TCRAP_Public/131017.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, October 17, 2013, Vol. 16, No. 206


                            Headlines


A U S T R A L I A

CAPITAL FINANCE: Bella Transaction Ratings Unaffected by Sale
PEPPER RESIDENTIAL: S&P Assigns 'BB' Rating to Class E Notes
* Experts See String of Car Components Makers to go Under


B A N G L A D E S H

TUBA GROUP: Executive Held Captive by Workers, WSJ Reports


C H I N A

SUNTECH POWER: US Bondholders Seek to Force Firm Into Bankruptcy
WINSWAY COKING: Fitch Lowers Issuer Default Rating to 'RD'


I N D I A

ASK HOME: CARE Revises Rating on INR17.88cr Loans to 'BB-'
AVIRAT COTTON: CARE Reaffirms B Rating on INR20cr Loans
BAID LEASING: CARE Rates INR12cr LT Bank Loans at 'BB-'
BHAGAWATI COOLS: CARE Reaffirms 'BB-' Rating on INR16.55cr Loans
BIYANI SHIKSHAN: CARE Rates INR17.32cr LT Bank Loans at 'BB'

COIMBATORE INTEGRATED: CARE Reaffirms D Rating on INR17.71cr Loan
DECCAN CHRONICLE: Lenders Fight Over Publishing Titles
DEEKAY IMPEX: CARE Reaffirms BB- Rating on INR1.5cr LT Loans
DEEKAY PINE: CARE Reaffirms BB- Rating on INR2.5cr LT Loans
DEEPAK POWER: CARE Rates INR8.21cr LT Bank Loans at 'B-'

GURUDEO EXPORTS: CARE Reaffirms BB/A4 Rating on INR25cr Loans
KOC INDUSTRIES: CARE Rates INR26.95cr LT Bank Loans at 'B'
KUSHAL FIBER: CARE Assigns 'BB-' Rating to INR15.25cr LT Loans
LALSONS PLYBOARD: CARE Reaffirms B+ Rating on INR1cr LT Loans
M. P. VENEERS: CARE Revises Rating on INR3cr Loans to 'BB/A4'

PEGMA RESOURCES: CARE Assigns 'B' Rating to INR13.60cr Loans
RAJ INDIA: CARE Assigns 'BB' Rating to INR12cr LT Bank Loans
RAJESHREE COT: CARE Assigns 'BB-' Rating to INR15cr LT Bank Loans
SAI RETAIL: CARE Rates INR6cr LT Bank Loans at 'BB+'
SHIVAM CASTOR: CARE Revises Rating on INR15.93cr Loans to 'B'

SIM DIAM: CARE Reaffirms 'BB+' Rating on INR130cr LT Bank Loans
SREE SARAVANA: CARE Assigns 'BB' Rating to INR8.36cr Loans
TAPOVAN INT'L: CARE Reaffirms 'B+' Rating on INR5.36cr Loans
UNIVERSAL INDUSTRIAL: CARE Reaffirms BB- Rating on INR25cr Loans
VIDHANI VENEERS: CARE Reaffirms 'B+' Rating on INR1cr Loans


I N D O N E S I A

BUMI RESOURCES: S&P Lowers CCR to 'CC'; Outlook Negative


N E W  Z E A L A N D

CHORUS LTD: ASX, NZX Find No Evidence Firm Could Become Insolvent
LANE WALKER: EX-Employee Knew of Cashflow Problems
SOLID ENERGY: 1,000 Jobs at Risk on Bank of Tokyo Court Action
STONEY RANGE: Former Dominion Finance Director Regains Wine Firm


X X X X X X X X

* APAC Investors Expect Market Pressures and Slowing Growth
* Fitch: Rebalancing Central for China's Sovereign Ratings


                            - - - - -


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


CAPITAL FINANCE: Bella Transaction Ratings Unaffected by Sale
-------------------------------------------------------------
Fitch Ratings has commented that Westpac Banking Corporation's
(Westpac, AA-/Stable) acquisition of Capital Finance Australia Pty
Ltd (CFAL) from its parent Lloyds Banking Group will not affect
the outstanding ratings on the Bella Trust and Bella Series No.2
ABS transactions.

Bella Trust No. 2 Series 2011-2 and Bella Trust No. 2 Series 2012-
1 are securitisations of automotive and equipment loan
receivables, while the remaining Bella Trust No. 2 Series and
Bella Trust are securitisations of automotive loan receivables
only, all originated by CFAL.

CFAL will continue to act as servicer of the trusts, while we
expect that the trust management, account bank and interest rate
swap provider roles that are currently held by Lloyds Bank plc
will transition to Westpac.

Fitch currently rates 6 Bella Trust and Bella Trust No.2
transactions.

Bella Trust Series 2010-1:
Class A notes: 'AAAsf'; Outlook Stable;
Class B notes: 'Asf'; Outlook Stable;
Class C notes: 'BBBsf'; Outlook Stable;
Class D notes: 'BBsf'; Outlook Stable; and
Class E notes: 'Bsf'; Outlook Stable.

Bella Trust Series 2010-2:
Class A2 notes: 'AAAsf'; Outlook Stable;
Class B notes: 'Asf'; Outlook Stable;
Class C notes: 'BBBsf'; Outlook Stable;
Class D notes: 'BBsf'; Outlook Stable; and
Class E notes: 'Bsf'; Outlook Stable.

Bella Trust No. 2 Series 2011-1:
Class A2a notes: 'AAAsf'; Outlook Stable;
Class A2b notes: 'AAAsf'; Outlook Stable;
Class B notes: 'Asf'; Outlook Stable;
Class C notes: 'BBBsf'; Outlook Stable;
Class D notes: 'BBsf'; Outlook Stable; and
Class E notes: 'Bsf'; Outlook Stable.

Bella Trust No. 2 Series 2011-2:
Class A notes: 'AAAsf'; Outlook Stable;
Class B notes: 'Asf'; Outlook Stable;
Class C notes: 'BBBsf'; Outlook Stable;
Class D notes: 'BBsf'; Outlook Stable; and
Class E notes: 'Bsf'; Outlook Stable.

Bella Trust No. 2 Series 2011-3:
Class A2a notes: 'AAAsf'; Outlook Stable;
Class A2b notes: 'AAAsf'; Outlook Stable;
Class B notes: 'Asf'; Outlook Stable;
Class C notes: 'BBBsf'; Outlook Stable;
Class D notes: 'BBsf'; Outlook Stable; and
Class E notes: 'Bsf'; Outlook Stable.

Bella Trust No. 2 Series 2012-1:
Class A notes: 'AAAsf'; Outlook Stable;
Class B notes: 'Asf'; Outlook Stable;
Class C notes: 'BBBsf'; Outlook Stable;
Class D notes: 'BBsf'; Outlook Stable; and
Class E notes: 'Bsf'; Outlook Stable.


PEPPER RESIDENTIAL: S&P Assigns 'BB' Rating to Class E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to the seven classes of nonconforming residential
mortgage-backed securities (RMBS) to be issued by G.T. Australia
Nominees Ltd. as trustee of Pepper Residential Securities Trust
No.11.  Pepper Residential Securities Trust No.11 is a
securitization of nonconforming residential mortgages originated
by Pepper HomeLoans Pty Ltd. (Pepper).

The preliminary ratings reflect:

   -- S&P'sview of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- The availability of a retention amount built from excess
      spread before the call date, and applied to reduce the
      balance outstanding of the most subordinated rated note at
      that time.

   -- The availability of an amortization amount built from
      excess spread after the call date, and applied with
      principal collections to reduce the balance of the most
      senior rated note at that time.

   -- The availability of a yield reserve built from excess
      spread before the call date up to a limit of A$1 million,
      and made available to meet senior expenses and interest
      shortfalls on the class A notes.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one, available to meet extraordinary expenses.  The
      reserve will be topped up via excess spread if drawn.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 2.5% of the outstanding balance of the
      notes, and principal draws, are sufficient under S&P's
      stress assumptions to ensure timely payment of interest.

   -- The condition that a minimum margin will be maintained on
      the assets.

A copy of Standard & Poor's complete report for Pepper Residential
Securities Trust No.11 can be found on RatingsDirect, Standard &
Poor's Web-based credit analysis system, at:

                 http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

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

        http://standardandpoorsdisclosure-17g7.com/1881.pdf

PRELIMINARY RATINGS ASSIGNED

Class        Rating            Amount (mil. A$)
A-1          AAA (sf)          195.0
A-2          AAA (sf)           41.7
B            AA (sf)            17.1
C            A (sf)             15.9
D            BBB (sf)           11.4
E            BB (sf)             8.1
F            B (sf)              5.4
G            N.R.                5.4

N.R.--Not rated.


* Experts See String of Car Components Makers to go Under
---------------------------------------------------------
Amanda Saunders at Business Spectator reports that insolvency
practitioners are expecting a string of car component makers to
come under mounting financial pressure and even go under if the
Abbott government skimps on cash support for Ford and Holden.

According to the report, KordaMentha partner Craig Shepard said
suppliers had tried to diversify to respond to pressure, but they
operated on skinny margins, which restricted them from raising
fresh capital.

Business Spectator relates that suppliers were also continually
"priced down" by carmakers, who passed on the bulk of risk and
research costs. Attempts to enter new markets were often futile in
the face of Australia's high labour costs.

"Depending on the decision by (Industry Minister Ian) Macfarlane,
you are likely to see a string of casualties," the report quotes
Mr. Shepard as saying.

