TCRAP_Public/130924.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

          Tuesday, September 24, 2013, Vol. 16, No. 189


                            Headlines


A U S T R A L I A

ALINTA HOLDINGS: Moody's Assigns Definitive B1 CFR
GENESIS CARE: S&P Withdraws Prelim. 'B+' Issuer Credit Rating
ISPONE PTY: Creditors, Bidders Question Sale Price
MEDICA CENTRE: Facing Receivership After Goldman Calls Debt
RIVERCITY MOTORWAY: Gets Final Bid From Macquarie, UBS

SYDNEY OPERA HOUSE: Receivers Put Car Park Back on the Market
WESTPOINT GROUP: Former Boss Loses Bid to Shift Blame


C H I N A

CHINA PRECISION: Authorized Common Stock Lowered to 10MM Shares
MODERN LAND: Fitch Assigns 'B' Long-Term Issuer Default Rating


I N D I A

ABHI S.K.: ICRA Rates INR11.25cr Term Loan at 'B'
BHAIRAAV ERECTORS: ICRA Reaffirms 'BB' Rating on INR12.5cr Loans
BINDU TRENDZ: ICRA Assigns 'B' Rating to INR8.5cr LT Bank Loan
CARONA INDUSTRIES: ICRA Assigns 'B' Rating to INR35.5cr Loans
CHARISHMA GOLDWHEELS: ICRA Rates INR6cr Cash Credit at 'B+'

HARIHARAN SPINNERS: ICRA Reaffirms B+ Ratings on INR22.13cr Loans
KOHINOOR FEEDS: ICRA Assigns 'BB' Rating to INR26cr Cash Credit
KPR INDUSTRIES: ICRA Reaffirms 'BB-' Rating on INR450cr Loans
LAKSHMI COT-GIN: ICRA Reaffirms 'B+' Rating on INR15.12cr Loans
MURANO TILES: ICRA Assigns 'B' Ratings to INR7.9cr Loans

NAVEEN RICE: ICRA Assigns 'B' Ratings to INR8.34cr Loans
PADMAVATI INFRA: ICRA Assigns 'B' Ratings to INR8.9cr Loans
PRESTIGE METALLICS: ICRA Reaffirms 'B' Rating on INR18cr Loans
SHRI KRISHNA: ICRA Assigns 'B' Rating to INR5cr Cash Credit
SRI CHAKRA: ICRA Assigns 'B' Rating to INR5cr Fund Based Loans


N E W  Z E A L A N D

NUFARM FINANCE: S&P Corrects Rating on A$251MM Hybrid Securities


X X X X X X X X

* BOND PRICING: For the Week Sept. 16 to Sept. 20, 2013


                            - - - - -


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A U S T R A L I A
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ALINTA HOLDINGS: Moody's Assigns Definitive B1 CFR
--------------------------------------------------
Moody's Investors Service has assigned a definitive B1 corporate
family rating to Alinta Holdings, an integrated energy company
based in Australia with presence in both generation and the retail
of gas and electricity.

At the same time, Moody's has assigned a definitive B1 senior
secured rating to the US$ Term Loan, Delayed Draw Facilities and
Revolving Facilities entered into by Alinta Holdings and Alinta
Energy Finance, a fully owned and guaranteed subsidiary.

The debts rated are:

$1,070 million Senior Secured Term Loan B Facility due August 13,
2019

$70 million Delayed Draw Term Facility due August 13, 2018

AUD240 million Revolving Credit Facility due August 13, 2018

The proceeds of the issuance will be used principally to repay
existing indebtedness, provide working capital as well as funding
for future capital expenditures.

These definitive ratings follow the provisional ratings assigned
on July 17, 2013.

Ratings Rationale:

"Alinta's B1 rating reflects the inherently risky nature of its
East Coast vertically integrated energy business, the operating
challenges experienced in recent years, as well as the company's
high financial leverage and evolving capital management policy. At
the same time, the rating considers Alinta's solid market position
in the residential gas retail segment in Western Australia (WA),
as well as improvements in its operating performance over the past
year, and which support its rating at the mid-to-high single-B
level," says Spencer Ng, a Moody's Assistant Vice President.

The B1 rating also captures Alinta's high financial leverage and
evolving capital management strategy. Following the transaction,
financial leverage (on a Moody's adjusted basis) is expected to
peak at around 5.6x in FY2014.

"Finally, we note that actual credit margin on the debt issuance
had exceeded initial margin expectation, and as such, Alinta's
interest coverage metrics will face additional downward pressure
in the near term. This is partly offset by the more stringent
cash-sweep mechanisms embedded in the final debt documents, which
could result in a speedier amortization of its debt over the
medium term," says Ng.

Whilst earnings growth and the cash-sweeping mechanism are
expected to lead to an improvement in leverage over the coming
years, Moody's notes that actual improvements will depend on the
realization of Alinta's forecasted growth levels and a sustained
turnaround in operating performance at its main power stations,
including Flinders.

The stable outlook on the ratings reflects the company's expected
financial performance relative to the tolerance set for the rating
and limited refinancing -- at the minimum -- over the next 12- 18
month.

Alinta's corporate family rating could be upgraded if the company
maintains the improved operating performance achieved in FY2013
and there is no major adverse impact from potential changes in
Australia's carbon policy. Credit ratios justifying an upgrade
would include Funds from Operation (FFO) to debt exceeding 12%,
and FFO to interest expenses exceeding 2.5x, all on a sustained
basis.

The rating could be downgraded if FFO to debt drops below 8%, and
FFO to interest expenses fall below 2.0 times, all on a sustained
basis.

The principal methodology used in these ratings was Unregulated
Utilities and Power Companies published in August 2009.

Alinta is an energy retailer based in Australia with a gas and
electricity retail presence in Western Australian and the national
electricity market. It has around 700,000 customers in total. It
is also the owner and operator of seven intermediate or peaking
power stations across the country and one power station in New
Zealand. Together, the company's generation fleet has a combined
generation capacity of around 2,500 MW.


GENESIS CARE: S&P Withdraws Prelim. 'B+' Issuer Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'B+ (prelim)/Stable' issuer credit rating on Genesis Care Pty Ltd.
at the request of the issuer.  The 'B+ (prelim)' issue credit
rating on the senior secured notes has also been withdrawn.


ISPONE PTY: Creditors, Bidders Question Sale Price
--------------------------------------------------
James Hutchinson at The Australian Financial Review reports that
creditors and prospective buyers of ispONE are crying foul over a
decision to sell the failed business for nearly half the value of
other offers.

Ferrier Hodgson sold the business, including its billing platform,
mobile subsidiaries and more than 61,000 customers, to AsiaPac
Communications Group on September 9 for AUD1.75 million in cash
and forgiven debt, according to a creditors' report obtained by
The Australian Financial Review.

