TCRAP_Public/131106.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

          Wednesday, November 6, 2013, Vol. 16, No. 220


                            Headlines


A U S T R A L I A

BOULDER STEEL: Comes Out of Administration
NOVOGEN LIMITED: Grant Thornton Raises Going Concern Doubt
WALTON GROUP: Family Trusts Get AUD33.6MM Before Group's Collapse


C H I N A

ANTON OILFIELD: Fitch Rates US$250MM Senior Unsecured Notes 'BB'
CHINA NATURAL: Seeks 'Exclusivity' Extension Until Feb. 4
CITIC PACIFIC: Moody's Cuts CFR & Unsec. Debt Rating to 'Ba2'
MODERN LAND: Fitch Assigns 'B' Final Rating to US$150MM Notes
TITAN PETROCHEM: To Present New Debt Restructuring Plan

WINSWAY COKING: Fitch Ups Issuer Default Rating to 'CCC'


I N D I A

AMAR COTTEX: CARE Reaffirms 'B' Rating on INR7.4cr LT Loans
ANTARCTICA PROPERTIES: ICRA Ups Ratings on INR74.4cr Loans to 'C'
ARORA CONSTRUCTION: ICRA Reaffirms 'BB' Rating on INR5cr Loans
ARSHIYA INT'L: CARE Lowers Rating on INR1,465cr Loans to 'D'
BCPL CONDUCTORS: ICRA Assigns 'B+' Ratings to INR4.10cr Loans

BHAGWATI RICE: ICRA Reaffirms 'B' Rating on INR34.68cr Loans
BRAWN SPACES: CRISIL Assigns 'B' Rating to INR120MM LT Loan
CAUVERY ENGINEERING: CRISIL Puts 'BB' Ratings on INR49MM Loans
CHALAPATHI EDUCATIONAL: ICRA Puts B+ Ratings on INR16cr Loans
DELTA SUGARS: CRISIL Cuts Ratings on INR561.8MM Loans to 'D'

FARIDA SHOES: ICRA Reaffirms 'BB+' Rating on INR1.4cr Loans
G. C. THREADS: CRISIL Assigns 'BB' Ratings to INR427.7MM Loans
HARYANA SURAJ: CRISIL Assigns 'D' Ratings to INR140MM Loans
HK COTTON: CARE Assigns 'B+' Rating to INR9.05cr LT Bank Loans
K P CHARITABLE: CRISIL Suspends 'D' Rating on INR100MM Loan

KANISHK METAL: ICRA Assigns 'BB-' Ratings to INR12.22cr Loans
KAPOTEX INDUSTRIES: ICRA Reaffirms 'B+' Ratings on INR5.5cr Loans
KINGFISHER AIRLINES: Loan Shadow Over Mallya's Goa Villa
KLA FOODS: CARE Reaffirms 'B+' Rating on INR2.5cr LT Bank Loans
KRISHNA CONCAST: ICRA Cuts Ratings on INR6.17cr Loans to 'B+'

MAA SARADA: CRISIL Suspends 'D' Ratings on INR246MM Loans
MAKKAR TEXTILE: CRISIL Assigns 'B' Ratings to INR112MM Loans
MAYAJAAL ENTERTAINMENT: CRISIL Puts 'D' Ratings to INR136MM Loans
NARBHERAM AGENCIES: CRISIL Reaffirms BB- Rating on INR65MM Loan
NARMADA ENTERPRISES: ICRA Suspends B+ Rating on INR17.35cr Loans

NAV VIDYA: ICRA Reaffirms 'BB-' Rating on INR44.35cr Term Loans
OM COTTEX: CARE Assigns 'B' Rating to INR6.23cr Long-Term Loans
PANACHE EXPORTS: CARE Assigns 'BB' Rating to INR2cr LT Loans
PARAMOUNT POWDERS: CARE Reaffirms BB+ Rating on INR7.44cr Loans
PHARMAFABRIKON: ICRA Assigns 'B+' Ratings to INR10.10cr Loans

PURVANCHAL MILK: CARE Cuts Ratings on INR10.71cr Loans to 'D'
R.B. RICE: ICRA Reaffirms 'B' Rating on INR12cr Loans
RAINBOW PLASTICS: ICRA Reaffirms 'BB-' Rating on INR7.5cr Loans
REGEN POWERTECH: CARE Lowers Ratings on INR2,005cr Loans to 'D'
REPROMEN OFFSET: CRISIL Suspends 'D' Ratings on INR120MM Loans

SELANGOR RETAIL: CARE Rates INR5.75cr Long-Term Loans at 'B+'
SHIVA INTERNATIONAL: ICRA Suspends B Rating on INR1.9cr Loans
SHRI GOVIND: ICRA Downgrades Rating on INR39cr Term Loans to D
SKY FOUNDATIONS: CARE Downgrades Rating on INR7.08cr Loans to 'D'
SUDARSHAN SULZ: ICRA Reaffirms 'B+' Ratings on INR6.87cr Loans

SUNRISE MARKETING: CRISIL Assigns 'B' Ratings to INR13MM Loans
SWISSLINE INTERTRADE: CRISIL Rates INR100MM Cash Credit at 'BB-'
UNIVERSAL POLYSACK: CARE Rates INR11.6cr Long-Term Loans at 'B'
VALUE ADDED: ICRA Reaffirms BB-/A4 Ratings on INR10cr Loans
VASHU YARN: ICRA Reaffirms D Ratings on INR15cr Loans

VICTORY PRECISIONS: CRISIL Assigns 'D' Ratings to INR100MM Loans


I N D O N E S I A

METROPOLIS PROPERTINDO: Fitch Puts LT Foreign Currency IDR at 'B'


J A P A N

PANASONIC CORP: Fitch Says Electronics Segment Still Struggling


N E W  Z E A L A N D

INDEPENDENT FISHERIES: Union Reps Start Talks to Save Jobs
OPI PACIFIC: FMA Lays Charges Against Four Directors
WESTERN PACIFIC: Multi-million Dollar Liquidation Drags On


S I N G A P O R E

VIVA INDUSTRIAL: S&P Assigns 'BB+' CCR; Outlook Stable


S O U T H  K O R E A

* SOUTH KOREA: FSC to Put Heavily-Indebted Firms on Watch List


S R I  L A N K A

DFCC BANK: Fitch Gives US$100MM Senior Unsec. Notes 'B+' Rating
SENASA DEV'T: Fitch Affirms National Long-term Rating at 'BB+'


V I E T N A M

VINGROUP JOINT: Fitch Assigns 'B+' Rating to US$200MM 2018 Notes


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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BOULDER STEEL: Comes Out of Administration
------------------------------------------
The Observer reports that Gladstone's proposed steel plant has
come back from voluntary administration, after a vote by creditors
at a meeting this week.

The Observer recalls that the troubled AUD4 billion Boulder Steel
project hit financial woes in July, going into voluntary
administration in a bid to raise capital.

This latest development is a good result for creditors, who stood
to lose everything they'd invested, the report notes.

According to the report, Said Jahani and Trevor Pogroske of Grant
Thornton Australia had been appointed administrators of Boulder
Steel Ltd and Gladstone Steel Plant Project Ltd, but control of
the companies has returned to directors.

A letter from the administrator explained that full minutes of the
meeting would be available on its website "in due course," the
report says.

Boulder Steel Limited (ASX:BGD) is engaged in the metal products
manufacturing, and the development of the Gladstone Steel Plant
Project. The Company operates in three segments: the development
of a steel production facility in Gladstone Queensland, an equity
investment in a steel forging business in Germany and a steel
production facility in United Arab Emirates.


NOVOGEN LIMITED: Grant Thornton Raises Going Concern Doubt
----------------------------------------------------------
Novogen Limited filed with the U.S. Securities and Exchange
Commission on Oct. 31, 2013, its annual report on Form 20-F for
the fiscal year ended June 30, 2013.

Grant Thornton Audit Pty. Ltd. expressed substantial doubt about
the Company's ability to continue as a going concern, citing the
company's dependence upon deriving sufficient cash from investors
and future revenues.

The Company reported a net income of A$3.18 million on A$1.11
million of revenues for the year ended June 30, 2013, compared
with a net loss of A$1.63 million in 2012.

The Company's balance sheet at June 30, 2013, showed A$5.75
million in total assets, A$1.71 million in total liabilities, and
stockholders' equity of A$4.04 million.

A copy of the Form 20-F is available at:

                        http://is.gd/eM5Bu7

                           About Novogen

Based in Horsby, Australia, Novogen Limited, a public company
limited by shares, was incorporated in March 1994 under the
jurisdiction of the laws of New South Wales, Australia.

The Company is a pharmaceutical company which has been involved in
the discovery, development, manufacture and marketing of products
based on the emerging field of isoflavonoid technology.  The
Company's product development program, which it conducts through
its subsidiary MEI Pharma, Inc. ("MEI"), embraces a novel range of
pharmaceuticals based on the field of isoflavonoid technology and
on compounds known as isoflavones.



WALTON GROUP: Family Trusts Get AUD33.6MM Before Group's Collapse
-----------------------------------------------------------------
Bill Hoffman at Sunshine Coast Daily reports that Craig Walton's
family trusts received more than AUD33.6 million in service and
licensing fees over the two years before two Walton construction
companies were placed under administration on October 4.

Sunshine Coast Daily relates that reports by the administrators
for Walton Construction and Walton Construction (Qld) sent to
subcontractor creditors on October 31 reveal that the payments
were made at a time the performance of the two companies was
nosediving.

According to Sunshine Coast Daily, the report said it was unclear
how much of the amounts was paid in cash and how much was accrued.

"By February 28, 2013, it was clear Walton Construction was
relying on trade contractors and subcontractor retentions," the
reports state, Sunshine Coast Daily relays.

Sunshine Coast Daily says Walton Sub Contractor Collective
spokesman Les Williams has e-mailed its members warning potential
dangers existed in supporting liquidation.

Of particular issue are inter-company, non-commercial loans
totalling AUD18.9 million made by Walton (Qld) to Walton
Construction, most of which were paid during the 2013 financial
year.

Creditors' meetings on November 8 will vote whether to accept
administrator Lawler Draper Dillon's recommendation to put both
companies into liquidation, Sunshine Coast Daily adds.

Walton Construction is a Melbourne-based builder.  The company was
founded in 1993 by Craig Walton and had offices in Melbourne,
Sydney and Brisbane.



=========
C H I N A
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ANTON OILFIELD: Fitch Rates US$250MM Senior Unsecured Notes 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned China-based Anton Oilfield Services
Group's (Anton; BB/Stable) USD250m senior unsecured notes a final
rating of 'BB'.

The rating action follows the completion of the notes issue and
receipt of documents conforming to information previously
received. The final rating is same as the expected rating assigned
on 21 October 2013.

Key Rating Drivers:

Well-Positioned in China: Anton has a strong track record at the
high-end of the on-shore oilfield services market in China. The
group holds solid position in directional drilling, multi-stage
fracturing, and drilling fluids. These segments account for a
large share of EBITDA and will continue to be its key growth
drivers.

Limited Operational Scale: Anton's operating scale is small
relative to similarly rated international oilfield services
providers. Anton's revenue and EBITDA were CNY2bn (USD328m) and
CNY480m, respectively, in 2012, although these are expected to
grow at a robust pace. Fitch views Anton's 'BB' ratings as
appropriate, however, considering its market position and business
risks relative to other oilfield service providers.

Favourable Market Dynamics: Private oilfield service providers
account for only around 30% of the oilfield services market in
China - a small share, but still substantial by value. Fitch also
expects the overall market to expand as China is stepping up its
energy production to meet the growing demand from consumers and
industrial users.

Upstream Capex Offers Stability: Fitch believes the upstream
expenditure in China is less susceptible to movements in global
hydrocarbon prices, due to government's goals on increasing oil &
gas production and reserves, providing a higher level of
stability.

Chinese Concentration Not Negative: Anton generates about 70% of
its revenue from the Chinese national oil companies (NOC). This is
not a major credit concern in light of established relationships
with these entities, the favourable market dynamics, and the
tendency for the NOCs to use external service providers, like
Anton, for complicated jobs.

Partnership with Schlumberger: The involvement of the global oil &
gas service provider, Schlumberger Limited, which owns a 20% stake
of Anton, is beneficial to the company's business profile.

Negative Free Cash Flow from Capex: Fitch expects Anton to incur a
higher level of capex over the medium-term. This would create
pressure on both leverage and interest coverage, yet Anton should
be able to maintain a FFO net adjusted leverage of less than 2.5x.

Rating Sensitivities:

Negative: Future developments that may, individually or
collectively, result in negative rating action:

-- FFO-adjusted net leverage of over 2.5x (end-2012: -0.1x) or FFO
fixed charge cover less than 5.0x (2012: 15.2x) on a sustained
basis

-- a sustained erosion of Anton's market position - especially in
down-hole and drilling, an elevation of business risk profile or
EBITDA margins falling below 20% (24% in 2012) on a sustained
basis

Positive: Future developments that may, individually or
collectively, result in positive rating action:

-- Fitch does not expect any positive rating action on Anton in
the medium-term as its strengths and prospects are factored into
the current ratings and its limited operating scale versus
similarly rated peers


CHINA NATURAL: Seeks 'Exclusivity' Extension Until Feb. 4
---------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that China Natural Gas Inc., the operator of a pipeline in
China, said it has worked out a pending settlement of claims with
the U.S. Securities and Exchange Commission and retained a chief
restructuring officer.

The SEC settlement and the CRO together justify a three-month
extension of its exclusive right to propose a reorganization plan,
the company said in papers filed last week.  If the bankruptcy
court in New York approves at a hearing on Nov. 13, exclusivity
will be pushed to Feb. 4.

                       About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi'an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP,
in Washington, D.C., represents the Petitioners as counsel.

China Natural Gas, Inc., sought dismissal of the involuntary
petition but in July 2013, it consented to the entry of an
order for relief under Chapter 11 of the U.S. Code.

The last regulatory filing listed assets as of June 30 of $29.5
million and liabilities totaling $82.5 million.


CITIC PACIFIC: Moody's Cuts CFR & Unsec. Debt Rating to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded CITIC Pacific Limited's
corporate family rating and senior unsecured debt to Ba2 from Ba1.
The rating on its Medium Term Notes (MTN) program has also been
downgraded to (P)Ba2 from (P)Ba1.

The ratings outlook is negative.

This concludes the rating review which commenced on 16 August
2013.

Ratings Rationale:

The rating downgrade reflects the lingering risks associated with
the company's Sino Iron project and Moody's expectation that CITIC
Pacific's weak financial profile would no longer support its
previous rating for the next two to three years.

"Although there have been some positive developments with the Sino
Iron project, CITIC Pacific so far has not made the first iron ore
shipment, which was originally scheduled for May 2013. In
addition, uncertainties remain, including the size of capex for
the remaining production lines and the actual operation cost of
production," says Alan Gao, a Moody's Vice President and Senior
Analyst.

"Even if we assume that shipments can start early next year and
that Sino Iron can achieve 4 million tons of iron ore sales, its
projected key credit metrics -- fund flow from operation
(FFO)/debt below 5% and debt/EBITDA over 10x by end-2014 -- would
even be weak for its current and lower rating level," says Gao.

Additionally, CITIC Pacific's ratings factor in a three-notch
parental uplift, reflecting CITIC Group's (Baa2 stable) strong
track record of support and concerns over high reputation risk.

