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                      A S I A   P A C I F I C

          Thursday, October 24, 2013, Vol. 16, No. 211


                            Headlines


A U S T R A L I A

ELITE CRANES: Owners Sell Cranes in Online Auction
MARSHALL THOMPSON: Creditors to Wait Up to Six Months For Payment
PEPPER RESIDENTIAL: S&P Assigns BB Rating to Class E Notes
RM WILLIAMS: Receivers Put Mirage Plains Up for Sale
SHED MAKERS: High Court Appoints Clifton Hall as Liquidator

TAMAR VALLEY: Administrators Win More Time to Save Dairy Firm
WAREHOUSE SALES: Building Put Up For Lease After Liquidation


C H I N A

CHINA PROPERTIES: Fitch Puts 'B-' Rating on Sr. Unsec. USD Notes


I N D I A

BURNPUR CEMENT: ICRA Assigns 'BB-' Ratings to INR146.7cr Loans
CHORUS LABS: ICRA Upgrades Ratings on INR7.5cr Loans to 'B-'
ELYSIUM PHARMA: ICRA Assigns 'D' Ratings on INR16.33cr Loans
GENISYS INTEGRATING: ICRA Assigns 'BB+' Ratings to INR34cr Loans
H'RECK ENGINEERS: ICRA Suspends 'BB' Rating on INR9.5cr Loans

HARI HARA: ICRA Assigns 'BB-' Rating to INR8cr Cash Credit
ISCON CERAMIC: ICRA Reaffirms 'BB-' Ratings on INR4.58cr Loans
JYOTIRMAYE TEXTILES: ICRA Reaffirms B+ Rating on INR46.65cr Loans
KAMAL TIMBERS: ICRA Assigns 'BB-' Ratings to INR19.5cr Loans
KISAN MOULDINGS: ICRA Raises Ratings on INR222.7cr Loans to 'BB'

LEXO CERAMIC: ICRA Reaffirms 'B+' Ratings on INR6.19cr Loans
MADHAVI OILS: ICRA Suspends 'B+' Rating Assigned to INR7cr Loans
MALWA INDUSTRIES: ICRA Reaffirms 'D' Ratings on INR330.9cr Loans
MARUTHI SAW MILL: ICRA Rates INR1cr Cash Credit at 'B+'
NAAZ LIFESTYLE: ICRA Assigns 'B-' Ratings to INR8cr Loans

PAGRO FROZEN: ICRA Reaffirms 'D' Ratings on INR30.75cr Loans
PIONEER TEA: ICRA Reaffirms 'B+' Ratings on INR6.49cr Loans
PUSHPA POULTRY: ICRA Suspends 'B' Rating on INR11.5cr Bank Loans
RAHEE INFRATECH: ICRA Suspends 'BB-' Rating on INR140cr Loans
RAJA ENTERPRISES: ICRA Reaffirms 'B+' Ratings on INR20.86cr Loans

SAINSONS PAPER: ICRA Suspends 'BB+' Rating on INR46cr Loans
SHOBHA ASAR: ICRA Upgrades Ratings on INR18cr LT Loans to 'BB'
SHOWTIME ENTERTAINMENT: ICRA Rates INR10cr Loans at 'BB'
SHREE HAZARILAL: ICRA Reaffirms 'B' Ratings on INR5.13cr Loans
SPUNPIPE & CONSTRUCTION: ICRA Rates INR10cr Loan at 'BB+'

SRI JAIBALAJI: ICRA Suspends 'BB-' Rating on INR10cr Loans
SRI VENKATESWARA: ICRA Suspends 'D' Rating on INR22cr Bank Loans
SURYAVANSHI INFRA: ICRA Suspends 'B+' Ratings on INR12cr Loans
VISNUKUMAR TRADERS: ICRA Assigns 'BB+' Ratings to INR10cr Loans


M A L A Y S I A

BEST RE: S&P Lowers Counterparty Credit Rating to 'B+'


N E W  Z E A L A N D

INTERVEST GLOBAL: Bankrupt Businessman Escapes Home Detention



                            - - - - -


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


ELITE CRANES: Owners Sell Cranes in Online Auction
--------------------------------------------------
Chris Vedelago and Ben Butler at The Age reports that underworld
identities Mick Gatto and Matt Tomas are shutting down their
crane-hire business, Elite Cranes, ending a partnership plagued by
bad debts, union problems and a downturn in the construction
industry.

The Age notes that the heavy cranes of the Brooklyn company, which
has been involved in landmark projects such as the MCG and Spencer
Street redevelopments, have been listed on auction website
graysonline.com in a sale that is likely to fetch millions of
dollars.

The selloff is also likely to mark the end of the business
partnership between the long-time friends, which has been strained
by allegations that Mr. Tomas may have been assisting Victoria
Police in a murder investigation, The Age relates.

The claim has been strenuously denied by Mr. Tomas, who said he
has been the victim of a frame-up, the report relays.

According to the report, the pending closure of Elite Cranes comes
just months after the company narrowly avoided being tipped into
insolvency over an unpaid AUD67,057 debt to a subcontractor.

Mr. Tomas and Mr. Gatto, who also runs a debt collection business,
avoided liquidation by paying the bill just minutes ahead of a
scheduled Supreme Court hearing, The Age recalls.

Elite Cranes is an Australian-based crane rental company.


MARSHALL THOMPSON: Creditors to Wait Up to Six Months For Payment
-----------------------------------------------------------------
Giuseppe Tauriello at The Advertiser reports that around 30
suppliers and subcontractors of Marshall Thompson Homes have
attended the company's first creditors meeting but they will
have to wait up to six months to find out whether they will
have returned any debts owed.

Speaking after the meeting, liquidator Tim Clifton --
tclifton@cliftonhall.net.au -- said a return to creditors would
depend on investigations into the affairs of the company and its
director Graham Thompson, The Advertiser relates.

"At this stage my main goal is to secure the physical assets of
the company and then the investigations come next," the report
quotes Mr. Clifton as saying.  "The reality was there's
significant employee claims which stand in front of most of the
people in the room so we need to get past those first."

According to the report, Mr. Clifton said employees were owed
around AUD400,000 to AUD500,000 in entitlements and said sale of
the physical assets of the company were insufficient to yield a
return to creditors.

He said it would take up to six months for creditors to be advised
of the recoverability of debts, the report notes.

Marshall Thompson went into liquidation earlier this month owing
more than 100 creditors more than AUD1 million and leaving 20
customers with incomplete houses, the report notes.

Marshall Thompson Homes is engaged in single-family housing
construction.


PEPPER RESIDENTIAL: S&P Assigns BB Rating to Class E Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
seven classes of nonconforming residential mortgage-backed
securities (RMBS) 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 ratings reflect:

   -- S&P's view 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 its 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

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS ASSIGNED

Class        Rating           Amount (mil. A$)
A-1          AAA (sf)         227.5
A-2          AAA (sf)          48.65
B            AA (sf)           19.95
C            A (sf)            18.55
D            BBB (sf)          13.3
E            BB (sf)            9.45
F            B (sf)             6.3
G            N.R.               6.3

N.R.--Not rated.


RM WILLIAMS: Receivers Put Mirage Plains Up for Sale
----------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that receivers of
RM Williams Agricultural Holdings have put the Mirage Plains
property aggregation on sale. The 43,000ha property has been
reportedly listed for sale by tender following a failure to sell
it last year, the report says.  The assets are being marketed by
Phil Schell -- phil.schell@cbre.com.au -- and Geoff Warriner --
geoff.warriner@cbre.com.au -- of CBRE under instruction from
managers and receivers Stephen Parbery -- sparbery@ppbadvisory.com
-- and Greg Quinn -- gquinn@ppbadvisory.com -- of PPB Advisory,
dissolve.com.au relates.

According to the report, the tender offer for the property will
close on November 6 as six different parcels along with water
entitlements or as an aggregation.  Mr. Schell said Mirage Plains
had support from structural improvements and Warrego River
entitlements, dissolve.com.au says.  Mr. Warriner noted that the
scope of expansion and the establishment of the property as a big-
scale agricultural operation will be main factors to make it
attractive to buyers.

R.M. Williams Agricultural Holdings Pty Ltd. engages in food
production, alternative energy solutions, sustainable land
management, and land restoration programs.

R.M. Williams Agricultural was placed into receivership in
July 2013.


SHED MAKERS: High Court Appoints Clifton Hall as Liquidator
-----------------------------------------------------------
Timothy Clifton at Clifton Hall was appointed Liquidator of Shed
Makers Pty Ltd on Oct. 22, 2013, by Order of the Supreme Court of
South Australia.


TAMAR VALLEY: Administrators Win More Time to Save Dairy Firm
--------------------------------------------------------------
Madeleine Heffernan at The Sydney Morning Herald reports that
administrators of Tamar Valley Dairy have been granted extra time
to explore "encouraging" proposals received that could salvage the
Tasmanian dairy company.

Tamar Valley Dairy, which supplies branded products to Coles and
no-name products to Aldi supermarkets, collapsed in September with
an estimated AUD9 million in debt. It is believed to have had cash
flow problems after building a new factory.

