TCRAP_Public/131125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 25, 2013, Vol. 16, No. 233


                            Headlines


A U S T R A L I A

BETTINA LIANO: Fashion Firm Placed Into Liquidation
WALTON GROUP: State Probe into Firm's AU$49 Million Failure


C H I N A

CHINA NATURAL: Plan Filing Exclusivity Extended Until February
TIANNENG POWER: Fitch Cuts Long-term Issuer Default Rating to BB-


I N D I A

AMIT IRON: ICRA Reaffirms 'BB+' Rating on INR10cr Cash Credit
ARTEFACT INFRA: CRISIL Reaffirms 'B' Rating on INR5MM Loan
ASHRULY ENGINEERING: CRISIL Puts 'B+' Ratings to INR70MM Loans
BASHIR OIL: CRISIL Reaffirms 'B-' Rating on INR50MM Cash Credit
BHARAT INDUSTRIAL: CRISIL Suspends 'D' Ratings on INR125MM Loans

CAPITAL VENTURES: ICRA Assigns 'B' Ratings to INR22cr Loans
ELECTRONIC RELAYS: CRISIL Puts 'B+' Ratings on INR30MM Loans
G.G. TRONICS: ICRA Lowers Ratings on INR15cr Loans to 'D'
GANGA DIAGNOSTIC: ICRA Assigns 'B' Rating to INR20.61cr Loan
GOLDEN INDIA: ICRA Assigns 'BB' Rating to INR15cr Loans

INDO RAMA: ICRA Cuts Ratings on INR737.5cr Loans to 'D'
INFO SERVICES: CRISIL Suspends 'BB-' Ratings on INR52MM Loans
INTERCONTINENTAL POLYMERS: ICRA Puts BB- Rating on INR7.5cr Loans
J.S.S. STEELITALIA: CRISIL Cuts Ratings on INR200MM Loans to 'B+'
JAI SHANKER: ICRA Reaffirms/Assigns 'B+' Rating on INR7cr Loans

JANKI RICE: ICRA Reaffirms 'B' Ratings on INR12.87cr Loans
LEXUS MOTORS: ICRA Assigns 'BB-' Rating to INR69.5cr Loan
LOHR INDIA: CRISIL Assigns 'D' Ratings to INR130MM Loans
LOK-BETA PHARMA: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
MAHALAXMI DYES: ICRA Upgrades Ratings on INR11cr Loans to 'BB'

MEHRAB N IRANI: CRISIL Reaffirms 'B' Rating on INR60MM Loan
MFAR CONSTRUCTIONS: CRISIL Cuts Ratings on INR800MM Loans to BB+
MICROPARK LOGISTICS: CRISIL Suspends B Ratings on INR215MM Loans
MRIDUL ENTERPRISES: ICRA Reaffirm BB/A4 Rating on INR34.28cr Loan
PINAX STEEL: CRISIL Cuts Ratings on INR199.5MM Loans to 'BB'

PRET STUDY: ICRA Suspends 'BB/A4' Rating on INR20cr LT Loan
PROGRESSIVE SHARE: ICRA Reaffirms 'BB+' Rating on INR2.4cr Loans
ROHIL FOODS: ICRA Reaffirms/Assigns 'B' Rating to INR20cr Loans
S.S.S. RICE: CRISIL Suspends 'B+' Ratings on INR98.5MM Loans
SAI BHASKAR: CRISIL Suspends 'D' Ratings on INR270MM Loans

SAMARTH AGRO: ICRA Rates INR5.5cr Long-Term Loan at 'B+'
SESA MINERALS: CRISIL Reaffirms 'BB' Ratings on INR400MM Loans
SHANKAR MAHADEV: ICRA Revises Rating on INR3cr Loan to 'BB-'
SHANTI GOPAL: ICRA Rates INR40cr LT Loans at 'BB'
SRI GITA: ICRA Assigns 'B+' Ratings to INR9.7cr Loans

SRI MAHALAXMI: CRISIL Suspends 'B' Ratings on INR84MM Loans
SRI MAHAVIR: ICRA Assigns 'BB-' Ratings to INR8.95cr Loans
SWAGAT DEVELOPERS: ICRA Assigns 'BB' Rating to INR20cr Loans
V.K. GUPTA: CRISIL Reaffirms 'C' Rating on INR40MM Cash Credit
VAIBHAV JEWELLERS: ICRA Reaffirms 'BB' Rating on INR14cr Loan

VEDANTA RESOURCES: 1stHalf Loss Belies Improvements to Business


J A P A N

KK ATAMI: Moody's Withdraws 'C' Ratings on Class B & C Notes
TOKYO ELECTRIC: To Cut More Than 1,000 Jobs in 2014
TOKYO ELECTRIC: Plans to Sell Hospital to Tokyo Tatemono


M O N G O L I A

MONGOLIAN MINING: Moody's Lowers CFR & Bond Ratings to Caa2


S I N G A P O R E

PACNET LTD: Moody's Says 3Q Operating Results Support B2 CFR


S O U T H  K O R E A

HANJIN GROUP: Urged to Prepare Survival Plan
KOOKMIN BANK: Faces FSS Special Inspections Over Irregularities


                            - - - - -


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


BETTINA LIANO: Fashion Firm Placed Into Liquidation
---------------------------------------------------
Rachel Wells at The Sydney Morning Herald reports that Melbourne
designer Bettina Liano has become Australia's latest fashion
victim. The renowned designer confirmed to Fairfax Media on
November 22 that her 24-year-old business had been placed into
liquidation, the report says.

SMH relates that the announcement comes just days after reports
high-profile Australian designer Kit Willow had been sacked from
the brand that bears her name and in the wake of a string of other
famous fashion departures including Collette Dinnigan,
Lisa Ho, Alannah Hill and Kirrily Johnston.

The exodus of some of Australia's biggest names has left the fate
of the nation's fashion industry under a cloud as international
labels continue to steal market share.

According to the report, Ms. Liano, whose business went into
administration in September for the second time in two years, said
overseas competition and "local manufacturing issues" had made
doing business in Australia harder than ever.

Creditors voted to wind up Bettina Liano Pty Ltd in late October
after rejecting a paltry offer by the Apparel Group to buy the
brand, SMH notes.

The Apparel Group -- which also owns a majority share of the
Willow label -- threw the designer a lifeline in 2011 when it
signed an agreement to produce her range under a licensing
arrangement.

Ms. Liano said her relationship with the group had ended, but she
was in negotiations and "working towards a future for the Bettina
Liano brand," the report adds.

Richard Albarran -- ralbarran@hallchadwick.com.au --
Brent Kijurina -- bkijurina@hallchadwick.com.au -- and David Ross
-- dross@hallchadwick.com.au -- of Hall Chadwick were appointed
Administrators of Bettina Liano Pty Limited on Sept. 24, 2013.


WALTON GROUP: State Probe into Firm's AU$49 Million Failure
------------------------------------------------------------
Gympie Times reports that the Queensland Government will fund a
public examination in the courts of the Walton Group and directors
of the company that secured its key projects after it collapsed
owing creditors AU$49 million.

Walton (Qld) and Walton Construction are in liquidation after
going into administration on October 3 owing Sunshine Coast sub-
contractors AU$3.9 million for work done on and material supplied
to the Nambour Coles project, according to Gympie Times.

The report notes that Queensland Housing Minister Tim Mander said
funding would be provided through the Building Services Authority
to allow a full examination of events leading up to the collapse.

Minister Mander was responding to claims by Nicklin Independent
Peter Wellington that the Newman government was quick to enact
bikie laws but slow to protect Queensland sub-contractors owed
AU$27 million by Walton, the report notes.

"I am deeply concerned about the effect of this collapse on
industry participants and am working with the building regulator
and the Commonwealth Government to ensure we leave no stone
unturned," the report quoted Mr. Mander as saying.

Allegations against Walton are currently being investigated by the
BSA, the liquidator and the Australian Securities and Investment
Commission, the report relays.

"To assist in this process the Queensland Government, through the
BSA, will commit the necessary funds to enable the liquidator to
undertake a public examination of Walton and the key executives of
Peloton in the Supreme Court," Mr. Mander said, the report
discloses.

The report relates that Peloton Builders Pty Ltd, set up by
executives of Melbourne-based Mawson Group business advisors, has
changed its name to Tantallon Construction Pty Ltd after
complaints from the Sydney-based developer and project management
company, the Peloton Group.

Peloton Group director Rob Welborn said his company had received
more than 100 calls from sub-contractors demanding payment as well
as calls from credit rating agencies and bankers, the report
notes.

The report adds that Walton Sub-Contractors Alliance spokesman Les
Williams of Coast firm WK Civil said Mr Mander's announcement was
a positive.



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


CHINA NATURAL: Plan Filing Exclusivity Extended Until February
--------------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved
China Natural Gas' motion to extend the exclusive period during
which the Company can file a Chapter 11 plan and solicit
acceptances thereof through and including Feb. 4, 2014 and
April 7, 2014, respectively.

As previously reported, the Debtor said an extension of the
Exclusive Periods is necessary and appropriate to allow it to
complete its efforts to negotiate with key constituents and
develop and seek confirmation of a Chapter 11 Plan.

                       About China Natural

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

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

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

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


TIANNENG POWER: Fitch Cuts Long-term Issuer Default Rating to BB-
-----------------------------------------------------------------
Fitch Ratings has downgraded China-based Tianneng Power
International's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating to 'BB-' from 'BB'. The Outlook is Stable.

The downgrade reflects Tianneng's higher-than-expected financial
leverage level resulting from deteriorating profit margin and
substantial capex, and the lack of long-term funding for
expansion.

Meanwhile Fitch has withdrawn the 'BB(EXP)' rating for the battery
manufacturer's proposed offshore US-dollar bond because the
company has not decided whether to proceed with the issuance.

Key Rating Drivers:

Worse Profitability, Higher Leverage: Tianneng at the end of 2012
initiated price cuts to gain more market share amid an industry
consolidation. But this initiative is more extensive and is taking
longer than Fitch expected. The average sales price (ASP) for the
first half of 2013 was CNY97.7/unit, a 12.6% drop from a year
earlier. Fitch expects Tianneng's EBITDAR margin for 2013 to drop
to around 5% (2012: 12%; 2011: 18%), and financial leverage
(measured by FFO adjusted net leverage) to rise to over 4x (2012:
2x; 2011: 0.5x).

Fitch expects Tianneng's 2014 leverage ratio to stay above 2x and
EBITDAR margin below 10%, because it is likely to continue the
price war through 2014, which will squeeze ASPs of its main
products, lead-acid batteries used on electric bicycles.
Profitability has also been hurt by the lower margin in the
original equipment manufacturing (OEM) portion of Tianneng's
production. The company has outsourced 35% of its 2013 output
because of its limited capacity.

Substantial Capex: Tianneng plans to continue with substantial
capex in 2014 to add more production capacity, which would add to
its leverage. Fitch estimates capex for 2014 will reach CNY600mn-
900mn from around CNY700mn-800mn in 2013.

Lack of Long-Term Funding: Tianneng did not issue the proposed US
dollar bond, and as a result, only CNY395m out of its CNY3bn total
borrowings as of June 2013, was long-term debt. Fitch does not
view liquidity as a risk for Tianneng because its significant
fixed assets may be used as collateral and its inventory may be
easily liquidated for cash. The company has not had problems
rolling over short-term debt in the past. However, Fitch views
Tianneng's lack of long-term funding as a constraint for its
credit profile, especially in the current relatively tight
liquidity conditions in China.

Market-Leading Position Intact: Tianneng remains one of the two
largest players (the other being Chaowei Power Holdings, which has
similar market share) in the Chinese lead-acid battery market. The
two leaders together account for around 60% of total domestic
sales volume. Tianneng has maintained this market-leading position
through its established nationwide distribution and service
network with 1,650 distributors as of June 2013.

In addition, the Chinese government's policy to phase out smaller,
less advanced lead-acid battery production facilities to reduce
lead pollution generated during the manufacturing process has
accelerated industry consolidation, which benefits industry
leaders such as Tianneng.

Rating Sensitivities:

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

-- worsening position in core markets
-- EBITDAR margin below 8% on a sustained basis
-- FFO adjusted net leverage above 3x on a sustained basis

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

-- EBITDAR margin above 15% on a sustained basis
-- securing long-term funding for development
-- FFO adjusted net leverage below 2x on a sustained basis



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


AMIT IRON: ICRA Reaffirms 'BB+' Rating on INR10cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB+' to the
INR10.00 crore cash credit facility of Amit Iron Private Limited.
ICRA has also reaffirmed the short term rating of '[ICRA]A4+' to
the INR37.00 crore channel finance facility of AIPL. The outlook
on the long term rating is Stable.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based Limits-        10.00       [ICRA]BB+/Stable
   Cash Credit                           re-affirmed

   Fund Based Limits-
   Channel Finance           37.00       [ICRA]A4+ re-affirmed

The ratings take into account the experience of the promoters in
the trading business and the company's established relationship
with Tata Steel Ltd, the company being the primary distributor of
"Tata Steelium" and "Tata Astrum" in West Bengal and one of the
largest distributors for TSL in Eastern India. The ratings are
also supported by the consistent growth in turnover and profits of
the company in the last three years. The ratings are, however,
constrained by the limited value addition, given the trading
nature of AIPL's business, which results in low profitability and
the high working capital requirement of AIPL, with the company
undertaking cash purchases from TSL and in turn extending credit
period to its customers. The increased working capital intensity
of the business in FY13 owing to stretched receivables adversely
impacts the liquidity profile of the company. High working capital
debt to support the growth in business on one hand and low
profitability on the other, has led to increased gearing levels
and depressed debt coverage indicators for the company. ICRA
however notes that the principal repayment obligation of the
company is low since almost the entire debt on the books is on
account of working capital loans.

