TCRAP_Public/131028.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

           Monday, October 28, 2013, Vol. 16, No. 213


                            Headlines


A U S T R A L I A

CHAMBERS INVESTMENT: Enters Liquidation After License Cancelled
COALPAC LIMITED: Goes Into Administration
ELECTROLUX HOME: To Close Refrigerator Plant in Australia
PENNYTEL: Mobile Reseller Goes Into Liquidation
VIRGIN AUSTRALIA: Tigerair Australia Posts SGD18.25MM Loss in Q2


C H I N A

CHINA TAIPING: S&P Affirms BBpi IFS & Counterparty Credit Ratings


H O N G  K O N G

CHINA METAL: Wind-Up Hearing Moved to March 10


I N D I A

A. S. FOODS: CRISIL Assigns 'B+' Ratings to INR200MM Loans
ANJAN INFRA: CRISIL Upgrades Ratings on INR39.9MM Loans to 'BB-'
COMMERCIAL SYN: CRISIL Reaffirms 'BB-' Ratings on INR171MM Loans
FROST FALCON: CRISIL Lowers Rating on INR97MM Loans to 'BB+'
INDUS UDYOG: CRISIL Assigns 'B+' Ratings to INR225MM Loans

JAYASHREE JEWELLERS: CRISIL Cuts Ratings on INR10M Loans to 'BB+'
JYOTI CNC: CRISIL Cuts Ratings on INR2.76BB Loans to 'BB-'
KONARK INFRA: CRISIL Lowers Ratings on INR1.78BB Loans to 'BB'
M. K. ROY: CRISIL Assigns 'B-' Ratings to INR57.5MM Loans
MAA SAMALESWARI: CRISIL Cuts Ratings on INR120MM Loans to 'B+'

NAMITHA BUILDERS: CRISIL Assigns 'B+' Rating to INR200MM Loans
NAP CONSTRUCTION: CRISIL Cuts Ratings on INR220MM Loans to 'BB'
NARNARAYAN INFRA: CRISIL Reaffirms BB- Ratings on INR77.5MM Loans
P.MANICKAM & CO: CRISIL Reaffirms 'BB' Rating on INR90MM Loans
PRATHMESH CONSTRUCTION: CRISIL Cuts Rating on INR100MM Loan to BB

PURSHOTAM ISPAT: CRISIL Suspends BB- Ratings on INR195.7MM Loans
PYTEX JEWELLERS: CRISIL Assigns 'B+' Ratings to INR199.9MM Loans
R.Z. MALPANI: CRISIL Assigns 'B' Ratings to INR87.5MM Loans
RELIABLE EXPORTS: CRISIL Suspends 'D' Rating on INR750MM Loan
SANMAAN AGRO: CRISIL Reaffirms 'B' Ratings on INR100MM Loans

SATYAWATI RICE: CRISIL Assigns 'B' Ratings to INR90MM Loans
SHARDA RICE: CRISIL Reaffirms 'BB-' Rating on INR150MM Loans
SHREE SAI: CRISIL Assigns 'B' Ratings to INR60MM Loans
SRI KARPAGAM: CRISIL Lowers Ratings on INR292.5MM Loans to 'BB'
SWAMY COTTON: CRISIL Assigns 'B-' Ratings INR240MM Loans

UNIVERSAL CHEMICALS: CRISIL Places 'D' Ratings on INR1.02BB Loans
VEEKAYEM TEXTILE: CRISIL Reaffirms BB- Ratings on INR240.9M Loans
WAHID SANDHAR: CRISIL Cuts Ratings on INR640MM Loans to 'BB-'


J A P A N

HUMMINGBIRD SECURITISATION: S&P Ups Rating on Series 2 Loan to B+
PANASONIC CORP: To Cut Chip Division Workforce by Half


N E W  Z E A L A N D

LOMBARD FINANCE: High Court Allows Directors to Appeal Sentences
TACHIKAWA FOREST: Receivers Axe 120 Jobs Following Receivership


S R I  L A N K A

* Sri Lanka's Resilience Masks Medium-Term Credit Risks


                            - - - - -


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A U S T R A L I A
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CHAMBERS INVESTMENT: Enters Liquidation After License Cancelled
---------------------------------------------------------------
Aleks Vickovich at ifa reports that Chambers Investment Planners
has gone into liquidation several weeks after the Australian
Securities and Investment Commission cancelled its licence, with
potentially significant implications for aggrieved former clients.

In a letter to creditors dated October 22, Grant Thornton
administrators Matthew Donnelly and Gayle Dickerson announced that
the company has gone into liquidation, with the finalisation of
the liquidation to be determined by the outcome of litigation and
claims against the firm, according to ifa.

ifa relates that the letter explains that the administrators will
now "oversee claims against the company and its professional
indemnity insurance, conclude investigations into the company's
affairs (including related party transactions) and . . .
distribution of the company's funds".

According to the report, the decision to liquidate the company
means that the deed for company arrangement proposed by Chambers
managing director  George Takla will not be going ahead, meaning
that loans of almost AUD1 million made by Mr. Takla to related
parties, understood to be his son Medhat and daughter Bernice, are
legally able to be pursued.

However, a report to creditors dated October 1 explained that
under this scenario "it is likely that the recoveries in
liquidation will not be significant" and that "unsecured creditors
may receive no return", meaning damages are unlikely to be awarded
to former clients, ifa relays.

ifa notes that the liquidation scenario does mean, however, that
the liquidators are able to further company details to authorities
for further investigation.

Chambers Investment Planners Pty Ltd was an Australia Financial
Services Licensee.  The company was licensed to deal in, and
provide advice on, a range of financial products, including life
insurance, superannuation, managed funds, securities and margin
lending, and to provide credit services in relation to credit
contracts where it was not the credit provider.

Matthew Donnelly and Gayle Dickerson at Grant Thornton were
appointed as administrators on July 2, 2013.


COALPAC LIMITED: Goes Into Administration
-----------------------------------------
ABC News reports that Coalpac Limited has gone into
administration.

The Department of Planning this month recommended a proposal to
consolidate and expand Coalpac's operations at Cullen Bullen be
refused, according to ABC News.  The report relates that the
Planning Assessment Commission made a similar recommendation
earlier this year, but a final decision on the project hasn't been
made.

The report notes that Coalpac Limited along with CET Resources,
Portland Road Pastoral Company and the Lithgow Coal Company have
now gone into administration.

The Australian Securities and Investments Commission said
administrators, McGrath Nicol were appointed on October 18.

A creditors meeting is scheduled for Oct. 30 in Sydney.

The first meeting will be used to confirm the administrators
appointed and decide whether a committee of creditors should be
created, the report adds.

Coalpac Limited is the company behind a controversial mining
proposal near Lithgow.


ELECTROLUX HOME: To Close Refrigerator Plant in Australia
---------------------------------------------------------
Anna Patty at The Sydney Morning Herald reports that More than 500
people in Orange who work for Australia's last refrigerator
manufacturing plant will lose their jobs after Swedish whitegoods
giant Electrolux decided to close the plant by 2016, delivering a
severe blow to the economy of the city in rural NSW.

SMH says the board of Electrolux met in Stockholm on October 24
and decided to close the plant that injects tens of millions of
dollars into the local economy each year.

The Orange plant will wind down its more than 70-year-long
operation in the final quarter of 2015, before closing in 2016,
the report relays.

SMH notes that the plant has 544 workers but is understood to
indirectly employ hundreds of other staff, representing about 4.4
per cent of the city's workforce in total.

According to SMH, the refrigeration plant in Orange has been under
the microscope since February, when Electrolux announced a six-
month investment study to see if Orange is globally competitive
enough to make a new range of refrigerators and freezers.
Reconfiguring the factory to build the new range would have cost
more than AUD45 million, the report notes.

SMH relates that John Brown, managing director of Electrolux Home
Products Australia and New Zealand, said the company understood
the sensitivity of its decision, but the company's investment
study concluded it could manufacture refrigerators more cheaply in
other factories in Asia and Eastern Europe. He said the company
had spoken to all levels of government before reaching its
decision.

The new Federal Industry Minister, Ian Macfarlane, visited the
plant two weeks ago to hear the case for a possible bailout
package.

It is understood Mr Macfarlane had urged the company's board to
delay its decision on the plant's future until December to give
the government more time to consider whether it would provide
assistance, the report relays.

SMH adds that Mr. Mcfarlane said he was disappointed by
Electrolux's decision to close its factory and appreciated "this
is a difficult time for affected workers", whose commitment he had
seen first-hand on his visit to the factory.

Dr. Brown said the 544 Electrolux employees to lose their jobs
would receive their full entitlements under existing workplace
agreements, SMH reports.


PENNYTEL: Mobile Reseller Goes Into Liquidation
-----------------------------------------------
Allie Coyne at CRN reports that mobile reseller PennyTel and
wholesale VoIP provider iVoisys have both been forced into
liquidation, after the New South Wales Supreme Court heard
evidence of questionable payments to the companies from a debt-
laden parent company.

PennyTel offered mobile and broadband plans running on the
Vodafone network, while iVoiSys resold IP telephony and unified
communications services over the same network. Both were ordered
this month by the NSW Supreme Court to appoint a provisional
liquidator.

Until March 2013, both PennyTel and iVoisys were run by director
Amadu Yahaya, an African national based in Sydney.

CRN says Mr. Yahaya was also the founder and sole director of Hi-
Tech Telecom (HTT), a networking and VoIP provider to the
enterprise market, which entered into liquidation in June 2013
after its major creditor investigated a series of suspect
financial transactions made by the company.


VIRGIN AUSTRALIA: Tigerair Australia Posts SGD18.25MM Loss in Q2
-----------------------------------------------------------------
Matt O'Sullivan at The Sydney Morning Herald reports that Tigerair
Australia racked up a large loss in the second quarter as the
ultra-budget airline faced stiff competition from Jetstar in a
domestic market with excess seats.

Now under the influence of Virgin Australia, Tigerair has posted a
SGD18.25 million ($15.35 million) loss for three months to
September 30, compared with a SGD20 million loss in the same
period last year, SMH relates.

SMH notes that the loss highlights the pressure Tigerair will put
on Virgin's finances as it attempts to turn around the budget
airline in the midst of excess capacity and weak demand from cost-
conscious travellers.

According to SMH, Tigerair Singapore revealed in filings to the
Singapore stock exchange on October 24 that its share of the
Australian airline's losses amounted to SGD7.3 million for the
second quarter.

It has a 40 per cent stake while the remainder is now owned by
Virgin, the report discloses.

The report adds that Virgin has not made a statement but the
figures from Singapore imply that its share of the losses amounted
to SGD10.95 million in the second quarter.