AsiaPac, which registered with the Australian Securities and
Investment Commission as a company on August 7, is a subsidiary of
Conec2 Hong Kong, the report discloses citing ASIC's database.
Conec2's sole listed director Cameron Adams is also managing
director of Melbourne-based telecommunications provider Conec2
Australia.

But The Financial Review understands the sale has sparked a
dispute between other bidders, creditors and Ferrier Hodgson over
what they consider was a rushed sales process, and questioned the
breadth of information shared with buyers during negotiations and
the final agreed sales price.

Creditors, which include Telstra, Optus and Kogan, have made
claims of more than AUD73 million in debt owed to them by ispONE
as a result of unpaid invoices and termination liabilities,
according to the report.

It is understood AsiaPac's bid was one of the lowest offered for
the company, among offers of between AUD1.5 million and
AUD3 million from competing bidders Vocus, iTelecom Wholesale,
Telcoinabox and MyNetFone, the report notes.

The Financial Review has also confirmed that the agreement to sell
the company came after a previous attempted sale of ispONE to
AsiaPac on August 12, prior to the company entering
administration. The contract was never signed by all shareholders
in the business.

Melbourne-based ispONE provides telecommunications services to
wholesale and retail phone and internet providers throughout
Australia. Its key service lines are wireless, post-paid
mobile, fixed-line phone and internet services for business and
residential customers. The majority of these services are
rebranded through about 100 retail service providers.

ispONE was placed in voluntary administration on Aug. 19, 2013.
The company collapsed after a dispute with Telstra over unpaid
invoices and a failed legal bid to stop Telstra from cutting off
services to more than 250,000 prepaid mobile customers under low-
cost brands Kogan and ALDI, The Australian Financial Review said.


MEDICA CENTRE: Facing Receivership After Goldman Calls Debt
-----------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Medica Centre
Hurstville is facing receivership following the move of Goldman
Sachs to pick up the AUD160 million debt of the group at 25
percent of the price due to soured loans worth AUD1.6 billion.
Reportedly, on September 26, a meeting will take place during
which the insolvency of the present owner will be revealed by the
investigating accountants, the report says.

According to dissolve.com.au, some analysts believed that the
hospital will be able to avoid insolvency and become profitable
again through a revamped operational team and management. However,
it must be noted that as receiver PBB Advisory was set to sweep in
on September 17, a number of lenders were still hoping that a
resolution will be reached, the report adds.


RIVERCITY MOTORWAY: Gets Final Bid From Macquarie, UBS
------------------------------------------------------
The Sydney Morning Herald reports that RiverCity Motorway,
expected to sell for more than AUD600 million, has attracted final
bids from a group that includes Macquarie Group and Dutch pension
fund manager APG, and separately, the global asset management
division of Swiss bank UBS, people familiar with the process said.

SMH relates that the bids come as an array of foreign and domestic
investors are vying for infrastructure assets in Australia,
looking to benefit from stable returns amid a slowing but still
relatively strong economy.

According to the report, people familiar with the matter said bids
are also expected from infrastructure specialist Hastings Funds
Management with Spain's Abertis Infraestructuras and Queensland
Motorways which manages transport infrastructure in the state.

Access Capital Advisers, a specialist investment manager of
infrastructure and alternative assets, is leading the group of
three of its clients including APG, bidding alongside Macquarie, a
person familiar with the matter, as cited by SMH, said.

SMH says a new owner is expected to usher in a period of stability
for RiverCity, which operates a tunnel under the Brisbane river.
Like some other Australian toll roads, RiverCity collapsed when
traffic flow assumptions proved incorrect. Any new buyer has more
than three years of traffic data that can be now used to help set
its value, the report states.

Receiver KordaMentha and financial adviser Goldman Sachs are
selling RiverCity. KordaMentha will evaluate the bids and the
winning party could be announced within a week to 10 days, the
report adds.

Rivercity Motorway Group is the owner and operator of Brisbane's
troubled Clem7 tunnel.  RiverCity was put into voluntary
administration in February 2011.  CourierMail said in June 2012
that Rivercity Motorway Group went into receivership after failing
to get its two dozen lenders to agree to a suspension of interest
repayments on the company's AUD1.3 billion debt.  KordaMentha
partners Martin Madden and David Merryweather were appointed
receivers and managers of RiverCity Motorway.


SYDNEY OPERA HOUSE: Receivers Put Car Park Back on the Market
-------------------------------------------------------------
Ben Wilmot at The Australian reports that receivers KordaMentha
have put the Sydney Opera House car park back on the market in a
sale that could top AUD100 million as interest in the asset class
picks up.

While most of the car parks that have sold have been in Melbourne,
the assets are drawing investors chasing attractive investment
yields in a low interest rate environment, the report relates.

According to the report, KordaMentha took control of the Sydney
car park in August 2011 as its performance was hit by high parking
levies and slower demand from executives in nearby offices.

The Australian relates that the market has picked up since the
receivers took control of the car park's head lease, which was
held in the unlisted Real Estate Capital Partners (ReCap) Property
Trust 3, formerly managed by Mariner.

The trust was launched by Mariner Financial in the boom and retail
investors poured about AUD25 million into the fund, according to
The Australian.

The Australian says Mariner had bought the car park in 2004 from
Malaysian-owned Mulpha Australia for about AUD75 million.

Asset prices have dipped since 2007, when there was talk of a
AUD120 million sale, but the Royal Bank of Scotland, which is
reportedly owed about AUD70 million, and KordaMentha have since
turned around the car park's performance, The Australian says.

McVay Real Estate, which has been instructed to sell the long
leasehold interest in the car park, has forecast net income of
about AUD7.6 million, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 29, 2011, SmartCompany said the Sydney Opera House car park
has fallen into receivership, reportedly after lower numbers of
executives in surrounding office buildings opted to use the
property.  The Australian Financial Review reported that the car
park has fallen into the hands of receivers KordaMentha, according
to SmartCompany.  David Merryweather and Martin Madden were
appointed to the property, the report related.

SmartCompany noted that the receivership was sparked by the Royal
Bank of Scotland, which is owed AU$70 million and wants to make
the facility profitable.  However, SmartCompany noted that it is
reported that various investors may not receive their money back.


WESTPOINT GROUP: Former Boss Loses Bid to Shift Blame
-----------------------------------------------------
The Sydney Morning Herald reports that former Westpoint boss
Norm Carey has lost his bid to blame the collapse of the property
investment company on his lawyer, with a Federal Court judge
slamming him as dishonest, evasive and "inherently unreliable."

According to the report, Mr. Carey, who founded Westpoint in the
mid 1980s, claimed he had been misled and deceived by his lawyer
Andrew Shearwood, of Freehills, about raising finance totalling
$160 million. In 2006, the report recalls, seven years after the
alleged misconduct, the company collapsed owing investors more
than $388 million.

SMH says Federal Court judge Susan Kenny dismissed Mr. Carey's
claim, saying he was "not an honest and reliable witness".