The company's standalone credit profile continues to recognizes
its diversified business portfolio, which includes cyclical
sectors, such as property development and steel, and those that
provide more stable cash flows, such as investment properties, and
infrastructure projects, including tunnels and power generation.

CITIC Pacific also has adequate liquidity for the next 12- 18
months. Its large amount of cash and unused committed credit
facility are more than sufficient to cover projected capex and
maturating debt.

The negative outlook reflects uncertainties surrounding the Sino
Iron project, such as the obstacles for shipment, the lack of
visibility on capex for production lines 3-6, and the actual
operational cost of production against the backdrop of weak iron
ore prices.

A rating upgrade is unlikely in the near term, given the negative
outlook.

The rating outlook could revert to stable if (1) the Sino Iron
project progresses according to its current schedule, and (2) the
remaining capex for production lines 3-6 and cash operation costs
are in line with Moody's expectations, such that the project
starts to generate meaningful cash flow.

The rating could be downgraded if (1) the project misses its
milestones again, and/or large cost overruns occur for its
remaining production lines, (2) its cash operation cost is much
higher than expectation, such that the project does not generate
meaningful cash flow, and (3) the company's liquidity profile
deteriorates.

The credit metrics that Moody's will consider for a downgrade
include: adjusted debt/capitalization above 65%, or EBIT/Interest
lower than 1x for a prolonged period.

The rating could also be downgraded if there is evidence of
weakening support from its parent.

CITIC Pacific Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
CITIC Pacific Limited's core industry and believes CITIC Pacific
Limited's ratings are comparable to those of other issuers with
similar credit risk.

Other Factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates published in September
2007.

CITIC Pacific Ltd, listed in Hong Kong, is a conglomerate that is
57.5% owned by the CITIC Group. It was one of the first Chinese
companies to list on and invest in overseas markets. It is engaged
in a range of businesses, including special steel manufacturing,
iron ore mining, property development and investment, power
generation, infrastructure, communications, and distribution. As
of end-2012, it had total consolidated assets of HKD247 billion.

The CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by China's State Council. As of
end-2012, it had total consolidated assets of RMB3.57 trillion and
consolidated revenue of RMB 350 billion.

The Local Market analyst for this rating is Kai Hu, +86 (10) 6319-
6560.


MODERN LAND: Fitch Assigns 'B' Final Rating to US$150MM Notes
-------------------------------------------------------------
Fitch Ratings has assigned China-based property developer Modern
Land (China) Co., Limited's (Modern Land, B/Stable) USD150m
13.875% notes due 2018 a final rating of 'B' and recovery rating
of RR4.

The assignment of the final rating follows the receipt of
documents conforming to information already received and the final
rating is in line with the expected rating assigned on 23
September 2013.

The notes are rated at the same level as Modern Land's senior
unsecured rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.

Key Rating Drivers:

Small-scale property developer: Modern Land's limited scale in
terms of land bank, contracted sales as well as geographical
coverage leaves the company susceptible to greater volatility in
earnings. Modern Land's contracted sales of CNY2.8bn in 2012 and
its current land bank of about 2 million sq m (excluding presold
properties and completed property available for sale) as at the
end of 2012 is commensurate with other B-rated homebuilders.

Low leverage gives flexibility. The company is in a net cash
position as at end-June 2013. It has unrestricted cash of
CNY1.01bn and unutilised onshore credit facilities of CNY1.06bn
(against total debt of CNY856.30m). Modern Land plans to use
HKD596m of proceeds from its recent initial public offering and
proposed bond issuance to accelerate land acquisitions and
development. Fitch expects contracted sales to increase to around
CNY4bn-CNY6bn per annum over the next two years. Over the same
period, net debt/adjusted inventory will likely hit 30% (FY 2012:
9%) and contracted sales/gross debt will reach 1.7x (FY 2012: 2.48
times).

Product mix may dilute EBITDA margin: Modern Land has been
generating strong EBITDA margin of 25%-33% over the past three
years, a level higher than Chinese mass market homebuilders in
general. This is due to a combination of high-end products in
Beijing, its product differentiation strategy and the company's
comparatively lower land cost. Modern Land is likely to maintain
its margin at the current level for the next two years, boosted by
continuous sale of high-end products. However, the EBITDA margin
would likely moderate to around 20%- 25% over the medium term
because of its increasing exposure to the mid-end and mass market
segments in lower-tier cities as well as higher land costs (end-
H113: CNY859/sq m vs recent land acquisition in Nan Chang costing
approximately CNY4,000/sq m).

Longer gestation period for niche product: Modern Land's market
positioning as a niche homebuilder that provides energy-efficient
homes needs a longer gestation period because it will take time
for the company to make its products known, particularly in the
second- and third-tier cities that the company has recently
entered. Gross profit margins for initial launches are likely to
be lower (20%-30%) and the company is only likely to be able to
raise prices in subsequent launches after obtaining market
acceptance following the handover of the initial projects.

Sales still geographically concentrated. Modern Land currently has
six projects under development in six cities, across five
provinces. While the majority of its land bank resources are in
lower-tier cities such as Xiantao (36.6%) and Changsha (27.6%),
the company's contracted sales for the next two years would likely
be still driven by projects in Beijing and Taiyuan, which have
higher value and margins. In Fitch's view, meaningful geographical
diversification will occur when Modern Land's operations in lower-
tier cities mature and it is able to sustain its profit margins
over the medium term even though a smaller proportion of sales
come from Beijing and Taiyuan.

Rating Sensitivities:

Positive rating action is not expected in the next 18-24 months
due to Modern Land's small operational scale. However, future
developments that may, individually or collectively, lead to
positive rating action include:
-- Contracted sales sustained above CNY7bn without compromising
leverage.
-- EBITDA margin sustained above 25%.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include
-- EBITDA margin sustained below 20%.
-- Contracted sales/gross debt sustained below 1.0x and net
debt/adjusted inventory sustained above 40%.


TITAN PETROCHEM: To Present New Debt Restructuring Plan
-------------------------------------------------------
The South China Morning Post reports that debt-laden Titan
Petrochemicals Group, controlled by partially state-owned fuel and
metals trader Guangdong Zhenrong Energy, plans to present a new
debt restructuring proposal to creditors to whom it owes more than
US$400 million.

According to the report, Titan executive director Patrick Wong
Siu-hung said the board believed the debt restructuring plan would
be "final", but he would not divulge the proposed "hair cut" -- or
the repayment discount it proposed on amounts owed.

SCMP relates that the plan comes after Guangdong Zhenrong
completed several deals in recent months to take control of
Titan's most valuable assets.

Mr. Wong said this means Titan is left with few assets of any
value, and if the creditors do not agree to a debt restructuring,
liquidation may ensue unless another white knight is found. This
could leave shareholders with nothing and creditors with 5 to 10
per cent of the amounts owed, SCMP relays.

"A new debt restructuring proposal will be made in early
November," the report quotes Mr. Wong as saying. "We have been
communicating with the creditors and the proposal will aim for a
solution that will take care of the interests of all
stakeholders."

The Troubled Company Reporter-Asia Pacific, citing Bloomberg
News, reported on July 17, 2012, that private equity firm Warburg
Pincus LLC said in a lawsuit that Titan Petrochemicals Group Ltd.
should be liquidated because the Hong Kong-listed company is
insolvent.  Saturn Petrochemical Holdings Ltd., a Warburg special
purpose vehicle, filed a winding-up petition in the Supreme Court
of Bermuda on July 5, according to a copy obtained by Bloomberg
News.

Bloomberg News noted that the company defaulted on HK$825.8
million of principal and HK$35.1 million in interest due
on its U.S. dollar bonds on March 19, 2012.  It hasn't been
profitable in any of the past five years, and its liabilities at
the end of 2011 exceeded its assets by HK$1.24 billion, according
to the petition obtained by Bloomberg News.

                    About Titan Petrochemicals

Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/-- is an investment
holding.  The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities.  The Company operates in three business segments:
supply of oil products and provision of bunker refueling
services; provision of logistic services (including oil
transportation and oil storage), and shipbuilding. Titan's wholly
owned subsidiaries include Titan Oil (Asia) Ltd., Titan FSU
Investment Limited, Titan Oil Storage Investment Limited, Titan
Oil Trading (Asia) Limited, Titan Bunkering Investment Limited,
Harbour Sky Investments Limited and Titan Shipyard Holdings
Limited.


WINSWAY COKING: Fitch Ups Issuer Default Rating to 'CCC'
--------------------------------------------------------
Fitch Ratings has upgraded China-based Winsway Coking Coal
Holdings Limited's Issuer Default Rating from 'RD' to 'CCC'. The
senior unsecured rating and the rating on its 2016 USD notes have
been upgraded to 'CCC-/RR5' from 'C/RR4'.

The upgrades follow Fitch's reassessment of the company's credit
profile after the completion of its debt exchange offer for the
USD notes due 2016 (see "Fitch Downgrades China's Winsway to 'RD'
on Completion of Exchange Offer" dated 15 October 2013).

Key Rating Drivers:

Refinancing Capability Deteriorates: Fitch believes that the
company will have to rely on refinancing for a significant portion
of the repayment when the USD notes mature in 2016. Following the
debt exchange, Winsway needs to repay bondholders USD309.31m
(HKD2.38bn) in 2016. However, Winsway's success in procuring
covenant waivers may weaken lenders' willingness to extend loans
for this refinancing.

Cash Generation Further Deteriorates: Fitch does not expect
Winsway's core business to generate positive free cash flow from
operations. Fitch believes the prospects for operational
improvement are low, barring a sharp and sustained increase in
coking coal prices, after its back-to-back trading model didn't
work out and the company's move to be an integrated coking coal
supplier. This weakens the prospect of increasing cash resources
for the notes' repayment in 2016.

Covenants Waived, Bondholders Exposed: Almost all of the covenants
under the 2016 bond have been waived following the debt exchange.
This gives Winsway the flexibility to raise new debt and
restructure assets, while bondholders no longer benefit from the
covenant protection afforded under the original indenture. Winsway
can now not only increase its leverage, but also deploy cash
proceeds from operations, or from asset divestitures, to other
areas of the business rather than use accumulated cash for
repayment of the outstanding 2016 notes.

No Immediate Liquidity Issues: Fitch doesn't expect Winsway to
have immediate liquidity issues, even after it paid out a total of
USD76m (HKD591m) for the notes buyback and consent solicitation
fees. On 30 June 2013, the company reported an unrestricted cash
balance of HKD1.79bn, and restricted bank deposits of HKD963m that
had been pledged for its bank borrowings. Winsway's fixed assets,
excluding the Canadian Grand Cache Coal portion, may still be used
as collateral for short-term borrowing, especially after the
waiver of covenants on indebtedness.

Rating Sensitivities:

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

-- deterioration in refinancing prospects and liquidity profile

-- inadequate plans to refinance the bonds by mid-2015

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

-- increased profits from core activities aiding cash flow and
valuations of the underlying business

-- improved profits, with resultant valuation, from the ring-
fenced Canadian business



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


AMAR COTTEX: CARE Reaffirms 'B' Rating on INR7.4cr LT Loans
-----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Amar Cottex Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       7.40        CARE B Reaffirmed
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Amar Cottex Private
Limited continues to remain constrained on account of its weak
financial risk profile marked by thin profitability, highly
leveraged capital structure, weak debt coverage indicators and
stressed liquidity position coupled with its presence in a highly
competitive and fragmented cotton ginning industry.The rating is
further constrained on account of the susceptibility of its
profitability to volatile raw material prices and seasonality
associated with the availability of cotton coupled with the impact
of changes in the government policy on cotton.

The rating, however, favorably takes into account the experience
of the promoters in the cotton ginning industry and location
advantage of being situated within the cotton-producing belt of
Gujarat.

The ability of ACPL to increase its scale of operations while
managing volatility associated with the cotton prices and
improvement in its overall financial risk profile through an
improvement in the profitability and capital structure are the key
rating sensitivities.

Rajkot-based ACPL was incorporated in March, 2011 by Mr Nilesh
Devjibhai Sakhiya and Mr Naranbhai Karsanbhai Ramani as a private
limited company. ACPL is engaged in the cotton ginning and
pressing activity and started commercial production from November,
2011. Mr Jayraj Vekariya is managing the overall business
operation of ACPL. ACPL has an installed capacity of 6,800 Metric
Tonnes Per Annum (MTPA) for cotton bales at its sole manufacturing
facility located at Rajkot (Gujarat).

As per the audited results for FY13 (refers to the period April 1
to March 31), ACPL achieved Profit after Tax (PAT) of INR0.09
crore on a Total Operating Income (TOI) of INR43.93 crore as
against the PAT of INR0.08 crore on a TOI of 22.03 crore in FY12.


ANTARCTICA PROPERTIES: ICRA Ups Ratings on INR74.4cr Loans to 'C'
-----------------------------------------------------------------
ICRA has revised long term rating to '[ICRA]C' from '[ICRA]D' for
INR65.00 crore term loan and INR9.40 crore unallocated facilities
of Antarctica Properties Company Limited.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loan                65.00        Revised to [ICRA]C
   Unallocated Facilities    9.40        Revised to [ICRA]C

The rating revision factors in the regularization of debt
servicing (both principal and interest) by the company for last
few months. Earlier the rating was revised to [ICRA]D as the
company had delayed in repayment of principal and payment of
interest given the delay in project completion and limited cash
inflows because of less than expected sales of its service
apartments and commercial space. However, recently the company has
raised INR36 crore through issue of Non Convertible Debentures
(NCDs) which has eased the liquidity and helped the company pay
the banks overdue.

However, the rating continues to be constrained by stretched
liquidity profile of the company given high market risk faced by
the project, as evidenced by limited sales achieved so far, amid
the market characterized by weak demand, high interest rates,
slowdown in economic activity and increased supply in the short
term. Going forward company's ability to achieve healthy bookings
and collections and to timely execute the project along with
timely debt servicing would be the key rating sensitivity factors.

APCL is the Indian arm of Tricone Development Singapore Pte.
Limited and is involved in the real estate development in
Hospitality segment. APCL is developing commercial
residences/serviced apartments at Mayur Vihar, Phase I, Delhi on a
freehold plot allotted by Delhi Development Authority (DDA). The
project comprises of 32 serviced apartments and commercial space.
The project is being developed at a total project cost of around
INR200 crore and is expected to be completed by end of Q4 2013.
Apart from equity and customer advance, the project funding
initially comprised term loan of INR65 crore, however company
availed only INR49 crore (outstanding as on date - INR30.35
crore). Recently the company has raised additional INR36 crore
through NCDs to meet debt repayment and the pending execution
requirement.


ARORA CONSTRUCTION: ICRA Reaffirms 'BB' Rating on INR5cr Loans
--------------------------------------------------------------
ICRA has reaffirmed '[ICRA]BB' rating to the INR5.00 crore fund
based bank facilities of Arora Construction Co. (P) Ltd.  ICRA has
also reaffirmed '[ICRA]A4' rating to the INR10.00 Crore non fund
based facilities of the company. The outlook on the long term
rating is stable.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based facilities     5.00       [ICRA]BB (Reaffirmed)

   Non Fund Based           10.00       [ICRA]A4 (Reaffirmed)
   Facilities

ICRA's rating action takes into account strong experience of
promoters in the construction business, stable revenue growth,
stable profitability metrics and comfortable order book. The
ratings also factor in comfortable capital structure with overall
gearing at 0.71 times as on 31st March, 2013 on account of low
long term debt levels and limited working capital borrowings due
to access to mobilization/secured advances from the customers. The
ratings are however constrained by dependence of present order
book on one fairly large project which exposes the client high
client concentration risk and project execution risk. Further, the
fixed price nature of the order exposes the profit margins to any
raw material price hikes. The ratings continue to remain
constrained by modest scale of operations, sectoral concentration
and competitive pressures.

