TCRAP_Public/130912.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, September 12, 2013, Vol. 16, No. 181


                            Headlines


A U S T R A L I A

70 NICHOLSON: Development Firm Shut Down Over Unpaid Tax Bill
AUSSIE WIDE: Caravan Maker Placed in Administration
FLEXI ABS 2012-1: Moody's Eyes Upgrade for Four Note Classes
LEARNING MEDIA: To Close its Doors After 75 Years


C H I N A

CIFI HOLDINGS: Fitch Rates USD Sr. Unsecured Notes at 'B+'
* CHINA: Zombie Firms Emerging After Years of Solar Subsidies


I N D I A

ALLIED RECYCLING: CRISIL Lowers Ratings on INR300MM Loans to 'D'
BHAGABATI BUILD: CRISIL Cuts Rating on INR55MM Cash Credit to 'B'
FRISCHMANN PRABHU: CRISIL Assigns 'B+' Ratings to INR40.3MM Loans
GANESH TRUCKS: CRISIL Assigns 'B+' Ratings to INR70MM Loans
GHOSH BROTHERS: CRISIL Cuts Ratings on INR85MM Loans to 'D'

GHOSH BROTHERS AUTO: CRISIL Cuts INR225MM Loan Ratings to 'D'
GHOSH BROTHERS ELECTRONICS: CRISIL Cuts INR589MM Loan Rating to D
GHOSH BROTHERS MOTORS: CRISIL Cuts Rating on INR350M Loans to 'D'
G.V.: CRISIL Upgrades Rating on INR50MM Cash Credit to 'B+'
HYDERABAD EXPRESSWAYS: CRISIL Cuts Rating on INR2.9B Loan to 'B+'

JINDAL SOFT: CRISIL Cuts Ratings on INR175.3MM Loans to 'B'
J.R.D. INT'L: CRISIL Ups Rating on INR85MM Cash Credit to 'B+'
LANCO VIDARBHA: CRISIL Cuts Ratings on INR55.5BB Loans to 'D'
MARINECRAFT ENGINEERS: CRISIL Ups Ratings on INR55M Loans to 'B+'
PAL PRATEEK: CRISIL Assigns 'B-' Ratings to INR60MM Loans

POWER MAX: CRISIL Downgrades Ratings on INR200MM Loans to 'D'
REALLIANCE CONSTRUCTIONS: CRISIL Cuts INR120MM Loan Rating to 'D'
VASUKI MINING: CRISIL Assigns 'D' Ratings to INR160MM Loans


J A P A N

HUMMINGBIRD SECURITISATION: S&P Puts B Rating on Watch Positive


N E W  Z E A L A N D

BLACKTOP: Receivership 'Highlights Construction Margin Issues'
* NEW ZEALAND: Four Finance Companies Not Worth Pursuing Says FMA


                            - - - - -


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


70 NICHOLSON: Development Firm Shut Down Over Unpaid Tax Bill
-------------------------------------------------------------
Chris Vedelago at The Sydney Morning Herald reports that a
development company backed by former nightclub owner
Nick Meletsis and alleged money launderer Tom Karas has been shut
down over an unpaid AUD151,000 land tax bill.

SMH relates that Mr. Meletsis and Mr. Karas, an associate of
convicted drug dealer Horty Mokbel, had made a bid to transform a
Victorian terrace near Carlton Gardens into a 51-apartment
development before the project apparently stalled two years ago.

But the State Revenue Office has now tipped the company, 70
Nicholson St Pty Ltd, into insolvency over an old land tax bill,
successfully petitioning the Supreme Court to call in a liquidator
to recover the AUD151,436 in land tax and interest owed since late
2011, according to SMH.

"I don't have anything to do with the company or the development,"
the report quotes Mr. Meletsis as saying. "I don't have anything
else to say."

SMH says Mr. Meletsis, formerly the company's director and
secretary until mid-2012, remains its sole shareholder, according
to ASIC records.

Mr. Karas, who is married to Mr. Meletsis' sister Irene, resigned
as secretary and director in May 2011, shortly before he was
slugged with a AUD44 million income tax bill by the ATO.


AUSSIE WIDE: Caravan Maker Placed in Administration
---------------------------------------------------
Yolanda Redrup at SmartCompany reports that Aussie Wide Caravans,
an Australian manufacturer of caravans, which once turned over
more than AUD1 million, has collapsed owing creditors around
AUD500,000.

Aussie Wide Caravans manufactures custom-made caravans from
scratch, but was placed in administration on September 9, 2013,
says SmartCompany.

Administrators Stephen Dixon and Andrew Hewitt from Grant Thornton
were appointed, the report says.

Mr. Dixon told SmartCompany the business's operations have ceased
as fewer people have opted to spend their discretionary income on
large, expensive vehicles.

"It really has been caused because of the economic downturn and
increased competitiveness in the sector," SmartCompany quotes Mr.
Dixon as saying. "They build the caravans from the ground up and
with the economic downturn Gen Y or the older community weren't
buying caravans. Generally these generations are its target
audience."

The report notes that the company had manufactured caravans in
four models and its main assets are a fully-functioning factory
and an already-built caravan.

"We're putting it up for sale and there has already been interest
from the industry," Mr. Dixon told SmartCompany.


FLEXI ABS 2012-1: Moody's Eyes Upgrade for Four Note Classes
------------------------------------------------------------
Moody's Investors Service has placed the ratings of the Classes B,
C, D and E notes from Flexi ABS Trust 2012-1 on review for
upgrade.

The affected ratings are as follows:

Issuer: Flexi ABS Trust 2012-1

AUD28.05M Class B Notes, Aa2 (sf) Placed Under Review for Possible
Upgrade; previously on Aug 9, 2012 Definitive Rating Assigned Aa2
(sf)

AUD11.47M Class C Notes, A2 (sf) Placed Under Review for Possible
Upgrade; previously on Aug 9, 2012 Definitive Rating Assigned A2
(sf)

AUD6.38M Class D Notes, Baa2 (sf) Placed Under Review for Possible
Upgrade; previously on Aug 9, 2012 Definitive Rating Assigned Baa2
(sf)

AUD5.1M Class E Notes, Ba2 (sf) Placed Under Review for Possible
Upgrade; previously on Aug 9, 2012 Definitive Rating Assigned Ba2
(sf)

Ratings Rationale:

The review was prompted by the build-up in credit enhancement
during the sequential pay period relative to the remaining losses
expected to materialize in the pool.

The transaction is a cash securitization of retail, point-of-sale
receivables arising from the purchase of, for example, jewelry,
fitness equipment, solar equipment, furniture and roofing.

