TCRAP_Public/131025.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, October 25, 2013, Vol. 16, No. 212


                            Headlines


A U S T R A L I A

MIRABELA NICKEL: Moody's Cuts CFR & Sr. Unsec. Rating to 'Ca'
MIRABELA NICKEL: S&P Lowers Corporate Credit Rating to 'SD'
RM WILLIAMS: Receiver Sell Labelle Downs & Welltree Station
SIMPLOT AUSTRALIA: More 100 Chiko Roll Workers to Lose Jobs
THINK APPLIANCES: KordaMentha Put Wholesaler Up for Sale


C H I N A

EVERGRANDE REAL: Moody's Affirms 'B1' Corporate Family Rating
EVERGRANDE REAL: S&P Assigns 'BB-' Rating to Sr. Unsecured Notes
GUANGZHOU R&F: Fitch Puts 'BB' Rating to USD Sr. & CNY Sr. Notes


I N D I A

AMLAGORA COLD: CARE Rates INR6.88cr LT Bank Loans at 'B'
BANARAS SWARN: CARE Rates INR8cr LT Bank Loans at 'BB'
BAPA REAL: CARE Reaffirms 'B' Rating on INR35cr LT Bank Loans
GNB MOTORS: CARE Assigns 'BB-' Rating to INR17.5cr LT Bank Loans
HAJRA MEDICAL: CARE Rates INR12.25cr LT Bank Loans at 'BB'

HORIZON MICROTECH: CARE Assigns 'BB' Rating to INR21.67cr Loans
INFRA ENERGY: CARE Assigns 'BB' Ratings to INR201.56cr Loans
JR AGROTECH: CARE Raises Rating on INR235cr Loans to 'BB'
KAILASH COAL: CARE Raises Rating on IRN10cr Bank Loans to 'BB+'
MATANGI COTTON: CARE Assigns 'B' Rating to INR0.71cr Bank Loans

MILLENNIUM PAPERS: CARE Places 'BB' Rating to INR13.33cr LT Loans
MUTHOOTTU MINI: CARE Revises Rating on INR500cr Bank Loans to BB+
RAEBAREILLY ALLAHABAD: CARE Puts BB+ Ratings to INR225.08cr Loans
RAHUL AGRO: CARE Downgrades Rating on INR12.47cr Loans to 'B+'
RAIGANJ DALKHOLA: CARE Cuts Rating on INR321.63cr LT Loans to 'D'

RAM KRUSHNA: CARE Reaffirms B+ Rating on INR9.33cr LT Bank Loans
SANAA SYNTEX: CARE Assigns 'BB' Rating to INR0.68cr LT Bank Loans
SARTHAK INNOVATIONS: CARE Rates INR12cr LT Bank Loans at 'BB'
SHREE MANIBHADRA: CARE Assigns 'B+' Rating to INR21.42cr Loans
SHRINATH COTTON: CARE Reaffirms 'B' Rating on INR6.62cr Loans

SHUBHAM TEX-O-PACK: CARE Assigns 'BB-' Rating to INR6.27cr Loans
SOMNATH TEXTILE: CARE Revises Rating on INR34.95cr Loans to 'BB'
SRINATHJI ISPAT: CARE Assigns 'BB+' Rating to INR4.5cr Loans
STAR IRIS: CARE Assigns 'BB-' Rating to INR1cr LT Bank Loans
SUNSTREAM CITY: CARE Rates INR540cr LT Bank Loans at 'BB-'

SUPREME BATTERIES: CARE Ups Rating on INR18.19cr Loans to 'BB-'


N E W  Z E A L A N D

ROCKFORTE FINANCE: Two Former Directors Receive Sentence
SOUTH CANTERBURY: SFO to Withdraw Charges Against Accountant


S O U T H  K O R E A

TONG YANG: Money-Lending Arm Under Prosecutors Probe


T H A I L A N D

* THAILAND: Outstanding NPLs For 11 SET-Listed Lenders Up 6%


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


MIRABELA NICKEL: Moody's Cuts CFR & Sr. Unsec. Rating to 'Ca'
-------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
and senior unsecured rating of Mirabela Nickel Pty Ltd to Ca from
Caa3. The ratings downgrade follows the company's announcement
that it has missed the semi-annual coupon payment - due
Oct. 15, 2013 - on its US$395 million senior unsecured notes,
which are rated by Moody's. Under the terms of the Notes, non-
payment of coupon within 30 days of its due date constitutes an
event of default.

The outlook on the ratings is negative.

Ratings Rationale:

"The ratings downgrade reflects the high uncertainty surrounding
the company's ability to make the coupon payment within the 30-day
grace period", says Matthew Moore a Moody's Vice President and
Senior Analyst.

The missed coupon payment reflects the continued deterioration in
the company's liquidity position. Even if the payment is made
within the 30 day grace period the company will still need to
address its underlying business and financial risks and note
holders will remain vulnerable to non-payment in the near term.

"The rating downgrade also reflects Moody's opinion that, even
should the company be successful in avoiding an event of default
under its bond indenture, the company will still have inadequate
liquidity to meet its debt repayment obligations and capital
expenditure requirements in FY14", says Moore.

At current nickel prices Moody's expects the company will generate
very weak, if any, operating cash flow which, combined with its
capital expenditure requirements and debt repayment obligations
over the next 6 to 9 months, will likely lead to negative free
cash flow in excess of the company's liquidity sources.

The rating could be lowered further if the company fails to pay
the coupon amount within the 30-day grace period.

A rating upgrade is unlikely in the short term unless the company
meets its coupon payment within the grace period, and at the same
time demonstrates an ability to meet its liquidity needs over the
next 6-12 months.


MIRABELA NICKEL: S&P Lowers Corporate Credit Rating to 'SD'
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
corporate credit rating on Australian nickel mining company
Mirabela Nickel Ltd. to 'SD' from 'CCC+'.  S&P also lowered the
issue credit rating on the US$395 million 8.75% notes to 'D' from
'CCC+'.  At the same time, the ratings were removed from
CreditWatch with negative implications, where they were placed on
Oct. 2, 2013.

The rating actions stem from Mirabela's announcement that it did
not make the interest payment of about US$17.3 million on its
8.75% senior notes, which was scheduled to be paid on Oct. 15,
2013.  This nonpayment would only constitute a default under the
terms of the notes if it is not remedied within the 30-day grace
period that will end by November 15.

"At this stage, we are uncertain about Mirabela's willingness to
make the payment within the grace period, although we believe that
it currently has sufficient cash to meet that obligation," said
Standard & Poor's credit analyst Thomas Jacquot.  "The company had
about US$80 million of cash at the end of August 2013."

On September 27, Mirabela announced that one of its two offtakers,
Votorantim Metais Niquel S.A. (Votorantim) had served notice to
the company of its intention to terminate its offtake agreement at
the end of November.  The agreement was scheduled to expire at the
end of 2014.  As Mirabela has a US$50 million loan from Banco
Bradesco S.A. that is secured on the Votorantim receivables,
termination of the offtake agreement could lead to a default under
the Bradesco loan which, if not remedied, could lead to a cross
default under the US$395 million notes.

Subsequently on October 18, Mirabela announced that the
termination notice served by Votorantim was invalid and that
Votorantim would honor its obligations as originally envisaged,
although Mirabela expects Votorantim to purchase only a small
proportion of the mine's output.  This announcement would indicate
that the likelihood of an immediate default under the Bradesco
loan and potential subsequent cross default under the notes had
reduced.  However, the company subsequently announced, on October
22, that it has not paid the interest due on the notes.

Mr. Jacquot added: "We consider a missed interest payment as a
default when the nonpayment has occurred and is continuing for at
least five business days from the scheduled payment date.  This is
even though a payment default has not occurred according to the
legal provisions of Mirabela's notes, which incorporate a 30-day
grace period."

The company has indicated its intention to provide a further
update to the markets by the end of October.  Should the interest
payment remain unpaid by Nov. 15, 2013, S&P would expect to lower
the corporate credit rating on Mirabela to 'D'.  Any potential
upward movement on the rating above 'SD' is uncertain at this
stage, both in terms of likelihood and magnitude.


RM WILLIAMS: Receiver Sell Labelle Downs & Welltree Station
-----------------------------------------------------------
The Receivers and Managers of Labelle Welltree Pty Ltd (formerly
R. M. Williams Agricultural Co. Beef Pty Ltd), PPB Advisory, said
that they have exchanged contracts for the sale of the Labelle
Downs and Welltree Station properties with Australian Agricultural
Company Limited.

This follows the finalisation of a comprehensive registrations of
interest and tender campaign.

Labelle Downs and the adjoining Welltree Station together comprise
245,623 acres of land adjacent tothe Litchfield National Park in
the Northern Territory.

PPB Advisory partner, Greg Quinn, said the transaction represents
a substantial sale in the NorthernTerritory pastoral market.

"The significant interest in Labelle Downs and Welltree Station
during the sales campaign demonstrates confidence in the future of
the cattle industry in Northern Australia," Mr. Quinn said.

"The two perpetual pastoral leases offer a unique combination of
ranging upland areas and vast floodplains, and this was reflected
in the level of interest in the sales and marketing campaign.

"To have negotiated an agreement with a company of AACo's calibre
is a significant outcome and bodes well for the local cattle and
pastoral industry," Mr. Quinn said.