Based in Bowen Hills, Brisbane, Virgin Australia Airlines,
formerly Virgin Blue Airlines, is Australia's second-largest
airline as well as the largest by fleet size to use the Virgin
brand.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 11, 2013, Fitch Ratings expected to assign the following
rating to Virgin Australia's proposed enhanced equipment notes
(EEN), series 2013-1 (VA 2013-1) subject to review of final
documents:

-- $64.6 million class D notes (D-tranche) with an expected
   maturity of October 2016 'B(EXP)'.



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C H I N A
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CHINA TAIPING: S&P Affirms BBpi IFS & Counterparty Credit Ratings
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBpi' unsolicited
public information (pi) insurer financial strength and
counterparty credit ratings on U.K. non-life insurer China Taiping
Insurance (UK) Co. Ltd.

The ratings predominantly reflect S&P's view of China Taiping's
vulnerable business risk profile and lower adequate financial risk
profile.  S&P bases its assessment of China Taiping's business
risk profile on its opinion of its intermediate industry and
country risk, and weak competitive position.  With regards to its
financial risk profile, S&P factors in its view of the company's
moderately strong capital and earnings, high risk position, and
adequate financial flexibility.  The anchor is 'bb' to reflect the
small scale of China Taiping's premiums and very concentrated
customer base, which combined could cause notable vulnerability
within its business model.

S&P considers the company to be nonstrategic to its parent China
Taiping Insurance Group (HK) Co. Ltd. and therefore the company
receives no notches of support in S&P's rating.  The company is
ultimately owned by China-based China Taiping Insurance Group Co.

China Taiping faces intermediate industry and country risk.  The
majority of its business is written in the U.K. (81%), but it also
has offices in the Netherlands (11%) and Ireland (4%).  The
remainder of its business is derived from property reinsurance
business from fellow group companies.  China Taiping's core
business is providing cover, mainly related to catering and other
retail business risks, for the Chinese community living and
working in the U.K.  In S&P's opinion, the U.K.'s non-life market
has fairly low barriers to entry and, as a result, S&P believes
that China Taiping will continue to face significant competition
in its key markets.  S&P therefore do not expect the company to be
able to easily achieve significant rate increases over the next
two to three years.

"We view China Taiping's competitive position as weak.  We base
our assessment largely on the company's narrow product line and
its small scale, mainly writing insurance for the British Chinese
community's retail and catering businesses.  While China Taiping
does have some competitive advantage in this area, it is very
exposed to the fortunes and vagaries of this market.  Furthermore,
we believe that the company would face significant infrastructure
and brand issues should it wish to expand outside its niche.  The
company currently writes just over 15 million in gross written
premiums, making it a very small player in the U.K. non-life
market," S&P said.

"We assess the company's capital and earnings as moderately
strong. Capital adequacy, according to our risk based model, is
now above our requirement at the 'AAA' level.  However, the
absolute amount of capital in the company remains small, at
GBP21.7 million (2011: 19.7 million), leaving the company
susceptible to large single losses.  The company has shown its
ability to rebuild its capital in the past two years, with
reported net profits of GBP1.9 million in 2012 and GBP0.8 million
in 2011.  To us, this reflects an improvement in both underwriting
and investment returns," S&P added.

In S&P's view, China Taiping runs a high risk position.  S&P's
assessment is predominantly based on the company's history of
reserve deterioration.  In years prior to 2012 and 2011, China
Taiping had to bolster its reserves significantly, which led to
weak combined (loss and expense) ratios of 152% in 2010 and 148%
in 2009.  While in recent years China Taiping has been able to
make releases from its reserves, S&P believes that the company
still has significant exposure to volatility in its insurance
liabilities.  In 2012, 64% of China Taiping's reserves related to
liability claims, which tend to take a longer time to settle and
result in more volatile payment settlements.

S&P considers the company's financial flexibility to be adequate.
China Taiping currently has little need for additional capital or
liquidity, and has an excess of capital at the 'AAA' level, in
accordance with S&P's risk-based model.  The company's most likely
source of additional capital would be from its parent, China
Taiping Insurance Group (HK) Co. Ltd.



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H O N G  K O N G
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CHINA METAL: Wind-Up Hearing Moved to March 10
----------------------------------------------
Gary Chau at The Standard reports that China Metal Recycling
chairman Chun Chi-wai said October 21 a petition by the Securities
and Futures Commission to liquidate his company is not in the
interests of shareholders.

It was Mr. Chun's first public statement since his arrest in July
for alleged fraudulent accounting, the report says.

Outside the High Court, he said the liquidation is neither fair
nor appropriate and claimed he did nothing illegal, says The
Standard.

According to the report, Mr. Chun said the SFC probe has already
affected the Guangzhou-based recycler's operations and caused
losses.

In court earlier, the SFC, which has been granted an order to
appoint provisional liquidators to wind up the company, did not
object to Mr. Chun and his wholly-owned Wellrun entering the
winding-up petition as respondents.

The Standard relates that Judge Jonathan Harris ordered both the
SFC and the defendants to submit further information in eight
weeks, and adjourned the proceedings to March 10.

The watchdog accuses Mr. Chun of involvement in fraudulent
accounting, saying it started collecting evidence as early as
2011, the report notes.

China Metal Recycling (Holdings) Limited is engaged in the
recycling, processing and marketing of metals, including ferrous
and nonferrous metals, which are the raw materials for a wide
range of metallic end-products. The Company collects scrap steel,
scrap copper and other scrap metals and processes them using
advanced equipment to produce recycled scrap metals. The metals
are classified as ferrous metal, namely iron and steel; non-
ferrous metal, including copper and aluminum, as well as other
materials, including ores, scrap plastic and others.

Cosimo Borrelli -- cb@borrelliwalsh.com -- and Jocelyn Chi Lai-
man, from forensic accounting firm Borrelli Walsh have been
appointed as provisional liquidators of China Metal Recycling
(Holdings) Limited.


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A. S. FOODS: CRISIL Assigns 'B+' Ratings to INR200MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of A. S. Foods.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       100      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Cash Credit              100      CRISIL B+/Stable(Assigned)

   Pre Shipment Credit      100      CRISIL A4(Assigned)

The ratings reflect ASF's susceptibility to regulatory framework
governing trade in agricultural commodities and its below-average
financial risk profile, marked by high external indebtedness and
subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of ASF's partners in
the agro commodities industry.

Outlook: Stable

CRISIL believes that the ASF will continue to benefit over the
medium term from its partners' extensive experience in the
industry. The outlook may be revised to 'Positive' in case the
firm achieves significant and sustained improvement in its
revenues while improving its margins and capital structure.
Conversely, the outlook may be revised to 'Negative' in case ASF
registers significant decline in its revenues or margins, or if
there is elongation in the working capital cycle, or if the firm
undertakes a larger than expected debt funded capex programme
resulting in weakening in its financial risk profile.

ASF was established in 2008 as a proprietorship concern by Mr.
Sanjiv Chandan. The concern was converted to a partnership firm in
2010 with Mr. Sanjiv Chandan and his friend, Mr. Shafi Gehlot as
partners. The firm is engaged in export of agro commodities such
as corn, soya bean, rice, wheat, sugar, sorghum and chickpeas. The
day to day operations of the firm are managed by Mr. Sanjiv
Chandan. The firm is based out of Mumbai.

ASF reported a profit after tax (PAT) of INR5.8 million on net
sales of INR902.9 million for 2012-13 (refers to financial year,
April 1 to March 31); it had reported a PAT of INR0.8 million on
net sales of INR317.6 million for 2011-12.


ANJAN INFRA: CRISIL Upgrades Ratings on INR39.9MM Loans to 'BB-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Anjan Infrastructure Pvt Ltd (AIPL; part of the Anjan group) to
'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL B/Stable/CRISILA4'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         60       CRISIL A4+ (Upgraded from
                                   'CRISIL A4')

   Cash Credit            30       CRISIL BB-/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long-Term      9.9     CRISIL BB-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in Anjan group's
business and financial risk profile, backed by healthy growth in
its scale of operations, improvement in profitability and equity
infusions by promoters.

The Anjan group recorded a healthy year-on-year growth of 38 per
cent in its turnover to INR908 million in 2012-13 (refers to
financial year, April 1 to March 31). The Anjan group is expected
to sustain its growth momentum over the medium term, on the back
of its healthy order book position of over INR2500 million over
the medium term. The group's profitability also improved to 9.1
per cent in 2012-13 from 7.2 per cent in 2011-12, supported by a
decline in contribution from its low margin trading business, and
improvement in operating efficiency. CRISIL expects, the group's
operating margin to remain stable over the medium term.

The group's cash accruals increased to INR58 million in 2012-13,
from Rs 29 million during 2011-12, due to its healthy topline
growth and improved operating margins. Furthermore, the promoters
have also infused equity of INR29 million during 2012-13 to
support growing business volumes. Consequently, the group's net
worth was sizeable at INR163 million as on March 31, 2013, and the
group also had a robust interest coverage of 6.9 times during
2012-13. However, the Anjan group's operations continued to be
working-capital-intensive with gross current assets (GCAs) of
around 230 days as on March 31, 2013. Therefore, the group's
TOLTNW metric also remains high at 5.5 times as on March 31, 2013.

The ratings continue to reflect the extensive experience of the
Anjan group's promoters in the civil construction business, its
comfortable order book, and average financial risk profile though
constrained by high total outside liabilities to tangible net
worth (TOLTNW) ratio. These rating strengths are partly offset by
the Anjan group's exposure to intense competition in the
fragmented civil construction segment, large working capital
requirements, and exposure to risks related to customer and
geographic concentration in the group's revenue profile.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of AIPL and Aqueduct Plastics Pvt Ltd,
together referred to as the Anjan group. This is because, the two
entities are in similar lines of business, under common
management, and have inter-company transactions.

Outlook: Stable

CRISIL believes that the Anjan group will benefit over the medium
term from its healthy order book and the promoters' industry
experience. The outlook may be revised to 'Positive' if the
group's working capital cycle improves, and if the group reports
sizeable growth in its cash accruals, backed by timely execution
of its order book and improvement in profitability. Conversely,
the outlook may be revised to 'Negative' if the group records
lower-than-expected profitability; its working capital management
is constrained by delays in project execution and stretched
receivables; or if the group undertakes a large, debt-funded
capital expenditure programme, leading to significant
deterioration in its financial risk profile.

AIPL and APPL incorporated in 2009 and 2004, respectively are
promoted by Mr. Anjan Kumar Mazumdar of Kolkata (West Bengal). The
group executes civil construction work for the Public Health
Engineering Department (PHED) of West Bengal - the work primarily
involves digging and erection of tube wells, pump houses, water
filters, overhead reservoirs and laying pipelines. The Anjan group
also has a poly-vinyl chloride (PVC) pipes manufacturing facility.