According to the report, administrators Deloitte Restructuring
Services said a second creditor's meeting would now be held by the
end of February 2014, allowing it extra time to assess options for
the business.

Options include "proposals from interested parties for either a
recapitalisation of the company (including a possible deed of
company arrangement by the directors) or sale of the leasehold
business," SMH relays.

The directors are Guaraci Matteo and Teresa Matteo.

"The level of support continues to be very encouraging and we
expect to be in a position to provide all stakeholders with more
certainty over the coming weeks," the report quotes Deloitte
Restructuring Services partner Tim Norman --
tnorman@deloitte.com.au -- as saying.

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


WAREHOUSE SALES: Building Put Up For Lease After Liquidation
------------------------------------------------------------
Blair Thomson at Bendigo Advertiser reports that the Warehouse
Sales building in Mitchell Street has been put up for lease more
than two weeks after the business was placed into liquidation.

The Bendigo outlet was one of several Warehouse Sales stores to
close as part of the liquidation, which is being undertaken by
KPMG, the report says.

According to the report, Mary Agnew -- mary@dck.com.au --of DCK
real estate said the building's owner, who she did not name, had
been the big loser from the company's closure.

"We've been trying to get into the building for a couple of weeks
but we haven't been able to," the report quotes Ms. Agnew as
saying.  "The owner's not getting any rent. I understand it's full
of stock, but the liquidators have to deal with that. It's got
nothing to do with us.



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


CHINA PROPERTIES: Fitch Puts 'B-' Rating on Sr. Unsec. USD Notes
----------------------------------------------------------------
Fitch assigned China Properties Group Limited's (CPG) proposed
senior unsecured USD notes an expected 'B-(EXP)'.

The notes are to be issued as a tap to the USD150m senior
unsecured notes due 2018 issued on 9 October 2013, with the same
terms and conditions. Proceeds from the proposed issue will be
used for expansion and refinancing purposes.

The notes' rating is in line with CPG's issuer default rating and
foreign-currency senior unsecured rating of 'B-' as the notes will
represent direct, unconditional and unsecured obligations of the
company. The final rating is contingent on the receipt of final
documents conforming to information already received.

Fitch does not expect CPG's new bonds to have any impact on its
current ratings, as its net debt/adjusted inventory is likely to
remain under 20% after the issue.

Key Rating Drivers

Limited Sales Track Record: CPG had less than HKD1bn in annual
revenue in the past three years, including HKD693m in 2012.
However, given an inventory of over 600,000 square metres in gross
floor area (GFA) available for sale in 2013, the company can
potentially achieve significant growth in sales if it overcomes
technical issues delaying construction and chooses to ramp up pre-
sales.

Project Concentration Risk: Just one project, Chongqing Manhattan,
accounted for over 95% of CPG's sales in 2012. Although Chongqing
Manhattan still has over 1.2 million sqm of unsold GFA and more
projects are likely to contribute to sales in the future, the
limited number of projects leads to concentration risk, making
cash flow less likely to be stable.

High Capex Needs: While CPG has paid all land premiums for
existing projects, given the more than 4.5 million sqm of GFA for
future development, Fitch expects CPG to incur capex of over
HKD8bn over the next four years to develop its property portfolio.
Its current low gearing - net debt/adjusted inventory was 20% at
end-H113, after excluding market revaluation from investment
properties - may be maintained only if the company significantly
increases pre-sales of its development properties.

Prime Locations: While its investment properties currently
generate limited recurrent income, they were valued at HKD60bn at
end-H113 and are located in prime locations in the downtowns of
Shanghai and Chongqing. Fitch expects the unique locations and
large scale of the investment properties to provide CPG with
financial flexibility.

Low Land Costs: Much of the land bank was acquired over five years
ago at low cost, especially for its projects in Shanghai. This
should allow CPG to achieve higher gross and EBITDA margins of
over 50% in its future sales. It will also provide CPG with price
flexibility in a market downturn.

Strong Shareholder Support: The company's managing director and
75% shareholder, Wong Sai Chung, has provided significant
financial support by subscribing to HKD500m of convertible notes
and providing a shareholders' loan of over HKD1.3bn, which is
subordinated to CPG's other debt, including the proposed senior
unsecured bonds. Funding from Mr Wong has helped underpin the
company's financial position.

Rating Sensitivities

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

-- Deterioration in CPG's liquidity position. For example,
   failure to refinance maturing debt

-- Repayment of the shareholders' loan without any improvement
   in the company's operating cash flows

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

-- Attainment of contracted sales of over HKD5bn (2012: CNY138m
   or HKD175m) and recognised revenue of over HKD3bn while
   maintaining its current strong financial position

-- Reduced concentration risk such that no single project
   accounts for over 70% of total sales



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


BURNPUR CEMENT: ICRA Assigns 'BB-' Ratings to INR146.7cr Loans
--------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR125 crore term
loans and INR21.7 crore cash credit facility of Burnpur Cement
Limited. The outlook on the assigned long-term rating is Stable.
ICRA has also assigned an '[ICRA]A4' rating to the INR7.5 crore
non fund based and INR2 crore fund based bank limits of BCL.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Term Loans            125.0       [ICRA] BB-(Stable) Assigned

   Cash Credit            21.7       [ICRA] BB-(Stable) Assigned

   Non-fund based          7.5       [ICRA] A4 Assigned
   limits

   Fund based limits       2.0       [ICRA] A4 Assigned

The ratings take into consideration BCL's experience in cement
manufacturing business, improving capacity utilisation of its
plant, company's healthy and improving profitability, low gearing
levels and its backward integration initiative to set up a clinker
unit and expansion of operations through setting up a new grinding
unit. ICRA also notes that the new project has achieved financial
closure and that the project would be eligible for fiscal
incentives from State Government of Jharkhand. The company's
overall business risk profile is expected to improve post
commissioning of the project and has been considered while
assigning the ratings. The ratings are however constrained by
BCL's moderate scale of operations despite significant growth in
OI during the last two years, limited value addition in its
standalone grinding unit, weak debt coverage indicators, high
working capital intensity of operations leading to stretched
liquidity position for BCL and high utilisation of the bank limits
limiting the company's financial flexibility. Large size of
project relative to BCL's current scale of operations exposes it
to project risks though the same is mitigated partially by
advanced stage of completion of projects. The company also remains
exposed to the availability and fluctuations in prices of key raw
materials, with only the supplies for limestone partly secured so
far. However, presence of the upcoming plant in a geographical
belt, rich in limestone and coal is expected to reduce the raw
material availability risk to a large extent. While assigning the
ratings, ICRA also considers BCL's exposure to cyclical nature of
the cement industry that keeps the margins of players volatile.

Incorporated in 1986, BCL has been engaged in the business of
cement grinding, with its manufacturing facility being located at
Asansol, West Bengal. The unit has an installed capacity of 0.3
million metric tonnes per annum (mmtpa). The company markets
cement under the brand name "Burnpur". BCL is also in the process
to set up a 0.24 mmtpa clinker and grinding unit at Patratu,
Jharkhand, at an estimated cost of INR197.4 crore, funded by a
debt to equity ratio of 1.72: 1. The project has achieved
financial closure with the tie-up of the entire debt amount. As on
June 30, 2013 around 97.4% of the total equity had been received.
The grinding unit is scheduled to be commissioned by end November
2013 and the clinker unit by April 2014.

Recent Results

BCL reported a net profit of INR3.2 crore during FY13 on an OI of
INR89.6 crore as against a net profit of INR1.0 crore and an OI of
INR46.7 crore during FY12. BCL also reported a net profit of
INR0.7 crore (provisional) on an OI of INR25.2 crore (provisional)
during the period April - June 2013.


CHORUS LABS: ICRA Upgrades Ratings on INR7.5cr Loans to 'B-'
-----------------------------------------------------------
ICRA has revised the long-term rating to '[ICRA]B-' from '[ICRA]C'
rating for INR7.50 crore fund based facilities of Chorus Labs
Limited and re-affirmed the short term rating at '[ICRA]A4' to
INR2.50 crore non-fund based facilities of CLL.

                           Amount
   Facilities           (INR crore)        Ratings
   ----------           -----------        -------
   Cash Credit              4.00           [ICRA]B-
   Letter of credit         2.50           [ICRA]A4
   Unallocated              3.50           [ICRA]B-/[ICRA]A4

The upgrade in ratings factors in the regularization of debt-
servicing by the company. However, the ratings continue to be
constrained on account of stretched liquidity profile as indicated
by consistent over utilization of cash credit limits. The ratings
also take into account the weak financial risk profile
characterized by moderate gearing stretched coverage ratios and
high working capital intensity. Further, the ratings take into
account the high customer concentration with top two customers
contributing around 90% of the revenue. Also, lack of hedging
policy for the foreign currency payables exposes the company to
adverse movement in currency rates. Besides, the company has its
presence in highly competitive and fragmented nature of the
industry as the company primarily deals in commoditized mature
molecules, thereby CLL's profitability remains vulnerable to
fluctuations in raw material prices on account of limited ability
to pass on the escalation to customers. ICRA notes that the
planned capex of INR5 crore to increase the existing capacity
would impact the coverage ratio of the company adversely.

