indicated by a
modest fund from operations (FFO) fixed charge cover of below 2x.

Sufficient liquidity: Fitch expects MLPL will be able to maintain
a sufficient liquidity profile, driven by wholly-owned
subsidiaries' earnings stability and consistent dividends flows
from MPPA and MDS. Fitch believes that MLPL will, in a distressed
scenario, have access to additional liquidity by monetising its
shareholding in MPPA or MDS.

Strong market position: The ratings also factor in MPPA's and
MDS's extensive networks, strong market position, an established
TMT portfolio, and continued robust domestic consumption
supporting short-to-medium term growth. The ratings also take into
account diversification benefits from the non-retail business,
which contribute a substantial 30% of MLPL's cashflow.

Contingent liabilities: Although Fitch recognises the potential
benefits from the strategic alliance with Temasek in MPPA of
heightened governance and growth targets, MLPL faces significant
contingent liability under the Exchange Rights Subscription
Agreement should MPPA not meet Temasek's operating performance
targets or internal rate of return requirements. Under the
agreement, MLPL will make up any shortfall of Temasek's USD300m
investment upon the latter exiting MPPA. However, given the
current favorable retail market outlook, the risk of this
liability crystalising is, in Fitch's view, not high.

Rating Sensitivities

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

-- Decline in MLPL's fixed charge coverage ratio (FFO from
   wholly controlled entities plus dividends/ interest expense
   plus rents) to below 2x (2013 forecast: 2.9x) on a sustained
   basis.

-- Weakening of MPPA's financial profile

-- Inability to secure long-term funding

Positive rating action is not expected unless there is substantial
improvement in MPPA's financial profile, including a rise in
MPPA's fixed charge coverage of above 2x on a sustained basis.
MPPA is an important earnings contributor to MLPL.


MULTIPOLAR TBK: S&P Assigns 'B+' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to PT Multipolar Tbk., an Indonesia-based
diversified retailer.  The outlook is stable.

At the same time, S&P assigned its 'axBB' long-term ASEAN regional
scale rating to the company.  S&P also assigned its 'B+' long-term
rating to a proposed issue of up to US$200 million in unsecured
notes that Multipolar guarantees.  Pacific Emerald Pte. Ltd., a
special-purpose vehicle that Multipolar fully owns, will issue the
notes.

Multipolar is a holding company that owns majority stakes in
retail, technology, media, and real estate investment companies in
Indonesia and China.  In 2013, retail will likely contribute more
than 75% of Multipolar's consolidated EBITDA.

The rating on Multipolar reflects the company's thin consolidated
cash flow adequacy ratios and profitability.  It also reflects
Multipolar's reliance on dividends from its operating companies to
service its debt.  Multipolar's good domestic market share in the
hypermarket sector in Indonesia, stable margins, and positive
growth prospects for the country's retail sector partly offset
these weaknesses.  The company's business risk profile is "weak"
and its financial risk profile is "aggressive," as defined in
S&P's criteria.

The issue rating on the proposed senior notes reflects the 'B+'
long-term corporate credit rating on Multipolar.  The issue rating
is subject to S&P's review of the final issuance documentation,
and confirmation of the amount and terms of the notes.  S&P do not
notch down the issue rating from the corporate credit rating in
Indonesia given the untested nature of Indonesia's bankruptcy
regime.

"Multipolar's good competitive position in Indonesia's retail
sector supports its business risk profile.  It owns the majority
of PT Matahari Putra Prima Tbk. (MPPA) and 20.5% in department
store operator PT Matahari Department Stores Tbk. (MDS)," said
Standard & Poor's credit analyst Mr. Xavier Jean.

Multipolar's ability to repay debt depends on dividends from its
operating subsidiaries and investments.  S&P forecasts total
dividends from operating subsidiaries and investments to cover the
holding company's debt by a strong 4.0x-4.5x in 2013 and 2014.

The stable outlook reflects S&P's expectation that Multipolar will
maintain its market share in the Indonesian retail sector.  S&P
also expects the receipt of exceptional dividends from MPPA in
2013 and 2014.  The stable outlook also accommodates a substantial
decline in the coverage of holding company interest expense beyond
2014.

"We may lower the rating on Multipolar if we lower the rating on
MPPA, given the large contribution of the company to Multipolar's
consolidated financial performance.  We may also lower the rating
if the coverage of interest payments at the holding company level
by dividends from its operating companies declines below 1.5x for
more than 12 months.  This may materialize if capital spending at
the operating companies is substantially higher than we anticipate
or if their revenue growth, margins or dividends are lower than
our forecasts.  We may also lower the rating if Multipolar's
consolidated ratio of FFO to interest expense, including lease
adjustments, declines below 1.5x because of higher debt at the
operating companies, shareholder-friendly initiatives, or weaker
financial performance," S&P noted.

S&P may raise the rating on Multipolar if it raises the rating on
MPPA.  An upgrade of Multipolar would nevertheless be contingent
upon MDS' financial performance and its Chinese operations being
supportive of the consolidated financial profile of the group.