PPB Advisory appointed Colliers International agents Rawdon Briggs
and Tom Warriner to market and sell Labelle Downs and Welltree
stations whilst it continued operations in order to achieve a
going concern sale. Henry Davis York Lawyers acted for PPB
Advisory throughout the receivership and the sale process.

Mr. Stephen Parbery and Mr. Greg Quinn of PPB Advisory were
appointed to Labelle Welltree Pty Ltd (formerly R. M. Williams
Agricultural Co. Beef Pty Ltd) on July 15, 2013.

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


SIMPLOT AUSTRALIA: More 100 Chiko Roll Workers to Lose Jobs
-----------------------------------------------------------
The Australian reports that the Chiko roll rolls on but more than
100 jobs will be lost at the New South Wales factory where the
iconic treat is made.

Multinational vegetable producer Simplot has announced the
downsizing of its plant near Bathurst to produce only the Chiko
and canned and frozen corn, the report relates.

According to the report, the windback will come with a gradual
loss of 110 of the plant's 170 permanent jobs.

The Australian says the company, also behind brands such as Edgell
and Birds Eye, says its Tasmanian plant, in Devonport, has been
given three years to become financially viable.

Simplot announced a review of both plants in June, warning they
would need to show they could cut costs or face closure, The
Australian recalls.

Managing director of Simplot Australia, Terry O'Brien, has
reissued that warning, the report notes.

"In the absence of a lower cost structure, neither plant has a
strong business case long-term," The Australian quotes
Mr. O'Brien as saying.

Mr. O'Brien said the Bathurst plant would stay open "until further
notice" but remained in a precarious position, the report adds.


THINK APPLIANCES: KordaMentha Put Wholesaler Up for Sale
--------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that KordaMentha is
seeking expressions of interest for the sale of Think Appliances
Pty Ltd.

dissolve.com.au relates that the buyer of the business will own a
business with a broad product offering that includes ovens,
cookers, rangehoods, cooktops, chest freezers, dishwashers and
microwaves. The business also has established distribution
channels that use arrangements with key bricks and mortar as well
as online retailers.

Think Appliances also has IP that includes trademarks. It has been
able to establish good relationships with Chinese and Italian
manufacturers, the report discloses.

The kitchen appliances wholesaler distributes distinguished brands
that include Prossimo, Linea, Venini and D'amani.


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C H I N A
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EVERGRANDE REAL: Moody's Affirms 'B1' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to Evergrande
Real Estate Group Limited's proposed senior unsecured bonds.

Moody's has also affirmed Evergrande's B1 corporate family rating
and B2 senior unsecured ratings.

The ratings outlook is stable.

The proceeds from the issuance will be used for refinancing the
company's existing debt.

Ratings Rationale:

"The issuance will enhance Evergrande's liquidity to support its
business growth," says Franco Leung, a Moody's Assistant Vice
President and Analyst.

"It will also lengthen the average tenure of Evergrande's debt
portfolio as the proceeds will be mainly used for refinancing its
existing debt, adding to the stability of its offshore funding
platform," says Leung.

Moody's notes that the company's liquidity will be negatively
impacted by a dividend payment of about RMB2.1 billion announced
on 2 October 2013. However, this negative impact has been factored
in its current ratings.

In addition, Moody's believes that Evergrande is on track to meet
its full-year contracted sales target of RMB100 billion based on
the projects on sale this year. It has already reported contracted
sales of RMB 74.5 billion for the first nine months of 2013.

The B1 corporate family rating reflects Evergrande's strong market
position as one of the top five property developers in China in
terms of contract sales and the size of its land bank. Moreover,
the rating reflects the firm's large national coverage across 140
cities in China.

The rating further takes into account Evergrande's ability to
manage its development operations through business cycles with low
land costs, economies of scale, and its adequate liquidity
position.

On the other hand, the rating is constrained by the high business
and financial risks associated with Evergrande's strategy to
pursue rapid debt-funded growth.

The stable outlook reflects Moody's expectation that Evergrande
will maintain stable contract sales in the next 12-18 months. In
addition, its liquidity -- which includes cash holdings, operating
cash flow, and new borrowings - will remain sufficient to fund its
land payments and development expenditures over the next 12-18
months.

Upward rating pressure could emerge if Evergrande (1) consistently
meets its sales target and maintains strong discipline in its land
acquisitions; (2) reduces its debt leverage as planned, such that
adjusted debt/capitalization falls below 55%-60% and
EBITDA/interest exceeds 3.5x-4.0x; and (3) maintains an adequate
level of liquidity to support its large-scale development.

On the other hand, downward rating pressure could emerge if (1)
Evergrande's profit margins decline, such that its EBITDA margin
falls well below 20%; (2) its liquidity declines to the extent
that its cash balance is well below 1x of debt due in 12 months;
or (3) the company raises more debt, which results in adjusted
debt/capitalization staying above 65%-70% or EBITDA/interest
staying below 2x-2.5x.


EVERGRANDE REAL: S&P Assigns 'BB-' Rating to Sr. Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
issue rating to senior unsecured notes that Evergrande Real Estate
Group Ltd. (BB/Stable/--; cnBBB-/--) proposes to issue.  At the
same time, S&P assigned its 'cnBB+' Greater China regional scale
rating to the proposed notes.  Evergrande will use the issuance
proceeds to refinance existing debt.  The ratings are subject to
S&P's review of the final issuance documentation.

The issue rating on the proposed notes is one notch lower than the
corporate credit rating on Evergrande to reflect S&P's opinion
that offshore noteholders would be materially disadvantaged,
compared with onshore creditors, in the event of default.  In
S&P's view, the company's ratio of priority borrowings to total
assets will remain above our notching threshold of 15% for
speculative-grade debt over the next 12 months.

The corporate credit rating on Evergrande reflects the China-based
property developer's aggressive growth appetite and debt-funded
expansion, limited record of prudent financial management, and
mixed corporate governance record.  Evergrande's business model
with high volume and large project sizes could also heighten the
company's execution risks in small markets.  The following factors
temper the above weaknesses: (1) Evergrande's competitively priced
products; (2) its good sales execution; (3) its large, low-cost,
and geographically diversified land bank; and (4) the company's
good cost controls and growing economies of scale.

The stable outlook reflects S&P's expectation that Evergrande will
adopt a more disciplined growth strategy than before and control
its high leverage over the next 12 months.  In S&P's base case, it
expects the company's ratio of debt to EBTIDA to remain below 5x
over the same period.  S&P anticipates that Evergrande will
continue to execute its asset-churn model while improving profit
margins.


GUANGZHOU R&F: Fitch Puts 'BB' Rating to USD Sr. & CNY Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Guangzhou R&F
Properties Co., Ltd's (R&F) USD senior unsecured notes due 2016,
CNY senior unsecured notes due 2014 and USD senior unsecured bonds
due 2020 final ratings of 'BB'.

The 10.875% USD388m bond due 2016 and 7.0% CNY2.6bn notes due 2014
are issued by its subsidiary, Big Will Investments Limited (Big
Will). Big Will has lent the gross proceeds from offering of the
notes to R&F Properties (HK) Company Limited (R&F HK) in the form
of an intercompany loan, of which payment of principal and
interest is guaranteed by R&F.

The 8.75% USD600m senior unsecured notes due 2020 are issued by
its subsidiary, Caifu Holdings Limited. R&F is providing a
keepwell deed and an equity interest purchase undertaking for the
notes. Key provisions of the keepwell deed include R&F maintaining
the positive net worth of Caifu and R&F HK, maintaining 100%
shareholdings in R&F HK and Caifu, and maintaining sufficient
liquidity to ensure timely payment for Caifu's obligations. Key
provisions of the equity interest purchase undertaking include R&F
repurchasing equity of the onshore assets from R&F HK for a
consideration of no less than total debt of R&F HK, with the
proceeds to be used to repay the offshore debt.

Fitch Ratings has also assigned R&F a Long-Term Local-Currency
Issuer Default Rating (IDR) of 'BB' with a Positive Outlook and a
local currency senior unsecured rating of 'BB'. On 11 October
2013, Fitch Ratings has assigned R&F's a Long-Term Foreign-
Currency IDR of 'BB' with a Positive Outlook and a foreign-
currency senior unsecured rating of 'BB'.

Key Rating Drivers

Debt Maturing in 2014: The ratings are constrained by refinancing
risk, with over CNY12.8bn of the debt maturing in 2014, including
CNY8.1bn of bonds and CNY1.4bn of trust loans. The impending
maturity may tie up short-term liquidity and curb growth.

Superior Margins: Lower land costs and development of commercial
projects have yielded stable and superior EBITDA margins of around
35% in the past three years. Fitch expects the margins to be
maintained for the next two years due to sufficient land bank and
low land costs.

National Presence: R&F has a well-balanced nationwide land bank,
of which 34% is located in first-tier cities and 63% is in second-
tier cities in terms of GFA. There is no over-concentration in any
one city and even Guangzhou, where R&F first established its
business, only accounted for less than 25% of contracted sales in
H113. The diversification helps reduce uncertainties inherent in
local policies and local economies.

Sustainable Asset Turnover: The company achieved over 1x of
contracted sales/total debt over the past three years despite
incurring substantial debt, even during challenging market
conditions in H211 and H112. The ratio is expected to improve
further in the next two years as debt is added at a slower pace
and contracted sales growth accelerates.

Diversified Funding Sources: The company benefits from diversified
funding channels that ensure sufficient liquidity for financing
development costs, land premium payments and debt obligations.
R&F's leverage, as measured by net debt/adjusted inventory, was at
49% at end-H113. While this is at the high-end of its 'BB'-rated
peers, Fitch believes that the ratio is likely to trend down as
the company increases its asset turnover in the next two years.

