TCRAP_Public/130930.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, September 30, 2013, Vol. 16, No. 193


                            Headlines


A U S T R A L I A

ALLEGRO FUNDS: Seeks US$188 Million For New Fund
BILLABONG INT'L: Franco Fogliato Steps Down as Europe GM
CROSS CITY: Transurban Mulls Buying Sydney Tunnel
GIPPSLAND SECURED: Note Holders to Get Initial Payment
LM INVESTMENT: Court Orders Freeze on Peter Drake's Asset

NUFARM LIMITED: Moody's Affirms Ba2 CFR; Outlook Negative
RELIANCE RAIL: S&P Raises Rating on Senior Secured Notes to 'B'
VIRGIN AUSTRALIA: Pays Boss AUD2.66MM as Carrier Posts Loss
* Moody's Notes Decline in Australian Home Loan Arrears


C H I N A

WISON ENG'G: Agricultural Bank of China Calls in HK$235MM Loans
* Moody's Sees Pressure in Profit Margins for Property Developers


I N D I A

CONTINENTAL: CRISIL Reaffirms 'BB-' Rating on INR225MM Loans
GOYAL MG: CRISIL Upgrades Ratings on INR755.2MM to 'BB'
MUTNEJA RICE: CRISIL Assigns 'B' Ratings to INR200MM Loans
NCC URBAN: CRISIL Assigns 'BB-' Ratings to INR540 Million Loans
PANNA INTERNATIONAL: CRISIL Assigns 'BB-' Rating to INR15MM Loans

PATH ORIENTAL: CRISIL Cuts Ratings on INR555.6MM Loan to 'BB'
PAVIT CERAMICS: CRISIL Reaffirms INR137MM Loan Ratings at 'BB'
PRIYADARSHI MOTORS: CRISIL Raises Rating on INR260MM Loans to 'B'
RADIANT TEXTILES: CRISIL Raises Rating on INR1.01BB Loans to 'B'
RALCO STEELS: CRISIL Cuts Ratings on INR1.0BB Loans to 'D'

REEP INDUSTRIES: CRISIL Cuts Ratings on INR190MM Loans to 'D'
RUNGTA IRRIGATION: CRISIL Raises Rating on INR140MM Loan to 'B'
S. S. CONSTRUCTION: CRISIL Reaffirms BB- Rating on INR20MM Loan
SANMAAN RICE: CRISIL Reaffirms 'B' Rating on INR100MM Loan
SRI KANYA: CRISIL Cuts Rating on INR80.0 Million Loan to 'B'

SRI SARASWATHI: CRISIL Reaffirms 'B-' Rating on INR122.2MM Loans
SRI SRINIVASA: CRISIL Reaffirms 'BB-' Rating on INR108MM Loans
SRI VENKATA: CRISIL Reaffirms 'BB-' Rating on INR70MM Cash Credit
SUPREME COATED: CRISIL Reaffirms 'D' Rating on INR85MM Loan
THIRUPATHY BRIGHT: CRISIL Reaffirms BB- Rating on INR105MM Loans

THRIIVE CARS: CRISIL Assigns 'B+' Ratings to INR50.1MM Loans
TIRUPATI INKS: CRISIL Reaffirms 'BB' Ratings on INR845MM Loans
URJA INFRASTRUCTURE: CRISIL Cuts Rating on INR120MM Loan to 'B'
URJA TECH: CRISIL Cuts Ratings on INR160 Million Loan to 'B'
VENKATESWARA: CRISIL Reaffirms 'BB-' Ratings on INR190MM Loans

VENKATESHWARA POWER: CRISIL Cuts Ratings on INR1.50BB Loans to B


I N D O N E S I A

PT BAKRIELAND: Wins Temporary Bankruptcy Reprieve


N E W  Z E A L A N D

ROCKFORTE FINANCE: Former Director Gets 11 Months Home Detention
ROSS ASSET: Financial Adviser Fined Over NZ$6 Million Loss


S O U T H  K O R E A

SK HYNIX: Fitch Affirms 'BB' Issuer Default Ratings
* Korea's Woori Holding Sale to Have Delayed Ratings Impact


                            - - - - -


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


ALLEGRO FUNDS: Seeks US$188 Million For New Fund
-------------------------------------------------
Gillian Tan, writing for Daily Bankruptcy Review, reports that
Australian private equity firm Allegro Funds has begun seeking
capital for its first original fund, one of its managing directors
said Sept. 19.


BILLABONG INT'L: Franco Fogliato Steps Down as Europe GM
--------------------------------------------------------
Blair Speedy at The Australian reports that Billabong
International has lost another senior executive, with the head of
its European business quitting to take a job with US action sports
brand Columbia Sportswear.

The report says Columbia said it had poached Franco Fogliato,
general manager of Billabong Europe, and appointed him senior vice
president of its own European division, starting on
November 4.

A Billabong spokesman said Mr. Fogliato, who had been with the
company for more than 10 years, would be replaced on an interim
basis by Jean-Louis Rodrigues, retail director for the European
business, while newly-appointed Billabong chief executive Neil
Fiske reviewed the Company's leadership structure, according to
the report.

"Europe has and continues to be a very important market for
Billabong," the spokesman, as cited by The Australian, said.

"The well-documented economic problems the continent has been
facing, including high youth unemployment, has however impacted
significantly on our business in the last year in particular."

The Australian notes that the departure is the latest in a string
of high-level executive defections from Billabong, including
Americas boss Paul Naude, who quit late last year to helm a failed
buyout proposal with US private equity group Sycamore.

The spokesman said Billabong had run a "largely voluntary"
redundancy program that had led a number of staff, including
senior executives, to leave the business, the report relays.

Meanwhile the recent sale of sports bag business Dakine to private
equity group Altamont had led to a number of staff at leave
Billabong's European head office to join the brand's new owners,
The Australian adds.

                          About Billabong

Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- is engaged in the wholesaling and
retailing of surf, skate, snow and sports apparel, accessories and
hardware, and the licensing of its trademarks to specified regions
of the world.

Bloomberg News reported that the Gold Coast, Australia-based
company has closed 158 stores, canceled relationships with three-
quarters of its suppliers, and is cutting 15 percent of jobs in
its European division.

The value of its 13 brands fell to AUD90 million at the end of
June from AUD614 million in December 2011, and the Billabong label
itself is worthless, the company said in its financial statements,
Bloomberg said.  About AUD37 million of group brand value was
locked up in the DaKine outdoor clothing and backpack label which
Billabong sold to Altamont last month, relayed Bloomberg.

Four other brands, including Element skateboards and Palmers
surfboard accessories, were also written down to a zero valuation,
according to the statements cited by Bloomberg.

Full-year losses widened to AUD860 million in the year ended June
from a AUD276 million loss in the previous 12 months, compared to
the AUD547 million average loss expected from four analysts
surveyed by Bloomberg.  A 14 percent fall in sales put revenue
below the company's operating costs and the company took a loan
from Altamont Capital Partners to refinance its debt, Bloomberg
added.


CROSS CITY: Transurban Mulls Buying Sydney Tunnel
-------------------------------------------------
The Australian Associated Press reports that toll road owner
Transurban is considering bidding for Sydney's Cross City Tunnel,
which has been placed in receivership for the second time.

According to the news agency, Transurban has indicated it is
looking into the possibility of buying the tunnel, which is
currently in the hands of receivers KordaMentha.

"At face value I'd say it looks like an interesting opportunity,"
a Transurban spokesman said on September 27, the report relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 20, 2013, The Sydney Morning Herald said KordaMentha has
been appointed the receiver to the Cross City Tunnel in Sydney,
marking the second time in eight years the insolvency firm has
overseen the debt-stricken toll road.

SMH related that the appointment of receivers follows the tollroad
being placed in voluntary administration on Sept. 13, 2013.
KordaMentha will now push ahead with a sales process for the toll
road, SMH said.

KordaMentha partner Martin Madden said that despite the tunnel's
troubled financial history, he was confident of finding a buyer,
AAP adds.


GIPPSLAND SECURED: Note Holders to Get Initial Payment
------------------------------------------------------
Georgia Wilkins at The Sydney Morning Herald reports that note
holders of failed Gippsland Secured Investments will receive an
initial payment of 15 cents back from every dollar they lost when
the rural lender collapsed earlier this month.

The payment, distributed by the trustee and receivers, is
calculated against balances at July 19 and is designed to
alleviate any immediate hardship faced by investors, says SMH.

According to the report, receiver Adam Nikitins of Ernst and Young
said total returns were still expected to exceed 80 cents in the
dollar.

"Our priority continues to be to manage GSI's assets in a manner
that will maximise the financial returns to note holders," SMH
quotes Mr. Nikitins as saying.

He added that receivers were still considering a recapitalisation
plan for the lender, the report relates.

"Recapitalisation remains a potential option for GSI and
discussions on this are continuing with the Rescue Group formed by
members of the Gippsland community," Mr. Nikitins, as cited by
SMH, said.

Information sessions for GSI note holders will be held on
October 9, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 9, 2013, Latrobe Valley Express said Gippsland Secured
Investments has been placed into receivership, after the Federal
Court blocked a six-week effort to bail out the mortgage fund on
September 2.

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

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


LM INVESTMENT: Court Orders Freeze on Peter Drake's Asset
---------------------------------------------------------
Georgia Wilkins at The Sydney Morning Herald reports that
embattled Gold Coast businessman Peter Drake has had his passport
revoked and assets frozen during an ongoing investigation into the
collapse of his LM Investment Management empire.

SMH says the Supreme Court of Queensland ordered Mr. Drake to
surrender his passport on September 26, following an application
by the Australian Securities and Investments Commission.

According to the report, the regulator said the court orders also
prevent Mr. Drake from selling any assets he holds, excluding his
Mermaid Beach, Queensland home.  Surplus sale proceeds from the
home will go to Mr. Drake's solicitors' trust account and cannot
be used unless by order of the court or the regulator, the report
notes.

LM Investment Management collapsed in March, owing 12,000
investors in Australia and overseas AUD750 million.

SMH relates that ASIC suspended Mr. Drake's financial services
licence for two years in April, making it impossible for
administrators to hand the business back to the company's
directors, as had been earlier suggested.

The regulator is investigating the conduct of the directors and
loans to related companies in the lead up to the collapse, says
SMH.

According to the report, ASIC said property receivers William
Fletcher and Tracy Knight of Bentleys will identify and secure
assets held by or on behalf of Mr Drake and report to them to the
court.

The matter is expected to return to court on October 9, the report
adds.

New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more than NZ$100 million tied up in.  LM
directors on March 19, 2013, appointed John Park and Ginette
Muller of FTI Consulting as voluntary administrators, blaming the
move on liquidity problems caused by a smear campaign.

