TCRAP_Public/131121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, November 21, 2013, Vol. 16, No. 231


                            Headlines


A U S T R A L I A

BABCOCK & BROWN: Former Execs Broke Law, Says Writ
GLOBAL ELECTROTECH: Emerges From Administration
MISSION NEW ENERGY: SLW Beneficially Owns 42.6-Mil. Shares
MISSION NEW ENERGY: Eastwood Trust Beneficially Owns 21.1M Shares
NOBLE MINERAL: Resolute Proposes to Acquire Bibiana Gold Project

TEMPLE BREWING: Company Back in Business After Receivership


C H I N A

CHINA AOYUAN: Fitch Affirms IDR & Sr. Unsec. Rating at 'B+'
CHINA FORESTRY: Moody's Cuts CFR & Sr. Unsec. Bond Rating to 'Ca'
CHINA FORESTRY: S&P Lowers Corporate Credit Rating to 'D'
CHINA LOGISTICS: HHC Replaces RBSM as Accountants
UNIVERSAL SOLAR: Incurs $233K Net Loss in Third Quarter

* CHINA: Credit-driven Glut Threatens Surge Into Bank Crisis


I N D I A

ARAVINDAR EDUCATIONAL: CRISIL Suspends D Rating on INR84.1MM Loan
ARCA EDUCATION: CRISIL Assigns 'D' Rating to INR90.7MM Term Loan
BABA STRUCTURAL: CRISIL Assigns 'B-' Ratings to INR164MM Loans
BANKE BEHARI: ICRA Assigns 'BB' Ratings to INR10cr Loans
BARODA AGRO: ICRA Upgrades Ratings on INR7.94cr Loans to 'B'

BHAGWATI RICE: ICRA Reaffirms 'B+' Rating on INR14cr Loans
BILPOWER LTD: CRISIL Reaffirms 'D' Ratings on INR1.74BB Loans
BRAHMAPUTRA INFRA: ICRA Cuts Ratings on INR804.67cr Loans to 'D'
DUNN FOODS: CARE Assigns 'BB-' Rating to INR40.71cr LT Loans
FAIR DEAL JUMBO: ICRA Reaffirms 'BB-' Ratings on INR11.36cr Loans

G & G INT'L: ICRA Assigns 'B' Ratings to INR10cr Loans
GANPATI ENTERPRISES: CARE Assigns 'BB' Rating to INR3cr LT Loans
GLOBAL TECHNOCRATS: CRISIL Assigns 'B' Ratings to INR120MM Loans
GOLDSTONE CERAMIC: CRISIL Assigns 'B' Ratings to INR46.6MM Loans
HANUMANT CONSTRUCTION: CRISIL Puts 'B' Ratings on INR180MM Loans

KUNAL COTTON: CRISIL Raises Ratings on INR80MM Loans to 'B'
M B PATIL: ICRA Upgrades Ratings on INR55cr Loans to 'BB+'
M&M EQUIPMENTS: ICRA Assigns 'D' Ratings to INR26.5cr Loans
M.K. WOOD: ICRA Rates INR12.5cr Cash Credit at 'BB-'
MASINA ALLOYS: ICRA Cuts Rating on INR8cr Loans to 'BB-'

MITTAPALLI SPINNERS: ICRA Rates INR56cr Loans at 'B+'
MRPC EXPO: ICRA Assigns 'BB-' Ratings to INR5.86cr Loans
MUGRODY CONSTRUCTIONS: CRISIL Rates INR100MM Loan at 'C'
NARANDEVI COTTON: CARE Rates INR5.7cr LT Bank Loans at 'D'
NATIONAL RICE: CRISIL Assigns 'B+' Ratings to INR65.1MM Loans

PARAMOUNT TOWERS: ICRA Revises Rating on INR100cr Loan to 'B'
PATIL CONSTRUCTION: ICRA Ups Ratings on INR115cr Loans to 'BB+'
PRECISE AUTOMATION: CARE Assigns 'B+' Rating to INR2.59cr Loans
RAJESH FILAMENTS: ICRA Reaffirms 'B+' Ratings on INR7.75cr Loans
RAYANI SPINTEX: ICRA Upgrades Ratings on INR36cr Loans to 'B-'

SOCIETY FOR HIGHER: CARE Rates INR9.35cr LT Bank Loans at 'B+'
SONATA CERAMICA: CARE Assigns 'B' Rating to INR6.55cr LT Loans
SRI BALAJI: ICRA Upgrades Ratings on INR82.60cr Loans to 'B+'
SRI VIJAYA: CRISIL Upgrades Ratings on INR110MM Loans to 'B-'
STARWING DEVELOPERS: CRISIL Suspends 'B+' Rating on INR200MM Loan

SUMIT PRAGATI: CARE Assigns 'BB+' Rating to INR50cr LT Loans
VA HOTELS: CRISIL Reaffirms 'B-' Ratings on INR152.5MM Loans
VIKAS COTTON: CRISIL Suspends 'D' Ratings on INR75.5MM Loans
VISTAAR FINANCIAL: ICRA Rates INR30cr Debenture at 'BB+'


N E W  Z E A L A N D

BLUE CHIP: Investor's Case Heads to Supreme Court
MEDIAWORKS: IRD Wants Ex-Holding Firms Liquidated Over Tax Bill


P H I L I P P I N E S

BANK OF ALAMINOS: MB Places Bank Under PDIC Receivership
RURAL BANK OF CATUBIG: Placed Under PDIC Receivership


S I N G A P O R E

FIRST SHIP: S&P Lowers LT Corporate Credit Rating to 'B-'


                            - - - - -


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


BABCOCK & BROWN: Former Execs Broke Law, Says Writ
--------------------------------------------------
The Sydney Morning Herald reports that former Babcock & Brown
chief executive Phil Green and other executives of the failed
merchant bank breached corporate law by putting the company's
desire for millions in fees ahead of the interests of investors, a
court has heard.

Babcock & Brown pressed ahead with a billion-dollar deal to buy US
coin laundry operator Coinmach in 2007, despite the worsening
global financial situation, according to a writ filed in the
Victorian Supreme Court obtained by SMH.   The report says the
writ, filed by a fund that invested $25 million in the deal, names
33 defendants, including Mr Green and former senior Babcock &
Brown executives Rob Topfer, who was global head of corporate
finance, and Trevor Loewensohn, who was global head of capital
markets.

Others named as defendants include Sydney Swans director Lynn
Ralph and former Victorian Funds Management Corporation chairman
Bob Officer, who sat on the board of Babcock & Brown funds
management company, SMH relays.

According to the report, the writ was filed by Babcock & Brown DIF
III Global Co-Investment Fund (DIF III), which was formerly
controlled by Babcock & Brown but since 2009 has been in the hands
of boutique group Accretion Investment Management.

SMH relates that taking in four jurisdictions -- Australia, US
states Delaware and New York and tax haven the Cayman Islands --
the lawsuit harks back to the heady days of the pre-global
financial crisis boom and the period in mid-2007 when credit
markets first began to freeze.

In June 2007, Babcock & Brown agreed to buy Coinmach from owners
including private equity group GTCR, SMH recalls.

The report relates that the highly leveraged share purchase deal,
allegedly masterminded by Mr. Topfer and Babcock & Brown's US head
of special products, Richard Umbrecht, was to be financed by
Coinmach's existing debt, an additional US$400 million of bank
finance and US$336 million of equity provided by the Babcock &
Brown group and RBS.

DIF III alleges the team putting together the deal assumed revenue
at Coinmach, which provides laundries for apartment buildings,
"would increase by between 5 per cent and 6 per cent per annum
every year."

However, it alleges that over the previous five years Coinmach's
revenue had, on average, grown by just 0.6 per cent. At this lower
figure, the US$1.22 billion debt in the deal could not be
sustained, DIF III alleges, SMH discloses.

                         About Babcock & Brown

Headquartered in Sydney, Australia, Babcock & Brown Limited
was a global alternative asset manager specializing in the
origination and management of asset in sectors, where the company
has a franchise and proven track record, and where there are
opportunities to add  scale, infrastructure, air operating
leasing and selected real estate.

                           *     *     *

As reported in the Troubled Company Reporter-Asia Pacific on
March 13, 2009, Babcock & Brown appointed voluntary
administrators after investors in the company's subordinated
notes listed in New Zealand voted against a special resolution to
restructure the terms of the notes.  Under the special
resolution, the company's equity and subordinated note holders
won't receive any return.  Babcock & Brown appointed David Lombe
and Simon Cathro of Deloitte Touche Tohmatsu as Voluntary
Administrators.

The TCR-AP reported on Aug. 25, 2009, that Babcock & Brown Ltd
creditors voted to liquidate the company's assets.  Deloitte said
the vote empowers it to investigate matters surrounding the
collapse of the group, including potential conflicts of interest
between the boards of Babcock & Brown and affiliated company
Babcock & Brown International Pty. Ltd. which held most of the
group's assets.


GLOBAL ELECTROTECH: Emerges From Administration
-----------------------------------------------
The West Australian reports that administrators of Global
Electrotech have handed control of the contracting company back to
its directors after a deal was struck giving creditors a 50 per
cent payback.

The electrical, fire and security specialist was placed in
receivership in June with debts of about $9 million. It has 102
employees.

The Balcatta-based company continued to trade while a deed of
company arrangement was put in place. Administrators WA Insolvency
Solutions said the deed had been terminated and a creditors' trust
set up.

According to the report, former administrator Kim Strickland --
KStrickland@wais.com.au -- said the expected 50 cents in the
dollar for creditors was much higher than any dividend that would
have been paid if Global Electrotech had been liquidated.

Mr. Strickland said secured debt owing to BankWest and employee
entitlements would be paid in full, the report relates.

Mr. Strickland said the business had been restructured by
realising some assets, a capital injection from directors Damian
Gardiner and Tony Martelli and additional refinancing, The West
Australian adds.


MISSION NEW ENERGY: SLW Beneficially Owns 42.6-Mil. Shares
----------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, SLW International, LLC, and Stephen L. Way
disclosed that as of Oct. 10, 2013, they beneficially owned
42,636,763 ordinary shares of Mission NewEnergy Limited
representing 80.06 percent of the shares outstanding.  SLW
previously reported beneficial ownership of 55,127,081 ordinary
shares as of April 17, 2013.

SLWI may be deemed to beneficially own an aggregate of 42,636,763
ordinary shares, $0.00 par value, consisting of

   (i) 152,195 ordinary shares owned directly by SLWI,

   (ii) 100,000 ordinary shares owned by Stephen L. Way, as the
sole member and sole manager of SLWI, in his IRA account with sole
power to vote,

  (iii) 42,274,223 Ordinary Shares that would be issuable to SLWI
upon conversion of 97,631 of the company's A$65 face-value Series
3 Convertible Notes, which have a conversion ratio of one note to
four hundred and thirty-three Ordinary Shares, resulting in a
conversion price of A$0.15 per share (the "Series 3 Notes"), and

   (iv) 110,345 Ordinary Shares that would be issuable to Mr. Way
upon exercise of the outstanding warrants owned by him (each
giving the right to subscribe for one Ordinary Share), with an
exercise price of A$15.00 (the "Warrants").

A copy of the regulatory filing is available for free at
http://is.gd/XUkUSY

                       About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy posted net profit of A$10.05 million on A$8.41
million of total revenue for the year ended June 30, 2013, as
compared with a net loss of A$6.19 million on A$38.20 million of
total revenue during the prior fiscal year.  The Company's balance
sheet at June 30, 2013, showed A$20.10 million in total assets,
A$32.60 million in total liabilities and a A$12.50 million total
deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


MISSION NEW ENERGY: Eastwood Trust Beneficially Owns 21.1M Shares
-----------------------------------------------------------------
In an amended Schedule 13D filed with the U.S. Securities and
Exchange Commission, Eastwood Trust disclosed that as of Oct. 10,
2013, it beneficially owned 21,136,895 ordinary shares of Mission
NewEnergy Limited representing 66 percent of the shares
outstanding.  A copy of the regulatory filing is available for
free at http://is.gd/IlsCm8

                       About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy disclosed net profit of A$10.05 million on
A$8.41 million of total revenue for the year ended June 30, 2013,
as compared with a net loss of A$6.19 million on A$38.20 million
of total revenue during the prior fiscal year.

The Company's balance sheet at June 30, 2013, showed A$20.10
million in total assets, A$32.60 million in total liabilities and
a A$12.50 million total deficiency.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


NOBLE MINERAL: Resolute Proposes to Acquire Bibiana Gold Project
----------------------------------------------------------------
The West Australian reports that Resolute Mining has put forward a
plan to take full control of the Bibiani gold project in Ghana
while offering greater returns to creditors of the project's
existing owner, the collapsed Noble Mineral Resources.

According to the report, Resolute said it was working with the
administrators of Noble, Ferrier Hodgson, to provide the company's
creditors, including itself, with a better return than would
otherwise be available in a liquidation scenario.

Under a proposed deed of company arrangement, Resolute would own
and operate Bibiani while Noble would retain ownership of its
other gold concessions, The West Australian relates.

The report says the company's Cape Three Points and Nakroba
exploration licences would be offered for sale with the realised
proceeds to be distributed to creditors other than the Trustee for
Noble's convertible noteholders (of which Resolute is the majority
participant).

In addition, the existing cash balance of Noble would also be
distributed pro-rata to the entitlement of all Noble's creditors
including the Trustee for the noteholders, the report relays.

If approved and finalised, the deed would extinguish all creditor
claims against Noble, according to The West Australian.

A Noble creditors meeting to consider the plan is expected be held
in the next few weeks, the report adds.

                        About Noble Mineral

Noble Mineral Resources Limited is an ASX-listed company,
exploring for and developing large-scale gold deposits in Ghana,
West Africa.