Since closing in August 2012, the pool has paid down very quickly.
At end-June 2013, around 60% of the pool had been paid down.

A gross default of 0.93% of the original pool balance has
materialized. This level compares with Moody's mean default
assumption of 2.6% for the life time of the whole pool.

The notes were paid sequentially until February 2013, and are now
paying down on a pro-rata basis. During the sequential pay period,
credit enhancement built up substantially.

Class B's credit enhancement increased to 22% at end-June 2013
from 14% in August 2012 when the transaction closed, Class C
increased to 15% from 9.5%, Class D increased to 11% from 7%, and
Class E increased to 7.9% from 5%.

With the increased credit enhancement and expected performance,
Moody's has put Classes B to E on review for upgrade.

During the review period, Moody's will obtain data on the product
mix of the outstanding receivables to determine if the default
assumption needs to be revised. Moody's will run various
sensitivities on default timing and loss assumption.

Primary sources of assumption uncertainty are the loss ratio from
the outstanding receivables. If a majority of them are originated
from solar equipment contracts, Moody's expects their performance
to be better than those originated from, for example, purchasing
jewelry. This is because purchasers of solar equipment contracts
are usually home-owners.

The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.

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


LEARNING MEDIA: To Close its Doors After 75 Years
-------------------------------------------------
The Board of Learning Media has agreed with the Government that
the company does not have a viable on-going business. Accordingly
the company is to be wound down through a managed process.
Projects currently underway will be delivered as scheduled and
transition arrangements put in place for longer-term work
programmes to ensure continuity.

Learning Media was created in Wellington in 1939, when the School
Publications Branch in the Department of Education was formed. It
became a Crown Company in 1993 and a State Owned Enterprise in
2005. The company creates digital and print educational resources
such as The School Journal and Te Wharekura and also provides
professional development for teachers. The company employs 109 FTE
staff, including editors, designers, project managers and software
programmers.

Learning Media chair Jenn Bestwick said the significant
contribution Learning Media has made to New Zealand's education
sector over many years is recognised by both the Government and
Ministry of Education. A key priority as the company winds down is
ensuring that the valuable skills and capability of Learning
Media's staff are able to be retained within the sector.

Ms. Bestwick said the company has operated in challenging market
conditions. Declining revenues in traditional publishing have
undermined the company's profitability and despite strategies to
diversify into digital publishing and to develop products for
other sectors and markets, the company has not been able to
maintain a viable business. The Board is now in agreement with
Cabinet that there is no realistic possibility of the company
improving its financial position.

"While it is disappointing that the company will no longer exist,
it is heartening to know that the excellent work produced by the
company, such as The School Journal, will continue to be provided
to schools."

Learning Media and the Ministry have commenced discussion about
ways in which the valued expertise within the company can continue
to benefit the sector.

"Schools will receive all publications and continue to access
online resources as expected and will not be affected by the wind-
down of Learning Media," the Ministry of Education said in a
statement. Deputy Secretary for Education, Andrew Hampton, says
the Ministry is contacting schools to reassure them they will be
receiving all curriculum resources they are expecting.



=========
C H I N A
=========


CIFI HOLDINGS: Fitch Rates USD Sr. Unsecured Notes at 'B+'
----------------------------------------------------------
Fitch Ratings has assigned Chinese property developer CIFI
Holdings (Group) Co. Ltd's (CIFI, B+/Positive) proposed USD senior
unsecured notes an expected rating of 'B+(EXP)'.

The notes are to be issued as a tap to the USD275 million 12.25%
notes due 2018 issued in April 2013, with the same terms and
conditions. The final rating is contingent on the receipt of final
documents conforming to information already received. The notes
are rated at the same level as CIFI's Issuer Default Rating of
'B+' as they will represent direct, unconditional and unsecured
obligations of the company.

Separately, CIFI has announced its financial results for H113,
which are generally in line with Fitch's expectation and therefore
have no impact on the ratings.

Key Rating Drivers

Positive outlook: Fitch believes that CIFI is likely to grow to a
scale commensurate with a 'BB-' profile within the next 12 months,
with contracted sales to rise to over CNY14bn in 2013, based on
its available-for-sale and estimated sell-through (sales/available
for sale) ratio. CIFI achieved CNY7.2bn or 96% yoy growth in
contracted sales in H113.

High sales turnover: CIFI's credit profile has been improving
since it standardised its product types and shifted its focus to
mass-market housing in 2011. The agency expects this model to
result in a rapid rise in sales turnover and contracted sales.
CIFI's contracted sales/total debt was 1.1x in 2012, and Fitch
estimates the ratio to improve to 1.3x in 2013.

National presence: CIFI has a diversified presence in Bohai
Economic Rim, Yangtze River Delta, and Central Western Region,
reducing its exposure to uncertainties inherent in local policies
and local economies while providing room to scale up. Fitch
expects local demand to continue to be strong and its mass-market
strategy to work well in high-tier cities. CIFI had around 86% of
its land bank in first- and second-tier cities as of June 2013.

Slower deleveraging: Net debt/adjusted inventory increased to
around 36% at end-H113 from 30% at end-2012, which represents
moderate leverage compared with peers. Nonetheless, the company's
high growth target, together with its pipeline of more offshore
bonds in H213, may limit its ability to deleverage in the next 12
months.

Limited EBITDA margin: Fitch expects the company to achieve EBITDA
margins in the high teens over the next two to three years,
compared with 20%-25% for the past two years. The focus on mass-
market housing also means that operating margins are lower than
those of its peers.

Rating Sensitivities

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

-- Delivery of contracted sales target in 2013 (2012: CNY9.5bn)

-- Maintaining the current strategy of high cash flow turnover,
   such that contracted sales/total debt is sustained over 1.3x

-- EBITDA margin over 18% on a sustained basis (H113: 19%)

-- Net debt/adjusted inventory falling below 35% on a sustained
   basis

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

-- Failure to meet the above guidelines over the next 12-18
   months, which would lead to the Outlook being revised to
   Stable


* CHINA: Zombie Firms Emerging After Years of Solar Subsidies
-------------------------------------------------------------
Bloomberg News reports that only five solar-power vendors remain
in a space built for 170 at a sprawling complex of offices stacked
three stories high outside Xinyu city in China's southeast.

Bloomberg says locked doors and empty offices are what's left of
the government's audacious plan to dominate the global solar
industry.  What happened in Xinyu is being replicated across
China, which used subsidies and $47.5 billion of credit to wrest
supremacy from Germany, Japan and the U.S., saddling an industry
with losses for at least two years, according to Bloomberg.

