TCRAP_Public/131203.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

           Tuesday, December 3, 2013, Vol. 16, No. 239


                            Headlines


A U S T R A L I A

AUSENCO LTD: Likely to Breach Loan Covenants; Posts AUD36MM Loss
BLUE DIAMOND: Ex-Adviser Convicted, Ordered to Pay back Money
CROFT CONSTRUCTIONS: Court Appoints Clifton Hall as Liquidator
FLEXI ABS 2012-1: Moody's Ups Rating on AUD5.1M Notes From Ba2
LEHMAN BROTHERS: Australian Councils Reach Settlement Deal

MISSION NEW ENERGY: Enters Into MoU with Benefuel
NOBLE MINERAL: Resolute Mining Inks Deed of Company Arrangement
SUTTON NISSAN: Receivers Sell Dealership Site on John Street
TARODAN PTY: Clifton Hall Appointed as Administrators


C H I N A

CHINA TELETECH: Incurs $896,000 Net Loss in Third Quarter
LDK SOLAR: Extends Forbearance Deal w/ Noteholders Until Dec. 10
LDK SOLAR: Signs RMB1.56 Billion Financing Agreement


I N D I A

ABHI-ASMI INT'L: CRISIL Assigns 'BB' Ratings to INR139.4MM Loans
ANDHRA MARINE: CRISIL Cuts Ratings on INR95MM Loans to 'BB+'
ARYAN EDUCATIONAL: CRISIL Assigns 'D' Ratings to INR120MM Loans
ASSOCIATED BIOTECH: CRISIL Reaffirms BB+ Rating on INR97.5MM Loan
BALAJI ENTERPRISES: CRISIL Cuts Ratings on INR250M Loans to 'BB-'

BHIMANI CHEMICALS: CARE Puts 'BB/A4' Rating on INR8cr LT Loans
CHEMLINE INDIA: CRISIL Reaffirms 'BB+' Rating on INR213MM Loans
CHOWDARY ENTERPRISES: CRISIL Reaffirms BB Rating on INR68.4M Loan
FATHIMA ENGINEERING: CRISIL Rates INR32MM Loan at 'B+'
GARAD LOGISTIC: CRISIL Assigns 'B' Ratings to INR67MM Loans

GEMUS ENG'G: CRISIL Assigns 'BB-' Rating to INR55MM Cash Credit
HIFIELD-AG CHEMs: CARE Rates INR3cr LT Ban Loans at 'BB+'
IWORLD BUSINESS: CRISIL Ups Ratings on INR203.5MM Loans to 'BB+'
JAGDAMBAY EXPORTS: CRISIL Reaffirms B+ Ratings on INR3.3MM Loans
K.K.R. AGRO: CRISIL Raises Ratings on INR158.1MM Loans to 'B'

K.K.R. FLOUR: CRISIL Upgrades Rating on INR90MM Loan to 'B'
K.K.R. FOOD: CRISIL Raises Ratings on INR116MM Loans to 'B'
KAMAL MOTORS: CRISIL Assigns 'BB' Ratings to INR250MM Loans
KARTHIKA MODERN: CRISIL Upgrades Rating on INR85MM Loan to 'B'
LAXMI NARAYAN: CRISIL Cuts Ratings on INR850MM Loans to 'D'

MANSA DEVI: CRISIL Reaffirms 'B' Ratings on INR172.4MM Loans
MARUTI GRANITES: CARE Assigns 'BB' Rating to INR7.42cr Loans
NILANJAN IRON: CRISIL Reaffirms 'BB-' Ratings on INR150MM Loans
P. J. EXPORTS: CRISIL Cuts Ratings on INR190MM Loans to 'D'
PHALANX CHEMICALS: CRISIL Assigns 'B+' Ratings to INR420MM Loans

PRAGATI CONSTRUCTION: CRISIL Reaffirms BB- Rating on INR40MM Loan
S. M. ASSOCIATES: CARE Rates INR35cr LT Bank Loan at 'B'
S. N. RICE MILLS: CRISIL Ups Ratings on INR71.4MM Loans to 'B'
SAUDAGAR ENTERPRISES: D Ratings on INR257.5MM Loans Reaffirmed
SENSO GRANITO: CRISIL Assigns 'D' Ratings on INR270MM Loans

SHREE BALAJI: CARE Assigns 'B+' Rating to INR8.51cr LT Loans
SHRI BALAJI: CRISIL Reaffirms 'BB' Rating on INR87.5MM Loans
SHRI RADHA: CARE Rates INR8cr LT Bank Loans at 'B-'
SHROLENSON MARBANIANG: CRISIL Cuts Ratings on INR62.4MM Loan to D
SINGHAL FORESTRY: CARE Cuts Rating on INR17.53cr Loans to 'BB+'

SKS BUILD-TECH: CRISIL Assigns 'B' Rating to INR50MM Loan
SLT INFRACON: CRISIL Assigns 'BB-' Rating to INR30MM Cash Credit
SPECTRUM ETHERS: CARE Assigns 'BB' Ratings to INR40.74cr Loans
SULTANIA OIL: CRISIL Assigns 'B+' Ratings to INR178MM Loans
SURYA AGRO: CARE Assigns 'B' Rating to INR8.29cr LT Loans

TEJRAJ PROMOTERS: CRISIL Reaffirms 'B' Rating on INR150MM Loan
TERRAM GEOSYNTHETICS: CARE Assigns BB Rating to INR25.76cr Loans
TRIVENI SHIP: CRISIL Reaffirms BB- Ratings on INR59.8MM Loans
VARDHMAN ADARSH: CARE Reaffirms 'BB-' Rating on INR6.47cr Loan


N E W  Z E A L A N D

CHORUS LTD: Prime Minister Hints at Contract Renegotiation
CHORUS LTD: Takes Commerce Commission to High Court
HOME & HOZED: Garden Center Shuts Doors After 50 Years
SHIVRAM LIMITED: McGrathNicol Appointed as Receivers
SOUTH CANTERBURY FINANCE: Former Accountant Slams SFO Probe


P H I L I P P I N E S

RURAL BANK OF ALAMINOS: PDIC to Pay Depositors Starting Dec. 4


T H A I L A N D

TRUE CORP: Moody's Cuts Corporate Family Rating to 'B3'


X X X X X X X X

* BOND PRICING: For the Week Nov. 25 to Nov. 29, 2013


                            - - - - -


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


AUSENCO LTD: Likely to Breach Loan Covenants; Posts AUD36MM Loss
---------------------------------------------------------------
Liam Walsh at The Courier-Mail reports that Ausenco Limited has
warned it will likely breach loan conditions, post a
AUD36 million loss, not pay out a dividend and has sacked another
200 staff.

The dour announcement from Brisbane-based Ausenco was the latest
example of tough times hurting the sector as the mining boom
cools, the report says. Engineers are also doing it tough.

The Courier-Mail relates that Ausenco's shares were locked in a
trading halt as it announced plans to raise AUD31 million from
existing investors. That offer represents a massive 41.7 per cent
discount to the current price of AUD1.20, but a cut would be
needed amid investor pessimism about mining services, the report
notes.

"Everyone doesn't want anything to do with (the sector)," the
report quotes Burrell Stockbroking analyst Bruce McLeary as
saying.  Given that environment, Mr. McLeary said a positive from
Ausenco's announcement was that they managed to get backing, via
underwriters, for the fundraising, the report relates.

Ausenco profits had jumped to AUD41 million by 2012. But in
another downgrade, Ausenco predicted a loss of AUD35.7 million for
2013, the report discloses.

One factor was writing off costs on a contract, which was related
to project budgets, according to the report.

"Revenues are off in the second half because of softness in the
industry," Ausenco chief executive Zimi Meka told The Courier-
Mail.  "Australia is probably bubbling along . . . the bottom," he
said.  North America and Canada were doing pretty well but South
America was flat.

"It's still a mixed bag -- there's some bright spots appearing,"
he said, highlighting how Ausenco had ramped up proposals for
work.

But Ausenco has closed two offices, in Thailand and Colombia, and
staff numbers have fallen by 200 to 2,800 since a presentation in
August, the report notes.

According to the report, Ausenco said banks had confirmed a
willingness to waive "forecast covenant breaches".  Mr. Meka would
not say what loan conditions were at risk, but maintained banks
were not forcing Ausenco to undertake the fundraising.

Ausenco Limited provides engineering design, project management,
process controls, and operations solutions to energy, environment
and sustainability, minerals and metals, process infrastructure,
and program management sectors in Australia and internationally.


BLUE DIAMOND: Ex-Adviser Convicted, Ordered to Pay back Money
-------------------------------------------------------------
A former financial adviser has been convicted for providing
inappropriate advice to 5 clients and ordered to pay back the more
than AUD684,000 they collectively invested, the Australian
Securities and Investment Commission said.

Kevin Maxwell George Whitting pleaded guilty to 5 charges of
providing inappropriate advice and admitted to a further 5 charges
of providing false and misleading statements to 3 of the 5
investors.

The money was invested in the Blue Diamond Deposits Trust No. 1
(BDT) between September 2008 and January 2009.  BDT, a managed
investment scheme, collapsed in 2010.

Appearing in Victoria's Frankston Magistrates Court last week,
Mr. Whitting, 72, was convicted of all 10 offences and ordered to
pay back the money. He was also fined AUD5,000.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

In May 2011 ASIC banned Mr. Whitting from providing financial
services for 4 years.


CROFT CONSTRUCTIONS: Court Appoints Clifton Hall as Liquidator
--------------------------------------------------------------
Tim Clifton was appointed Liquidator of Croft Constructions Pty
Ltd on Nov. 27, 2013, by Order of the Federal Court of Australia.


FLEXI ABS 2012-1: Moody's Ups Rating on AUD5.1M Notes From Ba2
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Classes B,
C, D and E notes of Flexi ABS Trust 2012-1.

The affected ratings are as follows:

Issuer: Flexi ABS Trust 2012-1

AUD28.05M Class B Notes, Upgraded to Aaa (sf); previously on
Sept. 10, 2013 Aa2 (sf) Placed Under Review for Possible Upgrade

AUD11.47M Class C Notes Upgraded to Aa2 (sf); previously on
Sept. 10, 2013 A2 (sf) Placed Under Review for Possible Upgrade

AUD6.38M Class D Notes Upgraded to A2 (sf); previously on
Sept. 10, 2013 Baa2 (sf) Placed Under Review for Possible Upgrade

AUD5.1M Class E Notes Upgraded to Baa2 (sf); previously on
Sept. 10, 2013 Ba2 (sf) Placed Under Review for Possible Upgrade

Ratings Rationale:

The upgrade was a result of the build-up in credit enhancement
during the sequential pay period, relative to the remaining losses
expected to materialize in the pool.

The transaction is a cash securitization of retail, point-of-sale
receivables, arising from the purchase of, for example, jewelry,
fitness equipment, solar equipment, furniture and roofing.

Since closing in August 2012, the pool has paid down very quickly.
At end-September 2013, around 70% had been paid down.

A gross default of 1.13% of the original pool balance has
materialized. This level compares with Moody's mean default
assumption of 2.6% for the life time of the whole pool.

Moody's expects the remaining receivables to perform better than
those in the original pool. This is because 70% of the remaining
receivables are originated from solar equipment contracts,
compared with 51% in the original pool. Obligors of solar
equipment contracts are usually home owners. They perform better
than obligors of other types of receivables, such as jewelry and
fitness equipment.

The notes were paid sequentially until February 2013, and are now
paying down on a pro-rata basis. During the sequential pay period,
credit enhancement built up substantially.

Class B's credit enhancement increased to 22% at end-September
2013 from 14% in August 2012 when the transaction closed, Class C
increased to 15% from 9.5%, Class D increased to 11% from 7%, and
Class E increased to 7.9% from 5%.

With the increased credit enhancement and expected performance,
Moody's has upgraded Classes B to E.

The primary source of assumption uncertainty is the current
macroeconomic environment, which could negatively affect the
credit conditions of the receivables.

The cash flow model used to analyze the transaction was ABSROM.
The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the lognormal
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders. Therefore,
the expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default scenario
for each tranche. As such, Moody's analysis encompasses the
assessment of stress scenarios.


LEHMAN BROTHERS: Australian Councils Reach Settlement Deal
----------------------------------------------------------
Clancy Yeates at the Sydney Morning Herald reports that local
councils that lost millions of dollars on investments with Lehman
Brothers have finally reached a conditional deal with liquidators
of the failed investment bank.

More than five years after the financial crisis, dozens of
councils, churches and charities on December 2 passed a
significant milestone in negotiations over about $170 million in
losses, SMH says.

According to the report, the councils have been embroiled in a
legal stoush with the investment bank's liquidators since 2008
after they purchased complex financial products from Lehman that
plunged in value.

SMH says the litigation funder Bentham IMF, previously known as
IMF (Australia), said it had reached a conditional settlement with
the liquidators that will result in the councils getting back
about 50 cents in the dollar.
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The settlement, if it is approved by the court, will result in the
councils entering into a claims resolution process, in which their
losses are individually assessed, SMH notes.

Payments would be made to the councils from April 2014, the report
discloses.

SMH relates that the executive director of Bentham, John Walker,
said the deal put the councils "within sight of financial relief"'
through partial compensation for their losses.

"It has been a marathon battle and they should be commended for
their patience and tenacity in pursuing a just outcome," the
report quotes Mr. Walker as saying.

Councils involved in the case have included Wingecarribee and
Parkes in NSW, and Western Australia's City of Swan, the report
adds.

                   About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States.  For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 08-13555) on Sept. 15, 2008.  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history.  Several other affiliates followed
thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset
LLC sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)).  James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

Lehman made its first payment of $22.5 billion to creditors in
April 2012, a second payment of $10.2 billion on Oct. 1, 2012,
and a third distribution of $14.2 billion on April 4, 2013.  The
brokerage is yet to make a first distribution to non-customers,
although customers are being paid in full.

Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates.


MISSION NEW ENERGY: Enters Into MoU with Benefuel
-------------------------------------------------
Mission NewEnergy Limited has entered into a Memorandum of
Understanding (MoU) with Benefuel Inc., a U.S. based technology
provider who have developed and successfully validated a ground
breaking and patented technology process, that will allow
Mission's 250,000 tpa biodiesel refinery to be commissioned and
operated using substantially lower cost feedstocks.

In the group CEO's Report of the Annual Report released on
Oct. 28, 2013, the Company stated that the thrust of the company
going forward is to re-configure its biodiesel refinery to take
advantage of improved economics based on new technology and
capitalize on currently improved market conditions and to continue
to seek maximum value from its legacy business activities through
the arbitration proceedings in Malaysia and Indonesia.

The MoU with Benefuel Inc. provides for the Parties to explore the
possibility of entering into certain transactions including but
not limited to licensing agreements, asset sale or a business
combination transaction for the Malaysian refinery asset.

The Parties have also identified certain potential partners to
approach relating to but not limited to joint venturing, funding,
operating, and feedstock supply.

More particularly, the parties are looking at opportunities to set
up a joint venture company in Malaysia to own and operate the
biodiesel refinery together with an integrated palm plantation
company.

"This MoU is the result of a year long discussion with Benefuel
Inc. followed by numerous discussions and a visit to Mission's
plant by a team from Benefuel.  We are excited with the
opportunity to retrofit Mission's 250,000 tpa plant with
Benefuel's ENSEL technology so that the plant can finally be
commissioned and put into operation," said Nathan Mahalingam, CEO
of Mission NewEnergy Limited.

"The technology provider is also keen to participate in the equity
of the operating company.  The structure of such an equity
participation, while discussed, has not been finalized.  The
company is also in discussions with various feedstock suppliers
and oleochemical companies to come on board as a shareholder and
joint venture partner in the operating company," Nathan added.

The Company is also in discussions with investors to assist in re-
capitalising the company and to provide working capital to fund
project development costs associated with this project.
Shareholder approval may be required depending on the outcome of
the discussions and proposed business structure.

                      About Mission NewEnergy

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

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

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

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

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

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


NOBLE MINERAL: Resolute Mining Inks Deed of Company Arrangement
--------------------------------------------------------------
Proactive Investors reports that Resolute Mining has signed a deed
of company arrangement with Noble Mineral Resources that will see
Resolute move forward to become the 100% owner of the Bibiani gold
project in Ghana.

This follows the approval of Noble's creditors on November 26 for
the deal, the report relates.

Proactive Investors says Resolute has also entered into a
US$7 million interim funding agreement with the Deed Administrator
in order to support the Scheme of Arrangement process with respect
to Noble's Ghanaian subsidiaries.

The deal removes any uncertainty regarding future ownership and
operation of Bibiani following Noble entering into Voluntary
Administration in September 2013, the report notes.