Arora Construction Co. (P) Ltd is a Faridabad based Class-I civil
contractor enlisted with Central Public Works Department (CPWD).
ACCPL was incorporated in November, 1990 by Mr. S.L. Arora. Mr.
S.L. Arora has been in the construction business since 1966
through another company named S.L. Arora & Co. in 1966 which
ceased to exist after its entire operations were shifted to ACCPL.
ACCPL has been primarily engaged in civil structural works with
presence mainly in NCR, Haryana, Uttar Pradesh and Uttaranchal.

As per the provisional financials for FY 2013, the company
reported an operating income INR32.46 Crore and a profit of
INR1.04 Crore against an operating income of INR25.27 Crore and a
net profit of INR0.73 Crore in FY 2012.


ARSHIYA INT'L: CARE Lowers Rating on INR1,465cr Loans to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Arshiya International Ltd and its subsidiaries/group companies.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        1,465     CARE D Revised from
   Facilities                      CARE B

Rating Rationale

The revision in the rating of the bank facilities of Arshiya
International Ltd takes into account delays in the servicing of
its debt obligations due to severe deterioration in the liquidity
and high debt service obligations due to significant time and cost
overrun on projects undertaken by the company and its
subsidiaries, which was funded through additional debt. The
liquidity profile of the company (on a consolidated basis)
worsened due to lower-than-estimated revenue generation
from the warehousing and logistics business, owing to the
regulatory issues and sub-optimal capacity utilization of Khurja
Free Trade and Warehousing Zones being executed under
Arshiya Northern FTWZ Limited.

Consequent to the revision in the ratings of the above-mentioned
facilities of AIL, the ratings of the following companies were
also revised, as all the facilities of these companies are backed
by the unconditional and irrevocable corporate guarantees extended
by AIL.

Arshiya Rail           Longterm Bank   385.64   CARE D Revised
Infrastructure         Facilities               from CARE B (SO)
Limited

Arshiya Industrial     Longterm Bank   413.26   CARE D Revised
and Distribution       Facilities               from CARE B (SO)
Hub Limited [formerly
Arshiya Northern
Domestic Distripark
Ltd]

Arshiya Northern       Longterm Bank   258.85   CARE D Revised
FTWZ Limited           Facilities               from CARE B (SO)

Arshiya International Limited incorporated in 1981, is one of the
leading supply chain and integrated logistics infrastructure
Solutions Company in India. AIL has presence in FTWZs, Rail
Infrastructure, Industrial & Domestic Hub, Logistics and Supply
Chain Management and Information Technology, enabling operational
expertise and solutions capability across the entire supply chain.
AIL has multinational operations in logistics and supply chain
management space (in India on standalone basis and outside India
through subsidiaries) and is currently involved in phased
investment towards creating logistics infrastructure within India.

As per the standalone financials, during FY13 (refers to the
period April 01 to March 31), AIL posted a net loss of INR140.05
crore on the total income of INR724.32 crore as against a PAT of
INR47.51 crore on the total income of INR630.00 crore during FY12.
Furthermore, during Q1FY14, AIL posted a net loss of INR52.14
crore on the total income of INR92.33 crore as against a PAT of
INR9.19 crore on the total income of INR181.65 crore during
Q1FY13.


BCPL CONDUCTORS: ICRA Assigns 'B+' Ratings to INR4.10cr Loans
-------------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR2.00 crore fund
based and INR2.10 crore non fund based bank facilities of BCPL
Conductors Private Limited. ICRA has also assigned an '[ICRA]A4'
rating to the INR3.00 crore non fund based bank facilities of
BCPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits-       2.00       [ICRA]B+ assigned
   Cash Credit

   Non Fund Based Limit-
   Bank Guarantee           2.10       [ICRA]B+ assigned

   Non Fund Based Limits-   1.50       [ICRA]A4 assigned
   BE under LC

   Non Fund Based Limit-    1.50       [ICRA]A4 assigned
   Letter of Credit

The assigned ratings take into account the experience of the
promoters in conductor business, BCPL's reputed but concentrated
client base and its limited risk towards volatility in the prices
of raw materials as majority of the revenue is derived from job
work where customer supplies the raw materials. ICRA notes that
highly competitive business coupled with tender based contract
awarding system pressurizes margins of players including BCPL. The
ratings, however, take into consideration BCPL's small scale of
operation, consistent decline in profitability in the last few
years and high working capital intensity of operation, though the
company has been able to maintain conservative capital structure
on account of low level of debt. The ratings also consider BCPL's
exposure towards foreign exchange fluctuation risk on account of
imports of insulating materials.

Incorporated in 2001, BCPL is involved in the manufacturing of
copper conductors having a capacity to manufacture around 3,240
metric tonne per annum (MTPA). The company basically does job work
for transformer manufacturing companies like Bharat Heavy
Electricals Limited, Crompton Greaves Limited and others.

Recent Results
The company has reported a profit before tax of INR0.15 crore
(provisional) on an operating income of INR8.68 crore
(provisional) during 2012-13; as compared to a net profit of
INR0.11 crore on an operating income of INR6.86 crore during 2011-
12.


BHAGWATI RICE: ICRA Reaffirms 'B' Rating on INR34.68cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' for INR34.68
crore (Enhanced from INR19.00 crore)fund based facilities of
Bhagwati Rice Mills.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based limits       34.68        ICRA]B (reaffirmed)

The rating continues to be constrained by BRM's weak financial
profile, reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. The rating also takes
into account high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating however, favorably takes
into account long standing experience of promoters and proximity
of the mill to major rice growing area which results in easy
availability of paddy.

Bhagwati Rice Mills is a partnership firm established in 1994. The
firm is primarily engaged in milling of basmati rice. BRM's
milling unit is based out of Nissing, Karnal, in close proximity
to the local grain market. BRM sells rice under its 2 main brands
- BRM and BRM King in the domestic market. The firm is also
involved in export of rice.

In the current financial year the firm is planning to enhance the
milling capacity from 4 tph to 12 tph and sortex capacity from 4
tph to 10tph. The total cost of this project is estimated to be
around INR2.50 crores, which will be funded by Term loan of
INR1.30 crore, INR0.70 crore by Letter of Credit (for a period of
3 years, which will be converted into Term loan later) and rest
INR0.50 crore by additional capital by promoters.

Recent Results

During the financial year 2012-13, the firm reported a profit
after tax (PAT) of INR0.10 crore on an operating income of
INR82.29 crore as against PAT of INR0.08 crore on an operating
income of INR58.67 crore in 2011-12.


BRAWN SPACES: CRISIL Assigns 'B' Rating to INR120MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Brawn Spaces Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Long-Term Loan         120      CRISIL B/Stable (Assigned)

The rating reflects BSPL's susceptibility to risks related to the
implementation and commercialisation of its upcoming commercial
real estate project in Hyderabad (Andhra Pradesh), and to
cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by its promoters' extensive
entrepreneurial experience.

Outlook: Stable

CRISIL believes that BSPL will continue to benefit from its
promoters' entrepreneurial experience over the medium term. The
outlook may be revised to 'Positive' if BSPL generates more-than-
expected cash flows, aided by earlier-than-expected completion of
its ongoing project and healthy occupancy rates, improving the
company's financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of time and cost overruns in the
project, or lower-than-expected occupancy resulting in
deterioration of financial risk profile.

Incorporated in 2013 and based in Hyderabad (Andhra Pradesh), BSPL
develops commercial real estate project at Hydershakote in
Hyderabad. The company is promoted by Mr. Syed Mohammed and Mr.
Syed Reyhan Saif.


CAUVERY ENGINEERING: CRISIL Puts 'BB' Ratings on INR49MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Cauvery Engineering Works.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   SME Credit               2.5      CRISIL BB/Stable (Assigned)
   Letter of Credit        19.0      CRISIL A4+ (Assigned)
   Bank Guarantee           2.0      CRISIL A4+ (Assigned)
   Cash Credit             46.5      CRISIL BB/Stable (Assigned)

The ratings reflect CEW's healthy financial risk profile marked by
low gearing, and its promoter's extensive experience in the
fabrication industry. These rating strengths are partially offset
by the firm's modest scale of operations in the intensely
competitive industrial components industry, customer concentration
in its revenue profile, and its working-capital-intensive
operations.

Outlook: Stable

CRISIL believes that CEW will continue to benefit over the medium
term from its promoter's extensive experience in the fabrication
industry. The outlook may be revised to 'Positive' if the firm
registers significant growth in its revenues and profitability
while maintaining its comfortable capital structure. Conversely,
the outlook may be revised to 'Negative' if CEW's revenues and
profitability are lower than expected, or it undertakes a
significant debt-funded capital expenditure programme, weakening
its financial risk profile.

Established in 1983 by Mr. Punniyamoorthy and based in Tamil Nadu,
CEW is a partnership firm engaged in fabrication of steel
structures and manufacturing of boiler components such as floor
grills, casing support, outer arms, inspection doors, nuts, ducts,
and clamps.

CEW reported a profit after tax (PAT) of INR9.2 million on net
sales of INR193.2 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.8 million on net
sales of INR173.8 million for 2011-12.


CHALAPATHI EDUCATIONAL: ICRA Puts B+ Ratings on INR16cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR14.60
crore fund based facilities and INR1.40 crore unallocated limits
of Chalapathi Educational Society.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund based limits        14.60        [ICRA]B+ Assigned
   Term Loan

   Unallocated Limits        1.40        [ICRA]B+ Assigned

The assigned ratings are constrained due to significant delays in
receiving fees from the Government of Andhra Pradesh (GoAP) which
impacts the liquidity of the society, as 65% of the students are
eligible for fee reimbursement from the GoAP. As on 31st March
2013, fees amounting to INR4.90 crore is yet to be received from
the GoAP. Further, the ratings factor in the increasing
competition with presence of many existing and upcoming
engineering colleges in Andhra Pradesh. ICRA notes that the fee
fixation by the GoAP and approvals from AICTE for seat additions
limits the growth potential for the society. However, the ratings
favourably factor in the established brand name of the society in
imparting technical education in Guntur District of Andhra Pradesh
and its diversified presence across various streams i.e.,
Engineering, Pharmacy, Degree College, Junior College and Diploma
programs which lends stability to revenues. The ratings also
factor in the financial risk profile characterized by moderate
profitability, high gearing and moderate coverage indicators.

Chalapathi Educational Society was established in 1995 as a non-
profit society by its chief promoter Mr. Y.V. Anjaneyulu. The
society operates five institutions including two Engineering
colleges, Pharmacy College, Degree college and Junior college. The
establishments of CES, namely, Chalapathi Institute of Engineering
& Technology, Chalapathi Institute of Technology, Chalapathi
Institute of Pharmaceutical Sciences, Chalapathi Degree College
and Chalapathi Junior College are based in Guntur, Andhra Pradesh.

Recent Results
In FY2012-13, the society reported a profit after tax of INR0.80
crore on an operating income of INR15.04 crore.


DELTA SUGARS: CRISIL Cuts Ratings on INR561.8MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Delta Sugars Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               30.0      CRISIL D (Downgraded from
                                     CRISIL BB-/Stable)

   Cash Credit            531.8      CRISIL D (Downgraded from
                                     CRISIL BB-/Stable)

The rating downgrade reflects instances of delay by DSL in
servicing its debt; the delays have been caused by the company's
weak liquidity owing to its large working capital requirements.

DSL has a weak financial risk profile, which is marked by high
gearing and weak debt protection metrics. The company has large
working capital requirements and is exposed to risks related to
adverse changes in government regulations. The company, however,
benefits from its promoters' extensive experience in the sugar
industry.

DSL, a part of the Laila group of companies, is a sugar-
manufacturing unit situated in Vijayawada (Andhra Pradesh). It has
a cane-crushing capacity of 3500 tonnes per day.


FARIDA SHOES: ICRA Reaffirms 'BB+' Rating on INR1.4cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB+' to the
INR1.40 crore term loans of Farida Shoes Private Limited; the
outlook on the rating is Stable. ICRA has also reaffirmed the
short-term rating of '[ICRA]A4+' to the INR85 crore short-term
fund based and non-fund based facilities of FSPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term, Term          1.40       [ICRA]BB+(Stable)/
   Loans                               reaffirmed

   Short term, Fund        53.50       [ICRA]A4+/reaffirmed
   based Limits

   Short term, Non-        22.50       [ICRA]A4+/reaffirmed
   fund based Limits

   Short term, Standby      9.00       [ICRA]A4+/reaffirmed
   Limits

The reaffirmation of the ratings reflects the established
operational capability of Farida Group, with the Group being one
of the largest leather and leather goods exporters in India; the
established track record of the promoters in the leather industry;
and, the sustained association of the company with reputed
international footwear brands.

The ratings, however, factor in the major changes in the company's
customer profile due to weakening of demand in Europe; the high
volatility of orders from top customers impeding revenue growth;
and, the sharp increase in leather prices which has stressed the
margins. The ratings also factor in the exposure of revenues to
forex risk due to high reliance on exports, though the current
favourable exchange rate scenario and the company's hedging policy
mitigate the risk to some extent. The ratings are further
constrained by the low margins, weak coverage indicators and high
gearing levels of the company.

Farida Group is one of the biggest exporters of leather and
leather goods from India. The Group comprises of 11 companies,
with 6 companies involved in shoe manufacturing activities, while
the rest are involved in manufacturing shoe components. Farida
Shoes Private Limited (FSPL), the flagship company of Farida
Group, was incorporated in September 1976 to manufacture full
shoes. The factory with a current production capacity of 13600
pairs/day is located at Ambur, Vellore District, Tamil Nadu.

In FY 2013 the company reported Profit after Tax (PAT) of INR4.0
crore on an operating income of INR244.0 crore; and in FY 2012 the
company reported a PAT of INR3.1 crore on an operating income of
INR243.4 crore.


G. C. THREADS: CRISIL Assigns 'BB' Ratings to INR427.7MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of G. C. Threads Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             327.7     CRISIL BB/Stable (Assigned)

   Bank Guarantee          5.5     CRISIL A4+ (Assigned)

   Cash Credit           100.0     CRISIL BB/Stable (Assigned)

The ratings reflect the extensive experience of GCTPL's promoters
in the cotton yarn industry, and its moderate operating
profitability. These rating strengths are partially offset by the
company's below-average financial risk profile, marked by high
gearing, and its modest scale of operations in the highly
fragmented cotton yarn industry.

Outlook: Stable

CRISIL believes that GCTPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and its established relationships with customers. The
outlook may be revised to 'Positive' if the company generates
more-than-expected cash accruals, backed by stabilisation of its
newly added capacity and improvement in its working capital cycle,
leading to improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if GCTPL faces a decline in offtake
by its key customers, adversely affecting its revenues and margins
and leading to deterioration in its liquidity and capital
structure.

GCTPL was promoted by Mr. Varun Garg and his family members in
2010. The company manufactures cotton yarn at its plant in Samana
(Punjab).

GCTPL reported a net profit of INR3.80 million on net sales of
INR530.80 million for 2012-13 (refers to financial year, April 1
to March 31), as against a net profit of INR0.55 million on net
sales of INR77.60 million for 2011-12.