The ratings however favorably factor in the Established track
record of promoters with over three decades of experience in the
pharmaceutical industry. The company has manufacturing
capabilities for producing several Anti Pharmaceutical Ingredients
intermediates in multiple therapeutic segments. However, product
concentration is high with two products Etodolac and Diacerien
contributing to around 90% of total revenues. CLL has a healthy
order book position of INR30 crore ensures revenue visibility in
the near term. Also, proposed direct exports could increase the
geographic reach and support revenue growth going forward.

Chorus Labs Limited came into existence in 2009 as a result of
acquisition of BSN Pharma by Mr. B.N. Reddy. The company is
primarily involved in the manufacturing of anti-inflammatory, anti
fugal and anti bacterial Active Pharma Ingredients (APIs). Mr.
Reddy had earlier been associated with Dr. Reddy Laboratories
Limited and Hetero Drugs Limited and has a vast experience in
pharmaceutical industry. CLL has an installed capacity of 240MTPA
and the manufacturing facilities are located in Bidar, Karnataka.


ELYSIUM PHARMA: ICRA Assigns 'D' Ratings on INR16.33cr Loans
------------------------------------------------------------
The rating of '[ICRA]D' has been assigned to the INR15.13 crore
long term fund based facilities of Elysium Pharmaceuticals
Limited. The rating of '[ICRA]D' has also been assigned to the
INR1.20 crore short-term non-fund based facilities of EPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit              7.50        [ICRA]D assigned
   Term Loan                6.98        [ICRA]D assigned
   Standing Line            0.65        [ICRA]D assigned
   of Credit
   Letter of Credit         1.20        [ICRA]D assigned

The assigned ratings are constrained by delays in term loan
repayment obligations and stretched liquidity position as
reflected by full utilization of working capital limits on account
of high working capital intensity of operations. The ratings also
take into account the small scale of operations with significant
de-growth in operating income in FY 2013, high customer
concentration risk and absence of a hedging policy exposing EPL's
profitability to foreign exchange fluctuation.

The ratings, however, favourably take into account the long
standing experience of the promoters in contract manufacturing and
formulation manufacturing business, and a healthy order book
lending revenue visibility going forward.

Incorporated in 1995, Elysium Pharmaceuticals Limited (EPL) is
engaged in manufacturing of tablets, capsules, liquid orals,
ointment and syrups at its formulation unit situated at Dabhasa
near Vadodara city, Gujarat. EPL markets its products in domestic
as well as export segment. EPL also undertakes contract
manufacturing on loan licensing basis and manufacture products for
reputed domestic pharmaceutical companies. The manufacturing
facility is spread over 25,000 sq mtrs of land comprising of two
plants and is approved by WHO - GMP (World Health Organization -
Good Manufacturing Practise).

Recent Results
For the year ended March 31, 2013, EPL has reported an operating
income of INR26.60 crore and profit after tax (PAT) of INR0.51
crore as against an operating income of INR40.98 crore and PAT of
INR1.70 crore for the year ended 31st March 2012.


GENISYS INTEGRATING: ICRA Assigns 'BB+' Ratings to INR34cr Loans
----------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB+' to the
INR34.00 crore term loan facilities Genisys Integrating System
(India) Private Limited.  The outlook on the long term rating is
stable.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan-Fund          20.00      [ICRA]BB+(Stable)/Assigned
   Based-State Bank
   of India

   Term Loan-Fund          14.00      [ICRA]BB+ (Stable)/Assigned
   Based-Axis Bank

The assigned rating takes into account the promoter's strong
background, prominent location of the property in the IT hub
(Whitefield area) of Bangalore, 100% occupancy level and adequate
surplus income in relation to debt repayment obligation. ICRA also
takes comfort from minimal roll-over risk over the medium term as
the lock in period of the key tenants expires only after 2017-18.
Further, given that GIPL maintains a fixed deposit account of
INR0.8 crore with Axis Bank (EMI cover of ~4 months) and INR1.1
crore (EMI cover of ~4 months) with State Bank of India provides
comfort. The rating is however constrained by the absence of the
debt service reserve account (DSRA) and by the high client
concentration risk given ~80% of the rental income is contributed
by two clients. The rating is further constrained by high gearing
levels limiting the financial flexibility of the Company coupled
with exposure to interest rate risk on account of long tenure of
the loans. Going forward, the Company's ability to maintain high
occupancy levels and generate sufficient surplus to service its
debt obligation in timely manner will be key rating driver.

Incorporated in 1995, Genisys Integrating System (India) Private
Limited (GIPL) is engaged in infrastructure management of its
facility in Whitefield, Bangalore. The space is currently occupied
by Novozymes South Asia Private Limited (NSPL), Novo Nordisk India
Private Limited (NPL) and Genisys Information Systems (India)
Private Limited (GISPL). During May 2000, the Company constructed
its main building and subsequently constructed tower I in July
2005 and tower II in October 2009. The built up area of the
premise is 185,971 sq. ft. spread over 8 acres of land. The total
project cost of building the premise came up to INR69.3 crore,
which was primarily funded through debt.

Recent Results
During 2012-13, the Company reported net profit of INR0.2 crore on
an operating income of INR8.6 crore as against net loss of INR1.7
crore on an operating income of INR7.9 crore in 2011-12.


H'RECK ENGINEERS: ICRA Suspends 'BB' Rating on INR9.5cr Loans
-------------------------------------------------------------
ICRA has suspended '[ICRA]BB/Stable' rating on the INR9.50 crore
working capital facilities and '[ICRA]A4' rating on the INR9.00
crore, short term, non-fund based bank facilities of H'Reck
Engineers Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


HARI HARA: ICRA Assigns 'BB-' Rating to INR8cr Cash Credit
----------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR8.00 crore long-
term fund based facilities of Hari Hara Traders. ICRA has also
assigned an '[ICRA]A4' rating to the INR4.00 crore short- term non
fund based facilities of HHT. The outlook on the long term rating
is 'Stable'.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          8.00        [ICRA]BB-
   Letter of Credit     4.00        [ICRA]A4

The assigned ratings are constrained on account of weak financial
risk profile characterised by low operating margins owing to
trading nature of business, moderate gearing and weak coverage
ratios. The ratings are also constrained due to small scale of
operations and presence of the firm in the highly fragmented steel
trading business with intense competition further exerts pressure
on the margins. Also, the firm's customer concentration remains
high with top ten customers contributing more than 65% of total
sales in FY13 and 4MFY14.

The ratings also factor in the high geographical concentration
risk with more than 90% of sales made in Andhra Pradesh followed
by Tamil Nadu and Bangalore. However, the assigned ratings
favorably factor in the Over a decade long experience of promoters
in mild steel trading business. Besides, the firm has a Memorandum
of understanding with reputed supplier's viz. Steel Exchange India
Limited and Narayana Steel for supply of 3000 MT of material (50%
of total purchases of FY 13) ensuring regular supply of material.
ICRA also notes that there is low inventory risk as majority (90%)
of the raw material purchases are against firm orders.

Hari Hara Traders (HHT), setup in July 2012 is engaged in trading
of Mild Steel (MS) Ingots, Billets, MS Bars, MS Angles, MS Flats,
Scrap, Sponge Iron etc. The sizes range from 8mm to 25 mm in
length. The firm was promoted by Mr. Ravi Kiran (Managing Partner)
and Mr. D.Venu (Partner). Although, the operations of the firm
commenced in October 2012, the promoters have been engaged in
similar business for a decade. The firm is located in
Vishakapatnam, Andhra Pradesh with a warehouse facility capable of
holding 7000MT (equivalent of 60 days of inventory) located in
Paravada Mandal, Vishakapatnam in Andhra Pradesh.


ISCON CERAMIC: ICRA Reaffirms 'BB-' Ratings on INR4.58cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB-' to the
INR2.08 crore term loans and the INR2.50 crore cash credit
facility of Iscon Ceramic Private Limited. The earlier rating of
'[ICRA]A4' outstanding on the INR1.10 crore letter of credit (sub
limit of term loan) has been withdrawn and reassigned on the long
term scale. ICRA has also reaffirmed the short term rating
'[ICRA]A4' to the INR1.30 crore non fund based bank guarantee
facility of ICPL. The outlook on the long term rating is stable.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based-Term          0.48       [ICRA]BB-(Stable)
   Loan III                            reaffirmed

   Fund Based-Term          1.60       [ICRA]BB-(Stable)
   Loan IV                             reaffirmed

   Fund Based-Cash          2.50       [ICRA]BB-(Stable)
   Credit                               reaffirmed

   Non Fund Based-         (1.10)      [ICRA]BB-(Stable)
   Letter of Credit                    reaffirmed

   Non Fund based-          1.30       [ICRA]A4 reaffirmed
   Bank Guarantee

The ratings continued to remain constrained by Iscon Ceramic
Private Limited's (ICPL) modest scale of operations with a single
product portfolio which restricts sales prospects from large
institutional players and builders. The ratings are also
constrained by the stretched capital structure and liquidity on
account of the recent debt funded capex and slowdown in debtor
realizations. The ratings also take into consideration the
susceptibility of operations to the intense competition with the
presence of large established organized tile manufacturers and
unorganized players given the limited track record of the company.
While assigning the ratings, ICRA also takes note of the
dependence of operations and cash flows of the company on the
performance of the real estate industry which is the main
consuming sector for the company's products, and the vulnerability
to increasing prices of gas and power.