Martin Jones, Darren Weaver and Ben Johnson of Ferrier Hodgson
were appointed voluntary administrators of Noble Mineral Resources
Limited on Sept. 12, 2013, pursuant to Section 436A of the
Corporations Act 2001.

The Administrators now control the Company's trading and are
assessing the Company's financial position.


TEMPLE BREWING: Company Back in Business After Receivership
-----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Temple Brewing
Company is set to open again for the celebration of its
reinstatement to its owners. In May 2013, the company was put into
receivership; however, after four months, it is back on business.
Nick Pang, business partner, expressed satisfaction and relief for
the business' return.

The report says the label designs of the reinvented Temple brand
comes with a new look. Also, the company will be using a new
business approach. According to the report, the company said its
business savvy team members will facilitate all the things that
they aim to do in a different way.

Aside from giving an overhaul to the design, the brand will accept
additions to its range that include Anytime PA, the report says.
The Bicycle Beer of the company will also be included again in the
portfolio of the brewery, the report notes.



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


CHINA AOYUAN: Fitch Affirms IDR & Sr. Unsec. Rating at 'B+'
-----------------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder China Aoyuan
Property Group Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) and senior unsecured rating at 'B+'. The Outlook is
Stable.

The affirmation reflects Aoyuan's continued business scale
expansion with moderate leverage and sufficient liquidity. The
ratings are constrained by the high level of retail properties in
the product mix and the continued expansionary land banking.

Key Rating Drivers:

Growing Business Scale: Aoyuan's contracted sales rose 73.6% y-o-y
in the January-October 2013 period to CNY6.6bn , mainly because of
its strong execution and an increase in properties ready for sale.
The larger business scale provides the company a more stable cash
flow, cost benefits, and offers it more choices in land
acquisitions, which further strengthen its credit profile.

Retail Property Exposure: In order to raise sales and
profitability, the company complements core residential property
sales with retail properties, which contribute d to 29% of total
contracted sales in the first nine months of 2013. Aoyuan's retail
property is typically located on the first several floors of the
residential blocks in most of its projects. While retail
properties is sold at a healthy pace currently, Fitch believes
retail properties are more cyclical than residential properties
and any further increase in the share of retail properties in
Aoyuan's contracted sales may raise its business risk.

Substantial Land Banking: The company so far in 2013 has entered
into land acquisition contracts that could yield around around
2.1m square metres of gross floor area for CNY4.7bn of land
premiums at average land cost of about CNY2,200 per sqm for the
land. While the land premiums seem substantial, Fitch expects
Aoyuan's liquidity and leverage to remain healthy, with the ratio
of net debt to adjusted inventory likely to end 2013 at 35%,
supported by its continued growth in sales and proceeds from the
disposal of its Beijing project.

Limited Geographic Diversification: Around 60% of contracted sales
in the first ten months of 2013 were from Guangdong province in
southern China, where competition remains intense. This limits
Aoyuan's profitability and exposes the company to the
uncertainties of local policy and the local economy. However, it
has successfully replicated its business model in other provinces,
and Fitch expects the proportion of sales outside Guangdong to
increase in the next 24 months.

Substantial SG&A Suppresses Margin: Aoyuan's EBITDA margin was
only 16% in 2012, substantially narrowed by selling, general and
administrative (SG&A) from the gross profit margin of 31%.
However, its expanding scale will bring some economies - the ratio
of SG&A costs to revenue fell to 7% in 1H13 from 11% in 1H12.
Fitch expects Aoyuan's EBITDA margin to improve to above 20% over
the next 12 months.

Rating Sensitivities:

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

-- Contracted sales falling below CNY8bn, or the ratio of
   contracted sales to total debt falling below 1x (2012:1.1x )
   on a sustainable basis

-- EBITDA margin in 2013 declining to 15% or lower

-- Net debt to adjusted net inventory rising towards 40% on a
   sustained basis

-- Deviation from the current fast churn-out and high cash-flow
   turnover business model

-- Proportion of contracted sales from retail properties rising
   above one third of its total contracted sales

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Successful execution of expansion strategy for the next two to
three years, with contracted sales rising to more than CNY15bn a
year , and EBITDA margin increases to over 25% on a sustained
basis.


CHINA FORESTRY: Moody's Cuts CFR & Sr. Unsec. Bond Rating to 'Ca'
-----------------------------------------------------------------
Moody's Investors Service has downgraded China Forestry Holdings
Co., Ltd's corporate family rating and senior unsecured bond
rating to Ca from Caa2.

The ratings outlook is negative.

The downgrades conclude the ratings review process that was
initiated on 1 November 2013.

Ratings Rationale:

The rating actions follow China Forestry's announcement on 18
November that it is considering a tender offer for the purchase of
the US-dollar senior notes due in November 2015, and with an
outstanding balance of $180 million as of end-June 2013.

In addition, the company stated that it would postpone the semi-
annual interest payment on the senior notes -- due on 17 November
-- for 30 days. Based on the terms and conditions of the senior
notes, the company has a 30-day grace period for the interest
payment.

"China Forestry's very weak cash flows and liquidity levels
suggest a high likelihood that it will offer a distressed debt
exchange or will fail to pay the interest after the grace period,
both scenarios of which will constitute an event of default under
Moody's definition," says Chenyi Lu, a Moody's Vice President and
Senior Analyst.

"The rating actions also consider Moody's assessment of the high
economic loss of over 50% when compared with the original payment
promise for the notes, given China Forestry's sizeable debt and
the likelihood that it will recover only a small proportion of its
illiquid assets," adds Lu.

Since the irregularities reported in its financial accounts in
early 2011, the company's operations have been severely impaired.
Its resulting small-scale operations have not generated sufficient
cash flows to service existing debt and operating expenses.

Consequently, it has relied on its cash balance to cover its
operating expenses and interest payments. However, its cash
balance of RMB236 million as of end-June 2013 is insufficient to
cover interest payments of about RMB120 million and operating
expenses of RMB130 million per year.

Meanwhile, trading in the company's shares remains suspended,
limiting its ability to raise new equity.

The negative outlook reflects the high uncertainty over the
sustainability of China Forestry's business model as well as
Moody's expectation of a low recovery rate for less than 50%.

China Forestry's ratings have been assigned based on factors that
Moody's believe are relevant to the risk profile of the company,
such as its: (1) exposure to business risks and competitive
position when compared with other firms in the industry; (2)
capital structure and financial risks; (3) projected performance
over the near to intermediate term; and (4) management's track
record and tolerance for risk. These attributes were compared
against other issuers both within and outside China Forestry's
core industry; Moody's believes the company's ratings are
comparable with those of other issuers of similar credit risk.

China Forestry, listed on the Hong Kong Exchange in 2009, is one
of China's operators of naturally regenerated forest plantations.
The company has rights over plantation assets in Sichuan and
Yunnan provinces.


CHINA FORESTRY: S&P Lowers Corporate Credit Rating to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China Forestry Holdings Co.
Ltd. to 'D' from 'CCC-'.  At the same time, S&P lowered the long-
term issue rating on the company's senior unsecured notes to 'D'
from 'CCC-'.  S&P also lowered its long-term Greater China
regional scale rating on China Forestry and the notes to 'D' from
'cnCCC-'.  China Forestry is a China-based commercial forest
operator.

"We downgraded China Forestry because we believe that the
likelihood is low that the company will make the interest payment
on its senior unsecured notes within the 30-day period allowed
under the bond indenture," said Standard & Poor's credit analyst
Johnson Ng.  That's because the company's liquidity is very weak.
As of June 30, 2013, China Forestry had cash of Chinese renminbi
(RMB) 236.15 million, of which approximately RMB40.20 million was
maintained in Hong Kong.  The company's operation generates very
limited cash inflow.

China Forestry missed the semi-annual interest payment of
US$9.225 million (or RMB56.73 million) on its 10.25% senior
unsecured notes due on Nov. 17, 2013.  The outstanding amount of
the notes is US$180 million.  The company informed bondholders on
Nov. 18, 2013, that it has postponed the interest payment to
Dec. 17, 2013.

"China Forestry is also contemplating a tender offer to purchase
the notes due 2015.  The tender offer plan is uncertain, given
that no details are announced," said Mr. Ng.  "We believe that the
company will seek external financing to fund that proposal, if it
materializes.  However, the company may find it difficult to get
external financing because it has missed its interest payment
obligation, and visibility of a business recovery is very low."


CHINA LOGISTICS: HHC Replaces RBSM as Accountants
-------------------------------------------------
China Logistics Group, Inc., informed its independent registered
public accounting firm RBSM LLP that the Company would like to
terminate the client-auditor relationship, effective immediately
and the Company engaged HHC, CPA Corporation as the Company's
independent registered public accounting firm.

RBSM LLP had served as the Company's independent registered public
accounting firm since Feb. 8, 2013, and reported on the Company's
consolidated financial statements for the year ended Dec. 31,
2012.  The dismissal of RBSM LLP and engagement of HHC was
approved by the Board of Directors of the Company on Nov. 12,
2013.

The report of RBSM LLP dated May 10, 2013, on the Company's
consolidated balance sheet as of Dec. 31, 2012, and the related
consolidated statements of operations and comprehensive income,
change in shareholders equity and cash flows for the year ended
Dec. 31, 2012, did not contain an adverse opinion or a disclaimer
of opinion, nor was that report qualified or modified as to
uncertainty, audit scope, or accounting principles, except that
the report of RBSM LLP on the Company's financial statements for
fiscal year 2012 contained an explanatory paragraph, which noted
that there was substantial doubt about the Company's ability to
continue as a going concern.  During the Company's most recent
fiscal year and the subsequent interim period preceding the
Company's decision to dismiss RBSM LLP the Company had no
disagreements with the firm on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope of
procedure which disagreement if not resolved to the satisfaction
of RBSM LLP would have caused it to make reference to the subject
matter of the disagreement in connection with its report.

During the Company's most recent fiscal year and the subsequent
interim period prior to retaining HHC (1) neither the Company nor
anyone on its behalf consulted HHC regarding (a) either the
application of accounting principles to a specified transaction,
either completed or proposed, or the type of audit opinion that
might be rendered on our financial statements or (b) any matter
that was the subject of a disagreement or a reportable event as
set forth in Item 304(a)(1)(iv) and (v), respectively, of
Regulation S-K, and (2) HHC did not provide us with a written
report or oral advice that they concluded was an important factor
considered by the Company in reaching a decision as to accounting,
auditing or financial reporting issue.

                      About China Logistics

Shanghai, China-based China Logistics Group, Inc., is a Florida
corporation and was incorporated on March 19, 1999, under the name
of ValuSALES.com, Inc.  The Company changed its name to Video
Without Boundaries, Inc., on Nov. 16, 2001.  On Aug. 31, 2006, it
changed its name from Video Without Boundaries, Inc., to
MediaReady, Inc., and on Feb. 14, 2008, it changed its name from
MediaReady, Inc., to China Logistics Group, Inc.

On Dec. 31, 2007, the Company entered into an acquisition
agreement with Shandong Jiajia International Freight and
Forwarding Co., Ltd., and its sole shareholders Messrs. Hui Liu
and Wei Chen, through which the Company acquired a 51% interest in
Shandong Jiajia.  The transaction was accounted for as a capital
transaction, implemented through a reverse recapitalization.

Shandong Jiajia, formed in 1999 as a Chinese limited liability
company, is an international freight forwarder and logistics
management company.  Headquartered in Qingdao, Shandong Jiajia has
branches in Shanghai, Xiamen, Lianyungang and Tianjin with
additional sales office in Rizhao.

The Company' balance sheet at June 30, 2013, showed $3.55 million
in total assets, $3.57 million in total liabilities, and a
stockholders' deficit of $17,822.


UNIVERSAL SOLAR: Incurs $233K Net Loss in Third Quarter
-------------------------------------------------------
Universal Solar Technology, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing a net loss of $233,333 on $0 of sales for the three
months ended Sept. 30, 2013, as compared with a net loss of
$268,820 on $0 of sales for the same period during the prior year.

For the nine months ended Sept. 30, 2013, the Company reported a
net loss of $1.31 million on $0 of sales as compared with a net
loss of $1.05 million on $618,200 of sales for the same period a
year ago.

The Company's balance sheet at Sept. 30, 2013, showed $5.48
million in total assets, $16.10 million in total liabilities and a
$10.61 million total stockholders' deficiency.

A copy of the Form 10-Q is available for free at:

                         http://is.gd/1ldiAl

                         About Universal Solar

Headquartered in Zhuhai City, Guangdong Province, in the People's
Republic of China, Universal Solar Technology, Inc., was
incorporated in the State of Nevada on July 24, 2007.  It operates
through its wholly owned subsidiary, Kuong U Science & Technology
(Group) Ltd., a company incorporated in Macau, the People's
Republic of China on May 10, 2007, and its subsidiary, Nanyang
Universal Solar Technology Co., Ltd., a wholly foreign owned
enterprise registered on Sept. 8, 2008 under the wholly foreign-
owned enterprises laws of the PRC.

The Company primarily manufactures, markets and sells silicon
wafers to manufacturers of solar cells.  In addition, the Company
manufactures photovoltaic modules with solar cells purchased from
third parties.

Universal Solar disclosed a net loss of $5.66 million on $649,616
of sales for the year ended Dec. 31, 2012, as compared with a net
loss of $2.70 million on $3.28 million of sales during the prior
year.

Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2012.  The independent auditors noted
that the Company has not generated cash from its operation, has
stockholders' deficiency of $9,191,918 and has incurred net loss
of $9,887,181 since inception.  These circumstances, among others,
raise substantial doubt about the Company's ability to continue as
a going concern.


* CHINA: Credit-driven Glut Threatens Surge Into Bank Crisis
------------------------------------------------------------
Bloomberg News reports that in China's "Shipping Valley," where
the Yangtze River empties into the sea north of Shanghai, the
once-bustling home of the nation's biggest private shipbuilder is
deadly quiet on a recent morning.

