TCRAP_Public/131127.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, November 27, 2013, Vol. 16, No. 235


                            Headlines


A U S T R A L I A

BRISCONNECTIONS GROUP: Lenders to Sell AirportLinkM7
MITAKOODI ABORIGINAL: Faces Liquidation Threat
NOBLE MINERAL: Administrators Back Proposed DOCA


C H I N A

NETWORK CN: Incurs $898,000 Net Loss in Third Quarter
XINYUAN REAL ESTATE: Fitch Rates Sr. Unsec. USD Notes 'B+/RR4'
XINYUAN REAL ESTATE: S&P Puts 'B+' Rating on US$ Sr. Unsec. Notes
* Fitch Says Chinese Developers' Overseas Projects Opportunistic


H O N G  K O N G

PHYSICAL PROPERTY: Incurs HK$43,000 Net Loss in Third Quarter


I N D I A

A D INDUSTRIES: CRISIL Lowers Ratings on INR100MM Loans to 'D'
AEZ INFRATECH: CRISIL Upgrades Rating on INR100MM Loan to 'B-'
AMARESH RICE: CRISIL Assigns 'D' Ratings to INR190MM Loans
ANYONYA COOPERATIVE: Liquidator Sells Movable Assets
APOLLO SOYUZ: ICRA Assigns 'B+' Rating to INR5.75cr Loans

BAJRANG STEEL: ICRA Lowers Rating on INR16.9cr Loans to 'BB-'
BHARAT CHEMICALS: ICRA Suspends 'B+' Rating on INR8cr Loan
BHARAT WOVEN: CRISIL Assigns 'B-' Ratings to INR77.5MM Loans
BLEND COLOURS: ICRA Reaffirms 'BB' Ratings on INR9cr Loans
CAPARO POWER: CRISIL Cuts Ratings on INR870MM Loans to 'BB-'

CARBON EDGE: CRISIL Cuts Ratings on INR208.2MM Loans to 'BB+'
DINESH BROTHERS: ICRA Puts 'B+' Ratings on INR.80cr Loans
DM EDUCATION: CRISIL Assigns 'B+' Ratings to INR1.60BB Loans
DOOR SANCHAR: ICRA Reaffirms 'BB' Ratings on INR24.33cr Loans
DWARIKESH SUGAR: ICRA Puts B- Ratings Under Rating Watch Negative

EXECUTIVE TRADING: CRISIL Assigns 'BB-' Rating to INR50MM Loan
G. S. DISTRIBUTORS: CRISIL Ups Rating on INR90MM Loan to 'BB-'
GAINUP INDUSTRIES: CRISIL Cuts Ratings on INR321.8MM Loans to BB-
GANDHI INSTITUTE: ICRA Ups Rating on INR535cr Loans to 'B+'
GAYATRI IRON: ICRA Reaffirms 'B+' Ratings on INR28cr Loans

GOUTHAMI HATCHERIES: CRISIL Cuts Ratings on INR336.2MM Loan to B-
HYDROTECH PARYAVARAN: ICRA Reaffirms 'B+' Rating on INR6cr Loans
IDBI BANK: S&P Lowers ICR to 'BB+/B'; Outlook Negative
INDIAN TERRAIN: CRISIL Ups Ratings on INR673.5MM Loans to 'BB'
INDUS PAPER: ICRA Reaffirms 'B' Ratings on INR10.83cr Loans

INDUS SMELTERS: ICRA Suspends 'BB-' Rating on INR14.75cr Loans
KOCHAR INFOTECH: ICRA Assigns 'BB+' Ratings to INR29cr Loans
KOHIMA ENERGY: ICRA Suspends 'D' Rating on INR19.5cr Loans
KGI CLOTHING: ICRA Rates INR3.10cr Loans at 'BB+/A4+'
MANAV INFRA: CRISIL Upgrades Rating on INR800MM Loan to 'BB'

PARTH CHEM: ICRA Rates INR18.5cr Long-Term Loans at 'B-'
PRESTIGE FEED: ICRA Reaffirms 'BB+' Rating on INR65cr Loans
RALCO EXTRUSION: CRISIL Cuts Ratings on INR99.9MM Loans to 'D'
RELIABLE SPACES: ICRA Revises Rating on INR128.23cr Loan to 'BB-'
RUCHI ACRONI: ICRA Reaffirms 'BB-' Rating on INR4cr Loans

S.R.S. INDUSTRIES: ICRA Suspends 'B' Rating on INR7.5cr Loans
SAINOV SPIRITS: ICRA Suspends 'B' Rating on INR75cr Loans
SETHU EDUCATIONAL: CRISIL Assigns 'BB' Ratings to INR200MM Loans
SHAKUMBARI SUGAR: ICRA Puts 'B' Ratings Under Rating Watch Neg.
SHINE METALTECH: ICRA Assigns 'D' Ratings to INR7cr Loans

SHIV INDUSTRIES: ICRA Cuts Ratings on INR18.75cr Loans to 'D'
SHREE RAMESHWAR: CRISIL Assigns 'B' Ratings to INR85MM Loans
SHRI RAM: CRISIL Cuts Ratings on INR214.6MM Loans to 'BB+'
SIR SHADI: ICRA Puts 'B' Ratings Under Rating Watch Neg.
SITARAM BUILDERS: ICRA Places 'BB-' Ratings on INR11cr Loans

SRI VENKATESWARA: ICRA Withdraws BB+ LT Rating on INR19.16cr Loan
SRIADITYA AGRI: CRISIL Assigns 'B' Ratings to INR53.8MM Loans
SUJAN PRECISION: CRISIL Rates INR100MM Cash Credit at 'B+'
SUJATHA FEEDS: CRISIL Lowers Ratings on INR238MM Loans to 'B-'
THAMPI & COMPANY: ICRA Rates INR11.5cr Loans at 'BB-'

THERMO CABLES: ICRA Suspends 'BB+' Rating on INR88cr Loans
VISWAKIRTI PROJECTS: ICRA Places 'B' Ratings on INR3.5cr Loans
* INDIA: Sebi Attaches INR500cr Assets of Defaulting Firms


N E W  Z E A L A N D

LANE WALKER: Unnamed Businesswoman Convicted in Fraud Case
SEALEGS CORP: First-Half Loss Widens to NZ$604,000
SOLID ENERGY: Restructuring 'Disappointing,' Bank of Tokyo Says
WINDFLOW TECHNOLOGY: Mulls Raising NZ$3.43MM Fund


S I N G A P O R E

GLOBAL A&T: Moody's Cuts CFR & 1st Lien Notes Rating to Caa1
PACNET LTD: Fitch Says "BB/RR1" Rating on $350MM Notes Unchanged


S O U T H  K O R E A

LEO MOTORS: Incurs $159,000 Net Loss in Third Quarter


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            - - - - -


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A U S T R A L I A
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BRISCONNECTIONS GROUP: Lenders to Sell AirportLinkM7
----------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that BrisConnections
lenders are reportedly working on selling the AirportLinkM7
tollroad as Queensland Motorways, the tollroad's most logical
buyer, is also on the market.  At a lender meeting, it was
discussed when to sell the road and to look for an adviser.

According to dissolve.com.au, UBS and Macquarie were appointed to
put Queensland Motorways up for sale. It is expected that a deal
will be reached during the second quarter of next year.

dissolve.com.au relates that the lenders of BrisCon have been
talking about the potential of selling the AirportLink first
before Queensland Motorways gets in. However, AirportLink is said
to be not ready for sale and PPB Advisory, the receiver, is likely
to want extra time in making improvements to its value and
performance, the report notes.

Australia-based BrisConnections Group (ASX:BCSCA) --
http://www.brisconnections.com.au/is engaged in designing,
constructing, operating, maintaining and financing Airport Link in
Australia.  Airport Link is a 6.7 kilometer toll road, mainly
underground, connecting the North-South Bypass Tunnel, Inner City
Bypass and local road network at Bowen Hills, to the northern
arterials of Gympie Road and Stafford Road at Kedron, Sandgate
Road and the East West Arterial leading to the airport.

David McEvoy -- dmcevoy@ppbadvisory.com -- Christopher Hill --
chill@ppbadvisory.com -- and Michael Owen -- mowen@ppbadvisory.com
-- of PPB Advisory were appointed as Receivers and Managers to the
BrisConnections Group, the owner and operator of the AirportlinkM7
toll road on Feb. 19, 2013.  This follows the appointment of
partners of McGrathNicol as Voluntary Administrators by the Board
of BrisConnections Group.

Yahoo!7, citing a release to the ASX, reported that
BrisConnections went into administration citing low traffic levels
and debts worth more than the tunnel.

BrisConnections entered negotiations to restructure its debt, but
the board was told lenders were not prepared to support the
proposals, according to Yahoo!7.


MITAKOODI ABORIGINAL: Faces Liquidation Threat
----------------------------------------------
Kate Stephens at ABC Indigenous reports that the special
administrator of the Mitakoodi Aboriginal Corporation, an
Aboriginal corporation in Cloncurry, has warned it could be placed
into liquidation if it cannot prove it can govern itself.

The Mitakoodi Aboriginal Corporation manages about 70 properties
in Cloncurry and was placed into administration after it was
revealed evicted tenants had been allowed to return to its
properties without paying rent, ABC relates.

ABC reports that the Registrar of Indigenous Corporations, Anthony
Bevan, said while he and special administrator
Glen Walker are working to avoid closing the corporation, it is
still an option.

"But he did indicate if during the special administration it
became clear that the cooperation was unable to manage its affairs
and governance itself then there are other options available such
as placing the corporation into liquidation, selling the rental
properties or transferring them to the Queensland Government to
manage," ABC quotes Mr. Bevan as saying.


NOBLE MINERAL: Administrators Back Proposed DOCA
------------------------------------------------
miningweekly.com reports that the administrators of embattled
Noble Mineral Resources have backed a proposed deed of company
arrangement by Resolute Mining.

According to miningweekly.com, the Noble administrators said in a
statement to shareholders that it would be difficult to extract
value from the Bibiani mining asset, in Ghana, given the quantum
of outstanding employee and creditor claims, the overriding risk
of forfeiture and the funding required to preserve the asset,
complete the feasibility studies and carry out future capital work
recommended by those studies.

miningweekly.com relates that the administrators also warned that
the company's assets were insufficient to extinguish all creditor
debts, making the proposed deed of company arrangement the best
option for shareholders.

Under the proposed deed of company arrangement, Resolute would
take full ownership and become the operator of Bibiani and would
provide interim funding to maintain the project as a mechanism to
support the existing schemes of arrangements regarding Noble's
Ghanaian subsidiaries, miningweekly.com notes.

The report says Noble would retain ownership of its gold
concessions outside Bibiani in the form of exploration licences at
Cape Three Points and Nakroba. The two licences would be offered
for sale, with the realised proceeds to be distributed to
creditors other than the trustee for Noble's convertible
noteholders, miningweekly.com relays.

In addition, the existing cash balance of Noble would also be
distributed pro-rata, to the entitlement of all Noble's creditors,
including the trustee for the noteholders, according to
miningweekly.com.

                        About Noble Mineral

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

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

The company collapse after it was unable to pay a AUD4.8-million
debt to Rothschild Australia, relating to an AUD85-million
financing deal with Resolute, according to miningweekly.com.



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C H I N A
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NETWORK CN: Incurs $898,000 Net Loss in Third Quarter
-----------------------------------------------------
Network CN Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $898,156 on $151,119 of advertising services revenues for the
three months ended Sept. 30, 2013, as compared with a net loss of
$664,759 on $356,480 of advertising services revenues for the same
period a year ago.

For the nine months ended Sept. 30, 2013, the Company reported a
net loss of $2.67 million on $708,074 of advertising services
revenues as compared with a net loss of $129,812 on $1.29 million
of adverstising services revenues for the same period during the
prior year.

The Company's balance sheet at Sept. 30, 2013, showed $1.05
million in total assets, $7.55 million in total liabilities and a
$6.50 million total stockholders' deficit.

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

                        http://is.gd/xTCPou

                          About Network CN

Causeway Bay, Hong Kong-based Network CN Inc. provides out-of-home
advertising in China, primarily serving the needs of branded
corporate customers.

In the auditors' report on the consolidated financial statemetns
for the period ended Dec. 31, 2012, Union Power Hong Kong CPA
Limited, in Hong Kong SAR, expressed substantial doubt about
Network CN's ability to continue as a going concern.  The
independent auditors noted that the Company has incurred net
losses of $1.2 million, $2.1 million and $2.6 million for the
years ended Dec. 31, 2012, 2011, and 2010, respectively.

The Company reported a net loss of $1.2 million on $1.8 million of
revenues in 2012, compared with a net loss of $2.1 million on
$1.8 million of revenues in 2011.


XINYUAN REAL ESTATE: Fitch Rates Sr. Unsec. USD Notes 'B+/RR4'
--------------------------------------------------------------
Fitch has assigned Xinyuan Real Estate Co., Ltd.'s proposed senior
unsecured USD notes an expected 'B+(EXP)'/'RR4' rating. The notes
are rated at the same level as Xinyuan's senior unsecured rating
as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company. The final rating is
contingent on the receipt of final documents conforming to
information already received.

Key Rating Drivers:

Financial strength balances scale: Xinyuan's rating reflects its
solid financial strength, especially in maintaining sufficient
cash to meet short-term debt obligations. Its small scale
constrains its business diversity, with a narrow product mix,
limited geographical spread, and a small number of projects being
sold in a year relative to peers. Xinyuan's low EBITDA margin of
about 13% on a five-year rolling average basis reflects that it is
susceptible to sudden sharp home price swings, such as that in
2008.

Asset-light small homebuilder: Xinyuan's small holding of property
development assets give its creditors less protection in the event
of asset liquidation. Its land bank by saleable gross floor area
(GFA) of 1.6m sqm was less than half of the size of similarly
rated peers. Xinyuan's contracted sales of CNY3.9bn in the first
nine months of 2013 and Fitch's expectation of record presales in
4Q13 suggest the company can achieve contracted sales above CNY5bn
this year, comparable to other 'B+' rated Chinese homebuilders.

Land cost affects margin: Xinyuan's high proportion of land cost
versus its selling price kept profit margin low. Land cost has
been between 20% and 30% of its average selling prices (ASP). This
is compared with less than 20% for most Chinese homebuilders. The
higher proportion of land cost was in part due to its land being
acquired in land auctions and also partly because Xinyuan's fast
turnover business model does not allow for much land price
appreciation, given the short lead time between land acquisition
and the start of presales. However, the company aims to partly
mitigate this acquiring land plots through negotiated land
auctions, whereby land costs may be closer to 20% of ASP.

Healthy credit metrics: Xinyuan has been in a net cash position
since 2011. Its low inventory levels are a result of its high
asset turnover strategy, thus minimising investments in
development properties. Fitch expects the company's 2013
contracted sales/total debt ratio to be between 2.5x and 3.0x,
making it the highest among Fitch-rated Chinese homebuilders.

Replicating home base success: Xinyuan has developed 24 projects
since 2001, 16 of which are in Zhengzhou. Since 2007, Xinyuan has
replicated its successful Zhengzhou developments in other cities.
This has helped Xinyuan gain new markets in Jinan, Kunshan,
Chengdu, Suzhou and Xuzhou. These new markets are now growth
opportunities for Xinyuan.

Undergoing faster expansion: The USD109m of equity and convertible
debt it raised from private equity investor TPG Asia VI SF in
September 2013, followed closely by this proposed notes issuance,
shows that the company will continue to accelerate its growth plan
in 2014. Prior to these fund raisings, its land bank has already
grown by 33% from 1.2m sqm in 2012. Fitch expects these expansions
to increase Xinyuan's net debt/adjusted inventory towards 25% in
2014 from a net cash position of USD15m in September 2013.

Rating Sensitivities:

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- reduction of scale as reflected by a fall in GFA land bank to
less than two years
-- contracted sales falling below CNY5bn
-- net debt/adjusted inventory rising above 25%
-- changes to its fast turnover model where contracted sales/gross
debt fall below 1.5x

Positive: Positive rating action is not expected in the next 18-24
months due to Xinyuan's small operational scale and lack of
business diversification. However, future developments that may,
individually or collectively, lead to positive rating action
include:

-- significant increase in scale as reflected by contracted sales
exceeding CNY15bn
-- increase in business diversification by geography, by product
mix as well as in presence in a greater number of cities
-- maintaining a strong financial profile


XINYUAN REAL ESTATE: S&P Puts 'B+' Rating on US$ Sr. Unsec. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
and 'cnBB' Greater China regional scale rating to the proposed
issue of U.S. dollar-denominated senior unsecured notes by Xinyuan
Real Estate Co. Ltd. (B+/Stable/--; cnBB/--).