Based out of Kolkata, West Bengal, AIPL is an exclusive
distributor of TSL and is engaged in the distribution of steel
coils and sheets. It also has a captive centre for the cutting and
processing of steel coils and sheets, which enables it to meet
specific requirements of its customers. AIPL is one of the largest
distributor of TSL in Eastern India and the primary distributor of
"Tata Steelium" products in West Bengal, accounting for the
majority of TSL's sales. TSL has come up with a new brand, "Tata
Astrum", for its HR products in November 2012 and AIPL is also the
largest distributor of Tata Astrum in the East.

Recent Results

The company reported an operating income (OI) of INR348.41 crore
and a PAT of INR1.22 crore during FY13 as compared to an OI of
INR277.04 crore and a PAT of INR0.97 crore during FY12.


ARTEFACT INFRA: CRISIL Reaffirms 'B' Rating on INR5MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Artefact
Infrastructure Ltd continue to reflect AIL's limited track record
of operations in the execution of road construction projects and
in mining activity, and stretched working capital cycle. The
ratings also reflect the company's below-average financial risk
profile marked by a small net worth and a high gearing. These
rating weaknesses are partially offset by the commencement of
AIL's part-toll/part-annuity road project in July 2012, which
provides moderate revenue visibility; and benefits derived from
diversification of revenues from different businesses.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        100       CRISIL A4 (Reaffirmed)
   Cash Credit             5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AIL will continue to benefit over the medium
term from its promoters' extensive experience in the
infrastructure business. The outlook may be revised to 'Positive'
if the company registers healthy and sustained growth in its
revenues along with steady operating profitability, while it
retains its cash accruals for funding incremental working capital
requirements. The outlook may be revised to 'Negative' if AIL
registers deterioration in its financial risk profile on account
of significantly larger-than-expected debt-funded capital
expenditure or in case of significant cost overruns in its on-
going projects, resulting in deterioration in its operating
profitability, and higher dependence on bank facilities for
managing its working capital requirements.

AIL, based in Nagpur (Maharashtra), is a wholly owned subsidiary
of Artefact Projects Ltd (APL; rated 'CRISIL D/CRISIL D'). AIL was
formed in 2006. The company is primarily involved in the
engineering, procurement, and construction segment for road
development projects, and in mining activities. It is currently
operating a build, operate and transfer project in Madhya Pradesh.

AIL reported a profit after tax (PAT) of INR13.2 million on net
sales of INR253.8 million for 2012-13, against a PAT of INR0.7
million on net sales of INR126 million for 2011-12.


ASHRULY ENGINEERING: CRISIL Puts 'B+' Ratings to INR70MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Ashruly Engineering Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term         4.5    CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Long-Term Loan            28.0    CRISIL B+/Stable (Assigned)

   Letter of Credit          25.0    CRISIL A4 (Assigned)

   Bank Guarantee             5.0    CRISIL A4 (Assigned)

   Cash Credit               37.5    CRISIL B+/Stable (Assigned)

The rating reflects AEPL's average capital structure, marked by a
modest net worth and high gearing, and its small scale of and
working capital intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of the
AEPL's promoters, and the funding support that it receives from
them.

For arriving at its rating, CRISIL has treated the interest-
bearing unsecured loans of INR20.4 million, as on March 31, 2013,
extended to AEPL by its promoters and their associates as neither
debt nor equity, as these loans would be retained in the business
until the bank loans are repaid.

Outlook: Stable

CRISIL believes that AEPL will continue to benefit over the medium
term from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of significant improvement in the company's scale of operations
and profitability, along with efficient working capital
management. Conversely, the outlook may be revised to Negative' if
AEPL's financial risk profile weakens, most likely because of
lower-than-expected cash accruals, larger-than-expected working
capital requirements, or any unanticipated debt-funded capital
expenditure.

Incorporated in 2007, AEPL manufactures fabricated steel and alloy
components. Headquartered in Pune (Maharashtra), AEPL is promoted
by Mr. Nandkumar Gaikwad and his wife Mrs. Nandini Gaikwad.


BASHIR OIL: CRISIL Reaffirms 'B-' Rating on INR50MM Cash Credit
---------------------------------------------------------------
CRISIL's rating to the bank facility of Bashir Oil Mills.  The
rating reflects BOM's weak financial risk profile marked by a
small net worth, high gearing and weak debt protection metrics.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             50      CRISIL B-/Stable (Reaffirmed)

The rating is also constrained by the modest scale of operations
and the susceptibility of the margins to the volatility in input
prices. These rating weaknesses are partially offset by the
benefits that the firm derives from its promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that BOM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
increases its scale of operations, while it improves or maintains
its profitability margins and capital structure. Conversely, the
outlook may be revised to 'Negative' in case the company's
financial risk profile deteriorates, owing to decline in revenues,
margins, or deterioration in its working capital cycle, or in case
the company undertakes any larger-than-expected debt-funded capex
programme.

BOM was set up in 1937 as a proprietorship concern of Mr. Ishak
Chini. It was later converted to partnership firm with other
family members in the mid- 1960s. It manufactures and trades in
cotton seed, cotton seed oil, and cotton seed cake; it also trades
in pulses and grain. The firm procures cotton seeds from ginners.
It has a crushing capacity of 100 tons per day. BOM currently has
six partners (all members of the same family). Mr. Jabbar Chini
(son of Mr. Ishak Chini) and his son, Mr. Irfan Chini, look after
the day-to-day operations of the firm. BOM's crushing unit and
registered office are in Warora (Maharashtra).

BOM reported a profit after tax (PAT) of INR2 million on net sales
of INR215 million for 2012-13 (refers to financial year, April 1
to March 31), against a PAT of INR1 million on net sales of INR158
million for 2011-12.


BHARAT INDUSTRIAL: CRISIL Suspends 'D' Ratings on INR125MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bharat
Industrial Works (Bhilai) Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            45      CRISIL D Suspended

   Cash Credit               60      CRISIL D Suspended

   Letter of Credit           5      CRISIL D Suspended

   Term Loan                 15      CRISIL D Suspended

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

BIW is engaged in steel structural and equipment fabrication
primarily for the steel and power sector. The company does not
undertake any turnkey projects and mainly carries out fabrication
work for engineering, procurement, and construction contractors.
BIW's clientele includes Thermax Ltd, SMS India Pvt Ltd, Siemens
Ltd, and MECON Ltd. However, BIW faces customer concentration in
its revenue profile, as almost 90 per cent of its revenues are
contributed by its top four customers. BIW procures steel
products, its key raw material, from SAIL, the Jindal group, as
well as from local traders and manufacturers.


CAPITAL VENTURES: ICRA Assigns 'B' Ratings to INR22cr Loans
-----------------------------------------------------------
ICRA has assigned rating of '[ICRA]B' to the INR22.00 crore fund
based bank facilities (including proposed limits of INR15.50
crore) of Capital Ventures Private Limited.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund Based Limit-            1.00       [ICRA]B assigned
   Cash Credit

   Fund Based Limits-           5.50       [ICRA]B assigned
   Foreign Documentary
   Bill Purchase/Foreign
   Usance Documentary
   Bill Discounted

   Unallocated-Untied          15.50       [ICRA]B assigned
   Limit

The rating action takes into account the high competitive
intensity in the company's business of trading of fast moving
consumer goods (FMCG) primarily in export markets. Presence of a
number of players in the industry limits the operating
profitability of CVPL and also other players in the industry.

In addition, rating concerns emanate from the weak financial
profile of the company marked by a levered capital structure and
also inadequate coverage indicators. Debt levels of the company
have increased consistently to fund the working capital
requirements of a growing scale of operations. Low margins coupled
with relatively low scale of operations have resulted in
inadequate coverage indicators for the company. In addition, the
utilization of sanctioned working limits is high with
overutilization in a few months indicating limited cushion
available for operations. Cash flows from operations for the
company have remained weak and in fact worsened consistently in
the last four fiscal years. The rating however, takes into
consideration the long experience of the promoters in this
business, low operating risk on account of diversified product
profile comprising of branded products and company's established
relationship with suppliers which ensures timely availability of
products and scheduled completion of orders. ICRA notes that
favorable demand outlook for FMCG products in India provide growth
opportunities for players including CVPL. Going forward, the
ability to improve its profitability and scale of operations and
also choice of funding for incremental working capital
requirements will remain key rating drivers for the company.

Incorporated in 1999, CVPL is involved in trading of fast moving
consumer goods (FMCG) products like personal care products,
detergent and fabric care products, home care products, grocery,
beverages, snacks, candy, dietary supplements, pharma and tobacco.
The company procures the products from various manufactures,
dealers, wholesaler and distributors in the domestic market and
exports to countries like Australia, Singapore, Dubai, Pakistan,
Netherland, USA, UK and others.

Recent Results
The company has reported a net profit of INR0.33 crore on an
operating income of INR81.22 crore during 2012-13; as compared to
a net profit of INR0.18 crore on an operating income of INR51.39
crore during 2011-12.


ELECTRONIC RELAYS: CRISIL Puts 'B+' Ratings on INR30MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Electronic Relays (India) Pvt Ltd.
The rating reflects ERI's below-average financial risk profile,
marked by weak capital structure.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit         12.8     CRISIL A4 (Assigned)

   Cash Credit              20.0     CRISIL B+/Stable (Assigned)

   Bank Guarantee            5.0     CRISIL A4 (Assigned)

   Bill Discounting         10.0     CRISIL B+/Stable (Assigned)

The rating also factors susceptibility of its operating margin to
volatility in input prices. These rating weaknesses are partially
offset by the experience of the promoters in manufacturing of
relays and its established customer base.

Outlook: Stable

CRISIL believes that ERI will continue to benefit over the medium
term from its promoters' extensive experience in manufacturing of
relays. The outlook may be revised to 'Positive' if the company
scales up its operations significantly, while it maintains
profitability, or in case of improvement in its capital structure.
The outlook may be revised to 'Negative' if ERI's working capital
cycle is stretched, or if the company generates low accruals or
undertakes large debt-funded capital expenditure programmes
leading to further weakening of its financial risk profile.

Incorporated in 1979, ERI manufactures solid state relays,
input/output modules, and other automotive electronic products.
ERI's day-to-day operations are managed by Mr. G B Umesh.


G.G. TRONICS: ICRA Lowers Ratings on INR15cr Loans to 'D'
---------------------------------------------------------
ICRA has revised the long-term rating assigned to INR10.50 crore
term loan and INR4.50 crore cash credit limits of G.G. Tronics
India Private Limited from '[ICRA]B+' to '[ICRA]D'.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Term Loan             10.50        [ICRA]D revised
   Cash Credit            4.50        [ICRA]D revised

The revision in ratings reflects recent delays in debt servicing
by the company due to stretched liquidity position resulting from
high receivables. The rating continues to be constrained by
leveraged capital structure and high client concentration with top
3 clients accounting for 65.35% of revenue in FY13. Nevertheless,
the rating favourably factors in the long track record of the
company of over 2 decades in the railway signalling products
business and reputed client profile with Indian Railways &
Invensys Rail Systems as its customers.

G.G. Tronics India Private Limited was established in 1991 and is
involved in the business of designing, manufacturing and supplying
of real time embedded systems for transport and industrial domain
and other electrical and electronic equipments. The company is
mainly supplying its products to Indian railways. The company has
its manufacturing facilities and R&D expand center located in
Peenya Industrial Area in Bangalore spread over 58,000 sq. ft.
GIPL was certified for ISO 9001:2000 in 2002 and was later
certified with ISO 9001:2008 standard in 2009.

Recent Results

As per the audited results for FY 2013, the firm reported a net
profit of INR0.89 crore on turnover of INR40.72 crore as against
net profit of INR4.51 crore on turnover of INR40.74 crore during
FY 2012(audited results).


GANGA DIAGNOSTIC: ICRA Assigns 'B' Rating to INR20.61cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR20.61
crore fund based bank facilities of Ganga Diagnostic and Medical
Research Center Private Limited. ICRA has also assigned a short
term rating of '[ICRA]A4' to the INR12.00 crore non fund based
bank facility of GDMRL. The non fund based facility is a sublimit
of the fund based facility of the company.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund Based Limit-            20.61      [ICRA]B assigned
   Term Loan

   Non Fund Based              (12.00)     [ICRA]A4 assigned
   Limits

The ratings are constrained by the small scale of operations of
the company at present coupled with losses incurred due to a low
turnover and high operational and financial expenses, the loss
making operations coupled with a high gearing also result in weak
debt protection indicators of the business. The ratings are
however supported by the demonstrated equity support from the
promoters, who are part of the Vandana group of Raipur,
Chhattisgarh. The ratings also derive comfort from the
collaborations made by the company with reputed hospitals in the
near vicinity for referral cases.

Incorporated in 2010, GDMRL is engaged in providing radiology and
pathology diagnostic services. The commercial operations of the
company started in 2012 and as such 2012-13 was the first year of
operations of the company.