Bloomberg says rows of dilapidated five-story dormitories in the
city of Nantong, previously housing China Rongsheng Heavy
Industries Group Holdings Ltd.'s 38,000 employees, were abandoned
after the shipbuilder teetering on collapse cut almost 80 percent
of its workers over the past two years. Most video arcades,
restaurants and shops serving them have closed.

According to Bloomberg, a $6.6 trillion credit binge during the
past five years, encouraged by Beijing policy makers as stimulus
to combat a global economic slowdown, now threatens to stoke a
debt crisis.  At stake are trillions of yuan in bank loans that
companies producing everything from ships to steel to solar power
are struggling to repay as the world's second-largest economy
heads for the weakest annual expansion since 1999, Bloomberg
states.

Bloomberg notes that Rongsheng, which is seeking a government
bailout after accumulating CNY25 billion ($4.1 billion) in unpaid
loans as of June, including to Bank of China Ltd., is a casualty
of over-investment gone bust. In Nantong, the only remaining
market is selling past-its-shelf-life bread, woolly shoe pads and
other dusty items at a discount as shopkeeper Qiu Aibing prepares
to wind down before winter. There's no sign of a single customer.

"After I'm done selling all this stuff, I'll be gone," said Qiu,
briefly lifting his eyes from a TV and casting a careless look at
the half-empty shelves. "The workers didn't have money to spend
anyway because there's no work to be done, and many of them
haven't been paid for months."

Bloomberg notes that China's biggest banks are already affected,
tripling the amount of bad loans they wrote off in the first half
of this year and cleaning up their books ahead of what may be a
fresh wave of defaults. Industrial & Commercial Bank of China Ltd.
and its four largest competitors expunged CNY22.1 billion of debt
that couldn't be collected through June, up from 7.65 billion yuan
a year earlier, Bloomberg discloses citing regulatory filings.

"In the next three to four years, industries with excess capacity
will be the main source of credit loss for banks and their
nonperforming loans as China cleans up the legacy," the report
quotes Liao Qiang, a Beijing-based director at Standard & Poor's,
as saying.  "The speed of the process will depend on the
government's determination and whether they are willing to incur
short-term pain for long-term gain."



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


ARAVINDAR EDUCATIONAL: CRISIL Suspends D Rating on INR84.1MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sri
Aravindar Educational Trust (SAET).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           84.1     CRISIL D Suspended

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

SAET was established in 1998 by Mr. A. Durairaj and Mr. S.
Nityanandan. After the demise of Mr. A. Durairaj in 2003, Mr.
Nityanandan looks after the trust's operations. SAET has three
educational institutes all located at Sedarapet in Tamil Nadu. The
campus of these institutions is spread over an area of 30 acres
with a total enrolment of around 1500 students.


ARCA EDUCATION: CRISIL Assigns 'D' Rating to INR90.7MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Arca Education Society.  The rating reflects instances
of delay by AES in servicing of its debt; the delays have been
caused because of society's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan          90.7     CRISIL D (Assigned)

AES has a weak financial risk profile, marked by negative net
worth and weak debt protection metrics, and a modest scale of
operations in the competitive education sector. However, the
society benefits from its modern infrastructure facilities and its
franchise agreement with Global Indian Foundation, Singapore.

AES was established in 2005 by Mr. M Narasimha Murthy and his
family. The society has a franchisee agreement with Global Indian
Foundation to run an international school, Global Indian
International School. The school located at Uppal (Andhra
Pradesh), offers education from pre-school to grade XI.

For 2012-13 (refers to financial year, April 1 to March 31), AES
reported a net loss of INR11.3 million on revenues of INR67.8
million as against a net loss of INR24.1 million on revenues of
INR47.4 million for 2011-12.


BABA STRUCTURAL: CRISIL Assigns 'B-' Ratings to INR164MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Baba Structural Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             69      CRISIL B-/Stable
   Bank Guarantee         6      CRISIL A4
   Cash Credit           95      CRISIL B-/Stable

The ratings reflect BSPL's weak financial risk profile, marked by
weak capital structure and debt protection metrics and its
stretched liquidity because of cash accruals tightly matched with
debt repayments and working-capital intensive operations. The
ratings also factor in BSPL's small scale of operations with a low
operating margin, and exposure to intense market competition
because of industry fragmentation. These rating weaknesses are
partially offset by the extensive experience of BSPL's promoters
in the steel industry and the funding support it receives from
them.

Outlook: Stable

CRISIL believes that BSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company increases its
scale of operations and improves its profitability, resulting in
higher-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if SBPL's financial risk profile,
particularly its liquidity, weakens further, most likely because
of a decline in its profitability, larger-than-expected working
capital requirements, and/or substantial capital expenditure.

BSPL was established in 2011 by the Agarwal family of West Bengal.
The company is a part of the Baba group of West Bengal. BSPL
manufactures mild steel (MS) angles, MS channels, MS strips, and
electric resistance welded (ERW) pipes. Its manufacturing unit is
at Raniganj (West Bengal).


BANKE BEHARI: ICRA Assigns 'BB' Ratings to INR10cr Loans
--------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR5
crore cash credit facility and the INR5 crore bank guarantee of
Banke Behari Foods Private Limited. The outlook on the long term
rating is 'Stable'.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5         [ICRA]BB (Stable) assigned
   Bank Guarantee         5         [ICRA]BB (Stable) assigned

The rating factors in the experience of the promoters and
established track record of the company in the wheat milling
industry, the repeat orders from its reputed customers which
indicates the company's technical competence and the comfortable
capital structure characterized by conservative gearing, modest
coverage indicators. The absence of long term loans provides some
financial flexibility to the company. While assigning the rating
ICRA has also taken into account the favourable demand prospects
of the industry with wheat being an important part of the staple
Indian diet. The rating is however, constrained by the modest
scale of operations of the company, the low value additive nature
of operations and intense competition on account of fragmented
industry structure, with low entry barriers, leading to thin
profit margins The rating also factors in the vulnerability of
profitability to adverse fluctuations in raw material prices which
are subject to seasonal availability of wheat and government
regulations on Minimum Support Price (MSP).

Incorporated in 2002, BBFPL is a private limited company engaged
in the milling of wheat to manufacture 'Maida', 'Atta', 'Suji' and
'Bran'. The company's flour mill is located in Digha Ghat, Patna
and has an installed annual capacity of 45000 MT.

Recent Results

BBFPL registered a profit after tax of INR0.29 crore on the back
of OI of INR27.61 crore during FY12. In FY11, the company
registered a profit after tax of INR0.28 crore on the back of OI
of INR23.68 crore.


BARODA AGRO: ICRA Upgrades Ratings on INR7.94cr Loans to 'B'
------------------------------------------------------------
ICRA has revised the rating assigned to the INR7.94 crore long
term fund based facilities of Baroda Agro Chemicals Limited to
'[ICRA]B' from [ICRA]D.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based-            2.50       Revised to [ICRA]B
   Cash Credit                       from [ICRA]D

   Fund Based-            3.44       Revised to [ICRA]B
   Term Loans                        from [ICRA]D


   Fund Based-            2.00       Revised to [ICRA]B
   Working Capital                   from [ICRA]D
   Term Loan

The revision in rating takes into account the regularization of
the debt servicing since August 2013.  The rating is however
constrained by the small scale of operations in a business segment
involving manufacture of generic pesticide formulations which is
highly fragmented due to the presence of large number of players;
vulnerability to the agro climatic risk caused due to the
cyclicality inherent in the agricultural sector and regulatory
controls that govern the pesticide and agro chemical industry. The
ratings also factors in the high customer concentration risk which
has partly been mitigated by the addition of new customers in FY12
& FY13. ICRA however favorably factors in the company's
established track record in the pesticide manufacturing business,
diversified product portfolio and established relationship with
large and reputed agro chemical companies.

Baroda Agro Chemicals Limited was incorporated in 1996 by Mr K.V
Rao. BACL is engaged in the manufacture of insecticide and
fungicide formulations. The company operates from its
manufacturing facility located at Halol near Vadodara city with an
installed capacity of ~100 KL/per day. BACL enters into contract
manufacturing as well as job work with respect to generic
pesticide formulation and can produce formulations in varying
forms like Emulsifiable Concentrates (EC), Dusting Powders (DP),
Granules (G), Wettable Powders (WP), Soluble Powders (SP),
Suspension Concentrates (SC), Flowables Slurries (FS), Water
Disbursable Granules (WDG), Dry Flowables (DF) and Soluble
Granules (SG).

Recent Results

In FY 2013, BACL reported an operating income of INR31.55 crore
(as against INR22.20 crore in FY 2012) and profit after tax of
INR1.17 crore (as against INR0.89 crore in FY 2012).


BHAGWATI RICE: ICRA Reaffirms 'B+' Rating on INR14cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating for INR14.0 crore bank
lines of Bhagwati Rice Mill (P) Ltd at '[ICRA]B+'.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Working Capital Limits      14.00       [ICRA]B+ (reaffirmed)

The rating takes into consideration BRM's moderate scale of
operations, its weak financial profile characterized by moderate
profitability and intensely competitive nature of industry, its
high gearing levels of 4.33 times as on March 31, 2013 and weak
debt protection indicators. However, the rating favorably takes
into account BRM's experienced management and long track record of
operations in the rice industry and easy availability of paddy as
the company's mill is located near the "mandi". Moreover, ICRA
also takes into account the favorable demand prospects of the
industry with India being one of the largest producer and consumer
of rice in the world.

Bhagwati Rice Mill (P) Ltd was established in 1996. The company is
primarily engaged in milling of rice. BRM's milling unit is based
out of Mainpuri, Uttar Pradesh and is in close proximity to the
local grain market. BRM sells rice under its 4 different regional
brands - Shree, Hathi, Gulab and Ujjwal in the domestic market.

Recent Results

The company reported a net profit after tax of INR0.04 crore on an
operating income of INR43.94 crore during FY2013 as against a net
profit after tax of INR0.05 crore on an operating income of
INR41.98 crore during FY2012.


BILPOWER LTD: CRISIL Reaffirms 'D' Ratings on INR1.74BB Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bilpower Ltd continue
to reflect delays by Bilpower in meeting its debt obligations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             900.0     CRISIL D (Reaffirmed)

   Letter of Credit
   and Bank Guarantee      800.0     CRISIL D (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility       40.0     CRISIL D (Reaffirmed)

Bilpower was incorporated in 1989 and is promoted by Mr. Suresh
Kumar, Mr. Naresh Kumar, and Mr. Rajendra Kumar Choudhary. The
company manufactures transformer laminations. Laminations
constitute 35 per cent of the total material content of
transformers. Bilpower has lamination-manufacturing units in
Vadodara (Gujarat), Silvassa (Dadra and Nagar Haveli), Kanchad
(Maharashtra), and Roorkee (Uttaranchal).

Bilpower reported a net loss of INR419 million on an operating
income of INR353.6 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a net loss of INR186 million on
an operating income of INR3.6 billion for 2011-12. For the three
months ended June 30, 2013, the company reported a net loss of
INR103.1 million on an operating income of INR0.2 million, as
against a net loss of INR73.9 million on an operating income of
INR202.2 million for the corresponding period of the previous
year.


BRAHMAPUTRA INFRA: ICRA Cuts Ratings on INR804.67cr Loans to 'D'
----------------------------------------------------------------
ICRA has revised the long term rating for the INR150.0 crore fund
based limits and INR154.67 crore term loans of Brahmaputra
Infrastructure Limited from '[ICRA]BB+' with a negative outlook to
'[ICRA]D'. ICRA has also revised the short term rating for the
INR500.0 crore non fund based limits of the company from
'[ICRA]A4+' to '[ICRA]D'.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Limits        150.00       [ICRA]D (revised from
                                         [ICRA]BB+ (Negative))

   Term Loans               154.67       [ICRA]D (revised from
                                         [ICRA]BB+ (Negative)

   Non Fund Based Limits    500.00       [ICRA]D (revised from
                                         [ICRA]A4+)

The ratings revision reflects the stretched liquidity profile of
the company as exhibited by delays in the debt servicing. The
deterioration in the liquidity position of the company has been
primarily on account of sizeable build up of receivables and
inventory. Further, ICRA also noted the subdued revenue growth and
significant decline in the net profitability of the company during
FY2013 on account of delays in order execution. This coupled with
the continued elevated debt levels has led to deterioration in
debt coverage indicators.

Going forward, BIL's ability to service the debt obligation in
time and improve its liquidity position will be amongst the key
rating sensitivity factors.

Originally established as a proprietorship firm in 1987 and
incorporated in September 1998, Brahmaputra Infrastructure Limited
(earlier Brahamputra Consortium Limited) is a construction company
executing mining, civil construction, roads & highway projects.
Over the years, BIL has executed several contracts in various
segments like building construction, roads, mining, tunnels, other
civil construction works etc. mainly for public sector
undertakings (PSUs) and Government departments. Further, during
the current financial year, a group company Brahmaputra
Infraproject Limited got merged into BIL and consequently, BIL got
listed on stock exchanges.

Recent Results
In FY2013, the company reported a net profit after of INR1.29
crore on an operating income of INR305.58 crore vis--vis profit
of INR8.12 crore on an operating income of INR294.96 crore in
FY2012.


DUNN FOODS: CARE Assigns 'BB-' Rating to INR40.71cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Dunn
Foods Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       40.71       CARE BB- Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Dunn Foods Private
Limited is constrained by its small scale of operations,
predominantly debt funded capex, leveraged capital structure and
working capital intensive nature of operations. Furthermore, the
rating also takes into account the intense competition with
organized and unorganized players and susceptibility of profit
margins to overall food inflation. These weaknesses are however,
partially offset by the experienced promoters and key management
team, diversified product portfolio under the flagship brand
'Dunn' and established marketing and selling arrangements of the
company.

Going forward, the ability of DFPL to improve the profitability
margins and the capital structure and to manage its working
capital cycle effectively are the key rating sensitivities.