Positive Outlook: R&F's credit ratings are likely to improve to be
commensurate with a 'BB+' profile within the next 12 months if the
company can refinance debt maturing in 2014 with long-term
capital, and improve its asset turnover and leverage.

Rating Sensitivities

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

-- Refinancing of bonds and trust loans maturing in 2014 with
   long-term capital

-- EBITDA margin sustained above 30% on a sustained basis

-- Net debt/adjusted inventory sustained below 40%

-- Contracted sales/gross debt sustained above 1.25x

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

-- Failure to meet the above guidelines over the next 12-18
   months, which would lead to the Outlook being revised to
   Stable.



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AMLAGORA COLD: CARE Rates INR6.88cr LT Bank Loans at 'B'
--------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Amlagora Cold Storage Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities       6.88      CARE B Assigned
   Short-term Bank Facilities      0.18      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Amlagora Cold
Storage Pvt Ltd are constrained by its small scale of operations
and weak financial risk profile marked by thin net profitability
margins, leveraged capital structure and depressed debt coverage
indicators. The ratings are further constrained by the regulated
nature of the cold storage industry, high competition arising from
a large number of cold storage facilities in the adjoining areas,
exposure to vagaries of nature, risk of delinquency in loans
extended to farmers and increasing power costs & its supply
uncertainties.

The aforesaid constraints are partially offset by the experience
of the management coupled with a long track record of operations
and advantages arising out of proximity to potato-growing areas.
The ability of the company to increase the scale of operations and
profitability margins along with effective working capital
management would be the key rating sensitivities.

Amlagora Cold Storage Private Ltd was incorporated in February
1967 by Mr. Ramdhone Dey of Amlagora, West Bengal, to set up a
cold storage facility. Subsequently, in 2006, the company was
acquired by Mr. Rabindranath Chatterjee and his family members to
carry out the same business.

ACSPL is engaged in the business of providing cold storage
facility for potatoes to the local potato farmers and traders on a
rental basis, having a storage capacity of 302,431 quintals of
potatoes in Paschim Medinipur district of West Bengal. Besides
providing cold storage facility, the company also works as a
mediator between the farmers and marketers of potato by taking
advances from the marketers on behalf of the farmers in order to
facilitate the sale of potato stored, and it also provides
interest-free advances to farmers for farming of potato against
the potato stored. This apart, it also provides additional
services to farmers such as insurance of potatoes stored and
drying of potatoes.

During FY13 (refers to the period April 1 to March 31), ACSPL
reported a total operating income of INR246.8 lakh and a loss of
INR0.5 lakh.


BANARAS SWARN: CARE Rates INR8cr LT Bank Loans at 'BB'
------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Banaras
Swarn Kala Kendra Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities        8        CARE BB Assigned

Rating Rationale

The rating assigned to the bank facilities of Banaras Swarn Kala
Kendra Pvt Ltd is primarily constrained by its small scale of
operations and high working capital intensity of its business
operations. The rating is further constrained by the vulnerability
of margins to gold price fluctuation and competition from the
various organized or unorganized players.

The rating, however, takes comfort from the experience of the
promoters of BSK, long track record of its operations, healthy
profitability, moderate gearing levels and debt service coverage
indicators.

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

Banaras Swarn Kala Kendra Pvt Ltd was incorporated in 1994 as a
private limited company. The company is engaged in the retail
trading of diamond-studded gold jewellery, gold jewellery,
pearls and precious stones studded gold jewellery and silver
jewellery. BSK has its showroom located at Varanasi, Uttar
Pradesh. The company buys readymade jewellery (approximately 85%
of the total purchases) and also procures raw gold, precious
stones and gets the jewellery manufactured on job-work basis. BSK
procures gold, diamond and silver jewellery from wholesalers and
manufacturers in the Mumbai and Delhi regions.

For FY13 (refers to the period April 1 to March 31), BSK achieved
a total operating income of INR22.59 crore with a PAT of INR1.52
crore, as against a total operating income of INR19.12 crore with
a PAT of INR1.26 crore in FY12.


BAPA REAL: CARE Reaffirms 'B' Rating on INR35cr LT Bank Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Bapa Real Estate Private Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities       35       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Bapa Real Estate
Private Limited continues to be constrained by the risk arising
out of its exposure by way of inter-corporate advances & equity
investments to entities engaged in real estate development.
The aforesaid constraints far outweigh the strength derived from
the experience of the Hariyana group and Goyal & co group in the
real estate industry.

The timely realization of the income and principal components of
its advances/investments in real estate entities so as to
adequately cover its cost of funds and meet its debt obligations
will be the key rating sensitivity. Such realization would depend
upon the successful completion and sale of the real estate
projects undertaken by the entities in which the company has
invested, and hence, would be a key determinant of the rating
going forward. Furthermore, any new real estate projects
directly undertaken by the company in future will also act as a
rating sensitivity.

Incorporated in 1994, Bapa Real Estate Private Limited is engaged
in the business of real estate development and investment in real
estate ventures. BREPL, in the past, has executed a real estate
project, 'Lakshachandi Heights' with a total saleable area of
around 4 lakh square feet in Goregaon, Mumbai. The company also
jointly executed a project, 'Greewoods' under Bapa & Rashi
Developers, a partnership firm, in Mumbai with a total saleable
area of around 5lakh square feet.

Currently, BREPL is not executing any real estate project and has
invested the proceeds of earlier projects in equity & preference
capital of associate companies and as short-term inter-corporate
deposits, mainly to companies in the real estate industry. During
the past three years, the revenue source for BREPL has been
interest income from the inter-corporate advances made to other
real estate companies. Also, the company earns income in the form
of profit sharing from investments in the partnership firms.

As per FY13 results (refers to the period April 1 to March 31),
BREPL reported a total operating income of INR9.54 crore (down by
1.34% vis-a-vis FY12) and loss of INR1.46 crore (vis-a-vis PAT of
INR4.55 crore in FY12).


GNB MOTORS: CARE Assigns 'BB-' Rating to INR17.5cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of GNB Motors Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities      17.5       CARE BB- Assigned
   Short-term Bank Facilities      0.4       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of GNB Motors Pvt Ltd
are primarily constrained by its thin profitability margins, low
capitalization and highly leveraged capital structure. The
ratings are further constrained by the high working capital
intensity of its operations, limited bargaining power of the
company with the principal OEMs, increasing competition in the
automobile dealership space and the dependence on volume momentum.

The ratings, however, derive strength from the rich experience of
the promoter in the automobile dealership business, its long track
record of operation, wide product portfolio and its longstanding
association with the principal (Ashok Leyland Ltd).

The ability of the company to enhance its scale of operation along
with an improvement in profitability margins and capital structure
and efficient management of working capital would remain the key
rating sensitivities.

GNB Motors Pvt Ltd was incorporated in September 1980 as a public
limited company and was promoted by Mr. Nand Lal Todi and his
family members based out of Kolkata. Having initially commenced
operations with the dealership of Ashok Leyland Ltd, the company
gradually expanded its portfolio and has become the authorised
dealer of Piaggo Vehicle Pvt Ltd, Doosan International India Pvt
Ltd, Revathi Equipment Ltd, Zoomlion Trade India Pvt Ltd and Terex
Equipment Pvt Ltd. The company deals in heavy, medium and light
commercial vehicle, pick-up van, auto-rickshaw, heavy earth moving
equipments, construction equipment, etc, for the aforesaid
companies. The company offers all the aforesaid products through
its six showrooms (four in West Bengal and two in Haryana)
equipped with 3-S facilities (Sales, Service and Spare-parts)
along with eight sales outlets (one in Assam and seven in West
Bengal) to cover the designated area.

During FY12 (refers to the period April 1 to March 31), GNB
reported a total operating income of INR169.5 crore and a PAT
(after deferred tax) of INR0.1 crore. Furthermore, in FY13
(provisional), GNB reported a total operating income of INR189.9
crore and PAT (after deferred tax) of INR0.1 crore.


HAJRA MEDICAL: CARE Rates INR12.25cr LT Bank Loans at 'BB'
----------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Hajra Medical Agency Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     12.25       CARE BB Assigned
   Short-term Bank Facilities     0.75       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Hajra Medical
Agency Pvt. Ltd are primarily constrained by its modest scale of
operation, low profitability margins and weak debt coverage
indicators. The ratings are further constrained by the high
working capital intensity of its operations, limited bargaining
power of the company with the principal drugs manufacturers,
intense competition and the dependence on volume momentum.
The ratings, however, derive strength from the long track record
and experience of the promoters in the field of pharmaceutical
distribution, exclusive distributorship for reputed drug
manufacturers for the West Bengal region and the company's
established distribution network spread across the region.

The ability of HMA to increase the scale of operations with an
improvement in the profitability margins and effective working
capital management would be the key rating sensitivities.

HMA was set up as a proprietorship entity in the year 1982 by Mr.
Subrata Kumar Hajra of Kolkata (West Bengal). Subsequently in the
year 2001, HMA was converted into a public limited company.
Since inception, the company is engaged in the distribution of
pharmaceuticals products.

The company purchases goods in bulk quantities from large drug
manufacturers and sells it to stockists on stock & sales basis.
The company has six warehouses located in Kolkata, out of which
four are owned and two are on rent.