COMMERCIAL SYN: CRISIL Reaffirms 'BB-' Ratings on INR171MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Commercial Syn Bags Ltd
continue to reflect the extensive experience of CSBL's promoters
in the packaging industry, its healthy revenue growth and above-
average financial risk profile marked by comfortable debt
protection measures and moderate gearing.  These rating strengths
are partially offset by the company's small scale of operations in
a highly fragmented industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               11      CRISIL BB-/Stable

   Export Packing Credit     69      CRISIL A4+

   Letter of Credit and      50      CRISIL A4+
   Bank Guarantee

   Proposed Long-Term        40.5    CRISIL BB-/Stable
   Bank Loan Facility

   Term Loan                119.5    CRISIL BB-/Stable

Outlook: Stable

CRISIL believes that CSBL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if the company generates more-than-expected net cash
accruals, leading to an improvement in its liquidity. Conversely,
the outlook may be revised to 'Negative' in case of further
deterioration in CSBL's financial risk profile, particularly its
liquidity, most likely because of larger-than-expected capital
expenditure (capex), lower-than-anticipated net cash accruals, or
further stretch in its working capital cycle.

Update

In 2012-13 (refers to financial year, April 1 to March 31), CSBL's
net sales increased by 21 per cent year-on-year to around INR681.5
million; its net sales are estimated at around INR850 million for
2013-14. In 2012-13, the share of export revenues increased to 79
per cent of the company's total revenues from 70 per cent in 2011-
12. In 2012-13, CSBL's operating margin also improved to 10.3 per
cent as against 9.3 per cent in 2011-12, backed by higher
utilisation of enhanced capacities which were added in 2012-13.
The company is expected to sustain its operating margin at 10.5 to
11.0 per cent over the medium term, as the utilisation of its
capacities will increase further, backed by increase in sale
volumes.

CSBL's financial risk profile remained comfortable, with moderate
gearing and net worth and comfortable debt protection metrics. It
had a gearing of around 1.74 times as on March 31, 2013, in line
with CRISIL estimates. The company's debt protection metrics
improved further in 2012-13 due to its improved operating margin,
with interest coverage ratio at 3.13 times and net cash accruals
to total debt ratio at 21 per cent. CSBL's financial risk profile
is expected to improve further over the medium term on the back of
healthy accretion to reserves and absence of any further debt-
funded capex plans.

CSBL's liquidity, however, was stretched to some extent over the
past six to seven months as reflected in the higher utilisation of
its bank limits. This was due to increase in the company's working
capital cycle as it started maintaining higher inventory levels,
and also increase in its receivables days as the share of exports
increased during the year; the receivables period for exports is
high as exports are backed by letters of credit. CSBL is expected
to generate cash accruals of around INR57 million as against
repayment obligations of INR25.5 million, in 2013-14. Its
liquidity is expected to improve over the medium term on account
of healthy cash accruals and the absence of any further debt-
funded capex plans.

CSBL reported a net profit of INR25.5 million on net sales of
INR681.5 million for 2012-13, as against a net profit of INR20.8
million on net sales of INR549.2 million for 2011-12.

CSBL was originally incorporated in 1984 as a private limited
company, which was reconstituted as a closely held public limited
company in 1993. CSBL is promoted by Mr. Anil Choudhary and Mr.
Samresh Choudhary. The company manufactures bulk packaging
materials, which include flexible intermediate bulk containers,
polypropylene and high-density polyethylene fabrics, woven
sacks/bags, and tarpaulin.


FROST FALCON: CRISIL Lowers Rating on INR97MM Loans to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Frost Falcon Distilleries Ltd to 'CRISIL BB+/Stable/CRISIL A4+'
from 'CRISIL BBB-/Negative/CRISIL A3'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           5       CRISIL A4+ (Downgraded from
                                    'CRISIL A3')

   Cash Credit             50       CRISIL BB+/Stable (Downgraded
                                    from 'CRISIL BBB-/Negative')

   Proposed Long-Term      19.2     CRISIL BB+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BBB-/Negative')

   Term Loan               27.8     CRISIL BB+/Stable (Downgraded
                                    from 'CRISIL BBB-/Negative')

The downgrade reflects a consistent decline in FFDL's revenues and
profitability in 2012-13 (refers to financial year, April 1 to
March 31), and an expected decrease in its revenues and
profitability over the medium term. The company's revenues
declined to INR654 million in 2012-13 from INR806 million in 2010-
11, due to the reduction of assured offtake under the quota
scheme. In 2012-13, the assured offtake quota reduced to 35 per
cent from 45 per cent in 2011-12, and further to 25 per cent in
2013-14. FFDL's operating margin has deteriorated to being
negative in 2012-13, from 8.7 per cent in 2010-11 on account of
higher operating cost and lower pricing power. CRISIL believes
that FFDL's profitability will remain subdued over the medium
term, driven by increasing competitive pressures due to an
increase in the number of distilleries in Haryana.

The ratings continue to reflect the extensive experience of FFDL's
promoters in the liquor industry. These rating strengths are
partially offset by the company's geographic revenue concentration
and the competitive liquor industry; regulatory risks inherent to
the distillery industry; and deterioration of the company's
financial risk profile, marked by weak debt protection metrics.

Outlook: Stable

CRISIL believes that FFDL will maintain its established presence
in the alcohol manufacturing industry over the medium term, on the
back of its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if there is a substantial and
sustained improvement in the company's revenues and profitability
margins, or a sizeable increase in net worth on the back of an
equity infusion from the promoters. Conversely, the outlook may be
revised to 'Negative' if FFDL's working capital management
weakens, or if its capital structure deteriorates because of
larger-than-expected working capital requirements, or a large
debt-funded capital expenditure programme.

FFDL was established in Sonipat (Haryana) in 1980. The company
manufactures extra neural alcohol (ENA) and Rectified Spirits
(RS), and sells spirits in the form of Indian made foreign liquor
(IMFL) and country liquor (CL).


INDUS UDYOG: CRISIL Assigns 'B+' Ratings to INR225MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Indus Udyog & Infrastructure Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 75      CRISIL B+/Stable
   Cash Credit               95      CRISIL B+/Stable
   Overdraft Facility        55      CRISIL B+/Stable

The rating reflects IUIPL's exposure to the implementation,
stabilization and offtake related risks associated with its on-
going coal rotary project at Korba (Chhattisgarh). These rating
weaknesses are partially offset by the extensive industry
experience of IUIPL's promoters.

Outlook: Stable

CRISIL believes IUIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive', if the unit stabilises its
operations as per schedule and demonstrates a significantly better
than expected performance in terms of cash accruals and debt
protection indicators. Conversely, the outlook may be revised to
'Negative', if there is significant cost or time overruns in the
project execution or delays in stabilizing the operations of the
unit translating to weakening of its debt servicing ability.

IUIPL incorporated in August 2011 by Chattisgarh based Agrawal
family is in the process of setting up a coal rotary breaker unit
at Korba (Chhattisgarh). The unit is expected to commence
commercial operations from April 2014.

Mr. Raj Kumar Agrawal and his sons Mr. Nitesh Agrawal and Mr.
Ashish Agrawal are the promoters of IUIPL. The promoter family has
been in the business of transportation of coal for more than four
decades through various group concerns.


JAYASHREE JEWELLERS: CRISIL Cuts Ratings on INR10M Loans to 'BB+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jayashree Jewellers to 'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL
BBB-/Stable/CRISIL A3'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Foreign Bill         150       CRISIL A4+ (Downgraded from
   Purchase                       'CRISIL A3')

   Proposed Long-Term    10       CRISIL BB+/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BBB-/Stable')

   Proposed Short-Term  240       CRISIL A4+ (Downgraded from
   Bank Loan Facility             'CRISIL A3')

The downgrade in ratings reflects steep decline in Jayashree's
profitability due to slowdown in demand in the UAE and intense
competition. Jayashree's operating profitability declined to 0.9
per cent in 2012-13 from 10.6 per cent in 2011-12; as the firm
offered heavy discounts to its customers in 2012-13 in order to
prevent its revenues from declining under a sluggish demand
scenario and a highly competitive industry. The firm's revenues
increased significantly to INR 3836.7 million in 2012-13 from INR
1963.6 million in 2011-12 owing to heavy discount offered to
customers. However, the working capital cycle of the firm has
improved with efficient collection of payment from its customers.
The gross current assets have reduced to 56 days in 2012-13 from
114 days in 2011-12 mainly on account of decline in debtors.

The firm's financial risk profile has also weakened on account of
deterioration in its debt protection metrics due to decline in
profitability. CRISIL believes that Jayashree's business risk
profile will remain under pressure over the medium term due to
lower operating profitability driven by lower-than-expected demand
and intense competition in the jewellery industry.

CRISIL's ratings continue to reflect Jayashree's above average
financial risk profile, efficient risk management policies, and
extensive industry experience. These rating strengths are
partially offset by Jayashree's exposure to geographical and
customer concentration, large working capital requirements, and
exposure to intense competition in the gold jewellery segment.

Outlook: Stable

CRISIL believes that Jayashree will maintain its credit risk
profile on the back of its conservative risk management policies
and comfortable capital structure. The outlook may be revised to
'Positive' if the firm reports higher-than-expected operating
margin leading to improvement in debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if
Jayashree's operating margin declines further, constraining its
business and financial risk profiles.

Jayashree, formed in 2005, manufactures and exports plain gold
jewellery. The firm exports its products to the UAE, North
America, Singapore and England. It is managed by its partners Ms.
Manju Sharma and Mr. Chakshu Sharma.


JYOTI CNC: CRISIL Cuts Ratings on INR2.76BB Loans to 'BB-'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jyoti CNC Automation Pvt Ltd (Jyoti CNC; part of the Jyoti
group) to 'CRISIL BB-/Negative' from 'CRISIL BB/Stable'. The
rating on the company's short-term facilities has been reaffirmed
at 'CRISIL A4+'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Bank Guarantee       220      CRISIL A4+ (Reaffirmed)

   Cash Credit        1,056.9    CRISIL BB-/Negative (Downgraded
                                 from 'CRISIL BB/Stable')

   Corporate Loan        304     CRISIL BB-/Negative (Downgraded
                                 from 'CRISIL BB/Stable')

   Export Packing         60     CRISIL A4+ (Reaffirmed)
   Credit

   Foreign Bill           60     CRISIL A4+ (Reaffirmed)
   Purchase

   Letter of Credit      440     CRISIL A4+ (Reaffirmed)

   Standby Letter        420     CRISIL BB-/Negative (Downgraded
   of Credit                     from 'CRISIL BB/Stable')

   Term Loan             509.6   CRISIL BB-/Negative (Downgraded
                                 from 'CRISIL BB/Stable')

   Cash Credit           320     CRISIL BB-/Negative (Downgraded
                                 from 'CRISIL BB/Stable')

   Cash Credit           150     CRISIL BB-/Negative (Downgraded
                                 from 'CRISIL BB/Stable')

   Letter of Credit       30     CRISIL A4+ (Reaffirmed)

The rating downgrade reflects the Jyoti group's weakened liquidity
owing to lower-than-expected net cash accruals, large upcoming
term debt obligations, and increased working capital requirements.