Dunn Foods Private Limited was incorporated on April 17, 2003 by
Mr Jai Prakash and Mr Lalit Kumar for manufacturing and sale of
biscuits. DFPL started its operations in 2005 and worked
for 30 months (upto the middle of 2007) with 'Job Work' type
arrangement for M/s Surya Foods and Agro Pvt Ltd ('PriyaGold'
brand biscuit manufacture) and also worked for Britannia
Industries to manufacture 'Britannia' brand biscuits. Thereafter,
in 2007 the unit was shut down by the management. Subsequently,
DFPL was taken over by the current Managing Director, Mr Sunil
Guglani, wef October 20, 2011. The company revived its operations
from June 2012 with an installed capacity of 600 MT of biscuits
per month on single shift basis at its manufacturing facility
in Chandigarh and has recently, in September 2013 increased its
capacity from 600 MT per month to 1650 MT per month on a single
shift basis along with addition of new product line to meet the
growing demand of the industry.

The other group companies of DFPL are M/s Super Multicolor
Printers Pvt Ltd (rated CARE BB+/A4+) and M/s Shivek Labs Limited
(rated CARE BB+/ A4+).

DFPL reported a PAT of INR1.04 crore on the total income of
INR28.31 crore in FY13 (refers to the period April 1 to March 31)
as against a total income of INR0.01 crore in FY12.


FAIR DEAL JUMBO: ICRA Reaffirms 'BB-' Ratings on INR11.36cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed an '[ICRA]BB-' rating to the INR3.11
crore(reduced from INR4.51 crore) term loan and INR4.75 crore
working capital facilities of Fair deal Jumbo Packaging Private
limited. The outlook for the long term rating is stable. ICRA has
also reaffirmed/assigned an '[ICRA]A4' rating to INR3.50
crore(enhanced from INR1.25 crore) fund based facilities (sub
limit of cash credit limits) and INR12.25 crore(enhanced from
INR7.20 crore) non-fund based facilities of FDJPPL.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit            4.75       [ICRA]BB-(stable) reaffirmed
   Facility

   Term Loan              3.11       [ICRA]BB-(stable) reaffirmed

   PC/FBP/FBD            (3.50)      [ICRA]BB-(stable) reaffirmed

   Letter of Credit      10.05       [ICRA]A4 reaffirmed

   Bank Guarantee         0.20       [ICRA]A4 reaffirmed

   Bills Discounted       2.00       [ICRA]A4 assigned
   under LC

The ratings continue to be constrained by Fairdeal Jumbo Packaging
Private Limited's modest scale of operations and the high
financial risk profile characterized by significantly high gearing
levels and weak coverage indicators on account of low profit
margins. The ratings are further constrained by the vulnerability
to fluctuations in the prices of raw materials, though mitigated
to some extent through order backed procurement. The ratings are
also impacted by high competitive intensity in the poly woven
bags/Flexible Intermediate Bulk Containers (FIBC) Industry.

The ratings however positively consider the rich experience of the
management in various manufacturing businesses and the increase in
revenues supported by high plant utilization levels. Another
positive is the tie up of the majority of production to the
established end user segment customers.The company is expected to
benefit from sales targeted towards the specialized segment of
jumbo bags with comparatively higher profit margins.

Established in 2006, Fairdeal Jumbo Packaging Private Limited,
started its operations in 2009 and is engaged in the manufacturing
of flexible packaging material used in bulk containers commonly
referred to as FIBC. The company is promoted by Ahmedabad based
entrepreneurs ?Mr.Ronak Modi, Mr.Sanjay Sanklecha, Mr Manoj
Sanklecha and Mr Rajesh Sanklecha. The plant is situated in the
outskirts of Ahmedabad, Gujarat and the present capacity of the
plant is 3600 MTPA.

Recent Results

During FY 2013, the company reported a profit after tax of INR0.83
cr on an operating income of INR43.84 cr. and profit after tax of
INR0.78 cr on an operating income of INR30.58 cr. in FY 2012.


G & G INT'L: ICRA Assigns 'B' Ratings to INR10cr Loans
------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the
INR10.00 crores Bank facilities of G & G International Pvt. Ltd.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund           3.96       [ICRA]B assigned
   Based-Term Loan

   Long Term Fund           3.50       [ICRA]B assigned
   Based-Cash Credit

   Long Term Fund           2.54       [ICRA]B assigned
   Based-Unallocated

The assigned rating is constrained by nascent stage of operations
of the company where in the acceptability of the product is yet to
be established which in turns results in demand risk for the
company. The rating is also constrained by the high competitive
intensity, high gearing levels and high working capital intensity
arising out of large inventory requirements. The rating however
favorably factors in promoters prior experience in textile
industry and integrated operations encompassing knitting, dyeing,
printing and finishing of the blankets.

Business was established in the year 2012 as a private limited
company. Company is engaged in the business of manufacturing Polar
Fleece Blankets and has an installed capacity of 10 tonne/ day of
blankets. Directors of the company are actively engaged in the
business of the company. Manufacturing unit of the company is
located at Gharaunda, Karnal Haryana. Company started its
commercial production from the month of December 2013.

Recent Results:

GGIPL reported a net profit of INR0.01 crores on an operating
income of INR2.48 crores for the year ended March 31, 2013.


GANPATI ENTERPRISES: CARE Assigns 'BB' Rating to INR3cr LT Loans
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Ganpati Enterprises.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         3         CARE BB Assigned
   Facilities

   Short-term Bank       22         CARE A4 Assigned
   Facilities

The ratings assigned by CARE are based on the capital deployed by
the proprietor 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 proprietor in addition to
the financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Ganpati Enterprises
are primarily constrained on account of its modest scale of
operations in a highly competitive and fragmented transformer
industry, its thin profitability margin and stressed liquidity
position. The ratings are further constrained due to its
constitution as a proprietorship concern and susceptibility of its
margins to fluctuation in raw material prices and foreign exchange
rate.

The ratings, however, favorably take into account the experience
of the management and its comfortable solvency position.

Improvement in the financial risk profile with an improvement in
the scale of operations and profitability margin are the key
rating sensitivities.

Jaipur-based (Rajasthan), GPE was formed in 1998 as a
proprietorship concern by Mr Arun Kumar Saraf. GPE is engaged in
the business of manufacturing of transformers for power
transmission and distribution ranging from 10 Kilovolt Ampere
(KVA) to 10 Megavolt Ampere (MVA) and trading of transformer oil.
The manufacturing plant of the firm is located at Jaipur
(Rajasthan). The firm participates in tenders for supply and
repair of transformers invited by various State Power Utilities
(SPU) and corporates engaged in turnkey projects on Engineering
Procurement and Construction (EPC) basis. The firm supplies
transformers primarily to SPUs of Haryana, Rajasthan, Madhya
Pradesh and Chhattisgarh. GPE is accredited with ISO 9001:2008 for
manufacture, supply and repair of power and distribution
transformers ranging from 5 KVA to 12.5 MVA.

During FY13 (refers to the period April 1 to March 31), GPE
reported a total income of INR51.10 crore (FY11: INR44.15 crore),
with a PAT of INR0.67 crore (FY12: INR0.57 crore).


GLOBAL TECHNOCRATS: CRISIL Assigns 'B' Ratings to INR120MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Global Technocrats Pvt Ltd .

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               70      CRISIL B/Stable

   Proposed Long-Term        50      CRISIL B/Stable
   Bank Loan Facility

The rating reflects GTPL's weak financial risk profile marked by
high gearing and weak debt protection metrics, small scale of
operations, and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
GTPL's promoter in the concertina coils industry and the financial
support that the company receives from its promoter.

Outlook: Stable

CRISIL believes that GTPL will maintain its business risk profile
over the medium term, backed by its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if financial
risk profile of GTPL improves with more-than-expected revenue and
healthy profitability. Conversely, the outlook may be revised to
'Negative' in case of increase in the company's working capital
requirement or any debt-funded capital expenditure programme
leading to deterioration in its financial risk profile.

GTPL was set up by Mr. Atul Agarwal in 1998. The company
manufactures concertina coils, which are used in security fencing
products. GTPL has its manufacturing unit in Bhiwadi (Rajasthan).
The company's product portfolio includes punched tape concertina
coils, razor wire concertina coils, concertina barbed tape,
concertina flat wrap, reinforced barbed tape, and concertina wire
mesh.

For 2012-13, GTPL reported a net profit of INR1.7 million on net
sales of INR343.8 million and for financial year 2011-12 GTPL had
reported a net profit of INR 1.7 million on net sales of INR 263
million.


GOLDSTONE CERAMIC: CRISIL Assigns 'B' Ratings to INR46.6MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Goldstone Ceramic Pvt Ltd.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             26.6     CRISIL B/Stable
   Bank Guarantee         8.5     CRISIL A4
   Cash Credit           20.0     CRISIL B/Stable

The ratings reflect GSCPL's modest scale of operations in the
highly competitive ceramics industry, and its large working
capital requirements. The rating also factors in the company's
average financial risk profile, marked by high gearing and
moderate debt protection metrics. These rating weaknesses are
partially offset by the promoters' extensive experience in the
ceramics industry, and the proximity of the company's
manufacturing facilities to the availability of raw material and
labour.

Outlook: Stable

CRISIL believes that GSCPL will benefit from its promoters'
experience in the ceramic industryThe outlook may be revised to
'Positive' if GSCPL improves its scale of operations along with
sustained profitability leading to larger than expected cash
accruals; or improves its working capital management. Conversely,
the outlook maybe revised to 'Negative' if the firm's accruals are
lower than expectations due to reduced order flow or
profitability, or if the firm's financial risk profile
deteriorates due to stretch in working capital or higher than
expected, debt funded capex

GSCPL was incorporated in 2010, and is promoted by the Morbi-based
Kalariya family. The company manufactures wall tiles, at its
production facilities in Morbi (Gujarat), with an installed
capacity of 6000 boxes per day. Most of the promoters have around
ten years of experience in the ceramic industry.

GSCPL, on a provisional basis, reported a net profit of INR0.8
million on sales of INR94.9 million for 2012-13 (refers to
financial year, April 1 to March 31); and net profit of INR2
million on net sales of INR149.7 million for 2011-12.


HANUMANT CONSTRUCTION: CRISIL Puts 'B' Ratings on INR180MM Loans
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Hanumant Construction Pvt Ltd (HCPL) and has
assigned its 'CRISIL B/Stable/CRISIL A4' ratings to these
facilities. CRISIL had earlier suspended the ratings of HCPL
through its rating rationale dated December 20, 2012.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            70      CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Bank             50      CRISIL B/Stable (Assigned;
   Guarantee                         Suspension Revoked)

   Cash Credit              130      CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect HCPL's working-capital-intensive operations,
geographical concentration in its revenues and its exposure to
intense competition in the tender-based construction business. The
rating exercise also factors in the company's average financial
risk profile, marked by moderate gearing and average debt
protection metric. These rating weakness are offset by extensive
experience of its promoters in the civil construction industry,
and its strong order book.

Outlook: Negative

CRISIL believes that HCPL will maintain a stable business risk
profile, backed by its promoter's extensive industry experience
and strong order book. The outlook may be revised to 'Positive' if
the company strengthens its business risk profile by extending its
geographical reach and diversifies customer base, and if its
revenues and profitability increase significantly, while
maintaining its capital structure. Conversely, the outlook may be
revised to 'Negative' if HCPL's revenues and profitability decline
significantly, or if there are considerable delays in realisation
of receivables, or if the company undertakes more-than-expected
debt-funded capex programme, thereby weakening its financial risk
profile.

HCPL was incorporated in 1996 by Mr. Kamal Dayal Choudhury. The
company is engaged in civil construction activities especially
into industrial site development and related construction and
construction of dams, reservoirs, canals. The company is based in
Raipur (Chhattisgarh).


KUNAL COTTON: CRISIL Raises Ratings on INR80MM Loans to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kunal Cotton Industries to 'CRISIL B/Stable' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit           60      CRISIL B/Stable (Upgraded
                                 from 'CRISIL B-/Stable')

   Term Loan             20      CRISIL B/Stable (Upgraded
                                 from 'CRISIL B-/Stable')

The upgrade reflects improvement in KCI's business risk profile,
driven by a sustained and significant increase in its scale of
operations, along with sustained profitability margins. The
upgrade also reflects expected improvement in KCI's capital
structure on the back of continued growth in its net worth,
ongoing repayment of term loans, and efficient working capital
management resulting in lower reliance on debt.

KCI registered a year-on-year revenue growth of 108 per cent, to
INR537 million in 2012-13 (refers to financial year, April 1 to
March 31), while its operating profit margin remained stable, at
2.1 per cent. The revenue growth in 2012-13 was driven by
stabilisation of operations; the firm commenced commercial
operations in December 2011. CRISIL believes that KCI will
continue to manage its working capital cycle efficiently, with its
gross current assets (GCAs) expected to remain low, at 75 to 90
days, over the medium term; the firm's GCAs were at 86 days as on
March 31, 2013. Efficient working capital management, along with
continued growth in net worth and repayment of term loans, is
expected to result in decline in the firm's gearing to around 3.0
times as on March 31, 2014, from 3.5 times as on March 31, 2013.

The rating reflects KCI's below-average financial risk profile
marked by small net worth, high gearing and below-average debt
protection metrics, and the firm's modest small scale of
operations in the fragmented cotton ginning industry. These rating
weaknesses are partially offset by the extensive experience of
KCI's promoters in the cotton ginning industry, and the firm's
efficient working capital management.

Outlook: Stable

CRISIL believes that KCI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
ginning industry. The outlook may be revised to 'Positive' in case
of substantial and sustained improvement in the firm's
profitability margins, along with healthy revenue growth, or
substantial increase in its net worth on the back of capital
additions by the promoters. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the firm's
profitability margins or significant deterioration in its capital
structure on account of large debt-funded capex.

