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                      A S I A   P A C I F I C

          Monday, September 9, 2013, Vol. 16, No. 178


                            Headlines


A U S T R A L I A

CONVECTOR GRAIN: Goes Into Voluntary Administration
GIPPSLAND SECURED: Placed Into Receivership
MENTONE GARDENS: Families Set to Lose Thousands Over Collapse
NINE ENTERTAINMENT: Moody's Rates AUD20MM Term Loan '(P)Ba2'
OPES PRIME: Former Director Found Not Guilty of Dishonesty

RETAIL ADVENTURES: Creditors Set to Take Legal Action
* Moody's Sees Improvements in Australian Mortgage Arrears


C H I N A

CHINA MINZHONG: S&P Puts 'BB-' CCR on CreditWatch Developing
HENGDELI HOLDING: Fitch Affirms 'BB+' LT Issuer Default Rating
INTIME RETAIL: Fitch Affirms 'BB' Issuer Default Ratings
PARKSON RETAIL: Fitch Lowers LT Issuer Default Rating to 'BB+'


H O N G  K O N G

* Moody's Downgrades Ratings on Six Hong Kong Banks


I N D I A

B. HIMMATLAL: CRISIL Assigns 'BB' Ratings to INR160MM Loans
BHARATH INFRA: CRISIL Raises Ratings on INR200MM Loans to 'BB'
BHOORATHNOM CONSTRUCTION: CRISIL Cuts Rating on INR1BB Loans to D
DR. B.S. GUPTA: CRISIL Ups Ratings on INR63.5MM Loans to 'B'
FITMET INDUSTRIAL: CRISIL Assigns 'D' Ratings to INR75.2MM Loans

GREY'S EXIM: CRISIL Cuts Ratings on INR110MM Loans to 'B'
JAIN UDHAY: CRISIL Assigns 'B-' Ratings to INR373.9MM Loans
LINERS INDIA: CRISIL Cuts Ratings on INR510MM Loans to 'D'
MACEDON VINIMAY: CRISIL Raises Ratings on INR81.7MM Loans to 'B'
MACROCOSM INDUSTRIES: CRISIL Cuts Rating on INR250MM Loan to 'D'

ODEON BUILDERS: CRISIL Lowers Rating on INR600MM Loans to 'B'
SOMA ISOLUX: CRISIL Cuts Ratings on INR9.78BB Term Loan to 'D'
SR VAPORS: CRISIL Assigns 'D' Ratings to INR119.6MM Loans
SRI BALAMBIKA: CRISIL Ups Ratings on INR621.4MM Loans to 'BB-'
STOTZ GEARS: CRISIL Downgrades Ratings on INR36.8MM Loans to 'B-'

SWASTIK METAFORGE: CRISIL Lowers Ratings on INR150MM Loans to 'D'
VIRAJ POLYPLAST: CRISIL Ups Ratings on INR150MM Loans to 'B'
* Moody's Downgrades Ratings on 11 Indian Banks


J A P A N

RENESAS ELECTRONICS: To Sell Two LSI Units to Broadcom
* Moody's Says Japanese CMBS Performance Continues to Improve


N E W  Z E A L A N D

BLACKTOP CONSTRUCTION: Goes Into Receivership


P H I L I P P I N E S

UNITRUST DEV: Depositors, Creditors to Receive Partial Payment
* Moody's Lowers Ratings on Two Philippine Banks


                            - - - - -


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A U S T R A L I A
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CONVECTOR GRAIN: Goes Into Voluntary Administration
---------------------------------------------------
Brett Worthington at the ABC Rural reports that a Victorian grain
handler has gone into voluntary administration, owing farmers,
transport companies and the bank close to AUD10 million.

The creditors for Melbourne-based Convector Grain say the ANZ bank
will receive its money, about AUD2 million, according to ABC
Rural.

The report notes that administrator Richard Cauchi, from SV
Partners, says it's unclear if the more than AUD8 million owed to
farmers and transport companies will be paid back.

Growers owed money are furious and were considering trying to
remove the administrators at a creditors meeting, ABC Rural
relates.

Farmers in the Victorian Mallee said they're owed about AUD1.5
million, the report relates.

The report discloses that Victorian Farmers Federation grains
president Brett Hosking says it comes as grain growers face tough
times with their crops.

"I think once it gets to this stage there is not a lot a grower
can do other than just ride it out and hope for the best. . . .
Certainly we are hopeful there will be some money coming back to
growers and hopefully it will be as much as possible, but that's
one of the challenges when a company goes into receivership like
this," the report quoted Mr. Cauchi as saying.

Mr. Cauchi said all staff had received their entitlements before
Convector Grains called in the administrators, the report adds.


GIPPSLAND SECURED: Placed Into Receivership
-------------------------------------------
Louis Nelson at Latrobe Valley Express reports that embattled
lender Gippsland Secured Investments has been placed into
receivership, after the Federal Court blocked a six-week effort to
bail out the mortgage fund on September 2.

About AUD143 million worth of deposits from about 3,500 mostly
Gippsland-based investors are now at the mercy of the receivership
process, which until now have been frozen pending the Federal
Court's decision, the report says.

While the majority of GSI businesses and investors were from East
Gippsland, with a small number of stakeholders in the West
Gippsland area, Committee for Gippsland chief executive
Mary Aldred said GSI's collapse would have a flow-on affect
through the entire regional economy, according to the report.

"This is going to have a direct impact on local investors,
retirees, mums and dad, which will be felt beyond direct
stakeholders, however we will have to wait to see how the
(receivership) process from here goes," the report quotes
Ms. Aldred as saying.

Latrobe Valley Express recalls that GSI froze investors' accounts
in July, after a review found its loan portfolio had been hit with
asset write-downs and loan payment shortfalls.

The group representing investors' interests, The Trustee Company,
soon after moved to have the fund placed into receivership, the
report notes.

Latrobe Valley Express, citing GSI's most recent prospectus,
released in early 2013 (now redundant), discloses that of the
company's AUD$118.5 million loan security portfolio,
AUD6.9 million was in the Latrobe Valley local government area.

According to the report, Ernst and Young receiver Adam Nikitins
said the receivership process was primarily concerned with the
interests of investors.

"While the total returns for note holders are inherently uncertain
at this early stage of the receivership, we expect the returns
will be meaningful and exceed an estimated 80 cents in the
dollar," Mr. Nikitins, as cited by Latrobe Valley Express, said.

Gippsland Secured Investments Limited (GSI) operates as a non-bank
lender. It borrows funds from the public and lends those funds to
borrowers on the security of registered mortgages over real
property.


MENTONE GARDENS: Families Set to Lose Thousands Over Collapse
-------------------------------------------------------------
Amy Bainbridge at ABC News reports that dozens of families of
residents at an aged care respite home in Melbourne's south-east
have lost thousands of dollars in fees.

The ABC has learned Mentone Gardens collected large deposits from
some families.

Mentone Gardens went into administration in June this year, with
debts of more than AUD4 million, ABC discloses.

ABC relates that the case has been referred to the corporate
regulator by the administrator. Families have been told their
money will not be recovered.

Mentone Gardens is a Victorian Government-regulated Supported
Residential Service (SRS) providing respite and occasional care
for the elderly.


NINE ENTERTAINMENT: Moody's Rates AUD20MM Term Loan '(P)Ba2'
------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2 senior
secured rating to a proposed USD Term Loan Facility (equivalent to
around AUD 200 million) to be entered into by Nine Entertainment
Group Pty Ltd and Nine Entertainment (Delaware) Corporation, 100%
owned and guaranteed subsidiaries of Nine Entertainment Co
Holdings Limited ("NEC").

The assignment of a definitive rating to the facility is subject
to review of the final documentation and to successful close of
the transaction. The proceeds of issuance will be used to
partially fund the acquisition of WIN Perth.

Ratings Rationale:

"The acquisition of WIN Perth, which will be largely debt-funded,
can be accommodated within the tolerance levels set for the rating
but reduces headroom to accommodate any material deterioration in
operating performance," says Maurice O'Connell, a Moody's Vice
President -- Senior Analyst. "Assuming the acquisition of WIN
Perth proceeds as expected, Moody's anticipates that NEC's
adjusted debt/EBITDA will be around 3.2-3.3 x, over the next 12-24
months," adds O'Connell who is also Lead Analyst for the company.

"NEC's appetite for debt-funded acquisitions has raised the level
of uncertainty built into the company's rating and diminishes
Moody's expectation of an ongoing stable business profile. Further
largely debt funded acquisitions could place material pressure on
the company's rating and/or outlook and would raise the likelihood
of a negative rating action," said O'Connell.

NEC's (P)Ba2 rating reflects its strong operating profile combined
with a moderately conservative financial profile post
implementation of a Scheme of Arrangement completed in January
2013. The company's strong operating profile is driven by its
national scale operations which provide it with a good ability to
withstand and absorb localized weak operating conditions or
sporadic market disruptions, across its entire network.

At the same time NEC has a solid track record of strong audience
and revenue share as well as a good degree of diversification
across different advertising channels. Nevertheless we consider
that NEC faces strong competition from other Free to Air networks
which could impact on margins depending on the success of future
content.

With no plans for dividends in the near term and manageable capex,
the leverage ratio should gradually improve. Also driving the
rating is NEC's liquidity profile which Moody's considers to be
strong.

The rating considers the earnings diversification provided by
NEC's Events and Digital operations. Finally, the rating also
considers a degree of uncertainty around the future capital
structure due to the complex shareholder structure and the
potential for the capital structure to change following a possible
IPO in the short to medium term.

The stable rating outlook reflects the solid liquidity and our
expectation that NEC will continue its focus on maintaining
sufficient financial leverage to cushion any adverse industry
developments.

Ratings could be downgraded if debt-to-EBITDA ratios are sustained
above 4.25x (including Moody's standard adjustments) which could
be due to operating weakness, acquisitions or cash distributions
to shareholders. Failure to maintain good liquidity including a
comfortable cushion to financial covenants to absorb a cyclical
downturn in revenue could also result in a downgrade. Further
largely debt funded acquisitions would likely reduce headroom
within the rating and raise the potential for negative rating
action.

The principal methodology used in this rating was the Global
Broadcast and Advertising Related Industries Industry Methodology
published in May 2012.


