---

        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

          Tuesday, November 12, 2013, Vol. 16, No. 224


                            Headlines


A U S T R A L I A

AUSDRILL LTD: Moody's Revises Outlook on Ba2 CFR to Negative
AUSDRILL LTD: S&P Puts 'BB' CCR on CreditWatch Negative
CROSS CITY: Transurban Buys Tunnel's Sr. Debt for AUD475 Million
FITNESS CHOICE: Dye and Co Appointed as Administrators
FORTESCUE METALS: S&P Raises CCR to 'BB'; Outlook Positive

LIBERTY FUNDING: Moody's Rates AUD5.70MM Class D Notes (P)Ba2
ST BARBARA: Moody's Lowers CFR & Senior Secured Rating to B3


C H I N A

EVERGRANDE REAL: Tap Bond Issuance No Impact on Moody's B1 CFR
FOSUN INT'L: Moody's Says 2018 Bonds Have No Impact on Ba3 Rating
GREENLAND HONGKONG: Moody's Rates $700MM Sr. Unsec. Notes Ba1
SUNTECH POWER: Takes Step Toward Final Wind-Down


I N D I A

AAKAR MOTORS: CARE Reaffirms 'BB-' Rating on INR6.5cr LT Loans
AAREN EXPORTS: CARE Assigns 'B+' Rating to INR1.5cr LT Bank Loans
AARUSH BUILDING: ICRA Reaffirms 'B+' Ratings on INR15.92cr Loans
ACTION GINNI: ICRA Reaffirms 'BB' Rating on INR26cr Loans
ADHYASHAKTI PAPER: CARE Reaffirms 'BB-' Rating on INR5.3cr Loans

AGRI FIBRE: ICRA Lowers Ratings on INR30.6cr Loans to 'D'
ASTA INDIA: ICRA Suspends 'BB+' Rating on INR9.5cr LT Loans
BHARAT SILKS: ICRA Reaffirms 'B+' Rating on INR3.08cr Loan
D S ALLOYD: CARE Assigns 'BB' Rating to INR14.5cr LT Bank Loans
ESKAY SILK: CARE Reaffirms 'B+' Rating on INR18.5cr LT Loans

GHIYA EXTRUSIONS: ICRA Suspends 'BB' Rating on INR13.51cr Loans
GIRNA INFRAPROJECTS: CARE Assigns 'B' Rating to INR4.5cr LT Loans
INDOCOUNT INDUSTRIES: CARE Ups Ratings on INR164.62cr Loans to C
KOSAMATTAM FINANCE: CARE Rates INR200cr LT Bank Loans at 'BB+'
LUCKY STEEL: ICRA Reaffirms 'BB' Rating on INR10cr Loans

MADAN UDYOG: CARE Rates INR9.9cr LT Bank Loans at 'B+'
MAHESH AGRI: ICRA Reaffirms 'B' Ratings on INR24.05cr Loans
MAITHAN STEEL: CARE Reaffirms 'BB+' Rating on INR54.4cr Loans
MAYUR DYE-CHEM: ICRA Suspends 'BB+' Rating on INR17cr Loans
MILLENNIUM VITRIFIED: CARE Cuts Ratings on INR43.43cr Loans to D

MITHRA AUTO: CARE Reaffirms 'B' Rating on INR11.57cr LT Loans
NEW EMPIRE: CARE Reaffirms 'BB-' Rating on INR2cr LT Bank Loans
NSL TIDONG: CARE Raises Rating on INR459cr LT Loan to 'B'
NUZIVEEDU SWATHI: CARE Reaffirms 'B' Rating on INR51cr LT Loans
PACIFIC EDUCATION: CARE Reaffirms 'BB' Rating on INR12.2cr Loans

RATNESH METAL: CARE Reaffirms 'BB+' Rating on INR46.46cr Loans
ROCKY DHAR: ICRA Assigns 'BB+' Ratings to INR15cr Loans
ROLEX PROCESSORS: CARE Ups Rating on INR14.05cr Loan to 'B'
SHREE AMBICA: CARE Assigns 'BB-' Rating to INR10.8cr LT Loans
SHREE OM: CARE Assigns 'B+' Rating to INR4.37cr LT Bank Loans

SHREE SATNAM: CARE Lowers Rating on INR6.02cr Loans to 'D'
SHUBH FABRICS: CARE Reaffirms 'BB-' Rating on INR6.5cr LT Loans
SREE HARSHA: CARE Assigns 'B+' Rating to INR10cr LT Bank Loans
SUNIL TUBES: CARE Places 'BB-' Rating on INR11cr LT Bank Loan
T. T. L. MINERALS: CARE Rates INR10cr LT Bank Loans at 'B+'

TANGNU ROMAI: CARE Ups Rating on INR224cr LT Bank Loans to 'B'
TAYAL AND COMPANY: CARE Revises Rating on INR14.53cr Loans to BB
VIJAI MAHALAXMI: ICRA Assigns 'BB-' Ratings to INR37cr Loans
Y. S. INVESTMENTS: ICRA Reaffirms 'BB-' Rating on INR10cr Loans


J A P A N

MITSUBISHI MOTORS: S&P Puts 'B+' CCR on CreditWatch Positive
TOKYO ELECTRIC: Mulls Reorganizing Under a Holding Company
* Moody's Says Japan RLGs to Show Improved Performance in FY2014


N E W  Z E A L A N D

BRIDGECORP LTD: Ex-Finance Director Loses Sentence Appeal
TACHIKAWA FOREST: Te Arawa Mulls Buying Collapsed Sawmill


P H I L I P P I N E S

BAYAN TELECOM: Says Rehabilitation 'Best in Judicial History'


S O U T H  K O R E A

HANJIN GROUP: Financial Regulator to Keep Close Watch at Firm


X X X X X X X X

* BOND PRICING: For the Week Nov. 4 to Nov. 8, 2013


                            - - - - -


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


AUSDRILL LTD: Moody's Revises Outlook on Ba2 CFR to Negative
------------------------------------------------------------
Moody's Investors Service has revised the outlook on Ausdrill
Limited's Ba2 corporate family rating and the Ba3 senior unsecured
rating on the USD300 million 144A notes issued by Ausdrill Finance
Pty Ltd to negative from stable. At the same time, Moody's has
affirmed both ratings.

The revision in outlook was prompted by Ausdrill's announcement on
Nov. 7, 2013, of a weaker than expected outlook for the fiscal
year ended June 30, 2014, (FY14), including revenue and profit
guidance materially below FY13 results.

Ratings Rationale:

"The outlook change to negative reflects the challenging operating
conditions in the mining services sector and the resultant
uncertainty around the company's operating performance", says
Arnon Musiker, a Moody's Vice President and Senior Credit Officer.
"Whilst Ausdrill's financial profile has been sufficiently
resilient to manage the deteriorating operating environment to
date, the ongoing challenges faced by the mining industry have
reduced Ausdrill's headroom within the rating", adds Musiker.

Whilst Ausdrill continues to reduce debt, Moody's expects the
weakness in earnings to exert upward pressure on financial
leverage. Moody's expects Debt/EBITDA of around 2.3x, which in
view of the deteriorating environment may be close to the rating
tolerance level of 2 -- 2.5x over the next one to two years.

"The weakening in commodity prices and general decline in
sentiment in the resources sector is leading to deferred capital
expenditure, production cutbacks and focus on operating cost
reductions. Apart from a higher likelihood of contract
cancellations, these trends will increase competition in the
mining services sector, which will translate into falling revenue
and declining margins."

"The outlook change also reflects our expectation that Best
Tractor Parts, which is a fleet rental operator and supplier of
refurbished equipment acquired by Ausdrill during early FY13,
continues to face particular challenges due to the downturn in
demand from the resources sector," adds Musiker.

At the same time, Ausdrill's rating also recognizes the
countermeasures that are available to the company, including
workforce reductions-- which should partially counter downward
pressure on operating margins --as well as deferral of capital
expenditure, which should reduce upward pressure on leverage.

The rating could be downgraded if gross adjusted Debt/EBITDA
consistently exceeds 2 to 2.5x. Negative rating pressure could
also result from sustained negative free cash flow and/or
widespread contract cancellation that has a material effect on
operating cashflow.

On the other hand, the outlook could revert to stable if Ausdrill
is able to sustain adjusted debt to EBITDA below the 1.5x-1.9x
range on a consistent basis, as well as consistently exhibiting
positive free cash flow.

Ausdrill's Ba2 corporate family rating otherwise reflects its
strong market position in relation to the provision of integrated
mining services in its target markets and its ability to execute
contracts to a diversified range of counterparties.

The Ba3 rating on the US$ notes reflects material legal
subordination as the notes rank behind certain Ausdrill facilities
including its senior secured Syndicated Bank Facility.

Ausdrill was established in 1987 as a drill and blast company in
the Australian mining services sector, and has expanded into a
vertically integrated provider of mining services to the resources
industry in Australia and Africa with in-house capabilities in
manufacturing, logistics and supply.


AUSDRILL LTD: S&P Puts 'BB' CCR on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
long-term 'BB' corporate credit rating on Australian mining
services provider Ausdrill Ltd. on CreditWatch with negative
implications.  S&P has also placed the 'BBB-' senior secured issue
rating and 'BB' senior unsecured ratings on CreditWatch negative.

"Ausdrill has forecast a weaker operating performance for the year
ending June 30, 2014. If Ausdrill's performance were to
deteriorate further after fiscal 2014, this will worsen the
company's financial credit metrics to the extent that they may not
support our view of its currently "intermediate" financial risk
profile," said Standard & Poor's credit analyst Craig Parker.

Ausdrill's business activity is reducing because of expiring
contracts and decreasing overall demand.  In addition, lower
mining investment will mean that new contracts are likely to be
more competitively contested.  In particular, S&P expects demand
for equipment hire for mining exploration is likely to remain
subdued.  The weakness in prices of various metals and minerals
that Ausdrill is indirectly exposed to, is also leading to lower
demand for maintenance and related services provided by its BTP
business in Australia.  The BTP business is currently performing
below Ausdrill's expectations.

Mr. Parker added: "We will resolve the CreditWatch after reviewing
the measures that Ausdrill are likely to implement to assist in
deleveraging the balance sheet in response to these weak market
conditions.  We will also seek to understand the implications of
any pressure on operating margins that may impede Ausdrill's
deleveraging plans. If we believe that the company's initiatives
are not sufficient to support our forecast financial metrics, the
long-term rating could be lowered to 'BB-'."


CROSS CITY: Transurban Buys Tunnel's Sr. Debt for AUD475 Million
----------------------------------------------------------------
Matt O'Sullivan at The Sydney Morning Herald reports that
Transurban has made a pre-emptive strike in its bid to buy
Sydney's Cross City Tunnel by purchasing debt in the failed asset
for AUD475 million from its sole senior secured creditor.

According to the report, Australia's largest toll-road operator
said that it had reached agreement with the Royal Bank of Scotland
to acquire all of its senior secured debt in the tunnel, which
runs east to west under the city's CBD.

SMH notes that Transurban has previously made clear its interest
in buying the 2.1-kilometre tunnel, which would be a logical fit
with its other toll-roads in Sydney such as the M2, M5, M7
motorways, the Eastern Distributor and the Lane Cove Tunnel.

Transurban chief executive Scott Charlton said the purchase of the
tunnel's senior debt would allow it to work with the receivers to
"examine restructuring options for the asset and, ultimately, if
successful in the sale process, put the asset onto a sustainable
footing," SMH reports.

Transurban will make a further payment to Royal Bank of Scotland
of up to $27.5 million over four years in the event that the
tunnel's traffic is better than its own best assumptions, the
report adds.

The Cross City Tunnel, which was placed in receivership in
September for the second time in eight years, connects to the
Eastern Distributor motorway. Transurban has a 75 per cent stake
in the latter, the report discloses.


FITNESS CHOICE: Dye and Co Appointed as Administrators
------------------------------------------------------
Yolanda Redrup at SmartCompany reports that Fitness Choice, a
business selling and renting fitness equipment for gyms and
personal use, has been placed in administration, despite the
fitness industry booming in recent years.

SmartCompany relates that Fitness Choice, which operates online
and in-store, was placed in administration on November 7, 2013,
with Nicholas Giasoumi -- nicholas@dyeco.com.au -- and
Shane Deane -- shane@dyeco.com.au -- from Dye and Co appointed as
administrators.

Ms. Deane told SmartCompany the level of debt the company has is
yet to be determined, however, it did have cash flow difficulties.

"Hopefully those days are behind it, we're still trading as
normal," the report quotes Ms. Deane as saying.  "We'll be putting
together a reporters to affairs (a statement of the assets and
debts of the company) in the next couple of days, and then we'll
be able to get our head around the level of debt."

Currently, the business has seven employees and no job losses are
expected, the report notes.

The business has 28 creditors and has been operating under its
current structure since 2005, SmartCompany discloses.

Fitness Choice sells, rents and leases a variety of equipment such
as treadmills, step machines, and spin bikes.


FORTESCUE METALS: S&P Raises CCR to 'BB'; Outlook Positive
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Australia-based mining
company Fortescue Metals Group Ltd. to 'BB', from 'BB-'.  The
outlook is positive.  At the same time, S&P raised the senior
secured debt rating to 'BBB-', from 'BB+', and the senior
unsecured debt rating to 'BB-' from 'B+'.  The recovery rating on
the senior secured debt rating is affirmed at '1' and senior
unsecured debt '5'.

"The upgrade reflects our view that Fortescue business risk
profile has improved to "satisfactory" from "fair", with the
company's continued increase in its production scale, reduction in
its cost position, and diminishing project execution risks," said
Standard & Poor's credit analyst May Zhong.

Underpinning S&P's assessment of Fortescue's "satisfactory"
business risk profile is its large size and scale as the world's
fourth-largest iron ore producer, its competitive cost position,
and its long reserve life.  Fortescue's limited product diversity
and high exposure to China's steel industry and volatile commodity
prices offset these strengths.  Fortescue has grown to be the
fourth-largest iron ore producer in the world, behind Vale, Rio
Tinto PLC, and BHP Billion Ltd.

With five mines from two hubs, Fortescue's expansion would improve
its asset diversity and operational flexibility.  Its proximity to
the Asian market gives it a geographic advantage over its
European, African, and South American competitors because of lower
shipping costs.  However, its EBITDA per tonne is lower than the
top-three iron ore producers because of discounts on its sales
price for lower iron ore (Fe) grade.

In S&P's view, the execution risk of the company's expansion to
155 metric tonnes per annum (mtpa) is diminishing.  The
construction of the key infrastructure (port and rail) supporting
the 155mtpa capacity has been largely completed, while the
commissioning of its Kings mine (40mtpa) is underway.  The company
expects to achieve the 155mpta production run rate by the end of
March 2014.

S&P views Fortescue's financial risk profile as "significant".
S&P's base-case assumes a price of US$110 per tonne for benchmark
iron ore (cost and freight (CFR] 62% Fe), and volume of ore
shipped to be between 120mt to 130mt (on a wet tonne basis) in
fiscal 2014.  Under this assumption, S&P forecasts Fortescue's
adjusted funds from operations (FFO) to be more than 25% and
adjusted debt to EBITDA to be less than 3x in fiscal 2014.  S&P's
base case also assumes that the company's gross debt has peaked in
fiscal 2013.