Established in 2011, KCI is engaged in ginning and pressing of
cotton. The firm's plant in Bhainsa (Andhra Pradesh) has installed
ginning and pressing capacity of around 2,000 quintals of kapas
per day.


M B PATIL: ICRA Upgrades Ratings on INR55cr Loans to 'BB+'
----------------------------------------------------------
ICRA has upgraded the long term rating of INR10.00 crore term loan
and INR45 crore (reduced from INR55.00 crore) cash credit
facilities of M B Patil Construction Limited from '[ICRA]BB-' to
'[ICRA]BB+'. ICRA has also upgraded the short term rating of
INR45.00 crore non fund based facility from '[ICRA]A4' to
'[ICRA]A4+'. The outlook on the long term rating is Stable.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan              10.00       Upgraded to [ICRA]BB+
                                      from [ICRA]BB-

   Cash Credit            45.00       Upgraded to [ICRA]BB+
                                      from [ICRA]BB-

   Non fund based         45.00       Upgraded to [ICRA]A4+
                                      from [ICRA]A4

ICRA has taken a consolidated view of two Patil group companies,
MBPL and Patil Construction & Infrastructure Limited (PCIL),
collectively referred as Patil group, as both are engaged in
similar business and there is a strong management, financial and
operational linkage between the two companies.

The rating revision favourably factors in recent diversification
in order inflow and execution outside Maharashtra and continued
healthy order book which stood at ~Rs. 1200 crore on a
consolidated basis as on Sep'13. ICRA continue to take comfort
from established track record of Patil group in executing road
projects on a contractual basis in Western Maharashtra, healthy
capital structure and coverage indicators of the group supported
by favorable working capital cycle. The rating also takes into
consideration adequate asset base and execution capability of the
group as indicated from healthy revenue growth till FY12. The
ratings, however, remain constrained by moderate scale of
operations in a highly competitive and fragmented industry with
inherent risks of a tender based business, concentration of order
book towards few large orders and inadequate fund based working
capital facilities given sizeable unexecuted order book. The group
has limited track record of operations outside Western Maharashtra
and sizeable order book in Naxal affected areas poses inherent
execution and stretched working capital cycle risks. The rating
also factors in sizeable equity commitment of PCIL and MBPL
towards recently won Toll road project which would be funded by
promoters' funds though any sizeable fund diversion from existing
operations can affect liquidity profile. Timely execution of
projects along with timely recovery of debtors will be critical in
maintaining profitable operations.

MBPL is part of Aurangabad based Patil group and is a civil
contractor majorly for road construction and maintenance projects.
It has also executed projects for storm water drainage, bridges,
etc. The company was established in 2004 and majorly executes
project in Maharashtra, Jharkand, Chhattisgarh, Orissa and
Karnataka.

Recent Results
During FY13, MBPL reported operating income of INR90.33 crore,
OPBITA of INR7.81 crore and PAT of INR3.59 crore.


M&M EQUIPMENTS: ICRA Assigns 'D' Ratings to INR26.5cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]D' to INR19.11
crore term loans, INR5.90 crore long-term fund based facilities
and the INR1.49 crore proposed limits of M&M Equipments Private
Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             19.11      [ICRA]D/assigned

   Long-term Fund         5.90      [ICRA]D/assigned
   Based Limits

   Proposed Limits        1.49      [ICRA]D/assigned

The assigned rating reflects incidences of delays in debt
servicing in the recent past by the Company owing to strained
liquidity conditions with substantial debt-funded capital
expenditure incurred towards establishment of a new manufacturing
facility. Given the relatively nascent stage of operations
(commercial operations having commenced only in the last quarter
of 2012-13), the company's revenue base remains low with high
customer concentration. The Company's financial profile is
characterized by stretched capital structure, inadequate coverage
indicators and weak cash flows owing to small revenue base and
significant debt-funded capital expenditure. ICRA, however, takes
note of the promoters' long standing experience in the heavy
engineering machinery and fabrication business and the Company's
well established relationships with renowned customers in the
domestic and export markets through its Group companies. Going
forward, the company's revenues are expected to grow with orders
from customers such as L&T, Siemens, Jindal Steel Power Limited
etc.

Incorporated in 2010, M&M Equipments Private Limited is engaged in
providing full range of solutions for manufacturing of heavy
engineering machinery and fabrication catering to industries such
as Power (Thermal & Renewable), Steel, Oil and Gas, etc. in the
domestic market. MMEPL offers a range of services including design
detailing, fabrication, machining, assembly, testing, and erection
and commissioning. The company was founded by Mr. B Ravi Kumar
Reddy and Mr. A Prasada Babu, who also own two other firms - Macro
Precision Components (engaged in production of components and
spares for specialized machinery) and Manjunatha Industries
(engaged in similar business as MMEPL). Although MMEPL commenced
its operations in 2010-11 from rented premises as a supplier to
JSW Steel Limited, it temporarily suspended sales during 2011-12
in order to construct its own factory premise at Budhihala
village, near Bangalore. The factory was commissioned in December
2012 and presently the company supplies to single customer named
Metso Minerals Private Limited.

Recent results

During 2011-12, MMEPL reported a net loss of INR0.2 crore on
operating income of INR0.2 crore as against a net profit of INR0.0
crore on operating income of INR4.2 crore in 2010-11. As per
provisional results for the 9 months ended 31st December 2012,
MMEPL reported a net loss of INR1.1 crore on operating income of
INR0.8 crore.


M.K. WOOD: ICRA Rates INR12.5cr Cash Credit at 'BB-'
----------------------------------------------------
ICRA has assigned '[ICRA]BB-' rating to the INR12.5 crore term
loan facilities of M.K. Wood India (P) Limited. ICRA has also
assigned '[ICRA]A4' rating to the INR70.0 crore letter of credit
facilities of MKW. The outlook on the long-term rating is Stable.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit            12.5       [ICRA]BB- (Stable) Assigned
   Letter of Credit       70.0       [ICRA]A4 Assigned

The assigned ratings take into account more than two decades of
experience of the promoters in timber trading business, its well-
diversified customer base supported by country wide sales network
that allowed healthy growth in revenues of the company over the
last four years. The ratings are, however, constrained by the
highly fragmented nature of the timber trading and low value
addition resulting in weak pricing power. Further, the exposure to
foreign exchange fluctuation risks due to import of complete
requirement of timber with no hedging practices in place puts
additional pressure on profitability. Going forward, the company's
ability to sustain its revenue growth and cope with forex rate
fluctuation risk would be key rating sensitivities.

MK Wood India Pvt. Ltd. (since 1990) is a family-owned company
that is mainly engaged in trading of imported wood and timber. The
company imports timber from foreign countries such as Malaysia,
New Zealand, Ivory Coast, Ghana, Nigeria, Togo, Benin, Ecuador and
other regions and processes it into Cut Size and Round Logs at its
sawing facility at Kandla. The processed timber is then sold to
various customers across India through the company's trading
outlets at New Delhi, Bathinda, Rajpura, Gandhidham and
Bahadurgarh.


MASINA ALLOYS: ICRA Cuts Rating on INR8cr Loans to 'BB-'
--------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR8.0
crore (enhanced from INR5.75 crore) fund based limit of Masina
Alloys Private Limited from '[ICRA]BB' to '[ICRA]BB-'. The outlook
on the long term rating is Stable. ICRA has also reaffirmed the
short term rating of '[ICRA]A4' for the INR1.10 (enhanced from
INR1.00 crore) non fund based limit of MAPL.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund based limits       8.00      [ICRA]BB-(Stable)/Downgraded
                                     from [ICRA]BB (Stable)

   Non Fund based          1.10      [ICRA]A4/Reaffirmed
   limits

Rating Rationale

The ratings revision factors in year-on-year degrowth in MAPL's
revenues in FY13/H1FY14 due to a combination of factors including
sluggish demand from the end-user industry i.e. steel and decline
in capacity utilisation of the company's manufacturing facility
from 85% in FY12 to 36% in H1FY14 as the company only operated
night shifts due to an increase in daytime power tariffs.
Consequently, ICRA expects a significant decline in MAPL's
turnover in the current financial year. While MAPL's intention of
setting up a hot rolling mill and billet manufacturing unit could
aid revenue growth over the medium term the largely debt-funded
nature of the proposed capex could stress the company's debt
coverage metrics. The ratings continue to be constrained by the
high client concentration with top 5 clients attributing to 97% of
the turnover in FY13, high competitive intensity in the industry
given the low entry barriers and MAPL's low profitability due to
limited value additive nature of business. ICRA also notes that
MAPL's profitability is exposed to volatility in raw material
prices and increase in power costs.

The ratings however, favourably factor in the long standing
experience of the promoters in the steel processing industry and
MAPL's proximity to both the raw material suppliers and end users
which helps in reducing overheads. Further, MAPL's gearing
declined from 0.99x as of March 31, 2012 to 0.76x as of March 31,
2013 due to repayment of vehicle loans, lower utilisation of
working capital loan and fiscal support from the Government under
PSI,2007.

Masina Alloys Private Limited was incorporated in 2008 as a
private limited company and is engaged in the business of
manufacturing M. S. Ingots. The company started its commercial
production from September 2008 and operates with an annual
capacity of 24,000 MT. The promoter, Mr. M.H. Khan and his family
are in the business of supplying MS Scrap to inducting furnaces
for more than 40 years. The company has manufacturing facilities
at Sinnar (Nashik, Maharashtra).

Recent Results:

For the financial year ending March 2013, MAPL reported an
operating income of INR50.56 crore and profit of INR0.38 crore as
compared to revenues of INR67.19 crore and a net profit of INR0.56
crore in the previous year.


MITTAPALLI SPINNERS: ICRA Rates INR56cr Loans at 'B+'
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR56.00
crore fund based facilities and a short-term rating of '[ICRA]A4'
to the INR1.00 crore non-fund based facilities of Mittapalli
Spinners Limited.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based limits        56.00       [ICRA]B+ Assigned

   Non Fund Based            1.00       [ICRA]A4 Assigned
   Limits

The assigned ratings factor in the limited track record of
operations and lack of prior experience of the promoters in the
cotton spinning industry. The low scale of operations, low pricing
power given the commoditized nature of the product and the highly
fragmented industry are other constraints. The assigned ratings
further factor in the relatively high interest burden on account
of non availability of finance under the Technology Upgradation
Fund Scheme (TUFS) resulting in higher interest cost relative to
spinning companies with this benefit. ICRA also notes that the
company is vulnerable to regulatory risks with regards to minimum
support price for kapas and export restrictions on kapas and yarn.
MSL also has a weak capital structure with a gearing of 2.19 times
as on 31st March 2013 owing to the debt funded capex and the
working capital intensive nature of the business. MSL's cash flows
are expected to remain stretched given the planned capex of INR5
crore and the incremental working capital requirement to support
growth. ICRA notes that MSL benefits from the experience of the
promoters in cotton ginning and trading activities and the
locational advantage resulting in ease of raw material
availability and logistic cost savings.

Mittapalli Spinners Limited, incorporated as a public limited
company in February 2010 by Mr. Mittapalli Venkata Koteswara Rao
and family, is engaged in manufacture of cotton yarn in 21s to 40s
count range. Based in Guntur (Andhra Pradesh), the company
commenced commercial production with a capacity of 24,480 spindles
in February'2012.

Recent Results

As per audited results for FY 2012-13, MSL reported an operating
income of INR53.00 crore with profit after tax of INR2.28 crore.


MRPC EXPO: ICRA Assigns 'BB-' Ratings to INR5.86cr Loans
--------------------------------------------------------
ICRA has assigned rating of '[ICRA]BB-' to the INR5.30 crore cash
credit facilities and INR0.56 crore term loan facilities of MRPC
Expo Private Limited. The outlook on the long-term rating is
Stable.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Cash Credit           5.30       [ICRA]BB- (Stable) Assigned
   Term Loans            0.56       [ICRA]BB- (Stable) Assigned

The assigned rating takes into account the long-standing history
of the MRPC group, the company's diversified product mix and
adequate infrastructure for its dealership business. The rating
is, however, constrained by the low profitability of the
dealership business and the stretched cash flow position on
account of high working capital intensity. The same is partially
mitigated by a healthy growth in revenue and profitability
reported in FY 14 H1. The competitive intensity is also high on
account of competition from dealerships associated with other
OEMs. The company's ability to increase its scale of operations
and improve its credit profile will be key rating sensitivities
going forward.

The promoters of MRPC Expo (P) Ltd represent the fourth generation
of the business family associated with M/s Mothu Ram Prem Chand
(Ludhiana). M/s Mothu Ram Prem Chand has been a dealer of Bharat
Petroleum Corp. Limited (BPCL) since 1907. The firm (owning eight
petrol pumps) was divided in 2007 and the promoters were assigned
a petrol pump under the proprietorship firm MRPC Petro. In 2008,
the promoters founded MRPC Expo (P) Ltd. for trading of oils and
lubricants and a dealership of MAK Lubricants was taken up for the
same. The promoters also took up a Piaggio commercial vehicles
dealership in December 2010. Next, a dealership for Yamaha
motorcycles was taken up in February 2012.


MUGRODY CONSTRUCTIONS: CRISIL Rates INR100MM Loan at 'C'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL C' rating to the long-term bank
facility Mugrody Constructions.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit              100       CRISIL C (Assigned)

The rating reflects instances of delay by MC in servicing its debt
(not rated by CRISIL); the delays have been caused by firm's weak
liquidity due to significant delays in realisation of receivables
from government departments during current year.

The rating is also constrained by MC's weak financial risk profile
marked by high gearing, large working capital requirements, and
modest scale of operations in a highly fragmented and competitive
industry. The firm, however, benefits from the extensive industry
experience of the promoters in the civil construction segment.

MC was set up as a proprietorship firm by Mr. D Sudhakar Shetty in
in 1995. The firm is a class-1 contractor engaged in civil
construction activities such as buildings and roads for the
Government of Karnataka's agencies including the Public Works
Department (PWD) and the National Highways Authority of India.