The ratings, however, favorably note the experience of key
promoters in the ceramic industry and the location advantage
enjoyed by ICPL, giving it easy access to raw material. The
ratings also consider the recent entry into the digital printing
segment in FY 2013 which is expected to fetch better realizations.

Iscon Ceramic Private Limited is a digitally printed ceramic wall
tiles manufacturer with its plant situated at Morbi, Gujarat. The
company was incorporated in the year 2007 with commencement of
commercial production in October 2007. The company is managed by
two directors, Mr. Jayesh Patel and Mr. Bhavin Vadaliya. The plant
has an installed capacity to produce 60,000 MT per annum of wall
tiles in 4 different sizes. In FY 2013, the company installed a
digital printing machine and sizing machine.

Recent Results
For the year ended March 31, 2013, ICPL reported an operating
income of INR25.68 crore and profit after tax of INR0.60 crore as
against an operating income of INR26.08 crore and a profit after
tax of INR0.64 crore during FY 2012.


JYOTIRMAYE TEXTILES: ICRA Reaffirms B+ Rating on INR46.65cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR46.65 crore long term fund based limits of Jyotirmaye Textiles
Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based limits        46.25       [ICRA]B+; reaffirmed
   Unallocated               0.40       [ICRA]B+; reaffirmed

The reaffirmation of ratings continues to factor in the higher
interest burden on account of non classification of loans under
TUFS resulting in higher interest cost. The ratings also factor in
the weak financial profile characterised by high gearing and
stretched coverage indicators. Also, the proposed debt funded
capital expenditure of INR65 crore for near doubling of the plant
capacity could adversely impact the coverage and leverage
indicators of the company. Further, Small scale of operations,
commoditized nature of the product and highly fragmented nature of
the industry limits the company's ability to pass on the hike in
input costs. ICRA notes that, the weak power supply scenario in AP
coupled with increased power tariffs could impact the operations
and profitability of the company adversely. However, the ratings
favourably take into account the growth in operating income by
~60% in FY13 backed by increase in sales volume owing to improved
capacity utilisation with addition of 32s count yarn to its
existing product portfolio coupled with increased demand from the
export market. Also, proximity to cotton growing areas of Guntur
in the state of Andhra Pradesh provides easy access to raw
material resulting in lower transportation costs. Besides,
management is experienced with two of the directors on board from
Tirumala Milk Products Private Limited, a leading milk & dairy
product seller in the state of Andhra Pradesh, Tamil Nadu and
Karnataka.

Jyotirmaye Textiles Private Limited (JTPL) was incorporated as a
private limited company on 1st Dec 2009 and promoted by Mr. Danda
Brahmanadam, Mr. Dr. Nalabothu Venkata Rao, Mr. Ravela
Satyanarayana and Mr. Danda Prasad.The company started commercial
production of yarn in FY11 with an installed capacity of 14,400
spindles. Subsequently, in FY12 additional 5,760 spindles were
added. The current installed capacity of the spinning mill is
20,160 spindles and produces carded yarn of 32s, 40s & 60s counts.


KAMAL TIMBERS: ICRA Assigns 'BB-' Ratings to INR19.5cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the
INR19.50 Crore fund based and non fund based facilities of Kamal
Timbers Private Limited. ICRA has also assigned a short term
rating of '[ICRA]A4' to the INR0.50 crore fund based facilities of
KTPL. The outlook on long term rating is stable.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund           5.00        [ICRA]BB- (Stable)
   Based Limits                         (Assigned)

   Long Term Non            9.00        [ICRA]BB- (Stable)
   Fund Based Limits                    (Assigned)

   Long Term                5.50        [ICRA]BB- (Stable)
   Unallocated                          (Assigned)

   Short Term
   Fund Based               0.50        [ICRA]A4 (Assigned)

The assigned rating is constrained on account of small scale of
operations in a highly competitive and fragmented industry, and
working capital intensive nature of operations. While ICRA notes
that the Company has achieved steep revenue and profit growth over
past few years, however, the aggressive growth coupled with high
working capital intensity has been resulting in considerable
funding requirements, which have been largely debt funded. So,
while the regular equity infusion by promoters and healthy
accruals have resulted in increased net worth, the moderation in
capital structure has been limited and gearing continues to be
high at 1.8 times. As the capital structure continues to be
characterized by high gearing due to aforementioned reasons, the
debt coverage indicators like interest coverage and Debt/OPBITDA
stand moderate at 2.07 times and 3.20 times respectively despite
the satisfactory profitability of operations as reflected in ROCE
of 23.6% in FY13. The rating also takes into account KTPL's
exposure to foreign currency fluctuation risk as most of the
timber is imported and risks arising out of volatility in timber
prices on account of stock and sale business model wherein the
timber purchases are not against confirmed orders. Further, ICRA
notes that aggressive growth plans being pursued by the Company
coupled with high working capital intensity can strain the cash
flows over the medium term. Nevertheless, the rating takes comfort
from presence of experienced promoter, who has about two decades
of experience in timber trading business through the erstwhile
proprietorship firm M/s Kamal Timbers.

Going forward, ability of the Company to improve scale of
operations while maintaining adequate profitability margins and
prudent management of working capital cycle will remain key rating
sensitivities.

Incorporated in 2005, Kamal Timbers Private Limited (KTPL) is
engaged in the business of trading and processing of timber. While
KTPL commenced operations as a pure trading entity undertaking
trading of domestically procured timber, it has however gradually
started importing timber from South East Asian countries like
Singapore and has set up saw mill units for processing timber at
Faridabad in state of Haryana and Gandhidham in state of Gujarat.
Product portfolio of KTPL includes Ghana Teak, Nagpur Teak,
Shisham, Hollock, New Zealand Pinewood and various varieties of
Plywood.

In FY13, KTPL reported OI of INR36.69 Crore and Profit after Tax
(PAT) of INR0.73 Crore against OI of INR22.85 Crore and PAT of
INR0.61 Crore in FY12.


KISAN MOULDINGS: ICRA Raises Ratings on INR222.7cr Loans to 'BB'
----------------------------------------------------------------
ICRA has revised the long term rating from '[ICRA]D' to '[ICRA]BB'
assigned to the INR85.70 crore term loan and INR137.00 crore fund
based limits and the short term rating from '[ICRA]D' to
'[ICRA]A4' assigned to the INR55.30 crore non-fund based limits of
Kisan Mouldings Limited. The outlook on the long term rating is
stable.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan              85.70        [ICRA]BB (stable) upgraded

   Fund Based Limits     137.00        [ICRA]BB (stable) upgraded

   Non-Fund Based         55.30        [ICRA]A4 upgraded
   Limits

The rating revision takes into account of the regularization of
debt servicing as confirmed by the management and the bankers.
ICRA also notes that the company has plans to monetize the non-
core assets so as to improve its liquidity profile in the near
term.

The ratings continue to remain constrained by deterioration in the
financial performance as reflected by sharp drop in net
profitability led by increase in finance costs, high gearing
levels on account of increased working capital requirements as
well as debt funded capital expenditure undertaken in previous two
fiscals. The ratings also take into account of the vulnerability
of profitability to fluctuations in raw material prices and the
stiff competition from a large number of unorganized players in
the industry.

ICRA however positively notes the company's established market
position of KML in PVC pipes and fittings business in the Western
region supported by wide dealer network and long experience of the
promoters in the business, its wide product portfolio, its
increased geographic penetration on account of the recently
commissioned plants and the substantial increase in the size of
operations as a result of the merger of Roha and Silvassa units of
Kisan Irrigation Ltd. Given that sizeble debt repayments remain
due in the medium term, ICRA further notes that the company's
ability to increase the utilization levels of recently
commissioned facilities as well as to improve the margins from the
current level in the near term remains critical from credit
perspective.

Incorporated in 1989 as a private company under the name Sanwaria
Synthetics Private Limited, Kisan Mouldings Limited (KML) is
engaged in manufacturing of Poly-vinyl chloride (PVC) pipes &
fittings and micro irrigation systems. The name of the company was
changed to "Kisan Mouldings Limited" in 1993. KML is promoted by
the Aggarwal family viz. Mr. Ramesh Aggarwal, Mr. Sanjeev
Aggarwal, Mr. Satish Aggarwal, Mr. Ashok Aggarwal and Mr. Vijay
Aggarwal.