Business Spectator notes that Mr. Macfarlane visited Toyota in
Melbourne on October 9, following talks with Holden. He said the
Productivity Commission would release interim findings by
Christmas on whether the car industry could remain viable, the
report relays.

The car industry accounts for about 7 per cent of Australia's
total manufacturing turnover and 5 per cent of value-added
manufacturing, according to a recent KordaMentha report obtained
by Business Spectator.

Business Spectator relates that Mr. Shepard said the most
vulnerable suppliers were Australian-owned, particularly those
over-exposed to the car sector. Their margins were being squeezed
and they had no access to capital, Mr. Shepard, as cited by
Business Spectator, said.

If one supplier in a particular parts area went under, it
increased the likelihood of insolvency for other suppliers in that
sector, the report notes. The Australian operations of global
players were protected by capital backing and diversification.

International players would look to restructure their local
operations to reduce exposure, or sell up, the report adds.

"The businesses are not likely to have any value, particularly if
their contracts are at risk," Mr. Shepard said.



===================
B A N G L A D E S H
===================


TUBA GROUP: Executive Held Captive by Workers, WSJ Reports
----------------------------------------------------------
Syed Zain Al-Mahmood at The Wall Street Journal reports that the
managing director of a Bangladeshi apparel company where 112
employees died in a November factory fire was held captive by
workers for 12 hours over the weekend in a pay dispute.

According to the report, police said workers demanding salaries
and severance payments locked Delwar Hossain of Tuba Group in his
office for much of the day Saturday.

Mr. Hossain was later released, police said. But workers on Sunday
were still holding his brother-in-law as well as a Tuba factory
manager, according to police, the Journal relates.

The Journal says labor relations in Bangladesh, where the garment
industry is a critical engine of the economy, have become
increasingly strained in recent months, with strikes and protests
by workers demanding higher wages. The minimum wage in Bangladesh
is $37 a month.

"We tried to mediate between the parties" in the Tuba wage
dispute, Iqbal Hossain, the local police chief, who is no relation
to the Tuba managing director, told the Journal. But he said the
standoff between labor and management was continuing.

The Journal relates that workers said Tuba, a garment manufacturer
that owns 12 Bangladeshi clothing factories, had closed one of its
factories without notifying them or providing back pay and
severance.

Tuba also owns Tazreen Fashions Ltd., whose factory was the site
of the blaze last November that killed more than 100 workers. Some
of the dead were so badly burned that they have yet be identified.

According to the report, police reopened an investigation into the
Tazreen fire recently after activists filed a petition with a
Dhaka court. Local police in a Dhaka suburb where Tazreen is
located initially said they had found no evidence implicating
Mr. Hossain, the report notes.

A Home Ministry report on the fire prepared in December and
reviewed by The Wall Street Journal, said Mr. Hossain had showed
"unpardonable negligence" for faulty construction, inadequate
firefighting facilities and keeping flammable yarn on the ground
floor.

Mr. Hossain hasn't been charged in the case, the report adds.



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


SUNTECH POWER: US Bondholders Seek to Force Firm Into Bankruptcy
----------------------------------------------------------------
Wayne Ma at The Wall Street Journal's Money Beat reports that the
main business of Suntech Power Holdings Co. has already been
involved in bankruptcy proceedings in China.  Now some U.S.
bondholders are seeking to force what was once the world's largest
supplier of solar panels into involuntary bankruptcy in the U.S.,
the report says.

The Journal says the U.S. bondholders on Oct. 14 filed a petition
in a New York court to force U.S.-traded Suntech into involuntary
bankruptcy. Suntech, based in the eastern Chinese city of Wuxi,
has racked up more than $2.3 billion in mostly Chinese debt and
has posted losses amid a plunge in solar-panel prices and trade
sanctions by the U.S. The company in March defaulted on more than
$500 million in convertible notes, which put its main Chinese
subsidiary into bankruptcy proceedings in China.

According to the Journal, the bondholders that filed the petition
hold $580,000 in Suntech bonds -- a fraction of the $541 million
in notes issued by the company in 2008, according to court
documents.  The Journal relates that the petition, led by
distressed-debt hedge fund Trondheim Capital LLC, is seeking to
place Suntech into Chapter 7, a bankruptcy protection used by most
companies to liquidate after shutting down, court documents show.
Under U.S. bankruptcy law, only three creditors with total claims
of at least $15,325 are required to file a petition to force a
company into bankruptcy.

Suntech has three weeks to respond to the petition, the Journal
relays, citing court documents.

Last month, the Journal recalls, the three bondholders won an
order in a New York court that allows them to go after Suntech's
U.S. assets, according to court documents. According to the
report, Colin Peterson, Trondheim's managing director, said that
his fund sent a dozen subpoenas to banks in the U.S. looking for
Suntech's accounts but came up short.

                          About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,
Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

As reported by the TCR on March 20, 2013, Suntech Power Holdings
Co., Ltd., has received from the trustee of its 3 percent
Convertible Notes a notice of default and acceleration relating to
Suntech's non-payment of the principal amount of US$541 million
that was due to holders of the Notes on March 15, 2013.  That
event of default has also triggered cross-defaults under Suntech's
other outstanding debt, including its loans from International
Finance Corporation and Chinese domestic lenders.


WINSWAY COKING: Fitch Lowers Issuer Default Rating to 'RD'
----------------------------------------------------------
Fitch Ratings has downgraded China-based Winsway Coking Coal
Holdings Limited's (Winsway) Issuer Default Rating to 'RD' from
'C'. The senior unsecured rating remains at 'C'.

The downgrade follows the company's announcement of the completion
of its debt exchange offer for the US dollar notes due 2016.

Key Rating Drivers

DDE after Noteholders Tendered: Fitch treats this exchange as a
Distressed Debt Exchange (DDE) as all noteholders are stripped of
meaningful covenants, including the requirement to apply asset
disposal proceeds to repay the notes. In addition 32.83% of the
noteholders are taking an immediate loss on par value by tendering
their notes.

Buyback Background: Existing noteholders were asked to voluntarily
tender their notes, receiving either an immediate cash payment of
47.5% of par, or an immediate cash payment of 37.5% of par and
cash payment of 25% of par when the notes mature in April 2016.
The company also provided an option for noteholders to waive the
notes covenants without tendering their notes for a 2.5% consent
payment.

Cash Generation Further Deteriorates: Fitch does not expect
Winsway's core business to generate positive free cash flow (H113:
a reported gross outflow of HKD337m). Fitch believes the prospects
for improvement are low, barring a sharp and sustained increase in
coking coal prices. This weakens the prospect of increasing cash
resources for the notes' repayment in 2016.

Debt Maturity Looms: Following this exercise, Winsway still faces
a repayment of USD309.3m (HKD2.38bn) of outstanding notes maturing
in 2016. On 30 June 2013, the company reported an unrestricted
cash balance of HKD1.79bn, and restricted bank deposits of HKD963m
that had been pledged for its bank borrowings. Fitch estimates
that a total of USD76m (HKD591m) was paid out for the notes
buyback and consent solicitation fees.

Refinancing Ability Reduces: Fitch believes that the company will
have to rely on refinancing for a significant portion of the
scheduled maturity in 2016. However, its success in securing
covenant waivers now may worsen the prospects for refinancing.

Following the downgrade, Fitch will reassess the company's credit
profile based on the new capital structure, ranking of the notes
within the group, its changed liquidity profile, and solvency
prospects.



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


ASK HOME: CARE Revises Rating on INR17.88cr Loans to 'BB-'
----------------------------------------------------------
CARE revises/reaffirms ratings assigned to the bank facilities of
Ask Home Furnishing Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long-term Bank          17.88      CARE BB- Revised from
   Facilities                         CARE B+

   Short-term Bank          2.20      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The revision in the long term rating of ASK Home Furnishing
Private Limited factors in the growth in the total operating
income, infusion by the promoters resulting in improvement in
liquidity position and capital structure. The ratings continue to
remain constrained by the small scale of operations, high
operating cycle, residual project execution risk and risk
associated with fluctuation in raw materials prices. The ratings
are further constrained by the competition from the organized and
small/midsized unorganized players.

The ratings continue to draw comfort from the experience of the
promoters with demonstrated funding support, wide distribution
network, moderate profitability margins and coverage indicators.

Going forward, the ability to increase scale of operations while
maintaining its profitability, effective working capital
management and maintaining its capital structure would be the key
rating sensitivities.

ASK was incorporated as a private limited company in February 2005
by Mr. Sandeep Singh Kochar and his wife, Ms Amita Kochar. The
company is engaged in the manufacturing of mink blankets
and mink blankets fabric. ASK manufactures wide range of blankets
like double bed, single bed and baby blankets. The manufacturing
facility is located in village Pathredi, Gurgaon in Haryana.
ASK reported a PAT of INR0.74 crore on a total income of INR41.33
crore in FY13 (refers to the period April 1 to March 31).


AVIRAT COTTON: CARE Reaffirms B Rating on INR20cr Loans
-------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Avirat Cotton Industries Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long-term Bank           20        CARE B Reaffirmed
   Facilities

Rating Rationale

The rating of Avirat Cotton Industries Private Limited continues
to remain constrained mainly on account of the weak financial
profile marked by modest revenue growth, thin profitability,
leveraged capital structure and weak debt coverage indicators. The
rating is also constrained owing to susceptibility of operating
margins to cotton price fluctuation, regulatory changes governing
the cotton industry and its presence in lowest segment of textile
value chain and the highly fragmented cotton ginning industry.

The rating however favourably takes into consideration the
promoters' experience of more than a decade in cotton ginning
business and its presence in proximity to cotton-producing area of
Gujarat.