During FY13 (refers to the period April 1 to March 31), HMA
reported a total operating income of INR57.9 crore and a PAT
(after deferred tax) of INR0.27 crore.


HORIZON MICROTECH: CARE Assigns 'BB' Rating to INR21.67cr Loans
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Horizon Microtech Private Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     21.67       CARE BB Assigned
   Short-term Bank Facilities    11.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Horizon Microtech
Private Limited are primarily constrained on account of the
implementation risk associated with the on-going debt funded
project, moderate liquidity condition and working capital
intensive nature of operations with a long inventory holding
period. The ratings are further constrained due to its presence in
a highly fragmented industry with low entry barriers and
susceptibility of margins to volatile raw material prices and
foreign exchange fluctuation.

The ratings, however, derive strength from the vast experience of
the promoters and established track record of operations, its
financial risk profile marked by moderate profitability, moderate
capital structure and debt coverage indicators.

The timely completion of the project within the envisaged cost and
improvement in the overall financial risk profile through an
increase in the scale of operations along with improvement in the
profit margins and better working capital management are the key
rating sensitivities.

Ahmedabad-based, HMPL was established in 1994 by three college
friends, Mr. Kaumil Patel, Mr. Saumil Gandhi and Mr. Bhagirath
Choksi. It is engaged in the manufacturing of industrial
electrical and custom-built low and high voltage electrical
control panels. The designs are customized according to the
requirements of the clients. HMPL manufactures a varied range of
customized products like industrial electric panels, low tension
(LT) bus ducts, programmable logic controller (PLC) systems,
control centres, motor control centres, etc. It also acts as a
system integrator for Siemens for drives and PLCs. Besides
manufacturing, HMPL is also engaged in the trading of spare
parts for panels. The manufacturing unit of HMPL is located at
Kathwada, Ahmedabad.

During FY12 (refers to the period April 1 to March 31), HMPL
reported a PAT of INR1.99 crore on a total operating income (TOI)
of INR46.95 crore as against a PAT of INR1.26 crore on a TOI of
INR43.48
crore during FY11.


INFRA ENERGY: CARE Assigns 'BB' Ratings to INR201.56cr Loans
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Everest
Infra Energy Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities      42.00     'CARE BB' Assigned
   (Fund Based)

   Long-term Bank Facilities     159.56     'CARE BB' Assigned
   (Non Fund Based)

Rating Rationale

The ratings of the company is constrained by relatively small size
of the business, vulnerability of margins to volatile input
prices, high average collection period leading to working capital
intensiveness of the business, high overall gearing ratio and
economic slowdown affecting the domestic construction sector.
However, the above constraints are partially offset by continuous
support from experienced promoter's tthrough fund infusion,
company's healthy order book position, major clientele comprising
government entities & moderate financial performance in FY13
(refers to period April 1 to March 31). Ability of the company to
improve its profitability by successfully executing projects on
time and recover contract proceeds, manage working capital
effectively and outlook of the domestic construction sector will
remain the key rating sensitivities.

Everest Infra Energy Ltd., incorporated in November, 2006, is a
small sized construction company with major focus in providing
engineering & construction services in the field of power
transmission lines and rural electrification projects. The company
has executed several contracts in the field of High Voltage/Extra
High Voltage (HV/EHV) transmission lines & substation construction
with major clients being Central Government, State Government
entities and public & private sector organisations. The day to day
affairs of the company are looked after by current managing
director Mr. Dipankar Choudhury along with a team of professional
& qualified people.

EIEL earned PBILDT of INR14.7 crore and PAT (after defd. tax) of
INR7.5 crore on gross billing of INR83.5 crore in FY13.


JR AGROTECH: CARE Raises Rating on INR235cr Loans to 'BB'
---------------------------------------------------------
CARE revises the ratings for the bank facilities of JR Agrotech
Private Limited.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long-Term Bank          235       CARE BB Revised
   Facilities                        from CARE B

   Short-term Bank          55       CARE A4+ Revised
   Facilities from                   CARE A4

Rating Rationale

The revision in the ratings of the bank facilities of JR Agrotech
Private Limited takes into consideration the improvement in
financial risk profile backed by an increase in the scale of
operations of the company in FY13 (refers to the period April 01
to March 31).

Furthermore, the ratings continue to factor in the long promoter
experience in the agro-based business, strong domestic
distribution network and growth prospects of the rice industry.
However, these rating strengths are partially offset by the high
degree of industry fragmentation, susceptibility of margins to
fluctuation in raw material prices, vulnerability to changes in
government policies and moderately weak financial risk profile.
Going forward, the ability of JRAPL to improve its profitability
margins and capital structure would be the key rating
sensitivities.

JR Agrotech Private Limited is engaged in the milling, processing
and selling of various varieties of rice. The company was
incorporated in 1998 as a private limited company; however, the
promoters have been involved in rice processing since 1957 as a
family business.  The company's product mix comprises of 1121,
Pusa Basmati, Parmal and Sharbati Sela. In the domestic market,
the company is selling under the brand names "Mother Cook" and
"Sacha Sauda". The company has presence in states like
Maharashtra, Gujarat, Delhi, Jammu and Kashmir, Rajasthan and
Haryana. JRPL exports basmati rice mainly to countries like UAE,
Iraq, Saudi Arabia and Iran. The export revenue accounted for
approximately 56% of the total sales in FY13.

The company has a fully integrated milling, processing and
manufacturing unit located at Dinanagar, Punjab. The current
milling capacity of the plant is 20MT per hour per day (for 300
working days in a year) as on March 31, 2013. The company has
storage capabilities of 80,000 MT of rice and paddy.

JRAPL reported a PAT of INR7.43 crore on a total income of
INR449.78 crore in FY13 as against a PAT of INR4.12 crore on a
total income of INR296.90 crore in FY12.


KAILASH COAL: CARE Raises Rating on IRN10cr Bank Loans to 'BB+'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Kailash Coal & Coke Company Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities       10       CARE BB+ Revised from
                                            'CARE BB'

   Short-term Bank Facilities       6       CARE A4+ Revised from
                                            'CARE A4'

Rating Rationale

The revision in the ratings of Kailash Coal & Coke Company Limited
takes into consideration the improvement in the scale of
operations, debt coverage indicators and liquidity profile of the
company in FY13 (refers to the period April 01 to March 31) and
Q1FY14.

Furthermore, the ratings continue to factor in the experienced
promoters, established relationship with the clients, moderate
financial risk profile and the strong group support. However,
these rating strengths are partially offset by its low
profitability margins due to the trading nature of business,
moderate scale of operations, price risk related to inventory,
client concentration risk and working capital intensive nature of
operations.

Going forward, the ability of KCCL to improve its profitability
margins and maintain its capital structure would be the key rating
sensitivities.

Kailash Coal & Coke Co. Limited was incorporated in 1984. It is a
part of the Kailash group which includes Genus Power
Infrastructure Limited, Virtuous Urja Limited [(CARE
BBB+(SO)/A2+(SO) on the basis of corporate guarantee from GPIL],
Genus Paper Products Limited (CARE BB-/A4), Genus Electrotech
Limited and Genus Innovation Limited.

The company is engaged in the trading of coal. It procures coal
domestically from the traders as well as through direct auctions
and sells mainly to power producers and some textile companies
having captive power plants. KCCL caters to the companies located
in Moradabad and some other areas in western UP. It is owned 100%
by the promoters. The biggest shareholder is Genus Power
Infrastructure Limited, which owns around 44% stake (as on
March 31, 2013) in the company. Mr. IC Agarwal, chairman and
managing director, holds 12.50% stake (as on March 31, 2013) and
the remaining stake is held by the other family members.

KCCL reported a PAT of INR2.03 crore on the total income of
INR114.54 crore in FY13 (refers to the period April 1 to
March 31) as against a PAT of INR0.74 crore on the total income of
INR55.23 crore in FY12. On a provisional basis, KCCL reported a
PAT of INR0.85 crore on a total income of INR44.33 crore in
Q1FY14.


MATANGI COTTON: CARE Assigns 'B' Rating to INR0.71cr Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Matangi Cotton Industries.

                                Amount
   Facilities                (INR crore)  Ratings
   ----------                -----------  -------
   Long-term Bank Facilities    0.71      CARE B Assigned
   Long-term/Short-term Bank   14.00      CARE B/CARE A4 Assigned
   Facilities

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of the 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 Matangi Cotton
Industries are constrained on account of the thin profit margins,
leveraged capital structure and weak debt coverage indicators.

The ratings are further constrained on account of its presence in
a highly fragmented cotton ginning industry with limited value
addition and prices and supply of cotton being highly regulated by
the government, susceptibility of operating margins to
fluctuations in the cotton prices and seasonality associated with
the cotton industry.

The above constraints outweigh the benefits derived from the
partners' long experience in the cotton ginning industry and
locational advantage in terms of proximity to the cotton-growing
regions in Gujarat.

MCI's ability to increase its ginning operations, improve its
profitability and effectively manage its working capital cycle, in
addition to improving its capital structure remain the key rating
sensitivities.

Bhavnagar-based (Gujarat) Matangi Cotton Industries is a
partnership firm established in 2008. MCI currently has six
partners with an unequal profit and loss sharing agreement among
them. MCI is primarily engaged in the cotton ginning & pressing
activities with an installed capacity of 250 cotton bales per day
and 80 MT per day of cotton seeds as on March 31, 2013 and
operates from its sole manufacturing facility located at Amreli
(Gujarat). MCI deals in Shanker-6 cotton which is being sourced
through local farmers from Gujarat.

