TCRAP_Public/131004.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

          Friday, October 4, 2013, Vol. 16, No. 197


                            Headlines


A U S T R A L I A

CHAMBERS INVESTMENT: ASIC Cancels License After Administration
GTL TRADEUP: CRS Warner Appointed as Liquidators
INIKA: Vincents Chartered Appointed as Administrators
INVESTEC BANK: Moody's Affirms Ba1 Longterm Unsecured Debt Rating
MIRABELA NICKEL: S&P Lowers Corporate Credit Rating to 'CCC+'

MIRABELA NICKEL: Likely to Head Into Administration
PAPERLINX LTD: May Opt For Share Swap to Sort Capital Structure
SONRAY CAPITAL: Director Pleads Guilty to Seven Charges


I N D I A

AAKRITI CONSTRUCTIONS: CRISIL Suspends 'BB-' Cash Credit Rating
ALLIED ENGINEERS: CRISIL Assigns 'B' Ratings to INR41MM Loans
AMBAL VIDHYA: CRISIL Assigns 'BB' Ratings to INR160MM Loans
A. M. DIAMONDS: CRISIL Rates INR300MM Bank Loan at 'BB-'
ARKBIRD PUBLICATIONS: CRISIL Rates INR40MM Cash Credit at 'B+'

A.R. LIFE: CRISIL Assigns 'BB' Ratings to INR190MM Loans
ASHIRWAD CHAIN: CRISIL Assigns 'BB' Ratings to INR200MM Loans
CANAAN MARINE: CRISIL Rates INR20MM Long-Term Loan at 'B+'
CHILLAMCHERLA AGROTECH: CRISIL Puts 'B-' Ratings on INR180M Loans
DIANA HEIGHTS: CRISIL Rates INR90MM Term Loan at 'D'

GURU KIRPA: CRISIL Reaffirms 'D' Ratings on INR160MM Loans
HINDUSTAN HARDWARES: CRISIL Suspends Ratings on Various Loans
HINDUSTAN TEXTILES: CRISIL Suspends 'BB' Long-Term Loan Rating
H. P. MADHUKAR: CRISIL Assigns 'BB-' Rating to INR65MM Loan
INDRA POWER: CRISIL Assigns 'B+' Ratings to INR240MM Loans

INDUSVALLEY EXPORT: CRISIL Assigns 'B' Ratings to INR11MM Loans
JAWAHAR SAW: CRISIL Suspends 'BB-' Ratings on INR540MM Loans
KAMAL COACH: CRISIL Assigns 'BB-' Ratings to INR60MM Loans
KUNDAN RICE: CRISIL Suspends 'BB-' Rating on INR150MM Loan
MAA TARA: CRISIL Assigns 'BB-' Ratings to INR80MM Loans

MEGACITY APARTMENTS: CRISIL Rates INR340MM LT Loan at 'BB-'
NATIONAL SPOT: Faces Shutdown as Tax Department Starts Probe
POWERWIND LTD: CRISIL Assigns 'C' Ratings to INR1.10BB Loans
PRAYASH STEEL: CRISIL Suspends 'BB-' Ratings on INR90MM Loans
PUNJAB SIND: CRISIL Assigns 'BB-' Ratings to INR200MM Loans

RAMAKRISHNA TELETRONICS: CRISIL Rates INR160MM Loan at 'B'
RAVIRAJ FOILS: CRISIL Raises Rating on INR60MM Loan to 'B+'
REGENCY HOSPITAL: CRISIL Ups Ratings on INR437.5MM Loans to 'BB+'
ROYAL KNITTING: CRISIL Assigns 'B+' Ratings to INR100MM Loans
SAN AUTOMOTIVE: CRISIL Reaffirms 'BB' Ratings on INR85MM Loans

SNEHAL ENTERPRISES: CRISIL Rates INR70MM Cash Credit at 'B'
SOLAMALAI AUTOMOBILES: CRISIL Puts 'B+' Ratings on INR200MM Loans
SONU EXIM: CRISIL Reaffirms 'BB+' Rating on INR40MM Bank Loan
S & P FOUNDATION: CRISIL Rates INR250MM Long-Term Loan at 'BB'
SPI CINEMAS: CRISIL Lowers Ratings on INR1BB Loans to 'BB+'

SREE NEELAMPATI: CRISIL Suspends 'B-' Ratings on INR100MM Loans
SRI BALAJI: CRISIL Cuts Ratings on INR311.4MM Loans to 'BB'
SRI MOHAN: CRISIL Suspends 'BB-' Rating on INR145MM Cash Credit
SRI RAMA: CRISIL Downgrades Ratings on INR100MM Loans to 'B'
SURYA INDUSTRIES: CRISIL Reaffirms 'D' Ratings on INR160MM Loans

UNICHEM TRADING: CRISIL Assigns 'BB' Ratings to INR200MM Loans
VENKATA KRISHNA: CRISIL Reaffirms 'B+' Ratings on INR60MM Loans


J A P A N

* JAPAN: Hikes Consumption Tax, But Fiscal Risks Persist


N E W  Z E A L A N D

ROCKFORTE FINANCE: Former Director Pleads Guilty to SFO Charges


X X X X X X X X

* Economic Policy Central to Emerging Asia's Credit Outlooks
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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CHAMBERS INVESTMENT: ASIC Cancels License After Administration
--------------------------------------------------------------
The Australian Securities and Investment Commission has cancelled
the Australian Financial Services (AFS) licence of Chambers
Investment Planners Pty Ltd (Chambers) after it failed to obtain
professional indemnity insurance and entered voluntary
administration.

ASIC also cancelled the Australian credit licence of Chambers
after it ceased to engage in credit activities.

Chambers has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decisions.

ASIC is also conducting enquiries into the conduct of the officers
and representatives of Chambers. ASIC will not comment further at
this time.

Chambers was licensed to deal in, and provide advice on, a range
of financial products, including life insurance, superannuation,
managed funds, securities and margin lending, and to provide
credit services in relation to credit contracts where it was not
the credit provider.

Under section 912B of the Corporations Act 2001 (Corporations
Act), an AFS licensee that provides a financial service to retail
clients must have arrangements for compensating them for loss or
damage suffered because of breaches of the relevant obligations
under the Corporations Act by the licensee or its representatives.
Corporations Regulation 7.6.02AAA provides that such arrangements
are subject to the requirement that the licensee (unless exempt)
holds adequate professional indemnity insurance cover.

Section 915B(3)(b) of the Corporations Act provides that ASIC may
suspend or cancel an AFS licence held by a body corporate, by
giving written notice to the body, if the body becomes an
externally-administered body corporate.

Section 54(1)(b) of the National Consumer Credit Protection Act
2009 provides that ASIC may suspend or cancel a credit licence, by
giving written notice, if the licensee does not engage, or ceases
to engage, in credit activities.

The administrators may be reached at:

Matthew Donnelly
Gayle Dickerson
c/o Grant Thornton
Level 1, 10 Kings Park Road
West Perth WA 6005
Tel.: 08 9480 2000
E-mail: matthew.donnelly@au.gt.com
        gayle.dickerson@au.gt.com


GTL TRADEUP: CRS Warner Appointed as Liquidators
------------------------------------------------
Steven Kugel -- stevenkugel@crspartners.com.au -- and Anthony
Warner -- anthonywarner@crspartners.com.au -- of CRS Warner Kugel
were appointed as liquidators of GTL TradeUp Pty Ltd on
Sept. 30, 2013.

Investors seeking information about GTL should contact the
liquidators in the first instance. The contact details for the
liquidators are:

         CRS Warner Kugel
         Tel.: 1800 210 073
         Website: http://www.crswarnerkugel.com.au/

"ASIC is aware of recent media reports concerning the status of
GTL. ASIC is monitoring developments and continuing to work with
the liquidators and other relevant parties as appropriate," ASIC
said.

GTL TradeUp Pty Ltd (GTL) is a Sydney-based issuer of over-the-
counter derivatives to retail clients and holds an Australian
financial services licence.


INIKA: Vincents Chartered Appointed as Administrators
-----------------------------------------------------
Yolanda Redrup at SmartCompany reports that Australian cosmetics
brand Inika has collapsed with more than AUD1.5 million in debt,
with the company having consistently traded at a loss.

The business was placed in administration with Gavin Moss and Nick
Combis appointed from Vincents Chartered Accountants, the report
discloses.

Vincents Chartered Accountants insolvency manager Henry Kwok told
SmartCompany there is no clear indication yet as to why the
company became insolvent.

"It appears to be related to continued trading losses. But based
on the information available, the business appears to have been
profitable for the last few months," the report quotes Mr. Kwok as
saying.

Despite the past few months of profitability, the business hasn't
been able to repay its debts totalling AUD1.53 million,
SmartCompany notes.

Inika was founded in 2006 by Miranda Bond and its range is sold in
more than 16 countries.  The company markets its mineral and
organic cosmetics as being free from synthetic chemicals and
incorporating vegan and organic products.


INVESTEC BANK: Moody's Affirms Ba1 Longterm Unsecured Debt Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 long-term unsecured
debt rating of Investec Bank (Australia) Limited (IBAL). It has
also affirmed the bank's other ratings. The outlook on the ratings
remains negative and the bank's baseline credit assessment (BCA)
and adjusted baseline credit assessment (Adjusted BCA) are
unchanged at ba2 and ba1 respectively.

The rating affirmation follows the announcement by IBAL on
August 16, 2013 of a strategic review of its operations and a
further announcement by its ultimate parent, Investec plc
(Investec), on September 17, 2013 that the Australian bank expects
to make a loss during H1 2014 due to restructuring costs and an
increase in impairments.

The Moody's action also follows the affirmation of the debt and
deposit ratings of IBAL's parent, Investec Bank plc (IBP), on
September 30, 2013.

The rating affirmation reflects Moody's view that the announced
strategic review is likely to over time result in a simplification
of IBAL's business model and a reduction in its risk appetite,
because it has shifted away from large, property-related
transactions to more granular lending within its professional
finance and asset finance divisions. The current rating also
balances the challenges of IBAL's relatively weak franchise
position in the Australian market with its strong balance sheet
metrics, including strong levels of capital and sound liquidity
buffers.

The negative outlook on IBAL's rating reflects the significant
downside risk arising from the bank's relatively weak
profitability, including the expected loss in H1 2014, and
persistently elevated asset impairment metrics. A deviation from
IBAL's strategy of risk reduction or sustained weakness in its
profitability and asset impairment metrics is likely to lead to
downward pressure on its rating.

Moody's also notes that the success of IBAL's announced business
model simplification and cost-reduction initiatives is not
assured, given its relatively narrow footprint in the Australian
market and a relatively high-cost deposit base. The negative
outlook incorporates consideration of the negative outlook
assigned to IBP's ratings.

Ratings Rationale

Strategic Review Re-Orients Business Model Toward Less Volatile
Revenue Sources, But Challenges Of A Niche Franchise Remain

IBAL's strategic review announced in August 2013 will result in
the shutting down or scaling down of its securities, equity
capital markets and structured financial products divisions. It is
also likely to over time result in a greater proportion of its
lending concentrated in its professional finance and asset finance
operations. Moody's believes these developments to be positive for
bondholders since they are reflective of the bank's reduced risk
appetite and the continuation of its longer-term strategy of re-
aligning its focus towards its core business lines.

At the same time, Moody's notes that challenges of a niche,
relatively weak franchise persist. The bank's revenue profile
remains subject to lumpy flows by the nature of its investment
corporate advisory activities, which restricts its ability to
robustly forecast quarter-by-quarter income levels, and increases
the sensitivity of its results to the success of individual
transactions. Similarly, its funding profile is constrained by its
weak footprint within the Australian market outside of the high
net worth segment, and remains structurally vulnerable to
depositor flight risk.

Major Asset Quality Problems Appear To Be In The Past But Elevated
Impairment Levels Point To Residual Risk

Moody's expects the continued repositioning of IBAL's portfolio
away from commercial property towards the solidly performing
professional finance book to result in a longer-term reduction in
the risk profile of the bank's credit exposures (professional
finance now constitutes approximately 60% of the bank's lending
book). Moody's also views the trend towards a less concentrated
balance sheet as a positive.

However, in its September 17, 2013 update, Investec flagged an
increase in impairments within IBAL's portfolio. We believe this
is indicative of the residual risk embedded within IBAL's
remaining property-related and corporate exposures, and believe
the bank continues to face the risks of further declines in asset
quality from these elements.

Conservative Capital Levels Provide A Cushion Against Stress

IBAL maintains a conservative level of capital, with its Tier 1
capital ratio of 11.8% providing a solid cushion to absorb credit
losses. IBAL uses the standardised approach for Pillar 1 credit
risk and operational risk capital requirements and, as a result,
its capital ratios are not directly comparable with banks using
internal models.

The bank has maintained its policy of not paying dividends to its
parent, but rather retains all profits to fund future growth and
to meet asset impairment challenges, if and when these arise.
Moody's sees its high capital levels as appropriate for its
historical risk profile, characterized by high credit
concentrations. However, we note that with a reduction in risk in
its lending portfolio, IBAL's policy of maintaining higher-than-
industry capital levels may start to be challenged.

Weak Profitability With Uncertain Future Trends

IBAL's profitability remains weak, dragged down by elevated
provision costs and a high cost base. It also remains subject to
significant volatility due to the lumpy and not always predictable
nature of its transaction-based revenue. Over the past two years,
its focus has been to improve its fee income capability with the
goal of increasing non-interest income to 50% of total income.
However, given the direction of the strategic review, focussed on
the professional finance business, diversification of IBAL's
revenue profile may not be achieved in the near term. Moody's also
notes its structurally high-cost deposit base, and which is
oriented towards a high net worth clientele.