ACIPL's ability to manage volatility associated with cotton prices
& improvement in its overall financial risk profile are the key
rating sensitivities.

Rajkot-based ACIPL was formed in 2005 as a partnership firm under
the name M/s. Avirat Cotton Industries and then converted into a
private limited company in 2010. ACIPL is involved in cotton
ginning & pressing, cotton seed crushing and trading in agro
commodities. ACIPL operates from its sole manufacturing unit
located at Gondal with an installed processing capacity of
manufacturing 5,950 metric tonnes per annum (MTPA) of cotton
bales, 1,460 MTPA of oil extraction and 10,950 MTPA of de-oiled
cake.

During FY13 (refers to the period April 1 to March 31), ACIPL
reported a total operating income (TOI) of INR68.42 crore and PAT
of INR0.06 crore as against a TOI of INR60.11 crore and PAT of
INR0.02 crore in FY12.


BAID LEASING: CARE Rates INR12cr LT Bank Loans at 'BB-'
-------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Baid
Leasing and Finance Company Ltd.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long-term Bank           12        CARE BB- Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Baid Leasing and
Finance Company Ltd is constrained primarily on account of its
relatively small scale of operations, weakening asset quality,
limited resource base, low geographical diversification of its
loan portfolio and nascent management information system (MIS).

The above constraints outweigh the benefits derived from the long
experience of the promoters in the financing industry along with a
long track record of operations, secured nature of its loan
portfolio and comfortable capital adequacy.

Increase in the scale of operations with greater geographical
diversification, diversification of resource base, improvement in
asset quality, capital adequacy and MIS are the key rating
sensitivities.

BLFL is a Jaipur-based small-sized Non-Deposit taking Non-banking
Finance Company registered with the Reserve Bank of India (RBI),
engaged in the financing of passenger, multi-utility and
commercial vehicles (only used vehicles) through hire purchase
route. BLFL was formed as a proprietorship concern in 1987 by Mr.
Panna Lal Baid and its constitution was changed to public limited
company in 1991. Subsequently, the company got listed in 1995 and
got license from RBI to operate as an NBFC in March 1998. BLFL's
head office is situated in Jaipur and most of the business is
concentrated in the semi-urban and rural areas of Jhunjhunu, Sikar
and Nagaur districts of Rajasthan. The company also earns income
from the trading of securities, mostly equity shares and
derivatives.

BLFL operates out of its network of nine branches located in six
districts of Rajasthan. BLFL generates business through a network
of 30 agents located in these regions. The company follows a
conservative financing policy as it mostly finances to the
existing repeat customers as well as to new customers on the
guarantee of its existing customers.

BLFL reported a total income of INR5.86 crore with a PAT of INR1
crore in FY13 (refers to the period April 1 to March 31) as
against a total income of INR4.66 crore with a PAT of INR0.64
crore in FY12.  Furthermore, as per the provisional results for
Q1FY14, BLFL reported a total income of INR1.75 crore.


BHAGAWATI COOLS: CARE Reaffirms 'BB-' Rating on INR16.55cr Loans
----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Bhagawati Cools Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank           16.55      CARE BB- Reaffirmed
   Facilities

   Short-term Bank           4.00      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Bhagawati Cools
Private Limited continue to remain constrained on account of its
thin profitability, leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained by BCPL's
modest scale of operations in a working capital intensive nature
of business.

The ratings, however, continue to draw strength from BCPL's
diversified revenue stream and long standing experience of the
promoters in the business.  The ability of BCPL to increase its
scale of operations and improve its profitability and capital
structure along with the effective management of working capital
requirements would remain the key rating sensitivities.

Incorporated in September 2000, BCPL is a closely held private
limited company promoted by Mr. Vikram Singh Kirar and his family
members. BCPL started its business operations with cold storage.
In FY05 (refers to the period April 1 to March 31), it started
distributorship of Mahindra & Mahindra (M&M) Tractors in Gwalior
and further expanded to Agra Mandal and Bhopal region in FY09.
BCPL also provides warehousing facilities and offers finance
against warehouse receipt to farmers. BCPL also undertakes trading
of grains and potatoes and sells grains under its brand 'Uttam'.

Its group concern Bhagawati Development Services Private Limited
(BDSPL; rated CARE B+/ CARE A4) is the distributor of Indo-farm
tractors in the Gwalior, Agra Mandal and Bhopal region
and also engaged into the trading and warehousing of commodities,
cold storage like BCPL.

Bhagawati Estate Warehouse (BEW; rated CARE B+/CARE A4) is another
group concern of BDSPL which is engaged in the trading of agro
commodities and providing agri-warehousing facilities.

During FY12, BCPL reported a total operating income of INR78.38
crore (FY11: INR66.05crore) and a PAT of INR0.38 crore (FY11:
INR0.35 crore). As per the provisional results for FY13, BCPL
reported a total operating income of INR83.48 crore and a PAT of
INR0.44 crore.


BIYANI SHIKSHAN: CARE Rates INR17.32cr LT Bank Loans at 'BB'
-----------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Biyani
Shikshan Samiti.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long-term Bank          17.32      CARE BB Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Biyani Shikshan
Samiti is primarily constrained on account of its modest scale of
operations in the highly fragmented and regulated education
industry, its moderate solvency position and regular need to incur
capex which is expected to be partly funded through debt.

The rating, however, favourably takes into account the highly
qualified and experienced management of BSS, its accredited
colleges with an established presence in the education sector and
well distributed revenue stream across various courses. The
rating, further, takes comfort from the good infrastructural
facilities and healthy enrolment ratio.

The ability of BSS to sustain strong enrollment ratio in view of
the highly competitive market scenario along with an increase in
its scale of operations and improvement in solvency position are
the key rating sensitivities.

Jaipur-based (Rajasthan) BSS is registered as society in 1997,
promoted by Mr. Rajeev Biyani and Dr Sanjay Biyani. BSS operates
seven institutes/colleges in two different campuses situated at
Vidhyadhar Nagar and Kalwar in Jaipur. Three colleges of BSS are
affiliated by University of Rajasthan (RU), Jaipur, two colleges
are affiliated by Rajasthan Technical University (RTU), Kota
and two colleges are affiliated to Indian Nursing Council (INC),
New Delhi and Rajasthan Nursing Council (RNC). The society offers
21 courses at the undergraduate and post graduate level leading
to degrees in the field of Arts, Science, Commerce and Management,
Mass Communication, Information Technology, Education, Nursing,
and Engineering. Furthermore, BSS also proposes to establish a
private university in Jaipur in the name of 'Biyani
Interdisciplinary Research and Development University' (BIRDU) and
for the same, Letter of Intent (LOI) has been received from
Government of Rajasthan in February 2012.

During FY13 (refers to the period April 1 to March 31), BSS
reported a net surplus of INR1.15 crore on a Total Operating
Income (TOI) of INR15.25 crore as compared with net surplus of
INR0.77 crore on a TOI of INR12.01 crore during FY12.


COIMBATORE INTEGRATED: CARE Reaffirms D Rating on INR17.71cr Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Coimbatore Integrated Waste Management Company Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank          12.71       CARE D Reaffirmed
   Facilities

   Short-term Bank          5.00       CARE D Reaffirmed
   Facilities

Rating Rationale

The reaffirmation in the rating assigned to the bank facilities of
Coimbatore Integrated Waste Management Company Private Limited is
on account of delay in servicing of rated debt obligations due to
company's weak liquidity position.

CIWMCPL is a Special Purpose Vehicle (SPV) incorporated on January
16, 2008 to undertake a waste management project in Coimbatore. As
on December 31, 2012 Tatva Global Environment Limited (TGEL) holds
99.98% stake in CIWMCPL and the balance is held by Bharuch Enviro
Infrastructure Limited. TGEL group comprises of companies engaged
in providing environment management solutions for cities,
townships, municipalities, industrial estates, commercial,
industrial and residential customers across the country.


DECCAN CHRONICLE: Lenders Fight Over Publishing Titles
------------------------------------------------------
Anita Bhoir at The Times of India reports that lenders to the
troubled Deccan Chronicle Holdings are unable to recover dues of
more than INR5,000 crore due to a dispute between Kotak Mahindra
Bank and IDBI Bank over the company's publishing titles.

The dispute ensured that IDBI Bank could not find any taker when
it recently invited bids for newspaper titles such as Deccan
Chronicle, Asian Age, Andhra Bhoomi and Financial Chronicle, TOI
relates.

"There is opposition to IDBI Bank's move to auction the
trademarks. So the auction has failed," a banker familiar with the
matter, on the condition of anonymity, told TOI.

According to the report, Deccan Chronicle, which published an
eponymous newspaper from Hyderabad and owned a cricket club in the
Indian Premier League, has become the second biggest defaulter in
the latest credit crunch, after Kingfisher AirlinesBSE 3.57 % went
down owing lenders more than INR7,000 crore.

The company declared itself sick last month and checked into the
Board for Industrial and Financial Reconstruction, TOI discloses.

Based in Secunderabad, India, Deccan Chronicle Holdings Limited
engages in the printing and publishing of newspapers and
periodicals.  The company publishes Deccan Chronicle, an English
daily; Financial Chronicle, a financial daily; and Andhra Bhoomi,
a regional daily.  It also owns franchise rights for the
Hyderabad team of the Indian Premier League.


DEEKAY IMPEX: CARE Reaffirms BB- Rating on INR1.5cr LT Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Deekay Impex.