The ratings reflect S&P's view of the company's small land bank,
and revenue and geographic concentration risks stemming from a
limited number of projects.  The rating also reflects the
potential execution risk associated with Xinyuan's domestic and
overseas expansion.  The company's disciplined financial
management, good market position in Zhengzhou, and established
operating record temper these risks.

The rating on the proposed notes is subject to S&P's review of the
final issuance documentation.  Xinyuan intends to use the proceeds
to refinance its onshore borrowings, to invest in new projects and
for general corporate purposes.

S&P has equalized the issue rating to the corporate credit rating
because it believes Xinyuan's ratio of priority debt to total
assets will likely remain below its notching threshold of 15% for
speculative-grade issuers.  S&P notes that the company targets to
increase the proportion of offshore debt and manage its cash flows
and onshore debt to keep the ratio below 15%.

Standard & Poor's has reviewed its ratings on Xinyuan, which it
labeled as "under criteria observation" after publishing its
revised corporate criteria on Nov. 19, 2013.  Standard & Poor's
expedited the review of its ratings on Xinyuan because of the
company's announced debt issue.  With S&P's criteria review of
Xinyuan complete, it has confirmed that its ratings on this issuer
are unaffected by the criteria changes.


* Fitch Says Chinese Developers' Overseas Projects Opportunistic
----------------------------------------------------------------
Fitch Ratings says that Chinese property developers' highly
publicized overseas forays this year are opportunistic, and not
symptomatic of a gradual diversification away from China. The
overseas projects, despite their large headline sales numbers,
remain very small relative to the scale of the companies' onshore
operations, particularly when it comes to profitability.

There has been significant media publicity of overseas projects
undertaken by large Chinese developers this year. The list
includes Greenland Holding Group Company Limited's (Greenland,
'BBB-'/Stable) projects in New York, Los Angeles, Jeju Island and
Sydney; Dalian Wanda Commercial Property Co. Ltd.'s (Wanda,
'BBB+'/Stable) project in London; and China Vanke Co Ltd's (Vanke,
'BBB+/Stable) project in San Francisco. Even smaller developers
are venturing overseas, for instance Xinyuan Real Estate Co. Ltd's
(Xinyuan, 'B+'/Stable) foray into New York and Modern Land (China)
Co., Limited's (Modern Land, 'B'/Stable) project in Texas.

However, these projects have limited impact on these companies'
operations. Fitch estimates that none of these companies' overseas
sales will account for more than 5% of their expected 2014 sales.
In addition, these companies enjoy high EBITDA margins: Greenland,
Wanda, Vanke, Xinyuan, and Modern Land achieved estimated EBITDA
margins of 19%, 36%, 23%, 27%, and 32%, respectively in 1H13.
These levels are far above the margins of developers in the US and
UK, where single digit EBITDA margins are the norm. Furthermore,
the Chinese developers will face a significant learning curve in
their overseas markets, particularly in the areas of legal and
operational peculiarities, which will likely further erode their
margins.

The true motivations for these overseas forays are more nuanced.
First, trophy projects in what are viewed as international cities
enhance the companies' appeal and brand value in their core local
markets. Second, the developers are catering to their domestic
customers' wish to buy property overseas. This is supported by the
fact that many end-buyers of the overseas developments are Chinese
nationals who are venturing overseas partly due to very tight home
purchase restrictions in major Chinese cities. The fact that
Country Garden Holdings Company Limited, a developer of more mass
market projects in smaller cities China, chose to venture into
Malaysia, a country with a far less expensive property market than
either US or UK, further supports the argument that the developers
are catering to their existing customers' needs.

For these reasons, Fitch expects that Chinese companies will
continue to embark on overseas projects. However, because it is
not economically vital to their operations, these forays will
remain opportunistic, except Wanda who has strategically planned
to expand its hotel operation overseas. The companies are under no
pressure to expand overseas unless opportunities arise with
appropriate timing, scale, and local partners.



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H O N G  K O N G
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PHYSICAL PROPERTY: Incurs HK$43,000 Net Loss in Third Quarter
-------------------------------------------------------------
Physical Property Holdings Inc. filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss and comprehensive loss of HK$43,000 on HK$278,000 of
total operating revenues for the three months ended Sept. 30,
2013, as compared with a net loss and comprehensive loss of
HK$101,000 on HK$248,000 of total operating revenues for the same
period during the prior year.

For the nine months ended Sept. 30, 2013, the Company reported a
net loss and comprehensive loss of HK$223,000 on HK$781,000 of
total operating revenues as compared with a net loss and
comprehensive loss of HK$373,000 on HK$624,000 of total operating
revenues for the same period a year ago.

The Company's balance sheet at Sept. 30, 2013, showed HK$9.73
million in total assets, HK$11.48 million in total liabilities,
all current, and a HK$1.75 million total stockholders' deficit.

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

                       http://is.gd/Huxam2

                     About Physical Property

Located in Hong Kong, Physical Property Holdings Inc., through its
wholly-owned subsidiary, Good Partner Limited, owns five
residential apartments located in Hong Kong.  The Company was
incorporated in the State of Delaware.



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A D INDUSTRIES: CRISIL Lowers Ratings on INR100MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of A D Industries Pvt Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'.
The downgrade reflects ADIPL's overdrawing of its cash credit
facility for over 30 days on account of weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                50     CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Proposed Cash
   Credit Limit               50     CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

ADIPL is also exposed to risks related to intense competition in
the textile industry and its modest scale of operations. However,
ADIPL benefits from the extensive experience of its promoter in
the textile industry.

ADIPL was established by Mr. Gouranga Roy in December 2008. The
company began commercial operations in March 2010. It trades on a
wholesale basis in ready-made garments such as T-shirts, shirts,
jeans, trousers, woollen clothes, and babywear.


AEZ INFRATECH: CRISIL Upgrades Rating on INR100MM Loan to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facility of
AEZ Infratech Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        100     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects the absence of any instances of
overdrawn cash credit limits beyond 30 days, over the 6 months
through September 2013, supported by healthy bookings received for
its ongoing projects, and the consequent sizeable customer
advances. AEZ is executing two residential projects with a total
saleable area of 767,000 square feet. Of these, one project is in
Rishikesh (Aloha) and another in Gurgaon (Aloha). The company
launched Aloha-Rishikesh in 2006-07, and is expected to complete
the project by March 2014. AEZ already booked around 96 per cent
of its total 180 flats as on 30 September, 2013, and received
around 68 per cent of its total revenue as customer advances. The
company has expended around 94 per cent of total estimated costs
of INR630 million as on March 31, 2013.

AEZ launched the Aloha-Gurgaon project in 2006-07, and is expected
to complete the project by September 2014. The company has
received bookings for 100 per cent of its total 186 flats as on 30
September, 2013, and received around 70 per cent of the total
revenue from the project as customer advances. AEZ has expended
around 95 per cent of total estimated cost of INR1300 million as
on March 31, 2013. CRISIL believes that AEZ's liquidity has
improved but will remain weak due to its working-capital-intensive
operations, and delays in project execution leading to stretched
customer advances. However, the absence of plans to undertake any
additional projects over the medium term, will support the
company's liquidity.

The rating reflects AEZ's exposure to geographical concentration
risks in its revenue profile, and its susceptibility to downturns
in the real estate sector. These rating weaknesses are partially
offset by the promoters' extensive experience in the real estate
sector.

Outlook: Stable

CRISIL believes that AEZ will continue to benefit over the medium
term, from the promoters' experience in the real estate
development segment. The outlook may be revised to 'Positive' if
the company promptly completes the construction of its ongoing
projects, its booking progress is better-than-expected, and
sizeable sales realisation results in strong cash flows and
comfortable liquidity. Conversely, the outlook may be revised to
'Negative' if AEZ faces any delays in project implementation
leading to time and cost overruns, or lower-than-expected
realisations; or contracts more-than-expected debt, thereby
weakening its financial risk profile.

AEZ is the real estate arm of the AEZ group, promoted by Mr.
Sanjeev J Aeren. AEZ is a real estate developer with operations
across various locations in the National Capital Region. The
company develops residential, commercial, institutional, and
recreational properties.

AEZ on provisional basis reported an operating income of INR235.6
million and a net loss of INR74.3 million for 2012-13 (refers to
financial year, April 1 to March 31), and an operating income of
INR143 million and a net loss of INR59.7 million for 2011-12.


AMARESH RICE: CRISIL Assigns 'D' Ratings to INR190MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Amaresh Rice Mill. The ratings reflect instances of
delays by ARM in repaying its debts; the delays have been caused
by the firm's weak liquidity.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              126      CRISIL D
   Bank Guarantee           1      CRISIL D
   Cash Credit             63      CRISIL D

ARM also has an average financial risk profile marked by highly
leveraged capital structure and weak debt protection metrics and
the firm's limited scale of operations in the fragmented rice
industry. The firm however, benefits from the extensive experience
of ARM's promoters in the rice industry.

Formed in 2005 as a partnership firm, ARM is engaged in milling
and processing of paddy into rice, rice bran, broken rice, and
husk. Its rice mill is in Burdwan (West Bengal). Mrs. Supriya
Hazra manages ARM's day-to-day operations.


ANYONYA COOPERATIVE: Liquidator Sells Movable Assets
----------------------------------------------------
The Times of India reports that the movable assets of the Anyonya
Cooperative Bank Ltd (ACBL) are now being sold off as a part of
the liquidation process.  The bank was taken into liquidation in
2010 after attempts to merge it with other cooperative banks
failed, the report says.

The report says locker racks were moved out of the bank's premises
at Dandiabazaar on November 13.  According to the report, the
process of liquidating movable assets has been started after a
majority of claims of depositors had been settled. Sources said
that an amount of about INR57 crore was settled towards claims of
depositors. The Reserve Bank of India (RBI) has been informed
regarding the claims that the bank could not disburse so far, the
report notes.

According to TOI, ACBL liquidator J R Charel said that around INR9
lakh had been realised so far by sale of movable assets. He said
that the process would continue as movable assets have to be
realised first and only then can immovable assets of the bank like
properties of the bank was well as those kept as guarantee with
the bank can be disposed off, the report relates.

TOI notes that financial mismanagement and inability to recover
loans worth crores of rupees pushed the bank into crisis in 2007.
The bank authorities made several attempts for merging ACBL with
other co-operative banks, but failed. A merger proposal with
Maharashtra-based Saraswat Cooperative Bank fell flat with a
section of Anyonya Bank's staff members stating that they were not
taken into confidence for the merger and even relayed this to the
Saraswat Bank. Following this, the Saraswat Bank pulled out of the
merger and intimated this to the RBI as well, says TOI.

Anyonya Cooperative Bank Ltd went into liquidation in 2010.


APOLLO SOYUZ: ICRA Assigns 'B+' Rating to INR5.75cr Loans
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR5.75
crore fund based bank facilities of Apollo Soyuz Electricals Pvt.
Ltd. ICRA has also assigned a short term rating of '[ICRA] A4' to
the INR10.95 crore fund based bank facilities and INR1.50 crore
non fund based bank facilities of ASEPL. ICRA has also assigned
ratings of [ICRA]B+/[ICRA]A4 to the INR0.30 crore unallocated
amount of ASEPL.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long Term Fund            5.75         [ICRA]B+; Assigned
   Based Limits

   Short Term Non           12.45         [ICRA]A4; Assigned
   Fund Based Limits

   Unallocated Amount        0.30         [ICRA]B+/[ICRA]A4;
                                          Assigned

The ratings are constrained by Apollo Soyuz Electricals Private
Limited's (ASEPL) modest operating scale and high financial risk
profile as evident from the stressed liquidity on account of high
inventory levels following a dip in sales and stretched
receivables resulting in full utilization of bank limits and high
gearing levels. The ratings further incorporate the risks arising
from high customer concentration, albeit the reputed ones and
highly competitive nature of the industry which leads to pressure
on operating margins. Further, the ratings are constrained by the
susceptibility of the company's profitability to inventory risks
since the key raw materials are price sensitive metals. However,
the ratings favourably factor in the long standing experience of
the promoters in the electrical industry, reputed client profile
and favourable outlook for the transformer industry.

Apollo Soyuz Electricals Pvt. Ltd., an ISO 9001:2008 certified
concern, is engaged in the manufacture of oil cooled and dry
transformers in the range of 65 VA to 1000 KVA, reactors/chokes,
and uninterrupted power systems. The company has a registered
office and manufacturing facility at Mahape, Navi-Mumbai.

Recent Results:

ASEPL reported a net profit of INR0.61 crore on an operating
income of INR23.78 crore for the year ending March 31, 2013.


BAJRANG STEEL: ICRA Lowers Rating on INR16.9cr Loans to 'BB-'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR16.9 crore fund based bank limits of Bajrang Steel Sales
Corporation from '[ICRA]BB' to '[ICRA]BB-'. The outlook on the
long term rating continues to be Stable.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund Based Limits     16.9      Downgraded to [ICRA]BB-/Stable

The revision in the rating takes into account significant
deterioration in the financial risk profile of BSSC because of
considerable withdrawal of capital by the partners from the
business in the last two financial years. This has resulted in
BSSC resorting to higher quantum of debt, thereby adversely
impacting the capital structure and debt protection metrics of the
firm. ICRA notes that although there has been infusion of funds in
the first half of the current financial year (H1FY14), the overall
gearing level is likely to remain elevated, at least over the near
term. The rating takes into account the experience of the partners
in the steel industry that has helped BSSC set up a strong dealer
network, and its long association with Tata Steel Limited (TSL),
with the distribution rights for some of TSL products for the
entire North East region of India. The rating, however, also takes
note of BSSC's low bargaining power against TSL resulting in low
profitability, and its exposure to fluctuations in the steel
prices as the firm has to maintain adequate inventory levels to
support its operations. The rating continues to factor in the
exposure to the cyclical nature of the steel industry and the
risks inherent in partnership firms, including the risk of capital
withdrawal. In ICRA's opinion, the ability of the entity to grow
its business while improving its profitability and capital
structure would remain a key rating sensitivity going forward.

BSSC has been promoted by the North East based Lohia Group which
have interests in various businesses including steel, cement,
retail, real-estate and others. Incorporated in 1981, BSSC is an
authorised distributor of TATA Shaktee GC Sheet, Durashine, TATA
Wiron products and HR products (for new projects) for the entire
North East region.

Recent Results
During FY13, BSSC recorded a profit after tax (PAT) of INR0.44
crore on the back of an operating income (OI) of INR169.57 crore
as against a PAT and OI of INR0.59 crore and INR165.18 crore
respectively during FY12.


BHARAT CHEMICALS: ICRA Suspends 'B+' Rating on INR8cr Loan
----------------------------------------------------------
ICRA has suspended the '[ICRA]B+' and '[ICRA]A4' ratings to the
INR12.00 crore bank facilities of Bharat Chemicals.  The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long Term Fund Based        8.00       [ICRA]B+ Suspended
   Limit-Cash credit

   Short Term Non Fund         4.00       [ICRA]A4 Suspended
   Based Limit-Letter
   of credit

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

Set up in 1981 as a partnership firm, Bharat Chemicals is engaged
in the manufacture of Paracetamol and its intermediaries. It has
its registered office in Mumbai with manufacturing unit at
Tarapur, Maharashtra.


BHARAT WOVEN: CRISIL Assigns 'B-' Ratings to INR77.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Bharat Woven Polymers Pvt Ltd.


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

   Cash Credit              15.0     CRISIL B-/Stable

   Letter of credit &
   Bank Guarantee            2.5     CRISIL A4
The ratings reflect the company's weak liquidity due to small cash
accruals against large term debt repayments and working-capital-
intensive operations. The ratings also reflect the company's weak
financial risk profile marked by small net worth, high gearing,
and weak debt protection metrics, and its modest scale and nascent
stage of operations. These rating weaknesses are partially offset
by the benefits that BWPPL derives from its promoters' extensive
experience in the poly propylene (PP) woven bags industry and its
established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that BWPPL's liquidity will remain weak over the
medium term due to its small cash accruals against large term debt
repayments. The outlook may be revised to 'Positive' if there is
improvement in the company's financial risk profile owing to
higher-than-expected cash accruals, efficient working capital
management, and funding support from the promoters. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the company's financial risk profile, particularly its
liquidity, on account of lower-than-expected cash accruals or
higher-than-expected working capital requirements or any further
debt-funded capital expenditure.