The promoters of the company are part of the Vandana Group of
companies based in Raipur, Chhattisgarh, the operations of the
Vandana group are looked after by Mr Subhash Agarwal and Mr Ashok
Agarwal, who are also the directors of GDMRL. The principal area
of operations of the Vandana group includes steel manufacturing.

Recent Results

GDMRL reported a profit after tax (PAT) of (Rs 4.49) crore in
2012-13 on the back of an operating income (OI) of INR2.79 crore.
2012-13 was the first year of commercial operations of the
company.


GOLDEN INDIA: ICRA Assigns 'BB' Rating to INR15cr Loans
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to INR15.00
crore fund based facilities of Golden India Expotrade Private
Limited. The Outlook on the long term rating has been assigned a
stable outlook.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund based Limits           15.00       [ICRA]BB (stable)

The rating is constrained by high competitive pressures and low
profitability inherent to trading business which has led to weak
debt protection metrics. The ratings also take into account agro
climatic risks, which can affect the availability of agro products
in adverse weather conditions. Further ICRA takes note of the
regulatory risks arising out of government policy restrictions on
export of non-basmati rice, which can affect the turnover and
profitability of the company.

The rating however, favorably takes in account significant growth
in the turnover during FY12 and FY13 (ytd) post lifting of ban on
exports of non basmati rice by GoI, the resultant improvement in
financial risk profile of the company as evident by improvement in
the profitability and return indicators. Further the expansion in
the retail segment is expected to augur well for company's revenue
as well as profitability in future. The rating also draw strength
from the benefits arising out of established customer relationship
of its group company (BSRK) which is into trading of agro based
commodities since last two decades and strong pending order book
of INR~330 crore, which provides revenue visibility in the near
term. Further, ICRA also notes the proximity of the processing and
packing unit to Kandla Port which results in low transportation
costs.

Going forward, GIEPL's ability to achieve adequate growth in the
turnover and improve its profitability indicators (both in Trading
and Retail segment) while maintaining a prudent capital structure
will be the key rating sensitivities.

Golden India Expotrade Private Limited (formerly known as BSRK
Overseas Private Limited) was established in 2007, is engaged in
trading of agro based commodities and runs 3 retail stores in
Delhi selling FMCG products, footwear, apparels and daily need
products. For the trading business the company is a member of
Agricultural and Processed Food Export Development Authority of
India (APEDA), Federation of Indian Export Organisations (FIEO),
having registered under Micro, Small or Medium Enterprises (SME).

Recent Results

During the financial year 2012-13, the Company reported a profit
after tax (PAT) of INR1.39 crore on an operating income of
INR247.04 crore as against PAT of INR0.54 crore on an operating
income of 87.56 crore in FY12.


INDO RAMA: ICRA Cuts Ratings on INR737.5cr Loans to 'D'
-------------------------------------------------------
The ratings assigned to the INR737.5 crore (reduced from INR840
crore) bank facilities of Indo Rama Synthetics (India) Limited
have been downgraded to '[ICRA]D' both on long-term (LT) and
short-term (ST) scale from '[ICRA]BB' and '[ICRA]A4'. The [ICRA]BB
(Stable)/[ICRA]A4 ratings for the INR97.1 crore unallocated limits
of IRSL have been withdrawn at the company's request.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loans               20.5        Downgraded to [ICRA]D
                                        from [ICRA]BB(Stable)

   Fund-based and          717.0        Downgraded to [ICRA]D
   Non-fund based                       (both on LT and ST Scale)
   Limits                               from [ICRA]BB(Stable)/
                                        [ICRA]A4

   Unallocated               0.0        [ICRA]BB(Stable)/[ICRA]A4
   Limits         (reduced from 97.1)   (on LT and ST scale)
                                         Withdrawn

The revision in the ratings reflects the stretched liquidity
position of the company as reflected by devolvement of IRSL's
LC's, which have remained overdue for more than a month, in the
recent past due to high foreign exchange (forex) loss, sustained
pressure on margins and low capacity utilisation resulting from
constrained raw material supply from a leading supplier over the
last few months. ICRA notes that the margins of the company may
remain low in the near term due to low capacity utilisation
resulting from oversupply for polyester yarns in the domestic
market. However, the company is taking several steps like to
improve capacity utilisation from the current low levels,
liquidation of part of investments etc to improve its liquidity
position and debt servicing. The ratings continue to factor in
vulnerability of IRSL's profits to cyclicality of the global
polyester industry; location disadvantage being away from ports
and key domestic customer markets; limited presence in the value
added products; sensitivity of profitability to changes in custom
duty rates; and moderately high financial risk profile of IRSL
with high volatility in the profits, moderate debt protection
metrics and reliance on non-operating income to meet debt
servicing requirement in the past.

ICRA has also considered the established track record of more than
two decades and long experience of the promoters in the polyester
segment; economies of scale driven being the second largest
polyester producer in India; initiatives taken by IRSL to improve
its cost structure and fiscal benefits available to the company.

Indo Rama Synthetics (India) Ltd. has been in the polyester
business since 1989. The company expanded its capacities of
partially oriented yarn (POY) and polyester staple fibre (PSF) in
late 1990's and FY 2007 to support the growth in volumes, and is
currently the second largest polyester producer with aggregate
capacity of 6,10,050 MTPA of POY, PSF, fully drawn yarn (FDY) and
polyester (PET) textile grade chips and 96,544 MMTPA capacity of
drawn texturised yarn (DTY). IRSL has one of the largest single
location domestic polyester plants, situated at Nagpur,
Maharashtra. IRSL's shareholding pattern as on September 30, 2013
constituted 64.25% with promoters (primarily OP Lohia family and
group companies), 14.16% with Banks & Financial Institutions and
remaining with others.

During 2012-13, IRSL reported operating income and profit after
tax (PAT) of INR2910.1 crore and INR41.3 crore respectively; while
the company had reported INR2968.8 crore and INR32.0 crore
respectively in 2011-12. During Q1 2013-14, IRSL reported
operating income and loss after tax of INR716.3 crore and INR30.0
crore respectively.


INFO SERVICES: CRISIL Suspends 'BB-' Ratings on INR52MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Info
Services (IS).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               42      CRISIL BB-/Stable Suspended
   Long-Term Loan             6.5    CRISIL BB-/Stable Suspended
   Proposed Long-Term
   Bank Loan Facility         3.5    CRISIL BB-/Stable Suspended

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

Set up as a proprietorship concern in 1999 and reconstituted as a
partnership firm in 2008, IS is an exclusive service provider for
IBM Global Services India Pvt Ltd. IS's key corporate clients
include Bharti Airtel Ltd (rated CRISIL AA+/Stable/CRISIL A1+),
Vodafone India Ltd (rated CRISIL AA/Stable/CRISIL A1+), Indian
Bank (rated CRISIL AAA/Stable) and Tata Consultancy Services who
accounted for around 50 per cent of its revenues during 2010-11.
The firm was promoted by Mr. Shivadas who manages the day to day
operations.


INTERCONTINENTAL POLYMERS: ICRA Puts BB- Rating on INR7.5cr Loans
-----------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' and a short-
term rating of '[ICRA]A4' to the fund-based, proposed and non-fund
based limits of Intercontinental Polymers Pvt. Ltd. aggregating to
INR9.00 Cr.  The long-term rating has a stable outlook.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Fund Based Limit-        0.96      [ICRA]BB- (stable) assigned
   Term Loan

   Fund based limit-
   Cash credit              3.00      [ICRA]BB- (stable) assigned

   Proposed limit-
   Term Loan                3.54      [ICRA]BB- (stable) assigned

   Non-fund based
   limit-Letter of
   Credit                   1.50      [ICRA]A4 assigned

The ratings are constrained by the company's small scale of
operations in the engineering thermoplastics compounding business
and weak financial risk profile as characterized by its low
profitability margins and high working capital intensity of
operations. The ratings are also constrained by the intense
competitive pressures from other established players in the
plastics industry and exposure of the company's profitability
margins to adverse fluctuations in raw material prices owing to
high inventory levels maintained by the company. Further, the
project implementation risk remains high on account of the large
scale of debt-funded expansion.

The ratings, however, consider favorably the long and established
track record of the company's promoters in the engineering
thermoplastics industry, diversified product profile and
established relationship with its suppliers and customers.

Incorporated in 1997, Intercontinental Polymer Private Limited is
a Mumbai-based company engaged in manufacturing of engineering
thermoplastic compounds like Polypropylene (PP) compounds,
Polyphenylene Oxide (PPO) compounds, Acrylonitrile Butadiene
Styrene (ABS) Compounds, HIPS compounds and alloys. The company is
an Indo-US joint venture between India based Mr. Raju Desai and
NGI, USA promoted by Mr. Saurabh Naik, an industrialist in the USA
engaged in similar line of business. The company procures raw
materials like Nylon, polypropylene and polystrol from the market,
and then manufactures the plastic compounds through extrusion
process by adding additives like pigments and colors. The goods
produced by the company form an input for the injection moulders
and are used in Automobile industry, Electrical and Electronics
Industry, Industrial engineering components & furniture, IT &
Telecom, White goods.

IPPL has a manufacturing plant located in Daman with a production
capacity of 4000 MT per annum. It is also setting up a new plant
at Dahej, Gujarat with a production capacity of 20,000 MT per
annum which would be commissioned in phases with the first phase
expected to be commissioned by March 2015.

For FY 2013, the company reported Profit after Tax (PAT) of
INR0.11 Cr. on an operating income of INR7.36 Cr. For 6M FY 2014,
the company has reported Profit before tax of INR0.11 Cr. on an
operating income of INR5.78 Cr. (unaudited provisional numbers).


J.S.S. STEELITALIA: CRISIL Cuts Ratings on INR200MM Loans to 'B+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of J.S.S.
Steelitalia Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              130      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of credit &        50      CRISIL A4 (Downgraded from
   Bank Guarantee                    'CRISIL A4+')

   Proposed Long-Term        70      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL believes that JSS Steelitalia
Limited's business risk profile will come under pressure over the
medium term. This is because of the lower-than-expected increase
in its order book for Ferratic and Austenitic tubes, leading to
weak revenue visibility in 2013-14 (refers to financial year,
April 1 to March 31). Slowdown in the end user industry coupled
with rejection of its new Ferratic grades tubes by original
equipment manufacturers (OEM) because of some technical glitches
led to profit after tax (PAT) losses of around INR15.3 million in
2012-13. This is in contrast to CRISIL's projection of the
company's profitability for the said financial year. In 2012-13,
the company's revenues witnessed a year-on-year (y-o-y) decline of
around 10 per cent, to around INR633 million from INR715 million
in 2011-12. Also, CRISIL believes that JSS's revenues will decline
further in 2013-14, given the small order book, and remain around
INR560 million. Declining scale of operations and inability of the
company to realign its fixed cost overheads in line with its
topline have led to y-o-y PAT losses of around INR108.6 million
for the five years ended 2008-09. CRSIL believes that JSS's
business risk profile will remain constrained over the medium
term, till the company significantly scales up its operations,
backed by regular large orders from OEMs.

CRISIL's ratings on the bank facilities of JSS continue to reflect
the experience of JSS's promoters in the steel industry, and the
operational and financial support that the company receives from
its JV partners. The ratings also reflect the company's moderate
net worth and low gearing. These rating strengths are partially
offset by its average scale of operations, susceptibility to
volatility in raw material prices, and exposure to intense
industry competition. Furthermore, JSS's cash accruals have been
depressed, because of low operating profitability, resulting in
weak debt protection metrics and liquidity.

Outlook: Stable

CRISIL believes that JSS's liquidity will remain weak over the
medium term, mainly because of its depressed cash accruals, driven
by a low operating margin. CRISIL, however, believes that the
company will benefit from the financial support that it receives
from its JV partners. The outlook may be revised to 'Positive' if
JSS significantly improves its liquidity, supported by higher-
than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if the liquidity weakens further because of
lower-than-expected sales or operating profitability. The outlook
may also be revised to 'Negative' in case of discontinuation of
financial, technological, and operational support that JSS
receives from its JV partners.

JSS, set up in 2007, is a 51:33:16 JV between Inox; Jindal
Stainless Steelway Ltd; and Jensita Holding Ltd, Cyprus. JSS
commenced operations in October 2008; it manufactures stainless
steel tubes and pipes. Its facility at Gurgaon (Haryana) has
capacity to manufacture around 35,000 tonnes of stainless steel
tubes and pipes per annum.


JAI SHANKER: ICRA Reaffirms/Assigns 'B+' Rating on INR7cr Loans
---------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating to the INR7.00 crore
(enhanced from INR6 crore) fund based limits of Jai Shanker Rice
and General Mills.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund based limits       7.00      [ICRA]B+ reaffirmed/assigned

The rating reaffirmation takes into account the highly competitive
and low value additive nature of the rice milling industry which
results in limited pricing power vis-a-vis consumers and suppliers
(paddy farmers). These factors, coupled with the small size of the
firm's rice milling unit have resulted in relatively weak
profitability indicators and given the fundamental industry
dynamics, ICRA does not expect any change in the near future.
Further, the firm's working capital intensive operations have been
largely debt funded resulting in high gearing and weak debt
coverage indicators. ICRA also factors in the vulnerability of
firm's operations to agro climatic risks, which can affect the
pricing and availability of paddy. ICRA however draws comfort from
the proximity of the mill to a major rice growing area which
results in easy availability of paddy and stable demand outlook
given that India is a major consumer (rice being an important
staple of the Indian diet) and exporter of rice.