Strong Liquidity Buffers Reduce Potential For Funding Shocks

Moody's believes that IBAL's liquidity management is strong and it
maintains a prudent funding profile, given the nature of its
business model. As of March 2013, the bank held a liquidity buffer
of around 26% of total liabilities and equity. Its liquid assets
portfolio is comprised predominantly of highly rated securities.

Moody's notes that the bank increased the proportion of its
funding from client deposits to 65% on its balance sheet, and 56%,
when including securitisation. Given the larger average customer
balance of IBAL's private banking deposits, its retail funding is
less granular as compared with other retail banks. Combined with a
relatively weak footprint in the Australian retail market, such a
situation necessitates significant liquidity buffers. Moody's
notes that the bank's liquidity cushion covers all of its
wholesale funding maturities, and is resilient under Moody's
liquidity stress tests which assume a material level of deposit
outflow.

What Could Move the Rating -- Up

Positive ratings pressure is unlikely to materialise at this
stage. However, the rating outlook could stabilise due to a
combination of the following factors: a sustained increase in the
proportion of stable earnings sources which diversify the bank's
exposure to lumpy cash flows; significant and sustainable
improvement in profitability and efficiency ratios; and a
sustained improvement in its asset impairment metrics.

What Could Move the Rating -- Down

IBAL's baseline credit assessment and its long-term unsecured debt
ratings could experience negative pressure from a variety of
sources. Most notably, a deviation from its strategy of risk
reduction or sustained weakness in its profitability and asset
impairment metrics would lead to downward pressure. Other areas of
concern would include a cessation of the trend towards more
granular deposit funding, or a material deterioration of its
current levels of capitalisation and liquidity. The ratings could
also be downgraded if there are indications that parental support
may be decreasing or if the ratings of IBP come under downward
pressure.

List Of Affected Ratings

Among others, the following ratings were affirmed:

  Baseline credit assessment (BCA) at ba2, adjusted baseline
  credit assessment at ba1, and the Bank Financial Strength
  Rating (BFSR) at D;

  Long-term local currency and foreign currency issuer rating at
  Ba1;

  Senior unsecured local-currency MTN program at (P)Ba1;

  Subordinate long-term local-currency rating at Ba2, and
  subordinate local-currency MTN program at (P)Ba2;

  Backed senior unsecured local-currency program at (P)Aaa/(P)Ba1
  and backed subordinate local-currency MTN program at (P)Ba2;

  Short-term local-currency and foreign currency issuer ratings
  and other short-term domestic program ratings at NP and (P)NP.

The principal methodology used in this rating was Global Banks
published in May 2013.


MIRABELA NICKEL: S&P Lowers Corporate Credit Rating to 'CCC+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
corporate credit rating and issue rating on Australian nickel
mining company Mirabela Nickel Ltd. to 'CCC+' from 'B-', and
placed the ratings on CreditWatch with negative implications.

"The downgrade is the result of continued weakness in nickel
prices over the past several months.  The weak nickel prices have
squeezed Mirabela's gross profit per pound (lb) - the difference
between nickel spot prices and cash costs-to less than US$1.50 for
the eight months to Aug. 31, 2013," said Standard & Poor's credit
analyst Thomas Jacquot.

In addition, the company has suffered some operational setbacks
that are mainly due to nitrate supply constraints.  These
obstacles have prevented further improvements in the unit cash
cost of production that were seen in late 2012/early 2013 and, in
turn, dampened Mirabela's gross profit at a time when nickel
prices have remained depressed and well below US$7 per lb.

The CreditWatch placement reflects S&P's concerns that Mirabela
could face an imminent call of more than 50% of its current cash
holding to repay the US$50 million facility extended by Banco
Bradesco S.A. (Bradesco) before the maturity date.  Votorantim
Metais Niquel S.A. (Votorantim) has served notice that it intends
to terminate its offtake contract with Mirabela, which could
trigger a default under the Bradesco facility.  If this were to
occur, it could then lead to a cross default under Mirabela's
senior unsecured notes.  If Bradesco seeks to accelerate its loan
or if Mirabela optionally repays the loan to remove the risk of
acceleration while the company does not obtain alternative funding
to replace that facility, the significant reduction in liquidity
would jeopardize the near-term viability of the company if nickel
prices do not recover materially above US$7 per lb over the coming
months.

Mr. Jacquot added: "In resolving this CreditWatch, we will assess
Mirabela's liquidity position.  If the company does not have
alternative funding in place, it is likely that the rating would
be lowered due to weak liquidity.  In an unlikely event that the
cross default under the US$395 million notes is triggered, the
rating could go down by more than a notch."

The current rating could be affirmed upon a replacement of the
loan or confirmation that it will not be accelerated.  In
addition, such affirmation would also depend on S&P's expectation
for nickel prices in the near term, the company's then current
unit cash cost of production, and its capital expenditure program.
Should nickel prices remain broadly in line with current market
prices through to the first quarter of 2014, the rating could face
further downward pressure unless the company restores its
liquidity position.

S&P expects to resolve the CreditWatch once it has clarity on
Mirabela's funding plan, the status of the loan facility, and its
liquidity position.


MIRABELA NICKEL: Likely to Head Into Administration
---------------------------------------------------
Sarah-Jane Tasker at The Australian reports that Mirabela Nickel
could be forced into administration in coming weeks if it defaults
on a loan.

The Australian says investors have abandoned the stock, leaving
its share price barely above 1c, a historic low.

According to the report, the company warned the market on
October 2 that following last week's announcement of the
termination of a sales agreement with one of its two major
customers, it was likely to default on one of its debt facilities.

Shares in the junior nickel miner, already punished during the
past week after news of the contract cancellation, slumped another
7.69 per cent on October 2 to close the day at 1.2 cents, the
report notes.

In September last year the stock was trading at 57 cents and just
before the global financial crisis hit in 2008 it was riding as
high as AUD7.89, The Australian relates.

The Australian reports that the Perth-based company revealed last
week that one of its major customers planned to close its smelting
facilities in November because of the adverse conditions, forcing
it to terminate a sales agreement at the end of November.

That agreement had been expected to run until the end of next
year. Patersons Securities analyst Simon Tonkin said that event
had come out of the blue and hit the company "square between the
eyes," The Australian relays.

He said the company was likely to head into administration if it
defaulted on its loan because of the cancelled contract, the
report adds.

                       About Mirabela Nickel

Mirabela Nickel Limited -- http://www.mirabela.com.au/-- is an
Australia-based mineral resource company engaged in mining,
production and sale of nickel concentrate. The Company's principal
asset is the 100%-owned Santa Rita nickel sulphide mine in Bahia,
Brazil. The Santa Rita mine is located approximately 360
kilometers south-west of Salvador and approximately six kilometers
from the town of Ipiau. The Company also has a portfolio of
prospective nickel targets in Brazil, including an underground
mineral resource at Santa Rita.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 1, 2013, Moody's Investors Service placed Mirabela Nickel
Limited's Caa1 Corporate Family Rating and Caa1 senior unsecured
rating on review for possible downgrade following the company's
announcement of its Company and Operational Update.

The announcement contained several negative developments,
including the receipt of a notification by one of its two
customers, Votorantim Metais Niquel S.A., that it considers its
off-take contract with Mirabela will terminate as at the end of
November 2013; an update on ongoing operational issues which
Moody's believes will lead to production and cash costs to be
weaker than Moody's previous expectations; and, the potential for
capital expenditures in 2014 to be materially higher than 2013.
The contract with Votorantim was originally scheduled to run
through 2014 and Mirabela is taking legal advice around the
contract and its debt funding agreements.


PAPERLINX LTD: May Opt For Share Swap to Sort Capital Structure
---------------------------------------------------------------
Brett Cole at The Australian reports that Paperlinx Limited may
try to simplify its company structure in November through a share
swap that will result in the company's ordinary equity increasing
to about AUD80 million.

The paper merchant company's hybrid security holders will have to
agree to such a deal while existing shareholders have to be
convinced this deal will help sort out Paperlinx's messy capital
structure.

The terms and conditions of the share swap are still being
formulated, the report relates.

By issuing holders of the hybrids ordinary shares in the company,
Paperlinx hopes to deliver a clear capital structure so it can
engage in normal corporate transactions giving confidence to
customers, suppliers and lenders, according to the report.

The Australian says the loss-making company wants to accelerate an
operational turnaround by adding packaging and signage businesses.

The company, which had a statutory loss of AUD90.2 million in the
12 months to June 30, has sold assets including its properties,
fired employees and restructured its loss-making European
businesses as its bankers demanded Paperlinx deleverage, the
report notes.

Paperlinx's net debt as of June 30 was AUD122.7 million, down from
AUD138.6 million at June 30 last year, the Australian adds.

                      About PaperlinX Limited

Based in Australia, PaperlinX Limited (ASX:PPX) --
http://www.paperlinx.com.au/-- is a fine paper merchant and
manufacturer of communication and packaging paper.  PaperlinX
employs over 9,600 people in 28 countries.

PaperlinX reported an annual loss of AUD108 million in the 2011
financial year, a loss of AUD225 million in 2010, and a loss of
AUD798 million in 2009.

PaperlinX made a net loss of AUD90.2 million in the 2012/13
financial year, an improvement on a AUD266.7 million loss in the
prior year, Australian Associated Press said.


SONRAY CAPITAL: Director Pleads Guilty to Seven Charges
-------------------------------------------------------
Russell Andrew Johnson, the sole director of Sonray Capital
Markets Pty Ltd, on October 2 pleaded guilty in the Supreme Court
of Victoria to seven criminal charges brought by Australian
Securities and Investment Commission.

Mr. Johnson faces a maximum of 10 years' imprisonment for each of
the state offences of false accounting, theft and deception and a
term of five years imprisonment for submitting a false document to
ASIC.

Mr. Johnson, 41, of Toorak, Victoria, has pleaded guilty to:

   -- three charges of false accounting;
   -- one charge of submitting a false document to ASIC;
   -- two charges of theft to the value of $742,641; and
   -- one charge of obtaining a financial advantage by deception.

The charges relate to the use of various Sonray client's trading
accounts to create numerous unfunded deposits for which no
physical cash was involved. This was done to either obtain funds
for use by himself or Sonray, or to hedge the trading book against
margin calls. The effect of withdrawing funds from client accounts
from unfunded deposit entries caused an actual deficiency in the
segregated client account funds.

Additionally, Mr. Johnson, in a solvency report required by ASIC,
made a false statement about equity injections of AUD5.2 million
into Sonray.

ASIC Commissioner Greg Tanzer said "ASIC expects directors to act
honestly and with integrity, and always in the interests of the
company. We take very seriously conduct to the contrary, and the
charges that Mr. Johnson has pleaded guilty to today reflect that.

The integrity of the market is one of ASIC's key priorities, and
investors have a fundamental right to expect that their money will
be handled honestly and appropriately. Where this does not occur,
ASIC will not hesitate to take action to protect the interests of
the clients."

Mr. Johnson was granted bail and will appear at the Supreme Court
on Nov. 11, 2013, for a sentence hearing, on conditions that he;
inform the court of any change to his residential address;
surrender his passport and not attend any international port of
departure; and not contact any prosecution witness.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Sonray was established in 2003 and held an Australian financial
services licence. It was one of the first brokers in Australia to
provide advice on contracts for difference (CFDs).

On June 22, 2010, John Lindholm and George Georges of Ferrier
Hodgson were appointed voluntary administrators. On Oct. 27, 2010,
Sonray was placed into liquidation. According to Ferrier Hodgson,
Sonray had (as at June 22, 2010):

   * gross client positions of AUD76.85 million
   * gross client holdings in either cash/equities held by
   * counterparties of AUD30.15 million
   * a shortfall of AUD46.70 million
   * approximately 3,500 clients; and
   * 54 employees.

In October 2011, former Sonray Chief Executive Officer Scott
Murray was sentenced to 5 years jail on 10 charges brought by
ASIC. Those charges were:

   -- six charges of false accounting involving fictitious
      deposits totalling AUD36,439,588 and USD9,779,395.25 and
      false withdrawals totalling AUD7,800,923;

   -- two charges of theft totalling AUD2,256,500;

   -- one charge of obtaining a financial advantage by deception;
      and

   -- one charge of misleading an auditor concerning a capital
      injection of AUD5,200,000.

In February 2012, following an ASIC investigation focusing on the
risk management practices of Saxo Bank A/S, the former provider of
the trading platform utilised by Sonray, additional licence
conditions were applied to the AFS licence of Saxo Capital Markets
(Australia) Pty Ltd.



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AAKRITI CONSTRUCTIONS: CRISIL Suspends 'BB-' Cash Credit Rating
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aakriti
Constructions and Developments Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         85       CRISIL A4+ Suspended
   Cash Credit           440       CRISIL BB-/Stable Suspended

The suspension of ratings is on account of non-cooperation by ACDL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ACDL is yet to
provide adequate information to enable CRISIL to assess ACDL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

ACDL, incorporated in 2000, was promoted by Mr. T L Singla, who
has 30 years of experience in the civil works business. The
company, registered as a Class-I contractor, undertakes civil
works, which mainly include construction of housing complexes,
hospitals, and malls. It generally undertakes the contracts for
government organisations. It undertakes a mix of direct tender and
subcontracting projects.