"Mr. Carey fabricated this evidence to support his case," SMH
quotes Judge Kenny as saying. "[He] was apparently motivated by
the desire to blame Mr. Shearwood for the financial collapse of
the Westpoint Group. Furthermore, Mr. Carey was frequently evasive
in cross examination."

The ruling vindicated Mr. Shearwood, with Justice Kenny praising
him as an impressive witness, the report relays.

SMH recalls that Mr. Carey alleged in 1999 Westpoint director
Simon Bell asked Mr. Shearwood for alternatives to raising funds
via a prospectus.

The court heard that Mr. Shearwood told Mr. Bell that mezzanine
finance might be raised by issuing promissory notes with a face
value of at least AUD50,000, relates SMH.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- was engaged in property
development and owned or managed retail and commercial properties
with a total value of over AUD300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC initiating
action in late 2005 in the Federal Court of Australia against a
number of mezzanine companies in the Westpoint Group, including
winding up proceedings.  The ASIC contended that Westpoint
projects are suffering from significant shortfall of assets over
liabilities so that hundreds of investors are at serious risk of
not receiving repayment of their investments.  The ASIC also
sought wind-up orders after the Westpoint companies failed to
comply with its requirement to lodge accounts for certain
financial years.  These wind-up actions are still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believed that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  The
ASIC was concerned that Westpoint Corporation was unable to pay
its debts, including its obligations under the guarantees given
to the mezzanine companies to make good expected shortfalls in
the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.



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CHINA PRECISION: Authorized Common Stock Lowered to 10MM Shares
---------------------------------------------------------------
The board of directors of China Precision Steel, Inc., approved an
amendment of China Precision Steel, Inc.'s Amended and Restated
Articles of Incorporation to effect a reduction in the number of
authorized shares of the Company's common stock and preferred
stock to (i) 10,000,000 shares of common stock, par value $0.001
per share and (ii) 500,000 shares of preferred stock, par value
$0.001 per share.  The amendment became effective upon filing with
the Delaware Secretary of State on Sept. 6, 2013.

                      About China Precision

China Precision Steel Inc. is a niche precision steel processing
company principally engaged in the production and sale of high
precision cold-rolled steel products and provides value added
services such as heat treatment and cutting medium and high
carbon hot-rolled steel strips.  China Precision Steel's high
precision, ultra-thin, high strength (7.5 mm to 0.05 mm) cold-
rolled steel products are mainly used in the production of
automotive components, food packaging materials, saw blades and
textile needles.  The Company primarily sells to manufacturers in
the People's Republic of China as well as overseas markets such
as Nigeria, Thailand, Indonesia and the Philippines. China
Precision Steel was incorporated in 2002 and is headquartered in
Sheung Wan, Hong Kong.

China Precision reported a net loss of $16.94 million for the
year ended June 30, 2012, compared with net income of $256,950
during the prior fiscal year.

For the nine months ended March 31, 2013, the Company incurred a
net loss of $28.59 million on $22.68 million of sales revenues, as
compared with a net loss of $7.93 million on $105.32 million of
sales revenues for the same period a year ago.

The Company's balance sheet at March 31, 2013, showed $163.25
million in total assets, $70.61 million in total liabilities, all
current, and $92.63 million in total stockholders' equity.

Moore Stephens, in Hong Kong, issued a "going concern"
qualification on the consolidated financial statement for the
year ended June 30, 2012.  The independent auditors noted that
the Company has suffered a very significant loss in the year
ended June 30, 2012, and defaulted on interest and principal
repayments of bank borrowings that raise substantial doubt about
its ability to continue as a going concern.


MODERN LAND: Fitch Assigns 'B' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has assigned China-based property developer Modern
Land (China) Co., Limited a Long-Term Issuer Default Rating (IDR)
of 'B' with Stable Outlook, a senior unsecured rating of 'B' and
recovery rating of 'RR4'. Fitch has also assigned Modern Land's
proposed USD senior unsecured notes an expected rating of 'B
(EXP)', and recovery rating of RR4.

The notes are rated at the same level as Modern Land's senior
unsecured rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company. The final
rating of the proposed notes is contingent upon receipt of
documents conforming to information already received.

Key Rating Drivers

Small-scale property developer: Modern Land's limited scale in
terms of land bank, contracted sales as well as geographical
coverage leaves the company susceptible to greater volatility in
earnings. Modern Land's contracted sales of CNY2.8bn in 2012 and
its current land bank of about 2 million sq m (excluding presold
properties and completed property available for sale) as at the
end of 2012 is commensurate with other B-rated homebuilders.

Low leverage gives flexibility. The company is in a net cash
position as at end-June 2013. It has unrestricted cash of
CNY1.01bn and unutilised onshore credit facilities of CNY1.06bn
(against total debt of CNY856.30m). Modern Land plans to use
HKD596m of proceeds from its recent initial public offering and
proposed bond issuance to accelerate land acquisitions and
development. Fitch expects contracted sales to increase to around
CNY4bn-CNY6bn per annum over the next two years. Over the same
period, net debt/adjusted inventory will likely hit 30% (FY 2012:
9%) and contracted sales/gross debt will reach 1.7x (FY 2012: 2.48
times).

Product mix may dilute EBITDA margin: Modern Land has been
generating strong EBITDA margin of 25%-33% over the past three
years, a level higher than Chinese mass market homebuilders in
general. This is due to a combination of high-end products in
Beijing, its product differentiation strategy and the company's
comparatively lower land cost. Modern Land is likely to maintain
its margin at the current level for the next two years, boosted by
continuous sale of high-end products. However, the EBITDA margin
would likely moderate to around 20%- 25% over the medium term
because of its increasing exposure to the mid-end and mass market
segments in lower-tier cities as well as higher land costs (end-
H113: CNY859/sq m vs recent land acquisition in Nan Chang costing
approximately CNY4,000/sq m).

Longer gestation period for niche product: Modern Land's market
positioning as a niche homebuilder that provides energy-efficient
homes needs a longer gestation period because it will take time
for the company to make its products known, particularly in the
second- and third-tier cities that the company has recently
entered. Gross profit margins for initial launches are likely to
be lower (20%-30%) and the company is only likely to be able to
raise prices in subsequent launches after obtaining market
acceptance following the handover of the initial projects.

Sales still geographically concentrated. Modern Land currently has
six projects under development in six cities, across five
provinces. While the majority of its land bank resources are in
lower-tier cities such as Xiantao (36.6%) and Changsha (27.6%),
the company's contracted sales for the next two years would likely
be still driven by projects in Beijing and Taiyuan, which have
higher value and margins. In Fitch's view, meaningful geographical
diversification will occur when Modern Land's operations in lower-
tier cities mature and it is able to sustain its profit margins
over the medium term even though a smaller proportion of sales
come from Beijing and Taiyuan.