"There is definitely a slew of smaller zombie companies out there
that are going to continue to fall one by one," the report quotes
Angelo Zino, an analyst at S&P Capital IQ in New York, as saying.
"You'll see 10 to 12 names here when it all shakes out. The
remaining names will either go bankrupt or be consolidated."

Bloomberg notes that government support created manufacturing
giants such as LDK Solar Co. and Suntech Power Holdings Co. and
made them dependent on financial aid from local authorities. As
the price of PV products recovers, those companies remain crippled
with debt and overcapacity, leaving a return to profits over the
horizon.

China's backing for the solar industry has left at least one
factory producing photovoltaic products in half of the country's
600 cities, Bloomberg relays citing the China Renewable Energy
Society in Beijing. Panel prices even after gains in the past six
months are 60 percent lower than in November 2010 and have forced
into bankruptcy dozens of those companies, including the largest
unit of Suntech, once the industry's biggest producer.



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


ALLIED RECYCLING: CRISIL Lowers Ratings on INR300MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Allied
Recycling Ltd to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             150.0     CRISIL D (Downgraded from
                                     'CRISIL C')

   Proposed Long-Term       10.0     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL C')

   Term Loan               130.0     CRISIL D (Downgraded from
                                     'CRISIL C')

   Letter of Credit         10.0     CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade reflects instances of delay by ARL in servicing its
term debt over the six months through August 2013. The delays were
driven by deterioration in ARL's liquidity, marked by full
utilisation of bank lines on account of delays in realisation of
debtors.

Also, ARL has a weak financial risk profile marked by high gearing
and weak debt protection metrics, and small scale of operations in
the intensely competitive long steel products industry. However,
ARL benefits from its promoter's extensive experience in the steel
sector.

Set up in 2003 by Mr. Vijay Kumar Abrol, ARL manufactures billets
and wired rods at its facility in Ludhiana (Punjab). ARL also
trades in hot-rolled and cold-rolled sheets; this business
accounts for about 30 per cent of the company's turnover.


BHAGABATI BUILD: CRISIL Cuts Rating on INR55MM Cash Credit to 'B'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Bhagabati Build & Constructions Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL B+/Stable'. The rating on the company's short-term
facility has been reaffirmed at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL A4 (Reaffirmed)

   Cash Credit               55      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects the deterioration in BBCPL's
liquidity, driven by increased working capital requirements, which
have led to full utilisation of its bank lines. The company's
gross current assets have increased to around 240 days as on March
31, 2013, from 142 days as on March 31, 2012, owing to an increase
in inventory due to delay in projects as well as higher security
and earnest money deposits following the sharp increase in its
order book to about INR675 million as on September 30, 2013, from
about INR275 million as on June 30, 2012. CRISIL believes that the
increased working capital requirements will continue to constrain
BBCPL's liquidity; the company's ability to raise the required
funds in time for executing its current order book remains a key
rating sensitivity factor.

The ratings continue to reflect BBCPL's small scale of operations
in the fragmented civil construction industry, geographical
concentration in its revenue profile, and large working capital
requirements. The ratings also factor in the company's below-
average financial risk profile, marked by a small net worth and
high gearing. These rating weaknesses are partially offset by the
extensive experience of BBCPL's promoters in the civil
construction industry in Odisha, its established relationships
with government entities, and its moderate order book that gives
near-term revenue visibility.

Outlook: Stable

CRISIL believes that BBCPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations, and if it improves its liquidity, most likely by
infusion of long-term funds and improvement in its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
BBCPL's financial risk profile, particularly its liquidity,
weakens further, most likely due to larger-than-expected working
capital requirements, delays in project execution and realisation
of receivables, large debt-funded capital expenditure, or lower-
than-expected net cash accruals.

BBCPL was promoted in 2010 by Mr. Bibhuti Bhusan Routray and Mr.
Bichitrananda Routray to take over the assets and liabilities of
their partnership firm, Bhagabati Constructions. BBCPL took over
the business of the firm with effect from September 30, 2010. The
company undertakes civil construction contracts for roads and
bridges mainly from government departments, such as the Rural
Works Department and the Bhubaneswar Development Authority, in
Odisha.

For 2012-13 (refers to financial year, April 1 to March 31),
BBCPL, on a provisional basis, reported a profit after tax (PAT)
of INR7.2 million on net sales of INR187.7 million; it had
reported a PAT of INR8.0 million on net sales of INR181.6 million
for 2011-12.


FRISCHMANN PRABHU: CRISIL Assigns 'B+' Ratings to INR40.3MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Frischmann Prabhu (India) Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Standby Line of Credit     5.3      CRISIL B+/Stable

   Bank Guarantee            75.0      CRISIL A4

   Cash Credit               35.0      CRISIL B+/Stable

The ratings reflect FPIPL's modest scale of operations and
susceptibility of its performance to receipt of orders and timely
realisation of receivables. The rating is further constrained by
its working capital intensive operations. These rating weaknesses
are partially offset by the extensive experience of FPIPL's
promoters in the project consultancy industry.

Outlook: Stable

CRISIL believes that FPIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
project consultancy industry. The outlook may be revised to
'Positive' in case there is significant and sustained improvement
in the company's revenue growth and profitability while improving
its working capital cycle. Conversely, the outlook may be revised
to 'Negative' in case of a significant decline in the company's
revenues or profitability margins or further elongation of its
working capital cycle thereby impacting its financial risk
profile.

FPIPL, incorporated in 1995 by UK based Pell Frischmann and Mumbai
based Mr. Sudhakar Prabhu is a multidisciplinary consultancy firm.
The company's operations comprise project management services like
tender evaluation, quantity surveying, construction supervision,
quality assurance and controls, commissioning and operations &
maintenance (O&M) etc and detailed engineering designs including
feasibility studies, physical surveys, economic analysis,
environmental impact analysis, cost estimation, demand forecasting
etc.

For 2012-13 (refers to financial year, April 1 to March 31), FPIPL
reported on a provisional basis a profit after tax (PAT) of INR7.1
million on net sales of INR385.6 million, as against a PAT of
INR9.3 million on net sales of INR364.4 million for 2011-12.


GANESH TRUCKS: CRISIL Assigns 'B+' Ratings to INR70MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ganesh Trucks.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL B+/Stable

   Proposed Long-Term        50      CRISIL B+/Stable
   Bank Loan Facility

The rating reflects GT's weak financial risk profile marked by low
networth, high TOL/TNW and modest debt protection metrics. The
rating also reflects the firm's limited bargaining power with its
principal and its exposure to intense competition which affects
the firm's margins. These rating weaknesses are partially offset
by the extensive experience of GT's partners' in the automotive
dealership business.