Incorporated in July 2011, BWPPL is engaged in the manufacturing
of PP woven sacks, which are used for packaging in various
industries such as rice, cement, and sugar. The company has its
manufacturing unit at Nalgonda (Andhra Pradesh), which commenced
operations in September 2012. BWPPL is promoted by Mr. K Subhash
Chandra Bose.


BLEND COLOURS: ICRA Reaffirms 'BB' Ratings on INR9cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]BB' assigned to
the INR8.00 crore fund based limits and INR1.00 crore unallocated
limits of Blend Colours Private Limited. ICRA has also reaffirmed
the short term rating of '[ICRA]A4' assigned to the INR4.00 crore
non fund based limits of BCPL. The outlook on the long term rating
is stable.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long term fund        8.00        [ICRA]BB Stable (reaffirmed)
   based limits

   Long term un-         1.00        [ICRA]BB Stable (reaffirmed)
   allocated limits

   Short term non-       4.00        [ICRA]A4 (reaffirmed)
   fund based limits

The rating reaffirmation factors in BCPL's long track record as an
established manufacturer of Masterbatches, the rise in demand for
Masterbatches as reflected in the growth in revenues over the last
three years and the positive demand outlook owing to the rapid
growth of the Plastic industry, a key consumer of Masterbatches.
The rating however remains constrained by the project risk
associated with a majority debt funded capacity expansion aimed at
doubling the present capacity, high competitive intensity in the
industry due to low entry barriers and the vulnerability of
profitability to the fluctuations in the prices of polymer on
account of low bargaining power with suppliers and customers,
although the company has been able to largely pass on the input
cost increases in the past. The rating is further constrained by
BCPL's modest scale of operations in relation to the overall size
of the Masterbatches industry and its weak financial profile
characterized by high TOL/TNW of 3.22 times as on 31st March, 2013
on account of debt funded capital expansion, high working capital
borrowings and moderate coverage indicators with OPBITDA/Interest
of 2.25 times in FY 13.

Blend Colours Private Ltd. was incorporated in the year 1998-99
with an initial capacity of 300 MTPA and is in to the production
of masterbatches and compounds. It was promoted by Mr. Sharad
Rathi. Currently, company has two manufacturing units with a
combined annual capacity of 11,940 MT (Unit I at Kattedan - 7200
MTPA and Unit II at Mankhal - 4740 MTPA) in Hyderabad, Andhra
Pradesh with the third facility being under construction. BCPL's
products include masterbatches and compounds ranging from White,
Black, Colour, Additive & Special Effect masterbatches.

Recent Results

BCPL has, for the year ended March 31, 2013, reported an operating
income of INR93.29 crore and a net profit of INR2.08 crore as
against INR72.88 crore and INR1.94 crore respectively for 2011-12.


CAPARO POWER: CRISIL Cuts Ratings on INR870MM Loans to 'BB-'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Caparo Power Ltd to 'CRISIL BB-/Stable' from 'CRISIL
BB+/Stable', while reaffirming its rating on the company's short-
term facilities at 'CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           80      CRISIL A4+ (Reaffirmed)

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

   Letter of Credit        100      CRISIL A4+ (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility       20      CRISIL BB-/Stable (Downgraded
                                    from 'CRISIL BB+/Stable')

   Term Loan               800      CRISIL BB-/Stable (Downgraded
                                    from 'CRISIL BB+/Stable')

The rating downgrade reflects CPL's stretched liquidity as the
increase in its working capital requirements led to full
utilisation of its bank limits. The fall in the rupee value
resulted in an increase in the price of gas, which the company
needs for running its power plant. Moreover, the delay in
realising minimum commitment charges from customers also impacted
its liquidity adversely. Due to these reasons, CPL's cash credit
facility has remained fully utilised over the four months through
September 2013. However, CRISIL believes that the company's
liquidity will improve over the medium term with addition of new
customers, which will lead to an increase in its contracted
capacity and thus higher accruals. CRISIL believes that CPL's
business risk profile will remain stable over the medium term,
backed by the power purchase agreements (PPAs) with its customers.

The ratings reflect the low demand risk faced by CPL on account of
the take-or-pay nature of its PPAs, and its moderate financial
risk profile, marked by moderate gearing. These rating strengths
are partially offset by the high counter-party risk faced by the
company.

Outlook: Stable

CRISIL believes that Caparo Power Limited (CPL) will maintain its
credit risk profile on account of assured off take nature of PPA
leading to low demand risk. The outlook may be revised to
positive, in case of higher-than expected capacity utilization
levels leading to higher accruals and thus improvement in
financial risk profile. Conversely, the outlook may be revised
downwards in case of deterioration in its business risk profile
due to lower than expected off take from customers or shortage in
natural gas leading to deterioration in debt servicing ability.

CPL is a special purpose company operating a 26-megawatt gas-based
power plant in Bawal (Haryana). CPL, earlier known as Bawal Power
Pvt Ltd, was incorporated in 2007-08 (refers to financial year,
April 1 to March 31) for the purpose of constructing and operating
a group captive power project, wherein at least 26 per cent of the
ownership is to be held by the captive users. Also, at least 51
per cent of the annual aggregate electricity generated is for
captive use.

The plant caters to the captive energy requirements of the Caparo
group's joint venture with Maruti Suzuki India Limited (MSIL,
rated CRISIL AAA/Stable/CRISIL A1+) and other MSIL vendors such as
Asahi India, Talbros, Sankei India and Asian Color Coated Ispat
located in the nearby area.


CARBON EDGE: CRISIL Cuts Ratings on INR208.2MM Loans to 'BB+'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Carbon
Edge Industries Ltd to 'CRISIL BB+/Negative/CRISIL A4+' from
'CRISIL BBB-/Negative/CRISIL A3'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit         100.0     CRISIL BB+/ Negative (Downgraded
                                 from 'CRISIL BBB-/Negative')

   Letter of Credit    600.0     CRISIL A4+ (Downgraded from
                                 'CRISIL A3')

   Term Loan            77.7     CRISIL BB+/ Negative (Downgraded
                                 from 'CRISIL BBB-/Negative')

   Proposed Long-Term   30.5     CRISIL BB+/ Negative (Downgraded
   Bank Loan Facility            from 'CRISIL BBB-/Negative')


   Standby Line of      30.0     CRISIL A4+ (Downgraded from
   Credit                        'CRISIL A3')

The rating downgrade reflects the deterioration in CEIL's credit
risk profile with sustained decline in CEIL's profitability levels
and a stretch in its working capital cycle resulting in
deterioration in its debt protection metrics. CRISIL believes that
CEIL's profitability levels will remain subdued over the medium
term on account of its limited pricing flexibility and increased
competitive pressures. Subdued profitability, coupled with its
higher reliance on debt to fund its large working capital
requirements, is likely to constrain any substantial improvement
in the company's debt protection metrics.

CEIL's operating profit margin declined steeply to 4.6 per cent in
2012-13 (refers to financial year, April 1 to March 31) from
around 9.3 per cent in 2010-11. The decline in profitability
margins was on account of continuous decline in coke prices and
increased competitive pressures. As a result, the operating
profits of the company declined to INR54 million in 2012-13 from
INR111 million in 2010-11. There has also been a stretch in the
company's working capital cycle as reflected in an increase in its
gross current assets (GCAs) to 215 days as on March 31, 2013, from
187 days as on March 31, 2011.

The lower profitability levels of the company, coupled with
stretch in its working capital cycle, resulted in higher reliance
on debt to fund its working capital requirements. As a result, the
company's interest coverage and net cash accruals to total debt
ratios declined to 1.6 times and 19 per cent, respectively, for
2012-13 as compared with 2.5 times and 46 per cent in 2010-11.

The rating continues to reflect the benefits that CEIL derives
from its promoters' extensive experience in the coal industry and
its established relationship with customers. These rating
strengths are partially offset by CEIL's large working capital
requirements, its limited pricing flexibility, susceptibility of
its profitability to volatility in raw material prices and foreign
exchange rates, and its exposure to risks relating to cyclicality
in the steel industry.

Outlook: Negative

CRISIL believes that CEIL's debt protection metrics will remain
below average over the medium term on account of its subdued
profitability margins and continued large working capital
requirements. The ratings may be downgraded if there is further
decline in the company's profitability levels or a stretch in its
working capital cycle, thereby adversely affecting its debt
protection metrics. Conversely, the outlook may be revised to
'Stable' if CEIL is able to achieve substantial and sustained
improvement in its profitability margins, while maintaining
healthy revenue growth, or if there is sustained improvement in
its working capital management.

CEIL was acquired by Mr. Vijay Khanna and family in 1991. The
company manufactures low-ash metallurgical coke and coal tar (a
by-product). The company's plant is based in Mundra (Gujarat).


DINESH BROTHERS: ICRA Puts 'B+' Ratings on INR.80cr Loans
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR0.30
crore fund based limit of Dinesh Brothers Private Limited. ICRA
has also assigned a short term rating of [ICRA]A4 to the INR8.70
crore fund based limits and the INR4 crore non fund based limits
of DBPL.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Fund based limits-
   Cash Credit                  0.30        [ICRA]B+ assigned

   Fund based limits-
   Export Packing
   Credit                       3.40        [ICRA]A4 assigned

   Fund based limits-
   Foreign Bill
   Discounting                  5.30        [ICRA]A4 assigned

   Non fund based
   limits-Letter
   of Credit                    4.00        [ICRA]A4 assigned

   Non fund based
   limits-Bank
   Guarantee                    0.50        [ICRA]B+ assigned

   Non fund based
   limits-Letter
   of Comfort                   4.00        [ICRA]A4 assigned

The ratings take into account DBPL's thin profit margins due to
the highly fragmented and low value added nature of the trading
business, and the company's weak financial profile, as indicated
by high working capital intensity and stretched debt protection
metrics. The ratings also take into account the susceptibility of
profit margins to continuity of various export incentives extended
by the Government of India (GoI). With 100% of the sales of the
company being derived from exports, the company remains exposed to
exchange rate fluctuation risks, notwithstanding the benefits
expected to accrue from the current rupee depreciation. The
ratings derive comfort from the long experience of the promoters
in the trading business and the established relationship with
customers which ensure repeat orders and mitigated counterparty
risk to an extent.

Incorporated in 1961, DBPL is engaged in the trading of cast iron
products like manhole grates and covers. These castings are
procured from Group Company, Govind Steel Co. Ltd. (GSCL), which
is engaged in the manufacturing of cast iron and duct iron
products. DBPL is also engaged in the trading of pig iron and
scrap.

Recent Results

As per the provisional results, DBPL registered a profit after tax
of INR0.33 crore on the back of OI of INR40.50 crore during the in
2012-13. In 2011-12, the company registered a profit after tax of
INR0.29 crore on the back of OI of INR33.25 crore.


DM EDUCATION: CRISIL Assigns 'B+' Ratings to INR1.60BB Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of DM Education & Research Foundation.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long-          62.2     CRISIL B+/Stable
   Term Bank Loan
   Facility

   Long Term Loan       1,402.8     CRISIL B+/Stable

   Bank Guarantee          95.0     CRISIL A4

   Cash Credit            140.0     CRISIL B+/Stable

The ratings reflect DMERF's susceptibility to implementation-
related project risks and below-average financial risk profile
marked by high capital structure. These rating weaknesses are
partially offset by established presence of its promoters in
health care and education segment and the benefits derived from
the strategic location of its project.

Outlook: Stable

CRISIL believes that DMERF will benefit from the promoters'
extensive industry experience and strategic location of the
project. The outlook may be revised to 'Positive' if the trust
posts higher-than-expected revenues or completes its project
earlier than expected leading to higher-than-expected cash
accruals, resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the trust
faces significant time or cost overrun or if the trust undertakes
higher-than-expected debt to fund its project leading to
deterioration in its liquidity.

Set up in 2010 as a trust, DMERF set up a medical college-cum-
hospital, DM Wayanad Institute of Medical Sciences (DM WIMS) in
Meppadi, Wayanad. DM WIMS presently manages multi-specialty
hospital and a medical college, both of which commenced operations
since 2013-14 (refers to financial year, April 1 to March 31).


DOOR SANCHAR: ICRA Reaffirms 'BB' Ratings on INR24.33cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating assigned to the INR24.15
crores term loans and INR0.18 crore non fund based limits of Door
Sanchar Hydro Power Private Limited.  The outlook on long term
rating is stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term loans           24.15      [ICRA]BB (stable); reaffirmed

   Non fund based
   Limits                0.18      [ICRA]BB (stable); reaffirmed

The reaffirmation of rating takes into account the lower than
expected performance of the company in FY 13 primarily driven by
less than expected PLFs in certain months of the year due to
natural calamity at the project site. The rating continues to be
constrained by hydrology risks given that there are no deemed
generation clauses, high gearing of the project and the stretched
liquidity position of Sravanthi group which has a 49% stake in the
project .However, rating derives comfort from successful
completion of the project well before the scheduled timeline and
low demand risk given the presence of long-term power purchase
agreement (PPA) with Himachal Pradesh State Electricity Board
(HPSEB) at competitive tariffs and energy deficit status in
northern India. The rating also positively factors in the receipt
of capital subsidy from Ministry of New and Renewable Energy
(MNRE) which has been used to repay debt. Going forward, the
ability of the company to meet the designed performance parameters
and availability of adequate water in the catchment area will be
the key rating drivers.

Door Sanchar Hydro Power Private Limited (DSHPPL) has been
promoted by Mr. Rajiv Batra and Sravanthi Group. Mr. Batra and his
wife are the majority share-holders with 51% stake while Sravanthi
group is the minority share-holder holding the remaining 49% share
capital. Sravanthi group is actively involved in the operation of
the project. The group has been founded by Mr. DV Rao, ex-Joint
Managing Director of Lanco Infratech Ltd, where he was
instrumental in developing the power vertical with aggregate
capacity of over 12000MW. Apart from power generation, the group
is also present in EPC business (through Sravanthi Infratech
Private Limited) and power consultancy business (Sravanthi
Consultancy Services Pvt Ltd).

DSHPPL has developed a 5MW (2*2.5 MW) power plant in Himachal
Pradesh. This project is located on Rukti Khad, a tributary of
River Baspa which in turn in a tributary of River Satluj.
In FY13, the company reported net loss of INR1.36 crore on an
operating income of INR6.63 crore.


DWARIKESH SUGAR: ICRA Puts B- Ratings Under Rating Watch Negative
-----------------------------------------------------------------
ICRA has placed the '[ICRA]B-' rating for the INR325.00 crore Fund
Based Limits and INR274.99 crore Term Loan of Dwarikesh Sugar
Industries Limited under "Rating Watch with Negative
Implications".

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limits     325.00      [ICRA]B-
   Term Loans            274.99      [ICRA]B-

   Under Rating Watch with Negative Implications

The rating action takes into account the decision of DSIL to
suspend its operations to oppose the direction of the State
Government to sugar mills for commencing operations for the sugar
year (SY) 2014. DSIL contests that at the then prevailing State
Advised Price (SAP) of INR280/quintal for cane fixed by the UP
Government, most mills will be incurring losses. The UP Government
has subsequently notified the SAP for cane for the current SY 2014
at the same level of INR280/quintal. Given the present
uncertainty, it is difficult as of now to quantify the eventual
impact of this development on DSIL's financial risk profile.
However, ICRA is monitoring the situation and would conclude its
rating action as and when greater clarity emerges.

Dwarikesh Sugar Industries Ltd., promoted by Mr. Gautam R.
Moraraka was incorporated in 1994 by setting up a 2500 TCD Sugar
plant in the sugar rich belt of Uttar Pradesh at Bundki village in
Bijnor District. The Company has been raising its crushing
capacity regularly and the same has since been increased to 21500
TCD. The company currently has three plants viz. Dwarikesh Nagar
(DN), Dwarikesh Puram (DP) & Dwarikesh Dham (DD). DN & DP are
located in Bijnor District of Uttar Pradesh and DD is located in
Bareilly District in Uttar Pradesh. Besides, the Company has
Cogeneration facilities of 17 MW at DN, 33 MW at DP & 36 MW at DD
unit. Out of the above, Company exports 8 MW from DN, 24 MW from
DP & 24 MW from DD unit to State Grid.