Rating Sensitivities

Positive rating action is not expected in the next 18-24 months
due to Modern Land's small operational scale. However, future
developments that may, individually or collectively, lead to
positive rating action include:

-- Contracted sales sustained above CNY7bn without compromising
   leverage.

-- EBITDA margin sustained above 25%.

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

-- EBITDA margin sustained below 20%.

-- Contracted sales/gross debt sustained below 1.0x and net
   debt/adjusted inventory sustained above 40%.



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ABHI S.K.: ICRA Rates INR11.25cr Term Loan at 'B'
-------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to the INR11.25
crore term loan facilities of Abhi S.K. Hospital Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------           ----------   -------
   Term loan facilities     11.25     [ICRA]B assigned

The assigned rating factors in the experience of the promoters for
more than four decades as practicing doctors in various government
hospitals across the State and the recent commercialization of a
multi-speciality facility which are likely to drive patient
inflow. The `rating also factors in the healthy demand outlook for
healthcare services in India. The rating is, however, constrained
by operational risk inherent to a single location hospital, likely
increase in competition from other major hospitals in the state
though the same is mitigated to an extent by being a tertiary care
unit offering specialized services (like neurosurgery, plastic
surgery, treatment for severe burns, advanced neonatology services
among others). The rating also takes into account the stretched
financial profile characterized by high gearing and inadequate
coverage metrics. Going forward, the ability of the Company to
enhance its scale and improve its leveraged capital structure will
remain the key rating sensitivities. Company Profile ASKHPL is
part of SK Hospital group run by family members since 1993. The
group, under the proprietorship entity M/s. S.K. Hospital (SKH),
operated a hospital with 60 bed facility in Gobichettipalayam, a
taluk in Erode (Tamil Nadu) as a dedicated centre for women care
and general surgery.

ASKHPL was promoted in December 2010 by Dr. Senthilnathan and his
wife Dr. Suseela. The Company operates a multi-speciality hospital
with 110 bed facility and commenced its full-fledged operations
from August 15, 2013. The hospital offers specialized treatment in
Gynaecology, Neurosurgery, Plastic surgery, treatment for severe
burns, Obstetrics, Neonatology, General medicine amongst others.
Also, the hospital has 25 bedded intensive care unit (ICU), 8
bedded newborn intensive care unit (NICU) and 5 operation theatres
(OT). The hospital also has latest equipment including digital X-
ray unit, 3D ultrasound and Colour Doppler Echo, fully automated
computerized laboratory, CT-scan etc. The Company has tie-ups with
Corporate, major Insurance Companies, Third Party Administrators
(TPAs) and State and Central government agencies to offer cashless
treatment. With the entire operations of SKH being shifted to
ASKHPL since August 15, 2013, the operations in the proprietorship
entity cease to exist and the 60 bed facility remains unoccupied.
In future, the Company has plans to use the SKH facility to
accommodate the patients in the event of full occupancy in the
multi-speciality hospital. Recent Results The Company was
incorporated in December 2010 and commenced its full-fledged
operations from August 2013. Hence the Company's first year of
operations would be from
2013-14.


BHAIRAAV ERECTORS: ICRA Reaffirms 'BB' Rating on INR12.5cr Loans
----------------------------------------------------------------
ICRA has re-affirmed '[ICRA]BB' rating assigned to the fund based
limits of INR12.50 Crore of Bhairaav Erectors (Formerly known as
Sharpmind Developers). The outlook on the long term rating is
stable.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund Based Limits       12.50      [ICRA]BB(stable) Reaffirmed

The rating reaffirmation takes into account the unsold inventory
with the firm and its group company which is proposed to be
liquidated to service repayment obligations. However ICRA notes
that the sale traction for the completed projects for the group
has been slow in the past and timely sale of the inventory at the
expected rates would remain a key rating sensitivity. The rating
continues to be supported by the low funding risk for the project
as the financial closure for the project has been achieved, low
execution risk as the construction for the commercial building is
expected to complete by November 2013 and favorable project
location. However, the rating remains constrained by the high
risk associated with withdrawal of capital inherent in a
partnership entity.

Bhairaav Erectors (Formerly known as Sharpmind Developers) is a
part of Bhairaav Group which was founded in 1969 by Chairman Mr.
Madan Jain as manufacturers and exporters of fashion garments.
The group later expanded to exporting knitwear, bed linen and
children's wear. After three decades in this business, the group
chose to expand into Real Estate development. Bhairaav Erectors is
a partnership firm and started construction of residential-cum-
commercial project in Kalachowky, Mumbai in 2005 with a totale
saleable area of 0.20 million sq. ft.


BINDU TRENDZ: ICRA Assigns 'B' Rating to INR8.5cr LT Bank Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR8.50
crore fundbased bank limit of Bindu Trendz Private Limited.

                             Amount
   Facilities              (INR crore)   Ratings
   -----------             -----------   -------
   Long-Term Fund-Based        8.50      [ICRA]B Assigned
   Limit-Cash Credit

The assigned rating is constrained by the limited track record of
operations of the company given the fact that its operations
commenced in April 2013. The rating also takes into account the
exposure of the company's profitability to the cyclicality of the
textile industry, the intense competitive pressure on account of a
fragmented industry structure and the adverse volatility in key
raw material prices.

However, the rating favorably factors in the long experience of
the promoters in the textile business and the presence of the
company in the textile hub of Surat, due to which it enjoys
location advantages resulting from proximity to customers and raw
material sources.

Incorporated in July 2011, Bindu Trendz Private Limited started
its operations in April 2013 and is engaged in the trading of
ladies' dress materials and dupattas with the dyeing and printing
works outsourced to job-workers in Surat. The company has its
registered office and warehouse in Surat.


CARONA INDUSTRIES: ICRA Assigns 'B' Rating to INR35.5cr Loans
-------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B' to the INR17.30
crore term loan facilities, the INR12.00 crore fund based
facilities and the INR1.57 crore proposed facilities of Carona
Industries Private Limited. ICRA has also assigned short-term
rating of '[ICRA]A4' to the INR1.50 crore fund based facilities,
the INR1.00 crore fund based (sub-limit) facilities and the
INR3.63 crore non-fund based facilities of CIPL.

                           Amount
   Facilities            (INR crore)   Ratings
   -----------           ----------    -------
   Long-term Term loans     17.30      [ICRA]B assigned

   Long-term Fund based     12.00      [ICRA]B assigned
   facilities

   Long-term Proposed        1.57      [ICRA]B assigned
   facilities

   Short-term Fund based     1.50      [ICRA]A4 assigned
   facilities

   Short-term Fund based    (1.00)     [ICRA]B assigned
   (sub-limit) facilities

   Short-term Non-fund       3.63      [ICRA]B assigned
   based facilities

The assigned ratings factor in significant experience of the
promoters in the textile industry and the integrated nature of the
group's operations which insulates the Company against price
volatility to an extent. The ratings are, however, constrained by
the Company's stretched capital structure/coverage indicators and
the exposure of the Company to fluctuations in cotton prices which
would have an adverse impact on the margins in the event of
downturn in yarn demand. CIPL operates in the highly fragmented
spinning industry where high competition coupled with low product
differentiation limits pricing flexibility. Regular equity
infusions by the promoters support the tight liquidity conditions
arising from large working capital requirements in addition to
high interest charges and debt repayments.