                          Amount
   Facilities           (INR crore)     Ratings
   -----------          -----------     -------
   Long-term Bank           1.50        CARE BB- Reaffirmed
   Facilities

   Short-term Bank          13.00       CARE A4 Reaffirmed
   Facilities

The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of capital
or the unsecured loans brought in by the proprietor in addition to
the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Deekay Impex (DKI)
continue to remain constrained on account of the modest scale of
operations in a highly fragmented industry, thin profit margins,
leveraged capital structure and weak debt coverage and liquidity
indicators. Furthermore, the ratings also continue to remain
constrained on account of the vulnerability of its profit margins
to fluctuations in raw material and foreign exchange rates.

The ratings, however, continue to derive strength from the wide
experience of the proprietor in the industry and its long track
record of operation.

The ability of DKI to increase its scale of operations along with
improvement in profitability by efficient management of raw
material prices and foreign exchange fluctuations are the key
rating sensitivities.

DKI was formed in 1997 as a proprietorship firm. DKI is a part of
the family owned Deekay Group having an experience of over 50
years in the wood business. The firm imports the round timber logs
which is subsequently sawn and sized at its saw mill into various
commercial sizes as per the requirement of its customers. The
facilities are located in Gandhidham in the Kutch district of
Gujarat with a total sawing capacity of 25,000 Cubic Meters Per
Annum (CMPA) as on June 30, 2013. The firm procures its raw
material through imports mainly from Singapore, Europe and
Russia. The timber processed by DKI finds use in packaging of
various products apart from use in infrastructure, building
construction, interior designing, woodwork, transportation and
furniture. Mr. Dilip Kedia is the sole proprietor and manages the
overall business of DKI.

As per the provisional results for FY13 (refers to the period
April 1 to March 31), DKI achieved the Profit before Tax (PBT)
INR1.94 crore on a Total Operating Income (TOI) of INR38.53 crore
as against the PBT of INR0.33 crore on a TOI of 43.15 crore in
FY12.


DEEKAY PINE: CARE Reaffirms BB- Rating on INR2.5cr LT Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Deekay Pine Board Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank           2.50       CARE BB- Reaffirmed
   Facilities

   Short-term Bank          13.00      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Deekay Pine Board
Private Limited continue to remain constrained on account of its
modest scale of operations in a highly fragmented nature of
industry and its financial risk profile marked by thin profit
margins, high overall gearing and modest liquidity position. The
ratings further continue to remain constrained by the
vulnerability of profit margins to fluctuations in raw material
prices, foreign exchange rates and any adverse regulatory changes
in timber exporting countries.

The ratings, however, continue to derive strength from the wide
experience of the promoters in the industry and diversified
customer base.

Increase in the scale of operations and improvement in
profitability in light of fluctuating timber prices and currency
exchange rates is the key rating sensitivity.

DPBPL was established in 2002 by Mr. Dilip Kedia and Mr. Ashwini
Kedia. DPBPL is a part of the Deekay Group which is family owned
and is having an experience of over 50 years in the wood
business. DPBPL is primarily engaged in manufacturing veneer,
plywood, blackboard, sawn timbers and trading of timbers logs. The
company imports timber logs/hardwoods from the countries like
Singapore and Europe and manufactures veneer and plywood. DPBPL
has veneer manufacturing capacity of 1.56 crore Square Meters per
Annum (SMPA) and plywood manufacturing capacity of 3 lakh SMPA and
sawing capacity of 4,000 Cubic Meters per Annum (CMPA) as on March
31, 2013 located at Gandhidham, Gujarat.

As per the provisional results for FY13 (refers to the period
April 1 to March 31), DPBPL achieved a Profit After Tax (PAT) of
INR2.07 crore on a Total Operating Income (TOI) of INR34.66 crore
as against a PAT of INR0.08 crore on a TOI of 33.96 crore in FY12.


DEEPAK POWER: CARE Rates INR8.21cr LT Bank Loans at 'B-'
--------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Deepak Power Storage Enterprises.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank           8.21       CARE B- Assigned
   Facilities

   Short-term Bank          1.00       CARE A4 Assigned
   Facilities

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Deepak Power
Storage Enterprises are primarily constrained by its small scale
and short track record of operation, working capital intensive
nature of operations and its weak financial risk profile
characterized by operational losses, leveraged capital structure
and stressed debt service coverage indicators. The ratings are
further constrained by the high competition from the organized &
unorganized players, DPSE's susceptibility to volatility in raw
material prices and constitution of the entity being a partnership
concern.

The ratings, however, find support from the experienced &
resourceful partners with favorable location of its manufacturing
facility.

Going forward, the ability of the firm to increase its scale of
operation while improving its profitability margins, effective
working capital management and improvement in its capital
structure are the key rating sensitivities.

DPSE was established in March 2010 as a partnership firm by Mr.
Deepinder Singh Ranger, Mr. Neeraj Ranger, Mr. Sandeep Ranger and
Deepak International Limited (Group company of DPSE and promoted
by Mr. Deepinder Singh Ranger in 1976) having an equal profit and
loss sharing ratio. The firm is engaged in the manufacturing of
batteries for invertors and automobiles. The manufacturing
facility of the firm is situated in Kangra, Himachal Pradesh, with
an installed capacity of 270,000 pieces per annum. The firm sells
its product mainly Northern-India through its dealers &
distributors under the brand name of "TuffBull."

For FY12 (refers to the period April 1 to March 31), DPSE achieved
a total operating income of INR19.91 crore and net loss of INR1.73
crore.  As per the provisional results for FY13, DPSE has achieved
total operating income of INR31.65 crore.


GURUDEO EXPORTS: CARE Reaffirms BB/A4 Rating on INR25cr Loans
-------------------------------------------------------------
CARE assigns 'CARE BB' rating to the LT bank facilities and
reaffirms the rating assigned to the ST bank facilities of
Gurudeo Exports Corporation Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long-term/Short-term      25       CARE BB/CARE A4
   Bank Facilities                    Assigned/Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the modest scale and
short track record of operations of Gurudeo Exports Corporation
Private Limited, susceptibility of its thin profitability margins
to volatile commodity prices and foreign exchange fluctuation,
high customer concentration and its presence in a highly
fragmented agro commodity trading business.

The above constraints are, however, partially offset by the vast
experience of the promoters, growing scale of operations along
with its moderate leverage and debt coverage indicators.
GECPL's ability to increase its scale of operations and improve
profitability, along with effective management of volatile
commodity prices and foreign exchange rate fluctuation are the key
rating sensitivities.

GECPL was incorporated as a private limited company in August 2012
to take over the business of M/s Gurudeo Corporation, a
proprietorship concern which was promoted by Mr. Hemant Jain. The
business operations of the proprietorship firm were transferred to
GECPL from June 12, 2013.

GECPL is an export-oriented company engaged in the trading of
agro-commodities such as soybean meal, rapeseed meal, groundnut
meal, maize, corn, etc. The company exports majorly to
Nepal, Singapore, United Arab Emirates and China. GECPL along with
Lakhanlal Kantilal Brokers Pvt Ltd, Lakhanlal Kantilal & Co. and
Elkay Commodities Pvt Ltd constitute the Lakhanlal Kantilal
(LK) Group of Indore.

During FY12 (refers to the period April 1 to March 31), GECPL
reported a PAT of INR0.80 crore on a total operating income (TOI)
of INR112.08 crore as against a PAT of INR1.15 crore on a TOI of
INR101.07 crore in FY11. As per the provisional results for FY13,
GECPL reported a PBT of INR2 crore on a TOI of INR212.82 crore.


KOC INDUSTRIES: CARE Rates INR26.95cr LT Bank Loans at 'B'
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Koc Industries Ltd.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long-term Bank          26.95      CARE B Assigned
   Facilities

   Short-term Bank          8.00      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of KOC Industries Ltd
are primarily constrained by its weak financial risk profile
marked by low profit margin, leveraged capital structure and
stressed liquidity position. The ratings are further constrained
by its modest scale of operations, customer concentration risk and
highly fragmented and competitive textile industry dominated by
unorganized players. The ratings, however, draw comfort from its
experienced promoters with a long track record in the textile
industry and reputed client base. Going forward, the ability of
KOCIL to scale up its operations, improve profitability margins
and capital structure would be the key rating sensitivities.

KOC Industries Ltd was originally incorporated on November 3, 1988
as KOC Exports Pvt Ltd. The name of the company was changed to KOC
Industries Pvt Ltd on July 07, 2010. Thereafter, the company was
converted into a public limited company on August 13, 2010, and
the name of the company was changed to the present name, ie,
KOCIL.

The company is mainly engaged into domestic trading of yarn and
fine knitted clothes which contributed approximately 87% of the
total sales in FY13(P) (refers to the period April 1 to
March 31). The company also has a manufacturing unit located in
Ludhiana (Punjab) for manufacturing of all kinds of knitwear
including fine knit T-shirts, sweaters and pullovers for ladies,
men, kids and infants.

KOCIL earned a PAT of INR0.69 crore on a total operating income of
INR117.02 crore during FY13 (Provisional; refers to the period
April 01 to March 31).


KUSHAL FIBER: CARE Assigns 'BB-' Rating to INR15.25cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Kushal
Fiber.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Bank           15.25      CARE BB- Assigned
   Facilities

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in additional to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Kushal Fiber is
primarily constrained on account of the firm's presence in the
highly fragmented cotton ginning industry, thin profitability due
to limited value addition, its leveraged capital structure and
constitution as a partnership concern with the inherent risk of
capital withdrawal. The rating is further constrained on account
of its susceptibility to regulatory changes governing cotton
industry.