HARYANA SURAJ: CRISIL Assigns 'D' Ratings to INR140MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Haryana Suraj Maltings Ltd.  The rating reflects instances of
delays by HSML in servicing its working capital term debt
obligations; the delays have been caused by the company's weak
liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital           50      CRISIL D (Assigned)
   Term Loan

   Cash Credit               20      CRISIL D (Assigned)

   Proposed Cash             70      CRISIL D (Assigned)
   Credit Limit

HSML's financial risk profile is constrained by its high gearing
and weak debt protection metrics. Its business risk profile is
also constrained by its small scale of operations, low
profitability and working-capital-intensive operations. These
weaknesses are partially offset by the promoters' extensive
experience in the barley malts manufacturing industry.

Incorporated in 1990, HSML manufactures barley malts. It is
promoted by Mr. Mukesh Aggarwal and his family members. The
company has its manufacturing facility at Rewari (Haryana).


HK COTTON: CARE Assigns 'B+' Rating to INR9.05cr LT Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of HK Cotton
Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        9.05       CARE B+ Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of HK Cotton Industries
is primarily constrained on account of its presence in the highly
competitive and fragmented cotton-ginning business and weak
financial risk profile marked by thin profitability, leveraged
capital structure and weak debt coverage indicators. The rating
also remained constrained on account of the limited value
addition, volatility associated with the raw material prices,
working capital intensive operations and susceptibility to changes
in the government policy for cotton.  The rating, however,
favourably takes into account the experience of the partners in
the cotton ginning business and its proximity to the cotton-
producing region of Gujarat.

The ability of HCI to increase its scale of operations and
presence in the value chain, thereby improving its profitability
and capital structure remains the key rating sensitivity.
Chhindwara-based (Madhya Pradesh) HCI was formed in 2007 as a
partnership firm. HCI is into the business of cotton ginning &
pressing of cotton bales and cotton seeds. Currently, HCI is
managed by four partners with an equal profit and loss sharing
agreement between them. The partners are also involved in the
trading and retailing of fertilizers, seeds and pesticides in the
name of a partnership firm 'Hemendra Kumar & Co'. HCI operates
from its sole manufacturing facility located in Chhindwara (Madhya
Pradesh) and has an installed capacity of 3,400 MTPA for cotton
bales and 6,400 MTPA for cotton seed as on March 31, 2013.

As per the provisional results for FY13 (refers to the period
April 1 to March 31), the company reported a total operating
income of INR32.88 crore (FY12: INR32.66 crore) and a net profit
of INR0.06 crore (FY12: INR0.03 crore).


K P CHARITABLE: CRISIL Suspends 'D' Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of K P
Charitable Trust.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan           100     CRISIL D Suspended

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

Set up in 2007-08 (refers to financial year, April 1 to March 31)
by Mr. K P Agarwal and his son, Mr. Mukesh Agarwal, KPCT has
promoted two colleges, K P Engineering College (KPEC) and K P
College of Management (KPCM), in Agra (Uttar Pradesh). KPCT offers
engineering degree programmes in various streams including
electronic and communications, mechanical, information technology,
and electrical, as well as a master of business administration
programme. The student capacity for each of these programs is
around 60. Both the institutes are affiliated to Uttar Pradesh
Technical University (UPTU) and approved by the All India Council
for Technical Education (AICTE).


KANISHK METAL: ICRA Assigns 'BB-' Ratings to INR12.22cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the INR7.22
crore term loan facility and the INR5.00 crore fund based facility
of Kanishk Metal Recycling Private Limited. ICRA has also assigned
a short-term rating of '[ICRA]A4' to the INR6.50 crore non-fund
based facilities of KMRPL. The outlook on the long-term rating is
stable.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan facility      7.22       [ICRA]BB- (Stable) assigned
   Fund based facility     5.00       [ICRA]BB- (Stable) assigned
   Non-fund based          6.50       [ICRA]A4 assigned
   facilities

The assigned ratings consider the established presence and
experience of the OPG group in the business of steel
manufacturing; KMRPL's major sales to group entity, Kanishk Steel
Industries Limited, bank facilities of which are rated [ICRA]BBB-
(Stable) and [ICRA]A3), which reduces off-take risks to an extent;
its proximity to the key customer, which leads to savings in
logistics cost; and comfortable working capital intensity. The
ratings are constrained by the Company's negative net worth as on
March 31, 2013 and stretched coverage indicators; however, the
ongoing conversion of unsecured loans from promoter group to
equity and additional equity infusion during 2013-14 are expected
to improve the capital structure and coverage metrics to an
extent. KMRPL reported net losses during 2012-13 primarily on
account of deferred tax charge arising from additions to windmills
during that fiscal; however, cost saving arising from the captive
consumption of wind power is expected to improve the operating
profitability going forward. Further, the ratings consider the
highly fragmented and commoditised industry structure, which
limits pricing flexibility and scope for margin expansion. While
the steel industry is currently passing through a weak phase, the
long-term demand outlook for steel products remains favourable.

Incorporated in July 2011 and commencing operations in September
2011, KMRPL is primarily engaged in manufacturing MS ingots at its
facility located in Gummidipoondi (near Chennai, Tamil Nadu). The
company bought an induction furnace, with a capacity of 18,000
MTPA. It has three windmills, with an aggregate capacity of 3.75
MW, which are also located in Tamil Nadu; the wind power is
captively consumed. The company is also engaged in trading in
steel products; however, this happens on a small scale. The
company is part of the OPG group, which is engaged in the
businesses of power generation and steel manufacturing.

Recent results

KMRPL reported a net loss of INR1.3 crore on an operating income
of INR55.3 crore during 2012-13.


KAPOTEX INDUSTRIES: ICRA Reaffirms 'B+' Ratings on INR5.5cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR3.00 crore long term fund based facilities and INR1.05 crore
(earlier INR1.50 crore) term loan facility of Kapotex Industries
Private Limited). ICRA has also reaffirmed the '[ICRA]A4' rating
to the INR4.50 crore (earlier INR5.00 crore) short term non fund-
based facility of Kapotex Industries Private Limited. The
unallocated amount of INR1.45 crore has been rated on both the
scales at [ICRA]B+ and [ICRA]A4.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long term Fund           3.00        [ICRA]B+ reaffirmed
   Based Limits
   (EPC/PCFC)

   Term Loan                1.05        [ICRA]B+ reaffirmed

   Short term Non           4.50        [ICRA]A4 reaffirmed
   Fund Based Limits
   (LC & BG)

   Un allocated amount      1.45        [ICRA]B+ and [ICRA]A4
                                        assigned

The rating reaffirmation continues to factor in the moderate scale
of Kapotex Industries Private Limited's (KIPL) operations and the
weak financial profile characterized by declining revenues, a
leveraged capital structure and low profitability on account of
competitive pressure from international players, restricting
growth. ICRA also notes the vulnerability of the margins to the
foreign exchange rate fluctuations as also to raw material price
fluctuations.

However, the ratings favourably incorporate the rich experience of
the directors in the wool yarn business, the company's strong
emphasis on quality which has enabled them to regain the
accredition by Wools of New Zealand, and the likely operational
efficiencies from its backward integration initiative.
Kapotex Industries Private Limited (KIPL) was incorporated on 29th
May, 2008 as a privately owned company. The company is engaged in
the business of manufacturing of wool yarn and commercial
production started in February 2009. The company was promoted by
Mr. Rajiv Rajan Kapur and Mr. Varun Rajeev Kapur. The company is a
wool yarn exporter and caters to the rugs and boardloom carpets
industry. The product range of the company consists of semi
worsted yarns, worsted yarns and woollen carded yarns and the
whole production is exported to floor covering and carpet
manufacturers of U.S.A., Belgium, Thailand, China, and Europe.
KIPL's manufacturing plant is located in GIDC Sarigram Industrial
Estate, Gujarat with an installed capacity of 1000 metric tonnes.
The company also has a registered office at Juhu Scheme, Mumbai.

Recent Results:

During 2012-13 the firm reported a net profit of INR0.20 crore on
an operating income of INR11.39 crore. As per the provisional
financials for the H1 of FY 2014, the company has reported a PAT
of INR0.79 crore over an operating income of INR8.59 crore.


KINGFISHER AIRLINES: Loan Shadow Over Mallya's Goa Villa
--------------------------------------------------------
The Times of India reports that liquor baron Vijay Mallya's
sprawling villa in Goa is once again caught in a tug-of-war
between creditors and his now-defunct Kingfisher Airlines.

On November 1, SBICAP Trustee Company announced that it took
possession of the sprawling three-acre Kingfisher Villa at
Condolim, Goa on October 30. The notice came after Kingfisher
Airlines failed to pay INR6,027 crore to the firm. The guarantors
to the loan are United Breweries (Holdings) and Mallya himself.

Immediately, Mallya's legal team moved the senior civil judge 'A'
court, Mapusa, on November 1.  According to the report, the court
ordered the creditors to maintain status quo and restrained them
from "dispossessing" or "interfering" with the property.

TOI quotes Prakash Mirpuri, GM, corporate communications, UB
Group, as saying that, "The court injunction restrains banks from
taking any action against KF Villa, Goa. This injunction was
initially granted on April 26, 2013, and confirmed/continued by
the court at subsequent hearings, including on November 1."
SBICAP is a wholly-owned subsidiary of SBI Capital Markets. Its
notice said the Division 'A' court at Mapusa had permitted the
"secured creditors to take action in accordance with the law"
since the borrower/guarantors failed to repay the amount.

"The public is hereby cautioned not to deal with the property and
any dealings with it will be subject to the charge of the SBICAP
Trustee Company for an amount of INR6,027.42 crore and interest
thereon," the notice, as cited by TOI, said.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and
Mumbai.

Kingfisher Airlines, which has been unprofitable since it was
created in 2005, accumulated losses of $1.9 billion between
May 2005 and June 30, 2012, The Wall Street Journal reported
citing Sydney-based consultant CAPA-Centre for Aviation.  The
airline also owes about $2.5 billion to lenders, suppliers,
leasing companies and investors, the Journal added.

According to The Times of India, the company began showing signs
of weakness in November 2011 when it ran out of money to operate
most of its flights and started reducing its flights to cut cost.
The airline also failed to pay salaries to its employees for a
long time following which the employees went on an indefinite
strike. Its flying license was finally suspended in October 2012,
TOI reported.


KLA FOODS: CARE Reaffirms 'B+' Rating on INR2.5cr LT Bank Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the long-term bank
facilities and assigns 'CARE A4' rating to the short-term bank
facilities of KLA Foods (India) Ltd.

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

   Short-term Bank       7.50       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings continue to remain constrained by KLA Food (India) Ltd
stressed liquidity position owing to the loss of support from ECGC
(Export credit Guarantee Corporation), presence in the fragmented
food processing industry with low entry barriers and seasonality
associated with raw material sourcing. The above constraints
offset the strengths derived from the healthy growth in operating
income in FY13 (refers to the period April 01 to March 31),
experienced promoters and comfortable capital structure.

The company's ability to improve its profitability and liquidity
position are the key rating sensitivities.

Incorporated in 2006 by Mr Ashok Agarwal and his brother, Mr Arun
Agarwal, KFIL is mainly engaged in the processing of frozen
vegetables and trading of rice. The company's processing unit
is in Rudrapur (Uttarakhand) with a freezing capacity of 2 MT per
hour. This capacity is utilized for processing peas only during
the period December to March, and for the rest of the year, the
capacity is utilized to process other vegetables like sweet corn,
ladyfinger and mix vegetables. The company markets its various
products under different sub-brands; however, the mother brand
remains the same as 'KLA'.

During FY13, KFIL reported a PAT of INR1.03 crore on a total
operating income of INR132.13 crore as against a PAT of INR0.22
crore on a total operating income of INR27.65 crore in FY12.


KRISHNA CONCAST: ICRA Cuts Ratings on INR6.17cr Loans to 'B+'
-------------------------------------------------------------
ICRA has revised the the long term rating assigned to the INR1.17
crore term loan and INR5.00 crore working capital sublimit
facility of Krishna Concast Private Limited to '[ICRA]B+' from
'[ICRA]BB-'. ICRA has also reaffirmed/assigned '[ICRA]A4' rating
to the INR14.80 crore non fund based facilities of KCPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan               1.17        [ICRA]B+ revised
   Working Capital         5.00        [ICRA]B+ revised
   Letter of Credit       30.00        [ICRA]A4 reaffirmed

The revision in ratings reflects the deterioration in financial
profile as evident by decline in revenues and net losses on
account of high raw material costs for the company. The ratings
are also constrained by the company's leveraged capital structure
and stretched liquidity position. The rating also takes into
account the intense competitive pressures and vulnerability of
profitability to adverse raw material prices fluctuations as well
as to adverse fluctuations in foreign exchange rates.

The ratings, however, favorably factor in the long experience of
the promoters in steel industry and established track record of
the company. The ratings also take into account the location
advantage derived by the company from its proximity to suppliers
of raw material and presence of rolling mills and metal processors
in the vicinity, which are the company's major customers.

Krishna Concast Private Limited was incorporated in June 2008 by
Mr. Dinesh Fuletra and Mr. Sanjay Patel along with 11 other
shareholders. The company commenced commercial operations from
April 2009. It is currently engaged in manufacturing of MS billets
with its plant located at Rajkot (Gujarat) having an installed
capacity of 42,750 MT per annum.

Recent Results

For the year ended 31st March 2012, the company reported net
profit after tax of INR0.49 crore on an operating income of
INR68.91 crore. Further, the company has reported net loss of
INR0.28 crore on an operating income of INR53.36 crore for FY
2013.


MAA SARADA: CRISIL Suspends 'D' Ratings on INR246MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sree
Maa Sarada Fabrication & Engineering Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL D Suspended
   Cash Credit              160      CRISIL D Suspended
   Term Loan                 56      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
SMSFEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SMSFEPL is yet
to provide adequate information to enable CRISIL to assess
SMSFEPL'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
Sree Maa Sarada Ores And Forgings India Private Ltd and SMSFEPL,
collectively referred to as the SMSOFIPL group. This is because
both entities have the same promoters, are in the same line of
business, and do have some operational linkages. Further, both the
companies have given corporate guarantee to each other.

SMSOFIPL, incorporated in 2005, is in the business of forging of
door hinges, collars, side and end walls, lower spring seats,
guides, assemblies, and spring guides through forging processes.
The company has an installed capacity of 44,000 tonnes and
proposes to add another 50,400 tonnes by the third quarter of
2011-12 (refers to financial year, April 1 to March 31) at a total
project cost of INR350 million.


MAKKAR TEXTILE: CRISIL Assigns 'B' Ratings to INR112MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Makkar Textile.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                64.5     CRISIL B/Stable (Assigned)

   Cash Credit              35.0     CRISIL B/Stable (Assigned)

   Proposed Long-Term       12.5     CRISIL B/Stable  (Assigned)
   Bank Loan Facility

The rating reflects MT's weak financial risk profile, marked by a
small net worth, high gearing, and weak liquidity, on account of
the large, debt-funded capital expenditure (capex) programme and
large working capital requirements. The rating also factors in the
firm's small scale of operations and susceptibility to volatility
in raw material prices. These rating weaknesses are partially
offset by the established track record of MT's promoters in the
shawl manufacturing business.