Ms. Zhong added: "The positive outlook reflects our view that the
execution risk of the company's 155mtpa expansion is diminishing.
The reduction in capital expenditure, together with the company's
increasing production and improving cost profile, should enable
its credit metrics to improve.  We anticipate that Fortescue will
generate positive free operating cash flows in fiscal 2014."

S&P would consider raising the rating if the company:

   -- Develops a track record of debt reduction;

   -- Develops an operational track record at the 155mtpa run
      rate;

   -- FFO/debt sustains at about 30% and debt to capital
      approaches 50%; and

   -- Its growth aspiration or capital management are not more
      aggressive than currently expected.  For example, S&P
      expects it to focus on organic growth opportunities in the
      Pilbara region.

S&P would revise the outlook to stable if the anticipated
deleveraging does not happen.  This scenario could occur if there
were a significant weakening in iron ore prices or if the company
were to experience a major operational issue.


LIBERTY FUNDING: Moody's Rates AUD5.70MM Class D Notes (P)Ba2
-------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Liberty Funding Pty Ltd in respect of
Liberty Series 2013-1 Auto (Trust).

Issuer: Liberty Series 2013-1 Auto

AUD112.50 million Class A Notes, Assigned (P)Aaa (sf);

AUD21.00 million Class B Notes, Assigned (P)A1 (sf);

AUD7.05 million Class C Notes, Assigned (P)Baa1 (sf);

AUD5.70 million Class D Notes, Assigned (P)Ba2 (sf);

The AUD3.75 million Class E Notes are not rated by Moody's.

The subject transaction is an Australian ABS. It is a
securitization of a portfolio of auto loans extended to prime and
non-conforming consumer obligors located in Australia, secured by
motor vehicles and originated by Liberty Financial Pty Ltd
(Liberty). This is Liberty's seventh auto ABS transaction.

Ratings Rationale:

In broad terms Liberty Series 2013-1 Auto replicates structures
seen in previous transactions sponsored by Liberty. Notable
features of the transaction include the presence of a prefunding
period, a guarantee fee reserve account that is initially unfunded
but builds up by trapping excess spread and the use of a two-
tiered funding structure.

The transaction includes a prefunding period, whereby Liberty
Funding Pty Ltd will issue notes up to AUD 150 million, based on
the initial pool of AUD 105.6 million. During the three month
prefunding period Liberty will originate loans up to the
prefunding amount of AUD 44.4 million, which will be sold into the
Trust.

The guarantee fee reserve account is initially unfunded at the
closing date. The account will trap excess spread until it reaches
10% of the current outstanding note balance. Once it reaches 10%
it will amortise to remain at 10% of the current outstanding
balance of notes until it reaches a floor of AUD 2.25 million. The
reserve account will be available to meet losses on the loans and
charge-offs against the notes. In addition, it can also be used to
cover any liquidity shortfalls that remain uncovered after drawing
on the liquidity facility and principal.

While the assets are fixed rate in nature, the notes bear a
floating rate of interest, exposing the structure to potential
mismatches. The Trustee has entered into an interest rate swap
with National Australia Bank (NAB, Aa2/P-1). Under the interest
rate swap agreement, the Trustee will make a payment to the swap
provider at a fixed rate of interest and receive from the swap
counterparty an amount equal to the 30-day Bank Bill Swap Rate.
The swap documentation is substantially consistent with Moody's
model swap framework. Under the Request For Comment 'Approach to
Assessing Linkage to Swap Counterparties in Structured Finance
Cashflow Transactions', given NAB's current rating, swap linkage
has no present rating impact on the ratings of the notes.

Liberty has utilised a two-tier structure whereby the notes issued
by Secure Funding as Trustee of the Trust are initially subscribed
to by Liberty Funding Pty Ltd, another Special Purpose Vehicle.
Liberty Funding Pty Ltd will then issue notes (contemplated
above), identical to the notes they have subscribed to. Secure
Funding will pass through all income in accordance with the income
and principal waterfalls it is governed by, with Liberty Funding
distributing funds to Noteholders.

The pool includes a 28.21% exposure to non-conforming obligors,
higher than the Liberty Series 2012-1 Auto transaction but lower
than other previous Liberty sponsored transactions. Moody's
considers non-conforming obligors to have a higher level of risk
than prime obligors and this is a negative feature of the
transaction. At the same time, the deal is secured exclusively by
cars, predominantly passenger vehicles. Motor vehicles exhibit
less pro-cyclical default patterns and, on average, higher
recovery rates.

In order to fund the purchase price of the portfolio, the Trust
will issue 5 classes of notes. The notes will be repaid on a
sequential basis in the initial stages (until the subordination
percentage increases from the initial 25.0% to 50.0%, excluding
the guarantee fee reserve) and during the tail end of the
transaction. At all other times, the structure will follow a pro
rata repayment profile, subject to satisfaction of step down
criteria. The Class E Notes do not step down.

The ratings are based on the credit enhancement provided by the
subordinated notes, equal to 25.0% for the Class A Notes.

Moody's base case assumptions are a default rate of 8.10% and a
recovery rate of 35.0%. These imply an expected (net) loss of
5.27%. Both the default rate and the recovery rate have been
stressed relative to observed historical levels of 7.37% and
48.52% respectively.

The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Volatility Assumption Scores and Parameter Sensitivities:

V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Non-U.S. Vehicle ABS
Sector", published in January 2009.

The V Score for this transaction is Medium/High, which is higher
than the score assigned for the Australian auto ABS sector - this
transaction has been benchmarked to the prime auto ABS sector,
given the majority of obligors have no current adverse credit
history, however the expected loss assumption is significantly
higher than the peer group.

Moody's has assigned performance variability as well as quality of
historical data Medium/High; while Moody's has been provided with
detailed vintage and individual default data for the 2000 to 2013
period, Liberty's historical origination patterns differ
significantly compared to the pool composition -- the majority of
loss vintages relate to periods where origination was skewed
towards non-conforming obligors. Moody's has also observed that
Australian auto ABS, and specifically past Liberty transactions,
have to date been performing stably.

Compared to the overall Australian prime auto ABS sector, Liberty
Series 2013-1 Auto exhibits greater potential for rating changes
with regards to the backup servicer arrangement category. The
sector score is Low which considers an investment grade rated
primary servicer. A greater potential for servicer transfer is
assumed for transactions with non-rated entities as primary
servicer. A Medium score has been assigned as Liberty is not rated
by Moody's, but noting that Perpetual is a standby servicer for
the transaction.

There is greater potential for rating changes with regards to the
transactional complexity category. The sector is Low/Medium, but
given the 3 month prefunding period -- not a standard feature of
Australian auto ABS transactions - a score of Medium has been
assigned.

With regards to market value sensitivity, Moody's assigns a Medium
compared to the sector score of Low/Medium. The receivables in the
Liberty Series 2013-1 Auto transaction are secured with the
underlying vehicles having a reasonably liquid secondary market.
This deviates from the sector because anticipated defaults are
higher, therefore the transaction has a higher reliance on
secondary market liquidity to obtain a recovery.

There is greater potential for rating changes with regards to
alignment of interests. The sector is Low, but a Medium has been
assigned because Liberty only intends to retain the equity notes
and the guarantee fee reserve account, and they are somewhat
reliant on securitization as their main funding source.

Overall, the V score of Medium/High indicates there is a higher
possibility of deviation in performance, relative to peer
portfolios.

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the default
rate and the recovery rate - differed. The analysis assumes that
the deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

In the case of Liberty Series 2013-1 Auto, the model indicated
rating for the Class A Notes remains investment grade (7 notch
downgrade to Baa1) when the default rate rises to 12.15% and the
recovery rate decreases to 25.0%. The model indicated rating for
the Class B Notes drops 6 notches to Ba1 in the above scenario.


ST BARBARA: Moody's Lowers CFR & Senior Secured Rating to B3
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and senior secured rating of St. Barbara Limited to B3 from
B2. The outlook on the rating is negative.

Ratings Rationale:

"The ratings downgrade reflects Moody's expectation for weaker
operating and financial metrics, following production
disappointments and rising cash costs at the company's assets in
the Pacific region", says Matthew Moore, a Moody's Vice President
-- Senior Analyst. "These challenges have weakened St Barbara's
credit profile to a level that is considerably weaker than
previously expected when the rating was assigned", adds Moore.

The company has been undertaking a number of initiatives to
improve production and cashflow generation at its Pacific mining
operations in the Solomon Islands and PNG. Delays in rectifying
these operations have strained the company's credit profile to a
level that is no longer consistent with the previous rating. These
initiatives are critical to reducing these operations cash costs
which are significantly higher than the current gold price.

"The negative outlook reflects the potential for further execution
challenges in increasing production and achieving lower cost
production in the company's Pacific assets. Until this happens, St
Barbara's liquidity and credit metrics will remain challenged.

"The rating is balanced by the established, relatively high margin
nature of the Australian operations, particularly the cornerstone
Gwalia asset" says Moore.

The rating outlook could revert to stable if St. Barbara completes
these initiatives and reduces the cash cost at these high cost
operations within the revised timeframe.

The rating could be further downgraded in the near term should St.
Barbara experience further operating difficulties or production
disappointments with the Pacific assets such that the company is
unable to reduce cash costs and or meet production capacity levels
appropriate to the B3 rating. A downgrade would also be considered
should there be a material deterioration in the company's
liquidity profile.

St. Barbara Limited is an Australian ASX listed gold producer and
explorer. SBL is headquartered in Melbourne, Australia and the
company's flagship operations are located in Leonora, Western
Australia, 240km north of Kalgoorlie.



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


EVERGRANDE REAL: Tap Bond Issuance No Impact on Moody's B1 CFR
---------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Ltd's announcement of a tap bond offering on its 8.75% USD senior
notes due 2018 issued on October 30 will have no immediate rating
impact on its B1 corporate family rating and B2 senior unsecured
debt rating.

The tap bond offering has the same terms and conditions as the
October notes.

The proceeds from the proposed USD bonds will be used to refinance
the company's existing debt.

"The proposed bonds will further lengthen the average tenure of
Evergrande's debt portfolio," says Franco Leung, a Moody's
Assistant Vice President and Analyst.

Moody's expects proceeds from the proposed bonds will be used for
refinancing its trust loans, offshore loans and other existing
debt and reduce its funding costs.

"It will also help to strengthen Evergrande's track record in
access to offshore funding," adds Leung.

Moody's believes that Evergrande is on track to meet its full-year
contracted sales target of RMB100 billion based on the projects on
sale in 2013.

It has already reported contracted sales of RMB 91.3 billion for
January-October 2013.

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

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

On the other hand, the rating is constrained by the high business
and financial risks associated with Evergrande's strategy to
pursue rapid debt-funded growth and its lower profit margins
compared with its domestic peers, as a result of its focus on
lower-tier cities.

Evergrande Real Estate Group Limited is one of the major
residential developers in China, with a standardized operating
model. Founded in 1996 in Guangzhou, the company has rapidly
expanded its business across the country over the past few years.
As of end-June 2013, it had a land bank of 145 million square
meters in gross floor area across 140 cities in China.


FOSUN INT'L: Moody's Says 2018 Bonds Have No Impact on Ba3 Rating
-----------------------------------------------------------------
Moody's Investors Service says that Fosun International Ltd's
proposed HKD3.875 billion, five-year convertible bonds due in 2018
will have no immediate impact on the company's Ba3 rating.

"The proposed convertible bonds will not significantly increase
Fosun's debt leverage such as to affect its Ba3 rating," says Alan
Gao, a Moody's Vice President and Senior Analyst.

Fosun will use around 60% of the convertible bond proceeds to
refinance its bank loans. The net increase in debt will therefore
be around HKD1.6 billion, representing approximately 1.9% of the
company's gross debt at end-June. Consequently, Moody's expects
Fosun's debt/EBITDA to be around 6x over the next 12 -- 18 months,
a level which supports its Ba3 rating.

"In addition, the proposed convertible bonds offer interest
savings and are therefore credit positive for Fosun," adds Gao.

Moreover, the convertible bonds carry an overall yield of 2.75%
per annum, a rate which is substantially lower than the 6%-7% a
year in financing costs for Fousn's bank loans and senior
unsecured bonds. Moody's estimates that Fosun could save
approximately HKD50 million in costs for the refinanced amount.

"The proposed bonds also improve Fosun's debt maturity profile"
says Gao.

While approximately 59% of the company's gross debt was long term
at end-June, up from 52% at end-2012, the convertible bond
issuance should improve Fosun's capital structure by lengthening
its debt maturity profile. In addition, the company's increasing
access to long-term financing is a positive development in
facilitating the group's transformation from an industrial
conglomerate into an investment company.

Moody's notes that Fosun has embarked on investments which will
enhance its revenue and profit diversity. But such investments
will increase the company's debt leverage during the time it takes
for its investments to start contributing to earnings.

The investments could also increase execution risks. Nonetheless,
Fosun's investments have been made jointly with partners such as
International Finance Corporation (Aaa stable). These joint
partners have good industry experience in new investments and
could provide capital support.

Moody's will continue to monitor: (1) Fosun's record of
investments, (2) the investments' quality and earnings
contributions, (3) Fosun's ability to monetize the investments,
and (4) Fosun's ability to raise debt and equity to maintain
healthy levels of liquidity and debt.

Moody's considers Fosun as a conglomerate for the purpose of
analysis because of its ties with some of its core subsidiaries,
given the number of intra-group guarantees and cross-default
provisions. The company's rating therefore takes into
consideration the performance of its operating entities, as well
as Fosun's consolidated credit metrics.

Moody's does not apply a sole industry methodology in assessing
Fosun, because of Fosun's diverse business interests. Moody's
evaluates the credit profile of each of Fosun's segments by using
the relevant methodology for pharmaceutical, steel, mining, home
building, and investment-holding companies. Moody's also analyzes
the results from these methodologies according to the rating
framework for conglomerates.

Fosun was founded in 1992. It focuses on the following core
businesses: (1) steel, (2) property, (3) pharmaceuticals and
healthcare, and (4) mining. Apart from the core businesses, Fosun
has a growing presence in other areas such as insurance and asset
management. It also has a significant portfolio of Chinese and
overseas investments in listed companies, equity interests in
operating businesses, and investment partnerships that are not
publicly listed.

Fosun International Ltd became the holding company of the group in
2005. Headquartered in Shanghai, it was listed on the Hong Kong
Stock Exchange in 2007. The group is 58% indirectly owned by its
Chairman, Guangchang Guo. He and the three other founders
indirectly own a combined share of 79.03% in the holding company.


GREENLAND HONGKONG: Moody's Rates $700MM Sr. Unsec. Notes Ba1
-------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba1 rating to
Greenland Hong Kong Holdings Limited's $700 million, 4.75%, 3-year
senior unsecured notes, due Oct. 18, 2016.

The outlook for the ratings is stable.

Ratings Rationale:

Moody's definitive rating on this debt obligation follows
Greenland Hong Kong's completion of its USD note issuance, the
final terms and conditions of which are consistent with Moody's
expectations.

The provisional rating was assigned on 7 October, and Moody's
ratings rationale was set out in a press release published on the
same day.

The proceeds from the bond will be used to fund asset
acquisitions, refinance existing indebtedness of the company, and
invest in projects in China, and for general corporate purposes.

