TCRAP_Public/131205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, December 5, 2013, Vol. 16, No. 241


                            Headlines


A U S T R A L I A

ARTORIOS INK: Director, Sales Mgr Fined for Misleading Conduct
INVESTEC BANK: Moody's Puts 'Ba1' Rating on Review for Downgrade
LEHMAN BROTHERS: Liquidators Settle Australia Creditors CDO Suit
SK FOODS: AFP Wins AUD50 Million Proceeds of Crime


C H I N A

BEIJING CAPITAL: Fitch Affirms 'BB+' IDR; Outlook Revised to Neg.
CITIC PACIFIC: Moody's Says 1st Iron Ore Shipment is Credit Pos.
GUANGZHOU R&F: Moody's Says Land Acquisition is Credit Negative


I N D I A

ADITYA CONTAINER: ICRA Suspends 'B+' Rating on INR5.5cr Loans
AGRAWAL RAKA: CARE Revises Rating on INR11cr Loans to 'BB'
AJAY PLASTIC: ICRA Suspends 'BB+/A4+' Rating on INR16cr Loans
ALLIANCE FIBRE: ICRA Suspends 'BB-' Ratings on INR59.09cr Loans
ANJANI INFRA: ICRA Assigns 'BB-' Rating to INR24cr LT Loans

ASTRON PAPER: CARE Cuts Ratings on INR75.1cr Loans to 'D'
AUDI MOTORS: ICRA Assigns 'BB+' Ratings to INR15.86cr Loans
AUTOMATIC ELECTRIC: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
BEST INDIA: ICRA Reaffirms 'B' Ratings on INR17.10cr Loans
BROOKE DISTRIBUTORS: CRISIL Puts 'BB-' Ratings on INR120MM Loans

CRESCENT CHEMICALS: CRISIL Cuts Rating on INR170MM Loan to 'BB+'
CRESCENT ORGANICS: CRISIL Cuts Ratings on INR1.9BB Loans to 'BB+'
DAULAT RAM: CARE Assigns 'BB-' Rating to INR9.61cr Loans
DAYANAND COTTON: CRISIL Assigns 'B-' Ratings to INR60MM Loans
DEE DEVELOPMENT: CRISIL Withdraws 'BB+' Rating on INR520MM Loan

DEVKI ENTERPRISE: CRISIL Rates INR140MM Term Loan at 'B+'
EVEREST STEEL: CRISIL Assigns 'B' Ratings to INR200MM Loans
EVERGREEN VENEERS: ICRA Reaffirms 'B+' Rating on INR5cr Loan
FORTUNE INFRA: CRISIL Rates INR100MM LT Bank Loan at 'BB-'
GMV PROJECTS: ICRA Assigns 'BB-' Ratings to INR3.5cr Loans

GOLDEN CELLAR: ICRA Suspends 'B+' Rating on INR5cr Loans
GOVIND STEEL: CRISIL Ups Rating on INR40MM Loan to 'B+'
HMA AGRO: CRISIL Upgrades Ratings on INR195MM Loans to 'BB'
INDO GLOBAL: CRISIL Reaffirms 'BB+' Ratings on INR150MM Loans
J.J. SOLVEX: CRISIL Reaffirms 'B' Rating on INR60MM Loan

JAI AMBEY: CARE Cuts Ratings on INR28.37cr Loans to 'D'
KALAPURNA STEEL: CARE Reaffirms 'BB+' Rating on INR7cr Loans
KAMAL SUITINGS: CARE Reaffirms 'B' Rating on INR6.65cr Loans
KISHORI MERCANTILES: ICRA Assigns 'B' Ratings to INR5.05cr Loans
LAXMIKANT COTTON: ICRA Assigns 'B' Ratings to INR6.2cr Loans

M. P. ASSOCIATES: CRISIL Cuts Rating on INR90MM Loan to 'B-'
MAHADHAN SEEDS: CARE Reaffirms 'B' Rating on INR5cr LT Loans
MANGLAM ALLOYS: CARE Assigns 'BB-' Ratings to INR18cr Loans
MBH POWER: ICRA Reaffirms 'BB' Rating on INR7.05cr Term Loan
MECLIN INFRAS: CRISIL Lowers Rating on INR10MM Loan to 'B+'

MIZORAM ISPAT: ICRA Places 'BB' Ratings on INR24.25cr Loans
MUNDHRA CONTAINER: ICRA Suspends 'BB' Rating on INR12.5cr Loan
NAVAYUGAUDUPITOLLWAY: CARE Reaffirms BB+ Rating on INR472cr Loans
NEPTUNE ESTATE: CARE Rates INR9.03cr LT Bank Loans at 'B-'
NEPTUNE INFRASTRUCTURE: CARE Rates INR22.07cr Loans at 'B-'

P L MULTIPLEX: CRISIL Reaffirms 'B-' Rating on INR114MM Loan
PATEL CONSTRUCTION: CRISIL Assigns 'BB-' Rating to INR45MM Loan
PRIME PROGRESSION: ICRA Reaffirms 'BB+' Ratings on INR8.25cr Loan
PRINTWELL INT'L: CRISIL Assigns 'B' Ratings to INR80.6MM Loans
PVR PROJECTS: CRISIL Ups Ratings on INR500MM Loans to 'B+'

RADHE COTTON: CARE Rates INR6.5cr LT Bank Loans at 'B'
RAJHANS COLD: ICRA Assigns 'B-' Ratings to INR5.2cr Loans
RUCHI GLOBAL: ICRA Reaffirms 'BB' Rating on INR12.5cr Loans
SAPPHIRE SPINNERS: CRISIL Assigns 'D' Ratings to INR200MM Loans
SARAANSHSUITINGS PRIVATE: CARE Ups INR16.41cr Loan Rating to BB-

SEACOM MARINE: CRISIL Assigns 'D' Rating to INR434.8MM Loan
SHETH SHIP: ICRA Reaffirms/Assigns 'BB' Rating on INR5cr Loan
SHIVAM MOTORS: ICRA Reaffirms 'B+' Rating on INR56cr Loans
SIDDHIVINAYAK GINNING: CRISIL Puts 'B' Ratings on INR75MM Loans
SINGHVI FASHIONS: ICRA Assigns 'B' Ratings to INR23.88cr Loans

SOUTH GLASS: CRISIL Assigns 'B' Ratings to INR170MM Loans
SOUTHERN HEALTH: CRISIL Assigns 'BB-' Rating to INR100MM Loan
SRI MANJUNATHA: ICRA Ups Ratings on INR28.16cr Loans to 'B'
SRINI LINK: ICRA Revises Ratings on INR9.68cr Loans From 'BB'
SRIYANSH KNITTERS: ICRA Assigns 'BB-' Rating on INR8.45cr Loans

STEEL ROLLING: CARE Reaffirms 'BB+' Rating on INR20cr Loans
SUVI INTERNATIONAL: CRISIL Puts 'B+' Ratings on INR90MM Loans
SWAMIJI TRANSMISSION: CARE Places 'D' Ratings on INR10.95cr Loans
TNR INDUSTRIES: CRISIL Assigns 'B-' Ratings to INR150MM Loans
TRANSFREIGHT SHIPPING: CARE Rates INR4cr LT Loans at 'BB+'

TRIDENT COATINGS: CRISIL Assigns 'B' Ratings to INR100MM Loans
VBM POWER: CRISIL Raises Rating on INR105.8MM Loan to 'B-'
VIKROMAITIC STEELS: CRISIL Reaffirms B- Ratings on INR90MM Loans
VISHNURAAM TEXTILES: CRISIL Assigns 'D' Ratings to INR125MM Loans


J A P A N

JLOC XXX: S&P Lowers Rating on 3 Classes of Notes to 'CCC-'
MIZUHO CAPITAL: Fitch Affirms Preferred Securities Rating at 'BB'
RENESAS ELECTRONICS: Sets Talks With Sony Over Chip Plant Sale
SHINSEI BANK: Moody's Says Upward Rating Action Reflects Progress
TOKYO ELECTRIC: Expects 1,700 Workers to Voluntary Quit by March


N E W  Z E A L A N D

CHORUS LTD: Morningstar Cuts Shares Valuation
MEDIA COUNSEL: Owner's Fraud Trial Date Set For February 2015
SOUTH CANTERBURY FINANCE: SFO Drops Charges Vs. Two Execs
STEELBRO NEW ZEALAND: CBA Taps Ferrier Hodgson as Receivers


S I N G A P O R E

BW GROUP: Moody's Confirms 'Ba2' CFR & Sr. Sec. Bond Rating


S O U T H  K O R E A

TONGYANG GROUP: Chairman Got KRW3.45BB in First 9 Mos. of 2013
* SOUTH KOREA: FSS Opens Probe Into Ex-Heads at 4 Major Banks


T H A I L A N D

BANK OF AYUDHYA: Fitch Maintains Support Rating Floor of BB+


                            - - - - -


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A U S T R A L I A
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ARTORIOS INK: Director, Sales Mgr Fined for Misleading Conduct
--------------------------------------------------------------
Julia Talevski at ARN reports that the director and sales manager
of Artorios Ink have been fined AUD100,000 after engaging in
misleading or deceptive conduct with small businesses.

According to the report, the Federal Court has ordered Artorios
Ink director, Tuan Nguyen, and its sales manager, Thuan Nguyen, to
pay a penalty of AUD50,000 each after they admitted to being
knowingly concerned in contraventions of the Australian Consumer
Law.

The Court also made declarations that the two individuals would
not manage or be a director of a corporation for five years, ARN
reports.

ARN says Tuan Nguyen and Thuan Nguyen admitted to acting
deliberately to mislead and deceive small businesses to generate
ink cartridge sales.

Artorios Ink sold printer cartridges to businesses from 2008 to
2012 and went into voluntary liquidation in February after the
ACCC instituted proceedings against it in September 2012.


INVESTEC BANK: Moody's Puts 'Ba1' Rating on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed the Ba1 long-term unsecured
debt rating of Investec Bank (Australia) Limited (IBAL) under
review for possible downgrade.

The rating review follows the announcement by IBAL on Nov. 28,
2013 of its intention to transform its operations into a boutique
business focused on corporate advisory and loan origination. IBAL
has further announced it is seeking expressions of interest in its
Professional Finance and Asset Finance divisions. The rating
review reflects the uncertainty surrounding IBAL's ultimate,
steady-state business model following the announced changes.

The rating review will focus on the ultimate impact on IBAL of the
possible disposal of the Professional Finance and Asset Finance
divisions, and the short-run effects of the ongoing business
transformation on depositor confidence as well as on its strategic
direction going forward. In addition, Moody's will evaluate the
impact on the degree of parental support IBAL receives from its
parent, Investec Bank plc.

Ratings Rationale:

The rating action reflects Moody's view that, although over the
long run the announced business model transformation may result in
a simplification of IBAL's business model and a reduction in its
risk appetite, its net effect over the short-to-medium term is
likely to exert negative pressure on the bank's credit profile.

In particular, the rating agency notes:

-- The announced changes are likely over time to result in a
business profile that requires a reduced level of external funding
and balance sheet utilization, as IBAL shifts towards fee-oriented
corporate advisory and origination businesses. Although Moody's
would see these developments as potentially positive for IBAL's
current bondholders, their ultimate success and timing remain
uncertain.

-- At the same time, Moody's notes that -- should it proceed --
the disposal of the Professional Finance and Asset Finance
divisions, which benefit from steady cashflows, is likely to
increase IBAL's revenue volatility. IBAL's remaining business
would be focussed on its corporate advisory franchise, which has a
niche footprint in the Australian market and whose revenue is by
nature subject to lumpy flows and the success of individual
transactions. In this respect, Moody's views the proposed disposal
as exerting negative pressure upon IBAL's credit profile.