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.


SUTTON NISSAN: Receivers Sell Dealership Site on John Street
------------------------------------------------------------
Shannon Dann at The Singleton Argus reports that the former site
of the Sutton Ford and Sutton Nissan car dealership in John Street
has been sold.

Located on two parcels of land on either side of the main street
the land was put on the market by the dealership's receiver
PPB Advisory, the report says.

The report relates that it was sold through a tender process with
Nissan Motor Company Australia purchasing the vacant lot at 128
John Street adjacent to the Mid-City Motor Inn.

According to the report, the second site located at the corner of
Elizabeth and John Street, opposite the Imperial Hotel is now
owned by the Singleton Council.  The two blocks covered an area of
2,269 square metres and included 1,300sm of buildings and open
space.

The Singleton Argus notes that Singleton has been without a Nissan
dealership since Sutton Nissan was placed in receivership on July
22 this year.

The business was formerly owned by Singleton identity Bill Sutton
who established the dealership when he moved to the town 36 years
ago.

A spokesperson for the new dealership said they will move back
into the new and used sales office at the previous Nissan site,
the report relays.

They will be announcing further details soon but should be
operational sometime in January, 2014, The Singleton Argus adds.


TARODAN PTY: Clifton Hall Appointed as Administrators
-----------------------------------------------------
Timothy Clifton and Mark Hall were appointed Joint and Several
Administrators of Tarodan Pty Ltd on Nov. 26, 2013.

A first meeting of creditors will be held at Clifton Hall,
Level 1, 12 Gilles Street, Adelaide on Dec. 6, 2013, at
10:30 a.m.



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C H I N A
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CHINA TELETECH: Incurs $896,000 Net Loss in Third Quarter
---------------------------------------------------------
China Teletech Holding, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $896,821 on $5.45 million of sales for the three
months ended Sept. 30, 2013, as compared with net income of
$112,491 on $8.56 million of sales for the same period a year ago.

For the nine months ended Sept. 30, 2013, the Company reported a
net loss of $1.56 million on $24.52 million of sales as compared
with net income of $2.71 million on $19.64 million of sales for
the same period during the prior year.

The Company's balance sheet at Sept. 30, 2013, showed
$1.71 million in total assets, $2.13 million in total liabilities,
and a $418,679 total stockholders' deficit.

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

                        http://is.gd/txKnwE

                        About China Teletech

Tallahassee, Fla.-based China Teletech Holding, Inc., is a
national distributor of prepaid calling cards and integrated
mobile phone handsets and a provider of mobile handset value-added
services.  The Company is an independent qualified corporation
that serves as one of the principal distributors of China Telecom,
China Unicom, and China Mobile products in Guangzhou City.

On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party.  GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.

China Teletech disclosed net income of US$53,542 on US$26.62
million of sales for the year ended Dec. 31, 2012, as compared
with a net loss of US$348,124 on US$18.84 million of sales for the
year ended Dec. 31, 2011.

WWC, P.C., in San Mateo, California, issued a "going concern"
qualification on the consolidated financial statements for the
quarter ended June 30, 2013.  The independent auditors noted that
the Company has incurred substantial losses, and has difficulty to
pay the People's Republic of China government Value Added Tax and
past due Debenture Holders Settlement, all of which raise
substantial doubt about its ability to continue as a going
concern.


LDK SOLAR: Extends Forbearance Deal w/ Noteholders Until Dec. 10
----------------------------------------------------------------
LDK Solar Co., Ltd., has entered into a new two-week forbearance
arrangement with holders of a majority in aggregate principal
amount of its US$-Settled 10 Percent Senior Notes due 2014.  The
new forbearance arrangement, which expires on Dec. 10, 2013,
relates to the interest payment due under the Notes on Aug. 28,
2013.  That interest payment is still unpaid.  It is LDK Solar's
intention to find a consensual solution to its obligations under
the Notes as soon as possible and LDK Solar remains hopeful that
it will be able to achieve that goal.

As reported previously, LDK Solar has engaged Jefferies LLC as a
financial advisor for strategic advice in connection with the
Notes and LDK Solar's other offshore obligations.  Holders of LDK
Solar's offshore debt obligations may contact Augusto King at
aking@Jefferies.com, or Steven Strom at sstrom@Jefferies.com,
Lyndon Norley at lyndon.norley@Jefferies.com, or Richard Klein at
rklein@Jefferies.com with any questions.

Sidley Austin is acting as counsel to LDK Solar, led by Thomas
Albrecht at talbrecht@sidley.com, and Timothy Li at
htli@sidley.com.  LDK Solar understands that Ropes & Gray is
acting as counsel to a group of noteholders, led by Daniel
Anderson (daniel.anderson@ropesgray.com) and Paul Boltz
(paul.boltz@ropesgray.com).  LDK Solar also understands that
Houlihan Lokey has been engaged as financial advisor to that same
group of noteholders; holders of the Notes may contact Brandon
Gale at bgale@hl.com with any questions.

                       Third Quarter Results

LDK Solar reported a net loss of $129.73 million on $156.59
million of net sales for the three months ended Sep. 30, 2013, as
compared with a net loss of $143.36 million on $114.71 million of
net sales for the three months ended June 30, 2013.

The Company's balance sheet at Sept. 30, 2013, showed $4.25
billion in total assets, $4.79 billion in total liabilities,
$382.84 million in redeemable non-controlling interests, and a
$922.67 million total deficit.

"Our third quarter results were in line with expectations," stated
Sam Tong, president and CEO of LDK Solar.  "We were pleased to
deliver 37% sequential revenue growth and reduce our net loss
available to LDK Solar's shareholders both sequentially and on a
year-over-year basis.  We saw some signs of further improvement in
the PV market during the quarter.  While European PV markets
remained soft, we experienced increased demand from China, North
America and other emerging solar markets."

A copy of the press release is available for free at:

                       http://is.gd/RMg9S2

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


LDK SOLAR: Signs RMB1.56 Billion Financing Agreement
----------------------------------------------------
LDK Solar Co., Ltd.'s onshore subsidiary, Jiangxi LDK Solar Hi-
Tech Co., Ltd., signed a framework agreement on Nov. 11, 2013,
with a syndicate of 11 commercial banks in China for a credit
facility in the aggregate principal amount of RMB1.56 billion.
The use of proceeds of the credit facility is strictly limited to
financing LDK Solar's onshore operations within Jiangxi Province,
and may not be used to service any existing indebtedness, whether
onshore or offshore.  The facility will terminate on Nov. 10,
2016, and each loan under the facility may not have a maturity
date later than such termination date.  Each draw-down under the
facility will be made in the absolute discretion of the syndicate
and will be subject to additional conditions (including early
repayment) imposed by the syndicate on a draw-specific basis.  The
syndicate has designated a working group to monitor the use of the
funds and controlled bank accounts arrangements will be
implemented.  The facility and any of its outstanding loans are
guaranteed by LDK Solar's onshore subsidiaries, Jiangxi LDK PV
Silicon Technology Co., Ltd., Jiangxi LDK Solar Polysilicon Co.,
Ltd., LDK Solar Hi-Tech (Xinyu) Co., Ltd. and LDK Solar Hi-Tech
(Nanchang) Co., Ltd., and by Peng Xiaofeng and his wife.  The
first drawdown of RMB 200 million was approved and completed on
Nov. 21, 2013.

"We are pleased to enter this financing arrangement with the
banking syndicate in China," stated Sam Tong, President and CEO of
LDK Solar.  "While we are beginning to experience improvements in
our business operations, we believe this discretionary loan
facility will provide LDK Solar with the necessary support to ramp
up our manufacturing operations of polysilicon, wafers, cells and
modules in Jiangxi Province when business circumstances so permit.
When the global solar industry regains strength, we are committed
to taking advantage of new opportunities that emerge."

                          About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.  The Company's balance sheet at
June 30, 2013, showed US$4.37 billion in total assets, US$4.79
billion in total liabilities, US$382.84 million in redeemable non-
controlling interests, and a US$794.58 million total deficit.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.



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


ABHI-ASMI INT'L: CRISIL Assigns 'BB' Ratings to INR139.4MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Abhi-Asmi International Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                95.3     CRISIL BB/Stable

   Standby Line of
   Credit                   36       CRISIL BB/Stable

   Proposed Long-Term
   Bank Loan Facility        8.1     CRISIL BB/Stable

   Export Packing Credit   180       CRISIL A4+

   Letter of Credit         33       CRISIL A4+

The ratings reflect the extensive experience of AAIPL's promoters
in the textiles and home furnishings segment and their established
relationship with customers. The ratings also factor in the
company's above-average financial risk profile, marked by moderate
debt protection metrics. These rating strengths are partially
offset by AAIPL's working-capital-intensive operations and the
susceptibility of its operating margin to volatility in raw
material prices.

Outlook: Stable

CRISIL believes that AAIPL will continue to benefit from the
extensive experience of its promoters in the textiles and home
furnishings segment, over the medium term. The outlook may be
revised to 'Positive' if the company reports higher-than-expected
sales and profitability along with improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' if AAIPL's financial risk profile weakens on account of
further decline in its revenue and profitability, or if the
company undertakes a larger-than-expected debt-funded capital
expenditure programme, or if its liquidity weakens significantly
on account of increase in its working capital requirements.

AAIPL was incorporated in 2007 and is promoted by the Panipat
(Haryana)-based Paliwal family. Mr. Ajay Paliwal and his son, Mr.
Abhijat Paliwal, are the key promoters of the company. AAIPL
manufactures and exports bathmats, carpets, rugs, cushions, and
other home-linen textiles items to countries such as the USA, the
UK, and Japan. AAIPL's manufacturing facilities are located in
Panipat.

For 2012-13 (refers to financial year, April 1 to March 31), AAIPL
reported, on a provisional basis, a net profit of INR22.93 million
on net sales of INR653.2 million; the company reported a net
profit of INR26.81 million on net sales of INR539.8 million for
2011-12.


ANDHRA MARINE: CRISIL Cuts Ratings on INR95MM Loans to 'BB+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Andhra
Marine Services and Exports Ltd (a part of the Esmario group) to
'CRISIL BB+/Negative/CRISIL A4+' from 'CRISIL BBB-/Stable/CRISIL
A3'.

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit          15      CRISIL BB+/Negative (Downgraded
                                from 'CRISIL A3')

   Letter of Credit     25      CRISIL A4+ (Downgraded from
                                'CRISIL BBB-/Stable')

   Proposed Long Term
   Bank Loan Facility   80      CRISIL BB+/Negative (Downgraded
                                from 'CRISIL A3')

The rating downgrade reflects weakening in the Esmario group's
business and financial risk profiles, marked by lower-than-
expected profitability and larger-than-expected working capital
requirements. CRISIL also believes that expected pressure on
revenues and profitability along with stretch in working capital
cycle may constrain group's cash accruals and liquidity over the
medium term. In 2012-13 (refers to financial year, April 1 to
March 31), the group registered total revenues of INR466.7 million
vis--vis INR427.0 million the previous year. However, these
revenues were supported by a onetime income of INR86.3 million
from trading iron and steel. Consequently, the group's operating
profitability deteriorated to 7.02 per cent in 2012-13, from 8.62
per cent in 2011-12 largely due to lower operating profitability
in trading of iron and steel and donation of INR 11 million.

Furthermore, the Esmario group's working capital cycle was
elongated during 2012-13, because of an increase in its inventory
holding and stretched receivables, mainly in the marine division
due to delay in receivables from the government departments. Thus,
the group's incremental working capital requirements were larger-
than-expected, and were mostly funded through external debt
resulted in an increase in the group's indebtedness and
deterioration in gearing to 0.63 times as on March 31, 2013, vis-
-vis 0.30 times as on March 31, 2012. However, capital structure
continues to be comfortable. With increased debt and low
profitability, the Esmario group's debt protection measures
weakened significantly, with a decline in the interest coverage
ratio to 2.06 times in 2012-13, from 4.48 times in 2011-12. The
group's liquidity deteriorated due to lower-than-expected cash
accruals, and an increase in bank limit utilisation to support the
incremental working capital requirements.

The ratings also reflect the extensive experience of the Esmario
group's promoters in trading boats and boat engines, and a
comfortable capital structure. These rating strengths are
partially offset by the Esmario group's modest scale of
operations, segmental and supplier concentration, large working
capital requirements, and susceptibility of its profitability
margins to volatility in raw material prices and foreign exchange
rates.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Esmario Export Enterprises Pvt Ltd
(EEEPL) and AMSE. This is because EEEPL is the sole dealer for
vessels manufactured by Mercury Marine Singapore Pte Ltd (MMS);
AMSE is the sub-dealer for EEEPL. Moreover, EEEPL and AMSE operate
under the same management team. EEEPL and AMSE are together
referred to as the Esmario group.

Outlook: Negative

CRISIL believes that Esmario group's credit risk profile will
remain under pressure over the medium term due to expected subdued
revenues and continue stretch in its working capital cycle.

The rating may be downgraded in case Esmario group's lower-than-
anticipated revenue and profitability along with further
deterioration in working capital cycle severely impacts its
accruals and liquidity. Conversely, the outlook may be revised to
'Stable' if Esmario group's revenue improves on the back of
improved order flow along with improvement in its working capital
cycle.

EEEPL (formerly known as Esmario Export Enterprise), was set up in
1965 by the Fernandez family. The company trades boats, boats
engines (outboard machines and diesel engines), and spares. EEEPL
also processes and exports frozen seafood, and is the sole dealer
of boat engines for MMS. The boats engines are used by the Indian
Navy, paramilitary services, and coast guards. AMSE, which was
founded in 1970 by the Esmario group, is the sub-dealer of EEEPL.


ARYAN EDUCATIONAL: CRISIL Assigns 'D' Ratings to INR120MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Aryan Educational Trust.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        20      CRISIL D
   Term Loan                100      CRISIL D
The rating reflects instances of delay by AET in servicing its
debt; the delays have been caused by the trust's weak liquidity
because of low cash accruals on account of low occupancy and
continuous large capex undertaken by the trust.

AET also has a weak financial risk profile, marked by a small net
worth and a high gearing. The trust's scale of operations is
small, and it is vulnerable to regulatory risks associated with
educational institutions and to intense competition in the
education industry. The trust, however, benefits from the healthy
demand prospects for the education industry.

AET was established in 2007 by the Parida family. The trust
operates an institute, Aryan Institute of Engineering and
Technology at Arya Vihar in Bhubaneswar (Odisha) affiliated to the
Biju Patnaik University of Technology, Bhubaneswar. The trust
offers six graduate courses in engineering: civil engineering,
computer and science engineering, electrical engineering,
mechanical engineering, electrical and electronics engineering,
and electronics and communications engineering.


ASSOCIATED BIOTECH: CRISIL Reaffirms BB+ Rating on INR97.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Associated Biotech
continue to reflect AB's moderate financial risk profile, marked
by moderate gearing and debt protection metrics.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           75       CRISIL BB+/Stable (Reaffirmed)

   Letter of Credit      50       CRISIL A4+ (Reaffirmed)

   Proposed Cash
   Credit Limit          10       CRISIL BB+/Stable (Reaffirmed)

   Proposed Letter
   of Credit             37.5     CRISIL A4+ (Reaffirmed)

   Term Loan             12.5     CRISIL BB+/Stable (Reaffirmed)

The ratings also factor in the vast experience of AB's promoters
in the pharmaceutical industry and its established relationships
with pharmaceutical players such as Wockhardt Ltd and Emcure
Pharmaceuticals Ltd. These rating strengths are partially offset
by AB's working capital intensive operations, modest scale of
operations, and susceptibility to intense competition in the
formulations industry.

Outlook: Stable

CRISIL believes that AB will maintain its business risk profile,
supported by its diversified product-mix and established
relationships with customers, over the medium term. The outlook
may be revised to 'Positive' if AB's financial risk profile
improves, driven most likely by large cash accruals and
substantial increase in scale of operations, while it maintains
profitability. Conversely, the outlook may be revised to
'Negative' if there is weakening in the firm's financial risk
profile, caused most likely by decline in sales or operating
profitability or further lengthening of working capital cycle or
large, debt-funded capital expenditure (capex).