Going forward, the ability of the Company to enhance its scale of
operations and improve its capital structure will remain the key
rating sensitivities.

Incorporated in 2006 by Mr. K. Swaminathan, CIPL is engaged in
production of cotton hosiery yarn.  CIPL started commercial
production in 2008 and supplies about one-fifth of the produce to
its group entity (M/s. Carona Knit Wear, which is engaged in
garment manufacturing). The Company also caters to merchant
exporters and is engaged in direct exports to countries like Egypt
and Casablanca. During 2012-13, direct exports sales contributed
to ~15% of the revenue and the sales to merchant exporters
contributed to ~30% of the revenue. CIPL operates with an
installed capacity of 14,400 spindles and the manufacturing
facility is located in Gobichettipalayam (Tamil Nadu).

Recent Results

The Company reported net profit of INR0.6 crore on an operating
income of INR51.3 crore during 2012-13 (according to un-audited
results) as against net profit of INR0.1 crore on an operating
income of INR49.4 crore during 2011-12.


CHARISHMA GOLDWHEELS: ICRA Rates INR6cr Cash Credit at 'B+'
-----------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating for INR6.00 Crore long term,
fund based facilities of Charishma Goldwheels Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------           ----------   -------
   Cash Credit              6.00      [ICRA]B+ assigned

The assigned rating takes into account the long experience of the
promoters that manage other entities in the dealership business
and the established presence of the company in the dealership
business. However, the rating is constrained by CGPL's moderate
scale of operations, high competitive intensity in area of
operations, relatively low profitability indicators as inherent in
the dealership business and weak demand prospects for passenger
car segment in the near term. The rating is also constrained by
stretched cash flow position and blockage of funds in working
capital.

Going forward, CGPL's ability to improve its profitability as well
as liquidity would remain key rating sensitivities.

CGPL was incorporated in 1998 and has been operating as an
authorised dealer for vehicles of Hyundai Motors in Chandigarh.
The company deals in sale of new cars, repairs and servicing of
cars.  The day to day management of the company is taken care by
Sh. Pratap Hoon with the support from other directors. The company
has one 3S (showroom, spares, service) sales showroom cum service
workshop located in the industrial area of Chandigarh, which is
owned by the company.

Apart from this the promoters of the company also owns dealership
of two wheelers for Hero Motocorp Limited.


HARIHARAN SPINNERS: ICRA Reaffirms B+ Ratings on INR22.13cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
INR16.13 crore term loan facilities and INR6.00 crore fund based
facilities of Hariharan Spinners Limited. ICRA has also reaffirmed
the short-term rating of '[ICRA]A4' to the INR2.70 crore non-fund
based facilities of the Company.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Term Loans               16.13     [ICRA]B+ reaffirmed
   Fund based facilities     6.00     [ICRA]B+ reaffirmed
   Non-fund based            2.70     [ICRA]A4 reaffirmed
   Facilities

The ratings consider the promoter's experience in the textile
business of over three decades, improvement in yarn demand in the
last 18 months resulting in higher realizations and increase in
operating profit margins for HSL during 2012-13. However, the
company's operating income during 2012-13 was down by ~3.6% due to
lower than optimal production levels with issues of power. With
improvement in profit margins and reduction in debt levels, the
company's debt indicators improved however remain weak with
gearing at 2.9 times and Total debt / OPBDITA at ~3.7x. The
ratings also consider the Company's modest scale of operations
restricting financial flexibility and price competitiveness, given
the highly fragmented structure of the spinning industry. The
cotton prices have remained high in the last few months; hence the
company's strategies on inventory holding levels and cost of
procurement in the current season need to be seen. Over the next
three years, the company has an annual term loan repayment
obligation of INR3.0-3.5 crore; healthy increase in operating
income supported by comfortable profit margins and debt indicators
will be critical in improving the credit profile of the company.

Hariharan Spinners Limited was incorporated in the year 2005 and
is engaged in the production of polyester and polyester-viscose
blended yarn by six promoters. The Company started its
commercial production on April 2008 with a spindle capacity of
12,096 spindles and currently has a capacity of 16,128 spindles.
The Company has its manufacturing facilities at Tiruchengode,
Tamil Nadu.

Recent Results

According to the unaudited financials, HSL reported net profit of
INR0.9 crore on operating income of INR26.6 crore during 2012-13
as against net profit of INR0.1 crore on operating income of
INR27.5 crore during 2011-12.


KOHINOOR FEEDS: ICRA Assigns 'BB' Rating to INR26cr Cash Credit
---------------------------------------------------------------
ICRA has assigned the '[ICRA]BB' rating to INR26.00 crore cash
credit facility of Kohinoor Feeds & Fats Limited. The outlook on
long term rating is Stable.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Cash Credit              26.00     [ICRA]BB (Stable) assigned

The rating takes into consideration long standing experience of
the promoters (Kohinoor Group) in the agro business coupled with
healthy growth in revenues led by increasing capacity
utilizations. The rating also factors in the integrated operations
of the company (utilizing both solvent extraction and refinery
plant), easy accessibility to raw materials and healthy outlook
for domestic refined oil and poultry industry. The ratings are
however constrained by modest scale of operations, profitability
exposed to fluctuations in raw material prices and realizations on
back of seasonal nature of business and agro climatic conditions.
Further, the company is exposed to inherent risks associated with
oilseed industry which includes high fragmentation, lack of
pricing power, threat from cheaper import substitutes and intense
competition.

Established in 1990, KFFL is involved in manufacturing of soya
bean and sunflower refined oil, by products- de oiled cakes (DOC)
and poultry feeds. The company was jointly set up by Panjwani and
Mahajan families and is part of Nanded based Kohinoor group. KFFL
was originally incorporated as Private Limited and subsequently
converted into a Public Limited Company in 1994. The manufacturing
unit of company is located at Nanded (Maharashtra) with an
installed capacity of 350 tonnes per day (TPD) for solvent
extraction plant and 50 TPD for edible oil refinery plant.

Recent Results

During FY13, KFFL reported operating income of INR163.75 crore,
OPBITA of INR4.68 crore and PAT of INR1.09 crore (provisional and
unaudited numbers).


KPR INDUSTRIES: ICRA Reaffirms 'BB-' Rating on INR450cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR450.00
crore term loans of KPR Industries (India) Limited at '[ICRA]BB-'.
ICRA has also reaffirmed the ratings assigned to INR45.00 crore
unallocated limits of KPRIL at [ICRA]BB-/[ICRA]A4. The outlook on
the long term rating is Stable.