ALLIED ENGINEERS: CRISIL Assigns 'B' Ratings to INR41MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Allied Engineers (AE).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Standby Letter           9.5      CRISIL A4
   of Credit

   Proposed Long-Term      21.0      CRISIL B/Stable
   Bank Loan Facility

   Packing Credit          17.5      CRISIL A4

   Bill Discounting        32.0      CRISIL A4

   Overdraft Facility      20.0      CRISIL B/Stable

The ratings reflect AE's small scale of operations in a highly
fragmented industry, working capital intensive nature of
operations and weak financial risk profile. These rating
weaknesses are partially offset by extensive experience of AE's
partners in the industry.

Outlook: Stable

CRISIL expects AE to maintain its credit profile on the back the
long experience of the management in the auto components industry.
The outlook may be revised to 'Positive' in case of higher than
expected top-line and profitability or in case of capital infusion
by the partners leading to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in the event
of lower-than-expected accruals or significant debt-funded
expansion that results in deterioration in financial risk profile

AE, incorporated in 1985, manufactures & trades components like
nuts & bolts as well as bicycle & tractor parts. The firm is based
out of Ludhiana (Punjab) and the day to day operations are managed
by Mr. G. Narula along with his son.

AE reported book profit of INR1.3 million on net sales of INR167
million for 2011-12 (refers to financial year, April 1 to
March 31), against book profit of INR0.55 million on net sales of
INR180 million for 2011-12.


AMBAL VIDHYA: CRISIL Assigns 'BB' Ratings to INR160MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating on the long-term
bank facilities of Ambal Vidhya Bhavan Charitable Trust.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       79.4     CRISIL BB/Stable
   Bank Loan Facility

   Term Loan                80.6     CRISIL BB/Stable

The rating reflects the benefits that Ambal derives from its
trustees' extensive experience in the education industry,
resulting in high occupancy levels for the school, its comfortable
operating profitability, and the healthy demand prospects for the
education sector. These rating strengths are partially offset by
Ambal's exposure to risks relating to modest scale of operations,
intense competition in the K-12 education segment, single-school
operations, and unfavourable regulations in the education segment.
The rating also factors in Ambal's average financial risk profile,
marked by small net worth and moderate gearing.

Outlook: Stable

CRISIL believes that Ambal will benefit over the medium term from
its trustees' extensive experience in the education sector, and
maintain its moderate market position in Coimbatore. The outlook
may be revised to 'Positive' if significant scale up in operations
while maintaining profitability results in higher-than-expected
cash accruals and a stronger financial risk profile for Ambal.
Conversely, the outlook may be revised to 'Negative' if lower-than
expected student admissions impact the trust's cash accruals, or
if any large debt-funded capex leads to weakening in its financial
risk profile.

Ambal was formed as a public charitable trust in December 2004.
The trust was set up to run educational institutions at various
locations. The trust currently has one school in the name of AVB
Matriculation Higher Secondary School at Coimbatore (Tamil Nadu)
since academic year 2006-07, providing state board curriculums for
KG to Class XII.

Ambal reported a surplus (excess of income over expenditure) of
INR13.3 million on an operating income of INR86.2 million for
2012-13 (refers to financial year April 1 to March 31) against a
surplus of INR0.7 million on an operating income of INR59.3
million for 2011-12.


A. M. DIAMONDS: CRISIL Rates INR300MM Bank Loan at 'BB-'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of A. M. Diamonds.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       300      CRISIL BB-/Stable
   Bank Loan Facility

The rating reflects of the extensive experience of the promoters
in the gems and jewellery industry as well as their prudent risk
management policies. These rating strengths are partially offset
by the firm's low operating profitability in the highly fragmented
jewellery industry.

Outlook: Stable

CRISIL believes that AMD will continue to benefit from its
promoters' extensive experience in the gold jewellery business.
The outlook may be revised to 'Positive' if the firm reports more-
than-expected growth in revenue and margins and improved debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if its debt protection metrics deteriorate because of
lower-than-expected growth in revenue and margins, large debt-
funded capital expenditure, or significant stretch in working
capital cycle.

AMD is a partnership firm manufactures and wholesales gold
jewellery in Delhi. The firm was set up by Mr. Vishnu Soni in
2002-03 (refers to financial year, April 1 to March 31) and was
engaged in trading of gold jewellery till 2012-13. In April 2013,
the firm was taken over by Mr. Roshanlal Bhalothia, who is now the
key promoter and partner of the firm.


ARKBIRD PUBLICATIONS: CRISIL Rates INR40MM Cash Credit at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Arkbird Publications (ABP).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit          10      CRISIL A4

   Bank Guarantee            10      CRISIL A4

   Cash Credit               40      CRISIL B+/Stable

The ratings reflect ABP's large working capital requirements and
small scale of operations in the fragmented publishing industry.
These rating weaknesses are partially offset by the extensive
experience of ABP's promoters in the publication business, and
moderately diversified customer profile.

Outlook: Stable

CRISIL believes that ABP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if ABP successfully ramps up
its scale operations and profitability or improves its working
capital management. Conversely, the outlook may be revised to
'Negative' if the firm's liquidity weakens significantly, its
working capital cycle lengthens, its revenues and profitability
decline, or it undertakes a larger-than-expected debt-funded
capital expenditure programme.

ABP, a partnership firm set up by Mr. Narendra Rao, Mr. Ravinder
Rao, Mrs. Uma Rao, and Mrs. Sumana Rao in 1991, publishes school
text books. The firm, based in Hyderabad (Andhra Pradesh),
receives around 80 per cent of its revenues from publishing text
books of the school boards of Andhra Pradesh, Karnataka, and Tamil
Nadu. It also supplies books under its own brands.


A.R. LIFE: CRISIL Assigns 'BB' Ratings to INR190MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of A.R. Life Sciences Pvt Ltd (ARLS).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan            90      CRISIL BB/Stable

   Cash Credit              100      CRISIL BB/Stable

   Letter of Credit          10      CRISIL A4+

The ratings reflect ARLS's established position in manufacturing
bulk drug intermediates, its established customer relationships,
and the extensive industry experience of its promoters. The
ratings also reflect its moderate financial risk profile albeit
constrained by it low networth base. These ratings strengths are
partially offset by susceptibility of company's operating
profitability margin to volatility in raw material prices and
moderate scale of operations in highly competitive bulk drug
manufacturing industry.

Outlook: Stable

CRISIL believes that ARLS will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the company's scale of
operations and profitability improve, resulting in better-than-
expected cash accruals and hence to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if ARLS's financial risk profile deteriorates, most
likely because of a significant increase in its working capital
requirements, pressure on its profitability, or larger-than-
expected debt-funded capital expenditure.

Incorporated in 2006, ARLS manufactures bulk drug intermediaries
and bulk drugs. The Hyderabad (Andhra Pradesh)-based company is
promoted by Mr. K Subba Reddy and his family. Its day-to-day
operations are managed by Mr. Reddy's son, Mr. K Krishna
Chaitanya.

ARLS, on a provisional basis, reported a profit after tax (PAT) of
INR14.9 million on net sales of INR1.49 billion for 2012-13
(refers to financial year, April 1 to March 31); it reported a PAT
of INR12 million on net sales of INR961 million for 2011-12.


ASHIRWAD CHAIN: CRISIL Assigns 'BB' Ratings to INR200MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Ashirwad Chain Co. (ACC, a part of the Ashirwad
group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              95       CRISIL BB/Stable (Assigned)
   proposed Long-Term      105       CRISIL BB/Stable (Assigned)
   Bank Loan Facility

The rating reflects the Ashirwad group's established presence in
the gems and jewellery industry, its conservative risk management
policies, and its moderate financial risk profile on the back of
funding support from the promoters. These rating strengths are
partially offset by high competition and the fragmented nature of
the jewellery industry.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of Ashirwad Chain House Pvt. Ltd. and
ACC, together referred as the Ashirwad Group on account of
business synergies between the entities owing to common
manufacturing facilities, common set of customers, and fungible
funds.

Outlook: Stable

CRISIL believes that the Ashirwad group will continue to benefit
from its promoters' extensive experience in the gold jewellery
business. The outlook may be revised to 'Positive' if it reports
more-than-expected growth in revenue and margins and improved debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if the group's debt protection metrics deteriorate
because of lower-than-expected growth in revenue and margins,
large debt-funded capital expenditure, or significant stretch in
the working capital cycle.

ACC, a proprietorship concern, was set up in 2000 by Mr. Amit
Singla. The firm manufactures and wholesales gold jewellery,
particularly gold chains, in Delhi.

ACC is a part of the Ashirwad group. Apart from ACC, the group
includes ACHPL, which is also engaged in the gems and jewellery
business.

All group entities are based in New Delhi with common
manufacturing facilities, common set of customers, and common
promoters and management. Over the past three years, the group's
scale of operations has grown significantly with overall revenue
of more than INR2.6 billion in 2012-13 (refers to financial year,
April 1 to March 31).


CANAAN MARINE: CRISIL Rates INR20MM Long-Term Loan at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Canaan Marine Products (Canaan).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Packing Credit            35      CRISIL A4

   Bill Discounting          65      CRISIL A4
   under Letter of Credit

   Long-Term Loan            20      CRISIL B+/Stable

The ratings reflect Canaan's susceptibility to volatility in raw
material prices and to fluctuations in the value of the Indian
rupee; and its below-average financial risk profile, marked by a
high total outside liabilities to tangible net worth ratio and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of Canaan's promoters
in the marine seafood industry.

Outlook: Stable

CRISIL believes that Canaan will continue to benefit over the
medium term from its promoters' experience in the marine seafood
industry. The outlook may be revised to 'Positive' if the firm
reports higher-than-expected cash accruals, while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' in case Canaan reports deterioration in its cash
accruals, or in case of large debt-funded capital expenditure
plans, or if its working capital management weakens, resulting in
deterioration in its financial risk profile.

Canaan, set up in 2003, exports frozen marine shrimps. The firm is
promoted by Mr. V D Joy and Mr. Anthony Bastian.

For 2012-13 (refers to financial year, April 1 to March 31),
Canaan reported, on a provisional basis, a profit after tax (PAT)
of INR6.7 million on net sales of INR269.1 million; the firm
reported a PAT of INR4.8 million on net sales of INR237.9 million
for 2011-12.


CHILLAMCHERLA AGROTECH: CRISIL Puts 'B-' Ratings on INR180M Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Chillamcherla Agrotech Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            100      CRISIL B-/Stable (Assigned)
   Long-Term Loan          80      CRISIL B-/Stable (Assigned)

The rating reflects CAPL's weak financial risk profile, marked by
high gearing, and its exposure to risks related to project
implementation and to intense competition in the rice milling
industry. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters.

Outlook: Stable

CRISIL believes that CAPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company commences its
operations as per schedule and thereafter scales up its
operations, leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
CAPL undertakes aggressive debt-funded expansions, or if its
revenues and profitability decline substantially, leading to
weakening of its financial risk profile.

CAPL was promoted by Mr. Prakash Naidu and his family in 2011. The
company is currently setting up a fully integrated modern rice
mill in Warangal district (Andhra Pradesh). The mill is expected
to commence commercial operations from October 2013.


DIANA HEIGHTS: CRISIL Rates INR90MM Term Loan at 'D'
----------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facility of
Diana Heights. The rating reflects instances of delay by Diana
Heights in servicing its debt, due to weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 90      CRISIL D

Diana Heights also has exposure to cyclical demand inherent to the
hospitality sector, and is in the nascent stage of operations.
However, the firm benefits from the extensive experience of its
promoters in the hospitality sector.

Diana Heights was established as Diana Tourist Home in Athani
(Kerala), in 2010. The firm was renamed as Diana Heights on April
1, 2012. Diana Heights is promoted by Kerala-based Mr. Jose G.
Mathew and his family. The firm commenced operations in April
2010, as a restaurant-bar in Athani (Kerala). In September 2013,
the firm's 43-room hotel began commercial operations.

For 2011-12 (refers to financial year, April 1 to March 31), Diana
Heights reported a profit after tax (PAT) of INR0.40 million on
net sales of INR35.14 million, and a PAT of
INR0.45 million on net sales of INR35.97 million for 2010-11.


GURU KIRPA: CRISIL Reaffirms 'D' Ratings on INR160MM Loans
----------------------------------------------------------
CRISIL's rating on the bank facilities of Guru Kirpa Foods Pvt Ltd
(GKFPL; part of the Guru Kirpa group) reflects recent instances of
overdrawals in the cash credit account by GKFPL extending for more
than 30 days; the overdrawals have been caused by the Guru Kirpa
group's weak liquidity.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan              8       CRISIL D (Reaffirmed)
   Cash Credit          140       CRISIL D (Reaffirmed)
   Proposed Term Loan    12       CRISIL D (Reaffirmed)

Furthermore, the rating indicates the Guru Kirpa group's weak
financial risk profile, marked by high gearing and weak debt
protection metrics and working-capital-intensive operations. The
rating also reflects small scale of operations in the intensely
competitive basmati rice market, and susceptibility to volatility
in raw material prices and to erratic rainfall. These weaknesses
are partly offset by the Guru Kirpa group's promoters' extensive
experience in the rice industry.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of GKFPL and its group company, Surya
Industries (SI), together referred to as the Guru Kirpa group.
This is because both the entities are in the same line of
business, and are owned and managed by the same promoters.
Furthermore, there are operational linkages between these
entities.

