TCRAP_Public/131008.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, October 8, 2013, Vol. 16, No. 199


                            Headlines


A U S T R A L I A

DNIEPER DOWNS: Cattle Station Placed in Receivership
TAMAR VALLEY: Second Creditors Meeting Set for End of October
WESTPOINT GROUP: Liquidator Gets First Dibs at Insurance Payout


H O N G  K O N G

DBA TELECOM: Fitch Withdraws 'B+' Issuer Default Rating


I N D I A

AVI GLOBAL: ICRA Reaffirms 'BB+' Ratings on INR37.61cr Loans
BENTEX CONTROL: CRISIL Reaffirms 'D' Ratings on INR63MM Loans
BHAGAWATI ENTERPRISES: CRISIL Puts Ratings on Withdrawal Notice
BORAX MORARJI: CRISIL Cuts Ratings on INR92.2MM Loans to 'B'
CHANDRMAULI MOTORS: CRISIL Reaffirms BB- Ratings on INR220M Loans

DURHA VITRAK: CRISIL Assigns 'B+' Rating to INR258MM Term Loan
GANESHPRASAD IMPEX: CRISIL Puts B Rating on Notice of Withdrawal
G.R. GUPTA: ICRA Reaffirms 'BB' Rating on INR11.5cr LT Loan
JANTA RICE: ICRA Reaffirms 'B' Ratings on INR6.5cr Loans
J R STRIPS: CRISIL Reaffirms 'D' Ratings on INR240MM Loans

KRISHNA FUELS: CRISIL Suspends 'BB' Rating on INR47.5MM Loan
MOUNT CARMEL: CRISIL Cuts Ratings on INR80MM Loans to 'BB-'
NATIONAL INDUSTRIAL: ICRA Reaffirms BB- Rating on INR21.77cr Loan
NUTRAPLUS PRODUCTS: CRISIL Suspends BB+ Ratings on INR220cr Loans
PATEL WOOD: CRISIL Puts 'B' Rating on Notice of Withdrawal

POLYPLASTICS AUTOMOTIVE: ICRA Puts 'B+' Ratings on INR20cr Loans
ROYAL KNITTING: CRISIL Reaffirms 'B+' Ratings on INR100MM Loans
SAIKRUPA COTGIN: CRISIL Reaffirms 'B' Ratings on INR291.7MM Loans
SCANIA STEELS: CRISIL Reaffirms 'D' Ratings on INR770MM Loans
SHRAVAN ENG'G: CRISIL Suspends 'BB-' Ratings on INR85M Loans

SHREE SHANKAR: CRISIL Puts 'B' Rating on Withdrawal Notice
SHRI ARUNA: ICRA Reaffirms 'BB' Rating on INR3cr Cash Credit
SIDHANT CREATIONS: ICRA Cuts Ratings on INR9.52cr Loans to BB-
S.P. ENGINEERS: ICRA Reaffirms 'BB-' Ratings on INR10.5cr Loans


I N D O N E S I A

SMARTFREN TELECOM: Fitch Affirms National LT Rating at 'CC'


N E W  Z E A L A N D

ANNIES: Receivers Expect Sale Process to be Completed by December


S I N G A P O R E

GLOBAL AT&T: Moody's Downgrades Corporate Family Rating to B2


S O U T H  K O R E A

TONG YANG: Regulator to Probe Chairman For Selling Assets
* Hanjin, Doosan May Follow Tongyang, Analysts Warn


S R I  L A N K A

AMW CAPITAL: Fitch Publishes 'BB-' National Long-Term Rating


X X X X X X X X

* BOND PRICING: For the Week Sept. 30 to Oct. 4, 2013


                            - - - - -


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


DNIEPER DOWNS: Cattle Station Placed in Receivership
----------------------------------------------------
Atthew Cranston at Queensland Country Life reports that Dnieper
Downs Station in the Northern Territory has been placed in the
hands of receivers adding to the growing level of cattle stations
in distress across Australia's Top End.

The report says while the number of stations placed in
receivership continues to increase as drought, a high Australian
dollar and live export issues persist, buyers are starting to see
some value and are -- taking advantage of the opportunities.

According to Queensland Country Life, the Australian Financial
Review has revealed a foreign buyer, this time the Insight Global
Farmland Fund, has snapped up Forrest Hill Station in the Northern
Territory and all its cattle for AUD$6.4 million in a deal
negotiated by Elders.

The report relates that the 53,800 hectare station, adjoining
Maryfield Station which itself is in receivership, is the second
purchase by the Insight fund, which acquired cattle baron Sterling
Buntine's 500,000 hectare Tanumbirini Station in the Northern
Territory last year for AUD32 million.

While it is difficult to measure how far the value for such land
has fallen, evidence suggests prices are down 40 per cent since
the boom in 2007, the report notes.

The 88,000 hectare Dnieper Downs Station, which is north-east of
Alice Springs, was placed in receivership with Ferrier Hodgson's
Will Colwell by Rabobank, Queensland Country Life discloses.

It is believed the station's owner Don Holt has sold his
neighbouring Old MacDonald Downs station for AUD1.8 million, the
report adds.


TAMAR VALLEY: Second Creditors Meeting Set for End of October
-------------------------------------------------------------
ABC News reports that creditors of the struggling Tasmanian
company Tamar Valley Dairy will have to wait another few weeks
before voting on its future.

About 25 people are in Launceston at the first creditors meeting
held since the yoghurt maker went into voluntary administration
last month, ABC News relates.

According to the report, the administrator Deloitte wants to
either recapitalise or sell the business, and it expects to
receive bids from several parties.

ABC News says the second meeting will be held before the end of
the month and creditors will be asked to vote on a number of
proposals.

Tamar Valley Dairy went into voluntary administration last week,
creating uncertainty for 170 workers at its new Launceston
factory, the report discloses.

ABC News relates that at the time, the administrators, Deloitte,
said the business had a profitable core but owed suppliers about
AUD9 million, and the owners should have relied more on borrowings
to build the plant.

According to ABC News, the Australian Workers Union said Tamar
Valley Dairy staff were paid last week and their ongoing
entitlements have also been secured.

The union expects a buyer will be found for the company, and that
the Tasmanian Government will provide some support funding in the
meantime, the report adds.

Tamar Valley Dairy produces a variety of yoghurt products
including classic, low fat and Greek varieties.  The 17-year-old
business was established in 1996 near Launceston, Tasmania and has
170 employees.


WESTPOINT GROUP: Liquidator Gets First Dibs at Insurance Payout
---------------------------------------------------------------
Neale Prior at The West Australian reports that more than 170
investors caught up in the collapse of property group Westpoint
have been dealt another blow, with the Federal Court giving big
ticket insolvency firm KordaMentha first dibs at a AUD2 million
insurance payout.

The West Australian says that in the face of objections from the
corporate watchdog, Justice Neil McKerracher has ruled that
KordaMentha executive director Russell Morgan sits at the top of
the pecking order because of his efforts as liquidator of failed
planning firm Brighton Hall.

According to the report, Mr. Morgan has secured a AUD2 million
payout from Allianz Australia as settlement of claims by former
clients who had put their savings into apartment development
finance schemes promoted by Westpoint and a network of supportive
financial planners.

Westpoint collapsed in November, 2005, facing a major
investigation by the Australian Securities and Investments
Commission. Investors lost most of their money amid long delays in
projects and concerns about the stability and sustainability of
its finance scheme.

The report says Brighton Hall had advised 171-plus clients to
invest in Westpoint schemes, ultimately exposing it to claims of
more than AUD14 million from clients angered at being put into
products allegedly providing only a moderate return for very
significant risk. It went into liquidation in September 2007.

The AUD2 million Allianz payout represents the best chance of a
return for clients, the report relates.

The West Australian notes that the Corporations Act dictates that
after expenses incurred in getting a payout are taken out, the
proceeds must be paid to the actual claimants.

According to the report, Mr. Morgan argued in the Federal Court
that the term expenses should include his own remuneration and
that of his staff. ASIC vigorously opposed this claim.

The West Australian relates that Justice McKerracher said each
client had depended on Mr. Morgan to pursue their claims and to
recover money from Allianz.

As a result of Mr. Morgan's labours, the claimants would receive a
benefit they would not have otherwise received, the report adds.

                        About Westpoint Group

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

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

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



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


DBA TELECOM: Fitch Withdraws 'B+' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has withdrawn DBA Telecommunication (Asia) Holdings
Limited's (DBA) 'B+' Issuer Default Rating and senior unsecured
rating. The ratings were on Watch Negative at the point of
withdrawal. Fitch has withdrawn the rating as there is
insufficient information to maintain it.