OPES PRIME: Former Director Found Not Guilty of Dishonesty
----------------------------------------------------------
Australian Associated Press report that former director of Opes
Prime Julian Smith has been found not guilty of dishonesty over
the firm's collapse.

Mr. Smith said he hopes to "get his life back" after being found
not guilty of dishonesty.

According to the report, Mr. Smith walked free from court on Sept.
6, acquitted of accusations he duped a bank into lending him AUD95
million just days before Melbourne-based company Opes Prime
collapsed.

Mr. Smith, 51, was charged with two counts of using his position
as director dishonestly to gain advantage, AAP relates.

After a five-week Victorian Supreme Court trial, jurors took one
day to return with the not guilty verdict, says AAP.

According to the news agency, Mr. Smith spoke briefly as he left
court and said he wanted to "get my life back".

"I'm just very grateful to the jury and thankful it's all over,"
he told reporters, AAP reports.

                          About Opes Prime

Opes Prime Group Ltd was an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients.  The Group conducted business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:

   1) Opes Prime Stockbroking Limited is a full Market
      Participant of the Australian Stock Exchange Ltd, and
      holds an Australian Financial Services Licence (#247408)
      which enables it to deal and advise in financial
      services and products to retail and wholesale clients. The
      company was first registered on 10 March 1999, and started
      business with its current shareholders in 2005.  Opes
      Prime Stockbroking is a specialist provider of
      securities lending and equity financing services.  In
      Singapore, the firm operates through Opes Prime Group's
      wholly owned subsidiary, Opes Prime International Pte Ltd.
      In Australia, Opes Prime Stockbroking has granted
      Authorized Representative status to Trader Dealer Pty Ltd,
      an on-line non-advisory trading execution service for the
      semi-professional and professional trader.

   2) Opes Prime Structured Products Pty Ltd develops, manages
      and markets specialized leveraged products for the high
      net worth market, providing outstanding risk protection
      and return potential.

   3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
      advisory firm specializing in small and mid cap stocks.

   4) In Singapore, Opes Prime Asset Management Pte Ltd provides
      specialist hedge fund incubation, advisory and trade
      management services, and Five Pillars Associates Pte Ltd
      provides Islamic finance consultancy.

                           *     *     *

The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.

Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.

The TCR-AP reported on Oct. 17, 2008, that Opes Prime's creditors
voted on Oct. 15, 2008, to liquidate Opes Prime Stockbroking
Limited.  According to the Australian Associated Press, the
decision of the creditors will allow the liquidator to pursue
claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.

About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of
Opes -- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a
pool of nearly AUD1.6 billion in shares soon after the Opes
collapse, in a bid to recover money owed to them by Opes, the AAP
said.

Opes Prime owed clients about AUD585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AUD400 million on Sept. 22, 2008, the AAP
noted citing Ferrier Hodgson.


RETAIL ADVENTURES: Creditors Set to Take Legal Action
-----------------------------------------------------
Sue Mitchell at BRW reports that Kathmandu founder Jan Cameron's
fight to regain full control over her failed discount retail
empire, Retail Adventures, may not be over.

While creditors owed AUD49 million voted in favor of
Ms. Cameron's deed of company arrangement last week, creditors
owed about AUD32 million are taking legal action to wind the
company up, BRW relates.

BRW says with funding from IMF (Australia), the creditors are
finalising an application to the Federal Court to have the Retail
Adventures DOCA set aside on the grounds that the resolution was
only passed because of the support of related parties -- creditors
whose debt had been assigned to Ms. Cameron's company.

"Related parties are permitted to vote, but it means the court can
consider whether there is scope to set aside the decision," the
report quotes Colin Biggers & Paisley partner Scott Hedge, who is
advising the creditors, as saying.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 4, 2013, SmartCompany said Retail Adventures founder
Jan Cameron has won back control of her business nearly a year
after the company collapsed into administration, with creditors
voting in favor of a new deed of company arrangement.  Creditors
voted on September 2 to approve the deal, which will see them
receive between five and six cents for every dollar owed by the
company. With around AUD114 million owed by the company, that
means a AUD5.5 million return to creditors, SmartCompany
disclosed.  The purchase comes after Deloitte said earlier this
month creditors should vote against Ms. Cameron's plan, in favor
of a liquidation plan which would see creditors receive between
22c and 48c in the dollar, the report related.

                      About Retail Adventures

Retail Adventures Pty Ltd is an Australia-based discount variety
retailer and operates nationally under brand names Chickenfeed,
Go-Lo, Crazy Clark's, and Sam's Warehouse. The company operates
around 270 stores across the four brands.

Deloitte Restructuring Services Partners Vaughan Strawbridge,
David Lombe and John Greig were appointed Joint Voluntary
Administrators of Retail Adventures Pty Limited, effective
Oct. 26, 2012.

Ms. Cameron, the sole shareholder and only secured creditor,
bought back 210 Sam's Warehouse and Crazy Clarks stores and two
distribution centres for AUD59 million from the administrators,
Deloitte, in February, BRW reports.


* Moody's Sees Improvements in Australian Mortgage Arrears
----------------------------------------------------------
Moody's Investors Service says that Australian prime mortgage
arrears improved in June in comparison with May.

As published in Moody's just-released Global Structured Finance
Collateral Performance Review, Moody's says arrears in excess of
30 days in the Australian prime residential mortgage market were
1.52% in June, down from 1.62% in May, and down from 1.56% the
same period a year earlier.

Australian prime 60-day-plus arrears at 0.83% compare favorably to
some of the other countries covered in the Global Collateral
Performance Report. Japan (0.28%) is the only country reporting a
lower 60-plus arrears rate.

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

About Moody's Global Collateral Performance Report

Moody's Global Collateral Performance Report is updated monthly
and covers the collateral performance of 40 structured finance
sectors located globally. In the US, the performance metrics of 12
asset classes are covered, in Europe: 19, in Japan: 7, in
Australia: 1, and in Canada: 1.

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

Australian data focuses on:

- Australian Prime RMBS

- Australian Home Prices



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CHINA MINZHONG: S&P Puts 'BB-' CCR on CreditWatch Developing
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB-' long-term corporate credit rating and its 'cnBB+' long-term
Greater China regional scale rating on China-based agriculture
company China Minzhong Food Corp. Ltd. on CreditWatch with
developing implications.

S&P placed the ratings on CreditWatch pending greater clarity on
the implications of Indonesia-based packaged food producer PT
Indofood Sukses Makmur Tbk. becoming a controlling shareholder of
Minzhong.  As of Sept. 4, 2013, Indofood owns 51.6% of Minzhong,
compared with 29.3% earlier.  The CreditWatch placement indicates
that S&P could lower, affirm, or raise the ratings on Minzhong
depending on its assessment of any change in the company's credit
quality.

"We believe Indofood will further increase its shareholding in
Minzhong, and are evaluating whether there will be any major
change in strategic direction at Minzhong or operational and
financial integration between the two companies," said Standard &
Poor's credit analyst Joe Poon.  Indofood and its parent, First
Pacific Co. Ltd., have a much larger scale and are more
diversified than Minzhong.

Separately, a U.S.-based short-selling firm Glaucus Research Group
has made allegations of fraud at Minzhong, to which Minzhong has
publicly responded with supporting documents.  S&P is still
valuating the situation and are assessing whether such allegations
will disrupt Minzhong's access to capital markets or its regular
operations.

"We aim to resolve the CreditWatch within three months, following
our discussion with the management on potential changes to the
company's strategic direction, the degree of integration with
Indofood, and financial policy objectives," said Mr. Poon.

S&P could raise the ratings if it assess that Indofood is a
stronger parent and intends to support Minzhong operationally or
financially.  Alternatively, S&P could affirm or lower the ratings
on Minzhong if the effects of fraud allegations offset any
potential benefit of becoming a subsidiary of Indofood.


HENGDELI HOLDING: Fitch Affirms 'BB+' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has revised China-based watch retailer Hengdeli
Holding Limited's Outlook to Negative from Stable. The agency has
affirmed Hengdeli's Long-Term Issuer Default Rating (IDR) and
senior unsecured rating at 'BB+', respectively.

The Negative Outlook reflects the weaker operating environment in
watch retailing in mainland China and the challenges the company
will likely face in its strategy to increase its focus on the mid-
end market. Further deterioration in the operating environment or
setbacks in its repositioning strategy may undermine or delay the
recovery of the company's credit metrics.

Key Rating Drivers

Weak industry environment: Hengdeli's sales in H113 were affected
by overall weak consumer sentiment in mainland China and the
government's anti-graft campaign, particularly given the company's
current high exposure to luxury watches in the retail segment. The
company's same-store-sales growth (SSSG) in mainland China
declined 7.5% in H113 as high-end watch SSSG contracted 18.9% and
mid-range watch SSSG remained flat. Steeper price discounting
mainly in high-end watches also contributed to the decline.
Overall revenue still grew 9.5% yoy to CNY6.3bn for H113, driven
by stronger sales from Hong Kong and revenue inclusion of its
associate-turned-subsidiary Harvest Max. Fitch expects recovery,
albeit mild, in the operating environment in 2014.

Inventory optimisation increases working capital: In response to
the difficult operating environment, Hengdeli is changing its
product mix by increasing its inventory of mid-end watches while
gradually destocking slower-moving high-end watches. However, this
shift has resulted in increased working capital, causing average
inventory days to remain high at 225 days for H113 (2012: 205
days). Fitch expects inventory days and working capital
requirement to stay elevated until Hengdeli successfully optimises
its product mix.

Timing for deleveraging uncertain: Leverage increased to 3x in
H113 (2012: 2.5x) due to slower sales, higher inventory and
increased investments in, Harvest Max. The company has flexibility
in capex but deleveraging will be driven primarily by inventory
reduction and sales recovery, timing for which remains uncertain.

High variable costs: Despite the sharp SSSG fall and steep
discounting, Hengdeli's EBITDA margin did not decline
significantly (9.7% in H113 against 11.5% in 2012) because of the
high variable cost structure of the company, especially due to its
extensive use of turnover rent (rentals as a share of turnover).
However, Fitch believes that stronger competition in the mid-end
segment may not allow Hengdeli to improve margins significantly,
even though this segment is currently more profitable than the
high-end segment.