The company operates two plants in Maharashtra i.e. at Mahagaon
and Tarapur and one plant at Sivassa which cater mainly to the
Western Region, while the new plants commissioned (during the
period of Nov 2009 - March 2010) in Raipur (Chhattisgarh), Dewas
(Madhya Pradesh) and Baddi (Himachal Pradesh) essentially cater to
markets in the Northern and Eastern Regions. The operations of the
Roha and Silvassa undertakings were de-merged from Kisan
Irrigations Ltd. and merged into KML in July 2011.


LEXO CERAMIC: ICRA Reaffirms 'B+' Ratings on INR6.19cr Loans
------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]B+' rating to the INR2.50 crore cash
credit facility and the INR3.69 crore (reduced from INR4.08 crore)
term loans of Lexo Ceramic.  ICRA has also reaffirmed an
'[ICRA]A4' rating to the INR0.80 crore short-term non-fund based
facilities of LC.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Limits       2.50       [ICRA]B+ reaffirmed
   Term Loan                3.69       [ICRA]B+ reaffirmed
   Bank Guarantee           0.80       [ICRA]A4 reaffirmed

The rating continues to remain constrained by the small scale of
firm's operations and stagnant growth of operating income during
FY 2013 owing to decline in production which was offset by
improved realizations. ICRA also notes the highly competitive
nature of business environment that may exert pressure on profit
margins. The ratings also take into account the vulnerability of
LC's profitability to the cyclicality associated with the real
estate industry as well as to increasing prices of gas and power.
The ratings also take note of risk of capital withdrawals owing to
its constitution as a partnership firm.

The reaffirmation in rating, however, favorably considers the
experience of the promoters in the tiles industry and location
advantage due to its presence in Morbi (Gujarat), leading tiles
manufacturing hub in India.

Established in 2008, Lexo Ceramic is a partnership firm which
commenced commercial production of ceramic wall tiles in February
2010. The day to day operations are primarily being managed by two
partners of the firm namely Mr. Lalit Detroja and Mr. Jignesh
Zalariya. The manufacturing facility of the firm is located at
Morbi, Gujarat. The plant has an installed capacity of 6000 boxes
per day and it operates in two shifts of 12 hrs each. Currently,
it manufactures digitally printed ceramic wall tiles of size
12"x18".

Recent Results

During FY 2013, LC reported an operating income of INR15.58 crore
and profit after tax of INR0.63 crore.


MADHAVI OILS: ICRA Suspends 'B+' Rating Assigned to INR7cr Loans
----------------------------------------------------------------
ICRA has suspended '[ICRA]B+' long term rating assigned to the
INR7.00 crore, bank facilities of Madhavi Oils & Fats. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


MALWA INDUSTRIES: ICRA Reaffirms 'D' Ratings on INR330.9cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to INR316.90
crore (enhanced from INR264.35 crore) long term fund based and
INR14.00 crore (enhanced from INR8.15 crore) short term non-fund
based bank facilities of Malwa Industries Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term: Fund         316.90       [ICRA]D/reaffirmed
   Based Limits

   Short Term: Non-         14.00       [ICRA]D/reaffirmed
   Fund Based Limits

The rating reaffirmation takes into account the continued delays
in the debt servicing by the company and the weak financial
profile which is on account of continuous cash losses being
incurred by the company since FY2008-09 which has eroded most of
the net worth of the company. Despite an improvement in the
operating profitability in FY 2012-13, sub-optimal capacity
utilization has resulted in weak accruals which along with high
interest expense, given the high debt levels, had led to cash
losses in FY 2012-13 as well and consequently stretched liquidity.
Going forward, a sustained improvement in the financial profile
and liquidity shall be contingent upon optimal capacity
utilization of the manufacturing unit along with improvement in
the operating profitability.

MIL was incorporated in March 1993 and is part of the Malwa Group,
earlier known as Vidya Sagar Oswal (VSO) Group. The other group
companies are Malwa Cotton & Spinning Mills Limited and Oswal Knit
India Limited. MIL has an integrated facility for manufacturing
denim fabric and denim garments located in Ludhiana (Punjab). The
integrated facility has a spinning unit comprising of 1,840 rotors
and 9,516 spindles, a weaving unit comprising of 95 looms (2 crore
meters of denim fabric per annum), a garment unit with a capacity
of manufacturing 19.2 lac garment pieces per annum in single shift
and a processing unit capable of providing multiple finishes to
fabric and garments. MIL's subsidiaries, Third Dimension Apparel
in Jordan and Emmetre in Italy are engaged in the manufacturing to
jeans wear and dyeing/washing of garments respectively. Third
Dimension Apparel has a capacity of manufacturing 40 lac pieces of
garments per annum and Emmetre has a capacity of processing 22.5
lac pieces of garments per annum.


MARUTHI SAW MILL: ICRA Rates INR1cr Cash Credit at 'B+'
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR1.00
crore fund based and a short-term rating of '[ICRA]A4' to the
INR9.00 crore non fund based bank facilities of Maruthi Saw Mill.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Cash Credit              1.00         [ICRA]B+ Assigned
   Letter of Credit         9.00         [ICRA]A4 Assigned

The [ICRA]B+/[ICRA]A4 ratings are constrained by the low scale of
MSM's imported timber trading business in a highly fragmented
industry resulting in stiff competition and consequently low
profitability. The profitability is besides vulnerable to any
decline in the value of inventory held by the firm including on
account of adverse currency fluctuations. The rating also factors
in volatility in demand from the construction segment and high
working capital intensity of the business on account of high
inventory and receivables. The ratings however draw comfort from
the long experience of the partners in the industry and
diversified sales portfolio of the firm across reputed
infrastructure companies, retail clients and timber traders.

MSM was formed as a partnership firm in 1990 and the firm is
engaged in import of timber from markets like Myannmar and Papua
New Guinea. The firm largely trades in Teak wood, Hardwood (Gurjan
log) and Kwilla log. The firm has a timber sawing facility located
in Bangalore.

MSM recorded a net profit of INR9 lakh on a turnover of INR12.7
crore in FY 13 when compared to INR9 lakh and INR16.1 crore
respectively in FY 12.


NAAZ LIFESTYLE: ICRA Assigns 'B-' Ratings to INR8cr Loans
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR6.0
crore term loan facilities and INR2.0 crore long term fund based
facilities of Naaz Lifestyle.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Term loan facilities       6.0         [ICRA]B- assigned
   Fund based facilities      2.0         [ICRA]B- assigned

The assigned rating considers the long-standing experience of the
promoters in the textile industry of nearly two decades and
backward integration with other businesses of the proprietor,
which includes apparel manufacturing units in Tirupur/Mumbai and
textile wholesale business in Mumbai. The significant experience
of the proprietor in the textile industry also helps to identify
the changing customer preference and select fast moving line of
products. The rating is however constrained by the Firm's moderate
scale of operations restricting economies of scale, high working
capital intensity of the business due to high inventory levels to
cater to varied customer requirements and seasonality of the
business. The Firm has a weak financial profile characterized by a
highly leveraged capital structure and stretched coverage
indicators. Going forward, managing working capital requirements,
sustaining revenue growth and margins would remain key to
improving the financial profile of the Firm.

Naaz Lifestyle, is a sole proprietorship firm engaged in readymade
garments sales, started in the year 1995 by Mr. P. Nazar from a 50
sq.ft. rented shop, near Pulimoodu Junction . In 1997, he
purchased a 240 sq.ft shop from the shopping complex Pillar
Towers, and later by 2005 he owned the whole shopping complex of
2,352 sq.ft. Naaz Lifestyle was inaugurated on February 6, 2012,
which is a 58,000 sq.ft and seven storeyed shopping complex with
two basement levels for car/bike parking. Among these seven
floors, only four floors are currently operational, selling
apparel and non-apparel items. The shop sells trendy readymade for
gents, ladies and kids which contribute to major portion of the
total sales. The shop also sells proprietor owned readymade wear
brands - "Fasion Plus" and "Goose". Non apparel items include
cosmetics, perfumes, body and hair care products, crockery and
kitchen items, gifts, leather goods, electronic items, computer
and mobile accessories, toys, watches etc. The other business
interests of the proprietor includes-apparel manufacturing units
in Tirupur and Mumbai and textile wholesale business in Mumbai.

Recent Results
As per the unaudited results for 2012-13, Naaz has reported a net
profit of INR0.8 crore on an operating income of INR13.2 crore as
against net profit of INR0.1 crore on an operating income of
INR11.1 crore for 2011-12.


PAGRO FROZEN: ICRA Reaffirms 'D' Ratings on INR30.75cr Loans
------------------------------------------------------------
ICRA has reaffirmed "[ICRA]D" rating outstanding for the INR30.00
crore bank facilities of Pagro Frozen Foods Private Limited. ICRA
has also reaffirmed "[ICRA]D" as the short term rating for the
INR0.75 crore bank facilities of the company. The total rated
limits are INR30.75 crore.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans               20.00       [ICRA]D reaffirmed
   Cash Credit              10.00       [ICRA]D reaffirmed
   Crop Loan                 0.75       [ICRA]D reaffirmed

The rating reaffirmation reflects continued delays in debt
servicing by PFFL.