-- The rating agency notes that the outcome of the announced
transformation, and associated transactions, is uncertain. IBAL
has stated it expects to provide greater clarity regarding the
sale process in March 2014, but there remains material execution
risk and the success of any planned transactions is not assured.
Moody's further notes that IBAL's business model continues to
evolve, and its ultimate, steady-state nature remains uncertain.
The extent to which IBAL will be able to successfully balance the
volatile nature of its earnings pattern, with reduced risk of its
balance sheet, remains to be seen and will form the key focus of
Moody's rating review.

-- Another key focus of the rating review will be whether the
business restructuring process, as well as the shifting nature of
its outcomes, has a negative impact on IBAL's depositor
confidence. IBAL's retail funding is less granular than that of
other Australian banks, with a significant proportion of deposits
in excess of $1 million. Moody's will carefully monitor the
developments in IBAL's funding profile during the rating review.

-- Whilst IBAL remains integral part of the wider Investec group,
its presence in the Australian market will reduce, should the
announced changes proceed. Moody's will have to evaluate whether
this may decrease the degree of parental support it receives from
Investec Bank plc, which currently lifts IBAL's rating one notch
above its stand-alone credit profile.

Moody's expects to conclude its rating review during the first
quarter of 2014. However, the rating agency notes that the timing
of resolution of the rating review is closely related to the
finalisation of IBAL's business model transformation, and in
particular, the finalisation of the disposal of its Professional
Finance and Asset Finance divisions.

List of Affected Ratings:

The following ratings were placed on review for possible
downgrade:

-- Baseline credit assessment (BCA): ba2;

-- Adjusted baseline credit assessment: ba1;

-- Bank Financial Strength Rating (BFSR): D;

-- Long-term local currency and foreign currency issuer rating:
Ba1;

-- Senior unsecured local-currency MTN program: (P)Ba1;

-- Subordinate long-term local-currency rating: Ba2;

-- Subordinate local-currency MTN program: (P)Ba2;

-- Backed senior unsecured local-currency program: (P)Ba1;

-- Backed subordinate local-currency MTN program: (P)Ba2;

-- Short-term local-currency and foreign currency issuer ratings
and other short-term domestic program ratings: NP and (P)NP.


LEHMAN BROTHERS: Liquidators Settle Australia Creditors CDO Suit
----------------------------------------------------------------
Patrick Fitzgerald, writing for The Wall Street Journal, reported
that a group of Australian towns, charities and churches that
purchased risky U.S. mortgage-backed securities sold by Lehman
Brothers Holdings Inc.'s Australian unit settled its class-action
lawsuit against the failed investment bank, paving the way for the
creditors to recover $300 million Australian dollars (US$273
million) in the coming year.

According to the report, PBB Advisory, the liquidators of Lehman
Brothers Australia Ltd., said on Dec. 1 that creditors of dozens
of Australian councils, churches and charities that invested in
collateralized-debt obligations, or CDOs, with Lehman Brothers
Australia could expect to begin receiving checks early next year.

"We are hopeful of making distributions to all creditors in or
around the first quarter of 2014," said PBB's Marcus Ayres in a
statement, the report cited.

The proposed AUD300 million distribution would come on top of an
earlier AUD250 million paid out directly to Australian councils
and charities from their Lehman-originated investments, the report
said.

The latest settlement, which requires an Australian court's
approval, is expected to speed recoveries of more than 50 cents on
the dollar for the Australian investors that sunk hundreds of
millions of dollars into CDOs, a type of security backed by a mix
of bonds, loans and other assets, that later imploded, the report
related.

                      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.


SK FOODS: AFP Wins AUD50 Million Proceeds of Crime
--------------------------------------------------
Chip Le Grand at The Australian reports that Australian Federal
Police have seized nearly AUD50 million from the remnants of a
rotten tomato empire after reaching a settlement in a high-stakes
dispute with the group of companies' US-based trustee in
bankruptcy and the ANZ bank.

The Australian says restraint and forfeiture orders were approved
by the Victorian Supreme Court on November 28 against SK Foods
Australia, delivering the AFP a major victory in the largest
proceeds-of-crime case mounted in Australia.

AFP proceeds-of-crime manager David Gray told The Australian the
case was a "timely reminder" to banks and other financial
institutions that the laws were able to reach corporate crooks as
well as outlaw bikie gangs and organised crime.

"People dealing with company assets need to conduct due diligence
as to the source of the assets, and to report suspicious sources
to the appropriate authorities," The Australian quotes Mr. Gray as
saying.  "Others would do well to reflect on their exposure to
criminal charges under money-laundering and related-offence
provisions of the criminal code if they knowingly dealt with
assets derived or used in serious criminal activity."

SK Foods Australia was placed into receivership and liquidation in
November 2009. Its parent company, SK Foods LP, was controlled by
Scott Sayler, a one-time Californian tomato baron jailed for
racketeering and price-fixing.

According to The Australian, the AFP became interested in the
group of companies -- which had owned a processing plant in the
Victorian town of Echuca that supplied major food groups SPC,
Unilever and Heinz -- after the group's Australian liquidators
raised concerns with authorities about the origin of money used to
establish the business.

A subsequent Australian Securities & Investment Commission
investigation led the AFP to conclude that SK Foods was
"established and significantly financed" by a AUD12 million loan
from SK Foods LP, a company that under Mr. Sayler's direction made
its fortune by bribing food companies to accept mouldy tomatoes,
The Australian relates.

The Australian notes that a US federal investigation into Sayler's
agricultural interests, dubbed Operation Rotten Tomato, exposed
his involvement in a large-scale criminal racket involving price-
fixing and passing off ordinary fruit as organic product.

Under the terms of the settlement approved by Supreme Court judge
Anne Ferguson, about AUD30 million held by the liquidators who
blew the whistle on the company's books, John Sheahan --
jsheahan@slp.net.au -- and Ian Lock -- ilock@slp.net.au -- and a
further AUD18 million held by the ANZ-appointed receivers
KordaMentha, will be immediately restrained and forfeited.  About
90 per cent of the funds are likely to be repatriated to the US,
The Australian reports.

                          About SK Foods

SK Foods LP ran a tomato processing facility.  It filed for
Chapter 11 bankruptcy protection after being dropped by its
lending group.  Creditors filed an involuntary Chapter 11 petition
against SK Foods LP and affiliate RHM Supply/ Specialty Foods Inc.
(Bankr. E.D. Cal. Case No. 09-29161) on May 8, 2009.  SK Foods had
said it was preparing to file a voluntary Chapter 11 petition when
the creditors initiated the involuntary case.  The Company later
put itself into Chapter 11 and Bradley D. Sharp was
appointed as Chapter 11 trustee.  The Debtors were authorized on
June 26, 2009, to sell the business for $39 million cash to a U.S.
arm of Singapore food processor Olam International Ltd.  The
replacement cost for the assets is $139 million, according to
Olam.

In February 2010, a federal grand jury returned a seven-count
indictment charging Frederick Scott Salyer, former owner and CEO
of SK Foods, with violations of the Racketeer Influenced and
Corrupt Organizations Act, in connection with his direction of
various schemes to defraud SK Foods' corporate customers through
bribery and food misbranding and adulteration, and with wire fraud
and obstruction of justice.

Salyer supporters launched a Web site which can be accessed from
two addresses: http://www.operationrottentomato.com/and
http://www.scott-salyer.com/



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C H I N A
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BEIJING CAPITAL: Fitch Affirms 'BB+' IDR; Outlook Revised to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised property developer Beijing Capital Land
Ltd.'s (BCL) Outlook to Negative from Stable. Fitch has affirmed
the Long-Term Foreign- and Local-Currency Issuer Default Ratings
at 'BB+' respectively. The agency has also affirmed the local
currency senior unsecured rating of 'BB+'.

The Outlook revision reflects the company's continued high
leverage due to rapid expansion of its investment property
business and slower-than-expected growth in property sales. A
downgrade is likely unless the company reduces leverage
meaningfully in 2014.

Key Rating Drivers:

Leverage Remains High: BCL's leverage, measured by net debt/ net
adjusted inventory ratio, increased to 47% in 2012 from 30.2% in
2011 and will likely remain above 45% in 2013. This is because of
a sharp increase in investments in investment property (a total of
CNY3.5bn in H113 and 2012) and much slower-than-expected growth in
contracted sales in 2013. Contracted sales in the January-October
period was CNY11.5bn, only a 14% increase over the same period in
2012. Fitch does not expect leverage to decrease meaningfully in
the next 12-18 months unless BCL slows down its investments in
investment property and/or improves contracted sales in 2014.

Investment Property Contribution Weak: Because of the long
gestation period for investment properties, they do not yet
contribute meaningfully to BCL's earnings. In addition, its outlet
malls will likely take significantly longer to stabilise and
achieve profitable yields. As a result, the ratio of recurring
rental EBITDA to interest expense will remain negligible over the
next two to three years.

Uncertainties Over 2014 Contracted Sales: BCL's 2013 contracted
sales underperformed because of slower sales in lower-tier cities
such as Zhenjiang, Wanning, and Huzhou. The company plans to
further increase its contracted sales in Beijing and Tianjin
(which accounted for 40-45% of YTD contracted sales in 2013 and
35% in 2012) to boost contracted sales and profitability in 2014
It is uncertain whether BCL can improve its contracted sales and
profitability by increasing its exposure in Tier 1 cities, given
the stiff price and land competition in these cities. If
successful, BCL's fast-churn, mass-market focused business model
will pay off.

Sufficient Liquidity: At June 2013, BCL had CNY7.9bn cash (of
which CNY0.61bn was restricted cash) and RMB40.4bn in unused bank
credit facilities. Fitch expects the group to maintain sufficient
liquidity to fund development costs, land premium payments and
debt obligations during 2013-15 due to its diversified funding
channels from both onshore and offshore capital markets, strong
support from its partners China Development Bank (CDB) and
Singaporean government investment company GIC Private Limited
(GIC), and flexible land acquisition strategy.

Benefits from Parent and Partners: BCL is 47.2%-owned by Beijing
Capital Group Ltd (BCG), which has acquired a low-cost land bank
in prime locations throughout China through local infrastructure
development with local governments. BCG's land-incubation strategy
provides land bank resources for BCL at a low cost. In addition,
BCL's partnership with GIC and CDB since 2003 has produced
additional funding channels and liquidity.

Rating Sensitivities:

Future developments that may, individually or collectively, lead
to negative rating action include:
-- Net debt/adjusted inventory leverage remaining above 40% over
the next 12-18 months
-- Monthly contracted sales in 2014 consistently increasing at
less than 20% yoy
-- EBITDA margins (adjusted for capitalised interest) falling
below 25% (June 2013 at 28.8%)
-- Any signs of increase in net debt to fund additional investment
property expansion in the next 12-18 months
-- Any signs of weakening in BCG's land incubation strategy and/or
weaker ties with strategic partners, CDB and GIC

Positive rating action in the immediate future is unlikely given
BCL is on Negative Outlook, although the Outlook may revert to
Stable if BCL's performance and leverage ratios improve to sit
more comfortably within thresholds that trigger negative rating
action.


CITIC PACIFIC: Moody's Says 1st Iron Ore Shipment is Credit Pos.
----------------------------------------------------------------
Moody's Investors Service says that CITIC Pacific Limited's (Ba2,
negative) first shipment of iron ore is a credit positive
development, because it has removed one of the major uncertainties
surrounding its greenfield project, which has pressured its credit
profile over the past few years.

However, this development will not have an immediate impact on
CITIC Pacific's Ba2 corporate family rating, senior unsecured bond
ratings as well as its ratings outlook.

In an announcement Dec. 2, CITIC Pacific announced that its first
ship was being loaded with magnetite concentrate for China.

CITIC Pacific's Sino Iron project -- a greenfield project
involving large-scale iron ore mining and processing operations in
Australia, with a planned annual production capacity of 24 million
tons -- has been incurring repeated delays and cost overruns.