Fitch had placed DBA's ratings on Watch Negative on June 21, 2013,
as the company had stated that there would be significant delay in
the dissemination of its 2012 audited financial statements. The
statements have still not been disseminated. Audited financials
are an important component of materials Fitch uses in issuing and
maintaining ratings.

In addition, on Oct. 3, 2013, the company announced that its
executive director and chief financial officer, Mr. Ricky Chan,
had resigned. Mr. Chan considered that he was no longer able to
properly discharge his duties as the company's Chinese operating
subsidiaries had failed to address his concerns and provide
clarifications and information required by its auditors in a
timely manner.



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


AVI GLOBAL: ICRA Reaffirms 'BB+' Ratings on INR37.61cr Loans
------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB+' and '[ICRA]A4+' ratings to various
bank limits aggregating to INR61.36 crore of Avi Global Plast
Private Limited. The outlook on the long term rating is stable.

                            Amount
   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Fund Based Limits          16.61     [ICRA]BB+ (stable)
   (Term Loans)                         re-affirmed

   Fund Based Limits
   (Cash Credit)              21.00     [ICRA]BB+ (stable)
                                        re-affirmed

   Non Fund based Limits      23.75     [ICRA]A4+ re-affirmed
   (LC/BG)

The reaffirmation in ratings continues to take into account the
company's established track record as one of the leading domestic
manufacturers of PVC films and shirt packaging materials, steady
growth in operating income and moderate profitability margins and
coverage indicators. The ratings further factor in the
diversification of operations into manufacturing of Polyethylene
terephthalate (PET) films, favourable demand prospects for rigid
packaging materials in the domestic market as well as diversified
customer base of the company comprising of packaging companies of
leading FMCG and food companies.

The ratings are however constrained by vulnerability of company's
profitability to adverse fluctuations in foreign currency;
company's high gearing level due to debt-funded capex and high
working capital intensity of operations. ICRA notes that the
company's bargaining power with the suppliers of key raw materials
remains limited and the company faces intense competitive
pressures both from organized as well as unorganized players. The
ratings further take into account vulnerability of company's
profitability to adverse fluctuations in raw material prices which
are crude oil derivatives, and ability of the company to pass on
price increases to customers remains crucial to maintain
profitability margins. Company Profile

Avi Global Plast Private Limited is in the business of
manufacturing Rigid PVC Films, PET films and Shirt Packing
Materials (Collar Bands & Collar Stays). It was started as a
partnership firm in 1995 by Mr. Kameshwar Bhargava in the name of
'Collar Pack' to undertake manufacturing of Shirt Packing
Materials (Collar Bands & Collar Stays). In 1997, the firm
backwardly integrated its operations and started manufacturing of
Rigid PVC films (through Blown Method). Later, in 2001, the firm
was converted into a private limited company 'Collar Pack Private
Limited (CPPL)'. Subsequently, the promoters set up a new unit
named 'Avi Vinyls Private Limited (AVPL)' in 2006 to produce rigid
PVC films with an installed capacity of 4800 MTPA though Calendar
Method of Production. In 2008, it merged AVPL with CPPL and
shifted both the units to one bigger location at Daman to
consolidate its various manufacturing facilities under one roof
and combine the synergies of both the companies. The name of CPPL
was also changed to AGPPL in FY 09. In March 2013, the company
commissioned a Polyethylene terephthalate (PET) films
manufacturing unit with an installed capacity of 3600 TPA.

Recent Results

For FY 2013, the company reported profit after tax of INR4.16
crore on an operating income of INR125.95 crore. For FY 2012, the
company reported profit after tax of INR7.25 crore on an operating
income of INR105.14 crore.


BENTEX CONTROL: CRISIL Reaffirms 'D' Ratings on INR63MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bentex Control &
Switchgear Co continue to reflect instances of delay by BCSC in
meeting its debt obligations. BCSC's promoters contracted debt of
INR130 million from ING Vysya Bank in 2008-09 (refers to financial
year, April 1 to March 31) in their personal capacity; repayment
of INR50 million of the loan is through BCSC's cash credit
facility. As a result, there have been instances of over-
utilisation of the cash credit facility for more than 30 days at a
stretch.

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

   Cash Credit               50      CRISIL D (Reaffirmed)

   Letter of Credit           3      CRISIL D (Reaffirmed)

CRISIL believes that BCSC's liquidity will remain under pressure
as the dispute among its promoters remains unresolved.
Furthermore, the repayment liability on the loan from ING Vysya
Bank remains unclear. The dispute between the promoters had led to
the bank freezing BCSC's cash credit facility in the past.

Furthermore, BCSC's scale of operations is small, and the firm's
profitability is susceptibility to volatility in raw material
prices. Also, the firm has large working capital requirements,
below-average financial risk profile marked by small net worth and
average debt protection metrics, and large investments in group
companies. However, the firm benefits from its promoters'
extensive experience in the electrical products industry and from
its established dealer network.

BCSC, established in 1984, is a partnership firm manufacturing
household and industrial electrical products such as electric
meters, motor starters, miniature circuit breakers, and switches.
The firm is part of SKN Bentex Group. BCSC is managed by Mr. Kapil
Chopra and his son Mr. Rahul Chopra.


BHAGAWATI ENTERPRISES: CRISIL Puts Ratings on Withdrawal Notice
---------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Bhagawati
Enterprises (Bhagawati) on 'Notice of Withdrawal' for a period of
60 days, at Bhagawati's request and upon receipt of a no-objection
certificate from the firm's banker.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               32      CRISIL B/Stable (Placed on
                                     'Notice of Withdrawal')

   Letter Of Guarantee        2.5    CRISIL A4 (Placed on
                                     'Notice of Withdrawal')

   Letter of Credit         120      CRISIL A4 (Placed on
                                     'Notice of Withdrawal')

   Proposed Long-Term        45.4    CRISIL B/Stable (Placed on
   Bank Loan Facility                'Notice of Withdrawal')

The rating will be withdrawn at the end of the notice period, in
line with CRISIL's policy on withdrawal of its bank loan ratings.


BORAX MORARJI: CRISIL Cuts Ratings on INR92.2MM Loans to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Borax Morarji Ltd to 'CRISIL B/Stable' from 'CRISIL B+/Stable',
and has reaffirmed its rating on the company's short-term
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            20      CRISIL A4 (Reaffirmed)

   Cash Credit               90      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit         195      CRISIL A4 (Reaffirmed)

   Proposed Long-Term         2.2    CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating downgrade reflects the continued cash losses incurred
by Borax Morarji, which has further deteriorated its liquidity
profile. The losses were driven by volatile foreign exchange
(forex) rates and by intense competition. Borax Morarji reported a
cash loss of INR9.1 million for 2012-13 (refers to financial year,
April 1 to March 31), and has continued to report a cash loss in
the first half of 2013-14.

The ratings reflect Borax Morarji's weakened business risk
profile, marked by limited pricing flexibility, and its working-
capital-intensive operations. The ratings also factor in the
company's below-average financial risk profile, marked by a modest
net worth, high gearing, inadequate debt protection metrics, and
stretched liquidity. These rating weaknesses are partially offset
by the company's established market position in the boron
chemicals segment, and its promoters' extensive industry
experience and financial support.

Outlook: Stable

CRISIL believes that Borax Morarji's liquidity will remain weak
over the medium term because of its constrained profitability amid
volatility in forex rates and a stretched working capital cycle.
The outlook may be revised to 'Positive' if the company reports
larger-than-expected accruals or there is infusion of long-term
funds to improve its liquidity. Conversely, the outlook may be
revised to 'Negative' if Borax Morarji's working capital cycle
stretches further, leading to further deterioration in its
liquidity.

Borax Morarji, a publicly listed company on the Bombay Stock
Exchange, commenced operations in 1964. It produces boric acid,
borax, and borax derivatives, and other specialty boron chemicals.
The company also has windmills at Satara (Maharashtra) and in
Kutch (Gujarat). It is managed by Mr. Bimal Goculdas.

Borax Morarji reported a net loss of INR29.2 million on net sales
of INR640.9 million for 2012-13, against a net loss of INR29.7
million on net sales of INR793.4 million for 2011-12. For the
three months ended June 30, 2013, the company reported a net loss
of INR15.8 million on net sales of INR168.4 million, against a net
loss of INR25.3 million on net sales of INR130.9 million for the
corresponding period of the previous year.