Jai Shanker Rice and General Mills was established in 1996 as a
partnership firm by Mr. Ram Swaroop Jindal, Mr. Ramesh Kumar , Mr
Hind Sarover, Mr Prince Pal and Mrs. Vidhya Devi. The firm is
engaged in milling of basmati rice. The firm's milling unit is
based out of Cheeka. The firm has an installed capacity of 2
ton/hour for milling of rice. The key raw material for the firm is
basmati paddy. Paddy is mostly procured from the "mandi" of Karnal
and Cheeka (Haryana) during the paddy buying season i.e. September
to December every year. However, if required firm also buys paddy
from the market in off season period.

Recent Results
The firm reported a profit after tax of INR0.0072 crores on an
operating income of INR23.14 crores in 2012-13 as against a profit
after tax of INR0.0049 crores on an operating income of INR22.79
crores in 2011-12.


JANKI RICE: ICRA Reaffirms 'B' Ratings on INR12.87cr Loans
----------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating assigned to the INR1.87 crore
term loans and INR11.00 crore long term fund based facilities of
Janki Rice & Solvent Industries Private Limited.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Term Loans                   1.87       [ICRA]B reaffirmed
   Cash Credit                 11.00       [ICRA]B reaffirmed

The reaffirmation of the rating takes into account the modest
scale of operations and the low profit margins and weak return
indicators of the company due to the inherently low value addition
in the business and stretched capital structure. The rating
further takes into account the highly competitive and fragmented
nature of the industry and vulnerability of profit margins to
volatility in paddy prices which are exposed to seasonality,
variations in crop harvest and regulatory risks.

The rating, however, continues to positively consider the
longstanding experience of the promoters in the rice milling and
trading business; the strategic location of the plant which
provides easy access to raw material and the favourable demand
outlook for rice and rice bran in the domestic and export markets.

Janki Rice & Solvent Industries Private Limited was incorporated
in 2008 by Ramwani and Vaghela families and is engaged in the
business of milling par boiled rice. The promoters have around two
decades of experience in the rice milling industry and operate
other associate concerns engaged in similar business. The company
operates from its plant located at Sanand (near Ahmedabad,
Gujarat) and started commercial production in FY10. The company's
production capacity stands at 192 TPD (Tonne per Day).

Recent Results

For the financial year 2012-13, the company reported an operating
income of INR67.64 crore and profit after tax of INR0.29 crore as
against an operating income of INR55.63 crore and profit after tax
of INR0.19 crore for the financial year 2011-12.


LEXUS MOTORS: ICRA Assigns 'BB-' Rating to INR69.5cr Loan
---------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB-' rating to the INR99.50 crore
(enhanced from INR30 crore) fund based facilities of Lexus Motors
Limited. The outlook on the long term rating is stable. ICRA has
also assigned an '[ICRA]A4' rating to the INR0.50 crore non-fund
based bank facility of LML.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Limits-       30.00       [ICRA]BB- (Stable)
   Cash Credit                          reaffirmed

   Fund Based Limits-       69.50       [ICRA]BB- (Stable)
   Cash Credit (e-DFS)                  assigned

   Non Fund Based            0.50       [ICRA]A4 assigned
   Limits-Bank Guarantee

The ratings factor in the promoters' experience in the auto
dealership business, with a track record of over two decades and
the established market position of LML in Kolkata as an authorized
dealer of Tata Motors Limited for commercial vehicles (CV) and
passenger cars (PC). The ratings are, however, constrained by
LML's weak financial profile characterized by an aggressive
capital structure and depressed level of coverage indicators which
may be further impacted in coming years on account of the on-going
debt funded capital expenditure. The ratings also take into
consideration the intense competition and inherently low margins
in the auto dealership business, on account of the industry
dynamics and the commission structure decided by the principal;
though some improvement in the operating margin were witnessed in
the last two years. ICRA also notes the de-growth in operating
income witnessed during 2012-13 over the preceding year owing to
the weak macro-economic environment; and the demand conditions are
expected to remain subdued in the near-term due to factors
including, among others, weak investment sentiment, slowing
industrial activity and increasing fuel prices.

LML, incorporated in 1991, is TML's authorized dealer for the sale
of its entire range of commercial vehicles and passenger cars, as
well as for services of passenger cars and sale of spares in and
around Kolkata, West Bengal. LML has five showrooms, four
workshops and six customers connect points spread across Kolkata
for TML's vehicles. LML also has two showrooms for JLR vehicles at
Kolkata and Cuttack. The company also trades in pre-owned cars.

Recent Results
The company has reported a net profit of INR0.84 crore on an
operating income of INR655.43 crore during 2012-13; as compared to
a net profit of INR0.66 crore on an operating income of INR775.28
crore during 2011-12.


LOHR INDIA: CRISIL Assigns 'D' Ratings to INR130MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank loan
facilities of Lohr India Automotive Pvt Ltd (LIAPL; part of
Transport Solutions group). The rating reflects delays by LIAPL in
servicing its debt on account of its weak liquidity driven by
working capital intensive operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               95      CRISIL D (Assigned)

   Working Capital
   Demand Loan               35      CRISIL D (Assigned)

The rating also reflects LIAPL's average financial risk profile,
constrained by leveraged capital structure, working capital
intensive operations and susceptibility to downturns in end-user
industry. These rating weaknesses are partially offset by the
promoters' experience in the manufacturing industry and
international collaboration coupled with established customer
relationships.

For arriving at the rating, CRISIL has combined business and
financial risk profiles of LIAPL, Transport Solutions India Pvt
Ltd and HLM India Pvt Ltd, together referred to as the Transport
Solutions group. This is because all these entities are engaged in
similar line of business and have significant intercompany
transactions; also, TSIPL has extended corporate guarantees
towards the bank loan facilities of LIAPL and HIPL.

The Transport Solutions group, established in 2006, manufactures
carriers used in logistic services. The group manufactures tippers
and trailers under TSIPL, car and truck carries under LIAPL and
refrigerated carriers under HIPL. The promoters of the group have
over four decades of experience in manufacturing industry.


LOK-BETA PHARMA: CRISIL Reaffirms B+ Rating on INR57.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lok-Beta
Pharmaceuticals (I) Pvt Ltd continue to reflect LPIPL's small
scale of operations, and its large working capital requirements.
These rating weaknesses are partially offset by the extensive
experience of LPIPL's promoters in the pharmaceutical industry,
and its above-average financial risk profile marked by modest net-
worth, moderate total outside liabilities to tangible net-worth
ratio and above-average debt protection metrics.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Packing Credit          57.5     CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        30.0     CRISIL A4 (Reaffirmed)

   Bank Guarantee           2.5     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that LPIPL will maintain its established market
position in the pharmaceutical industry over the medium term,
supported by its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in the company's revenues and profitability margins,
or there is a sustained improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in LPIPL's profitability margins, or
there is a significant deterioration in its capital structure most
likely on account of larger-than-expected working capital
requirements or large debt-funded capital expenditure.

LPIPL was incorporated in 2002, promoted by Mr. Alok Kumar. The
company manufactures injectables and generic drugs for export to
Russia, Ukraine, and other Commonwealth of Independent States
countries.


MAHALAXMI DYES: ICRA Upgrades Ratings on INR11cr Loans to 'BB'
--------------------------------------------------------------
ICRA has upgraded the long-term rating from '[ICRA]BB-' to
'[ICRA]BB' and reaffirmed the short-term rating at '[ICRA]A4' for
the INR7.00 crore fund-based limits, INR9.00 crore non-fund-based
limits, INR0.50 crore proposed limits and INR3.50 crore
interchangeable limits of Mahalaxmi Dyes & Chemicals Limited. The
long-term rating has a stable outlook.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based Limits     7.00       [ICRA]BB (Stable); upgraded
                                    from [ICRA]BB- (Stable)

   Non-Fund Based        9.00       [ICRA]A4 reaffirmed
   Limits

   Interchangeable       3.50       [ICRA]BB (stable)upgraded/
   Limits                           [ICRA]A4 reaffirmed


   Proposed Limits       0.50       [ICRA]BB (stable)upgraded/
                                    [ICRA]A4 reaffirmed

The upgrade in the long-term rating takes into account the
improvement in the capital structure of the company following the
infusion of INR3.56 crore of equity by the promoters in March
2013, coupled with the repayment of INR4.30 crore of term loans in
the current fiscal along with healthy growth in operating income.
The ratings also positively factor in the long experience of the
promoters and established presence of the company in trading and
distribution of chemicals and building materials; and low revenue
concentration risk on account of the diversified product portfolio
and diversified customer base.

The ratings, however, continue to remain constrained by the thin
profit margins, and weak coverage indicators of the company.
Further, the high working capital intensity has resulted in a
tight liquidity position of the company as reflected in the high
utilisation of its working capital bank limits. The ratings also
take into account the exposure of the company's profitability to
movement in raw material prices and foreign exchange fluctuations.

Mahalaxmi Dyes & Chemicals Ltd. is engaged in the business of
import and distribution of various chemicals, plastics and
building materials (primarily float glass). The company,
incorporated in the year 1974, started the business of domestic
trading of chemicals. Later in early 1990s, the company expanded
its business to trading of imported chemicals. The company also
obtained agency for Formic Acid distribution from Rashtriya
Chemicals & Fertilisers Ltd. and for Sodium Nitrite with BASF of
Germany. MDCL is a closely-held company with entire shareholding
held by Mr. C. V. Shah and family. Mr. C. V. Shah, presently
Chairman of MDCL, has an experience of three decades in the
business of trading of chemicals.

For FY 2012, the company reported Profit after Tax (PAT) of
INR0.33 crore on an operating income of INR50.16 crore. In FY
2013, the company has reported PAT of INR0.56 crore on an
operating income of INR74.50 crore.


MEHRAB N IRANI: CRISIL Reaffirms 'B' Rating on INR60MM Loan
-----------------------------------------------------------
CRISIL's rating continue to reflect Mehrab N Irani & Company weak
financial risk profile, marked by a small net worth, a high
gearing, and inadequate debt protection metrics, modest scale of
operations, and susceptibility to adverse regulatory changes.
These rating weaknesses are partially offset by MNIC's
longstanding presence in the liquor distribution business and its
established relations with its principals.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            60       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MNIC will continue to benefit from its long
standing experience in the liquor distributing business, over the
medium term. The outlook may be revised to 'Positive' in case of a
sustained improvement in the firm's profitability resulting into
better liquidity profile. Conversely, the outlook may be revised
to 'Negative' in case of any significant deterioration in
profitability resulting into lower accruals and stress in
liquidity profile.

Update

MNIC's revenue for 2012-13 of INR502 million were largely in line
with expectations and witnessed moderate growth of about 10 per
cent from the previous year. The growth in sales comes on the back
of expansion of its product portfolio with addition of Red Bull in
the year. MNIC continues to generate operating level margins in
its usual range of 3 to 4% (3.7% in 2012-13). Going forward,
MNIC's revenues are expected to continue to witness moderate
growth with increasing consumption of Alcohol in India and the
profit margins are expected to be around the current levels.

The total outside liability to total net worth ratio (TOL/TNW) as
on March 31, 2013 continues to be aggressive at 10 times due to
working capital intensive operations of MNIC. MNIC has about 2
months of debtors and inventory as against only a month's credit
offered by the suppliers. The liquidity profile of the firm
continues to be constrained with fully utilised bank limits and
modest cash accruals. MNIC is expected to generate insufficient
cash accruals of INR4 million as against repayment of INR12
million for the year 2012-13, the repayments are expected to be
supported by capital infusion by the partners (in line with the
first 3 quarters of 2013-14).

MNIC reported a profit after tax (PAT) of INR3 million on net
sales of INR502 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR446 million for 2011-12.

MNIC is a proprietorship firm, which was set up by Mr. Mehrab
Irani in 1981 as a wholesaler distributor for Mohan Meakin Ltd
(main brands include Old Monk rum and Golden Eagle beer) in Pune
(Maharashtra). Subsequently, the firm surrendered the licence and
is now the exclusive dealer of Diaggeo India, Carlsberg India,
Sula Vineyards and Red Bull India in Pune. MNIC is also one of the
dealers for Allied Blenders and Distilleries in Pune.


MFAR CONSTRUCTIONS: CRISIL Cuts Ratings on INR800MM Loans to BB+
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Mfar Constructions Pvt Ltd to 'CRISIL BB+/Negative/CRISIL A4+'
from 'CRISIL BBB-/Negative/CRISIL A3'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit          737.80    CRISIL BB+/Negative (Downgraded
                                  from 'CRISIL BBB-/Negative')

   Letter of Credit    1,100.00   CRISIL A4+ (Downgraded from
                                  'CRISIL A3')

   Proposed Short-       500.00   CRISIL A4+ (Downgraded from
   Term Bank Loan                 'CRISIL A3')
   Facility

   Proposed Long-Term     62.20   CRISIL BB+/Negative (Downgraded
   Bank Loan Facility             from 'CRISIL BBB-/Negative')

The ratings downgrade reflect CRISIL's belief that Mfar's
liquidity profile will be constrained by the continuing stretch in
its working capital position, marked by high debtors and
inventory. This is indicated by an increasing trend in Mfar's
gross current assets (GCAs) over the past 5 years; the company's
GCAs increased to 337 days of sales in 2012-13 (refers to
financial year, April 1 to March 31) from 224 days of sales in
2009-10. Consequently, despite regular fund infusions by the
promoters, Mfar's bank limits continue to be highly utilised,
thereby relatively stretching the company's liquidity profile, as
compared to CRISIL's expectations.