The project's first line started load commissioning in late 2012
and its second line resumed load commissioning in September 2013,
after fixing a major component issue.

However, the first shipment, which was initially scheduled for May
2013, did not proceed until this announcement was made.

Moody's expects the iron ore project to start to generate
cashflows for CITIC Pacific after the first shipment.

Hence, if Moody's assumes an output of around 4 million tons in
2014, CITIC Pacific's adjusted debt/EBITDA and funds from
operations/debt could improve to around 10x and 3% by end-2014
from 13.8x and 2.1% by end-2012.

The company also mentioned in its announcement that civil
construction and installation works for its remaining lines have
begun.

The ramp-up of its first and second line, as well as the
commencement of operations of the remainder lines -- which Moody's
expects to happen in 2015 and beyond -- could further improve
CITIC Pacific's credit metrics.

The first shipment was to be made to CITIC Pacific's special steel
mill in China, which has annual production capacity of nine
million tons. The company's iron ore operations could provide some
hedging for its special steel business against volatile iron ore
prices.

Nevertheless, some other uncertainties still remain, including the
amount of capital expenditure required for the remaining
production lines and the actual cost of production for the
operation.

CITIC Pacific's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside CITIC Pacific's core
industry and believes CITIC Pacific's ratings are comparable to
those of other issuers with similar credit risk.


GUANGZHOU R&F: Moody's Says Land Acquisition is Credit Negative
---------------------------------------------------------------
Moody's Investors Service says Guangzhou R&F Properties Co Ltd's
acquisition of six land parcels in Johor Bahru, Malaysia for
RMB8.5 billion has negative implication for its credit profile.

At the same time, the transaction does not have any immediate
impact on the Ba2 corporate family rating of Guangzhou R&F; the
Ba3 corporate family rating of R&F Properties (HK) Company Limited
(R&F HK, together with Guangzhou R&F, "the group"); and the Ba3
senior unsecured rating for the bonds issued by Caifu Holdings Ltd
and guaranteed by R&F HK.

The outlooks for all ratings remain stable.

"The acquisition is credit negative because it will raise the
group's financial and execution risks," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

Malaysia is a new market for the group, and where it has yet to
establish its brand and a track record. The new project will also
expose the group to regulatory uncertainties in Malaysia's
property market.

Further, the acquisition is sizeable in total price, representing
7.3% of the group's total assets as of June 2013.

The project will require sizable investments upfront, including
construction costs, before it can be presold, as estimated by the
company by end-2014.

These funding needs will keep Guangzhou R&F's adjusted
debt/capitalization at a high level of over 60% in the next 1-2
years.

"Partly mitigating the concern is the consideration that the group
had adequate funding -- including cash on hand and operating cash
flow -- to support the purchases," says Tsang, also Moody's lead
analyst for Guangzhou R&F and R&F HK.

The fact that the costs for the land will be paid over three years
through four installments also mitigate the group's near-term
funding pressures.

As of 30 June 2013, Guangzhou R&F had a consolidated cash on hand
of RMB19.3 billion.

Further, its contract sales of RMB37.5 billion for the first 11
months of 2013 (+21% year-or-year) are largely on track to meet
its annual sales target of RMB42 billion.

This favorable performance could provide the company with part of
the funding required to support its land acquisitions and
construction projects.

Established in 1994 and listed on the Hong Kong Exchange in 2005,
Guangzhou R&F Properties Co Ltd is a mid-sized developer in
China's residential and commercial properties sector. As of 30
June 2013, the company had an attributable land bank of 34.1
million square meters in gross floor area covering 19 cities in
China. Mr Li Sze Lim and Mr Zhang Li are the co-founders of the
company and own 32.4% and 31.8% in equity interests, respectively.

R&F Properties (HK) Company Limited and its subsidiaries are
principally engaged in the development and sale of properties,
property investment and hotel operations in China. It was
established in Hong Kong on 25 August 2005 as a company with
limited liability.



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


ADITYA CONTAINER: ICRA Suspends 'B+' Rating on INR5.5cr Loans
-------------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR5.50
crore long term fund based facilities of Aditya Container Freight
Station Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

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

Aditya Container Freight Station Private Limited was incorporated
in January 2007 and is engaged in the business of operating a
Container Freight Station (CFS) at Kandla Port, with a total
capacity of 30,000 TEU's per annum. The facility has been
developed on a 10 acre custom notified site and is located at a
distance of about 23 kilometres from the Kandla port gate. Apart
from the open container stacking yard, a 4000 square meters (about
1 acre) covered ware house facility has also been developed for
storing special cargo.


AGRAWAL RAKA: CARE Revises Rating on INR11cr Loans to 'BB'
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Agrawal Raka Construction.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
  Long-term Bank          11        CARE BB Revised from
  Facilities                        CARE BB-

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

Rating Rationale

The revision in the rating assigned to the long-term bank
facilities of Agrawal Raka Construction (ARC) factors in the
improvement in financial and operational risk profile marked by an
increase in sales, advanced stage of project execution and all
necessary approvals and clearance for the project being received.

The rating continues to derive strength from the advantageous
location of the on-going project in Pune and achievement of
financial closure for the project. The rating, however, continues
to be constrained by the limited experience of the partners in
executing real estate projects in Pune market, risk associated in
case of delays in receipt of customer advances, competition from
the other projects in the vicinity and the cyclical nature of the
real estate industry.

The ability of ARC to mobilize customer advances in a timely
manner and complete the project without any cost over-run is the
key rating sensitivity.

ARC was established by the Agrawal group (58.20% share in profit),
the Raka group (33% share in profit) and Mr Nitin B Agarwal (8.80%
share in profit). The partner Mr Rajesh Raka, an MBA Finance by
qualification, has a track record of 20 years in the real estate
industry in the Khandesh region (Jalgaon and DhuleDist) of
Maharashtra and as on September 30, 2013, has completed
development of 9.04 lsf of saleable area while 3.17 lsf is at
various stages of development. The concern has incurred 82% of the
construction cost as on September 30, 2013. Furthermore, the firm
has seen an increase in the sales with bookings improving from
0.79 lsf (91 units) as on December 31, 2012, to 1.01 lsf (117
units) as on September 30, 2013.The last unit was sold at INR3,700
psf.

Through the remaining receivables from the sold inventory, the
company will be able to complete the project construction.
Therefore, currently the project execution risk is relatively low.


AJAY PLASTIC: ICRA Suspends 'BB+/A4+' Rating on INR16cr Loans
-------------------------------------------------------------
ICRA has suspended [ICRA]BB+(Stable)/[ICRA]A4+ ratings assigned to
the INR16.00 crore, fund based and non-fund based facilities of
Ajay Plastic Industries. The suspension follows ICRA's inability
to carry out a rating surveillance on account of lack of
cooperation from the company.

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

Incorporated in 1974, Ajay Plastic Industries is involved in the
manufacturing of PVC shoes, lades footwear, sandals etc. The
entity is part of Mr. Naresh Kumar Aggarwal faction within the
larger Action Group. The product profile of Ajay Plastics consists
of different kind of PVC footwears under the brand 'Micro'. Ajay
Plastics has established its manufacturing facility In Delhi and
Bahadurgarh (Haryana), for manufacturing PVC injection moulded
shoes/footwear.


ALLIANCE FIBRE: ICRA Suspends 'BB-' Ratings on INR59.09cr Loans
---------------------------------------------------------------
ICRA has suspended the [ICRA] BB- (stable) rating assigned to the
INR59.09 crore long term fund based limits and [ICRA] A4 rating to
the INR0.91 crore short term non fund based limits of Alliance
Fibre Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Cash Credit         30.00      [ICRA]BB-(stable)
   SLC                  2.25      [ICRA]BB-(stable)
   Term Loan           21.52      [ICRA]BB-(stable)
   Proposed Limits      5.32      [ICRA]BB-(stable)
   Bank Guarantee       0.72      [ICRA]A4
   Credit Exposure
    Limit               0.19      [ICRA]A4
   Foreign Letter
   of Credit           (8.06)     [ICRA]A4
   EPC/PCFC/FBD/FBP    (1.00)     [ICRA]A4

Established in April 2007, Alliance Fibres Limited is engaged in
manufacturing of Polyester Staple Fibre (PSF) and Polyester
Oriented Yarn (POY) from waste Poly Ethylene Terephthalate (PET)
bottles. AFL commenced the commercial production of PSF from June
2007 with installed capacity of 6000 MTPA which was later
increased to 15000 MTPA in FY 2012. AFL commenced the commercial
production of POY from March 2010.


ANJANI INFRA: ICRA Assigns 'BB-' Rating to INR24cr LT Loans
-----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to INR24.00
crore fund based facility of Anjani Infra. The outlook on the long
term rating is 'Stable'.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund           24        [ICRA]BB- (stable) Assigned
   Based Limits-
   Cash Credit

The rating assigned to Anjani Infra (AI) is constrained by
execution risks for the residential cum commercial projects under
implementation as well as significant marketing risks associated
with them given the increasing competition within the real estate
industry in Surat. The rating is further constrained by the firm's
exposure to funding risks, with debt facility yet to be sanctioned
and risk of capital withdrawals inherent in the partnership firm.
ICRA also takes note of the company's exposure to geographical
concentration risks with operations being confined to Surat and
the susceptibility of real estate markets to economic cycles.
Going forward AI's ability to successfully execute ongoing
projects within budgeted cost and time, ensure timely bookings as
well as collection from the existing booking would be critical
determinants of its credit risk profile.

The rating, however favourably factors in the promoter's
experience in the real estate development, and demonstrated
capabilities in the residential segment through other group
companies, low regulatory risk with respect to on-going projects
and favourable location of the projects.

Anjani Infra was floated by Mr. Jayantibhai, Mr. Lavjibhai, Mr.
Vijaybhai, Mr. Hareshbhai, Mr. Mukesh Bhai and Mr. Virjibhai as
the partners in the year 2012. The firm is a flagship of Anjani
Group. Anjani Group has already constructed several projects viz.
Indralok, Riverview Heights- Phase I, Abhishek Residency- I,
Aangan Residency, Abhilasha Heights, Abhishek Residency- Phase II,
etc. The promoters in the firm have an established track record in
real estate development.

The firm is currently engaged in construction of a residential cum
commercial projects under the name of 'Aakruti Heights located in
Mota Varachha, Surat and Shangrila Heights located in Uttran.
Total saleable area of the project is 4.55 lakh sq. ft.


ASTRON PAPER: CARE Cuts Ratings on INR75.1cr Loans to 'D'
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Astron Paper & Board Mill Ltd.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        64.10      CARE D Revised from
   Facilities                       'CARE BB'


   Short-term Bank       11         CARE D Revised from
   Facilities                       'CARE A4'


Rating Rationale

The revision in the ratings of the bank facilities of Astron Paper
& Board Mill Ltd (APBML) takes into account delays in the
servicing of its debt obligations due to its stressed liquidity
primarily on account of delay in implementation and subsequent
stabilization of its greenfieldkraft paper manufacturing project.

Incorporated in 2010 as a public limited company, Astron Paper &
Board Mill Ltd is engaged in the manufacturing of kraft paper from
recycled (waste) paper as raw material. The manufacturing facility
with a capacity of 66,000 metric tonne per annum (MTPA) of kraft
paper along with a captive power plant of three megawatt (MW)
capacity is situated at Surendranagar, Gujarat. The commercial
production started in December 2012 with a delay of four months
due to teething problems in the plant. The key promoters Mr
Kiritbhai Patel and Mr Ramkant Patel have rich experience in the
trading and manufacturing of kraft paper and corrugated boxes.

As on March 31, 2013, Asian Granito (India) Ltd held 43.89% stake
in APBML.