The above weaknesses are partially off-set by the vast experience
of the partners in the cotton ginning industry and proximity to
cotton producing region of Madhya Pradesh (MP).  The ability of
Kushal Fiber to increase its scale of operations along with an
improvement in the profitability and capital structure are the key
rating sensitivities.

Kushal Fiber was constituted as a partnership firm in 2011 by the
Mahajan family based out of Khargone (MP). Kushal Fiber is engaged
in the cotton ginning and pressing at its sole manufacturing
facility located at Khargone with an installed capacity of 13,600
MT for cotton processing and 26,400 MT of cotton seed as on March
31, 2013. Mr. Ratnalal Mahajan, the Managing Partner, is actively
involved in the strategic and routine operation of the firm.

As per the provisional result for FY13 (refers to the period April
1 to March 31), Kushal Fiber has reported a total operating income
of INR160.08 crore (FY12: INR4.02 crore) and PAT of INR0.40 crore
(FY12: INR0.02 crore).


LALSONS PLYBOARD: CARE Reaffirms B+ Rating on INR1cr LT Loans
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Lalsons Plyboard Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long-term Bank           1         CARE B+ Reaffirmed
   Facilities

   Short-term Bank          5         CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Lalsons Plyboard
Private Limited continue to be constrained on account of its small
scale of operations, family-driven nature of business, presence in
a limited product line and low profit margins. The ratings also
take into account the presence of LPPL in the highly fragmented
ply board industry and susceptibility to any adverse regulatory
changes in timber exporting countries.

The ratings, however, favourably factor in the experienced
promoters, locational advantage in terms of proximity to raw
material and comfortable capital structure and debt coverage
indicators.

The ability of LPPL to increase its scale of operations and
improve profitability margins with better working capital
management remains the key rating sensitivity.

LPPL, incorporated on October 9, 2002, was promoted by Mr. Girdhar
Vidhani who spearheads the company in assistance with other family
members/directors including Mr. Hemant Girdhar Vidhani, Mr. Govind
Lalchand Vidhani, Ms Kanchan Vidhani and Ms Varsha Girdhar
Vidhani. The company is engaged in manufacturing of plyboards,
flush doors and block boards at its manufacturing facility
situated at Kutch, Gujarat. LLPL imports its key raw material i.e.
timber from from Malaysia, Belgium, New Zealand, Germany and
Vietnam and sells the final product in Gujarat, Maharashtra,
Rajasthan and Delhi.

Vidhani Veneers Pvt. Ltd. (VVPL; rated CARE B+/CARE A4) and
Ishwari Wood Products Pvt. Ltd. are the sister concerns of LPPL.
While, VVPL was incorporated on August 8, 2006 and operates in the
same line of business as LLPL, IWPPL has started operations in
FY13 (refers to the period April 1 to March 31) and is engaged in
trading of wood work machinery.

During FY13 (provisional; refers to the period April 1 to
March 31), LPPL reported a PAT of INR0.22 crore on total operating
income of INR13.20 crore as against a PAT of INR0.18 crore on a
total operating income of INR10.09 crore in FY12.


M. P. VENEERS: CARE Revises Rating on INR3cr Loans to 'BB/A4'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
M. P. Veneers Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long-term/Short-term     3.00      CARE BB/CARE A4 Revised
   Bank Facilities                    from CARE BB+/CARE A4+

   Short-term Bank          9.70      CARE A4 Revised CARE A4+
   Facilities

Rating Rationale

The revision in the ratings assigned to the bank facilities of M.
P. Veneers Private Limited is primarily on account of
deterioration in capital structure and debt coverage indicators
during FY13 (FY refers to April 1 to March 31) coupled with
deterioration in liquidity profile marked by significant increase
in the inventory level.

The rating continues to be constrained on account its modest scale
of operations and in a highly competitive and fragmented veneer
industry and direct linkages with the cyclical real estate
industry, its modest profitability and exposure to volatility in
the raw material prices and foreign exchange rates coupled with
risk related to any adverse regulatory changes in timber supplying
countries.

However, the above constraints offset the benefit derived from
improvement in TOI and profitability during FY13. The ratings
continue to derive strength from the wide experience of the
promoters of MPPL in the veneer business of over three decades and
established track record of operations.

The ability of MPPL to increase its scale of operations &
profitability along with efficient management of working capital
are the key rating sensitivities.

Bhopal-based MPPL was incorporated in 1978 by Mr. Kamal Kishore
Kela and Mr. Ashok Kela. The company is engaged in manufacturing
of decorative sliced natural wood veneers, flooring parquet, hard
lumbers and teak mouldings. The manufacturing facilities are
located in Betul, Madhya Pradesh with an installed capacity of 2
million square meters of veneer sheets per annum (0.5 mm
thickness) as on March 31, 2013. MPPL caters to domestic as well
as overseas markets.

As per the audited results FY13, MPPL reported a total operating
income of INR20.74 crore (FY12: INR16.99 crore) with a Profit
after Tax (PAT) of INR0.22 crore (FY12: INR0.14 crore).
Furthermore, MPPL has achieved a total operating income of INR3.40
crore during Q1FY14.


PEGMA RESOURCES: CARE Assigns 'B' Rating to INR13.60cr Loans
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Pegma
Resources Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank          13.60       CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Pegma Resources
Private Limited is primarily constrained on account of the risk
associated with the predominantly debt-funded green field  jumbo
bags manufacturing project which is recently commissioned. The
rating is further constrained on account of the lack of experience
of the promoters in the packaging industry, vulnerability of
margins to volatile input prices and its presence in the highly
fragmented industry.

The rating, however, favourably takes into account the experience
of the promoters in the mineral industry and favorable demand
outlook for jumbo bags.

The ability of the company to stabilize its newly established
facility with achievement of the envisaged levels of income and
profitability will be the key rating sensitivity.

PRPL, incorporated in April 2012, was promoted by Mr. Sachin
Nahar, Mr. Nitin Nahar, Mr. Ankur Sharma and Ms. Ruchika Sharma.
PRPL was incorporated with an objective to set up a greenfield
plant for the manufacturing of Flexible Intermediate Bulk
Container (FIBC)/jumbo bag at Beawar (Rajasthan). FIBC/jumbo bags
are manufactured from polypropylene (PP) or polyethylene (PE) and
find their application in storing and transporting free flowing
dry products like flour, salt, cotton, rice, seeds and potatoes
etc. The company has completed its project and started commercial
operations from May 2013. The plant was set up at an aggregate
cost of INR12.29 crore, which was funded with a debt equity mix of
1.53:1. The plant has an installed capacity of 4,320 Metric Tonnes
Per Annum (MTPA).

The company procures its primary raw material (PP) from Reliance
Industries Ltd and sells FIBC bags to M/s WMA India (associate
concern) as well as manufacturing concerns in and around
Rajasthan.


RAJ INDIA: CARE Assigns 'BB' Rating to INR12cr LT Bank Loans
------------------------------------------------------------
CARE assigns 'CARE BB' ratings to the bank facilities of Raj India
Auto Private Ltd.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Bank           12         CARE BB Assigned
   Facilities

Rating Rationale

The ratings of the bank facilities of Raj India Auto Private
Limited is constrained by the low profitability margins, highly
leveraged capital structure and weakened demand outlook for the
passenger and commercial vehicles in the near term.  However, the
ratings derive strength from the experienced promoters, reasonable
track record of operations of RIAPL with a continuous growth in
the scale of operations and long standing relationship with
Mahindra and Mahindra Limited.

The ability to consistently scale-up the operations with an
improvement in the profitability margins, and overall gearing in
view of the challenging industry scenario shall remain the key
rating sensitivities.

Raj India Auto Private Limited was incorporated in March 2006 and
was promoted by Mr. Devendra Pratap Singh and Mr. Vishal Singh, as
an authorized dealer for the commercial and passenger vehicles of
Mahindra and Mahindra Limited (M&M) and sale of spare parts and
servicing of vehicles in and around Varanasi (Uttar Pradesh). The
company derives approximately 94% of the total revenues from the
sale of vehicles, while the balance is contributed by income from
the servicing, sale of spare parts and incentives. RIAPL operates
four 3S (Sales, Service and Spare parts) facilities and one
showroom.

RIAPL reported a PAT of INR1.74 crore on the total operating
income of INR291.15 crore in FY13 (refers to the period April 01
to March 31) (provisional) vis--vis PAT of INR0.87 crore on the
total operating income of INR216.03 crore in FY12 (Audited).


RAJESHREE COT: CARE Assigns 'BB-' Rating to INR15cr LT Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Rajeshree
Cot Fiber.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank           15         CARE BB- Assigned
   Facilities

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the partners in additional to
the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Rajeshree Cot Fiber
is primarily constrained on account of the firm's presence in the
highly fragmented cotton ginning industry, thin profitability due
to limited value addition, its leveraged capital structure and
constitution as a partnership concern with inherent risk of
capital withdrawal. The rating is further constrained on account
of its susceptibility to regulatory changes governing cotton
industry.

The above weaknesses are partially off-set by the vast experience
of the partners in the cotton ginning industry and proximity to
cotton producing region of Madhya Pradesh (MP).

The ability of RCF to increase its scale of operations along with
an improvement in profitability and capital structure are the key
rating sensitivities.

Rajeshree Cot Fiber was constituted as a partnership firm in 2007
by the Mahajan family based out of Khargone (MP). RCF is engaged
in cotton ginning and pressing at its sole manufacturing facility
located at Khargone with an installed capacity of 12,750 MT for
cotton processing and 24,750 MT of cotton seed as on March 31,
2013. Mr. Suresh Mahajan, the Managing Partner, is actively
involved in the strategic and routine operation of the firm.