NARANDEVI COTTON: CARE Rates INR5.7cr LT Bank Loans at 'D'
----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Narandevi
Cotton Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.70       CARE D Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Narandevi Cotton
Industries is primarily constrained on account of the on-going
delays in the debt servicing.

Timely servicing of debt obligations along with better working
capital management and improving the liquidity position would be
the key rating sensitivities.

Patan-based (Gujarat) NCI was promoted in 2011 as a partnership
firm by two partners namely Mr Chirag Soni and Ms Niranjana Soni
(wife of Mr Chirag Soni). They look after the overall operations
of the firm. NCI is engaged in the de-linting (extraction of short
fibres from cotton seed after the ginning process) of cotton
seeds. NCI completed its green field project in December 2012 with
a project cost of INR7.70 crore having a project DER of 0.63x
whereby it installed capacity of 100 Tonnes Per Day (TPD) at its
facility located at Patan (Gujarat).

As per the audited results of FY13 (refers to the period April 1
to March 31), NCI had reported a TOI of INR4.04 crore with a PAT
of INR0.04 crore.


NATIONAL RICE: CRISIL Assigns 'B+' Ratings to INR65.1MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of National Rice Mill.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                5.9      CRISIL B+/Stable (Assigned)

   Cash Credit             48.9      CRISIL B+/Stable (Assigned)

   Proposed Long-Term      10.3      CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The ratings reflect NRM's below-average financial risk profile and
limited scale of operations in a fragmented industry. These rating
weaknesses are partially offset by NRM's promoters' extensive
experience in the rice milling business.

Outlook: Stable

CRISIL believes that NRM will continue to benefit over the medium
term from its promoter's extensive experience in the rice
industry. The outlook may be revised to 'Positive' in case of
improvement in profitability or better working capital management
leading to improvement in the firm's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes any large-than-expected debt-funded expansions,
generates lower-than-expected cash accruals or its working capital
cycle lengthens leading to weak financial risk profile.

Formed in 2006, as a partnership concern, NRM is engaged in
milling and processing of par boiled rice. Its rice mill is
located in Hooghly (West Bengal). The day-to-day operations of the
firm are managed by its promoter Mr. Bansi Badan Dey.


PARAMOUNT TOWERS: ICRA Revises Rating on INR100cr Loan to 'B'
-------------------------------------------------------------
ICRA has revised the rating to '[ICRA]B' from '[ICRA]D' for
INR100.00 crore term loan of Paramount Towers Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan              100.00       Revised to [ICRA]B

The rating revision takes into account regularization of debt
servicing by PTPL. The rating, apart this, continues to factor in
PTPL's moderate scale of operations, rising input costs which
exert pressure on the profitability, weak demand in the industry
given high interest rates and economic slowdown and relatively low
profitability in the project. ICRA has also taken into
consideration the usage of excess funds in other projects (group
companies) which has impacted the liquidity profile of PTPL and
may strain the cash flows of the company given the sizeable debt
repayment obligations and payment of balance installments for land
cost. ICRA has, however, taken note of healthy sales level
achieved by the company, its good collection efficiency and low
execution risk for the project as a significant part of work has
already been completed. Further ICRA has taken note of the
strengths arising from the long track record of the promoters in
real estate sector, clear land title of the project and its decent
connectivity to National Capital Region (NCR).

Paramount Towers Private Limited is one of the companies in the
Paramount Group which is in the domain of real estate development.
PTPL was incorporated in December 2009 as a private limited
company with 97.4% shareholding by paramount group and rest 2.6%
by Gaursons India Limited. During FY13 the share of Gaurson's
group has been acquired by Paramount Group.

PTPL is constructing a project, Paramount Floraville, a 1,561
flats housing project at 12.50 acre land parcel at sector 137,
Noida. The project comprises of 16 towers and had been launched in
October 2009 and the construction for the same started in FY2011.
The project is scheduled to be completed by December 2013.

Recent Results

PTPL reported an Operating Income of INR147.51 crore and profit
after tax of INR0.06 crore in FY2013 as compared to operating
income of INR175.74 crore and Profit after Tax of INR1.86 crore in
FY2012.


PATIL CONSTRUCTION: ICRA Ups Ratings on INR115cr Loans to 'BB+'
---------------------------------------------------------------
ICRA has upgraded the long term rating of INR15.00 crore term
loan and INR100 crore (reduced from INR165.00 crore) cash credit
facilities of Patil Construction and Infrastructure Limited from
'[ICRA]BB' to '[ICRA]BB+'. ICRA has also upgraded the short term
rating of INR195.00 crore non fund based facility from '[ICRA]A4'
to '[ICRA]A4+'. The outlook on the long term rating is Stable.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan               15.00       Upgraded to [ICRA]BB+
                                       from [ICRA]BB

   Cash Credit            100.00       Upgraded to [ICRA]BB+
                                       from [ICRA]BB

   Non fund based         195.00       Upgraded to [ICRA]A4+
                                       from [ICRA]A4

ICRA has taken a consolidated view of two Patil group companies,
PCIL and M B Patil Construction Limited, collectively referred as
Patil group, as both are engaged in similar business and there is
a strong management, financial and operational linkage between the
two companies.

The rating revision favourably factors in recent diversification
in order inflow and execution outside Maharashtra and continued
healthy order book which stood at -INR1,200 crore on a
consolidated basis as on Sep'13. ICRA continue to take comfort
from established track record of Patil group in executing road
projects on a contractual basis in Western Maharashtra, healthy
capital structure and coverage indicators of the group supported
by favorable working capital cycle. The rating also takes into
consideration adequate asset base and execution capability of the
group as indicated from healthy revenue growth till FY12. The
ratings, however, remain constrained by moderate scale of
operations in a highly competitive and fragmented industry with
inherent risks of a tender based business, concentration of order
book towards few large orders and inadequate fund based working
capital facilities given sizeable unexecuted order book. The group
has limited track record of operations outside Western Maharashtra
and sizeable order book in Naxal affected areas poses inherent
execution and stretched working capital cycle risks. The rating
also factors in sizeable equity commitment of PCIL and MBPL
towards recently won Toll road project which would be funded by
promoters' funds though any sizeable fund diversion from existing
operations can affect liquidity profile. Timely execution of
projects along with timely recovery of debtors will be critical in
maintaining profitable operations.

PCIL is part of Aurangabad based Patil group and is a civil
contractor majorly for road construction and maintenance projects.
It has also executed projects for storm water drainage, bridges,
etc. The company was established in 1994 as a proprietorship
concern and later on converted to private limited. It majorly
executes project in Maharashtra, Jharkand, Chhattisgarh, Orissa
and Karnataka.

Recent Results

During FY13, PCIL reported operating income of INR217.21 crore,
OPBITA of INR25.30 crore and PAT of INR11.84 crore.


PRECISE AUTOMATION: CARE Assigns 'B+' Rating to INR2.59cr Loans
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Precise Automation & Control Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        2.59       CARE B+ Assigned
   Facilities

   Short-term Bank       2.00       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Precise Automation
& Control Private Limited are primarily constrained on account of
its modest scale of operations, thin profitability, leveraged
capital structure and stressed liquidity condition. The ratings
are further constrained due to its presence in highly fragmented
industry.

The ratings, however, derive strength from the vast experience of
the promoters, established track record of operations and its
reputed and diversified clientele.

Improvement in overall financial risk profile with the increase in
the scale of operations, improvement in profitability and capital
structure and better working capital management in light of
competitive nature of industry are the key rating sensitivities.

Vadodara-based (Gujarat) PACPL was originally established as a
proprietorship firm under the name M/s. Precise Process Control in
1999 by Mr Darshak Sheth. The name and constitution of the
firm was changed to its present form w.e.f. May 21, 2007. PACPL
manufactures varied range of customized products like industrial
electric panels, Programmable Logic Controller (PLC) systems ,
Supervisory Control and Data Acquisition System (SCADA), switch
gears, servo drives, control centres, motor control centres etc.
PACPL also acts as authorized system integrator for ABB India
Limited (ABB) for AC/DC drives, motors, PLC, SCADA, switch gears
and instrumentation. The manufacturing unit of PACPL is located at
Vadodara.

During FY13 (refers to the period April 1 to March 31), PACPL
reported a PAT of INR0.15 crore on a total operating income (TOI)
of INR15.61 crore as against a PAT of INR0.08 crore on a TOI of
INR15.42 crore during FY12.


RAJESH FILAMENTS: ICRA Reaffirms 'B+' Ratings on INR7.75cr Loans
----------------------------------------------------------------
ICRA has reaffirmed a long term rating of '[ICRA]B+' to the
INR1.75 crore term loan and INR6.00 crore working capital facility
of Rajesh Filaments Pvt Ltd. ICRA has also reaffirmed a short term
rating of '[ICRA]A4' to the INR0.90 crore standby Line of Credit,
INR2.00 crore Export Packing Credit (sublimit of working capital),
INR2.00 crore foreign bill discounting (sublimit of working
capital limit) and INR0.10 crore non fund based credit exposure
limit of RFPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan                1.75       [ICRA]B+ reaffirmed
   Working Capital
   Limit                    6.00       [ICRA]B+ reaffirmed
   SLC                      0.90       [ICRA]A4 reaffirmed
   EPC                     (2.00)      [ICRA]A4 reaffirmed
   FBD                     (2.00)      [ICRA]A4 reaffirmed
   Credit Exposure          0.10       [ICRA]A4 reaffirmed
   Limit

The ratings continue to be constrained by RFPL's modest operating
scale with flat growth in OI, thin profit margins, given the low
value addition, and moderately high gearing levels. Further the
margins are vulnerable to fluctuations in raw material prices and
high competitive pressures due to the presence of a large number
of players in the texturising segment.

The ratings, however, favorably consider the extensive experience
of the promoters in the textile industry and its diversified
client base across domestic & export markets. The ratings also
factor in the positive outlook of the manmade fibers industry on
account of its enhanced properties and high volatility in cotton
prices.

Established in 1992, Rajesh Filaments Pvt Ltd (RFPL) is promoted
and managed by Mr. Tejas Poddar and Mr. Rajesh Poddar. The company
is currently engaged in processing Partially Oriented Yarn (POY)
to manufacture Draw Textured Yarn (DTY). The company has 2
manufacturing facilities located in Surat district with
installation of 11 Draw Texturising Machines having a combined
capacity to manufacture 8610 MT of DTY per annum.

Recent Results
For the year ended March 31, 2013, the company reported an
operating income of INR65.50 crore with profit after tax (PAT) of
INR0.01 crore.


RAYANI SPINTEX: ICRA Upgrades Ratings on INR36cr Loans to 'B-'
--------------------------------------------------------------
ICRA has upgraded the long-term rating from '[ICRA]C+' to
'[ICRA]B-' on the INR35.50 crore fund based facilities and INR0.50
crore non-fund based facilities of Rayani Spintex Private Limited.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund Based limits-           20.00      [ICRA]B- Upgraded from
   Term Loan                               [ICRA]C+

   Fund Based Limits-            3.00      [ICRA]B- Upgraded from
   Cash Credit                             [ICRA]C+

   Non Fund Based                0.50      [ICRA]B- Upgraded from
   Limits-Bank                             [ICRA]C+
   Guarantee

   Fund Based Limits-           12.50      [ICRA]B- Upgraded from
   Proposed                                [ICRA]C+

The ratings upgrade takes into account the timeliness in servicing
the debt obligations over the last seven months due to relative
improvement in cash flows on account of better management of
working capital. ICRA also notes that RSPL benefits from the
experience of the promoters in cotton ginning and trading
activities and the locational advantage resulting in ease of raw
material availability and logistic cost savings. The ratings are
however constrained by the low scale of operations, low pricing
power given the commoditized nature of the product and the highly
fragmented industry. ICRA also notes that the company is
vulnerable to regulatory risks with regards to minimum support
price for kapas and export restrictions on kapas and yarn. RSPL
also has a weak capital structure with a gearing of 4.55 times as
on 31st March 2013 owing to the debt funded capacity creation and
the working capital intensive nature of the business. RSPL's cash
flows are expected to remain stretched given the planned capex of
INR11 crore and the incremental working capital requirement to
support growth.

Rayani Spintex Private Limited (RSPL) was established by Mr.
Rayani Venkateswarlu, Mr. Borra Uma Maheshwara Rao and Mr. Unnava
Subba Rao in 2007 and is based in Guntur, Andhra Pradesh. RSPL
commissioned the cotton spinning mill of 11,520 spindles in
November'2011. The company caters to domestic as well as
international markets and is largely into manufacturing of 32s to
40s counts of cotton yarn.

Recent Results

As per audited results for FY 2013, RSPL reported an operating
income of INR31.88 crore with profit after tax of INR0.35 crore.


SOCIETY FOR HIGHER: CARE Rates INR9.35cr LT Bank Loans at 'B+'
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Society For Higher Education And Practical
Application.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Bank        9.35       CARE B+ Assigned
   Facilities

   Short Term Bank       1.50       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Society for Higher
Education and Practical Application (SHEPA) are constrained by the
small scale of operations, leveraged capital structure, regulatory
risk associated with the education sector. The ratings are further
constrained by increasing competition from the established and
upcoming educational institutes and limited reach.

The ratings however, draw comfort from experienced management,
moderate enrollment ratio coupled with well established
infrastructure facilities.

Going forward, the ability of SHEPA's ability to attract and
enroll students as envisaged in a competitive scenario,
improvement in capital structure shall be key rating
sensitivities.