During the four months of operation in FY13 (refers to the period
April 1 to March 31), APBML reported a total operating income of
INR26.52 crore and a net loss of INR4.02 crore. During H1FY14
(provisional) APBML reported a total operating income of INR50.61
crore and a net loss of INR0.98 crore.


AUDI MOTORS: ICRA Assigns 'BB+' Ratings to INR15.86cr Loans
-----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]BB+' for INR5.02
Crores bank facilities of Audi Motors Private Limited. The outlook
on long term rating is 'Stable'. ICRA has a outstanding rating of
[ICRA]BB+(stable)/A4+ for INR14.98 Crores bank facilities of Audi
Motors Private Limited.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Term Loan              6.86       [ICRA]BB+ (Stable)
   Cash Credit            9.00       [ICRA]BB+ (Stable)
   Working capital
    Demand Loan           2.00       [ICRA]A4+
   Letter of Credit       1.50       [ICRA]A4+
   Bank Guarantee         0.64       [ICRA]A4+

The assigned ratings takes into account the healthy growth in
sales witnessed by AMPL in 2012-13 and YTD 2013-14 supported by
healthy rural demand; established position of MSIL as the largest
domestic passenger car manufacturer; healthy market share enjoyed
by the company in territory of operations, and the benefit enjoyed
by the company as the promoters of the company have long
experience in the automobile dealership business. The ratings are,
however, constrained due to thin operating margins, weak
bargaining power and high working capital requirements in the
automotive dealership business; vulnerability of the sales to the
cyclicality of passenger vehicle industry; intense competition
from both MSIL and other OEM dealers in the region and weak
financial profile of the company characterised by leveraged
capital structure and moderate coverage indicators. The company's
working capital requirements remain high driven by significant
inventory levels maintained by the company. Going forward, the
company's ability to manage its working capital intensity and
improve its financial risk profile is likely to remain the key
rating sensitivity.

Audi Motors Private Limited was incorporated in 1995 and had been
operating as an authorised dealer for vehicles of Maruti Suzuki
India Limited in Bikaner, Rajasthan since its inception. The
company was promoted by Gahlot family namely Mr. Subhash Chandra
Gahlot, Mr. Hiren Gahlot and Mr. Rohan Gahlot. The day to day
management of the company is take care by Mr. Subhash Gahlot along
with support from other directors.

The company owns one sales showroom cum service workshop, one
exclusive body shop and one Maruti driving school in Bikaner. The
company also owns one sales showroom in Nokha (Rajasthan),
Jhunjhunu, Sri Ganganagar (Rajasthan), Suratgarh, Chirawa, and
Hanumanagarh. In addition to this the company also runs two
showrooms on rented premises at Nohar and Churu. These showrooms
cum service workshop are taken on lease by the company. Apart from
dealership of MSIL in the name of Audi Motors, the promoters of
the company are also having dealership of TVS Suzuki in Bikaner
and dealership of Tractors and Farm Equipment Limited (TAFE) at
Bikaner, Sri Ganganagar and Churu. The company also runs one
Maruti driving school in Bikaner, which is a social responsibity
programme started by MSIL to train the public for better driving.


AUTOMATIC ELECTRIC: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Automatic Electric Ltd
continue to reflect AEL's large working capital requirements and
its average financial risk profile marked by small net worth, low
gearing and below- average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
AEL's promoter in electrical equipment industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Letter of Credit        40.0     CRISIL A4 (Reaffirmed)
   Bank Guarantee          10.0     CRISIL A4 (Reaffirmed)
   Cash Credit             50.0     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AEL will continue to benefit over the medium
term from its promoter's extensive industry experience and its
longstanding relations with customers. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in the company's revenues and profitability margins, or an
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
AEL's profitability margins, or significant deterioration in its
capital structure most likely because of larger-than-expected
working capital requirements or large debt-funded capital
expenditure.

Incorporated in 1942 and acquired by Mr. Sharad Bal, AEL
manufactures electrical equipment, such as transformers (up to
1000 kilovolt amperes), and instruments, such as voltmeters,
transducers, and shunts. The company's manufacturing units are in
Lonavala, Panvel, Thane, and Nashik (all in Maharashtra).


BEST INDIA: ICRA Reaffirms 'B' Ratings on INR17.10cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B' to the
INR16.60 crore line of credit of Best India Tobacco Suppliers
Private Limited. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' to the INR0.90 crore non-fund based limits of the
Company.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Term loan facilities       0.80       [ICRA]B reaffirmed

   Fund based facilities-     6.50       [ICRA]B reaffirmed
   EPC

   Fund based Limit-         (0.50)      [ICRA]B reaffirmed
   CC (Sub Limit of EPC)

   Unallocated Limits         9.30       [ICRA]B assigned

   Non-fund based             0.90       [ICRA]A4 reaffirmed
   Facilities

The rating reaffirmation factors in the low scale of operations
and the intense competition in the global tobacco industry which
limits pricing flexibility for the company and its vulnerability
to fluctuations in tobacco prices (which are dependent on
government policy and agro-climatic risks). The assigned ratings
are further constrained by the high customer concentration coupled
with political instability in the major consumer markets for the
company impacting operations adversely with low sales and losses
during the financial years FY12 and FY13. The ratings however
positively factor in the significant experience of promoters of
nearly five decades in the tobacco industry and the reduced debt
servicing obligations with prepayment of outstanding term loan.

Best India Tobacco Suppliers Private Limited was incorporated in
1981-82 in Guntur, Andhra Pradesh. The Company is primarily into
exporting of processed tobacco to countries like Tunisia, Algeria
and Egypt. The Company largely caters to the Flue Cured Virginia
(FCV) variety which contributes to around 60% of the revenues,
with the rest generated from Burley and Rustica varieties of
tobacco. BITL exports mainly to two Companies in Tunisia - Regie
Nationale Des Tabacs Et Des Allumettes (RTNA) and Manufacture Des
Tabacs De Kairouan (MTK), which are owned by the Tunisian
Government. BITL is a registered supplier with these entities and
has been exporting to these customers since 1999.


BROOKE DISTRIBUTORS: CRISIL Puts 'BB-' Ratings on INR120MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Brooke Distributors Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               90      CRISIL BB-/Stable
   Proposed Cash
   Credit Limit              30      CRISIL BB-/Stable

The ratings reflect the extensive experience of BDPL's promoters
in the Indian Made Foreign Liquor (IMFL) segment, along with their
funding support. The ratings also factor in the established market
position of its principal, Pernod Richard India Pvt Ltd (Pernod
Richard) in the IMFL market in India. These rating strengths are
partially offset by BDPL's below-average financial risk profile,
marked by a small net worth and high gearing; and low operating
margin driven by the company's trading operations.

Outlook: Stable

CRISIL believes that BDPL will benefit from its promoters
extensive experience and its principal's established market
position in the IMFL industry in India. The outlook may be revised
to 'Positive' if the company significantly improves its scale of
operations, while maintaining its profitability, leading to
higher-than-expected cash accruals; and enhances its capital
structure supported by an infusion of fresh equity by the
promoters. Conversely the outlook may be revised to 'Negative' if
the company's financial risk profile, particularly its liquidity
deteriorates because of lower-than-expected cash accruals, higher
than expected working capital requirements, or if the company
undertakes any large debt-funded capital expenditure (capex)
programme.

BDPL was incorporated in March 2011. The company is an authorised
distributor for liquor products of Pernod Richard and Carlsberg
India Pvt Ltd in Solapur, Osmanabad and Latur in Maharashtra. BDPL
commenced its operations in July 2012 and is promoted by Mr. Amol
Naikawadi, Mrs. Kanchan Naikawadi and Mr. Mahesh Bapat.


CRESCENT CHEMICALS: CRISIL Cuts Rating on INR170MM Loan to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Crescent
Chemicals (a part of the Crescent Group) to 'CRISIL BB+/Stable'
from 'CRISIL BBB/Stable'.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             170      CRISIL BB+/Stable (Downgraded
                                    from 'CRISIL BBB/Stable')

The rating downgrade reflects deterioration in the Crescent
group's business and financial risk profiles owing to sharp
volatility in foreign exchange (forex) rates. The Crescent group's
operating margin deteriorated to 0.1 per cent in 2012-13 (refers
to financial year, April 1 to March 31) from 1.4 per cent in 2011-
12 on account of forex losses incurred on import payables and
buyers credit due to depreciation of rupee.

This has led to deterioration of the group's interest coverage
ratio to 1 time from 2.6 times in 2011-12. In 2012-13, the
Crescent group registered net losses of INR44 million and
withdrawal of capital of INR16 million led to a decline in its
consolidated net worth to INR603 million as on March 31, 2013 from
INR673 million as on March 31, 2012. This has led to increase in
the group's total outside liabilities to total net worth ratio to
4 times as on March 31, 2013 against 3.2 times as on March 31,
2012.

CRISIL expects the Crescent group's sharp forex volatility to
adversely impact the group's operating margins in 2013-14.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Crescent Organics Pvt Ltd (COPL) with
those of its partnership firm, CC, Crescent Chemsol Pvt Ltd (CCPL)
(which has been merged with COPL in 2010-11), Asian Solvochem Pvt
Ltd (ASPL), and Crescent Innovative Packaging Pvt Ltd (CIPPL).
This is because of the similarity in their businesses and the fact
that all these entities have common promoters, customers, and
suppliers. CIPPL is consolidated because of financial linkages
with COPL. CC, COPL, CIPPL and ASPL are collectively referred to
as the Crescent group herein.

CRISIL's rating on the bank facility of Crescent Organics Pvt Ltd
(COPL; part of the Crescent group) continue to reflect the
benefits that Crescent group derives from its established market
position in the chemicals trading industry, the experience of its
promoters, and the steady demand for its products driven by a
diversified client base. These rating strengths are partially
offset by group's average financial risk profile marked by high
total outside liabilities to total net worth (TOLTNW) ratio and
weak interest coverage, exposure to intense competition in the
chemical trading industry and to risks associated with the offtake
related to manufacturing segment.

Outlook: Stable

CRISIL believes that the Crescent group's business and financial
risk profiles will remain vulnerable to volatility in forex rates.
However, the group will continue to benefit over the medium term
from its promoters' extensive experience and its established
relationship with its customers and suppliers. The outlook may be
revised to 'Positive' in case the Crescent group significantly
improves its operating profitability by effectively managing its
foreign exchange risk resulting in improvement in accruals and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if the Crescent group's financial risk profile weakens,
due to substantial forex losses, or significant lengthening of its
working capital cycle.

The Crescent group was founded in 1963 by Mr. G D Shah, a Mumbai
(Maharashtra)-based businessman along with his business
associates. The group comprises CC, COPL, CCPL, ASPL, and CIPPL.
CCPL was merged with COPL in 2011-12. CC, CCPL, COPL and ASPL
trade in organic chemicals such as methanol, acetic acid,
propylene glycol, toluene, and styrene monomer. CIPPL manufactures
bottom-welded polypropylene bags. Currently, the group's
operations are managed by the group's chairman, Mr. G D Shah, and
his son Mr. Ashit Shah, the managing director.