Update

AB reported revenues of about INR567.3 million for 2012-13 (refers
to financial year, April 1 to March 31) lower than CRISIL's
projections, and decline from INR700 million for 2011-12. The
decline in revenues was on account of focus on new launch,
Cephalosporin (which accounted for around 70 per cent of sales
during the period), a higher value, and higher margin product than
general drugs. The entry into the new product resulted in majority
of the revenues from reputed clientele like pharmaceutical majors
such as Wockhardt Ltd and Emcure Pharmaceuticals Ltd, orders from
whom have continued in 2013-14. The firm generated topline of
INR350 million in first six months of FY 2013-14, out of which
Cephalosporin contributed to 60 per cent. The entry into new
products have also resulted in improved operating margin of about
11.7 per cent in 2012-13,going forward CRISIL expects the
operating margins of the firm to moderate at around 10 per cent,
since the firm has started general drugs in 2013-14. The
operations of the firm continue to remain working capital
intensive, as reflected in gross current assets of around 195 days
as on March 31, 2013 majorly driven by high inventory and debtors
requirements.

The moderate profitability has resulted in moderate cash accruals
of INR30.5milllion leading to moderate financial risk profile,
with gearing of around 1.0 time as on March 31, 2013. This was
also supported by no major incremental capex and working capital
requirements. The firm does not have any debt-funded capex plans
over the medium term, however its gearing is expected to remain
moderate, given working capital intensity in operations. Debt
protection metrics are moderate, with interest coverage and net
cash accrual to total debt ratios of 3.5 times and 0.24 times for
2012-13. With the moderate operating profitability and capital
structure, CRISIL expects the debt protection measures of the firm
to remain moderate over the medium term. Moreover, liquidity of
the firm is also expected to remain adequate, supported by
adequate cash accruals adequate to service maturing debt
obligations and by moderate bank limit utilisation.

AB reported a profit after tax (PAT) of INR30.18 million on net
sales of INR567.3 million for 2012-13, up from a PAT of INR22.8
million on net sales of INR700 million for 2011-12.

Set up in 2006 as a partnership firm, AB manufactures antibiotics,
dry syrups and pain killers. The firm's product portfolio includes
general drugs (low-value products) and Cephalosporin (a
comparatively high-value product with average price of Rs,5 to
INR8 per tablet). The firm's plant is in Baddi (Himachal Pradesh).


BALAJI ENTERPRISES: CRISIL Cuts Ratings on INR250M Loans to 'BB-'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Balaji Enterprises to 'CRISIL BB-/Stable' from 'CRISIL
BB/Stable'.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          220      CRISIL BB-/Stable (Downgraded
                                 from 'CRISIL BB/Stable')

   Proposed Long-Term    30      CRISIL BB-/Stable (Downgraded
   Bank Loan Facility            from 'CRISIL BB/Stable')

The downgrade reflects CRISIL's belief that Balaji's financial
risk profile will remain weak over the medium term. The firm's
total outside liabilities to tangible net worth (TOLTNW) ratio of
4.2 times as on March 31, 2013, was higher than CRISIL's earlier
expectations and the firm's net worth was small at INR52 million
as on March 31, 2013. Despite high year-on-year revenue growth of
30 per cent for 2012-13 (refers to financial year, April 1 to
March 31), Balaji's net worth has remained small because of modest
operating margin and low accretion to reserves. CRISIL believes
that Balaji's financial risk profile will remain weak over the
medium term marked by high TOLTNW ratio and small net worth.

The rating also reflects the promoters' extensive experience in
the beer and spirits distribution business and the benefits
accrued from low inventory risk. These rating strengths are
partially offset by the firm's weak financial risk profile, marked
by small net worth, high total outside liabilities to tangible net
worth, its large working capital requirements, and its
susceptibility to adverse regulatory changes.

For arriving at the rating, CRISIL has taken a standalone view of
the business and financial risk profiles of Balaji rather than
consolidating these with those of Pinkku Traders and Radha Wines
as in the past. The change in analytical approach has been because
Balaji is no longer expected to provide financial support to, or
receive such support from, these firms. The entities are now
managed independently by different factions of the Kishnani
family.

Outlook: Stable

CRISIL believes that Balaji will benefit over the medium term from
its partners' extensive industry experience. The outlook may be
revised to 'Positive' if there is substantial and sustained
improvement in the firm's profitability margins from the current
levels, or if there is material increase in net worth on the back
of equity infusion by the partners leading to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if there is steep decline in the firm's profitability
margins from the current levels or if there is significant
deterioration in its capital structure on account of larger-than-
expected working capital requirements or capital withdrawal.

Balaji was set up in August 2010 as a partnership firm by Mr.
Kanayalal Kishnani and his wife, Ms. Meena Kishnani. It is the
distributor of products of Seagram Distillery Ltd and Skol
Breweries Ltd in the western zone of Thane region (Maharashtra).

The firm reported net profit of INR19.7 million on net sales of
INR1344 million for 2012-13 as against net profit of INR16.5
million on net sales of INR1044 million for 2011-12.


BHIMANI CHEMICALS: CARE Puts 'BB/A4' Rating on INR8cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Bhimani Chemicals Private Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term/Short-          8        CARE BB/CARE A4 Assigned
   term Bank Facilities

   Short-term Bank
   Facilities                6        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bhimani Chemicals
Private Limited are constrained by its modest scale of operations,
thin profitability margins and moderate leverage. The
ratings are further constrained by the susceptibility of its
operating margins to foreign exchange rate fluctuations and price
volatility associated with the goods under trading.

The ratings, however, derive comfort from the experience of the
promoters and its established presence through relationship with
key suppliers and diverse end-user industries in the chemical
cluster of Gujarat.

The ability of BCPL to improve its profitability and capital
structure along with increase in the scale of operations, while
managing volatile traded goods prices and foreign exchange rate
fluctuation would be the key rating sensitivities.

Ahmedabad-based BCPL, incorporated in 2001, is managed by three
brothers, Mr. Bhavin Bhimani, Mr. Parin Bhimani and Mr. Jignesh
Bhimani. BCPL has an agency agreement with GHCL Limited
(rated; CARE BBB/ CARE A3) for soda ash, Nirma Limited for Linear
Alkyl Benzene (LAB) and BASF for speciality chemicals for home and
fabric care. BCPL is also engaged in the trading of chemicals like
soda ash, LAB, Dodecyle Benzene (DDB), normal paraffin, etc which
have application in the manufacturing of dyes and intermediates,
soaps and detergents and specialty chemicals. BCPL has its major
material storage facility at Narol in Ahmedabad.

During FY13 (refers to the period April 1 to March 31), BCPL
reported a total operating income of INR167.85 crore with a PAT of
INR0.87 crore as against a total operating income of INR117.39
crore with a PAT of INR0.84 crore in FY12.


CHEMLINE INDIA: CRISIL Reaffirms 'BB+' Rating on INR213MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chemline India Ltd
continue to reflect CIL's established market position in the
specialty adhesive industry; and above-average financial risk
profile, marked by comfortable gearing and above-average debt
protection metrics.

                         Amount
   Facilities          (INR Mln)  Ratings
   ----------          ---------  -------
   Proposed Long-Term     23      CRISIL BB+/Stable (Reaffirmed)
   Bank Loan Facility

   Packing Credit         23      CRISIL A4+ (Reaffirmed)

   Cash Credit           190      CRISIL BB+/Stable (Reaffirmed)

   Letter of Credit       14      CRISIL A4+ (Reaffirmed)

These rating strengths are partially offset by CIL's small scale
of operations in the specialty adhesive segment, large working
capital requirements, and vulnerability to volatility in raw
material prices.

Outlook: Stable

CRISIL believes that CIL will continue to benefit over the medium
term from its established market position and growing business
prospects in the adhesives segment. However, the company's small
scale of operations and increasing real estate investments may
constrain its overall business risk profile over the medium term.
The outlook may be revised to 'Positive' if CIL significantly
scales up its operations, supported by its recent capacity
expansion, and maintains its profitability, capital structure and
liquidity. Conversely, the outlook may be revised to 'Negative' if
CIL's working capital cycle stretches significantly leading to
deterioration in liquidity; or if its capital structure weakens
significantly due to a large debt- funded capital expenditure
(capex) programme, or if there is significant pressure on the
company's profitability and revenue growth.

Update

CIL reported a turnover of INR263 million during the first six
months of 2013-14 (refers to financial year, April 1 to
March 31), and is estimated to report a turnover between INR500
million and INR550 million for the full year of 2013-14. CRISIL
believes that CIL's revenues will continue to grow moderately over
the medium term, driven by the company's established client base
and recent investments. For 2012-13, CIL registered a growth of
5.1 per cent in revenue.

CIL's operating profitability at 11.5 per cent in 2012-13, was in
line with trends (between 10 and 12 per cent) over the past six
years. The company has a lengthy working capital cycle, because of
credit of around 90 days extended to its customers. In contrast,
CIL receives credit of around 70 days from its suppliers. The
company's inventory holding is high at around 90 days. CRISIL
believes that CIL's working capital cycle will remain long with
gross current assets (GCAs) between 210 and 225 days over the
medium term, given its large working capital requirements, along
with high current assets including investment in real estate
properties of INR18 million, as on March 31, 2013.

CIL reported a profit after tax (PAT) of INR27 million on net
sales of INR474 million for 2012-13, vis--vis a PAT of INR18
million on net sales of INR450 million in 2011-12.

CIL, set up as a proprietorship firm named Chemline in 1980, was
reconstituted as a limited company in 1993. CIL is promoted by
technocrat and polymer scientist, Dr. R N Goel. The company
manufactures speciality adhesives at its facility in Dhaturi,
Sonepat (Haryana).


CHOWDARY ENTERPRISES: CRISIL Reaffirms BB Rating on INR68.4M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Chowdary
Enterprises continues to reflect CE's above-average financial risk
profile marked by its low gearing and robust debt protection
metrics, and the benefits it derives from the extensive experience
of its promoters in the poultry equipment industry.

                       Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan            68.4     CRISIL BB/Stable (Reaffirmed)

These rating strengths are partially offset by CE's working
capital intensive nature of operations, its limited financial
flexibility on account of its small net-worth, and its
susceptibility to changes in demand from end-user industry.

Outlook: Stable

CRISIL believes that CE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is an improvement in
the firm's working capital management or there is substantial
increase in net-worth on the back of capital additions from
promoters. Conversely, the outlook may be revised to 'Negative' if
there is a steep decline in the firm's profitability margins from
the current levels or there is a significant deterioration in its
capital structure on account of larger-than-expected working
capital requirements or large debt-funded capex.

CE, based in Hyderabad (Andhra Pradesh), was set up in 1983. The
firm manufactures iron structures and feeding systems primarily
for the poultry industry.


FATHIMA ENGINEERING: CRISIL Rates INR32MM Loan at 'B+'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Fathima Engineering Company Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           25       CRISIL A4
   Cash Credit              32       CRISIL B+/Stable

The ratings reflect FECPL's modest scale of operations in the
intensely competitive electrical components erection and
commissioning industry; and a below-average financial risk
profile, marked by modest net worth. These rating weaknesses are
partially offset by the extensive experience of FECPL's promoters
in the electrical components industry.

Outlook: Stable

CRISIL believes that FECPL will continue to benefit over the
medium term from the promoters' extensive industry experience and
established relations with key customers. The outlook may be
revised to 'Positive' in case of significant improvement in the
company's scale of operations and profitability, or substantial
equity infusion, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
FECPL undertakes aggressive, debt-funded expansions, or reports
lower-than-expected revenues and operating profit margin, leading
to deterioration in its financial risk profile.

FECPL, formerly Fathima Engineering Company, was established in
2003 by Mr. J Varghese in Fathimapuram, Kanyakumari district
(Tamil Nadu). The company undertakes supply, erection and
commissioning of electrical components, and caters to diverse end-
user industries.

FECPL reported a profit after tax (PAT) of INR1.69 million on an
operating income of INR69.8 million for 2012-13 (refers to
financial year, April 1 to March 31), vis--vis a PAT of INR1.07
million on an operating income of INR62.2 million for 2011-12.


GARAD LOGISTIC: CRISIL Assigns 'B' Ratings to INR67MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Garad Logistic.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                  8      CRISIL B/Stable

   Cash Credit               49      CRISIL B/Stable
   Proposed Long-Term

   Bank Loan Facility        10      CRISIL B/Stable

The rating reflects Garad Logistic' below-average financial risk
profile, marked by a modest net worth, high gearing, and average
debt protection metrics, and its modest scale of operations with
high geographical concentration in revenues. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's partners and the its above-average
profitability.

Outlook: Stable

CRISIL believes that Garad Logistic will continue to benefit over
the medium term from its partners' extensive industry experience.
The outlook may be revised to 'Positive' in case of significant
improvement in the firm's financial risk profile, most likely led
by higher-than-expected cash accruals or capital infusion, along
with reduction in exposure to group entities. Conversely, the
outlook may be revised to 'Negative' if Garad Logistic' liquidity
weakens further, owing to lower-than-anticipated cash accruals or
larger-than-expected exposure to group entities.

Established in 2011, Garad Logistic is engaged in trading and
transportation of construction materials such as sand, stone, and
ready-mix concrete. The firm is headquartered in Mumbai and is
owned and managed by Ms. Leena Garad and Mr. Balasaheb Bhosale.
Garad Logistic is a part of the Mumbai-based Bhosale group of
companies, which undertakes real estate development.


GEMUS ENG'G: CRISIL Assigns 'BB-' Rating to INR55MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Gemus Engineering Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                55     CRISIL BB-/Stable
   Letter Of Guarantee        20     CRISIL A4+

The ratings reflect the benefits that GML derives from its
promoters' considerable experience in the ductile iron castings
industry and moderate profitability. These rating strengths are
partially offset by the company's small scale of, and working
capital intensity in, operations

Outlook: Stable

CRISIL believes that GML will continue to benefit over the medium
term from its promoters' considerable experience in the ductile
iron castings industry. The outlook may be revised to 'Positive'
if GML enhances its scale of operations significantly, while it
maintains profitability, or if improvement in working capital
management or infusion of substantial capital by the promoters
strengthens its financial risk profile, particularly liquidity.
Conversely, significant stretch in working capital requirements,
lower than expected accruals, or any sizeable debt-funded capital
expenditure, leading to weakening in liquidity and financial risk
profile are among factors that can drive a revision in GML's
outlook to 'Negative'.

Incorporated in August 1996 by the Kolkata-based Sharma family,
GML began commercial production in 2001. The company manufactures
products cast in ductile iron as per customers' specifications.
GML's products primarily find application in the railways and
water works industry. The day-to-day operations of the company are
looked after by its director, Mr. Rajeev Sharma.


HIFIELD-AG CHEMs: CARE Rates INR3cr LT Ban Loans at 'BB+'
---------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Hifield-Ag Chem India Private Limited.

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

   Short-term Bank
   Facilities             2.50      CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Hifield-AG Chem
India Private Limited are constrained by its modest scale and
working-capital intensive nature of operations, vulnerability of
profitability to volatile raw material prices and presence in a
highly competitive agro-chemicals sector.

The ratings, however, are underpinned by the long experience of
the promoters in the agrochemicals sector, healthy profitability
margins with comfortable solvency position, diversified
clientele and a wide product portfolio.

The ability of the company to increase its scale of operations
while efficiently managing its working capita,l remains the key
rating sensitivity.

Aurangabad-based, Hifield-AG Chem India Private Ltd (HFPL) was
incorporated on November 11, 1994 and is engaged in the
manufacturing of agro-chemicals. Promoted by Mr. Ashok Darak and
Mr. Bhagatsingh Darak, the company has its manufacturing facility
based in Waluj, Aurangabad. The company manufactures and supplies
a varied range of agrochemicals, acids and plant growth
regulators. The products of the company include organic
fertilizers, raw material and ready-to-use branded products.
Ready-to-use products comprise of organic fertilizers and
stimulants, insecticides, fungicides and plant growth regulators,
which enhance the yield of fruits and vegetables and improve soil
quality and plant productivity. The company procures raw material
from the domestic and foreign markets and supplies its products
through a network of about 90 distributors.

The company is currently undertaking a capex program for the
backward integration of operations, which involves installation of
machineries and construction of building. The capex program is
expected to be completed by the end of FY14 (refers to the period
April 1 to March 31).

During FY13, HFPL earned PAT of INR0.77 crore on a total operating
income of INR11.80 crore against PAT of INR0.88 crore on a total
operating income of INR9.43 crore in FY12.