                        Amount
   Facilities        (INR crore)   Ratings
   -----------        -----------  -------
   Term loans            450.00    [ICRA]BB-(Stable) reaffirmed
   Unallocated limits     45.00    [ICRA]BB-(Stable)/[ICRA]A4
                                   Reaffirmed

The rating reaffirmation continues to be constrained by project
execution risk on account of nascent stage of construction partly
mitigated by promoters experience in setting up projects of
similar nature in the past and high project gearing of 1.55 times.

The ratings are further constrained by cyclicality inherent in the
caustic soda industry; competition from other established players
in the caustic soda industry; and lack of captive power plant
resulting in higher operational costs owing to power intensive
nature of caustic soda manufacturing. Although the financial
closure is achieved in November 2012, the project is exposed to
funding risk given that the promoters have infused INR121.68 crore
of equity of their committed INR228.65 crore.

However, the ratings positively factors in signing of plant
construction contracts with reputed equipment suppliers including
UDHE India (Private) Ltd for caustic soda & caustic potash and
savings in logistic cost as the proposed plant is located close to
Kakinada port with majority of raw materials being shipped. These
apart, the ratings also factor in high level of forward
integration mitigating chlorine off-take risk; support from being
part of the KPR group which has diversified presence in
fertilizers, poultry, rice mills in Andhra Pradesh & Karnataka and
the strategic investment from Nomura Financial Advisory and
Securities (India) Private Limited (Nomura)
in the form of fully and compulsorily convertible debenture
towards project cost funding.

Going forward, timely execution of the project without time and
cost overruns is the key rating driver from credit perspective.

Incorporated in 2011, KPR Industries (India) Limited is setting up
a 200 tons per day (TPD) caustic soda and 100 TPD caustic potash
manufacturing plant along with chlorine derivative products such
as chlorinated paraffin wax (30 TPD), stable bleaching powder (50
TPD), mono chloro acetic acid (20 TPD) and sulphuric acid (300
TPD) at Biccavolu, East Godavari district, Andhra Pradesh. The
total project cost is INR740.65 crore which is proposed to be
funded by term loan of INR450.00 crore and remaining INR290.65
crore as promoters' contribution including INR62.00 crore
strategic investments from Nomura in the form of fully and
compulsorily convertible debentures. The plant is expected to be
commissioned by November 2014.


LAKSHMI COT-GIN: ICRA Reaffirms 'B+' Rating on INR15.12cr Loans
---------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating to the INR15.12 crore
(reduced from INR15.66 crore) long term fund based facilities of
Lakshmi Cot-Gin Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund Based Cash          15.00     [ICRA]B+ Reaffirmed
   Credit

   Fund Based- Term          0.12     [ICRA]B+ Reaffirmed
   Loans

Rating Rationale

The reaffirmation of rating factors in LCPL's weak financial
profile as evident from highly leveraged capital structure, poor
debt coverage indicators and low profitability, coupled with
significant de-growth in operating income reported by the company
during FY13. The rating continues to remain constrained by lack of
diversification in product profile; highly competitive and
fragmented industry structure owing to low entry barriers and
vulnerability of profitability to raw material prices, which are
subject to seasonality, crop harvest and regulatory risks.
However, the rating positively factors in the long experience of
the promoters in the ginning industry; favorable location of the
company's manufacturing facility in Rajkot giving easy access to
raw material and stable demand outlook for cotton and cottonseeds
in the domestic as well as international market.

Lakshmi Cot-Gin Pvt. Ltd., incorporated in 2006, is involved in
the business of cotton ginning and trading of cotton lint/bales
and cotton seed. The company's plant is located in Gondal, Rajkot.
The company is closely held by the promoters, Mr. Nimish Lotiya,
Mr. Vishal Lotiya, and other family members.

Recent Results

For the year ended on March 31, 2013, the company reported an
operating income of INR105.42 crore and profit after tax of
INR0.16 crore as against an operating income of INR133.26 crore
and profit after tax of INR0.20 crore for FY12.


MURANO TILES: ICRA Assigns 'B' Ratings to INR7.9cr Loans
--------------------------------------------------------
The long-term rating of '[ICRA]B' has been assigned to the INR5.40
crore term loan and INR2.50 crore cash credit facility of Murano
Tiles Private Limited. The short-term rating of '[ICRA]A4' has
also been assigned to the INR0.90 crore short-term  non fund based
facilities of MTPL.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Term Loans              5.40       [ICRA]B assigned
   Cash Credit             2.50       [ICRA]B assigned
   Bank Guarantee          0.90       [ICRA]A4 assigned

The assigned ratings are constrained by MTPL's modest scale of
operations of the company, single product portfolio of ceramic
wall tiles which limits its sales prospects, the highly
competitive business environment given the fragmented nature of
the tiles industry and MTPL's weak financial profile as
reflected by low profitability levels, stretched capital structure
and moderate coverage indicators. The ratings also take into
account the vulnerability of MTPL's profitability to the
cyclicality associated with the real estate industry as well as to
volatility in the prices of raw materials and natural gas. The
ratings are further constrained by the past history of
unsatisfactory debt repayment track record on account of liquidity
issues; though the company has been regular in servicing its debt
obligations over the past six months.

The ratings however take comfort from the longstanding experience
of the promoters in the ceramic industry; the company's moderately
diversified customer base and the locational advantage for raw
material procurement by virtue of its presence in Morbi (Gujarat).

Incorporated in 2010, Murano Tiles Private Limited commenced
commercial production of ceramic wall tiles on 19th August 2011.
Its plant is located at Morbi in Rajkot district of Gujarat. In
September 2012, MTPL installed a digital colour jet printing
machine. Currently the company is the process of installing an
additional kiln which will increase the capacity to 34,500 MTPA.
MTPL is promoted by Mr. Prakash Aghara along with his family
members. The company currently manufactures wall tiles of sizes
12"x12", 18"x12" and 24"x12".


NAVEEN RICE: ICRA Assigns 'B' Ratings to INR8.34cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR8.34 crore
fund based facilities and a short term rating of '[ICRA]A4' to
INR0.66 crore non fund based facilities of Naveen Rice Mills.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Working Capital          8.00      [ICRA]B assigned
   Unallocated              0.34      [ICRA]B assigned
   LC                       0.66      [ICRA]A4 assigned

The rating assigned takes into account NRM's weak financial
profile as reflected by small scale of operations, low
profitability and its working capital intensive nature of business
as reflected by high working capital borrowings which has resulted
in high gearing level and consequently weak debt protection
indicators. The rating also takes into account the highly
competitive nature of the business, exposure to agro climatic
risks impacting the availability and pricing of raw material
(paddy) and the risks inherent in partnership firm such as limited
ability to raise funds; funds withdrawal and dissolution.

The rating however draws comfort from the experienced management
with established presence in rice milling business, favorable
demand-supply scenario and growth achieved by the firm in past few
years.