CHANDRMAULI MOTORS: CRISIL Reaffirms BB- Ratings on INR220M Loans
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Chandrmauli Motors Pvt
Ltd continues to reflect the extensive experience of CMPL's
promoters in the automobile dealership industry, its established
relationship with its principal, Tata Motors Ltd, and its
efficient working capital management. These rating strengths are
partially offset by the company's average financial risk profile,
and its exposure to intense industry competition.

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

   Inventory Funding      150      CRISIL BB-/Stable (Reaffirmed)
   Facility

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

CRISIL had earlier, through its rating rationale dated July 24,
2013, assigned its 'CRISIL BB-/Stable rating to the bank
facilities of CMPL.

Outlook: Stable

CRISIL believes that CMPL will continue to benefit over the medium
term from its position as an authorised distributor for TML in
Rajasthan. The outlook may be revised to 'Positive' if the company
reports a more-than-expected increase in its revenues or
profitability, or in case of significant improvement in its
capital structure, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if CMPL's
financial risk profile deteriorates, most likely because of lower-
than-anticipated profitability, substantially high working capital
requirements, or large, debt-funded capital expenditure.

CMPL, established by Mr. Pramod Gupta in 2008, is an authorised
dealer for TML's light commercial vehicles. The company operates
six showrooms in Alwar and Bharatpur districts in Rajasthan.

CMPL, reported a profit after tax (PAT) of INR8.1 million on net
sales of INR1.0 billion for 2011-12 (refers to financial year,
April 1 to March 31); against a PAT of INR 7.3 million on net
sales of INR680 million for 2010-11.


DURHA VITRAK: CRISIL Assigns 'B+' Rating to INR258MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Durha Vitrak Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                258      CRISIL B+/Stable

The rating reflects DVPL's exposure to implementation and offtake
risks related to the company's ongoing hospital project, and
exposure to risks related to stabilisation during the initial
stages of operations. These rating weaknesses are partially offset
by the extensive experience of DVPL's promoters in the healthcare
industry, and favourable location of the hospital in Narela,
Delhi.

Outlook: Stable

CRISIL believes that DVPL will maintain a stable credit risk
profile on the back of the promoter's extensive experience. The
outlook may be revised to 'Positive' in the event of timely
project execution within the budgeted costs; or higher-than-
expected occupancy and profitability, resulting in sizeable cash
accruals and thus a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if DVPL generates any time or
cost overruns, which would adversely affect the company's
financial risk profile, and hence, its debt-servicing ability.

DVPL was incorporated in 1986, as a private limited company. It is
promoted by the Delhi-based Saxena family. Mr. C S Saxena and his
brother, Mr. Anant Saxena are the key promoters of the company.
DVPL is undertaking a project to set up a 90-bed multi-speciality
hospital in Narela (Delhi). The hospital will provide secondary
healthcare to patients across the orthopedics, obstetrics and
gynecology, cardiology, ophthalmology, ear nose and throat (ENT),
dental, urology, gastroenterology, endocrinology, internal
medicine, intensive care, medicine, infertility and in vitro
fertilisation (IVF), plastic surgery, radiology, nephrology,
imaging and emergency segments. The construction of the hospital
is likely to be completed by March 2015 and the hospital is
expected to commence its operations from April 2015.


GANESHPRASAD IMPEX: CRISIL Puts B Rating on Notice of Withdrawal
----------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of
Ganeshprasad Impex Private Limited on 'Notice of Withdrawal' for a
period of 60 days, at GIPL's request and upon receipt of a no-
objection certificate from the firm's banker.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit          55      CRISIL A4 (Placed on 'Notice
                                     of Withdrawal')

   Proposed Long-Term       144.9    CRISIL B/Stable (Placed on
   Bank Loan Facility                'Notice of Withdrawal')

The rating will be withdrawn at the end of the notice period, in
line with CRISIL's policy on withdrawal of its bank loan ratings.


G.R. GUPTA: ICRA Reaffirms 'BB' Rating on INR11.5cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed long term rating of '[ICRA]BB' to the INR11.50
crore (reduced from INR13.25 crore) fund based limits of G.R.
Gupta & Bros.. The outlook on the long term rating is "Stable".
ICRA has also assigned a short term rating of '[ICRA]A4' to the
INR2.00 crore (enhanced by INR0.25 crore) fund based limits of
GRGB.

                           Amount
   Facilities            (INR crore)  Ratings
   -----------           -----------  -------
   Fund Based Limits-       11.50     [ICRA]BB(stable) reaffirmed
   Long Term

   Fund Based Limits-        2.00     [ICRA]A4 assigned
   Short Term

ICRA rating continues to derive comfort from the long track record
of promoters in steel industry, authorized distributorship of Tata
Steel for Tata Steelium and Tata Astrum brands which provides
visibility to its operations and support from Tata Steel Limited
in terms of marketing initiatives, rebates and channel financing.
The rating however continues to be constrained by intensely
competitive and fragmented nature of the steel trading industry
which exerts pressure on profitability margins. In addition to
above firm's the profitability margins remain exposed to adverse
movements in raw material prices although this risk is partly
mitigated as majority of the purchases are backed by firm orders.
Further, the rating also factors in the weak financial profile of
the firm as characterized by low profitability which coupled with
high gearing has resulted in modest debt protection indicators.
Going forward, GRGB's ability to scale up in a profitable manner,
manage its working capital intensity and maintain a healthy
financial risk profile in the context of the moderate scale of
operations would remain the key rating drivers.

G.R. Gupta & Bros. was incorporated in 1970 as a partnership firm
by Mr. G.R. Gupta and Brothers and was engaged in trading of iron
and steel products mainly in Delhi NCR region. GRGB is currently
partnered by Mr. Rajiv Gupta (33.3% shareholding), Mr. Sanjay
Gupta (33.3% shareholding) and mother of Mr. Rajiv Gupta and Mr.
Sanjay Gupta, Mrs. Mahindero Kumari (33.3% shareholding). The firm
is an authorized distributor of "Tata Steelium" brand for CR
sheets and coils and "Tata Astrum" brand for HR sheets and coils
of Tata Steel Limited. Another group company, GRG Steels Pvt.
Ltd., was incorporated in FY 2010 with the aim of integrating
forward the company's business, so as to provide value addition to
the company's existing customers and boost profitability.

Recent Results

GRGB has reported a profit after tax (PAT) of INR1.30 crore on an
operating income of INR178.41 crore in FY 2012-13 (provisional) as
compared to PAT of INR1.12 crore on an operating income of
INR149.89 crore in FY 2011-12.


JANTA RICE: ICRA Reaffirms 'B' Ratings on INR6.5cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' for the
INR6.00 crore fund based facilities, INR0.27 crore term loan and
INR0.23 crore unallocated bank facilities of M/s. Janta Rice Mill.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund Based Limits       6.00      [ICRA]B reaffirmed
   Term Loan               0.27      [ICRA]B reaffirmed
   Unallocated Bank        0.23      [ICRA]B reaffirmed
   Facilities

The assigned rating continues to take into consideration JRM's
moderate scale of operations, low profitability metrics, high
gearing levels and weak debt protection indicators. The assigned
rating also factors in the company's high working capital
intensity and intensely competitive nature of the industry which
exerts pressure on the firm's operating margins. However, the
ratings favourably take into account JRM's experienced management
and long presence in the industry, along with its concentration on
export of basmati rice. Further, ICRA also takes into account the
favourable long term demand prospects of the rice industry with
India being the second largest producer and consumer of rice in
the world.

Janta Rice Mill is a partnership firm established in 1978. The
company is primarily engaged in milling of basmati and non-basmati
rice. JPSPL's milling unit is based out of Nissing, District
Karnal, Haryana, in close proximity to the local grain market.

In FY 2013, the company reported an operating income of INR22.64
crore and a net profit after tax of INR0.02 crore.


J R STRIPS: CRISIL Reaffirms 'D' Ratings on INR240MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of J R Strips Pvt Ltd
continue to reflect instances of delays by JRSPL in servicing
debt, because of weak liquidity. JRSPL's weak liquidity is driven
by its working-capital-intensive operations and the start-up
nature of its business.

                         Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               119.0     CRISIL D (Reaffirmed)

   Cash Credit Limit        62.0     CRISIL D (Reaffirmed)

   Letter of Credit         50.0     CRISIL D (Reaffirmed)

   Bank Guarantee            8.0     CRISIL D (Reaffirmed)

   Proposed Long-Term        1.0     CRISIL D (Reaffirmed)
   Bank Loan Facility

JRSPL has a weak financial risk profile, marked by a high gearing
and weak debt protection metrics. The company's business risk
profile is constrained by its modest scale of operations, and the
promoters' lack of experience in the steel strips industry.
However, JRSPL is expected to benefit from the healthy industry
prospects for the steel industry, and the related end-user
industries.