PFFL started operations in March 2012 with 2012-13 was the first
full year of operations for the company. The company has ramped up
its production of processed vegetables but the utilization of its
plant remains low. ICRA observed that PFFL's profit margins remain
susceptible to seasonality of agro products. Further, an elongated
working capital cycle on account of high inventory results in
stretched liquidity position of the company. ICRA also notes that
the growth in revenues is expected to come from PFFL's own brand
(Pagro), which would necessitate investments by the company in its
distribution network besides promotion for penetration in a
competitive market dominated by bigger brands. ICRA, however,
positively notes the long experience of promoters including their
past experience in running Pagro Foods Limited and the established
relationships with key consumers while assigning the rating. ICRA
also noted that PFFL will receive regular lease income from VPFPL
for its processing line located in the PFFL's campus, easing the
pressure on cash flows of the company. Going forward, the
company's ability to profitably ramp up its production, and manage
its working capital cycle and improve its liquidity will remain
the key rating sensitivities.

Recent Results
In 2012-13, PFFL reported Net Sales of INR11.6 Crore, Profit
before Depreciation Interest and Tax (PBDIT) of INR6.2 Crore and
Profit after Tax (PAT) of INR0.1 Crore.

Pagro Frozen Foods Private Limited (PFFL) was incorporated in 2007
for setting up an integrated vegetables processing plant in
Punjab. The proposed project, at full capacity, involves contract
growing of vegetables across 10,000 acres of land and processing
around 15,000 MT of vegetables to annually produce 12,000 MT of
frozen vegetables and 3000 MT of French fries. The commercial
operations of the company started in March 2012. In 2012-13, PFFL
processed 3375 metric tons of vegetables including peas. These
processed food products are supplied by the company to clients in
domestic and export markets. PFFL is promoted by Mr. N.S. Brar and
Mr. Pawaninder Singh Dhillon, who have over two decades of
experience in food processing and contract farming. The promoters
are also managing a company in same business namely Pagro Foods
Limited (PFL) for the past eight years. They are joined by Mr.
Satpal Khattar, who is investing in the new company through his
investment arm, Khattar Holdings Pte Limited.


PIONEER TEA: ICRA Reaffirms 'B+' Ratings on INR6.49cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR2.49 crore
(reduced from INR3.39 crore earlier) term loans and INR4.00 crore
(enhanced from INR3.00 crore earlier) cash credit facilities of
Pioneer Tea & Exports Limited. ICRA has also reaffirmed the
'[ICRA]A4' rating to the INR0.40 crore (reduced from INR0.50 crore
earlier) non-fund based bank facilities of PTEL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        2.49       [ICRA]B+ reaffirmed
   (Term Loans)

   Fund Based Limits        4.00       [ICRA]B+
   (Cash Credit)                       reaffirmed/assigned

   Non-Fund Based Limits    0.40       [ICRA]A4 reaffirmed
   (Bank Guarantee)

The reaffirmation of ratings takes into consideration the weak
financial profile of PTEL characterized by decline in the
operating margin, low net profitability, depressed level of
coverage indicators and a highly adverse capital structure. The
ratings also consider PTEL's small scale of current operations;
notwithstanding significant growth in turnover observed during
2012-13 over the previous year, and its dependence on purchased
leaves as it has no gardens of its own, which exposes the company
to availability, quality and price risks of purchased green
leaves. The ratings also take into account the risks associated
with tea being an agricultural commodity, which is dependent on
agro-climatic conditions that leads to variability in
profitability and cash-flows of all players in the tea industry
including PTEL. In addition, domestic tea prices to a large extent
are influenced by international prices and hence the demand-supply
situation in the global tea market, in ICRA's opinion, would
continue to impact the profitability of Indian players including
PTEL. The ratings, however, factor in the experience of the
management in the tea business and the favorable outlook for the
domestic tea industry at least over the short to medium term.

Incorporated in 1995, PTEL has been engaged in the production of
black tea of CTC variety. The company has no plantation facility;
therefore it has to depend entirely on bought green leaves for
production of black tea. The factory of the company is located at
Siliguri, West Bengal. The annual installed capacity for
production of black tea is 3.5 million kg. The company markets its
tea under the brand name of 'Raajdhanee', 'Pioneer Tea',
'Daffodil', and 'Saffron Valley'.

Recent Results

The company has reported a net profit of INR0.04 crore on an
operating income of INR18.08 crore during 2012-13; as compared to
a net profit of INR0.02 crore on an operating income of INR11.39
crore during 2011-12.


PUSHPA POULTRY: ICRA Suspends 'B' Rating on INR11.5cr Bank Loans
----------------------------------------------------------------
ICRA has suspended '[ICRA]B' long term rating assigned to INR11.50
crore bank facilities of Pushpa Poultry Complex. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


RAHEE INFRATECH: ICRA Suspends 'BB-' Rating on INR140cr Loans
-------------------------------------------------------------
ICRA has suspended [ICRA]BB-(Stable) rating assigned to the INR140
crore fund based working capital facilities & the [ICRA]A4 rating
assigned to the INR12 crore fund based sub limits and the INR10
crore non fund based sub limits of Rahee Infratech Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


RAJA ENTERPRISES: ICRA Reaffirms 'B+' Ratings on INR20.86cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
the INR0.18 crore term loan facilities, INR15.00 crore fund based
facilities (enhanced from INR10.00 crore) and INR5.68 crore
proposed facilities (enhanced from INR0.68 crore) of Raja
Enterprises.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term-Term           0.18       [ICRA]B+/reaffirmed
   loan facilities

   Long-term-Fund          15.00       [ICRA]B+/reaffirmed/
   based facilities                    assigned

   Long-term-Proposed       5.68       [ICRA]B+/reaffirmed/
   Facilities                          assigned

The rating reaffirmation takes into account the experience of the
promoters in the cigarette distribution business spanning over six
decades and their established relationship with ITC Limited (ITC).
The rating also factors in significant growth in revenues aided by
increase in sale of non tobacco products driven by aggressive
sales promotion carried out by ITC coupled with growth in revenue
from cigarette segment supported by frequent hike in prices by ITC
due to restrictive government policies. The rating is, however,
continues to remain constrained by thin margins inherent to the
distribution business and stretched coverage indictors. Despite
the conversion of unsecured loans from promoters to equity during
2012-13, the capital structure remains highly leveraged with
gearing of 2.4 times as on March 31, 2013. ICRA also takes note of
the decline in volumes in the cigarette segment in the recent
fiscals on account of repetitive hike in cigarette prices
consequent to rise in excise duty and value added tax by the
exchequer. Ability to improve order volumes in the relatively high
margin non tobacco product segment while minimizing the working
capital cycle, would be critical to support the Firm's cash flows
and consequently its financial profile.

Raja Enterprises is a partnership firm set up in 1983. The Firm is
primarily engaged in cigarette distribution business and has been
the sole distributor of ITC products in Trichy region (Tamil Nadu)
since 1958. The Firm distributes all the FMCG products of ITC
except Education and Stationery items. The Firm operates with two
warehouses and has sales force of over 300 personnel with a fleet
size of more than 30 mini trucks and 100 motor cycles. The Firm
caters to the requirements of about 4,500 retailers in the Trichy
region.

Recent Results

The Firm reported net profit of INR0.15 crore on an operating
income of INR193.9 crore during 2012-13 as against net profit of
INR0.11 crore on an operating income of INR155.9 crore during
2011-12.


SAINSONS PAPER: ICRA Suspends 'BB+' Rating on INR46cr Loans
-----------------------------------------------------------
ICRA has suspended the '[ICRA]BB+' rating assigned to the INR46.00
crore, long term loans, working capital facilities and unallocated
limits and the [ICRA]A4+ rating assigned to the INR2.00 crore
short term, non fund based letter of credit facilities of Sainsons
Paper Industries Ltd. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


SHOBHA ASAR: ICRA Upgrades Ratings on INR18cr LT Loans to 'BB'
--------------------------------------------------------------
ICRA has upgraded the long term rating from '[ICRA]BB-' to
'[ICRA]BB' for INR18.00 Cr working capital facilities (enhanced
from INR12.00 Cr) of Shobha Asar Jewellery Private Limited.  The
long term rating has been assigned a stable outlook.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long-term, fund-            18         [ICRA]BB] (stable)
   based working                          Upgraded
   capital facilities

The rating upgrade takes into account the healthy revenue growth
by the company along with improvement in return indicators given
rise in profitability levels and subsequent improvement in debt
coverage indicators. The rating also continues to draw comfort
from the established brand presence of the company in the high end
jewellery segment, with over three decades of jewellery designing
experience. The rating, however, continues to remain constrained
by modest scale of operations, highly working capital intensive
nature of business due to high inventory holding period and
moderate financial risk profile. The rating also takes into
account the intense competitive pressures prevalent in the highly
fragmented jewellery retail industry, inherent susceptibility to
gold price fluctuations and risks arising out of regulatory
changes in gold duty and sourcing policies.