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


L-JAC 7: S&P Lowers Rating on Class B Certificates to CCC
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered to
'CCC (sf)' from 'B- (sf)' its rating on the class B trust
certificates, and to 'CCC- (sf)' from 'CCC (sf)' its rating on the
class C trust certificates issued in March 2008 under the L-JAC 7
Trust Beneficial Interest and Trust Loan (L-JAC 7) transaction.
At the same time, S&P affirmed its ratings on the class A, D-1, D-
2, and E-1 trust certificates, and the trust loan issued under the
same transaction.  S&P has already downgraded 18 classes to 'D
(sf)': classes D-3 to I-3, classes E-2 to J-2, and classes F-1 to
K-1.  S&P withdrew its rating on the interest-only class X on
May 25, 2011.

Of the four loans and four specified bonds that initially backed
the transaction, one loan and two specified bonds remain.  S&P has
revised downward its assumption for the likely collection amount
from the property backing one of the specified bonds because the
cash flow from the property is lower than S&P's assumption.  The
specified bond, which has defaulted, originally represented about
24% of the total initial issuance amount of the trust certificates
and trust loan.  S&P currently estimates the value of the
collateral property to be about 41% of its initial underwriting
value, down from about 55% when it reviewed its ratings in August
2012.  S&P lowered its ratings on classes B and C primarily to
reflect its revised assumption for the likely collection amount
from the collateral property.

S&P affirmed its ratings on the class A trust certificates and the
trust loan because:

   -- The redemption of principal on these trust certificates and
      trust loan has progressed; and

   -- The property backing the other remaining specified bond has
      been sold.

   -- The specified bond, which has defaulted, originally
      represented about 14% of the total initial issuance amount
      of the trust certificates and trust loan.  S&P expects the
      trustee to use proceeds from the sale to partly repay
      principal on the class A trust certificates and the trust
      loan on the next payment date.

S&P also affirmed its ratings on classes D-1, D-2, and E-1 because
it believes that its current assumptions for the likely recovery
amounts from the transaction's remaining loan and specified bonds
are commensurate with its 'CCC- (sf)' ratings on these classes.

Following the above property sale, there remains only one loan and
one specified bond with collateral properties that remain unsold.

L-JAC 7 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction.  Four specified bonds and four nonrecourse
loans originally issued by/extended to eight obligors initially
secured the trust certificates issued under this transaction, and
16 real estate properties and real estate beneficial interests
originally backed the specified bonds and nonrecourse loans.
Lehman Brothers Japan Inc. arranged the transaction, and Premier
Asset Management Co. acts as the servicer.

The ratings reflect S&P's opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in
October 2014 for the class A trust certificates and trust loan,
and the full payment of interest and the ultimate repayment of
principal by the legal final maturity date for the class B to E-1
certificates.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

L-JAC 7 Trust Beneficial Interest and Trust Loan
JPY38.96 billion trust certificates due October 2014
Class    To         From       Initial issue amount   Coupon type
B       CCC (sf)    B- (sf)    JPY3.15 bil.         Floating rate
C       CCC- (sf)   CCC (sf)   JPY3.14 bil.         Floating rate

RATINGS AFFIRMED

L-JAC 7 Trust Beneficial Interest and Trust Loan
Class          Rating        Initial issue amount     Coupon type
A              BBB (sf)      JPY11.75 bil.          Floating rate
Trust loan     BBB (sf)      JPY8.50 bil.           Floating rate
D-1            CCC- (sf)     JPY1.88 bil.           Floating rate
D-2            CCC- (sf)     JPY1.10 bil.           Floating rate
E-1            CCC- (sf)     JPY0.61 bil.           Floating rate



ORIX-NRL 15: S&P Raises Rating on Class C Certificates to BB
------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised to
'BB (sf)' from 'B- (sf)' its rating on the class C trust
certificates, and lowered to 'CCC- (sf)' from 'CCC (sf)' its
rating on the class D trust certificates issued under the ORIX-NRL
Trust 15 transaction.  At the same time, S&P affirmed its
'A- (sf)' rating on the class B trust certificates, and its 'CCC-
(sf)' ratings on the class E to I trust certificates issued under
the same transaction.  Class A fully redeemed on the trust payment
date in February 2013, and S&P withdrew its rating on the
interest-only class X in the same month.

The class C trust certificates have partly redeemed following the
sales of the properties backing the transaction's loans and
specified bonds.  The pgrade reflects S&P's view that credit
enhancement for class C has increased, reflecting progress in the
redemption of principal on this class.  Nevertheless, S&P raised
the rating on class C only to 'BB (sf)', because it considered the
risk that the likely recovery amount from the remaining properties
might come under pressure if the sales of these properties do not
progress, given that the transaction's legal final maturity date
is only 11 months away.

Of the loans and specified bonds that initially backed the
transaction, only three loans extended to three obligors remain,
and all of these loans have defaulted.  The three loans originally
represented a combined 48% or so of the total initial issuance
amount of the trust certificates.