Update

JRSPL started commercial operations in October 2012. The company's
revenues were estimated at INR55.6 million during the six months
through March 2013. JRSPL's operating margin is estimated to be
around 23 per cent during the period. Additionally, the company's
revenues were estimated at INR57.1 million in the five months
through August 2013. JRSPL has a weak financial risk profile,
marked by high gearing and modest net worth of 4.2 times and INR59
million, respectively, as on
March 31, 2013; the company's debt protection metrics were weak
with net cash accruals to total debt and interest coverage ratios
at 0.02 times and 1.2 times, respectively, during 2012-13 (refers
to financial year, April 1 to March 31). JRSPL's financial risk
profile is likely to remain weak over the medium term. Moreover,
insufficient cash accruals vis--vis maturing debt obligations,
rendered the company's liquidity weak. JRSPL's liquidity is
expected to remain weak because of its start-up operations, until
the company increases the scale of its operations, and generates
adequate cash accruals vis--vis fixed debt obligations.

JRSPL, based in Bhatinda (Punjab) was incorporated in January 2011
by Mr. Vikas Bansal and his brother Mr. Prince Bansal who also
manages the company's day-to-day operations. JRSPL manufactures
cold rolled high carbon steel strips. The company began commercial
operations in October 2012.


KRISHNA FUELS: CRISIL Suspends 'BB' Rating on INR47.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Krishna
Fuels.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              47.5     CRISIL BB/Stable (Suspended)

   Letter of Credit         12.5     CRISIL A4+ (Suspended)

The suspension of ratings is on account of non-cooperation by
Krishna Fuels with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Krishna
Fuels is yet to provide adequate information to enable CRISIL to
assess Krishna Fuel'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'

Krishna Fuels was set up in 2002 by the Thakker family of
Gandhidham (Gujarat). The firm imports various types of metal
scraps from Dubai and sells them to local traders. In addition,
Krishna Fuels also imports marble blocks and timber in small
quantities, based on orders from its customers, from various
locations in Africa.


MOUNT CARMEL: CRISIL Cuts Ratings on INR80MM Loans to 'BB-'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Mount Carmel Educational Society to 'CRISIL BB-/Stable' from
'CRISIL BB/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          9.5       CRISIL BB-/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

   Term Loan           70.5       CRISIL BB-/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

The rating downgrade reflects weakening in MCES's financial risk
profile, particularly liquidity, reflected in full utilisation of
its overdraft limit with instances of overdrawings. These
overdrawings were, however, regularised within a period of one
week. Moreover, the society's gearing at 4.2 times as on
March 31, 2013, is higher than CRISIL's expectations and has
increased from 4.0 times as on March 31, 2012. The same has been
on account of additional term debt of INR36 million contracted in
2012-13 (refers to financial year, April 1 to March 31), for
funding its capital expenditure (capex) as well as other expenses.

The rating reflects the benefits that MCES derives from its
established position as a recognised education society, with 25
years of track record, and the healthy demand prospects of the
education industry. These rating strengths are partially offset by
MCES's weak financial risk profile, marked by high gearing and
small net worth, limited revenue diversity along with regional
concentration, and exposure to high degree of regulation by
governmental agencies.

Outlook: Stable

CRISIL believes that MCES will continue to benefit over the medium
term from its track record in the education sector and its
moderate market position in Chandigarh. The outlook may be revised
to 'Positive' in case the society reports significant improvement
in fees receipt leading to higher accruals and improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case MCES reports lower-than-expected student intake thereby
impacting its cash accruals or undertakes any large, debt-funded
capex programme, leading to further deterioration in its financial
risk profile.

MCES was founded in 1987 by Mrs. Annie Charles (secretary) and Mr.
Charles Samuel (principal). The society runs a school named Mount
Carmel School (MCS) in Chandigarh. The school is unaided, private,
and offers co-education from pre-primary to standard XII. For
standard XI and XII, MCES provides education in the stream of
science and commerce. MCS is recognised by the Department of
Education, Chandigarh, and is affiliated to the Central Board of
Secondary Education, Delhi. MCS is equipped with Smart Class
system. In the academic year 2012-13, the school had around 2400
students.

MCES, on a provisional basis, reported an excess of income over
expenditure (EIE) of INR2.2 million on an operating income of
INR73.6 million for 2012-13, against an EIE of INR1.8 million on
an operating income of INR55.9 million for 2011-12.


NATIONAL INDUSTRIAL: ICRA Reaffirms BB- Rating on INR21.77cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB-' to the
INR21.77 crores fund-based bank facilities of National Industrial
Corporation Ltd.. The long term rating carries a Stable outlook.
ICRA has also reaffirmed a short term rating of '[ICRA]A4' to the
INR2.10 crores non fund based bank facilities of NICOL.

                           Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Fund-Based Limits        21.77     [ICRA]BB- (Stable)
                                      reaffirmed

   Non Fund Based Limits     2.10     [ICRA]A4 reaffirmed

The ratings reaffirmation take into account NICOL's high
dependence on debt as reflected in high gearing levels of 1.41X as
on March 31st, 2013 and modest profitability which has resulted in
weak debt protection metrics for the company. Moreover, the
company remains exposed to high competitive pressures and raw
material price fluctuations. Further, the revenues and capacity
utilization levels in Bilary distillery of the company continue to
remain sensitive to excise policy changes of Government of Uttar
Pradesh. The ratings, however, derive comfort from NICOL's
experienced management, its long and successful track record in
the paramilitary Indian Made Foreign Liquor (IMFL) segment and
deeper penetration in export markets leading to geographically
diversified operations. Going forward, the ability of the company
to augment its profitability while maintaining its working capital
intensity will remain the key rating sensitivity.

National Industrial Corporation Limited was established in the
year 1943 by Seth family. At the time of inception it was engaged
in the manufacturing and trading of sugar, alcohol, textile, etc.
Currently, the company is manufacturing Indian Made Foreign Liquor
(IMFL) and Country Liquor (CL). In IMFL, the company is catering
to whisky, rum, gin, brandy, vodka and scotch sub-segments.
Presently, NICOL is selling CL to Flora & Fauna (Chadha Group
Company) in UP. IMFL is being sold to defence forces all over
India and also in civil markets in southern states like Kerala,
Andhra Pradesh, Goa, Pondicherry etc. NICOL is also exporting IMFL
and ENA to Middle East and African countries. The main distillery
of the company is located at BIlari in Uttar Pradesh with a
capacity of 60 KLPD. Besides this, NICOL has 5 bottling plants
Rajasthan, Punjab, Goa, Jammu & Kashmir and West Bengal along with
a tie up bottling plant in Thane, Maharashtra. The company has
also set up depots for distribution of IMFL and CL in its brand
name. The various depots of company are located in Jammu, Delhi,
Haryana (Gurgoan), Uttrakhand.

Recent Results:

As per the audited results, NICOL reported a net profit of
INR1.35crores on net turnover of INR115.9 crores for the year
ended March 31, 2013 as against a net profit of INR0.38 crores on
net revenues of INR91.4 crores for the year ended March 31, 2012.


NUTRAPLUS PRODUCTS: CRISIL Suspends BB+ Ratings on INR220cr Loans
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Nutraplus Products (India) Limited.

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

   Proposed Long-Term      123      CRISIL BB+/Stable (Suspended)
   Bank Loan Facility

   Term Loan                52      CRISIL BB+/Stable (Suspended)

The suspension of ratings is on account of non-cooperation by
Nutraplus with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Nutraplus is yet to provide adequate information to enable CRISIL
to assess Nutraplus'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'

Nutraplus is engaged in manufacturing of bulk drug intermediates
that has application in manufacturing of formulation of analgesic
(painkiller) and anti-rheumatic drugs. In addition, it also
undertakes contract manufacturing for two pharmaceutical
companies. The company was incorporated as private limited company
in 1990 and started its operations in 1994. The company came up
with public issue and was converted to a public limited company in
1995. The present product portfolio of the company includes Meta
Bromo Anisole (MBA), Nimesulide (NS) and N bromosuccinimide.
Nutraplus has plans to increase the installed capacity for NS from
100 tonnes per annum (tpa) to 480 tpa, for MBA from 600 tpa to 900
tpa and forward integrate by establishing facilities for tramadol
production (uses MBA as raw material). The project is expected to
be started from September and is likely to be completed by March
2012.