Update

The Guru Kirpa group's operations are expected to remain small; it
is expected to report an operating income of INR1.6 billion to
INR1.7 billion in 2013-14 (refers to financial year, April 1 to
March 31) as against an operating income of around INR1.4 billion
in 2012-13. The group reported an above-average year-on-year
growth in revenues of nearly 50 per cent in 2012-13 driven by high
prices. Because of limited value addition in the rice processing
business, the group's operating margin has been constrained at
around 6 per cent in 2012-13. CRISIL believes that the group's
operating margin will remain at similar levels over the medium
term. The group's financial risk profile has been weak, marked by
high gearing and weak debt protection metrics. CRISIL believes
that the group's financial risk profile will remain weak over the
medium term owing to weak margins and absence of significant
capital infusion. It has stretched liquidity, marked by large
working capital requirements. This is reflected in high
utilisation of its bank lines at an average 102 per cent for 16
months from April 2012 to July 2013. CRISIL believes the Guru
Kirpa group's liquidity to remain stretched over the medium term
due to large working capital requirements.

The Guru Kirpa group is into hulling and milling of paddy and
processing of basmati rice. GKFPL was incorporated in 2000 by Mr.
Subhash Chander at Vill Ghubaya in Jalalabad (Punjab). SI, a
partnership firm, established in 2000 by a group of locals in
Jalalabad, was acquired by the Guru Kirpa group in 2009.

The Guru Kirpa group, on a consolidated basis, reported a profit
after tax (PAT) of INR3.8 million on net sales of INR1400 million
for 2012-13, against a PAT of INR5.4 million on net sales of
INR900 million for 2011-12.


HINDUSTAN HARDWARES: CRISIL Suspends Ratings on Various Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Hindustan Hardwares.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            25      CRISIL A4+ Suspended

   Cash Credit              290      CRISIL BB/Stable Suspended

   Long-Term Loan            74.3    CRISIL BB/Stable Suspended

The suspension of ratings is on account of non-cooperation by HH
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HH is yet to
provide adequate information to enable CRISIL to assess HH's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Set up as a partnership firm in 1979, HH trades in steel products
of various dimensions, which are primarily used in the
construction industry. The firm is an authorised dealer in
products of Steel Authority of India Ltd and Rashtriya Ispat Nigam
Ltd (rated 'CRISIL AA/Stable/CRISIL A1+' by CRISIL). The day-to-
day operations of the firm are managed by the promoter-partner,
Mr. D Natarajan


HINDUSTAN TEXTILES: CRISIL Suspends 'BB' Long-Term Loan Rating
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Hindustan Textiles.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              140      CRISIL BB/Stable Suspended

   Long-Term Loan            10      CRISIL BB/Stable Suspended

The suspension of ratings is on account of non-cooperation by HT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HT is yet to
provide adequate information to enable CRISIL to assess HT's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Established in 1977 as a partnership firm, HT manufactures cotton
yarn. The firm has two units with a combined capacity of around
30,000 spindles. HT primarily manufactures 40s-count hosiery yarn,
which is used in knitting vests, socks, and made-ups. 70 per cent
of the firm's revenues come from sales to knitters and traders
based in Kolkata, with the remainder coming from exports to
Europe. Currently, HT's day-to-day operations are managed by its
partner, Mrs. Shanthi Selvarajan.


H. P. MADHUKAR: CRISIL Assigns 'BB-' Rating to INR65MM Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of H. P. Madhukar, and has assigned its 'CRISIL BB-
/Stable/CRISIL A4+' ratings to these facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           47.5     CRISIL A4+ (Assigned;
                                     Suspension Revoked)

   Overdraft Facility       65.0     CRISIL BB-/Stable (Assigned;
                                     Suspension Revoked)

The ratings had been suspended by CRISIL as per its rating
rationale dated October 05, 2010, as HPM had not provided the
necessary information required for reviewing the ratings. HPM has
now shared the requisite information, thereby enabling CRISIL to
assign ratings to the bank facilities.


The ratings reflect HPM's healthy financial risk profile, marked
by healthy gearing; and the benefits that the firm derives from
the extensive experience of its promoter in the civil construction
sector. These rating strengths are partially offset by HPM's
modest scale of operations in a highly competitive civil
construction segment, geographical concentration in its revenue
profile, and its susceptibility to government regulations.

Outlook: Stable

CRISIL believes that HPM will benefit over the medium term from
the extensive industry experience of its promoter. The outlook may
be revised to 'Positive' if HPM improves its scale of operations
and profitability on a sustained basis, while maintaining its
healthy capital structure. Conversely, the outlook may be revised
to 'Negative' in case its financial risk profile weakens owing to
reduced revenues and margins, or if the firm undertakes a large
debt-funded capital expenditure programme, or if there is a delay
in receipt of bills from various principal contractors.

Established in 1998 by Mr. H P Madhukar, HPM is a proprietorship
concern that undertakes civil construction contracts in water
supply and road construction for various government agencies in
Karnataka.

For 2012-13 (refers to financial year, April 1 to March 31), HPM
reported, on a provisional basis, a profit after tax (PAT) of
INR18 million on net sales of INR486 million; the firm reported a
PAT of INR8 million on net sales of INR252 million for 2011-12.


INDRA POWER: CRISIL Assigns 'B+' Ratings to INR240MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Indra Power Gen. Pvt. Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                129.5    CRISIL B+/Stable

   Cash Credit               40.0    CRISIL B+/Stable

   Proposed Long-Term        70.5    CRISIL B+/Stable
   Bank Loan Facility

The rating reflects IPGPL's small scale & working capital
intensive operations and below average financial risk profile.
These rating weaknesses are partially offset by the company's
power purchase agreement with Chhattisgarh State Power
Distribution Company Ltd (CSPDCL), which provides revenue
visibility over the medium term.

Outlook: Stable

CRISIL believes that IPGPL will continue to benefit from its long-
term offtake agreement with CSPDCL. The outlook may be revised to
'Positive' if the company increases its revenues and
profitability, most likely by increasing its plant load factor,
thus improving its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of a decline in IPGPL's
revenues and margins, or delays in payments by its customer,
impacting its financial risk profile, especially its liquidity.

IPGPL, formerly Arora Infrastructure Development Company Pvt Ltd,
was incorporated in 2002. The company was established by Mr.
Jagjeet Singh Arora and was engaged in civil construction until
2007 when its name was changed to IPGPL. IPGPL operates a biomass
power plant with an installed capacity of 10 megawatts (MW)
located at Surajpur (Chhattisgarh). The plant started commercial
operations in 2009 and it currently supplies power to CSPDCL.


INDUSVALLEY EXPORT: CRISIL Assigns 'B' Ratings to INR11MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Indusvalley Export & Import Pvt Ltd (IEIPL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              7.5      CRISIL B/ Stable

   Export Packing Credit   46.0      CRISIL A4

   Foreign Bills           44.0      CRISIL A4
   Discounting

   Proposed Long-Term       3.5      CRISIL B/ Stable
   Bank Loan Facility

The ratings reflect IEIPL's modest scale of operations in the
fragmented leather industry, and average financial risk profile,
marked by moderately high gearing, small net worth, and average
debt-protection metrics. These rating weaknesses are partially
offset by the extensive experience of IEIPL's promoters in the
leather industry.

Outlook: Stable

CRISIL believes that IEIPL will continue to benefit from the
extensive experience of its promoters' in the leather industry.
The outlook may be revised to 'Positive' in case of sustained
improvement in the company's financial risk profile due to higher-
than-expected increase in its scale of operations along with
improvement in profitability and efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of further deterioration in IEIPL's financial risk
profile, particularly liquidity, due to lower than expected cash
accruals, higher than expected working capital requirements or any
large debt-funded capital expenditure.

IEIPL, based in Kolkata (West Bengal) was established in 2009 by
Mr. Amitavo Sengupta and his wife, Mrs. Mahua Sengupta. The
company sells industrial leather gloves, wallets as well as silk
and jute products.

IEIPL, on provisional basis, reported profit after tax (PAT) of
INR3.1 million on net sales of INR185 million for 2012-13, and
reported PAT of INR1.9 million on net sales of INR169.8 million
for 2011-12.


JAWAHAR SAW: CRISIL Suspends 'BB-' Ratings on INR540MM Loans
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities Jawahar Saw
Mills Pvt Ltd.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          480      CRISIL BB-/Stable Suspended

   Proposed Long-Term     3.5    CRISIL BB-/Stable Suspended
   Bank Loan Facility

   Term Loan             56.5    CRISIL BB-/Stable Suspended

The suspension of ratings is on account of non-cooperation by JSM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JSM is yet to
provide adequate information to enable CRISIL to assess JSM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

CRISIL has combined the financial risk profiles of JSM and
Satramdas and Company, collectively referred to as the Jawahar
group. This is because both entities are managed by the same
promoter family, are in the same business, trade similar products,
and have operational linkages. Moreover, there have been instances
of inter-company sales and purchase transactions and financial
support between these entities so as to meet their respective
short-term funding requirements.

The Jawahar group reported a profit after tax (PAT) of INR 13
million on net sales of INR775 million for 2009-10, as against a
PAT of INR 10 million on net sales of INR 658 million for 2008-09.


KAMAL COACH: CRISIL Assigns 'BB-' Ratings to INR60MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Kamal Coach Works Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Bank           50.0     CRISIL BB-/Stable
   Facility

   Bank guarantee          160.0     CRISIL A4+

   Cash credit              10.0     CRISIL BB-/Stable

The ratings reflect the extensive industry experience of KCWPL's
promoters, and the company's moderate debt protection metrics.
These rating strengths are partially offset by KCWPL's modest
scale of operations, and slowdown in demand for commercial
vehicles and the tender-based nature of the company's operations
resulting in volatility in its revenues.

Outlook: Stable

CRISIL believes that KCWPL will continue to benefit from its
established market presence, and the extensive industry experience
of its promoters, over the medium term. The outlook may be revised
to 'Positive' if the company registers larger-than-expected
revenue growth, while it sustains its profitability and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if KCWPL records sharp decline in its revenues and
profitability, or lengthening of its working capital cycle, or if
it undertakes a large, debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile.

KCWPL, based in Jaipur (Rajasthan), was incorporated in 1936. The
company is part of the Jaipur-based Kamal and Company group, which
has been in the coach building business since 1948. KCWPL mainly
operates through two divisions: building coaches for large
vehicles, and machine building. The company has four manufacturing
units near Jaipur (Rajasthan). Mr. Abhishek Kasliwal oversees the
company's operations.

KCWPL, on a provisional basis, reported a profit after tax (PAT)
of INR4.2 million on net sales of INR181.1 million for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR13.2 million on net sales of INR484.7 million for 2011-12.


KUNDAN RICE: CRISIL Suspends 'BB-' Rating on INR150MM Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kundan Rice Mills Limited.

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

   Letter of Credit         500      CRISIL A4+ Suspended

The suspension of ratings is on account of non-cooperation by KRML
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KRML is yet to
provide adequate information to enable CRISIL to assess KRML's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

KRML is owned and managed by Mr. Pradeep Garg. It was set up in
1971 as a partnership firm by Mr. Garg's father. The firm was
reconstituted as a company with its current name in 1994-95
(refers to financial year, April 1 to March 31). It started
operations by milling non-basmati and basmati rice in 1971;
however, after Mr. Pradeep Garg joined the business in the early
1980s, KRML began trading in various commodities, including
chemicals. Currently, KRML has four businesses: importing
chemicals and selling them in the domestic market; importing and
exporting cut and polished diamonds; importing gold and selling to
local traders; and processing and exporting basmati and non-
basmati rice. The full retention of earnings over this long
vintage has resulted in comfortable net worth of around INR620
million as on March 31, 2010.


MAA TARA: CRISIL Assigns 'BB-' Ratings to INR80MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank loan facilities of Maa Tara Rice Mill (MTRM).

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

   Proposed Long-Term       30       CRISIL BB-/Stable
   Bank Loan Facility

The rating reflects the extensive experience of MTRM's promoters
in the rice processing industry and its established relationships
with government bodies, ensuring assured offtake and high revenue
visibility over the medium term. These rating strengths are
partially offset by the firm's weak capital structure,
constraining its overall financial risk profile, and its small
scale of operations in the fragmented rice milling industry.

Outlook: Stable

CRISIL believes that MTRM will continue to benefit over the medium
term from the extensive experience of MTRM's promoters in the rice
processing industry. The outlook may be revised to 'Positive' in
case of a substantial increase in the firm's scale of operations,
an improvement in its working capital management, or infusion of
equity by its promoters, leading to a significantly better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if MTRM's accruals are lower than expected, its working
capital cycle is stretched, or it undertakes a larger-than-
expected debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile, particularly its
liquidity.

MTRM was established in 1997 as a partnership firm. It is engaged
in milling of non-basmati parboiled rice at its facility in Budge
Budge (West Bengal). MTRM's day-to-day operations are looked after
by its partners, Mr. Chandrajeet Shaw, Mr. Aditya Kumar Shaw and
Mrs. Radhika Shaw.


MEGACITY APARTMENTS: CRISIL Rates INR340MM LT Loan at 'BB-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of Megacity Apartments Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan            340     CRISIL BB-/Stable

The rating reflects susceptibility of Megacity's cash flows to
inflows from existing receivables, future bookings, timely
completion of its project, and to cyclicality in the real estate
industry. These rating weaknesses are partially offset by the
extensive experience of Megacity's promoters in the real estate
industry, and by the moderately attractive location of the
project.