The Company at its DN unit has a distillery of 30000 litres per
day, which is capable of manufacturing Industrial Alcohol &
Ethanol.


EXECUTIVE TRADING: CRISIL Assigns 'BB-' Rating to INR50MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
bank facilities of Executive Trading Company Pvt Ltd (ETC).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit          250     CRISIL A4+

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

The ratings reflect the extensive experience of ETC's promoter in
the steel trading business and the company's established
relationships with its customers. These rating strengths are
partially offset by ETC's average financial risk profile marked by
a high leveraged capital structure, and the company's large
working capital requirements and exposure to intense competition
in the steel trading industry, which is marked by low operating
margins.

Outlook: Stable

CRISIL believes that ETC will continue to benefit over the medium
term from its promoter's extensive industry experience and its
established relations with its clients. The outlook may be revised
to 'Positive' if the company registers improvement in its working
capital management or benefits from significant equity infusion by
its promoter, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ETC faces significant pressure on its liquidity mostly likely
because of lengthening of its working capital cycle or in case of
more-than-expected pressure on its overall financial risk profile.

ETC was set up by Mr. Pankaj Surekjha in 1995. It trades in hot-
rolled coils, plates, , and cold-rolled coils and sheets, colour-
coated coils and sheets, as well as tin plates, coils and sheets,
and structural steels. Its registered office is at Mumbai
(Maharashtra).

ETC reported a profit after tax (PAT) of INR7 million on net sales
of INR1624 million for 2011-12 (refers to financial year, April 1
to March 31), against a PAT of INR4.2 million on net sales of
INR2510 million for 2010-11.


G. S. DISTRIBUTORS: CRISIL Ups Rating on INR90MM Loan to 'BB-'
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of G. S.
Distributors Ltd to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL BB-/Stable (Upgraded
                                     from CRISIL B+/Stable)

The rating upgrade reflects CRISIL's belief that GSDL's scale of
operations will continue to grow at an above-average rate over the
medium term, driven by an increase in the volume and diversity of
goods traded, and an expansion into new territories. GSDL will
thus generate higher-than-expected net cash accruals. The upgrade
is also supported by healthy risk coverage and a moderate total
outside liabilities to tangible net worth (TOLTNW) ratio. CRISIL
believes that GSDL will maintain a healthy leverage and risk
coverage ratio, thereby supporting its financial risk profile over
the medium term.

The rating on the bank loan facilities of GSDL reflects the
promoter's extensive industry experience, and the company's low
inventory risk. These rating strengths are partially offset by
GSDL's weak financial risk profile, marked by a low interest
coverage ratio, and stretched liquidity.

Outlook: Stable

CRISIL believes that GSDL's business risk profile will benefit
from the promoter's extensive industry experience, and low
inventory risk over the medium term. However, GSDL's financial
risk profile will remain weak, driven by its large working capital
requirements and low profitability, over the medium term. The
outlook may be revised to 'Positive' if GSDL's financial risk
profile, particularly its interest coverage and liquidity,
improves, driven by better working capital management or an
enhancement in its profitability or capital structure. Conversely,
the outlook may be revised to 'Negative' if the company's
liquidity weakens because of large working capital requirements or
lower-than-expected cash accruals, or a decline in revenue.

GSDL was incorporated in 1997 as a closely held public limited
company by Mr. Gurpreet Singh Rekhi. The company is based in
Ludhiana (Punjab) and trades in gift items, cosmetics, and prepaid
Vodafone SIM cards in Punjab, Haryana, and Himachal Pradesh.

GSDL reported a profit after tax (PAT) of INR1.2 million on net
sales of INR934.9 million for 2012-13, as compared to a PAT of
INR0.8 million on net sales of INR630.8 million for 2011-12.


GAINUP INDUSTRIES: CRISIL Cuts Ratings on INR321.8MM Loans to BB-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gainup Industries India Pvt Ltd to 'CRISIL BB-/Stable' from
'CRISIL BB/Stable', while reaffirming its rating on the company's
short-term facilities at 'CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           15      CRISIL A4+ (Reaffirmed)

   Cash Credit             109.1    CRISIL BB-/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Letter of Credit         50.0    CRISIL A4+ (Reaffirmed)

   Proposed Term Loan       52.7    CRISIL BB-/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Term Loan               160.0    CRISIL BB-/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

The rating downgrade reflects the deterioration in GIPL's business
risk profile, marked by a decline in its operating profitability
due to increased input costs, resulting in lower-than-anticipated
cash accruals. The downgrade also reflects the marginal
deterioration in GIPL's gearing and debt protection metrics with
contraction of additional debt for capital expenditure (capex) and
a longer-than-expected working capital cycle, resulting in higher-
than-expected bank borrowings and debt servicing costs.

The ratings reflect GIPL's integrated operations and its moderate
financial risk profile, marked by moderate capital structure and
debt protection metrics. These rating strengths are partially
offset by the company's exposure to project implementation risks;
its modest scale, and working-capital-intensive nature, of
operations; and the susceptibility of its operating margin to
volatility in raw material prices and foreign exchange rates.

Outlook: Stable

CRISIL believes that GIPL will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry. The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations and profitability,
while improving its capital structure, resulting in improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a considerable decline in GIPL's cash
accruals, deterioration in its working capital management, or
larger-than-expected debt-funded capex, resulting in weakening of
its financial risk profile.

GIPL, incorporated in 1997, manufactures cotton yarn, socks, and
garments. The company's day-to-day operations are managed by Mr. S
Dwarakanathan and his wife, Mrs. D Indra.

GIPL reported a profit after tax (PAT) of INR14.9 million on net
sales of INR827 million for 2011-12 (refers to financial year,
April 1 to March 31), against a PAT of INR19.8 million on net
sales of INR700 million for 2010-11.


GANDHI INSTITUTE: ICRA Ups Rating on INR535cr Loans to 'B+'
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to INR535.00 crore
fund based facilities of Gandhi Institute of Technology and
Management to '[ICRA]B+' from '[ICRA]D' earlier.

The rating revision factors in the correction in delays in debt
servicing. The rating favorably factors in healthy growth in
revenue receipts with a CAGR of 38% from INR60.99 crore in FY 09
to INR221.86 crore in FY 13 backed by increasing enrolments and
revision in fee every year; diversified presence across various
streams viz. engineering, management, pharmacy and degree courses
lending stability to revenue; near 100% occupancy levels for
various programs offered by Vizag and Hyderabad campuses
reflecting the reputation of the institutes.

Further, the rating draws comfort from the established brand of
GITAM with more than 20000 students enrolled for various on and
off campus programs.

The rating is constrained by the large ongoing capex to the tune
of INR600 crore over the next two years towards development of
Bangalore and Hyderabad campuses and setting up medical college at
Vizag campus resulting in increased debt levels which could have
adverse impact on leverage and coverage indicators. Large capex
also resulted in irregularity in debt servicing as the entity
delayed on its debt servicing to support its capex despite having
sufficient unencumbered cash balances as on Mar 31, 2013, which
was much higher than scheduled repayments. Further due to delayed
UGC approval, the enrollments in Bangalore campus were impacted,
and given the high level of investments undertaken by the society
in this campus, its ability to improve the enrollments will be
highly critical for revenues and cash flows. While in the past,
GITAM has been able to maintain the quality of its teaching staff,
its ability to continue the same in a scenario where access to
quality teachers remains an issue for education sector as a whole
remains a challenge. ICRA notes that the performance of new
campuses remains critical for GITAM given the huge investments
undertaken, any weak performance could stretch the cash flows of
the society in medium term.

Going forward, the ability of the society to revise its fee and
intake capacity, attain break even for newly established Bangalore
campus, timely completion of ongoing capex without cost overruns
would remain key rating sensitivities.

Gandhi Institute of Technology and Management (GITAM) founded by
Dr. M.V.V.S.Murthi in the year 1980 is a non-profit educational
society and a Deemed University situated in Visakhapatnam, Andhra
Pradesh. GITAM University comprises seven constituent institutions
viz., (1) Institute of Technology (2) Institute of Management (3)
Institute of Science (4) Institute of Pharmacy (5) School of Law
(6) School of International Business and (7) School of
Architecture. GITAM also has two UGC approved off-campuses at
Hyderabad and Bangalore which offer four year B.Tech, two year MBA
and M.Tech programs. In addition, GITAM also offers several
programs under distance learning mode through 93 study centers
across the country.


GAYATRI IRON: ICRA Reaffirms 'B+' Ratings on INR28cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of Gayatri Iron & Steels
at '[ICRA]B+' for INR28.0 crore fund based limits.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Working Capital         22.75      [ICRA]B+ reaffirmed
   Limits

   Term Loans               5.25      [ICRA]B+ reaffirmed

The rating action takes into account the firm's relatively
moderate scale of operations owing to limited track record; and
vulnerability to raw material price volatility and the cyclicality
inherent in the steel industry. This coupled with limited pricing
flexibility on the back of high competitive intensity of the
industry has continued to exert pressure on the firm's
profitability, as highlighted by the decline in GIS's
profitability margins in FY2013. Additionally the working capital
intensity of the business has continued to remain relatively high;
leading to full utilisation of the working capital limits availed
from the bank. The rating also continues to factor in the firm's
high gearing level and modest debt protection metrics; and risks
inherent in a partnership firm. The rating however draws comfort
from the long experience of the promoters group in the industry,
steady revenue growth achieved by GIS, driven by increased
manufacturing volumes; and fiscal benefits available to the firm
in the form of income tax and excise duty exemptions at its
manufacturing facility. Going forward, the ability of the firm to
increase its scale of operations and maintain its profitability
amid competitive pressures; and improvement in its capital
structure, remain the key rating drivers.

Gayatri Iron & Steels is a partnership firm setup in the year 2010
by Mr. Sharad Goel and Mr. Amit Singhal. GIS is primarily engaged
in the manufacturing of mild steel (MS) Ingots and rolled steel
products like channel, bar, angle, etc. GIS manufacturing facility
situated in the Roorkee, Uttrakhand, with an installed capacity of
39000 TPA for ingots and 36000 TPA for rolled products.

Recent Results

For FY2013, ISCL has achieved an operating income of INR127.54
crore and a net profit of INR1.03 crore.


GOUTHAMI HATCHERIES: CRISIL Cuts Ratings on INR336.2MM Loan to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Gouthami Hatcheries Pvt Ltd (a part of the Gouthami group) to
'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             144.9     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Long-Term Loan          191.3     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in the Gouthami
group's credit risk profile on account of subdued revenue and
profitability. Revenue was lower than expected on account of lower
realisations in the boiler segment and delays in commercialisation
of its dairy unit. The Gouthami group, on provisional basis,
reported revenue of around INR406.3 million for 2012-13 (refers to
financial year, April 1 to March 31).

The downgrade also reflects the Gouthami group's lower-than-
expected accruals for 2012-13 amid pressure on its sales and
profitability. During 2013-14, the Gouthami group's cash accruals
are expected to remain weak to meet its corresponding maturing
term debt obligations. However, the promoters are extending need-
based funding support to the group to meet its maturing debt
obligations as reflected in the equity infusion of INR17.2 million
during 2012-13. The Gouthami group's gearing was higher than
expected at 6.11 times as on March 31, 2013, owing to higher
working capital borrowings and lower-than-expected net worth. The
Gouthami group's gearing is expected to remain high over the
medium term owing to its incremental working capital requirements

The rating continues to reflect the Gouthami group's weak
financial risk profile, marked by high gearing and weak debt
protection metrics, and its vulnerability to intense competition
and to risks inherent in the poultry industry. These rating
weaknesses are partially offset by the benefits that the Gouthami
group derives from its promoters' extensive experience in the
poultry industry and its established relationships with its major
customers.

The Gouthami group, on a provisional basis, reported profit after
tax (PAT) of INR13.6 million on net sales of INR406.3 million for
2012-13 as against PAT of INR7.2 million on net sales of INR210
million for 2011-12.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of GHPL and Sujatha Feeds Pvt Ltd (SFPL).
This is because both these companies, together referred to as the
Gouthami group, are under the same management team. Moreover, both
GHPL and SFPL have considerable operational and business linkages
with each other.

Outlook: Stable

CRISIL believes that the Gouthami group will continue to benefit
over the medium term from its promoters' extensive experience in
the poultry farming and hatchery business and its established
relationship with its key customers. The outlook may be revised to
'Positive' if the group successfully implements its ongoing
project, thereby resulting in improvement in its scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if the revenues and profitability are less-
than-expected, or if there are further delays in the stabilisation
of the Gouthami group's on-going project, or in case its working
capital management deteriorates, thereby negatively impacting its
liquidity.

GHPL, set up in 1999, is in the poultry business; it produces
hatching eggs and broiler birds. SFPL, set up in 2009,
manufactures poultry feed. It is currently setting up a dairy
unit. The Gouthami group, which comprises GHPL and SFPL, is
promoted by Mr. D Srinath Reddy and his wife, Mrs. D Lokeshwari.



HYDROTECH PARYAVARAN: ICRA Reaffirms 'B+' Rating on INR6cr Loans
----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating to the INR6 crore (enhanced
from INR2 crore) fund based limits of Hydrotech Paryavaran (India)
Private Limited. ICRA has also reaffirmed '[ICRA]A4' rating to the
INR6 crore (enhanced from INR4.40 crore) non fund based facilities
of HPIP. Unallocated limit for INR2.60 crore has been reduced to
Nil.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based limits       6.0        [ICRA]B+ reaffirmed/
                                      assigned

   Non fund based
   facilities              6.0        [ICRA]A4 reaffirmed/
                                      assigned

The reaffirmation of ratings continues to factor in HPIP's small
scale of operations in its core business of water management
solutions and the highly competitive and fragmented nature of the
industry with stiff competition from unorganized and regional
players. Further, the contracts executed by HPIP are mainly fixed
price contracts with execution period varying from 8 -12 months
which exposes the company to raw material price risk. These
factors have resulted in modest and variable profitability
indicators and limited cash generation from operations. Given the
industry dynamics, ICRA does not expect any significant
improvement in the same in the medium term. However the ratings
draw comfort from the professional and experienced promoters of
HPIP with long track record in water management business and
satisfactory demand outlook for the company's products. Going
forward, the company's ability to increase its scale of operations
while maintaining working capital intensity and ability to
diversify across various segments would be the key rating
sensitivities

Hydrotech Paryavaran (India) Private Limited is promoted by
Mr.Ashish Arora. The company is an integrated water solutions
company in water and wastewater treatment industry and provides
turnkey solutions in the water management space. It offers
complete water & wastewater treatment solutions in the commercial,
industrial and municipal segment of water industry.

HPIP reported a net profit of INR0.97 crores on an operating
income of INR22.98 crores in FY13 as against net profit of INR0.75
crores on an operating income of INR17.79 crores in FY12.


IDBI BANK: S&P Lowers ICR to 'BB+/B'; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
foreign currency issuer credit rating on India-based IDBI Bank
Ltd. to 'BB+/B' from 'BBB-/A-3'.  The outlook on the long-term
rating is negative.

S&P also lowered the issue ratings on the bank's senior debt to
'BB+' from 'BBB-', subordinated debt to 'BB-' from 'BB+', and
junior subordinated debt to 'B' from 'B+'.  At the same time, S&P
lowered its long-term ASEAN regional scale rating and Greater
China regional scale rating on the bank's outstanding senior debt
by one notch to 'axBBB' and 'cnBBB', respectively.

"We downgraded IDBI because we expect the bank's asset quality to
remain weak over the next 12-18 months," said Standard & Poor's
credit analyst Amit Pandey.

S&P revised its assessment of the bank's risk position to
"moderate" from "adequate," as S&P's criteria define those terms.
Accordingly, S&P lowered the bank's stand-alone credit profile to
'bb' from 'bb+'.