LM is the responsible entity of these registered managed
investment schemes:

-- LM Cash Performance Fund;
-- LM First Mortgage Income Fund;
-- LM Currency Protected Australian Income Fund;
-- LM Institutional Currency Protected Australian Income Fund;
-- LM Australian Income;
-- LM Australian Structured Products Fund; and
-- The Australian Retirement Living Fund.

LM also operates the unregistered LM Managed Performance Fund.

The Supreme Court of Queensland in April appointed KordaMentha and
its affiliate firm Calibre Capital as joint trustees of the AUD350
million Gold Coast-based LM Managed Performance Fund (LMPF).

Ms. Muller and Mr. Park were appointed liquidator of LM Investment
Management Limited on August 1.


NUFARM LIMITED: Moody's Affirms Ba2 CFR; Outlook Negative
---------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating (CFR) assigned to Nufarm Limited and Ba3 senior unsecured
rating assigned to Nufarm Australia Limited. The outlook on the
ratings has been changed to negative, from stable. The rating
action follows the announcement by Nufarm of its full year results
for FY2013.

Ratings Rationale:

"Nufarm reported a modest decrease in underlying EBITDA combined
with a material increase in debt which has resulted in Nufarm's
financial leverage as measured by adjusted Debt/EBITDA rising to
around 4.4 x as at FYE2013. This is meaningfully higher than the
tolerance level of 3.5x Debt/EBITDA for the rating and has
resulted in increased pressure on the company's ratings and is
reflected in a change in outlook to negative, from stable," said
Maurice O'Connell, a Moody's Vice President and Senior Analyst.

"Nufarm recorded materially increased inventory levels, which at
FY2013 year-end were around AUD288m higher than at FYE2012 and
this was the primary driver behind the increased debt levels and
heightened leverage metric," said O'Connell who is also Lead
Analyst for the company. "In part, the high inventory at FYE2013
reflects strong demand for crop protection product in South
America with strong sales being achieved post year-end.
Nevertheless, leverage metrics remain meaningfully elevated for
the rating level and a recovery in Australian earnings which
suffered due to more extreme weather conditions in 2013, will be
required over the course of the next year in order to return
leverage to a level more in line with the company's ratings,"
added O'Connell.

"Affirmation of the company's ratings takes into consideration the
exceptional nature of a material weather-related decrease in
underlying EBIT generated in the core Australia and New Zealand
business in FY2013. Additionally, South America continues to show
signs of solid performance following the recent build up in
inventory and we expect earnings from that source will counter
balance earnings volatility elsewhere in the business," added
O'Connell.

The Ba2 rating reflects Nufarm's well-established position in the
crop protection industry and its operational, product and
geographic diversity as well as an ongoing transitioning from a
narrow product base highly influenced by glyphosates to a broader
product base.

The rating furthermore reflects the underlying cyclical and
competitive nature of the industry but with the expectation that
earnings - and metrics - should continue to recover, in part due
to new product offerings as well as a greater contribution from
higher margined products, such as seeds.

The rating takes into account Moody's consideration that Nufarm is
the dominant crop protection company in Australia but also that
Nufarm's long-established global operations, which include key
synthesis plants and downstream formulation plants throughout
Australia, North and South America as well as Europe, provide a
measure of protection against adverse weather conditions in any
particular region, which might otherwise have the potential to
impact severely on demand for its crop protection products.

Challenges include the potential for increased commoditization of
crop protection products which could erode margins and Nufarm's
high, albeit reducing, exposure to a limited number of key
ingredients and formulations, such as glyphosate and 2,4-D.

The outlook on Nufarm's ratings could return to stable should the
leverage metric fall below 3.5x within the next 12 months.
Improved working capital management as well as a recovery in
Australian earnings and steady operating performance from the
other regions in which Nufarm operates, are considerd key in
returning the rating outlook to stable.

Financial metrics that Moody's would consider for a downgrade
include Adjusted Debt/EBITDA exceeding 3.5x on a consistent basis
and EBITDA/Interest coverage falling and remaining below 3.0x.
Downward pressure on the rating could also develop if the company
experienced stress in its financial covenants or should its
liquidity position deteriorate materially.

The principal methodology used in these ratings was the Global
Chemical Industry Methodology published in December 2009.


RELIANCE RAIL: S&P Raises Rating on Senior Secured Notes to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
rating on the senior secured notes issued by Reliance Rail Finance
Pty. Ltd. (RRF) to 'B' from 'CCC+'.  At the same time, S&P
affirmed the ratings on the junior secured notes at 'CCC-'.  The
outlooks on the two ratings are stable.

The 'B' rating on the A$2.06 billion senior-secured debt and the
'CCC-' rating on the A$100 million junior-secured debt issued by
RRF, reflect S&P's view of the challenges related to the ongoing
debt refinancing over the life of the project, as well as the
risks associated with completing the rolling-stock manufacturing
period and transitioning to full operations over the next year.
The rating actions also take into account RRF's continued, albeit
reduced, reliance on its joint-venture manufacturing partners to
maintain the funding profile under the liquidated-damages
framework and the pass through/recovery mechanisms within the
project documents.

The raising of the senior debt ratings follows the final drawdown
under the bank debt facility, which removed residual funding risk
that had been a key factor in the lower ratings.  Further, the
project has now achieved practical completion on 55 train sets,
and the manufacturing joint-venture partners, Downer EDI Rail Pty.
Ltd. (not rated) and Hitachi Australia Pty. Ltd. (parent company
Hitachi Ltd.), have successfully maintained a higher delivery rate
of around 3.5 trains per month since January 2013.  The final
train set is now forecast for early-to-mid 2014.  Over the longer
term, S&P sees refinancing risk, the likelihood of higher debt
costs, and, to a lesser degree, the potential for abatement of
cash flows due to non-availability as key factors affecting the
project's credit quality.  S&P also believes that management of
the implementation of the New South Wales government's 2018
capital commitment solution will be important given the relative
complexity and limited flexibility of the project's financial
structure.

"The stable outlook on the ratings of the senior- and junior-
secured debt issued by RRF reflects our expectation that the
project will achieve practical completion of all train sets early-
to-mid 2014, with some headroom under the liquidated damages
provisions for further delays should they occur," said credit
analyst Phillip Grundy.  "We also expect that the train sets will
continue to meet operational performance requirements in terms of
the project documents, and we anticipate that abatements will
remain below 5%."

"Any rating increase would also need to be dependent upon all
train sets having achieved practical completion, no further
reliance on pass through/recovery mechanisms to support the
financial profile, and a demonstrated track record of adequate
performance and abatements maintained well below 5%," added Mr.
Grundy.  "The ratings on the debt could be lowered if, prior to
practical completion of the last train set, RRF were no longer
able to mitigate the cash flow impact of delays in a timely manner
(it has been able to do so to date through liquidated damages and
pass-through mechanisms under the contract); if contingency
reserves were fully utilized; or if abatements in service payments
by RailCorp were persistently above 5%."

The 'CCC-' rating on the junior secured debt is unlikely to be
increased until S&P has certainty around the 2018 refinancing and
our forecast long-term metrics of the project evidence an ability
to adequately service sub-debt through the life of the project.


VIRGIN AUSTRALIA: Pays Boss AUD2.66MM as Carrier Posts Loss
-----------------------------------------------------------
The Australian Associated Press reports that Virgin Australia boss
John Borghetti's take home pay fell by less than two per cent to
AUD2.66 million last financial year, despite the airline falling
to a AUD98 million loss.

Mr. Borghetti's remuneration in the 2012/13 financial year was
AUD46,000 less than what he was paid in the previous year, when
the airline made a AUD22 million profit, AAP relates.

According to the news agency, the CEO's short term bonuses in
2012/13 were cut by AUD362,000 to AUD794,000 because of the
company's weaker performance, but that was mostly offset by an
increase in his base salary.

A salary increase of AUD350,000 to AUD1.65 million was made in
recognition of Mr. Borghetti's efforts to overhaul the company's
business model, the Virgin Australia annual report, released on
September 27, AAP reports.

The airline's 2012/13 loss was attributed to a difficult economic
and competitive environment, one-off restructuring costs, and the
carbon tax, the news agency discloses.

Based in Bowen Hills, Brisbane, Virgin Australia Airlines,
formerly Virgin Blue Airlines, is Australia's second-largest
airline as well as the largest by fleet size to use the Virgin
brand.


* Moody's Notes Decline in Australian Home Loan Arrears
-------------------------------------------------------
Moody's Investors Service says residential mortgage payments that
are more than 30 days overdue (30-plus delinquencies) as a
proportion of total Australian residential loans in Moody's
dataset fell in five of eight states and territories between May
last year and April this year, except for Tasmania, South
Australia and the Northern Territory.

"While arrears as a whole have improved this year from last year,
Tasmania, South Australia and the Northern Territory have seen an
increase in their 30-plus day delinquencies," says Alena Chen, a
Moody's Assistant Vice President and Analyst.

"The deterioration in Tasmania and South Australia makes them the
worst performing this year, from their rankings as the third and
fourth best performing states and territories in 2010," adds Chen.

Chen was speaking on a Moody's report titled "Australian
Residential Mortgage Delinquencies Decline Overall, But Tasmania
and South Australia Show Signs of Weakness."

According to the report, while national 30-plus delinquencies have
fallen to 1.59% this year from 1.81% last year, delinquencies in
Tasmania rose 36 basis points to 1.80%, and South Australia's rose
29 basis points to 1.87%. The Northern Territory has seen a three
basis point increase to 0.78%.

Moody's report points out that New South Wales was one of the
worst performing states in the past, but so far this year, its
arrears have decreased 39 basis points to 1.60%, placing it fifth
on the list of best performing states and territories. The only
regions to deteriorate in New South Wales were sparsely populated
outlying areas, and even then, the deterioration was not
substantial.

Besides New South Wales, Western Australia and Queensland have
also seen improvements in performance over recent years, with
Western Australia improving 26 basis points this year to 1.56% and
Queensland improving by 18 basis points to 1.80%.

Moody's report says only 29 of Australia's 88 regions have seen
delinquencies rise between May last year and April this year.

Nonetheless, according to the report, the deterioration in
performance in some regions is partly because of natural
disasters. For example, the South East region of Tasmania -- which
was affected by bushfires earlier this year -- is the worst
performing region, with delinquencies rising 230 basis points to
3.62% from 1.32% last year.

Moody's report says Australia's current low interest rate
environment is one of the factors keeping overall arrears low.