Owing to the weak economic environment, the Jyoti group has not
been able to ramp up its operations, leading to lower-than-
expected net cash accruals of about INR465 million in 2012-13
(refers to financial year, April 1 to March 31). Though group
entity Huron Graffenstaden SAS's (Huron's) operations have
recently turned around and therefore its net cash accruals are
expected to be better in 2013-14, the group's accruals are
expected to be tightly matched with its maturing debt obligations
of INR510 million during the year. Increased working capital
requirements, marked by gross current assets of about 380 days as
on March 31, 2013, against 295 days as on March 31, 2012, have
further constrained the group's liquidity, leading to increased
reliance on debt. Despite an enhancement in its fund-based bank
limits to about INR2.00 billion in April 2013 from INR1.15 billion
in April 2012, the limits have remained fully utilised. CRISIL
believes that subdued accruals, large debt obligations, and
increased working capital requirements will continue to constrain
the Jyoti group's liquidity over the medium term.

However, regular fund infusion by the promoters has supported the
Jyoti group's liquidity to some extent. In 2012-13, they infused
INR390 million in the form of equity and unsecured loans to
support the liquidity. The promoters have also committed to bring
in an additional INR300 million in 2013-14 to ensure timely
servicing of debt. Any delay in infusion of these funds could
further weaken the group's liquidity, and remains a key rating
sensitivity factor.

The ratings reflect the Jyoti group's robust market position,
strong order book, and the increase in product offerings and high
technical capabilities it has derived from the acquisition of
Huron. These rating strengths are partially offset by the Jyoti
group's average financial risk profile, marked by high gearing and
constrained by modest cash accruals in Huron, and the group's
highly working-capital-intensive operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Jyoti CNC, Jyoti SAS, and Huron. This
is because these three entities, collectively referred to as the
Jyoti group, operate in the same industry, have significant
business and financial transactions with each other, and together
offer a wide product range to their customers. Moreover, Huron is
fully owned by Jyoti SAS, which, in turn, is fully owned by Jyoti
CNC.

Outlook: Negative

CRISIL believes that the Jyoti group's liquidity will remain under
pressure over the medium term, driven by large maturing term debt
obligations that are expected to be tightly matched with its net
cash accruals in 2013-14, and increased working capital
requirements. The ratings may be downgraded in case of any delay
in the planned infusion of funds, or if the group's net cash
accruals are lower than expected, or if its working capital cycle
deteriorates further. Conversely, the outlook may be revised to
'Stable' if a significant ramp up in the Jyoti group's operations
yields more-than-expected net cash accruals, while it improves its
working capital cycle, leading to improved liquidity.

Jyoti CNC was incorporated in 1989 by members of the Jadeja and
Virani families; the Virani family holds only financial interest
in Jyoti CNC and is not represented on the board of directors nor
is it part of the company's management. Jyoti CNC is run and
managed by Mr. Parakramsinh Jadeja, who has been managing the
company since its inception. The company manufactures machine
tools, such as computer numerically controlled (CNC) turning
centres and CNC milling machines. Jyoti CNC also has an in-house
foundry and paint shop for captive consumption to serve the needs
of metal beds and finishing jobs, respectively, for the machinery
produced at the plant. Huron was incorporated in the year 1857 and
is established French player in manufacturing of turning machines.
Huron mainly caters to the French and German market and caters to
industries like aeronautics, automobile and intermediate goods
sector. Huron was a family-owned company and its previous
promoters and family sold their 100 per cent stake to JCNCPL due
to absence of any heirs to take over the business.

Jyoti CNC reported a profit after tax (PAT) and net sales of
INR355.3 million and INR4.31 billion, respectively, for 2012-13;
the company reported a PAT of INR281.8 million on net sales of
INR4.1 billion for 2011-12.


KONARK INFRA: CRISIL Lowers Ratings on INR1.78BB Loans to 'BB'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Konark
Infrastructure Ltd to 'CRISIL BB/Stable/CRISIL A4+' from 'CRISIL
BBB-/Negative/CRISIL A3'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          1,525     CRISIL A4+ (Downgraded from
                                     'CRISIL A3')

   Overdraft Facility         30     CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BBB-/Negative')

   Cash Credit               907.3   CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BBB-/Negative')

   Term Loan                 850     CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BBB-/Negative')

The downgrade in ratings reflects deterioration in KIL's business
risk profile, with limited track record of operations in its toll
collection and engineering-procurement-and-construction (EPC)
business; and increasing investments in non-core real estate
development business through group companies. KIL has entered into
toll collection and EPC business recently with the abolition of
octroi collection in the state of Maharashtra which had been its
main business historically. Furthermore, the company has high
refinancing risk, with large proportion of debt being short term
in nature and used to fund its medium term investment in group
companies. The ratings also reflect KIL's moderate financial risk
profile and its promoters' extensive experience with government
and municipal bodies.

KIL's business risk profile has deteriorated with a substantial
investment of INR550 million in the group companies engaged in
high risk real estate development business. Although KIL has toll
collection contracts of over INR9 billion, the company's ability
to get these contracts on a recurring basis remains a key rating
sensitivity factor. Furthermore, the company has a relatively
small EPC order book of about INR3.5 billion, given its recent
foray into this business segment.

KIL's financial risk profile remains moderate with a gearing of
1.65 times as on March 31, 2013. CRISIL believes that KIL's
gearing will remain moderate over the medium term; its higher-
than-expected debt for investment in group companies or funding
for its future projects will remain key rating sensitivity
factors. The company's liquidity position has weakened, with
almost full bank limit utilisation and high reliance on short-term
funds for medium term investments. CRISIL believes that KIL will
be exposed to high refinancing risk in the near term, given its
high reliance on short-term debt and increasing medium term
investments in the group companies.

Outlook: Stable

CRISIL believes that KIL will continue to maintain its order book
of toll contracts in the near term and its moderate financial risk
profile. The outlook may be revised to 'Positive' if KIL's capital
structure improves with reduced reliance on short-term funding,
and its business risk profile improves with a substantial growth
in its order book. Conversely, the outlook may be revised to
'Negative', in case of further debt-funded investment in the non-
core business, or lower-than-expected revenues from its core
business.

KIL was established in 1997 by Mr. Mahesh Khairari, Mr. Nandlal
Jethani, Mr. Suresh Jagiasi, and Mr. Mukesh Kimtani. The company
primarily collects toll on behalf of various government and
private agencies, and executes EPC projects, mainly for government
agencies.

For 2012-13 (refers to financial year, April 1 to March 31), KIL,
on a provisional basis, reported profit after tax (PAT) of INR276
million on net sales of INR7.2 billion against a PAT of INR219
million on net sales of INR12.3 billion for 2011-12.


M. K. ROY: CRISIL Assigns 'B-' Ratings to INR57.5MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of M. K. Roy & Bros. Project Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan              6       CRISIL B-/Stable (Assigned)
   Bank Guarantee        45       CRISIL A4 (Assigned)
   Cash Credit           51.5     CRISIL B-/Stable (Assigned)

The ratings reflect MKRBPL's large working capital requirements
and modest scale of operations. These rating weaknesses are
partially offset by the benefits that the company derives from the
promoter's extensive experience in the business and established
relationship with its customers.

Outlook: Stable

CRISIL believes MKRBPL will maintain its business risk profile
over the medium term backed by its promoters' extensive
experience. The outlook may be revised to 'Positive' if the
company significantly scales up its operations while sustaining
its profitability or improves its working capital management
leading to improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if MKRBPL's financial risk profile
deteriorates due to lower than expected accruals, weakening of
working capital cycle or larger-than-expected debt-funded capital
expenditure leading to deterioration in its liquidity.

MKRBPL, formed in 1989 as a proprietorship, was reconstituted as a
private limited company in 2000. The company, promoted by Mr. M K
Roy and family, is engaged in supply, design, fabrication, and
erection of storage tanks, and laying of pipelines for
transportation of petrochemical products; it also undertakes
welding, testing and repair works.

For 2012-13, (refers to financial year, April 1 to March 31),
MKRBPL is estimated to report a profit after tax (PAT) of INR10.19
million on net sales of INR293.9 million, against a PAT of INR6.96
million on net sales of INR226.1 million for 2011-12.


MAA SAMALESWARI: CRISIL Cuts Ratings on INR120MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Maa
Samaleswari Iron & Steel Company Pvt Ltd (MSISCPL; a part of the
RKB group) to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Export Packing Credit     50      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating has been downgraded on account of significant decline
in revenue and profitability and deterioration in the RKB group's
financial risk profile. Revenue declined to INR1.5 billion on
account of lower exports in 2012-13 (refers to financial year,
April 1 to March 31) from INR2.6 billion in 2011-12 driven by hike
in export duty. Operating profit, too, deteriorated to 4.2 per
cent in 2012-13 from 5.5 per cent on account of lower
profitability in domestic sales. Lower profitability has led to
deterioration of the interest coverage ratio to 1.5 times in 2012-
13 from 3.8 times in 2011-12. Furthermore, delays in recovering
receivables has led to increase in working capital requirements,
which are funded through higher debt availed leading to higher
total outside liabilities to total net worth (TOLTNW) ratio to 6.3
times as on March 31, 2013 from 4.1 times as on March 31, 2012.
Furthermore, higher receivables led to complete utilisation of its
bank lines and instances of overdrawing.

The rating reflects the RKB group's modest scale of operations,
vulnerability to government policies, exposure to risks related to
revenue concentration and cyclicality in the end-user industry,
and modest financial risk profile, marked by small net worth and
weak liquidity. These rating weaknesses are partially offset by
its promoters' extensive experience in the business of exporting
iron ore fines.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MSISCPL and RK Behuria (RKB), together
referred to as the RKB group. This is because there are
significant operational and financial linkages between the two
entities and the common management.

Outlook: Stable

CRISIL believes that the RKB group will benefit over the medium
term from its promoters' extensive experience in the iron-ore
industry. The financial risk profile is, however, expected to
remain weak owing to low operating margin and high working capital
requirements. The outlook may be revised to 'Positive' if there is
improvement in the financial risk profile on the back of
improvement in accruals or fresh infusion of equity. Conversely,
the outlook may be revised to 'Negative' in case of weakening of
its financial risk profile due to further decrease in the group's
overall profitability margins or increase in working capital
requirements.

RKB trades in iron-ore lumps and fines and is the flagship entity
of the RKB group. Set up in 1996, the proprietorship concern,
owned by Mr. RK Behuria, is based in Orissa.

MSISCPL, set up in 2009-10, is based in Bhubaneswar (Orissa). The
company is managed and owned by Mr. Behuria (the company's
founder) and his family members.