Standard & Poor's Ratings Services bases its rating on IDBI on the
bank's "adequate" business position, "moderate" capital and
earnings, "moderate" risk position, "average" funding, and
"adequate" liquidity, as S&P's criteria define those terms.  S&P
still sees a "very high" likelihood that the government of India
(unsolicited rating BBB-/Negative/A-3) will provide timely and
sufficient extraordinary support if the bank comes under financial
distress.

"We expect IDBI's credit costs to remain high because of the
bank's weak asset quality," said Mr. Pandey.  The bank has grown
cautiously over the past few years.  However, the nonperforming
loans (NPLs) in its large infrastructure loan book could rise,
given the currently tough economic conditions in India.  In S&P's
view, this could lead to higher average credit costs.  Moreover,
IDBI's loan book is fairly concentrated in terms of single-name
exposure.  Until recently, IDBI was able to limit the rise in its
NPLs better than other large public sector banks that S&P rates.
However, the performance worsened in the first half of this year.

IDBI's capitalization is "moderate," in S&P's opinion.  The bank's
risk-adjusted capital ratio (pre diversification) under Standard &
Poor's framework was 6.3% as of March 31, 2013.  The ratio is
likely to remain at similar levels for the next two years, given
S&P's expectation of slower growth for the bank.  S&P has also
factored in the government's recent announcement that it will
infuse Indian rupee (INR) 18 billion capital into the bank.  S&P
anticipates that IDBI's earnings profile will remain weaker than
its peers' because of low margins and higher credit costs.  That
said, earnings and the government capital infusion are likely to
be sufficient to support moderate growth, leading to stable
capital levels.

The negative outlook on IDBI reflects the outlook on the rating on
India.  S&P could lower the rating on the bank if it lowers the
sovereign rating.

"We could lower the bank's stand-alone credit profile to 'bb-' if
the improvement in bank's funding profile stalls or if the asset
quality weakens substantially," said Mr. Pandey.  "However, we may
not lower the rating because the bank will continue to benefit
from the "very high" likelihood of government support."

The stand-alone credit profile would have to be lowered by two
notches to 'b+' for the rating on IDBI to be lowered.  S&P views
such a scenario as remote for the next two years at least.

S&P could revise the outlook on IDBI to stable if it takes a
similar action on the sovereign rating.


INDIAN TERRAIN: CRISIL Ups Ratings on INR673.5MM Loans to 'BB'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Indian
Terrain Fashions Ltd to 'CRISIL BB/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              335.0    CRISIL BB/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

   Long-Term Loan           225.8    CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit
   Bill Discounting          52.0    CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Long-Term Loan            47.7    CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit          65.0    CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit          65.0    CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Letter of Credit           5.0    CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

The rating upgrade reflects the expected improvement in ITFL's
liquidity over the medium term, marked by generation of healthy
cash accruals as compared to its repayment obligations. The cash
accruals are expected to improve to around INR73 million in 2013-
14 (refers to financial year, April 1 to March 31) from INR56
million in 2012-13. The improvement in cash accruals is driven by
healthy growth in revenue and improvement in operating
profitability. The company is expected to report healthy growth in
revenue for 2013-14 marked by healthy demand for branded apparels.
The company reported revenue of INR1.05 billion in the first half
of 2013-14 as against INR720 million in the corresponding half of
2012-13.

The ratings reflect the company's extensive brand recall in the
domestic readymade garment industry. This rating strength is
partially offset by ITFL's below-average financial risk profile,
marked by high gearing and exposure to intense competition from
global and Indian brands.

Outlook: Stable

CRISIL believes that ITFL will continue to benefit over the medium
term from its established brand in the domestic RMG industry. The
outlook may be revised to 'Positive' if the company's capital
structure significantly improves, supported by sustained increase
in cash accruals or on account of improvement in its working
capital cycle. Conversely, the outlook may be revised to
'Negative' if ITFL undertakes a large debt-funded capital
expenditure programme, or in case of delay in realisation of
receivables, leading to further weakening in its financial risk
profile.

ITFL was incorporated in September 2009. The domestic retail
division of Celebrity Fashions Ltd was demerged into ITFL with
effect from 1st April 2010. The company retails readymade
garments, such as shirts, trousers, T-shirts, jackets, and
sweaters.


INDUS PAPER: ICRA Reaffirms 'B' Ratings on INR10.83cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' to the
INR5.50 crore fund based facility and INR5.33 crore term loan
facilities of Indus Paper Board Private Limited. ICRA has also
reaffirmed the short-term rating of '[ICRA]A4' to the INR4.00
crore short-term non-fund based facilities of IPBPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund           5.50       [ICRA]B reaffirmed
   Based Limits

   Long Term Loans          5.33       [ICRA]B reaffirmed

   Short-term Non-          4.00       [ICRA]A4 reaffirmed
   Fund Based Limits

The reaffirmation of ratings takes into account the modest size of
IPBPL's operations and its weak financial profile as reflected by
its adverse capital structure, weak coverage indicators, high
working capital intensity and its stretched liquidity position.
The ratings also factor in the lack of product diversification and
vulnerability of the contribution margins and thus profitability
of the company to waste paper price fluctuations & currency
fluctuations.

The ratings however favourably factor in the strengths derived
from being part of the Origami Group, one of the major players in
the tissue paper business, in terms of revenue stability to IPBPL
and access to established customer base as well as conversion
facilities at numerous locations. The ratings also factor in the
healthy demand indicators from end-user industries and the
improvement in the profitability margins since FY 11 mainly due to
improved plant capacity utilization levels and increased
proportion of converted products in the sales mix.

Indus Paper Boards Private Limited was incorporated in July 1990
and commenced its operations with the production of tissue paper
in the year 1994-95 from its plant located at Nagpur. During FY
11, the company was taken over by the promoters of 'ORIGAMI'
group, Bangalore. Origami group is one of the major convertors in
the country and has 7 converting units. With the above
acquisition, the Origami group has backwardly integrated its
operations and now has presence in the entire value chain. IPBPL
has an installed capacity of 5,400 MTPA for manufacturing of
tissue paper and a capacity of 2,160 MTPA for manufacturing of
converted products. The 'converted products' are sold to the end
consumers under 'Origami' brand.

Recent Results

For the year FY 12, the company reported an operating income of
INR27.40 crore and profit after tax of INR0.95 crore. For the year
FY 13, the company reported an operating income of INR30.59 crore
and profit after tax of INR0.49 crore.


INDUS SMELTERS: ICRA Suspends 'BB-' Rating on INR14.75cr Loans
--------------------------------------------------------------
ICRA has suspended the '[ICRA]BB-' rating assigned to the INR14.75
crore term loans and fund-based facilities of Indus Smelters
Limited. ICRA has also suspended the [ICRA]A4 rating assigned to
the INR0.25 crore non-fund based facilities of ISL. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


KOCHAR INFOTECH: ICRA Assigns 'BB+' Ratings to INR29cr Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA] BB+' to the
INR20.0 crore long-term fund based facilities and INR9.0 crore
term loans of Kochar Infotech Private Limited. The outlook on the
long-term rating is 'Stable'.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-Term Fund        20.0        [ICRA]BB+(Stable) assigned
   Based Limits (CC)

   Term Loans             9.0        [ICRA]BB+(Stable) assigned

The assigned rating takes into consideration the two decades of
experience that Kochar Infotech Private Limited's promoters have
in the IT services industry. It also factors in healthy operating
margins on account of their presence in the high-end data support
services segment marked by limited competition, a well reputed
client base comprising top telecom companies and established
market presence across eight cities providing access to a larger
user base. The rating is, however, constrained by the company's
modest scale of operations resulting in limited pricing and
bargaining power, vulnerability to a slowdown in telecom sector as
witnessed in FY13 and deterioration in financial profile in line
with decline in revenues and profitability indicators. ICRA
further notes the high service concentration risks of the company
with BPO services accounting for ~90% of total revenues. The
company's ability to reduce its dependency on the BPO service
segment, scale up its relatively high margin software and
application development business and diversify its client profile
into other industries, remains a key rating sensitivity.

The Kochar Group, incorporated in 1887, is a private sector
business house consisting of a group of companies with interests
in Information Technology, Consulting, BPO & KPO Services, and
Textiles. Kochar Infotech Private Limited, the flagship company of
the Group, offers a framework for monitoring and managing the
Wireless Data User Experience. The company's solution range is
spread across technology tools, knowledge base and delivery
platforms. Their services are used by an extensive list of global
customers and partners such as Idea, Airtel, Aircel, Vodafone,
Reliance Communication etc.

The company's business presence extends to various locations like
Amritsar, Ludhiana, Vadodara, Bangalore, Chennai, Kolkata, Mumbai
and Gurgaon. It operates through more than 200,000 square feet of
work space across its various centres and a workforce of ~4000
employees.

Recent Results

As per audited results for FY13, the company reported a Profit
after Tax (PAT) of INR0.8 crore on an Operating Income (OI) of
INR75.9 crore as against a PAT of INR4.4 crore on an OI of INR80.3
crore in FY12.


KOHIMA ENERGY: ICRA Suspends 'D' Rating on INR19.5cr Loans
----------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]D' assigned to
the INR19.50 crore bank facilities of Kohima Energy Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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

Kohima Energy Private Limited incorporated in 2007 is engaged in
the manufacturing of solar photovoltaic modules. The company has
set up a 25 MW module manufacturing facility near Vishakhapatnam
and the facility was commissioned in January, 2012. This facility
has been set up by the company at a total cost of INR26.00 crores
funded by debt of INR19.50 crores and equity of INR6.50 crores.


KGI CLOTHING: ICRA Rates INR3.10cr Loans at 'BB+/A4+'
-----------------------------------------------------
ICRA has assigned a short term rating of '[ICRA]A4+' to the
INR8.50 crore1 fund based facilities, and INR0.40 non-fund based
facilities of KGI Clothing Private Limited. ICRA has also assigned
a long term rating of '[ICRA]BB+' to the INR3.10 crore proposed
fund based facilities of the company; this facility may carry a
short term rating of '[ICRA]A4+', depending on the tenor of the
instrument.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Short term: Fund          8.50      [ICRA]A4+/assigned
   based facilities

   Short term: Non-          0.40      [ICRA]A4+/assigned
   fund based
   facilities

   Long term Short           3.10      [ICRA]BB+ (stable)/
   term: Fund based                    [ICRA]A4+/assigned
   facilities
   (proposed)

The ratings consider the long standing experience of the promoters
(of over three decades) in the garment industry, reputed customer
profile consisting of players such as Scotch & Soda, Tommy
Hilfiger and RNA Resources and healthy debt protection metrics
characterized by comfortable capital structure and coverage
indicators. The ratings are however constrained by the company's
limited (but improving) scale of operations, which restricts the
benefits of scale economies and pricing flexibility, high client
concentration risk (with the top three customers contributing 64%
of sales in 2012-13) and demand risk arising from large sales
concentration to European Union. Albeit lower scale, the operating
margins have witnessed improvement in the last two years supported
by better realizations (from its reputed clientele) and favourable
currency movements. However higher finance costs, with rising debt
levels, has kept the net margins stable. Going forward, the
company's ability to broad base clientele and scale up operations,
improve margins amidst rising input costs would be critical to
improve the cash accruals and networth position.

KGI Clothing Private Limited was established in the year 2003, and
is involved in the manufacturing and export of garments. It is
involved in the export of woven and knitted garments largely for
men's segment The Company produces shirts and T-shirts, which are
largely exported to Europe, Canada and Japan. The company's
manufacturing unit is located in Chennai and Tirupur for handling
woven and Knitted garments respectively. Around 50% of the
activities are outsourced to local job workers, who cater
exclusively to the company's requirement.

Recent Result

The Company reported a net profit of INR1.0 crore on an operating
income of INR39.9 crore in 2012-13 against a net profit of INR0.6
crore and operating income of INR31.6 crore in 2011-12.


MANAV INFRA: CRISIL Upgrades Rating on INR800MM Loan to 'BB'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Manav Infrastructure Pvt Ltd to 'CRISIL BB/Stable' from 'CRISIL
BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Term Loan       800.0    CRISIL BB/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

The rating upgrade reflects CRISIL's belief that MIPL will
maintain its healthy liquidity over the medium term. The company's
liquidity is supported by repayment of its term loans-the company
currently has no bank debt outstanding and support from its
promoters in the form of unsecured loans and equity, which stood
at INR720 million as on September 30, 2013. The upgrade also
factors in timely completion of construction of MIPL's project.
While the company witnessed lower-than-expected bookings for its
project, CRISIL believes that MIPL's liquidity will remain
healthy, given its expected healthy cash flows against nil term
loan obligations.

The rating reflects MIPL's established presence in Gujarat's real
estate sector. The rating strength is partially offset by MIPL's
susceptibility to risks related to project offtake and exposure to
risks inherent in the real estate sector.

Outlook: Stable

CRISIL believes that MIPL will continue to benefit from its
established regional presence and its promoters' experience in the
real estate business. The outlook may be revised to 'Positive' if
the company achieves more-than-expected offtake and customer
advances or sale proceeds. Conversely, the outlook may be revised
to 'Negative' if response to the company's projects is
significantly lower than expected, or if the company initiates
additional large debt-funded projects, leading to pressure on its
liquidity and debt servicing metrics.

Incorporated in 2007, MIPL is engaged in construction of
residential projects in Ahmedabad (Gujarat). The company is part
of the Ahmedabad-based Shree Balaji group, which has interests in
construction of residential and commercial projects, and owns and
operates four petrol pumps in Ahmedabad.


PARTH CHEM: ICRA Rates INR18.5cr Long-Term Loans at 'B-'
--------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR18.50 crore long-
term fund based bank facilities of Parth Chem Impex Private
Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term fund          18.50        [ICRA]B- Assigned
   based facilities

The assigned rating is constrained by PCIPL's high financial risk
profile as evident from the stretched liquidity position emanating
from high inventory holding, resulting in consistent
overutilization of bank limits and an adverse capital structure.
Given the trading nature of business, the profitability levels
have remained low and are susceptible to inventory price risk on
the high inventory holding as well as forex risks in the absence
of a formal hedging mechanism. ICRA notes that, the chemical
trading sector is exposed to intense competition from a large
number of unorganized players which exerts pricing pressures.
The rating, however, favourably factors in the established
experience of the directors in the chemical trading business and
growth in operating income, in the past two fiscals, supported by
increased demand.

Incorporated in 2005 as a limited company, Parth Chem Impex
Private Limited is engaged in the trading of industrial chemicals,
which find use in industries like paints, plastic, textiles, soap,
pharmaceuticals, laminates and ceramics.

The company has its registered office in Masjid, Mumbai.

Recent Results
As per its provisional financials for FY 13, PCIPL earned profit
before tax of INR0.61 crore on an operating income of INR95.54
crore.


PRESTIGE FEED: ICRA Reaffirms 'BB+' Rating on INR65cr Loans
------------------------------------------------------------
The ratings of '[ICRA]BB+' and '[ICRA]A4+' have been reaffirmed
for the INR71.85 crore (enhanced from INR57.70 crore) bank limits
of Prestige Feed Mills Limited. The outlook on the long term
rating remains Stable.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund Based Limits     65.00     [ICRA]BB+ (Stable) Reaffirmed

   Non Fund Based
   Limits                 6.85     [ICRA]A4+ Reaffirmed

The ratings continue to be constrained by the high business risks
associated with the edible oil (and related products) industry
including the high competitive intensity and fragmentation;
vulnerability of profitability of domestic edible oil players to
import pressure, volatility in global edible oil prices and
changes in import duty differential between crude and refined oil;
exposure to commodity price and foreign exchange fluctuation risks
and; agro-climatic risks associated with the availability of raw
material. The ratings are also inhibited by the company's modest
financial risk profile as reflected in its low profitability
margins; high gearing levels and modest debt protection metrics.
Nevertheless, while reaffirming the ratings, ICRA continues to
favourably factor in the considerable experience of Prestige's
promoters in the soya business; the company's locational advantage
being situated in the soya belt of the country; favourable demand
prospects for soybean products; integrated nature of the company's
manufacturing operations and presence in the value added edible
grade soya product segment.

Prestige Feed Mills Limited based out of Indore in Madhya Pradesh
is engaged in the manufacture and sale of soybean oil and DOC. It
also undertakes trading of agro-commodities. The company has been
promoted by the Jain family who hold more than two decades of
experience in the soya oil and meal business and are a well known
business group in the region with their "Prestige" brand. The
manufacturing facilities of the company are located in Dewas,
Madhya Pradesh and include a 550 tpd solvent extraction unit and a
100 tpd refinery.