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C H I N A
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WISON ENG'G: Agricultural Bank of China Calls in HK$235MM Loans
---------------------------------------------------------------
Toh Han Shih at South China Morning Post reports that the woes are
mounting at Wison Engineering Services, with Agricultural Bank of
China (ABC) calling in CNY186 million (HK$235 million) of loans to
the Hong Kong-listed firm, sparking fears that other banks may
follow.

According to the report, top executives of Wison, a supplier of
engineering services and equipment to PetroChina, are being
investigated on the mainland, with the probe believed to be linked
to the Communist Party's investigation of former Politburo
Standing Committee member Zhou Yongkang.  Mr. Zhou, the mainland's
former security tsar, was once general manager of PetroChina's
state-owned parent, China National Petroleum Corporation, the
report says.

SCMP relates that Wison said its subsidiary, called Wison
Engineering, had received a demand from ABC for repayment of
CNY186 million of loans plus interest, accounting for 10 per cent
of Wison's bank borrowings.  Wison said it had not breached any
terms of its loans, the report relays.

"The company has been in discussions with ABC and has been
endeavouring, on a confidential basis, to explore a withdrawal of
the demand," Wison, as cited by SCMP, said. "The two parties are
currently in dialogue, seeking a mutually-acceptable solution."

On September 19, Wison said it was unable to contact its chairman,
Hua Bangsong, and finance executive Zhao Hongbin, who were
assisting the mainland authorities in a probe. The authorities had
also seized company records and frozen some of its bank accounts,
Wison said, SCMP reports.

Wison's chief financial officer, Chen Wenfeng, resigned on
September 18, the report adds.

Based in Shanghai, China, Wison Engineering Services Co. Ltd.,
formerly Wison Energy Services Co. Ltd., -- http://www.wison-
engineering.com -- is a chemical engineering, procurement and
construction management (EPC) service provider.


* Moody's Sees Pressure in Profit Margins for Property Developers
-----------------------------------------------------------------
Moody's Investors Service says the profit margins of most Chinese
rated property developers will be under pressure over the next 6-
12 months, as they continue to recognize sales contracted during
the downcycle in 2011 and early 2012.

"We expect the developers' average gross margins to stay at around
30% for the next six to 12 months, versus 33.3% for all of 2012,"
says Franco Leung, a Moody's Assistant Vice President and Analyst.

"While the developers have shifted their focus to meeting the
growing demand for mass market housing, such products will
constrain their profit margins," adds Leung.

"Average land prices have also increased in the past year;
developers who have recently replenished their land banks are
likely to see an erosion of profit margins in the next one to two
years, if average selling prices do not increase accordingly,"
says Leung.

Moody's analysis is contained in the latest edition of its China
Property Focus newsletter.

Moody's newsletter says the developers will report higher
recognized revenues in the second half of this year compared with
the first half, as they have achieved good contracted sales, and
typically complete and deliver more of their projects in the
latter part of the year.

The newsletter also says Moody's expects more active bond issues
before end-2013.

However, Moody's newsletter further warns that the continuing
growth in Chinese property prices could risk the emergence of
additional government measures to cool the sector.

The newsletter notes that prices in 69 of China's 70 major cities
were higher in August compared to July, and the number of cities
recording strong price gains of more than 5% year-on-year
increased to 59 in August from 52 in July.

First-tier cities, such as Beijing and Guangzhou, have maintained
their records of posting the highest growth in property prices, at
19.3% and 19.0% respectively in August. Shanghai recorded an
increase of 18.5%, and Shenzhen of 18.4%.

Major second-tier cities, such as Nanjing and Xiamen, also
recorded more than 10% year-on-year price increases.

Moody's points out that while nationwide cumulative contracted
sales grew a strong 35.7% year-on-year in the first eight months
of this year, supported by solid underlying demand for residential
property and better sentiment, the growth was lower than the 46.0%
recorded for January-June, reflecting the gradual absorption of
pent-up demand.

Total sales for August of RMB515 billion were relatively unchanged
from July's RMB517 billion.



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CONTINENTAL: CRISIL Reaffirms 'BB-' Rating on INR225MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Continental Milkose
(India) Ltd continues to reflect the company's weak liquidity
profile marked by high utilization in company's cash credit limit
and substantial reliance on promoters to support its working
capital requirements.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           225      CRISIL BB-/Stable (Reaffirmed)

   Letter of credit      125      CRISIL A4+ (Reaffirmed)
   & Bank Guarantee

The rating also reflects CML's average operating margin, because
of the company's position in a low-value-added segment, average
scale of operations, and exposure to risks related to unfavorable
regulatory changes and customer concentrated in its revenue
profile.  These rating weaknesses are partially offset by the
experience of CML's promoters in the industry and their funding
support.

Outlook: Stable

CRISIL believes that CML's liquidity will remain constrained over
the medium term because of its working capital intensive nature of
operations.  The outlook may be revised to 'Positive' if CML's
liquidity profile improves significantly because of a large equity
infusion or because of improvement in the operating margin,
resulting in larger-than-expected cash accruals.  Conversely, the
outlook may be revised to 'Negative' in case of a decline in the
revenues of the company because of non-receipt of orders from its
key customer, leading to pressure on its business risk profile, or
in case of less-than-expected cash accruals, due to a decline in
the operating margin, or greater-than-expected debt levels lead to
deterioration in the financial risk profile of the company.

Incorporated in 1992, CML undertakes sale of cereal-based
products, malted food and milk products.  The company primarily
derives its revenues from sales to government sector with key
customers including the GoUP, Mother Dairy (Kolkata), Ministry of
Defence.

CML net profit was at INR17.6 million on net sales of INR1787
million for 2012-13, against net profit of INR36.2 million on net
sales of INR1792 million for 2011-12.


GOYAL MG: CRISIL Upgrades Ratings on INR755.2MM to 'BB'
-------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Goyal MG
Gases Pvt Ltd (part of the Goyal group) to 'CRISIL
BB/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          210.0     CRISIL BB/Stable (Upgraded from
                                  'CRISIL B+/Stable')

   Corporate Loan        67.5     CRISIL BB/Stable (Upgraded from
                                  'CRISIL B+/Stable')

   Term Loan            477.7     CRISIL BB/Stable (Upgraded from
                                  'CRISIL B+/Stable')

   Bank Guarantee       250.0     CRISIL A4+ (Upgraded from
                                  'CRISIL A4')

The rating upgrade reflects improvement in the Goyal group's
liquidity, marked by prepayment of term loan installments till
November 2013, moderate utilisation of cash credit limit, and
healthy unencumbered cash and bank balance.  Improvement in the
group's liquidity is driven by recall of loans worth INR244
million advanced to one of the group companies.  CRISIL believes
that the Goyal group's liquidity will remain above average over
the medium term, driven by adequate cash flows from operations
against term debt obligations, and the absence of any major
capital expenditure (capex) plan.

Despite improvement in the Goyal group's liquidity, the rating
remains constrained by the continued pressure on its debtor
profile.  The group's debtors remain high, at INR540 million at
the end of June 2013, or an estimated 123 days at the end of June,
2013 out of which, debtors of Rs198.9 million were of more than 12
months.  Stretched payments by debtors were the primary reason for
delay in servicing of term debt by the Goyal group in the past.

Improvement in the group's debtor profile will remain a key
monitorable over the medium term.

The ratings continue to reflect the Goyal group's above-average
financial risk profile, marked by low gearing, strong net worth,
and healthy debt protection indicators.  These rating strengths
are partially offset by risks related to low product
differentiation in industrial gases leading to intense market
competition, substantial financial exposure that the Goyal group
has to its associate companies and vulnerability of business risk
profile to downturn in end user industry.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of GMG and its 100 per cent subsidiary
Goyal Gases Pvt Ltd, collectively referred to as the Goyal group.
GMG plans to hive off its industrial gases division into GGPL
through a slump sale, while retaining its wind power and inter-
corporate deposits (ICDs) business.

Outlook: Stable

CRISIL believes that the Goyal group will maintain a steady
business risk profile, backed by its diversified revenue mix and
healthy financial risk profile, over the medium term.  The outlook
may be revised to 'Positive' in case of more-than-expected
increase in the Goyal group's operating income and improvement in
its debtor realisation, or in case of infusion of fresh equity
leading to significant improvement in the group's financial
flexibility.  Conversely, the outlook may be revised to 'Negative'
in case of deterioration in the group's liquidity driven by
further investment in associate companies, continued delay in
debtor realisation, or large debt-funded capex.

GMG was incorporated in 1973 by Dr. S C Goyal. The company is
engaged in manufacturing, bottling, and marketing industrial gases
such as oxygen, nitrogen, and argon; it also trades in hydrogen,
helium, carbon dioxide, and other specialty gases. The company is
also involved in generation and distribution of wind power and
lending of ICDs.


MUTNEJA RICE: CRISIL Assigns 'B' Ratings to INR200MM Loans
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Mutneja Rice Mills, and has assigned its 'CRISIL
B/Stable' ratings to the firm's bank facilities.  CRISIL had
earlier, on May 22, 2013, suspended the ratings as Mutneja Rice
Mills, had not provided the necessary information required for a
rating review.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            20      CRISIL B/Stable (Assigned;
                                  Suspension Revoked)

   Proposed Long-Term    180      CRISIL B/Stable (Assigned;
   Bank Loan Facility             Suspension Revoked)

The firm has now shared the requisite information, enabling CRISIL
to assign a rating to the company's bank facilities.

The rating reflects MRM's weak financial risk profile, marked by a
high gearing, a small net worth, and weak debt protection metrics.
The rating also factors in the firm's large working capital
requirements and small scale of operations, and susceptibility to
adverse regulatory changes, to erratic rainfall, and to volatility
in raw material prices and foreign exchange rates.  These rating
weaknesses are partially offset by the extensive experience of
MRM's promoters in, and the healthy growth prospects of, the rice
processing industry.

Outlook: Stable

CRISIL believes that MRM will continue to benefit over the medium
term from its promoters' extensive industry experience.  The
outlook may be revised to 'Positive' in case the firm registers
substantial and sustained improvement in its revenues and
operating margin or there is substantial increase in net-worth on
the back of equity infusion from promoters partners Conversely,
the outlook may be revised to 'Negative' if MRM registers
significant deterioration in its liquidity or capital structure on
account of larger-than-expected working capital requirements.

Mutneja Rice Mills is engaged in processing and sale of basmati
rice.  Its facility is located in Jalalabad (district Bhatinda,
Punjab) with milling and sortex capacity of 5 tph. Earlier, the
firm was primarily engaged in processing of non-basmati rice
(Parmal) till 2007-08 and started undertaking processing of
basmati rice on job work basis from second half of 2008-09 onwards
and started processing and selling 1121 variety of basmati rice on
its own from October 2010 apart from jobwork.