NAMITHA BUILDERS: CRISIL Assigns 'B+' Rating to INR200MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
long-term bank facility of Namitha Builders

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       200      CRISIL B+/Stable
   Bank Loan Facility

The rating reflects NB's susceptibility to risks related to the
completion and saleability of its ongoing real estate residential
projects in Hyderabad (Andhra Pradesh), and to cyclicality in the
Indian real estate industry. These rating weaknesses are partially
offset by the extensive industry experience and established track
record of NB's promoters in the residential real estate
development business.

Outlook: Stable

CRISIL believes that NB will continue to benefit from the
extensive industry experience of its promoters and its established
track record in the real estate industry in Hyderabad. The outlook
may be revised to 'Positive' if the firm achieves an earlier than
expected completion and sale of its projects leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there are any delays in project
completion, in the receipt of advances from customers, or if the
firm undertakes a larger than expected debt funded project leading
to deterioration in its financial risk profile.

Set up in 2009 as a partnership entity, NB is involved in the
construction and sale of residential apartments in Hyderabad
(Andhra Pradesh). The firm is promoted by Mr. Srinivas along with
his friends and family.


NAP CONSTRUCTION: CRISIL Cuts Ratings on INR220MM Loans to 'BB'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank facilities
of Nap Construction Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable', and has reaffirmed the rating on the company's short-
term bank facilities at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL A4+ (Reaffirmed)

   Cash Credit              195      CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

   Standby Line of            5      CRISIL BB/Stable (Downgraded
   Credit                            from 'CRISIL BB+/Stable')

   Corporate Loan            20      CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

During 2012-13 (refers to financial year, April 1 to March 31),
NAP's sales declined significantly to INR205 million from INR447
million in 2011-12, driven by slowdown in project executions and
lower than expected tenders contracted by the company. This has
resulted in a significant decline in the company's cash accruals
to around INR140 million from INR230 million in 2012-13.
Furthermore, NAP's working capital requirements increased
significantly during the year, marked by high inventory and debtor
days. As on March 31, 2013, NAP had around 568 days of outstanding
inventory largely consisting of work in progress inventory (around
329 days) and 201 days of debtors. NAP's low cash accruals
together with its large working capital requirements have
pressurised the liquidity profile. This is reflected in its high
average bank limit utilisation at 99 per cent for the 12 months
ended August 2013.

CRISIL expects NAP's cash accruals to remain at current levels
based on its modest order book. The working capital requirements
are also expected to remain high over the medium term with gross
current assets of over 500 days. NAP's low cash accruals and large
working capital requirements will continue to constrain its
liquidity profile over the medium term.

The ratings continue to reflect, NAP's average financial risk
profile marked by comfortable, net worth, low gearing and its
promoter's extensive experience in the civil construction
industry. These strengths are partially offset by the company's
exposure to intense competition in the fragmented civil
construction industry and large working capital requirements.

Outlook: Stable

CRISIL believes that NAP will benefit over the medium term from
its promoters' extensive industry experience in the civil
construction business and its moderate capital structure. The
outlook may be revised to 'Positive' in case of substantial
increase in its revenue profile and reduction in working capital
cycle leading to sustainable improvement in the company's
liquidity. Conversely, the outlook may be revised to 'Negative' in
case the company's accruals decline or it faces continued pressure
on its working capital cycle.

Set up in 1983 as a proprietary concern by Mr. Nirmalya Ghosh, Nap
Construction undertakes civil construction projects; it was
reconstituted as a closelyheld company in 1994. The company
constructs housing properties and railway platforms, and renovates
heritage properties in West Bengal.


NARNARAYAN INFRA: CRISIL Reaffirms BB- Ratings on INR77.5MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Narnarayan
Infrastructure Pvt Ltd continue to reflect the promoter's
extensive experience in the construction sector, and the healthy
growth prospects of the infrastructure sector. These rating
strengths are partially offset by NIPL's small scale of operations
in the intensely competitive construction sector, and geographic
concentration in its revenue profile.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         82.5     CRISIL A4+ (Reaffirmed)

   Cash Credit            55.0     CRISIL BB-/Stable (Reaffirmed)

   Proposed Long-Term      5.8     CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan              16.7     CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NIPL will continue to benefit over the medium
term from the promoter's extensive industry experience, and near-
term revenue visibility driven by its order book position. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations and improves its profitability, or
expands its geographical presence. Conversely, the outlook may be
revised to 'Negative' if NIPL reports lesser-than-expected
revenues or if its profitability declines, or if the company
undertakes any larger-than-expected debt-funded capital
expenditure (capex) programme, thereby weakening its financial
risk profile.

Update

NIPL registered healthy year-on-year (y-o-y) growth of 45 per cent
with sales of INR538 million in 2012-13 (refers to financial year,
April 1 to March 31). The company has achieved revenues of around
INR120 million until August 2013, and is likely to close the year
with sales of around INR500 million in 2013-14. The company's
operating margin for 2012-13, continued to remain low at 3.53 per
cent considering its tender-based operations, and could remain low
over the medium term. The company has improved its working capital
management with gross current assets (GCAs) of 71 days in 2012-13
vis--vis 80 days in 2011-12. NIPL's gearing was around 1.32 times
as on March 31, 2013. In the absence of any significant debt-
funded capex plan, and no large incremental working capital
requirements, the company's gearing is likely to improve to around
1 time over the medium term. The interest coverage of the company
was 2.1 times in 2012-13. NIPL has comfortable liquidity, marked
by healthy cash accruals vis--vis its incremental working capital
requirements, moderate bank limit utilisation, and consistent
improvement in net worth. CRISIL believes that NIPL's liquidity
will remain moderate because of its low working capital
requirements, and the absence of any large debt-funded capex
programmes over the medium term.

For 2012-13, NIPL, on a provisional basis, reported a PAT (profit
after tax) of INR4.5 million on net sales of INR537.8 million in
2012-13, vis--vis a PAT of INR0.53 million on net sales of
INR369.8 million for 2011-12.

NIPL was set up as a partnership firm in 1997; the firm was
reconstituted as a private limited company in 2006. NIPL is
promoted by Gandhinagar-based Mr. J C Patel. The company, an 'AA'
class contractor, constructs roads and bridges, mainly in Gujarat.


P.MANICKAM & CO: CRISIL Reaffirms 'BB' Rating on INR90MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of P.Manickam & Co.
continue to reflect the extensive experience of the promoters in
the civil construction business, and its healthy order book. The
ratings also factor in PMC's above-average financial profile,
marked by healthy debt protection metrics. These rating strengths
are partially offset by the firm's moderate scale of operations in
the intensely competitive civil construction segment, and working-
capital-intensive operations.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           20      CRISIL A4+ (Reaffirmed)
   Overdraft Facility       90      CRISIL BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PMC will continue to benefit over the medium
term from the promoters' extensive industry experience and a
healthy order book. The outlook may be revised to 'Positive' if
the firm significantly improves its revenues and profitability,
while maintaining its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if PMC reports a sizeable
decline in its profitability margins, or a stretch in its working
capital cycle, leading to deterioration in its debt protection
metrics.

PMC, a partnership firm based in Chennai (Tamil Nadu), was
established in 1954 by the late Mr. Thiru P Manickam and his
family. The firm constructs buildings for colleges, hospitals and
government offices. PMC also undertakes piling and excavation
work. Currently, PMC's operations are managed by the second- and
third-generation entrepreneurs of the promoter family. Mr. Palani
oversees the day-to-day operations of the firm.

PMC reported a profit after tax (PAT) of INR37.6 million on net
sales of INR682 million for 2012-13 (refers to financial year,
April 1 to March 31), and a PAT of INR33.2 million on net sales of
INR645 million for 2011-12.


PRATHMESH CONSTRUCTION: CRISIL Cuts Rating on INR100MM Loan to BB
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Prathmesh Construction to 'CRISIL BB/Negative/CRISIL A4+' from
'CRISIL BBB-/Stable/CRISIL A3'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         100      CRISIL A4+ (Downgraded from
                                   'CRISIL A3')

   Cash Credit            100      CRISIL BB/Negative (Downgraded
                                   from 'CRISIL BBB-/Stable')

The rating downgrade reflects the sharp deterioration in PC's
business and financial risk profiles, with nominal accruals, large
capital withdrawal, and stretch in its working capital cycle. With
significant concentration in a single government agency for its
revenues and delays in its projects, PC registered revenues of
only INR608 million in 2012-13 (refers to financial year, April 1
to March 31), half of what it did in the previous year.
Additionally, unanticipated capital withdrawal of INR76 million
during the year led to depletion in its net worth to INR75 million
as on March 31, 2013, from INR125 million a year earlier.
Moreover, PC's finished goods inventory increased to INR240
million as against INR4 million over this period. Consequently,
the firm's capital structure and the debt protection metrics were
severely impacted. The downgrade also factors in CRISIL's belief
that PC's revenues and accruals will remain susceptible, over the
medium term, to significant customer concentration, affecting its
business and financial risk profiles. PC's ability to control its
working capital cycle while ensuring adequate diversification in
its customer profile will be critical to the rating direction.

The ratings reflect the extensive experience of PC's promoters in
the construction industry. This rating strength is partially
offset by geographical and customer concentration the firm's
revenue profile, and its susceptibility to intense competition in
the civil construction industry. The ratings also factor in PC's
below-average financial risk profile, marked by a modest net
worth, high gearing, and inadequate debt protection metrics.

Outlook: Negative

CRISIL believes PC's revenues will remain susceptible to any
policy changes of its sole customer, Maharashtra Krishna Khore
Vikas Mahamandal (MKKVM), restricting its revenue visibility over
the medium term. The ratings may be downgraded if PC's revenues
and accruals decline further, most likely due to delays in or
cancellations of MKKVM's projects, or if the firm's working
capital cycle is stretched further, thereby affecting its
liquidity. Conversely, the outlook may be revised to 'Stable' if
PC diversifies its customer base, thereby lending stability to its
revenues and accruals, or in case of large capital infusion by the
partners, leading to improvement in its liquidity.

Established in 1996 as a partnership firm by Mr. Popatkaka
Kharmate and his brother, Mr. Sahebrao Kharmate, PC undertakes
civil construction mainly for building canals for irrigation
projects in and around Sangli district (Maharashtra).

PC reported, on a provisional basis, a profit after tax (PAT) of
INR25 million on an operating income of INR608 million for
2012-13; it had reported a PAT of INR70 million on an operating
income of INR1.2 billion for 2011-12.


PURSHOTAM ISPAT: CRISIL Suspends BB- Ratings on INR195.7MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Purshotam Ispat.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL A4+ Suspended

   Cash Credit              130      CRISIL BB-/Stable Suspended

   Proposed Long-Term        59.2    CRISIL BB-/Stable Suspended
   Bank Loan Facility

   Term Loan                  6.5    CRISIL BB-/Stable Suspended

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

CRISIL has combined the business and financial risk profiles of
Purshotam Ispat and Purshotam Industries Ltd (PIL). This is
because the two entities, together referred as the Purshotam
group, have strong operational linkages with each other and are
under the same management. PIL procures around 60 per cent of its
raw material requirement from Purshotam Ispat.