Outlook: Stable

CRISIL believes that's MT will continue to benefit from the scale
up in revenues over the near to medium term on the back of new
manufacturing capacities. The outlook may be revised to 'Positive'
in case of significant improvement in the scale of operations
leading to higher than expected net cash accruals. Conversely, the
outlook may be revised to 'Negative' in case of higher than
expected debt funded capex or lower than expected accruals leading
to deterioration in financial risk profile of the firm.

MT manufactures shawls from acrylic, viscose, and polyester yarn.
Set up in 1989, the firm currently has a capacity of 6000 pieces
per day (ppd) at its unit in Ludhiana (Punjab).

MT reported a profit before tax (PBT) of INR5.2 million on net
sales of INR142.2 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PBT of INR4.0 million on net
sales of INR90.8 million for 2011-12.


MAYAJAAL ENTERTAINMENT: CRISIL Puts 'D' Ratings to INR136MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Mayajaal Entertainment Limited. The rating reflects
MEL's delays in servicing its term debt, because of its weak
liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan            61      CRISIL D (Assigned)
   Secured Overdraft         75      CRISIL D (Assigned)
   Facility

MEL has a below-average financial risk profile, marked by a highly
leveraged capital structure. However, the company benefits from
its established position in the film exhibition business in
Chennai (Tamil Nadu) and the healthy booking rate for its ongoing
residential project.

MEL was incorporated in 1997 as West Bank Garden Farm Clubs Pvt
Ltd in Chennai. The company got its present name in 2000. It
operates an entertainment centre and is developing a residential
project at Kanathur in Chennai.

For 2012-13 (refers to financial year, April 1 to March 31), MEL
reported a profit after tax (PAT) of INR3.4 million on net sales
of INR228 million, against a PAT of INR2.1 million on net sales of
INR247 million for 2011-12.


NARBHERAM AGENCIES: CRISIL Reaffirms BB- Rating on INR65MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Narbheram
Agencies Pvt Ltd continues to reflect the benefits that NAPL
derives from the extensive experience of its promoters in the
automobile dealership business and established market presence of
the brands that it retails.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           65       CRISIL BB-/Stable (Reaffirmed)

The rating also reflects low operating risks on inventory and
receivables. These rating strengths are partially offset by NAPL's
below-average financial risk profile, marked by small net worth,
high gearing and weak debt protection metrics, exposure to
cyclicality in demand and to risks related to the working-capital-
intensive jewellery business.

Outlook: Stable

CRISIL believes that NAPL will continue to benefit over the medium
term from its promoters' extensive experience in the automotive
industry. The outlook may be revised to 'Positive' if NAPL scales
up its operations substantially, while improving its
profitability, thereby improving its cash accruals, and
consequently, its liquidity and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if NAPL's
financial risk profile deteriorates, most likely because of any
larger-than-expected working capital requirements or debt-funded
capital expenditure (capex) or due to any less-than-expected cash
accruals.

Update

Muted two-wheeler demand and static volume of jewellery sales
induced by a poor economic sentiment translated into stagnant
revenues for NAPL of about INR247 million with operating margin of
4.4 per cent in 2012-13 (refers to financial year, April 1 to
March 31). The company reported sales of INR264 million and its
operating margin was 4 per cent in the preceding year. As demand
has remained subdued in 2013-14, CRISIL expects NAPL's sales and
operating margin to remain at these levels over the medium term.

NAPL has an average financial risk profile, marked by a small net
worth of INR27 million, and high total outside liabilities to
tangible net worth (TOLTNW) ratio of 3.4 times as on March 31,
2013; the debt-protection metrics remain weak, with interest
coverage and net cash accruals to debt (NCATD) ratios of 1.6 times
and 0.05 times respectively for 2012-13. The liquidity remains
stretched due to low accruals of only INR3.3 million in 2012-13
and investment of more than INR60 million in showroom inventory
for the jewellery business. The absence of fixed repayment
obligations and moderate utilisation of bank lines at an average
of about 88 per cent partly mitigates the stress on liquidity.

CRISIL believes that spiraling inventory or unanticipated support
to associate concerns can weaken NAPL's liquidity and hence will
remain rating sensitivity factors.

For 2012-13, NAPL's profit after tax (PAT) and net sales are
estimated at INR2.3 million and INR246.6 million respectively; the
company reported a PAT of INR2.4 million on net sales of INR263.5
million for 2011-12.

Established in 1998 by the Kamani family of Jamshedpur
(Jharkhand), NAPL is a dealer of Hero MotoCorp Ltd's two-wheelers
(more than 80 per cent of revenues) and a distributor of consumer
durables for Blue Star Ltd (less than 5 per cent of revenues).
NAPL also has a franchise for watches and jewellery of Gitanjali
Jewels at Jamshedpur (more than 15 per cent of revenues). The
promoters of NAPL have also been authorised dealers of commercial
vehicles of Tata Motors Ltd under the group company Enar
Industrial Enterprises Ltd (EIEL) in Jharkhand.


NARMADA ENTERPRISES: ICRA Suspends B+ Rating on INR17.35cr Loans
----------------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating, assigned to the INR17.35
crore long term fund based bank facilities of Narmada Enterprises.
ICRA has also suspended '[ICRA]A4' rating, assigned to the INR3.00
crore short term non-fund based bank facilities of the firm. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.


NAV VIDYA: ICRA Reaffirms 'BB-' Rating on INR44.35cr Term Loans
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating for the INR44.35 Crore
enhanced bank facilities of Nav Vidya Society for Education
Research & Training. The outlook on the long term rating is
"Stable". The rated amount is enhanced from INR35.0 crore to
INR44.35 crore.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term loans           44.35       [ICRA]BB- (Stable) Reaffirmed

The rating reaffirmation takes into account the long standing
experience of the promoters with a demonstrated track record in
operating educational institutions and schools, the society's
agreement with the reputed GDGPL that lends an established brand
name and operational/management support. Also, the first batch of
students has been admitted for the academic year 2013-14 and the
favorable location for the school may allow a healthy ramp up in
student intake in the coming future. However, the ratings are
constrained by a weak capital structure, project cost overrun
which may lead to a relatively longer break-even period compared
to other schools in the same league, mitigated to an extent by
timely commencement of operations of the school. Also, the school
is expected to witness high competitive intensity from schools in
Gurgaon which will put pressure on fee revenues. With debt
repayment to start in April 2014, any shortfall in admissions can
result in a cash flow mismatch and necessitate refinancing. The
ability of the society to attract new students at healthy fee
levels during the initial phase of operations, in order to
generate healthy cash flows will remain key rating sensitivities.

Nav Vidya Society for Education, Research & Training (NVS) started
operations at GD Goenka Public School, Gurgaon in April 2013. It
had entered into agreement with GD Goenka Private Limited for
establishing school campus in the name of G D Goenka Public
School, Gurgaon. The promoter group has significant experience in
the education sector, as it already operates the Rohini branch of
GD Goenka Public School since the year 2007, and reputed colleges
in Delhi through the Maharaja Agrasen Technical Education Society
(rated [ICRA]BBB+(Stable)).

Recent Results

The society reported PAT of INR0.39 lakh on an operating income of
INR0.05 crore during 2012-13.


OM COTTEX: CARE Assigns 'B' Rating to INR6.23cr Long-Term Loans
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of OM Cottex.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.23       CARE B Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Om Cottex (OMC) is
primarily constrained on account of its financial profile marked
by thin profit margins, leveraged capital structure and weak debt
coverage indicators. The rating is further constrained on account
of its presence in the highly fragmented cotton ginning industry
with limited value addition and prices and supply for cotton
being highly regulated by the government, susceptibility of
operating margins to fluctuations in the cotton prices and
seasonality associated with the cotton industry. The above
constraints outweigh the benefits derived from the partners' long
experience in the cotton ginning industry and locational advantage
in terms of proximity to the cotton-growing regions in Gujarat.

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

Botad-based (Gujarat) OMC was formed in 2008 as a partnership
firm. Currently, OMC is managed by six partners with unequal
profit and loss sharing agreement between them. OMC is into the
business of cotton ginning & pressing of cotton bales and cotton
seeds. OMC operates from its sole manufacturing facility located
in Botad (Gujarat) and has an installed capacity of 6,048,000 kg
for cotton bales, 756,000 kg for cotton seed oil & 5,418,000 for
cake. OMC markets its products in the states of Gujarat, Tamil
Nadu and Maharashtra.

During FY13 (refers to the period April 1 to March 31), OMC
reported TOI of INR41.10 crore and PAT of INR0.02 crore.


PANACHE EXPORTS: CARE Assigns 'BB' Rating to INR2cr LT Loans
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Panache Exports Private Limited.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank        2.00      CARE BB Assigned
   Facilities

   Short-term Bank      25.00      CARE A4+ Reaffirmed
   Facilities

Rating Rationale

The ratings of the bank facilities of Panache Exports Private
Limited continue to be constrained by the modest scale of
operations, leveraged capital structure, susceptibility of profit
margins to volatility in raw material prices, foreign exchange
fluctuation risk, working capital intensive nature of operations
and presence in the highly competitive and fragmented Gems &
Jewellery industry. The recent regulatory impositions by the
Reserve Bank of India coupled with the subdued macro-economic
environment in the key overseas markets further constrain the
ratings.  The ratings, however, continue to favourably take into
consideration the extensive experience of the promoters and
reputed & diversified customer base.

The ability of PEPL to increase its scale of operations, improve
profitability margins amidst volatility in the raw material prices
and forgein exchange fluctuation risk along with efficient
management of working capital cycle are the key rating
sensitivities.

Incorporated in 1991 Panache Exports Private Limited, promoted by
Mr Prem Kumar Kapoor and Mr Puneet Kapoor, is engaged in the
manufacturing of diamond-studded gold jewellery. The company has
primarily being an export-oriented unit with exports (to the
Middle East, UK, USA and other European countries) contributing
more than 90% of the total income for the last three years ended
FY12 (refers to the period April 1 to March 31). However from FY13
onwards, the company had started concentrating on domestic markets
which contributed around 30% in the total operating income. The
company has its subsidiary unit operating in London under
the name of House of Panache (UK) Ltd, to promote sales in the
European region. PEPL has its manufacturing facility at two
locations in Mumbai which carries out activities from design
conception to finished product using computer-aided
design/computer-aided manufacturing (CAD/CAM) technology.

During FY13, PEPL reported a total operating income of INR45.08
crore (growth of around 16% over FY12) and PAT of INR1.25 crore
(growth of around 87% over FY12). Furthermore, the company has
achieved a total operating income of INR33.23 crore and PBT of
INR1.57 crore till September 30, 2013.


PARAMOUNT POWDERS: CARE Reaffirms BB+ Rating on INR7.44cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Paramount Powders Private Limited.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank        7.44      CARE BB+ Reaffirmed
   Facilities

   Short-term Bank       4.00      CARE A4+ Reaffirmed
   Facilities

Rating Rationale

The ratings continue to remain constrained by the small scale of
operations of Paramount Powders Private Limited, low profitability
margins and the working capital intensive nature of operations.
The ratings are further constrained by PPPL's presence in the
fragmented powders' coating industry, exposure to the foreign
currency fluctuation and vulnerability of the operating margin to
fluctuation in the raw material prices.

The ratings continue to draw comfort from the experienced
promoters with an established track record of operations,
established marketing & distribution network and moderate leverage
& coverage indicators.

Going forward, increase in the scale of operations with an
improvement in the profitability margins, effective working
capital management and the ability of the company to manage
foreign currency fluctuation risk would be the key rating
sensitivities.

Paramount Powders Private Limited was incorporated in 1997 and is
engaged in the manufacturing of powder coating material which
mainly finds usage as a protective coating on white goods and
automobile components. PPPL's manufacturing facility is located in
Gurgaon, Haryana with a combined capacity of 3,000 Tonne Per Annum
(TPA) as on March 31, 2013. The processes of the company are ISO
9001:2000 certified. The main raw materials of the company are
polyester, epoxy resins and titanium, which are procured
domestically and also imported from Thailand, China and Taiwan.

For FY13, the company achieved a total operating income of
INR44.46 crore and PAT of INR0.40 crore as compared to INR39.11
crore and INR0.02 crore for FY12. In H1FY14, the company has
achieved a total operating income of INR22.35 crore.


PHARMAFABRIKON: ICRA Assigns 'B+' Ratings to INR10.10cr Loans
-------------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' for the INR4.10
crore term loan facilities, INR4.00 crore fund based facilities
and INR2.00 crore proposed facilities of Pharmafabrikon. ICRA has
also assigned short-term rating of '[ICRA]A4' for the INR1.00
crore fund based facilities and INR0.50 crore non-fund based
facilities of the Firm.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan facilities     4.10       [ICRA]B+/assigned

   LT-Fund based            4.00       [ICRA]B+/assigned
   facilities

   LT - Proposed            2.00       [ICRA]B+/assigned
   facilities

   ST-Fund based            1.00       [ICRA]A4/assigned
   Facilities

   ST-Non-fund              0.50       [ICRA]A4/assigned
   based facilities

The ratings take into account the experience of the promoters in
the domestic pharmaceutical formulations industry which has helped
the Firm record healthy growth in revenues in the past and the
Firm's financial profile which is characterized by moderate
gearing and adequate debt protection metrics considering the
current scale of operations. The medium term favourable outlook
for the domestic pharmaceutical formulations industry also augurs
well for the entity. The ratings, however, also take into account
the Firm's stretched liquidity position on account of cash flow
timing mismatches arising out of delayed payments by customers
(primarily government institutions), the Firm's current small
scale of operations which restricts financial flexibility and the
high concentration of the Firm's revenues across few geographies.
In addition to the above, the Firm's profit margins are exposed to
price volatility in API prices (majority of which is purchased
from China through Mumbai based agents) as pricing flexibility is
limited. While the management is consciously focusing on export
markets to support margins besides mitigating revenue
concentration risks, ability to do so remain to be seen. Further,
considering that substantial capital expenditure is envisaged over
the medium to longer term to support expansion plans, the ability
of the Firm to improve volumes and margins, and generate healthy
cash flows would remain critical to support repayment obligations
and enhance the liquidity profile of the Firm.

Pharmafabrikon is engaged in the manufacturing of pharmaceutical
formulations in various therapeutic segments in the form of oral
liquids, tablets, capsules and injectables. The Firm is promoted
by Mr. M. Lakshmanan, Mr. P. Ponrajan and Mr. A. Gunasekaran. The
Firm operates both in the domestic and foreign markets. It also
offers contract manufacturing for domestic pharmaceutical
companies, however, on a limited scale. The Firm has two
manufacturing facilities, both located in Madurai, Tamil Nadu.
Unit-I was started in 1988 and Unit-II was started in 2010, and
together, have a capacity to produce 42.0 million tablets, 3.0
million capsules, 1.0 million vials (for injectables) and 5 lakh
bottles of oral liquid. The manufacturing facilities are WHO-GMP
certified enabling the Firm to cater to foreign markets.

Recent Results

According to un-audited results, for the financial year 2012-13,
the entity reported net profit of INR0.5 crore on an operating
income of INR16.7 crore as against a net profit of INR0.3 crore on
an operating income of INR11.9 crore during the financial year
2011-12.


PURVANCHAL MILK: CARE Cuts Ratings on INR10.71cr Loans to 'D'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Purvanchal Milk Product Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.71       CARE D Revised from
   Facilities                       CARE B+

   Short-term Bank       3.00       CARE D Revised from
   Facilities                       CARE A4

Rating Rationale

The revision in the ratings of the bank facilities of Purvanchal
Milk Product Pvt Ltd takes into account the ongoing delays in the
debt servicing due to its weak liquidity position.