CRESCENT ORGANICS: CRISIL Cuts Ratings on INR1.9BB Loans to 'BB+'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Crescent Organics Pvt Ltd (a part of the Crescent group) to
'CRISIL BB+/Stable/CRISIL A4+' from 'CRISIL BBB/Stable/CRISIL
A3+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting          50      CRISIL A4+ (Downgraded from
                                     'CRISIL A3+')

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

   Letter of Credit         400      CRISIL A4+ (Downgraded from
                                     'CRISIL A3+')

   Letter of Credit       1,850     CRISIL BB+/Stable (Downgraded
                                     from 'CRISIL BBB/Stable')

   Letter of Credit
   Bill Discounting          50      CRISIL A4+ (Downgraded from
                                     'CRISIL A3+')
The downgrade in the ratings reflect deterioration in the Crescent
group's business and financial risk profiles owing to sharp
volatility in foreign exchange (forex) rates. The Crescent group's
operating margin deteriorated to 0.1 per cent in 2012-13 (refers
to financial year, April 1 to March 31) from 1.4 per cent in 2011-
12 on account of forex losses incurred on import payables and
buyers' credit due to depreciation of the rupee. This has led to
deterioration of the interest coverage ratio to 1 time in 2012-13
from 2.6 times in 2011-12. In 2012-13, the Crescent group
registered net loss of INR44 million and withdrawal of capital of
INR16 million, resulted in consolidated net worth declining to
INR603 million as on March 31, 2013, from INR673 million as on
March 31, 2012. This has led to increase in the total outside
liabilities to total net worth (TOLTNW) ratio to 4 times as on
March 31, 2013, against 3.2 times as on March 31, 2012. CRISIL
believes that sharp forex volatility will adversely impact the
Crescent group's operating margin in 2013-14.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of COPL with those of its partnership
firm, Crescent Chemicals (CC), Crescent Chemsol Pvt Ltd (CCPL)
(which were merged with COPL in 2010-11), Asian Solvochem Pvt Ltd
(ASPL), and Crescent Innovative Packaging Pvt Ltd (CIPPL). CC,
COPL, CCPL, and ASPL are consolidated on account of the similarity
in businesses and the fact that the entities have common
promoters, customers, and suppliers. CIPPL is consolidated because
of financial linkages with COPL. CC, COPL, CIPPL, and ASPL are
collectively referred to as the Crescent group.

CRISIL's ratings on the bank facilities of COPL continue to
reflect the benefits that the Crescent group derives from its
established market position in the chemicals trading industry, the
experience of its promoters, and the steady demand for its
products driven by a diversified client base. These rating
strengths are partially offset by the group's average financial
risk profile marked by a high TOLTNW ratio and a weak interest
coverage ratio, exposure to intense competition in the chemical
trading industry, and to risks associated with the offtake related
to the manufacturing segment.

Outlook: Stable

CRISIL believes that the Crescent group's business and financial
risk profiles will remain vulnerable to volatility in forex rates.
The group, however, will continue to benefit over the medium term
from its promoters' extensive experience and its established
relationship with its customers and suppliers. The outlook may be
revised to 'Positive' if the Crescent group's operating
profitability significantly improves owing to effective management
of its forex risk resulting in improvement in accruals and the
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if the group's financial risk profile weakens due to
substantial forex losses, or significant lengthening of its
working capital cycle.

The Crescent group was founded in 1963 by Mr. GD Shah, a Mumbai
(Maharashtra)-based businessman along with his business
associates. The group currently comprises CC, COPL, CCPL, ASPL,
and CIPPL. CC, CCPL, COPL and ASPL trade in organic chemicals such
as methanol, acetic acid, propylene glycol, toluene, and styrene
monomer. CIPPL is engaged in manufacture of bottom-welded
polypropylene bags. Currently, the group's operations are managed
by the group's chairman, Mr. G D Shah, and his son Mr. Ashit Shah,
the managing director.


DAULAT RAM: CARE Assigns 'BB-' Rating to INR9.61cr Loans
--------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Daulat Ram Engineering Services Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.61       CARE BB- Assigned

   Short-term Bank
   Facilities            0.40       CARE A4 Assigned

   Long-term/Short-
   term Bank Facilities   1.70      CARE BB-/CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Daulat Ram
Engineering Services Private Limited are primarily constrained on
account of its working capital intensive nature of operations
resulting in stretched liquidity conditions. The ratings are
further constrained due to its presence in the tender-driven
nature of the industry leading to increased competition,
susceptibility of its profit margins to the volatility in raw
material prices and foreign exchange fluctuation risk.

The ratings, however, favourably take into account the vast
experience of the promoters along with an established track record
of operations coupled with comfortable financial risk profile
marked by healthy growth in the total operating income, healthy
profitability margins and comfortable solvency position. The
ratings also draw comfort from the reputed clientele base amidst
high degree of revenue concentration and moderate order book
position.

Improving the overall financial risk profile through better
working capital management, managing raw material price
fluctuation and its ability to increase the scale of operations in
light of the competitive nature of the industry are the key rating
sensitivities.

DESPL was incorporated in January 1997 by MrChanderPrakash Sharma.
Initially, the company was engaged in repair, reconditioning and
rehabilitation of dynamic braking resistors for Indian Railways.
Later, DESPL commenced manufacturing of AC/DC Motors, Traction
Alternators, Auxiliary Generator, Traction Motors, Oil Cooling
Blower and many other engineering products which find its
application largely in railway locomotives. The manufacturing
facility of DESPL is located at Bhopal, Madhya Pradesh, where it
has an annual installed manufacturing capacity of 1,000 no. of
electrical motors, 300 no. of breaking resistors, 200 no. of
traction alternators, 500 no. of roof mounted A/C packing units
and 25,000 pieces of non-asbestos braking blocks. It largely
supplies its products to Indian railways and state-owned electric
locomotive manufacturers.

As against a profit after tax (PAT) of INR5.75 crore on a total
operating income (TOI) of INR49.91 crore in FY12 (refers to the
period June 1 to May 31), DESPL reported a PAT of INR6.73 crore on
a TOI of INR72.21 crore during FY13. As per the provisional
results for 5MFY14 (refers to period June 2013 to October 2013),
DESPL registered a turnover of INR50.36 crore.


DAYANAND COTTON: CRISIL Assigns 'B-' Ratings to INR60MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Dayanand Cotton Ind.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B-/Stable
   Term Loan                 10      CRISIL B-/Stable

The rating reflects DCI's weak financial risk profile, marked by
high gearing and weak debt protection metrics; its exposure to
intense competition in the fragmented cotton ginning industry; and
its vulnerability to changes in government policies. These rating
weaknesses are partially offset by DCI's favourable location close
to the cotton-growing belt in Gujarat.

Outlook: Stable

CRISIL believes that DCI will continue to benefit over the medium
term from its favorable location close to the cotton-growing belt;
however, the firm's financial risk profile will remain constrained
over this period by low cash accruals and a weak capital
structure. The outlook may be revised to 'Positive' if DCI scales
up its operations and generates higher-than-expected accruals, or
in case of substantial equity infusion by its promoters, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if there is a significant
decline in the firm's cash accruals or deterioration in its
working capital management, or if it undertakes a large debt-
funded capital expenditure programme, further weakening its
financial risk profile, particularly its liquidity.

DCI is a partnership firm which started commercial production from
February 2012. The firm is engaged in ginning and pressing of raw
cotton (kapas). There are 12 partners in the firm with Mr.
Jerambhai Dubriya (15 per cent stake), Mr. Jitendrakumar Khokhani
(10 per cent), and Mr. Chunilal Ghetiya (10 per cent) actively
handling its operations.

DCI reported a net loss of INR0.9 million on net sales of
INR199.90 million for 2012-13 (refers to financial year, April 1
to March 31).


DEE DEVELOPMENT: CRISIL Withdraws 'BB+' Rating on INR520MM Loan
---------------------------------------------------------------
CRISIL has withdrawn its ratings on the long-term bank loan
facility of Dee Development Engineers Ltd, on the company's
request and on receipt of a no-dues certificate from the banker.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           400     CRISIL A4+/(Placed on
                                     'Notice of Withdrawal')

   Cash Credit              800     CRISIL BB+/Stable/(Placed on
                                     'Notice of Withdrawal')

   Letter of Credit         100     CRISIL A4+/(Placed on 'Notice
                                     of Withdrawal')

   Long-Term Loan           520     CRISIL BB+/Stable(Withdrawn)

CRISIL has also placed the ratings on Dee's working capital
facilities on 'Notice of Withdrawal' for 60 days, on the company's
request and on receipt of a no-objection certificate from its
bankers. The rating will be withdrawn at the end of the notice
period, in line with CRISIL's policy on withdrawal of its bank
loan ratings.


DEVKI ENTERPRISE: CRISIL Rates INR140MM Term Loan at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Devki Enterprise.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                140      CRISIL B+/Stable

The rating reflects Devki's exposure to funding risk associated
with its on-going project, and cyclicality in the Indian real
estate industry. These rating weaknesses are partially offset by
the benefits that Devki derives from the promoters' extensive
experience in the real estate business and funding support from
partners

Outlook: Stable

CRISIL believes that Devki will continue to benefit over the
medium term from its promoters' extensive experience in the real
estate business. The outlook may be revised to 'Positive' in case
of higher-than-expected customer advances, because of enhanced
bookings, resulting in improved liquidity. Conversely, the outlook
may be revised to 'Negative' if the firm faces significant time
and cost overruns in the execution of its existing project, or if
the response to the project is below expectation, leading to lower
cash flows, and hence a deterioration in its financial risk
profile.

Devki Enterprise (Devki) was set up in April 2011 by Dedhia family
along with business acquaintances Mr. Tejraj Jain and Mr. Suresh
Kamath. Devki is engaged in residential and commercial real estate
development in Mumbai, and is currently developing a residential
cum commercial property in Borivali. The overall operations of the
firm are managed by Mr. Damji Dedhia.


EVEREST STEEL: CRISIL Assigns 'B' Ratings to INR200MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Everest Steel Rolling Mills (Karur).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Term Loan        18      CRISIL B/Stable

   Proposed Cash
   Credit Limit             100      CRISIL B/Stable

   Proposed Long-Term
   Bank Loan Facility        82      CRISIL B/Stable

The rating reflects ESRM's below-average financial risk profile,
marked by a modest net worth and weak debt protection metrics, and
its modest scale and working capital intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of ESRM's promoters in the steel industry.

Outlook: Stable

CRISIL believes that ESRM will continue to benefit over the medium
term from the extensive experience of its promoters in the steel
industry. The outlook may be revised to 'Positive' if the firm
reports significantly better-than-expected cash accruals, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if ESRM records lower-than-expected cash
accruals, or if it undertakes a large debt-funded capital
expenditure programme, or if its working capital management
deteriorates, resulting in deterioration in its financial risk
profile.

ESRM, set-up in 2003, manufactures thermo-mechanically-treated
(TMT) bars. The firm is promoted by Mr. K Yasir Arafat and his
family members.

ESRM reported a profit after tax (PAT) of INR0.2 million on an
operating income of INR271.7 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.15
million on an operating income of INR127.9 million for 2011-12.


EVERGREEN VENEERS: ICRA Reaffirms 'B+' Rating on INR5cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of 'ICRA]B+' assigned to
INR5.00 crore fund based bank limits of Evergreen Veneers Private
Limited. ICRA has also reaffirmed the short term rating of
'[ICRA]A4' assigned to its INR23.05 crore non-fund based bank
limits.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund Based Limits          5.00        [ICRA]B+ (Reaffirmed)
   Non-Fund Based Limits     23.05        [ICRA]A4 (Reaffirmed)

The ratings continue to be constrained by the company's modest
scale of operations in its core plywood manufacturing business
resulting in moderate economies of scale, which coupled with the
highly competitive nature of the plywood industry, has resulted in
thin margins. The ratings are also constrained by increasing
working capital requirements in the business, driven mainly by
increased turnover as well as increase in inventory days, although
this has been partly offset by availing letters of credit (LCs)
for 180 days for its imports. Vulnerability of profitability
margins to raw material and exchange rate price fluctuations and
exposure of the products of the company to competition from
upcoming substitutes like Medium Density Fibre and particle also
constrain the ratings assigned to the company.

The ratings however continue to draw comfort from the established
presence of EVPL for almost two decades in Plywood industry,
experience of promoters in the business and satisfactory demand
outlook for plywood from sectors such as real estate and
infrastructure. This coupled with the established relations with
Timber suppliers and Plywood dealers across the country has
resulted in significant volume and revenue growth over the last
few years.