Greenland Hong Kong is principally engaged in the development of
large-scale, high-end residential communities, city center
integrated projects, and travel & leisure projects that target the
middle-to-high-end customer segment. At 30 June 2013, the company
held a land bank of 3.7 million sqm across Shanghai, Kunming,
Huangshan, Suzhou, Changshu, Wuxi, Haikou, Ningbo and Taiyuan.

Greenland Hong Kong was listed on Hong Kong Stock Exchange in
2006. Greenland Holding Group is Greenland Hong Kong's largest
shareholder, with an equity interest of 60%.

Greenland Holding Group is headquartered in Shanghai and is a
comprehensive enterprise group whose main businesses include real
estate development, energy, and finance activities. As a leading
developer in the China real estate market, Greenland Holding Group
operates real estate projects in over 70 cities across 25
provinces.


SUNTECH POWER: Takes Step Toward Final Wind-Down
------------------------------------------------
Reuters reported that China's Suntech Power Holdings Co Ltd, once
the world's largest maker of solar panels, filed for provisional
liquidation, signaling that it may go out of business after years
of steep declines in panel prices.

According to the report, Suntech's shares fell as much as 23
percent to $1.15 on the New York Stock Exchange on Nov. 6.

"We do think this is the end for Suntech," Raymond James analyst
Ryan Berney told Reuters.

Suntech filed for provisional liquidation in the Cayman Islands,
where it is incorporated, the report related.  A provisional
liquidation is an emergency procedure that a company can apply for
only after a petition to wind up has been presented at court.

Suntech also said it would consider pursuing a Chapter 15 filing
in the United States that would allow U.S. courts to recognize a
foreign bankruptcy as the main proceeding and block creditors from
seizing U.S. assets, the report further related.

                            About Suntech

Wuxi, China-based Suntech Power Holdings Co., Ltd. (NYSE: STP)
produces solar products for residential, commercial, industrial,
and utility applications.  With regional headquarters in China,

Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than
25,000,000 photovoltaic panels to over a thousand customers in
more than 80 countries.

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

Suntech Power had involuntary Chapter 7 bankruptcy proceedings

initiated against it on Oct. 14, 2013 in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball

Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at TEITELBAUM & BASKIN LLP, in White
Plains, New York.



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


AAKAR MOTORS: CARE Reaffirms 'BB-' Rating on INR6.5cr LT Loans
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Aakar Motors.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.50       CARE BB- Reaffirmed
   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 ratings may undergo a change in case of withdrawal of capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.
Rating Rationale

The rating assigned to the bank facilities of Aakar Motors
continues to remain constrained by its presence in a highly
competitive automobile dealership business and limited bargaining
power against principal manufacturer. The rating continues to be
further constrained by the weak financial risk profile of AKM as
characterized by the leveraged capital structure, low
profitability and weak liquidity indicators.

The rating, however, continues to derive strength from the vast
experience of the partners in the automobile dealership business
and the stable industry outlook.

The ability of AKM to increase its scale of operations along with
an improvement in the financial risk profile amidst high
competition prevailing in auto dealership business is the key
rating sensitivity.

AKM was established as a partnership firm in 2000 by Mr. Kunjal
Shah along with other family members. The firm is an authorized
dealer for Bajaj Auto Limited for Valsad district of
Gujarat. It offers three-wheeler (THW), two-wheeler (TW) and goods
carriage vehicles of BAL, supported with 3-S facilities (sales,
service, spare-parts). AKM operates through one showroom
(owned premises along with workshop) in Vapi city of Gujarat. The
firm also has a network of four sub-dealers in Valsad district.

As per the audited results for FY13 (refers to the period April 1
to March 31), AKM achieved the Profit After Tax (PAT) of INR0.12
crore on a Total Operating Income (TOI) of INR38.36 crore as
against the PAT of INR0.13 crore on a TOI of 39.05 crore in FY12.


AAREN EXPORTS: CARE Assigns 'B+' Rating to INR1.5cr LT Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Aaren Exports.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        1.50       CARE B+ Assigned
   Facilities

   Short-term Bank      16.40      CARE A4 Assigned
   Facilities

   Long-term/Short-      5.00      CARE B+/A4 Assigned
   term Bank Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Aaren are primarily
constrained by its small scale of operations, its leveraged
capital structure and working capital intensive nature of
operations. The ratings also factor in Aaren's exposure to foreign
exchange fluctuation risk, the competitive nature of business
operations and constitution of the entity being a partnership
firm.  The ratings, however, draw strength from the experienced
partners and long track record of operations.

Going forward, the ability of the firm to increase the scale of
operations while sustaining the profitability margins, improving
the capital structure and managing the foreign exchange
fluctuation risk would be the key rating sensitivities.

Established in 1992, Aaren is a partnership firm with Mr. Subash
Chander Aggarwal and Mr. Deepak Aggarwal as partners with equal
share in profit and loss. The firm has a manufacturing
facility setup in Jalandhar, Punjab for manufacturing of garden
tools and hand tools with an installed capacity of 12 lakh pieces
per annum (LPA) and 8.16 LPA respectively. The firm also
engaged in the trading of Polyvinyl chloride (PVC) resin which
comprised 36% of the total operating income in FY13 (refers to the
period April 01 to March 31). The raw materials required
for manufacturing are steel parts, fasteners, etc, which are
procured from Punjab and wood is imported from Denmark and U.S.A.
For trading activities, the firm imports PVC resin from Korea,
China and Dubai. The firm exports all its manufactured products
under the brand name of "HORIZON" and covers the market of UK,
Dubai and Russia.

For FY12 (refers to the period April 1 to March 31), Aaren
achieved a total operating income of INR40.39 crore with PAT
INR1.07 crore respectively in FY13 (based on the unaudited
results), the firm achieved a total operating income of INR38.32
crore and PAT of INR1 crore respectively.


AARUSH BUILDING: ICRA Reaffirms 'B+' Ratings on INR15.92cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' assigned to
Rs 14.42 crore term loan and Rs 1.50 crore fund based limits of
Aarush Building Materials Private Limited. ICRA has also
reaffirmed the ratings of '[ICRA]B+/[ICRA]A4' assigned to Rs 0.08
crore unallocated limits of ABMPL.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans          14.42        [ICRA]B+ reaffirmed
   Cash Credit          1.50        [ICRA]B+ reaffirmed
   Unallocated Limits   0.08        [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of rating takes into consideration the
uncertainty in the socio-political scenario of Andhra Pradesh
which has impacted ABMPL's business due to which its debt has been
restructured. Further, the ratings continue to be constrained by
ABMPL's small scale of operations in the Autoclaved Aerated
Concrete (AAC) blocks manufacturing industry and high competition
from substitute products of AAC blocks as reflected by decline in
operating margins in the past 2 years. The ratings, however,
favorably factor in the improving capacity utilizations owing to
the increasing acceptance of AAC blocks in the construction
industry which has driven the revenue growth of the company. ICRA
notes that the sales are primarily made to real estate companies
thereby the demand for AAC blocks is closely linked to the growth
prospects of real estate market in Andhra Pradesh.

Incorporated in 2007, Aarush Building Materials Private Limited
(ABMPL) is into manufacturing of Autoclaved Aerated Concrete (AAC)
blocks. The plant is located at Jaggaiahpeta, Krishna district,
Andhra Pradesh with an installed capacity of 500 cubic meter per
day. The company sells AAC blocks under the brand name SUPERBLOK.

Recent Results

For FY 2013, the ABMPL reported a profit after tax (PAT) of
INR0.10 crore on turnover of Rs.18.01 crore against a profit of
INR0.09 crore on turnover of INR15.65 crore for FY 2012.


ACTION GINNI: ICRA Reaffirms 'BB' Rating on INR26cr Loans
---------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating assigned to INR26.00
crore fund based limits of Action Ginni Devi Cancer Hospital. The
outlook on the long-term rating is stable.

                         Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based Limits       26.0     [ICRA]BB (Stable) Reaffirmed

The rating reaffirmation factors in the healthy growth in the
operating income and improvement in the operating profitability of
the hospital owing to the increase in the occupancy levels and
revenue per occupied bed. Moreover, the rating takes into account
the infusion of promoter funds which coupled with the increase in
the profitability has led to the improvement of its debt
protection metrics. Further, the ratings favorably factors in the
synergies arising on account of shared infrastructure facilities
with Sri Balaji Action Medical Institute and demonstrated support
from Action group. Nevertheless, the rating is constrained by the
continuing losses at the net level on account of relatively high
interest and depreciation charges and revenue concentration risk
arising out of operating a single hospital. ICRA also takes into
consideration the significant increase in the receivable days
owing to the delay in payments from Central Government Health
Scheme (CGHS) and other empanelled organizations. Further, the
rating continues to factor in high competitive intensity in the
National Capital Region (NCR) which is expected to increase
further as significant hospital room supply is planned in the
short to medium term.

Action Ginni Devi Cancer Hospital is a100 bed single specialty
Cancer hospital promoted by Manav Sevarth Trust, a charitable
trust of the Action Group. The Action Group, founded by Mr. Nand
Kishore Aggarwal, commenced its business operations in 1971 as a
manufacturer and supplier of footwear and its components.
Currently, the group has presence in diversified business segments
including Chemicals and Plastics, Computer Monitors and
Peripherals, Power Back Up / Inverters, Batteries, Housing
Projects, Health Care and Steel.

Action Ginni Devi Cancer Hospital reported a net loss of INR1.85
Crore on operating income of INR38.6 Crore in 2012-13, as against
corresponding figures of INR7.0 Crore and INR21.2 Crore in 2011-
12.


ADHYASHAKTI PAPER: CARE Reaffirms 'BB-' Rating on INR5.3cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Adhyashakti Paper Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.30       CARE BB- Reaffirmed
   Facilities

   Short-term Bank       0.90       CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to Adhyashakti Paper Private Limited factor
in increase in scale of operations during FY13 (refers to the
period April 1 to March 31). The ratings, however, continue to
remain constrained on account of low and fluctuating
profitability, moderately leveraged capital structure and working
capital intensive nature of operations. The ratings are further
constrained on account of susceptibility of its margins to
fluctuations in the prices of raw materials coupled with a
presence in the highly competitive paper manufacturing industry.
The ratings continue to draw strength from the vast experience of
the promoters in the paper industry and proximity to customers due
to its strategic location near tile manufacturing cluster of
Morbi in Gujarat.

APPL's ability to improve profitability and increase its scale of
operations in a highly competitive paper industry while managing
volatility associated with raw material prices and improvement in
the financial risk profile are the key rating sensitivities.

Incorporated in December 2009, APPL is promoted by Mr. Natvarlal
Hansalia, Mr. Mansukhlal Adroja and Mr. Dharmendrakumar Patel.
APPL is engaged into manufacturing of Kraft paper and operates
from its sole manufacturing facility located at Morbi (Gujarat)
amidst the tile cluster.

APPL commenced commercial operations from December 2010 and has an
installed capacity of 24,000 Metric Tons Per Annum (MTPA) of kraft
paper which is further expandable up to 36,000 MTPA. APPL
manufactures different varieties of kraft paper of 80-180 GSM and
Bursting Factor (BF) of 12. The product manufactured by APPL is
used for making corrugated boxes, liners, textile tubes, and
duplex cartons and thus the main consumption of kraft paper is in
the packaging industry.

During FY13, APPL reported a TOI of INR21.62 crore and PAT of
INR0.07 crore as against a TOI of INR17.39 crore and PAT of
INR0.09 crore during FY12.


AGRI FIBRE: ICRA Lowers Ratings on INR30.6cr Loans to 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned to the INR22.00
crore long term fund based facility (enhanced from INR13.00 crore)
of Agri Fibre Limited from '[ICRA]BB' to '[ICRA]D'. ICRA has also
revised the short term rating assigned to the INR8.60 crore short
term non fund based facilities (enhanced from INR6.53 crore) of
AFL from '[ICRA]A4' to '[ICRA]D'.

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Cash Credit        22.00      Revised from [ICRA]BB (stable)
                                 to [ICRA]D

   Non Fund Based      8.60      Revised from [ICRA]A4
                                 to [ICRA]D

The rating revision takes into account the irregularity in debt
servicing, with devolvement of Letter of Credit and over-drawals
from the cash credit account for a sustained period, on account of
the stretched liquidity position of the company. The company's
liquidity position remained stretched due to delays in payments
from some of the large customers as well as significant
deterioration in the profitability during the current fiscal. The
ratings continue to take into account the increase in the anti
dumping duty on import of viscose filament yarn from China thus
making import based trading less favorable, highly competitive
business environment on account of a fragmented industry structure
and the commoditized nature of AFL's product due to limited value
addition. The ratings also factors in vulnerability of
profitability to adverse movements in the product prices and
exchange rates as well as modest risk of customer concentration
with the top two customers forming more than half of the total
sales made during FY13.

The ratings, however, favorably factor in the long experience of
the promoters in the textile business, promoter group's strong
market position in the embroidery segment with an established
domestic marketing network, consistent growth in operating income
and diversification of product profile with increase in grey
fabric and jari sales and a favourable demand outlook for
embroidery thread segment in the Surat market.

Agri Fiber Limited was incorporated in May 2008 and started its
trading operations in H2FY09. The company is based out of Surat
and is involved in the trading of viscose filament yarn (VFY),
dyed grey fabrics and jari. AFL is promoted by the promoters of
Venus Lifestyles Limited (one of the leading manufacturers of
embroidery thread) with Mr. Shashikant G Patel being the major
shareholder for AFL.

Recent Results

During FY13, AFL reported an operating income of INR290.13 crore
(against Rs.173.55 crore for FY12) and net loss of INR1.65 crore
(against profit after tax of INR1.70 crore for FY12).


ASTA INDIA: ICRA Suspends 'BB+' Rating on INR9.5cr LT Loans
-----------------------------------------------------------
ICRA has suspended the '[ICRA]BB+ (Negative)' rating assigned to
the INR9.50 crore long term fund based facilities and '[ICRA]A4+'
rating assigned to the INR11.50 crore non fund based facilities of
ASTA India Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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

Incorporated on 22nd February 2005, ASTA India Private Limited is
engaged in the manufacturing of Continuously Transposed Conductors
(CTC) with a capacity of 4000 MTPA of CTC with the manufacturing
facility located at Vadodara, Gujarat.

AIPL is a subsidiary of ASTA Singapore Pte Ltd, Singapore, a
wholly owned subsidiary of ASTA Holdings GmbH, Austria. ASTA,
Austria is established global player for providing electrical
winding solutions with over 100 years of experience in the field
of CTC manufacturing. The ASTA group was previously acquired by
Metrod (Malaysia) Berhard, a Malaysian company in 2004 and was
subsequently purchased from Metrod (Malaysia) Berhard by Global
Equity Partners (GEP), a central European investment firm, in
March 2012.


BHARAT SILKS: ICRA Reaffirms 'B+' Rating on INR3.08cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of Bharat Silks (Formerly
Bharat Fashions & Apparels) at '[ICRA] B+' for INR3.08 crore term
loans (enhanced from 2.33) and the short term rating at '[ICRA]
A4' for INR10.00 crore fund based limits and INR3.10 crore non-
fund based limits (enhanced from nil).