Purvanchal Milk Product Pvt Ltd is a closely held company
incorporated in April 2010 by Mr Tulsi Singh Rajput and his wife
Ms Ashlekha Singh Rajput. PMPPL is engaged in the processing
of milk and its product portfolio includes milk powder,
pasteurized milk, ghee, white butter, paneer and dahi. PMPPL is a
group company of Rajput Agro Industries (RAI), a part of the RAI
group, which has diversified business activities in the agro-based
business like dairy, poultry farming and hatchery.

During FY12 (refers to the period April 1 to March 31), PMPPL
reported a total operating income of INR26.37 crore and a PAT of
INR0.13 crore. Furthermore, during 11MFY13, provisional results of
PMPPL reported a total operating income of INR36.39 crore and a
PAT of INR0.45 crore.


R.B. RICE: ICRA Reaffirms 'B' Rating on INR12cr Loans
-----------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' for INR12.0
crore bank lines of R.B. Rice Industries.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        12.0       [ICRA]B (reaffirmed)

The rating reaffirmation takes into account the weak financial
profile and stretched liquidity position of the firm as reflected
by low profitability, high working capital limits utilization and
high gearing level. The rating continues to be constrained by high
intensity of competition in the industry and agro climatic risks,
which can affect the availability of paddy in adverse weather
conditions. ICRA has also taken note of the risks inherent in a
partnership firm like limited ability to raise equity capital,
risk of dissolution due to death/retirement/insolvency of partners
etc. The rating, however favorably takes into account long
standing experience of promoters in rice industry and the
proximity of the mill to major rice growing area which results in
easy availability of paddy.

R.B. Rice Industries (RBRI) is a partnership firm established in
2000. The firm is primarily engaged in milling of basmati rice.
RBRI's milling unit is based out of Fazilka, Ferozepur, Punjab
with an installed capacity of 4 tons/hr. The firm purchases paddy
from the local markets in and around Jalalabad. The firm is also
involved in export of rice to countries like Iran, UAE and Iraq.

Recent Results
The firm reported a PAT of INR0.15 crore on an operating income of
INR29.92 crore in FY2013 against PAT of INR0.09 crore on an
operating income of INR27.39 crore in FY2012.


RAINBOW PLASTICS: ICRA Reaffirms 'BB-' Rating on INR7.5cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB-' to the
INR7.50 crore (enhanced from INR6.00 crore) fund-based facilities
and assigned a short term rating of '[ICRA]A4' to the INR1.70
crore non-fund based limits of Rainbow Plastics India Limited.
The long term rating has a Stable outlook.

                          Amount
   Facilities          (INR crore)  Ratings
   ----------          -----------  -------
   Fund Based Limits      7.50      [ICRA]BB- (stable) reaffirmed
   Non-Fund Based Limits  1.70      [ICRA]A4 assigned

The rating reaffirmation takes into account the company's modest
scale of operations; its low profit margins owing to the increased
share of sales from low value addition segments and the intense
competitive pressures due to the highly fragmented industry
structure; and its high gearing levels. ICRA further notes that
since majority of the raw materials used by the company are crude
oil derivatives, its profitability remains vulnerable to any
unfavourable fluctuations in raw material prices.

The rating, however, positively considers the longstanding
experience of the company's promoters in the flexible packaging
industry; the healthy capacity utilisation levels for most of its
products; and the benefits out of the company's arrangement with
Polycab Wires Pvt. Ltd. (PWPL), which is an established player
with a wide distribution network, for the manufacture of PVC-
pipes and fittings under the brand of 'Polycab'.

Rainbow Plastics India Limited was incorporated in the year 1995
by Mr. Mansukhlal D. Savla at Dadra, Silvassa. It commenced
commercial production in the year 1999 and is engaged in
manufacturing of polyester tapes for the cable industry, and
plastic packaging materials. In the year 2007, the company also
entered into an agreement with Polycab Wires Private Limited
(PWPL) for manufacturing PVC pipes and fittings under the latter's
brand name. The company is also involved in trading of polyester
films procured from Jindal Poly Films Limited.

During FY 2012, the company reported profit after tax (PAT) of
INR0.47 crore on an operating income (OI) of INR36.96 crore.
During FY 2013, the company has reported a PAT of INR0.67 crore on
an OI of INR48.40 crore.


REGEN POWERTECH: CARE Lowers Ratings on INR2,005cr Loans to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Regen Powertech Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        425        CARE D Revised from
   Facilities                       CARE BBB

   Short-term Bank       365        CARE D Revised from
   Facilities                       CARE A3

   Long/Short-term     1,215        CARE D/CARE D Revised
   Bank Facilities                  from CARE BBB/CARE A3

Rating Rationale

The revision in the ratings takes into account instances of of LC
devolvement and consequent overutilization of cash credit
facilities during the period August - October 2013 due to stressed
liquidity position of Regen Powertech Pvt. Ltd.

Regen was incorporated in December 2006 to provide wind power
solutions on turnkey basis and commissioned its first Wind Energy
Converter (WEC) in August 2008. The company was promoted
by Mr M.Prabhakar Rao, Mr Madhusudan Khemka, Mr R.Sundaresh and
Mandava Holdings (P) Ltd (Nuziveedu Seeds Ltd previous to its
demerger), all holding shares through a holding company
NSL Power Equipment Trading Pvt Ltd. Regen employs the technology
which was acquired under the license from Vensys Energy AG
(Vensys), a German wind turbine engineering company, through its
wholly owned subsidiary - Regen resulted in significant drop in
PAT margin also. With continuation of unfavorable industry
scenario during current financial year, increase in working
capital intensity on account of stretched collection cycle has
resulted in tight liquidity position. Cash credit facilities
remained continuously over-utilised with instances of LC
devolvement during the period August 2013 - October 2013, which
was subsequently regularized.

As per the audited results of FY13, the company reported profit
after tax of INR10 crore on a total operating income of INR2,145
crore as against PAT of INR152 crore on a total operating income
of INR2,359 crore in FY12.


REPROMEN OFFSET: CRISIL Suspends 'D' Ratings on INR120MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Repromen Offset Printers Madras Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit          6       CRISIL D Suspended
   Long-Term Loan          114       CRISIL D Suspended

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

Set up in 1998, ROPM undertakes printing activities across pre-
press, printing, and post-press functions in Chennai (Tamil Nadu).
The Chairman Mr. V. Parameswaran, has over three decades of
experience with James Walter Thompson (JWT), advertising agency.
Further, ROPM's director, Mr. S Ramesh, has experience of two
decades in the printing business.


SELANGOR RETAIL: CARE Rates INR5.75cr Long-Term Loans at 'B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Selangor Retail Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.75       CARE B+ Assigned
   Facilities

   Short-term Bank       3.00       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Selangor Retail
Private Limited are constrained by the nascent stage of
operations, leveraged capital structure and weak debt coverage
indicators.  The ratings are further constrained by foreign
exchange fluctuation risk, intense competition from
the unorganized sector and vulnerability to government
regulations. The aforesaid constraints are partially offset by the
strength derived from the experienced and resourceful promoters
and presence in prime locations.  The company's ability to improve
profitability margins amidst an intense competitive environment
and efficient management of working capital cycle along with an
increasing scale of operations are the key rating sensitivities.

Selangor Retail Private Limited incorporated in 2011 (erstwhile
Pure Gain Multitrading Private Limited, subsequently name changed
in 2012), is a franchisee of Royal Selangor, a 130-yearold
Malaysian luxury gift items brand, engaged in the retailing of
reputed international luxury and gift products. The company has
two exclusive retail stores in Mumbai at Lower Parel and Juhu.

During FY13 (refers to period April 1 to March 31) (Provisional),
SRPL has posted a total operating income of INR8.02 crore and
incurred a net loss of INR1.26 crore. Furthermore, during 4MFY14
the company has reported a total income of INR0.60 crore.


SHIVA INTERNATIONAL: ICRA Suspends B Rating on INR1.9cr Loans
-------------------------------------------------------------
ICRA has suspended '[ICRA]B' rating, assigned to the INR1.90 crore
long term fund based bank facilities of Shiva International. ICRA
has also suspended '[ICRA]A4' rating, assigned to the INR5.00
crore short term fund based/non-fund based bank facilities of the
firm. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the firm.


SHRI GOVIND: ICRA Downgrades Rating on INR39cr Term Loans to D
---------------------------------------------------------------
ICRA has revised the long term rating for the INR39.0 crore term
loan of Shri Govind Realty Private Limited from '[ICRA]B+' to
'[ICRA]D'.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term Loans               39.0         [ICRA]D revised from
                                         [ICRA]B+

The rating revision follows recent delays in servicing of the term
loans by the company primarily on account of stretched liquidity
position. The deterioration of the SGRPL's liquidity profile is on
account of significant cost and time over-runs in the completion
of the retail mall project undertaken by the company in Bhopal;
and the sizeable un-leased space, which has impacted the revenue
generation of the company. These factors led to funding gap for
the company, which, despite the fund infusion by the promoters,
resulted in shortfall towards debt servicing requirements.
However, the rating takes comfort from the long track record of
promoters in real estate development in Bhopal, the favourable
location of the retail mall, and its reputed tenant profile.

Nevertheless, given the current slowdown in commercial real
estate, competition from other properties, the prevailing rentals,
and the un-leased space in SGRPL's mall, the cash flows of the
company are likely to be insufficient in comparison to the
repayment obligations and it is expected to require funding
support to be able to meet its repayment obligations.

Shri Govind Realty was promoted as a partnership firm in 2005 by
the promoters of three real estate firms in Bhopal namely Asnani
Builders & Developers Limited, Raj Developers and Kamal Krishana
Builders for construction of Aashima Mall, with a total area of
5.72 lakh square feet. In 2008, the firm was converted into a
private limited company - Shri Govind Realty Private Limited.

The promoters have long experience of real estate development in
Bhopal. They have developed a number of commercial and residential
projects in the city and neighbouring areas. The mall in SGRPL
became operational in April 2012.


SKY FOUNDATIONS: CARE Downgrades Rating on INR7.08cr Loans to 'D'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sky Foundations.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.08       CARE D Revised from
   Facilities                       CARE B+

Rating Rationale

The revision in rating of the bank facilities of Sky Foundations
takes into account the ongoing delays in debt servicing due to its
weak liquidity position.

Sky Foundation was set up in 2006 as a society and is registered
under the Societies Registration Act, 1860. In April 2009, SF set
up its first school under the franchisee of "GD Goenka Public
School" in Amritsar, which operates under the aegis of the GD
Goenka Pvt Ltd, which is one of the largest and renowned
institutions providing education at school level in India.

During FY12 (refers to the period April 1 to March 31), SF
reported a total operating income of INR3.25 crore and a surplus
of INR0.02 crore.


SUDARSHAN SULZ: ICRA Reaffirms 'B+' Ratings on INR6.87cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned earlier to
INR6.37 crore long term fund-based bank facilities and INR0.50
crore proposed bank facilities of Sudarshan Sulz Private Limited.
ICRA has also reaffirmed the rating of '[ICRA]A4' assigned earlier
to the INR0.30 crore short term non-fund based bank facilities of
SSPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term Fund           6.37        [ICRA]B+/Reaffirmed
   Based Limits

   Short Term Non           0.30        [ICRA]A4/Reaffirmed
   Fund Based Limits

   Unallocated              0.50        [ICRA]B+/Reaffirmed

The rating reaffirmation favorably takes into account the
experience of the promoters who have a track record of over two
decades in the weaving business. The rating also takes into
account the satisfactory capacity utilization of the manufacturing
unit despite regular capacity expansion been undertaken by the
company; and company's track record of profitable operations.
However, the rating is constrained by the stretched financial
profile of the company characterized by its modest profitability
margins; and leveraged capital structure owing to recent debt-
funded capital expansion. Further, the rating continues to be
constrained by the commodity nature of company's product which
together with its modest scale of operations limits its pricing
power in an intensely fragmented industry thereby keeping the
profitability margins low. This together with increased debt
obligations has resulted in stretched debt coverage indicators as
reflected by interest coverage of 1.43x, NCA/TD of 8% and
TD/OPBDITA of 4.90x as on March 2013. Moreover, the company's
profitability is susceptible to adverse movement in raw material
prices, which in turn can adversely affect the company's debt
coverage indicators. Further, the working capital intensity of
operations has deteriorated from 17% in FY12 to 34% in FY13 on
account of inventory buildup, which has resulted in negative funds
flow from operations.

Going forward, ability of the company to improve its scale of
operations as well profitability margins, which shall be critical
for improving the financial profile of the company, in addition to
improving the working capital cycle and maintaining satisfactory
capacity utilization for the expanded capacity, will be the key
rating sensitivities.

Recent Results:

Sudarshan Sulz Private Limited reported a PAT of INR0.08 crore on
an operating income of INR13.94 crore in FY2013 as against a PAT
of INR0.08 crore on an operating income of INR17.63 crore in
FY2012.

Incorporated in 1993, SSPL is engaged in fabric weaving with its
manufacturing unit located in Bhilwara, Rajasthan. The company
started with trading of fabric and set up in-house weaving
capacity in FY 2000 with 30 looms. The company presently has a
weaving capacity of ~34 lac meters per annum with 50 looms.


SUNRISE MARKETING: CRISIL Assigns 'B' Ratings to INR13MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Sunrise Marketing Agents.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital           5       CRISIL B/Stable (Assigned)
   Demand Loan

   Overdraft Facility        6       CRISIL A4 (Assigned)

   Cash Credit               8       CRISIL B/Stable (Assigned)

   Inland/Import Letter     33       CRISIL A4 (Assigned)
   of Credit

The ratings reflect the firm's below-average financial risk
profile, marked by small net worth, high gearing, and weak debt
protection metrics, its modest scale of operations, and low
profitability due to trading nature of its operations. These
rating weaknesses are partially offset by the benefits that SMA
derives from its promoters' extensive experience in the polyvinyl
chloride (PVC) resin and PVC plumbing fittings trading industry
and its established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that SMA will benefit from its promoters'
extensive experience in the PVC resin and PVC plumbing fittings
trading industry over the medium term. The outlook may be revised
to 'Positive' if there is improvement in the firm's financial risk
profile owing to higher-than-expected cash accruals, efficient
working capital management, and improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the firm's financial risk profile, particularly
its liquidity, on account of lower-than-expected cash accruals or
higher-than-expected working capital requirements.

Incorporated in 1999, SMA trades in PVC plumbing fittings and PVC
resin. The firm is an exclusive distributor for plumbing fittings
range of Finolex Pipes, Astral Pipes, and Suparna Plastics in
districts of North Kanara, Udipi, and Dakshin Karnataka (all in
Karnataka). It is also the sole authorised distributor for Finolex
for PVC resin in these districts. The firm also trades in imported
PVC resin from Taiwan, Korea, and France. SMA is promoted by Mr. K
Dinesh Kamath and his son, Mr. K Rajendra Kamath. The promoters
have been in the business of trading in PVC pipes for more than a
decade.


SWISSLINE INTERTRADE: CRISIL Rates INR100MM Cash Credit at 'BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Swissline Intertrade Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL BB-/Stable (Assigned)
   Letter of Credit         235      CRISIL A4+ (Assigned)

The rating reflects the extensive experience of SIPL's promoters
in the steel industry, established relationship with suppliers and
customers, and SIPL's comfortable capital structure. These rating
strengths are partially offset by SIPL's moderate scale of
operations in the fragmented industry, with low profitability, and
below-average debt protection metrics.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit from the
promoters' longstanding presence in the steel industry. The
outlook may be revised to 'Positive' in case of improvement in the
company's financial risk profile due to higher-than-expected cash
accruals and efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
the company's financial risk profile, particularly its liquidity,
due to lower-than-expected cash accruals or larger-than-expected
working capital requirements.