IWORLD BUSINESS: CRISIL Ups Ratings on INR203.5MM Loans to 'BB+'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Iworld Business Solutions Pvt Ltd to 'CRISIL BB+/Stable' from
'CRISIL BB-/Stable', and reaffirmed its rating on Iworld's short-
term bank facilities at 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           55.3     CRISIL A4+ (Reaffirmed)

   Cash Credit             180.0     CRISIL BB+/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Standby Line of Credit   20.0     CRISIL BB+/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan                 3.5     CRISIL BB+/Stable (Upgraded
                                     from 'CRISIL BB-/Stable')

The rating upgrade reflects an improvement in Iworld's financial
risk profile, backed by an equity infusion by the promoter, along
with an increase in the company's cash accruals commensurate with
that in the scale of operations. Iworld's financial risk profile
has improved backed by funding support from the promoter, through
an equity infusion of INR40 million collectively between 2012-13
(refers to financial year, April 1 to March 31) and 2013-14.
Iworld's total outside liabilities to tangible net worth (TOLTNW)
ratio improved to 2.89 times as on March 31, 2013, from over 4.13
times as on March 31, 2012. Iworld's TOLTNW ratio is likely to
improve to less than 2.5 times, backed by the promoter's equity
infusion and healthy cash accruals in 2013-14.

Iworld generated higher-than-expected cash accruals, driven by
sizeable growth in its topline, at a compound annual growth rate
(CAGR) of 41 per cent over the three years through 2012-13. The
company is likely to report a year-on-year topline growth of over
40 per cent in 2013-14, backed by new store openings and product
launches by the key principal Apple Inc. (Apple). Iworld could
also sustain its operating margin. The company intends to expand
its market presence by opening several showrooms in new locations
over the medium term, and is thus, expected to improve its
business and financial risk profiles, on the back of increasing
demand for mobiles phones and laptops of its key principal, Apple.

The ratings continue to reflect Iworld's established relations
with its principals and low susceptibility to risks related to
inventory and receivables. These rating strengths are partially
offset by Iworld's average financial risk profile, and
susceptibility to intense competition.

Outlook: Stable

CRISIL believes that Iworld will continue to benefit from its
established relations with its key suppliers, over the medium
term. The outlook may be revised to 'Positive' if Iworld maintains
the growth in its scale of operations, driven by new product
launches by the principal(s), while managing its working capital
requirements, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if Iworld's
revenue and profitability come under pressure, or if its working
capital cycle lengthens, or the company undertakes a large debt-
funded capital expenditure programme, thereby restricting its
financial risk profile.

Iworld was incorporated in 2005. The company is promoted by Mr.
Tript Singh. Iworld is an authorised dealer for Apple products
such as the iPhone and iPod, laptops, desktops, and accessories
and software products. Iworld also trades hardware, including
speakers, microphones, and accessories of Bose Corporation and
JBL. Iworld sells these products through its Iworld retail
outlets.

Iworld reported a net profit of INR15.4 million on net sales of
INR818 million for 2012-13, vis--vis a net profit of INR9.6
million on net sales of INR659 million for 2011-12.


JAGDAMBAY EXPORTS: CRISIL Reaffirms B+ Ratings on INR3.3MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Jagdambay Exports
continue to reflect JE's average financial risk profile, marked by
small net worth, and moderate gearing and debt protection metrics.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              1.3      CRISIL B+/Stable (Reaffirmed)

   Cash Credit            2.0      CRISIL B+/Stable (Reaffirmed)

   Packing Credit        83.6      CRISIL A4 (Reaffirmed)

The ratings also factor in JE's stretched liquidity on account of
large working capital requirements and small scale of operations
in a highly competitive readymade garments industry. These rating
weaknesses are partially offset by the promoter's extensive
industry experience.

Outlook: Stable

CRISIL believes that JE's financial risk profile, particularly
liquidity, will remain below average over the medium term, driven
by large working capital requirements and low profitability.
However, JE's business risk profile will benefit from the
extensive experience of its promoters in the readymade garments
industry. The outlook may be revised to 'Positive' in case of
improvement in the firm's liquidity (driven by large net cash
accruals) or working capital management or capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in JE's liquidity, due to large working capital
requirements, low cash accruals, or decline in revenue or
profitability.

Update

JE's scale of operations is likely to remain small and its
liquidity under pressure over the medium term. The firm's
operating income is expected to be between INR400 million and
INR450 million in 2013-14 (refers to financial year, April 1 to
March 31), vis--vis its operating income of INR367 million in
2012-13. JE's operating margin declined to 4.9 per cent in 2012-13
from 6.7 per cent in 2011-12 on account of fluctuations in raw
material prices, and is expected to stay at similar levels over
the medium term. JE's credit risk profile is exposed to geographic
and customer concentration risk as reflected in JE's small
turnover of INR194 million and large inventory days of 234 days in
2011-12 on account of decline in sales to one of its major export
destination. Debtor days increased substantially to 170 in 2012-13
from 50 in 2011-12.

JE's financial risk profile is expected to remain average over the
medium term, owing to stretched liquidity and large working
capital requirements. Liquidity remains stretched on account of
large working capital requirements and low net cash accruals; bank
limit utilisation was high at 96 per cent on average in the 17
months through August 2013. However, the same has been supported
by capital infusion by the promoters in the form of equity and
unsecured loans. The promoter's infused equity of INR20 million in
2012-13 and unsecured loans stood at INR30 million as on March 31,
2013. JE had a net worth of INR76 million and gearing of 1.3 times
as on March 31, 2013.

JE reported a profit after tax (PAT) of INR6 million on net sales
of INR342 million for 2012-13, against a PAT of INR6 million on
net sales of INR181 million for 2011-12.

JE is a proprietorship firm set up in 1993 by Mr. Balvinder Kumar
Sharma. It is engaged into manufacturing and exporting of hosiery
garments for children.


K.K.R. AGRO: CRISIL Raises Ratings on INR158.1MM Loans to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
K.K.R. Agro Mills Pvt Ltd (part of the KKR group) to 'CRISIL
B/Stable' from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               140     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Long-Term Loan              9.5   CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long-Term
   Bank Loan Facility          8.6   CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects timely payment of term loan
obligations of the group post May 2013. The upgrade also reflects
CRISIL's belief that the group will maintain its improved
liquidity profile over the medium term with cash accruals of more
than INR60 million a year as against repayment obligations of
INR18 million in 2013-14.

The rating also reflects the KKR group's below-average financial
risk profile marked by high gearing and exposure to risks related
to changes in government regulations and to volatility in raw
material prices. These rating weaknesses are partially offset by
the KKR group's established brand Nirapara in the market and
extensive experience of the group's promoters.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KKR Agro, with those of its group
entities, SN Rice Mills, KKR Mills, KKR Flour Mills, KKR Food
Products, Karthika Modern Rice Mill, and KKR Products and
Marketing Pvt Ltd. This is because all these entities, together
referred to as the KKR group, are under a common management and
have strong operational and financial linkages.

Outlook: Stable

CRISIL believes that the KKR group will continue to benefit over
the medium term from its established position in the food products
and rice milling industry. The outlook may be revised to
'Positive' if the group's financial risk profile, particularly its
gearing, improves most likely due to larger than expected cash
accruals along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative', if the
group's liquidity weakens resulting from lower-than-expected
revenues and profitability or it undertakes any larger-than-
expected debt-funded capital expenditure programme.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice trading business in Okkal near Kochi
(Kerala). Over the years, the group has entered into rice milling,
and manufacturing of value-added food products. The KKR group
sells its products under the Nirapara brand name. Set up in 2003,
KKR Agro is engaged in the business of rice milling.


K.K.R. FLOUR: CRISIL Upgrades Rating on INR90MM Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facility of
K.K.R. Flour Mills (KFM, part of the KKR group) to 'CRISIL
B/Stable' from 'CRISIL C'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        90      CRISIL B/Stable (Upgraded
                                     from 'CRISIL C')

The rating upgrade reflects timely payment of term loan
obligations of the group post May 2013. The upgrade also reflects
CRISIL's belief that the group will maintain its improved
liquidity profile over the medium term with cash accruals of more
than INR60 million a year as against repayment obligations of
INR18 million in 2013-14

The rating also reflects the KKR group's below-average financial
risk profile marked by high gearing and exposure to risks related
to changes in government regulations and to volatility in raw
material prices. These rating weaknesses are partially offset by
the KKR group's established brand Nirapara in the market and
extensive experience of the group's promoters.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KFM, with those of its group entities,
SN Rice Mills, KKR Mills, Karthika Modern Rice Mill, KKR Food
Products, KKR Agro Mills Pvt Ltd, and KKR Products and Marketing
Pvt Ltd. This is because all these entities, together referred to
as the KKR group, are under a common management and have strong
operational and financial linkages.

Outlook: Stable

CRISIL believes that the KKR group will continue to benefit over
the medium term from its established position in the food products
and rice milling industry. The outlook may be revised to
'Positive' if the group's financial risk profile, particularly its
gearing, improves most likely due to larger than expected cash
accruals along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative', if the
group's liquidity weakens resulting from lower-than-expected
revenues and profitability or it undertakes any larger-than-
expected debt-funded capital expenditure programme.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice trading business in Okkal near Kochi
(Kerala). Over the years, the group has entered into rice milling,
and manufacturing of value-added food products. The KKR group
sells its products under the Nirapara brand name. Set up in 2000,
KFM is engaged in the rice flour processing business.


K.K.R. FOOD: CRISIL Raises Ratings on INR116MM Loans to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
K.K.R. Food Products (part of the KKR group) to 'CRISIL B/Stable'
from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        83      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long-Term
   Bank Loan Facility        33      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects timely payment of term loan
obligations of the group post May 2013. The upgrade also reflects
CRISIL's belief that the group will maintain its improved
liquidity profile over the medium term with cash accruals of more
than INR60 million a year as against repayment obligations of
INR18 million in 2013-14

The rating also reflects the KKR group's below-average financial
risk profile marked by high gearing and exposure to risks related
to changes in government regulations and to volatility in raw
material prices. These rating weaknesses are partially offset by
the KKR group's established brand Nirapara in the market and
extensive experience of the group's promoters.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KFP, with those of its group entities,
SN Rice Mills, KKR Mills, KKR Flour Mills, Karthika Modern Rice
Mill, KKR Agro Mills Pvt Ltd, and KKR Products and Marketing Pvt
Ltd. This is because all these entities, together referred to as
the KKR group, are under a common management and have strong
operational and financial linkages.

Outlook: Stable

CRISIL believes that the KKR group will continue to benefit over
the medium term from its established position in the food products
and rice milling industry. The outlook may be revised to
'Positive' if the group's financial risk profile, particularly its
gearing, improves most likely due to larger than expected cash
accruals along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative', if the
group's liquidity weakens resulting from lower-than-expected
revenues and profitability or it undertakes any larger-than-
expected debt-funded capital expenditure programme.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice trading business in Okkal near Kochi
(Kerala). Over the years, the group has entered into rice milling,
and manufacturing of value-added food products. The KKR group
sells its products under the Nirapara brand name. Set up in 2003,
KFP trades in spices and pickles.


KAMAL MOTORS: CRISIL Assigns 'BB' Ratings to INR250MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facilities of Kamal Motors (Prop. Reliable Automotive Pvt.
Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Inventory Funding        100      CRISIL BB/Stable
   Facility

   Cash Credit               50      CRISIL BB/Stable

   Electronic Dealer        100      CRISIL BB/Stable
   Financing Scheme
   (e-DFS)

The rating reflects the extensive experience of promoters in the
commercial vehicle dealership industry and established
relationship with the principal Tata Motors Limited. These rating
strengths are partially offset by the company's below-average
financial risk profile marked by a modest net worth, a high total
outside liabilities to tangible net worth ratio and subdued debt
protection metrics, and susceptibility of its operating
performance to intense competition in the commercial vehicles
dealership industry.

Since KM is a division of RAPL, CRISIL has considered the
financials of RAPL while arriving at the ratings of KM. Besides
KM, RAPL has another unit Bindiya Traders under its umbrella which
is engaged in trading of cement and tyres. KM contributed around
85 per cent of the revenues of RAPL for FY 2012-13.

Outlook: Stable

CRISIL believes that KM will continue to benefit over the medium
term from the extensive industry experience of its promoters and
established relationship with the principal TML. The outlook may
be revised to 'Positive' if the company reports a significant and
sustained growth in its revenues and profitability while improving
its capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case of a slowdown in the
commercial vehicle segment significantly impacting KM's revenue
and profitability, or if there is lengthening of its working
capital cycle, adversely affecting its financial risk profile.

KM, a division of RAPL, set up in 1997, is an authorized dealer
for TML for their entire range of commercial vehicles. The company
has dealership for the entire Thane (Maharashtra) district and has
11 outlets across the district. The day-to-day operations are
managed by Mr. Kamalsingh Ailsinghani and his nephew Mr. Tejpal
Ailsinghani. The company is part of the Ailsinghani group which
has interests in various businesses like clearing & forwarding,
transportation and logistics.

RAPL reported a profit after tax (PAT) of INR19.2 million on net
sales of INR3.2 billion for 2012-13 (refers to financial year,
April 1 to March 31) as against a PAT of INR17.5 million on net
sales of INR3.2 billion for 2011-12. KM contributed INR2.7 billion
of the total revenues of RAPL for 2012-13.


KARTHIKA MODERN: CRISIL Upgrades Rating on INR85MM Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Karthika Modern Rice Mill (KMRM; part of the KKR group) to 'CRISIL
B/Stable' from 'CRISIL C'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               85      CRISIL B/Stable (Upgraded
                                     from 'CRISIL C')

The rating upgrade reflects timely payment of term loan
obligations of the group post May 2013. The upgrade also reflects
CRISIL's belief that the group will maintain its improved
liquidity profile over the medium term with cash accruals of more
than INR60 million a year as against repayment obligations of
INR18 million in 2013-14

The rating also reflects the KKR group's below-average financial
risk profile marked by high gearing and exposure to risks related
to changes in government regulations and to volatility in raw
material prices. These rating weaknesses are partially offset by
the KKR group's established brand Nirapara in the market and
extensive experience of the group's promoters.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KMRM, with those of its group entities,
SN Rice Mills, KKR Mills, KKR Flour Mills, KKR Food Products, KKR
Agro Mills, and KKR Products and Marketing Pvt Ltd. This is
because all these entities, together referred to as the KKR group,
are under a common management and have strong operational and
financial linkages.

Outlook: Stable

CRISIL believes that the KKR group will continue to benefit over
the medium term from its established position in the food products
and rice milling industry. The outlook may be revised to
'Positive' if the group's financial risk profile, particularly its
gearing, improves most likely due to larger than expected cash
accruals along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative', if the
group's liquidity weakens resulting from lower-than-expected
revenues and profitability or it undertakes any larger-than-
expected debt-funded capital expenditure programme.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice trading business in Okkal near Kochi
(Kerala). Over the years, the group has entered into rice milling,
and manufacturing of value-added food products. The KKR group
sells its products under the Nirapara brand name. Set up in 2007,
KMRM is engaged in the business of rice milling.


LAXMI NARAYAN: CRISIL Cuts Ratings on INR850MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Laxmi Narayan Udyog Ltd to 'CRISIL D' from 'CRISIL A4+'.

                               Amount
   Facilities                (INR Mln)   Ratings
   ----------                --------    -------
   Foreign Bill Negotiation      500     CRISIL D (Downgraded
                                         from 'CRISIL A4+')

   Post Shipment Credit          350     CRISIL D (Downgraded
                                         from CRISIL A4+')

The rating downgrade reflects LNUL's continuously overdrawn
working capital limits for more than 30 consecutive days, on
account of weak liquidity. LNUL's weak liquidity is because of
unprecedented lengthening in its working capital cycle on account
of stretch in receivables from customers.

LNUL continues to have a below-average financial risk profile,
marked by aggressive gearing and below-average debt protection
metrics, and is susceptible to changes in regulations governing
export of agricultural commodities. However, LNUL benefits from
its promoters' extensive experience in the agricultural
commodities trading business.

LNUL, a three-star export house, was set up as a private limited
company in 2001 and reconstituted as a public limited company in
November 2011. It is promoted by Mr. Ajoy Chowdhury, Mr. Pankaj
Agarwal, and Mr. Pramod Kumar Agarwal. The company exports
agricultural products, such as red chillies, onions, fresh fruits,
and spices, mainly to Bangladesh.


MANSA DEVI: CRISIL Reaffirms 'B' Ratings on INR172.4MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Mansa Devi Rice Mills
continues to reflect MDRM's weak financial risk profile, marked by
small net worth, high gearing, weak debt protection metrics, low
operating margin, and large working capital requirements.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               160     CRISIL B/Stable (Reaffirmed)

   Proposed Long-Term          8.2   CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan                   4.2   CRISIL B/Stable (Reaffirmed)

The rating also reflects MDRM's small scale of operations and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
MDRM's partners in the rice industry.

MDRM has unsecured loans of INR103 million outstanding as on March
31, 2013. CRISIL has treated these unsecured loans as neither debt
nor equity as they are interest-free and have been provided by the
firm's partners and their family members and are subordinated to
bank debt.