The ratings on the bank loan facilities of Mfar continue to
reflect the company's moderate capital structure and revenue
visibility, supported by a healthy order book. These rating
strengths are partially offset by Mfar's working-capital-intensive
operations, and the geographical concentration in its revenue
profile.

Outlook: Negative

CRISIL believes that Mfar's liquidity will remain constrained, by
its substantial working capital requirements over the medium term.
The ratings may be downgraded if the company's liquidity is
restricted by lower-than-expected cash accruals, or sizeable
working capital requirements. Conversely, the outlook may be
revised to 'Stable' if the pressure on Mfar's liquidity eases,
driven by larger-than-expected cash accruals, along with a
significant equity infusion and efficient working capital
management.

Mfar was established in Bengaluru (Karnataka) in April 1996. The
company undertakes residential and commercial real estate
construction. Mfar operates predominantly in South India.

Mfar reported a profit after tax (PAT) of INR35.2 million on net
sales of INR3.50 billion for 2012-13, against a PAT of INR27.9
million on net sales of INR3.10 billion for 2011-12.


MICROPARK LOGISTICS: CRISIL Suspends B Ratings on INR215MM Loans
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Micropark Logistics Private Limited.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            35       CRISIL A4 Suspended
   Cash Credit              167.5     CRISIL B/Stable Suspended
   Rupee Term Loan           47.5     CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by MLPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MLPL is yet to
provide adequate information to enable CRISIL to assess MLPL'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 2004, MLPL was promoted by Mr. Hemang Parikh, Mr.
Hitesh Parikh, Mr. Dilip Parikh, and Mr. Ramshankar Mehadia. It is
in the automotive dealership as well as the distribution and C&F
businesses. The company is an authorised dealer of Mahindra &
Mahindra Ltd (rated 'CRISIL AA+/Stable/CRISIL A1+') and has four
showrooms in Vidarbha (Maharashtra) under the Unnati Motors brand.
MLPL is a distributor for the products of Alembic Pharmaceuticals
Limited ('CRISIL AA/Stable/CRISIL A1+'), Orchid Chemicals &
Pharmaceuticals Ltd, and Sony Ericsson. MLPL is also a C&F agent
for companies such as Merck & Co Inc, and Ranbaxy Fine Chemicals
Ltd.


MRIDUL ENTERPRISES: ICRA Reaffirm BB/A4 Rating on INR34.28cr Loan
-----------------------------------------------------------------
The ratings of '[ICRA]BB' and '[ICRA]A4' have been reaffirmed for
the INR34.28 Crore (enhanced from INR29.40 Crore) bank lines of
Mridul Enterprises. The outlook on the long term rating is stable.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Fund-Based limits-         26.58       [ICRA]BB (Stable)/
   Long Term/Short                        [ICRA]A4 reaffirmed
   term scale

   Non-Fund based              7.70       [ICRA]BB (Stable)/
   Limits-Long Term/                      [ICRA]A4 reaffirmed
   Short term scale

The rating reaffirmation factors in the modest size of operations
of the firm and its financial profile characterized by moderate
profitability and return indicators and the high working capital
intensity of business. The ratings are also constrained by the
high competitive intensity in the home furnishings (and related
products) business; vulnerability of profitability to foreign
exchange rate fluctuation risks; the Firm's high geographical and
customer concentration and risks inherent in partnership form of
business. That apart, ICRA has favourably considered the
established track record and experience of the promoters in the
home furnishing business; the Firm's long standing relations with
the customer base and track-record of repeat business and
improving export as well as domestic market scenario.

Mridul Enterprises is engaged in the manufacture of home textiles
and other furnishing products primarily oriented for the export
market. Incorporated as a partnership firm, Mridul commenced
operations in 1986. The Firm's manufacturing facilities are
located in Noida and its product portfolio primarily includes
quilts, table linen, bed linen besides other ancillary home
textile items like cushions, cushion covers, bedspreads etc.

Recent Results
For the year ended 31st March 2013, Mridul reported an operating
income of INR59.90 crore and profit after tax of INR0.88 crore as
against an operating income of INR67.05 crore and profit after tax
of INR0.58 crore for FY12.


PINAX STEEL: CRISIL Cuts Ratings on INR199.5MM Loans to 'BB'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pinax Steel Industries Pvt Ltd to 'CRISIL BB/Stable' from
'CRISIL BB+/Stable' while reaffirming the short-term rating at
'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           20.0     CRISIL A4+ (Reaffirmed)

   Cash Credit             150.0     CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

   Standby Line of          22.5     CRISIL A4+ (Reaffirmed)
   Credit

   Term Loan                49.5     CRISIL BB/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

The rating downgrade reflects weakening in Pinax's business and
financial risk profiles due to a substantial increase in the
working capital cycle, marked by gross current asset (GCA) of 332
days as on March 31, 2013, vis--vis around 196 days as on March
31, 2012. The company's GCAs increased with the rise in the
company's tender-based business, and a sizeable improvement in
revenue contribution from the electro-forged gratings segment.
Although the increase in working capital requirements was
supported by an infusion of INR100 million in equity and INR10
million through interest-free unsecured loans in 2012-13 (refers
to financial year, April 1 to March 31), the company's working
capital cycle is expected to remain stretched, with GCAs in excess
of 300 days over the medium term. CRISIL believes that the
expected increase in Pinax's working capital requirement will
increase its reliance on bank's facilities, leading to higher bank
limit utilisation over the medium term than that at present.
Consequently, the company's overall financial risk profile is
expected to weaken over the period.

Pinax's revenues declined to INR530.6 million in 2012-13 from
INR553.2 million in 2011-12. The decline resulted from a
challenging domestic environment in the steel industry, which is
expected to continue in 2013-14. Consequently, Pinax will report
marginal growth in revenues to around INR555 million in 2013-14.
While the company's operating profitability could increase to
around 9.0 per cent during 2013-14, CRISIL believes that Pinax's
business risk profile will remain constrained by flat revenues in
the near term.

CRISIL's ratings on the bank facilities of Pinax Steel Industries
Pvt Ltd (Pinax) continue to reflect Pinax's integrated operations,
which are expected lead to improved profitability over the medium
term; and its moderate financial profile, marked by average net
worth and low gearing. These rating strengths are partially offset
by its large working capital requirements, coupled with its small
scale of operations and cyclical demand in the steel industry.

CRISIL has treated unsecured loans of INR63.2 million as on
March 31, 2013, from the promoters, as neither debt nor equity.
These interest-free loans are likely to be retained in the
business over the medium term.

Outlook: Stable

CRISIL believes that Pinax will maintain its operating efficiency
over the medium term. The outlook may be revised to 'Positive' if
Pinax maintains its liquidity profile with lower dependence on
bank facilities to fund incremental working capital requirements;
and reports higher-than-expected cash accruals, while maintaining
its operating profitability. Conversely, the outlook may be
revised to 'Negative' if the working capital cycle lengthens
further; or the company undertakes sizeable debt-funded capital
expenditure (capex) programmes, thereby weakening its financial
risk profile; or if the company's operating profitability
declines, resulting in lower-than-expected cash accruals, and
stretched liquidity.

Pinax was established in Patna (Bihar) as Pinax Steels Pvt Ltd in
1995. The company was founded by Mr. Sanjay Kumar Khemka and his
family, and was renamed in 1996. Pinax manufactures TMT bars, and
mild-steel rounds, flats, rods, angles and electro-forged
gratings.


PRET STUDY: ICRA Suspends 'BB/A4' Rating on INR20cr LT Loan
-----------------------------------------------------------
ICRA has suspended the '[ICRA]BB' and '[ICRA]A4' rating assigned
to INR20.0 crore long term fund based, short term fund based and
short term non-fund based bank facilities of Pret Study by Janak
Fashions Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

PSJF was originally incorporated as ARK Capleafin (P) Ltd. in
March 1997 and was earlier engaged in garment related business. It
was acquired by the present promoters in April 2005 and
subsequently the name was changed to PSJF in May 2005. PSJF is
engaged in manufacturing and retailing of western and ethnic wear
for men and women under its brand Study by Janak through its 6
exclusive showrooms in NCR and Punjab. The company is also engaged
in trading of fabric and manufacturing of garments for other
brands in the domestic market. The promoters have been engaged in
the manufacturing and retailing of ethnic wear for men for over
three decades and started with a showroom (Mehra Stores) in Karol
Bagh (Delhi) in 1980-81.


PROGRESSIVE SHARE: ICRA Reaffirms 'BB+' Rating on INR2.4cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]BB+' for INR2.40 crore
long term fund based bank facilities and the rating of [ICRA]A4+
for INR30.00 crore short term non fund based bank facilities of
Progressive Share Brokers Private Limited. The outlook on the
rating is stable.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term fund           2.40        [ICRA]BB+ reaffirmed
   based bank
   facilities

   Short term non-         30.00        [ICRA]A4+ reaffirmed
   fund based bank
   facilities

The ratings are constrained by PSBPL's declining profitability and
retail broking market share over the last few years on the back of
challenging capital market environment. The ratings take note of
the small presence and continued low diversification of business
revenue with high dependence on retail broking despite the
presence in commodity and currency broking space. The ratings also
factor in the inherent volatility in the equity broking business
and limited retail participation and a weak business outlook for
the capital markets sector over the short term. However, the
ratings takes into account PSBPL's long experience in the equity
broking business, variable cost structure with primarily
franchisee based retail network, and adequate capitalization level
for the current scale of operations, comfortable liquidity profile
and adequate risk management system deployed by the company.
Further PSBPL's ratings at the current level reflect its relative
positioning with other ICRA rated brokerage houses.

PSBPL is a retail broking player with no presence in the
institutional broking segment. On account of its limited presence
coupled with increased competition from larger players in the
market, PSBPL's equity broking market share has remained low over
the years and has reduced from 0.05% in FY11-12 to 0.04% in FY12-
13. The company's net brokerage income continued to remain low at
INR3.1 crores despite an increase of 13% from INR2.7 crores in
FY11-12 supported by higher yields. Overall profitability of the
company in FY12-13 was supported by Delay Payment Charges of
INR1.24 crores vis-a-vis INR0.74 crores in FY11-12. This was
offset by a loss of INR0.25 crores in sale of investments. The
company reported PAT of INR0.84 crore in FY12-13 as compared to
INR0.93 crore in FY11-12 and INR2.06 crores in FY10-11.

On the commodity broking side, Progressive Comtrade (subsidiary of
PSBPL) reported an increase of ~55% in turnover resulting into a
rise in the market share of the company increased from 0.02% to
0.04%. The commodity broking income increased to INR1.18 crores
from INR0.86 crores. Overall, the company reported a PAT of
INR0.12 crores (0.13 crores in FY12). However, due to the
introduction of Commodities Transaction Tax and the impact of the
NSEL event, ICRA does not expect much traction in the commodities
broking space going ahead which may adversely affect the revenues
and profitability of the company. PSBPL has seen some initial
traction in the currency broking segment, which, however, remains
very small currently. Also, apart from commodities and currency
broking, the group company had started margin funding under
Progressive Global Finance. However, the company did not grow the
book size which stood at INR2.50 crores as on Mar-13.

PSBPL has taken adequate steps to mitigate the credit risks,
market risks and operational risks associated with the retail
broking. PSBPL has deployed centralized risk management system for
its current scale of operations with limits assigned to the
individual franchisees and constant monitoring on the franchisees
overall position.


ROHIL FOODS: ICRA Reaffirms/Assigns 'B' Rating to INR20cr Loans
---------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating to the INR20.00 crore
(enhanced from 13 crore) fund based limits of Rohil Foods Private
Limited.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Fund based limits            20.00       [ICRA]B
                                            reaffirmed/assigned

The rating reaffirmation takes into account the highly competitive
and low value additive nature of the rice milling industry which
results in limited pricing power vis-a-vis consumers and suppliers
(paddy farmers). These factors, coupled with the small size of the
company's rice milling unit have resulted in relatively weak
profitability indicators and given the fundamental industry
dynamics, ICRA does not expect any change in the near future.
Further, the company's working capital intensive operations have
been largely debt funded resulting in high gearing and weak debt
coverage indicators. ICRA also factors in the vulnerability of
company's operations to agro climatic risks, which can affect the
pricing and availability of paddy. ICRA however draws comfort from
the proximity of the mill to a major rice growing area which
results in easy availability of paddy and stable demand outlook
given that India is a major consumer (rice being an important
staple of the Indian diet) and exporter of rice.

Incorporated in the year 2009, Rohil Foods Private Limited is a
private limited company engaged in milling of rice with an
installed capacity of 10 tons/hour. The firm has been promoted by
Mr. Vinod Khurania and Mrs Sonia Khurania. The company's milling
unit is based out of Kaithal. The key raw material for the company
is basmati paddy. Paddy is mostly procured from the "mandi" of
Karnal and Cheeka (Haryana) during the paddy buying season i.e.
September to December every year. However, if required company
also buys paddy from the market in off season period.