As per the provisional result for FY13 (refers to the period April
1 to March 31), RCF has reported a total operating income of
INR58.99 crore (FY12: INR163.32 crore) and PAT of INR0.07 crore
(INR0.06 crore).


SAI RETAIL: CARE Rates INR6cr LT Bank Loans at 'BB+'
----------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of Sai
Retail India.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank           6          CARE BB+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Sai Retail India
takes into account the constitution of the entity as a partnership
firm, working capital intensive nature of operations and intense
competition from the organized and unorganized players in the
textile retailing. The rating weakness are, however, partially
off-set by the experience of the promoters in the garment
industry, long operational track record of the firm, well
established network of vendors and suppliers and growth in total
income in FY13 (refers to the period April 01 to March 31). The
ability of the firm to increase its scale of operations and
profitability margins and to manage the working capital
efficiently are the key rating sensitivities.

Sai Retail India was established as a partnership firm in January
2009 in Hyderabad with 8 partners. Later in June 2013, the firm
was reconstituted with 5 partners, namely, Mr. NK Durga
Prasad, Mr. Annam Kalyan Srinivas, Mr. Annam Subash Chandra Mohan,
Mr. Annam Venkata Rajesh and Mr. DK Durga Rao. SRI is engaged in
the business of wholesale trading in sarees, dress material and
readymade garments. SRI purchases the stock from all over the
country and supplies them to retail outlets like Kalamandir (Group
Company), Big Bazar, Reliance Trends, and Pantaloon, etc.

During FY13, SRI reported a PAT of INR1.02 crore (Rs.0.33 crore in
FY12) on a total income of INR121.04 crore (Rs.97.78 crore in
FY12).


SHIVAM CASTOR: CARE Revises Rating on INR15.93cr Loans to 'B'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shivam Castor Products Pvt. Ltd.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank           15.93      CARE B Revised
   Facilities                          from CARE B-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Shivam Castor Products Pvt. Ltd. is mainly on account of the
successful commencement of the commercial operations of its
greenfield project and modest capacity utilization during five
months in FY14 (FY refers to April 1 to March 31).

The rating continues to remain constrained by its presence in the
highly fragmented and competitive castor-oil industry,
susceptibility of its margins to volatile castor seed prices and
seasonality associated with the availability of castor seeds. The
rating, however, continues to draw strength from the experience of
the promoters in the castor-oil business along with its proximity
to raw material source.

The ability of SCPPL to increase its scale of operations while
efficiently managing the working capital requirements will be the
key rating sensitivity.

SCPPL was incorporated in 2011 by five promoters and has set up a
green-field plant for manufacturing of various grades of castor
oil. Dr. Bharat Patel and Mr. Arun Patel are the key promoters of
the SCPPL, who have wide experience in the castor oil business.
SCPPL has commenced the commercial operations at its plant in
March, 2013. It has an installed capacity of 300 Metric Tonnes Per
Day (MTPD) for crushing of castor seeds.

During FY13, SCPPL earned a PAT of INR0.01 crore on a total
operating income (TOI) of INR1.49 crore. During 5MFY14, SCPPL has
achieved sales of INR51 crore.


SIM DIAM: CARE Reaffirms 'BB+' Rating on INR130cr LT Bank Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sim Diam Private Ltd.
                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank          130.00      CARE BB+ Reaffirmed
   Facilities
   (Fund-based)

Rating Rationale

The reaffirmation of ratings assigned to the bank facilities of
Sim Diam Private Limited are constrained by its thin profitability
margins emanating from volatility in the prices of rough diamonds
and forex movements, small scale of operations, high gearing
levels and moderate current ratio. Further, the ratings are also
constrained by client concentration and intense
competition from organised and unorganised players in the G&J
industry.

Nevertheless, the rating derives strength from promoters'
significant experience in the diamond business, DTC sightholder,
equity infusion by promoters as well as growth in operations
coupled with improvement in profitability margins in FY13 (refers
to the period from April 1 to March 31) SDPL's ability to sustain
the growth in operations, improve profitability margins and
capital structure are the key rating sensitivities.

In 1998, Mr. Fatehchand Ratanlal Sethia and his son Mr. Roshan
Fatehchand Sethia established M/S Sim Diamonds to undertake
cutting and polishing of diamonds. Subsequently, in 2006, it was
converted into a private limited company under the present name.
Currently, the company is actively involved in the import of rough
diamonds and export of cut and polished diamonds of various sizes,
shapes and value ranging from 30 cents to 2 carats. SDPL is being
managed by the Sethia family and relatives having considerable
experience in the diamond business.

The company derives around 68% (78% in FY12) of total sales in
FY13 from export markets such as Israel, USA, UAE, Hong Kong etc.
and remaining from the domestic markets. SDPL has attained
the status of DTC sight holder in April 2012 through Niru Diamonds
(Israel) another related entity and procures roughs from these
sights.

During FY13 (refers to the period April 1 to March 31), the
company posted PAT of INR4.48 crore (FY12 - INR2.67 crore) on
total income of INR257.32 crore (FY12 - INR183.91 crore).


SREE SARAVANA: CARE Assigns 'BB' Rating to INR8.36cr Loans
----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Sree Saravana Engineering Bhavani Private Limited.

                          Amount
   Facilities           (INR crore)   Ratings
   -----------          -----------   -------
   Long-term Bank          8.36       CARE BB Assigned
   Facilities

   Short-term Bank        15.00       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Sree Saravana
Engineering Bhavani Private Limited are constrained by the small
scale of its operations, the intense competition in the civil
construction business and the company's stressed liquidity
position.

The ratings, however, derive strength from the vast experience of
the promoter of more than three decades, SSEB's demonstrated
project execution capabilities, comfortable order book position,
SSEB's modest financial performance characterized by increasing
profit and cash accruals in the three year period upto FY13
(refers to the period April 1 to March 31) as well as its moderate
gearing and coverage indicators.

Going forward, the ability of SSEB to build-up order book and
execute the same in a timely manner within the budgeted cost and
improvement in capital structure will be key rating sensitivities.

Sree Saravana Engineering Bhavani Private Limited was established
as a partnership firm (Sri Saravana Engineering Works) in 1981 by
Mr. P Venkatachalam and Ms V Poongodi (w/o Mr. P Venkatachalam)
and was converted into a private limited company in December 2010.
SSEB undertakes hydro-mechanical work, including designing,
procurement, fabrication, manufacturing, installation, testing and
commissioning of hydro-mechanical equipment, predominantly in
power projects as well as in irrigation projects. As on June 26,
2013, the company had an order book of INR51.23 crore to be
completed by the end of 2014. The company has an installed
windmill capacity of 850 KW as on March 31, 2013 and power
generated from this windmill is sold at INR2.54 per unit
to Tamil Nadu Electricity Board (TNEB).

SSEB has registered a PAT of INR2.76 crore on a total operating
income of INR38.55 crore in FY13 Provisional, as compared with a
PAT of INR0.89 crore on total operating income of INR20.82 crore
in FY12.


TAPOVAN INT'L: CARE Reaffirms 'B+' Rating on INR5.36cr Loans
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Tapovan International School.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank           5.36       CARE B+ Reaffirmed
   Facilities

The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo change in case of the withdrawal of capital
or the unsecured loans brought by the proprietor in addition to
the financial performance and other relevant factors.

Rating Rationale

The rating of Tapovan International School continues to remain
constrained on account of inadequacy of rental inflow to cover the
debt servicing obligations and limited track record of the
proprietor in the education business.

The rating, however, favourably takes into consideration the
support received from group companies, limited expenditure leading
to high operating margin, long-term revenue visibility of
TIS due to rental agreement with Madhav Education Trust (MET) and
other sources of income of the proprietor.

The ability of TIS to increase its rental inflow and reduce its
dependence on other sources of income to repay its debt
obligations is a key rating sensitivity.

TIS was started in May 2010 by Mr. Chirag Patel. The school is
managed and run by MET which was established in 2010 to run TIS by
the promoter and founder (Mr Dashrathbhai V. Patel) of Gujarat
Multi Gas Base (GMGB) Group which is engaged in manufacturing of
different grades of specialty chemicals. Mr. Chirag Patel, who is
a trustee in MET and proprietor of TIS, has constructed school
building which has been leased out to MET. TIS has taken loan for
the construction of school building and will be servicing the loan
from rental income from MET. The school is spread over 23 acres of
land in Mehsana. It is a day boarding-cum-residential school with
hostel facility for the students not belonging to Mehsana. The
school is co-educational and English medium affiliated to Central
Board of Secondary Education (CBSE).

During FY13 (provisional; refers to the period April 1 to
March 31), TIS reported a net loss of INR0.46 crore on a total
operating income (TOI) of INR2.52 crore as against a net loss of
INR0.51 crore on a TOI of INR2.13 crore in FY12. Further, as per
the provisional results for 5MFY13, TIS reported a TOI of INR1.14
crore.


UNIVERSAL INDUSTRIAL: CARE Reaffirms BB- Rating on INR25cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings to the bank facilities of Universal
Industrial Equipments and Technical Services Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank            25        CARE BB- Reaffirmed
   Facilities

Rating Rationale

The reaffirmation of the rating assigned to the bank facilities of
UITL continues to be tempered by low profitability margin
associated with the dealership business, weak financial risk
profile with overall gearing of 4.81 times as on March 31, 2013
(provisional, refers to the period April 1 to March 31) and high
working capital intensity associated with the business resulting
in moderate liquidity profile and tweaked outlook towards the
construction industry from which the company derives its demand.