Outlook: Stable

CRISIL believes that MDRM's credit risk profile will remain
constrained over the medium term by its small scale of operations
and low profitability. The outlook may be revised to 'Positive' if
MDRM scales up its operations significantly, while improving its
liquidity, and if its capital structure improves significantly
because of substantial equity infusion by partners or more-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if there is further deterioration in MDRM's capital
structure because of large debt-funded capital expenditure (capex)
or significant decline in its scale of operations and
profitability.

Set up in 1982 by its partners, Mr. Raj Kumar and Mr. Ved Prakash,
MDRM processes basmati rice and sells it in the domestic market.


MARUTI GRANITES: CARE Assigns 'BB' Rating to INR7.42cr Loans
------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Maruti Granites & Marbles Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.42       CARE BB Assigned
   Facilities

   Short-term Bank
   Facilities            7.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Maruti Granites &
Marbles Private Limited are primarily constrained on account of
its modest scale of operations, moderate profitability margins,
weak solvency position and working capital intensive nature of
operations. The ratings are further constrained on account of
MGMPL's presence in a highly competitive marble industry,
direct linkage with the cyclical real estate sector and exposure
of margins to volatility in foreign exchange rates.

The ratings, however, favorably take into account the vast
experience of the promoters in the marbles industry, strong group
support and location advantage with ease of availability of raw
material and labour.

The ability of the company to increase its scale of operations
while maintaining the profitability margins in light of volatile
raw material price and efficient working capital management would
remain the key rating sensitivities.

Maruti Granites & Marbles Private Limited, incorporated in 1987,
is promoted by the Udaipur-based (Rajasthan) Rajgarhia family.
Rajgarhia family has also promoted Trivedi Impex Private Limited
(TIPL), Dattatreya Mining Private Limited (DMPL) which holds
marble mines near Udaipur; BDH Energy Private Limited (BEPL),
which holds marble mines in the Banswara district and Abhishek
Exports (ABE), which is engaged in the business of export of
marbles.

MGMPL is engaged in the business of marble processing with its
processing facility located at Sukher, Udaipur, Rajasthan having a
processing capacity of 200,000 sq ft per month of marble slabs
and tiles. The company procures marbles slabs and tiles from the
domestic market including purchase from its group concern and
imports from Italy and Turkey against the import license issued by
the Government of India (GOI). Import constituted around 75% of
the total raw material purchases during FY13 (refers to the period
April 1 to March 31). It sells its products in the domestic market
as well as exports it through ABE.

During FY13, MGMPL reported a TOI of INR24.86 crore as against
INR24.02 crore during FY12 alongwith PBILDT of INR1.92 crore
during FY13 (approximately INR1.56 crore during FY12).


NILANJAN IRON: CRISIL Reaffirms 'BB-' Ratings on INR150MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Nilanjan Iron Pvt Ltd
continue to reflect the extensive experience of NIPL's promoters
in the industry along with the timely funding support received
from them; and the company's efficient debtor management. These
rating strengths are partially offset by NIPL's weak financial
risk profile and liquidity, marked by weak capital structure and
debt protection measures, coupled with low cash accruals on
account of moderate scale of operation and low profitability. The
rating also reflects the intense competition in the domestic steel
industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          20      CRISIL A4+ (Reaffirmed)
   Cash Credit             80      CRISIL BB-/Stable (Reaffirmed)
   Letter of Credit        60      CRISIL A4+ (Reaffirmed)
   Term Loan               70      CRISIL BB-/Stable (Reaffirmed)

CRISIL has treated NIPL's unsecured loans (Rs.56.5 million as on
March 31, 2013) provided by the company's promoters as neither
debt nor equity because these interest-free loans are subordinated
to NIPL's bank facilities and are expected to be retained in the
company's business over the medium term.

Outlook: Stable

CRISIL believes that NIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
financial risk profile and generates higher-than-expected cash
accruals on the back of its increasing scale of operations.
Conversely, the outlook may be revised to 'Negative' if NIPL's
financial risk profile weakens further because of decline in
profitability or larger-than-expected working capital requirements
or if the company undertakes larger-than-expected debt-funded
capital expenditure (capex) leading to further deterioration in
its liquidity and financial risk profile.

Update

NIPL posted revenue of around INR972.3 million in 2012-13 (refers
to financial April 1 to March 31), as against INR1016.0 million in
2011-12 on account of challenging environment in the domestic
steel industry. The company's profitability increased to around
3.5 per cent during 2012-13 as compared with 3.3 per cent in 2011-
12. The increase in profitability was on account of higher price
realisations. The profitability is further expected to increase to
around 5 per cent in 2014-15, following completion of capex,
undertaken towards installation of a continuous casting machine
(CCM), which is expected to reduce operating cost to the extent of
INR1000 per tonne.

NIPL continues to follow a tight working capital management policy
as indicated by gross current assets (GCAs) of around 88 days as
on March 31, 2013, supported by faster collection of debtors.
While the company's inventory levels remained high at 70 days as
on March 31, 2013, the cycle is supported by even longer payables
of 77 days. CRISIL believes that NIPL's working capital cycle will
remain stable supported by a faster collection cycle and support
from its suppliers in the form of longer payable days.


NIPL's financial risk profile continues to remain constrained,
with high gearing of 2.33 times on March 31, 2013, on account of
small net worth of INR47.7 million. The moderate scale of
operations, along with low operating profitability, is expected to
continue constrain its debt protection measures, with expected
interest coverage ratio of 1.4 times and net cash accruals to
total debt of around 0.08 times in 2013-14. CRISIL believes that
NIPL's financial risk profile will remain below average over the
medium term, mainly because of its highly leveraged capital
structure and low operating profitability.

NIPL was set up in 2009 by Mr. Devendra Singla. The company
manufactures mild-steel ingots with capacity of 36,000 tonnes per
year at its plant in Kolhapur (Maharashtra).

NIPL reported profit after tax (PAT) of around INR1.3 million on
net sales estimated at INR972.3 million for 2012-13 as against PAT
of INR1.2 million on net sales of INR1016.0 million for 2011-12.


P. J. EXPORTS: CRISIL Cuts Ratings on INR190MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of P. J. Exports to 'CRISIL D' from 'CRISIL B+/Stable' and
reassigned a rating of 'CRISIL D' to the short-term facilities.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                30     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Foreign Bill Discounting   45     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Inland/Import Letter       10     CRISIL D (Downgraded from
   of Credit                         'CRISIL B+/Stable')


   Packing Credit             80     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long-Term         25     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')
The rating downgrade reflects PJ Exports' prolonged over-
utilisation of its working capital limits for over 30 days. This
was caused by weak liquidity because of lengthening of its working
capital cycle due to stretch in debtor realisation and significant
increase in inventory levels.

The ratings also factor in PJ Exports' below-average financial
risk profile, marked by weak capital structure and debt protection
metrics, working-capital-intensive operations, and its modest
scale of operations. However, PJ exports benefits from the
extensive experience of its promoter in the textile industry.

PJ Exports was set up as a partnership firm in 1990 by Mr. Jagdish
Todi along with his son Mr. Jiten Todi. There were no operations
in the firm till 2008. The firm commenced commercial operations in
2008 and is currently promoted by Mrs. Sulocha Jagdish Todi and
Mrs. Anamika Jiten Todi. The firm manufactures home textile
products such as bedsheets, bed and pillow cases and curtains. Mr.
Jiten Todi oversees PJ Exports' day-to-day operations.


PHALANX CHEMICALS: CRISIL Assigns 'B+' Ratings to INR420MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Phalanx Chemicals Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        90      CRISIL B+/Stable
   Bank Loan Facility

   Long-Term Loan           225      CRISIL B+/Stable

   Proposed Cash Credit
   Limit                    105      CRISIL B+/Stable

The rating reflects PCPL's exposure to risks related to the
implementation and stabilisation of its on-going project, which
involves the setting up of a bulk drug manufacturing unit at
Vishakhapatnam (Andhra Pradesh). The rating also factors in the
company's weak financial risk profile. The above-mentioned
weaknesses are partially offset by the extensive industry
experience of PCPL's promoters and strong growth prospects of the
industry.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if earlier-than-expected
stabilisation of the project results in more-than-expected
revenues and profitability, leading to improvement in its overall
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there are significant delay in stabilisation of
operations coupled with time and cost overruns in its ongoing
project, leading to weakening in its financial risk profile.

Incorporated in 2011, PCPL is engaged in manufacturing of bulk
drug intermediaries. Based out of Hyderabad (Andhra Pradesh), the
company is promoted by Mr. Avirneni Sri Rama Krishna and family.


PRAGATI CONSTRUCTION: CRISIL Reaffirms BB- Rating on INR40MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pragati Construction
Consultants continues to reflect PCC's moderate financial risk
profile, marked by low gearing and moderate debt protection
metrics, and the extensive experience of its promoters in the
construction industry. These rating strengths are partially offset
by PCC's modest scale of operations in a fragmented industry with
intense competition and geographical and customer concentration in
its revenues.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         50      CRISIL A4+ (Reaffirmed)
   Cash Credit            40      CRISIL BB-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PCC will continue to benefit over the medium
term from the extensive experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive' if
the firm reports substantial growth in its scale of operations and
improvement in its profitability. Conversely, the outlook may be
revised to 'Negative' if PCC's financial risk profile deteriorates
due to stretch in its working capital cycle, or a decline in its
revenues and profitability.

PCC was established in 2003 by Mr. M P Gupta and his sons as a
partnership firm. The firm executes civil contracting projects for
the Indian Railways, Delhi Metro Rail Corporation, and the
National Highways Authority of India. It undertakes all civil
construction work, including construction of buildings, foot over-
bridges, railway lines, and embankments

PCC reported a book profit of INR11.6 million on net sales of
INR362.9 million for 2012-13 (refers to financial year, April 1 to
March 31), as against book profit of INR8.2 million on net sales
of INR256.3 million for 2011-12.


S. M. ASSOCIATES: CARE Rates INR35cr LT Bank Loan at 'B'
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facility of S. M.
Associates.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         35        CARE B Assigned
   Facility

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

Rating Rationale

The rating assigned to the bank facilities of S. M. Associates is
constrained by project execution risk and funding risk as
financial closure is yet to be achieved and significant customer
advances are yet to be tied up. The rating is further constrained
by marketing risk, cyclical nature of the real estate industry and
constitution of the entity as a partnership firm.

These factors far offset the benefits derived from the experience
of the partners in the real estate industry and location
advantage.

Ability of SMA to timely receive pending approvals for the project
along with timely financial closure and receive customer advances
as envisaged shall be critical from a credit perspective.

Established in 2009 by the Rushi group, S M Associates is a
partnership firm engaged in developing a Business Park & Truck
Terminal Parking Plaza project at Kalyan (Maharastra). The
firm has acquired a land for project (with area admeasuring
31,178.25 sq mtrs) on 60 years lease from Kalyan Dombivili
Municipal Corporation (KDMC) at INR50.69 crore to be paid in 720
monthly installments.


S. N. RICE MILLS: CRISIL Ups Ratings on INR71.4MM Loans to 'B'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of S. N. Rice Mills (part of the KKR group) to 'CRISIL B/Stable'
from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility        70      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan                  1.4    CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects timely payment of term loan
obligations of the group post May 2013. The upgrade also reflects
CRISIL's belief that the group will maintain its improved
liquidity profile over the medium term with cash accruals of more
than INR60 million a year as against repayment obligations of
INR18 million in 2013-14

The rating also reflects the KKR group's below-average financial
risk profile marked by high gearing and exposure to risks related
to changes in government regulations and to volatility in raw
material prices. These rating weaknesses are partially offset by
the KKR group's established brand Nirapara in the market and
extensive experience of the group's promoters.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SN Rice Mills, with those of its group
entities, Karthika Modern Rice Mill, KKR Mills, KKR Flour Mills,
KKR Food Products, KKR Agro Mills, and KKR Products and Marketing
Pvt Ltd. This is because all these entities, together referred to
as the KKR group, are under a common management and have strong
operational and financial linkages.

Outlook: Stable

CRISIL believes that the KKR group will continue to benefit over
the medium term from its established position in the food products
and rice milling industry. The outlook may be revised to
'Positive' if the group's financial risk profile, particularly its
gearing, improves most likely due to larger than expected cash
accruals along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative', if the
group's liquidity weakens resulting from lower-than-expected
revenues and profitability or it undertakes any larger-than-
expected debt-funded capital expenditure programme.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice trading business in Okkal near Kochi
(Kerala). Over the years, the group has entered into rice milling,
and manufacturing of value-added food products. The KKR group
sells its products under the Nirapara brand name. Set up in 1991,
SN Rice Mills is engaged in the business of rice milling.


SAUDAGAR ENTERPRISES: D Ratings on INR257.5MM Loans Reaffirmed
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Saudagar Enterprises
continues to reflect delays by Saudagar in servicing its debt. The
delays have been caused by the firm's weak liquidity. Liquidity
has been weak because of the company's insufficient and uneven
cash accruals vis-a-vis debt obligations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           130.0    CRISIL D (Reaffirmed)

   Overdraft Facility        40.0    CRISIL D (Reaffirmed)

   Post-Shipment Credit      20.0    CRISIL D (Reaffirmed)

   Pre-Shipment Packing
   Credit                    30.0    CRISIL D (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility        37.5    CRISIL D (Reaffirmed)

The rating also reflects Saudagar's large working capital
requirements, modest scale of operations in the garments industry,
and vulnerability to volatility in cotton prices. These weaknesses
are mitigated by Saudagar's integrated nature of operations and
the extensive industry experience of the promoters.

Update

Saudagar's revenue declined in 2012-13 (refers to financial year,
April 1 to March 31) by around 10 per cent to INR288 million as
compared with INR322 million in 2011-12; the decline in revenue is
attributed to the slow growth in demand in the textile industry.
Saudagar's operating margin improved considerably to around 14.2
per cent in 2012-13 as compared with 3 per cent in 2011-12 as a
result of trading in timber and mangoes during the year.

The firm's working capital intensity remains high, with higher
debtor realisation period and large inventory storage
requirements. Saudagar's gross current assets (GCAs) doubled to
over 600 days in 2012-13 over the previous year 2011-12 on account
of significant increase in debtors as well as inventory periods.
This is to some extent due to the commencement of the trading
business and, as a result, the firm had to maintain high inventory
and longer credit to its customers. The long working capital cycle
has led to uneven cash flow for the firm, thereby resulting in
delays in repayment of its term debt. This has also resulted in
full utilisation of the working capital limit, thereby further
constraining liquidity.

Saudagar reported profit after tax (PAT) of INR7 million on net
sales of INR288 million for 2012-13 against PAT of INR7 million on
net sales of INR323 million for 2011-12.

Saudagar was set up in 1977 as a proprietorship firm by Mr. Ashraf
Saudagar K Merchant. The firm manufactures towels and hosiery
garments for men, women, and children, and exports these products
to countries in the Middle East. The firm has integrated
operations, with facilities for knitting, stitching, printing, and
manufacture of cotton yarn. In 2012-13, the firm has also started
trading in timber and mangoes to overcome the slow demand for its
textile products.


SENSO GRANITO: CRISIL Assigns 'D' Ratings on INR270MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Senso Granito Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                82.5     CRISIL D
   Bank Guarantee           37.5     CRISIL D
   Cash Credit             150.0     CRISIL D

The ratings reflect instances of delay by SGPL in servicing its
debt; the delays have been caused by the company's weak liquidity.
SGPL has weak liquidity because of its working-capital-intensive
operations.

SGPL also has a small scale of operations. Moreover, it is
susceptible to volatility in raw material prices and to intense
industry competition. However, SGPL benefits from its promoters'
extensive industry experience, and its strategic location which
ensures availability of raw material and labour.

SGPL, incorporated in 2008, is promoted by Mr. Praful Patel and
Mr. Nilesh Himeji and their family members. The company
manufactures wall tiles and floor tiles.

In 2012-13 (refers to financial year, April 1 to March 31), SGPL
reported a net profit of INR0.5 million on net sales of INR568.9
million, against a net profit of INR 2.85 million on net sales of
INR850.3 million for 2011-12.


SHREE BALAJI: CARE Assigns 'B+' Rating to INR8.51cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Balaji Agro Farm Industries Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.51       CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Shree Balaji Agro
Farm Industries Pvt Ltd are primarily constrained by its short
track record coupled with small scale of operations, high level of
government regulations and seasonal nature of the rice industry
with exposure to the vagaries of nature. The rating is also
constrained by the project implementation risk with the ongoing
expansion project, high working capital intensity of operations
and its presence in a highly fragmented & competitive industry.
The above-mentioned constraints far offset the benefits derived
from the experience of the promoters and its proximity to paddy-
growing areas.