MCI has invested INR0.96 crore during Q2FY14 in the installation
of a new pressing machine for improving operational efficiency.
The total cost was funded through term loan of INR0.71 crore and
the remaining through unsecured loan from partners.

As against a net profit of INR0.01 crore on a total operating
income (TOI) of INR42.70 crore in FY12 (refers to the period
April 1 to March 31), MCI reported a net profit of INR0.04 crore
on a TOI of INR58.63 crore during FY13.


MILLENNIUM PAPERS: CARE Places 'BB' Rating to INR13.33cr LT Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Millennium Papers Private Limited.

                               Amount
   Facilities               (INR crore)  Ratings
   ----------               -----------  -------
   Long-term Bank Facilities   13.33     CARE BB Assigned

   Long-term/ Short-term       16.00     CARE BB/CARE A4 Assigned
   Bank Facilities

   Short-term Bank Facilities   1.10     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Millennium Papers
Private Limited are constrained primarily on account of its short
operational track record and moderate scale of operations in a
highly fragmented and competitive paper industry coupled with its
financial risk profile marked by modest profitability, leveraged
capital structure and weak liquidity position. The ratings are
further constrained by vulnerability of its profit margins to the
fluctuation in the prices of raw materials, power cost and foreign
exchange rates.

The ratings, however, derive benefits from the experienced
promoters, well established marketing set-up, stable demand
indicators from the end user industry mainly packaging and
location advantage as it is strategically located in the tile
manufacturing cluster of Morbi (Gujarat).

CPMPL's ability to improve its financial risk profile with an
improvement in scale of operations and solvency position in light
of the competitive nature of the industry are the key rating
sensitivities.

Promoted by Koradiya family Morbi-based (Gujarat) MPPL was
incorporated in December 2009 with an objective of manufacturing
duplex boards. MPPL started commercial production in July
2011 with an installed capacity of 45,000 Metric Tonnes per Annum
(MTPA). MPPL manufactures duplex boards of various sizes ranging
from 200-500 gram per square metre (GSM) and grades which are
further used in the packaging industry for making corrugated boxes
and duplex cartons.

The promoters also run other entities in the ceramic industry
namely, Maruti Gold Industries (Manufacturing of Ceramic Wall
Glazed Tiles), Maruti Silver Industries (Manufacturing of Ceramic
Wall Glazed Tiles), Kordiya Ceramic Pvt. Ltd. (Manufacturing of
Ceramic Tiles) and Millenium Vitrified Tiles Private Limited
(manufacturing of vitrified tiles).

As per the audited results for FY13 (refers to the period April 1
to March 31), MPPL reported a total operating income (TOI) of
INR79.25 crore (FY12: INR44.18 crore) and net profit of INR0.66
crore (FY12: Net loss of INR2.03 crore).


MUTHOOTTU MINI: CARE Revises Rating on INR500cr Bank Loans to BB+
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Muthoottu Mini Financiers Private Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities      500       CARE BB+ Revised from
                                            'CARE BB'

Rating Rationale

The revision in the rating factors in the improvement in capital
adequacy ratio of Muthoottu Mini Financiers Private Ltd (MMFPL)
subsequent to the equity infusion in FY13 (refers to the period
between April 1 and March 31). The rating continues to be
constrained by concentration in a single asset class which is
exposed to market risk related to gold, low seasoning of loan
portfolio due to substantial growth in the assets in the recent
past, geographical concentration of loan portfolio and
concentration of resource profile towards retail NCDs.

The rating takes note of the strong brand recognition of the
group, long track record of the promoters in the gold loan
business and low NPA levels supported by the underlying security
of gold.

Going forward, the ability of the company to improve its capital
adequacy levels, maintain its good asset profile while increasing
scale of operations, explore alternate sources of funding in light
of recent regulations by RBI on private placement of NCDs and any
change in the regulatory scenario are the key rating
sensitivities.

MMFPL was incorporated on March 18, 1998 and was operating as an
investment company for other group entities until FY06. MMFPL
started gold loan business from FY07 and undertook rapid
branch expansion from FY09 onwards. As on June 30, 2013, the
company had a portfolio of INR2,036 crore with 1,031 branches
spread across Tamil Nadu, Kerala, Karnataka, Andhra Pradesh and
Goa.  Gold loans constitute over 99% of the portfolio as on
June 30, 2013.

Muthoottu Mini Financiers Pvt. Ltd. is the flagship company of the
Muthoottu Mini (MM) group. The group was founded in 1921 as a chit
fund company and has been engaged in the gold loan business for
over six decades. The group is present in Kerala, Tamil Nadu,
Karnataka and Goa. It currently operates in various sectors,
including financial services, hospitality, real estate and
entertainment (chain of theaters). In the financial services
sector, the group is present through MMFPL and three Nidhi
companies. The entire shareholding in MMFPL is held by the
promoters, Mr. Roy Mathew and his family.

During FY13, the company reported PAT of INR47.3 crore on a total
income of INR342.6 crore. The company has a loan portfolio of
INR1836.6 crore as on March 31, 2013 and CAR stood at 16.62% as
on that date.


RAEBAREILLY ALLAHABAD: CARE Puts BB+ Ratings to INR225.08cr Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Raebareilly Allahabad Highway Pvt Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities     215.08     CARE BB+ Assigned
   (Senior Debt)

   Long-term Facilities           10.00     CARE BB+ Assigned
   (Sub-debt)

Rating Rationale

The rating assigned to the bank facilities of Raebareilly
Allahabad Highway Pvt Ltd is constrained by the risks associated
with project implementation, slow progress on the project as
against the original timelines, primarily due to delays in
obtaining approvals and mobilization of funds which is expected to
result in delay in achieving the scheduled commercial operation
date.

The rating also factors in the revenue risks associated with toll-
based projects. The rating, however, draws comfort from the long
track record of the sponsors in execution of the road projects and
fixed-price Engineering, Procurement & Construction (EPC) contract
with the sponsors.

The ability of RAHL to complete the project without significant
delays and within the envisaged cost and achievement of toll as
envisaged shall be the key rating sensitivities.

RAHL is a Special Purpose Vehicle (SPV) promoted by a consortium
of VIL Ltd (rated CARE BBB+/CARE A2) with 76% stake and M/s Vijai
Constructions (partnership firm of the promoters of VIL Ltd) with
24% stake to undertake two-laning of Raebareilly - Allahabad
section from km 82 to km 188.60 of NH-24B in Uttar Pradesh under
NHDP phase IV(A) on Design Build Finance Operate and Transfer
(DBFOT) (toll) basis. As per the Concession Agreement (CA) signed
between NHAI and RAHL on March 31, 2011, the concession period is
16 years (including a construction period of 540 days) from the
appointed date (which is July 18, 2012). The scheduled project
completion date (SPCD) for the project is January 9, 2014.

The project, which is estimated to cost INR356.29 crore is being
financed through term loan (senior debt) of INR215.08 crore,
subordinate debt of INR10 crore, equity of INR89.11 crore and
grant from NHAI of INR42.10 crore.

As on July 31, 2013, RAHL spent a sum of INR107.79 crore on the
project which has been funded through equity contribution of
INR51.51 crore, debt of INR55 crore and unsecured loan from VIL
Ltd INR2.52 crore.


RAHUL AGRO: CARE Downgrades Rating on INR12.47cr Loans to 'B+'
--------------------------------------------------------------
CARE revises/reaffirms the rating assigned to bank facilities of
Rahul Agro Industries.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     12.47       CARE B+ Revised from
                                             CARE BB-

   Short-term Bank Facilities     6.01       CARE A4 Reaffirmed

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 in by the proprietor in addition to
the financial performance and other relevant factors.

Rating Rationale

The revision in the long-term rating of Rahul Agro Industries
takes into account the deterioration in capital structure and
declining profitability margins of the entity. Furthermore, the
ratings continue to be constrained by the stressed liquidity
position, susceptibility of its profit margins to volatile prices
of sesame seeds, its presence in the highly fragmented and
unorganized agro-processing industry and its constitution as a
proprietorship concern.

The ratings, however, continue to draw strength from the vast
experience of the proprietor in the industry and stable demand
outlook of sesame seeds.

The ability of RAI to improve its scale of operations with an
improvement in the overall financial risk profile will be the key
rating sensitivity.

RAI is a proprietorship concern formed in 2006 promoted by
Mr. Rahul Pancholi. Mr. Rahul Pancholi has around nine years of
experience in the business of sesame seeds. RAI was initially
engaged in the trading of sesame seeds; however from 2010 onwards.
the firm started its own processing facility at Ajmer, Rajasthan,
where it carries out the activities of hulling, grading and
packaging of sesame seeds. The firm procures 30% of raw sesame
seeds through agents and the balance from the local market in
Rajasthan. It sells hulled sesame seeds in the domestic market as
well as exports them to Poland and South Korea.

As per the audited results of FY13 (refers to the period April 1
to March 31), RAI reported a total income of INR84.42 crore (FY12:
INR42.46 crore) with a net profit of INR0.68 crore (FY12: INR0.51
crore). During H1FY14, RAI achieved a TOI of INR53.19 crore.


RAIGANJ DALKHOLA: CARE Cuts Rating on INR321.63cr LT Loans to 'D'
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Raiganj Dalkhola Highways Ltd.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long-term Loans         321.63     CARE D Revised
                                      from CARE BB

Rating Rationale

The revision in the ratings of Raiganj Dalkhola Highways Limited
takes into account the delays in servicing of debt obligations due
to delay in execution of the project, delay in disbursement as
well as lack of timely equity infusion by promoter.