                         Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Term Loan             3.08       [ICRA]B+/re-affirmed
   Fund Based Limits    10.00       [ICRA]A4/re-affirmed
   Non-Fund Based        3.10       [ICRA]A4/re-affirmed
   Limits

The rating reaffirmation favorably factors in the significant
growth of ~31% in the operating income in FY13 over the preceding
fiscal on account of improved demand for garments and increased
customer base. The ratings also draw comfort from the reduction in
inventory days which resulted in improved liquidity position of
the firm. Besides, the ratings also draw support by the long
standing experience of BS's promoters' in the fabric/ ready-made
garments (RMG) business and its continued relationship with major
customers over a long period which translates into repeat orders
thus providing stability to the revenues.

The ratings are however constrained due to BS's weak financial
risk profile characterized by low profitability (which further
witnessed moderation as reflected by OPM of 8% in FY13 as against
OPM of 11.6% in FY12 due to higher raw material and employee
expenses), moderate capitalization ratios, modest coverage
indicators and high working capital intensity. The ratings are
also constrained due to the high client and geographic
concentration risk faced by the firm (~23% of the revenue in
H1FY14 was generated from the top customer and ~55% from the top 5
customers together; sales to US & Europe constitute 80% of
revenues). Moreover, the ratings continue to be deterred on
account of BS's relatively low scale of operations and the
fragmented nature of textile industry resulting in intense
competition.

Going forward, BS's ability to improve upon its profitability and
working capital intensity would remain the key rating sensitive
factors.

BS commenced operations in the year 2002 under the name Bharat
Fashions & Apparels. Subsequently it was renamed as 'Bharat Silks'
in FY12. Moreover, another group entity which was operating under
the name 'Bharat Silks' had merged its business in to BS in
January, 2012. Bharat Silks is engaged in manufacturing of silk
fabrics from yarn (imported primarily from China), readymade
garments and Embroidery furnishing fabrics. The firm exports its
fabrics mainly to USA, UK and other EU countries. The firm caters
to the Women-Girl (WG) segment for garments and furnishing for
fabrics. BS focuses on embroidery, needle work intensive and
intricately styled apparels. The firm lately ventured into digital
printing of fabrics. The firm has a capacity of 0.75 milling
garments p.a., and mainly produces apparels such as bridal wear,
cocktail dresses, jackets, blouses, skirts, trousers etc.
BS is part of the Bharat Silks group which started its activities
in the year 1978 and produces a range of fabrics including fashion
fabrics, garments, furnishings and made-ups. Another group
company, Bharat Tissus Private Limited (BTPL) [ICRA A4] is engaged
in manufacturing silk fabric and readymade garments (cotton,
Silks, silk blends and other fabric qualities).

Recent Results

For FY13, the firm had earned a net profit of INR1.73 crore on an
operating income of Rs.55.30 crore as compared to a net profit of
INR1.44 crore and operating income of INR42.23 crore for FY12.


D S ALLOYD: CARE Assigns 'BB' Rating to INR14.5cr LT Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE BB/ CARE A4' ratings to the bank facilities of
D S Alloyd Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        14.50      CARE BB Assigned
   Facilities

   Short-term Bank       28.50      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to bank facilities of DS Alloyd Private
Limited take into account the weak financial risk profile marked
by its small scale of operations, low profit margins, weak
coverage indicators and working capital intensive nature of
operations. The ratings also take into account the moderately high
overall gearing ratio, foreign currency fluctuation and commodity
risks along with cyclicality associated with the steel industry.
The ratings, however, draw comfort from the experience of the
promoters and the established customer base of DSAPL.

Going forward, the ability of the company to scale up its
operations while sustaining profitability margins and efficiently
manage working capital requirements shall be the key rating
sensitivities.

DS Alloyd Private Limited was incorporated in 2002 by Mr. Raj
Kumar Goel and Mr. Hanuman Prasad Mittal for the manufacturing of
aluminum ingots and aluminum alloy. Initially, the company had a
manufacturing facility in Haryana which was later shifted to
Nagpur in FY07 (refers to the period April 1 to March 31). The
company is currently engaged in the manufacturing and sale of low
carbon ferro manganese, medium carbon ferro manganese, ferro
titanium, ferro molybdenum (molly), aluminum ingots, shots & notch
bars, ferro vanadium. Around 60% of the total sales is done
directly to the steel manufacturers like JSW Steel Ltd (rated CARE
AA/CARE A1+), Usha Martin Ltd (rated CARE A1+), etc, whereas the
balance is sold through small retailers and consignment agents.

The company has a production capacity of 10,800 tonnes per annum
as on March 31, 2013 and it caters to both domestic as well as
export customers.

In FY13, the company reported a total operating income of INR94.94
crore with a PAT of INR0.47 crore as against a total operating
income and PAT of INR94.71 crore and INR0.13 crore, respectively
in FY12.


ESKAY SILK: CARE Reaffirms 'B+' Rating on INR18.5cr LT Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Eskay Silk Industries Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        18.50      CARE B+ Reaffirmed
   Facilities

   Short-term Bank        2.50      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings of Eskay Silk Industries Private Limited continues to
be constrained by small scale of operations, thin profitability
margins, leveraged capital structure, working capital intensive
nature of operations and intense competition from large number of
organized and unorganized players in the sector. The ratings
however, continue to derive strength from the experience of the
promoters in the textile industry.

Ability to scale up and stabilize the increased manufacturing
operations and thereby improve profitability margins and capital
structure amidst intense competition remain the key rating
sensitivities.

Eskay Silk Industries Private Limited was promoted by Mr. Motilal
Jain and Mr. Suresh Kumar Jain in 1984 and later taken over by
Agarwal family in 1991. ESIPL was earlier primarily engaged in
trading of high quality textile fabrics. The company commenced
commercial production from April 2012, with its 24 Air Jet looms
and fabric processing capacity of 21.60 lakh meters per annum, at
Bhiwandi.

Furthermore, during FY13, the company has started an expansion
project (to increase the installed capacity by additional 18 new
looms) at an estimated cost of INR8.94 crore, proposed to be
financed from bank loan of INR6.25 crore and remaining from
promoter funding (in the form of capital and unsecured loans) and
internal accruals. As on March 31, 2013, the company had already
incurred a cost of INR7.11 crore (recorded as CWIP) and the
project was completed in Q1FY14.

During FY13 (refers to period from April 1 to March 31), ESIPL
reported total operating income of INR28.69 crore (vis-…-vis total
income of INR21.27 crore in FY12) crore and PAT of INR0.08 crore
(vis…-vis PAT of INR0.08 crore in FY12).  In H1FY14, the company
has achieved total operating income of INR17 crore.


GHIYA EXTRUSIONS: ICRA Suspends 'BB' Rating on INR13.51cr Loans
---------------------------------------------------------------
ICRA has suspended the '[ICRA]BB (Stable)' rating assigned to the
INR13.51 crore long term fund based facilities of Ghiya Extrusions
Private Limited. ICRA has also suspended the '[ICRA]A4' rating
assigned to the Rs 0.80 crore short term non fund based facilities
of GEPL. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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

Ghiya Extrusions Private Limited was initially established as a
partnership firm by Mr. Nakul Ghiya in the year 1997 in the name
of M/s Ghiya Extrusions and was converted into Private Limited
Company in the financial year 2006-07. GEPL is engaged in the
business of manufacturing of expanded Polyethylene (EPE) sheet and
liners, which are used in Roll On Pilfer Proof (ROPP) Caps, the
major end users for which are Alcoholic Beverages, Pharmaceuticals
and Cosmetics industry. The company has an installed capacity for
manufacturing 3900 MTPA of EPE liners and has its manufacturing
facility located at Khatraj village (Gandhinagar District,
Gujarat).


GIRNA INFRAPROJECTS: CARE Assigns 'B' Rating to INR4.5cr LT Loans
-----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Girna Infraprojects Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         4.50      CARE B Assigned
   Facilities

   Short-term Bank       12.00      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Girna Infraprojects
Pvt Ltd are constrained by its short track record along with the
small scale of operation, client concentration risk, and weak
financial risk profile marked by a decline in the profitability
margins, an elongated operating cycle and stretched liquidity
indicators.

The ratings, however, derive strength from the qualified and
experienced promoters and satisfactory order book position
providing medium-term revenue visibility.

The ability of the company to increase its scale of operations and
order book without adversely impacting its financial risk profile
are the key rating sensitivities.

Girna Infrastructure Private Limited, a Nashik-based company, was
incorporated on January 5, 2010. The Managing Director, Mr.
Ratnakar D Pawar, has been in the infrastructure business for the
last 20 years through another group company Pawar Patkar
Construction Private Limited. GIPL started its operation in 2011.
The company is a subcontractor for Unity Infraprojects Ltd since
FY11 (refers to the period April 1 to March 31). The company
received two projects from UIL for a total tender value of
INR168.89 crore for building construction and an irrigation
project in February 2011 and June 2011 respectively. The building
construction project is floated by Odisha Industrial Development
Corporation (OIDC) in Bhubaneshwar (Odisha) and a canal
construction project is in Madhya Pradesh.

As on March 31, 2013 the outstanding order book position of GIPL
is INR117.83 crore (3.67x FY13 income) to be executed by the end
of FY15 providing revenue visibility over medium to long-term.
During FY13, the company reported a total operating income of
INR32.13 crore over a PAT of INR1.19 crore as against a total
operating income of INR15.85 crore over a PAT of INR0.84 crore in
FY12.


INDOCOUNT INDUSTRIES: CARE Ups Ratings on INR164.62cr Loans to C
----------------------------------------------------------------
CARE revises the ratings assigned to the ncd and bank facilities
of Indocount Industries Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank       145.40      'CARE C' Revised
   Facilities from                  from 'CARE D'

   Short term Bank      374.00      'CARE A4' Revised
   Facilities                       from 'CARE D'

   Non Convertible       19.22      'CARE C' Revised
   Debentures                       from 'CARE D'

Rating Rationale

The revision in the ratings assigned to the Bank facilities and
NCDs of ICIL take into consideration the regularisation in debt
servicing by the company and improvement in financial performance
in FY13 and Q1FY14.

The company was originally incorporated as M/s. Vishnu Aluminum
Limited on November 7, 1988 with a view to set up a 100% export
oriented combed cotton yarn spinning unit. The name of the
company was changed to Indo Count Industries Ltd. (ICIL) in April
1990 and subsequently it went public. On account of financial
stress leading to insufficient cash flow and unfavourable market
scenario the debt obligations of the company were restructured
under Corporate Debt Restructuring (CDR) scheme during August,
2008. The company continues to remain in CDR as on date.

As at the end of FY13 the textile division of ICIL had 59,520
spindles, 8 knitting machines, 128 air jet looms and processing
(bleaching, mercerizing, dyeing, printing) capacity of 36.50
million meters per annum. For its consumer durables division
(television-CTV and assemblies), ICIL had an installed capacity of
5 lakhs per annum. Exports contributed around 80% of the net sales
in FY13 vis-a-vis 70% in FY12. The company reported net sales of
INR1067.80 crore in FY13 of which around 89% was contributed from
the textile segment (mainly home textiles) and the balance from
the consumer durables segment.

The company reported a PAT of INR27.11 crore on a total operating
income of INR1162.99 crore in FY13 as compared to a PAT of INR0.13
crore on a total operating income of INR776.63 crore in FY12.
Further ICIL reported a PAT of INR13.83 crore on a total operating
income of INR294.52 crore in Q1FY14.


KOSAMATTAM FINANCE: CARE Rates INR200cr LT Bank Loans at 'BB+'
--------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Kosamattam Finance Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        200        CARE BB+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Kosamattam Finance
Pvt Ltd is constrained by its moderate capital adequacy ratio,
concentration in a single asset class which is exposed to market
risk related to gold, low seasoning of loan portfolio due to
substantial growth in the assets in the recent past, the
geographical concentration of loan portfolio, intense competition
in the gold loan business and concentration of resource profile
towards retail NCDs.

The rating takes note of promoters' experience and the long track
record of operations in the gold loan business and low NPA levels
supported by the underlying security of gold.

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

KFPL, a non-deposit taking NBFC registered with RBI is part of the
Kosamattam group. The group was founded by Mr. Chacko Varkey in
1927, with the main activity being chit fund business. In
1980, the group ventured into gold loan business under Mr. Mathew
Cherian (grandson of Mr. Chacko). In 2004, the group acquired an
already established gold loan NBFC in Kerala called 'Standard
Shares and Loans Pvt Ltd' and changed its name to Kosamattam
Finance Private Ltd. KFPL's core business is offering loans
against gold jewellery which constitutes around 97% of the
loan portfolio as on March 31, 2013. KFPL is also an RBI-
authorized Money Changer and offers forex services like buying and
selling foreign currency and remittances abroad.

As on June 30, 2013, the company had a loan portfolio of
INR1,075.8 crore and operated through 647 branches. During FY13
(refers to the period April 01 to March 31), the company reported
a PAT of INR39.3 crore on a total operating income of INR235.8
crore. The company has a loan portfolio of 988.6 crore
as on March 31, 2013 and CAR stood at 15.06% as on that date.


LUCKY STEEL: ICRA Reaffirms 'BB' Rating on INR10cr Loans
--------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating assigned to the INR10.00
crore fund-based bank limits (increased from INR8.00 crore) of
Lucky Steel Industries (Ship Breaking Division, LSISBD).  The
outlook on the long-term rating is 'stable'. ICRA has also
reaffirmed the '[ICRA]A4' rating assigned to the INR73.00 crore
non-fund based bank limits (increased from INR66.00 crore) of
LSISBD.

                         Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund-Based Limits     10.00      [ICRA]BB/Stable; reaffirmed
   Non-Fund Based        73.00      [ICRA]A4; reaffirmed
   Limits

Rating Rationale

The assigned ratings take into account the growth in the turnover
of the firm during 2012-13; long-standing presence of LSISBD in
the ship breaking business and forward linkages with group
companies engaged in steel re-rolling. The ratings, however,
continue to be constrained by LSISBD's exposure to adverse
movements in currency exchange rates; the cyclicality associated
with the steel industry; ship availability risk and LSISBD's low
operating profit margins that also exerts pressure on its interest
coverage ratio. ICRA has also taken into consideration the
regulatory risks that are inherent in the ship breaking industry.

Incorporated as a proprietorship firm in 1995 by Mr. Ashfaqhusen
S. Masani, LSISBD belongs to the Bhavnagar-based Lucky Group held
by the Masani family. LSISBD is engaged in the business of ship
breaking and scrap trading and operates on a plot leased from
Gujarat Maritime Board in the Alang Ship Recycling Yard. Besides
LSISBD, the Lucky Group has other companies with business
interests in ship breaking, oil re-processing and steel re-
rolling.

Recent Results

In 2012-13, as per the provisional financial statements, LSISBD
reported an operating income of INR105.15 crore and a net profit
of INR2.59 crore as compared to an operating income of INR97.78
crore and a net profit of INR2.47 crore in 2011-12.


MADAN UDYOG: CARE Rates INR9.9cr LT Bank Loans at 'B+'
------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Madan Udyog Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        9.90       CARE B+ Assigned
   Facilities

   Short-term Bank       1.45       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Madan Udyog Pvt Ltd
are constrained by its modest scale of operations with a limited
product offering, weak solvency indicators and thin profitability
margins, working capital intensive nature of operations and its
exposure to volatility in rubber prices. The ratings, however, are
underpinned by the wide experience of the promoters in the rubber
tubes industry, strong growth in operating income along with
significant improvement in capacity utilization and a
geographically diversified revenue base.