Rating Sensitivities

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

- Average inventory days sustained over 210 days
- FFO net adjusted leverage sustained above 2.75x
- SSSG in China remaining negative
- EBITDA margin sustained below 10%

The Outlook may be revised back to Stable if Hengdeli is able
improve on the guidelines set out above.


INTIME RETAIL: Fitch Affirms 'BB' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has revised China-based Intime Retail (Group)
Company Limited's Outlook to Negative from Stable. Its Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) and
senior unsecured rating have been affirmed at 'BB'.

The Outlook revision reflects a weaker operating environment for
department store operators in China, which adds uncertainty to the
timing of Intime's deleveraging following a period of high capex.

Key Rating Drivers

2013 leverage stays high: Intime's H113 annualised funds from
operation net leverage adjusted for lease, payables and customer
deposits (funds flow from operations (FFO) adjusted net leverage)
was at 5.12x. Fitch expects 2013 adjusted net leverage to peak at
5.5x as this year will see the highest capex for Intime. This will
be up from 4.6x in 2012 despite a 16% yoy increase in H113 EBITDA
as adjusted net debt continued to rise by CNY711m.

Challenging operating environment: Growing population, continued
urbanisation, rising disposable income and government policy all
point to steady growth in retail in the long term. However, other
store formats such as shopping malls and online retail are
threatening department stores' share of the retail industry. This
implies department store revenue growth might underperform overall
retail market growth over the medium term. As such Fitch believes
Intime's department store operations will grow at a slower pace
than previously expected. Expansion into shopping malls should
provide diversification benefits although this is still modest at
just five shopping malls compared with 27 department stores at
end- H113.

High H113 growth unsustainable: Fitch believes it is difficult for
Intime to repeat from 2014 the 13.7% same store sales growth
(SSSG) seen in H113. Intime's Q213 SSSG of 19% may not be
sustainable as it was boosted by mid-year sales promotion, and
fast-growing stores established in 2011 and in 2012. Intime's
longer-term SSSG is likely to trend towards the 7.6% growth that
its top 10 largest and more stable stores showed in H113.

Long deleveraging process: Intime's on-going effort to divest non-
core assets, together with growing EBITDA and slowing capex, are
key factors driving its deleveraging. The completion of CNY500m
non-core assets disposal and its combined book value of CNY1,372m
in non-core assets and development properties at end-June 2013
helped to fund its CNY2.1bn capital commitment at end-2012. New
stores contributing in 2014 will drive over 50% of Intime's
concessionaire commission growth, helping to increase EBITDA by an
estimated CNY200m. All these together should help keep Intime's
2014 adjusted net leverage within 4.5x-5.0x.

Liquidity position has strengthened: Fitch expects Intime to
generate positive free cash flow (FCF) from 2014. This, together
with the combined CNY4.2bn bank facilities and its H113 cash
holdings of CNY1.7bn, is sufficient to meet the repayment of
Intime's total debt of CNY5.4bn as at end-H113. Intime has in June
2013 obtained a new dual-currency three-year term loan facility of
up to HKD750m and USD266m. This dual currency facility will be
used to refinance HKD1,941bn convertible bonds due in October 2013
and the balance will be used for repayment of other borrowings. It
also has undrawn banking facilities of CNY2bn.

Rating Sensitivities

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

-- FFO adjusted net leverage rising above 4.5x on a sustained
   Basis

-- generating negative FCF on a sustained basis

Positive: As the current Rating is on Negative Outlook Fitch's
sensitivities do not currently anticipate developments,
individually or collectively, with a material likelihood of
leading to a rating upgrade. The Outlook will be revised to Stable
if:

-- FFO adjusted net leverage trends lower towards 4.5x in 2014;
   and

-- neutral FCF is being generated on a sustained basis


PARKSON RETAIL: Fitch Lowers LT Issuer Default Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has downgraded China-based department store operator
Parkson Retail Group's Long-Term Issuer Default Rating (IDR) and
senior unsecured rating to 'BB+' from 'BBB-'. The Outlook is
Stable.

The downgrade reflects Parkson's weaker sales growth and
profitability which will likely pressure credit metrics over the
next two to three years.

Key Rating Drivers

Weak YTD 2013 performance: A slower-than-expected economic
recovery and the company's mature store network, which leaves it
more exposed to competition, continued to affect Parkson's
performance well into 2013. As a result, the company's H113 same
store sales (SSSG) declined 0.7% on H212 despite a one-off boost
in gold/jewellery sales in Q2 spurred by lower gold prices. The
lower-than-expected revenue growth and start-up costs for new
stores also affected the company's profitability, with H113 EBITDA
falling 24% yoy to CNY605m. Notwithstanding Fitch's expectations
of a slight recovery in H213, SSSG for the full year is likely to
be 2%-3%, lower than the mid-single digits Fitch had expected
earlier this year.

Challenging operating environment: Growing population, continued
urbanisation, rising disposable income and government policy all
point to steady growth in retail in the long term. However, other
store formats such as shopping malls and online retail are
threatening department stores' share of the retail market. This
implies department store revenue growth is likely to underperform
overall retail market growth over the medium term. Within the
department store sector, Parkson's older and mature store network
generate lower revenue growth relative to competitors with newer
stores. Overall Fitch believes Parkson's operations will grow at a
slower pace than previously expected and compared with other rated
peers.

Pressure on credit metrics: Parkson's reliance on leased property
is also putting more pressure on its profitability in a slower-
growth environment given its higher portion of fixed rental
expense. More than 80% of Parkson's stores are leased. As a
result, Fitch now expects funds flow from operations (FFO) fixed
charge coverage to remain below 2.5x for the next two to three
years, which the agency believes is not in line with that of an
investment-grade company.

Well diversified nationwide network: Parkson's ratings continue to
be supported by its well-established and geographically
diversified presence in China across 36 cities. Its top five
stores accounted for 30% of GSP, compared with around 60%
respectively for rated major peers. In Fitch's view, Parkson's low
concentration risk partially offsets the lower sales growth at its
older stores relative to its key competitors.

Strong liquidity: Parkson's ratings are also supported by the
company's healthy cash position and debt maturity profile. At end-
June 2013, the company had cash and cash equivalents of CNY4.4bn,
and no short-term debt. During H113, the company successfully
refinanced existing debt by issuing a five-year USD500m bond.

Flexible capex: The company is still in an expansionary mode and
also open to acquisitions and Fitch, as a result, expects the
company to generate negative free cash flow in 2013. However,
Parkson has scaled back expansion plans in H213, and as evidenced
in 2012, it has the willingness to further adjust its capex by
delaying store openings or scale back discretionary acquisition
plans, depending on the market environment.

Rating Sensitivities

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

-- FFO fixed charge coverage lower than 2.0x on a sustained
   basis (2012: 2.2x)

-- Sustained negative free cash flow

-- Adjusted FFO net leverage (adjusted for lease, payables
   and customer deposits) sustained above 4x (2012: 3.3x)

Positive: Future developments that may, individually or
collectively, lead to positive rating action include

-- FFO fixed charge coverage greater than 2.75x on a sustained
   Basis

-- Adjusted FFO net leverage (adjusted for lease, payables and
   customer deposits) sustained below 2.5x

-- A neutral free cash flow position on a sustained basis



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


* Moody's Downgrades Ratings on Six Hong Kong Banks
---------------------------------------------------
Moody's Investors Service downgraded the subordinated debt ratings
(Lower Tier II) and selected junior subordinated debt ratings
(Upper Tier II) for the Basel II compliant securities of six Hong
Kong banks. The banks' senior obligation ratings and their stand-
alone baseline credit assessments were not affected.

Moody's views the probability of support from the Hong Kong
government as having diminished to the point where such support no
longer warrants any uplift in banks' subordinated debt ratings.
For Mainland Chinese-owned Hong Kong banks, following this rating
action, Moody's now rates their subordinated debt at two notches
below the baseline credit assessment adjusted to reflect the
benefit of parental support (adjusted BCA). This approach
incorporates assumptions about support from their Chinese bank
parents. However, since the ratings of their parents benefit from
systemic support from the Chinese Government, Moody's judges that
there is some risk that such support may not be extended to the
subordinated debt of their subsidiaries and that it is appropriate
to reduce the uplift of such parental support by one notch. The
rating actions conclude the review commenced on June 3, 2013.

The outlook on the subordinated debt ratings of Bank of East Asia
and Wing Lung Bank are negative, in line with the negative outlook
on the deposit and bank financial strength ratings (BFSR) of these
banks. The outlook on the subordinated debt ratings of Bank of
China (Hong Kong), China CITIC Bank International, Industrial and
Commercial Bank of China (Asia), and Standard Chartered Bank (Hong
Kong) are stable.

Ratings Rationale:

Moody's downgrade reflects the increasing international trend of
imposing losses on holders of subdebt securities (creditor "bail-
in") as a pre-condition for distressed banks to receive government
support. As a consequence, Moody's no longer assumes that Hong
Kong government support would be forthcoming for the holders of
such securities.

For Hong Kong subsidiaries of Mainland banks, Moody's now rates
their subordinated debt at two notches below the baseline credit
assessment adjusted to reflect the benefit of parental support
(with a floor of unadjusted baseline credit assessment minus one
notch), in contrast with the methodology in which the agency
stated that subordinated debt ratings are usually positioned one
notch below banks' adjusted BCA. The wider notching reflects
doubts that parental support would extend to subordinated debt
given that the parent bank ratings incorporate systemic support
from the Chinese government.

"We recognize that Hong Kong and Mainland Chinese bank supervisors
have in the past acted in a manner to support bank creditors",
says Sonny Hsu, a Moody's analyst. "However, the experience of the
global financial crisis has shown that the willingness to provide
support can change rapidly as costs mount and losses have been
imposed on bank creditors even in the absence of a formal
resolution framework. Fears that creditor bail-ins might trigger
serious contagion risks have largely not been realized."

This rating action relates only to Moody's view on the potential
for systemic support for the banks' junior securities. It does not
reflect any change in the banks' intrinsic credit quality. Moody's
continues to rate Hong Kong banks amongst the strongest in the
world on a stand-alone basis. Additionally, the rating agency
continues to incorporate the potential for systemic support into
the ratings of some Hong Kong banks' senior obligations.

Background

In recent years, losses have been imposed on the holders of junior
securities during the resolution of troubled banks in crisis-hit
countries. In the majority of cases, investors have suffered
losses as a result of distressed exchanges, which do not
necessarily require a developed resolution framework to be in
place. Furthermore, experience has shown that such a framework can
be developed quickly at times of stress.