Incorporated on March 11, 2010, RDHL is a special purpose vehicle
(SPV) promoted by HCC (rated CARE D for its bank facilities) and
HCC Concessions Limited (HCC-Con) - step-down subsidiary of HCC -
to undertake the augmentation of the existing stretch of 54 kms
from 398 km to 452 km on the Raiganj-Dalkhola section of NH-34
under National Highway Development program (NHDP) Phase III in the
state of the West Bengal by 4-Laning on Design, Build, Finance,
Operate and Transfer (DBFOT) - Toll basis.

The actual progress achieved till Sep 30, 2013 stood at 9.16% (no
progress achieved for more than a year), which is 90% behind
scheduled progress. However, recently the company has received
Right of Way (RoW) for additional 11Kms on Raiganj bypass on which
the construction activity has begun.


RAM KRUSHNA: CARE Reaffirms B+ Rating on INR9.33cr LT Bank Loans
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ram Krushna Cotton Industries.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities      9.33      CARE B+ Reaffirmed

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

Rating Rationale

The rating continues to remain constrained on account of the weak
financial risk profile of Ram Krushna Cotton Industries (RKCI)
marked by thin profit margins, moderately leveraged capital
structure and weak debt coverage indicators. The rating further
continues to be constrained by its presence in the lowest segment
of the textile value chain with limited value addition in the
cotton ginning business and seasonality associated with the
procurement of raw material resulting into working-capital
intensive nature of operations.

The rating factors in the increase in total operating income and
cash accruals during FY13 (refers to the period April 1 to
March 31) and continues to draw strength from the wide experience
of the partners in the cotton industry and locational advantage in
terms of proximity to the cotton seed growing regions in Gujarat.

The ability of RKCI to increase its ginning operations, improve
profitability and effectively manage its working capital cycle in
addition to improving its capital structure would remain the key
rating sensitivities.

Amerli-based (Gujarat) RKCI, a partnership firm, was constituted
in September 2008. The key partners of the firm are Mr. Jayanti B
Chatrola, Mr. Haresh M Dalsaniya and Mr. Haresh G Kasetiya.
The firm is engaged in the cotton ginning, pressing and oil
extraction business with an installed capacity of 9,468 Metric
Tonnes per Annum (MTPA) of cotton bales, 17,010 MTPA for cotton
seeds, 1,320 MTPA for oil extraction and 10,100 MTPA for de-oiled
cake as on March 31, 2013.

As per the audited results for FY13, RKCI reported a PAT of
INR0.17 crore (INR0.11 crore in FY12) on a total operating income
(TOI) of INR68.48 crore (INR44.40 crore in FY12).


SANAA SYNTEX: CARE Assigns 'BB' Rating to INR0.68cr LT Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB/CARE A4' ratings to the bank facilities of
Sanaa Syntex Pvt Limited.

                               Amount
   Facilities                (INR crore) Ratings
   ----------                ----------- -------
   Long-term Bank Facilities     0.68    CARE BB Assigned
   Short-term Bank Facilities    4.50    CARE A4 Assigned
   Long/Short-term Bank         20.00    CARE BB/CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Sanaa Syntex
Private Limited are constrained by the small scale of operations
and also working capital intensive nature of operations resulting
in almost full utilisation of the working capital limits, moderate
debt servicing parameters, client concentration risk, relatively
low and volatile profitability margin and the fragmented and
cyclical nature of the weaving industry.

The ratings, however, derive strength from the promoter's
experience in the textile business and established track record of
operations.

The ability of the company to improve its profitability margin
amidst stiff competition from a large number of organized and
unorganized players and manage its operating cycle effectively
while maintaining its capital structure constitute the key rating
sensitivities.

Sanaa Syntex Private Limited was incorporated on September 27,
1990. SSPL initially started operations as a fabric trading
company. In 1992, SSPL ventured into manufacturing activity by
installing 24 looms to manufacture suiting and shirting fabric.
SSPL as on March 31, 2013 had 126 looms which can manufacture 75
lakh metres of fabric per annum. SSPL is engaged in the
manufacturing and trading of polyester viscose blended fabric and
polyester cotton blended fabric etc, which finds its end use in
suiting, shirting and furnishings mainly for the domestic market
(approximately 98% of the net sales), and balance as exports. SSPL
is also engaged in job work for companies like M/s Grasim
Industries limited (rated CARE AAA/A1+) and M/s Raymond limited
(rated CARE AA-/A1+). SSPL also undertakes job works for its
parent company M/s Sohail Synthetics Pvt Ltd. In the past four
years (FY10-FY13; refers to the period April 01 to March 31),
manufacturing and processing of fabric has contributed around 61-
75% of the total operating income while remaining has been
contributed by the fabric trading activity. Furthermore, SSPL
launched its own brands S&A in 2007 which is being sold in the
domestic market through a dealer network.

SSPL is a closely-held family-owned company; it is promoted by Mr.
Sunil Kathuria and Mr. Anil Kathuria (both brothers) along with
other family members and relatives. M/s Sohail Synthetics Pvt
Limited (SSL) owned majority of shareholding (around 55.29%) in
SSPL as on March 31, 2013. SSL is in turn owned by the same
promoters.

During FY13, the company reported a profit after tax of INR0.86
crore on a total income of INR129.30 crore as against a profit
after tax of INR0.80 crore on total income of INR106.08 crore in
FY12.


SARTHAK INNOVATIONS: CARE Rates INR12cr LT Bank Loans at 'BB'
-------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of Sarthak
Innovations Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Sarthak Innovations
Private Limited is constrained by its presence in an inherently
cyclical real-estate industry, project implementation risk and
moderate booking status indicating higher saleability risk.

The rating, however, derives comfort from the vast experience of
the promoters in the construction and real estate industry.

The ability of SIPL to successfully complete its on-going real
estate project within the envisaged time and cost schedule along
with the sale of units at envisaged price and timely realization
of sales proceeds are the key rating sensitivities.

Indore-based SIPL was incorporated in January 2007 to develop real
estate projects in Indore, Madhya Pradesh (MP). It is a part of
the BR Goyal (BRG) group which was formed in 1986. B R
Goyal Infrastructure Pvt Ltd (BRGPL, rated CARE BBB/CARE A3) is
the flagship company of the BRG group and is mainly involved in
the construction of roads and bridges on government contracts,
laying of pipes and manufacturing of Ready Mix Concrete (RMC).

At present, the company is developing a residential project named
'BRG Shangri-La' which will be developed on a land area of 6.52
lakh square feet (sft) in three phases. The company has undertaken
Phase I on the piece of land area admeasuring 1.06 lakh sft which
would have an estimated saleable area of around 2.89 lakh sft.

As on June 30, 2013, SIPL had incurred a cost of INR25.06 crore as
against the total project cost of INR39.41 crore.


SHREE MANIBHADRA: CARE Assigns 'B+' Rating to INR21.42cr Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Manibhadra Food Product Private Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities     21.42      CARE B+ Assigned
   Short-term Bank Facilities     1.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Manibhadra
Food Product Private Limited are primarily constrained on account
of its weak financial risk profile marked by low profitability,
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of operations resulting in
stretched liquidity indicators. The ratings are further
constrained due to susceptibility of its profit margins to the
volatility in raw material prices and foreign exchange fluctuation
risk and its presence in a highly regulated and fragmented
industry having low entry barriers.

The ratings, however, favorably take into account the vast
experience of the promoters in the agro trading and processing
industry and healthy growth in the total operating income.
Improving the overall financial risk profile through managing raw
material price fluctuation and also increase in the scale of
operations in light of the competitive nature of the industry are
the key rating sensitivities.

SMFPPL is an Ahmedabad-based private limited company incorporated
in 2010. It is mainly engaged in the processing and milling of
various agro-based products like rice, wheat flour (atta,
maida, and suji), pulses (chick pea, tur dal, peas dal, moong,
urad) with an installed capacity of 250 Metric Tonnes per Day
(MTPD) as on March 31, 2013. The company markets all of its
products under brand names 'Crystal', 'Ladli', 'Hera Panna' and
'Home King'. SMFPPL is promoted by Mr. Prakash Shah and his sons,
Mr. Pritesh Shah and Mr. Tejas Shah together holding 100% stake in
the company. In addition to this, the promoters of SMFPPL have
interest in the same line of business through their other business
concerns, Shree Padmavati Sortex Pvt Ltd based out at Ahmedabad
which is engaged in the processing and milling of agro-based
commodities.

As against a net profit of INR0.38 crore on a total operating
income (TOI) of INR62.12 crore in FY12 (refers to the period
April 1 to March 31), SMFPPL reported a net profit of INR0.80
crore on a TOI of INR86.45 crore during FY13.


SHRINATH COTTON: CARE Reaffirms 'B' Rating on INR6.62cr Loans
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shrinath Cotton Industries.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities      6.62       CARE B Reaffirmed

The rating assigned by CARE is based on the capital deployed by
the partners 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 partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Shrinath Cotton
Industries continued to remain constrained on account of its weak
financial risk profile marked by thin profitability, highly
leveraged capital structure and weak debt coverage indicators. The
rating also remained constrained on account of its presence in the
highly competitive and fragmented cotton-ginning business with
limited value addition, exposure to the volatility associated with
the raw material prices, working capital intensive operations and
susceptibility to changes in the government policy for cotton.