PATEL WOOD: CRISIL Puts 'B' Rating on Notice of Withdrawal
----------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Patel Wood
Works & Timber Mart on 'Notice of Withdrawal' for a period of 60
days, at PWWTM's request and upon receipt of a no-objection
certificate from the firm's banker.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter Of Guarantee       3       CRISIL A4 (Placed on
                                     'Notice of Withdrawal')

   Letter of Credit        156       CRISIL A4 (Placed on
                                     'Notice of Withdrawal')

   Proposed Long-Term       40.9     CRISIL B/Stable(Placed on
   Bank Loan Facility                'Notice of Withdrawal')

The rating will be withdrawn at the end of the notice period, in
line with CRISIL's policy on withdrawal of its bank loan ratings.


POLYPLASTICS AUTOMOTIVE: ICRA Puts 'B+' Ratings on INR20cr Loans
----------------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to the INR20 crore
long-term fund-based facilities and term loans of Polyplastics
Automotive India Private Limited. The ratings of [ICRA]B+ and
[ICRA]A4 have also been assigned to the INR5 crore unallocated
limits of PAIPL.

                       Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Term Loans             10        [ICRA]B+ assigned

   Fund-based, Long-      10        [ICRA]B+ assigned
   term facilities

   Unallocated Limits      5        [ICRA]B+/[ICRA]A4 assigned

The assigned ratings reflect the modest financial risk profile of
the company and its dependence on group company and promoters for
funding of working capital requirements, although it now plans to
avail bank facilities to repay the liabilities of the promoters
and group company. The ratings also factor in the low bargaining
power with customers due to relatively small scale of operations
and high customer concentration risks with the top 3 customers
contributing ~86% of the revenues in FY13. The ratings are also
constrained by the presence of intra-group loans and advances,
with the company having provided significant loans to a group
company, which may lead to liquidity pressures in case of
financial stress at the receiving company's end.

The ratings, however, favourably factor in the established track
record of the promoters in the automobile industry, favourable
long-term demand prospects for passenger vehicles and two wheelers
despite near-term demand headwinds, established customer base
comprising of reputed automobile manufacturers such as Maruti
Suzuki India Limited, Honda Motorcycle & Scooter India Pvt. Ltd.
and Hero Motocorp Ltd. The group has established relationships
with suppliers of engineering plastics and polymers used in the
automobile industry through group company Goyal Engineering
Polymers Private Limited (rated [ICRA]B+ / [ICRA}A4), which is
engaged in the trading of engineering plastics and polymers that
it supplies to the automobile industry. The presence of the
manufacturing unit in proximity to the auto manufacturing hub in
northern India is also favourable. The ability of the company to
sustain its profitability and manage its liquidity position will
be the key rating sensitivities going forward.

Polyplastics Automotive India Private Limited is a manufacturer of
injection moulded plastic auto components and painted parts for
the automobile (four wheeler passenger vehicles and two wheelers)
industry. It was incorporated on April 9, 2007, and was earlier
named Medallion Infotech Private Limited. The company is promoted
by Mr. Pawan Goyal of the Goyal Group in association with the
Polyplastics Group (promoted by Mr. Kamal Gupta), which is a major
supplier to Maruti Suzuki. Mr. Pawan Goyal has also promoted Goyal
Engineering Polymers Private Limited (GEPPL) which is engaged in
the import and supply of engineering plastics for the automotive
industry, PAIPL was established as a part of the forward
integration of GEPPL's business. The company was established as a
50:50 joint venture of the Goyal Group and the Polyplastics Group;
however, the stake of Goyal Group has increased to ~95% as on
date. PAIPL has a manufacturing facility at Industrial Growth
Centre, Bawal (Distt. Rewari, Haryana). It manufactures auto
components such as wheel covers, wheel caps, radiator grills (for
passenger vehicles) and garnish cowl, rear cowl center, gear
speedo meter, side cover, handle cover, wheel cap, throttle lever,
inner door handle, fuse box and cover, etc. (for two wheelers).
The unit has 19 injection moulding machines with tonnage ranging
from 90 tonnes to 910 tonnes. The unit also has painting
facilities, which include body colour paint shop, automatic wheel
cover paint shop and conventional paint shops. The company
supplies largely to customers such as Maruti Suzuki India Limited,
Honda Motorcycle & Scooter India Pvt. Ltd. and Hero Motocorp Ltd.,
apart from other OEMs and Tier-1 suppliers.

In 2012-13, PAIPL reported a net profit of INR1.27 crore on an
operating income of INR75.43 crore against net profit of INR0.29
crore on an operating income of INR67.44 crore in 2011-12.


ROYAL KNITTING: CRISIL Reaffirms 'B+' Ratings on INR100MM Loans
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Royal Knitting Private
Limited, continues to reflect 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.

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

   Term Loan              37.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long-Term      2.5     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

CRISIL had on September 30, 2013 assigned its 'CRISIL B+/Stable'
ratings on the bank facilities of RKPL.

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).


SAIKRUPA COTGIN: CRISIL Reaffirms 'B' Ratings on INR291.7MM Loans
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Saikrupa Cotgin Ltd
(SCL) continues to reflect SCL's weak financial risk profile
marked by high gearing and weak debt protection metrics, and the
company's large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
SCL's promoter in the cotton ginning industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              125      CRISIL B/Stable (Reaffirmed)

   Proposed Long-Term       106.7    CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan                 60      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCL 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's capital
structure improves significantly, most likely because of sizable
equity infusion, or if its debt protection metrics improve on a
sustainable basis because of significant increase in
profitability. Conversely, the outlook may be revised to
'Negative' if SCL registers further stretch in its working capital
cycle or undertakes a large debt-funded capital expenditure
programme.

SCL, incorporated in 2009, commenced commercial production in
November 2010. It was set up by Mr. Sunil Katkade. SCL undertakes
ginning and pressing of cotton and also has a cotton seed crushing
unit.

SCL reported a net profit of INR4.9 million on net sales of
INR1167 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR8.7 million on net sales of
INR942.2 million for 2011-12.


SCANIA STEELS: CRISIL Reaffirms 'D' Ratings on INR770MM Loans
-------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Scania Steels &
Power Ltd continue to reflect the instances of delays by Scania in
servicing its term debt; the delays are because of the company's
weak liquidity.

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

   Cash Credit              244.3    CRISIL D (Reaffirmed)

   Funded Interest           68      CRISIL D (Reaffirmed)
   Term Loan

   Letter of Credit          30      CRISIL D (Reaffirmed)

   Proposed Long-Term        56      CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan                237.6    CRISIL D (Reaffirmed)

   Working Capital          124.1    CRISIL D (Reaffirmed)
   Term Loan

Scania also has a weak financial risk profile marked by weak debt
protection metrics. The company is also exposed to risks related
to cyclicality in the steel industry. Scania, however, benefits
from its integrated operations and the management's experience in
the steel industry.

Update

Scania's business and financial risk profiles for 2012-13 (refers
to the financial year, April 1 to March 31) were in line with
CRISIL's expectations. Because of weak industry sentiment,
Scania's capacity utilisation has been low at less than 50 per
cent for 2012-13. The company's estimated revenues were at INR574
million for 2012-13 while its cash accruals are estimated to be
negative. The company is maintaining high inventory because of
uncertainty in supply of key raw materials and limited working
capital funding. Scania's inventory is high at 185 days as on
March 31, 2013. CRISIL believes that Scania's business risk
profile will remain weak over the medium term marked by sub-
optimal capacity utilisation and large working capital
requirements.

Scania's financial risk profile is weak marked by moderate gearing
and weak debt-protection metrics. The company's gearing was at 1.5
times as on March 31, 2012 and is estimated to be higher as on
March 31, 2013 because of high reliance on bank borrowings for
incremental working capital requirements. Scania's interest
coverage ratio is estimated to be less than 1 time for 2012-13.
Its liquidity is stretched marked by full utilisation of cash
credit facilities as well as overdrawings in the bank limits.
Although restructuring of term loan repayment schedule has
provided some cushion to Scania's overall liquidity, its cash
credit limits have been overdrawn beyond 30 days during April to
August 2013. CRISIL believes that Scania's liquidity will remain
stretched over the medium term.

Scania was set up by Mr. Satish Garg and his family (from New
Delhi) in 1995 as a sponge iron producing unit in Raigarh
(Chhattisgarh). In 2006-07, Mr. Sanjay Gadodia, based in Rourkela
(Orissa), purchased the company and, thereafter, changed its name
to the current one. Scania manufactures sponge iron and also has a
rolling mill.