Set up by Mr. Purshotam Aggarwal in 1993, the Purshotam group
manufactures GI and MS pipes. Purshotam Ispat was registered as a
partnership firm in 2004. The firm manufactures hot-rolled coils
and strips at its facility in Roorkee (Uttarakhand), which has
capacity of 40,000 tonnes per annum (tpa). Purshotam Ispat
procures its raw material from Steel Authority of India Ltd,
Galwalia Ispat Udyog Ltd, and other companies, and sells around 60
per cent of its production to PIL. PIL, incorporated in 1993,
manufactures GI and MS pipes at its facility in Roorkee with an
installed capacity of 30,000 tpa. PIL undertakes work mainly under
government tenders; 30 per cent (earlier 70 per cent) of its
operating income during 2010-11 was generated through tenders
executed for Uttarakhand Jal Board. The manufacturing facilities
of the Purshotam group in Uttarakhand enjoy tax incentives, with
exemptions from payment of excise duty and income tax (70 per cent
of the profits are liable to taxation with effect from 2010-11).


PYTEX JEWELLERS: CRISIL Assigns 'B+' Ratings to INR199.9MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Pytex Jewellers Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               45      CRISIL B+/Stable (Assigned)

   Proposed Long-Term       154.9    CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects PJPL's below-average financial risk profile,
marked by a modest net worth, high gearing, and average debt
protection metrics. The rating also factors the geographical
concentration in the company's revenue profile and its exposure to
risks related to intense industry competition. These rating
weaknesses are partially offset by the extensive experience of
PJPL's promoters in the jewellery industry and the funding support
it receives from them.

Outlook: Stable

CRISIL believes that PJPL will continue to benefit over the medium
term from its promoters' industry experience and their funding
support. The outlook may be revised to 'Positive' in case of
significant improvement in the company's financial risk profile,
most likely led by more-than-expected cash accruals or equity
infusion along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
further weakening of PJPL's financial risk profile, particularly
its liquidity, most likely driven by lower-than-anticipated cash
accruals or substantial debt-funded capital expenditure.

Incorporated in 2006, PJPL operates a jewellery showroom in
Pitampura (Delhi) for selling gold and diamond-studded gold
jewellery. The company is promoted by Mr. Pradeep Tayal and his
son, Mr. Ankur Tayal.


R.Z. MALPANI: CRISIL Assigns 'B' Ratings to INR87.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of M/S. R. Z. Malpani.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       62.5     CRISIL B/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee           62.5     CRISIL A4 (Assigned)

   Cash Credit              25.0     CRISIL B/Stable (Assigned)

The ratings reflect RZ's modest scale of operations in the
fragmented civil construction industry, and average project risk
constrained by project implementation risk and demand risk. These
rating weaknesses are partially offset by the extensive industry
experience of RZ's promoters in the construction industry,
moderate order book, and location advantage of the ongoing
commercial real estate project.

Outlook: Stable

CRISIL believes that RZ will continue to benefit from its
promoters' extensive experience in the civil construction industry
and moderate order book position. The outlook may be revised to
'Positive' if RZ's business risk profile improves, driven by a
substantial increase in the scale of operations arising from the
firm's moderate order book and timely implementation of the same,
and its financial risk profile, particularly liquidity, improves,
because of better-than-expected cash in-flows and timely customer
advances. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in RZ's financial risk profile, particularly
liquidity, driven by delays in completion of the projects, cost
overrun, slower than expected bookings or delays in receipt of
customer advances or higher-than-expected debt-funded working
capital requirements.

RZ, initially established as a proprietorship firm was
reconstituted as a partnership firm in 1983. The Latur
(Maharashtra)-based firm is a civil contractor, undertaking
building construction work for state and central government
entities across the Maharashtra state. RZ is currently developing
a build-operate-transfer shopping complex project for the Latur
Municipal Corporation apart from other civil construction
activities. The firm is registered as a Class I-A contractor with
Maharashtra Public Works Department, Maharashtra Jeevan
Pradhikaran, Maharashtra Krishna Khore Vikas Mahamandal,
Maharashtra State Electricity Board, Maharashtra State Warehouse
Corporation, Maharashtra State Textbook Bureau and Godavari
Marathwada Irrigation Development Corporation. The operations of
the firm are managed by Mr. Rajendra Malpani, Mr. Sarvesh Malpani
and Mr. Shreyash Malpani.


RELIABLE EXPORTS: CRISIL Suspends 'D' Rating on INR750MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Reliable Exports.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                750      CRISIL D Suspended

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

Established in 1984 as a proprietorship concern, RE is a part of
the Reliable group and is engaged in commercial real estate
activity in Maharashtra. The firm ventured into the real estate
business in the middle of 2008-09 (refers to financial year, April
1 to March 31), prior to which it manufactured readymade garments
for the export market. RE's prime commercial real estate project,
Reliable Corporate Park, is in Navi Mumbai.


SANMAAN AGRO: CRISIL Reaffirms 'B' Ratings on INR100MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sanmaan Agro
Industries continues to reflect SAI's weak financial risk profile,
marked by high gearing, small net worth and weak debt protection
metrics. The rating also factors in SAI's small scale of
operations in a highly fragmented market, and its susceptibility
to fluctuations in raw material prices and to adverse monsoon
conditions. These rating weaknesses are partially offset by the
extensive experience of SAI's promoters in the rice industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             70      CRISIL B/Stable (Reaffirmed)
   Warehouse Receipts      15      CRISIL B/Stable (Reaffirmed)
   Long-Term Loan          14      CRISIL B/Stable (Reaffirmed)
   Proposed Long-Term       1      CRISIL B/Stable (Reaffirmed)
   Bank Facility

Outlook: Stable

CRISIL believes that SAI's financial risk profile will continue to
be weak, marked by high gearing and weak debt protection metrics,
driven by large working capital requirement and low net cash
accruals. However, SAI's business risk profile will benefit from
the promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if SAI improves its
financial risk profile, driven by an improvement in its scale of
operations and higher-than-expected net cash accruals, or an
infusion of capital by the promoters leading to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if SAI's financial risk profile deteriorates further
due to decline in its revenue and profitability, consequently
worsening its liquidity.

Update

SAI's scale of operations is likely to remain small over the
medium term, with a sustained pressure on its financial risk
profile. The firm's operating income is estimated between INR300
million and INR350 million in 2013-14 (refers to financial year,
April 1 to March 31), vis-a-vis its operating income of INR178
million in 2012-13. SAI's operating income declined from INR226
million in 2011-12, because of increased stocking for sales in
subsequent years at higher prices. This is indicated by an
increase in the firm's operating margin to 12 per cent in 2012-13,
as against 6 per cent in 2011-12 due to sales of low cost paddy at
higher prices. The firm's financial risk profile could remain weak
over the medium term, marked by small net worth, high gearing and
weak debt protection metrics. SAI had a net worth of INR14 million
and gearing of 9.9 times as on March 31, 2013. Its gearing
increased from 5.2 times as on March 31, 2012 on account of higher
than expected inventory levels and debtor days. SAI's inventory
increased along with its stocking and a decline in its top line.
The firm has weak debt protection metrics, marked by a low
interest coverage ratio. SAI has moderate liquidity as reflected
in utilisation of its bank limits at an average of 71 per cent for
the 12 months through July 2013. CRISIL believes that SAI's
financial risk profile will remain weak due to its large working
capital requirement.

SAI reported a profit after tax (PAT) of INR1.2 million on net
sales of INR172.9 million for 2012-13, as compared to a PAT of
INR0.9 million on net sales of INR222.8 million for 2011-12.

SAI was established in 2000 as a partnership firm, by Mr. Zora
Singh in Jalalabad, Punjab. The firm is mainly engaged in milling
and marketing of basmati and non-basmati rice. The firm mainly
sells its produce in the domestic open market to exporters, who in
turn, sell the commodity in overseas markets.


SATYAWATI RICE: CRISIL Assigns 'B' Ratings to INR90MM Loans
-----------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' rating to the bank
facilities of Satyawati Rice Mill.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               80      CRISIL B/Stable
   Term Loan                 10      CRISIL B/Stable

The rating reflects SRM's weak financial risk profile, marked by a
high gearing and muted debt protection metrics, small scale of
operations in the intensely competitive rice processing industry,
and susceptibility to volatility in raw material prices. These
rating weaknesses are partially offset by its promoters' extensive
experience, and healthy growth prospects for the rice industry.

Outlook: Stable

CRISIL believes that SRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile, driven by more-than-expected net cash
accruals and infusion of funds by partners, leading to improvement
in capital structure and debt protection metrics along with
moderation in working capital requirements. Conversely, the
outlook may be revised to 'Negative' if SRM's liquidity or capital
structure deteriorates, or its profitability comes under pressure.

SRM was established in 1999 as a partnership firm by Rakesh Kumar,
Brijesh Kumar, Kamal Prakash, and Vimal Prakash in Surajpur (Uttar
Pradesh). The firm is mainly engaged in milling and marketing of
higher grade variety of rice like basmati.

SRM reported a profit of INR0.87 million on net sales of INR247.8
million for 2012-13 (refers to financial year, April 1 to
March 31) against a profit of INR0.55 million on net sales of
INR93.4 million for 2011-12.


SHARDA RICE: CRISIL Reaffirms 'BB-' Rating on INR150MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facility of Sharda Rice Mill continues
to reflect SRM's healthy business risk profile, marked by
increased volumes and better operating efficiencies, supported by
its experienced management. These rating strengths are partially
offset by the firm's below-average financial risk profile, marked
by a weak capital structure, modest debt protection metrics, and
weak liquidity driven by its working-capital-intensive operations,
and geographical concentration in revenue profile.

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

Outlook: Stable

CRISIL believes that SRM will continue to benefit over the medium
term from its strong brand and experienced management. However,
its financial risk profile is expected to remain constrained over
this period because of its weak capital structure and large
working capital requirements. The outlook may be revised to
'Positive' if the firm's capital structure improves significantly,
most likely driven by fresh equity infusion or higher
profitability. Conversely, the outlook may be revised to
'Negative' if SRM's liquidity weakens, most likely because of
less-than-expected cash accruals or a stretch in realisations.

Update

For 2012-13 (refers to financial year, April 1 to March 31), SRM
reported revenue of INR805.2 million, with an operating margin of
5.2 per cent. The firm's revenues have increased from INR510
million in 2011-12, due to stabilisation of capacities added
during the previous years, and sustained demand for the firm's
brand Rangeela in the Maharashtra region. SRM's ability to
increase its scale of operations, while maintaining its
profitability will remain a key rating sensitivity factor over the
medium term.