Ability of the company to increase its scale of operations with
optimum utilization of its installed capacity while managing
working capital efficiently will remain the key rating
sensitivities.

Nagpur-based Madan Udyog Pvt Ltd, was incorporated in July 2010
for the manufacturing of cycle tubes and tyres. Promoted by
Mr. S.S. Khandelwal and Mr. Bedmutha, the company commenced
operations from December 2010. The company is engaged in the
production of jointed and moulded bicycle rubber tubes of 37
varieties, ranging from 12 inches to 26 inches in size. These
tubes are used in standard styles of bicycles meant for persons of
all ages. The manufacturing facility of MUPL is located in Sinnar,
District: Nashik and has an installed capacity of 1.44 crore
tubes/annum. The company is ISO certified and sells its bicycle
tubes under the brand name of "MADAN". Since January 2013, MUPL
has ventured into marketing of bicycle tyres, wherein the
manufacturing job is subcontracted to outside parties.

In FY13, MUPL earned a PAT of INR 0.50 crore on a total operating
income of INR28.01 crore against PAT of INR0.10 crore on a total
operating income of INR18.60 crore in FY12.


MAHESH AGRI: ICRA Reaffirms 'B' Ratings on INR24.05cr Loans
-----------------------------------------------------------
ICRA has reaffirmed long-term and short-term rating of '[ICRA]B'
to INR24.05 crore fund based and non fund based facilities of
Mahesh Agri Exim Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits        22.00       [ICRA]B reaffirmed
   Non-fund Based Limits     2.05       [ICRA]B reaffirmed

The retention of the rating reflects Mahesh Agri Exim Private
Limited's weak financial risk profile as indicated by fluctuating
revenues along with low profitability which are further vulnerable
to the fluctuation of Indian currency in the foreign exchange
market as well as fluctuating commodity prices. The rating also
continues to factor in the stretched capital structure of the
company and the tight liquidity position as evident from the high
working capital intensity and almost full utilization of
sanctioned bank limits. The ratings are further constrained by
intense competitive pressures in the business with low entry
barriers which limits the profit margins of the company. The
rating further takes into account the regulatory hurdles in export
of agri commodities that can result in volatility in prices and
quantity available for export though the company continues to
benefit from various export incentives at present. The rating
nevertheless continues to consider the company's established
client base in the export markets along with the long track record
of the promoters in the agro trading business.

Promoted by Mr. Hirji Thakker and closely held by the
promoters/promoters' family, Mahesh Agri Exim Pvt Ltd commenced
operations in 1997. MAEPL is engaged in the business of trading
pulses, beans, cereals, oilseeds, spices, grains, animal feed and
bird feed.

Recent updates:

Mahesh Agri Exim Private Limited has reported a net profit of
INR0.44 crore on an operating income of INR105.86 crore for the
year ending 31st March 2013.


MAITHAN STEEL: CARE Reaffirms 'BB+' Rating on INR54.4cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Maithan Steel & Power Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         54.4      CARE BB+ Reaffirmed
   Facilities

   Short-term Bank         2.0      CARE A4+ Reaffirmed
   Facilities

Rating Rationale

The aforesaid ratings continue to be constrained by the volatility
in prices of raw material and finished goods, low capacity
utilization levels, low profit levels leading to weak debt
protection metrics, risks associated with the implementation of
the proposed project and intense competition from the unorganised
sector. The ratings, however, draw support from the considerable
experience of the promoters, strategic location of plants and
satisfactory leverage ratios. The ability of the company to
improve its scale of operations and profitability along with
successful completion of the proposed project and deriving benefit
there from as envisaged will remain the key rating sensitivities.

Maithan Steel & Power Limited, incorporated in June 2001, belongs
to the Agarwalla family of Asansol, West Bengal, with the main
promoter being Mr. Basant Kumar Agarwalla (of the Maithan group),
having a rich experience in the iron and steel industry for over
two decades. MSPL is engaged in the manufacturing of sponge iron
since inception and had forayed into the manufacturing of TMT bars
in September 2009. Currently, the company has the capacity to
manufacture 60,000 metric tonnes per annum (MTPA) of sponge iron
and 100,000 MTPA of TMT bars.

The Maithan group comprises few companies having an established
presence in steel and related sectors and is promoted by Mr.
Basant Kumar Agarwalla and Mr. Subhash Chandra Agarwalla of
Asansol (West Bengal). While the Agarwalla family, under Mr.
Basant Kumar Agarwalla has diversified into coal mining, coke,
iron, ceramic products, steel and ferro alloys business, those
under the joint ownership of Mr. Basant Kumar Agarwalla and Mr.
Subhash Chandra Agarwalla are mainly engaged into the ferro alloys
business.

In FY13 (refers to the period April 1 to March 31), MSPL earned a
PAT of INR1.3 crore (loss of INR 0.3 crore in FY12) on a total
income of INR195.2 crore (INR97.5 crore in FY12). As per the
unaudited H1FY14 results, the company earned a PBT of INR2 crore
on a total income of INR111.6 crore.


MAYUR DYE-CHEM: ICRA Suspends 'BB+' Rating on INR17cr Loans
-----------------------------------------------------------
ICRA has suspended the '[ICRA]BB+ (Stable)' rating assigned to the
INR17.00 crore long term fund based facilities of Mayur Dye-Chem
Intermediates Limited. ICRA has also suspended the '[ICRA]A4+'
rating assigned to the INR2.50 crore short term non fund based
facilities of MDCIL. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

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

Mayur Dye-Chem Intermediates Limited commenced dye-intermediate
manufacturing operations as a partnership firm in 1984 and was
later converted into a Public Limited company in 1993. At the
Vatva (Ahmedabad) facility, the capacity of the VS plant is 4200
MTPA and that of reactive dyes is 600 MTPA. At the Padra
(Vadodara) facility, the H-acid plant has a manufacturing capacity
of 2700 MTPA and the VS plant has a capacity of 3000 MTPA.


MILLENNIUM VITRIFIED: CARE Cuts Ratings on INR43.43cr Loans to D
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Millennium Vitrified Tiles Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        26.25      CARE D Revised
   Facilities                       from CARE B

   Long-term/Short-      17.18      CARE D Revised
   term Bank                        from CARE B/CARE A4
   Facilities

Rating Rationale

The revision in the rating assigned to the bank facilities of
Millennium Vitrified Tiles Private Limited (MVTPL) primarily
factors in the on-going delay in the servicing of its debt
obligations due to the stressed liquidity position.

Incorporated in January 2011, MVTPL was promoted by five
promoters; including Mr. Mansukh Koradiya, Mr. Ramesh Aghara and
Mr. Rajeshkumar Koradiya who are the key promoters of the company.
MVTPL had setup a manufacturing facility for the manufacturing of
ceramic vitrified tiles with an installed capacity of 82,800
Metric Tonnes Per Annum (MTPA) at Morbi, Gujarat. The commercial
production of MVTPL was started in June, 2012.

As per the audited results for FY13 (refers to the period April 1
to March 31), MVTPL reported the net loss of INR3.85crore on a
total operating income of INR30.83crore.


MITHRA AUTO: CARE Reaffirms 'B' Rating on INR11.57cr LT Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mithra Auto Agencies Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       11.57       CARE B Reaffirmed
   Facilities

   Short-term Bank       2.00       CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Mithra Auto
Agencies Private Limited continue to be constrained by its high
degree of reliance on a single manufacturer for product supply,
low profitability margins with limited bargaining power against
the principal manufacturer, financial risk profile marked by a
highly leveraged capital structure and moderately stressed
liquidity position and its operations in the highly competitive
automobile dealership industry. The ratings, however, continue to
derive strength from the experience of the promoters in the
automobile dealership business and long track record of the
management.

The ability of the company to increase its market presence amidst
the competition and improve its overall financial risk profile
will remain as the key rating sensitivities.

MAAPL was initially formed in 1983 as a partnership firm under the
name, The Mithra Agencies, and was subsequently converted into a
private limited company in 2010 and in August 2011, took
the current name. The company is currently managed by Mr. Cheruvu
Srinivas, managing director of the company. The company is engaged
in the business of automobile dealership for Maruti Suzuki India
Limited passenger cars. Besides, it has service centres which
provide aftersales services and spare parts and accessories for
Maruti Suzuki cars. MAAPL is an authorized dealer for Maruti cars
with three showrooms (including service centre) located at
Vijayawada, Warangal and Machilipatnam.

During FY13 (refers to the period April 1 to March 31), MAAPL
reported a net loss of INR0.26 crore on a total operating income
of INR79.79 crore as against a net loss of INR0.83 crore on a
total operating income of INR85.40 crore in FY12.


NEW EMPIRE: CARE Reaffirms 'BB-' Rating on INR2cr LT Bank Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
New Empire Tin Factory.

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

   Short-term Bank      12.50       CARE A4 Reaffirmed
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of New Empire Tin
Factory continue to be constrained by relatively small scale of
operations, fluctuating operating profitability margins,
moderately leveraged capital structure and moderate debt coverage
indicators. The ratings further continue to be constrained by
exposure to foreign exchange fluctuation risk, customer
concentration risk and constitution of the entity as a partnership
concern.

The aforesaid constraints continue to be partially offset by
strength derived from experienced promoters and their financial
support in past and diversified trading portfolio. NETF's ability
to improve its overall scale of operations and maintain its
capital structure amidst increasing competition are the key rating
sensitivities.

Established in 1976 as partnership firm, New Empire Tin Factory is
engaged in the trading of tin plates, bulk pharma drugs and agro
products which find application in manufacturing of tin
boxes/containers (for packaging), pharmaceutical industry and food
processing industry respectively. The firm imports around 70% of
the traded materials (from China, UK, USA, Germany and Europe) and
sells entirely in the domestic market.

During FY13, NETF has posted total income of INR20.90 crore (up by
21% vis-…-vis FY12) and PAT of INR3.75 crore (vis-…-vis INR0.20
crore). Furthermore during H1FY14, NETF has posted total
operating income of INR12.68 crore.


NSL TIDONG: CARE Raises Rating on INR459cr LT Loan to 'B'
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
NSL Tidong Power Generation P Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        459        CARE B Revised
   Facilities                       from CARE D

Rating Rationale

The revision in the rating of NSL Tidong Power Generation Pvt Ltd
primarily factors in the timely servicing of debt obligations. The
rating continues to be constrained by the slow progress of the
project leading to time and cost overrun. The rating positively
factors in the long track record of the NSL group, experience of
the holding company/sponsor NSL Renewable Power Private Limited
(NRPPL) in implementing and managing the renewable-based power
projects and longterm Power Purchasing Agreement (PPA) with Tata
Power Trading Company Limited (TPTCL).
The timely equity infusion from the sponsor and the ability of
NTPGL to fund the cost overrun and execute the project without any
further time overrun are the key rating sensitivities.

NSL Tidong Power Generation Pvt Ltd (NTPGL), a project SPV
promoted by Hyderabad-based NSL Group, was incorporated on April
29, 2008 for setting up a 100 MW (2x50 MW) 'Run of the
river' hydro power plant over the Tidong river in Kinnaur district
in the state of Himachal Pradesh.  NTPGL is a subsidiary of NSL
Renewable Power Pvt Ltd, part of the Hyderabad-based NSL group,
engaged in the business of renewable power generation.  The
project COD has been revised to July 2016 which is previously
envisaged by October 2014.

NTPGL incurred a cost of INR321.63 crore (49.33% of the total
project cost) out of INR656 crore as on September 30, 2013. The
promoters infused INR112.51 crore (57.02% of the proposed equity
component of INR197 crore).


NUZIVEEDU SWATHI: CARE Reaffirms 'B' Rating on INR51cr LT Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Nuziveedu Swathi Coastal Consortium.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        51         CARE B Reaffirmed
   Facilities

   Short-term Bank        5         CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings continue to remain constrained by the revenue
concentration with an order book comprising a single project,
project execution behind schedule due to unforeseen geological
risks encountered and the stretched working capital cycle. The
ratings also factor in the relatively low profitability with a
cash loss during FY13 (refers to the period April 1 to March 31);
though supported by an infusion of unsecured loan from the
partners. The ratings, however, are underpinned by the
satisfactory experience of the partners with support in the form
of capital and unsecured loans and satisfactory financial
position. The ability of the firm to complete the project
within the schedule timeline and manage its working capital, are
the key rating sensitivities.

Nuziveedu Swathi Coastal Consortium is a partnership firm formed
in September 2009 by a consortium comprising Splendid Minerals Pvt
Ltd (SMPL, a subsidiary of Mandava Holdings Pvt Ltd of NSL group
of Hyderabad, holding 50% shares), Coastal Projects Ltd (CPL,
holding 25% share) and Siva Swathi Constructions Pvt Ltd (SCL,
holding 25% share). NSCC is engaged in the construction of a
tunnel [Tunnel I, using Tunnel Boring Machine (TBM)] as a part of
the Veligonda Irrigation Project in the Prakasam district of AP.
The said project has been received as a subcontract work. The
Veligonda project comprises a single order in hand with the work
valued at INR377.4 crore completed till August 31, 2013 (the
contract value being INR624.6 crore) and revised completion date
as June 2014 (extended from August 2008), as approved by the
Government of AP.

During FY13 (refers to the period April 01 to March 31), NSCC
posted a PBILDT of INR4.79 crore (FY12: INR15.70 crore) and net
loss of INR9.31 crore (FY12: net loss of INR0.75 crore) on a total
operating income of INR54.74 crore (FY12: INR77.23 crore).
During H1FY14 NSCC has achieved a gross sales of INR34.29 crore.


PACIFIC EDUCATION: CARE Reaffirms 'BB' Rating on INR12.2cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Pacific Education Trust.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        12.20      CARE BB Reaffirmed
   Facilities

Rating Rationale

The rating continues to remain constrained on account of the
nascent stage of operations of Pacific Education Trust with cash
losses, its highly leveraged capital structure and stressed
liquidity position. The rating is further constrained due to its
presence in the highly regulatory and competitive education sector
and regular need to incur capex which is expected to be partly
funded through debt.

The rating, however, continues to derive comfort from the
experienced promoter group managing various education
trusts/societies since more than a decade. PET's ability to
improve its scale of operations and improving its liquidity and
solvency position are the key rating sensitivities.

Ahmedabad-based PET was set up by the renowned Pacific Group
(Udaipur) on July 22, 2010 to impart education in the field of
engineering and management. The trust is managed by Mrs Leela
Devi Agarwal and Mr. Rahul Agarwal having an experience of more
than a decade in managing various educational institutions. The
group also manages Pacific Academy of Higher Education
and Research Society (PAHER; rated 'CARE BBB+', 'CARE A3+'),
Darshan Dental College & Hospital (DDCH; managed by Vijaya Shanti
Education Trust) and Ahmedabad Dental College & Hospital (ADCH;
managed by Mahadevia Charitable Trust; rated 'CARE D').

PET provides education in the field of engineering through Pacific
School of Engineering, Surat (PSE) which commenced from the
academic year (AY) 2012-13. It offers courses in civil,
mechanical, electrical, chemical and computer science domain.
Presently, there are two buildings in the campus which are
utilized for providing engineering courses. PSE is accredited by
All India Council for Technical Education (AICTE) and is
affiliated to Gujarat Technical University (GTU).

In FY13 (refers to the period April 1 to March 31), PET reported a
total operating income of INR1.93crore and a net deficit of
INR3.35 crore.