Outlook: Stable

CRISIL believes that GT will continue to benefit over the medium
term from its partners' extensive industry experience, its
established relationship with its supplier, and dedicated network.
The outlook may be revised to 'Positive' if the firm significantly
expands its scale of operations and witnesses improvement in its
operating profitability, resulting in higher-than-expected cash
accruals. The outlook may also be revised to 'Positive' if GT
improves its liquidity by managing its working capital
requirements effectively. Conversely, the outlook may be revised
to 'Negative' if the firm's scale of operations declines
significantly, thus affecting its cash accruals adversely, or if
its liquidity weakens on account of larger-than-expected working
capital requirements or debt-funded capital expenditure.

Established in September 2011, as a partnership firm Ganesh Trucks
(GT) is an authorised dealer and service centre of Ashok Leyland
(AL) in the state of Tamil Nadu. The firm currently deals with the
Light Commercial vehicle (LCV) segment of AL. It is currently
managed by Mr. Ram Prakash.


GHOSH BROTHERS: CRISIL Cuts Ratings on INR85MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ghosh Brothers Auto Sales Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              45.0     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long-Term       40.0     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The downgrade reflects irregularities in the cash credit limit
with utilisation exceeding 100 per cent continuously for over 30
days. The delays have been caused by the weakening of GBASPL's
liquidity because of a decline in demand on account of slowdown in
the auto sector.

GBASPL has a weak financial risk profile, marked by modest net
worth and debt protection metrics, exposure to intense competition
in the auto industry, and working capital intensive operations.
These rating weaknesses are partially offset by the company's
established market position supported by it being one of the only
two Honda Siel Cars India Ltd (Honda) dealers in Northeast India
and the promoter's extensive industry experience.

Incorporated in 2010, GBASPL, based in Guwahati (Assam), is an
authorised dealer for sales and service of passenger cars of Honda
in Dibrugarh (Assam). The company is part of the Ghosh group,
promoted by Mr. Pranab Kumar Ghosh. The promoter also owns Ghosh
Brothers Electronics Pvt Ltd and Ghosh Brothers Automobiles
(India) Pvt Ltd, which are authorised dealers for Tata Motors Ltd,
and Ghosh Brothers Motors Pvt Ltd, an authorised dealer for Honda
for the Northeast region. The promoter has other group companies
engaged in automobile dealership business, hospitality, real
estate, and construction equipment. GBASPL currently has one
showroom in Dibrugarh.


GHOSH BROTHERS AUTO: CRISIL Cuts INR225MM Loan Ratings to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ghosh Brothers Automobiles (India) Pvt Ltd to 'CRISIL D' from
'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             150.0     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Inventory Funding        25.0     CRISIL D (Downgraded from
   Facility                          'CRISIL B/Stable')

   Rupee Term Loan          50.0     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects instances of delays in the repayment of
debt obligations as well as irregularities in the cash credit
limit, with utilisation exceeding 100 per cent continuously for
over 30 days. Term loan obligations have been pending since April
2013. The delays have been caused by the weakening of GBAPL's
liquidity because of a decline in demand on account of slowdown in
the auto sector.

GBAPL has a weak financial risk profile, marked by a modest net
worth and debt protection metrics, exposure to intense industry
competition, and working capital intensive operations. These
rating weaknesses are partially offset by the company's
established market position supported by the extensive experience
of the promoter in the auto sector.

Incorporated in 2010, GBAPL, located in Kolkata, West Bengal is an
authorised dealer for sales and service for passenger cars of Tata
Motors Ltd (Tata). The company is promoted by Mr. Pranab Kumar
Ghosh and family. The company currently, has one showroom (12,500
square feet [sq ft]) and workshop (1,00,000 sq ft) in Jadhavpur,
Kolkata.


GHOSH BROTHERS ELECTRONICS: CRISIL Cuts INR589MM Loan Rating to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ghosh Brothers Electronics Pvt Ltd to 'CRISIL D' from 'CRISIL
BB+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             550.0     CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Term Loan                35.2     CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Long-Term        4.3     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB+/Stable')

The downgrade reflects instances of delays in the repayment of
debt obligations as well as irregularities in the cash credit,
with utilisation exceeding 100 per cent continuously for over 30
days. Term loan obligations have been pending since April 2013.
The delays have been caused by the weakening of GBEPL's liquidity
because of a decline in demand on account of slowdown in the auto
sector.

GBEPL has exposure to intense competition in the auto industry,
and working capital intensive operations. These rating weaknesses
are partially offset by the company's established market position,
supported by its promoter's extensive industry experience.

Incorporated in 2000, GBEPL, based in Guwahati (Assam), is an
authorised dealer for sales and service of passenger cars of Tata
Motors Ltd (Tata) in Assam. Set up in 1981 as a proprietorship
firm Ghosh Brothers Electronics (GBE), GBEPL was reconstituted as
a private limited company with its current name in 2000. It is
part of the Ghosh group, promoted by Mr. Pranab Kumar Ghosh.

GBE has been retailing electronics and home appliances since 1981.
GBEPL continues to retail electronics and currently has three
retail showrooms (two on rent [5000 and 3000 square feet] and one
owned [2500 square feet]) in Guwahati dealing in electronic
products of leading manufacturers such as LG Electronics India Pvt
Ltd (LG), Samsung India Pvt Ltd, Sony India Ltd, Whirlpool of
India Ltd, and Godrej Consumer Products Ltd. The company took up
the automobile dealership business in 2003. GBEPL currently owns
four showrooms and workshops in Guwahati, Tezpur, Barteta, and
Nagaon (all in Assam).


GHOSH BROTHERS MOTORS: CRISIL Cuts Rating on INR350M Loans to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ghosh
Brothers Motors Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             300.0     CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Rupee Term Loan          35.0     CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Bank Guarantee           15.0     CRISIL D (Downgraded from
                                     'CRISIL A4+')

The downgrade reflects instances of delays in the repayment of
debt obligations as well as irregularities in the cash credit
limit, with utilisation exceeding 100 per cent continuously for
over 30 days. Term loan obligations have been pending since April
2013. The delays have been caused by the weakening of GBMPL's
liquidity because of a decline in demand on account of slowdown in
the auto sector.

GBMPL has exposure to intense industry competition, and working
capital intensive operations. These rating weaknesses are
partially offset by the company's established market position
supported by it being one of the only two Honda Siel Cars India
Ltd (Honda) dealers in Northeast India and the promoter's
extensive industry experience.