Naveen rice mill was incorporated in 1986 and is engaged in
milling of basmati and non basmati rice.  The manufacturing unit
of the firm is based in Karnal (Haryana) with a milling capacity
of 2 ton/hr.

Recent Results

As per the audited results of FY 2013, the company reported a net
profit after tax (PAT) of INR0.03 crore on an operating income of
INR17.54 crore as against a PAT of INR0.03 crore on an operating
income of INR13.99 crores in FY 2012.


PADMAVATI INFRA: ICRA Assigns 'B' Ratings to INR8.9cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR2.00 crore fund
based facilities and INR6.90 crore non fund based facilities of
Padmavati Infrastructure Company.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund Based Limits       2.00       [ICRA]B assigned
   Non Fund based Limits   6.90       [ICRA]B assigned

The assigned rating reflects adequate experience of PIC's partners
in power transmission industry and their established relationships
with various suppliers. ICRA notes that PIC is currently involved
into execution of a major order for Paschimanchal Vidyut Vitran
Nigam Ltd for strengthening and augmenting power distribution
systems. The rating favorably factors in the limited price risk as
PIC has already fixed prices of all the major raw materials
required to complete the order.

The rating is however, constrained by PIC's modest scale of
operations given its limited operational history, limited
revenue visibility arising out of its small pending order book
with a pending execution period of 7 months and high geographic
concentration risks arising out of the same. Further, the rating
is also inhibited on account of high working capital intensity of
PIC's operations owing to stretched receivables. Going forward,
ability of the company to scale up its operations while
maintaining the profitability and manage its working capital
efficiently will be the key rating sensitivities.

Padmavati Infrastructure Company is a partnership firm formed on
Oct 26, 2012 and is involved into electrification of power
distribution systems. The partners have been involved in the power
industry as suppliers of transmission equipments such as wires and
cables. At present, PIC is executing a major (Rs 33.8 crore) order
for Paschimanchal Vidyut Vitran Nigam Ltd (for strengthening and
augmenting power distribution system in Gulawati, Jahangirabad,
Shikarpur, Sikandrabad & Siyana towns of Bulandshahar district) in
addition to several smaller orders.


PRESTIGE METALLICS: ICRA Reaffirms 'B' Rating on INR18cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the INR18.00
crore fundbased bank facilities of Prestige Metallics Pvt. Ltd.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund-Based Limits        18.00     [ICRA]B; reaffirmed
   (Cash Credit)

Rating Rationale

The rating takes into consideration the long track record of the
promoters in the steel trading and consistent growth in the
turnover of the company in the last three years. However, the
rating is constraint by the low operating profitability inherent
in the steel trading business on account of low value addition,
relatively small size of PMPL's operations at present, adverse
financial risk profile, with a high gearing and depressed levels
of coverage indicators and PMPL's exposure to the cyclicality
associated with the steel industry, which is likely to keep the
profitability and cash flows volatile in future.

PMPL was incorporated in June 2009 by the Raipur based Mr. Sanjesh
Gupta and Mrs. Vishal Gupta.

The company is involved in trading of various steel products such
as plates, angles, channels, sheet, etc, which is largely used in
construction related activities. The company is an authorised
agent for selling various steel products of reputed steel
manufacturers.

Recent Results

In 2012-13, as per the provisional financial statements, PMPL
reported an operating income of INR124.77 crore and net profit of
INR0.36 crore as against an operating income of INR100.97 crore
and net profit of INR0.41 crore in 2011-12.


SHRI KRISHNA: ICRA Assigns 'B' Rating to INR5cr Cash Credit
-----------------------------------------------------------
ICRA has assigned the '[ICRA]B' rating to the INR5.00 crore fund-
based bank facilities of Shri Krishna Loha Ispat Pvt. Ltd.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund-Based Limits        5.00      [ICRA]B; assigned
   (Cash Credit)

Rating Rationale

While assigning the rating, ICRA has consolidated the operational
and financial profile of SKLIPL with its group company Prestige
Metallics Pvt. Ltd. (PMPL, rated at [ICRA]B), because of the
strong managerial and operational linkages among the group
companies. The rating also takes into consideration the long track
record of the promoters in the steel trading. However, the rating
is constraint by the significant decline in the turnover of the
company during 2012-13, SKLIPL's adverse financial risk profile,
with a high gearing and depressed levels of coverage indicators,
low operating profitability inherent in the steel trading business
on account of low value addition, and a high working capital
intensity of its operations, which could adversely impact SKLIPL's
liquidity position.

SKLIPL was incorporated in January 2010 by the Raipur based Mr.
Sanjesh Gupta and Mrs. Vishal Gupta. The company is involved in
trading of various steel products such as plates, angles,
channels, sheet, etc, which is largely used in construction
related activities. The company is an authorised agent for selling
various steel products of Essar Steel Ltd.

Recent Results

In 2012-13, as per the provisional financial statements, SKLIPL
reported an operating income of INR32.12 crore and net profit of
INR0.11 crore as against an operating income of INR41.07 crore and
net profit of INR0.12 crore in 2011-12.


SRI CHAKRA: ICRA Assigns 'B' Rating to INR5cr Fund Based Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to INR5.00
crore bank limits of Sri Chakra Poultry Farms.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund based limits        5.00      [ICRA]B Assigned

The assigned rating is constrained by SCP's limited operational
history with the firm commencing operations in July 2013 (first
batch of 71,000 birds commenced laying activity); cyclicality
associated with the Indian poultry industry which results in table
egg price volatility and the vulnerability of profits to
fluctuation in prices of feed (primarily maize and soya) which
accounts for over 80% of manufacturing cost. The rating however,
favourably factors in the experience of the management team
in the poultry industry and healthy demand outlook for the layer
segment of the industry on account of increasing acceptance of
eggs as a daily meal component. With repayment of obligations
commencing from October 2013, achieving early operational
stability and generating positive accruals will remain
critical to timely servicing of obligations. In addition, managing
of increased working capital requirements following the arrival of
second batch of birds; given the limited working capital
facilities at SCP's disposal will also remain a key sensitivity
from a credit perspective.

Sri Chakra Poultry Farms was incorporated as a partnership firm
during the year 2011, to engage in the business of commercial
layer poultry farming. SCP operates through a facility located at
Ramayampet mandal, Medak district of Andhra Pradesh. The firm has
a capacity of 1,42,000 layer birds.



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


NUFARM FINANCE: S&P Corrects Rating on A$251MM Hybrid Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has corrected its
rating on Nufarm Finance (NZ) Ltd.'s A$251 million hybrid
securities to 'B+' from 'B', because of an administrative error.
The notes are floating-rate step-up securities guaranteed by
Nufarm Ltd. (BB/Stable/--).  On Feb. 19, 2013, S&P had erroneously
recorded a 'B' rating on the issue when we assigned a recovery
rating of '6' to the notes.