The above constraints far offset the benefits derived from the
experience of the partners in cotton ginning business and its
proximity to the cotton-producing region of Gujarat.

The ability of SCI to increase its scale of operations by moving
upward in the textile value chain along with improvement in the
profitability and capital structure remains the key rating
sensitivity.

SCI is a partnership firm incorporated in 2006 by three partners
at Amreli district, Gujarat and is engaged in the cotton ginning
and pressing business. As on March 31, 2013, SCI had total
installed capacity of 24,000 bales of cotton and 6133 metric tonne
(MT) of cotton seed per annum. SCI is also engaged in the trading
of wheat, cotton bales and cotton seeds which constituted around
35% of the total operating income (TOI) during FY13 (refers to the
period April 1 to March 31).

During FY13, SCI reported a PAT of INR0.02 crore on a TOI of
INR20.79 crore as against a PAT of INR0.02 crore on a TOI of
INR20.78 crore in FY12.


SHUBHAM TEX-O-PACK: CARE Assigns 'BB-' Rating to INR6.27cr Loans
----------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Shubham Tex-O-Pack Private Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities      6.27      CARE BB- Assigned
   Short-term Bank Facilities     0.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shubham Tex-O-Pack
Private Limited are constrained primarily on account of its modest
scale of operations in the competitive, highly fragmented and
technology-intensive plastic packaging industry coupled with its
financial risk profile marked by fluctuating profitability,
leveraged capital structure, moderate debt coverage indicators and
moderate liquidity position. The ratings are further constrained
on account of high customer concentration risk coupled with
susceptibility of margins to volatility in raw material prices
(being mainly derivatives of crude oil) and high bargaining power
of the supplier.

The ratings, however, derive benefit from the experienced
promoters in the plastic packaging industry.

STPL's ability to increase its scale of operations with
improvement in profitability through efficient management of
working capital and raw material price fluctuations are the key
rating sensitivities.

Ahmedabad-based (Gujarat), STPL was incorporated in August 1995 by
Mr. Nitin Somani along with four other promoters. STPL is engaged
in the business of manufacturing and trading of Flexible
Intermediate Bulk Container (FIBC), packaging material such as
woven bags, sacks, covers made from high-density polyethylene
(HDPE), polypropylene (PP), Linear Low-density polyethylene
(LLDPE), etc, with an installed capacity of 3,600 MTPA (Metric
Tonnes per Annum) as on March 31, 2013. STPL's products mainly
find application in the packaging of cements, chemicals, food
grains, pesticides and fertilizers.

As per the provisional results for FY13 (refers to the period
April 1 to March 31), STPL reported a total operating income (TOI)
of INR28.99 crore (FY12: INR25.12 crore) and profit after tax
(PAT) of INR0.14 crore (FY12: INR0.04 crore).


SOMNATH TEXTILE: CARE Revises Rating on INR34.95cr Loans to 'BB'
----------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Somnath
Textile Private Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities     34.95      CARE BB Revised from
                                            CARE BB-

   Short-term Bank Facilities     3.52      CARE A4 Reaffirmed

Rating Rationale

The revision in ratings assigned to the bank facilities of Somnath
Textile Private Limited is primarily driven by an increase in the
scale of operations with stabilization of project and improvement
in the capital structure and debt protection indicators.

The ratings continue to be constrained due to its presence in a
competitive industry, high degree of raw material price volatility
and weak financial risk profile. The ratings are further
constrained due to risk associated with expansion projects.

The ratings, however, continue to favourably factor in the
experience of the promoters and favourable location of plant with
proximity to buyers and suppliers.

The ability of STPL to increase its scale of operations with an
improvement in the profitability while managing its working
capital effectively are the key rating sensitivities.

Incorporated in December 2010, STPL is a family-run company
promoted by Mr. Jignesh Patel and Mr. Paresh Patel. STPL is
engaged in the manufacturing of warp knitted grey silk fabrics
from Partially Oriented Yarn (POY). The company operates from its
sole manufacturing unit located in Palsana and has installed 576
Rapier looms and 48 Jacquard looms with an installed capacity of
228 lakh meter per annum (LMPA) and 17.50 LMPA respectively as on
March 31, 2013.  STPL has an associate concern, namely, Vaman
Textile Private Limited which is engaged in the manufacturing of
fabric for sarees and dress material.

As per the audited results for FY13 (refers to the period April 1
to March 31), STPL reported a total operating income of INR69.71
crore (FY12: INR24.28 crore) and a PAT of INR1.01 crore (FY12:
INR0.36 crore).


SRINATHJI ISPAT: CARE Assigns 'BB+' Rating to INR4.5cr Loans
------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' to the bank facilities of
Srinathji Ispat Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities      4.50      CARE BB+ Assigned
   Short-term Bank Facilities     4.80      CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Srinathji Ispat
Limited are primarily constrained by its small scale of
operations, susceptibility of its margins to fluctuation in raw
material prices and foreign exchange fluctuation risk. The ratings
are further constrained due to its fortunes being linked to the
capital goods industry which is cyclical in nature.

The ratings, however, draw strength from the experienced promoters
and above-average financial risk profile characterized by moderate
profitability margins, comfortable capital structure and debt
coverage indicators. The ratings further draw comfort from SIL's
reputed and diversified customer base.

Going forward, SIL's ability to profitably scale up its operations
while maintaining the capital structure would be the key rating
sensitivities. Furthermore, effective management of foreign
exchange fluctuation risk shall also be a key rating sensitivity.

Srinathji Ispat Limited was incorporated in 1988 as a private
limited company and later on in 1991, the constitution was changed
to closely-held public limited company. SIL is promoted by the
Gupta family led by Mr. Ram Dass Gupta. The company is engaged in
the manufacturing of alloy steel castings and engineering
components for power generation equipments, sugar, iron and steel,
cement, mining and heavy engineering industries. The manufacturing
facility of the company is located in Ghaziabad (Uttar Pradesh)
with an installed capacity of 6,000 metric tonnes per annum (MTPA)
(as on March 31, 2013). The main raw materials are steel scrap and
ferro alloys, which are procured domestically and also import
(around 50%) the same. The company mainly caters to the domestic
market. SIL is an ISO 9001:2000 certified company.

During FY12 (refers to the period April 1 to March 31), SIL
achieved a total operating income (TOI) of INR35.19 crore with a
profit after tax (PAT) of INR1.18 crore. The TOI and PAT during
FY13 was INR33.31 crore and INR1.32 crore, respectively.


STAR IRIS: CARE Assigns 'BB-' Rating to INR1cr LT Bank Loans
------------------------------------------------------------
CARE assigns 'CARE BB-/CARE A4' ratings to the bank facilities of
Star Iris Exports Private Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities       1.00      CARE BB- Assigned
   Short-term Bank Facilities      6.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Star Iris Exports
Private Limited are constrained by its small scale of operations
with short track record and susceptibility of profit margins to
foreign exchange risk. The ratings, however, derive strength from
the experience of the promoters supported by a qualified
professional team, location advantage and moderate growth
prospects for menthol products.

The ability of the company to increase its scale of operations and
presence in the market while efficiently managing its
profitability are the key rating sensitivities.

Star Iris Exports Private Limited was incorporated on November 29,
2011 by Mr. Shakun Gupta and Ms Renu Gupta. It commenced
operations in March 2012. The company is engaged in the
manufacturing and exporting of natural menthol, essential oils and
aromatic chemicals with an overall installed capacity of 1,500
Metric Tonnes Per Annum. (MTPA) located at Rampur, Uttar Pradesh,
which is one of the main menthol growing belts in India. The end-
users of the products are pharmaceutical and cosmetic industries
and the company has its customer base located across 20 countries
such as France, USA, Italy and Spain with the major export
destination being China.

SIEPL is a registered member of CHEMEXCIL (basic chemicals,
pharmaceuticals and cosmetics export promotion council) and
Shellac & Forest Products Export Promotion Council.

During FY13 (refers to the period April 1 to March 31), SIEPL
reported a total operating income of INR34.27 crore and PAT of
INR0.48 crore.


SUNSTREAM CITY: CARE Rates INR540cr LT Bank Loans at 'BB-'
----------------------------------------------------------
CARE assigns 'CARE BB-' ratings to the bank facilities of
Sunstream City Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long term Bank Facilities      540       CARE BB- Assigned

Rating Rationale

The rating assigned to the bank facilities of Sunstream City Pvt.
Ltd. factors in high funding risk given the liquidity issues faced
by parent company (Hubtown Limited) in the recent past and
dependence on customer advances during construction of commercial
property, nascent stage of the project, sales risk given the
location of the project and currency risk as part-funding is
dependent on foreign currency borrowings.

The ratings are, however, strengthened by promoters' significant
experience in real estate development, relatively low approvals
risk owing to appointment of SCPL as Special Planning Authority
(SPA) and low interest costs due to borrowings in the form of
External Commercial Borrowings (ECB).

Timely equity infusion from the promoters, and SCPL's ability to
sell the project and simultaneously manage the execution and
project cost for a large project spanning over 10 years
constitute the key rating sensitivities.