Society for Higher Education and Practical Application (SHEPA) is
an educational society formed in 1997 and operating under Mohini
Devi Charitable Trust, Varanasi promoted by Rungta Family to
provide education services. The registered office of society is
situated at Varanasi, Uttar Pradesh. The society has
three education institutions under the name Institute of Computer
Science & Technology (ICST), Institute of Management Science (IMS)
and Institute of Education (IE). The courses offered by SHEPA are
affiliated to Uttar Pradesh Technical University (UPTU), MG Kashi
Vidyapeeth, Varanasi and approved by All India Council for
Technical Education (AICTE), Delhi and National Council for
Teacher Education (NCTE), Jaipur. Society is offering courses in
the field of Computer Science, Management and Commerce.

SHEPA registered a total operating income of INR5.07 crore during
FY13 (refers to the period April 1 to March 31) with surplus of
INR0.23 crore.


SONATA CERAMICA: CARE Assigns 'B' Rating to INR6.55cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Sonata Ceramica Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.55       CARE B Assigned
   Facilities

   Short-term Bank       1.75       CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Sonata Ceramica
Private Limited are constrained primarily on account of its modest
scale of operations in the highly competitive and fragmented
ceramic industry and its financial risk profile marked by
declining profitability, leveraged capital structure, modest debt
coverage indicators and weak liquidity position. The ratings are
further constrained by susceptibility of its profit margins to
volatility in the prices of raw material and natural gas.

The above mentioned constraints far offset the benefits derived
from the vast experience of the promoters in the tile
manufacturing industry and its presence in the ceramic tile hub
with easy access to raw material and power and fuel.

SCPL's ability to improve its scale of operations along with an
improvement in profitability and efficient working capital
management are the key rating sensitivities.

Incorporated in August 2002, Sonata Ceramica Private Limited
(SCPL) is engaged in the manufacturing of ceramic wall and floor
tiles of 12"x18", 300"x300", 302"x302", 508"x508" and
605"x605" sizes.  SOPL's facility is located at Himmatnagar and
has an installed capacity of 15 Lakh Square Meters Per Annum
(SMPA) for the manufacturing of ceramic wall tiles as on
March 31, 2013.

As per the audited results for FY13 (refers to the period April 1
to March 31), SCPL reported a total operating income (TOI) of
INR31.78 crore (FY12: INR20.45 crore) and Profit after Tax (PAT)
of INR0.26 crore (Rs.0.31 crore).


SRI BALAJI: ICRA Upgrades Ratings on INR82.60cr Loans to 'B+'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR59.27
crore fund based bank limits and INR23.33 crore non fund based
bank limit of Sri Balaji Educational Charitable and Public Trust
from '[ICRA]D' to '[ICRA]B+'.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long term fund         59.27      [ICRA]B+ revised
   Based

   Long term non          23.33      [ICRA]B+ revised
   fund based

The upgrade in the rating takes into the account the
regularization of interest payments on the trust's term loans that
had been impacted previously due to mismatches in cash flows. The
rating also takes into account the stable revenues arising out of
the brand equity of established colleges under the trust resulting
in full enrolment and pre-fixed fee structure for the tenure of
the courses; and the healthy profitability levels.
The rating, however, is constrained by the aggressive capex
undertaken by the trust in the recent past, thereby resulting in
elevated debt levels; and the lumpy cash flows associated with
staggered receipts of academic fees. The rating also factors in
the possible reduction in enrolment going forward for the
engineering colleges under SBECPT on the back of lacklustre demand
for engineering courses.

Sri Balaji Educational and Charitable Public Trust was formed in
1996, under the leadership of Mr. M K Rajagopalan, the Chairman of
the Trust. The trust owns and operates seven colleges in the Union
Territory of Pondicherry and the neighbouring Tamil Nadu with a
total student base of more than 6,000. The most notable of
SBECPT's colleges is the Mahatma Gandhi Medical College & Research
Centre (MGMC), which has a 1180-bed hospital attached to the
college premises and contributes to more than 80% of the trust's
profits.

The other colleges include Bharathiyar College of Engineering and
Technology (BCET), Rajiv Gandhi College of Engineering and
Technology (RGCET), Kasturba Gandhi Nursing College, Sri
Venkateswara College of Education, Indira Gandhi Institute of
Dental Sciences and Sri Satya Sai Medical College and Research
Institute.

Recent Results
For the year ended 31st March 2013, the trust reported an
Operating income and Surplus of INR185.6 crore and INR40.5 crore
respectively.


SRI VIJAYA: CRISIL Upgrades Ratings on INR110MM Loans to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sri Vijaya Durga Motors Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
D'.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             80      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan               30      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects SVDM's timely servicing of its debt
over the six months ended September 30, 2013; the company has
issued standing instruction to its bank to debit its cash credit
account for meeting its scheduled debt repayments. CRISIL believes
that SVDM will maintain its liquidity over the medium term,
resulting in continued timeliness in debt servicing, on the back
of regularisation of operational issues related to debt servicing
and just-sufficient cash accruals.

The rating reflects SVDM's small scale of operations, low
profitability, and weak financial risk profile, marked by a small
net worth, high gearing, and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the automobile dealership industry
and its sound relationship with Mahindra Navistar Automotives Ltd
(Mahindra Navistar).

Outlook: Stable

CRISIL believes that SVDM's financial risk profile will remain
constrained over the medium term by its low cash accruals. The
outlook may be revised to 'Positive' in case there is a
substantial and sustained improvement in the company's revenues
and profitability, along with further improvement in its working
capital management, resulting in sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' if SVDM's
financial risk profile, especially its liquidity, deteriorates
further, most likely because of lower-than-anticipated cash
accruals or larger-than-expected working capital requirements.

SVDM, incorporated in 2003, remained non-operational until April
2011. During 2011-12 (refers to financial year, April 1 to
March 31), the company commenced operations by taking up the
dealership for Mahindra Navistar's commercial vehicles. Currently,
SVDM sells about 10 models of light commercial vehicles (LCVs) and
five models of heavy commercial vehicles (HCVs). It has three
showrooms, one each at Kadapa, Kurnool, and Anantpur (all in
Andhra Pradesh).


STARWING DEVELOPERS: CRISIL Suspends 'B+' Rating on INR200MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Starwing
Developers Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital           200     CRISIL B+/Stable Suspended
   Demand Loan

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

CRISIL continues to consolidate the business and financial risk
profiles of SDPL, Starwing Real Estate Pvt Ltd, Starwing
Infrastructure Pvt Ltd and Starwing Constructions Pvt Ltd. The
entities are collectively referred to as the Starwing group. This
is because the entities are in similar lines of business, have
common promoters and management, and have fungible cash flows.

SDPL, earlier known as Elect Finance & Investment Company Pvt Ltd,
was incorporated in 1989 and promoted by Mr. Rajeev Dube. The
company undertakes real estate development in Mumbai. It was
inactive till 2006. In 2006, the company's name was changed to the
current one, and subsequently it took up the development of 6.89
acres of land that it owned at Andheri. It constructed five
residential buildings (Kaatyayni A-E) and one service apartment
(Kalash 2). It has also constructed a commercial project,
Kaatyayni Business Centre, on the same plot. All these projects
have been completed and sold.


SUMIT PRAGATI: CARE Assigns 'BB+' Rating to INR50cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Sumit Pragati LLP.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Proposed Long-term       50         CARE BB+ Assigned
   Bank Facilities-
   Cash Credit

Rating Rationale

The rating assigned to the proposed bank facilities of Sumit
Pragati Shelters LLP is constrained on account of the constitution
of the entity being limited liability partnership, execution risk
as phase II of the project is in the nascent stage of development,
low level of sales registration for sold flats, and low average
sales rate for sold property in comparison to the total project
development cost.

The ratings however, factors in the promoter experience,
availability of major approvals for the project (for both phases),
healthy sales momentum achieved, and low funding risk due to
satisfactory booking status.

The ability of the entity to complete the project on time, achieve
sales and collections along with timely infusion of the balance
promoter funds as planned constitute the key rating sensitivities.

Sumit Pragati Shelters LLP was formed as a Limited Liability
Partnership (LLP) firm in January 2012. SPSL is promoted by the
Sumit group and Pragati group. The Sumit group (Flagship
Company - Sumit Woods Private Limited [SWPL], founded by families
of Mr Subodh Nemlekar & Mr Mitaram Jangid, is into the real estate
business for over two decades and has carried out various
mid size residential developments. Over the years, the group has
completed more than 50 projects aggregating over 8.3 lakh square
feet (lsf) of saleable area in Mumbai, Thane & Goa.

The Pragati group, founded by Mr Vinod Shah, has an experience of
over 18 years in the field of infrastructure development and has
completed more than 20 projects of infrastructure development
in and around the Mumbai Metropolitan region.

The projects under SPSL named Greendale (2.99 lakh square feet
[lsf] saleable area) and Greendale NX (2.42 lsf saleable area) are
located in Virar (W) which is an upcoming locality.

The total cost budgeted for the project is INR186 crore and as on
June 30, 2013, the entity has incurred a cost of around INR83.59
crore.


VA HOTELS: CRISIL Reaffirms 'B-' Ratings on INR152.5MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of VA Hotels Pvt
Ltd continues to reflect the company's weak financial risk
profile, marked by losses, and vulnerability to cyclical demand in
the hotel industry. These rating weaknesses are partially offset
by the benefits that VAHPL derives from its association and tie-
ups with established brands and corporates.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            5       CRISIL B-/Stable (Reaffirmed)

   Proposed Long-Term    92.5     CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

   Rupee Term Loan       55.0     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VAHPL will continue to benefit over the
medium term from the financial support that the company receives
from its promoters; and its association and tie-ups with
established brands and corporate entities. The outlook may be
revised to 'Positive' if the company generates positive cash
accruals on the back of an improvement in its revenues and
profitability, during the period. Conversely, the outlook may be
revised to 'Negative' if VAHPL's financial risk profile and debt
servicing ability weakens.

Update

VAHPL generated revenues of INR87 million in 2012-13 (refers to
financial year, April 1 to March 31), almost in line with revenues
of INR83 million in 2011-12. The slightly lower-than-expected
revenue resulted from the slowdown in the hospitality and business
environment in Hyderabad, due to the uncertainty over bifurcation
of Andhra Pradesh. The company is expected to generate revenues of
INR95 million to INR100 million in 2013-14.

VAHPL's financial risk profile continues to remain subdued due to
cash losses of INR3 million incurred in 2012-13. The company
incurred an aggregate net loss of INR92 million over the four
years ended March 31, 2013, thereby weakening its net worth to
INR77 million as on March 31, 2013, and resulting in high gearing.
VAHPL's gearing was high at 3.6 times as on March 31, 2013.

The company's liquidity remained stretched, due to cash losses
incurred in 2012-13; however, its liquidity profile is supported
by low utilisation of cash credit limits, regular infusion of
funds by the promoters through debentures and preference share
capital for timely debt servicing. The promoters have infused
INR24.8 million in 2012-13 through debentures, and are likely to
infuse funds in form of unsecured loans as and when required over
the medium term. The company does not have any significant capital
expenditure (capex) plans over the medium term.

VAHPL was incorporated in Hyderabad (Andhra Pradesh) in 2005. The
company operates a three-star hotel named Fortune Park Vallabha in
Hyderabad. The hotel was set up under an operational agreement
with Fortune Park Hotels Ltd, with 68 rooms and includes a
restaurant, banquet hall, lounge, and others facilities. The hotel
commenced commercial operations in February 2010.

VAHPL incurred a net loss of INR3 million on net revenues of INR87
million for 2012-13, and a net loss of INR13 million on net
revenues of INR83 million for 2011-12.


VIKAS COTTON: CRISIL Suspends 'D' Ratings on INR75.5MM Loans
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vikas
Cotton Ginning & Pressing.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              60.0     CRISIL D Suspended
   Rupee Term Loan          15.5     CRISIL D Suspended

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

Incorporated in 2006, VCGP is a partnership firm engaged in
ginning and pressing of cotton seeds as well as trading in cotton
seeds, cotton root, and oil cakes. The firm has a manufacturing
capacity of around 21,000 tonnes per year. The firm's products are
primarily sold to yarn exporters and various spinning mills in the
Southern India.


VISTAAR FINANCIAL: ICRA Rates INR30cr Debenture at 'BB+'
--------------------------------------------------------
ICRA has assigned the '[ICRA]BB+' rating to the INR30.00 crore Non
Convertible Debenture (NCD) programme of Vistaar Financial
Services Private Limited.  The outlook on the rating is Positive.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   NCD               30.00       [ICRA]BB+(Positive); assigned

ICRA has existing rating of '[ICRA]BB+' rating with a Positive
Outlook on the INR162.72 crore bank loans and INR65.00 crore NCD
programmes of the company.

The rating factors in the experience of VFSPL's promoters and the
management team in the financial services industry and,
specifically their experience in retail lending to the current
target customer segment. The company has been able to secure
regular infusions in the form of compulsorily convertible
preference shares (CCPS) over the last two financial years, i.e.
about INR50 crore. VFSPL has also been able to secure debt funding
including via the NCD route (about INR65 crore till September
2013) during the current financial year, which has supported its
business growth. The company total portfolio under management grew
to about INR155 crore in September 2013 from about INR112 crore in
March 2013 and INR38 crore in March 2012. VFSPL is envisaging to
grow its portfolio at a CAGR of about 80% over a three year period
commencing April 2014; during this period, it also envisions to
increase its presence to about 6 states from 3 states presently.
ICRA takes cognisance of the company's measured geographical
diversification efforts. ICRA would monitor the company's ability
to scale-up operations to adequately cover the incremental
operating costs and rationalise the overall operating costs, which
currently suppress its profitability notwithstanding the healthy
interest spreads. VFSPL's operating costs as a proportion of
managed assets continues to remain high at about 12.3% for the six
months period ended September 2013 notwithstanding the decline
from 14% and 17% for the years ended March 2013 and March 2012
respectively. ICRA takes note of the increase in the VFSPL's 90+
delinquency rate (including write off) - from about 0.4% in March
2013 to about 0.7% in September 2013, on account of some slippages
in their Small Business Mortgage Loan portfolio.. ICRA continues
to take comfort from the effective control systems has put in
place and, would closely monitor the its ability to contain
delinquencies as well as recover from delinquent accounts, as its
portfolio grows; their products complete some loan cycles and; as
it ventures into newer geographies.