Incorporated in 2007, GBMPL, based in Guwahati (Assam), is an
authorised dealer for sales and service of passenger cars of Honda
in Assam. The company is part of the Ghosh group, promoted by Mr.
Pranab Kumar Ghosh. The promoter also owns Ghosh Brothers
Electronics Pvt Ltd and Ghosh Brothers Automobiles (India) Pvt
Ltd, which are authorised dealers for Tata Motors Ltd, and Ghosh
Brothers Auto Sales Pvt Ltd, an authorised dealer for Honda in
Northeast India. GBMPL currently has one showroom (20,000 square
feet [sq ft]) and workshop (20,000 sq ft) in Guwahati. It does not
have any major capital expenditure plans for the medium term.


G.V.: CRISIL Upgrades Rating on INR50MM Cash Credit to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its long-term ratings on the bank facilities
of G.V. (God Vishnu) Rice Unit (GVRNU) to 'CRISIL B+/Stable' from
'CRISIL B/Stable and short term rating is reaffirmed at CRISIL A4.

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

   Packing Credit           370      CRISIL A4 (Reaffirmed)

   Proposed Short-Term       80      CRISIL A4 (Reaffirmed)
   Bank Loan Facility

The rating upgrade reflects CRISIL's belief that GVRNU's credit
risk profile will improve over the medium term, driven by its
improving scale of operations, while sustaining its profitability
levels, which is likely to lead to higher cash accruals. CRISIL's
expects the scale of operations of the firm to increase
significantly to around INR2.0-2.2 billion on account of increase
in the proportion of trading of rice and expected improvement in
capacity utilization levels in 2012-13. The upgrade also factors
CRISIL's expectation of marginal correction in the capital
structure of the firm as a result of higher accretion to reserves
due to improving cash accruals. The debt protection metrics
however is expected to remain average with interest coverage ratio
likely to remain in the range of 1.8-2.0 times on account of
simultaneous increase in external borrowings due to increase in
scale of operations.

The rating continues to reflect GVRNU's high gearing, large
working capital requirements, and moderate scale of operations in
the intensely competitive rice processing industry. The ratings
also factor in the firm's exposure to risks related to changes in
regulatory policies, and to volatility in raw material prices
because of high dependence on the monsoon. These rating weaknesses
are partially offset by GVRNU's increasing scale of operations,
extensive experience of its promoters in the rice business, and
benefits expected from the healthy growth prospects for the
basmati rice industry.

Outlook: Stable

CRISIL expects GVRNU to maintain its established presence in the
rice industry over the medium term on the back of its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the firm's profitability margins, while maintaining its healthy
revenue growth or there is substantial increase in net-worth on
the back of equity infusion from promoters. Conversely, the
outlook may be revised to 'Negative' if the firm is not able to
sustain the improvement in its scale of operations or there is a
significant deterioration in its capital structure on account of
larger-than-expected working capital requirements or large debt-
funded capex.

GVRNU is a partnership firm set up by the Bansal family in 1987.
The Bansal family has been in the rice industry for three
generations, with the father of the late Mr. Som Prakash Bansal
setting up a processing unit in the 1940s. Currently, Mr. Som
Prakash Bansal's wife Mrs. Nirmala Devi and sons Mr. Sureinder
Bansal, Mr. Promod Bansal, and Mr. Vinit Bansal are partners in
GVRNU with each holding a share of 25 per cent in the firm's
profit.

GVRNU mills, processes, and sells rice in the export and domestic
markets. Its focus is to export basmati rice to the Middle East
and Iran, where there is high demand for the same. Over 90 per
cent of the firm's revenues is derived from exports. GVRNU is also
engaged in trading: it procures rice (unsorted) from other small
mills, sorts it at its plant, and then exports the same. GVRNU has
one rice milling, grading, and sorting unit in Karnal (Haryana)
with capacities of 7 tonnes per hour (tph) for milling and 9 tph
for sorting.


HYDERABAD EXPRESSWAYS: CRISIL Cuts Rating on INR2.9B Loan to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Hyderabad Expressways Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan              2,900.0    CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

The rating downgrade reflects the continued support extended by
HEL to group entity Cyberabad Expressways Ltd (CEL; rated 'CRISIL
D'), adversely affecting HEL's financial flexibility and
liquidity. The loans and advances extended by HEL to CEL increased
to INR237 million as on March 31, 2013, from INR124 million as on
March 31, 2012; HEL did not have any exposure to any group company
as on March 31, 2011. Any substantial change in the loans and
advances extended by HEL to its group companies will remain a key
rating sensitivity factor.

The rating continues to reflects HEL's low debt service coverage
ratio and exposure to operational and maintenance risks. These
rating weaknesses are partially offset by the benefits HEL derives
from the annuity nature of its build, operate, and transfer (BOT)
project.

Outlook: Stable

CRISIL believes that HEL's liquidity will remain constrained over
the medium term by substantial loans and advances extended to its
group company, and by its modest cash balance limiting its
financial flexibility to meet any exigency. The outlook may be
revised to 'Positive' if HEL realizes a substantial portion of its
loans and advances given to CEL or there is a large equity
infusion by its promoters thereby augmenting its financial
flexibility. Conversely, the outlook may be revised to 'Negative'
if HEL extends further funding support to its group companies or
faces significant delays in receipt of annuity payments leading to
deterioration in its liquidity.

HEL, a special purpose vehicle, was promoted to build and maintain
the 13-kilometre Bongulur to Tukkuguda section of the eight-lane
outer ring road in Hyderabad on a BOT basis. HEL completed the
project in August 2010. Gayatri Projects Ltd holds a 50.0 per cent
stake in HEL, IL&FS Engineering & Construction Company Ltd owns
42.7 per cent, and Terra Projects Pvt Ltd owns 7.3 per cent stake.

As per the concession agreement, HEL will receive a semi-annual
annuity of INR304.9 million from Hyderabad Growth Corridor Ltd for
15 years until December 2022. The annuity has to be deposited in
an escrow account and appropriations from the account have to be
as per the concession agreement.