As a consequence, Moody's approach globally is now to assume, as a
starting point, that no government support would be extended to
the subordinated debt holders of a distressed bank, except where
particular circumstances justify.

A detailed rationale explaining our decision can be found in our
upcoming special comment entitled "The World Has Changed: The
Support Probability for Bank Subordinated Debt in Asia-Pacific Has
Significantly Diminished".

Listed Of Affected Ratings

Bank of East Asia, Limited

- Subordinated debt: downgraded from (P)A3/A3 to (P)Baa3/Baa3

- Long-term foreign and local currency bank deposit rating:
unchanged at A2

- Bank financial strength rating/baseline credit assessment:
unchanged at C-/baa2

Bank of China (Hong Kong) Limited

- Subordinated debt: downgraded from (P)A1/A1 to (P)A3/A3

- Long-term foreign and local currency bank deposit rating:
unchanged at Aa3

- Bank financial strength rating/baseline credit assessment:
unchanged at C+/a2

China CITIC Bank International Limited

- Subordinated debt: downgraded from (P)Baa3/Baa3 to (P)Ba1/Ba1

- Junior subordinated debt: downgraded from (P)Ba1 to (P)Ba2

- Long-term foreign and local currency bank deposit rating:
unchanged at Baa2

- Bank financial strength rating/baseline credit assessment:
unchanged at D+/baa3

Industrial and Commercial Bank of China (Asia) Ltd.

- Subordinated debt: downgraded from (P)A3/A3 to (P)Baa1/Baa1

- Long-term foreign and local currency bank deposit rating:
unchanged at A2

- Bank financial strength rating/baseline credit assessment:
unchanged at C-/baa2

Standard Chartered Bank (Hong Kong) Ltd

- Subordinated debt: downgraded from (P)A1/A1 to (P)A2/A2

- Junior subordinated debt: downgraded from (P)A2 to (P)A3

- Long-term foreign and local currency bank deposit rating:
unchanged at Aa3

- Bank financial strength rating/baseline credit assessment:
unchanged at B-/a1

Wing Lung Bank Limited

- Subordinated debt : downgraded from (P)Baa1/Baa1 to (P)Baa2/Baa2

- Long-term foreign and local currency bank deposit rating:
unchanged at A3

- Bank financial strength rating/baseline credit assessment:
unchanged at C-/baa1

The principal methodology used in these ratings was Global Banks
published in May 2013.



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


B. HIMMATLAL: CRISIL Assigns 'BB' Ratings to INR160MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of M/s. B. Himmatlal Agrawal.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Cash            50       CRISIL BB/Stable (Assigned)
   Credit Limit

   Letter of Credit         40       CRISIL A4+ (Assigned)

   Cash Credit             110       CRISIL BB/Stable (Assigned)

   Bank Guarantee          100       CRISIL A4+ (Assigned)

   Bill Discounting        100       CRISIL A4+ (Assigned)

The ratings reflect BHLA's healthy order book and the extensive
experience of the firm's promoters. The ratings also factor in
BHLA's moderate financial risk profile supported by expected
improvement in the firm's cash accruals. These rating strengths
are partially offset by BHLA's moderate scale of operations, which
is further susceptible to the tender-based nature of its
operations in a fragmented industry, and large working capital
requirements.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR75 million extended to BHLA by its promoters as on August 27,
2013 as neither debt nor equity. This is because these loans are
expected to remain in the business during the tenure of the bank
debt and an undertaking for the same has been received from the
management.

Outlook: Stable

CRISIL believes that BHLA will continue to benefit over the medium
term from its healthy order book. The outlook may be revised to
'Positive' in case the firm registers significant improvement in
its liquidity, most likely because of higher-than-expected cash
accruals due to significantly higher-than-expected scale of
operations and profitability levels, also leading to improvement
in its business risk profile. Conversely, the outlook maybe
revised to 'Negative' in case of pressure on BHLA's liquidity
because of lower-than-expected cash accruals or larger-than-
expected debt-funded working capital requirements, or lower-than-
expected profitability.

BHLA, established as a proprietorship concern by Mr. Himmatlal
Agrawal in 1975 in Nagpur (Maharashtra), was reconstituted as a
partnership concern in 2006. The operations of the firm are
currently handled by Mr. Brijesh Agrawal and Mr. Kishor Agrawal.
BHLA is primarily involved in coal transportation and trading
operations, apart from labour works and civil construction works
which contribute a small portion to its revenues.


BHARATH INFRA: CRISIL Raises Ratings on INR200MM Loans to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Bharath Infra Exports and Imports Limited to CRISIL BB/Stable from
CRISIL BB-/Stable, while reaffirming the rating on the short-term
bank facilities at CRISIL A4+.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               100     CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit          750     CRISIL A4+ (Reaffirmed)

   Proposed Long-Term        100     CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Proposed Short-Term       550     CRISIL A4+ (Reaffirmed)
   Bank Loan Facility

The upgrade reflects CRISIL's expectation that BIEIL's revenues
and accruals will be significantly higher vis a vis the earlier
expectations and BIEIL will manage its working capital
requirements effectively.

The ratings continue to reflect extensive experience industry
experience of the promoter and well established relationship with
its customers and suppliers. These rating strengths are partially
offset by moderate financial risk profile marked by moderate total
outside liabilities to net worth ratio and modest debt protection
indicators.

Outlook: Stable

CRISIL believes that BIEIL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant and sustainable
improvement in its capital structure, while maintaining its
revenue growth and profitability. Conversely, the outlook may be
revised to 'Negative' in case of decline in the company's revenues
or profitability or a lengthening of its working capital cycle
impacting its financial risk profile.

BIEIL was established in 2008 by Mr. Dayananda Reddy. BIEIL owns
and operates Landmaark mall which provides an interface between
building material suppliers and real estate and infrastructure
players. The company is also engaged in trading in MS Billets and
TMT bars.

Mr. Dayananda Reddy is the Chairman and Managing Director of the
company and oversees the day to day operations of the company. Mr.
Reddy also has interests in real estate business. Mr. Reddy has
been associated with Karnataka Land Developer's Association and
Bommasandra Industrial Association, Bengaluru.

BIEIL reported a profit after tax (PAT) of INR51.4 million on net
sales of INR6.6 billion for 2012-13, against a PAT of INR11.0
million on net sales of INR4.2 billion for 2011-12




BHOORATHNOM CONSTRUCTION: CRISIL Cuts Rating on INR1BB Loans to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhoorathnom Construction Company Pvt Ltd to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'. The rating downgrade reflects
instances of delay by BCC in servicing its term loan; the delays
have been caused by the company's weak liquidity. BCC has weak
liquidity mainly on account of its large working capital
requirements and delays in receipt of payments from its customers.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           640      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit              140      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Bank            155      CRISIL D (Downgraded from
   Guarantee                         'CRISIL A4')

   Secured Overdraft         20      CRISIL D (Downgraded from
   Facility                          'CRISIL B/Stable')

   Term Loan                 45      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

BCC is also exposed to risks related to the tender-based nature of
its business. However, BCC benefits from its healthy order book,
which provides revenue visibility, and strong project
implementation capabilities.

BCC was set up in 1972 in Hyderabad (Andhra Pradesh). The company
manufactures pre-stressed concrete, reinforced cement concrete,
and mild steel pipes. BCC undertakes water pipeline projects for
state and central government agencies across India. BCC has also
diversified into the road projects segment in Andhra Pradesh.

BCC reported, on a provisional basis, a profit after tax (PAT) of
INR23 million on net sales of INR658 million for 2012-13 (refers
to financial year, April 1 to March 31), against a PAT of INR24
million on net sales of INR937 million for 2011-12.


DR. B.S. GUPTA: CRISIL Ups Ratings on INR63.5MM Loans to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Dr. B.S. Gupta Medical Charitable Society to 'CRISIL B/Stable'
from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       63.5     CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects continuous improvement in BSG's
liquidity, as reflected in moderate utilisation of its overdraft
(OD) facilities, at 60 per cent for the 15 months through June
2013. Furthermore, the society has no capital expenditure (capex)
plans over medium term and it has not contracted any long-term
debt for its routine capex. Liquidity continues to be supported by
unsecured loans of INR25 million which is likely to remain in the
business.

CRISIL has treated unsecured loans of INR25 million as neither
debt nor equity as management intends to retain the same in the
business. Furthermore, the unsecured loans have been extended by
an associate concern and are interest-free in nature.

The rating reflects BSG's small scale of operations and
geographically concentrated revenue profile. Also, the business
remains susceptible to adverse regulatory changes in the education
sector, hampering revenue and profitability growth over the medium
term. These rating weaknesses are partially offset by BSG's low
gearing and healthy debt protection metrics, and the benefits the
society is likely to derive from its promoters' extensive
experience in the education industry.

Outlook: Stable

CRISIL believes that BSG will continue to benefit from the
extensive experience of its promoters in the education sector. The
outlook may be revised to 'Positive' if there is a more-than-
expected increase in BSG's operating income and profitability, and
increased cash accruals, leading to improvement in its liquidity
and net worth. Conversely, the outlook may be revised to
'Negative' if the society undertakes a larger-than-expected debt-
funded capex programme, causing its debt protection metrics and
capital structure to weaken, or if there is a significant drop in
student enrolment at its institutes.

BSG was established in 1999 by Dr. R K Gupta and his family
members. The society operates a dental college, Seema Dental
College and Hospital, in Rishikesh (Uttarakhand). The college is
affiliated to the Hemwati Nandan Bahuguna Garhwal University,
Uttarakhand, and is currently managed by Dr. Amit Gupta, son of
Dr. R K Gupta. The college has 100 seats in the bachelor of dental
surgery course and 21 seats in the master of dental surgery
course.


FITMET INDUSTRIAL: CRISIL Assigns 'D' Ratings to INR75.2MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Fitmet Industrial Fittings Pvt Ltd. The rating
reflects instances of delay by Fitmet in servicing its debt; the
delays have been caused by the company's constrained liquidity.
Fitmet has weak liquidity because of its large working capital
requirements against its limited bank lines.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                20.7     CRISIL D

   Proposed Short-Term      15.0     CRISIL D
   Bank Loan Facility

   Cash Credit              24.5     CRISIL D

   Inland/Import Letter     15.0     CRISIL D
   of Credit

Fitmet also has a small scale of operations in a fragmented
industry, and a below-average financial risk profile marked by a
modest net worth and low cash accruals. However, Fitmet benefits
from its promoters' extensive experience in the trading industry
(through group entities) and the funding support that it receives
from them.