Evergreen Veneers Private Limited is a private limited company
incorporated in 1992. It is involved in manufacturing of Plywood,
Face Veneer, Core Veneer and trading of Timber. The promoters Mr.
Vijay Gupta and Mr. Ashok Kumar Aggarwal have extensive industry
experience. The company imports Gurjan and Marbu varieties of
Timber from Malaysia, Myanmar and other countries and sells Face
Veneer and Plywood in various regions in India and also in Nepal.

Recent Results:

In FY2013, the company posted an operating income of INR74.38
crore and an operating profit of INR1.80 crore as against INR68.20
crore and INR-0.52 crore respectively in FY2013.


FORTUNE INFRA: CRISIL Rates INR100MM LT Bank Loan at 'BB-'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Fortune Infra Logistics Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       100      CRISIL BB-/Stable
   Bank Loan Facility

The ratings reflect FILPL's promoters' extensive entrepreneurial
experience and the company's moderate order book position. These
rating strengths are partially offset FILPL's modest scale of
operations in the intensely competitive civil construction and
logistics business and its below-average financial risk profile.

Outlook: Stable

CRISIL believes that FILPL will continue to benefit over the
medium term, from the promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if there is a
significant and sustained improvement in the company's revenue and
profitability, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if a decline
in the company's revenues or profitability margins or an increase
in its working capital cycle further weakens its financial risk
profile.

FILPL was incorporated in 2011. The company provides
transportation services and executes civil construction projects
(primarily road projects) in Odisha. The promoters, Mr. Bidhudutta
Munda, Mr. Pradyumna Kumar Hota, and Mr. Manoj Kumar Munda, manage
the company's operations.


GMV PROJECTS: ICRA Assigns 'BB-' Ratings to INR3.5cr Loans
----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to the INR0.82
Crore1 long term loans, INR0.75 Crore long-term fund based
facilities, and INR1.93 crores long-term proposed bank facilities
of GMV Projects and Systems. ICRA has also assigned a short term
rating of '[ICRA]A4' to the INR4.00 Crore short term non fund
based limits of the firm. The outlook on the long term rating is
stable.

                          Amount
   Facilities           (INR crore)  Ratings
   ----------           -----------  -------
   LT Scale-Term loans      0.82     [ICRA]BB-(Stable)/assigned

   LT Scale-Proposed        1.93     [ICRA]BB-(Stable)/assigned
   loans

   LT Scale-Cash Credit     0.75     [ICRA]BB-(Stable)/assigned

   ST Scale-Letter of
   Credit                   1.00     [ICRA]A4/assigned

   ST Scale-Bank Guarantee  3.00     [ICRA]A4/assigned

The assigned ratings consider the experience of the promoters in
the industries involving handling of heavy equipments, reputed
profile of its customers supported by long standing relationship
with major players (like Ultra Tech Cements Limited, Gujarat Heavy
Chemicals Limited) to name a few. The ratings are however
constrained by the small (albeit improving) scale of operations of
the Firm, which limit its bargaining power and pricing
flexibility. Given the highly fragmented nature of the heavy
material handling equipment industry, the competitive pressure
affects the firm's realisations, which has dropped from ~8.9% in
2010-11 to 6.5% in 2012-13. The firm's business profile is
vulnerable to the cyclical trends in the cement industry, which
currently accounts for ~60% of total business; the share having
dropped from the highs of 80% a few years back. To enhance the
scale, the firm has plans to add capacities in the near to medium
term; while the current debt indicators are comfortable, the
quantum of capital expenditure (capex) and mode of funding needs
to be seen. Going forward, GMV's ability to diversify its customer
base and end-user industries, and improve the scale of operations
with comfortable debt protection metrics will be key rating
sensitivities.

GMV Projects and Systems founded by Mr. P.B. Ravikumar, commenced
operations in 2005 as a partnership firm. The Firm is a medium
sized engineering entity involved in the business of designing,
manufacturing and supplying components of Bulk material handling
equipments and Air handling equipments to industries like cement,
steel, power, mineral processing, chemical and related industries.
The Firm has a design centre in Thiruvanmiyur (Chennai, Tamil
Nadu) and manufacturing facility at Nemam district (Thiruvallur,
Tamil Nadu - 35 Kms from Chennai). The facility has machining
capacities supported with a 10 ton and 5 ton EOT cranes.

Recent Results
The Firm reported net profit of INR0.52 crore on an operating
income of INR16.05 Crore during the year 2012-13, as against net
profit of INR0.48 Crore on an operating income of INR12.40 Crore
during the previous financial year 2011-12.


GOLDEN CELLAR: ICRA Suspends 'B+' Rating on INR5cr Loans
--------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B+' assigned to
the INR5.00 crore bank lines of Golden Cellar Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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

Set up in 1986 with subsequent conversion to private limited
company in 2005, Golden Cellars Private Limited is involved in
wholesale distribution of alcoholic beverages in Mumbai Region.
The company has its office and warehouse in Mumbai.


GOVIND STEEL: CRISIL Ups Rating on INR40MM Loan to 'B+'
-------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Govind Steel Co Ltd (GSCL; part of the Dinesh group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', and has reaffirmed its rating
on the company's short-term facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit          25       CRISIL A4 (Reaffirmed)

The rating upgrade reflects the improvement in the Dinesh group's
liquidity, backed by increased net cash accruals following the
stabilisation of its enhanced capacities. The group's new ductile
iron casting facility commenced operations in December 2012, and
is currently being operated at a capacity utilisation of 60 per
cent. This has boosted the group's topline, and its net cash
accruals are expected to increase to about INR15 million in 2013-
14 (refers to financial year, April 1 to March 31). These accruals
will be more than sufficient to meet its annual maturing term debt
obligations of INR10 million. The upgrade also factors in the
Dinesh group's improved capital structure, with its gearing
reducing to 1.1 times as on March 31, 2013, from 1.3 times a year
earlier, backed by equity infusion of about INR30 million in 2012-
13, maintenance of its working capital cycle, and steady accretion
to reserves.

The ratings, however, continue to reflect the Dinesh group's
average financial risk profile, marked by a small net worth and
weak debt protection metrics, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the castings
industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GSCL and Dinesh Brothers Pvt Ltd
(DBPL). This is because the two companies, together referred to as
the Dinesh group, are under the same management, and have
significant operational and financial linkages with each other.
DBPL is the trading arm of GSCL.

Outlook: Stable

CRISIL believes that the Dinesh group will continue to benefit
over the medium term from its promoters' extensive experience in
the castings industry. The outlook may be revised to 'Positive' if
the group's scale of operations and profitability improve
considerably, leading to better-than-expected cash accruals, while
it maintains its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of any pressure on the group's
financial risk profile, especially liquidity, most likely because
of more-than-expected working capital requirements, substantial
debt-funded capital expenditure, or unrelated investments.

Incorporated in 1962, GSCL manufactures cast iron products such as
manhole sets and manhole grates, and also steel casting for
manufacturing ingots. About 50 per cent of GSCL's products are
sold to DBPL for export to the US, the Middle East, and Germany,
and the rest are sold in India. GSCL is also an approved supplier
of counter pulleys for the Indian Railways; this, however,
contributes a miniscule portion of its total revenues.

DBPL was established in 1992 by the Seksaria family of West
Bengal. The company trades in cast iron products, such as manhole
sets, manhole grates, and water meters, used in road construction.
These products are primarily manufactured by GSCL.

GSCL reported a standalone profit after tax (PAT) of INR5.20
million on net sales of INR594 million for 2012-13, against a PAT
of INR2.38 million on net sales of INR498.30 million for 2011-12.

DBPL reported a standalone PAT of INR3.33 million on net sales of
INR405 million for 2012-13, against a PAT of INR2.8 million on net
sales of INR332.5 million for 2011-12.


HMA AGRO: CRISIL Upgrades Ratings on INR195MM Loans to 'BB'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of HMA Agro
Industries Ltd to 'CRISIL BB/Stable/CRISIL A4+' from 'CRISIL
B+/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            5       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit              50       CRISIL BB/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit         50       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Proposed Long-Term      145       CRISIL BB/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Packing Credit          200       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

The upgrade reflects the improvement in the business risk profile
of HMA on account of significant increase in revenue which was
well above CRISIL's expectations. HMA's revenue for 2012-13
(refers to financial year, April 1 to March 31) were at INR11600
million as against INR 3589 million for 2011-12. The significant
growth was mainly on account of increase in demand from the export
market and regulation concerns over hygiene level of exported meat
from Agricultural & Processed Food Products Export Development
Authority (APEDA) which has resulted in ban on export of meat by
unauthorized slaughter houses from June, 2012.

The rating upgrade also reflects the improvement in the financial
profile marked by the funding support from the promoters in the
form of unsecured loan of INR225 million to prepay the term loan
and to support the incremental working capital requirement. CRISIL
believes that the financial risk profile will remain stable over
the medium term in absence of any large debt funded capex.

The ratings continue to reflect the extensive experience of HMA's
promoter in the buffalo meat industry, and its comfortable
financial risk profile, marked by a healthy capital structure.
These rating strengths are partially offset by the company's
exposure to risks relating to government regulations in the meat
industry.

Outlook: Stable

CRISIL believes that, over the medium term, HMA will continue to
maintain its business risk profile, backed by its promoter's
industry experience, and its healthy financial risk profile. The
outlook may be revised to 'Positive' if the company reports
higher-than-expected sales while improving its operating margins
and working capital management, leading to improvement in its
financial risk profile, particularly its liquidity. Conversely,
the outlook may be revised to 'Negative' if HMA's profitability is
lower than expected, or if it undertakes a significant debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

HMA was established by Mr. Haji Mohd. Ashiq Qureshi in 2010. The
company is engaged in the processing and export of frozen buffalo
meat. It has its processing facility at Aligarh (Uttar Pradesh).

For 2012-13 (refers to financial year, April 1 to March 31), HMA
reported a profit of INR83.3 million on net sales of INR11595.0
million, against a profit of INR25.9 million on net sales of
INR3588.4 million in 2011-12.


INDO GLOBAL: CRISIL Reaffirms 'BB+' Ratings on INR150MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Indo Global Commercials
Pvt Ltd continue to reflect Indo Global's established market
position in the paper-trading segment, and its above-average
financial risk profile marked by its modest net-worth, low total
outside liabilities to total net worth ratio and above-average
debt protection metrics. These rating strengths are partially
offset by the company's large working capital requirements.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit         100.0     CRISIL BB+/Stable (Reaffirmed)
   Letter of Credit    200.0     CRISIL A4+(Reaffirmed)
   Term Loan            27.5     CRISIL BB+/Stable(Reaffirmed)
   Proposed Long-Term
   Bank Loan Facility   22.5     CRISIL BB+/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that Indo Global will continue to benefit from its
established market position in the paper-trading segment over the
medium term, supported by established customer relations and the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in Indo Global's revenues and profitability margins
from the current levels, or if there is an improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if there is a steep decline in the company'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.

Set up in 1997 by Mr. Sajjan Jain, Indo Global trades in newsprint
and writing and printing paper. Its key customers include India's
leading newspaper agencies. The company also trades coal and has a
0.6 megawatt windmill in Maharashtra.


J.J. SOLVEX: CRISIL Reaffirms 'B' Rating on INR60MM Loan
--------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the bank
facility of J.J. Solvex Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           60       CRISIL B/Stable (Reaffirmed)
The rating continues to reflect JSPL's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
customer concentration in revenue profile, and susceptibility of
its margins to intense competition in the edible oil industry.
These rating weaknesses are partially offset by the extensive
experience of JSPL's promoters and its long track record of
operations.

Outlook: Stable

CRISIL believes that JSPL will continue to benefit from its track
record of operations in the edible oil industry over the medium
term. The outlook may be revised to 'Positive' in case JSPL
reports significant growth in revenues while improving its
operating margins, and diversifies its customer profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected sales or a further decline in JSPL's operating
margin or if it undertakes a larger-than-expected debt-funded
capital expenditure programme.