SRM's financial risk profile is constrained by its weak liquidity,
driven by low cash accruals, estimated at INR18.3 million for
2012-13, and high incremental working capital requirements.
Consequently, its reliance on bank limits is higher; its fund-
based bank lines of INR150 million has been utilised at an average
90 per cent. CRISIL believes that infusion of long-term funds by
the promoters, a controlled working capital cycle, and timely
enhancement of bank lines will be critical for SRM to improve its
liquidity over the medium term. The firm also had a modest net
worth and high gearing at about INR95 million and 2.1 times,
respectively, as on March 31, 2013. The firm does not have any
large capital expenditure plans over the medium term.

For 2012-13, SRM's profit before tax (PBT) was INR15.5 million on
net sales of INR805.2 million, against a PBT of INR 13.5 million
on net sales of INR510.4 for 2011-12.

Established in 1995 by the Doshi family, SRM mills and sorts non-
basmati rice, which it sells under the Rangeela brand. The firm
has a rice milling and sorting unit in Nagpur (Maharashtra). In
2008-09, its management transferred the operations of its group
entities, Sharda Steam Rice Industries and Wardhaman Rice and Agro
Industries, to SRM, thereby enhancing the firm's capacity. SRM
primarily sells to wholesalers in the Mumbai region.


SHREE SAI: CRISIL Assigns 'B' Ratings to INR60MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shree Sai Professional Education Trust.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                49.6     CRISIL B/Stable

   Overdraft Facility        7.5     CRISIL B/Stable

   Proposed Long-Term        2.9     CRISIL B/Stable
   Bank Loan Facility

The rating reflects weak financial risk profile marked by small
net worth and average debt protection metrics and risks associated
with regulations in the education sector. These weaknesses are
partially offset by the establish presence of SSPET in Haryana and
Healthy demand prospects in education sector.

Outlook: Stable

CRISIL believes that SSPET will benefit from its presence in the
education sector near Jhajjar region in Haryana. The outlook may
be revised to 'Positive' if SSPET reports more-than-expected
growth in revenues with stabilization of the undergoing expansion,
leading to improvement in financial risk profile driven by better
cash accruals. Conversely, the outlook may be revised to
'Negative' if SSPET's financial risk profile deteriorates owing to
lower than expected cash accruals and high incremental working
capital requirement.

Shree Sai professional education trust (SSPET) is a non-profitable
society and is registered under the society act, 2000. The trust
started functioning in 2006 and is based in Delhi. The trust
imparts education by running a polytechnic college and a school at
Jhajjar. It is managed by Mr. R S Khatri and his son Mr. V S
Khatri.


SRI KARPAGAM: CRISIL Lowers Ratings on INR292.5MM Loans to 'BB'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Karpagam Mills India Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB+/Stable', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5.0     CRISIL A4+ (Reaffirmed)

   Cash Credit             272.5     CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

   Letter of Credit         39.5     CRISIL A4+ (Reaffirmed)

   Long-Term Loan           20.0     CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

The rating downgrade reflects CRISIL's belief that SKMPL's
liquidity will remain constrained over the medium term on the back
of its working-capital-intensive operations, as reflected in its
highly utilised bank lines; the bank lines were utilised at an
average of 96 per cent during the 12 months through July 2013 with
instances of overdrawn limits. However, the expected net cash
accruals of INR42.6 million and INR48.8 million for 2013-14 and
2014-15, respectively, are adequate to meet its term loan
obligations of around INR34.5 million each maturing during these
years.

The ratings also reflect SKMPL's diverse product-mix, and its
promoters' experience in the textile industry. These rating
strengths are partially offset by the company's below-average
financial risk profile, marked by high gearing, and its
susceptibility to volatility in raw material prices.

Outlook: Stable

CRISIL believes that SKMPL will continue to benefit over the
medium term from its established position in the spinning
industry. The outlook may be revised to 'Positive' if the company
reports a significant improvement in its working capital
management, along with an improvement in its capital structure and
increase in its scale of operations. Conversely, the outlook may
be revised to 'Negative' if SKMPL undertakes a larger-than-
expected debt-funded capital expenditure programme, or its
profitability declines significantly, thereby weakening its
financial risk profile.

SKMPL manufactures cotton yarn with counts ranging from 10s to
60s, though mainly with counts of 30s to 40s. It produces
different types of yarns, including compact yarn, doubled yarn,
and slubbed yarn. Its spinning mill is in Udayampalyam (Tamil
Nadu). SKMPL is managed by Mr. A Krishnaswamy and his brothers.


SWAMY COTTON: CRISIL Assigns 'B-' Ratings INR240MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Swamy Cotton Mill Tirupur Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan            70      CRISIL B-/Stable (Assigned)
   Cash Credit              170      CRISIL B-/Stable (Assigned)
   Letter of Credit          10      CRISIL A4 (Assigned)

The rating reflects SCMPL's below-average financial risk profile
marked by weak debt protection metrics, risks related to modest
scale of operations, and susceptibility of margins to volatility
in raw material prices. These rating weaknesses are partially
offset by the experience of SCMPL's promoter in the textile
industry.

Outlook: Stable

CRISIL believes that SCMPL will benefit over the medium term from
its long track record and promoter's experience in the textile
industry. The outlook may be revised to 'Positive' if the company
records considerable increase in revenues and profitability,
resulting in an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is
considerable decline in accruals and profitability or
deterioration in working capital management, or the company
undertakes a large debt-funded capital expenditure programme,
resulting in weak financial risk profile.

SCMPL, set up in 1972, is a fabric manufacturer. The company's
day-to-day operations of the company are managed by Mr. E. Manoj
Kumar.

SCMPL reported a profit after tax (PAT) of INR6.8 million on net
sales of INR555 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR5.4 million on net
sales of INR458 million for 2011-12.


UNIVERSAL CHEMICALS: CRISIL Places 'D' Ratings on INR1.02BB Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Universal Chemicals and Industries Pvt. Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        9       CRISIL D (Assigned)
   Bank Loan Facility

   Funded Interest         136.3     CRISIL D (Assigned)
   Term Loan

   Cash Credit             109.0     CRISIL D (Assigned)

   Export Packing Credit    66.0     CRISIL D (Assigned)

   Term Loan               555.9     CRISIL D (Assigned)

   Working Capital          53.8     CRISIL D (Assigned)
   Term Loan

   Import Letter of         90.0     CRISIL D (Assigned)
   Credit Limit

The ratings reflect instances of delays by UCIPL in servicing its
debt; the delays have been caused by weak liquidity on account of
delays in commencement of its new unit for which it has contracted
large debt, and lower-than-expected ramp up in operations leading
to continuous heavy losses.

The ratings also factor in UCIPL's weak financial risk profile
marked by poor capital structure and weak debt protection metrics,
and the company's modest scale of operation. These rating
weaknesses are partially offset by the extensive experience of
UCIPL's promoters and its established market position in the
domestic potassium permanganate industry.

UCIPL, incorporated as private limited company in 1961, is
promoted by Dr. Kamaleshkumar Maheshwari and his son Mr. Kartikeya
Maheshwari. The company manufactures potassium permanganate and
potassium hydroxide. UCIPL's manufacturing facility is located in
Ambernath (Maharashtra); it has recently set up a new unit in
Dahej (Gujarat).

UCIPL has reported a net loss of INR222.4 million on net sales of
INR891.6 million for 2012-13 (refers to financial year, April 1 to
March 31); the company reported a net loss of INR117.4 million on
net sales of INR779.9 million for 2011-12.


VEEKAYEM TEXTILE: CRISIL Reaffirms BB- Ratings on INR240.9M Loans
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Veekayem Textile Mills Pvt Ltd at CRISIL 'BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              190      CRISIL BB-/Stable

   Export Packing Credit     50      CRISIL A4+

   Letter of Credit          25      CRISIL A4+

   Long-Term Loan            50.9    CRISIL BB-/Stable

The rating continues to reflect the benefit VTMPL derives from its
promoters' experience in the textile weaving industry. This
strength is, however, partially offset by VTMPL's weak financial
risk profile marked by high gearing and weak debt protection
measures and low operating margins due to commoditised and
competitive nature of the industry.

Outlook: Stable

CRISIL believes that Veekayem Textile Mills Pvt Ltd will maintain
a stable business risk profile supported by its diversified
revenue profile and promoters' extensive experience in the textile
industry. The outlook may be revised to 'Positive' if the
company's cash accruals increase significantly from the increasing
scale of operations or increase in profitability, leading to an
improvement in debt protection measures. Conversely, the outlook
may be revised to 'Negative' if the company is not able to arrest
the decline in its operating margin or undertakes larger-than-
expected debt-funded capex, or if its liquidity position
deteriorates over the medium term.

Incorporated in 1987 by Mr. Krishnakant Gupta, VTMPL manufactures
suitings and readymade garments. The company has a manufacturing
facility at Umbargaon (Gujarat). The company manufactures nearly
20 varieties of fabric, including cotton, polyviscose, polycot and
nylon.

VTMPL, reported a profit after tax (PAT) of INR6.0 million on net
sales of INR1139 million for 2012-13, as against a PAT of
INR4.1 million on net sales of INR 921 million for 2011-12.


WAHID SANDHAR: CRISIL Cuts Ratings on INR640MM Loans to 'BB-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Wahid Sandhar Sugars Ltd to 'CRISIL BB-/Stable' from 'CRISIL
BB/Stable'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             400     CRISIL BB-/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Proposed Long-Term       18     CRISIL BB-/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB/Stable')

   Term Loan               222     CRISIL BB-/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The rating downgrade reflects the deterioration in WWS's operating
profitability with its declining operating margin and expected
deterioration in its liquidity profile. The company's operating
margin declined to an estimated 16.5 per cent in 2012-13 (refers
to financial year, April 1 to March 31) from 25.4 per cent in
2010-11. The decline resulted from a sharp increase in sugarcane
prices and only a marginal increase in sugar prices. The company's
operating margin could worsen because of an increase in sugarcane
prices by around 16 per cent for sugar season 2013-14 (October to
September). With a decline operating margin, the company's cash
accruals are expected to remain in the range of INR90 to INR110
million. These cash accruals will be closely matched with its
increasing debt obligations, which are likely to range between
INR80 million and INR90 million over the next two years. WSS's
debt obligations could increase over the medium term as the
company is expected to contract additional debt to repay its
outstanding liability for a capital expenditure (capex) programme
incurred in previous years.

CRISIL's rating on the long-term bank facilities of WSS continues
to reflect the company's moderate business risk profile supported
by adequate availability of sugarcane. The rating strength is,
however, partially offset by WSS's weak financial flexibility with
increasing debt obligations, and its exposure to risks related to
uneven rainfall and to any unfavourable impact of government
regulations.