Recent Results

For the year ended 31st March 2013, Prestige Feed Mills Limited
reported an operating income of INR542.39 crore and profit after
tax of INR3.03 crore as against an operating income of INR511.02
crore and profit after tax of INR2.61 crore for FY12.


RALCO EXTRUSION: CRISIL Cuts Ratings on INR99.9MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ralco
Extrusion Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                20     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                  38     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long-Term         26.9   CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Letter of Credit           15.0   CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating downgrade reflects instances of delay in debt servicing
by REPL due to its weak liquidity stemming from delays in
commencement of operations.

The ratings also factor in the company's weak financial risk
profile, marked by high gearing, low net worth, large working
capital requirements, and small scale of operations on account of
the start-up phase of the same. These rating weaknesses are
partially offset by the extensive experience of REPL's promoters
in the aluminum industry.

REPL, incorporated in 2011, manufactures aluminium panels and
channels that are used in the residential, construction,
transport, power, and consumer goods industries, among others. It
has its manufacturing facility, with capacity of 1800 tonnes per
month (tpm) at Palghar (Maharashtra).


RELIABLE SPACES: ICRA Revises Rating on INR128.23cr Loan to 'BB-'
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the term loan
facility of INR128.23 crore (enhanced from INR85 crore) of
Reliable Spaces Private Limited from '[ICRA]BB' to '[ICRA]BB-'.
The long-term rating has been assigned a stable outlook.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Term Loan           128.23       [ICRA]BB- (stable)

The rating revision factors in the low cover of 0.95x of monthly
lease rentals over monthly debt servicing obligations due to
termination of lease by one lessee and reduction in rentals for
another; additional monthly obligation of INR0.9 crore due to
three new term loans to the extent of INR90.23 crore in FY14 has
further deteriorated the cover to 0.55x; aggressive expansion plan
with additional debt of INR63.23 crore availed for construction of
a new commercial building, out of which repayment of INR28.23
crore term loan is scheduled to start from November 2013, but the
construction is at a nascent stage, exposes the company to
significant cash flow mismatches which is dependent on the sale of
land at Ambernath which was acquired by the company in FY13 and
H1FY14; critical dependence on timely remittance of monthly
rentals by lessees in order to ensure timely adherence to debt
servicing obligations; significant inter-company transactions as a
result of which advances made by RSPL to group companies exceed
its own net-worth.

The rating however factors in the attractive location of RSPL's
property -- Reliable Plaza -- in Navi Mumbai and the reputed
client profile; 64% of property leased to Sify Technologies for a
29 year period with a lock-in till May 2016. Further, significant
investments made by the lessees towards fit-outs at the property
mitigate vacancy risks for RSPL. ICRA notes that sale of land at
Ambernath in FY13 resulted in an improvement in the company's debt
coverage metrics and the presence of ~2lakh sq m of free sale land
bank at Ambernath.

Reliable Spaces Pvt Ltd, earlier Reliable Fashions Pvt. Ltd.,
develops and leases out property to corporate customers. RSPL has
leased a plot of land from MIDC at Airoli (Navi Mumbai) on which
it had constructed two buildings. The first had been sub-leased to
Singapore-based Baker Hughes Pte while the second, called Reliable
Plaza (a Ground+7 storey structure with 0.2m sqft of leasable
area) has been rented out on leave and license basis to corporate
like Sify Technologies, Medpace India, Firstsource Solutions.
Building 1 has been demolished and Reliable Plaza phase 2, a G+9
storey building with leasable area of 3 lakh sq ft, will be
constructed in its space adjacent to Reliable Plaza phase 1.


RUCHI ACRONI: ICRA Reaffirms 'BB-' Rating on INR4cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long term rating assigned for INR4.00
crore fund-based limits of Ruchi Acroni Industries Limited at
'[ICRA]BB-'. The outlook on the long term rating has been revised
from 'stable' to 'negative'. ICRA has reaffirmed the rating
assigned to INR96.00 crore non-fund-based limits of RAIL at
'[ICRA]A4'.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits      4.0         [ICRA]BB-(Reaffirmed)
                                      (Negative)

   Non-Fund Based        96.0         [ICRA]A4 (Reaffirmed)
   Limits

The change in outlook from stable to negative reflects the weak
operational profile of the company marked by loss at operating
level in FY13 on account of loss suffered by company in trading of
steel products. The change in outlook also takes into account the
deterioration in coverage indicators like interest coverage (from
0.19 times in FY12 to -1.40 times in FY13).

The rating continues to be constrained by vulnerability of
company's cash flows to adverse movement in exchange rates and
commodity prices on account of lack of order backed procurement
and fixed price agreements. The rating is also constrained by
intensely competitive nature of business and cyclical nature of
steel industry. The rating reaffirmation takes comfort from the
long track record of the promoters in steel and agricultural
commodities trading business, company's diversified client base
and product portfolio.

Going forward ability of the company to improve its profitability
and coverage indicators will be the key rating sensitive factors.

Established in 1979, Ruchi Acroni Industries Limited (RAIL) is
engaged in the business of trading in steel items and agricultural
commodities. RAIL is a trading arm of Ruchi Group and is a closely
held company promoted by Mr. Kailash Shahra and his family
members. RAIL is primarily involved in the trading of steel,
edible oil, soya products, soyabean, wheat, pulses, chemicals and
other agro/ non-agro commodities. Ruchi Group is a reputed
industrial conglomerate in India with interests in businesses
ranging from steel to food products. The Group is actively
involved in soya processing, edible oils, dairy products, cold
rolled sheets and coils, galvanized sheets and coils and a host of
other activities.

Recent Results

For the period 2012-13, the company reported operating income of
INR647.75 crore and net profit of INR0.30 crore as compared to
operating income of INR678.45 crore and net profit of INR0.56
crore for the period 2011-12.


S.R.S. INDUSTRIES: ICRA Suspends 'B' Rating on INR7.5cr Loans
-------------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR7.50
crore fund-based facilities of S.R.S. Industries Private Limited.
ICRA has also suspended the '[ICRA]A4' rating assigned to the
INR1.00 crore non-fund based facilities of SRS. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


SAINOV SPIRITS: ICRA Suspends 'B' Rating on INR75cr Loans
---------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]B' and short-
term rating of '[ICRA]A4' assigned to the INR75.00 crore fund
based facilities of Sainov Spirits Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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

Sainov Spirits Private Limited (Sainov), incorporated in April-
2008 is an alcoholic beverage company promoted by - Mr. Sanjay
Lamba and Mr. Rajesh Mehta. Based in Delhi, the company is engaged
in manufacturing & trading of ENA, manufacturing & marketing of
IMFL and concentrates in India and abroad.


SETHU EDUCATIONAL: CRISIL Assigns 'BB' Ratings to INR200MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Sethu Educational Trust.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                41.2     CRISIL BB/Stable

   Cash Credit              60.0     CRISIL BB/Stable

   Proposed Long-Term
   Bank Loan Facility       98.8     CRISIL BB/Stable

The rating reflects the benefits that SET derives from its
established position in the educational sector. These rating
strengths are partially offset by SET's moderate financial risk
profile marked by low net worth base and high gearing, exposure to
intense competition and regulatory environment governing the
educational sector.

Outlook: Stable

CRISIL believes that SET will benefit over the medium term from
its established position in the educational sector. The outlook
may be revised to 'Positive' if the trust reports significantly
higher than expected revenues and margins, while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if SET undertakes any large, debt-funded capital
expenditure program or records a significant decline in its cash
accruals, resulting in deterioration in its financial risk
profile.

SET, founded by Mr. S. Mohamed Jaleel in year 1995, runs an
engineering college - 'Sethu Institute of Technology' located in
Kariapatti (Tamil Nadu). The college offers eight undergraduate
and eight post-graduate specialization courses in engineering. The
college currently has around 4300 students.

SET recorded a surplus of INR 34.3 million on operating income of
INR284.7 million for 2012-13 (refers to financial year, April 1 to
March 31), against a surplus of INR 19.1 million on operating
income of INR 240.3 million for 2011-12.


SHAKUMBARI SUGAR: ICRA Puts 'B' Ratings Under Rating Watch Neg.
--------------------------------------------------------------
ICRA has placed the '[ICRA]B' and '[ICRA]A4' ratings for the
INR203.39 crores bank facilities of Shakumbari Sugar & Allied
Industries Limited under "Rating Watch with Negative
Implications".

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Limits         50.00       [ICRA]B
   Term Loans                73.49       [ICRA]B
   Non Fund Based Limits     79.90       [ICRA]A4

   - Under Rating Watch with Negative Implications

The rating action takes into account the decision of SSAIL to
suspend its operations to oppose the direction of the State
Government to sugar mills for commencing operations for the sugar
year (SY) 2014. SSAIL contests that at the then prevailing State
Advised Price (SAP) of INR280/quintal for cane fixed by the UP
Government, most mills will be incurring losses. The UP Government
has subsequently notified the SAP for cane for the current SY 2014
at the same level of INR280/quintal. Given the present
uncertainty, it is difficult as of now to quantify the eventual
impact of this development on SSAIL's financial risk profile.
However, ICRA is monitoring the situation and would conclude its
rating action as and when greater clarity emerges.

Shakumbari Sugar & Allied Industries Ltd. is a 98.9% subsidiary of
India Glycols Limited. SSAIL was originally promoted by promoters
of flagship Company Jagran Prakashan Limited of the Jagran Group
in the year 1994. Initially, the sugar mill was started in village
Todarpur, District Saharanpur, UP with an installed capacity of
2500 TCD (Tons Crushing per Day), which was gradually increased to
3200 TCD. Subsequently, IGL acquired controlling stake of 96.56%
in Shakumbari Sugar & Allied Industries Limited (SSAIL) from the
Dainik Jagran group in October 2007. Currently, SSAIL is operating
with a crushing capacity of 7500 tons per day (TCD) (expanded from
5500 tcd in FY14) along with a distillery of 65 kl per day (KLPD)
(expanded from 60 KLPD in FY14), producing rectified spirit,
ethanol and country liquor and an internal bagasse-fired co-
generation plant of 11 MW (for catering to the captive power needs
of the sugar and distillery units).


SHINE METALTECH: ICRA Assigns 'D' Ratings to INR7cr Loans
---------------------------------------------------------
ICRA has assigned a rating of '[ICRA]D' for INR7.0 crore fund
based limits of Shine Metaltech Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           0.60       [ICRA]D (Assigned)
   Term Loans            6.40       [ICRA]D (Assigned)

The assigned rating takes into consideration SMPL's stretched
liquidity profile, resulting in delays in debt servicing as well
as over drawls in working capital limits availed from the bank.
The rating also factors in the company's modest scale of
operations on account of limited track record of operations in its
core business of machining of auto components; and vulnerability
of operations to the slowdown in the auto sector. The rating
however also takes into account, the long experience of the
promoters in the metal fabrication/component industry; SMPL's
healthy profitability margins and its association with Mahindra &
Mahindra Limited (M&M), an established automobile manufacturer.
Steady order inflow from M&M has supported the company's revenue
growth in FY2013, which was the company's first full year of
operations. Additionally the promoter group has also regularly
infused equity to support the operations of the company. Going
forward, timely servicing of debt obligations by SMPL and increase
in its scale of operations, whilst maintaining its profitability
indicators will remain key rating sensitivities.

Shine Metaltech Private Limited is a private limited company
engaged in machining of metal components on job work basis, which
are primarily being used in the auto industry; and its
manufacturing facility is located in Ropar (Punjab). SMPL has been
promoted by members of the Gill family.

Recent Results

For FY2013, the company reported a profit after tax of INR0.41
crore on an operating income of INR4.60 crore.


SHIV INDUSTRIES: ICRA Cuts Ratings on INR18.75cr Loans to 'D'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR15.00 crore fund based facilities of Shiv Industries (Food)
Private Limited from '[ICRA]B-' to '[ICRA]D'.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund Based Limits-           10.00      [ICRA]D downgraded
   Term Loans

   Fund Based Limits-            5.00      [ICRA]D downgraded
   Cash credit

   Fund Based Limits-           (3.75)     [ICRA]D downgraded
   Foreign LC

The rating action factors in the recent delays by SIFPL in meeting
its debt service obligations in a timely manner.

Incorporated in 2009, Shiv Industries (Food) Pvt. Ltd. is
currently engaged in milling of paddy to produce rice and rice
bran. The production facility of the company is located at
Mathurapur, in the district of Murshidabad, with an installed
capacity of 72,000 metric tonne per annum (MTPA). The commercial
production of the company commenced from March 2013.


SHREE RAMESHWAR: CRISIL Assigns 'B' Ratings to INR85MM Loans
------------------------------------------------------------
CRISIL has assigned its CRISIL B/Stable rating to the long-term
bank facilities of M/s. Shree Rameshwar Cotex Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                24.5     CRISIL B/Stable
   Cash Credit              60.0     CRISIL B/Stable
   Proposed Long-Term
   Bank Loan Facility        0.5     CRISIL B/Stable

The rating reflects MSRCI's weak financial risk profile, marked by
high project gearing, expected small scale of operations and
vulnerability of profitability to fluctuations in raw material
prices. These rating weaknesses are partially offset by MSRCI's
low susceptibility to project implementation risks and the
promoters' funding support.

Outlook: Stable

CRISIL believes that MSRCI will benefit from commencement of
commercial production in December 2013, and funding support from
its promoters. The outlook maybe revised to 'Positive' if the firm
reports significantly better-than-expected cash accruals along
with efficient working capital management during its initial phase
of operations. Conversely, the outlook maybe revised to 'Negative'
in the event of any unanticipated delays in commencement of
operations, or lower-than-expected cash accruals, or sizeable
working capital requirements, thereby constraining its liquidity.

MSRCI was set up as a partnership firm in 2013 and is currently
setting up an automated cotton ginning and pressing unit, in Dhrol
(Gujarat). The firm is owned and managed by Mr. Anand
Dharmashibhai Gadara and his family members.


SHRI RAM: CRISIL Cuts Ratings on INR214.6MM Loans to 'BB+'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Shri Ram Multicom Pvt Ltd (part of the Shri Ram Ozone group) to
'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL BBB-/Stable/CRISIL
A3'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          35.4     CRISIL A4+ (Downgraded from
                                     'CRISIL A3')

   Term Loan              132.4     CRISIL BB+/Stable (Downgraded
                                     from 'CRISIL BBB-/Stable)

   Proposed Long-Term
   Bank Loan Facility      82.2     CRISIL BB+/Stable (Downgraded
                                     from 'CRISIL BBB-/Stable)

The downgrade in ratings reflect the deterioration in Shri Ram
Ozone group's financial risk profile on account of larger than
expected debt levels and weak liquidity. The increase in debt is
expected to constrain the group's debt protection metrics over the
medium term. Moreover, the group's Ozone Exotica project has been
delayed by more than six months whereas the repayments on the loan
have commenced. Low realisation of customer advances and slow
implementation of the Exotica project is expected to put pressure
on repayments which may adversely affect the group's financial
risk profile.

CRISIL's ratings continue to reflect the good track record of the
company's promoters in the real estate business. This is partially
offset by the company's modest scale of operations and
concentration in the Dhanbad (Jharkhand) market, the group's
average financial risk profile, and susceptibility to inherent
cyclicality in the real estate sector.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Shri Ram Multicom, Shri Ram Mall Pvt
Ltd, Shri Ram Residency Pvt Ltd and its group entities. This is
because all these entities, together referred to as the Shri Ram
Ozone group, are managed by the same promoters and have fungible
cash flows among them.

Outlook: Stable

CRISIL believes that the Shri Ram Ozone group's business risk
profile will remain constrained because of its moderate scale of
operations and concentration in the Dhanbad market, but supported
by the promoters' good track record. The outlook may be revised to
'Positive' in case the Shri Ram Ozone group reports a substantial
improvement in its business risk profile through diversification
of its operations into different markets, or the company generates
more-than-expected cash flows from its ongoing projects or its
debt protection metrics improve significantly. Conversely, the
outlook may be revised to 'Negative' if the group reports
deterioration in its financial risk profile because of a decline
in its lease rental income or its ongoing project faces
significant time or costs overrun or it is unable to generate the
expected cash flows through customer advances. The outlook may
also be revised to 'Negative' in case the group undertakes any
larger-than-expected debt-funded capital expenditure.