JINDAL SOFT: CRISIL Cuts Ratings on INR175.3MM Loans to 'B'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Jindal
Soft Italia Seating Pvt. Ltd. to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               65      CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Corporate Loan            20      CRISIL B/Stable (Downgraded
                                     from 'CRISIL A4+')

   Letter of credit &        10      CRISIL A4 (Downgraded from
   Bank Guarantee                    'CRISIL A4+')

   Term Loan                 54      CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long-Term        36.3    CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The rating downgrade reflects Jindal Soft's constrained business
risk profile, marked by lower-than-expected ramp up in operations
post the capacity enhancement in2010-11 and 2011-12 (refers to
financial year, April 1 to March 31). The offtake was lower than
expected primarily on account of discontinuation of orders from
Lear Automotive India Pvt Ltd (which supplies to Volkswagen India
Ltd and Diamler Chrysler India). This has resulted in high
customer concentration with Bajaj Auto Ltd (BAL) contributing to
more than 87 per cent to Jindal Soft's total revenue in 2012-13.
Low offtake and limited capacity utilization have resulted in low
cash accruals of INR27 million in 2012-13. However, Jindal Soft is
diversifying its customer base by procuring larger orders from
Piaggeo Vehicles Pvt Ltd and Kawasaki Motors Corp. CRISIL believes
that the company's efforts to diversify its customer base will
strengthen its business risk profile significantly over the medium
term; however, the same shall remain susceptible to demand for
vehicles sold by its key customer BAL and this will remain a key
rating sensitivity factor over the medium term.

Jindal Soft's lower-than-expected cash accruals due to the de
growth in scale of operations, along with the large term loan
availed for enhancing facilities, have led to weakening of its
financial risk profile, particularly its liquidity. This is
reflected in depressed cash accruals against significantly high
debt repayments. However, Jindal Soft's financial flexibility is
largely supported by enhancement in the working capital limits.
CRISIL believes that the company's liquidity profile will continue
to be supported by its moderate average bank limit utilization;
however, the financial risk profile will be constrained by large
debt repayments due over the medium term.

CRISIL's ratings on the bank facilities of Jindal Soft also
reflect the company's average financial risk profile marked by
modest net worth, and low cash accruals, modest scale of
operations, and customer concentration. These weaknesses are
offset by the extensive experience of Jindal Soft's promoters in
the automobile seat manufacturing and seating system industry, and
established relationship with key customer.

Outlook: Stable

CRISIL believes that Jindal Soft's business risk profile will
continue to be supported by its established relationship with BAL.
The outlook may be revised to 'Positive' if there is a substantial
improvement in its sales and profitability, leading to larger-
than-expected cash accruals and consequent improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' if
the company's liquidity comes under significant pressure, caused
most likely by less-than-expected cash accruals or larger-than-
expected, debt-funded capital expenditure programme.

Incorporated in 2006, Jindal Soft is a 74:26 joint venture between
the Madan Jindal group and Soft Italia of Italy. Jindal Soft
manufactures seats and seating systems for automobiles. Its
managing director is Mr. Madan Jindal. Jindal Soft has a
manufacturing unit at Chakan in Pune (Maharashtra). The company
supplies to BAL's two-wheelers division and to Piaggeo Vehicles
Pvt Ltd.

Jindal Soft provisionally reported a profit after tax (PAT) of
INR9 million on net sales of INR295 million for 2012-13; the
company reported a PAT of INR11 million on net sales of INR336
million for 2011-12.


J.R.D. INT'L: CRISIL Ups Rating on INR85MM Cash Credit to 'B+'
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of J.R.D.
International Ltd (part of the J R group) to 'CRISIL B+/Stable'
from 'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           85       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that JRDIL's credit
risk profile will improve over the medium term, driven by
improving scale of operations and cash accruals. The rating
upgrade also underscores improvement in JRDIL's liquidity, marked
by its sufficient cash accruals against maturing term debt over
the medium term.

The rating reflect the JR group's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
and exposure to risks relating to un-favorable government
policies, vagaries in monsoons, and customer concentration, and to
project risk on its large, debt-funded capital expenditure (capex;
in JRDIL). The project risk will remain a key monitorable over the
medium term. These weaknesses are partially offset by the J R
group's established presence and promoter's extensive experience
in the rice industry and improving operating efficiency.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of J R Agrotech Pvt Ltd and JRDIL. This is
because both companies are in the same line of business and have
the same promoters, and there are significant operational linkages
between the two companies, especially in sale and purchase of
rice.

Outlook: Stable

CRISIL believes that the J R group will benefit over the medium
term from its established position in the rice industry and
improving operating efficiency. However, the group's financial
risk profile is expected to remain below average, marked by high
gearing and weak debt protection metrics, on account of large
working capital requirements and moderate profitability. The
outlook may be revised to 'Positive' if JRDIL commissions its
ongoing capex within the set timelines and budgeted cost, and
leads to improvement in cash accruals. A significant improvement
in capital structure and debt protection metrics may also lead to
a revision in outlook to positive. Conversely, the outlook may be
revised to 'Negative' if JRDIL's financial risk profile
deteriorates, due to time and cost over runs in the ongoing capex
or if the group's revenue and profitability decline, resulting in
weakening of debt protection metrics and liquidity

The J R group, comprising JRA and JRDIL, is into milling,
processing and selling of rice in India and abroad. JRA,
incorporated in 1998 by Mr. Raman Aggarwal and his brother, Mr.
Krishan Kumar Aggarwal, mills, processes and sells rice in both
domestic and export market. JRDIL was incorporated in 2010 by Mr.
Raman Aggarwal and his son, Mr. Raghav Aggarwal and is engaged in
trading of rice that is largely procured from JRA.

J R group reported a profit after tax (PAT) of INR80.9 million on
net sales of INR4.6 billion for 2012-13, against a PAT of INR35.3
million on net sales of INR3.0 billion for 2011-12.


LANCO VIDARBHA: CRISIL Cuts Ratings on INR55.5BB Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Lanco Vidarbha Thermal Power Ltd to 'CRISIL D' from 'CRISIL
BB/Negative'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan         55,490     CRISIL D (Downgraded from
                                     'CRISIL BB/Negative')

   Proposed Long-Term         10     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB/Negative')

The downgrade reflects instances of delay by Lanco Vidarbha in
servicing its interest payments; the delays have been caused by
the company's weak liquidity, which has, in turn, been the result
of inadequate cash accruals, delays in commissioning of project,
and absence of timely support from Lanco Vidarbha's parent, Lanco
Infratech Ltd (LITL; rated 'CRISIL D/ CRISIL D').

The rating reflects Lanco Vidarbha's exposure to risks related to
time and cost overruns in its ongoing project, and to tariff being
competitively bid, resulting in costs higher than the bid-level
not being pass-through in nature. The rating weaknesses are
partially offset by expectation of stable revenue inflows for
Lanco Vidarbha because of its long-term power purchase agreement
(PPA) for offtake of 55 per cent of the total power generation
capacity of 1320 megawatt (MW) with Maharashtra State Electricity
Distribution Company Ltd.