Incorporated in 2006, SIPL is engaged in the business of
manufacturing and trading of patta patti for steel utensils, hot
rolled (HR) flats, and stainless steel (SS) sheets in Delhi,
national capital region (NCR), and Rajasthan. The company's
manufacturing facility is located at Bhiwadi (Rajasthan). SIPL is
promoted by Mr. Bimal Kumar Jain and Mr. Ramesh Kumar Jain, who
have been in the business of steel trading for nearly three
decades.


UNIVERSAL POLYSACK: CARE Rates INR11.6cr Long-Term Loans at 'B'
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Universal
Polysack (India) Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       11.60       CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Universal Polysack
(India) Private Limited is primarily constrained on account of the
risk associated with the predominantly debt-funded green field
project which has been recently commissioned. The rating is
further constrained on account of the lack of experience of the
promoters in the packaging industry, vulnerability of margins to
volatile input prices and its presence in the highly fragmented
industry. The rating, however, favourably takes into account the
experience of the promoters in the mineral industry.

The ability of the company to stabilize its newly established
facility and achieving the envisaged level of sales and
profitability will be the key rating sensitivities.

Beawar-based (Rajasthan) UPPL, incorporated in February 2010, was
promoted by Mr Govind Goyal and Mr Hitesh Goyal. UPPL was
incorporated with an objective to set up a green field plant
for the manufacturing of woven sack bags at Beawar. Woven sack
bags are manufactured from Polypropylene (PP) or High Density
Polyethylene (HDPE) and find their application in packaging
salt, cement, rice, seeds and cattle feed etc. The company has
completed its project and started commercial operations from July
29, 2013. The plant was set up at an aggregate cost of INR13.05
crore, which was funded with a debt equity mix of 1.82:1. The
plant has an installed capacity of 4,752 Metric Tonnes Per Annum
(MTPA).

The company procures its primary raw material (PP) from Reliance
Industries Ltd (RIL) and sells woven sack bags to various cement
manufacturing units located in and around Rajasthan.
Till September 19, 2013, UPPL reported a turnover of INR0.3 crore.


VALUE ADDED: ICRA Reaffirms BB-/A4 Ratings on INR10cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]BB-' and the
short-term rating of '[ICRA]A4' to the INR25.00 crore fund-based
limits and INR5.00 crore proposed limits of Value Added Fashion
Fabrics Private Limited. The long-term rating has a Stable
outlook.

                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based Limits         5.00     [ICRA]BB-(stable)/[ICRA]A4
                                      reaffirmed

   Proposed Limits           5.00     [ICRA]BB- (stable)/[ICRA]A4
                                      reaffirmed

The rating reaffirmation takes into account the weak financial
profile of the company characterised by low profit margins owing
to the intense competitive pressures in the business, the
leveraged capital structure and the high working capital intensity
in the business. The ratings also take into account the de-growth
in the operating income in FY 2013 on account of weak demand in
the domestic as well as the export markets.

The ratings, however, consider favourably the longstanding
experience of the promoters in the textile business, the company's
diversified customer base across both domestic and export markets
and its limited exposure to fluctuations in raw material prices
resulting from its mark-up pricing policy.

Incorporated in 2004 by Mr. Sitaram Mundra, Value Added Fashion
Fabrics Private Limited (VAFFPL) is engaged in the sales of
women's dress material in the domestic and export markets. VAFFPL
was set up as an export division for the group company viz.
Kothari Syntex Mills, and subsequently, the entire business of
Kothari Syntex Mills was transferred to VAFFPL. VAFFPL's products
include embroidered dress material, printed dress material as well
as dyed grey fabric. The company sells its products under its own
brands such as 'Kanya', 'Vanda', 'Nasheeli' and 'Kothari Syntex
Mills'.

For FY 2012, the company reported Profit after Tax (PAT) of
INR1.04 crore on an operating income (OI) of INR125.21 crore. For
FY 2013, the company has reported PAT of INR0.80 crore on an OI of
INR111.16 crore.


VASHU YARN: ICRA Reaffirms D Ratings on INR15cr Loans
-----------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]D' outstanding
on the INR6.05 crore (revised from INR7.52 crore) term loan
facilities, the INR5.00 crore (revised from INR6.03 crore) fund
based facilities, INR0.40 crore non-fund based facilities and
INR2.55 crore (revised from INR0.0 crore) proposed facilities of
Vashu Yarn Mills India Private Limited.  ICRA has also reaffirmed
short-term rating of '[ICRA]D' outstanding on the INR1.00 crore
(revised from INR1.05 crore) non-fund based facilities of the
Company.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term: Term          6.05        [ICRA]D/reaffirmed
   Loans

   Long Term: Fund
   based facilities         5.00        [ICRA]D/reaffirmed

   Long Term: Non-          0.40        [ICRA]D/reaffirmed
   fund based
   facilities

   Long Term: Proposed      2.55        [ICRA]D/reaffirmed
   facilities

   Short Term: Non-         1.00        [ICRA]D/reaffirmed
   fund based facilities

The re-affirmation of the ratings considers the continuing delays
in debt servicing by the Company (primarily on the interest
portion) owing to cash flow mismatches. While, the Company's
operating performance has improved in 2012-13 on the back of
revival in yarn demand with revenues increasing by ~30% (albeit on
a low base) and operating margins expanding on account of
improvement in realizations, the Company's operations continue to
be strained by moderate working capital requirements. The cash
flow timing mismatches arising on account of the same has led to
delays in debt servicing. The Company's capital structure also
continues to remain weak with a gearing of 2.4 times aggravated
further by losses incurred during 2011-12. The Company's business
risk profile is also modest, characterized by small scale of
operations which restrict its scale economies and financial
flexibility. With repayment obligations of over INR2.0 crore in
the next two years, the ability of the Company to generate
sufficient cash flows and thereby meet its debt servicing
obligations in a timely manner becomes critical to improve the
financial profile of the Company.

Incorporated in 2003, Vashu Yarn Mills India Private Limited is
engaged in the production of cotton yarn, primarily of 30s - 40s
count. The manufacturing facility is located at Erode, Tamil Nadu,
and operates with an installed capacity of 17,424 spindles. The
Company buys cotton primarily from Karnataka and Andhra Pradesh
and sells its produce in the domestic market to traditional
weavers and through agents. VYMIPL has installed a 250 KW windmill
in Tamil Nadu for its captive power consumption. The Company is
closely held by the promoter and his relatives / friends.

Recent Results

For the financial year 2012-13 the Company reported a net profit
of INR2.0 crore on an operating income of INR37.2 crore as against
a net loss of INR6.4 crore on an operating income of INR28.8 crore
during the financial year 2011-12.


VICTORY PRECISIONS: CRISIL Assigns 'D' Ratings to INR100MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Victory Precisions Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Term Loan                 63.5      CRISIL D (Assigned)
   Standby Line of Credit     2.5      CRISIL D (Assigned)
   Packing Credit             6.0      CRISIL D (Assigned)
   Letter of Credit           4.0      CRISIL D (Assigned)
   Bank Guarantee             4.0      CRISIL D (Assigned)
   Cash Credit               20.0      CRISIL D (Assigned)

The rating reflects the instances of delay by VPPL in servicing
its debt. The delays have been caused by the company's weak
liquidity resulting from its small cash accruals amid working-
capital-intensive operations and large term debt repayments.

VPPL also has a small scale of operations and is exposed to
intense competition in industrial machinery industry. These rating
weaknesses are partially offset by the extensive experience of
VPPL's promoters in the industrial machinery and consumables
industry and funding support from them.

VPPL was set up in 2003 by Mr. Rajesh Chavan. It is engaged in
casting and machining of compressor parts, diesel engine parts,
jigs and fixture parts, switchgear parts, and farm equipment.

For 2011-12 (refers to financial year, April 1 to March 31), VPPL
reported profit after tax (PAT) of INR16.5 million on net sales of
INR207.8 million as against net loss of INR20.0 million on net
sales of INR83.6 million in 2010-11.



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


METROPOLIS PROPERTINDO: Fitch Puts LT Foreign Currency IDR at 'B'
-----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based commercial property
developer PT Metropolis Propertindo Utama (MPU) a Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'B' with Stable
Outlook.

The agency has also assigned MPU a senior unsecured rating of 'B'
and its proposed senior secured USD notes an expected 'B(EXP)'
rating, with a Recovery Rating of 'RR4'. The proposed notes are to
be issued by Khatulistiwa Development Pte Ltd and guaranteed by
MPU. The final rating is contingent upon receipt of documents
conforming to information already received.

Key Rating Drivers:

High Business Risks: The rating reflects Fitch's view of MPU's
high business risks, characterized by low earnings visibility and
high upfront investment commitments. MPU realises income through
the divestment of its developments predominantly to PT Lippo
Karawaci Tbk (Lippo, BB-/Stable) and its related structured
finance vehicles (First Real Estate Investment Trust and Lippo
Malls Indonesia Retail Trust, both unrated) - collectively the
Lippo group.

MPU has a close relationship with and strategic support from the
Lippo group. However, there is significant risk to MPU's exit
strategy on the developments because there are no formal
agreements in place for Lippo group to acquire the properties,
except for several hospitals described in IPO documents from
Siloam Hospitals, which is 84% owned by Lippo. MPU's exit strategy
is not only contingent on the Lippo Group's financial capacity to
acquire these assets but also subject to the vagaries of the
property cycle.

Volatile Property Sales: As predominantly a commercial property
developer in Indonesia, MPU is exposed to higher risk than a
typical residential property developer. MPU derives most of its
earnings from recycling its assets, which usually generate lumpy
earnings and require high upfront investment commitments. While
Fitch recognizes that MPU has a pool of mature assets, such as
plots of land, that it can sell, its ability to monetize these
assets depends on market conditions, which can be volatile.

Limited Cash Conservation Ability: MPU's business model exposes
the company to construction development risks and significant
upfront committed funding. Since most the projects in MPU's
pipeline are aimed at the Lippo group, any delay in divesting
these assets will add pressure on the company's liquidity. This
risk is heightened by MPU limited ability to scale back its
current projects.

Untested Recycling Track Record: While Fitch acknowledges MPU's
financial profile could improve when it executes and divests
projects in a timely manner, that track record of fast asset
recycling is still untested. MPU plans to divest hospitals and
shopping malls within three and six months of completion,
respectively. Fitch expects MPU to consistently demonstrate timely
asset recycling and the ability to maintain comfortable liquidity
buffers to compensate for its high business risk profile.

Adequate Liquidity: MPU enjoys access to a deep pool of short-term
debentures, which enable it to manage its short-term liquidity
position. Fitch expects that MPU will continue to have access to
this investor base in times when liquidity is short.

Leveraging on Siloam Expansions: Siloam Hospitals raised USD137m
from an IPO completed in early September 2013, with the proceeds
mostly allocated to its expansion plans. Siloam's market
leadership and adequate capital position, and the resilient demand
for healthcare provide better earning visibility for MPU's
hospital projects. The agency's rating case incorporates
divestments of six hospitals worth about IDR1.6 trn (USD 143m)
over the next three years to First REIT.

Attractive Industry Potential: MPU is strategically positioned to
benefit from Indonesia's growing middle class. Fitch forecasts
about 50% of MPU's medium-term cashflows will come from divestment
of retail and hospital assets, which benefit from growing
consumption and improving healthcare standards.

Rating Sensitivities:

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

-- Increase in net debt/ inventory ratio to above 30% (2013: Fitch
forecast 28%) on a sustained basis

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

-- Track record in timely asset recycling as indicated by property
sales/ gross debt ratio maintained at 1.2x on a sustained basis
(FY12: 0.6x)

-- Maintaining comfortable liquidity buffer as indicated by
positive free cash flows or net cash position on a sustained basis



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


PANASONIC CORP: Fitch Says Electronics Segment Still Struggling
---------------------------------------------------------------
Fitch Ratings says that Panasonic Corporation's (Panasonic,
'BB'/Negative) on-going restructuring efforts and improvement in
operating performance are showing signs of stabilising its credit
profile. However, the company's loss-making electronics consumer
segment continued to struggle as turnover declined in the first
half of the financial year ending March 2014 (H1FYE14).

We believe that weak demand will continue to threaten Panasonic's
efforts to turn around the TV/panel business segment in FYE14.
However, Panasonic's accelerated restructuring plan should
continue to help improve margins and cash flow generation from
FYE14 onwards. The structural reforms, including eliminating
unprofitable businesses and workforce rationalization in the TV,
semiconductor and mobile phone businesses, should translate to a
lower fixed cost base and lower capex requirements.

The company continues to streamline a massive range of products
and dispose non-core assets. Panasonic recently announced a sale
of 80% stakes in its healthcare unit for JPY165bn and suspension
of new product development for smartphone business in Japan.
Creditors will welcome these developments and we forecast that the
funds flow from operations (FFO)-adjusted leverage (FYE12: 4.6x)
should fall over the next 12-18 months.

Further reduction in Panasonic's net debt may be short-lived
without a proven ability to generate consistent cash flow from
operations (CFO) from product sales; solid earnings and improved
cash flow in FYE13 and H1FYE14 have been largely driven by
restructuring efforts. The continued recovery in the company's
financial profile over the medium to long term will hinge on its
ability to improve operational fundamentals in its core
businesses.

Panasonic reported solid H1FYE14 operating results with revenue
and EBIT at JPY3,706bn and JPY147bn, respectively (H1FYE14:
JPY3,638 and JPY87bn, respectively). Whilst the company is thought
of as a consumer electronics company by many, around 60% of
turnover and two-thirds of operating profit in H1FYE14 came from
the Eco Solutions (predominantly energy related household
equipment including lighting and batteries) and Automotive &
Industrial Systems segments. These two businesses were also the
key profit growth drivers for the company with operating margins
almost doubling compared to H1FYE13.

We expect the company's audio, visual, and communication (AVC)
network division will continue to struggle although its reported
EBIT loss of 2.2% in H1FYE14, was narrower than the prior year
period.



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


INDEPENDENT FISHERIES: Union Reps Start Talks to Save Jobs
----------------------------------------------------------
Cecile Meier at Stuff.co.nz reports that union representatives
have rounded up councillors and Labour MPs in a bid to convince
Independent Fisheries to keep 200 jobs at its Woolston factory.

The fishing company is to announce the fate of its Woolston
processing plant this week, Stuff.co.nz says.

The report notes that the company is looking at closing the
factory after losing sales in its export markets to Asian
competitors.

Ian Hodgetts, of the Service and Processing Workers Union, rallied
local support for a meeting with the company's management in
Woolston on November 4, the report relays. Labour MPs Megan Woods,
Andrew Little, Damien O'Connor and Ruth Dyson, and city
councillors Glenn Livingstone and Yani Johanson attended.

According to the report, Mr. Hodgetts said Labour leader David
Cunliffe and Mayor Lianne Dalziel were both sympathetic to the
cause as well.

He said closing the factory would be devastating for workers, the
report relates.

Independent Fisheries Ltd is a privately-owned company, whose
Woolston plant produces crumbed and battered fish products.
Other parts of the company will not be affected by the review.