Update:

JSPL generated revenues of INR564 million in 2012-13 (refers to
financial year, April 1 to March 31), against the revenue of
INR388.3 million for 2011-12, better than CRISIL's expectations.
The increase in revenue is on account of increase in sales
contribution from de-oiled cake segment as well as increase in
prices of rice bran. The operating margins have declined from 4.4
per cent in 2011-12 to 3.5 per cent in 2012-13, mainly on account
of higher revenue contribution from the de-oil cake segment where
profitability is lower. CRISIL expects stagnant top line in 2013-
14 with no increase in capacity of the company.

JSPL business operations are moderately-working-capital intensive
as reflected in the Gross Current Asset (GCA) days of 95 as on
March 31, 2013. JSPL's internal accruals are expected to remain
low and insufficient to fund working capital requirements over the
medium term, the reliance on bank lines is expected to remain
high. CRISIL believes that business operation of JSPL will
continue to have moderate working capital requirement mainly
driven by the inventory requirement due to seasonality in raw
material.

JSPL's capital structure is highly leveraged with gearing of over
12 times as on March 31, 2013 mainly on account of small networth
of -INR11 million and low cash accruals. CRISIL expects the
capital structure to remain highly leveraged on account of high
dependence on external debt for working capital requirements and
low cash accruals.

JSPL was set up in 1993 by Mr. Bimal Jain and his family. It
extracts rice bran oil at its unit in Samana (Punjab).


JAI AMBEY: CARE Cuts Ratings on INR28.37cr Loans to 'D'
-------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Jai Ambey Iron & Steels Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           24.87       CARE D Revised from
                                    CARE B

   Short-term Bank
   Facilities            3.50       CARE D Revised from
                                    CARE A4

Rating Rationale

The revision in the ratings factors in the ongoing delays in debt
servicing by Jai Ambey Iron & Steels Limited.  The ratings
continue to be constrained by its presence in the highly
fragmented and competitive TMT bar industry, weak financial risk
profile marked by low profitability margins, high overall
gearing and weak liquidity position. The ratings are further
constrained due to the short track record of operation coupled
with low capacity utilization and customer concentration risk.
The ratings continue to factor in the long experience of the
promoters in the iron and steel industry, integrated manufacturing
facilities within the group companies and favorable outlook for
the construction and infrastructure segments in India in the long
term.

The ability of the company to utilize its installed capacity
efficiently along with improvement in profit margin and improving
the liquidity and solvency profile of the company remain the key
rating sensitivities.

JAISL is a closely-held public limited company incorporated in
January 2009. JAISL is promoted by Mr Pawan Lila and MsSunita
Lila. JAISL is situated in the five-star MIDC industrial belt of
Kolhapur city of Maharashtra. It is engaged in the manufacturing
of TMT bars and sells its product under the brand name of "Axis
550". The company sells it product to the traders, wholesalers and
also to PWD contractors in the states of Maharashtra, Goa, Kerala
and Karnataka.


KALAPURNA STEEL: CARE Reaffirms 'BB+' Rating on INR7cr Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kalapurna Steel & Engineering Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              7        CARE BB+ Reaffirmed

   Short-term Bank
   Facilities             23        CARE A4 Reaffirmed

   Proposed Long-term/
   Short-term Bank
   Facilities             15        CARE BB+/CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kalapurna Steel &
Engineering Private Limited (KSEPL) continue to be constrained by
the relatively modest scale of operations, working capital
intensive nature of operations leading to moderately leveraged
capital structure and weak debt coverage indicators. The ratings
further continue to be constrained by operations in the highly
fragmented, competitive and cyclical metal trading industry
coupled with susceptibility of profitability margins to volatile
metal prices.

The ratings however, continue to factor in the benefit derived
from the experienced promoters, association with reputed client
base and financial support provided by the promoters in the past.
The ability of KSEPL to scale up its operations and thereby
further improve its profitability margins amidst increasing
competition along with efficient management of the working capital
cycle are the key rating sensitivities.

Incorporated in 2006, Kalapurna Steel & Engineering Private
Limited (erstwhile a proprietorship concern being established in
1994) is engaged in the trading of ferrous and nonferrous metals.
The company majorly supplies metal bars, sheets and tubes in the
domestic market to various reputed clients under various segments
such as marine, aerospace, nuclear, manufacturing, processing and
automotive engineering industry. KSEPL procures around 60% of the
material requirement from the domestic market and the rest through
imports mainly from Europe and United States (US). The company has
a warehouse at Bhiwandi.

During the FY13 (refers to the period April 01 to March 31), KSEPL
reported a total operating income of INR75.53 crore (vis--vis
total income of INR57.87 crore in FY12) and PAT of INR2.09 crore
(vis--vis PAT of INR1.30 crore in FY12). Furthermore, during
H1FY14, KSEPL has posted a total income of INR38.71 crore and PBT
of INR1.08 crore.


KAMAL SUITINGS: CARE Reaffirms 'B' Rating on INR6.65cr Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kamal Suitings Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            6.65       CARE B Reaffirmed

   Short-term Bank
   Facilities            1.00       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained on account of the
modest scale of operations of Kamal Suitings Private Limited
(KSPL) along with its presence in a highly fragmented synthetic
fabric industry and its weak financial risk profile marked by low
profitability margins, leveraged capital structure and stressed
liquidity position. The ratings are further constrained due to its
limited presence in the textile value chain and susceptibility of
its operating margins to the volatility associated with raw
material prices.

The ratings continue to favorably consider the vast experience of
the promoters and KSPL's proximity to one of the largest textile
hubs of India, facilitating easy access to raw material and
labour.

Increase in the scale of operations with an improvement in the
profitability margins and solvency position with effective working
capital management are the key rating sensitivities.

Bhilwara-based (Rajasthan) KSPL was promoted by Mr Naval Kumar
Gupta and Mr Kamal Kishore Gupta in June 1993. During FY08 (refers
to the period April 1 to March 31), the company was taken over by
Tawani family by acquiring the controlling stake in the company.
Currently, KSPL is managed by MrSatyanarayanTawani and Mr Kapil
Maheshwari who collectively look after the overall operations and
take all the strategic decisions. KSPL is engaged in the
manufacturing of synthetic and cotton fabric at its manufacturing
facility located at Bhilwara (Rajasthan) with an installed
capacity of 18 lakh meters per annum (LMPA; 36 Sulzer Looms) for
synthetic and cotton fabric as on March 31, 2013 and capacity
utilization stood at around 66% during FY13. KSPL sells
its products through the network of its agents primarily spread in
the northern region of India under the brand name 'KSPL'.

During FY13 (refers to the period April 1 to March 31), KSPL
reported a total operating income of INR33.80 crore (FY12:
INR28.79 crore) with a PAT of INR0.04 crore (FY12: INR0.08 crore).


KISHORI MERCANTILES: ICRA Assigns 'B' Ratings to INR5.05cr Loans
----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR1.80
crore cash credit facility, the INR3.05 crore term loan, the
INR0.20 crore bank guarantee and the INR0.95 crore unallocated
bank limits of Kishori Mercantiles Private Limited. ICRA has also
assigned a short term rating of '[ICRA]A4' to the INR0.80 crore
letter of credit facility and the above INR0.95 crore
(interchangeable with long term) unallocated bank lines of KMPL.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Cash Credit Facility          1.80      [ICRA]B assigned
   Term Loan                     3.05      [ICRA]B assigned
   Bank Guarantee                0.20      [ICRA]B assigned
   Letter of Credit              0.80      [ICRA]A4 assigned
   Unallocated Limits            0.95      [ICRA]B/[ICRA]A4
                                           Assigned

The ratings factor in the weak financial performance of KMPL
during 2011-12, the first year of operation of the company,
reflected by low operating income, high gearing, negative
profitability and weak coverage indicators. Though the turnover
improved in FY2012-13, the other financial indicators still stood
at adverse levels. Further, while assigning the ratings, ICRA has
taken note of the significant debt repayment obligations as
against current nominal cash generation from business, which may
lead to cash-flow mismatch and exert pressure on liquidity. The
ratings also reflect the limited track record of operations of the
company in the PET preforms manufacturing business and the
vulnerability of profitability to the volatility in the prices of
the raw material which is a crude oil derivative. The ratings
however, factor in the favourable demand outlook for PET preforms,
given its increasing use in the bottling of soft drinks and
packaged drinking water, and the fiscal benefits available to
KMPL, which are likely to favourably impact the profitability and
cash flows of the company going forward.

Incorporated in 2008, KMPL is engaged in the manufacturing of PET
Preforms and has its manufacturing facility located at Jalpaiguri
in West Bengal with an annual capacity of 1,620 MT. The plant was
commissioned in June, 2011.

Recent Results

KMPL registered a net loss of INR0.27 crore on the back of OI of
INR5.91 crore during the period in FY2012-13. In FY2011-12, the
company registered a net loss of INR0.30 crore on the back of OI
of INR2.86 crore.


LAXMIKANT COTTON: ICRA Assigns 'B' Ratings to INR6.2cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR1.20 crore term
loans and INR5.00 crore  cash credit facility of Laxmikant Cotton.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund          5.00        [ICRA]B assigned
   Based-Cash Credit

   Long Term Fund          1.20        [ICRA]B assigned
   Based-Term Loan

The assigned rating is constrained by the start up nature and the
project implementation phase of the firm (with plant expected to
become operational in December 2013) and the risks associated with
timely completion of the project and stabilization of operations.
The rating is further constrained by vulnerability of
profitability, post commissioning, to the adverse movements in raw
cotton prices, which are subject to seasonality and crop harvest
and the exposure to regulatory risks with regard to MSP for raw
cotton. The ratings also take into consideration the highly
fragmented and competitive industry structure which is expected to
keep margins under pressure.

The assigned rating, however, factors in the favourable location
of the plant giving it easy access to quality raw cotton and the
stable demand outlook for cotton and its derivative products.

Incorporated in May 2013 as a partnership firm, Laxmikant Cotton
(LC) is setting up a plant in Rajkot, Gujarat, to manufacture
cotton bales by ginning and pressing raw cotton. The manufacturing
unit is expected to become operational in December 2013 having an
input capacity of ~12000 MTPA. The firm is promoted and managed by
Mr. Rupsingh Zala and Mr Mansukh Baraiya along with other family
members and relatives.


M. P. ASSOCIATES: CRISIL Cuts Rating on INR90MM Loan to 'B-'
------------------------------------------------------------
CRISIL has downgraded its rating on M. P. Associates' (MPA's) bank
facility to 'CRISIL B-/Stable' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan            90       CRISIL B-/Stable (Downgraded
                                 from 'CRISIL BB-/Stable')

The rating downgrade reflects significant weakening of MPA's
liquidity due to lower-than-expected bookings and customer
advances in its residential project (Balaji Angan). The cash flows
from customer advances on the existing bookings for Balaji Angan
are estimated to be insufficient for its large repayment
obligations. The downgrade also reflects expected delay in the
completion of its commercial mall project (MP Mall).

The rating continues to reflect MPA's exposure to significant
implementation and offtake risk associated with its ongoing
projects and cyclicality in the Indian real estate industry. These
rating weaknesses are partially offset by the extensive experience
of the partners in the real estate development business.

Outlook: Stable

CRISIL believes that MPA's liquidity will remain constrained due
to its subdued customer advances against large maturing debt
repayment obligations. The outlook may be revised to 'Positive' if
the company receives better-than-anticipated cash inflows, driven
by higher-than-expected customer bookings along with timely
completion of its commercial project. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected customer
bookings or a time or cost overrun in the commercial project.