Outlook: Stable

CRISIL believes that Megacity will continue to benefit over the
medium term from the extensive experience of its promoters in the
real estate business. The outlook may be revised to 'Positive' if
Megacity achieves higher than expected bookings, thereby
strengthening its financial flexibility and cash flows.
Consequently, the outlook may be revised to 'Negative' if delays
or cost overruns in the project, or low offtake of units weakens
Megacity's liquidity and financial flexibility.


NATIONAL SPOT: Faces Shutdown as Tax Department Starts Probe
------------------------------------------------------------
Anirudh Laskar and Khushboo Narayan at livemint.com report that
National Spot Exchange Ltd (NSEL), may be shut down if the income-
tax department, which is looking into the source of funds traded
on the spot exchange, finds anything "adverse", a government
official directly involved in the matter, said.

NSEL, which suspended trading in most contracts on July 31,
thereby triggering a settlement crisis, is being investigated by
several government agencies, says livemint.com.

"The I-T (income-tax) probe is on. It will take time. The probe
involves scrutiny on possible cases of hiding incomes by NSEL-
related entities. An action by Enforcement Directorate (ED) is
also awaited. In the worst case scenario, NSEL could be shut
down," the official, who asked not to be identified, told
livemint.com.

According to the report, a senior tax department official in
Mumbai said that notices had been issued to all 13,000-odd
investors on NSEL and the 148 brokers through whom they traded,
asking them to reveal the source of funds used.

"The main aim of the probe is to find out the quantum of
unaccounted money in the dealings. One thing is clear- the brokers
were aware of the problem much before the suspension of trading,"
added the tax official, expressing surprise at the quantum of the
brokers' exposure despite this knowledge, livemint.com reports.

livemint.com relates that the tax department official said the
investors have been given 15 days to respond to the notice by the
tax authorities but preliminary findings suggested that 90% of the
investors, who took exposure to NSEL trades, did not have
permanent account numbers, or PAN.

On October 1, Mumbai police's economic offences wing (EOW) froze
bank accounts of NSEL and its former managing director and CEO
Anjani Sinha, a day after conducting searches at more than 50
locations in connection with the INR5,600 crore payment crisis at
the exchange, livemint.com reports.

According to the report, NSEL's parent Financial Technologies
(India) Ltd said in a statement that the frozen accounts included
those pertaining to settlement of dues owed to investors,
explaining that this was why the exchange couldn't meet its payout
obligations.

The payment was NSEL's seventh in a scheduled repayment plan put
forth by the exchange itself. The exchange has defaulted on all
previous payments, the report notes.

National Spot Exchange is a Commodities exchange in India.
FTIL, promoted by Jignesh Shah, controls 99.99% of NSEL.


POWERWIND LTD: CRISIL Assigns 'C' Ratings to INR1.10BB Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Powerwind Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                520      CRISIL C

   Cash Credit              580      CRISIL C

   Letter of credit &      1400      CRISIL A4
   Bank Guarantee

The ratings reflect Powerwind's constrained liquidity, driven by
the initial stage of its operations, and unsteady cash flows. The
rating also reflects the susceptibility of the company's
operations to the regulatory environment, and risks related to
funding and stabilization of capacities of newly acquired Germany-
based wind Energy Company, PowerWind gmbH. These rating weaknesses
are partially offset by Powerwind's confirmed order book, and
technological tie-ups.

Powerwind was established as Chettinad Energy Pvt Ltd, in 2004.
The company was renamed as RK Wind Pvt Ltd in 2008-09 (refers to
financial year, April 1 to March 31). CEPL was a closely-held
public limited company, set up to manufacture wind turbine blades,
and assemble wind turbine generators. During 2009-10, the company
was reconstituted as a closely held public limited company, and
was renamed RKWind Ltd. RKWind acquired the materials and
intellectual property (IP) rights of PowerWind gmbH in 2012-13,
and was subsequently renamed as Powerwind. The company
manufactures wind turbine blades, and assembles wind turbine
generators at its plant in Bawal (Haryana).

Powerwind is a part of the New Delhi based RS India group, which
has diverse business interests such as real estate,
infrastructure, and wind energy; wind energy is one of the group's
key business divisions. The RS India group is promoted by Mr.
Rajkumar Yadav, who also manages the company along with a team of
professionals. In 2008, the holding entity of the group, RS India
Infra Power Ltd. entered into an agreement with PTC India Ltd to
develop wind energy projects of 1000 megawatts (MW) by 2015.


PRAYASH STEEL: CRISIL Suspends 'BB-' Ratings on INR90MM Loans
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Prayash
Steel.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL BB-/Stable Suspended

   Long-Term Loan            27.5    CRISIL BB-/Stable Suspended

   Proposed Long-Term        12.5    CRISIL BB-/Stable Suspended
   Bank Loan Facility

The suspension of ratings is on account of non-cooperation by PSL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PSL is yet to
provide adequate information to enable CRISIL to assess PSL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

PSL, set up in 2006 by Mr. Suresh Agrawal, manufactures mild steel
ingots, which are used by manufacturers of structural steel and
thermo-mechanically treated bars. Its manufacturing facility at
Raipur (Chhattisgarh) has a capacity of 30,000 tonnes per annum.
Most of its products are sold to local traders and manufacturers
based in Chhattisgarh.


PUNJAB SIND: CRISIL Assigns 'BB-' Ratings to INR200MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Punjab Sind Dairy Products Private
Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                80.1     CRISIL BB-/Stable

   Cash Credit              28.0     CRISIL BB-/Stable

   Proposed Long-Term       91.9     CRISIL BB-/Stable
   Bank Loan Facility

The rating reflects PSDPL's established brand name and extensive
experience of its promoters in the dairy industry. These rating
strengths are, however, partially offset by PSDPL's modest scale
of operations coupled with its exposure to increasing competition
in the dairy products industry.

Outlook: Stable

CRISIL believes that PSDPL will continue to benefit from its
promoters extensive industry experience and its established brand
name over the medium term. The outlook may be revised to
'Positive' in case PSDPL is able to exhibit a significant and
sustainable increase in its revenues and margins, while
maintaining its capital structure and working capital cycle.
Conversely, the outlook may be revised to 'Negative' if PSDPL
undertakes any larger-than-expected debt-funded capex, or if the
company faces significant pressure on its revenues and
profitability leading to lower cash accruals, thereby constraining
its financial flexibility and capital structure.

Punjab Sind Dairy Products Pvt Ltd (PSDPL), incorporated in 2005,
is engaged in manufacturing of various dairy products under the
brand names 'Punjab Sind' and 'Panjabi Dairy'. Its registered
office is situated at Mumbai (Maharashtra) and its day-to-day
operations are managed by Mr. Jaswinder Singh Bajaj along with
support from other functional professionals.


RAMAKRISHNA TELETRONICS: CRISIL Rates INR160MM Loan at 'B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Ramakrishna Teletronics Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       160      CRISIL B/Stable

The rating reflects RTPL's weak financial risk profile, marked by
a weak interest coverage ratio and a high total outside
liabilities to tangible net worth ratio. The ratings also factor
in RTPL's exposure to intense competition in the fragmented
electronics retail segment. These rating weaknesses are partially
offset by the extensive industry experience of RTPL's promoters.

Outlook: Stable

CRISIL believes that RTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company increases its
scale of operations and profitability significantly, or in case of
a large equity infusion, resulting in improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if RTPL's working capital requirements are larger than expected,
or if it undertakes a large debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile.

Incorporated in 2008, RTPL is engaged in distribution and
retailing of electronic products. The Hyderabad (Andhra Pradesh)-
based company is promoted by Mr. V Ravi Kumar and his family.

RTPL, on a provisional basis, reported a profit after tax (PAT) of
INR3.1 million on net sales of INR1043 million for 2012-13 (refers
to financial year, April 1 to March 31); it had reported a PAT of
INR2.6 million on net sales of INR959 million for 2011-12.


RAVIRAJ FOILS: CRISIL Raises Rating on INR60MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Raviraj Foils Limited to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable' while reaffirming the short term ratings at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            35      CRISIL A4 (Reaffirmed)

   Cash Credit               60      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit         12.5     CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that the RFL's
financial risk profile will remain comfortable over the medium
term, marked by strengthening of its networth, low gearing coupled
with strong debt protection metrics and improved liquidity. In
year 2012-13 (refers April 1st to March 31st), RFL's statutory
dues were cleared thereby mitigating the risk of sudden cash
outflow due to contingent interest and penalty liability and as
per the restructuring scheme, the company's interest and penalty
amounting to INR103 million was waived off and reclassified from
long term provisions to shareholders equity thereby increasing the
networth. In addition, the promoter funding (around INR70 million
in the form of unsecured loans and preference share capital) were
converted to common equity thus increasing the networth
significantly in the same year. Going forward, the gearing is
expected to remain close to 0.4 times on account of further
capital infusion to the tune of INR30 million to support the
company's requirements including the future capex plans. In the
current year 2013-14 the company is expected to undertake ~INR40
million capex which is spread across two years ended as on March
2015. The capex is funded through internal accruals inclusive of
equity infusion to install in-house printing facilities. Apart
from the capex, the company invested ~Rs.80 million newly formed
group company "Anant Aluminex Pvt Ltd" funded through internal
accruals. Any change in support or additional cash outflow towards
new company would pressurize RFL's liquidity and would be a rating
sensitivity factor. Also, the RFL's business risk profile
continues to be constrained because of moderation in sales growth
and deterioration of its operating margins reflecting impact of
challenging economic environment on the demand of its product.

The ratings continue to reflect its moderate size of operations
and high product concentration. These weaknesses are partially
offset by extensive industry experience of RFL's promoters and its
average financial risk profile marked by low gearing led by strong
networth and robust debt protection metrics.

Outlook: Stable

CRISIL believes that RFL will benefit over the medium term from
its improved financial risk profile. The outlook may be revised to
'Positive' in case of significant improvement in profitability and
scale of operations. Conversely, the outlook may be revised to
'Negative' in case of deterioration in financial risk profile
because of large debt-funded capital expenditure and/or increase
in investments in its affiliates and/or any decline in its debt
protection metrics due to deterioration in its profitability.

For 2012-13, RFL is estimated to report a profit after tax (PAT)
of INR143.4 million on sales of INR1.27 billion, against a PAT of
INR136.7 million on net sales of INR1.18 billion for 2011-12.

Incorporated in 1997, RFL manufactures aluminum foils used for
packaging in the pharmaceutical and food processing industries.
The company's plant is located in Ahmedabad (Gujarat).


REGENCY HOSPITAL: CRISIL Ups Ratings on INR437.5MM Loans to 'BB+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Regency Hospital Ltd to 'CRISIL BB+/Stable' from 'CRISIL
BB/Stable' and has reaffirmed its rating on the company's short-
term facilities at 'CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)  Ratings
   ----------         ---------  -------
   Bank Guarantee        7.5     CRISIL A4+ (Reaffirmed)

   Cash Credit         110.0     CRISIL BB+/Stable (Upgraded from
                                 'CRISIL BB/Stable')

   Proposed Long-Term   88.0     CRISIL BB+/Stable (Upgraded from
   Bank Loan Facility            'CRISIL BB/Stable')

   Term Loan           239.5     CRISIL BB+/Stable (Upgraded from
                                 'CRISIL BB/Stable')

The rating upgrade reflects RHL's better-than-expected financial
risk profile backed by lower than expected fund outflow towards
the capital expenditure (capex) being undertaken in the joint
venture (JV). RHL's gearing stood at 2.29 times as on March 31,
2013; this is expected to improve to 1.5 to 1.7 times over the
medium term backed by the large accretion to reserves and absence
of any further debt funded capex. Earlier, CRISIL had expected
deterioration in gearing to below 2.5 times on account of high
debt-funded capex and additional cash outflow to the JV to fund
its operations. However, the debt-funded capex has been completed
with an outlay of INR400 million funded through a debt of INR300
million. Moreover, there is no additional outflow expected from
RHL to the JV for next three years, thereby supporting RHL's
liquidity. CRISIL believes that RHL's financial risk profile will
continue to improve over the medium term; however, any support to
JV by RHL will remain a key sensitivity factor. RHL is setting up
a super-speciality healthcare facility in partnership with
Healthcare Global Enterprises Ltd (HCG) with a total project size
of INR640 million being funded in a debt-to-equity ratio of 3:1.

The upgrade also reflects improvement in the business profile of
the company driven by the stabilisation of the newly set-up
facilities. The company's revenues grew to INR750 million during
2012-13 from INR571 million during the previous year driven by the
operationalisation of the newly set-up nefrology centre and new
ICUs in the existing hospital. RHL's operating profitability has
been healthy in the range of 18.5 to 20.0 per cent over the past
three years ended 2012-13.

The ratings also continue to reflect RHL's established business
position supported by its status as the only corporate hospital in
Kanpur, benefits expected from the strong business prospects for
the healthcare sector, and its adequate debt protection metrics.
These rating strengths are partially offset by RHL's modest scale
of operations, and geographically concentrated revenue profile.

Outlook: Stable

CRISIL believes that RHL's business risk profile will improve over
the medium term, with increasing utilisation of its enhanced
capacities resulting in higher sales and cash accruals. Also, the
company's financial risk profile is expected to improve in the
absence of any debt-funded capex plan and minimal fund outflow
towards the JV for funding its capex. The rating outlook may be
revised to 'Positive' if there is sustained increase in RHL's
scale of operations and margins, leading to better-than-expected
cash generation, and the company continues to prudently funds its
capex under the JV, thereby alleviating any pressure on its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if RHL's profitability declines significantly, or it
undertakes a larger-than-expected debt-funded capex programme
leading to deterioration in its gearing and debt protection
metrics or in case of larger than expected cash outflow towards
the capex being undertaken in the JV.