The assigned rating favorably factors in experience of the
promoters and established track record of UITL as an authorized
dealer for various reputed suppliers of earth-moving machinery and
construction equipments and improving scale of operations and
strong geographical presence.

The company's ability to enhance its liquidity profile by
efficient management of its overall working capital and
improvement in the capital structure remain the key rating
sensitivities.

Universal Industrial Equipment & Technical Services Private
Limited is engaged in trading of earthmoving machinery, industrial
and mining equipments and it also provides construction equipments
on lease. Incorporated in March 1996, the company is promoted by
Mr. Narendra Sabnani who has over two decades of experience in
dealership business.

The company is the sole authorized dealer for Telco Construction
Equipment Company Ltd (Telcon) and Atlas Copco (India) Ltd (Atlas)
for Vidharba and Chhattisgarh regions and the authorized sole
distributor for Goodyear farm tyres for Vidarbha region.

As per the unaudited financials of FY13 (provisional), UITL earned
a Profit after tax (PAT) of INR1.85 crore on a total operating
income of INR144.19 crore against a PAT of INR1.12 crore on a
total operating income of INR127.12 crore in FY12.


VIDHANI VENEERS: CARE Reaffirms 'B+' Rating on INR1cr Loans
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Vidhani Veneers Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   -----------          -----------    -------
   Long-term Bank          1.00        CARE B+ Reaffirmed
   Facilities

   Short-term Bank         4.80        CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Vidhani Veneers
Private Limited continue to be constrained on account of its small
scale of operations, family driven nature of business, presence in
a limited product line and low profit margins. The ratings also
take into account the presence of VVPL in a highly fragmented ply
board industry and susceptibility to any adverse regulatory
changes in timber exporting countries.

The ratings, however, favourably factor in the experienced
promoters, locational advantage in terms of proximity to raw
material and improvement in comfortable capital structure with
equity infusion during FY13 (refers to the period April 1 to
March 31).

The ability of VVPL to increase its scale of operations and
improve its profitability with better working capital management
remains the key rating sensitivity.

VVPL is a Gujarat-based company incorporated on August 1, 2006 by
Mr. Jay Vidhani in assistance with Mr. Girdhar Vidhani, Mr. Romesh
Vidhani and Mr. Govind Lalchand Vidhani. The Vidhani family is in
this business since 15 years. VVPL is engaged in the manufacturing
of veneers, ply boards, flush board, and block boards. VVPL
imports its key raw material, ie, timber from Malaysia, Belgium,
New Zealand and Germany and sells the final product in Gujarat,
Maharashtra, Rajasthan and Delhi.

Lalsons Plyboard Private Limited (LPPL; rated CARE B+/ CARE A4)
and Ishwari Wood Products Pvt. Ltd. are the sister concerns of
VVPL. While, LLPL was incorporated in 2002 and operates in the
same line of business as VVPL, IWPPL has started operations in
FY13 and is engaged in the trading of wood work machinery.

During FY13 (provisional), VVPL reported a PAT of INR0.18 crore on
a total operating income of INR10.23 crore as against a PAT of
INR0.21 crore on a total operating income of INR11.03 crore in
FY12.



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


BUMI RESOURCES: S&P Lowers CCR to 'CC'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on PT Bumi Resources Tbk. (Bumi)
to 'CC' from 'CCC'.  The outlook is negative.

At the same time, Standard & Poor's lowered the rating on senior
secured notes that Bumi guarantees to 'CC' from 'CCC'.  S&P also
lowered its long-term ASEAN regional scale rating on Bumi to
'axCC' from 'axCCC'.  S&P removed all the ratings from
CreditWatch, where they were placed with negative implications on
Sept. 26, 2012.

"We lowered the rating on Bumi because we view the company's
recent agreement with its key lender China Investment Corp. (CIC)
as a distressed debt exchange equivalent to a de-facto default,"
said Standard & Poor's credit analyst Xavier Jean.

Under the agreement, CIC will convert part of the US$1.3 billion
principal amount of its loan to Bumi into equity stakes in Bumi
and its subsidiaries and the rest into debt with longer tenor and
lower interest rates than in the original terms and conditions.

In accordance with S&P's criteria for distressed debt exchange, it
believes that, in the absence of an agreement with CIC, there was
a good possibility of a payment default by Bumi over the next few
months.  This is because Bumi's internal cash flows are likely to
be insufficient to service the debt.  The rating on Bumi is lower
than the 'B-' threshold for considering such an exchange as
distressed, according to the criteria.

S&P believes that Bumi will benefit from lower interest expense,
lower leverage, and smoother refinancing once the distressed offer
is complete.  However, its EBITDA could be lower as a result of
the sale of equity ownership in the coal operating companies.

S&P believes the deal will take time because it still needs
multiple approvals.  Bumi still has significant refinancing needs
in the near term, with more than US$600 million of debt maturing
in the rest of 2013, and US$660 million due in 2014.  Such
refinancing would be very difficult if the CIC deal is still
pending.

S&P assess Bumi's liquidity as "weak," as its criteria define the
term.  S&P expects the company's ratio of sources of funds to uses
to be materially less than 1.0x in 2013.

"The negative outlook reflects the likelihood that we will lower
the rating on Bumi to 'SD' (selective default) once the company's
proposed transaction with CIC is completed," said Mr. Jean.  "We
will then review Bumi's credit profile after assessing the
company's operating cash flows, debt maturity profile, debt
interest coverage and leverage ratios, and liquidity."

If the proposed transaction is not completed, S&P will reassess
Bumi's credit profile and the likelihood of similar offers.



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


CHORUS LTD: ASX, NZX Find No Evidence Firm Could Become Insolvent
-----------------------------------------------------------------
The Australian and New Zealand stock exchanges (ASX and NZX) have
reported to the Coalition for Fair Internet Pricing indicating
that they have found no evidence to support New Zealand prime
minister John Key's assertion that Chorus Ltd could become
insolvent if his government's proposed copper tax is not
introduced.

"We are pleased with the ASX and NZX conclusions because they
confirm that there is absolutely no risk of insolvency under any
of the copper pricing scenarios put forward by the Commerce
Commission as the independent regulator. This means that the roll-
out of the Ultra-Fast broadband can proceed as planned," a
spokeswoman for the coalition, Sue Chetwin, also chief executive
of Consumer NZ, said.

Chorus is part of the NZX15 index, has a market capitalisation of
over NZ$1 billion, made a profit of NZ$171 million last year and
paid NZ$95 million in dividends to its shareholders.

"Given Chorus' financial security, we call on the government to
withdraw its proposal to over-ride the Commerce Commission and
impose a copper tax on Kiwi households and businesses - a tax
which will benefit no one except support the profits of the copper
lines monopoly," Ms. Chetwin said.

"There is no reason at all for Kiwi households and businesses to
pay a dollar more for copper broadband and voice services than the
Commerce Commission says is fair.

"There is no threat to Chorus's solvency and no threat to the
roll-out of Ultra-Fast Broadband. Chorus should simply be told to
get on with the job."

Mr. Key made his insolvency claims on national television on
September 13, saying: "If the Commerce Commision ruling stands
there's a chance Chorus will go broke, in which case the Ultra
Fast Broadband (UFB) won't be rolled out." He later advised media
and the New Zealand Parliament that he stood by these comments.

Asked whether his view that Chorus could become insolvent was
based on information not in the public domain, Mr Key told
Parliament it was "based on commercial-in-confidence discussions
between Chorus and Ministry of Business, Innovation and Employment
(MBIE) officials" and a private telephone conservation he had with
the chair of Chorus, Sue Sheldon, in December 2012.
Following the prime minister's comments, the coalition asked the
ASX and the NZX to investigate why Chorus had made no disclosure
to the market about any insolvency risk as it would be required to
do under both exchange's listing rules.

On October 4, the ASX advised the coalition it had reviewed the
matter but "has not formed the view . . . that there is, or is
likely to be, a false market in [Chorus]'s securities". It
advised: "If you do not see a market announcement about the issues
you have raised, you should assume either that our investigation
has concluded that there was no breach of the Listing Rules or, if
there was, it has been dealt with to our satisfaction on a
confidential basis."

On October 9, the NZX also advised that it "has no reason to
challenge [Chorus]'s view that it remains in compliance with its
continuous disclosure obligations under the NZSX Listing Rules".

Chorus Ltd -- http://chorus.co.nz/-- is a telecommunications
utility provider. The Company provides services, such as network
access services, property co-location services, field services and
roadmap of services. The Company's network access services provide
direct access to Chorus local access network. It connects around
1.8 million New Zealand homes and businesses. Its property
portfolio includes local telephone exchanges, roadside cabinets,
mobile masts and radio towers. The Company manages security and
access to its buildings and infrastructure across the country. The
Company installs or repairs end customers' phone or Internet
services. The phone and Internet companies use its network to
deliver services. The Company also provides services to radio
operators or organizations that need wireless communications.
These organizations include TeamTalk, NZ Police, Civil Defense
organizations and broadcasters.


LANE WALKER: EX-Employee Knew of Cashflow Problems
--------------------------------------------------
Alan Wood at Stuff.co.nz reports that a former LWR Group employee
said he became aware of cashflow problems after the group lost a
key contract.

The group, based on textile manufacturer Lane Walker Rudkin
Industries, was placed in receivership owing about $120 million in
2009, with most of that owed to Westpac New Zealand Ltd.