OPI PACIFIC: FMA Lays Charges Against Four Directors
----------------------------------------------------
Fairfax NZ News reports that the Financial Markets Authority (FMA)
has laid charges against four directors of OPI Pacific Finance,
which went into receivership in 2009 owing investors about NZ$247
million.

Mark Lawrence Lacy, Jason Robert Duncan Maywald, David Mark
Anderson and Craig Robert White are alleged to have made untrue
statements in the 2007 OPI offer documents, the FMA said in a
statement obtained by Fairfax NZ News.

The report notes that the FMA laid charges under section 58 of the
Securities Act.  Each charge carries a five year maximum jail term
or a NZ$300,000 fine, the report relates.

Fairfax NZ News recalls that the company went into receivership in
September 2009 and was put into liquidation in November 2011.

The report relates that more than 10,000 investors are owed about
NZ$247 million.  The report notes that secured debenture holders
have been repaid up to 25 cents in the dollar.

At the time of its demise, OPI Pacific's collapse ranked behind
only Bridgecorp and Hanover in size, owing creditors NZ$456.6
million, the report relates.

The charges laid by FMA alleged that the 2007 OPI offer documents
contained untrue statements relating to the performance and
management of the business, said FMA Head of Enforcement, Belinda
Moffat, the report discloses.

"This included a failure to disclose to investors adverse changes
to the financial position of the company resulting from the
advance of AU$100 million (NZ$115 million) to MFS Pacific
Investments Pty Limited, a related party finance company based in
Australia," the report quoted Ms. Moffat as saying.  "Where
appropriate, FMA will take action against market participants who
it suspects of having breached the law, even if they are based
overseas," Ms. Moffat added, the report relays.

The four men are due to appear in Auckland District Court on
December 3.

OPI Pacific Finance was formerly MFS Pacific Finance.  OPI was
involved in commercial property investment and development
lending.


WESTERN PACIFIC: Multi-million Dollar Liquidation Drags On
----------------------------------------------------------
Frank Marvin at scene.co.nz reports that the multi-million dollar
dismemberment of Queenstown's failed Western Pacific Insurance
will drift into a fourth year.

In their latest report just released, liquidators David Ruscoe --
david.ruscoe@nz.gt.com -- and Richard Simpson --
richard.simpson@nz.gt.com -- said their wash-up "is unlikely to be
completed in the next six months," scene.co.nz relates.

The report says Messrs. Ruscoe and Simpson also warned: "At this
stage it is not practical to estimate a completion date for the
liquidation."

Going by this and earlier reports, Western's crash is likely to
result in a deficit of about NZ$34 million, scene.co.nz reports.

According to the report, Canterbury quake claimants are likely to
get 66 cents in the dollar but whistle for another NZ$16.1
million.

scene.co.nz relates that insurance claimants outside Canterbury
are expected to come up short by about NZ$15.7 million and unpaid
trade creditors, premium refunds and broker commissions may total
a further NZ$1.9 million.

                       About Western Pacific

Western Pacific Insurance is a New Zealand-owned and operated
insurance company.  It was established in April 2005, and is
principally a broker brand that offers a broad range of
commercial, domestic and specialty products as well as programmes
for affinity groups, underwriting agents and preferred brokers.
It has about 7,000 policy holders in New Zealand.

David Ruscoe and Simon Thorn of Grant Thornton New Zealand were
appointed liquidators of Western Pacific on April 1, 2011, after
Western Pacific's directors became concerned about the solvency
of their company. The company's potential liabilities stood at
more than NZ$10 billion, Otago Daily Times discloses.



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


VIVA INDUSTRIAL: S&P Assigns 'BB+' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to Viva Industrial REIT (VI-REIT), a
Singapore-based industrial REIT.  The outlook is stable.  S&P
also assigned its 'axBBB+' long-term ASEAN regional scale rating
to the REIT.

The rating on VI-REIT reflects S&P's view that the REIT's
portfolio has limited diversity and its occupancy rates are below
the industry average.  VI-REIT's tight debt headroom also
constrains the rating.  The good quality and attractive prospects
for VI-REIT's key asset, the UE Bizhub EAST business park, temper
the weaknesses.

"We expect the REIT to have stable operating cash flows and a
moderate financial policy," said Standard & Poor's credit analyst
Yuehao Wu.  Standard & Poor's assesses VI-REIT's business risk
profile as "fair" and its financial risk profile as intermediate."

VI-REIT has a small and highly concentrated portfolio dominated by
business parks.  The REIT has just three assets with a total gross
floor area of about 2.4 million square feet and valued at
Singapore dollar (S$) 743 million.  Two business parks represent
96% of the portfolio.  Mauser Singapore, a single-user ramp-up
logistics warehouse, forms an insignificant portion of the
portfolio.

"VI-REIT's limited asset diversity with reliance on a single
asset--UE Bizhub EAST--exposes it to event risk from competition,
which could prevent rental rates from rising to support the
valuation of the REIT's assets.  The REIT's limited asset scale
and low occupancy rates also constrain its business risk profile,"
Ms. Wu said.

In S&P's view, occupancy rates for UE Bizhub EAST are likely to
increase over the next two years because the property is new and
of good quality.  In the interim, S&P believes that rental support
(or financial assistance to make up for low occupancy levels) from
United Engineers Developments Pte. Ltd. (UED) for UE Bizhub EAST
for the next five years will support VI-REIT's asset valuation and
operating stability.  This reliance on UED as a counterparty
weighs on the credit quality of VI-REIT.

The stable outlook reflects S&P's expectation that occupancy rates
at UE Bizhub EAST will improve over the next 18-24 months and
reduce VI-REIT's reliance on UED's rental support.

"We will consider such improvement as an indication that
management can deliver on its operating strategy.  We also
anticipate that VI-REIT's leverage will stay above 40% during this
time, higher than the REIT's target peak," Ms. Wu said.

S&P may lower the rating if: (1) VI-REIT faces headwinds in
leasing unoccupied space; (2) its portfolio rentals are for short
durations or do not support the valuation of assets; or (3) VI-
REIT makes aggressive debt-funded acquisitions.  These factors
would push the REIT's leverage substantially above its target and
the FFO-to-debt ratio below 10%.

The probability for an upgrade is limited over the next 18-24
months, given VI-REIT's limited financial flexibility.  However,
S&P may raise the rating if: (1) the REIT improves its portfolio's
occupancy levels and boosts operating profitability on a stand-
alone basis; and (2) the REIT diversifies its asset base by
enlarging its property portfolio while maintaining financial
discipline.



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


* SOUTH KOREA: FSC to Put Heavily-Indebted Firms on Watch List
--------------------------------------------------------------
Yonhap News Agency reports that the financial regulator said it
will put more highly-indebted large firms on the watch list next
year to prevent sudden corporate failure following the collapse of
some major conglomerates in South Korea.

According to the report, the Financial Services Commission (FSC)
said by February 2014 it will lower the lending threshold that
classifies a big enterprise as a primary debtor.

Yonhap notes that a primary debtor refers to a large company with
the amount of bank loans equivalent to 0.1 percent of the total
lending by local financial institutions.

Under FSC's plans, the loan threshold will be lowered to 0.075
percent to include most likely another 13 firms on the watch list,
bringing the total to 43 debtor companies for 2013. The FSC picks
the list of primary debtor companies every year, the report
relays.

If qualified, a debtor company is placed under constant watch by
its creditor banks, which can instruct the firm to take measures
to reduce debts, Yonhap discloses.

According to the news agency, the regulator's move came as South
Korea has seen a spate of unexpected defaults by a major
conglomerate since last year, with the latest default by Tong Yang
Group rattling the local financial market and inflicting heavy
losses on individual investors.

The 38th-largest firm in Korea has been placed under debt
restructuring after it failed to repay its debts in late
September. That came only months after STX Group, the 13th-biggest
conglomerate, went under in April on cash shortages, Yonhap notes.

Following the bankruptcies, it became a matter of the utmost
importance for the financial authorities to overhaul the corporate
debtors since they faced criticism that the list doesn't reflect
the companies' finances that entail potential and imminent risks,
adds Yonhap.



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


DFCC BANK: Fitch Gives US$100MM Senior Unsec. Notes 'B+' Rating
---------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka-based DFCC Bank's (DFCC)
USD100m senior unsecured notes due October 2018 a final rating of
'B+' and a Recovery Rating of 'RR4'.

The rating follows the receipt of documents conforming to the
information previously received by Fitch. A full list of DFCC's
ratings is provided at the end of this commentary.

The final rating is in line with the 'B+(EXP)' expected rating
Fitch assigned to the notes on 24 September 2013. The notes have a
maturity of five years and coupon payments will be at a fixed rate
of 9.625% on a semi-annual basis.

Key Rating Drivers:

The notes are rated at the same level as DFCC's Long-Term Foreign
Currency Issuer Default Rating (IDR) as they constitute direct,
unsecured and unsubordinated obligations of the issuer.

In line with Fitch's criteria, Recovery Ratings are assigned to
entities with an IDR of 'B+' or below. Fitch has assigned a
Recovery Rating of 'RR4' to the notes to reflect average recovery
prospects of 31% -50% for holders of this debt, in case of default
under both a standalone and consolidated basis.

Rating Sensitivities:

As the rating of the notes is linked to DFCC's IDR, any changes to
that rating would impact the issue's rating.

A full list of DFCC's ratings follows:
Long-Term Foreign- and Local-Currency IDRs: 'B+'; Stable Outlook
USD senior, unsecured notes: 'B+'; Recovery Rating: 'RR4'
Short-Term Foreign Currency IDR: 'B'
Viability Rating: 'b+'
Support Rating: '4'
Support Rating Floor: 'B'
National Long-Term Rating: 'AA-(lka)'; Outlook Stable
Senior unsecured debentures: 'AA-(lka)'
Subordinated debentures: 'A+(lka)'


SENASA DEV'T: Fitch Affirms National Long-term Rating at 'BB+'
--------------------------------------------------------------
Fitch Ratings Lanka has revised Sanasa Development Bank's (SDB)
rating Outlook to Stable from Positive and affirmed the bank's
National Long-Term Rating at 'BB+(lka)'.

Key Rating Drivers:

The revision of the Outlook on SDB reflects an unexpected
deterioration in its credit profile. SDB has failed to sustain the
improvement in its capitalisation and to maintain its asset
quality relative to its higher-rated peers.

SDB's rating continues to reflect its weak financial profile,
which is characterised by moderate capitalisation and high costs
which constrain its profitability. The rating also captures its
high net interest margins (NIMs) due to its focus on the higher-
risk microfinance business which Fitch believes the bank manages
reasonably well.

SDBs capital ratios have been declining since the bank stopped
capitalising part of its customer loans following its listing in
May 2012 and in the absence of a fresh equity injection. SDB's
Fitch Core Capital and Tier-1 ratios declined to 14.9% and 13.6%
in H113, respectively (2012:15.8% and 16%), but they still remain
above those of similarly rated peers.

Fitch expects SDB's asset quality to continue to reflect its main
exposure to microfinance customers, who are more susceptible to
economic cycles. NPLs (including interest in suspense) increased
41% in absolute terms in H113 to account for 7.9% of gross loans,
from 6% in 2012. The reported regulatory NPL ratio stood at 6.2%
at H113, up from 4.6% in 2012. The increase in NPLs was largely
driven by exposure to the agriculture and construction sectors,
which accounted for 41% and 31% of incremental NPLs respectively.

SDB's large branch network and its extensive reach to its target
customer base support its cooperative objectives. Lending remains
fairly granular with exposure to the Sanasa group accounting for
6% in H113 (unchanged on 2012). Lending growth decelerated to 3%
in H113 from 18.5% in 2012, in line with the slower growth trend
in the Sri Lankan banking sector.

Deposits will likely continue to be the main source of funding for
SDB. Deposits formed 74% of assets as at H113, and 30% of total
deposits were sourced from the Sanasa group.

Rating Sensitivities:

The rating could be downgraded if there is a significant deviation
in lending practices from SDB's core expertise of microfinance
lending, which could elevate its risk profile. The rating is also
sensitive to a further deterioration in capitalisation and asset
quality relative to peers. Sustainability of stronger
capitalisation and asset quality could lead to a positive rating
action. However, Fitch does not expect the current decline in
these metrics to be arrested over the next 12-18 months.

SDB was established in 1997 as a licensed specialised bank and it
is the main credit institution for the Sanasa microfinance
cooperative movement. Its branch network stood at 81 units as at
end-2012.



=============
V I E T N A M
=============


VINGROUP JOINT: Fitch Assigns 'B+' Rating to US$200MM 2018 Notes
----------------------------------------------------------------
Fitch Ratings has assigned Vietnam-based property developer
Vingroup Joint Stock Company's (Vingroup, B+/Stable) USD200m
11.625% notes due 2018 a final 'B+' rating. The notes are issued
by Vingroup and guaranteed by some of its subsidiaries.

The rating action follows the receipt of documents conforming to
information already received. The final rating is in line with the
expected rating assigned on 21 October 2013.

Key Rating Drivers:

Weak Residential Sales: Vingroup's 2012 and year-to-date
residential pre-sales and new sales were significantly below
Fitch's expectations because weakness in the property market
lasted longer than anticipated. The Vietnamese authorities are,
however, committed to macroeconomic stability, including lower
inflation and a stable currency. These macroeconomic factors are
supportive of the property sector and Fitch expects to see a
marked increase in new property sales in 2014.

Aggressive Growth Strategy: Vingroup proposes to launch apartment
and villa projects of aggregate contract value in excess of
USD12.9bn between 2015 and 2018, funded predominantly by pre-
sales. Should presales fail to be in line with expectations,
Vingroup has the flexibility to scale back the project launches
and associated capital expenditure. While this could support the
company's liquidity, a prolonged period of nil or low new project
sales reduces the medium-term cash flow visibility.

Adequate Liquidity: Vingroup's cash balance improved to USD113.92m
(VND2,386.54bn) as of 30 June 2013 from USD77.18m (VND1,616.86bn)
as of 31 December 2012, while short-term deposits with banks
increased to USD173.91m (VND3,643.5bn) from USD149.71m
(VND3,136.52bn). The improvement in liquidity was primarily due to
the net proceeds after debt repayment and taxes raised from the
sale of Vincom Center A in H113 (gross sales proceeds USD467m).
Liquidity would improve further in H213 because of USD236m from
the sale of Vincom Center B and USD200m investment (USD180m
through preference shares that entail cumulative dividends and
USD20m through a convertible loan) from the Warburg Pincus
consortium.

Moderate Earnings Visibility: A significant proportion of
Vingroup's earnings till end-2014 are driven by contracted sales
and handovers of three projects - Royal City, Times City and
Vincom Village. Fitch estimates that more that 65% (in terms of
contract value) of these projects have been received and that the
unbilled amount (contract value less cash collections) is adequate
to meet the residual project-specific construction costs.
Successful new property launches will provide earnings visibility
beyond 2014.

Rating Sensitivities:

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

-- Failure to achieve cash sales of at least VND5trn from new
projects (excluding Royal City, Times City and Vincom Village) in
the six months to 30 June 2014,

-- Material increase in external borrowings to maintain current
liquidity position, and

-- A downgrade of Vietnam's Country Ceiling of 'B+'

Positive rating action is not expected in the medium term due to
Vingroup's exposure to the inherently cyclical property business
and its small scale.



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* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact: 240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact: 1-703-739-0800; http://www.abiworld.org/



                             *********

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

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

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


                            *********


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

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

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

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

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



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