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


* BOND PRICING: For the Week Sept. 16 to Sept. 20, 2013
-------------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

COMMONWEALTH BANK    1.50       04/19/22   AUD      72.77
EXPORT FINANCE &     0.50       12/16/19   NZD      75.10
EXPORT FINANCE &     0.50       06/15/20   NZD      72.91
MIRABELA NICKEL L    8.75       04/15/18   USD      70.00
MIRABELA NICKEL L    8.75       04/15/18   USD      68.88
NEW SOUTH WALES T    0.50       12/16/22   AUD      67.93
NEW SOUTH WALES T    0.50       09/14/22   AUD      68.06
NEW SOUTH WALES T    0.50       10/28/22   AUD      67.61
NEW SOUTH WALES T    0.50       03/30/23   AUD      66.94
NEW SOUTH WALES T    0.50       11/18/22   AUD      67.42
NEW SOUTH WALES T    0.50       10/07/22   AUD      67.83
NEW SOUTH WALES T    0.50       02/02/23   AUD      67.47
PALADIN ENERGY LT    3.63       11/04/15   USD      72.10
PALADIN ENERGY LT    6.00       04/30/17   USD      70.27
TREASURY CORP OF     0.50       03/03/23   AUD      67.98
TREASURY CORP OF     0.50       11/12/30   AUD      44.78
TREASURY CORP OF     0.50       08/25/22   AUD      69.47


  CHINA
  -----

CHINA GOVERNMENT     1.64       12/15/33   CNY      65.71


  HONG KONG
  ---------
MTR CORP LTD         3.65       06/17/43   USD      74.17


  INDONESIA
  ---------

DAVOMAS INTERNATI   11.00       12/08/14   USD      25.25
DAVOMAS INTERNATI   11.00       12/08/14   USD      25.25
ENERCOAL RESOURCE    9.25       08/05/14   USD      50.44


  INDIA
  -----

3I INFOTECH LTD      5.00       04/26/17   USD      25.28
CORE EDUCATION &     7.00       05/07/15   USD      24.71
COROMANDEL INTERN    9.00       07/23/16   INR      14.75
DR REDDY'S LABORA    9.25       03/24/14   INR       4.95
GTL INFRASTRUCTUR    2.53       11/09/17   USD      39.06
HPCL-MITTAL PIPEL    4.00       10/05/22   INR      63.45
INDIA GOVERNMENT     5.87       08/28/22   INR      74.82
INDIA GOVERNMENT     6.13       06/04/28   INR      69.59
INDIA GOVERNMENT     0.25       01/25/35   INR      16.99
INDIA GOVERNMENT     6.01       03/25/28   INR      68.87
INDIA GOVERNMENT     5.97       09/25/25   INR      71.16
JAIPRAKASH ASSOCI    5.75       09/08/17   USD      74.75
JCT LTD              2.50       04/08/11   USD      20.00
MASCON GLOBAL LTD    2.00       12/28/12   USD      10.00
PRAKASH INDUSTRIE    5.25       04/30/15   USD      50.24
PRAKASH INDUSTRIE    5.63       10/17/14   USD      55.39
PYRAMID SAIMIRA T    1.75       07/04/12   USD       1.00
REI AGRO LTD         5.50       11/13/14   USD      69.51
REI AGRO LTD         5.50       11/13/14   USD      69.51
SHIV-VANI OIL & G    5.00       08/17/15   USD      19.89
SUZLON ENERGY LTD    5.00       04/13/16   USD      48.00
SUZLON ENERGY LTD    7.50       10/11/12   USD      60.13


  JAPAN
  -----

ELPIDA MEMORY INC    0.50       10/26/15   JPY      12.00
ELPIDA MEMORY INC    0.70       08/01/16   JPY       8.63
ELPIDA MEMORY INC    2.10       11/29/12   JPY      20.38
ELPIDA MEMORY INC    2.03       03/22/12   JPY      10.88
ELPIDA MEMORY INC    2.29       12/07/12   JPY      10.38
JAPAN EXPRESSWAY     0.50       03/18/39   JPY      69.24
JAPAN EXPRESSWAY     0.50       09/17/38   JPY      69.79
TOKYO ELECTRIC PO    2.37       05/28/40   JPY      66.50
TOKYO ELECTRIC PO    1.96       07/29/30   JPY      73.05


  KOREA
  -----

CHEJU REGIONAL DE    3.00       12/29/34   KRW      65.62
EXPORT-IMPORT BAN    0.50       10/23/17   TRY      66.31
EXPORT-IMPORT BAN    0.50       11/21/17   BRL      63.19
EXPORT-IMPORT BAN    0.50       12/22/17   TRY      64.80
EXPORT-IMPORT BAN    0.50       10/27/16   BRL      70.92
EXPORT-IMPORT BAN    0.50       12/22/17   BRL      61.43
EXPORT-IMPORT BAN    0.50       08/10/16   BRL      74.98
EXPORT-IMPORT BAN    0.50       01/25/17   TRY      71.92
EXPORT-IMPORT BAN    0.50       09/28/16   BRL      71.68
EXPORT-IMPORT BAN    0.50       11/28/16   BRL      70.11
EXPORT-IMPORT BAN    0.50       12/22/16   BRL      69.84
LG ELECTRONICS IN    3.68       05/22/23   KRW      17.48


  MALAYSIA
  --------

SPECIAL PORT VEHI    5.80       07/29/16   MYR      69.11


  PHILIPPINES
  -----------

BAYAN TELECOMMUNI   13.50       07/15/06   USD      22.75
BAYAN TELECOMMUNI   13.50       07/15/06   USD      22.75


  SINGAPORE
  ---------


BAKRIE TELECOM PT   11.50       05/07/15   USD      32.00
BAKRIE TELECOM PT   11.50       05/07/15   USD      31.25
BLD INVESTMENTS P    8.63       03/23/15   USD      62.75
BUMI CAPITAL PTE    12.00       11/10/16   USD      70.50
BUMI CAPITAL PTE    12.00       11/10/16   USD      70.25
BUMI INVESTMENT P   10.75       10/06/17   USD      68.35
BUMI INVESTMENT P   10.75       10/06/17   USD      69.22
INDO INFRASTRUCTU    2.00       07/30/10   USD       1.88


  SRI LANKA
  ---------


SRI LANKA GOVERNM    9.00       06/01/43   LKR      72.16
SRI LANKA GOVERNM    5.35       03/01/26   LKR      56.94
SRI LANKA GOVERNM    7.00       10/01/23   LKR      67.34
SRI LANKA GOVERNM    9.00       07/01/28   LKR      73.99
SRI LANKA GOVERNM    8.00       01/01/32   LKR      69.64
SRI LANKA GOVERNM    6.20       08/01/20   LKR      72.65
SRI LANKA GOVERNM    9.00       10/01/32   LKR      73.39


  THAILAND
  --------

G STEEL PCL          3.00       10/04/15   USD      11.75
MDX PCL              4.75       09/17/03   USD      16.75



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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