RATNESH METAL: CARE Reaffirms 'BB+' Rating on INR46.46cr Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ratnesh Metal Industries Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        46.46      CARE BB+ Reaffirmed
   Facilities

   Short-term Bank       35.00      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Ratnesh Metal
Industries Pvt. Ltd. continue to remain constrained by its modest
scale of operations, susceptibility of its margins to volatile raw
material prices and foreign exchange rate fluctuations, tight
liquidity and its presence in an intensely competitive and
cyclical steel processing industry.

The ratings, however, continue to take in to account the
management's experience and established track record of RMIPL's
operations. The ratings also draw strength from management's
increased focus towards value added products leading to
improvement in profitability and moderation in its leverage.

RMIPL's ability to increase its scale of operations along with
sustained improvement in its profitability in the light of
volatile raw material prices and foreign exchange fluctuations;
and improvement in its liquidity are the key rating sensitivities.

Incorporated in 1999, RMIPL is engaged in manufacturing of
stainless steel hot rolled products including black bars, bright
bars, angles, flats and various types of fasteners. RMIPL operates
from its sole manufacturing facility located at Vijapur (Gujarat)
with a production capacity of 50,000 Metric Tonnes Per Annum
(MTPA) as on March 31, 2013.

RMIPL is a closely-held private limited company where 58% of
ownership is with Sanghvi family, 29% with Amin family while rest
is owned by business associates and relatives of the promoters.

Based on audited financials, RMIPL reported a PAT of INR5.24 crore
on a total operating income of INR195.23 crore during FY13 (refers
to the period April 1 to March 31) as against a PAT of INR8.09
crore on a total operating income of INR160.56 crore during FY12.
Further, as per provisional results for Q1FY14, it earned a PBT of
INR2.13 crore on a total operating income of INR38.07 crore.


ROCKY DHAR: ICRA Assigns 'BB+' Ratings to INR15cr Loans
-------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating to the INR6.00 crore cash
credit facility and INR9.00 crore proposed cash credit facility of
Rocky Dhar.  The outlook on the long term rating is stable. ICRA
has also assigned an '[ICRA]A4+' rating to the INR3.25 crore non-
fund based bank facility and INR6.75 crore proposed non-fund based
bank facility of RD.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limit-        6.00       [ICRA]BB+ (Stable)
   Cash Credit                         assigned

   Fund Based Limit-        9.00       [ICRA]BB+ (Stable)
   Proposed Cash Credit                 assigned

   Non Fund Based           3.25       [ICRA]A4+ assigned
   Limit-Bank Guarantee

   Non Fund Based           6.75       [ICRA]A4+ assigned
   Limit-Proposed
   Bank Guarantee

The assigned ratings take into account the consistent improvement
in the topline, profitability and net cash accruals of RD which
coupled with a conservative capital structure have resulted in
comfortable coverage indicators. The ratings also derive comfort
from the firm's status as a Class I contractor with PWD,
Meghalaya, and its current healthy order book position which
provides revenue visibility in the near to medium term and
presence of price escalation clause in majority of the contracts
helps the firm in mitigating the vulnerability of profitability to
the variation in the raw material prices to a large extent. The
ratings are, however, constrained by the fragmented nature of this
industry which coupled with a tender based contract awarding
system, keeps the margins of all the players including RD under
check and the high sectoral and geographical concentration risks
as the firm's operations are limited mainly to road and highway
construction within the state of Meghalaya. Moreover, high
utilization of its working capital limit and significant debt
repayment obligation in the near term in regard to the vehicle
loans taken restricts its financial flexibility. Given the
moderate scale of current operations, despite consistent top line
growth over the years, going forward, the rating will also remain
sensitive to the ability of the firm to scale up its execution
capabilities so as to achieve the expected revenue growth and
maintain performance parameters in accordance with the contracts.

Mr. Rocky Dhar, proprietor of M/s Rocky Dhar forayed into civil
construction business in 2009. The proprietor was earlier involved
in trading of coal, limestone, stone chips, etc in Meghalaya
region. The firm is primarily engaged into road construction
activities and is also involved in the construction of hotels,
office and residential complexes. The firm operates through its
registered office in Shillong, Meghalaya. RD is registered as a
Class I contractor with Public & Works Department (PWD), Meghalaya
and is also enlisted with major government departments and public
sector undertakings.

Recent Results

During 2012-13, the firm reported a net profit of INR3.93 crore on
an operating income of INR51.61 crore, as compared to a net profit
of INR2.52 crore on an operating income of INR35.55 crore in 2011-
12.


ROLEX PROCESSORS: CARE Ups Rating on INR14.05cr Loan to 'B'
-----------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Rolex Processors Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        14.05      CARE B Revised
   Facilities                       from CARE C

   Short-term Bank        1.05      CARE A4 Reaffirmed
   Facilities

Rating Rationale

The revision in the long-term rating takes into account the clear
debt servicing track record of more than one year established by
Rolex Processors Private Limited. The ratings continue to be
constrained by RPPL's low profitability margin, leveraged capital
structure, stressed liquidity position and operations in the
competitive and fragmented synthetic fabric industry.
The ratings derive strength from the promoter's experience in
textile industry and support from the group companies. Increase in
the scale of operations, along with efficient working capital
management will be the key rating sensitivities.

In June 2010, the Ajay group based in Bhilwara, Rajasthan,
acquired Rolex Processors Private Limited which was incorporated
in October 1998. The Ajay group is promoted by the Kabra family
having business interest in the textile sector and have been
engaged in the business of weaving of finished synthetic fabrics
from polyester yarn since 1987 through group concerns which
includes Ajay Synthetics Private Limited (ASPL, established in
1987, rated 'CARE BB-'), Shubh Fabrics Limited (SFL, established
in 1994, rated 'CARE BB-'), Ajay India Limited (AIL, established
in 1996, rated 'CARE BB-', 'CARE A4') and Ajay Syntex Ltd (ASL,
established in 2006). In FY13 (refers to the period April 1 to
March 31), the group turnover was INR151.34 crore with a PAT of
INR0.52 crore.

RPPL is engaged in the business of processing and dyeing of
synthetic fabrics on job-work basis as well as in the trading of
finished fabrics. The processing facility of the company is
located at Bhilwara district in Rajasthan with an installed
capacity of 384 Lakh Meter per Annum (LMPA) as on March 31, 2013.

During FY13, RPPL reported a total income of INR32.83 crore (FY12:
INR30.78 crore), with a PAT of INR0.03 crore (FY12: INR0.25
crore).


SHREE AMBICA: CARE Assigns 'BB-' Rating to INR10.8cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE BB-' & 'CARE A4' ratings to the bank facilities
of Shree Ambica Agro Industries Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       10.80       CARE BB- Assigned
   Facilities

   Short-term Bank       1.00       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Shree Ambica Agro
Industries Pvt Ltd are constrained by its small scale of operation
with low profitability margin, customer concentration
risk, operations being susceptible to government regulations,
presence in a highly competitive and fragmented industry with
seasonal availability of raw material, susceptibility to
fluctuation in raw material prices and working-capital intensive
nature of operations. The aforesaid constraints are partially
offset by the experienced promoters with a long track record of
operation, established client base and locational advantage.

The ability of SAAIPL to improve its scale of operations along
with profitability margins and efficient management of working
capital are the key rating sensitivities going forward.

Shree Ambica Agro Industries Pvt Ltd was initially promoted as a
partnership firm in February 1998 in the name of Shree Ambica Agro
Industries (SAAI) to run a cotton ginning and pressing business at
Balangir in the state of Odisha. In December 2005, SAAI was
converted into a private limited company and rechristened as
SAAIPL. The company is engaged in the ginning and
pressing of raw cotton, purchased from local farmers, to produce
cotton bales and cotton seeds. The primary users of the products
are textile industries to manufacture cotton yarn and oil
extraction companies. The company is into organic farming of
cotton from 2003 and has received Control Union Certification,
which has enabled the company to ensure the clients about the
quality of the products. The production facility of the company
situated at Balangir, Odisha, has an installed capacity of 30,024
MTPA.

Mr. Arun Agarwal, managing director, looks after the day-to-day
operations of the company with adequate support from his wife Ms
Nitu Agarwal, the other director, and a team of experienced
professionals.

During FY12 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR1.7 crore (Rs.1.3 crore in FY11)
and PAT of INR0.8 crore (Rs.0.5 crore in FY11) on a total income
of INR43.9 crore (Rs.36.7 crore in FY11). Furthermore, the company
has achieved an operating income of about INR50.8 crore in FY13
(provisional).


SHREE OM: CARE Assigns 'B+' Rating to INR4.37cr LT Bank Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shree Om Ricetech Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        4.37       CARE B+ Assigned
   Facilities

   Short-term Bank       6.00       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Shree Om Ricetech
Pvt. Ltd. are constrained by small scale of operation with low
profitability margins, high working capital intensity and exposure
to vagaries of nature, inflexibility in selling price of rice,
high leverage ratios, highly fragmented, competitive and regulated
industry. The above constraints are partially offset by
experienced promoters and proximity to raw material sources.

The ability of the company to increase the scale of operations
along with increase in profitability margins and manage its
working capital requirements efficiently shall remain the key
rating sensitivities.

Shree Om Ricetech Private Limited, incorporated in the year 2008,
is a Raipur (Chhattisgarh) based company, promoted by two cousin
brothers Mr. Hari Prasad Agarwal and Mr. Rakesh Kumar Tantia. It
is engaged in processing and milling of rice for government-based
entities, on quota (custom milling) and for free sale in the
market along with trading of rice. During FY12 manufacturing
activity has contributed around 58% (out of which 21% from custom
milling and rest from free sale in the market) and the balance 42%
has been contributed by trading activity in total operating
income. It has two factory units (Unit I and II), located in
Khrora (Raipur) and Dondeykala (Raipur) respectively, having
aggregate installed capacity of 76,800 metric tonne per annum
(MTPA). Apart from local paddy growers and local market, SOR
procures paddy from Bihar & West Bengal and sells rice in the
state of Chhattisgarh.

Mr Rakesh Kumar Tantia looks after the day-to-day activities of
the business with adequate support from Mr. Hari Prasad Agarwal.

During FY12 (refers to the period April 1, 2011 to March 31,
2012), SOR achieved a PBILDT of INR1.17 crore (Rs.0.69 crore in
FY11) and a PAT of INR0.18 crore (Rs.0.05 crore in FY11) on the
total income of INR17.38 crore (Rs.11.35 crore in FY11).
Furthermore, management has maintained that SOR has achieved
INR15.8 crore of total sales during FY13 (audited).


SHREE SATNAM: CARE Lowers Rating on INR6.02cr Loans to 'D'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shree Satnam Ginning & Pressing Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.02       CARE D Revised
   Facilities                       from CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Shree Satnam Ginning & Pressing Industries (SSGPI) primarily
factors in the irregularity in servicing of its debt obligations.

SSGPI was formed in 2010 as a partnership firm. Currently, the
firm has nine partners who have an unequal profit sharing in the
firm. Mr. Arvind S Koringa, the key partner looks after the
overall
operations of the firm. SSGPI is involved in the cotton ginning
and pressing and crushing of cotton seed with main products as
cotton bales, cotton seeds and cotton seed oil. SSGPI completed a
green field project in the first quarter of FY12 (refers to the
period April 1 to March 31), whereby, it installed a processing
capacity of 9,240 Metric Tonnes per Annum (MTPA) for cotton bales
and 16,800 MTPA for cotton seeds at its facility located at
Jamnagar (Gujarat).


SHUBH FABRICS: CARE Reaffirms 'BB-' Rating on INR6.5cr LT Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shubh Fabrics Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.50       CARE BB- Reaffirmed
   Facilities

Rating Rationale

The rating continues to remain constrained on account of the weak
financial risk profile of Shubh Fabrics Limited marked by low PAT
margin, weak solvency position and stressed liquidity position.
The rating is further constrained by SFL's operations in a highly
competitive textile industry, its limited presence in the textile
value chain and volatility associated with the raw material
prices.

The rating continues to take comfort from the vast experience of
the promoters in the textile industry, its long track record of
operation with an established distribution network and its
presence in the textile cluster in the Bhilwara region.
Increase in the scale of operations, improvement in solvency
position and better working capital management are the key rating
sensitivities.

SFL, incorporated in 1993, is promoted by the Kabra family and
belongs to the Ajay Group of Industries based out of Bhilwara,
Rajasthan. The group is engaged in the business of manufacturing
of finished synthetic fabrics from polyester yarn since 1987
through group concerns which includes Ajay Synthetics Private
Limited (ASPL, established in 1987, rated 'CARE BB-'), Ajay India
Limited (AIL, established in 1996, rated 'CARE BB-', 'CARE A4')
and Ajay Syntex Limited (ASL, established in 2006) and into the
processing of grey fabrics through Rolex Processor Private Limited
(RPPL; rated 'CARE B', 'CARE A4'). In FY13 (refers to the period
April 1 to March 31), the aggregate group turnover was INR151.34
crore with a PAT of INR0.52 crore.

SFL is engaged in the business of manufacturing of synthetic grey
fabrics from polyester yarn and gets the processing work done on
grey fabrics from other processors on a job work basis.
Furthermore, it is also engaged in the trading of grey and
finished fabrics. The manufacturing facility of the company is
located in Bhilwara, Rajasthan and has an installed capacity of
47.07 Lakh Meters Per Annum (LMPA) as on March 31, 2013.

During FY13, SFL reported a total income of INR26.33 crore (FY12:
INR23.40 crore), with a PAT of INR0.16 crore (FY12: INR0.17
crore).


SREE HARSHA: CARE Assigns 'B+' Rating to INR10cr LT Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sree
Harsha Developers.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         10        CARE B+ Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Sree Harsha
Developers is primarily constrained by its implementation risk
associated with the ongoing projects, highly leveraged capital
structure and competition from other real estate players. The
rating is further constrained by its constitution as a partnership
firm with an inherent risk of withdrawal of capital and
susceptibility of the firm's business and profit margins to demand
scenario in the real estate sector. The rating, however, derives
strength from the experience of the partners in the real estate
industry, successful execution of projects in the past and
location and marketing advantages.

The ability of the firm to complete its ongoing project without
any cost or time overrun and achieve the envisaged sales as
anticipated would be the key rating sensitivities.

Sree Harsha Developers was established in the year 2003 as a
partnership firm by Mr. Muppala Bhaskar Reddy, Mr. Yedhala
Sudhakar Reddy, Ms Bejawada Swaroopa, and Ms Muppala Jhaansy. The
firm is engaged in construction, property development and sale of
residential apartments in and around Bangalore city. Since
inception, SHD has completed five residential projects and
currently, the firm is engaged in the construction of a new
project "Harsha Gateway", at Kadugodi village, Hobli, Bangalore
which is expected to be completed by October 2014. The firm
has also signed a joint agreement with the Paradise group (land
owner) to develop two acres of residential plots into multi-
storied residential apartments.

During FY13 (provisional; refers to the period April 1 to
March 31), SHD reported a total operating income of INR4.54 crore
and a net profit of INR0.23 crore as against a total operating
income and PAT of INR11.59 crore and INR0.25 crore respectively in
FY12 (audited). As per the 7MFY14 (unaudited), the firm has
achieved a turnover of INR8.30 crore.