SHRAVAN ENG'G: CRISIL Suspends 'BB-' Ratings on INR85M Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shravan
Engineering Enterprises Pvt Ltd.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           1.5     CRISIL A4+ (Suspended)

   Cash Credit             65.0     CRISIL BB-/Stable (Suspended)

   Cheque Discounting       1.0     CRISIL A4+ (Suspended)

   Letter of Credit        30.0     CRISIL A4+ (Suspended)

   Proposed Long-Term      15.0     CRISIL BB-/Stable (Suspended)
   Bank Loan Facility

   Term Loan                5.0     CRISIL BB-/Stable (Suspended)

The suspension of ratings is on account of non-cooperation by
SEEPL's with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SEEPL's is yet
to provide adequate information to enable CRISIL to assess SEEPL'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'.

SEEPL trades in and distributes air conditioning and refrigeration
gases (70% of total revenues), equipment, and components (30% of
total revenues). The company has dealership of four companies:
DuPont India and Chemplast Sanmar Ltd. for distribution of
refrigerants and teflon coatings, and Emerson and Danfoss for air
conditioning and refrigeration equipments and spare parts. The
company is a sole distributor of DuPont refrigerants in South
India and sole distributor of Chemplast refrigerants in South
India and Maharashtra. It is a deemed manufacturer of DuPont
refrigerants with refilling plant located at Tamil Nadu, where it
receives refrigerants in large containers and repackages them into
small cylinders of different sizes. Around 60% of the company's
income is generated through deemed manufacturing activities. SEEPL
has branches located in Mumbai, Hyderabad, and Bengaluru, and
around 35 dealers all over South India.


SHREE SHANKAR: CRISIL Puts 'B' Rating on Withdrawal Notice
----------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Shree
Shankar Vijay Saw Mill on 'Notice of Withdrawal' for a period of
60 days, at SSVSM's request and upon receipt of a no-objection
certificate from the firm's banker.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           42.5     CRISIL B/Stable (Placed on
                                  'Notice of Withdrawal')

   Letter Of Guarantee    2.5     CRISIL A4 (Placed on 'Notice of
                                  Withdrawal')

   Letter of Credit     150.0     CRISIL A4 (Placed on 'Notice of
                                  Withdrawal')

The rating will be withdrawn at the end of the notice period, in
line with CRISIL's policy on withdrawal of its bank loan ratings.


SHRI ARUNA: ICRA Reaffirms 'BB' Rating on INR3cr Cash Credit
------------------------------------------------------------
ICRA has re-affirmed the long term rating of '[ICRA]BB' to the
fund based cash credit limits of INR3.0 crore and short term
rating of '[ICRA]A4' for the non fund based limits of INR5.80
crore (enhanced from INR3.00 crore) of Shri Aruna Constructions
Private Limited.  The outlook of the long term rating is 'Stable'.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Cash Credit            3.00       [ICRA]BB(Stable)/re-affirmed
   Bank Guarantee         5.80       [ICRA]A4 / re-affirmed

The rating re-affirmation draws comfort from the healthy order
book position of the company which stood at INR350 crore as on
July 31, 2013 to be executed over the short to medium term. The
rating also positively factors in the vast experience of the
management in the construction industry and reputed client base
such as Nagarjuna Construction Company Limited.  The rating also
takes into consideration the comfortable capital structure and
healthy coverage indicators as reflected by low gearing of 0.61x
as on March 31, 2013 and moderate interest coverage for FY
2013.Besides, SACPL's first real estate project at Attur is
nearing completion (92% completed till August, 2013) thereby
reducing the execution risk to a large extent.

The rating is however constrained due to the modest scale of
operations of the company in the highly competitive construction
industry. The rating is also constrained due to the tight
liquidity position of the company as reflected by stretched cash
flow position for FY 2013, mainly on account of increased working
capital requirements due to steep increase in debtors and high
inventory levels. The rating also factors in the high geographical
concentration risk with presence only in Karnataka and high client
concentration risk with about 80% of the order book comprising of
sub contracting work from single client (NCCL). These apart, the
rating is also constrained due to the moderate booking levels for
the ongoing real estate project and the fact that the construction
orders are moving at a slow pace coupled with slow realization of
the receivables. The company is also planning to launch Phase-II
of the Attur real estate project in February, 2014 which exposes
the company to execution risk; in addition, since ~ 50% of the
project cost is to be funded through bank borrowings the overall
indebtedness of SACPL is expected to increase which may
consequentially stretch the debt metrics of the company. The
timely execution of construction orders and realization of the
receivables in conjunction with healthy sales velocity and
collections for the real estate project will be the key rating
sensitive factors going forward.

M/s. Shri Aruna Constructions Private Limited was established in
the year 2002 having its registered office in Bangalore, mainly
engaged in the field of civil construction work in Karnataka for
various clients. SACPL primarily executes work on sub contract
basis predominantly for Nagarjuna Construction Company Limited
(NCCL) which remains company's major client since its
incorporation. The company had started its first real estate
project, Aruna Pinewoods at Attur, Bangalore in 2010 which is
expected to complete by end of September, 2013. The company is
planning to come-up with Phase-II of this project, for which the
construction might commence in February, 2014.

Recent Results

The company reported net profit of INR3.81 crore (provisional) on
operating income of INR66.23 crore (provisional) for FY 2013 and
net profit of INR2.86 crore on operating income of INR65.15 crore
for FY 2012.


SIDHANT CREATIONS: ICRA Cuts Ratings on INR9.52cr Loans to BB-
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR9.52
crore (reduced from INR11.62 crore) fund-based bank facilities of
Sidhant Creations Pvt. Ltd. from '[ICRA]BB' to '[ICRA]BB-'. The
outlook assigned on the long term rating is "Stable".

                            Amount
   Facilities             (INR crore)   Ratings
   -----------            -----------   -------
   Long Term Fund Based       8.00      [ICRA]BB-(Stable)
   Limits (Cash Credit)                 {downgraded from
                                        [ICRA]BB(stable)}

   Long Term Fund Based       1.52      [ICRA]BB-(Stable)
   Limits (Term Loans)                  {downgraded from
                                        [ICRA]BB(stable)}

The rating revision reflects the dip in operating income and weak
financial profile characterized by deteriorating capital structure
and weak liquidity position. The stretched liquidity position was
on account of inventory build-up resulting in high utilization of
working capital limits. ICRA also takes note there may be an
impact on profitability in current fiscal due to disposal of
excess unsold finished goods inventory. The ratings also take into
consideration the vulnerability of margins to fluctuations in
prices of grey fabric and to the high degree of competitive
pressures that the company is exposed to. The rating however
considers the extensive experience of the promoters in this line
of business and favourable location of the company in terms of
proximity to customers and suppliers.

Sidhant Creation Private Limited is a private limited company
incorporated on 7th October, 2008. Mr. Pradeep Dhingra and Mrs.
Nitu Dhingra are the directors actively involved in the business.
SCPL is engaged in the business of textile and specializes in
manufacturing designer sarees and trading of fabrics. The company
has its registered office and manufacturing unit in Surat in an
area of 16,800 sq. ft. with a capacity to process 16,000 to 18,000
sarees per month. The company also has a group concern, "Sidhant
Fabrics", which does job work for SCPL.

Recent Results:

During 2012-13 as per provisional numbers, the firm has reported a
net profit of INR0.62 crore on an operating income of INR36.61
crore. As per audited 2011-12 numbers, the firm has reported a net
profit of INR0.58 crore on an operating income of INR40.37 crore.


S.P. ENGINEERS: ICRA Reaffirms 'BB-' Ratings on INR10.5cr Loans
---------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB-' rating on the INR4.00 crore
(reduced from INR5.50 crore) cash credit and INR6.50 crore
(earlier nil) unallocated amount of S.P. Engineers. ICRA has also
reaffirmed short term rating of '[ICRA]A4' on INR5.00 crore non-
fund based limits of SPE. The outlook on long term rating is
Stable.

                                 Amount
   Facilities                  (INR crore)   Ratings
   -----------                 -----------   -------
   Long term-Cash Credit           4.00      [ICRA]BB- (Stable)
                                             Reaffirmed

   Long term-Unallocated           6.50      [ICRA]BB- (Stable)
                                             reaffirmed

   Short Term-Non fund based       5.00      [ICRA]A4 reaffirmed

The rating takes into account moderate financial risk profile with
healthy profitability, moderate gearing and positive free cash
flows owing to low capital-intensive nature of business. The
strengths also include long experience of promoters in the supply
of engineering and non-engineering teaching equipment material to
various educational institutes both in the domestic and export
market.