Stuff.co.nz relates that Christchurch businessman Kenneth James
Anderson appeared in the Christchurch District Court on
October 14 on four representative charges relating to the alleged
use of fabricated documents during his ownership of LWR, which
dated back to 2001.

The charges follow an investigation by the Serious Fraud Office,
the report says.

According to Stuff.co.nz, the SFO alleged Mr. Anderson fabricated
financial documents to obtain and keep loans with Westpac. It also
alleged he fabricated documents to obtain funds under a letter of
credit provided by Westpac.

Stuff.co.nz says former employees Lucy Waugh and Albert Yee were
asked by defence and prosecution lawyers in court about the LWR
management team and their knowledge of letters of credit used by
the group as forms of loans.

Mr. Yee said he had worked for Mr. Anderson for about 13 years
and, after taking an operating role with smaller Anderson
companies, moved to the LWR group, the report relays.

Stuff.co.nz notes that the financial aspects of the group had been
looked after by Mr. Anderson and a group accountant,
David Sugden.

The loss of a manufacturing contract for Pacific Brands about 2004
had been a surprise and caused tighter financial conditions, Mr.
Yee told the court, Stuff.co.nz reports.

Judge Jane Farish has granted Mr. Anderson bail until his
sentencing on November 25, Stuff.co.nz adds.

                        About Lane Walker

Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people were employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane.  Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in  Auckland.  The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.

Lane Walker Rudkin Industries went into receivership in April 2009
with debt of more than NZ$50 million.  Brian Mayo-Smith and
Stephen Tubbs, partners at BDO Spicers, have been appointed joint
receivers and managers of LWR.  The appointment was made by LWR's
bankers to protect the financial position of LWR and its
subsidiary Pod while issues facing the group are resolved.  The
LWR operations were unprofitable and have incurred a substantial
increase in bank debt.

LWR is currently subject of a Serious Fraud Office investigation
following a complaint from the LWR group's receivers.  The
receivers claimed LWR had misrepresented its financial strength to
Westpac in order to borrow from the bank.  The company owes about
NZ$120 million to Westpac.


SOLID ENERGY: 1,000 Jobs at Risk on Bank of Tokyo Court Action
--------------------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that Finance Minister
Bill English said legal action by a Japanese bank to try to block
a debt restructure of Solid Energy could see the bank lose
NZ$80 million and risk 1,000 jobs.

According to the report, the Bank of Tokyo Mitsubishi, which is
known to have opposed a debt restructure of the state-owned mining
company, had filed papers in the High Court in Auckland to try to
block it.

Stuff.co.nz notes that banks, which are collectively owed close to
NZ$400 million, are being asked to convert NZ$75 million of this
into a form of equity which could be of no value, and will
inevitably be worth less than the face amount.  The banks are due
to vote on the deal next week in Christchurch, the report
discloses.

Stuff.co.nz relates that Mr. English said the court action had
been anticipated and the legal advice he had received was that it
had only a small chance of success.  However, he said, success
would be likely to work against the company.

"If they were successful in court, of stopping a deal, then Solid
Energy would probably go into liquidation and they would lose all
of their NZ$80 million dollars," the report quotes Mr. English as
saying.  "So success is probably worse for them, than failure in
the courts."

Success in court for the Japanese bank would probably cost about
1,000 jobs, Mr. English, as cited by Stuff.co.nz, said.

Stuff.co.nz adds that Mr. English said the Government needed to
give clarity over whether there was a possibility of a debt
restructure by September 30, when the annual accounts were due to
be signed. Otherwise the Government might have had to place Solid
Energy into liquidation.

Prime Minister John Key played down the significance of the legal
action, the report adds.

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.


STONEY RANGE: Former Dominion Finance Director Regains Wine Firm
----------------------------------------------------------------
Christopher Adams at The New Zealand Herald reports that former
Finance Company Director Ann Butler -- who was convicted this year
of misleading investors -- has regained control of a wine company
after it emerged from receivership.

Stoney Range Wines, which owned and operated two vineyards in the
Marlborough region, was placed in receivership in 2011 after the
company defaulted on scheduled loan repayments, a receivers'
report said, according to The New Zealand Herald.

A public notice disclosed that the receivership has ended and
receivers McDonald Vague have handed control of the company back
to Ms. Butler, a former director of failed finance firms Dominion
Finance and North South Finance, the report relates.

The report notes that in May, Ms. Butler pleaded guilty to
misleading investors, who were owed more than NZ$200 million when
the companies collapsed.   Ms. Butler was sentenced in June to
nine months' home detention, 80 hours' community work and told to
pay US$300,000 in reparation, the report discloses.

The report relates that Ms. Butler and her late husband Terry --
who was also a director of the two collapsed finance firms but was
excused from charges last year after being diagnosed with cancer -
- ran Stoney Range as a joint venture with Waipara-based wine firm
Sherwood Estate.

The New Zealand Herald relays that Stoney Range supplied grapes to
Sherwood Estate, which produced wine that was sold under the
Stoney Range label in Britain and Stratum Label brand in other
markets, according to a receivers' report.  The receiver's report
also said the vineyards had been sold to repay debts owed to ASB
Bank, The New Zealand Herald discloses.

Last month it emerged that probation staff were concerned the
NZ$6.8 million Remuera home in which Ms. Butler is serving
detention might be too large to be electronically monitored, The
New Zealand Herald adds.



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


* APAC Investors Expect Market Pressures and Slowing Growth
-----------------------------------------------------------
Asia-Pacific investor sentiment is coloured by expectations of
pressure across all markets and that growth will slow, according
to a new regional cross-sector investor survey by Fitch Ratings.

APAC investors are concerned about reduced monetary easing by
global central banks and its effect on credit conditions across
the region. Eighty-seven percent of respondents regard a reduction
in quantitative easing by major central banks as the main risk to
APAC credit markets. They specifically acknowledge Emerging Asia
market pressures, with 79% expecting underlying credit conditions
to deteriorate for emerging-market sovereigns, with 68% expecting
the same for emerging-market corporates. A similar proportion of
investors expect spreads in the two segments to widen.

Survey respondents anticipate slowing economic growth in many
countries. The most pessimistic outlook was for India, followed
closely by Indonesia. Conversely, Japan's growth is expected to
accelerate. Although 46% believe China is heading for a slowdown,
only a third of investors expect this to be a hard landing and
cause difficulties for the regional credit markets.

Investor sentiment is divided on the merits of high yield. Twenty
percent voted it their top investment choice, just behind the
favourite, corporates - but an even greater proportion say high
yield is their least favoured sector. Fifty-four percent say they
will find the best yield opportunities in high-yield corporate
bonds, strongly ahead of second-placed bank hybrid bonds. But
views on high-yield fundamentals are weak, with two-thirds
expecting deterioration.

Sentiment on corporates is overall negative. Fifty-six percent say
property sector fundamentals will deteriorate, with 53%
pessimistic on the outlook for industrials/manufacturing.
Investors expect companies to focus on capex and maintaining
prudent cash cushions ahead of shareholder-biased activities.

Fitch conducted its inaugural "APAC Senior Fixed-Income Investor
Survey" between 20 August and 30 September. It represents the
views of 72 senior investors in the APAC region, including asset-
management companies, sovereign wealth funds, insurance companies,
pension funds, wealth managers, banks and hedge funds.


* Fitch: Rebalancing Central for China's Sovereign Ratings
----------------------------------------------------------
The key structural vulnerability facing China's credit profile is
the unsustainability of the investment-driven growth model. The
longer investment and leverage remain on an unsustainable path,
the greater the risk to the sovereign credit profile and ratings,
Fitch says in a report.

China's Foreign-Currency Issuer Default Rating (IDR) has risen to
'A+'/Stable as of October 2013 from 'A-'/Stable when the rating
was first assigned in December 1997. The upgrades reflect
strengthening in the balance sheet and the economy's astonishing
growth. However, momentum has stalled since the upgrade to 'A+'
from 'A' in November 2007 because structural vulnerabilities have
come to the fore.

Capital formation rose to account for 48.1% of GDP in 2012 --
unprecedented for any large emerging market. If investment
continues to grow faster than GDP, it would soon exceed domestic
savings (50.8% of GDP in 2012) -- and China would sink into a
trade deficit, dependent on capital inflows to fund growth. Fitch
believes the authorities are determined to avoid such an outcome.

Investment and debt are closely connected and Fitch believes China
has a debt problem to match its extraordinarily high investment
rate. The stock of debt in China's economy has surged to around
200% of GDP at end-2012 from 129% at end-2008 when the authorities
unleashed a credit-fuelled stimulus. The agency believes no
economy can operate indefinitely with a rising leverage ratio --
another reason why growth is on an unsustainable path.

There has been no progress in rebalancing the economy away from
investment towards consumption, year to date. Investment
contributed 4.1 percentage points (pp) of China's 7.6% growth in
H113, against 3.4pp from consumption. Credit continues to grow
faster than GDP: the flow of new "total social financing" was up
30.6% year-on-year in H113 while nominal GDP rose by 8.8%. Fitch
believes China faces a process of structural economic adjustment -
which could be bumpy. Moreover, some of the costs of fixing
China's debt problem are likely to fall on the sovereign.

China has a busy policy-making calendar through to the National
People's Congress in March 2014. Evidence that the authorities are
abandoning rebalancing and reform in favour of "more of the same"
growth would be negative for the sovereign ratings.

Conversely, a lengthening track record of rebalancing without
economic or financial instability could lay the foundations for
positive rating action in recognition of China's other credit
strengths. The case for positive action would be strengthened if
China's legacy debt problem from the 2008-2012 credit surge were
tackled convincingly.



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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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