Shobha Asar Jewellery Private Limited (SAJPL) was converted in to
a corporate entity in May 2008. The company caters to high end,
luxury jewellery segment through its three showrooms in Mumbai,
Hyderabad and Ahmedabad.


SHOWTIME ENTERTAINMENT: ICRA Rates INR10cr Loans at 'BB'
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR10.0
Crore fund based limits of Showtime Entertainment Private Limited.
The outlook on the assigned ratings is Stable.

                             Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Fund Based Facilities      10.0      [ICRA]BB (stable)
                                        assigned

The assigned ratings factor in the strong lessee, Inox Leisure
Limited as well as favorable location of one of the multiplex,
which enjoys a wide catchment area and has healthy occupancy
levels. The ratings also factors in the favorable lease terms with
a lock-in period up to 2015-16 and rental escalation of 12-15%
every three years. However, the ratings are constrained by the
dependence on rentals from just two properties and risk of non-
renewal post the lock-in expiry. The latter is partially mitigated
by the substantial investment carried out by the lessee, resulting
in high switching costs. Going forward, the rating assigned will
remain sensitive to the timely escalation of the rentals and the
renewal post the lock-in period.

Showtime Entertainment Private Limited is engaged in the business
of leasing of multiplexes. The company was incorporated in 2001
and introduced the first Cineplex in Jaipur city under the name of
Space Cinema.  The multiplex was being operated directly by the
management until FY08, post which the property was leased out to
Inox Cinemas. In FY10, the promoters purchased another multiplex
theatre situated at Pink Square, Jaipur, which was leased out to
Inox Cinemas. As on date, the company's revenue streams consists
of rental income from both these properties.

Recent Results
In 2012-13, SEPL recorded an operating income of INR3.5 Crore. The
company's operating profit before depreciation, interest and tax
was INR2.6 Crore.


SHREE HAZARILAL: ICRA Reaffirms 'B' Ratings on INR5.13cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to the
INR3.50 crore (enhanced from INR3.00 crore) seasonal cash credit,
INR0.63 crore (enhanced from INR0.50 crore) working capital loan
and INR1.00 crore (reduced from INR1.25 crore) working capital
term loan facilities of Shree Hazarilal Cold Storage Private
Limited.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based Limit-        3.50      [ICRA]B reaffirmed/assigned
   Seasonal Cash
   Credit

   Fund Based Limit-        0.63      [ICRA]B reaffirmed/assigned
   Working Capital Loan

   Fund Based Limit-        1.00      [ICRA]B reaffirmed
   Working Capital
   Term Loan

The rating reaffirmation factors in SHCSPL's small scale of
current operations and continuing weak financial profile as
reflected by the low net margin, adverse capital structure,
depressed coverage indicators and high working capital intensity
of operations. The company extends significant amount of advances
to the farmers which is funded by bank borrowings earmarked for
the same, affecting SHCSPL's working capital intensity and
gearing. ICRA also notes that the advances and rentals recoverable
from the farmers may lead to delinquency if potato prices fall to
a low level, exposing the company to counterparty risks. The
rating also reflects the regulated nature of the industry, making
it difficult to pass on increase in operating costs in a timely
manner, leading to downward pressure on profitability, SHCSPL's
exposure to agro-climatic risks, with its business performance
being entirely dependent upon a single commodity, i.e. potato.

The rating however, continues to derive comfort from the
promoters' experience in the cold storage business and the
favourable location of the company's cold storage unit in West
Bengal, a state with large potato output.

Incorporated in 2003, SHCSPL was promoted by Agarwalla family and
is engaged in providing cold storage facility to potato farmers
and traders on a rental basis. The facility of the company is
located at Dhupguri, West Bengal having storage capacity of 14,000
tonne. The promoters also own two other cold storage facilities
namely, Somnath Cold Storage (outstanding rating [ICRA]B) situated
in Burdwan, West Bengal (40,000 tonne) and Chinsurah Cold Storage
(outstanding rating [ICRA]B-) situated in Chinsurah, West Bengal
(20,000 tonne).

Recent Results
During 2012-13, SHCSPL reported a net profit of INR0.01 crore on
an operating income of INR1.82 crore, as compared to a net profit
of INR0.01 crore on an operating income of INR1.70 crore in 2011-
12.


SPUNPIPE & CONSTRUCTION: ICRA Rates INR10cr Loan at 'BB+'
---------------------------------------------------------
The rating of '[ICRA]BB+' with a stable outlook has been assigned
to the INR10.00 crore long-term fund based facility and a rating
of '[ICRA]A4+' has been assigned to the INR4.00 crore short term
non fund based facility of The Spunpipe & Construction Company
(Baroda) Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          10.00       [ICRA]BB+ (Stable) assigned
   Bank Guarantee        4.00       [ICRA]A4+ assigned

The ratings take into account of the long experience of promoters
in the pipe manufacturing industry; comfortable debt coverage
indicators and reputed client base comprising of government bodies
and private players.

The ratings are, however, constrained by modest scale of
operations as well as intense competitive pressures from other
players in the pipe manufacturing industry which has kept the
profitability at modest levels. The ratings also take into account
of the company's limited bargaining power with the customers due
to tender based business and high working capital intensity due to
high inventory levels. ICRA also takes note of the company's foray
in the real estate business segment wherein the operations remain
exposed to cyclicality as well as project execution risk.

The Spunpipe & Construction Company (Baroda) Private Limited,
incorporated in 1944, is engaged in the business of manufacturing
Mild Steel (M.S.), Reinforced Cement Concrete (R.C.C.), Bar
Wrapped Steel Cylinder (BWSC) pipes, transformer tanks, structural
works and real estate development. The company's manufacturing
facility is located at Waghodia in Vadodara District of Gujarat.
The company also carries out laying work for pipes and has reputed
client base including government bodies and private players. The
company has entered into real estate development business and is
developing a residential property in Alkapuri in Vadodara.

Recent Results
For the year ended on March 31, 2013, the company reported an
operating income of INR30.76 crore and profit after tax of INR1.77
crore as against an operating income of INR38.19 crore and profit
after tax of INR2.08 crore for FY 2012.


SRI JAIBALAJI: ICRA Suspends 'BB-' Rating on INR10cr Loans
----------------------------------------------------------
ICRA has suspended '[ICRA]BB- (Stable)' and '[ICRA]A4' rating
assigned to the INR10.00 crores bank facilities of Sri JaiBalaji
Ispat Pvt. Ltd.  The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


SRI VENKATESWARA: ICRA Suspends 'D' Rating on INR22cr Bank Loans
----------------------------------------------------------------
ICRA has suspended '[ICRA]D' long term rating assigned to INR22.00
crore bank facilities of Sri Venkateswara Enterprises. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


SURYAVANSHI INFRA: ICRA Suspends 'B+' Ratings on INR12cr Loans
--------------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR11.74
crore term loans, and INR0.26 crore non-fund based limits of
Suryavanshi Infrastructure Pvt Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


VISNUKUMAR TRADERS: ICRA Assigns 'BB+' Ratings to INR10cr Loans
---------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]BB+' to the
INR1.99 Crore term loan facilities and INR8.01 Crore proposed
long-term facilities of Visnukumar Traders Private Limited. The
outlook on the long-term rating is Stable. ICRA has also assigned
the short-term rating of '[ICRA]A4+' to the INR4.00 fund based
facilities and INR2.00 crore proposed short-term facilities of
VTPL.

                            Amount
   Facilities            (INR crore)  Ratings
   ----------            -----------  -------
   Term loan facilities     1.99      [ICRA]BB+ (Stable)/Assigned

   Proposed long-term       8.01      [ICRA]BB+ (Stable/Assigned
   facilities

   Short-term fund          4.00      [ICRA]A4+/Assigned
   based facilities

   Proposed short-term      2.00      [ICRA]A4+/Assigned
   facilities

The assigned ratings factor in VTPL growth in 2011-12 and 2012-13,
experience of promoters in exporting products to diverse
geographies and their relationship with a niche clientele, which
is likely to support order volumes. Further, the ratings factor in
the relatively stable demand from these customers, which coupled
with VTPL's experience in non-basmati rice and groceries in these
highly controlled geographies, is likely to support new customer
addition. VTPL's accruals have been steady in the past owing to
stable demand, further, with no major debt funded capital
expenditure the capital structure has remained conservative, and
the same had supported the ratings.

However, the ratings are constrained by the modest scale of
operations, which restricts scale economies in the highly
commoditized market and vulnerability of operating margins to
foreign exchange volatility. While the restrictions on the export
of non-basmati rice are has been relaxed after 2009-10, export of
the commodity has been banned in the past, any similar adverse
government action will directly impact the revenues. The
availability of non-basmati rice is susceptible to vagaries in
monsoon. These apart, the Company plans to enter into four-wheeler
automobile dealership, while the promoters have experience in
dealership business which is likely to aid ramp up in operations,
the addition of the dealership, whose capital expenditure and
working capital is expected to be majority debt funded is likely
to impact the capitalization and coverage indicators.