SUNIL TUBES: CARE Places 'BB-' Rating on INR11cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Sunil Tubes.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         11        CARE BB- Assigned
   Facility

   Short-term Bank         5        CARE A4 Assigned
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Sunil Tubes (STB)
are primarily constrained by its low profitability margins due to
trading nature of operations & pricing constraints coupled with
intense competition, high working capital intensity of the
business leading to leveraged capital structure, renewal-based
distributorship agreement and weak debt coverage indicators.
The aforesaid constraints are partially offset by the longstanding
experience of the partners in the distribution business, its long
track record of operations, diversified product portfolio and
distributorship of established brands.

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

Sunil Tubes was set up as a proprietary entity in the year 1983 by
the late Mr. Sunil Kr. Mehrotra of Bihar, for undertaking
distribution of pipes for Tata Steel Ltd. Over the years, the
entity has gradually expanded its portfolio and has become the
distributor for 'Tata Salt' of Tata Chemicals Ltd, 'Prince Pipes &
Fittings' of Prince Pipes & Fittings Pvt. Ltd, 'Concast Maxx TMT
bar' of Concast Bengal Industries Ltd and 'Karbonn Mobiles' of
Karbonn Mobile India Pvt. Ltd. The firm deals in all these
products in the entire state of Bihar. The warehousing facilities
(owned) of the firm is located in Patna and Hajipur, Bihar.

After the demise of Mr. Sunil Kr. Mehrotra in 2007, the entity has
been spearheaded by his elder son Mr. Kishan Mehrotra, ably
supported by his brother Mr. Kanhaiya Mehrotra. Subsequently in
October 2009 to manage the increasing business volume efficiently,
it was converted into a partnership firm.

During FY12 (refers to the period April 1, 2011 to March 31,
2012), STB reported a total operating income of INR75.5 crore and
PAT of INR0.4 crore. Furthermore in FY13 (provisional), the firm
reported a total operating income of INR99.2 crore and PAT (after
deferred tax) of INR0.5 crore.


T. T. L. MINERALS: CARE Rates INR10cr LT Bank Loans at 'B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facility of
T. T. L. Minerals Exports Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        10.00      CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facility of T. T. L. Minerals
Exports Pvt Ltd is constrained by small scale of operation,
trading nature of business leading to low profitability margins,
customer and supplier concentration risk, working capital
intensive nature of business, volatility in trading material
prices, highly competitive and fragmented industry and dependence
on fortune of steel industry. The above constraints are partially
offset by experienced promoters and satisfactory client portfolio.

The ability of the company to increase the scale of operations
along with increase in profitability margins and manage its
working capital requirements efficiently shall remain the key
rating sensitivities.

T. T. L. Minerals Exports Pvt Ltd (TTL), incorporated in May 2006,
is a Kolkata based company, promoted by Mr. Inderpal Singh Sandhu
and Mr. Balisetty Sreenivasulu. In 2007, Mr. Balisetty
Sreenivasulu exited TTL and Mr. Vikram Singh Sandhu (nephew of Mr.
Inderpal Singh Sandhu) was introduced as a director in TTL. TTL is
engaged in the trading of iron ore - fines and lumps. It procures
iron ore from local mine owners and traders of Keonjhar and
Sundargarh (Orissa) and sells iron ore fines mainly to exporters
and lumps to domestic players. This apart, the company also acts
as a consignment agent for selling of cement manufactured by one
of its group concern (i.e. Shree Vinayak Cement Co).

Mr Inderpal Singh Sandhu (47 years of age) being the promoter-
director of TTL looks after the day-to-day and overall activities
of the business with adequate assistance from Mr. Vikram Singh
Sandhu (35 years of age).

During FY13 (refers to the period April 01, 2012 to March 31,
2013), TTL achieved a PBILDT of INR1.9 crore (Rs.1.8 crore in
FY12) and a PAT of INR0.2 crore (Rs.0.2 crore in FY12) on the
total income of INR33.8 crore (Rs.22.8 crore in FY12).
Furthermore, the company has maintained to have achieved a
turnover of INR63.6 crore during H1FY14 (provisional).


TANGNU ROMAI: CARE Ups Rating on INR224cr LT Bank Loans to 'B'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Tangnu Romai Power Generation Private Ltd.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank         224      CARE B Revised
   Facilities                      from CARE D

Rating Rationale

The revision in the rating takes into account the improvement in
the liquidity position of the company with infusion of equity by
the promoters and partial recovery of advances given to group
companies thereby resulting in the regularization of debt
servicing, The rating continues to remain constrained by the
location of the project in a seismic zone four, exposure to
geological & hydrological risks associated with hydro power
projects, the project progress being behind schedule and the
likely cost overrun primarily due to extension in the completion
date of both the units. The rating is, however, supported by the
existence of financial closure and requisite statutory clearances,
off-take agreement for both of the proposed two units.

The ability of the company to successfully complete the project
within the revised time schedule and maintain the scheduled fund
infusion with arrangement for the likely cost overrun are the key
rating sensitivities.

Tangnu Romai Power Generation Private Ltd, incorporated on January
20, 2005, is setting up a 50 MW (44 MW, referred as TR I and 6 MW,
referred as TR II) 'Run of the river' hydel power plant in Shimla
district in the state of Himachal Pradesh. The project has been
awarded by the Government of Himachal Pradesh on Build, Own,
Operate and Transfer (BOOT) basis for a period of 40 years from
the scheduled commercial operations date (COD).

The aggregate project cost of INR327.1 crore is being financed at
a debt-equity of 2.17:1 (term loan from banks INR224.0 crore and
balance equity contribution from promoters). The company has
incurred INR172.1 crore as on September 30, 2013 (financed through
INR126.2 crore debt and balance through equity).

The company has been promoted by PCP International Ltd (PIL) and
the Hyderabad-based NSL Group with NSL group holding 49% equity
stake (through NSL Renewable Power P. Ltd.) and balance to be
transferred by PCP after a period of three years from
commissioning of project.


TAYAL AND COMPANY: CARE Revises Rating on INR14.53cr Loans to BB
----------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Tayal and Company.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        11.53      CARE BB Revised
   Facilities                       from CARE BB-

   Short-term Bank        1.00      CARE A4 Reaffirmed
   Facilities

   Long/Short-term        3.00      CARE BB/CAREA4 Revised
   Bank Facilities                  from CARE BB-
   Reaffirmed

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

Rating Rationale

The revision in the long-term rating of the bank facilities of
Tayal and Company factors in the stablisation of operations of its
newly commissioned solar power project. The ratings, however,
continue to be constrained by TAC's small scale of operations and
leveraged capital structure, high dependence of the firm on a
single customer and partnership nature of its constitution.

The ratings continue to derive strength from the long experience
of the promoters and high entry barriers in the manufacturing of
equipment for Indian Railway, price-variation clause in the
contracts insulating the firm from volatility in raw material
prices and moderate debt service coverage indicators.

The ability of the firm to improve its scale of operations while
maintaining its profitability margins, improve its capital
structure and effective management of working capital shall be the
key rating sensitivities.

Established in 1998 by Mr. Sushil Tayal, Tayal and Company (TAC)
is a partnership firm engaged in the manufacturing and supply of
rubber components and metal-bonded rubber parts to Indian
Railways (IR). The firm is registered and approved by Research
Design & Standard Organization (RDSO), the nodal agency of
Ministry of Railways. The product portfolio includes elastomeric
pads, injection moulded silent block, high capacity buffer spring,
draw gear pad and air spring. The main raw materials of the firm
are raw rubber, chemicals, steel plates/sheets and steel pipes,
which the firm procures domestically. The manufacturing units are
located at Mohali (Punjab) and Baddi (Himachal Pradesh). TAC has
also set up a solar photovoltaic power plant of 1 Mega Watt (MW)
capacity at Panchkula (Haryana).

During FY13 (refers to the period April 01 to March 31), TAC
achieved a total operating income (TOI) of INR23.75 crore with
profit after tax (PAT) of INR0.04 crore as against a TOI of
INR16.87 crore and PAT of INR0.92 crore during FY12.


VIJAI MAHALAXMI: ICRA Assigns 'BB-' Ratings to INR37cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the
INR25.00 crore term loans and INR12.00 crore long term fund based
facilities of Vijai Mahalaxmi Spinning Mills India Private
Limited. ICRA has also assigned a short term rating of '[ICRA]A4'
to the INR3.00 crore short term non fund based facilities of VMSM.
The outlook on long term rating is stable. For the INR3.00 crore
non fund based sub-limit, rating of [ICRA]BB- or [ICRA]A4 would
apply depending on the tenor of the availed facility.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan facilities    25.00      [ICRA]BB- (stable) assigned
   Fund based facilities   12.00      [ICRA]BB- (stable) assigned
   Non fund based           3.00      [ICRA]A4 assigned
   Non fund based
   (sub-limit) facilities  (3.00)     [ICRA]BB-/A4 assigned

The assigned ratings consider the long-standing experience of the
promoters in the textile industry, favourable near-term yarn
demand and the consequent improvement expected in the company's
accruals position. Incorporated in 2010, VMSM is a cotton spinning
company located in Dharapuram Taluk, Tamil Nadu. Operating with
~12,960 spindles, the Company's operations are nascent and small,
which restricts the benefits of scale economics and pricing
flexibility to an extent, operating in a fragmented and
competitive industry. The company has a favourable product mix,
with presence in yarn and fabric segments thereby lending
stability to revenues. The ratings are however constrained by the
Company's moderate financial profile which is characterized by
modest capitalisation and coverage indicators, stretched working
capital intensity and cash flows. The company has plans to add
another 10,000 spindles in the near term; involving a planned
75:25 debt funding; while this may keep the debt indicators
stretched in the near term, the anticipated improvement in
accruals position shall cushion the overall impact on debt
indicators in the long term.

Vijai Mahalaxmi Spinning Mills India Private Limited, incorporated
in the year 2010, started its commercial operations on December
14, 2011. The Company has installed capacity of 12,960 spindles
and produces cotton yarn in the counts range of 20s to 30s. The
Company procures Shankar-6 type cotton from Gujarat and caters
mainly to export market by exporting ~75-80% of the produced yarn
through merchant agents. In domestic market, the company caters to
Tirupur and Kolkata markets; the Company is also engaged in
trading of yarn and fabrics. The manufacturing facility of the
Company is located at Dharapuram Taluk, Tirupur District.

Recent Results

As per the unaudited results for 2012-13, VMSM's net profit stood
at INR1.8 crore on an operating income of INR55.0 crore as against
net profit of INR0.1 crore on an operating income of INR4.3 crore
previous financial year 2011-12 (involves four months of
commercial operations).


Y. S. INVESTMENTS: ICRA Reaffirms 'BB-' Rating on INR10cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating assigned to the
INR10.00 crore fund-based bank limits of Y. S. Investments.  The
outlook on the long-term rating is 'stable'. ICRA has also
reaffirmed the '[ICRA]A4' rating assigned to the INR85.00 crore
non-fund based bank limits of YSI.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund-Based Limits       10.00     [ICRA]BB-/Stable; reaffirmed
   Non-Fund Based Limits   85.00     [ICRA]A4; reaffirmed

Rating Rationale

The assigned ratings take into account the long-standing presence
of YSI in the ship breaking business and forward linkages with
group companies engaged in steel re-rolling. The ratings, however,
continue to be constrained by YSI's lower turnover and profits in
2012-13 that also led to a significant weakening of its coverage
indicators, its exposure to adverse movements in currency exchange
rates; the cyclicality associated with the steel industry; ship
availability risk and YSI's low operating profit margins. ICRA has
also taken into consideration the regulatory risks that are
inherent in the ship breaking industry.

Incorporated as an Association of Persons (AOP) in 1955 and
acquired by Mr. Riazhusen S. Masani and Mr. Arifhusen S. Masani in
1994, YSI belongs to the Bhavnagar-based Lucky Group held by the
Masani family. YSI is engaged in the business of ship breaking and
operates on a plot leased from the Gujarat Maritime Board in the
Alang Ship Recycling Yard. Besides ship breaking, the Lucky Group
is also involved in other related businesses like steel re-
rolling, oil re-refining and scrap trading.

Recent Results
In 2012-13, as per the provisional financial statements, YSI
reported an operating income of INR94.91 crore and a net profit of
INR2.00 crore as compared to an operating income of INR102.60
crore and a net profit of INR2.77 crore in 2011-12.



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


MITSUBISHI MOTORS: S&P Puts 'B+' CCR on CreditWatch Positive
------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'B+' long-term corporate credit rating
on Mitsubishi Motors Corp.  The CreditWatch placement reflects
S&P's opinion that the company's plan to restructure its capital
could significantly improve its financial risk profile.

The capital restructuring plan announced Nov. 6, 2013, includes
retiring Mitsubishi Motors' outstanding preferred shares, which
have been a major impediment to a resumption of paying cash
dividends on common shares.  Mitsubishi Motors plans to retire all
of its outstanding preferred shares, which came to about
JPY380 billion as of Nov. 6, 2013, and replace them with the
issuance of a maximum JPY210 billion in new common shares,
repurchase of some preferred shares from shareholders at a
discount, and conversion of remaining preferred shares to common
shares with the agreement of shareholders.  If realized, this
capital restructuring plan could improve the company's financial
risk profile more than S&P has factored into its base-case
scenario for the current rating.

S&P believes that the company's financial policy may affect its
financial risk profile materially because its equity includes a
large proportion of outstanding preferred shares.  S&P continues
to view the manner in which the company addresses this issue and
refines its financial policy as critical factors in any assessment
of prospects for an upgrade.  In addition to these critical
factors, increased likelihood of funds from operations (FFO) to
debt rising to 20% on a sustainable basis may lead S&P to raise
its ratings on Mitsubishi Motors.

S&P aims to resolve the CreditWatch status after examining
prospects for improvement in Mitsubishi Motors' profitability,
cash flow, and financial risk profile over the next two years,
taking into account its capital restructuring plan and newly
announced medium-term business plan, and after confirming progress
in its plan to restructure its capital.  S&P will focus its
analysis on the company's financial policy, including its
priorities for uses of cash flow.  S&P may raise its rating on
Mitsubishi Motors up to two notches if it concludes that FFO to
debt for the company following the capital restructuring and
adjusted for postretirement obligations, operating leases, and
captive finance operations is likely to exceed 30% on a
sustainable basis.


TOKYO ELECTRIC: Mulls Reorganizing Under a Holding Company
----------------------------------------------------------
The Japan Times reports that Tokyo Electric Power Co. is planning
to reorganize itself under a holding company by as early as fiscal
2016 with the aim of increasing management efficiency, sources
said on November 8.

According to the report, the sources said the holding company
would own three subsidiaries, one to handle fuel procurement and
thermal power generation, the second responsible for power
transmission and distribution, and the third taking care of retail
electricity.

The report says the company dealing with the stricken Fukushima
No. 1 nuclear plant will include the reorganization in its revised
special reconstruction plan to be drawn up by year's end.

Tepco adopted an in-house company system in April with the goal of
eventually adopting a holding company structure, the report notes.

After it shifts to a holding company system, the power utility
will aim to manage earnings and cut costs further through the
subsidiaries. It plans to scrap 10 branch offices in its service
area, the report adds.

                      About Tokyo Electric

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.

Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.

Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station.  Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.


* Moody's Says Japan RLGs to Show Improved Performance in FY2014
----------------------------------------------------------------
Moody's Japan K.K. says that the financial performance of Japanese
regional and local governments (RLGs) is expected to improve in
FY2014 (1 April 2014 -- 31 March 2015) due to a rise in tax
revenues and continued expenditure restraint, including ongoing
reform of the social security system.