Outlook: Stable

CRISIL believes that WSS will benefit over the medium term from
its established position in the sugar market in Punjab. The
company's financial flexibility may, however, remain constrained
by substantial debt contracted to fund expansions undertaken in
the preceding years. The outlook may be revised to 'Positive' if
WSS reports a sizeable improvement in its scale of operations; and
sustains its profitability, thereby significantly increasing its
cash accruals. Conversely, the outlook may be revised to
'Negative' if a prolonged depression in the sugar industry impacts
WSS's business risk profile, or if the company generates lower-
than-expected cash accruals driven by a decline in the operating
margin, thereby weakening its financial risk profile.

WSS was established by the Narang group in Phagwara (Punjab) in
1933. The facility was taken over by the Oswal group in 1989 with
the present management acquiring controlling stakes from the Oswal
group in 2000. WSS manufactures and markets sugar under the
Phagwara brand. The company has manufacturing facilities in
Phagwara (Punjab) and Bhuna (Haryana).The Bhuna plant has been
shut for the past four sugar seasons ended 2012-13 because of low
sugar cane availability.

WSS is estimated to report a profit after tax (PAT) of INR66.6
million on net sales of INR1204.4 million for 2012-13, vis--vis a
PAT of INR41.3 million on net sales of INR834.4 million for 2011-
12.



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


HUMMINGBIRD SECURITISATION: S&P Ups Rating on Series 2 Loan to B+
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has raised its
rating on one Japanese synthetic collateralized debt obligation
(CDO) transaction, and removed the rating from CreditWatch with
positive implications.

The upgrade reflects the tranche's synthetic rated
overcollateralization (SROC) level as well as S&P's sensitivity
analyses in line with its criteria.  S&P also reviewed the
counterparty risk because the creditworthiness of the tranche
relies on a swap counterparty and collateral asset.

S&P has raised its rating to the level at which the tranche's SROC
level exceeds 100% and meets its minimum cushion requirement as of
the review date.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

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

            http://standardandpoorsdisclosure-17g7.com

RATING RAISED, REMOVED FROM CREDITWATCH POSITIVE

Hummingbird Securitisation Ltd.

Series 2 loan
To             From                    Amount
B+ (sf)        B (sf)/Watch Pos        JPY3.0 bil.



PANASONIC CORP: To Cut Chip Division Workforce by Half
------------------------------------------------------
AFP reports that Panasonic Corporation is set to cut its chip
division workforce in half, axing thousands of jobs as the
electronics giant overhauls its battered balance sheet after
record losses, Japanese media reports said on October 24.

The plan to shrink Panasonic's money-losing semiconductor business
could also see it sell off some chip manufacturing plants, the
leading Nikkei business daily said, without citing sources,
according to AFP.

According to AFP, the Nikkei said Panasonic, which has chip
factories both in Japan and overseas, would axe 7,000 jobs from
the unit by March 2015 from a total of 14,000 employees, through
an unspecified number of layoffs, early retirements and moving
workers to other divisions.

Panasonic would take a 50 billion yen charge over the job
reductions for the fiscal year to March 2014, but expects improved
earnings to offset the impact, the Nikkei, as cited by AFP, added.

AFP relates that the Nikkei said the struggling company --
recovering from combined losses topping $15 billion in the past
two fiscal years -- has started talks to sell some overseas plants
to Israeli circuit-maker TowerJazz with a deal likely to be
reached before early next year,.

Panasonic Corporation, formerly Matsushita Electric Industrial
Co., Ltd. -- http://www.panasonic.co.jp/-- is engaged in the
production and sales of electronic and electric products in an
array of business areas.  It offers products, systems and
components for consumer, business and industrial use.  Most of
the company's products are marketed under the Panasonic brand
name worldwide, along with other product, or region, specific
brand names, including National primarily for home appliances and
household electric equipment sold in Japan, and Technics for
certain high-fidelity products.

In February, Fitch Ratings put Panasonic Corporation's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) and local
currency senior unsecured ratings at 'BB', respectively. The
Outlook on the Long-Term IDRs is Negative. Simultaneously,
Panasonic's Short-Term Foreign- and Local-Currency IDRs have been
affirmed at 'B'.

Fitch said the speculative-grade ratings reflect Panasonic's weak
competitiveness in its core businesses, particularly in TVs and
panels, as well as weak cash generation from operations (CFO).
The Negative Outlook reflects the agency's view that the
company's financial profile is not likely to show a material
improvement in the short- to medium-term. Fitch acknowledges that
the company is heading in the right direction with its
restructuring efforts which could potentially lead to margin
recovery over the long-term. However, the company's turnaround
programme remains exposed to execution risk.



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


LOMBARD FINANCE: High Court Allows Directors to Appeal Sentences
----------------------------------------------------------------
Roeland Van Den Bergh at Stuff.co.nz reports that the four
directors of failed Lombard Finance and Investments, including
former justice ministers Sir Douglas Graham and Bill Jeffries,
will be allowed to appeal against their sentences, but not their
convictions, for making misleading statements in documents seeking
money from the public.

In a decision issued on October 25, the Supreme Court dismissed
the application by Messrs. Graham, Jeffries, fellow director
Lawrence Bryant and chief executive Michael Reeves to appeal
against their convictions, according to Stuff.co.nz.

The report relates that the court found that any appeal would turn
primarily on issues of fact that could be set aside only if they
were unreasonable or unable to be supported by the evidence.

"We see no appearance of a miscarriage of justice in relation to
the critical findings," the panel of three judges, as cited by
Stuff.co.nz, said.  The proposed appeal also did not raise a point
of law that was of general or public importance, the court found,
the report relays.

The four were found guilty by a High Court judge last year, the
report notes.

Stuff.co.nz relates that they were found to have omitted details
from a December 2007 prospectus and related documents about late
loan repayments and falling cash reserves.

The Supreme Court has allowed them to appeal against their
sentences, including home detention, on the question of whether
the Court of Appeal erred in allowing the solicitor-general's
appeals for harsher penalties than those handed down by the High
Court and in particular the necessity for prison sentences, the
report adds.

                     About Lombard Finance

Lombard Finance & Investments Limited is a wholly owned
subsidiary of Lombard Group, a diversified company specializing
in the financial services sector offering a number of lending
options and providing investment opportunities for its
shareholders and investors.

Lombard Finance was placed into receivership on April 10, 2008,
by its trustee, Perpetual Trust Limited.  PricewaterhouseCoopers
partners John Fisk and John Waller have been appointed receivers
of the company.  The receivership also applies to three other
subsidiaries of Lombard Group, being Lombard Asset Finance
Limited, Lombard Property Holdings Limited and Lombard Asset
Finance No 2 Limited.  The receivership does not impact
Lombard Group Limited.

Some 4,400 Lombard Finance investors were owed NZ$127 million.


TACHIKAWA FOREST: Receivers Axe 120 Jobs Following Receivership
---------------------------------------------------------------
Dave Burgess at Stuff.co.nz reports that all 120 workers at the
Rotorua-based sawmill Tachikawa Forest Products were told by
receivers October 25 they have lost their jobs.

According to the report, First Union general secretary Robert Reid
said receivers KordaMentha had made the decision that it was not
feasible to sell the sawmill as a going concern.

About 80 workers attended the meeting where they received their
termination letters, the report relays.

Stuff.co.nz relates that Mr. Reid said it was unclear whether
workers would receive any outstanding monies owed to them.

Under the Companies Act, staff are deemed to be preferential
creditors entitled to a maximum of NZ$20,040 in wages, holiday pay
and redundancy, the report notes.

Stuff.co.nz adds that Rotorua Mayor Steve Chadwick said the
closure of the mill would be a "devastating blow" to the city.

Tachikawa Forest Products (NZ) Ltd was a Rotorua, New Zealand-
based sawmill operator.



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


* Sri Lanka's Resilience Masks Medium-Term Credit Risks
-------------------------------------------------------
Sri Lanka is the only twin-deficit country in Asia whose growth
has not been affected by currency volatility. Fitch Ratings sees
the relative currency stability as due to a less open onshore
capital account which provides insulation from volatile global
capital flows, as well as an increasing ability to tap offshore
global bond inflows. This strategy, however, is adding to the
stock of gross and net external liabilities, and carries medium-
term credit risks.

"The authorities have successfully reduced annual inflation to
around 6%-7% from a near-double-digit rate in late 2012. This has
brought on monetary easing - with the policy rate being cut by
125bp since November 2012, to 8.5%. Monetary easing coupled with
softer inflation should support robust GDP growth - which we
project at 6% this year, and 6.6% in 2014," Fitch says.

"In contrast, we see the growth rates of India and Indonesia - the
other two major Asian emerging economies with twin deficits (and
both rated 'BBB-') - as languishing at a sub-6% rate in both
years.

"But Sri Lanka's benign growth-inflation story does not improve
the overall sovereign credit profile ('BB-'/Stable), for two key
reasons.

"First, we expect the current account deficit to remain at 5.6% of
GDP this year. This has improved by 1pp from a year ago, but is
larger than at all the other Fitch-rated Asian emerging markets,
except Mongolia (B+). It is also larger than the 'BB' median
current account deficit of 2.7% of GDP. Moreover, we see a rising
external debt service burden as limiting much further improvement
in the current account position in the year ahead.

"The second reason is that Sri Lanka has been unable to attract
much by way of foreign direct investment (FDI) inflows following
the end of its civil war, with net FDI averaging just 1.2% of GDP
since 2009. This is low in comparison with most regional peers,
and has fueled a reliance on debt-creating capital.

The country has therefore banked on the promise of higher future
growth to successfully issue more foreign debt. This has kept the
external debt burden at 57% of GDP, and which is much higher than
all other Asian emerging markets, except Mongolia."

The government's decision to refrain from issuing Global Bonds
this year does not fundamentally alter what remains a growth
strategy reliant on external debt. This is because the state-owned
banks are picking up the slack, and are expected to issue around
USD1.5bn-1.8bn in US dollar Global Bonds - for on-lending to SOEs,
SMEs, long-term infrastructure projects, and for purchasing Sri
Lankan government bonds.

The shift in debt issuance strategy may limit a further run-up in
the sovereign's direct (foreign) debt-burden. However, quasi- and
contingent-sovereign risks will still rise, along with credit and
FX risks brought on by on-lending to local counterparties who may
lack access to foreign-currency receipts and assets.

In the year-to-date, Bank of Ceylon and the National Savings Bank
(both 100%-state-owned) have raised around USD1.3bn in five-year
US dollar bonds. DFCC Bank and National Development Bank are
expected to follow suit, with smaller amounts.

The upshot of all this is that Sri Lanka's relative currency
stability and robust growth has not been accompanied, as yet, by a
structural improvement in the size of the current account deficit
or composition of capital inflows. Meanwhile, the reliance on
foreign debt continues even though the sovereign has scaled back
its own external bond issuance programme.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***