Recent Results

The company reported a profit after tax of INR0.03 crores on an
operating income of INR85.31 crores in 2012-13 as against a profit
after tax of INR0.03 crores on an operating income of INR86.39
crores in 2011-12.


S.S.S. RICE: CRISIL Suspends 'B+' Ratings on INR98.5MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of S.S.S.
Rice Mill Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           1.5      CRISIL A4 Suspended

   Cash Credit             85.0      CRISIL B+/Stable Suspended

   Term Loan               13.5      CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
SSSRM with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSSRM is yet to
provide adequate information to enable CRISIL to assess SSSRMO'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 2009, SSSRM is engaged in milling and processing
of non-basmati rice and supplies to Central and state governments
as well as sells in the open market through distributors. The
company's plant in Raidighi (West Bengal) has an installed
capacity of processing 45,000 tonnes per annum of paddy, with
current utilisation of around 65 per cent.


SAI BHASKAR: CRISIL Suspends 'D' Ratings on INR270MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sai Bhaskar Irons Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               60      CRISIL D Suspended

   Proposed Long-Term
   Bank Loan Facility        10      CRISIL D Suspended

   Term Loan                200      CRISIL D Suspended

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

SBIPL, based in Guntur (Andhra Pradesh), was incorporated in 2009
and promoted by Mr. Ratnagiri Babu. It started commercial
operations in March 2010. The company has one induction furnace
with a capacity of 36,000 tonnes per annum (tpa). The company is
also setting up a 120,000-tpa TMT bars facility, which is expected
to start operations in October 2011. The billets facility is
currently operating at an average capacity utilisation of 70 to 75
per cent.


SAMARTH AGRO: ICRA Rates INR5.5cr Long-Term Loan at 'B+'
--------------------------------------------------------
ICRA has assigned the '[ICRA]B+' to the INR5.50 crore long term
facilities of Samarth Agro Industries.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long term, Fund          5.50       [ICRA]B+ (assigned)
   based limits-
   Cash Credit

The assigned rating takes into account the location advantage to
the firm by virtue of its presence in the cotton rich belt of
Parbhani as also the low working capital intensity. The rating
also favorably factors in the long experience of promoters in agro
processing business as also the favorable demand for lint. The
rating however is constrained by the modest scale of operations of
the firm as also the stretched liquidity indicated by high gearing
and limited cash accruals. Further; the margins of the firm also
remain vulnerable to adverse movements in raw cotton and lint. Low
value add nature of the business as also the intense competition
due to fragmented nature of the industry also limits the margins
of the firm.

Incorporated in 2007 by Mr. Harikishan Sharma, Mrs..Kiran Rathi
and Mrs.Vasudha Kharkar, SAI is a Sailu, Dist.Parbhani
(Maharashtra) based partnership firm involved in ginning and
pressing of cotton.The current processing capacity of the firm is
14000 bales per annum.

Recent Results

SAI recorded an operating profit of INR0.73 crore on an operating
income of INR22.59 crore in FY 13.


SESA MINERALS: CRISIL Reaffirms 'BB' Ratings on INR400MM Loans
---------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Sesa Minerals Ltd
continues to reflect SML's above-average financial risk profile,
marked by a healthy capital structure, and the extensive
experience of its promoters in the steel trading business. These
strengths are partially offset by SML's large working capital
requirements, and its modest scale of operations in the fragmented
and competitive steel industry.

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

   Proposed Long-Term      50      CRISIL BB/Stable (Reaffirmed)
   Bank Loan Facility

   Letter of Credit        200     CRISIL BB/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SML will continue to benefit over the medium
term from the extensive experience of its promoters in the steel
trading business. The outlook may be revised to 'Positive' if
SML's cash accruals are substantially larger than expected, or if
its working capital management improves. Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates, caused most likely by less-than-expected
cash accruals, debt-funded capital expenditure, or larger-than-
expected working capital requirements.

Update

SML's operating income has increased by 30 per cent to INR939
million in 2012-13 (refers to financial year, April 1 to March
31), compared with INR722 million in 2011-12. For the six months
ended September 30, 2013, SML is estimated to have registered
revenues of around INR600 million. On account of trading nature of
operations, SML's operating margin remained low at 2.2 per cent in
2012-13 compared to 2.0 in 2011-12.

SML's financial risk profile remained above-average, marked by a
moderate net worth of INR244 million, and a low total outside
liabilities to tangible net worth ratio of 1.8 times, as on
March 31, 2013. On account of low margins, SML's interest coverage
ratio was low at 1.6 times in 2012-13. CRISIL believes that the
SML's financial risk profile will remain above-average over the
medium term on the back of moderate net worth and healthy capital
structure. The company's liquidity is stretched, driven by high
working capital requirements and low cash accruals. Its gross
current assets were high at 268 days as on March 31, 2013, mainly
because of high inventory and receivables days. On account of its
large working capital requirements, SML's bank limit utilisation
has also remained high at 89 per cent over the 13 months through
September 2013.

Incorporated in 2007, SML is promoted by Mr. Shankar Lal Bagri.
The company trades in steel products, such as billets, scrap,
iron-ore pellets, wire, and thermo-mechanically-treated bars, in
the domestic market.


SHANKAR MAHADEV: ICRA Revises Rating on INR3cr Loan to 'BB-'
------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR3.00
crore fund based bank facilities of M/s Shankar Mahadev & Co. from
'[ICRA]BB' to '[ICRA]BB-'. ICRA has also revised the short-term
rating outstanding on the INR5.00 crore non-fund based bank
facilities of SMC from '[ICRA]A4+' to '[ICRA]A4'. The outlook on
the long-term rating is stable.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund Based, Rated            3.0        Revised to [ICRA]BB-
   on Long-Term Scale                      (stable) from
   Cash Credit                             [ICRA]BB (stable)

   Non-Fund Based,              5.0        Revised to [ICRA]A4
   Rated on Short-                         [ICRA]A4+
   Term Scale Bank
   Guarantee from

The ratings revision takes into account the marked year-on-year
revenue de-growth of 24% witnessed in FY13 due to delays in the
execution of projects, because of issues relating to land
acquisition, encroachments, and design and scope changes by
clients. Moreover, there has also been a reduction in the number
of new projects undertaken by municipal corporations in FY13 due
to uncertainty associated with quantum of collections following
implementation of local body tax. Furthermore, the largest
project, accounting for 45% of the outstanding order-book, as of
August 2013, is slow-moving with pending issues relating to land
acquisition and change of scope - which could impact the pace of
execution, and in turn the firm's revenue growth in FY14. The
ratings revision also considers the firm's exposure to geographic,
client and project concentration risks, as projects are undertaken
in the Thane and suburban areas of Mumbai and Navi Mumbai alone.
While 53% of the unexecuted order book can be accounted for by
projects from the Kaliyan Dombivali Municipal Corporation (KDMC),
the remaining 47% may be accounted for by projects from the Thane
Municipal Corporation (TMC). The three largest projects contribute
to almost 76% of the unexecuted order book. The capital structure
is exposed to risks of capital withdrawals inherent in partnership
firms, as can be seen in FY13.

However, the ratings continue to favorably factor in the long
standing experience of over 60 years of the partners; and the
firm's established relationship with its clients in the
construction sector, which has enabled it to garner repeat orders.
The ratings also take into consideration the comfort derived from
the presence of escalation clauses in all on-going projects.

Shankar Mahadev and Company was set up in 1950 as a partnership
firm by the Late Seth Vensimal Dayaramani. The firm is registered
as a Class-I contractor with the Public Works Department (PWD),
Government of Maharashtra. The firm has executed numerous road and
building projects since its inception for government and semi-
government entities. More than six decades of experience in the
civil construction business and a good market reputation have
enabled it to garner repeat orders.

Recent Results

In FY13, SMC reported an operating income of INR22.97 crore and a
profit after tax of INR0.39 crore, as compared to the operating
income of INR30.37 crore and a profit after tax of INR0.61 crore
in the financial year-ended March 2012.

SHANTI GOPAL: ICRA Rates INR40cr LT Loans at 'BB'
-------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB' to INR40.00
crore fund-based facilities and a short term rating of '[ICRA]A4'
to INR2.00 crore non-fund based facilities of Shanti Gopal Concast
Limited. The outlook on the long-term rating is 'Stable'.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long-term Fund             40.00       [ICRA]BB (Stable)
   Based Facilities                       Assigned

   Short-term Non              2.00       [ICRA]A4 Assigned
   Fund Based
   Facilities

The assigned rating is constrained by the company's weak
profitability indicators as reflected in below-average return on
capital indicators due to low capacity utilisation levels. This
coupled with steady revenue growth and working capital intensive
nature of operations, has led to increase reliance on borrowings
to fund the working capital requirements. Owing to high working
capital requirements, the working capital limits typically remains
highly utilised thereby resulted in stretched liquidity. The
rating is supported by satisfactory capitalisation levels, however
weak profitability results in weak debt coverage indicators as
reflected in Total Debt/ OPBDITA of 6.34x and NCA/TD of 10% as on
Mar-13 while the interest coverage ratio (OPBDITA / Interest) is
satisfactory at 2.74x mainly on account of high proportion of non-
interest bearing loans (~39% of total borrowings on Mar-13). Given
the debt-funded capex plans for setting up of 12 MW power plant
for captive consumption, the ability to improve profit margins
will be critical for improvement in debt coverage indicators. Weak
profitability not only results in weak debt coverage, but also
results in modest accruals, due to which the company will continue
to remain dependent on promoters to fund margin requirement for
incremental borrowings. Notwithstanding the above weaknesses, the
rating favourably factors in the promoters' established track
record in managing various companies under Ganga group with the
group also consistently provides management and funding support to
the company. The rating also positively factors in the established
relationship of the company with its customers as evident in
regular repeat orders and benefits to accrue with partial forward
integration of sponge iron manufacturing facility by company's
setting up of induction furnace unit in FY-2013.

Going forward, the ability of the company to continue access
support from Ganga group, scale up its operations while improving
the profitability, timely funding support from promoters for
funding margin requirements on incremental borrowings and improve
its liquidity position will remain the key rating sensitivities.

Shanti Gopal Concast Limited was incorporated in the year 2005 and
is engaged in the manufacturing of sponge iron and steel billets.
The company was initially promoted by Agarwal family and later
sold their entire stake in the company to Chaudhary family in
October-2011. SGCL has its manufacturing facility located at
Mirzapur (Uttar Pradesh) having installed capacity of 90,000 TPA
(tonnes per annum) for manufacturing sponge iron and 28,800 TPA
for manufacturing of steel billets. During FY2013, SGCL reported a
PAT of INR0.93 crore with an Operating Income (OI) of INR131.5
crore as compared to PAT of INR0.41 crore with OI of INR82.8 crore
for the previous financial year.

Ganga Group is a collaboration of the Chaudhary and Tulsyan
families. The group is engaged in various businesses: polywoven
sacks through the entities Quality Woven Sacks Private Limited
(rated at [ICRA]BB(stable)/A4), Ganga Bag Udyog Private Limited
(rated at [ICRA]BB-(stable)/ A4), Neel Kamal Polytex Industries
Pvt. Ltd. (rated at [ICRA]BB(stable)) and RAS Polytex Pvt. Ltd.
(rated at [ICRA]BB(stable)/A4); paper through the entities Ganga
Papers India Ltd. (rated at [ICRA]BB (stable)/A4) and Ganga Pulp &
Papers Pvt. Ltd. and sponge iron and billet manufacturing through
SGCL.


SRI GITA: ICRA Assigns 'B+' Ratings to INR9.7cr Loans
-----------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR9.70
crore fund based bank facilities of Sri Gita Texturisers. ICRA has
also assigned a long term rating of [ICRA]B+ and/or short term
rating of '[ICRA]A4' to the INR0.13 crore unallocated limits of
the company.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   LT Scale-Fund           4.80        [ICRA]B+ Assigned
   Based Limits-
   Term Loan

   LT Scale-Fund           4.90        [ICRA]B+ Assigned
   Based Limits-
   Cash Credit

   Unallocated             0.13        [ICRA]B+/[ICRA]A4 Assigned
   Limit

The rating takes into account Sri Gita Texturiser's modest scale
of operations due to its limited track record along with its weak
financial profile characterized by low profitability from
operations, modest debt coverage metrics and tight liquidity
position because of high working capital requirements. While the
capital structure is moderately leveraged at present, the
envisaged debt funded capital expenditure is likely to keep the
debt coverage indicators under check. The rating also takes into
account SGT's limited bargaining power with suppliers, intensely
competitive business environment and vulnerability to raw material
price fluctuations. Nevertheless, the rating draws comfort from
the long track record of the promoters in the field of
manufacturing and marketing of texturised yarn and the successful
stabilization of commercial operations.

Established in 2009, Sri Gita Texturisers is involved in the
business of manufacturing polyester texturised yarn and roto yarn
in various deniers. The firm started its operations in January
2012 and the entire manufacturing unit is spread across 20,000
square feet with an installed capacity of 4320 MT per annum. The
registered office is in Surat and the production facility is
located in Bharuch.

The firm's associate concern, Sri Mahavir Crimpers is into the
manufacturing of polyester texturised yarn.

Recent results:
SGT earned a net profit of INR0.53 crore on an operating income of
INR31.53 crore for the period ending March 31, 2013.