Sunstream City Pvt. Ltd. (SCPL, erstwhile Zeus Infrastructure (P)
Ltd), is promoted by Hubtown Ltd. (Hubtown, erstwhile Ackruti City
Ltd.), Refresh Buildcon (Hubtown group company) and the Mutha
group, who hold the equity stake in the proportion of 43:31:26.
Hubtown Ltd., promoted by Mr. Hemant Shah and Mr. Vyomesh Shah,
has developed various commercial, retail and residential projects
comprising over 138 lakh square feet (lsf). It specializes in Slum
Rehabilitation Authority (SRA) schemes.

SCPL owns a land parcel (acquired in 2006) admeasuring 141 acres
(between Mulund and Thane suburbs of Mumbai), and the entire land
has been notified as Special Economic Zone (SEZ). SCPL intends to
develop the project in phases. At present, SCPL is developing
(phase I, started in June 2011) a project [commercial offices for
IT/ITES (Information Technology/Information Technology Enabled
Services)] having a saleable area of 21.64 lsf in the name of
'Sunstream City' on a plot admeasuring 22 acres. Apart from the
saleable area mentioned, one incubation centre (0.50 lsf area)
is constructed for prospective buyers for trial runs. The total
estimated project cost is INR982.5 crore including apportioned
land cost for corresponding land used under phase I. The company
intends to raise debt to the extent of INR540 crore in the form of
External Commercial Borrowings (ECBs) to fund the project.

As on April 30, 2013, the company has incurred around 15% of
project cost out of total budgeted cost of INR983 crore.


SUPREME BATTERIES: CARE Ups Rating on INR18.19cr Loans to 'BB-'
---------------------------------------------------------------
CARE revises/reaffirms the rating assigned to bank facilities of
Supreme Batteries Private Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities      18.19     CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities      2.00     CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings take into account the improvement in
Supreme Batteries Private Limited's financial profile marked by
the broadening of customer base, steady growth in operating
performance as reflected in healthy increase in operating income
and improvement in capital structure. The ratings also factor in
the experience of the promoters in the industry and reputed
clientele with long term relationship with them.

However, the ratings continue to be constrained by its working
capital intensive nature of operations, with highly leveraged
capital structure, increasing raw material prices and competition
in the industrial battery segment.

Going forward, the ability of the company to maintain
profitability amidst the increasing competition and improve its
capital structure will remain as the key rating sensitivities.

Supreme Batteries Private Limited was incorporated in the year
2001 and promoted by Mr. Vimal Kumar Aggarwal, Mr. Anuj Aggarwal
and Mr. Ajay Goyal. SBPL commenced its commercial operations in
October 2009. SBPL is an ISO 9001:2008 and ISO 14001:2004
certified company and is engaged in the business of manufacturing
lead alloy and batteries at its plant located at Mehboob Nagar,
Andhra Pradesh. The company is engaged in lead smelting and
refining to manufacture Pure Lead, Antimonial Lead, etc. It also
manufactures Grey Oxide, Red Lead and various types of Lead Acid
Batteries in different sizes and capacities for the automotive,
inverter and uninterrupted power supply (UPS) applications apart
from special batteries for the industrial use as well as for the
railways and telecom sectors. SBPL also undertakes job work from
the Exide Group and HBL Power System Ltd for smelting battery
scrap. Lead Acid batteries are manufactured in a wide range of
capacities for diverse applications like cars, tractors, trucks,
two wheelers. Supreme batteries also include Polypropylene heat
sealed batteries and UPS tabular batteries for inverters and UPS
applications. The company's products are primarily sold through
the wide network of distributors and dealers located at Andhra
Pradesh, Tamilnadu, Kerala, Maharashtra, Gujarat, Bengal,
Rajasthan and MP with more than 80 distributors and agents.



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


ROCKFORTE FINANCE: Two Former Directors Receive Sentence
--------------------------------------------------------
Two remaining defendants in the Serious Fraud Office (SFO)
prosecution of Rockforte Finance Limited, Nigel Brent O'Leary and
John Patrick Gardner, were sentenced on October 24 in the Gisborne
High Court.

Mr. O'Leary received four years' imprisonment for nine charges
which included theft by person in special relationship, obtaining
by deception, false statement by promoter and false accounting.

Mr. Gardner received a sentence of 11 months' home detention and
200 hours of community work for five charges, including theft by
person in special relationship, obtaining by deception, and false
statement by promoter.

Both Mr. O'Leary and Mr. Gardner were former directors of the
failed finance company. They were charged with using a significant
portion of investors' money as a source of funding for their
personal business interests in two companies - Gisborne Haulage
and Michael Ward 1969 Ltd, which operated the Jean Jones label
throughout New Zealand.

Rockforte was included in the Crown Retail Deposit Guarantee
Scheme based on an application that contained false information,
so ultimately the New Zealand taxpayer has had to bear the losses
that occurred as a result of the defendants' offending.

Investor losses amounted to approximately NZ$3.8 million.

SFO Director, Julie Read said, "Although Rockforte investors were
covered by the Crown Retail Deposit Guarantee Scheme, the
fraudulent activities of Mr. O'Leary and his co-directors led to
the consequential failure of several businesses. This has had a
significant impact on the Gisborne community and resulted in the
loss of financial investments and jobs. We hope that this decision
has brought some form of closure to people who were affected by
the failure of Rockforte."

A third defendant, Colin Mark Simpson, was sentenced last month to
11 months' home detention and 200 hours of community work.

                      About Rockforte Finance

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

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

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


SOUTH CANTERBURY: SFO to Withdraw Charges Against Accountant
------------------------------------------------------------
The Serious Fraud Office (SFO) has announced it intends to
withdraw charges previously laid against Terrence Hutton in
relation to South Canterbury Finance Limited.

Mr. Hutton was the former Group Accountant for the company and
faced two charges alleging false accounting in relation to the
recording of a NZ$25 million loan advance and a $10 million loan
advance.

SFO Director, Julie Read said that although the charges were
originally laid in December 2011, the SFO continually reviews all
charges laid to ensure they remain appropriate, fair and in the
public interest.

"I am satisfied, having given regard to the requirements of the
Solicitor-General's Prosecution Guidelines, that the allegations
against Mr. Hutton should be withdrawn," Ms. Read said.

The trial for the remaining defendants, Lachie McLeod,
Edward Sullivan and Robert White, is set down to start in the High
Court at Timaru on March 12, 2014. The remaining defendants are
alleged to have committed fraud offences under the Crimes Act
which carry maximum penalties of between seven and 10 years'
imprisonment.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


TONG YANG: Money-Lending Arm Under Prosecutors Probe
----------------------------------------------------
Yonhap News Agency reports that prosecutors are investigating
troubled Tong Yang Group's financial arm for suspected accounting
fraud, regulatory sources said October 24, as part of their probe
into the owner family for alleged illegalities that have inflicted
heavy losses on retail investors.

According to the report, Financial Supervisory Service (FSS) said
the prosecution has launched a probe into Tongyang Financial
Services Corp., the money-lending unit of the debt-mired
conglomerate, to see if it rigged its books to hide the loans they
extended to two key Tong Yang units suffering from cash shortages.

The 38th-largest family-run conglomerate filed five of its
affiliates, including Tongyang Leisure Co. and Tongyang
International Inc., for court receivership on Sept. 30 after it
failed to repay its maturing debts, Yonhap discloses.

Yonhap relates that the court has approved Tong Yang's request to
protect the assets of the five units and ban debt collections from
creditors in return for a court-led debt restructuring.

Yonhap notes that the prosecution launched a probe on Tongyang
Financial Services based on the FSS's findings that the firm set
aside no reserves against potential losses from the loans it
extended to other affiliates.

While it is not illegal to omit specifying loan loss reserves
against affiliates, the prosecution sees that as a possibility for
an accounting fraud or negligence of duty for the owner family in
which they may have coerced the money lender to process the loans,
the report relates.

The FSS and prosecution have also taken note of the fact that
Tongyang Financial Services knew that Tongyang Leisure and
Tongyang International had negative net worths at the time of the
loan extensions, regulatory officials, as cited by Yonhap, said.

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



===============
T H A I L A N D
===============


* THAILAND: Outstanding NPLs For 11 SET-Listed Lenders Up 6%
------------------------------------------------------------
Bangkok Post reports that outstanding non-performing loans (NPLs)
for 11 SET-listed commercial lenders rose by 6% between the end of
last year and Sept 30, a sign that borrowers' debt-servicing
ability is deteriorating amid the lackluster economy.

However, analysts played down the increase, saying the lenders
have a high provision coverage ratio -- a measure of money set
aside by lenders for potential bad debt losses, the report
relates.  Lenders' NPL ratio remains relatively low, and the
country's economy is expected to rebound next year, the report
says.

Bangkok Post discloses that the outstanding NPLs for the 11 banks
amounted to THB279 billion at the end of September compared with
THB263 billion at the end of 2012, according to statements filed
with the Stock Exchange of Thailand.

Nine of the 11 banks saw their NPLs increase over that period, the
report relays.

Bangkok Post notes that Tisco Financial Group experienced the
largest increase in NPLs, up to THB4.2 billion from THB3.1
billion, followed by Bank of Ayudhya (BAY), rising to THB25.1
billion from THB21.3 billion, and Kiatnakin Bank (KKP), increasing
to THB6.46 billion from THB5.63 billion.

Among the country's four largest lenders, the NPLs of Bangkok Bank
(BBL) jumped to THB46.6 billion at the end of last month from
THB42.3 billion at the end of 2012, the report discloses.



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


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

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

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


CHINA

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


HONG KONG

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


INDONESIA

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


INDIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


NEW ZEALAND

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


TAIWAN

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

                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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