Ability of the company to grow its scale of operations along with
improvement in its profitability and effective working capital
management would be the key rating sensitivities.

Shree Balaji Agro Farm Industries Pvt Ltd, incorporated in July
2010, by Mr. Alok Kr Katyal, Mr. Rajeev Khirwal and Mr. Anup Kr
Agarwal of Jharkhand for the purpose of setting up a rice
processing unit. The company commenced commercial operation from
September 2012 and is engaged in the processing and milling of
rice. The processing facility of the company is located in
West Singhbhum, Jharkhand having a processing capacity of 24,966
Metric Tonne Per Annum (MTPA). The company sells its products
under the brand name "Shree Bhog" to traders and wholesalers
located in Jharkhand, Rajasthan and Arunachal Pradesh.

During FY13, SABL had reported a total operating income of INR17.8
crore and PAT of INR 0.4 crore.


SHRI BALAJI: CRISIL Reaffirms 'BB' Rating on INR87.5MM Loans
------------------------------------------------------------
CRISIL ratings reflect the extensive experience of Shri Balaji
Rollings Private Limited's promoters in steel industry and their
funding support; coupled with the company's established market
position driven by strong customer relations.

                           Amount
   Facilities            (INR Mln)  Ratings
   ----------            ---------  -------
   Bank Guarantee            5      CRISIL A4+ (Reaffirmed)
   Cash Credit              40      CRISIL BB/Stable (Reaffirmed)
   Letter of Credit        250      CRISIL A4+ (Reaffirmed)
   Term Loan                47.5    CRISIL BB/Stable (Reaffirmed)

These rating strengths are partially offset by SBRPL's moderate
financial risk profile coupled with exposure to risks related to
cyclical demand in the steel industry and volatility in the prices
of its raw materials and movements in forex rates.

CRISIL has treated unsecured loans of INR38.9 million as on March
31, 2013, to SBRPL from the promoters, as neither debt nor equity.
These interest-free loans are subordinated to SBRPL's bank
facilities and are expected to be retained in the business for
near to medium term.

Outlook: Stable

CRISIL believes that SBRPL will continue to benefit over the
medium term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's operating
profitability improves, thereby enhancing its financial risk
profile particularly debt protection measures and return on
capital employed. Conversely, the outlook may be revised to
'Negative' if SBRPL's profitability declines, mostly likely due to
fluctuations in raw material prices or forex rates, thereby
further weakening the company's financial risk profile; or if the
company undertakes a larger-than-expected capital expenditure
(capex) programme.

SBRPL was set up in 1997 by Mr. Rajendraprasad Singla and Mr.
Sumit Kumar Singla. The company manufactures concast billets and
its manufacturing plant is in Cuncolim (Goa).

SBRPL's profit after tax (PAT) on provisional basis was estimated
at INR3.4 million on net sales of INR1123 million for 2012-13,
vis--vis PAT of INR4.6 million on net sales of INR844 million for
2011-12.


SHRI RADHA: CARE Rates INR8cr LT Bank Loans at 'B-'
---------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Shri Radha
Swami Oil Mill.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         8         CARE B- Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Shri Radha Swami Oil
Mill is constrained by its small scale of operations, low
profitability margins, highly leveraged capital structure with
weak debt service coverage indicators and liquidity position. The
rating is further constrained by its presence in a fragmented
industry coupled with the availability of substitutes,
vulnerability of profitability margins due to presence in a highly
volatile agro commodity business and constitution of the entity
being a proprietorship firm.

The rating, however, draws comfort from the experienced management
and growing scale of operations.

Going forward, the ability of SRS to increase its scale of
operations, while improving profitability margins and improvement
in the capital structure shall be the key rating sensitivities.

Bhiwani-based, Haryana, Shri Radha Swami Oil Mill, is a
proprietorship concern managed by Mr. Anand Prakash and was
established in November 2004. The firm is mainly engaged in the
extraction of mustard oil and cotton oil from mustard seeds and
cotton seeds. Apart from manufacturing, the firm is also engaged
in the trading of refined oil and vegetable oil. As on
March 31, 2013, the installed capacity of the firm to crush seeds
stood at 700 quintals per day. For processing, the firm procures
mustard and cotton seeds from the local grain market through
brokers and also directly from the farmers.

SRS reported a PAT of INR0.08 crore on a total income of INR16.65
crore in FY13 (refers to the period April 01 to March 31) as
against a PAT of INR0.07 crore on a total income of INR13.33 crore
in FY12.


SHROLENSON MARBANIANG: CRISIL Cuts Ratings on INR62.4MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of M/S
Shrolenson Marbaniang to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'. The downgrade in ratings reflects delays by
SM in servicing its debt obligations, because of weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           12.9     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit              34.0     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility       12.5     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                 3.0     CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

SM has a weak liquidity on account of a stretched working capital
cycle. The firm also has a small scale of operations, a
geographically concentrated revenue profile, and exposure to the
tender-based nature of the business. SM, however, benefits from
its partners' experience in the civil construction industry.

SM, a partnership firm, was set up by the late Mr. Shrolenson
Marbaniang in 1980. The firm is now run by his three daughters,
Mrs. Connie, Mrs. Denmarks, and Mrs. Bistilla. It undertakes civil
construction and electrical engineering activity in Meghalaya


SINGHAL FORESTRY: CARE Cuts Rating on INR17.53cr Loans to 'BB+'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Singhal Forestry Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        17.53      CARE BB+ Revised from
   Facilities                       CARE BBB-

The rating has been assigned on standalone basis with revision of
rating of Vandana Global Limited to CARE BB+ which matches with
standalone evaluation of SFPL.

Rating Rationale

The rating assigned to the bank facilities of Singhal Forestry
Private Ltd is constrained by the small scale of operations, low
operating income, weak financial risk profile marked by elongated
receivables cycle and lower operating profits. The rating is
further constrained by low capacity utilization on account of the
inherent nature of operations and higher dependence on funding
support from the promoters in case of cash flow mismatches.

The rating considers the track record of the promoters,
operational status of the project with the
presence of a Power purchase agreement and presence of escrow
mechanism with lenders.

Going forward, the timely recoverability from receivables and
generating sustained operating profits are the key rating
sensitivities for SFPL.

Singhal Forestry Private Limited is a part of the Vandana Group
(Raipur). SFPL has setup a solar power generation plant of 2 MW in
the state of Chhattisgarh under the Rooftop and other small solar
power generation plant scheme administered by IREDA under
Jawaharlal Nehru National Solar Mission Plan. The company has
commissioned the plant on November 15, 2011.

During FY13 (refers to the period April 01 to March 31), SFPL
registered a total operating income of INR6.82 crore with PBILDT
of INR6.38 crore and loss before tax of INR0.18 crore. As per
unaudited results for Q1FY14, SFPL achieved a total operating
income of INR1.71 crore with a PAT of INR0.24 crore.


SKS BUILD-TECH: CRISIL Assigns 'B' Rating to INR50MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of SKS Build-Tech Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           150      CRISIL A4
   Cash Credit               50      CRISIL B/Stable

The ratings reflect SKS's small scale and working capital
intensity of operations in the civil construction industry. These
rating weaknesses are partially offset by the benefits that the
company derives from its promoters' extensive experience in the
industry.

Outlook: Stable

CRISIL believes that SKS will maintain its business risk profile
over the medium term backed by the promoters' extensive experience
and healthy order book. The outlook may be revised to 'Positive'
if its scale of operations and geographical diversification in
revenue profile increase considerably while it maintains
profitability, or if improvement in working capital management
leads to stronger liquidity for SKS. Conversely, the outlook may
be revised to 'Negative', if the company reports low accruals or
undertakes any large debt-funded capex, leading to deterioration
in its financial risk profile or pressure on liquidity due to
stretch in working capital requirements.

Incorporated in 2004, SKS is a Class AA civil contractor, engaged
in construction of roads and power substations. Its key promoter
is Mr. S K Sharma.

SKS reported a net profit of INR2.80 million on a net sales of
INR53.7 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR0.38 million on net sales of
INR13.05 million for 2011-12.


SLT INFRACON: CRISIL Assigns 'BB-' Rating to INR30MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities SLT Infracon Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            65      CRISIL A4+

   Cash Credit               30      CRISIL BB-/Stable

The ratings reflect the extensive industry experience of SLT's
promoters and its above-average financial risk profile, marked by
comfortable gearing and healthy debt protection metrics. These
rating strengths are partially offset by SLT's relatively small
scale of operations, geographical concentration, and stretched
liquidity.

Outlook: Stable

CRISIL believes that SLT will benefit over the medium term from
its promoters' extensive experience in the civil construction
segment. The outlook may be revised to 'Positive' if the company
achieves sustained and substantial growth in its scale of
operations and profitability, while maintaining its capital
structure and improving its liquidity. Conversely, the outlook may
be revised to 'Negative' in case of a sharp decline in SLT's
profitability or stretch in its working capital cycle, or if it
undertakes any larger-than-expected debt-funded capital
expenditure programme, thereby weakening its financial risk
profile.

SLT was incorporated on March 3, 2010, and specialises in
executing engineering, procurement, and construction (EPC) and
non-EPC projects for government entities in Northeast India. The
company is promoted by Mr. Shyam Lal Tusnial and his family
members.


SPECTRUM ETHERS: CARE Assigns 'BB' Ratings to INR40.74cr Loans
--------------------------------------------------------------
CARE assigns 'CARE BB'/'CARE A4+' to the bank facilities of
Spectrum Ethers Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities (Fund
   Based-Term Loan)     8.74        CARE BB Assigned

   Long-term Bank
   Facilities (Fund-
   Based-Cash Credit)  32.00        CARE BB Assigned

   Short-term Bank
   Facilities
   (Non-Fund Based)    19.00        CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Spectrum Ethers Ltd
are constrained by the modest scale of operations, working capital
intensity of the business, low profitability margins and below
average financial risk profile marked by high gearing and low debt
service coverage indicators. The ratings are also constrained by
the seasonal and highly competitive nature of the agrochemical
business.

The ratings favourably consider the experience of the promoters in
the industry and established relationship with the customers.
The ability of SEL to manage its incremental working capital
requirement is the key rating sensitivity.

Incorporated in 1993 by Dr Milind Kolhe, SEL manufactures
formulated and technical-grade organo-phosphorous pesticides, such
as phorate, ethion, and profenofos. The manufacturing facility of
SEL is located in Rasegaon Village which is about 27 kms from
Nashik. The company has an installed capacity to manufacture 8000
MT of formulated and technical organo-phosphorous pesticides as on
March 31, 2013. SEL imports approximately 10% of its raw
materials; against this approximately 6.05% of its total revenue
is contributed by export sales. In the overseas markets, SEL
exports to Taiwan, USA and South Africa and imports its raw
material requirement from Belgium and Jordan.

During FY13 (refers to the period April 1 to March 31), the
company reported a PAT of INR2.77 crore on a total operating
income of INR97.94 crore as compared to a PAT of INR1.53 crore on
a total operating income of INR87.63 crore during FY12. During
H1FY14 the company reported a PAT of INR1.60 crore on a total
operating income of INR 91.80 crore.


SULTANIA OIL: CRISIL Assigns 'B+' Ratings to INR178MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sultania Oil Industries Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                45.9     CRISIL B+/Stable
   Cash Credit             120.0     CRISIL B+/Stable
   Proposed Long-Term
   Bank Loan Facility       12.1     CRISIL B+/Stable

The rating reflects SOIPL's presence in a highly competitive and
fragmented cotton ginning industry and susceptibility of its
margins to volatility in cotton prices and the regulatory
framework governing cotton industry. These rating weaknesses are
partially offset by the benefits derived from the extensive
experience of the promoters in the cotton industry.

Outlook: Stable

CRISIL believes that SOIPL will continue to benefit over the
medium term from its promoters' extensive experience in the cotton
textile industry. The outlook may be revised to 'Positive' in case
of significant and sustained improvement in the company's revenues
and profitability, while improving its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
significant decline in the company's revenues or profitability
margins or larger-than-expected, debt-funded capital expenditure
(capex), resulting in the weakening of its financial risk profile.

SOIPL, incorporated in 1993, by the Nagpur based Shah family, is
engaged in cotton ginning and oil milling operations. The
company's day-to-day operations are managed by four brothers, Mr.
Bhavesh Shah, Mr. Kunal Shah, Mr. Suresh Shah and Mr. Manish Shah.
SOIPL's registered office is located in Nagpur, Maharashtra.

SOIPL reported a profit after tax (PAT) of INR7.3 million on net
sales of INR911.4 million for 2012-13 (refers to financial year,
April 1 to March 31); it had reported a PAT of INR5.3 million on
net sales of INR458.4 million for 2011-12.


SURYA AGRO: CARE Assigns 'B' Rating to INR8.29cr LT Loans
---------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Surya Agro Products Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            8.29       CARE B Assigned

   Short-term Bank
   Facilities            1.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Surya Agro Products
Pvt Ltd are constrained by it being a small player with short
track record of manufacturing operation, presence in a highly
competitive and fragmented industry, susceptibility to fluctuation
in raw material prices and seasonal nature of availability of
wheat resulting in high working capital intensity. The aforesaid
constraints are partially offset by the experience of the
promoters and satisfactory demand outlook of the products.

The ability of the company to stabilize its operations with the
achievement of the envisaged sales level and profitability and the
ability to manage working capital effectively are the key rating
sensitivities.

Surya Agro Products Private Limited (SAPPL), incorporated in July
2009 was promoted by the Agarwal family of Birbhum, West Bengal
and is engaged in the manufacturing of wheat-based products like
atta, maida, suji and wheat bran. Since inception in July 2009 the
company was in the process of setting up the said manufacturing
unit and the same became operational in June 2013.

During this period the company was engaged in trading activities
of different agro products like rice bran, coconut DOC, de oiled
rice bran, mustard cake, maize etc which is not its main activity.
SAPPL has its manufacturing unit located at Gopal Nagar in Birbhum
district of West Bengal and is currently operating with an
installed capacity of 44,400 MTPA. The company sells its products
through the wholesalers and distributors under the brand name of
'Tulsi' in the state of West Bengal.

As per the audited results of FY13 (refers to the periodApril 01
to March 31), SAPPL reported a PBILDT of INR0.03 crore (Rs.0.04
crore in FY12) and a PAT of INR0.01 crore (Rs.0.01 crore in FY12),
respectively, on a total income of INR3.36 crore (Rs.4 crore in
FY12). Furthermore, during 6MFY14, SAPPL is stated to have
achieved a total operating income of INR9.76 crore.


TEJRAJ PROMOTERS: CRISIL Reaffirms 'B' Rating on INR150MM Loan
--------------------------------------------------------------
CRISIL ratings on the long-term bank facility of Tejraj Promoters
and Builders continue to reflect TPB's exposure to implementation-
related risks on ongoing and planned projects, accentuated
susceptibility to downturn and inherent risks in the Indian real
estate industry, and constrained financial risk profile, marked by
small net worth and high gearing.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                150      CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the firm derives from its proprietor's long track record in the
real estate industry, and the funding support it receives from the
proprietor.

Outlook: Stable

CRISIL believes that TPB will continue to benefit over the medium
term from its proprietor's industry experience. The outlook may be
revised to 'Positive' if TPB's financial risk profile improves,
most likely driven by completion of ongoing projects without time
or cost overruns, and receipt of sizeable customer advances on
sale of units. Conversely, the outlook may be revised to
'Negative' if the firm's liquidity comes under increased pressure,
most likely caused by time or cost overruns on ongoing project or
slowdown in bookings.

Update

During 2012-13 (refers to financial year, April 1 to March 31),
TPB's performance was broadly in line with CRISIL's expectations.
TPB reported sales of INR167.5 million from its completed
residential project, Mallika, and a profit after tax of INR11.6
million for 2012-13. Of the total 63 units constructed by the firm
in four projects, TPB is to give 33 to existing unit owners; of
the remaining 30 units that TPB can sell, it has already sold 21,
and has 9 more available for sale-these are expected to be sold by
the end of 2013-14. All of TPB's projects are in the final stages
of construction, with 90 per cent of costs already incurred.

The firm proposes to launch a large real estate residential
project at Balewadi, Pune, by end-2013-14. The project, expected
to entail an expense of INR1 billion, is to be funded by term loan
of INR300 million, promoters' contribution of INR100 million, and
the remainder from customer advances. The project is the largest
the firm has undertaken, and exposes the firm to risks relating to
delays and cost overruns, and slowdown in the real estate segment
and economy. The project is expected to absorb major portions of
the profits from ongoing projects.