NCC URBAN: CRISIL Assigns 'BB-' Ratings to INR540 Million Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of NCC Urban Infrastructure Ltd.  The ratings
reflect NUIL's moderate track record, and average financial
flexibility driven by its land bank; also majority of its debt is
from promoter companies.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            40      CRISIL BB-/Stable (Assigned)

   Proposed Long-Term    500      CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

   Letter of credit &     20      CRISIL A4+ (Assigned)
   Bank Guarantee

These strengths are partially offset by NUIL's weak financial
profile marked by large debt resulting in weak debt protection
metrics and the limited saleability of its ongoing projects.

Outlook: Stable

CRISIL believes that NUIL will maintain its credit risk profile
with prudent investment in new projects and limited external debt.
Besides, the sale of one of the earlier projects is expected to
see greater traction as NUIL has obtained legal clearance.  The
outlook may be revised to 'Positive' if NUIL achieves higher-than-
expected increase in sales resulting in substantial decline in
debt levels.  Conversely, the outlook may be revised to 'Negative'
if the company achieves lower than expected sales or contracts
further large debt.

Incorporated in 2005, NUIL develops residential and commercial
complexes, service apartments, special economic zones, and
integrated townships.  NCC Ltd holds an 80 per cent equity stake
in NUIL, while the remaining 20 per cent is owned by AVSR Holdings
Pvt Ltd, a group company.  NUIL has developed a total of around 3
million square feet over the past eight years across various
cities including Ranchi, Hyderabad, Bengaluru and Kochi.


PANNA INTERNATIONAL: CRISIL Assigns 'BB-' Rating to INR15MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Panna International.  The ratings reflect
the extensive experience of PI's partners and its established
presence in the agricultural (agro) commodities trading business.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Secured Overdraft      14      CRISIL BB-/Stable (Assigned)
   Facility

   Bill Purchase          80      CRISIL A4+ (Assigned)

   Proposed Long-Term      1      CRISIL BB-/Stable (Assigned)
   Bank Loan Facility

These rating strengths are partially offset by the firm's
susceptibility to changes in government policies relating to the
industry, and its constrained operating profitability due to
volatility in prices of traded commodities.

Outlook: Stable

CRISIL believes that PI will continue to benefit over the medium
term from its partners' extensive industry experience and its
established relationships with customers and suppliers.  The
outlook may be revised to 'Positive' if the firm significantly
expands its scale of operations on a sustainable basis, and
improves its operating profitability, resulting in higher-than-
expected cash accruals, while effectively managing its working
capital needs, leading to an improvement in its liquidity.

Conversely, the outlook may be revised to 'Negative' if PI
registers a significant decline in its scale of operations,
thereby negatively impacting its cash accruals, or its working
capital requirements are larger than expected, or it undertakes a
debt-funded capital expenditure program, leading to deterioration
in its liquidity.

PI, set up in 1998 as a partnership firm, exports agro commodities
to Bangladesh. The firm has four partners: Ratan Lal, Sawar Lal,
Giridhari Lal, and Madan Gopal. Sawar Lal and Madan Gopal are
actively managing the business, in which they have more than two
decades of experience.


PATH ORIENTAL: CRISIL Cuts Ratings on INR555.6MM Loan to 'BB'
-------------------------------------------------------------
CRISIL has downgraded its rating on the various bank facility of
Path Oriental Highways Ltd to 'CRISIL BB/Stable/CRISIL A4+' from
'CRISIL BBB-/Negative/CRISIL A3'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        14.4     CRISIL A4+ (Downgraded from
                                  'CRISIL A3')

   Term Loan            555.6     CRISIL BB/Stable (Downgraded
                                  from 'CRISIL BBB-/Negative')

The downgrade reflects deterioration in POHL's financial risk
profile, particularly its liquidity and debt service coverage on
account of muted accruals and large repayment obligations.  Dip in
traffic volumes, and high maintenance charges in 2012-13, lead to
decline in accruals to INR57 million from over INR80 million in
2010-11.  With no major traffic growth expected amid subdued
economy, and with the company having term loan obligations of
about INR100 million annually increasing under ballooning
structure, the DSCR will be lower than 1 over the medium term. The
shortfall as in the past is expected to be met through fund
support from associate concerns and promoters, the timeliness of
such support shall remain crucial for the rating direction.

The ratings continue to reflect POHL's established track record in
toll collections and expected support from its promoters, Prakash
Asphaltings and Toll Highways (I) Ltd and Oriental Structure
Engineers Pvt Ltd.  These rating strengths are partially offset by
POHL's exposure to risks related to slowdown in traffic volumes on
the bypass road on National Highway (NH) 7, in the Rewa region of
Madhya Pradesh (MP), where the company operates its build,
operate, and transfer (BOT) project.

Outlook: Stable

CRISIL believes that POHL will continue to benefit from its
promoters experience in the infrastructure industry.  The outlook
may by revised to 'Positive' in case of a substantial and
sustainable improvement in POHL's accruals with better than
expected toll receipts or in case of large equity infusion by the
promoters thereby easing the liquidity pressures.  Conversely, the
outlook may be revised to 'Negative' in case of lower than
expected receipts with lower traffic flow thus impacting its debt
servicing abilities.

POHL is a joint venture of PATH and OSEPL.  The company was
incorporated to undertake a BOT project for a bypass road on NH-7
passing through the Rewa region of Madhya Pradesh with a
concession period of 15 years.  The concession period, which
includes the construction period, started on June 23, 2005.  POHL
received the provisional completion certificate for the bypass on
April 27, 2007, and toll collection started the following day.
POHL has also invested INR499 million in the group/ affiliated
companies of PATH and OSEPL.


PAVIT CERAMICS: CRISIL Reaffirms INR137MM Loan Ratings at 'BB'
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pavit Ceramics Pvt Ltd
continue to reflect the extensive industry experience of PCPL's
promoters, and the company's above-average financial risk profile,
marked by healthy debt protection metrics and driven by efficient
working capital management.  These rating strengths are partially
offset by PCPL's modest scale of operations and susceptibility of
its operating margin to volatility in raw material prices.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           32.5     CRISIL BB/Stable (Reaffirmed)

   Letter of Credit      13.0     CRISIL A4+ (Reaffirmed)

   Proposed Long-Term    58.9     CRISIL BB/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan             45.6     CRISIL BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from its promoters' extensive industry experience.  The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations, while maintaining its financial
risk profile.  Conversely, the outlook may be revised to
'Negative' if PCPL undertakes a larger-than-expected debt-funded
capital expenditure (capex) programme, or if its margins decline
significantly, thereby weakening its debt protection metrics.

Update

PCPL registered net sales of about INR570.0 million in 2012-13
(refers to financial year, April 1 to March 31), as against INR486
million in 2011-12, largely in line with CRISIL's expectation.

The company has registered net sales of about INR220 million for
the four months ended July 31, 2013, and is expected to register
net sales of more than INR650 million for 2013-14.  PCPL's
operating margin was 11.4 per cent for 2012-13 as against 12.8 per
cent for 2011-12.  The company is expected to maintain its
operating margin at above 10 per cent over the medium term.

PCPL is planning to increase its capacity, and the quantum of
investment for the capex is estimated at about INR105 million. The
company is expected to avail a term loan of about INR75 million to
support its funding requirements.  However, supported by accruals
along with minimal incremental working capital requirements, its
gearing is expected to remain below 1.0 time over the medium term.
As on March 31, 2013, its gearing was about 0.7 times.

PCPL's working capital requirements are moderate, marked by gross
current assets of about 105 days, on account of inventory days of
about 80 to 90 days, as on March 31, 2013.  However, its debtors
were low, at about 15 days as on March 31, 2013.  PCPL's debt
protection metrics remain healthy, with interest coverage and net
cash accruals to total debt ratios at 5.90 times and 0.44 times,
respectively, for 2012-13.  The company is expected to generate
adequate accruals of more than INR45 million as against repayment
obligations of INR16 million, in 2013-14.

For 2012-13, PCPL reported a profit after tax (PAT) of INR18.6
million on net sales of INR569.3 million, as against a PAT of
INR23.9 million on net sales of INR486.0 million for 2011-12.

PCPL, based in Ahmedabad (Gujarat), manufactures vitrified tiles
mainly used for exterior pavement application in walkways,
driveways, parking areas, lobbies, and others.  The company,
started by Vijaykumar Jain and his family in 2001, commenced
commercial operations in 2003.


PRIYADARSHI MOTORS: CRISIL Raises Rating on INR260MM Loans to 'B'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Priyadarshi Motors Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           220.0    CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

   Proposed Long-Term     10.0    CRISIL B/Stable (Upgraded from
   bank loan facility             'CRISIL B-/Stable')

   Standby Line of        30.0    CRISIL B/Stable (Upgraded from
   Credit                         'CRISIL B-/Stable')

The rating upgrade follows the improvement in company's liquidity,
driven by a combination of more-than-expected accruals, equity
infusion, and enhancement in bank lines.  Backed by increased
business, the company generated cash accruals of about INR21
million in 2012-13 (refers to financial year, April 1 to March
31).  Its promoters infused equity of about INR20 million and its
bank lines were enhanced by INR150 million during the year; these
funds were used not only to fund the incremental business volumes
but also to prepay the outstanding term loan of INR10 million.

The rating reflects PMPL's susceptibility to intense competition
in the automobile dealership market, and its below-average
financial risk profile, marked by a modest net worth, high total
outside liabilities to tangible net worth ratio, and weak interest
coverage ratio.  These rating weaknesses are partially offset by
the extensive experience of the company's promoters in the
automobile dealership business, and its established relationship
with its principal, Mahindra & Mahindra Ltd (M&M; rated 'CRISIL
AA+/Stable/CRISIL A1+').

Outlook: Stable

CRISIL believes that PMPL's financial risk profile will remain
constrained over the medium term by its low profitability and
large working capital requirements.  The outlook may be revised to
'Positive' if there is substantial equity infusion or an increase
in accruals, leading to improvement in the company's financial
risk profile.  Conversely, the outlook may be revised to
'Negative' in case of pressure on PMPL's business volumes or
profitability, or if it undertakes a large capital expenditure
programme, leading to further weakening of its financial risk
profile.

PMPL was set up in June 2007 by Nikhil Priyadarshi.  It commenced
operations in November 2008 with an M&M dealership in Patna
(Bihar).  The company deals in commercial vehicles and passenger
cars.

For 2012-13, PMPL, on a provisional basis, reported a profit after
tax (PAT) of INR14.3 million on net sales of INR2.3 billion; the
company had reported a PAT of INR8.9 million on net sales of
INR1.5 billion for 2011-12.