SRI MAHALAXMI: CRISIL Suspends 'B' Ratings on INR84MM Loans
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Mahalaxmi Cotton Mills.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             47.5      CRISIL B/Stable Suspended

   Proposed Long-Term
   Bank Loan Facility      12.5      CRISIL B/Stable Suspended

   Term Loan               24.0      CRISIL B/Stable Suspended

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

Established in 2008 in Adialabad (Andhra Pradesh), SMCM is engaged
in the ginning and pressing of raw cotton (kapas) to make cotton
bales. It sells the cotton bales to various traders and the cotton
seed to various oil mills in the vicinity of the plant. SMCM has a
production capacity of about 500 bales per day. The firm is
promoted by Mr. G Vilas Kumar, who has nearly two decades of
experience in the ginning business. The firm has two fully
automated ginning units with each unit having 24 ginning machines.
The plant is spread over an area of 5 acres.


SRI MAHAVIR: ICRA Assigns 'BB-' Ratings to INR8.95cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the INR8.95
crore fund based bank facilities of Sri Mahavir Crimpers. ICRA has
also assigned a long term rating of '[ICRA]BB- (Stable)' and/or
short term rating of [ICRA]A4 to the INR0.27 crore unallocated
limits of the company. The outlook assigned to the long term
rating is Stable.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   LT Scale-Fund Based      0.95       [ICRA]BB-(Stable) Assigned
   Limits-Term Loan

   LT Scale-Fund Based      8.00       [ICRA]BB-(Stable) Assigned
   Limits-Cash Credit


   Unallocated Limit       0.27        [ICRA]BB-(Stable)/[ICRA]A4
                                        Assigned

The ratings are constrained by Sri Mahavir Crimpers modest
financial profile characterized by low profitability from
operations, high gearing levels, modest debt coverage metrics and
tight liquidity position because of high working capital
requirements. The rating also takes into account SMC's limited
bargaining power with suppliers, intensely competitive business
environment and vulnerability to raw material price fluctuations.
Nevertheless, the ratings draw comfort from the long track record
of the promoters in the field of manufacturing and marketing of
texturised yarn, steady improvement in the revenues in the recent
fiscals and its long associations with various customers, which
has strengthened its market position.

Incorporated in the year 1987, Sri Mahavir Crimpers is involved in
the business of manufacturing of polyester texturised yarn in
various deniers. The entire manufacturing unit is spread across an
area of 20,000 square feet with an installed capacity of 7200 MT
per annum. It has its registered office in Surat and production
facility located in Bharuch.

The firm's associate concern, Sri Gita Texturisers is into the
manufacturing of polyester texturised yarn and roto yarn.

Recent results:
SMC earned a net profit of INR0.58 crore on an operating income of
INR90.88 crore for the period ending March 31, 2013.


SWAGAT DEVELOPERS: ICRA Assigns 'BB' Rating to INR20cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' to the
fund-based limits and term loans aggregating to INR27.50 Crore
(enhanced from INR07.50 crore) of Swagat Developers (SD or the
firm). The outlook on the long term rating is 'Stable'.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund           07.50       [ICRA]BB(Stable)
   Based-Cash Credit                    reaffirmed

   Long Term Fund
   Based-Term Loans         20.00       [ICRA]BB(Stable) assigned

The reaffirmation of the rating continues to factor in the long
experience of the promoters in the real estate development sector,
particularly in the residential segment; the favorable location of
ongoing projects and the relatively limited execution risks
associated with these projects since the projects are at an
advanced stage of construction.

The rating, however, is constrained by the firm's exposure to high
level of market risk associated with the completed and ongoing
projects alike, given the low level of bookings till date, and the
associated funding risk owing to the customer-advances funded
nature of capex for the ongoing projects. The rating also takes
into account the firm's exposure to intense competition in the
Surat real estate segment; cyclicality of real estate sector; the
sectoral and regional concentration risks arising from focus on
residential projects in Surat, and vulnerability of profitability
to variations in material and labour costs. ICRA also notes that
Swagat Developers is a partnership concern and any significant
withdrawals from the capital account would impact the net worth
and thereby the capital structure.

Swagat Developers was established in 2006 as a partnership firm
and is engaged in real estate development, primarily residential
developments. The partners in the firm are Mr. Tushar B. Asodaria,
Mr. Pravin M. Asodaria, Mr. Arun R. Korat, Mr. Upesh P. Korat, Mr.
Kanti Jodhani and Mr. Mukesh Asodaria. The firm is based out of
Surat, Gujarat and is currently focusing on execution of
residential projects in Surat.

Recent Results
SD reported a profit after tax (PAT) of INR0.21 crore on an
operating income of INR09.72 crore for the year-ending March 31,
2012; and a profit after tax of INR0.26 crore on an operating
income of INR13.12 crore for the year-ending March 31, 2013.


V.K. GUPTA: CRISIL Reaffirms 'C' Rating on INR40MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of VK Gupta & Associates
continue to reflect VKG's modest scale of operations in the highly
competitive civil construction industry, and its large working
capital requirements. These rating weaknesses are partially offset
by its above-average debt protection metrics and the extensive
industry experience of VKG's promoters.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           160      CRISIL A4 (Reaffirmed)
   Cash Credit               40      CRISIL C (Reaffirmed)

Update

In 2012-13 (refers to financial year, April 1 to March 31), VKG's
operating income decreased to INR328.5 million, from INR395.4
million in 2011-12. The decrease in the firm's operating income,
was driven by its delay in execution of work contracted. VKG's
operating margin was 12.7 per cent in 2012-13, and has remained in
line with the firm's operating margin of 12.8 per cent in 2011-12.

VKG's liquidity is stretched by its small net worth of INR21.5
million, as on March 31, 2013, and loans of INR25.2 million
advanced to a company wherein the founding partner serves as a
director. The firm's stretched liquidity is also driven by large
total capital withdrawals of INR45.1 million in 2012-13 and 2011-
12, of total book profits of INR52.7 million during the two years.
The firm's liquidity could remain stretched over the medium term,
driven by its small net worth, large loans, and substantial
capital withdrawals by the promoters. VKG has healthy debt
protection metrics, marked by interest coverage and net cash
accrual to total debt ratios of 3.6 times and 0.26 times,
respectively, as on March 31, 2013. The firm's debt protection
metrics could remain healthy over the medium term, driven by its
healthy operating margin. However, the firm's financial risk
profile is constrained by high gearing of 2.5 times, as on
March 31, 2013, and its small net worth.

VKG was set up as a partnership in 2000 by Mr. V K Gupta, his wife
Ms. Dimple Gupta, and their son Mr. Saksham Gupta. The firm
undertakes civil construction works, such as construction of
bridges in Punjab, Haryana, Himachal Pradesh (HP), and
Uttarakhand.

VKG reported a profit after tax of (PAT) of INR15.9 million on net
sales of INR327.5 million for 2012-13, and a PAT of INR20.12
million on net sales of INR393.6 million for 2011-12.


VAIBHAV JEWELLERS: ICRA Reaffirms 'BB' Rating on INR14cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating assigned to INR14.00
crore bank facilities (INR12.00 crore earlier) of Vaibhav
Jewellers. ICRA has assigned [ICRA]BB rating to the INR2.10 crore
term loans and INR8.90 unallocated limits of VJ. The outlook
assigned to the long term rating is Stable.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Overdraft           14.00       [ICRA]BB (Stable) Reaffirmed
   Term Loans           2.10       [ICRA]BB (Stable) Assigned
   Unallocated          8.90       [ICRA]BB (Stable) Assigned

The rating reaffirmation by ICRA factors in VJ's limited financial
flexibility as reflected by low profitability, highly leveraged
capital structure, poor coverage indicators and high working
capital intensity as a result of high gold jewellery inventory
maintained by the entity which also exposes its margins to the
risk of volatility in gold prices. The rating continues to factor
in VJ's modest scale of operations, concentration risks as the
entity operates through a single showroom and the highly
competitive nature of the jewellery market characterized by the
presence of a large number players and low entry barriers for new
entrants. ICRA has also taken note of expected increase in gearing
and the project risks associated with the construction of new
showroom. The rating is further constrained by the risks
associated with proprietorship nature of business like capital
withdrawal as witnessed in the past and limited ability to raise
capital. The rating however favourably factors in the long-
standing experience of the promoter and management in the
jewellery business, which has enabled the entity to establish
leadership position in jewellery retailing in Eluru market.

Vaibhav Jewellers is a partnership firm which was constituted in
1991 in Eluru as a manufacturer and retailer of gold Jewellery by
Mr GSV Amarandra, Mr G Narendra and Mr G Manoj Kumar. In 1997
Vaibhav Jewellers was converted as a proprietary concern with Mr
GSV Amarendra as a sole proprietor. VJ's showroom size is about
120 sq yards and it employs about 30 people.

Recent Results
VJ recorded INR71.99 crore of operating income and a profit before
tax of INR1.60 crore in FY13 as against an operating income of
INR69.13 crore and profit before tax of INR1.11 crore in FY12.


VEDANTA RESOURCES: 1stHalf Loss Belies Improvements to Business
---------------------------------------------------------------
Moody's Investors Service says that Vedanta Resources Plc
(Vedanta, Ba1 negative) first half attributable loss belies
improvements to the underlying business, noting that some of the
concerns behind the negative outlook, assigned on 16 May 2013,
have been addressed. Over the six months ended 30 September,
Vedanta has simplified its group structure and lengthened its debt
maturity profile.

"However, Vedanta's current weak profitability and cash flow
generation maintain negative pressure on the rating," says Alan
Greene, a Moody's Senior Credit Officer and Lead Analyst for
Vedanta.

In H1 FY2014, group revenue and EBITDA fell 17% to $6.2 billion
and 14% to $2.2 billion, respectively, as increases in output and
efficiency gains were outweighed by lower commodity prices and a
higher Government take from Cairn India.

In August, Vedanta completed the formation of Sesa Sterlite
Limited, a 58.3%-owned subsidiary of Vedanta. The new entity
consolidates Vedanta's main operating assets and brings its cash
rich and debt laden entities closer together. It will reduce
interest cost at the Vedanta plc level, as the debt issued to
acquire Cairn India Limited, has been transferred to the new
entity. However, the $1.7 billion of bonds issued in May suggest
that Vedanta, and not SSL, will remain the chief funding vehicle,
although the choice of vehicle will ultimately depend on the end
use of funds.

"Vedanta's credit profile continues to hinge on the performance of
CIL and HZL which contributed 51% and 25% of reported EBITDA,
respectively", says Greene.

In H1 FY2014, CIL, now a 58.8%-owned subsidiary of SSL, reported
EBITDA down 13% to $1,123 million, as higher oil production of
212,873 barrels of oil equivalent per day (boepd), up 3% year on
year, could not compensate for the lower average realized prices,
down 4% to $94.3/boe from $98.0/boe. The Zinc India segment,
operated by HZL, a 64.9%-owned subsidiary of SSL, also reported a
year on year rise in production of refined zinc (14 %), refined
lead (11 %), silver (18 %) in H1FY2014 and booked an EBITDA
increase of 10% to $559 million, despite a 3% drop in the LME Zinc
price.

The outlook for Vedanta's idle assets, another rating concern,
shows signs of improvement with partial resumption of some
activities. In H1 FY2014, Vedanta's iron ore segment had a
negative EBITDA of $18 million down from positive EBITDA of $117
million a year ago, owing to mining and selling restrictions in
Goa and Karnataka. This segment should benefit from the long-
awaited resumption of the mining operations in Karnataka and its
authorization from the Supreme Court to sell the iron ore stocks
of around 4 million tonnes held in Goa. The Lanjigarh alumina
refinery, restarted operations in July, and the Tuticorin copper
smelter restarted in June after a two months' stoppage. The start-
up of the 1.25 million tonnes per annum (mtpa) smelter at
Jharsuguda remains uncertain and hinges on the security and cost
of supply of coal and alumina.

Progress has been made with respect to liquidity management.
Vedanta has refinanced $3.5 billion of debt and has extended its
debt maturity profile to 4 years from 3.3 years at the end of
fiscal year ended 31 March, excluding working capital loans in the
operating subsidiaries. The refinancing of the $500 million bond
held at Vedanta Resources plc, maturing in January, through
syndicated loans, has already been agreed. The loans, with an
average tenure of 4 years, are expected to reduce financing cost
by $25-30 million per annum. The parent company also maintains a
revolving credit facility of $100 million.

On balance, Moody's believes that the negative outlook remains
appropriate, with Vedanta's cash flow generation and profitability
yet to decisively improve. Cash flow improvements in H1 FY2014
stemmed largely from working capital releases of $512 million and
could swing back when activity picks up.

"Furthermore, uncertainties remain about the dividend flows
through the group and the fate of the potential $3.5 billion bid
for the Government of India's stakes in HZL and BALCO," adds
Greene.



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


KK ATAMI: Moody's Withdraws 'C' Ratings on Class B & C Notes
------------------------------------------------------------
Moody's Japan K.K. has withdrawn -- for its own business reasons
-- its ratings on the notes issued by KK Atami Beach Line Funding
2 and Atami Beach Line Mezzanine Funding Limited.