Lanco Vidarbha, owned by LITL and its subsidiaries and associates,
is implementing a 1320-MW coal-based power project in Wardha
District (Maharashtra). The project will have two supercritical
units of 660 MW each. The project cost, estimated at around
INR69.4 billion, is being funded in a debt-to-equity ratio of
80:20. In addition to the PPA with MSEDCL for offtake of 55 per
cent of its capacity, Lanco Vidarbha has also signed a PPA with
National Energy and Trading Services Ltd (rated 'CRISIL
BBB/Negative/CRISIL A3+') for offtake of 25 per cent of capacity,
on a best-effort basis. Lanco Vidarbha has awarded the
engineering-procurement-and-construction (EPC) contract to LITL.
The boiler package for the project will be supplied by Dongfang
Electric Company, China, and the turbine package by Harbin Turbine
Company, China. Lanco Vidarbha's annual coal requirement is
estimated at around 6.61 million tonnes. The company has a letter
of assurance from South Eastern Coalfields Ltd for around 5.5
million tonnes per annum (mtpa) of coal; sourcing of the remainder
amount of coal is yet to be tied up. The first unit (660 MW) of
the project is scheduled to be commissioned by April 2014, and the
second unit by August 2014.


MARINECRAFT ENGINEERS: CRISIL Ups Ratings on INR55M Loans to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Marinecraft Engineers Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable, while reaffirming its short-term rating at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           10       CRISIL A4 (Reaffirmed)

   Cash Credit              30       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Standby Line of Credit    4.5     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long-Term       20.5     CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that MEPL's credit
risk profile will improve over the medium term, driven by the
company's improving scale of operations. MEPL's revenues improved
in the last two years, wherein the company achieved a turnover of
INR135.6 million in 2012-13 (refers to financial year, April 1 to
March 31) as compared to a turnover of INR17.3 million in 2010-11.
The company also has an unexecuted order book of INR150 million as
of August 2013 to be executed by 2013-14. Also, despite the
company's large working capital requirements, its liquidity has
improved in the absence of any debt-funded capital expenditure
(capex) plans or term debt repayments, low but stable accruals,
and large unencumbered investments in mutual funds.

The ratings reflect MEPL's intensive working capital requirements
and modest scale of operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the ship repairing and maintenance business.

Outlook: Stable

CRISIL believes that MEPL will benefit over the medium term from
its promoters' extensive experience in ship maintenance and repair
business. The outlook may be revised to 'Positive' in case more
tenders are awarded to the company, thus improving revenue
visibility and cash accruals over the medium term or better
working capital management, leading to improvement in its overall
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the company's business risk
profile due to low order book reducing revenue visibility over the
medium term or in case its overall financial risk profile on
account of stretched working capital or any significant debt-
funded capex.

MEPL was established in 1978 as a proprietorship concern by Mr.
Udoy Sekhar Ghose. The firm was reconstituted as MEPL in 1996. The
entity started as a subcontractor for other established companies
engaged in shipbuilding. Since the last five or six years, the
company has been undertaking ship repairing and engineering
projects mostly for Indian Coast Guard, Kolkata Port Trust and
Garden Reach Shipbuilders & Engineers Ltd (GRSEL).

MEPL's profit after tax (PAT) and net sales are estimated at
INR6.4 million and INR135.6 million, respectively, for 2012-13;
the company reported a PAT of INR6.9 million on net sales of
INR115.1 million for 2011-12.


PAL PRATEEK: CRISIL Assigns 'B-' Ratings to INR60MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Pal Prateek Auto Sales Pvt Ltd.

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

   Electronic Dealer         50      CRISIL B-/Stable
   Financing Scheme(e-DFS)

The rating reflects PASL's weak financial risk profile marked by a
high gearing and weak debt protection metrics, small scale of
operations, and short track record of business with its principal
Nissan Motors India Pvt Ltd.  These rating weaknesses are
partially offset by the extensive experience of PASL's promoters
in the automobile dealership business and the funding support that
it is expected to receive from them if the need arises.

Outlook: Stable

CRISIL believes that PASL will continue to benefit over the medium
term from its promoters' extensive experience and the funding
support that it is expected to receive from them if the need
arises. The outlook may be revised to 'Positive' if the company
improves its financial risk profile, most likely because of
higher-than-expected ramp up in its scale of operations and
improvement in its operating margin, or if it benefits from equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' in case PASL's financial risk profile deteriorates,
most likely because of lower-than-expected cash accruals, larger-
than-expected working capital requirements, or further debt-funded
capital expenditure.

PASL, established in 2012, is an authorised dealer for NMPL's
passenger cars in the Kumaon region (Uttarakhand). It currently
operates one showroom and authorised service station at Haldwani
in Nainital (Uttarakhand). The company is promoted by Mr. Suresh
Pal and his wife, Mrs. Meera Pal. PASL commenced operations in
August 2012.

PASL's net loss is estimated at INR0.15 million on net sales of
INR100 million for 2012-13 (refers to financial year, April 1 to
March 31).


POWER MAX: CRISIL Downgrades Ratings on INR200MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Power Max (India) Pvt Ltd to 'CRISIL D' from 'CRISIL
BB+/Negative'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           130      CRISIL D (Downgraded from
                                  'CRISIL BB+/Negative')

   Working Capital        70      CRISIL D (Downgraded from
   Demand Loan                    'CRISIL BB+/Negative')

The downgrade reflects instances of delays in the repayment of
debt obligations as well as irregularities in the cash credit
limit, with utilisation exceeding 100 per cent continuously for
over 30 days. The delays have been caused by the weakening of its
liquidity owing to delays in payments from customers and delays in
execution of projects.

The ratings continue to reflect Power Max's below-average
financial risk profile, marked by high gearing and average debt
protection metrics, large working capital requirements, modest
scale of operations, and susceptibility to intense competition in
the engineering services industry. These rating weaknesses are
partially offset by the experience of its promoters in the
engineering services industry, and the company's strong customer
profile.

Power Max, formed in 1977 by Mr. Dilip Kumar Bose, provides
turnkey services in the engineering industry in segments such as
mechanical; engineering, procurement, and construction; design and
engineering; civil, structural, and architectural; electrical;
instrumentation; and infrastructure development.

Power Max reported a profit after tax (PAT) of INR17 million on
net sales of INR810 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR20 million on net sales
of INR891 million for 2011-12.


REALLIANCE CONSTRUCTIONS: CRISIL Cuts INR120MM Loan Rating to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
Realliance Constructions to 'CRISIL D' from 'CRISIL C'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 120     CRISIL D (Downgraded from
                                     'CRISIL C')

The rating downgrade reflects instances of delay by RC in
servicing its term debt; the delays have been caused by the firm's
weak liquidity. RC has weak liquidity because of its subdued
customer advances and low demand for its on-going projects.