However, the ratings are constrained by modest scale of operations
and risks related to tender based business including contractual
obligations related to after-sales service and associated
guarantees/warranties coupled with volatile nature of orders.

S.P. Engineers is manufacturer and supplier of technical
instruments and equipments primarily for the Education Industry.
Incorporated in 2002, the firm is promoted by three partners - Mr.
Prashant Choudhari, Mr. Chandrashekhar Deshmukh, and Mr. Santosh
Kunjir. The firm has a manufacturing facility in Pune.

Recent Results

During FY13, S.P. Engineers reported operating income of INR18.55
crore, OPBITA of INR3.38 crore and PAT of INR1.20 crore
(provisional and unaudited numbers).



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


SMARTFREN TELECOM: Fitch Affirms National LT Rating at 'CC'
-----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Smartfren Telecom
Tbk's (Smartfren) National Long-Term Rating at 'CC(idn)'. At the
same time, Fitch has also affirmed Smartfren's IDR603bn bond's
National Rating at 'CC(idn)'.

The bond was originally IDR675bn in size and it was issued in 2007
by PT Mobile-8 Telecom Tbk, Smartfren's former legal-entity name
prior to the acquisition of PT Smart Telecom.

Key Rating Drivers

Poor Cash Flow Generation: Smartfren has been unprofitable on an
EBITDA basis since 2008 as a result of its shrinking subscriber
base that continued until 2010 and increasing operating expenses.
However, the losses have been narrowing - to IDR500bn in 2012 from
IDR1.1trn in 2011 - as its data subscriber pool expanded. Although
Smartfren expects to be profitable in 2014, Fitch believes that
the company will still not generate enough cash flows to meet its
obligations.

Reliance on Continuous Funding: Smartfren raised an additional
USD90mn from First Anglo Financial and issued during H113 the last
IDR600bn of mandatory convertible bonds (MCBs) from a total issue
of IDR4.7trn. However, the company still does not have funds to
meet its debt, interest, and lease obligations maturing in 2014
and 2015. Despite successfully reducing its losses and raising
additional loans, Fitch believes that Smartfren will need to raise
more funds to meet its obligations in the next two years.

Uncertain Source of Funds: To meet its obligations, Smartfren has
had to use equity-related funding, such as rights issues and MCBs.
However, given the volatility of equity value and the uncertainty
of cash receipts, the ratings do not factor in any future equity-
related injections. Sources of funding to meet obligations in 2014
and 2015 are still uncertain as the company is pursuing financing
options.

Debt-for-equity Conversion Offer: Smartfren had previously
executed debt-for-equity conversions with some bondholders and
suppliers, although the conversion rates were low. The agency
believes Smartfren's management may offer further debt-for-equity
swaps to creditors. Fitch classifies such swaps as distressed debt
exchange (DDE) in which creditors face a substantial reduction
from the initial terms. A DDE would lead to the company being
assigned a Restricted Default (RD(idn)) National Long-Term Rating.

Weakening Competitiveness: Indonesian code division multiple
access (CDMA) operators, such as Smartfren, are struggling to
compete with the dominant GSM companies after losing their
competitive advantage in the form of cheaper tariffs. Smartfren's
weak cash flow generation and limited ability to raise additional
funding make it even more difficult to compete meaningfully
against GSM operators. Fitch believes that struggling CDMA players
may participate in consolidation to boost their competitive
positions.

Rating Sensitivities

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

-- Improvements in both trading and liquidity

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

-- Failure to secure new funding to meet obligations

-- Announcement of a further debt-for-equity swap offer, which
   is likely to be considered a DDE



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


ANNIES: Receivers Expect Sale Process to be Completed by December
-----------------------------------------------------------------
Cathie Bell at The Marlborough Express reports that Marlborough
food manufacturer Annies is likely to be sold, with interest being
sought from potential buyers, the company's receiver said.

According to the report, PriceWaterhouseCoopers partner John Fisk
said the company, which went into voluntary receivership two weeks
ago with 30 job losses, could be sold by Christmas.

Annies owners, Annie and Graeme Giles, put the company into
receivership after an American customer refused an order of 4
million fruit bars because of a labelling issue.

Marlborough Express relates that Mr. Fisk said there had been keen
interest in the company.

"It's well-liked by the market," the report quotes Mr. Fisk as
saying.

He said "a number of parties" registered their interest in Annies,
and the receivers would send out information to parties this week,
the report notes.  A sale was the "most likely" outcome at this
stage, Mr. Fisk, as cited by Marlborough Express, said.

The interest was primarily from New Zealand at this stage, Mr Fisk
said.

Indicative offers are invited by October 29, with the intention to
have the transaction completed by Christmas.

Annies Marlborough Ltd sells and exports fruit leathers and dried
fruit.  The company's products are also stocked in a number of
kiwi supermarket chains.



=================
S I N G A P O R E
=================


GLOBAL AT&T: Moody's Downgrades Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 Global A&T
Electronics Limited's (GATE) corporate family rating and the
rating of its $625 million first lien senior secured notes due
2019.

At the same time Moody's has assigned a B2 rating to GATE's new
$502.3 million first lien senior secured notes due 2019.
The rating outlook is stable.

Moody's has also withdrawn the B2 ratings on GATE's $237.5 million
second lien secured fixed rate loan due 2015; and $305.5 million
PIK senior second lien secured floating rate loan due 2015.

RATINGS RATIONALE

"The ratings downgrade follows GATE's execution of an exchange
offer for its $543 million second lien secured facilities that
were to mature in October 2015. While this transaction improves
the capital structure by extending the company's debt maturity
profile, it is a clear indication of aggressive financial
tolerance by GATE's management and major shareholders, in light of
expected weakening of financial performance," says Annalisa Di
Chiara, a Moody's Vice President and Senior Analyst.

On 1 October 2013 the company announced the completion of an
exchange offer for its entire 2nd lien debt of $543 million due
2015 for $502.3 million of new 10% senior secured 1st lien notes
due 2019. The exchange offer was completed on 30 September 2013
and the new notes rank pari passu with the company's previously
existing $625 million 10% senior secured 1st lien notes due 2019.
Post exchange offer, total debt/EBITDA remains largely unchanged
but the senior 1st lien debt / LTM EBITDA ratio has increased
dramatically from 2.7x to 5.0x, reflecting the upsizing of first-
lien debt to $1,128 million from $625 million.

"The exchange offer has pushed out a crucial maturity date from
2015 to 2019. However, the new notes rank pari passu with the
previously existing US$625 million senior secured first lien notes
and which were just issued in February 2013. As a result, the
existing first lien note-holders must now share collateral with
the additional new notes, resulting in a significant reduction in
recovery value in the event of default," adds
Ms. Di Chiara.

"GATE's management and shareholders executed a transaction that
was clearly negative for the previously existing bondholders and
which weighs on the rating. When combined with the company's sub-
par operating performance, where revenues and margins remain under
pressure, the quality of GATE's credit profile is no longer in
line with a B1 rating", Ms. Di Chiara adds.

GATE reported revenues of $394 million for 1H2013 compared to $478
million for 1H2012, representing an 18% decline, in part because
Nanya Technologies Corp., one of GATE's top clients, shifted its
strategy away from the commodity dynamic random-access memory
(DRAM) business.

"We believe there is some weakening of the company's competitive
position and as a result expect 2H2013 revenues to be lower than
1H2013. Should revenues continue to decline on a quarterly basis,
ratings will come under further pressure," Ms. Di Chiara says.

GATE's adjusted debt/EBITDA was 5.2x in the twelve-month period
ended 30 June 2013.

"The deteriorating operating results also highlight GATE's high
level of operating leverage -- reflecting its test-weighted
business model -- and the significant cash obligations from a
heavy debt load. Interest payments alone represent around 50% of
the company's LTM EBITDA," adds Ms. Di Chiara.

"Nonetheless, GATE has good balance sheet liquidity (with
approximately $190 million in cash on hand) and back-up liquidity
in the form of a $125-million undrawn committed revolving
facility. However, we would view negatively cash falling below
$150 million," Ms. Di Chiara says.

GATE's ratings could also be downgraded if 1) its balance sheet
liquidity materially deteriorates due to higher-than-expected cash
burn or dividends, (2) profitability declines, leading to further
deterioration in its financial profile, such that debt/EBITDA
remains at or above 6.0x or EBITDA margins fall below 25%, (3)
there is further evidence of a weakening competitive position or
loss of market share.