RHL was incorporated as a private limited company in 1987 and was
reconstituted as a public limited company in 1992. The company
operates the multi-specialty Regency Hospital, which commenced
commercial operations in 1995 in Kanpur. The promoters of the
company, Dr. Atul Kapoor and his wife, Dr. Rashmi Kapoor, are
established medical professionals who have been practising for
more than 25 years.

RHL reported a profit after tax (PAT) of INR32.9 million on net
sales of INR742.9 million for 2012-13, against a PAT of INR26.3
million on net sales of INR571.0 million for 2011-12.


ROYAL KNITTING: CRISIL Assigns 'B+' Ratings to INR100MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Royal Knitting Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               75      CRISIL B+/Stable

   Term Loan                 25      CRISIL B+/Stable

The rating reflects RKPL's modest scale of operations in the
highly fragmented textile industry, and working capital intensive
operations. The rating also factors expected deterioration in
RKPL's financial risk over the medium on account of large debt
funded capital expenditure (capex) plans. These rating weaknesses
are partially offset by the benefits that RKPL derives from the
extensive experience of its promoters in the textile industry and
funding support provided by them.

For arriving at its rating, CRISIL has treated unsecured loans of
INR22.9 million extended to RKPL by its promoters and their group
concerns as neither debt nor equity. This is because RKPL's
management has shared an undertaking with CRISIL stating that
these loans will not be withdrawn from the business over the
medium term.

Outlook: Stable

CRISIL believes that the RKPL's will continue to benefit from the
extensive experience of its promoters in the textile industry. The
outlook may be revised to 'Positive' if RKPL scales up its
operations significantly while maintaining its profitability,
thereby improving its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the profitability declines
or the capital structure deteriorates due to larger than expected
working capital requirements or larger than expected capex.

RKPL is promoted by Shah and Motasha families as a private limited
company in 1988. RKPL manufactures knitted fabrics which are used
as lining material. It has a manufacturing facility in Halol,
Baroda (Gujarat).


SAN AUTOMOTIVE: CRISIL Reaffirms 'BB' Ratings on INR85MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4+' rating to the short-term bank
loan facilities of SAN Automotive Industries Pvt Ltd, while
reaffirming its rating on the company's long-term facilities at
'CRISIL BB/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            45      CRISIL BB/Stable (Reaffirmed)

   Letter of Credit       15      CRISIL A4+ (Reassigned)

   Term Loan              40      CRISIL BB/Stable (Reaffirmed)

The ratings reflect SAN's established and diversified clientele,
and its moderate gearing and debt protection metrics. These rating
strengths are partially offset by SAN's small net worth, its
susceptibility to volatility in raw material prices, and its
working capital intensive and small scale of operations in the
highly fragmented sheet metal components industry.

Outlook: Stable

CRISIL believes that SAN's business risk profile will continue to
benefit over the medium term from its established and diversified
clientele. The outlook may be revised to 'Positive' if SAN scales
up its operations significantly, or prudently manages its
incremental working capital requirements, while maintaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' if the company reports lower-than-
expected revenues or profitability, leading to a decline in its
cash accruals, or has larger-than-expected debt-funded capital
expenditure, and/or if its working capital management deteriorates
significantly, weakening its liquidity.

SAN was established in 2002 by the Gumber family. Mr. Avinash
Chander Gumber is the chairperson and Mr. Dinesh Gumber is the
director. SAN manufactures sheet metal and foam components that
are used in the consumer durables, telecommunication, and
automobile industries. The company has manufacturing facilities at
Faridabad (Haryana) and its operations are ISO 14001:2004/TS
16949:2002 certified.

SAN, on a provisional basis, reported a profit after tax (PAT) of
about INR6.7 million on net sales of INR409.1 million for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR1.4 million on net sales of INR393.8 million for 2011-12.


SNEHAL ENTERPRISES: CRISIL Rates INR70MM Cash Credit at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Snehal Enterprises (SE).

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

The rating reflects the firm's weak financial risk profile, marked
by weak capital structure and working-capital-intensive
operations. The weaknesses are partially offset by the experience
of the promoters in the rice industry.

Outlook: Stable

CRISIL believes that SE will maintain its credit risk profile,
though constrained by its weak financial risk profile, owing to
the experience of the promoters in the rice industry. The outlook
may be revised to 'Positive' with increase in the scale of
operations with effective working capital management or in case of
fund infusion by the promoters to support the capital structure.
The outlook may be revised to 'Negative' in case of further
deterioration in working capital management leading to weaker
business risk profile or in case of lower than expected
profitability.

Set up in 2007, SE is a HUF, owned and managed by Mr. Nitin Jain.
The firm is engaged in the trading of various agricultural
commodities that include rice, paddy, and bardana in the local
market of Punjab and Delhi. The firm is based in Amritsar
(Punjab).


SOLAMALAI AUTOMOBILES: CRISIL Puts 'B+' Ratings on INR200MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Solamalai Automobiles Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                30       CRISIL B+/Stable (Assigned)

   Proposed Long-Term       30       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Cash Credit              70       CRISIL B+/Stable (Assigned)

   Inventory Funding        70       CRISIL B+/Stable (Assigned)
   Facility

The rating reflects SAPL's exposure to intense competition in the
automobile dealership business and weak financial risk profile,
marked by small net worth, high external indebtedness, and subdued
debt protection metrics. These rating weaknesses are partially
offset by SAPL's extensive experience in automobile dealership
sector and established market position as an auto dealer of Maruti
Suzuki India Limited.

Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the medium
term from the extensive experience of its promoter and established
position in automobile dealership market in Tamil Nadu. The
outlook may be revised to 'Positive' if the company records
better-than-expected growth in its revenues and profitability,
while improving its capital structure and debt protection metrics.
The outlook may be revised to 'Negative' in case SAPL registers a
sharp decline in its revenue growth and profitability, or in case
its capital structure weakens further, due to debt funded capital
expenditure or stretch in working capital cycle.

SAPL was incorporated in 2003 by Mr. K. Mani, Mr. Karthikeyan and
Mr. K. Vikrant. It is engaged in the dealership of MSIL's
passenger cars in Tamil Nadu. The company has three showrooms and
service centres in and around Madurai in Tamil Nadu. The company
is setting up its fourth showroom and service centre in Madurai.

SAPL reported a profit after tax (PAT) of INR24.2 million on net
sales of INR 847.8 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR 2.0 million on net
sales of INR684.5 million for 2011-12.


SONU EXIM: CRISIL Reaffirms 'BB+' Rating on INR40MM Bank Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sonu Exim Pvt Ltd
(SEPL, formerly Sonu Exim) continues to reflect its promoter's
extensive experience in the ready-made garment industry, and
established relationships with customers. The ratings also factor
in the company's moderate debt protection metrics. These rating
strengths are partially offset by the company's average capital
structure, and working capital intensive operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Packing Credit            200     CRISIL A4+ (Reaffirmed)

   Proposed Long-Term         40     CRISIL BB+/Stable
   Bank Loan Facility                (Reaffirmed)

Outlook: Stable

CRISIL believes that SEPL will benefit over the medium term from
its established clientele and its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the
company improves its customer and geographical diversity or in
case of improvement in financial risk profile on account of
improvement in capital structure most likely by infusion of
capital by promoters. Conversely, the outlook may be revised to
'Negative' if the company undertakes a large, debt-funded capital
expenditure, or if its revenues or profitability decline steeply,
leading to deterioration in its financial risk profile.

Sonu Exim Private Limited was established in 1997 as a
proprietorship firm namely Sonu Exim which was later converted
into private limited in 2013. The company manufactures and exports
high design fashion garments for women, men and kids. The company
has five manufacturing units, two at Okhla (New Delhi) and three
at Noida (Uttar Pradesh).


S & P FOUNDATION: CRISIL Rates INR250MM Long-Term Loan at 'BB'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facility of S & P Foundation Pvt Ltd (SFPL).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           250      CRISIL BB/Stable

The rating reflects the company's moderate financial risk profile,
marked by moderate gearing and comfortable debt protection
metrics, though a modest net worth; and its adequate liquidity,
driven by healthy booking for its ongoing project, S&P Living
Spaces, and timely receipt of customer advances. These rating
strengths are partially offset by SFPL's exposure to time and cost
overrun risks in its ongoing project, which is around 60 per cent
complete. The rating also factors in the company's relatively
short track record in the real estate development business, its
geographical concentration risk, and its susceptibility to
cyclicality inherent in the real estate industry in India.

Outlook: Stable

CRISIL believes that SFPL will benefit from its healthy booking
status and timely receipt of customer advances from its ongoing
project. The outlook may be revised to 'Positive' in case of
higher-than-expected cash flows because of early completion of
ongoing project, or in case of higher-than-expected sales
realisations from ongoing project, resulting in further
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' if SFPL's financial risk profile deteriorates, owing
to delays in project execution, any cost overruns in the project,
or any large debt-funded projects undertaken in the future.

Incorporated in 2004, SFPL is engaged in real estate development
in Chennai (Tamil Nadu). The company has completed three projects
till date, with total saleable area of about 1 million square feet
(sq ft). The company is currently executing one project, S&P
Living Spaces, which is an integrated township, with around 590
units and a total saleable area of about 700,000 sq ft. SFPL is
promoted by Mr. S V Shriramalu and his son, Mr. S Prabhakar. The
promoters have been in the business of land banking and
residential layouts in Chennai for over three decades.


SPI CINEMAS: CRISIL Lowers Ratings on INR1BB Loans to 'BB+'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SPI Cinemas Pvt Ltd to 'CRISIL BB+/Stable' from 'CRISIL
BBB/Stable'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Long-Term Loan         818.5     CRISIL BB+/Stable (Downgraded
                                    from 'CRISIL BBB/Stable')

   Proposed Long-Term     181.5     CRISIL BB+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BBB/Stable')

The rating downgrade reflects the deterioration in SPI's
liquidity, driven by lower-than-expected cash accruals because of
significant delays in commercialisation of its new multiplexes.
The two new multiplexes in Velachery and Vadapalani (both in
Chennai, Tamil Nadu) were slated to open in early 2013; however,
delays in completion and obtaining licenses have resulted in
commercialisation dates for these theatres being pushed to January
2014. Furthermore, these projects have had a cost overrun of
INR200 million, which has put pressure on the company's liquidity.
SPI managed the liquidity stretch through fund support from
associate entities and bank borrowings, delaying the correction of
its capital structure which was envisaged earlier. CRISIL believes
that SPI's liquidity will remain under pressure until operations
stabilise in the new multiplexes.

The ratings, however, continue to reflect SPI's established brand
image in the film exhibition business in Tamil Nadu and its
moderate financial risk profile, marked by healthy net worth and
debt protection metrics. These rating strengths are partially
offset by the company's susceptibility to project-related risks
associated with setting up its new multiplexes, and to inherent
risks in the film exhibition business.

Outlook: Stable

CRISIL believes that SPI will continue to benefit over the medium
term from its established market position and healthy operating
efficiencies in the film exhibition business in Tamil Nadu. The
outlook may be revised to 'Positive' if SPI reports a substantial
increase in its revenues, most likely driven by higher-than-
expected occupancy at its planned multiplexes, while maintaining
its profitability. Conversely, the outlook may be revised to
'Negative' if there are any further delays in commencement and
stabilisation of operations at the company's planned multiplexes,
leading to lower-than-expected cash accruals, or if it undertakes
a larger-than-expected debt-funded capital expenditure programme,
thereby weakening its capital structure.

SPI, incorporated in 1991, is part of the Samayanallur Power
Investments group. The company operates multiplexes in South India
under the Sathyam Cinemas brand.

SPI reported, on a provisional basis, a profit after tax (PAT) of
INR48.51 million on total revenue of INR1.66 billion for 2012-13
(refers to financial year, April 1 to March 31); it had reported a
PAT of INR15.07 million on total revenue of INR1.15 billion for
2011-12


SREE NEELAMPATI: CRISIL Suspends 'B-' Ratings on INR100MM Loans
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sree Neelampati Lakshmi Ammavari Cold Storage Pvt Ltd (SNCS).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              60       CRISIL B-/Stable Suspended

   Long-Term Loan           40       CRISIL B- Suspended

The suspension of ratings is on account of non-cooperation by SNCS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SNCS is yet to
provide adequate information to enable CRISIL to assess SNCS's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2005, SNCS commenced commercial operations in
April 2009. Based in Guntur, (Andhra Pradesh), SNCS is engaged in
cold storage services, primarily temperature-controlled
warehousing. SNCS has three cooling chambers with a holding
capacity of 11,200 tonnes per annum. SNCS was promoted by Mr.
Rayani Venkateswarulu and his family. SNCS's day-to-day operations
are run by Mr.Nagesh Kumar Anne who has around decade's experience
in cold storage segment.