TPB, established in September 2009, is a proprietorship firm of
Mr. Tejraj Patil. The firm remained non-operational until the
first half of 2010, when it started its first real estate project.
The projects executed by the firm are primarily redevelopment
projects, undertaken in association with the occupants of the
property to be redeveloped. The firm has three ongoing real estate
redevelopment projects in Pune (Maharashtra), at Kothrud (Tej
Aura), Bhandarkar Road (Tej Glory) and JM road (Tej Pearl) apart
from one completed, Bhosale Nagar (Mallika). TPB has plans to
start a residential real estate project in Balewadi (Pune).


TERRAM GEOSYNTHETICS: CARE Assigns BB Rating to INR25.76cr Loans
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank
facilities of Terram Geosynthetics Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       25.76       CARE BB Assigned
   Facilities

   Short-term Bank
   Facilities            5.28       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Terram
Geosynthetics Private Ltd are constrained on account of its small
and short track record of operations, losses incurred in FY13
(refers to the period April 1 to March 31) on the back of delay in
implementation and stabilization of its green-field geo-textile
manufacturing project and its susceptibility to volatile raw
material prices and fluctuation in foreign currency exchange rate.
The ratings, however, derive strength from its experienced
promoters along with their demonstrated financial support and
operational linkages with its parent in terms of technical
assistance and access to its established marketing and
distribution network.

TGPL's ability to increase its scale of operations along with an
improvement in its operating efficiency and improve its
profitability and capital structure are the key rating
sensitivities.  Furthermore, need-based support from its parent
would remain crucial.

Incorporated in April 2008, TGPL is promoted by Terram Ltd (TL), a
wholly-owned subsidiary of UK-based Fiberweb Plc (Fiberweb) and
Parekh family based out of Ahmedabad. As on September 30, 2013,
Fiberweb through its wholly owned subsidiaries, TL & Fiberweb
Holdings Ltd., held 65% equity stake in TGPL. Fiberweb ranks among
the top ten global manufacturers of non-woven fabric. TGPL is
engaged in the manufacturing of Spun Bond Non-woven Geotextiles
and has its manufacturing facility located at Mundra SEZ
Integrated Textile & Apparel Park, Gujarat with an installed
manufacturing capacity of 5,740 Million Tonnes Per Annum (MTPA) as
on September 30, 2013. TGPL provides a product range from 80 gsm
(gram per square meter) to 500 gsm and sells its products under
the brand name of "Terram".

As per the audited result for FY13, TGPL reported a total
operating income of INR20.30 crore and a net loss of INR11.74
crore. Further, during H1FY13, TGPL recorded sales of nearly INR30
crore.

During July 2013, Fiberweb Group infused equity of nearly INR18
crore to support the operations of TGPL which has resulted in an
increase in its shareholding from 26% as on March 31, 2013 to 65%
as on September 30, 2013. Further, the unsecured loans of around
INR15 crore provided by the Parekh family have been converted into
zero coupon Compulsory Convertible Preference Shares (CCPSs). With
the infusion of equity and conversion of unsecured loans to CCPSs,
the capital base of the company has also improved.


TRIVENI SHIP: CRISIL Reaffirms BB- Ratings on INR59.8MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Triveni Ship Breakers
continue to reflect Triveni's moderate financial risk profile,
marked by low gearing, and the extensive experience of its
promoters in the ship-breaking industry. These rating strengths
are partially offset by Triveni's small scale of operations and
exposure to risks related to volatility in foreign exchange
(forex) rates and steel prices.

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

   Letter of Credit      440       CRISIL A4+ (Reaffirmed)
   Proposed Long-Term

   Bank Loan Facility      9.8     CRISIL BB-/Stable (Reaffirmed)


Outlook: Stable

CRISIL believes that Triveni will continue to benefit over the
medium term from its promoters' extensive experience in the ship-
breaking industry. The outlook may be revised to 'Positive' if the
firm reports higher-than-expected topline and profitability.
Conversely, the outlook may be revised to 'Negative' if the firm's
liquidity weakens because of any adverse steel scrap price
scenario, resulting in its inability to recover cost of ship
purchase, or if any adverse volatility in forex rates leads to
substantial losses for Triveni.

Update:

Triveni registered a year-on-year (y-o-y) decline of 7.3 per cent
with gross sales of INR609.8 million in 2012-13 (refers to
financial year, April 1 to March 31) as compared to INR657.8
million in 2011-12. Triveni had an opening stock of INR136.6
million for 2013-14. Due to the volatility seen in the forex rate,
the firm has taken a cautious approach and has not purchased any
ship in the 6 months ending September, 2013. The firm registered
revenues of around INR140.6 million in the past 6 months ending
September 2013, and is likely to close the year with sales of
around INR200 million in 2013-14. The firm's operating margin for
2012-13, remained low at 3.12 per cent and is expected to remain
at similar level over the medium term.

Triveni's TOLTNW ratio was 2.85 times as on March 31, 2013. In the
absence of any significant debt-funded capex plan, and no large
incremental working capital requirements, the firm's TOLTNW ratio
is likely to remain at similar level over the medium term. The
firm's interest coverage ratio has improved to 2 times as on March
31, 2013, as compared to 1.6 times as on March 31, 2012. Triveni's
liquidity remains comfortable, with no term debt on balance sheet,
no letter of credit outstanding as on date, nil bank limit
utilisation for the past 6 months ending September 2013 and
consistent improvement in net worth.

CRISIL believes that Triveni's liquidity will remain comfortable
healthy, with low incremental working capital requirements, and
the absence of any large debt-funded capex programmes over the
medium term.

For 2012-13, Triveni reported a profit after tax (PAT) of INR8.4
million on net sales of INR609.7 million, against a PAT of INR5.97
million on net sales of INR657.7 million for 2011-12.

Triveni was established in 1983 by Mr. Yogesh Kanakiya and his
brother, Mr. Nitin Kanakiya, in Bhavnagar (Gujarat). The firm is
engaged in ship-breaking activities in Alang (Gujarat). Triveni
has capacity to break various types of ships, such as general
cargo ships, oil tankers, reefers, and bulk carriers.


VARDHMAN ADARSH: CARE Reaffirms 'BB-' Rating on INR6.47cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Vardhman Adarsh Ispat Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         6.47      CARE BB- Reaffirmed
   Facilities

Rating Rationale

The rating of the bank facilities of Vardhman Adarsh Ispat Pvt Ltd
continues to remain constrained by the company's weak financial
risk profile as reflected by its low profitability margins owing
to limited value addition and the company's leveraged capital
structure. The rating also considers the company's small scale of
operations, its exposure to raw material price fluctuation risks
and the cyclicality inherent in the steel industry. However, the
rating derives strength from the experience of VAIPL's promoters
in the steel industry, the usage of "Kamdhenu" brand for the sale
of products and the company's effectively managed working-capital
cycle.

Going forward, VAIPL's ability to profitably scale up its
operations and improve its capital structure shall remain the key
rating sensitivities.

Vardhman Adarsh Ispat Pvt Ltd (VAIPL) was promoted by Mr. Surender
Pal Garg in March 2000 for the purpose of manufacturing of TMT
bars. The company has a manufacturing capacity of 120,000 Metric
Tonnes Per Annum (MTPA) at its manufacturing facility situated at
Mandi Gobindgarh. The company sources its raw material, ie, MS
ingots from the local market, whereas it sells its products under
the brand name of "Kamdhenu" and "K2". Kamdhenu is a well-known
brand in northern India owned by Kamdhenu Ispat Limited.

During FY13 (refers to the period April 01 to March 31), VAIPL
registered a PBILDT and PAT of INR2.10 crore and INR0.38 crore,
respectively, on a total operating income of INR128.48 crore.
Furthermore, during H1FY14 (provisional), the company reported a
total operating income of INR78.87 crore.



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


CHORUS LTD: Prime Minister Hints at Contract Renegotiation
----------------------------------------------------------
Pattrick Smellie at BusinessDesk reports that Prime Minister John
Key appears to be holding the door open to renegotiating the price
at which Chorus undertakes its part of the national roll-out of
fibre-optic cable under the government's ultra-fast broadband
project.

Speaking after Cabinet, Mr. Key told journalists the government
had "a number of options" for dealing with the billion dollar hole
blown in Chorus's earnings between now and 2020 by the Commerce
Commission's decision to far larger price cuts for existing
broadband services than expected, BusinessDesk relates.

However, slowing down the UFB roll-out is not an option, Mr. Key
said, and nor is a capital injection of taxpayer's funds to shore
up Chorus's balance sheet, according to the report.

Asked whether the contract price could be renegotiated or a
greater role for the government's implementation agency, Crown
Fibre Holdings, Mr. Key said: "There's a range of potential
options there. I'm going to go through which the best ones are and
which ones aren't. It's all about us seeing what financial
position they are in to actually honour their contract.

"But given they were proposing to use what would have been much
more significant earnings than in theory they are going to get
post-December 2014 to fund UFB, that would indicate that's a
problem at the moment," BusinessDesk quoted Mr. Key as saying.

According to BusinessDesk, Mr. Key would not be drawn on what
other options exist, but appeared lukewarm on suggestions the
government's Crown Fibre Holdings might pick up a greater share of
the job, while leaving open the possibility of a contract
renegotiation with Chorus.

BusinessDesk relates that Mr. Key also claimed the government had
known for months that it wouldn't be able to force legislation
through Parliament over-ruling the Commerce Commission's decisions
on cutting the price of access to unbundled bit-stream access
(UBA) for broadband services based on existing copper wire
technology.

"You'd have to be blind Freddy not to be able to see that you've
got to get a whole bunch of people voting for something which
would be portrayed as voting for higher internet interconnection
charges," the report quotes Mr. Key as saying.

The government was now waiting on a report from Ernst & Young
Australia, due on December 5, to decide a way forward,
BusinessDesk notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2013, Stuff.co.nz said credit ratings agency Standard &
Poor's expects Chorus will breach its banking covenants within two
years unless it receives help.  Stuff.co.nz said that fresh
evidence has emerged both for and against the contention that
Chorus could absorb a NZ$10 reduction in the price it can charge
for copper broadband without government intervention.  According
to Stuff.co.nz, Standard & Poor's and Moody's are both reviewing
Chorus's credit ratings after the Commerce Commission on
November 5 ordered a 23 per cent cut in wholesale copper broadband
pricing.

                         About Chorus Ltd

Chorus Ltd -- http://chorus.co.nz/-- is a telecommunications
utility provider. The Company provides services, such as network
access services, property co-location services, field services and
roadmap of services. The Company's network access services provide
direct access to Chorus local access network. It connects around
1.8 million New Zealand homes and businesses. Its property
portfolio includes local telephone exchanges, roadside cabinets,
mobile masts and radio towers. The Company manages security and
access to its buildings and infrastructure across the country. The
Company installs or repairs end customers' phone or Internet
services. The phone and Internet companies use its network to
deliver services. The Company also provides services to radio
operators or organizations that need wireless communications.
These organizations include TeamTalk, NZ Police, Civil Defense
organizations and broadcasters.


CHORUS LTD: Takes Commerce Commission to High Court
---------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that embattled-
lines company Chorus is taking the Commerce Commission to the High
Court over whether the regulator applied the law correctly in
making cuts to wholesale broadband prices.

According to the report, Chorus said it has also formally applied
for the commission to review its own decision on these prices,
which it indicated it would do last month.

In November, the Herald recalls, the commission indicated
wholesale broadband prices should be cut by 23 per cent. These
prices are what Chorus can charge internet retailers such as
Vodafone or Orcon for broadband services over the copper-line
phone network.

When the regulator made this announcement last month, Chorus said
the move would hit its earnings before interest, tax, depreciation
and amortisation (ebitda) by NZ$142 million each year, the Herald
says.

The Herald notes that the company claimed the decision would lead
to a NZ$1 billion funding shortfall and its chief executive Mark
Ratcliffe said it meant Chorus "simply will not be able to borrow
the sums of money we need to make up to a $3 billion investment in
the UFB [the ultra-fast broadband network]".

BusinessDesk says Chorus is one of four private partners building
the Government's UFB network and because of claims the broadband
price cuts could put the project at risk, Communications Minister
Amy Adams previously indicated the Government could intervene and
set prices itself.

This, however, is now off the table after it was revealed last
week that the National Government did not have support in
Parliament to introduce law that would override the commission's
recommendation on the broadband price cuts, the report relays.

In an announcement on December 2, Chorus said it had filed a High
Court appeal of the regulator's decision to cut prices for Chorus'
copper broadband (UBA) service. UBA is one part of what Chorus
charges internet retailers for broadband services, BusinessDesk
discloses.

Chorus has also applied to the commission for a final pricing
principle (FPP) review of the UBA prices decision, the report
adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2013, Stuff.co.nz said credit ratings agency Standard &
Poor's expects Chorus will breach its banking covenants within two
years unless it receives help.  Stuff.co.nz said that fresh
evidence has emerged both for and against the contention that
Chorus could absorb a NZ$10 reduction in the price it can charge
for copper broadband without government intervention.  According
to Stuff.co.nz, Standard & Poor's and Moody's are both reviewing
Chorus's credit ratings after the Commerce Commission on
November 5 ordered a 23 per cent cut in wholesale copper broadband
pricing.

                         About Chorus Ltd

Chorus Ltd -- http://chorus.co.nz/-- is a telecommunications
utility provider. The Company provides services, such as network
access services, property co-location services, field services and
roadmap of services. The Company's network access services provide
direct access to Chorus local access network. It connects around
1.8 million New Zealand homes and businesses. Its property
portfolio includes local telephone exchanges, roadside cabinets,
mobile masts and radio towers. The Company manages security and
access to its buildings and infrastructure across the country. The
Company installs or repairs end customers' phone or Internet
services. The phone and Internet companies use its network to
deliver services. The Company also provides services to radio
operators or organizations that need wireless communications.
These organizations include TeamTalk, NZ Police, Civil Defense
organizations and broadcasters.


HOME & HOZED: Garden Center Shuts Doors After 50 Years
------------------------------------------------------
Don Farmer at Wairarapa Times-Age reports that Home & Hozed
Greenworld, one of the oldest established garden centres in
Wairarapa is closing its doors at the end of the year due in large
part, according to owners Katrina and Shaun McGillicuddy, to not
being able to convince landlords of the need for a long lease
extension.

The report relates that Mr. McGillicuddy said Home & Hozed
Greenworld on the corner of Queen St and Bruce St would close
after more than 50 years in business, nine of those being under
the couple's management.

He said after seven years in the business he and his wife had
decided they wanted a change and put the business on the market.

Bayleys Wairarapa had succeeded in finding potential buyers and
the McGillicuddys had two offers on the table.

"When they saw the lease was due to expire in June 2015 they
wanted to be guaranteed a longer lease but in November last year
when I went to the leaseholder, Masterton Trust lands Trust, I was
advised through their lawyer that on the expiry of the current
lease it would go to month-to-month."

Mr McGillicuddy said that notification had "effectively destroyed
the business" and led to both potential buyers losing interest.

He said although June 2015 might seem a long way off he had to
close up the business sooner because the garden centre relied on
ordering from its suppliers well in advance of seasonal needs and
also had to allow for the carrying over of items such as large
trees that might not sell in any one season.

"You really must have a minimum lease of three years," he said.
Mr. McGillicuddy said that in October, long after the
disappearance of potential buyers, the trust had been back to him
and his wife offering better lease terms but by then "we had moved
on". They will close the business and concentrate on their
contract work for New Zealand Post along with running a circular
distribution business.

Mr. McGillicuddy said the trust had agreed to allow them to quit
the current lease early, with the lease now expiring on January
31.

Apart from lease problems he said the financial climate hadn't
helped the business either. "There is money out there, but it's
old money and they don't spend it."

The garden centre that became Home and Hozed Greenworld was
started by Jack Wallis in the 1950s and its owners since have
included Henry and Dorothy Carle, Dick and Trish Newcombe and Rod
and Fleur Gully.


SHIVRAM LIMITED: McGrathNicol Appointed as Receivers
----------------------------------------------------
Kare Johnstone -- kjohnstone@mcgrathnicol.com -- and
William Black -- wblack@mcgrathnicol.com of McGrathNicol were
appointed Receivers and Managers of Shivram Limited by a secured
creditor on November 30.

Control of Shivram's business and assets now rests with the
Receivers.

Ms. Johnstone and Mr. Black said, "Our objective is to work
constructively with Shivram's key stakeholders over the coming
days to stabilise operations in order to facilitate a thorough
assessment of the company's financial position and prepare the
business for sale and transition to a new owner".

The Receivers are continuing to operate the company on a business
as usual basis with the full support of franchise owner, Nando's
Australia and are liaising with employees, suppliers and
franchisees to ensure minimal disruption to operations.