The affected ratings are as follows:

Deal Name: KK Atami Beach Line Funding 2

Class B notes, Withdrawn (sf); previously on August 12, 2013
downgraded to C (sf)

Class C notes, Withdrawn (sf); previously on August 12, 2013
downgraded to C (sf)

Deal Name: Atami Beach Line Mezzanine Funding Limited

Mezzanine notes, Withdrawn (sf); previously on August 12, 2013
downgraded to C (sf)

Deal Name: KK Atami Beach Line Funding 2

Class: Class B Notes, Class C Notes

Issue Amount: JPY1.2 billion, JPY1.2 billion

Coupon: Fixed, Fixed

Final Maturity Date: October 23, 2018

Deal Name: Atami Beach Line Mezzanine Funding Limited

Class: Mezzanine Notes

Issue Amount: JPY3.5 billion

Coupon: Fixed

Final Maturity Date: May 31, 2030

Underlying Asset: Atami Beach Line (toll road)

Seller, Lessee, and Toll Road Operator: GRANVISTA Hotels & Resorts
Co., Ltd. (formerly known as Mitsui Kanko Development Co., Ltd.)

Underwriter/Refinance Agent: Citigroup Global Markets Japan Inc.
(as of issue date)

Ratings Rationale;

Moody's has withdrawn the ratings for its own business reasons.


TOKYO ELECTRIC: To Cut More Than 1,000 Jobs in 2014
---------------------------------------------------
Stanley White at Thomson Reuters reports that Tokyo Electric Power
Co plans to shed more than 1,000 jobs via voluntary retirements by
the second half of 2014, as it seeks to win more financial aid to
clean up its crippled Fukushima nuclear plant.

Tepco is working on a reorganization plan to fend off more drastic
proposals, including possibly dragging the company through
bankruptcy in return for a publicly funded clean-up and shutdown
of its Fukushima reactors, the report relays.

Reuters notes that the government has already agreed to spend
JPY47 billion ($468.7 million) on dealing with some 1,000 tanks of
radiated water at Tepco's crippled Fukushima nuclear power plant,
which was wrecked by an earthquake and tsunami two years ago.

Japan's government is also considering paying part of the cost to
decommission Fukushima's damaged nuclear reactors, and
restructuring could help Tepco secure more government aid, the
report relays.

According to the report, the utility hopes to secure
JPY500 billion in funding from banks by the end of the year and
hopes staff cuts will encourage banks to agree to the funding.

                      About Tokyo Electric

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

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

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

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

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



TOKYO ELECTRIC: Plans to Sell Hospital to Tokyo Tatemono
--------------------------------------------------------
The Japan Times Online reports that Tokyo Electric Power Co. plans
to sell its affiliated hospital to major real estate developer
Tokyo Tatemono Co., according to informed sources.

According to the report, the sources said Tokyo Denryoku Hospital
will likely fetch a price of about JPY10 billion.  Only Tepco
employees are eligible to use the facility in the Shinanomachi
district of Shinjuku Ward, the report says.

Japan Times relates that the step will be part of asset sales
included in Tepco's special business reconstruction program. Tokyo
Tatemono and Keio University Hospital have bid to buy the
facility, which was believed to be worth more than JPY12 billion.

At the firm's general shareholders' meeting in 2012, then-Vice
Tokyo Gov. Naoki Inose, who now serves as governor, harshly
criticized Tepco because the hospital was not on the list of
assets subject to sale, the report relays.  The Tokyo Metropolitan
Government is a major shareholder of the utility.

Tokyo Denryoku Hospital, built in 1979, occupies a 5,600-sq.-meter
site and has a total floor space of 16,100 sq. meters across nine
levels, the report discloses.

                      About Tokyo Electric

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

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

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

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

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



===============
M O N G O L I A
===============


MONGOLIAN MINING: Moody's Lowers CFR & Bond Ratings to Caa2
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior unsecured bond ratings of Mongolian Mining Corporation
(MMC) to Caa2 from Caa1.

The ratings outlook is negative.

The rating action concludes the review initiated on 15 August
2013.

Ratings Rationale:

"The downgrade reflects MMC's inadequate liquidity profile against
the backdrop of a difficult operating environment. Without a
significant recovery in coking coal prices or a significant
restructuring exercise, MMC's debt structure is unsustainable in
view of large debt servicing requirements in the next 12-18
months," says Simon Wong, a Moody's Vice President and Senior
Credit Officer.

MMC's operations is projected to run at a near break-even level in
terms of cash flow over the next 12-18 months, based on Moody's
assumption of a Queensland benchmark coking coal price of $150-
$155 per tonne.

The company had cash on hand of $129 million at end-June 2013, and
is expected to finalize the sale of its paved road to the
Mongolian government shortly.

MMC has been focused on preserving liquidity since the downturn in
coking coal prices. Asset divestments, such as the sale of its
paved road, in addition to measures to conserve capital --
including deferments of debt payments, as well as the adoption of
a careful approach to working capital management and production
cost controls -- has prolonged the life of its liquidity buffer
over the last 12 months.

However, its cash balance will be insufficient to address debt-
servicing requirements in 2H 2013 and FY2014 of around $50 million
and $277 million respectively.

And in FY2014, MMC faces the maturation of $105 million in
promissory notes, with installments due in March and December; the
amortization of $102 million in bank loans; and interest payments
of approximately $70 million.

MMC is understood to be progressing its plans to defer portions of
its near-term debt maturities. It will be in breach of its bank
maintenance covenants as of 31 December 2013 and is negotiating
for waivers and a relaxation of the covenants.

"There are some other possible avenues for MMC to enhance its
liquidity position in the next 12 months, such as a significant
asset divestment, or equity injection, particularly after the
relaxation of foreign investment laws in Mongolia. However, these
options may be limited by its low share price and weakened asset
valuation," adds Simon Wong, also the lead analyst for MMC.

The negative outlook reflects ongoing pressure on MMC's financials
and liquidity position from the restrained price outlook for
coking coal.

A rating upgrade is unlikely in the near term, given the negative
outlook. However, positive rating momentum could emerge if the
benchmark coking coal price improves to $160-$170 per tonne on a
sustained basis, and the company improves its liquidity profile
through asset sales or equity injections.

Downgrade pressure could emerge if: (1) its liquidity risk rises
due to an inability to raise funding or roll forward maturing debt
on a timely basis, (2) restructure its debt in a manner that is
deemed to be a distressed exchange, and (3) prices fall beyond
Moody's Queensland benchmark coking coal price assumption of $150
per tonne on a sustained basis.

Mongolian Mining Corporation (MMC) is the largest privately owned
coal mining company in Mongolia. Established in 2005, it listed on
the Hong Kong Stock Exchange in October 2010. It has two producing
mines located in the Gobi Desert. The Ukhaa Khudag mine, which
produced 8.6 million tonnes of coking coal in 2012 and the Baruu
Naran mine, which was acquired in 2011 and commenced production in
February 2012.



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


PACNET LTD: Moody's Says 3Q Operating Results Support B2 CFR
------------------------------------------------------------
Moody's Investors Service says Pacnet Limited's 3Q2013 operating
results support its B2 corporate family rating and senior secured
rating.

The rating outlook is negative.

Total reported revenue in 3Q2013 was USD114.2 million, a modest
decline from 2Q2013's USD115.8 million. However, its gross profit
margin continued to show improvement reflecting the lower cost of
maintenance and fewer cable repairs. Gross margin was 57% in
3Q2013 compared to 55% in 2Q2013.

"Reported EBITDA of around USD29 million is an improvement over
2Q2013 and 41% higher than the same period last year. While the
quarter benefited from lower maintenance costs due to some
currency movements, higher profitability is also resulting from
Pacnet's restructuring last year, which included the exiting of
lower margin businesses and lowering of staff related costs," says
Annalisa Di Chiara, a Moody's Vice President and Senior Analyst.

In July, Pacnet terminated the tender and consent solicitation for
its outstanding 9.25% Senior Secured Guaranteed Notes due 2015.
However, Moody's expects that management is continuing to monitor
the markets and may look to re-launch the transaction.

With the good performance in 3Q2013, Moody's now expects EBITDA to
be modestly above Moody's original level of USD100million for the
full year. As a result adjusted debt to EBITDA should be around
4.0x or lower at year-end.

The negative outlook continues to reflect the company's small size
in a highly competitive environment. While the company reported
positive free cash flow in 3Q2013, capex was below Moody's
expectations for the quarter. Still, positive FCF help bolster
cash into the USD70 million range from USD50 million at 2Q2013.

Moody's expects the company will maintain an appropriate level of
liquidity with cash on balance sheet of at least USD40 million.
Moody's also expects the company will be in compliance with its
bank covenants for 3Q2013 and beyond.

Upwards rating pressure is unlikely, given the negative outlook.
But, the outlook could return to stable if quarterly EBITDA is
sustained above USD30 million and its liquidity position improves,
as the company does not maintain any working capital facilities.

Further negative pressure will arise if EBITDA keeps below USD20-
25 million on a quarterly basis, or debt/EBITDA exceeds 5.0x, or
the company's cash position falls below USD40 million.

Pacnet, incorporated in Bermuda in June 2006, owns and operates
Asia's largest privately owned submarine cable network. Pacnet
provides data connectivity solutions to major telecommunications
carriers, large multinational enterprises, and small- to medium-
sized enterprises in Asia Pacific that require multi-national
internet protocol-based (IP-based) solutions and connectivity.



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


HANJIN GROUP: Urged to Prepare Survival Plan
--------------------------------------------
Choi Kyong-ae at The Korea Times reports that financial regulators
and the main creditor bank of Hanjin Group have urged the
conglomerate to come up with a self-rescue plan as drastic as that
put forward by the Dongbu Group to regain investor confidence.

"Dongbu's aggressive restructuring measures have set a good
precedent to follow for Hanjin Group and other debt-ridden
conglomerates," Lee Sung-jae, head of the Financial Supervisory
Service's corporate credit coordination team, told The Korea Times
by telephone.

Mr. Lee said he called on Hanjin Shipping, a flagship unit of the
shipping and airline conglomerate, to come up with a "concrete"
plan to sell some of its terminals, ships and other assets to
reduce its debt, The Korea Times relates.

In a steeper-than-expected restructuring plan, Dongbu Group has
said it will raise KRW3 trillion ($2.8 billion) by selling its
semiconductor business and other core assets to stay afloat. The
move was hailed by the market, pushing up the share prices of
Dongbu affiliates, the report notes.

Pressured by growing concerns that companies with heavy debt may
become another Tong Yang Group or STX Group, the main creditor,
the Korea Development Bank (KDB) has asked Hanjin Shipping three
times since 2003 to meet its requirements for financial health,
according to The Korea Times.

"There seems to be no immediate liquidity crisis this year for
Hanjin, but a prolonged downturn in the shipping industry makes
extending a financial helping hand to the company riskier than
ever," a KDB official told The Korea Times.

That's why the state-run bank wants an aggressive self-rescue
program from Hanjin as well, the official said, asking not to be
named, the report notes.

Bloomberg News recalled that Korean Air said last month it will
provide KRW150 billion ($141 million) to Hanjin to help ease the
company's liquidity shortage. The shipping line has
KRW736.4 billion of debt and loans maturing next year, compared
with KRW58 billion in 2013, according to data compiled by
Bloomberg. Its cash and cash equivalent was KRW506.6 billion at
the end of June, Bloomberg disclosed.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service. Its container
service provides transportation of reefer cargoes, dangerous
cargoes, over-sized cargoes, industrial equipment and others. Its
bulk service provides transportation of iron ores, coals, general
merchandise, liquefied natural gas (LNG) and oil products. Its
terminal service provides logistics services with a global network
of 14 dedicated container terminals. Its 3PL service includes
freight forwarding services, contract logistics and others. The
Company also involves in the provision of ship repair yard
services.


KOOKMIN BANK: Faces FSS Special Inspections Over Irregularities
---------------------------------------------------------------
Yonhap News Agency reports that the Financial Supervisory Service
(FSS) on November 23 demanded that Kookmin Bank, one of South
Korea's largest lenders, rectify its internal control system,
saying special inspections will be under way over three
allegations of irregularities involving Kookmin Bank executives
and employees.

The news agency relates that the FSS said it will launch two more
special investigations this week into allegations of Kookmin
Bank's illegal interest earnings from guaranteed loans and a
suspected embezzlement of KRW9 billion (US$8.48 million) by
Kookmin employees in charge of housing bonds.

Yonhap notes that Kookmin has already been under an investigation
since early this month on suspicion that its Tokyo branch was
involved in running slush funds for the bank's management.

It is unprecedented in the nation's banking industry that a major
lender has been under three separate special probes at one time,
the report says.

Yonhap states that besides the allegations of irregularities, the
bank's management drew fire for a massive investment loss in
Kazakhstan and a controversial reshuffle of branch managers in
Beijing. Kookmin purchased a 41.9 percent stake in a Kazakh bank
for KRW940 billion in 2008, which has since inflicted losses worth
KRW400 billion on the South Korean lender.

According to the report, the watchdog body has decided to embark
on multiple special inspections into Kookmin and issued the demand
for its managerial overhaul, probably fearing that managerial
problems at a major local bank, if neglected, will have negative
ripple effects across the banking sector.

FSS officials said the special inspections into allegations of
Kookmin's illegal interest earnings and employee embezzlement
began November 24 at the earliest, the report adds.

South Korea-based Kookmin Bank Co. Ltd. provides various banking
and other financial services to individuals, small- and medium-
sized enterprises, and large corporations.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***