RADIANT TEXTILES: CRISIL Raises Rating on INR1.01BB Loans to 'B'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Radiant Textiles Ltd to 'CRISIL B/ Stable' from 'CRISIL D'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           500      CRISIL B/Stable (Upgraded from
                                  'CRISIL D')

   Corporate Loan         10.2    CRISIL B/Stable (Upgraded from
                                  'CRISIL D')

   Proposed Long-Term    138.8    CRISIL B/Stable (Upgraded from
   Bank Loan Facility             'CRISIL D')

   Term Loan             361.0    CRISIL B/Stable (Upgraded from
                                  'CRISIL D')

The rating upgrade reflects timely servicing of debt by RTL over
the four months through August 2013, supported by sustained
improvement in the company's liquidity driven by improved cash
accruals.  RTL's revenues have grown considerably over the past
year, driven by increasing order flow from its existing customers.
Revenue growth, along with improvement in operating profitability,
has resulted in higher-than-expected cash accruals.  CRISIL
believes that RTL will sustain its revenue growth and operating
profitability over the medium term, thereby generating adequate
cash accruals for meeting its scheduled debt obligations.

The ratings reflect RTL's susceptibility to volatility in cotton
prices, and weak financial risk profile marked by a high gearing,
a moderate net worth, and weak debt protection metrics.  These
rating weaknesses are partially offset by the extensive experience
of RTL's promoters in the cotton industry.

Outlook: Stable

CRISIL believes that RTL will continue to benefit over the medium
term from its promoters' extensive industry experience.  The
outlook may be revised to 'Positive' if the company improves its
capital structure either by equity infusion by its promoters, or
higher-than-expected cash accruals backed by improvement in its
scale of operations or improvement in its working capital
management.  Conversely, the outlook may be revised to 'Negative'
if RTL's financial risk profile deteriorates on account of decline
in its revenues and profitability or if the company undertakes a
larger-than-expected debt-funded capital expenditure programme, or
if its liquidity weakens significantly on account of increase in
its working capital requirements.

RTL was set up by in October 2005 Ramesh Kumar, Mohan Lal, Gian
Chand, Rajesh Goyal, and Varun Kumar.  It commenced commercial
production in January 2008.  The company manufactures cotton yarn
at its plant in Samana (Punjab).


RALCO STEELS: CRISIL Cuts Ratings on INR1.0BB Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ralco
Steels Private Limited to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        280      CRISIL D (Downgraded from
                                  'CRISIL A4')

   Cash Credit           400      CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

   Letter of Credit       50      CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

   Proposed Long-Term     27.5    CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B-/Stable')

   Term Loan             242.5    CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

The downgrade reflects instances of delay by RSPL in servicing its
term debt obligations, because of weak liquidity.  The company's
weak liquidity is driven by its large working capital
requirements.

RSPL has below-average financial risk profile marked by high
gearing, and subdued debt protection indicators, working capital
intensive operations and susceptibility of its profitability to
volatility in raw material prices.  These rating weaknesses are
partially offset by the benefits that RSPL derives from its
promoters' extensive experience in the steel fabrication industry
and established customer relations.

RSPL was incorporated in 2011, by C Ramesh Babu.  The company
manufactures pre-engineered (pre-fabricated) steel structures and
also undertakes coil coating primarily for manufacturing
facilities and other real estate structures.  The manufacturing
unit is located at Vizianagaram District, Andhra Pradesh.  The
overall operations of the company are managed by James Manohar Raj
who has been associated with the Ralco group since 2005.


REEP INDUSTRIES: CRISIL Cuts Ratings on INR190MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Reep
Industries Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           40.0     CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

   Bill Purchase         40.0     CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Packing Credit         9.0     CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Foreign Bill           9.0     CRISIL D (Downgraded from
   Discounting                    'CRISIL A4+')


   Inland/Import Letter   2.0     CRISIL D (Downgraded from
   of Credit                      'CRISIL A4+')

   Bank Guarantee        34.40    CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Term Loan             55.60    CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

The ratings downgrade reflect irregularity in RIPL's servicing of
its fund-based line for a period of more than 30 consecutive days
as a result of weak liquidity.  RIPL has weak liquidity on account
of its large working capital requirements due to high debtor days.
Instances of delay in collection of receivables from customers
have also added to the strain on the company's liquidity.  CRISIL
believes that RIPL's liquidity will remain under pressure over the
medium term.

RIPL also has a below-average financial risk profile, marked by
weak debt protection metrics, and working-capital-intensive
operations.  However, the company continues to benefit from its
promoters' extensive experience in the electrical products
industry.

RIPL, incorporated in 1996, manufactures bus ducts, control
panels, cubicles, and copper flexible which are used in the
transmission of power.


RUNGTA IRRIGATION: CRISIL Raises Rating on INR140MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Rungta Irrigation Ltd (RIL) to 'CRISIL B/Stable' from 'CRISIL C',
and has reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         80      CRISIL A4 (Reaffirmed)

   Cash Credit           140      CRISIL B/Stable (Upgraded from
                                  'CRISIL C')

The rating upgrade reflects improvement in RIL's liquidity after
full repayment of its cumulative redeemable preference shares (not
rated by CRISIL) dues issued to Industrial Development Bank of
India.  Furthermore, the company does not have any long-term debt
besides small vehicle loans, for which the company's cash accruals
over the medium term are expected to be sufficient.  However,
RIL's liquidity is expected to remain constrained on account of
the company's large working capital requirements due to its
stretched debtors.

The ratings reflect RIL's large working capital requirements,
small scale of operations, and susceptibility to changes in
government regulations.  These rating weaknesses are partially
offset by the extensive industry experience of RIL's promoter and
its comfortable capital structure.

Outlook: Stable

CRISIL believes that RIL will maintain its credit risk profile
backed by its promoter's extensive industry experience and its
comfortable capital structure.  The outlook may be revised to
'Positive' if RIL strengthens its business risk profile supported
by significant increase in its scale of operations and
profitability, and if it improves its working capital cycle,
thereby further strengthening its financial risk profile.

Conversely, the outlook may be revised to 'Negative' if RIL
witnesses significant pressure on its revenue and profitability or
if there is a further stretch in its working capital cycle, or if
it undertakes a larger-than-expected, debt-funded capital
expenditure programme, resulting in weakening in its financial
risk profile, particularly its liquidity.

RIL was originally incorporated in 1986 as Jindal Irrigation Pvt
Ltd.  M P Rungta took over the company in 1993 and subsequently
its name was changed to RIL.  RIL manufactures, designs,
assembles, and markets pipe-based sprinkler irrigation systems
known as micro irrigation systems.


S. S. CONSTRUCTION: CRISIL Reaffirms BB- Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.S. Construction Co.
continue to reflect SSCC's moderate financial risk profile, marked
by a moderate gearing and comfortable debt protection metrics; the
ratings also factor in the extensive industry experience of the
firm's proprietor.  These rating strengths are partially offset by
SSCC's small scale of operations, limited revenue diversity, and
high geographical and customer concentration.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        130      CRISIL A4+ (Reaffirmed)

   Overdraft Facility     20      CRISIL BB-/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has treated the non-interest
bearing unsecured loans of INR31 million as on March 31, 2013,
extended to SSCC by the firm's proprietor and associates, as
neither debt nor equity.  This is because these loans will be
retained in the business until the bank loans are repaid.

Outlook: Stable

CRISIL believes that SSCC will continue to benefit over the medium
term from its proprietor's extensive industry experience.  The
outlook may be revised to 'Positive' in case the firm
significantly improves its scale of operations and profitability
along with efficient working capital management.  Conversely, the
outlook may be revised to 'Negative' in case of further pressure
on SSCC's liquidity because of lower-than-expected cash accruals
or larger-than-expected working capital requirements or in case of
withdrawal of unsecured loans.

SSCC, based in Lucknow (Uttar Pradesh), was set up in 2005 as a
proprietorship concern by Sangeeta Singh.  SSCC is a class 'A'
civil contractor and executes contracts for road construction in
Uttar Pradesh.  The entire business of the firm is tender based;
it primarily executes tenders floated by the Uttar Pradesh Public
Works Department.


SANMAAN RICE: CRISIL Reaffirms 'B' Rating on INR100MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sanmaan Rice
Mills continues to reflect SRM's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, and large working capital requirements.  The
rating also factors in the firm's small scale of operations and
susceptibility to volatility in raw material prices, adverse
regulatory changes, and erratic monsoon.  These rating weaknesses
are partially offset by the extensive experience of SRM's partners
in, and healthy growth prospects for, the rice processing
industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           100      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SRM's financial risk profile will remain weak
in the medium term on the back of its large working capital
requirements and low profitability levels.  The outlook may be
revised to 'Positive' if the firm significantly scales up its
operations and improves its profitability levels, leading to
higher-than-expected cash accruals, or if its capital structure
improves significantly most likely because of infusion of capital.
Conversely, the outlook may be revised to 'Negative' if there is
significant deterioration in the firm's capital structure because
of a larger-than-expected debt-funded capital expenditure or
pressure on profitability.

Set up in 1998, SRM mainly processes basmati rice, and sells it in
domestic and export markets.  Its processing facility in Muktasar
(Punjab) has a milling capacity of 4 tonnes per hour (tph). In the
domestic market, the firm sells under its registered brand,
Sanmaan.


SRI KANYA: CRISIL Cuts Rating on INR80.0 Million Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sri Kanya Corporation to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           80.0     CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in SKC's liquidity,
with its depressed cash accruals expected to tightly match its
term debt obligations maturing over the medium term.  The
downgrade also reflects the weakening of SKC's capital structure,
with the firm's increased reliance on debt to fund its working
capital requirements.  CRISIL believes that SKC will need fresh
capital from its promoters, or would have to register substantial
improvement in its cash accruals, to alleviate the pressure on its
liquidity and capital structure.

SKC generated cash accruals of INR10 million in 2012-13 (refers to
financial year, April 1 to March 31), and its cash accruals in
2013-14 are expected to tightly match its term debt repayment
obligations of INR11 million maturing during the year.  The firm's
incremental working capital requirements were high at INR85
million in 2012-13; this, coupled with its low cash accruals,
resulted in an increase in its total indebtedness by INR63
million.  Consequently, its total outside liabilities to tangible
net-worth (TOLTNW) ratio deteriorated to 3.4 times as on March 31,
2013, from 2.7 times as on March 31, 2012.

The ratings continue to reflect SKC's below-average financial risk
profile, marked by a small net-worth, high TOLTNW ratio, and
average debt protection metrics, and its exposure to intense
competition in the steel trading business.  These rating
weaknesses are partially offset by the extensive experience of the
firm's promoter in the steel industry, and its large and
diversified customer base.