The growth in the VFSPL's portfolio has resulted in the increase
in the gearing levels to about 2.1 times (provisional) in
September 2013 from about 1.2 times in March 2013 nevertheless the
same was comfortable and the company's gearing is expected to be
capped at about 4 times over the next 3-4 year period. However,
the company's ability to maintain a prudent capital structure
would depend on its ability to attract additional capital
infusion, going forward, in light of the significant expansion
plans and moderate expected internal accruals at least over the
next few years.

The rating factors in VFSPL's exposure to borrowers in the rural
and semi urban markets having an average credit profile and their
susceptibility to income shocks. VFSPL's focus on the largely
untapped rural and semi-urban markets which is likely to support
its business yields; however its ability to raise funds from
diverse sources at reasonable rates and register good quality
business growth would be critical for its profitability going
forward, as the company would be faced with high setup costs
during expansion.



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


BLUE CHIP: Investor's Case Heads to Supreme Court
-------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a fight
over whether "negligent" advice from a Tauranga law firm caused a
Blue Chip investor's NZ$90,000 loss is heading for the Supreme
Court.

Out-of-pocket investor John Appleton agreed to purchase an
apartment in 2004 for just over NZ$350,000 from a company called
Rockfort, which was an affiliate of Blue Chip, the Herald recalls.

According to the report, Mr. Appleton's family trust was to be the
purchaser of this apartment, planned to be built on Turner St in
central Auckland.

Mr. Appleton signed the purchase agreement without taking legal
advice but was later referred by Blue Chip to a firm called
Tauranga Law, the report relays.

The Herald relates that Tauranga Law's principal Kevin Olivier
then sent Mr. Appleton a letter which, among other things,
detailed some risks involved in the transaction.  Mr. Appleton's
trust raised a loan to fund a deposit of NZ$90,000 for the
apartment, which was paid into a Blue Chip bank account.

Several years went by and the apartment was never built and
Appleton contacted Blue Chip to get his refund back. This never
happened, Blue Chip collapsed, Rockfort was liquidated and
Appleton lost his deposit, the report says.

The Herald says Mr. Appleton and his trust then took Tauranga Law
to the High Court in 2011 alleging the legal advice he received
was inadequate.  Mr. Appleton claimed NZ$112,000 from Olivier,
together with interest and damages.

According to the Herald, the High Court's Justice Christopher
Allan found Olivier had been negligent, failed to provide proper
advice and had therefore breached his duty of care. But the judge
said Mr. Olivier's negligence had not caused Mr. Appleton's loss
and so the claim failed.

The Herald relates that Mr. Appleton and the family trust took the
case to the Court Appeal and in September Justices Mark O'Regan,
Christine French and Helen Winkelmann found in their favor.

The judges awarded funds to Mr. Appleton and the trust but did not
specify the exact amount in their decision, the report adds.

However, Tauranga Law applied to take the case to the Supreme
Court and leave for this appeal was granted this week, according
to the Herald.

No date has yet been set for this hearing, the report adds.

                           About Blue Chip NZ

Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand.  It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments.  Northern Crest operates in two divisions: financial
services and leasing services.  The financial services division
is engaged in the provision of financial structuring services and
investment product to a variety of clients.  The leasing
activities division is engaged in rental of residential property.

                          *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up.

Northern Crest Investments, the last surviving business of Mark
Bryers' failed Blue Chip group, also went into liquidation in
June 2011.


MEDIAWORKS: IRD Wants Ex-Holding Firms Liquidated Over Tax Bill
---------------------------------------------------------------
Paul McBeth at BusinessDesk reports that the Inland Revenue
Department has filed applications to liquidate former MediaWorks
companies over a disputed NZ$22.1 million relating to past
financing arrangements that have since been deemed avoidance in
the courts.

KordaMentha's Brendon Gibson said the receivers of Ex-RW and Ex-
TVW, previously known as RadioWorks and TVWorks, will work with
the appointed liquidator after the sale of the business to its
lenders fell short of raising funds to pay the tax bill, according
to BusinessDesk.  The IRD's application is based on a disputed
debt relating to the reassessment of tax returns between 2000 and
2004, and is still before the courts, he said.

"As we signalled at the outset, all those who had supplied goods
and services to the companies before receivership have been paid
what they were due. This includes all tax and GST payments owed to
the IRD," the report quotes Mr. Gibson as saying. "However,
realisations from the sale of the business have not been
sufficient to allow payment of the disputed debt."

BusinessDesk recalls that MediaWorks was tipped into receivership
in June to oversee a restructuring plan where the broadcaster's
assets would be placed in a new entity owned by the debt-holders.
The transaction put a value of $285 million on MediaWorks,
according to the Overseas Investment Office's August approval of
the deal.

At the time, KordaMentha's Michael Stiassny said the tax debt
would likely be left with the empty shell companies.

The report says MediaWorks' former holding company, GR Media
Holdings, took a provision of NZ$22.096 million in its 2012
financial accounts to recognise a potential settlement with the
tax department over its use of optional convertible notes.

BusinessDesk notes that the media company was one of a group of
firms targeted by the IRD for its use of the instruments, which
have the hallmarks of both debt and equity, where deductions were
claimed on interest in New Zealand weren't offset by income tax in
Australia.

The tax department has successfully argued in a case against
Alesco Corp that the structure was structured purely to minimise
tax, the report adds.

MediaWorks NZ Limited -- http://www.mediaworks.co.nz/-- through
its subsidiaries, operates in the television and radio
broadcasting sectors in New Zealand.  It operates the TV3
television network, which primarily offers news, current affairs,
and sports programs, as well as entertainment programs; and C4, a
free-to-air music channel.

MediaWorks funders on June 17, 2013, appointed Brendon Gibson and
Michael Stiassny of financial advisory firm KordaMentha to oversee
the receivership of MediaWorks NZ Limited and its subsidiaries,
including RadioWorks Ltd and TVWorks Ltd.



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


BANK OF ALAMINOS: MB Places Bank Under PDIC Receivership
--------------------------------------------------------
The Monetary Board placed the Rural Bank of Alaminos (Laguna),
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 1875 dated
November 14, 2013. As Receiver, PDIC took over the bank on
November 15, 2013.

Rural Bank of Alaminos is a three-unit bank located at #99 Rizal
St., Alaminos, Laguna. Its two branches are located in San Pablo,
Laguna and in Sto. Tomas, Batangas. Latest available records show
that as of September 30, 2013, Rural Bank of Alaminos had 2,843
accounts with total deposit liabilities of PHP115.38 million. A
total of 2,819 deposit accounts or 99.16% of the accounts have
balances of PHP500,000 or less and fully covered by deposit
insurance. Total insured deposits amounted to PHP113.02 million or
97.95% of total deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured
depositors that all valid deposits shall be paid up to the maximum
deposit insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on November 20, 2013 to inform depositors of the
requirements and procedures for filing deposit insurance claims.
Claim Forms will be distributed during the Forum. The schedule and
venue of the Forum will be posted in the bank premises and in the
PDIC website, www.pdic.gov.ph. The Claim Forms and the
requirements and procedures for filing are likewise available for
downloading from the PDIC website.

Depositors may update their addresses with the PDIC
representatives at the bank premises or during the Forum using the
Mailing Address Update Forms to be furnished by PDIC
representatives. Duly accomplished Mailing Address Update Forms
should be submitted to PDIC representatives accompanied by a
photo-bearing ID with signature of the depositor. Depositors may
update their addresses until November 21, 2013.

Depositors with valid deposit accounts with balances of
PHP15,000.00 and below need not file deposit insurance claims. But
depositors who have outstanding obligations with the Rural Bank of
Alaminos including co-makers of the obligations, and have
incomplete and/or have not updated their addresses with the bank,
regardless of amount, should file deposit insurance claims.

For depositors that need not file deposit insurance claims, PDIC
targets to start mailing payments to these depositors at their
addresses recorded in the bank by the fourth week of November
2013.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the first week of December, 2013. The schedule of the
claims settlement operations will be announced through notices to
be posted in the bank premises and other public places as well as
through the PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of
June 30, 2013 filed by the Rural Bank of Alaminos with the PDIC,
the bank is owned by Gregorio A. Fule (14.86%), Francisco A. Fule
(14.69%), Conrado A. Fule, Jr. (13.89%), Marcelita F. Magsaysay
(13.25%), Romulo A. Fule (6.87%) and Rafael Isidro B. Fule
(6.87%). Its President and Chairman is Gregorio A. Fule.



RURAL BANK OF CATUBIG: Placed Under PDIC Receivership
-----------------------------------------------------
The Monetary Board placed the Rural Bank of Catubig (Northern
Samar), Inc. under the receivership of the Philippine Deposit
Insurance Corporation (PDIC) by virtue of MB Resolution No. 1838
dated November 7, 2013. As Receiver, PDIC took over the bank on
November 11, 2013.

Rural Bank of Catubig is a single-unit bank located at B. Tafalla
St., Barangay 7, Poblacion, Catubig, Northern Samar. Latest
available records show that as of September 30, 2013, Rural Bank
of Catubig had 156 accounts with total deposit liabilities of
PHP2.8 million. All 156 deposit accounts have balances of
PHP500,000 or less and fully covered by deposit insurance. A total
of 120 accounts have balances of PHP5,000 and below.

The PDIC said it will pay valid accounts with balances of PHP5,000
and below in cash during the claim settlement operations to be
scheduled as soon as possible. Under PDIC's policy on payment of
deposit insurance, the Corporation is authorized to pay in cash
under special circumstances such as calamity. Samar is one of the
provinces that was devastated by super typhoon Yolanda.

In order to be paid in cash, depositors must present their
evidence of deposit such as savings passbook, certificate of time
deposit, latest bank statements, unused checks, or ATM card; and a
valid identification document (ID) or barangay certificate.

The PDIC said that upon takeover, all bank records shall be
gathered, verified and validated. It assured depositors that all
valid deposits shall be paid up to the maximum deposit insurance
coverage of PHP500,000.00.

The PDIC also announced that it will conduct a Depositors-
Borrowers Forum on November 14, 2013, 10:00 a.m. at the Catubig
Multipurpose Cooperative Function Hall, Catubig, Northern Samar,
to inform depositors of the requirements and procedures for filing
deposit insurance claims. Claim forms will be distributed during
the Forum. The claim forms and the requirements and procedures for
filing are likewise available for downloading from the PDIC
website.

Depositors may update their addresses with the PDIC
representatives at the bank premises or during the Forum using the
Mailing Address Update Forms to be furnished by PDIC
representatives. Duly accomplished Mailing Address Update Forms
should be submitted to PDIC representatives accompanied by a
photo-bearing ID with signature of the depositor. Depositors may
update their addresses until November 14, 2013.

Depositors with valid deposit accounts with balances of more than
PHP5,000 but below P15,000 need not file deposit insurance claims.
Depositors with valid accounts will be paid in check during the
claims settlement operations. However, depositors who have
outstanding obligations with the Rural Bank of Catubig, including
co-makers of the obligations, and have incomplete and/or have not
updated their addresses with the bank, regardless of amount,
should file deposit insurance claims.

For depositors that are required to file deposit insurance claims,
the PDIC targets to start claims settlement operations for these
accounts by the third week of November. The schedule of the claims
settlement operations will be announced through notices to be
posted in the bank premises and other public places as well as
through the PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of
June 30, 2013 filed by the Rural Bank of Catubig with the PDIC,
the bank is majority-owned by Jaime B. Jamer (26.34%), Nelida J.
Uy (25.74%), Fe B. Jamer (10.68%) and Jihan U. Tamares (6.39%).
Its President and Chairman is Nelida J. Uy.



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


FIRST SHIP: S&P Lowers LT Corporate Credit Rating to 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on First Ship Lease Trust (FSL) to 'B-' from 'B'.
S&P also lowered its long-term ASEAN regional scale rating on the
Singapore-based ship leasing trust to 'axB-' from 'axB+'.  The
ratings remain on CreditWatch with negative implications.

S&P lowered its ratings to reflect FSL's increasing liquidity
pressure resulting from its covenant breach.  S&P changed its
liquidity assessment to "weak" from "less than adequate," as S&P's
criteria define the term.  According to the criteria, a company
with "weak" liquidity assessment should be rated 'B-' or lower.
The ratings remain on CreditWatch because of the limited clarity
over FSL's treatment of its bank loan covenants and its bank
relationship.

FSL announced on Nov. 14, 2013, that it has not met conditions for
the extension of covenants relaxation dated July 31, 2013.  It is
also in discussion with lender banks about conditions relating to
that extension.  The auditor report released on the same day also
said that the company had breached covenants on its debt service
coverage ratio as of Sept. 30, 2013, even if the relaxation
extension is deemed effective.  The company has reclassified its
loan balance of US$388 million from long term to current
liabilities to reflect the possibility of lenders accelerating the
loan.

"In our view, these events significantly increase the uncertainty
on FSL's short-term liquidity," said Standard & Poor's credit
analyst Katsuyuki Nakai.  "We believe FSL will continue to face
earnings pressure in the fourth quarter because of expected costs
for redelivery of repossessed vessels and other technical works."

The ratings remain on CreditWatch with negative implications
because S&P is still uncertain about the covenant negotiation
between FSL and lender banks, Mr. Nakai added.

S&P expects to resolve the CreditWatch after it gets more
information on FSL's liquidity situation.  S&P needs to assess its
extension and renegotiation on the bank loan covenants and its
relationships with lender banks.  S&P will also review its
expectation of FSL's operating performance and its assessment of
the company's management and strategy, in view of the recent
developments.


                             *********

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

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

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


                            *********


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

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

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

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

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



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