As a result, Moody's expects the RLGs to generate solid gross
operating balances and reverse a trend of negative cash financing
outcomes.

Moody's conclusions were contained in its just-released report
titled, "Japanese RLGs: Fiscal Outlook for FY2014 to Improve as
Revenues Recover and Expenditure Controls Continue".

The report says that in the almost 12 months since the election of
December 2012, the macroeconomic and fiscal environments for
Japanese RLGs have improved.

Principally, growth in taxes -- because of recoveries in the
national and local economies and the central government's decision
to raise the consumption tax rate in April 2014 -- will contribute
to this strengthening in the RLGs' financial profile.

The central government is committed to sharing 0.92 percentage
points of the three-percentage-point increase, or an estimated
JPY2 trillion approximately, with the RLGs.

In addition, the RLGs continue to control salary costs and capital
spending amidst growing social security costs. And a very gradual
reform of the social security system -- in combination with the
positive economic impact on welfare caseloads -- will result in
lower welfare costs for some local governments.

These positive factors will lead to a reduction in rinzai-sai
issuance and thereby ease RLG debt burdens, which are high when
compared to those of their international peers.

In earlier years, the government-directed debt of the RLGs --
rinzai-sai -- grew steadily, contributing to their high levels of
indebtedness. Debt peaked at 291% of total revenues and 41.8% of
national GDP in 2010, up from 238% or 36.7% in 2001. Subsequently,
in 2012, debt plateaued at 285% of revenues and 39.0% of GDP.



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


BRIDGECORP LTD: Ex-Finance Director Loses Sentence Appeal
---------------------------------------------------------
BusinessDesk reports that Bridgecorp's former finance director Rob
Roest has lost his appeal to overturn his sentence and conviction
for signing off on untrue statements in the failed lender's offer
documents.

BusinessDesk relates that the Court of Appeal on Nov. 8 dismissed
Mr. Roest's appeals that Justice Geoff Venning erred in convicting
him on 18 counts under the Securities and Crimes Act charges and
the six-and-a-half year jail term imposed was too severe.

In striking down Mr. Roest's appeal of his convictions, President
Justice Mark O'Regan and Justices Ellen France and Tony Randerson
were satisfied by the High Court's decision, saying they were "the
correct verdicts on the evidence," the report relays.

According to the report, the judges were critical of Mr. Roest's
attempt to shift the blame for Bridgecorp's failure on to
investors, saying he and former chief executive Rod Petricevic
weren't held criminally liable for the firm's collapse, and that
their inability to face up to the looming collapse of the company
after it missed payments to investors was "dishonest and
reprehensible."

"Their culpability lies in their failure to provide accurate
information to investors, and more seriously, their dishonesty in
continuing to seek money from the public on false assumptions when
they well knew that the company was in serious financial
difficulty in the period post-7 February 2007," the judgment, as
cited by BusinessDesk, said.

"The attempt to shift blame onto the investors is entirely
misplaced and demonstrates that Mr Roest continues to regard
himself as an innocent party. The Judge was right not to allow any
discount for remorse since Mr Roest has not accepted
responsibility for his offending," the judges said, BusinessDesk
relates.

The judgment said none of the other factors warranted a discount
beyond what Justice Venning gave, and dismissed the sentence
appeal.

Based in New Zealand, Bridgecorp Ltd. was a property development
and finance company.  The company was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders.  John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers.  Bridgecorp
owes around 14,500 investors, which liquidators estimate to
approximate NZ$500 million.  Bridgecorp's nine Australian
companies were also placed into voluntary administration, owing
about 100 investors about AUD24 million (NZ$27 million).


TACHIKAWA FOREST: Te Arawa Mulls Buying Collapsed Sawmill
---------------------------------------------------------
Radio New Zealand News reports that Te Arawa is investigating the
idea of buying Tachikawa Forest Products, so it can regain its
tribal land which the sawmill sits on.

More than 120 workers at Tachikawa were laid off at a meeting with
the mill's receivers, KordaMentha, a week ago.

According to the report, Te Arawa Federation of Maori Authorities
(FoMA) deputy chair Te Taru White said it is seeking information
about the company, including the state of the timber market and
why the firm went into receivership.

He says there are several reasons why Te Arawa entities are
considering the idea, the report relays.

Radio NZ relates that Mr. White said the mill is on ancestral land
owned by the company, which would mean an opportunity for the
tribal collective to get it back.

He says the tribes have a history in forestry and a majority of
its employees are affiliated to Te Arawa, the report adds.

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

Brendon James Gibson and Grant Robert Graham of KordaMentha were
appointed Joint and Several Receivers and Managers of the assets
and undertaking of the Company on Oct. 18, 2013.



=====================
P H I L I P P I N E S
=====================


BAYAN TELECOM: Says Rehabilitation 'Best in Judicial History'
-------------------------------------------------------------
Miguel R. Camus at The Philippine Daily Inquirer reports that
Bayan Telecommunications Inc. said there would likely be no lay-
offs following its takeover by the Ayala Group's Globe Telecom.

The Inquirer relates that Bayantel said in a statement on November
8 the amended plan was turning out "to be the best rehabilitation
package in judicial history since the company would be able to
continue with its operations, ensuring the continued employment of
its present 1,100 labor complement and even allow the additional
hirings."

Under the original rehabilitation plan, Bayantel has until 2023 to
pay its debts but, with the entry of Globe Telecom as a white
knight, Bayantel would already be able to operate, the Inquirer
says.

The report notes that the amended rehabilitation program has
already been approved by the court under which the company
voluntarily underwent rehabilitation.

The Inquirer recalls that the Pasig regional trial court has
earlier issued a resolution approving the debt-restructuring plan
and the new master restructuring agreement submitted by Globe,
Bayantel and Bayan Telecommunications Holdings Corp.

Under the plan, Globe would acquire a 56.6-percent stake in
Bayantel through the conversion of 69 percent of Bayantel's total
debt, the report discloses.

According to the report, Bayantel noted that the new restructuring
program would make it immediately "productive" unlike under the
original plan where creditors would have to wait until 2023 to get
paid.

The Globe debt initiative would pare down the outstanding
principal debt of Bayantel by 69 percent to $131.3 million from
$423.3 million. Bayantel's outstanding debt stood at $497 million
when it was placed under corporate rehabilitation in 2004.

                           About Bayantel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report on Aug. 15, 2007, the Philippine Star said BayanTel
was setting aside PHP760 million to PHP800 million in 2007 to pay
down debt, using internally-generated cash.  BayanTel was placed
into receivership in 2004.

Weighed down by its huge debt, the company sought corporate
rehabilitation with the Pasig City Regional Trial Court in July
2003 to restructure its short-and long-term bank loans and bonds
payable.  The Pasig Regional Trial Court Branch 158 approved the
company's financial rehabilitation on June 28, 2004, based on
sustainable debt level of PHP17.13 billion, payable over 19
years.  According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.



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


HANJIN GROUP: Financial Regulator to Keep Close Watch at Firm
--------------------------------------------------------------
Yonhap News Agency reports that the Financial Supervisory Service
(FSS) will keep a close watch on two major South Korean
conglomerates with weak balance sheets to avert a sudden fallout
from possible liquidity shortages, its officials said.

FSS officials said the financial regulator plans to have creditor
banks of Hanjin Group and Dongbu Group clinch a fresh financial
agreement with the two groups, by which Hanjin and Dongbu will be
obliged to improve their finances and keep cash flows under
control, Yonhap relates.

Hanjin is the ninth-largest conglomerate in South Korea, well
known for its flagship affiliate Korean Air Lines Co. and
logistics unit Hanjin Shipping Co.

Dongbu started off as a builder that grew into the 17th-biggest
group, whose main businesses stretch to electronics, logistics and
finance.

According to the report, both firms have few liquidity risks at
this stage since they have been undergoing a process to revamp
their balance sheets upon the existing financial covenant signed
with the creditor banks.

But as the short-term economic outlook in the next few years
remains uncertain, the FSS decided to beef up corporate oversight
in a bid to prevent a spate of possible bankruptcies, the report
relays.

The FSS is considering pressing the firms with a management
reshuffle or higher interest rates if they don't comply with the
financial accord, Yonhap adds.



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


* BOND PRICING: For the Week Nov. 4 to Nov. 8, 2013
---------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

AUSTRALIAN POSTAL    5.50     11/13/23    AUD     97.20
BOART LONGYEAR MA    7.00     04/01/21    USD     73.00
BOART LONGYEAR MA    7.00     04/01/21    USD     73.00
COMMONWEALTH BANK    1.50     04/19/22    AUD     72.41
EXPORT FINANCE &     0.50     06/15/20    NZD     74.00
GRIFFIN COAL MINI    9.50     12/01/16    USD     74.63
GRIFFIN COAL MINI    9.50     12/01/16    USD     74.63
MIRABELA NICKEL L    8.75     04/15/18    USD     34.88
MIRABELA NICKEL L    8.75     04/15/18    USD     35.00
NEW SOUTH WALES T    0.50     09/14/22    AUD     68.97
NEW SOUTH WALES T    0.50     12/16/22    AUD     68.09
NEW SOUTH WALES T    0.50     03/30/23    AUD     67.12
NEW SOUTH WALES T    0.50     02/02/23    AUD     67.64
NEW SOUTH WALES T    0.50     11/18/22    AUD     68.33
NEW SOUTH WALES T    0.50     10/07/22    AUD     68.74
NEW SOUTH WALES T    0.50     10/28/22    AUD     68.53
PALADIN ENERGY LT    3.63     11/04/15    USD     74.08
PALADIN ENERGY LT    6.00     04/30/17    USD     68.74
TREASURY CORP OF     0.50     03/03/23    AUD     68.34
TREASURY CORP OF     0.50     11/12/30    AUD     44.61
TREASURY CORP OF     0.50     08/25/22    AUD     69.75


CHINA
-----

CHINA GOVERNMENT     1.64     12/15/33    CNY     65.21


INDONESIA
---------

DAVOMAS INTERNATI   11.00     12/08/14    USD     24.38
DAVOMAS INTERNATI   11.00     12/08/14    USD     24.38


INDIA
-----

3I INFOTECH LTD      5.00     04/26/17    USD     25.84
CORE EDUCATION &     7.00     05/07/15    USD     27.75
COROMANDEL INTERN    9.00     07/23/16    INR     15.13
DR REDDY'S LABORA    9.25     03/24/14    INR      4.98
GTL INFRASTRUCTUR    2.53     11/09/17    USD     40.21
HPCL-MITTAL PIPEL    4.00     10/05/22    INR     64.39
INDIA GOVERNMENT     0.24     01/25/35    INR     16.97
INDIA GOVERNMENT     5.87     08/28/22    INR     73.84
JCT LTD              2.50     04/08/11    USD     20.00
MASCON GLOBAL LTD    2.00     12/28/12    USD     10.00
PRAKASH INDUSTRIE    5.25     04/30/15    USD     51.25
PRAKASH INDUSTRIE    5.63     10/17/14    USD     55.75
PYRAMID SAIMIRA T    1.75     07/04/12    USD      1.00
REI AGRO LTD         5.50     11/13/14    USD     69.99
REI AGRO LTD         5.50     11/13/14    USD     69.99
SHIV-VANI OIL & G    5.00     08/17/15    USD     19.88
SUZLON ENERGY LTD    5.00     04/13/16    USD     47.06
SUZLON ENERGY LTD    7.50     10/11/12    USD     65.88


JAPAN
-----

ELPIDA MEMORY INC    0.50     10/26/15    JPY      9.88
ELPIDA MEMORY INC    0.70     08/01/16    JPY      9.75
ELPIDA MEMORY INC    2.10     11/29/12    JPY     11.38
ELPIDA MEMORY INC    2.29     12/07/12    JPY     11.38
ELPIDA MEMORY INC    2.03     03/22/12    JPY     11.38
JAPAN EXPRESSWAY     0.50     03/18/39    JPY     70.62
JAPAN EXPRESSWAY     0.50     09/17/38    JPY     71.14
TOKYO ELECTRIC PO    2.37     05/28/40    JPY     67.13
TOKYO ELECTRIC PO    1.96     07/29/30    JPY     73.63


PHILIPPINES
-----------

BAYAN TELECOMMUNI   13.50     07/15/06    USD     22.75
BAYAN TELECOMMUNI   13.50     07/15/06    USD     22.75


SOUTH KOREA
-----------

EXPORT-IMPORT BAN    0.50     10/23/17    TRY     69.22
EXPORT-IMPORT BAN    0.50     09/28/16    BRL     72.28
EXPORT-IMPORT BAN    0.50     10/27/16    BRL     71.60
EXPORT-IMPORT BAN    0.50     01/25/17    TRY     73.93
EXPORT-IMPORT BAN    0.50     08/10/16    BRL     74.27
EXPORT-IMPORT BAN    0.50     12/22/17    BRL     62.81
EXPORT-IMPORT BAN    0.50     11/21/17    BRL     63.06
EXPORT-IMPORT BAN    0.50     11/28/16    BRL     71.04
EXPORT-IMPORT BAN    0.50     12/22/17    TRY     67.14
EXPORT-IMPORT BAN    0.50     12/22/16    BRL     70.09
KIBO GREEN HI-TEC   10.00     12/21/15    KRW     31.10
SINBO SECURITIZAT    4.60     06/29/15    KRW     30.40
SINBO SECURITIZAT    4.60     06/29/15    KRW     30.40
SINBO SECURITIZAT    5.00     09/13/15    KRW     30.16
SINBO SECURITIZAT    8.00     02/02/16    KRW     30.13
SINBO SECURITIZAT    5.00     09/13/15    KRW     30.16
TONGYANG CEMENT &    7.50     04/20/14    KRW     65.00
TONGYANG CEMENT &    7.30     06/26/15    KRW     70.13
TONGYANG CEMENT &    7.30     04/12/15    KRW     65.00
TONGYANG CEMENT &    7.50     07/20/14    KRW     67.63
TONGYANG CEMENT &    7.50     09/10/14    KRW     67.63

SRI LANKA
---------

SRI LANKA GOVERNM    9.00     06/01/43    LKR     74.55
SRI LANKA GOVERNM    5.35     03/01/26    LKR     58.50
SRI LANKA GOVERNM    7.00     10/01/23    LKR     70.11
SRI LANKA GOVERNM    8.00     01/01/32    LKR     70.94


SINGAPORE
---------

BAKRIE TELECOM PT   11.50     05/07/15    USD     27.50
BAKRIE TELECOM PT   11.50     05/07/15    USD     26.75
BLD INVESTMENTS P    8.63     03/23/15    USD     59.75
BUMI CAPITAL PTE    12.00     11/10/16    USD     61.50
BUMI CAPITAL PTE    12.00     11/10/16    USD     61.38
BUMI INVESTMENT P   10.75     10/06/17    USD     60.75
BUMI INVESTMENT P   10.75     10/06/17    USD     60.91
ENERCOAL RESOURCE    9.25     08/05/14    USD     54.00
INDO INFRASTRUCTU    2.00     07/30/10    USD      1.88


THAILAND
--------

G STEEL PCL          3.00     10/04/15    USD     11.75
MDX PCL              4.75     09/17/03    USD     16.38


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***