Shri Ram Multicom, set up in 1998, is the flagship company of the
Shriram Ozone group. The company is involved in the business of
renting out and sale of offices, shops, and residential flats. It
is also involved in logistics services, cement trading, and
jewellery businesses. Shri Ram Multicom is also the holding
company for all the real estate special purpose vehicles of the
Shriram Ozone group. The group has a good presence in the Dhanbad
market, with around 10 completed projects and 2 ongoing projects.

Shri Ram Mall was incorporated in 2006 to build malls and
multiplexes in Dhanbad and the surrounding areas. Shri Ram Mall
has an operational mall named Ozone Galleria at Saraidhela in
Dhanbad. The 286,313-square-foot (sq ft) mall commenced operations
in 2008 and has an upcoming hotel of around 49,800 sq ft.

Shri Ram Residency operates a commercial mall named Ozone Plaza in
Dhanbad. The total area of the mall is around 181,740 sq ft and it
commenced operations in 2008-09 (refers to financial year, April 1
to March 31). The Shri Ram Ozone group is also undertaking a
township project in Jharkhand under Shri Ram Residency.

For 2012-13, the Shri Ram Ozone group reported a net profit of
INR39 million on net sales of INR783 million, against a net profit
of INR45 million on net sales of INR670 million for 2011-12.


SIR SHADI: ICRA Puts 'B' Ratings Under Rating Watch Neg.
--------------------------------------------------------
ICRA has placed the long term rating of '[ICRA]B' assigned to
INR10.09 Crore term loans, INR210.50 Crore fund based limits and
INR14.31 Crore of proposed fund based limits of Sir Shadi Lal
Enterprises Limited under "Rating Watch with Negative
Implications". ICRA has also placed the short term rating of
'[ICRA] A4' assigned to INR6.10 Crore non-fund based limits of the
company under "Rating Watch with Negative Implications".

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            10.09       [ICRA]B

   Fund Based Limits    210.50       [ICRA]B
   Proposed Fund

   Based Limits          14.31       [ICRA]B

   Non Fund Based
   Limits                 6.10       [ICRA]A4

   - Under Rating Watch with Negative Implications

The rating action takes into account the decision of SSLEL to
suspend its operations to oppose the direction of the State
Government to sugar mills for commencing operations for the sugar
year (SY) 2014. SSLEL contests that at the then prevailing State
Advised Price (SAP) of INR280/quintal for cane fixed by the UP
Government, most mills will be incurring losses. The UP Government
has subsequently notified the SAP for cane for the current SY 2014
at the same level of INR280/quintal. Given the present
uncertainty, it is difficult as of now to quantify the eventual
impact of this development on SSLEL's financial risk profile.
However, ICRA is monitoring the situation and would conclude its
rating action as and when greater clarity emerges.

Sir Shadi Lal Enterprises Limited, promoted by Sir Shadi Lal in
the year 1933, is a partially integrated sugar manufacturer and is
engaged in the production of sugar and alcohol. It currently
operates two units, one each at Shamli District and Unn District
(Muzaffarnagar, Uttar Pradesh). The company has an aggregate
crushing capacity of 11250 MTPA.


SITARAM BUILDERS: ICRA Places 'BB-' Ratings on INR11cr Loans
------------------------------------------------------------
ICRA has assigned the '[ICRA]BB-' rating to INR11.00 crore long
term bank facilities of Sitaram Builders. The outlook on the long
term rating is stable. ICRA has also assigned the '[ICRA]A4' to
INR4.00 crore of short term non fund based facilities of SB.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long term, Fund         0.80      [ICRA]BB- (stable) assigned
   based limits-
   Term Loan

   Long term, Fund         6.00      [ICRA]BB- (stable) assigned
   based limits-
   Cash Credit

   Long term,              4.20      [ICRA]BB- (stable) assigned
   Unallocated

   Short term, Non         4.00      [ICRA]A4 assigned
   fund based limits-
   Bank Guarantee

The assigned ratings favorably factor in long track record of
promoters in construction sector and their established relations
with various government departments. The firm has healthy
financial profile with comfortable capital structure and adequate
coverage & debt protection indicators. The ratings are however
constrained by susceptibility of revenues to winning the projects
through Government tenders due to high dependence on government
orders which exposes the firm to delays in order inflows. The firm
has a modest order book of INR24.63 crore as on Sep'13 which is
1.13 times of FY13 operating income limiting revenue visibility.
Nevertheless, some of the contracts received by the firm have
short tenure and hence part of the revenue is generated by these
orders which are not included in the outstanding order book.
Further, the scale of operations of the firm remains limited owing
to its presence in limited geographies i.e. Maharashtra - Gujarat
border districts and dependence on small value projects. Going
forward, ensuring timely recovery of debtors and increasing scale
of operations will remain key rating sensitivities.

Established in 1992, SB is a civil contractor and engaged in
executing various civil projects awarded by Government and Semi-
Government organization such as Municipal Corporation, Public Work
Department (PWD), Maharashtra Industrial Development Corporation
(MIDC) and Zilla Parishad (ZP). SB is a proprietorship concern and
promoted by Mr. Babubhai Patel. Initially the firm was taking sub-
contracts from other Government contractors. In 2001, the firm got
registered as a contractor with Government of Maharashtra and
Gujarat.


SRI VENKATESWARA: ICRA Withdraws BB+ LT Rating on INR19.16cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the long term rating of '[ICRA]BB+ (stable)'
and short term rating of [ICRA]A4 assigned to the INR19.16 crore
bank facilities of Sri Venkateswara Pipes Limited as the company
has been merged with Sri KPR Industries Limited with effect from
April 1, 2012.


SRIADITYA AGRI: CRISIL Assigns 'B' Ratings to INR53.8MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
long-term bank facilities of Sriaditya Agri Links Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                31.1     CRISIL B/Stable

   Proposed Long-Term
   Bank Loan Facility        0.7     CRISIL B/Stable

   Bank Guarantee            1.2     CRISIL A4

   Cash Credit              22.0     CRISIL B/Stable

The ratings reflect SAPL's exposure to intense competition in
highly competitive rice milling industry and to regulatory changes
and susceptibility of operating margins to fluctuations in raw
material prices. The rating weaknesses are partially offset by the
established background of the promoters and benefits derived from
the locational advantage of the milling unit in the rice growing
Burdwan region of West Bengal.

Outlook: Stable

CRISIL expects SAPL to benefit from the resourceful background of
the promoters and benefits derived from the locational advantage
of the milling unit. The outlook may be revised to 'Positive'
Positive' in case the company generates higher-than-expected cash
accruals thereby translating to improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case if there are significant delays in commencing operations,
cost overruns or lower-than-expected cash accruals leading to
pressure on the company's liquidity.

Incorporated in 2013, SAPL will be taking over an existing rice
unit located at Shyamdasbati, Dist: Burdwan, West Bengal. The unit
is engaged in processing par-boiled and raw rice. SAPL to commence
its operations from November 2013. The day to-day operations of
the company will be managed by Mr. Aniruddha Abedin and other
family members.


SUJAN PRECISION: CRISIL Rates INR100MM Cash Credit at 'B+'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Sujan Precision Components Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               100     CRISIL B+/Stable
The rating reflects SPCPL's modest scale of operations in the
intensely competitive steel products industry and its below-
average financial risk profile, marked by a high gearing. These
rating weaknesses are partially offset by the extensive experience
of SPCPL's promoters in the steel products industry and the
company's diversified end-user profile.

Outlook: Stable

CRISIL believes that SPCPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's revenues and
margins improve significantly resulting in improvement in debt
protection metrics and financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SPCPL generates lower-
than-expected cash accruals, or undertakes any debt-funded capital
expenditure (capex) programme, or if its working capital
management deteriorates, resulting in weakening of its financial
risk profile.

Incorporated in 2010 and based in Bengaluru (Karnataka), SPCPL
manufactures bright bars. The company is a part of the Sujan group
and is promoted and managed by Mr. B S Padmanabhachar.

SPCPL reported a profit after tax (PAT) of INR7 million on an
operating income of INR576.8 million for 2012-13, as against a PAT
of INR3.6 million on an operating income of INR516.9 million for
2011-12.


SUJATHA FEEDS: CRISIL Lowers Ratings on INR238MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sujatha Feeds Pvt Ltd (SFPL; a part of the Gouthami group) to
'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            64      CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

   Long-Term Loan        174      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in the Gouthami
group's credit risk profile on account of subdued revenue and
profitability. Revenue was lower than expected on account of lower
realisations in the boiler segment and delays in commercialisation
of its dairy unit. The Gouthami group, on provisional basis,
reported revenue of around INR406.3 million for 2012-13 (refers to
financial year, April 1 to March 31).

The downgrade also reflects the Gouthami group's lower-than-
expected accruals for 2012-13 amid pressure on its sales and
profitability. During 2013-14, the Gouthami group's cash accruals
are expected to remain weak to meet its corresponding maturing
term debt obligations. However, the promoters are extending need-
based funding support to the group to meet its maturing debt
obligations as reflected in the equity infusion of INR17.2 million
during 2012-13. The Gouthami group's gearing was higher than
expected at 6.11 times as on March 31, 2013, owing to higher
working capital borrowings and lower-than-expected net worth. The
Gouthami group's gearing is expected to remain high over the
medium term owing to its incremental working capital requirements

The rating continues to reflect the Gouthami group's weak
financial risk profile, marked by high gearing and weak debt
protection metrics, and its vulnerability to intense competition
and to risks inherent in the poultry industry. These rating
weaknesses are partially offset by the benefits that the Gouthami
group derives from its promoters' extensive experience in the
poultry industry and its established relationships with its major
customers.

The Gouthami group, on a provisional basis, reported profit after
tax (PAT) of INR13.6 million on net sales of INR406.3 million for
2012-13 as against PAT of INR7.2 million on net sales of INR210
million for 2011-12.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SFPL and Gouthami Hatcheries Pvt Ltd
(GHPL). This is because both these companies, together referred to
as the Gouthami group, are under the same management team.
Moreover, both GHPL and SFPL have considerable operational and
business linkages with each other.

Outlook: Stable

CRISIL believes that the Gouthami group will continue to benefit
over the medium term from its promoters' extensive experience in
the poultry farming and hatchery business and its established
relationship with its key customers. The outlook may be revised to
'Positive' if the group successfully implements its ongoing
project, thereby resulting in improvement in its scale of
operations and profitability. Conversely, the outlook may be
revised to 'Negative' if the revenues and profitability are less-
than-expected, or if there are further delays in the stabilisation
of the Gouthami group's on-going project, or in case its working
capital management deteriorates, thereby negatively impacting its
liquidity.

SFPL, set up in 2009, manufactures poultry feed. It is currently
setting up a dairy unit. GHPL, set up in 1999, is in the poultry
business; it produces hatching eggs and broiler birds. The
Gouthami group, which comprises GHPL and SFPL, is promoted by Mr.
D Srinath Reddy and his wife, Mrs. D Lokeshwari.


THAMPI & COMPANY: ICRA Rates INR11.5cr Loans at 'BB-'
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the
INR11.50 crore fund based facilities of Thampi & Company. ICRA has
also assigned a short-term rating of '[ICRA]A4' to the INR24.50
crore non-fund based facility of T&C. The outlook on the long-term
rating is stable.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund based facilities        11.50      [ICRA]BB- (Stable)
                                           assigned

   Non-fund based facility      24.50      [ICRA]A4 assigned

The assigned ratings consider the experience of the promoters in
the civil construction business for about three decades; T&C's
healthy operating margins and return on capital employed, although
the latter dipped sharply in 2011-12. While the prevailing weak
macro-economic environment is expected to moderate order inflows
at least in the near term, the long-term demand outlook for the
infrastructure sector remains favourable. The ratings also
consider the firm's high working capital intensity; the modest
scale of its operations, which restrict financial flexibility /
ability to bag large-sized orders; and high competition in the
business, which is likely to restrict order inflows / pricing
flexibility.

T&C is primarily engaged in civil construction in infrastructure
projects. Established in 1992, the firm is based in Cochin,
Kerala. The firm procures smaller orders directly, while it
sources the larger orders primarily through other contractors.
Most of the manpower required for the projects is sub-contracted
by the firm. The promoters of the firm have experience in similar
business for about three decades.

Recent results

T&C reported a net profit of INR0.7 crore on an operating income
of INR17.1 crore during 2012-13, against a net profit of INR0.2
crore on an operating income of INR9.5 crore during 2011-12.
September


THERMO CABLES: ICRA Suspends 'BB+' Rating on INR88cr Loans
----------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]BB+') with
Positive outlook assigned to for INR46.00 crore fund based limits
and INR42.00 crore non-fund based limits of Thermo Cables Limited.
ICRA has also suspended the short term rating of '[ICRA]A4+'
assigned to INR3.00 crore non-fund based limits of TCL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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

Thermo Cables Limited was incorporated in the year 1990 and was
involved in the erection and commissioning of electrical heat
tracing systems. Later, in the year 2005, cable division of
Thermopads Private Limited (a group company) was merged with the
TCL. The cable division of Thermopads Private Limited had
commenced operations in the year 1992. TCL has two manufacturing
facilities located at Jeedimetla, Hyderabad, and at Jadcherla,
Mahboobnagar, Andhra Pradesh with a total cable manufacturing
capacity of 309,000 crore kilometers. TCL manufactures
instrumentation cables, control cables, power cables, specialty
cables for high temperature application, fire resistant low smoke
cables (FRLS), thermocouple extension cables, and other specialty
cables.

TCL is a part of Thermo Group established in 1979, comprising
Thermopads Private Limited involved in manufacturing of a range of
flexible electric heating systems; Thermosystems Private Limited
executing turnkey projects, such as, fuel oil handling system,
fire fighting system, low pressure piping systems, etc;
Thermopolymer Private Limited manufacturing PVC compounds used as
a raw material in the manufacturing of cables; and TCL.


VISWAKIRTI PROJECTS: ICRA Places 'B' Ratings on INR3.5cr Loans
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR1.50
crore* fund based facilities and INR2.00 crore non-fund based
facilities of Viswakirti Projects Private Limited. ICRA has
assigned a short term rating of '[ICRA]A4' to the INR1.50 crore
non fund based facilities of VPPL. ICRA has also assigned ratings
of [ICRA]B/A4 to the INR1.00 crore unallocated limits of VPPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits        1.50       [ICRA]B assigned
   Non-fund based limits    2.00       [ICRA]B assigned
   Non-fund based limits    1.50       [ICRA]A4 assigned
   Unallocated              1.00       [ICRA]B/[ICRA]A4 assigned

The [ICRA]B/A4 ratings take into account VPPL's low scale of
operations coupled with highly competitive nature of the industry
resulting in limited flexibility in pricing and payment terms as
reflected by low profitability. The ratings are also constrained
by the high exposure of VPPL towards steel and cement industries
and the inherent cyclicality in these industries. The ratings also
take into account the weak financial profile of VPPL as
characterized by low net margins, low cash accruals and high
leverage levels. The ratings however draw comfort from the long
experience of the promoter in the belt conveyor system
manufacturing industry. The ratings also favorably take into
account VPPL's established relationships with reputed clients like
Madras Cements Limited and Penna Cements Industries Limited as
reflected in repeat orders from the clients.

Viswakirti Projects Private Limited was incorporated in the year
2004 in Hyderabad, Andhra Pradesh (AP). The company undertakes
design, engineering, manufacturing and supply of material handling
systems primarily belt conveyor system for various industries
including cement, steel, power and coal. The company is promoted
by Mr. K Bhargava Ram and his wife. The promoter was earlier
having a proprietary concern involved in the same line of business
since 1996.

Recent Results

VPPL recorded INR16.88 crore of operating income and a profit
after tax of INR0.28 crore in FY13 as against an OI of INR16.50
crore and profit after tax of INR0.23 crore in FY12.


* INDIA: Sebi Attaches INR500cr Assets of Defaulting Firms
-----------------------------------------------------------
The Times of India reports that market regulator Securities and
Exchange Board of India has seized and attached assets worth about
INR500 crore of defaulting companies in the past two months.  The
move came after it was given new powers that included freezing
bank accounts and attaching properties of firms that fail to
comply with its rules, the report says.