Outlook: Stable

CRISIL believes that SKC will maintain its established position in
the steel trading industry over the medium term, on the back of
its promoter's extensive industry experience and established
relationships with customers.  The outlook may be revised to
'Positive' if there is substantial and sustained improvement in
the firm's revenues, while it maintains its profitability margins,
or there is substantial increase in its net-worth on the back of
equity infusion by its promoter.  Conversely, the outlook may be
revised to 'Negative' if there is a steep decline in SKC's
profitability, or significant deterioration in its capital
structure, most likely because of larger-than-expected working
capital requirements or debt-funded capital expenditure.

Located in Visakhapatnam (Andhra Pradesh), SKC is a proprietorship
firm set up in 1994 and is managed by Mr. D Srinivas.  SKC mainly
trades in mild steel structural products, which account for over
90 per cent of its total revenue; the balance comes from trading
in cement.  These products find application in the real estate and
civil construction industry.


SRI SARASWATHI: CRISIL Reaffirms 'B-' Rating on INR122.2MM Loans
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Saraswathi Education
Society reflects SSES's geographical concentration in revenue
profile, exposure to intense competition and high degree of
regulation by governmental agencies in the education sector..

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Long-Term Loan         95      CRISIL B-/Negative (Reaffirmed)

   Proposed Long-Term     27.2    CRISIL B-/Negative (Reaffirmed)
   Bank Loan Facility

These rating weaknesses are partially offset by SSES's established
regional position in the educational services segment and its
above-average financial risk profile marked by low gearing and
moderate debt protection metrics.

Outlook: Negative

CRISIL believes that SSES's liquidity will be under pressure over
the medium term, due to uncertainty towards revival of economic
conditions in the Bellary region resulting in delay in fees
receipt and reduction in admission enquiries.  The ratings may be
downgraded if SSES' intake drops substantially resulting in lower
than expected revenues and cash accruals or if the society
undertakes any significant capital expenditure programme (capex)
resulting in deterioration in its liquidity.  Conversely, the
outlook may be revised to stable, if SSES scales up its
operations, leading to substantial increase in its cash accruals
and improvement in its capital structure and fee collection.

Update

During 2012-13, SSES is estimated to report operating income of
about INR120 million, which is broadly in line with CRISIL's
expectations for the year.  The operating margins are also
estimated to remain healthy at 42.0 per cent for 2012-13.  Given
the healthy intake of students in 2013-14, the business risk
profile is expected to remain stable over the medium term.

The financial risk profile of the company continues to remain
above average marked by low gearing and comfortable debt
protection metrics, albeit low net worth base.  As on March 31,
2013, SSES is estimated to report net worth of INR134 million. The
gearing levels have remained low at 0.72 times as on
March 31, 2013.  The debt protection metrics are comfortable with
net cash accruals to total debt estimated at 0.36 times and
interest coverage of 3.1 times for 2013-14.

The liquidity is moderate with generation of sufficient cash
accruals as against repayment obligations.  The trust is expected
to generate cash accruals in excess of INR36 million as against
repayment obligation of INR1.6 crores for 2013-14.  However, the
liquidity continues to remain constrained delay in fees collection
during the year.  Most of the fess is received with a delay of up
to 5 months, thus pressurizing the liquidity of the trust.

Established in 1991 under the Indian Societies Registration Act,
SSES runs two schools, Nandi School (NS) and Nandi International
School (NIS), in Bellary (Karntaka).


SRI SRINIVASA: CRISIL Reaffirms 'BB-' Rating on INR108MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Srinivasa
Raw & Boiled Rice Mill (SSRBRM; part of the Sri Srinivasa group)
continues to reflect the Sri Srinivasa group's stable off take
from Food Corporation of India and partners' extensive experience
in the rice milling industry.  These rating strengths are
partially offset by the Sri Srinivasa group's weak financial risk
profile, marked by a high gearing and weak debt protection
metrics, exposure to intense industry competition in rice milling
industry, and the susceptibility of the group's operating margin
to adverse regulatory changes and to volatility in raw material
prices.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            90      CRISIL BB-/Stable (Reaffirmed)

   Long-Term Loan         18      CRISIL BB-/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SSRBRM and Sri Venkata Sai Traders,
together referred to as Sri Srinivasa group.  The consolidated
approach is because both the firms are under a common management
and have considerable operational and business synergies between
themselves.

Outlook: Stable

CRISIL believes that the Sri Srinivasa group will continue to
benefit over the medium term from the extensive experience of its
promoters in the rice milling business.  The outlook may be
revised to 'Positive' if there is substantial and sustained
improvement in the group's scale of operations or there is
substantial increase in its net-worth on the back of equity
infusion from promoters.  Conversely, the outlook may be revised
to 'Negative' if there is a steep decline in the group's revenues
and profitability or if the partners withdraw substantial capital
from the group, leading to weakening in its financial risk
profile.

Set up as partnership firms, SSRBRM and SVST are engaged in
milling and processing of paddy into rice, rice bran, broken rice,
and husk.  SSRBRM has an installed paddy milling capacity of 6
tonnes per hour (tph), while SVST undertakes milling of rice on
job work basis from SSRBRM apart from its own milling operations
with a capacity of 6 tph.  The group's rice mills are in Nellore
district (Andhra Pradesh).


SRI VENKATA: CRISIL Reaffirms 'BB-' Rating on INR70MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Venkata
Sai Traders (SVST; part of the Sri Srinivasa group) continues to
reflect the Sri Srinivasa group's stable off take from Food
Corporation of India and partners' extensive experience in the
rice milling industry.  These rating strengths are partially
offset by the Sri Srinivasa group's weak financial risk profile,
marked by a high gearing and weak debt protection metrics,
exposure to intense industry competition in rice milling industry,
and the susceptibility of the group's operating margin to adverse
regulatory changes and to volatility in raw material prices.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            70      CRISIL BB-/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Sri Srinivasa Raw & Boiled Rice Mill
(SSRBRM) and SVST, together referred to as Sri Srinivasa group.
The consolidated approach is because both the firms are under a
common management and have considerable operational and business
synergies between themselves.

Outlook: Stable

CRISIL believes that the Sri Srinivasa group will continue to
benefit over the medium term from the extensive experience of its
promoters in the rice milling business.  The outlook may be
revised to 'Positive' if there is substantial and sustained
improvement in the group's scale of operations or there is
substantial increase in its net-worth on the back of equity
infusion from promoters.  Conversely, the outlook may be revised
to 'Negative' if there is a steep decline in the group's revenues
and profitability or if the partners withdraw substantial capital
from the group, leading to weakening in its financial risk
profile.

Set up as partnership firms, SSRBRM and SVST are engaged in
milling and processing of paddy into rice, rice bran, broken rice,
and husk. SSRBRM has an installed paddy milling capacity of 6
tonnes per hour (tph), while SVST undertakes milling of rice on
job work basis from SSRBRM apart from its own milling operations
with a capacity of 6 tph. The group's rice mills are in Nellore
district (Andhra Pradesh).


SUPREME COATED: CRISIL Reaffirms 'D' Rating on INR85MM Loan
-----------------------------------------------------------
CRISIL has withdrawn its rating on the cash credit facilities of
Supreme Coated Board Mills Pvt Ltd.  The rating has been withdrawn
following the expiry of the required notice period.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           225.4    CRISIL D (Withdrawn)

   Long-Term Loan         85.0    CRISIL D (Reaffirmed)

CRISIL had placed the rating on 'Notice of Withdrawal' on
June 28, 2013, after receipt of a no-objection certificate from
SCBM's banker. The rating action is in line with CRISIL's policy
on withdrawal of its ratings on bank loan facilities.

The Sivakasi-based SCBM (formerly, Supreme Duplex Board Mills Pvt
Ltd) was set up in 2003 by Ms. M Tangeswari and her family. It
commenced commercial operations in 2005. The company manufactures
white coated boards, which are used in the matchstick, firework,
notebook, and packaging, and other industries.


THIRUPATHY BRIGHT: CRISIL Reaffirms BB- Rating on INR105MM Loans
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Thirupathy Bright
Industries continues to reflect TBI's established track record in
manufacturing bright steel bars, and diversified customer base.
These rating strengths are partially offset by TBI's below-average
financial risk profile marked by a highly leveraged capital
structure and average debt protection metrics, and modest scale of
operations in the intensely competitive engineering industry.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            80      CRISIL BB-/Stable (Reaffirmed)

   Term Loan              25      CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TBI will continue to benefit over the medium
term from its established relationships with its key clients, and
need-based fund support from its promoters.  The outlook may be
revised to 'Positive' if the firm registers significant
improvement in its scale of operations and profitability, leading
to better-than-expected financial risk profile.  Conversely, the
outlook may be revised to 'Negative' if TBI's financial risk
profile weakens, most likely because of larger-than-expected debt-
funded capital expenditure, or in case of significant capital
withdrawal by the firm's partners.

Update

For 2012-13 (refers to financial year, April 1 to March 31), TBI's
revenues are estimated at INR472 million, in line with CRISIL's
expectations for the year.  The marginal de-growth in revenues was
due to shifting of operations to the new unit.  TBI's operating
margin of 6.0 per cent for 2012-13 is also line in with CRISIL's
expectations.  Backed by TBI's established relationship with its
key clients, its business risk profile is expected to remain
stable over the medium term.

The financial risk profile of the firm is below average marked by
a small net worth and a high gearing.  TBI is estimated to report
a small net worth of INR30 million as on March 31, 2013.  As TBI's
working capital requirements are primarily debt funded, its
gearing was high at 2.49 times as on March 31, 2013.  The gearing
is expected to remain high given the debt-funded working capital
requirements of the firm.  The debt protection metrics are average
with estimated net cash accruals to total debt ratio of 0.13 times
and interest coverage of 1.5 times for 2012-13.

The liquidity of the firm is moderate with moderately utilised
bank lines and generation of sufficient cash accruals as against
debt obligations.  TBI's bank lines were moderately utilised at 85
per cent over the past one year.  The firm is expected to generate
cash accruals of INR13 million as against debt obligations of
INR4.5 million for 2013-14.

TBI, set up in 1996 in Chennai (Tamil Nadu), is promoted by Mr.
Ashwin Bansal and his family. The firm manufactures a wide range
of bright steel bars that are used in the automobile and capital
goods industries.


THRIIVE CARS: CRISIL Assigns 'B+' Ratings to INR50.1MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Thriive Cars.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           10.1     CRISIL B+/Stable (Assigned)

   Inventory Funding     40.0     CRISIL B+/Stable (Assigned)
   Facility

The rating reflects Thriive's below-average financial risk profile
marked by high indebtedness (total outside liabilities to tangible
net worth) ratio, and the firm's exposure to intense competition
in the automobile dealership business.  These rating weaknesses
are partially offset by Thriive's established position in the
automobile dealership market for General Motors India Pvt Ltd in
Tamil Nadu.