SRI BALAJI: CRISIL Cuts Ratings on INR311.4MM Loans to 'BB'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Balaji Forest Products Pvt Ltd (SBFPL; part of the Balaji
group) to 'CRISIL BB/Stable' from 'CRISIL BB+/Stable', and has
reaffirmed its rating on the company's short-term facilities at
'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             285.9     CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

   Letter of Credit        425.0     CRISIL A4+ (Reaffirmed)

   Term Loan                25.5     CRISIL BB/Stable(Downgraded
                                     from 'CRISIL BB+/Stable')

The rating downgrade reflects the Balaji group's weak liquidity,
marked by high utilisation of bank limits and instances of
devolvement of letters of credit (LCs); these LCs were regularised
within 10 days from the date of devolvement. The group's weak
liquidity is driven by its large inventory requirements, reflected
in its inventory of 121 days as on
March 31, 2013. The large working capital requirements have
resulted in gross current assets of 150 to 170 days in 2012-13
(refers to financial year, April 1 to March 31) and high bank
limit utilisation at around 98 per cent over the nine months
through March 2013.

The ratings continue to reflect the Balaji group's large scale of
operations, its well-established marketing network, and the
extensive experience of its promoters in the timber industry.
These rating strengths are partially offset by the group's weak
liquidity, its exposure to risks related to intense competition in
a fragmented industry, and its susceptibility to adverse foreign
exchange rate movements.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SBFPL, Sri Balaji Logs Products Pvt
Ltd, Shree Ram Saw Mills Pvt Ltd, Aeon Manufacturing Pvt Ltd, and
M K Patel Exim Pvt Ltd, together referred to as the Balaji group.
This is because all these companies are under a common management,
operate in the same industry, and derive significant operational
benefits from each other. Furthermore, CRISIL has treated
unsecured loans of INR187.2 million as on March 31, 2013, extended
by the Balaji group's promoters to these companies as neither debt
nor equity. This is because these loans are subordinated to bank
debt and carry a lower interest rate than the bank rate.

Outlook: Stable

CRISIL believes that the Balaji group will continue to benefit
over the medium term from its promoters' extensive industry
experience and its large scale of operations. The outlook may be
revised to 'Positive' if there is substantial improvement in the
group's working capital management, resulting in lower reliance on
short-term bank borrowings and better liquidity. Conversely, the
outlook may be revised to 'Negative' if the Balaji group's working
capital cycle stretches further, weakening its liquidity, or if
the group reports lower-than-expected revenues or cash accruals,
or undertakes a large debt-funded capital expenditure programme,
thereby weakening its financial risk profile.

SBFPL was set up in 1997 by the Pandey family of Kolkata (West
Bengal). The Balaji group is engaged in timber trading and allied
manufacturing activities. The group's product portfolio includes
timber-related products such as plywood, veneers, wooden sleepers,
and sawn timber.


SRI MOHAN: CRISIL Suspends 'BB-' Rating on INR145MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sri Mohan
Motors.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               145     CRISIL BB-/Stable Suspended

The suspension of ratings is on account of non-cooperation by SMM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMM is yet to
provide adequate information to enable CRISIL to assess SMM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.

Set up in 2001, SMM has a dealership of M&M's passenger cars,
light commercial vehicles, and two-wheelers in Mahendragarh and
Rewari districts (both in Haryana), with a showroom-cum-workshop
in each district. The firm commenced dealership of two-wheelers in
2009-10 (refers to financial year, April 1 to March 31). SMM earns
about 97 per cent of its revenues from sales of four-wheelers; it
sells an average of 120 four-wheelers and 5 two-wheelers every
month.


SRI RAMA: CRISIL Downgrades Ratings on INR100MM Loans to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Rama Krishna Raw & Par Boiled Modern Rice Mill (SRRPR) to
'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               72.5    CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long-Term        2       CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan                11       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Working Capital          14.5     CRISIL B/Stable (Downgraded
   Demand Loan                       from 'CRISIL B+/Stable')

The downgrade reflects expected deterioration in SRRPR's financial
risk profile, particularly its liquidity, because of large
forthcoming term loan obligations vis--vis small expected
accruals. SRRPR's operations are working-capital-intensive, in
nature and a delay in realization of receivables from customers in
2012-13, (refers to financial year, April 1 to March 31)
translated into significant surge in working capital requirements.
Consequently, the firm relied heavily on its fund-based bank
limits, as reflected in its near-full utilisation of its bank
limits over the 12 months through June 2013, and contracted a
working capital demand loan (WCDL) to ease the pressure on its
liquidity. Increased reliance on fund-based facilities to meet
increased working capital requirements led to weakening in SRRPR's
gearing to 1.72 times as on March 31, 2013, from 0.7 times as on
March 31, 2012. CRISIL believes that adequate growth in SRRPR's
revenues, along with sustained profitability or infusion of long-
term funds by SRRPR's promoter, will be critical for the firm to
support the large impending term loan obligations, and thus, its
liquidity, over the medium term.

The rating continues to reflect SRRPR's below-average financial
risk profile marked by small net worth and weak debt protection
metrics, and working-capital-intensive operations. The rating also
reflects the susceptibility of the firm's operating margin to
regulatory changes and to volatility in raw material prices in the
rice industry. These rating weaknesses are partially offset by the
extensive experience of SRRPR's promoters in the rice business.

Outlook: Stable

CRISIL believes that SRRPR will continue to benefit from its
promoters' industry experience over the medium term. The outlook
may be revised to 'Positive' if SRRPR increases its revenues and
improves its profitability significantly, while maintaining a
comfortable capital structure. Conversely, the outlook may be
revised to 'Negative' if SRRPR undertakes a larger-than-expected,
debt-funded capital expenditure programme, its sales volumes and
profitability decline sharply, or if there is a significant
stretch in its working capital cycle, leading to deterioration in
its financial risk profile, especially liquidity.

SRRPR was established in 2001 as a partnership firm by Mr. N
Balaji and his family members. Based in West Godavari district of
Andhra Pradesh, the firm has rice processing capacity of 42 tonnes
per hour (tph).


SURYA INDUSTRIES: CRISIL Reaffirms 'D' Ratings on INR160MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Surya Industries (SI;
part of the Guru Kirpa group) reflects recent instances of
overdrawals in the cash credit account by SI extending for more
than 30 days; the overdrawls have been caused by the Guru Kirpa
group's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                19.8     CRISIL D (Reaffirmed)

   Cash Credit             140.0     CRISIL D (Reaffirmed)

   Bank Guarantee            0.2     CRISIL D (Reaffirmed)

Furthermore, the rating indicates the Guru Kirpa group's weak
financial risk profile, marked by high gearing and weak debt
protection metrics and working-capital-intensive operations. The
rating also reflects small scale of operations in the intensely
competitive basmati rice market, and susceptibility to volatility
in raw material prices and to erratic rainfall. These weaknesses
are partly offset by the Guru Kirpa group's promoters' extensive
experience in the rice industry.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of GKFPL and its group company, Surya
Industries (SI), together referred to as the Guru Kirpa group.
This is because both the entities are in the same line of
business, and are owned and managed by the same promoters.
Furthermore, there are operational linkages between these
entities.

Update

The Guru Kirpa group's operations are expected to remain small; it
is expected to report an operating income of INR1.6 billion to
INR1.7 billion in 2013-14 (refers to financial year, April 1 to
March 31) as against an operating income of around INR1.4 billion
in 2012-13. The group reported an above-average year-on-year
growth in revenues of nearly 50 per cent in 2012-13 driven by high
prices. Because of limited value addition in the rice processing
business, the group's operating margin has been constrained at
around 6 per cent in 2012-13. CRISIL believes that the group's
operating margin will remain at similar levels over the medium
term. The group's financial risk profile has been weak, marked by
high gearing and weak debt protection metrics. CRISIL believes
that the group's financial risk profile will remain weak over the
medium term owing to weak margins and absence of significant
capital infusion. It has stretched liquidity, marked by large
working capital requirements. This is reflected in high
utilisation of its bank lines at an average 102 per cent for 16
months from April 2012 to July 2013. CRISIL believes the Guru
Kirpa group's liquidity to remain stretched over the medium term
due to large working capital requirements.

The Guru Kirpa group is into hulling and milling of paddy and
processing of basmati rice. GKFPL was incorporated in 2000 by Mr.
Subhash Chander at Vill Ghubaya in Jalalabad (Punjab). SI, a
partnership firm, established in 2000 by a group of locals in
Jalalabad, was acquired by the Guru Kirpa group in 2009.

The Guru Kirpa group, on a consolidated basis, reported a profit
after tax (PAT) of INR3.8 million on net sales of INR1400 million
for 2012-13, against a PAT of INR5.4 million on net sales of
INR900 million for 2011-12.


UNICHEM TRADING: CRISIL Assigns 'BB' Ratings to INR200MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Unichem Trading Company (UTC).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           170      CRISIL BB/Stable

   Proposed Term Loan        30      CRISIL BB/Stable

The rating reflects UTC's stable cash flows from lease rentals,
and the advantageous location of its commercial property. These
rating strengths are partially offset by customer concentration in
UTC's revenue profile; and its below-average financial risk
profile, marked by a weak debt protection metrics.

Outlook: Stable

CRISIL believes that UTC will continue to benefit over the medium
term from its stable revenue stream. The outlook may be revised to
'Positive' if UTC significantly increases its revenues, most
likely with a sizeable increase in lease rentals. Conversely, the
outlook may be revised to 'Negative' if UTC undertakes a larger-
than-expected, debt-funded capital expenditure programme, causing
its financial risk profile to deteriorate; or in the event of
termination of the lease agreement; or if delays in receipts of
lease rentals adversely affect its cash accruals and timely debt
servicing ability.

Set up in 1992, UTC trades industrial chemicals and spices. The
firm currently derives most of its revenues from lease rentals.

UTC reported a net loss of INR0.3 million on an operating income
of INR20 million for 2011-12 (refers to financial year, April 1 to
March 31); and a net profit of INR0.3 million on operating income
of INR20 million for 2010-11.


VENKATA KRISHNA: CRISIL Reaffirms 'B+' Ratings on INR60MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Venkata Krishna
Constructions Pvt Ltd continue to reflect VKCPL's small scale of
operations and geographical concentration in its revenue profile.
The ratings also factor in the company's average financial risk
profile, marked by a small net worth and average debt protection
metric. These rating weaknesses are partially offset by the
extensive experience of VKCPL's promoter in the construction
industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          75      CRISIL A4 (Reaffirmed)

   Cash Credit             50      CRISIL B+/Stable (Reaffirmed)

   Proposed Long-Term      10      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that VKCPL will continue to benefit over the
medium term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company diversifies
its revenue profile or scales up its operations significantly,
while maintaining its profitability margins and improving its
working capital cycle, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if VKCPL's revenues and profitability decline significantly, or if
there are considerable delays in realisation of receivables, or if
it undertakes a larger-than-expected, debt-funded capital
expenditure programme, thereby weakening its financial risk
profile, particularly its liquidity.

Set up in 2004 by Mr. G Subhas Chandra Bose and based in Hyderabad
(Andhra Pradesh), VKCPL undertakes infrastructure projects,
primarily in the irrigation sector. The projects are mainly in
Maharashtra and Madhya Pradesh.

For 2012-13 (refers to financial year, April 1 to March 31), VKCPL
reported, on a provisional basis, a profit after tax (PAT) of
INR4.8 million on net sales of INR188.0 million; the company
reported a PAT of INR8.6 million on net sales of INR394.4 million
for 2011-12.



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


* JAPAN: Hikes Consumption Tax, But Fiscal Risks Persist
--------------------------------------------------------
Japan's consumption tax hike, announced yesterday, is in line with
Fitch Ratings' expectation, and does not by itself lead to a re-
assessment of the Negative Outlook on the 'A+' sovereign rating.
The tax hike does signal a commitment to fiscal consolidation as a
policy objective. For now, however, the process of budget deficit
reduction remains slow and fragile amid unclear effects of
accompanying structural reforms.

The tax increase, from 5% to 8% with effect from April 2014, is
the first of a two-step process which is expected to reach 10% by
2015. This is also the centerpiece of the government's long-term
plan for halving its primary budget deficit by FY15 from the FY10
level, and stabilising its debt burden by FY20. Yet there will be
only a limited short-term impact on the sovereign rating for two
reasons.

One is that the pace of fiscal consolidation remains slow even in
comparison with Japan's fiscally challenged high-grade peers. In
our base-case scenario, government debt stabilises at 250% of GDP
(from 239%), but no earlier than 2020. In comparison, France and
the UK are likely to stabilise their debt burdens at lower levels,
and much sooner - by 2014 and 2016, respectively (although the UK
and France are more highly rated, at 'AA+').

Moreover, the near-term impact on the public finances is likely to
be mitigated by some offsetting fiscal easing to smooth the effect
on growth, although the details have yet to be determined.

Another reason is the lingering danger of fiscal slippage. This is
due to two key risks. First, whether offsetting measures in this
fiscal year will be reversed in a timely fashion so as not to
erode the medium-term fiscal impact of the hike. A second risk
would be non-implementation of the proposed extension of the sales
tax to 10% by 2015.

"The tax rise is in line with our base case, so there is not much
in yesterday's announcement to alter our Negative Outlook on
Japan's sovereign ratings," Fitch says.

Nonetheless, Fitch thinks Abenomics could result in the Outlook
reverting to Stable. The central issue is to what extent
structural reforms and supportive monetary policies can result in
-- and sustain -- higher nominal and real GDP growth. In this
respect, the following two evolving economic trends are
particularly important:

First, whether wage growth accelerates and sets off a self-
sustaining inflationary process; and, finally, whether tax
incentives and other supply-side measures induce businesses to
raise investment and ultimately boost the real GDP growth rate.