Shivram Limited runs Nando's restaurant chain branch in
New Zealand.


SOUTH CANTERBURY FINANCE: Former Accountant Slams SFO Probe
-----------------------------------------------------------
Emma Bailey at Stuff.co.nz reports that South Canterbury Finance's
former group accountant Terrance Hutton has come out swinging at
the Serious Fraud Office's investigation, after charges against
him were dropped.

On December 2 in the High Court at Timaru two charges against
Mr. Hutton were withdrawn by the court, after the Serious Fraud
Office (SFO) withdrew its charges in late October, the report
relays.

Mr. Hutton was accused of false accounting in relation to the
recording of a $25 million loan advance and a $10 million loan
advance, the report relays.

"I believe the withdrawal of the charges reflects the poor
standard of investigation work initially undertaken by Adam Feeley
and his investigation team (form the SFO)," the report quotes Mr.
Hutton as saying.

"Our defence team, Jonathan Eaton QC, and forensic expert Gib
Beattie along with Graeme Brown's counsel, Richard Raymond, were
able to reconstruct the transactions using information obtained
from the SFO under discovery along with other documents obtained
under third party disclosure, which had previously been supplied
to, but apparently not considered relevant by the SFO."

The evidence was then put back to the SFO, Mr. Sutton, as cited by
Stuff.co.nz, said.

Stuff.co.nz quotes Mr. Sutton as saying, that "In turn they
discussed our defence with the SFO acting director Simon McArley
who had been appointed following Mr Feeley's resignation. The
acting director determined that both charges faced should be
withdrawn as those charges fell short of the Solicitor General's
Prosecution Guidelines for prosecution.

"It has been a long two years, since the charges were first laid,
with their share of challenges and stress as well as a significant
financial cost."

He went on to thank his lawyers, family and the people of Timaru,
the report adds.

The charges were originally laid in December 2011.

The trial for the remaining defendants, Lachie McLeod, Edward
Sullivan and Robert White, is set down to start in the High Court
at Timaru on March 12, Stuff.co.nz reports.

                      About South Canterbury

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


RURAL BANK OF ALAMINOS: PDIC to Pay Depositors Starting Dec. 4
--------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will start
servicing the deposit insurance claims of depositors of the closed
Rural Bank of Alaminos (Laguna), Inc. on December 4, 2013.

Servicing of claims for accounts maintained at the bank's Head
Office will be conducted at the bank's premises at 99 Rizal
Street, Poblacion, Alaminos, Laguna until December 10, 2013.
Meanwhile, claims of depositors of the bank's San Pablo Branch
will be serviced at its premises located at M. Basa Street, San
Pablo City, Laguna until December 6. Claims of depositors of the
Sto. Tomas Branch will be serviced at its premises at Gov. Carpio
Street, Sto. Tomas, Batangas, also until December 6.

Depositors whose accounts have balances of more than P15,000 and
who have outstanding obligations with the Rural Bank of Alaminos
regardless of type of account are required to file their deposit
insurance claims. The announcement on the claims settlement
operations of Rural Bank of Alaminos is posted at the bank's
premises and on the PDIC website, www.pdic.gov.ph.

On November 25, 2013, PDIC started dispatching total payments
amounting to PHP4.44 million in the form of postal money orders
(PMOs), through the Philippine Postal Corporation, to depositors
who are not required to file deposit insurance claims. These are
depositors who have account balances of PHP15,000 and below, who
have no outstanding obligations with the Rural Bank of Alaminos,
and who have complete and updated addresses in the bank's records
or have updated their addresses using the PDIC Mailing Address
Update Form.

When filing deposit insurance claims, depositors are advised to
personally present their duly accomplished Claim Form, original
copy of Savings Passbook, and original copy of two (2) valid
photo-bearing IDs with signature of the depositor. Depositors may
also file their claims through mail and enclose the same set of
document requirements.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement. Claimants who
are not the signatories in the bank records are required to submit
an original copy of a notarized/authenticated Special Power of
Attorney of the depositor or parent of a minor depositor.

The procedures and requirements for the filing of deposit
insurance claims are posted in the PDIC website, www.pdic.gov.ph.
The Claim Form and format of the Special Power of Attorney may
also be downloaded from the PDIC website.

Depositors who are not able to file their claims during the claims
settlement operations period may submit their claims either
through mail to PDIC or personally at the PDIC Office, 4th Floor,
SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati
City starting on December 17, 2013.

In accordance with the provisions of the PDIC Charter, the last
day for filing deposit insurance claims in the closed Rural Bank
of Alaminos is on November 16, 2015. After this date, PDIC as
Deposit Insurer, shall no longer accept any deposit insurance
claim.

The PDIC said that all valid claims will be paid. For deposits to
be considered valid, it must be recorded in the bank's records and
must have evidence of inflow of funds, based on the results of
PDIC examination. PDIC, as Receiver, has the authority to adjust
the insurance rate on the unpaid interest offered by a bank if
this is deemed unreasonable.

Rural Bank of Alaminos is a three-unit bank located at 99 Rizal
St., Alaminos, Laguna. Its two branches are located in San Pablo,
Laguna and in Sto. Tomas, Batangas.

The Monetary Board (MB) placed the Rural Bank of Alaminos under
the receivership of the PDIC by virtue of MB Resolution No. 1875
dated Nov. 14, 2013. As Receiver, PDIC took over the bank on
Nov. 15, 2013. Upon takeover, all bank records were gathered,
verified and validated.



===============
T H A I L A N D
===============


TRUE CORP: Moody's Cuts Corporate Family Rating to 'B3'
-------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating of True Corporation Public Company
Limited, and the corporate family and senior unsecured bond
ratings of its consolidated subsidiary, True Move Company Limited.

Moody's has also placed all ratings under review for further
downgrade.

Ratings Rationale:

"The rating action reflects the prolonged character of True Corp's
negative free cash flows (FCF), due to weak earnings from the
mobile business and a high level of capital expenditures (capex).
As a result, Moody's expects its financial and liquidity profiles
to remain under pressure in the coming 12-18 months," says Yoshio
Takahashi, a Moody's Assistant Vice President.

True Corp's negative FCF rose to THB21 billion for the 12-month
period ended September 2013 from about THB6 billion in 2011 and
below Moody's expectation. Moody's estimates that its negative FCF
will likely remain at a similar level in 2014, given large capital
requirements for 3G and the potential for additional spectrum fee
payments following the 1.8 GHz spectrum auction in 2014.

At the same time, True Corp's reported consolidated EBITDA margin
is likely to stay weak. Its reported consolidated EBITDA margin in
Q3 2013 further declined to 17.6% in Q3 2013 from 19.8% in Q1 2013
and 18.8% in Q2 2013.

While a reduction in revenue-sharing costs for expanding 3G
revenue may help slightly improve its margins, Moody's expects its
reported consolidated EBITDA margin will stay at around or below
20%, due to rapid declines in earnings from 2G services, as well
as intensified competition in 3G services.

Given the continued increase in debt, its leverage -- as measured
by adjusted debt/EBITDA -- is likely to increase to approximately
6.5x in the coming 12 months from 6.1x for the 12-month period
ended September 2013.

Such financial metrics are weak for the rating level.

As a result, absent any recapitalization initiative, the company
will likely require covenant waivers when covenant tests on its
bank facilities commence in September 2014.

Moody's views that True Corp's liquidity profile remains strained.
In Moody's estimation, internal cash source from Q4 2013 to Q3
2014 will measure approximately THB40 billion, comprising cash
holdings of THB7.6 billion, undrawn committed bank facilities of
THB24.2 billion as of end-September 2013, and expected operating
cash flow of approximately THB7-8 billion.

Moody's estimates that this total is insufficient to cover its
expected capex of approximately THB25 billion to THB30 billion and
debt maturities of THB19.4 billion during the same period,
including approximately USD5.0 million(THB155 million) outstanding
under the USD465 million bonds due 16 December 2013 and USD10.6
million (THB338 million) under the USD 225 million bonds due 1
August 2014.

The company is likely to continue to depend on borrowings from the
domestic bank and bond markets to meet a financing gap.

True Corp's equity base has also weakened significantly. Its
reported equity, as of September 2013, was about THB5 billion,
while its net loss for Q3 2012 was about THB4.3 billion.

Although gains from the sale of its non-core businesses in Q4 2013
will help the company strengthen its equity base to some degree,
its equity could turn negative over several quarters without
timely recapitalization.

Moody's recognizes that True Corp launched an infrastructure fund
on 27 November 2013. It is planning to sell the ownership of its
assets -- such as towers and fiber optic networks -- to the fund
and use the proceeds to reduce its debt and restore its equity
base.

However, the fund is still in the process of seeking approval from
the Securities and Exchange Commission (SEC) in Thailand. Moody's
sees uncertainty over whether True Corp can establish it in a
timely manner, how much it can generate in terms of cash proceeds,
and how much debt it can reduce.

In addition, since True Corp plans to lease the assets from the
infrastructure fund, Moody's expects only a limited improvement in
its adjusted leverage. In accordance with Moody's standard
financial adjustments, Moody's will make operating lease
adjustments to estimate True Corp's adjusted debt. True Corp will
also be obligated to construct up to 6,000 towers to be injected
into the fund over the next two years.

Moody's review will focus on whether the company will be able to
implement its recapitalization plans, especially, the planned
infrastructure fund, in a timely manner. The review will also
assess the effectiveness of the plans in helping the company
mitigate its financial and liquidity pressures.

The outlook on the ratings could stabilize should True Corp
successfully IPO the fund and raise funds to reduce debt. However
any material delay in the SEC approval process or launch of the
fund IPO, or ongoing erosion in fundamentals, could result in
further downgrade action.

Moody's notes that the standalone financial profile of True Corp's
consolidated subsidiary True Move -- which provides 2G mobile
services -- is weaker than that of True Corp itself.

However, Moody's rates True Move in line with True Corp largely
because True Move's bank debt and bonds are guaranteed by those
True Corp mobile subsidiaries which mainly offer 3G services.
Given the strategic importance of the mobile business, Moody's
believes that True Corp will in turn support True Move.

Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, and mobile and pay TV services. True Move,
99.3% owned by True Corp, is a mobile company which provides 2G
services.



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


* BOND PRICING: For the Week Nov. 25 to Nov. 29, 2013
-----------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR M       7.00   04/01/21    USD       73.13
BOART LONGYEAR M       7.00   04/01/21    USD       73.13
COMMONWEALTH BAN       1.50   04/19/22    AUD       71.70
EXPORT FINANCE &       0.50   06/15/20    NZD       73.51
GRIFFIN COAL MIN       9.50   12/01/16    USD       72.00
GRIFFIN COAL MIN       9.50   12/01/16    USD       72.00
MIRABELA NICKEL        8.75   04/15/18    USD       33.88
MIRABELA NICKEL        8.75   04/15/18    USD       35.00
NEW SOUTH WALES        0.50   09/14/22    AUD       68.36
NEW SOUTH WALES        0.50   10/28/22    AUD       67.86
NEW SOUTH WALES        0.50   10/07/22    AUD       68.08
NEW SOUTH WALES        0.50   12/16/22    AUD       68.15
NEW SOUTH WALES        0.50   03/30/23    AUD       67.13
NEW SOUTH WALES        0.50   02/02/23    AUD       67.68
NEW SOUTH WALES        0.50   11/18/22    AUD       67.65
NEWCREST FINANCE       5.75   11/15/41    USD       72.80
NEWCREST FINANCE       5.75   11/15/41    USD       76.21
PALADIN ENERGY L       3.63   11/04/15    USD       74.05
PALADIN ENERGY L       6.00   04/30/17    USD       68.16
TREASURY CORP OF       0.50   03/03/23    AUD       68.26
TREASURY CORP OF       0.50   08/25/22    AUD       69.72
TREASURY CORP OF       0.50   11/12/30    AUD       44.35


CHINA
-----

CHINA GOVERNMENT       1.64   12/15/33    CNY       61.72


INDONESIA
---------

DAVOMAS INTERNAT      11.00   12/08/14    USD       25.00
DAVOMAS INTERNAT      11.00   12/08/14    USD       25.00
INDONESIA TREASU       6.38   04/15/42    IDR       71.21
PERUSAHAAN LISTR       5.25   10/24/42    USD       76.00
PERUSAHAAN PENER       6.10   02/15/37    IDR       71.55


INDIA
-----

3I INFOTECH LTD        5.00   04/26/17    USD       25.25
CORE EDUCATION &       7.00   05/07/15    USD       28.88
COROMANDEL INTER       9.00   07/23/16    INR       15.16
DR REDDY'S LABOR       9.25   03/24/14    INR        4.98
GTL INFRASTRUCTU       2.53   11/09/17    USD       41.16
INDIA GOVERNMENT       0.24   01/25/35    INR       16.45
INDIA GOVERNMENT       5.87   08/28/22    INR       71.05
JCT LTD                2.50   04/08/11    USD       20.00
MASCON GLOBAL LT       2.00   12/28/12    USD       10.00
PRAKASH INDUSTRI       5.25   04/30/15    USD       49.50
PRAKASH INDUSTRI       5.63   10/17/14    USD       55.38
PYRAMID SAIMIRA        1.75   07/04/12    USD        1.00
REI AGRO LTD           5.50   11/13/14    USD       68.81
REI AGRO LTD           5.50   11/13/14    USD       68.81
SHIV-VANI OIL &        5.00   08/17/15    USD       20.00
SUZLON ENERGY LT       5.00   04/13/16    USD       45.28
SUZLON ENERGY LT       7.50   10/11/12    USD       66.25


JAPAN
-----

ELPIDA MEMORY IN       0.50   10/26/15    JPY       13.88
ELPIDA MEMORY IN       0.70   08/01/16    JPY       13.13
ELPIDA MEMORY IN       2.10   11/29/12    JPY       14.38
ELPIDA MEMORY IN       2.29   12/07/12    JPY       14.50
ELPIDA MEMORY IN       2.03   03/22/12    JPY       14.38
JAPAN EXPRESSWAY       0.50   03/18/39    JPY       70.44
JAPAN EXPRESSWAY       0.50   09/17/38    JPY       70.97
TOKYO ELECTRIC P       2.37   05/28/40    JPY       66.38
TOKYO ELECTRIC P       1.96   07/29/30    JPY       73.88


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

EXPORT-IMPORT BA       0.50   10/23/17    TRY       67.18
EXPORT-IMPORT BA       0.50   11/28/16    BRL       70.79
EXPORT-IMPORT BA       0.50   12/22/17    BRL       61.97
EXPORT-IMPORT BA       0.50   01/25/17    TRY       72.87
EXPORT-IMPORT BA       0.50   09/28/16    BRL       72.32
EXPORT-IMPORT BA       0.50   10/27/16    BRL       71.63
EXPORT-IMPORT BA       0.50   12/22/17    TRY       65.87
EXPORT-IMPORT BA       0.50   08/10/16    BRL       73.83
EXPORT-IMPORT BA       0.50   12/22/16    BRL       69.89
EXPORT-IMPORT BA       0.50   11/21/17    BRL       62.67
TONGYANG CEMENT        7.50   04/20/14    KRW       65.00
TONGYANG CEMENT        7.30   04/12/15    KRW       65.00
TONGYANG CEMENT        7.30   06/26/15    KRW       68.63
TONGYANG CEMENT        7.50   07/20/14    KRW       65.00
TONGYANG CEMENT        7.50   09/10/14    KRW       65.00


SRI LANKA
---------

SRI LANKA GOVERN       9.00   06/01/43    LKR       73.36
SRI LANKA GOVERN       5.35   03/01/26    LKR       59.38
SRI LANKA GOVERN       7.00   10/01/23    LKR       71.51
SRI LANKA GOVERN       8.00   01/01/32    LKR       69.86


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

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


SINGAPORE
---------

BAKRIE TELECOM P      11.50   05/07/15    USD       25.00
BAKRIE TELECOM P      11.50   05/07/15    USD       24.00
BLD INVESTMENTS        8.63   03/23/15    USD       59.63
BUMI CAPITAL PTE      12.00   11/10/16    USD       65.00
BUMI CAPITAL PTE      12.00   11/10/16    USD       64.32
BUMI INVESTMENT       10.75   10/06/17    USD       65.50
BUMI INVESTMENT       10.75   10/06/17    USD       64.38
ENERCOAL RESOURC       9.25   08/05/14    USD       55.34
INDO INFRASTRUCT       2.00   07/30/10    USD        1.88


THAILAND
--------

G STEEL PCL            3.00   10/04/15    USD       13.50
MDX PCL                4.75   09/17/03    USD       16.38



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***