Fitmet was set up in 2004 by the Sheth family in Pune
(Maharashtra). It manufactures butt-weld fittings. The company's
product portfolio includes elbow 90 degree, elbow 45 degree,
eccentric reducers, equal tees, reducing tees, caps, long stub
ends, short stub ends, concentric reducers, and collars. Fitmet's
promoters have over 25 years of experience in the trading and
manufacturing of fittings.


GREY'S EXIM: CRISIL Cuts Ratings on INR110MM Loans to 'B'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Grey's Exim Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', while reaffirming its rating on GEPL's short-term bank
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting         34.5     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Cash Credit              60.0     CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit         20.0     CRISIL A4 (Reaffirmed)

   Packing Credit           15.0     CRISIL A4 (Reaffirmed)

   Proposed Long-Term       15.5     CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The downgrade reflects deterioration in GEPL's financial risk
profile, particularly its liquidity, because of large incremental
working capital requirements. As GEPL's operations are working-
capital-intensive, a sharp year-on-year sales growth of more than
45 per cent to about INR695 million in 2012-13 (refers to
financial year, April 1 to March 31) translated into significant
working capital requirements. Consequently, the company relied
heavily on its fund-based bank limits, as reflected in its full
utilisation of its bank limits over the 12 months through June
2013 and the weakening in its gearing to just above 4 times as on
March 31, 2013, from 3.5 times a year earlier. CRISIL believes
that timely enhancement in bank lines and infusion of long-term
funds by GEPL's promoter to support sharp growth in sales will be
critical for the company in maintaining liquidity over the medium
term.

CRISIL's ratings reflect GEPL's modest scale of operations in the
highly fragmented textile industry and the company's below-average
financial risk profile marked by small net worth, aggressive
gearing, and weak debt protection metrics. The ratings also
reflect GEPL's working-capital-intensive operations. These rating
weaknesses are mitigated by the extensive experience of GEPL's
promoter in the textile industry.

Outlook: Stable

CRISIL believes that GEPL's financial risk profile will remain
constrained over the medium term, on account of large working
capital requirements. The outlook may be revised to 'Positive' in
case of a significant improvement in GEPL's working capital
management leading to improvement in its liquidity or if the
company's promoter infuses significant equity, leading to
improvement in the company's capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's working capital management, or if
the company undertakes a larger-than-expected debt-funded capex
programme, leading to weakening in its financial risk profile.

Incorporated in 1986, GEPL is promoted by Mr. Mehul Sedani. The
company manufactures woven garments such as tops, shorts, inner
wear, shorts, and shirts for men.

For 2012-13, on a provisional basis, GEPL reported a net profit of
INR9.1 million on net sales of INR695 million, against a net
profit of INR4.3 million on net sales of INR475 million for 2011-
12.


JAIN UDHAY: CRISIL Assigns 'B-' Ratings to INR373.9MM Loans
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Jain Udhay Fabrics Pvt Ltd, and has assigned its
'CRISIL B-/Stable/CRISIL A4' ratings to the company's bank
facilities. CRISIL had earlier, on March 22, 2013, suspended the
ratings as JUFPL had not provided the necessary information
required for a rating review. The company has now shared the
requisite information, enabling CRISIL to assign a rating to the
company's bank facilities.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              105.0     CRISIL B-/Stable (Assigned)
   Letter of Credit          20.0     CRISIL A4 (Assigned)
   Term Loan                268.9     CRISIL B-/Stable (Assigned)

The ratings reflect JUFPL's small scale of operations and large
working capital requirements. The ratings also reflect the
company's weak financial risk profile marked by a high gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of JUFPL's promoters
in the textiles business.

Outlook: Stable

CRISIL believes that the JUFPL will continue to benefit over the
medium term from its promoters' extensive experience in the
textiles business; however, its financial risk profile is expected
to remain weak driven by high gearing and weak debt protection
metrics. The outlook may be revised to 'Positive' in case the
company registers significant improvement in its scale of
operations and profitability, resulting in higher-than-expected
cash accruals and consequently improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case JUFPL faces further pressure on its liquidity on account of
deterioration in its working capital management because of lower-
than-expected cash accruals.

JUFPL, incorporated in 1990, manufactures ready-made garments
under its brand names Jus and Blue Mount. Its manufacturing unit
is at Doraha in Ludhiana (Punjab). The company is managed by its
promoters Mr. Sanjeev Jain and Mr. Naveen Jain.

JUFPL reported a net loss of INR42.1 million on net sales of
INR189.7.8 million for 2011-12 (refers to financial year, April 1
to March 31), against a net loss of INR46.7 million on net sales
of INR625.8 million for 2010-11. JUFPL's net sales are estimated
at INR118.0 million in 2012-13.


LINERS INDIA: CRISIL Cuts Ratings on INR510MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Liners
India Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB/Negative/CRISIL
A4+'; the rating on the company's fixed deposit programme has also
been downgraded to 'FD' from 'FB+/Negative'.

                         Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           17.5     CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             115.0     CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

   Cash Credit             145.0     CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

   Foreign Bill             10.0     CRISIL D (Downgraded from
   Discounting                       'CRISIL A4+')

   Letter of Credit         75.0     CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Letter of Credit         40.0     CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Long-Term       36.5     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB/Negative')

   Term Loan                71.0     CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

The rating downgrade reflects the delay by LIL in servicing its
debt. While interest obligations are being met on time, the
company has not been repaying the principal amount in a timely
manner. The delays are on account of stretched liquidity due to
low cash accruals. LIL's business performance remains impacted by
the continuing slowdown in medium and heavy commercial vehicle
(M&HCV) industry, resulting in low cash generation. The company's
liquidity is further constrained by its large working capital
requirements and high bank limit utilisation.

CRISIL's ratings reflect LIL's established market position in the
cylinder liner industry backed by its diversified clientele. This
rating strength is partially offset by the company's limited
pricing power due to significant dependence on large M&HCV and
tractor customers, substantial working capital requirements, and
sub-par financial risk profile, marked by weak gearing and debt
protection metrics.

LIL was originally established in 1974 as a partnership firm by
Mr. S Ganesh; the firm was reconstituted as a private limited
company in 1986 and to a public limited company in 1994. LIL has
two divisions: cylinder liner manufacturing and automobile
components trading. In 2011-12 (refers to financial year, April 1
to March 31), the manufacturing division contributed around 59 per
cent to LIL's revenue while trading contributed the remainder. LIL
manufactures cylinder liners and cast iron products. The
centrifugally cast cylinder liners are used in diesel automotive
engines. LIL supplies to original equipment manufacturers of
heavy, medium, and light commercial vehicles, tractors, and diesel
engines worldwide. The company has manufacturing units in
Vijayawada (Andhra Pradesh [AP]), and Rudrapur (Uttarakhand), with
an installed capacity of 240 million liners per annum.

The trading division was formed after acquisition of Jai Motors
Ltd by LIL in January 2009. Under this division, LIL is a
distributor (South India region) for automotive component
manufacturing companies. It is an exclusive distributor of Shriram
Pistons & Rings Ltd and Allied Nippon Ltd for AP, Karnataka,
Kerala, and Tamil Nadu. It is also a distributor of six other
automotive component manufacturing companies in South India.

For 2011-12, LIL reported a profit after tax (PAT) of INR11.6
million on net sales of INR1180 million, against a PAT of INR3.1
million on net sales of INR1045 million for 2010-11.

For the six months ended September 30, 2012, LIL reported a PAT of
INR4 million on net sales of INR590 million, against a PAT of INR8
million on net sales of INR550 million for the corresponding
period of 2011.


MACEDON VINIMAY: CRISIL Raises Ratings on INR81.7MM Loans to 'B'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Macedon
Vinimay Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            1       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit              50       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan                31.7     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit          9       CRISIL A4 (Upgraded from
                                     'CRISIL D')

The upgrade in the ratings reflects sufficient track record of
timely debt servicing by MVPL. Though the accruals have been
tightly matched against the maturing obligations, timely funding
support from the promoters in the form of unsecured loans has
supported the company's liquidity. Such unsecured loans from the
promoters stood at INR35 million as on March 31, 2013. The upgrade
assumes continued funding support from MVPL's promoters to ensure
timely debt servicing on an ongoing basis.

MVPL continues to have a small scale of operations, as well as
being working capital intensive, and a below-average financial
risk profile, marked by modest net worth, moderate gearing, and
weak debt protection metrics. These rating weaknesses are
partially offset by MVPL's healthy order book providing revenue
visibility over the medium term and the continued funding support
extended by its experienced promoters.

Outlook: Stable

CRISIL believes that MVPL's financial risk profile will continue
to remain constrained due its modest accruals and high debt
repayment obligations. The outlook may be revised to 'Positive' if
the company registers significantly higher-than-expected accruals.
Conversely, the outlook may be revised to 'Negative' in case of
delays in funding support from the promoters or pressure on
profitability, or stretch in its working capital cycle leading to
further weakened liquidity.

Promoted by the members of the Dhanuka family based in Kolkata
(West Bengal) in 1995, MVPL manufactures fibre reinforced plastic
(FRP)-based products primarily for the railways and the power
industries. The company manufactures FRP-based glass shutters,
window guides, window assembly, window seals, and trays for the
Railways and ladders, metres enclosures, cupboards, and panel
boxes for the power industry. MVPL also manufactures chutes for
the Railways.

For 2012-13, MVPL, on a provisional basis, reported profit after
tax (PAT) of INR4 million on net sales of INR214 million as
against net loss of INR3 million on revenue of INR130 million for
2011-12.


MACROCOSM INDUSTRIES: CRISIL Cuts Rating on INR250MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Macrocosm Industries Pvt Ltd to 'CRISIL D' from 'CRISIL B-
/Stable'. The downgrade reflects consistent overdrawals in MIPL's
cash credit facility for over 30 days on account of weak
liquidity.

                         Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              250      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

MIPL also has working-capital intensive operations, and is exposed
to risks related to volatility in copper prices and the commodity-
like market for its products.