Incorporated in 2001, VTPL is an exporter of non-basmati rice
varieties and groceries to supermarkets and distributors located
in the United States (US), Europe, South East Asia and countries
in the Middle Eastern region. The company sells its product under
its Chakra Brand. VTPL is recognized as a star trading house by
Government of India and has registered with US Food and Drug
Administration (US FDA). VTPL has its warehouse and processing
facilities in Chennai. Mr. P.vishnukumar started VTPL with export
of rice to Singapore, and subsequently ventured into manufacturing
and export of groceries to Singapore and other regions. The
Company also has installed windmills with a capacity of around 1
MW, located in Kanyakumari District.

Other business interests of the promoters include a franchise of
Titan Industries Limited in Coimbatore (Commenced operations in
2011), exporting of Pappads and a dealership of TVS two wheelers
in Coimbatore. VTPL also receives rental income from its leased
out warehouses. In the near-term, VTPL is planning to enter into
four-wheeler dealership in Coimbatore.

Recent results (provisional)
During 2012-13 (according to provisional results), VTPL had a net
profit of INR2.8 Crore on an operating income of INR69.5 Crore.



===============
M A L A Y S I A
===============


BEST RE: S&P Lowers Counterparty Credit Rating to 'B+'
------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+' from 'BBB' its
counterparty credit and financial strength ratings on the
Malaysia-based reinsurers BEST RE (L) Ltd. and BEST RE Family (L)
Ltd. (collectively, BEST RE or the subgroup).  The ratings have
been placed on CreditWatch with developing implications.  They had
previously been placed on CreditWatch negative on Jan. 25, 2013.

S&P's view of BEST RE's group status has changed to nonstrategic
from strategic, and consequently S&P no longer factor any parental
support into the ratings on the subgroup.  Revising S&P's stand-
alone credit profile (SACP) for BEST RE to 'b+' from 'bb+' has
compounded the effect, triggering a five-notch downgrade of BEST
RE.  The 'B+' ratings on BEST RE reflect its 'b+' SACP and anchor;
other factors, such as ERM, management, and liquidity, do not
modify the outcome.

The change in BEST RE's group status indicates that BEST RE's
parent, Salama/Islamic Arab Insurance Co. (P.S.C.) (Salama), has
not yet injected new capital into BEST RE, contrary to S&P's
expectations.  This suggests to S&P that BEST RE may be less
strategically important to its parent than it had believed.
Nevertheless, Salama still maintains that it may increase BEST
RE's capital in due course, and there are indications that it is
indirectly supporting the subgroup, to some extent.

The downward revision of the SACP was triggered by a number of
issues.  Depending on their outcome, these issues could further
weaken BEST RE or could, in due course, permit an improvement in
its currently uncertain commercial and financial prospects.

The most immediate issue for BEST RE management until now was its
appeal against a winding-up order issued against their subgroup's
principal operating company, BEST RE (L) Ltd.  Now that the
Labuan-based High Court of Sabah and Sarawak has accepted the
appeal and the winding-up order has been lifted, the reinsurer can
return to normal operations.

Hanwha General Insurance Co. (Hanwha) of South Korea petitioned
for the winding-up order, claiming that BEST RE had failed to
honor certain of the insurer's claims in respect of "loss-of-
handset" reinsurance cover.  BEST RE disputes this liability, and
has, in turn, taken out counter-proceedings against Hanwha in the
South Korean courts.

BEST RE has not set aside any specific reserves for the disputed
loss-of-handset claims being made by Hanwha.  S&P believes that
BEST RE, with some support from the resources of the consolidated
Salama group, has the ability to settle potential liabilities that
may result from any final court decision that confirms Hanwha's
claim.  However, S&P do not expect the dispute to be resolved in
the near term.  Meanwhile, in S&P's view, the reputational and
other consequences of the Hanwha claim could be almost as damaging
to BEST RE's confidence-sensitive operations as any large
financial loss that could ultimately result from Hanwha's claim
against BEST RE.

These current legal issues apart, the original issue affecting
BEST RE--notably that of its outstanding claims liabilities--
remains fundamental.  Two sets of reinsurance liabilities are of
concern: those relating to the Thai floods of 2011, and, as
discussed, the potential liabilities relating to Hanwha's loss-of-
handset claims against BEST RE (L).

In respect of the Thai floods, BEST RE calculates that its "worst
case" gross liability stands at about $160 million.  The net
amount would be substantially reduced by recoveries from
retrocessionnaires.  However, the exact level of such recoveries
is not entirely clear.  In S&P's opinion, the consolidated
reserves and resources of BEST RE and Salama are likely to prove
sufficient to address most of the probable outcomes.  However, as
the degree of parental support is uncertain, S&P felt it
appropriate to stress the reinsurer's stand-alone capital position
in respect of the floods in S&P's capital modeling of BEST RE.
Thus, S&P's model assesses BEST RE's position if it does not
receive the full expected level of recoveries from
retrocessionnaires, for whatever reason.

S&P believes that its assessment of capital adequacy at BEST RE is
no longer particularly sensitive to any realistic degree of
increase in the final level of BEST RE's Thai flood liabilities.
By contrast, any crystallization of the disputed liability toward
Hanwha would have to be reserved by a transfer out of the
reinsurer's shareholders' equity.

"Our 'b+' SACP is based on our assessment of BEST RE's vulnerable
business risk profile and its weak financial risk profile.  The
business risk position, in turn, reflects our combined view of
moderate industry and country risk and a weak overall competitive
position.  We assess competitive position as weak because we see
BEST RE, as a reinsurer, as more sensitive to franchise-related
matters than primary insurers.  In our opinion, recent
developments have likely harmed its ability to retain and source
new profitable business," S&P noted.

"Our view of BEST RE's financial risk profile principally reflects
our opinion that its financial flexibility is currently less than
adequate, and that its risk position is very high in light of its
high dependence on recoveries from retrocessionnaires, and its
potentially significant liability relative to the disputed claims
being made against it by Hanwha.  However, capital and earnings--
before any specific deduction for the disputed South Korean
liabilities--is moderately strong.  The subgroup has now
substantially reduced the risk level of its investment strategies,
and had already significantly reduced its levels of underwriting
activity, relative to unadjusted shareholders' equity of
approximately $90 million at BEST RE (L) Ltd., and around $9
million at BEST RE Family (L) Ltd," S&P added.

The CreditWatch placement reflects S&P's view of the various near-
and medium-term uncertainties currently affecting BEST RE.

On the downside, BEST RE continues to be affected by reputational
and consequent commercial difficulties relating to its exposure to
and handling of Thai flood losses, and to the considerable ongoing
uncertainty that surrounds the potential financial implications of
the legal dispute with Hanwha.  If BEST RE were to lose the
appeal, S&P would expect BEST RE to disburse the disputed amount
to prevent a further winding-up order being enforced.  Should this
prove incorrect, and BEST RE was indeed wound-up, then the rating
would be lowered to 'D'.

On the upside, there are some grounds to believe that, despite
recent commercial and financial difficulties, BEST RE's
competitive position may prove more resilient than expected.  That
said, its medium-term commercial prospects are likely to remain,
at best, less than adequate, in S&P's view.  It is also possible
that BEST RE's parent, Salama, may yet carry out its previously
declared intention of increasing the capital of BEST RE, in
addition to providing other forms of implicit support.

If BEST RE's commercial position stabilizes and if parental
support takes a more tangible form, S&P believes that BEST RE's
competitive position could improve beyond its current assessment
of weak.  If S&P's immediate concerns are alleviated during the
CreditWatch period, it could raise the ratings on BEST RE by one
or possibly two notches.  However, if capital continues to decline
as new liabilities are recognized and reserved, or if time-
sensitive payment obligations are not met, the ratings could fall
further.



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


INTERVEST GLOBAL: Bankrupt Businessman Escapes Home Detention
-------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a
businessman associated with a firm selling controversial trading
software has avoided home detention for breaching the conditions
of his second bankruptcy after an associate fronted NZ$190,000 for
reparations.

The Herald says Mark Raymond Brewer was bankrupted for a second
time in March 2010 and one of the Official Assignee bankruptcy
conditions is to not be involved in the direct management of a
company.

According to the report, the 39-year-old admitted breaching those
conditions by taking part in the control or management of a
computer software company, Intervest Global (NZ), which sold horse
race betting software and was placed in liquidation in 2011.

The Herald relates that Mr. Brewer pleaded guilty to one charge of
breaching the Insolvency Act in July and during sentencing on
October 22 at the Auckland District Court was ordered to pay a
NZ$5,000 fine and provide NZ$190,000 in reparations.

While indicating at an earlier hearing that a sentence of home
detention was appropriate, Judge Stephen O'Driscoll said
that Mr. Brewer's ability to provide the reparations to the
liquidators of Intervest Global changed things, the Herald relays.

Mr. Brewer could not pay the reparations himself and would have to
"mortgage his future earning capacity" to do so, defence lawyer
Brent O'Callaghan told the court, the report adds.



                             *********

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
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