Given the downgrade and the company's sub par operating
performance, an upgrade is unlikely over the next 12-24 months.
The principal methodology used in this rating was the Global
Semiconductor Industry Methodology published in December 2012.
Please see the Credit Policy page on www.moodys.com for a copy of
this methodology.

Global A&T Electronics Ltd is a leading provider of semiconductor
assembly and test services operating under the name UTAC with
manufacturing facilities in Singapore, Taiwan, Thailand and China.
UTAC was privatized through a leverage buy-out by a private equity
group led by TPG Capital (47.7%) and Affinity Equity Partners
(47.7%) in October 2007.



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


TONG YANG: Regulator to Probe Chairman For Selling Assets
---------------------------------------------------------
Yonhap News Agency reports that the Financial Supervisory Service
(FSS) said it will ask the prosecution to investigate the chairman
of Tong Yang Group for allegations that he sold his company debts
to investors even though he knew about their default risks
stemming from the group's liquidity shortage.

"We found that there is a need for an investigation on (Tong
Yang's) controlling stakeholders in relation to their financial
transactions between the group's affiliates," Kim Gun-sop, the
deputy governor of the Financial Supervisory Service (FSS) told
reporters at a press briefing, Yonhap relays.

Yonhap says Mr. Gun-sop's remarks pointed at Hyun Jae-hyun, the
head of South Korea's 38th-largest conglomerate, who has come
under scrutiny after investors accused him of selling his company
bonds through the group's brokerage unit, knowing that Tong Yang
was running short on cash to repay them.

Tong Yang Group has filed five of its affiliates for court
receivership since Sept. 23, as it failed to raise funds needed to
pay back some KRW110 billion (US$102.7 million) that matured at
the end of last month, the report notes. It has to cover debts
worth KRW1.1 trillion by early next year.

The FSS, however, said it is not looking into including Hyun's
wife Lee Hye-kyung -- the vice chairwoman of the troubled
conglomerate -- in the probe request at this stage, since they
have found no suspicious activities that support allegations,
according to Yonhap.

Yonhap reports that investors have claimed that the daughter of
Tong Yang's founder pulled out KRW600 million worth of cash and
gold from the Tong Yang Securities' headquarters in the lead up to
the group's request for court receivership.

According to the news agency, the FSS said the conglomerate sold
asset-backed commercial papers, a type of a short-term debt, worth
nearly KRW160 billion to thousands of retail investors in July and
September.

The FSS has been conducting an all-out inspection into assets tied
to Tong Yang's financial affiliates including the asset management
and insurance arms, the report says.

Yonhap adds that the FSS said the probe will continue without a
due deadline, given the gravity of the crisis. It is the first
time since the 1997 Asian financial crisis that Korea's financial
watchdog extended a probe for an indefinite period of time.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 1, 2013, Yonhap News Agency said three affiliates of
embattled Tong Yang Group on September 30 filed for court
receivership as a last resort to avert bankruptcy after they
failed to secure funds to keep afloat, the group said.

Yonhap related that South Korea's 38th-largest conglomerate said
its three units -- Tongyang Inc., Tong Yang Leisure Co. and
Tongyang International Inc. -- requested a court's order earlier
on Monday for a corporate revival process.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.


* Hanjin, Doosan May Follow Tongyang, Analysts Warn
---------------------------------------------------
Kim Rahn at The Korea Times reports that analysts have warned the
ongoing liquidity crisis at Tongyang Group may be a precursor to
events at other conglomerates.

According to the report, market watchers said Dongbu and Doosan
may face similar problems, as well as the shipping arms of some
groups including Hyundai and Hanjin.

A recent report by Korea Ratings showed many of Dongbu's
affiliates have seen poor earnings, while more than half of their
debts will mature within a year, the Korea Times relays. "The cash
shortage at some affiliates can affect the whole group," the
report, as cited by the Korea Times, said.

For Doosan, it said the group spent a huge amount of money on
mergers but the firms taken over have not produced the expected
performance amid the ongoing economic slump, relates the Korea
Times.

According to the Korea Times, the report also said Hanjin's
profits have fallen amid a slump in air transport and shipping
industries, while the group invested heavily in new airplanes and
ships.

In the shrunken corporate bonds market, the Korea Times notes,
companies will have to seek other means of funding such as loans
from banks.

Experts said it will not be easy as banks are reluctant to offer
loans to firms with low credit because they have already seen
debts go bad at troubled companies, the Korea Times adds.



================
S R I  L A N K A
================


AMW CAPITAL: Fitch Publishes 'BB-' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings Lanka has published Sri Lanka-based AMW Capital
Leasing and Finance PLC's (AMCL) National Long-Term Rating of 'BB-
(lka)' with a Stable Outlook.

Key Rating Drivers

The rating reflects its relatively weak deposit franchise amongst
finance companies, modest capitalisation, satisfactory asset-
quality and small market share. AMCL's rating is a reflection of
its stand-alone financial strength, and as such already factors in
ordinary support from parent Associated Motorways Limited (AMW).

AMCL's customer deposits amounted to LKR78m (2% of the total
funding), reflecting its weak deposit franchise. This is partly
due to AMCL's conversion to a Licensed Finance Company (LFC) in
2008, from a Specialised Leasing Company (SLC), which is not
allowed to mobilise deposits. AMCL is funded primarily through
borrowings from AMW and banks (56% and 42% of funding,
respectively at end-June 2013).

Liquidity pressure may increase for AMCL if the current weak
economic climate persists because banks may reduce their exposure
to smaller LFC's such as AMCL. AMCL's liquidity profile remains
weak as liabilities that mature in less than a year exceed assets
with similar maturity by LKR1.1bn at end H113 (equivalent to 129%
of equity). This gap, however, is similar to that at similarly
rated peers. Borrowings from AMW and loans guaranteed by AMW
accounted for 77.4% of AMCL's liabilities that mature in less than
a year.

AMCL's ratio of equity to total assets stood at 16.6% at end-H113
(end-2012: 15.9%) and was in line with that of similarly rated
domestic peers. However Fitch expects AMCL's capitalisation to
decline due to its expanding operation but to remain at a
satisfactory level for its current rating.

AMCL's profitability, as measured by return on assets (ROA),
remained flat at 3.3% (annualised) for the six months to end-June
2013 (2012: 3%) despite an increase in net interest margin (NIM)
and low operating cost. This was mainly due to a decrease in non-
interest income and an increase in impairment cost. Non-interest
income decreased mainly due to low net insurance income, which
accounted for 23% of total non-interest income in H113 (2012:
30%). Fitch expects ROA to remain under pressure in the short- to
medium-term, in line with the sector, due to intense competition
and an economic slowdown.

AMCL's regulatory non-performing loans (NPL) over three months
were at 5.4% of total loans at end-H113 (end-2012:4.2%), while its
NPL ratio over the six months to end-H113 remained below 1% -
which was better than similarly rated domestic peers. Fitch
expects asset quality to come under pressure amid a weaker
economic climate - this is in line with the agency's view for the
non-bank financial institutions sector. AMCL has provided modest
impairment reserves cover of 85% for its regulatory NPLs at end-
H113 (end 2012: 106%), which was similar to coverage for 'BB(lka)'
rated domestic peers.

Rating Sensitivities

Deterioration in the company's liquidity profile, asset quality,
or capitalisation relative to its peers would place downward
pressure on AMCL's rating. The development of its franchise, while
maintaining its financial profile relative to higher-rated peers
may lead to a positive rating action.

AMCL is 90% owned by AMW, a large domestic importer of motor
vehicles. AMW set up AMCL with the objective of supporting its
vehicle financing business.

AMCL mainly provides vehicle finance in the form of leases, hire
purchase, and loans. At end-June 2013, leases accounted for 67% of
total advances, hire purchase 23% and loans 10%.



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


* BOND PRICING: For the Week Sept. 30 to Oct. 4, 2013
-----------------------------------------------------

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


  AUSTRALIA
  ---------

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


  CHINA
  -----

CHINA GOVERNMENT     1.64       12/15/33   CNY      65.71


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


  INDONESIA
  ---------

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


  INDIA
  -----

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


  JAPAN
  -----

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


  KOREA
  -----

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


  MALAYSIA
  --------

SPECIAL PORT VEHI    5.80       07/29/16   MYR      69.11


  PHILIPPINES
  -----------

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


  SINGAPORE
  ---------


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


  SRI LANKA
  ---------


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


  THAILAND
  --------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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