The Macrocosm group of companies, of which MIPL is a part, was
promoted by Mr. Hrishikesh Shah and his brother, Mr. Jaikishen
Shah. MIPL, started in 2007-08, trades in copper wires and strips
and scraps.


ODEON BUILDERS: CRISIL Lowers Rating on INR600MM Loans to 'B'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Odeon
Builders Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL BBB-
/Stable/CRISIL A3'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          1,470     CRISIL A4 (Downgraded from
                                     'CRISIL A3')

   Cash Credit               600     CRISIL B/Stable (Downgraded
                                     from 'CRISIL BBB-/Stable')

The rating downgrade reflects pressure on Odeon's liquidity,
because of stretch in the company's working capital cycle arising
primarily from delays in realising its debtors. Furthermore,
Odeon's financial flexibility is severely constrained by
significant increase in the company's debt levels and by its fully
utilised bank limits.

The ratings reflect Odeon's large working capital requirements and
weak liquidity; and exposure to risks related to cyclicality in
the real estate industry. These rating weaknesses are partially
offset by Odeon's established position in the commercial
construction segment.

Outlook: Stable

CRISIL believes that Odeon's financial risk profile will remain
constrained on account of stretch in its working capital
requirements. The outlook may be revised to 'Positive' if Odeon is
able to improve its liquidity position. Conversely, the outlook
may be revised to 'Negative' if Odeon's financial risk profile is
further constrained by larger-than-expected working capital
requirements or if the company undertakes a large, debt-funded
capital expenditure programme.

Odeon, a New Delhi-based construction contractor, was incorporated
in 1991. The company mainly constructs residential and commercial
buildings, malls, schools, and hospitals. Until 2007, Odeon
constructed buildings only in the private sector, mainly for Sun
City Projects Pvt Ltd. In 2008, Odeon began undertaking government
projects; the business is currently the company's focus area for
future growth.

For 2012-13 (refers to financial year, April 1 to March 31), Odeon
reported, on a provisional basis, a profit after tax (PAT) of
INR119 million on net sales of INR4.5 billion; the company
reported a PAT of INR158 million on net sales of INR4.7 billion
for 2011-12.


SOMA ISOLUX: CRISIL Cuts Ratings on INR9.78BB Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Soma Isolux Kishangarh Beawar Tollway Pvt Ltd to 'CRISIL D'
from 'CRISIL BB+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               9,780     CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

The rating downgrade reflects instances of delay by SIKB in
meeting its debt servicing obligations. The delay has been caused
by the company's weak liquidity. There has been a delay in SIKB's
project completion, resulting in cost overrun of INR1.5 billion,
which mainly comprise interest costs. The company is in the
process of tying of funds for the cost overrun; this is expected
to be completed over the next two months. Therefore, CRISIL
believes that SIKB's liquidity will remain weak in the near term.

SIKB has high project implementation risk associated with
obtaining pending approvals for structures and weak debt
protection metric in the initial years of operation. However, the
company benefits from presence of industrial and tourist
destinations on the project highway.

SIKB is a special-purpose vehicle jointly promoted by Isolux
Corsan India Engineering and Construction Pvt Ltd (a part of the
Isolux Corsan group) and Soma Enterprises Ltd. SIKB has entered
into a concession agreement with the National Highway Authority of
India (rated 'CRISIL AAA/Stable') for the execution of its road
project on a design, build, finance, operate, and transfer basis.

The project involves designing, building, financing, operating,
and transferring six lanes of the Kishangarh-Ajmer-Beawar section
of National Highway 8, from 364.125 kilometres (km) to 58.245 km
(total length of 93.56 km), in Rajasthan. The concession period is
of 18 years, including construction period of 30 months. The
project execution is delayed by around 20 months and COD has been
revised to January 2014. SIKB completed 94.30 per cent of the
physical work by June 30, 2013, as against the targeted 96.21 per
cent. The delay is mainly on account of pending approval from
railway authorities for construction of railway overbridges. The
tolling is expected to commence from November 2013, post obtaining
provisional COD.


SR VAPORS: CRISIL Assigns 'D' Ratings to INR119.6MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of SR Vapors Pvt Ltd. The rating reflects delay by
SRVPL in meeting the interest obligations on its term loan; the
delay has been caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan          115.0     CRISIL D
   Cash Credit               4.6     CRISIL D

SRVPL is also exposed to implementation and demand risks
associated with its on-going carbon dioxide (CO2) project.
However, the company is expected to benefit from steady supply of
raw material on account of the proximity of its plant to its group
concern SR Breweries Pvt Ltd.

SRVPL was set up in June 2011 by Mr. Ranjan Kumar Padhi and his
wife Dr. Saina Kar with the main objective to manufacture and
bottle CO2. The company is currently setting up a plant to
manufacture and bottle CO2 in both liquid as well as gaseous form.


SRI BALAMBIKA: CRISIL Ups Ratings on INR621.4MM Loans to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sri
Balambika Textile Mills (P) Ltd to 'CRISIL BB-/Stable/CRISIL A4+'
from 'CRISIL B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              150.0    CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Working Capital           71.4    CRISIL BB-/Stable (Upgraded
   Demand Loan                       from 'CRISIL B+/Stable')

   Long-Term Loan           400.0    CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of credit &        38.0    CRISIL A4+ (Upgraded
   Bank Guarantee                    from 'CRISIL A4')

The ratings upgrade reflect CRISIL's belief that SBTMPL will
sustain the improvement in its financial risk profile and
liquidity, backed by enhanced cash accruals; and the absence of
significant debt-funded capital expenditure (capex) plans. SBTMPL
reported an operating margin of 12.4 per cent for 2012-13 (refers
to financial year, April 1 to March 31). The company is likely to
maintain a healthy operating margin over the medium term. SBTMPL's
gearing improved to around 3.69 times as on March 31, 2013, from
around 6.42 times as on March 31, 2012. The company's gearing is
expected to improve to less than 3.00 times over the medium term,
on the back of a sustained improvement in cash accruals, and the
absence of large, debt-funded capex plans.

The rating reflects the extensive experience of SBTMPL's promoter
in the textile industry. The rating strength is partially offset
by the company's average financial risk profile, marked by
moderate net worth, high gearing and average debt protection
metrics; and exposure to volatility in cotton prices.

Outlook: Stable

CRISIL believes that SBTMPL will continue to benefit from its
established market position in the textile industry, and the
promoter's extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' if SBTMPL's liquidity and
capital structure improve significantly and sustainably, supported
by larger-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if SBTMPL undertakes a large, debt-funded
capex programme; or reports a significant decline in its revenues
or profitability, thereby adversely affecting its debt-servicing
ability.

SBTMPL is engaged in the spinning of cotton yarn, and has a
factory in Tirupur. SBTMPL also has two windmills with a combined
generation capacity of 1.2 megawatts. The company is promoted by
Mr. M Rathnasamy.

SBTMPL reported a net profit of INR60.4 million on operating
revenues of INR1.1 billion for 2012-13, and a net loss of INR133.2
million on operating revenues of INR482.5 million for the
preceding year.


STOTZ GEARS: CRISIL Downgrades Ratings on INR36.8MM Loans to 'B-'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Stotz
Gears Pvt Ltd (SGPL; part of the Stotz group) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              32       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Letter of Credit         23.2     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Standby Line of Credit    4.8     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The rating downgrade reflects the weakening of the Stotz group's
liquidity, driven by deterioration in its working capital cycle
between 2010-11 (refers to financial year, April 1 to March 31)
and 2012-13. The group's gross current asset days increased to
around 300 as on March 31, 2013, from around 110 as on March 31,
2011. Besides, its cash credit account was frequently overdrawn
over the 12 months through June 2013. The deterioration in the
Stotz group's working capital cycle was because of substantial
inventory required for catering to large orders from a few of its
customers. The inventory had increased to 287 days as on
March 31, 2012, from 33 days a year earlier, and remained high at
254 days as on March 31, 2013. CRISIL believes that the Stotz
group's liquidity is likely to remain under pressure over the
medium term because of its large working capital requirements.

The ratings reflect the Stotz group's small scale of operations,
and its susceptibility to any decline in demand for its products
because of reduced investments in its end-user industry. The
ratings also factor in the group's weak financial risk profile,
marked by a highly leveraged capital structure and a modest net
worth, and its susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the Stotz
group's established customer relationships, well-diversified
customer profile, and promoters' extensive experience in the
engineering industry.

For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of SGPL and its subsidiary, Swastik
Metaforge Pvt Ltd. This is because the two companies, together
referred to as the Stotz group, have a common management and
strong operational and financial linkages with each other.

Outlook: Stable

CRISIL believes that the Stotz group will continue to benefit over
the medium term from its promoters' experience in the engineering
business and its established relationships with customers. The
outlook may be revised to 'Positive' if the group manages its
incremental working capital requirements efficiently, leading to
improvement in its liquidity, or if there is a substantial and
sustained improvement in its revenues and operating margin.
Conversely, the outlook may be revised to 'Negative' if the
group's operating margin declines substantially, or its capital
structure weakens, most likely because of more-than-expected
increase in its working capital borrowings or larger-than-expected
debt-funded capital expenditure.

SGPL was incorporated in 1992, promoted by Mr. Pradip Kalra and
Mr. Sunil Kalra. The company manufactures a wide range of heavy
machinery components. It supplies to various industries, including
sugar, cement, thermal power, iron and steel, and coal. It has
specialised in manufacturing large-diameter (more than 6 metres)
gears.

SMPL, a wholly owned subsidiary of SGPL, manufactures heavy
forgings, mild-steel castings, and other products. Its main focus
is on kiln fabrication, hydro turbine components, and metal frames
for tunnels. It started production in March 2011. The
manufacturing units of both the companies are in Ghaziabad (Uttar
Pradesh).

For 2011-12, the Stotz group reported a profit after tax (PAT) of
INR10.5 million on net sales of INR115 million, against a PAT of
INR3.7 million on net sales of INR223 million for 2010-11.


SWASTIK METAFORGE: CRISIL Lowers Ratings on INR150MM Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Swastik Metaforge Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               36.0     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Letter of Credit          30.0     CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Long-Term        39.2    CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB/Stable')

   Standby Line of Credit     5.0    CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Term Loan                 39.8    CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects delays by SMPL in servicing its term
loan. The delays have been caused by SMPL's weakening liquidity,
mainly driven by its large working capital requirements.