Recent data point to a pick-up in GDP, inflation and employment.
Fitch has revised up its growth forecasts for Japan in 2013 and
2014 since the end of last year even while lowering the forecasts
for the US, EU and emerging markets. Moreover, monetary and credit
conditions remain easy, and business confidence has also risen.
However, sustained increases in core inflation, wages and business
investment have yet to materialise.

The upshot is that yesterday's consumption tax hike is a necessary
but as-yet insufficient condition for a lasting improvement in
Japan's sovereign credit profile. Much depends on how inflation
expectations, wage increases and corporate investment shape up.
Constructive developments on these fronts could also help limit
the medium-term risk of fiscal setbacks.



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


ROCKFORTE FINANCE: Former Director Pleads Guilty to SFO Charges
---------------------------------------------------------------
Nigel Brent O'Leary (57), a former director of Rockforte Finance
Limited, entered guilty pleas in the Wellington High Court to
Serious Fraud Office (SFO) charges.

Mr. O'Leary, who was due to stand trial in Gisborne next week pled
guilty to the nine charges he was facing. His two former
colleagues Colin Mark Simpson and John Patrick Gardner had already
pled guilty at earlier appearances. Mr. O'Leary's plea brings the
prosecution to an end.

Mr. O'Leary's charges relate to theft by person in special
relationship, obtaining by deception, false statement by promoter
and false accounting. The false reporting lead to the acceptance
of Rockforte into the Crown Retail Deposit Guarantee Scheme, and
the subsequent taxpayer funded bailout.

A significant portion of Rockforte investors' money was used as a
source of funding for the personal business interests of
Mr. O'Leary. Those business interests included Gisborne Haulage
Limited and Michael Ward 1969 Limited, which operated the Jean
Jones label throughout New Zealand. These businesses eventually
failed. The SFO charges mainly related to this lending and the
manner in which it was reported in Rockforte's accounts.

SFO's Acting Chief Executive, Simon McArley said, "The total
losses amounted to $3.86 million, which had a significant effect
on the Gisborne community and their confidence in local financial
institutions. It is hoped that the successful prosecution of this
offending will go some way to restoring that confidence, and
demonstrating that SFO prosecutions do ensure those who commit
financial crime are held to account."

Mr. Simpson was earlier sentenced to 11 months' home detention and
200 hours of community work. Mr Gardner and Mr O'Leary will be
sentenced in Gisborne High Court on 24 October.

                      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.



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


* Economic Policy Central to Emerging Asia's Credit Outlooks
------------------------------------------------------------
Credible, coherent economic policy management by authorities in
Emerging Asia will likely be the central factor in determining
regional sovereign credit outlooks, as the economies face their
weakest growth prospects since 1998, Fitch Ratings says in a
Special Report.

Fitch believes the two main factors affecting the growth outlook
for Emerging Asia are: Tighter global monetary conditions as the
Fed tapers quantitative easing, and downward pressure on non-fuel
commodity prices from China's slowdown. The currency and asset-
price volatility over summer 2013 point to the market's continuing
re-assessment of Emerging Asia's prospects.

Fitch in its September Global Economic Outlook revised down its
projection for Emerging Asian growth to 5.7% for 2013 and 5.8% in
2014, from 6.4% and 6.5% respectively at the December 2012
forecast round. Fitch believes the main factors weighing on growth
are likely to be long-lasting, implying a structural downshift in
growth expectations.

Excluding China, the region's GDP-weighted nominal effective
exchange rate fell 6.7% by end-August 2013 from end-2012. Again
excluding China, aggregate regional foreign exchange reserves were
down 7.2% over the same period. Countries experiencing the
greatest pressure on their currencies and reserve levels are those
where weakening current-account positions and persistent
inflationary pressure have raised doubts over the credibility of
policy management - India and Indonesia in particular. Fitch sees
limited scope for policy slippage for either sovereign at the
current rating levels of 'BBB-' with Stable Outlook.

Malaysia (A-/Negative) and Thailand (BBB+/Stable) have likewise
seen erosion of their current-account surpluses. Inflation has
been lower and more stable in both countries than in India or
Indonesia. The reduction of Malaysia's current-account surplus
partly reflects heavy public-sector investment spending and so is
a "twin deficit" - a key factor behind the assignment of a
Negative Outlook to the ratings in July. Thailand has a
combination of a sharp slowdown in activity, near-zero real
interest rates, a current account hovering on the brink of
deficit, and an expected material rise in its fiscal deficit in
2014 that could affect the credit profile and investor confidence.
However, the country's large net external creditor position and
moderate public debt offer important buffers. Nonetheless, high
and rising household debt add to the risks for both economies.

Fitch does not see a repeat of the region's 1997-98 financial
crisis as likely at this time because of stronger regional
sovereign credit profiles - in particular, external balance
sheets. Emerging Asia, excluding China, has six months of imports
in reserves now in aggregate, against less than four months in
1996. Indonesia, Malaysia and Thailand ran current-account
deficits of 3.4%, 4.4% and 8.1% of GDP respectively in 1996,
against a 3% deficit, close to balance and a 3% surplus
respectively projected for 2013.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------
AUSTRALIA

AACL HOLDINGS LT          AAY              39.61       -4.66
AAT CORP LTD              AAT              32.50      -13.46
ANAECO LTD                ANQ              12.09      -16.38
ARASOR INTERNATI          ARR              19.21      -26.51
AUSTRALIAN ZI-PP          AZCCA            77.74       -2.57
AUSTRALIAN ZIRC           AZC              77.74       -2.57
BECTON PROPERTY           BEC             267.47      -15.73
BIRON APPAREL LT          BIC              19.71       -2.22
CLARITY OSS LTD           CYO              28.67       -8.42
CWH RESOURCES LT          CWH              12.09       -1.29
HAOMA MINING NL           HAO              23.85      -33.70
LANEWAY RESOURCE          LNY              10.84      -11.48
MACQUARIE ATLAS           MQA           1,643.35   -1,018.17
MISSION NEWENER           MBT              10.95      -25.02
NATURAL FUEL LTD          NFL              19.38     -121.51
QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


CHINA

ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


HONG KONG

ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


INDONESIA

APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


INDIA

ABHISHEK CORPORA          ABSC             58.35      -14.51
AGRO DUTCH INDUS          ADF             105.49       -3.84
ALPS INDUS LTD            ALPI            215.85      -28.22
AMIT SPINNING             AMSP             16.21       -6.54
ARTSON ENGR               ART              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
BLUE BIRD INDIA           BIRD            122.02      -59.13
CAMBRIDGE TECHNO          CTECH            12.77       -7.96
CELEBRITY FASHIO          CFLI             27.59       -8.60
CFL CAPITAL FIN           CEATF            12.36      -49.56
CHESLIND TEXTILE          CTX              20.51       -0.03
COMPUTERSKILL             CPS              14.90       -7.56
CORE HEALTHCARE           CPAR            185.36     -241.91
DCM FINANCIAL SE          DCMFS            18.46       -9.46
DFL INFRASTRUCTU          DLFI             42.74       -6.49
DHARAMSI MORARJI          DMCC             21.44       -6.32
DIGJAM LTD                DGJM             99.41      -22.59
DISH TV INDIA             DITV            517.02      -18.42
DISH TV INDI-SLB          DITV/S          517.02      -18.42
DUNCANS INDUS             DAI             122.76     -227.05
FIBERWEB INDIA            FWB              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
GOLDEN TOBACCO            GTO             109.72       -5.01
GSL INDIA LTD             GSL              29.86      -42.42
GUJARAT STATE FI          GSF              10.26     -303.64
GUPTA SYNTHETICS          GUSYN            52.94       -0.50
HARYANA STEEL             HYSA             10.83       -5.91
HINDUSTAN SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
JENSON & NIC LTD          JN               16.65      -75.51
JOG ENGINEERING           VMJ              50.08      -10.08
JYOTHY CONSUMER           JYOC             69.07      -31.72
KALYANPUR CEMENT          KCEM             24.64      -38.69
KANCO ENTERPRISE          KANE             10.59       -4.93
KDL BIOTECH LTD           KOPD             14.66       -9.41
KERALA AYURVEDA           KERL             13.97       -1.69
KINGFISHER AIR            KAIR          1,782.32     -997.63
KINGFISHER A-SLB          KAIR/S        1,782.32     -997.63
KITPLY INDS LTD           KIT              37.68      -45.35
KM SUGAR MILLS            KMSM             19.14       -0.47
LLOYDS FINANCE            LYDF             14.71      -10.46
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
MARKSANS PHARMA           MRKS             76.23      -31.89
MILTON PLASTICS           MILT             17.67      -51.22
MODERN DAIRIES            MRD              32.97       -3.87
MTZ POLYFILMS LT          TBE              31.94       -2.57
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
NICCO UCO ALLIAN          NICU             25.42      -79.20
NK INDUS LTD              NKI             141.35       -7.71
NRC LTD                   NTRY             73.10      -51.18
NUCHEM LTD                NUC              24.72       -1.60
PANCHMAHAL STEEL          PMS              51.02       -0.33
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
REMI METALS GUJA          RMM             101.32      -17.12
RENOWNED AUTO PR          RAP              14.12       -1.25
ROLLATAINERS LTD          RLT              22.97      -22.24
ROYAL CUSHION             RCVP             14.42      -73.93
SADHANA NITRO             SNC              16.74       -0.58
SANATHNAGAR ENTE          SNEL             39.67      -11.05
SAURASHTRA CEMEN          SRC              89.32       -6.92
SCOOTERS INDIA            SCTR             19.75      -13.35
SEN PET INDIA LT          SPEN             11.58      -26.67
SHAH ALLOYS LTD           SA              213.69      -39.95
SHALIMAR WIRES            SWRI             25.78      -38.78
SHAMKEN COTSYN            SHC              23.13       -6.17
SHAMKEN MULTIFAB          SHM              60.55      -13.26
SHAMKEN SPINNERS          SSP              42.18      -16.76
SHREE RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
SOUTHERN PETROCH          SPET            210.98     -175.98
SPICEJET LTD              SJET            386.76      -30.04
SQL STAR INTL             SQL              10.58       -3.28
STATE TRADING CO          STC           1,279.23     -219.37
STELCO STRIPS             STLS             14.90       -5.27
STI INDIA LTD             STIB             24.64       -0.44
STORE ONE RETAIL          SORI             15.48      -59.09
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
UNIFLEX CABLES            UFCZ             47.46       -7.49
UNIWORTH LTD              WW              159.14     -146.31
UNIWORTH TEXTILE          FBW              21.44      -34.74
USHA INDIA LTD            USHA             12.06      -54.51
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


JAPAN

FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


KOREA

DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


MALAYSIA

HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NEW ZEALAND

NZF GROUP LTD             NZF              11.69       -4.60
PULSE UTILITIES           PLU              14.58       -4.84


PHILIPPINES

GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


SINGAPORE

ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


THAILAND

ASCON CONSTR-NVD          ASCON-R          59.78       -3.37
ASCON CONSTRUCT           ASCON            59.78       -3.37
ASCON CONSTRU-FO          ASCON/F          59.78       -3.37
CALIFORNIA W-NVD          CAWOW-R          28.07      -11.94
CALIFORNIA WO-FO          CAWOW/F          28.07      -11.94
CALIFORNIA WOW X          CAWOW            28.07      -11.94
DATAMAT PCL               DTM              12.69       -6.13
DATAMAT PCL-NVDR          DTM-R            12.69       -6.13
DATAMAT PLC-F             DTM/F            12.69       -6.13
K-TECH CONSTRUCT          KTECH            38.87      -46.47
K-TECH CONSTRUCT          KTECH/F          38.87      -46.47
K-TECH CONTRU-R           KTECH-R          38.87      -46.47
M LINK ASIA CORP          MLINK            83.61       -7.85
M LINK ASIA-FOR           MLINK/F          83.61       -7.85
M LINK ASIA-NVDR          MLINK-R          83.61       -7.85
PATKOL PCL                PATKL            52.89      -30.64
PATKOL PCL-FORGN          PATKL/F          52.89      -30.64
PATKOL PCL-NVDR           PATKL-R          52.89      -30.64
PICNIC CORP-NVDR          PICNI-R         101.18     -175.61
PICNIC CORPORATI          PICNI           101.18     -175.61
PICNIC CORPORATI          PICNI/F         101.18     -175.61
SHUN THAI RUBBER          STHAI            19.89       -0.59
SHUN THAI RUBB-F          STHAI/F          19.89       -0.59
SHUN THAI RUBB-N          STHAI-R          19.89       -0.59
SUNWOOD INDS PCL          SUN              19.86      -13.03
SUNWOOD INDS-F            SUN/F            19.86      -13.03
SUNWOOD INDS-NVD          SUN-R            19.86      -13.03
THAI-DENMARK PCL          DMARK            15.72      -10.10
THAI-DENMARK-F            DMARK/F          15.72      -10.10
THAI-DENMARK-NVD          DMARK-R          15.72      -10.10
TONGKAH HARBOU-F          THL/F            62.30       -1.84
TONGKAH HARBOUR           THL              62.30       -1.84
TONGKAH HAR-NVDR          THL-R            62.30       -1.84


TAIWAN

BEHAVIOR TECH CO          2341S            30.90       -0.22
BEHAVIOR TECH-EC          2341O            30.90       -0.22
HELIX TECH-EC             2479T            23.39      -24.12
HELIX TECH-EC IS          2479U            23.39      -24.12
HELIX TECHNOL-EC          2479S            23.39      -24.12
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74



                             *********

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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