Among the three remaining loans, a retail building in Tokyo's
Meguro Ward currently backs the first loan, which originally
represented about 41% of the total initial issuance amount of the
trust certificates.  A retail building in Tokyo's Shibuya Ward
backs the second loan, which originally represented about 4.5% of
the total initial issuance amount of the trust certificates.
Meanwhile, a retail building in Tokyo's Minato Ward backs the
third loan, which originally represented about 2.7% of the total
initial issuance amount of the trust certificates.

S&P believes the likely recovery amounts from the above second and
third loans are under downward pressure, given the servicer's
current progress in the sales of the related collateral
properties.  Indeed, S&P lowered its rating on class D because it
considers that this class is now more likely to incur a loss.

Meanwhile, S&P affirmed its ratings on classes B, and E to I
because it believes that its current assumptions for the likely
recovery amounts from the transaction's remaining loans are
commensurate with its ratings on these classes.

ORIX-NRL Trust 15 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction.  Nonrecourse loans and specified
bonds ("tokutei shasai") extended to/issued by nine obligors
initially secured the trust certificates issued under this
transaction.  In turn, 33 real estate certificates and real estate
properties originally backed the loans and bonds. ORIX Corp.
arranged the transaction, and ORIX Asset Management & Loan
Services Corp. acts as the servicer.

The ratings reflect S&P's opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by the
transaction's legal final maturity date in June 2014 for the class
B to I certificates.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATING RAISED
ORIX-NRL Trust 15
JPY37.8 billion trust certificates due June 2014
Class        To              From           Initial issue amount
C            BB (sf)         B- (sf)        JPY3.4 bil.

RATING LOWERED
ORIX-NRL Trust 15
Class        To              From           Initial issue amount
D            CCC- (sf)       CCC (sf)       JPY3.0 bil.

RATINGS AFFIRMED
ORIX-NRL Trust 15
Class        Rating          Initial issue amount
B            A- (sf)         JPY3.5 bil.
E            CCC- (sf)       JPY1.3 bil.
F            CCC- (sf)       JPY0.4 bil.
G            CCC- (sf)       JPY0.4 bil.
H            CCC- (sf)       JPY0.2 bil.
I            CCC- (sf)       JPY0.2 bil.



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



HANOVER FINANCE: Hotchin, Watson Defamation Case Delayed to April
-----------------------------------------------------------------
The New Zealand Herald reports that Hanover Finance's
Mark Hotchin and Eric Watson's defamation case against Shareholder
Association founder Bruce Sheppard now isn't due to begin until
next April.

According to the Herald, Messrs. Hotchin and Watson are suing and
seeking NZ$7 million plus costs from Mr. Sheppard over what a
judge called "severely critical" comments he made about the pair
on television, radio, emails and on blogs concerning their
involvement in Hanover's collapse.

The trial, which will be heard by a judge without a jury, was due
to begin in August and originally set down for three weeks, the
report notes.

Last month it was adjourned until October but more recently has
been put off again until next year because the plaintiffs' lawyer,
Julian Miles QC, wasn't available, the Herald recalls.

The case is now due to begin on April 28 and is expected to take 5
weeks, the report adds.

                        About Hanover Finance

Hanover Finance Limited -- http://www.hanover.co.nz/-- was
New Zealand's third-largest privately-owned finance company with
total assets of NZ$796 million at December 31, 2007.  The company
was established in 1984 to provide finance to the rural sector
and began lending to property developers and investors in 1995.
The loan portfolio has been gradually downsized since 2006 as a
result of a more cautious approach to lending in the face of
retail funding constraints.

Hanover Finance's investors in December 2008 voted in favor of
the company's Debt Restructure Proposals, including a plan to
fully repay NZ$552.6 million principal it owes over five years.
However, Hanover Finance said in November 2009 it is no longer
likely to fully repay investors under a debt restructuring plan
due to a deterioration in the commercial property development
market, a TCR-AP report on Nov. 12, 2009, said.

In December 2009, investors agreed to swap their Hanover
interests for shares in Allied Farmers Ltd.

The Serious Fraud Office commenced an investigation into the
affairs of Hanover Finance Ltd in September 2010 after
considering complaints received from the Securities Commission,
Allied Farmers and others.

The Financial Markets Authority, on March 30, 2012, filed civil
proceedings against directors and promoters of Hanover Finance
Ltd, Hanover Capital Ltd, and United Finance Ltd.  Proceedings
under the Securities Act have been filed against Mark Hotchin,
Eric Watson, Greg Muir, Sir Tipene O'Regan, Bruce Gordon and
Dennis Broit. They relate to statements made in the
December 2007 prospectuses, subsequent advertising, and the
March 2008 prospectus extension certificate.

SFO on April 30, 2013, said it has completed its investigation
of Hanover Finance, bringing to an end its investigations into the
2007/08 finance company collapses. That process, which saw SFO
investigate 15 separate companies, resulted in criminal
prosecutions in relation to nine companies. Overall, 23
individuals have faced charges laid by SFO.



                             *********

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
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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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