The ratings reflect the Stotz group's small scale of operations,
and its susceptibility to any decline in demand for its products
because of reduced investments in its end-user industry. The
ratings also factor in the group's weak financial risk profile,
marked by a highly leveraged capital structure and a modest net
worth, and its susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the Stotz
group's established customer relationships, well-diversified
customer profile, and promoters' extensive experience in the
engineering industry.

For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of SMPL and its parent, Stotz Gears Pvt
Ltd. This is because the two companies, together referred to as
the Stotz group, have a common management and strong operational
and financial linkages with each other.

SGPL was incorporated in 1992, promoted by Mr. Pradip Kalra and
Mr. Sunil Kalra. The company manufactures a wide range of heavy
machinery components. It supplies to various industries, including
sugar, cement, thermal power, iron and steel, and coal. It has
specialised in manufacturing large-diameter (more than 6 metres)
gears.

SMPL, a wholly owned subsidiary of SGPL, manufactures heavy
forgings, mild-steel castings, and other products. Its main focus
is on kiln fabrication, hydro turbine components, and metal frames
for tunnels. It started production in March 2011. The
manufacturing units of both the companies are in Ghaziabad (Uttar
Pradesh).

For 2011-12, the Stotz group reported a profit after tax (PAT) of
INR10.5 million on net sales of INR115 million, against a PAT of
INR3.7 million on net sales of INR223 million for 2010-11.


VIRAJ POLYPLAST: CRISIL Ups Ratings on INR150MM Loans to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Viraj
Polyplast Technologies Pvt. Ltd. to 'CRISIL B/Stable' from 'CRISIL
D'.

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

   Proposed Long-Term       76.3     CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan                43.7     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects improvement in the liquidity profile of VPTPL
as reflected in timely servicing of its term debt obligations
based on the performance till August 2013. The improvement was
driven by modest improvement in the company's business performance
with steady capacity utilization and sustained cost containment
initiatives. The promoters have also supported the business
operations by infusing unsecured loans during 2012-13. The
company's financial performance remains in line with CRISIL's
expectations. VPTPL reported revenues of around INR163 million for
2012-13 (refers to financial year, April 1 to March 31), as
against INR152 million for 2011-12.

The ratings also reflect VPTPL's modest scale in a highly
fragmented industry coupled with its working capital-intensive
nature of business. These rating weaknesses are partially offset
by the promoter's vast industry experience and established
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that VPTPL will maintain its stable business risk
profile over the medium term, backed by the extensive experience
of its promoters and established relationships with customers and
suppliers. The outlook may be revised to 'Positive' in case the
company scales up its operations effectively, while improving its
capital structure and working capital cycle. Conversely, the
outlook may be revised to 'Negative' if VPTPL faces a slowdown in
offtake, thereby adversely affecting its revenues and margins, or
if it undertakes a large debt-funded capital expenditure
programme, thereby leading to weakening of its liquidity and
financial risk profile.

Incorporated in 2004, Viraj Polyplast Technologies Pvt. Ltd. is
primarily engaged in the manufacturing of precast PVC moulds,
which are used to produce concrete tiles and pavers. The company
also manufactures gaskets rings used in PVC pipe fittings. In
2012-13, VPTPL plans to start production of plastic mats,
primarily used in cars and other LMVs. The company's day-to-day
operations are managed by Mr. Darpan Shah and its registered
office is located at Goregaon (Mumbai).

VPTPL reported a profit after tax (PAT) of INR13.1 million on net
sales of INR163 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR11.9 million on net
sales of INR152 million for 2011-12.


* Moody's Downgrades Ratings on 11 Indian Banks
-----------------------------------------------
Moody's Investors Service has downgraded the subordinated debt
(subdebt) and junior subordinated debt ratings of 11 Indian banks.
The banks' senior obligation ratings and their stand-alone
baseline credit assessments were not affected.

Moody's removed one to two notches of the two to three notches
systemic support uplift previously incorporated in the public
sector banks' subdebt and junior subdebt ratings, concluding a
review started on June 3, 2013. Moody's also removed the one notch
support uplift incorporated in the private sector banks' subdebt
and junior subdebt ratings.

The 11 banks affected are 8 public sector banks (with a minimum
51% government shareholding) and three private sector banks:

Public Sector Banks

- Bank of Baroda (deposits Baa3 stable, BFSR D/BCA ba2 negative)

- Bank of India (deposits Baa3 stable, BFSR D/BCA ba2 negative)

- Canara Bank (deposits Baa3 stable, BFSR D/BCA ba2 negative)

- IDBI Bank Ltd (deposits Baa3 stable, BFSR D-/BCA ba3 stable)

- Indian Overseas Bank (deposits Baa3 negative, BFSR D-/BCA ba3
negative)

- State Bank of India (deposits Baa2 stable, BFSR D+/BCA ba1
stable)

- Syndicate Bank (deposits Baa3 stable, BFSR D/BCA ba2 negative)

- Union Bank of India (deposits Baa3 stable, BFSR D/BCA ba2
negative)

Private Sector Banks

- Axis Bank Limited (deposits Baa2 stable, BFSR D+/BCA baa3
stable)

- HDFC Bank Limited (deposits Baa2 stable, BFSR D+/BCA baa3
stable)

- ICICI Bank Limited (deposits Baa2 stable, BFSR D+/BCA baa3
stable)

Ratings Rationale:

Moody's downgrade reflects the increasing international trend of
imposing losses on holders of subdebt securities (creditor "bail-
in") as a pre-condition for distressed banks to receive government
support. As a consequence, Moody's assumes that Indian government
support is less likely to be forthcoming for the holders of such
securities.

"The global financial crisis has demonstrated that support can be
provided selectively, with the costs being shared with
subordinated creditors of a bank, without triggering any
contagion, as it was previously feared", says Gene Fang, a Vice
President at Moody's.

Moody's analysis observes that India has a modern and progressive
approach to bank regulation. There is no explicit legal power
allowing Indian regulators to selectively impose losses on subdebt
holders outside of a liquidation process. However, as a member of
the G20 and Financial Stability Board (FSB), India could move
towards adopting a bank resolution framework which imposes losses
on subordinated debt holders.

On balance, Moody's assumes that Indian government support will be
less likely in the future. Nevertheless, we believe for public
sector banks a high probability of support is still justified,
resulting in a one notch subdebt rating uplift. This is an
exception to the general assumption in our methodology that
support should be removed from subordinated debt ratings. In
contrast, we assume that the probability of support for private
sector banks is now low-to-moderate from high before, which is no
longer sufficient to result in a rating uplift at their current
baseline credit assessments.

This rating action relates only to Moody's view on the potential
for systemic support for the banks' junior securities. It does not
reflect any change in the banks' intrinsic credit quality or in
the support assumptions for issuer or senior debt ratings.

Background

In recent years, losses have been imposed on the holders of junior
securities during the resolution of troubled banks in crisis-hit
countries. In the majority of cases, investors have suffered
losses as a result of distressed exchanges, which do not
necessarily require a developed resolution framework to be in
place. Furthermore, experience has shown that such a framework can
be developed quickly at times of stress.

As a consequence, Moody's approach globally is now to assume, as a
starting point, that no government support would be extended to
the subordinated debt holders of a distressed bank, except where
particular circumstances justify.

In the case of Indian banks, Moody's concluded that the unique
role of public sector banks in implementing Indian government
policy, as well as recent government capital provided to the
banks, merited a continued level of support, though at a lower
level than previously assumed. In parallel, we also lowered the
support assumption for private sector banks to moderate. At the
lower level of support and current baseline credit assessments
(BCA) of Indian private sector banks, the subordinated and junior
subordinated debt ratings would not receive additional government
support. Therefore, the subordinated and junior subordinated debt
ratings are lowered to reflect the new methodology.

A detailed rationale explaining our decision can be found in our
upcoming special comment entitled "The World Has Changed: the
Support Probability for Bank Subordinated Debt in Asia-Pacific Has
Significantly Diminished".

Ratings Affected

Axis Bank Limited, DIFC Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

Axis Bank Limited, Hong Kong Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

Axis Bank Limited, Singapore Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt rating
downgraded to Ba2 (hyb) from Ba1 (hyb). The outlook on the new
rating is stable.

Bank of Baroda, London Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba2 from (P)Ba1.

-- Long-term foreign currency subordinated debt rating downgraded
to Ba2 from Ba1. The outlook on the new rating is negative.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba3 from (P)Ba2.

Bank of India:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba2 from (P)Ba1.

Bank of India, London Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba2 from (P)Ba1.

-- Long-term foreign currency subordinated debt rating downgraded
to Ba2 from Ba1. The outlook on the new rating is negative.

Bank of India, Jersey Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba2 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba3 from (P)Ba2.

Canara Bank, London Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba2 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba3 from (P)Ba2.

-- Long-term foreign currency junior subordinated debt rating
downgraded to Ba3 (hyb) from Ba2 (hyb). The outlook on the new
rating is negative.

HDFC Bank Limited:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

HDFC Bank Limited, Bahrain Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

HDFC Bank Limited, Hong Kong Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

ICICI Bank Limited:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

ICICI Bank Limited, New York Branch:

-- Long-term local currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term local currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

ICICI Bank Limited, Bahrain Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt rating
downgraded to Ba2 (hyb) from Ba1 (hyb). The outlook on the new
rating is stable.

ICICI Bank Limited, Dubai Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

ICICI Bank Limited, Hong Kong Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

ICICI Bank Limited, Singapore Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

IDBI Bank Ltd:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba3 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)B1 from (P)Ba2.

IDBI Bank Ltd, DIFC Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba3 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)B1 from (P)Ba2.

Indian Overseas Bank:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba3 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)B1 from (P)Ba2.

Indian Overseas Bank, Hong Kong Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba3 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)B1 from (P)Ba2.

State Bank of India:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

State Bank of India, Hong Kong Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

State Bank of India, London Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

State Bank of India, Nassau Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba1 from (P)Baa3.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba2 from (P)Ba1.

Syndicate Bank:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba2 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba3 from (P)Ba2.

Syndicate Bank, London Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba2 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba3 from (P)Ba2.