Outlook: Stable

CRISIL believes that Thriive will continue to benefit over the
medium term from its established position in the automobile
dealership market for GM in Tamil Nadu.  The outlook may be
revised to 'Positive' if Thriive increases its sales volumes and
operating profitability significantly, or if the firm's capital
structure and debt protection metrics improve substantially.

Conversely, the outlook may be revised to 'Negative' if a slowdown
in the automobile industry adversely affects Thriive's revenue and
profitability, or if the firm undertakes any large debt-funded
capital expenditure programme, thereby weakening its capital
structure.

Thriive, set up in 2006, is an authorised dealer of GM's passenger
vehicles in Tamil Nadu.


TIRUPATI INKS: CRISIL Reaffirms 'BB' Ratings on INR845MM Loans
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL BB' rating with stable outlook
to the long-term bank facilities of Tirupati Inks Limited.  CRISIL
also reaffirmed its 'CRISIL A4+' short-term rating.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           750.0    CRISIL BB/Stable (Reaffirmed)
   Letter of Credit      685.0    CRISIL A4+ (Reaffirmed)
   Proposed Long-Term     95.0    CRISIL BB/Stable (Reaffirmed)
   Bank Loan Facility

CRISIL's ratings on the bank facilities of Tirupati Inks Ltd
continue to reflect TIL's established position in the inks
segment, supported by the extensive industry experience of its
management. The ratings also factor in the company's above-average
capital structure. These rating strengths are partially offset by
TIL's constrained financial flexibility, on account of its
working-capital-intensive operations, and exposure to risks
related to volatility in raw material prices and to intense
competition in the printing ink industry.

Outlook: Stable

CRISIL believes that TIL will continue to benefit over the medium
term from its long-standing presence in the printing ink industry.
CRISIL, however, also believes that the company's liquidity will
remain constrained on account of its working-capital-intensive
operations. The outlook may be revised to 'Positive' in case of
improvement in the company's liquidity as a result of improvement
in its working capital management. Conversely, the outlook may be
revised to 'Negative' in case TIL's financial risk profile
weakens, most likely because of larger-than-expected debt-funded
capital expenditure or increase in working capital requirements.

TIL was set up as Tirupati Inks & Cylinders Pvt Ltd in 1999 by Mr.
Sanjiv Agarwal and his family. It was reconstituted as a public
limited company under its current name in December 2007. TIL
manufactures printing inks such as liquid inks, water-based inks,
coatings, and other allied products.

For 2012-13 (refers to financial year, April 1 to March 31), TIL
reported a profit after tax (PAT) of INR49 million on net sales of
INR2.28 billion, against a PAT of INR28 million on net sales of
INR1.55 billion for 2011-12.


URJA INFRASTRUCTURE: CRISIL Cuts Rating on INR120MM Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Urja Infrastructure (UI; part of Urja Group) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', and has reaffirmed the rating
on the company's short-term facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         60      CRISIL A4 (Reaffirmed)

   Cash Credit           120      CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in Urja Group's
liquidity on account of significant increase in its incremental
working capital requirements, as is also reflected by full
utilisation of its bank lines with frequent instances of usage of
ad-hoc limits.  The group's gross current assets have sequentially
increased to around 423 days as on March 31, 2013, from 327 days
as on March 31, 2012, on account of delays in receivables
realization from Vidharba Irrigation Development Corporation, its
prinicipal customer.  The group's debtors have increased to INR946
million (349 days of sales) in 2012-13 from INR789 million (266
days of sales) a year ago.  CRISIL believes that the increased
working capital requirements are likely to continue to constrain
Urja Group's liquidity.  The group's ability to raise the required
funds in time for executing its current order book will remain a
key rating sensitivity factor.

The ratings continue to reflect Urja Group's modest scale of
operations, tender-based nature of business, and working-capital-
intensive operations.  These rating weaknesses are partially
offset by Urja Group's above average financial risk profile marked
by moderate networth and debt-protection metrics and the benefits
that the extensive experience of Urja Group's promoters in the
civil construction business.

Previously, for arriving at its ratings, CRISIL had combined the
business and financial risk profiles of UI, Urja Tech, Metakaps
Engineering, and Shreenath Enterprises because of common
management, similar line of business and significant operational
and financial linkages. However, for this rating exercise, CRISIL
has combined the business and financial risk profiles of Urja Tech
and UI on account of consistent decline in intercompany
transactions and management's stance of managing all the inter-
company transactions on arm-length basis.

Outlook: Stable

CRISIL believes that Urja Group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its healthy revenue visibility.  The outlook may be revised to
'Positive' in case there is significant improvement in the working
capital management of the group leading to improvement in its
liquidity, or if there is improvement in the capital structure of
the group most likely as a result of equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' in
case Urja Group's liquidity deteriorates because of further
lengthening of its working capital cycle or if there is
significant deterioration in the profitability margin of the group
from the current levels.

UI was set up in 2006 as a partnership firm by the Mumbai
(Maharashtra)-based Jadhav family and the Nagpur (Maharashtra)-
based Pagariya family.  It undertakes civil construction works,
mainly related to irrigation projects in Maharashtra.  The firm is
a registered 'Class II' contractor with VIDC, Government of
Maharashtra. UI registered office is at Nagpur, Maharashtra.  The
group's day-to-day operations are managed by Pramod Pagariya.


URJA TECH: CRISIL Cuts Ratings on INR160 Million Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Urja Tech (UT; part of the Urja Group) 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        60       CRISIL A4 (Reaffirmed)
   Cash Credit          160       CRISIL B/Stable (Downgraded
                                  from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in Urja Group's
liquidity on account of significant increase in its incremental
working capital requirements, as is also reflected by full
utilisation of its bank lines with frequent instances of usage of
ad-hoc limits.  The group's gross current assets have sequentially
increased to around 423 days as on March 31, 2013, from 327 days
as on March 31, 2012, on account of delays in receivables
realization from Vidharba Irrigation Development Corporation
(VIDC), its prinicipal customer.  The group's debtors have
increased to INR946 million (349 days of sales) in 2012-13 from
INR789 million (266 days of sales) a year ago.  CRISIL believes
that the increased working capital requirements are likely to
continue to constrain Urja Group's liquidity.  The group's ability
to raise the required funds in time for executing its current
order book will remain a key rating sensitivity factor.

The ratings continue to reflect Urja Group's modest scale of
operations, tender-based nature of business, and working-capital-
intensive operations.  These rating weaknesses are partially
offset by Urja Group's above average financial risk profile marked
by moderate networth and debt-protection metrics and the benefits
that the extensive experience of Urja Group's promoters in the
civil construction business.

Previously, for arriving at its ratings, CRISIL had combined the
business and financial risk profiles of UT, Urja Infrastructure
(UI), Metakaps Engineering, and Shreenath Enterprises because of
common management, similar line of business and significant
operational and financial linkages.  However, for this rating
exercise, CRISIL has combined the business and financial risk
profiles of UT and UI on account of consistent decline in
intercompany transactions and management's stance of managing all
the inter-company transactions on arm-length basis.

Outlook: Stable

CRISIL believes that Urja Group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its healthy revenue visibility.  The outlook may be revised to
'Positive' in case there is significant improvement in the working
capital management of the group leading to improvement in its
liquidity, or if there is improvement in the capital structure of
the group most likely as a result of equity infusion by the
promoters.  Conversely, the outlook may be revised to 'Negative'
in case Urja Group's liquidity deteriorates because of further
lengthening of its working capital cycle or if there is
significant deterioration in the profitability margin of the group
from the current levels.

UT, established in 2009 as a partnership firm by the Mumbai-based
Jadhav family and the Nagpur-based Pagariya family undertakes
civil construction works, mainly related to irrigation projects in
Maharashtra.  The firm is a registered 'Class II' contractor with
the Vidharba Irrigation Development Corporation (VIDC), Government
of Maharashtra.  The registered office of the firm is at Nagpur,
Maharashtra.  Pramod Pagariya oversees the day-to-day operations
of the firm.


VENKATESWARA: CRISIL Reaffirms 'BB-' Ratings on INR190MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Venkateswara Electrical
Industries Pvt Ltd (VEIPL; part of the Venkateswara group)
continue to reflect the extensive experience of the Venkateswara
group's promoters in the transformer industry.  These rating
strengths are partially offset by the group's below-average
financial risk profile and its exposure to intense industry
competition.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        110      CRISIL A4+ (Reaffirmed)

   Letter of Credit       60      CRISIL A4+ (Reaffirmed)

   Proposed Long-Term      5      CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

   Cash Credit           185      CRISIL BB-/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VEIPL and Senthil Engineering Company.
This is because both the entities, together referred to as the
Venkateswara group, are in the same line of business, are under a
common management, and have fungible funds.

Outlook: Stable

CRISIL believes that the Venkateswara group will continue to
benefit over the medium term from its promoters' industry
experience.  The outlook may be revised to 'Positive' if the
group's liquidity improve significantly, driven by improvement in
collection from customers and generation of more than expected
cash accruals driven by an improvement in its scale of operation.

Conversely, the outlook may be revised to 'Negative' if the
Venkateswara group's financial risk profile deteriorates, most
likely because of lower-than-anticipated cash accruals, larger-
than-expected working capital requirements, or debt-funded capital
expenditure.

VEIPL was set up in 1978 by Mr. V K Arumugam, father of the
company's current managing director, A Siva Subramani.  Based in
Chennai (Tamil Nadu), VEIPL manufactures a wide range of power
transformers and distribution transformers. SEC manufactures
distribution transformers, mainly of low capacities.  Both VEIPL
and SEC have manufacturing units in Chennai.  The group derives a
major portion of its revenues from sales to the Tamil Nadu
Electricity Board.


VENKATESHWARA POWER: CRISIL Cuts Ratings on INR1.50BB Loans to B
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Venkateshwara Power Projects Ltd to 'CRISIL B/Stable' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit         1,210.3    CRISIL B/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

    Long-Term Loan       293.9    CRISIL B/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

The rating downgrade reflects the weakening in VPPL's liquidity
mainly because of large incremental working capital requirements,
driven by high inventory levels.  The company's gross current
assets increased to 580 days as on March 31, 2013, from 242 days
as on March 31, 2012, mainly because of high inventory levels.
CRISIL believes that VPPL will continue to have large working
capital requirements over the near term mainly due to continued
high inventory levels, impacting its liquidity.  Furthermore, the
profitability of sugar mills is expected to remain under pressure
over the medium term as a result of the widening gap between
sugarcane and sugar prices.  While sugar prices are determined by
the market forces of demand and supply, sugarcane prices continue
to be regulated by the central and state governments.  The
disparity in prices is expected to weaken the debt servicing
ability of sugar companies, including VPPL.