RC is also exposed to risks related to completion, funding, and
saleability of its projects, and is vulnerable to inherent risks
and cyclicality in the Indian real estate industry. However, RC
benefits from the established track record of its management in
the construction industry.

RC, a proprietorship firm, was established in 2009 by Mrs. Kavita
Kadam. Its day-to-day operations are looked after by Mr. Aanand
Kadam, husband of Mrs. Kavita Kadam. The firm undertakes
residential real estate project development. RC is currently
developing three residential projects in Karjat (Maharashtra):
Coral Lake, comprising 240 units; Mohili Meadows, comprising 263
units; and Ten Square, comprising 258 units.

RC's profit after tax (PAT) and net sales are estimated at INR29.8
million and INR209.2 million, respectively, for 2011-12 (refers to
financial year, April 1 to March 31); the firm reported a PAT of
INR7.6 million on net sales of INR37.3 million for 2010-11.


VASUKI MINING: CRISIL Assigns 'D' Ratings to INR160MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Vasuki Mining and Minerals Pvt Ltd. The ratings
reflect instances of delay by VMMPL in servicing its debt; the
delays have been caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital          24.2     CRISIL D
   Term Loan

   Term Loan                73.0     CRISIL D

   Bank Guarantee            2.8     CRISIL D

   Cash Credit              60.0     CRISIL D

VMMPL also has small scale of operations in the intensely
competitive stone crushing industry, and a below-average financial
risk profile marked by a small net worth and weak debt protection
metrics. However, VMMPL benefits from its promoter's extensive
experience in the mining, stone crushing industries.

VMMPL, incorporated in 2008, is involved in the business of stone
crushing, and trading in steel structural products. The company's
day-to-day activities are managed by its director, Mr. Palash K
Srivastava.



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


HUMMINGBIRD SECURITISATION: S&P Puts B Rating on Watch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
rating on one Japanese synthetic collateralized debt obligation
(CDO) transaction on CreditWatch with positive implications.

The CreditWatch positive placement reflects the tranche's
synthetic rated overcollateralization (SROC) level, which exceeded
100% with a sufficient SROC cushion at a higher rating than the
current rating as of Aug. 31, 2013.

S&P intends to review this tranche by the end of this month.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATING PLACED ON CREDITWATCH POSITIVE

Hummingbird Securitisation Ltd.
Series 2 loan
To                    From        Amount
B (sf)/Watch Pos      B (sf)      JPY3.0 bil.



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


BLACKTOP: Receivership 'Highlights Construction Margin Issues'
--------------------------------------------------------------
Tony Mortensen at voxy.co.nz reports that the recent receivership
of Blacktop Construction has served to highlight margin issues for
construction companies, a University of Canterbury business expert
said.

UC MBA Director Tony Mortensen said the Auckland company was
responsible for a number of major projects, including the
resurfacing of the Auckland Harbour Bridge, a contract it had been
involved with for several years, according to voxy.co.nz.

The report relates that Mr. Mortensen said other similar companies
may face financial hardships in the coming months if contractors
do not do their tender pricing homework.

"I think there is often too much emphasis on securing a contract
and not always enough attention on ensuring that the tender will
be profitable," Mr. Mortensen said, the report notes.

"What receiverships like Blacktop tell us is that companies are
either not crunching the numbers correctly to start with or not
building enough fat into their pricing to cover unforeseen events
and changes in costs.

"Contract margins for standard construction jobs are getting
thinner and therefore the only way to get a return on investment
is often through economies of scale.

"This pushes contractors to trim pricing margins to get contracts
that could help them achieve lower marginal costs and higher asset
utilization.   This is not always successful and can often leave
the company exposed," Mr. Mortensen added, notes the report.

The report discloses that sensitivity analysis is critical when
quoting, factoring in changes in all critical costs and potential
additional costs due to delays including debtor receipts and
unforeseen events.  Contractors also need to be careful they don't
drive prices down so low that no one makes any money.  It's the
basic rule of plan for the worst and hope for the best, the report
relays.

"While it might appear that the customers are benefitting from
these highly competitive tender bids the fact is that no one wins
when a contractor gets into financial difficulty.  We learnt this
yet again recently from Mainzeal," the report quoted Mr. Mortensen
as saying.

"This might also act as a good warning for those involved in the
tender selection process, in that the lowest bid is not always the
best, nor the cheapest in the long run. Pricing is a science that
needs critical attention by management and even more so in this
highly competitive and still somewhat uncertain economic
environment," Mr. Mortensen said, the report notes.

The report discloses that the two biggest drivers of construction
growth in New Zealand are the rebuild of Christchurch and the
continued positive population growth in Auckland.

Mr. Mortensen has produced a study of the New Zealand construction
climate which has appeared in The Journal, published by the New
Zealand Institute of Chartered Accountants.


* NEW ZEALAND: Four Finance Companies Not Worth Pursuing Says FMA
-----------------------------------------------------------------
Radio New Zealand News reports that the Financial Markets
Authority (FMA) has decided not to take legal action against four
finance companies because it says it would not have been worth
pursing them.

The companies are Allied Nationwide Finance, Equitable Mortgages,
LDC Finance and Irongate Property, which are all in receivership
or liquidation, according to Radio New Zealand News.

The report relates that Financial Markets Authority Chief
Executive Sean Hughes said his organization found some evidence
that the companies had breached the Securities Act, and the
directors have been formally warned.

Better disclosure should have been made by the companies to ensure
investors were aware of the risks of investing in them, Mr. Hughes
said, the report discloses.

But the FMA had to weigh up the likelihood of success, existing
returns to investors and the use of public resources to pursue the
cases, the report relays.

"We've looked at our resources, we've looked at the strength of
the cases and we've asked ourselves 'what new messages would they
send if we were to take them on, leaving aside questions of
adequacy of evidence. . . . At the end of the day, we've made the
hard decision -- and I emphasize it is a hard decision -- that
these cases do not merit further expenditure of public funds. . .
. They don't merit us taking on the risk of running an action that
may not be successful and further diversion of our resources and
time away from actions and issues that are happening in the market
today," the report quoted Mr. Hughes as saying.

The report notes that the FMA had successfully prosecuted 32
finance company directors in the past few years.  The companies
involved included Five Star, Nathans and Bridgecorp.

The four cases it had decided not to proceed with "simply don't
stack up" against that list, Mr. Hughes said, the report relates.

Investors in the companies would get most of their money back
through the retail guarantee deposit scheme, the report adds.



                             *********

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.

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***