Union Bank of India:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba2 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba3 from (P)Ba2.

Union Bank of India, Hong Kong Branch:

-- Long-term foreign currency subordinated debt program rating
downgraded to (P)Ba2 from (P)Ba1.

-- Long-term foreign currency junior subordinated debt program
rating downgraded to (P)Ba3 from (P)Ba2.

The principal methodology used in these ratings was Global Banks
published in May 2013.



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


RENESAS ELECTRONICS: To Sell Two LSI Units to Broadcom
------------------------------------------------------
The Japan Times reports that Renesas Electronics Corp. has said it
will sell two overseas affiliates related to system large-scale
integrated circuits for cellphones to Broadcom Corp. of the U.S.
for $164 million on Oct. 1.

According to the report, the units put up for sale are Renesas
Mobile Europe Oy in Helsinki and Renesas Mobile India in
Bangalore, India. They are currently under the wing of Renesas
Mobile Corp., a wholly owned subsidiary of Renesas Electronics.

The Japan Times notes that when Renesas Electronics announced in
June its decision to withdraw from system LSIs for mobile phones
at the end of this year, it said the two affiliates plus Renesas
Tongxinjishu (Beijing) Co., also under Renesas Mobile, will be
liquidated.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.

The Company reported a net loss of JPY168 billion for the fiscal
year ended March 31, 2013, compared with a net loss of
JPY62.60 billion in fiscal year ended March 31, 2012.

In February, shareholders of Renesas Electronics Corp. approved a
JPY150 billion investment plan from a government-backed fund and
eight companies to accelerate restructuring steps, the Japan Times
Online reported.


* Moody's Says Japanese CMBS Performance Continues to Improve
-------------------------------------------------------------
Moody's Japan K.K. says that performance for Japanese CMBS and
RMBS continued to improve in July and June 2013, while the default
rate for auto loan ABS rose slightly in June 2013.

For CMBS, the default rate -- expressed as the outstanding
defaulted loan amount compared to the total loan amount -- fell to
21.8% in July 2013 from 23.0% in June 2013, and from 30.4% a year
ago.

For RMBS and auto loan ABS, their most recent data is for June
2013.

For RMBS, the annualized default rate fell to 0.12% in June 2013
from 0.13% in May 2013. In recent years, the rate has averaged
around 0.15%, and ranged between 0.08% and 0.30%.

For auto loans ABS, the annualized default rate rose to 0.75% in
June 2013 from 0.73% in May 2013.

Looking ahead, Moody's expects the performance trends for RMBS and
auto loan ABS to remain stable because of the relatively high job
security of most borrowers.

Moody's Global Collateral Performance Report is updated monthly
and covers the collateral performance of 40 structured finance
sectors located globally. In this report, we update the key
indices for Japanese CMBS, RMBS and ABS on a monthly basis.



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


BLACKTOP CONSTRUCTION: Goes Into Receivership
---------------------------------------------
Radio New Zealand International reports that the Fiji Roads
Authority has confirmed that Blacktop Construction Ltd, the
Auckland-based contractor responsible for road work in the
Northern Division, has gone into receivership.

FBC news reports the Chief Executive Officer Neil Cook said they
are in early discussions with the receiver and whatever happens,
the Authority will ensure that road work in the Northern Division
continues, according to Radio New Zealand International.

The report relates that the receiver has ten days to satisfy the
Authority that Blacktop will be able to continue to perform at the
required standard and that Fijian creditors are protected.



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


UNITRUST DEV: Depositors, Creditors to Receive Partial Payment
--------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC), the
Liquidator of the closed Unitrust Development Bank, announced that
it will start distributing cash payments to the depositors and
creditors of Unitrust starting September 9, 2013. The cash portion
is in partial settlement of the claims of the depositors and
creditors of Unitrust against the assets of the bank.

To receive the payment, Unitrust depositors and creditors are
required to appear personally or thru a duly authorized
representative at the Unitrust Development Bank Exchange Corner
located at the Ground Floor, Exchange Corner Complex Condominium,
Exchange Corner Building, V.A. Rufino St. corner Esteban and
Bolanos Sts., Legaspi Village, Makati City on their designated
schedule. The schedule is based on the list that was published on
September 1, 2013 in a newspaper of general circulation and also
posted in the PDIC website, www.pdic.gov.ph. Depositors are
required to present two (2) valid identification documents (IDs)
and submit their corresponding duly accomplished and notarized
Release, Waiver and Quitclaim, With Undertaking. Additional
requirements for individual creditors, sole proprietors and
corporate creditors as well as the schedule of cash payments are
posted in the PDIC website. The Release, Waiver and Quitclaim,
With Undertaking may also be downloaded from the website.

PDIC Executive Vice President Cristina Q. Orbeta of the
Receivership and Liquidation Sector assured concerned depositors
and creditors that Unitrust has sufficient funds to pay all the
claims.

Presiding Judge Winlove Dumayas of the Regional Trial Court of
Makati City, Branch 59 (Liquidation Court) earlier ordered the
depositors and creditors of Unitrust to attend the hearing set on
September 10, 2013 at 8:30 a.m., at the Liquidation Court "to
agree to the proposed allocations of their interests in the real
properties as payment equivalent to 38% of their respective
claims" and "to execute their respective quitclaims and waivers
once all their claims have been fully-settled." This is pursuant
to the Omnibus Order dated August 5, 2013 issued by the
Liquidation Court. The Order further directed PDIC to submit
before the Liquidation Court a list of all unfiled claims after
the 45-day period counted from the date of publication of the
notice as these unfiled claims shall be written-off and shall be
distributed to the stockholders of the Unitrust.

The PDIC urged Unitrust depositors and creditors to attend the
September 10 hearing set by the Liquidation Court to discuss the
payment of the remaining balance of their respective claims. The
proposal of Unitrust stockholders is to pay the remaining balance
with real properties.

The payment of the cash portion of the claims is without prejudice
to the final resolution of PDIC's petition for certiorari (C-A-
G.R. No. 128241) before the Court of Appeals on the December 17,
2012 Order.

For more information, depositors and creditors may visit the PDIC
website at www.pdic.gov.ph or call Mr. Ronald C. Angeles at
telephone no. 841-4780 and Mr. Marcelo Torres at telephone numbers
841-4784 and 841-4983.

Unitrust was ordered closed by the Monetary Board on January 4,
2002, and is now under the liquidation of the PDIC.


* Moody's Lowers Ratings on Two Philippine Banks
------------------------------------------------
Moody's Investors Service has downgraded the subordinated debt
(subdebt) ratings of two Philippine banks following a review
launched on June 3 to re-assess the probability of government
support that was assumed for this debt class. The two banks
affected are Rizal Commercial Banking Corporation (RCBC) and
Philippine National Bank (PNB).

Moody's concluded its review by removing the support uplift
previously incorporated in the banks' subdebt ratings, resulting
in these banks' subdebt now being rated one notch below their
baseline credit assessments adjusted for parental support
(adjusted BCAs).

At the same time, Moody's confirmed the subdebt rating of
Metropolitan Bank & Trust Company (MBT). This rating was placed on
review for upgrade on July 25, together with the bank's deposit
ratings, following the review for upgrade on the Government of the
Philippines' debt ratings. The decision to the remove support
uplift from this debt class means that subdebt ratings would now
generally move in tandem with a bank's BCA.

The three banks' senior obligation ratings and their stand-alone
baseline credit assessments (BCA) were not affected.

Ratings Rationale:

Moody's downgrade reflects the increasing international trend of
imposing losses on holders of subdebt securities (creditor "bail-
in") as a pre-condition for distressed banks to receive government
support. As a consequence, Moody's no longer assumes that
Philippine government support would be forthcoming for the holders
of such securities.

"We recognize that the Philippine's central bank, Bangko Sentral
ng Pilipinas, has in the past stepped in to assist ailing banks in
a way that supported all creditors. However, the global financial
crisis has demonstrated that support can be provided selectively,
with the costs being shared with subordinated creditors of a bank,
without triggering any contagion, as it was previously feared,"
says Simon Chen, a Moody's Assistant Vice President and Analyst.

Moody's analysis observes that the Philippines has a modern and
progressive approach to bank regulation. There is no explicit
legal power allowing Philippine regulators to selectively impose
losses on subdebt holders outside of a liquidation process. The
current banking regulations including the General Banking Law of
2000 and the New Central Bank Act provide for an ailing bank to be
placed under control by the regulatory authorities, with powers to
wind up and/or restructure the ailing bank's operations.

"In our view, such recourse could be used to coerce subdebt
holders into a distressed exchange, if not for the outright
imposition of losses on them outside of liquidation," Chen
concludes.

As a consequence, Moody's assumes that the Philippine government
support would be much less likely.

This rating action relates only to Moody's view on the potential
for systemic support for the banks' junior securities. It does not
reflect any change in the banks' intrinsic credit quality or in
the support assumptions for issuer or senior debt ratings.

Background

In recent years, losses have been imposed on the holders of junior
securities during the resolution of troubled banks in crisis-hit
countries. In the majority of cases, investors have suffered
losses as a result of distressed exchanges, which do not
necessarily require a developed resolution framework to be in
place. Furthermore, experience has shown that such a framework can
be developed quickly at times of stress.

As a consequence, Moody's approach globally now is to assume, as a
starting point, that no government support would be extended to
the subordinated debt holders of a distressed bank, except where
particular circumstances justify.

A detailed rationale explaining our decision can be found in our
upcoming special comment entitled "The World Has Changed: The
Support Probability for Bank Subordinated Debt in Asia-Pacific Has
Significantly Diminished".

Ratings Affected

Rizal Commercial Banking Corporation (deposits Ba2 stable; BFSR D-
stable / BCA ba3 stable)

- Long-term foreign currency subordinated debt MTN program rating
downgraded to (P)B1 from (P)Ba3. The outlook is stable.

Philippine National Bank (deposits Ba2 stable; BFSR E+ / BCA b1
positive)

- Long-term local currency subordinated debt rating downgraded to
B2 from Ba3. The outlook is positive.

Metropolitan Bank & Trust Company (deposits Ba1 review for
upgrade; BFSR D+ / BCA ba1 stable)

- Long-term local currency subordinated debt rating of Ba2,
confirmed with a stable outlook.

The principal methodology used in these ratings was Global Banks
published in May 2013.



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***