The rating continues to reflect VPPL's weak financial risk
profile, marked by a high gearing, and small scale of operations.
These rating weaknesses are partially offset by benefits that the
company derives from the diversification of its revenue profile
via its power co-generation capacity.

Outlook: Stable

CRISIL believes that although VPPL's business risk profile will
remain under pressure because of its large working capital
requirements and expected pressure on its profitability, it will
continue to benefit from extensive experience of its promoters,
over the medium term.  The outlook may be revised to 'Positive' in
case of sustained improvement in VPPL's profitability and working
capital cycle, leading to a better financial risk profile.

Conversely, the outlook may be revised to 'Negative' if the
company's working capital cycle stretches further, or if its
profitability deteriorates, impacting its liquidity.

VPPL has a sugar manufacturing facility in Karnataka, with a co-
generation capacity. It is a unit of the Kolhapur-based Mahadik
business group. The company was incorporated in 2000.



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


PT BAKRIELAND: Wins Temporary Bankruptcy Reprieve
-------------------------------------------------
Ben Ott and Linda Silaen writing for Daily Bankruptcy Review
report that a Jakarta court rejected a petition that could have
led to bankruptcy proceedings against a unit of the Bakrie Group,
granting one of Southeast Asia's leading business families a
momentary reprieve in fending off creditors of hundreds of
millions of dollars.

The Jakarta commercial court said the case against property
company PT Bakrieland Development, brought on by international
holders of a US$155 million bond who asked for the money back
earlier this year, is beyond its jurisdiction and belongs in U.K,
according to Daily Bankruptcy Review.



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


ROCKFORTE FINANCE: Former Director Gets 11 Months Home Detention
----------------------------------------------------------------
Former director of Rockforte Finance Limited, Colin Mark Simpson
(52) was sentenced September 26 in the Wellington High Court to 11
months home detention and 200 hours of community work.

The sentencing follows a guilty plea earlier this month from Mr.
Simpson to nine criminal charges laid by the Serious Fraud Office
(SFO).  The charges relate to lending by the failed finance
company and the public reporting of that lending. That false
reporting also lead to acceptance of the company into the Crown
Retail Deposit Guarantee Scheme.

Mr. Simpson is one of three directors charged in the Rockforte
investigation. SFO allege that a significant portion of investors'
money was used as a source of funding for the directors' personal
business interests in two companies - Gisborne Haulage and Michael
Ward 1969 Ltd, which operated the Jean Jones label throughout New
Zealand.

Investor losses amounted to approximately NZ$3.8 million.

Acting Chief Executive for SFO, Simon McArley said, "The sentence
will give some confidence that those committing financial crime
will be brought to account. The collapse of Rockforte had a
significant impact on the local community, as well as the New
Zealand taxpayers who compensated depositors for their losses."

The two remaining defendants, Nigel Brent O'Leary and John Patrick
Gardner are expected to face trial, commencing October 2.

                      About Rockforte Finance

Established in 2003, Rockforte Finance engages in consumer and
asset lending.  The company specializes in financing used cars,
mostly second-hand Japanese cars imported by an associated
company, and small personal and business loans.

Rockforte Finance was placed into receivership in May 2010, owing
about NZ$3.2 million to some 70 investors, according to a
BusinessWire article posted at stuff.co.nz.  According to the
BusinessWire article, Katherine Kenealy and Dennis Parsons of
Indepth Forensic have been appointed receivers of the Gisborne-
based lender by its trustee Covenant Trust.  The Treasury
confirmed all eligible depositors are covered by the government's
guarantee.  However, all new deposits or any rolled over after
Dec. 31, 2009, fell outside the scheme because Rockforte
didn't sign the replacement guarantee deed at the end of 2009.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 22, 2011, The New Zealand Herald said the receivers for
Rockforte Finance have halved their forecast for potential
recoveries to less than 5 cents in the dollar and filed
proceedings against the firm's directors.


ROSS ASSET: Financial Adviser Fined Over NZ$6 Million Loss
----------------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that Christchurch-based
Authorised Financial Adviser Rodney Ian Bourke-Shaw has been fined
NZ$4,000 and censured for "significant professional failure" which
led to investors losing nearly NZ$6 million in Ross Asset
Management.

In a decision released by the Financial Advisers Disciplinary
Committee on September 26, Mr. Bourke-Shaw was found to have
withheld information about RAM which should have been provided to
the clients of his company, Oxford Investments, Stuff.co.nz
relates.

Stuff.co.nz notes that RAM was operated by Lower Hutt man
David Ross, who last month pleaded guilty to charges of operating
what is believed to be New Zealand's single biggest fraud.
Investor losses have been estimated to be about NZ$115 million.

On November 20 last year the Financial Markets Authority received
a complaint from two of Oxford's clients, whose names have not
been released, Stuff.co.nz recalls.

They expressed concern that Mr. Bourke-Shaw had failed to exercise
reasonable care when recommending they establish and contribute to
an investment portfolio in RAM, the report says.

According to the report, Mr. Bourke-Shaw advised the FMA Oxford
clients, of whom there were approximately 140, had invested about
NZ$12.5 million in RAM over time.

When RAM was placed into receivership in November 2012, NZ$6.5
million had been withdrawn, but NZ$5.9 million remained with RAM,
says the report.

Including investments which had matured, however, Mr. Bourke-Shaw
said the total sum invested was NZ$13.9 million, of which
NZ$10.2 million had been withdrawn, the report added.

The net investment of Oxford investors' cash remaining in RAM was
NZ$5.9 million, Mr. Bourke-Shaw, as cited by Stuff.co.nz, said.

Stuff.co.nz relates that Mr. Bourke-Shaw had been concerned about
RAM investments as early as July 2011, however, had not conveyed
the true nature or level of his concerns to his clients when
discussing their investment portfolios.

According to the report, the FMA reviewed five of Oxford's client
files and identified several areas of concern, particularly with
regards to how much knowledge Mr. Bourke-Shaw had of his clients'
financial positions.

The FMA's view was that a reasonable AFA in Mr. Bourke-Shaw's
position would have made further inquiries to ensure he was
satisfied with Ross and RAM portfolios, Stuff.co.nz adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



====================
S O U T H  K O R E A
====================


SK HYNIX: Fitch Affirms 'BB' Issuer Default Ratings
---------------------------------------------------
Fitch Ratings has affirmed Korea-based SK Hynix Inc.'s (Hynix)
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs), as well as its senior unsecured rating at 'BB'. The
Outlook on the IDRs is Positive.

Fitch has simultaneously withdrawn all the ratings.

The ratings have been withdrawn as they are no longer considered
by Fitch to be relevant to the agency's coverage. Fitch will no
longer provide rating or analytical coverage of this issuer.

Key Rating Drivers

Favourable operational outlook: The Positive Outlook reflects
Fitch's view that Hynix will continue to benefit from the tighter
supply-demand balance over the medium term following the merger of
Elipda Memory Inc. and Micron Technology Inc., the world's third-
and fourth-largest dynamic random access memory (DRAM) makers
respectively.

In addition, DRAM makers' conservative capex and the gradual exit
of the second-tier Taiwanese makers from commodity DRAM should
lessen competition, which should be positive for Hynix. However,
the company's market position as the second-largest maker may be
pressured if Elpida-Micron benefits from an increased scale after
the merger.

Limited Impact from Fire: Fitch does not foresee any significant
impact on the company's credit profile from the fire that occurred
in one of its Chinese manufacturing plants in September 2013. This
is because the affected plant will return to normal operation in
October 2013 while the strong DRAM pricing trend is likely to
continue in the short term given tight supply. We forecasts Hynix
to generate EBIT margin in the high-teens during H213 (Q213: 28%).

Leverage to improve: Fitch forecasts Hynix's funds flow from
operations (FFO)-adjusted leverage will remain well below 2x in
medium term (2012: 2x) as improved profitability and conservative
capex will lead to positive free cash flow (FCF).

Cyclicality still key risk: While we believe improvements in the
supply-demand balance will reduce cash flow volatility, the memory
semiconductor industry will remain exposed to cyclicality, which
will continue to be a key weakness in Hynix's credit profile.

Support from SKT: Hynix's ratings are a notch above its standalone
level of 'BB-' to incorporate the implied support from SK Telecom
Co., Ltd. (SKT, A-/Stable) with its 21% ownership of Hynix. Fitch
believes that Hynix is an important asset for the SK Group.


* Korea's Woori Holding Sale to Have Delayed Ratings Impact
----------------------------------------------------------
The Korean government's proposed sale of equity stakes in two
regional banks under the Woori Finance Holdings (WFH) group is
unlikely to be completed soon. The credit implications for the
successful bidders -- rated by Fitch -- hinge on how the main
bidding process shapes up, says the agency.

A cash- or debt-funded acquisition would be likely to have a
negative impact on the credit profile of the successful bidders.
But the government is at a "preliminary" stage of building a solid
level of domestic investor interest. This potentially signals that
the authorities are rather price sensitive, and that the main
bidding process could take some time to complete.

The likely acquirers may see franchise-value benefits from
acquiring one, or both, of these banks. But potential buyers will
still face challenges with integration.

Preliminary bidding interest in acquiring equity stakes in Kwangju
and Kyongnam is evident, and spans a range of domestic financial
institutions. But the certainty of an acquisition will not
materialise for at least several months. The agency is not
contemplating any rating action until the main bidding process
gets under way and the likely acquirers become known - by around
year-end or early 2014.

The decision to speed up the longstanding objective of selling
equity stakes in the two regional banks is in line with the
government's near-term priority of raising cash for welfare
initiatives. Moreover, it makes sense to prioritise the sale of
non-core operations of the WFH - established in 2001 by the
government to consolidate several banks that failed during the
1997 Asian Crisis.

"We also believe that governance and operational benefits are
likely to follow a sell-down in the state's 57% equity stake in
WFH, held through the Korea Deposit Insurance Corporation (KDIC),"
Fitch says.

"Nonetheless, funding strategies and integration challenges will
be important determinants of the credit profiles of acquiring
financial institutions, alongside the expected franchise-value
benefits.

"Fitch continues to see the eventual prospect of an outright sale
of Woori Bank as even more challenging. In the absence of foreign
buyer participation, this is because domestic purchasers of
sufficient scale may lack the financial flexibility to make such
an acquisition, especially with the tougher Basel III capital
standards being phased in from December 2013. We believe there is
also a high chance for labour issues to arise, as a domestic
merger would result in substantial branch overlap - particularly
in the cities."


                             *********

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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