"Since the search and seizure order has been in place, we have
passed orders to recover funds worth more than INR500 crore," Sebi
chairman U K Sinha said at Artha 2013, the capital market summit
organized by the Indian School of Business, TOI relays. These
include frozen bank accounts and also attached properties, he
said.

TOI adds that the regulatory body chief also said there was barely
any chance of the INR5,600-crore NSEL scam that happened in the
commodities market, spilling over into the equities and affecting
investors. "I would like to assure you that we are very conscious
that the entity we regulate (MCX Stock Exchange) is thoroughly
ring-fenced," the report quotes Mr. Sinha as saying.

NSEL, MCX-SX and MCX, all belong to the Financial Technologies
(FTIL) group and the Sebi chief was replying to media queries
about market's fears that troubles at NSEL could also affect
trading on MCX-SX, the report adds.



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


LANE WALKER: Unnamed Businesswoman Convicted in Fraud Case
----------------------------------------------------------
David Clarkson at Stuff.co.nz reports that a Christchurch woman
prosecuted for a document fraud offence related to the huge Lane
Walker Rudkin collapse has been convicted and fined but is allowed
to stay in business.

Stuff.co.nz relates that the woman dabbed at her eyes and thanked
the judge after being fined NZ$2,000 but granted name suppression,
which will allow her to stay in business.

According to the report, Christchurch District Court Judge Jane
Farish said the businesswoman was still entitled to trade on her
good name, and she would be allowed final name suppression for
"unique and compelling reasons".

Stuff.co.nz states that the suppression means the woman will be
able to continue working with business contacts overseas in an
area where her defence counsel Allister Davis said: "Name and
reputation is everything."

The woman pleaded guilty to one charge of dishonestly using a
document, relating to her recovery of a NZ$300,000 loan she had
made earlier to LWR, the report notes.

She pleaded guilty on the fifth day of a trial in a prosecution
brought by the Serious Fraud Office, Stuff.co.nz adds.

Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people were employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane.  Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in  Auckland.  The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.

Lane Walker Rudkin Industries went into receivership in April 2009
with debt of more than NZ$50 million.  Brian Mayo-Smith and
Stephen Tubbs, partners at BDO Spicers, have been appointed joint
receivers and managers of LWR.  The appointment was made by LWR's
bankers to protect the financial position of LWR and its
subsidiary Pod while issues facing the group are resolved.  The
LWR operations were unprofitable and have incurred a substantial
increase in bank debt.

LWR is currently subject of a Serious Fraud Office investigation
following a complaint from the LWR group's receivers.  The
receivers claimed LWR had misrepresented its financial strength to
Westpac in order to borrow from the bank.  The company owes about
NZ$120 million to Westpac.


SEALEGS CORP: First-Half Loss Widens to NZ$604,000
--------------------------------------------------
Tina Morrison at BusinessDesk reports that Sealegs Corp posted a
wider first-half loss as lower prices for its amphibious boats
crimped margins.

BusinessDesk discloses that the Auckland-based company posted a
loss of NZ$604,000 for the six months ended Sept. 30, compared
with a loss of NZ$134,000 in the year earlier period. Sales rose
10 percent to NZ$8.4 million.

"In spite of increased sales, pricing pressure in overseas markets
resulted in reduced gross margin and a reduced net income,"
chairman Eric Series said in a statement, BusinessDesk reports.
The gross margin slipped to 24.6 percent from 27.9 percent.

According to BusinessDesk, Sealegs is selling into new overseas
markets, developing new technologies and building a broader market
through licensing its technology. The company is in talks with two
international boat builders for the rights to use its amphibious
technology which it expects will contribute to higher-margin
earnings in future years. It increased its license income in the
latest period from collaborating with other boat builders in New
Zealand, it said.

BusinessDesk says the company is mulling outsourcing the
manufacture of an entry level Sealegs craft to leverage production
efficiencies and enable it to penetrate untapped markets. The
launch of a larger, higher value Sealegs craft helped maintain its
average unit sales price in the latest period, the company, as
cited by BusinessDesk, said.

Sealegs isn't paying a dividend for the latest period, the report
notes.

                     About Sealegs Corporation

Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

The company posted consecutive net losses after taxation for the
years ended March 31, 2011, and 2012, of NZ$2.97 million and
NZ$1.59 million, respectively.  In 2013, the company booked a net
loss of NZ$336,636.


SOLID ENERGY: Restructuring 'Disappointing,' Bank of Tokyo Says
---------------------------------------------------------------
Stuff.co.nz reports that Solid Energy will not return any
dividends to the Government until a NZ$75 million haircut taken by
banks is repaid, the High Court heard on November 25.

According to the report, Solid Energy ran into financial
difficulties last year, culminating in a creditors' compromise in
September whereby terms of debt were reset and the company's
bankers would acquire shares with a face value of NZ$75 million,
while the Crown would acquire NZ$25 million worth.

Stuff.co.nz says the court heard that the Government's plans to
restructure Solid Energy have been described as "disappointing" in
a challenge by the Bank of Tokyo-Mitsubishi.

The agreement would see the Bank of Tokyo, which opposed the deal,
convert NZ$16.3 million of its NZ$80 million loan to Solid Energy
into redeemable preference shares, the report says.

According to Stuff.co.nz, Jim Farmer, QC, acting for the Bank of
Tokyo said the move would effectively result in a haircut for
banks as the shares "have little or no value".

Stuff.co.nz relates that the court heard the shares were
redeemable at the whim of Solid Energy, and the Crown was not able
to receive dividends until they were repaid. In 2011 Solid Energy
paid NZ$30 million in dividends to the Crown, the report
discloses.

The debt-for-equity swap is also paired with the Crown committing
to extend NZ$130 million of loans to the company, the report
notes.

Stuff.co.nz recalls that the court heard that earlier this year,
following a draft report by KordaMentha who were tasked with
determining the scale of the problem, the Government had
completely written off the value of its shareholding in Solid
Energy.

The report says the NZ$100 million debt-for-equity swap, and the
NZ$130 million Crown loan, is contingent on all parties --
including the Bank of Tokyo -- not getting any orders from the
High Court challenging its validity.

Mr. Farmer said the contingency was "High-Noon stuff" designed to
bind his client despite their objections, the report relays.

The Bank of Tokyo was seeking a return to the negotiating table
with the Crown, and did not intend or wish Solid Energy to
collapse into liquidation, Mr. Farmer, as cited by Stuff.co.nz,
said.

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.


WINDFLOW TECHNOLOGY: Mulls Raising NZ$3.43MM Fund
-------------------------------------------------
Alan Wood at Stuff.co.nz reports that struggling Windflow
Technology plans to raise about NZ$3.43 million and is pressing on
with the installation of turbines in Britain.

It has proposed a pro-rata renounceable rights issue to existing
shareholders to help fund its plans, the report says.

Stuff.co.nz relates that Windflow Technology also said it has
proposed a "shortfall placement" agreement with expatriate
New Zealander David Iles, who has already offered more than one
lifeline to the company.

In a statement issued through the NZAX, Windflow Technology said
it wanted shareholders to subscribe for one new redeemable
convertible preference share for every three ordinary shares they
already held, Stuff.co.nz reports.

Subject to shareholder approval, Windflow Technology proposes to
put a placement agreement to Mr. Iles, under which he would agree
to subscribe for up to a limit of NZ$2.5 million or five million
preference shares at 50 cents each, to get to the intended gross
proceeds of NZ$3.43 million, according to Stuff.co.nz.

Mr. Iles has been a shareholder in Windflow since 2005 and had
gradually built up his holding to 15.6 per cent, making him
possibly the largest individual shareholder, the report notes.

The company plans to hold a special meeting for shareholders on
December 4 to vote on the capital-raising and investment
proposals, adds Stuff.co.nz.

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.



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S I N G A P O R E
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GLOBAL A&T: Moody's Cuts CFR & 1st Lien Notes Rating to Caa1
------------------------------------------------------------
Moody's Investors Service has downgraded Global A&T Electronics'
(GATE) corporate family and first lien senior secured ratings to
Caa1 from B2.

The rating outlook is negative.

These rating actions conclude Moody's review for downgrade
initiated on Nov. 13, 2013.

Ratings Rationale:

"The downgrade reflects GATE's weak operating performance which
remains below Moody's expectation," says Annalisa Di Chiara, a
Moody's Vice President and Senior Analyst, "reflecting
significantly lower revenues this year, softer market demand and
continued price erosion, particularly in analogue where it is
trying to maintain or win back market share. Moody's expects these
unfavorable operating conditions to persist into 2014 and to be
exacerbated by the uncertainty surrounding the ongoing dispute
with bondholders" adds Di Chiara.

GATE's sales revenue decreased 19% to $575 million from $710
million for the first nine months of this year, in part because
Nanya Technology Corp (unrated), one of GATE's key customers,
shifted its business strategy away from the commodity DRAM
business, thereby reducing its volumes for GATE's products. GATE's
strategic exit of some lower margin products also resulted in
lower revenues.

Adjusted operating profit contracted 32% to $29 million in the
nine months ended 30 September 2013 from $43 million for the same
period last year, reflecting lower revenues and pricing pressures,
particularly in analogue.

"We believe the company is finding it difficult to replace the
volumes it lost from Nanya and as such GATE's revenue and earnings
recovery remains uncertain in 2014. We also understand the company
will continue aggressive pricing tactics to win back market share
in some key product segments like analogue. Together, these
factors have made us more cautious regarding the company's
operating performance in 2014," says Di Chiara.

Moody's expects GATE's cash flows to remain under pressure, given
the company's weak performance. Specifically, GATE's cash
obligations -- including interest expenses and capex -- will be
around $160-$170 million in 2014, providing little cushion to
absorb any further deterioration in revenues.

Its adjusted debt/EBITDA is likely to remain in the range of 6.0x
or higher, for 2014.

"GATE has around $200 million in cash on hand, providing a
liquidity cushion. However, without a sustained recovery in
EBITDA, the negative free cash flow generation will cause this
cash position to erode over the next 12-18 months," says Di
Chiara.

Moody's also believes the dispute with some of its bondholders
will pose additional challenges and heightened credit risks
associated with GATE's fundamental operating performance and
access to the capital markets.

The bondholder dispute is with respect to GATE's receipt of a
notice of default from a law firm purporting to represent holders
of more than 25% of the $625 million 10% senior secured notes due
2019 ("First Lien Notes"), issued on 7 February 2013, in relation
to the transactions undertaken in the exchange offer.

On 30 September, the company announced the completion of an
exchange offer for its entire second lien debt of $543 million due
2015 for $502.3 million of additional 10% first lien senior
secured notes due 2019 ("Additional Notes").

The notice of default states that in issuing the Additional Notes,
elevating the lien priority of the holders of the second lien
loans as well as amending an intercreditor agreement to allow such
transactions, GATE has violated the covenants prohibiting such
actions.

GATE has publically stated that the issuance of the Additional
Notes was in accordance with its rights and obligations under the
relevant agreements and applicable law, and are thus contesting
the declaration of default.

While there remains uncertainty regarding the ultimate resolution
of this dispute, Moody's believes that over the near-to-
intermediate term, GATE's operating performance will be adversely
impacted.

"We believe the dispute with bondholders will divert management's
attention and resources away from the company's core operating
activities and could delay any potential improvement in its
performance. The company is also at risk of losing customers,
given the uncertainty regarding the resolution of this matter and
the ultimate impact on GATE's financial stability," says Di
Chiara.

The negative outlook reflects ongoing pressure on GATE's operating
performance and the uncertainty regarding the outcome of the
dispute with some if its bondholders.

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

Downgrade pressure could emerge if: (1) the exchange transaction
unwinds, thereby creating significant near-to-medium term
liquidity risk, given that the initial second-lien bonds were to
mature in 2015, (2) an event of default is declared and an
acceleration of up to $1.1 billion in debt is triggered, (3) there
is further evidence of a weakening competitive position or
significant loss of market share, or (4) the company's balance-
sheet liquidity falls below $150 million owing to higher-than-
expected cash expenses.


PACNET LTD: Fitch Says "BB/RR1" Rating on $350MM Notes Unchanged
----------------------------------------------------------------
Fitch Ratings said the expected rating of 'BB/RR1(EXP)' that it
assigned to Pacnet Limited's (Pacnet, B/Stable) proposed USD350m
senior secured guaranteed notes due 2018 remains unchanged as the
company remarkets the issue under terms and conditions that are
materially the same as those of 10 June 2013. The expected rating
was initially assigned on 10 June 2013.

The proposed notes will be jointly and severally guaranteed by all
of Pacnet's main income-generating subsidiaries. Non-guaranteeing
subsidiaries comprised 8% of assets as of September 2013 and
generated negative EBITDA in 2012.

The 'RR1' Recovery Rating on the proposed guaranteed notes
reflects Fitch's recovery calculation for the proposed notes of at
least 90%, and therefore under Fitch recovery rating methodology,
the bonds are rated three notches higher than the Issuer Default
Rating (IDR). The notes are subordinated to any future debt raised
at non-guarantor subsidiaries. However, Fitch understands that the
company has no plans to raise such funds.

The final rating on the notes is contingent upon the receipt of
final documents conforming to information already received. The
proceeds from the proposed senior secured guaranteed notes will be
used to refinance the existing USD300m senior secured guaranteed
notes.

Low profitability, strong competition from better capitalised
market participants, weak financial position and high execution
risk of its data centre strategy will continue to constrain
Pacnet's ratings. Pacnet competes with large telecoms incumbents
in its primary service offerings, such as managed data
connectivity solutions. The scale of Pacnet's data centre
operations is also smaller than rivals in its key markets.

Fitch acknowledges that the restructuring in late 2012 has enabled
Pacnet to refocus on core businesses and streamlined its cost
structure. In the first nine months of 2013, Pacnet's reported
EBITDA, adjusted for share option compensation, restructuring
costs, early payment discount from vendor, foreign exchange gains
and other gains, rose 28% yoy to USD82m, which was in line with
Fitch expectation.

However, Fitch expects further improvement in Pacnet's EBITDA to
be slow in the next few quarters and there is considerable
execution risk associated with the newly completed and currently
planned data centres in Singapore, China, Hong Kong and Korea.
Contribution from its internet data centres, which it builds, owns
and operates, has been limited so far. Successful execution and
rapid take-up of new internet data centre capacity are critical to
the company's long-term strategy.

Fitch expects Pacnet's free cash flow to remain negative for at
least the next two years, due to investment in data centres, and
funds flow from operations (FFO)-adjusted net leverage to remain
over 4x for the next 18 months (2012: 4.5x). However, both
maintenance capex and committed capex are low and therefore Pacnet
has flexibility to manage its cash requirements should internal
funds need to be retained, as the company has demonstrated in the
past.

Fitch would consider negative rating action if FFO-adjusted net
leverage rose to over 5x and FFO fixed charge coverage fell below
2x (2012: 2.0x), both on a sustained basis. Conversely, Fitch
would consider positive rating action if FFO-adjusted net leverage
fell below 4x, and FFO fixed charge coverage rose above 2.5x, both
on a sustained basis.



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


LEO MOTORS: Incurs $159,000 Net Loss in Third Quarter
-----------------------------------------------------
Leo Motors, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $158,938 on $0 of revenues for the three months ended Sept. 30,
2013, as compared with a net loss of $184,052 on $915 of revenues
for the same period a year ago.

For the nine months ended Sept. 30, 2013, the Company reported a
net loss of $528,065 on $0 of revenues as compared with net income
of $391,479 on $25,301 of revenues for the same period during the
prior year.

The Company's balance sheet at Sept. 30, 2013, showed $1.58
million in total assets, $2.10 million in total liabilities and a
$511,693 total deficit.

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

                        http://is.gd/1w6M4i

                          About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.

In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million.  During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.

The Company reported a net loss of $1.9 million on $25,605 of
revenues in 2012, compared with a net loss of $5.4 million on
$920,587 of revenues in 2011.

In its audit report on the consolidated financial statements for
the year ended Dec. 31, 2012, John Scrudato CPA, in Califon, New
Jersey, expressed substantial doubt about Leo Motors' ability to
continue as a going concern, citing the Company's significant
losses since inception of $16.2 million and working capital
deficit of $632,161.



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


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

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

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



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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