Set up in July 18, 2005, MPA is a partnership firm engaged in real
estate development. The current partners are Mr. Mangesh
Parulekar, Mr. Vivekanand Patil, and Mr. Dilip Karelia. The firm
has constructed 144 residential flats under its Balaji Angan
project and is currently constructing MP Mall, a commercial mall,
with around 0.215 million square feet area, adjoining the
residential project, and is expected to be completed by September
2014.


MAHADHAN SEEDS: CARE Reaffirms 'B' Rating on INR5cr LT Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mahadhan Seeds Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              5        CARE B Reaffirmed

   Short-term Bank
   Facilities              8        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Mahadhan Seeds
Private Limited (MSPL) continue to remain constrained on account
of the modest scale of operations and financial risk profile
marked by moderate profit margins, highly leveraged capital
structure and long operating cycle. The ratings further continue
to be constrained on account of its presence in the highly
fragmented and seasonal seed industry coupled with vulnerability
of its profit margins to fluctuation in prices of agriculture
commodity.

The ratings continue to draw strength from the vast experience of
the promoters coupled with location advantage being situated in
the soyabean-growing region.

MSPL's ability to increase its scale of operations by adding new
products with an improvement in profit margins and capital
structure coupled with efficient working capital management are
the key rating sensitivities.

Incorporated in February 1998, Indore-based (Madhya Pradesh) MSPL
is promoted by Mr Sudhir Soni along with his brother, Mr Sunil
Soni. Later on in 2001, Mr Sunil Soni left MSPL and Ms Meena Soni,
wife of Mr Sudhir Soni, joined the company. MSPL is engaged in the
business of production, processing and marketing of certified
commercial seeds mainly soya bean and wheat which are used by
farmers for sowing agriculture corps. MSPL sells certified
Soyabean and wheat seeds. Soyabean seeds contributed 90% of TOI in
FY13 (refers to the period April 01 to March 31), the remaining
10% was contributed through wheat seeds. MSPL has set up a unit
for the grading and processing of seeds at Indore with an
installed capacity of 70,000 MTPA and sells certified
seeds under the brand name of 'Mahadhan'.

During FY13, MSPL reported a TOI of INR14.54 crore and PAT of
INR0.19 crore as against a TOI of INR14.34 crore and PAT of
INR0.18 crore during FY12.


MANGLAM ALLOYS: CARE Assigns 'BB-' Ratings to INR18cr Loans
-----------------------------------------------------------
CARE assigns 'CARE BB-' ratings to the bank facilities of Manglam
Alloys And Ispatpvt Ltd.

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

   Long-term Bank            7        CARE BB- Assigned
   Facilities
   (Fund-based)

Rating Rationale

The ratings are constrained by MAIPL's short track record, working
capital intensive nature of operation, susceptibility to
volatility in raw material and finished goods prices, project
implementation risk associated with its ongoing projects and
inherent cyclicality of the steel industry. The ratings, however,
derive strength from the experienced promoters, satisfactory track
record of the Khyati group, group support in the form of Khyati
group's association with the clients and suppliers and its
successful commencement of operation. The ability of the company
to generate revenue on a continuous basis and improve its
profitability margins while completing its on-going integration
projects on time remain the key rating sensitivities.

Incorporated in 2004, Manglam Alloys and IspatPvt Ltd (MAIPL) is
promoted by the Khyati group. Till 2012, MAIPL was an investment
company. In 2013, MAIPL acquired the assets of Cosmos India
Pvt Ltd and commenced the manufacturing activity from July 2013.
MAIPL is engaged in the manufacturing of re-rolled structures such
as angles, joists, channels, beams and TMT bars & rounds from
billets. The finished products find application primarily in
structural constructions such as transmission, railway towers and
factory sheds. Hence, MAIPL has applied for manufacturing
approvals from the Ministry of Railways and Power Grid Corporation
of India Limited (PGCIL). Additionally, the company is also
setting up 500 KW solar power plant which is expected to commence
operation from December 2013.

The Khyati group of Raipur (Chhattisgarh) is engaged into
manufacturing and trading of rolled steel products. It also
manufactures galvanized towers with the end-users being railways
and electricity boards. Besides MAIPL, the Khyati group comprises
of three companies with the ongoing operations: KhyatiIspat
Private Ltd (KIL), Khyati Steels (KS) &Shri Ashutosh Structures
Private Ltd (SASPL).

MAIPL reported a net loss of INR0.01 crore on nil total operating
income in FY13 (refers to the period April 1 to March 31).


MBH POWER: ICRA Reaffirms 'BB' Rating on INR7.05cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to the INR10.80 crore
(enhanced from INR7.75 crore) long term fund based facilities of
MBH Power Private Limited.  The outlook on the long term rating is
Stable. ICRA has also reaffirmed the short-term rating of
'[ICRA]A4' assigned to the INR4.00 crore short term non fund based
facilities of MPPL.

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Term Loan          7.05       [ICRA]BB (Stable) reaffirmed
   Cash Credit        3.75       [ICRA]BB (Stable) assigned
   Bank Guarantee     4.00       [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to factor in the company's
modest scale of operations and its low profitability due to
limited value addition as majority of the revenue is derived
through trading operations. While the company has also diversified
by bidding directly for EPC contracts in power transmission
business in African region, its profitability remains exposed to
intense competitive pressures, and the geo-political risks in the
African region. The company is also exposed to forex and commodity
price risks in execution of its EPC contracts.

ICRA, however, favourably factors in the long track record of the
promoters in the power transmission industry, particularly in
Africa. Further, the ratings factor in the company's healthy order
book position as well as favourable demand in the power
transmission industry in Africa. The ratings also favorably takes
into account the strong group support derived by way of orders
from associate entities based in Africa and the limited counter
party credit risk given that most of the contracts are backed by
funding from multilateral institutions.

MBH Power Private Limited was established in 2006 as a Private
Limited Company. MPPL is engaged in the business of exporting
electrical engineering goods to group associates and executing
transmission & distribution based EPC contracts in Africa and
Gujarat. MPPL has also commissioned a 1MW solar based power
generation unit in Jambusar, Gujarat. MPPL is promoted by Mr
Bhagwan Mukhi who has vast experience in the power transmission
industry. The promoter is on the board of several companies
forming part of the Singapore based "Tolaram Group".

Recent Results

In FY 2013, MPPL reported an operating income of INR60.78 crore
(as against INR65.00 crore in FY 2012) and profit after tax of
INR0.75 crore (as against INR1.26 crore in FY 2012).


MECLIN INFRAS: CRISIL Lowers Rating on INR10MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Meclin
Infras Private Limited to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           121.7    CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit               10.0    CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects MIPL's subdued operational
performance. The company's revenues declined by 34 per cent year-
on-year to INR79 million in 2012-13 (refers to financial year,
April 1 to March 31); CRISIL expects MIPL's revenues to remain low
in 2013-14 as well, in the range of INR90 million to INR110
million. Furthermore, the company's working capital requirements
increased substantially, with its gross current assets (GCAs)
increasing to 349 days as on March 31, 2013, as against 266 days
as on March 31, 2012. The increase in GCA days was due to a
substantial increase in debtors outstanding for more than six
months because of the retention clause in the company's earlier
contracts. However, retention money is expected to be replaced
with bank guarantee in the current year.

The ratings reflect MIPL's small scale and working capital
intensive operations, and below-average financial risk profile,
marked by a modest net worth. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the engineering, procurement, and construction (EPC)
segment.

Outlook: Stable

CRISIL believes that MIPL will continue to benefit over the medium
term from the extensive experience of its promoters in the EPC
segment. The outlook may be revised to 'Positive' if MIPL
substantially increases its scale of operations while maintaining
its capital structure, resulting in improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company's working capital management deteriorates,
impacting its liquidity, or if its capital structure weakens, most
likely because of significant debt-funded capital expenditure.

Set up in 1992 and reconstituted in 2008, MIPL undertakes EPC
contracts, specifically for hydro power related projects. The day
to day operations are managed by Mr. S. Kandaswamy.

MIPL reported a profit after tax (PAT) of INR2 million on an
operating income of INR80.8 million for 2012-13, against a PAT of
INR4 million on an operating income of INR122.2 million for 2011-
12.


MIZORAM ISPAT: ICRA Places 'BB' Ratings on INR24.25cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB' to the INR20.0
crore term loan, INR4.25 crore fund-based limits and INR0.75 crore
un-allocated limits of Mizoram Ispat Industries. The outlook on
the long term rating is 'Stable'. MII's unallocated bank limits
are entirely interchangeable between long term and short term.
ICRA has also assigned a [ICRA]A4 (pronounced ICRA A four) rating
to the INR0.75 crore un-allocated limits of MII.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             20.00      [ICRA]BB/Stable assigned
   Cash Credit            4.25      [ICRA]BB/Stable assigned
   Un-allocated           0.75      [ICRA]BB/Stable and
                                    [ICRA]A4 assigned

The ratings factor in the experience of the promoters of the firm
in the iron and steel industry and infrastructure related
activities in the North Eastern India, MII's comfortable debt
repayment schedule, which would start in June 2013 and is spread
over a period of twenty four quarters, and the fiscal benefits
that the firm is entitled to under the North Eastern Industrial
and Investment Promotion Policy (NEIIPP) 2007 scheme that is
likely to support MII's profitability and liquidity in the short
to medium term. The rating is however constrained by the firm's
exposure to the cyclicality inherent in the iron and steel
industry, which is going through a difficult phase at present and
the lack of track record of the entity in operating across
business cycles. The rating takes into account the moderately
aggressive gearing of the project at 1.76x. ICRA expects the
overall gearing of the firm to be higher, atleast in the short
term, given the working capital debt required to support MII's
business following the commissioning of the plant. ICRA has also
taken note of MII's status as a partnership firm and its non-
integrated nature of operations which is likely to expose the cash
flows of the company to the temporary mismatches between the input
prices and final prices. The ratings however favourably factors in
that MII is the only thermo-mechanically treated (TMT) bar
producing unit in the state at present.

Mizoram Ispat Industries was incorporated in 2010 and has set-up a
billet and TMT bar manufacturing unit in Mizoram. The entity has
been promoted by the promoters of Topcem India Limited, Meghalaya
Cements Limited and ABCI Infrastructure. The promoters have
various interests in the iron and steel industry, cement industry
and infrastructure industry.

Recent Results
The company posted a net loss of INR6.55 crores on an operating
income of 11.49 crores in FY13.


MUNDHRA CONTAINER: ICRA Suspends 'BB' Rating on INR12.5cr Loan
--------------------------------------------------------------
ICRA has suspended the '[ICRA]BB' rating assigned to the INR12.50
crore long term fund based facilities of Mundhra Container Freight
Station Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

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

Mundhra Container Freight Station Private Limited was incorporated
in 2003 and is engaged in the business of operating a Container
Freight Station (CFS) at Mundra Port, with a total container
handling capacity of 1,25,000 TEU's per annum. The facility has
been developed on a 30 acre custom notified site and is located at
a distance of about 5 kilometres from the Mundra port gate. Apart
from the open container stacking yard, a 16,300 square meters
(4.02 acres) covered ware house facility has also been developed
for storing special cargo within the facility.


NAVAYUGAUDUPITOLLWAY: CARE Reaffirms BB+ Rating on INR472cr Loans
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Navayugaudupitollway Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             472       CARE BB+ Reaffirmed

Rating Rationale

The rating continues to take into account the delay in the
implementation of the road project of NavayugaUdupiTollwayPvt Ltd
(NUTPL), the expected cost overrun owing to the pending
handing over of Right of Way (RoW), removal of encroachments and
other approvals, project implementation risk and market/credit
risk associated with a toll-based project owing to the
uncertainty of revenue and Operations and Maintenance (O&M) risk
post project implementation.

The rating also considers the funds infused by the sponsors to
meet cost overrun and debt repayments, pending project completion.
The rating is also underpinned by the promoters' experience in
road infrastructure development, fixed-price nature of
construction contract and favorable location of the project
stretch. The timely support from the sponsors for cost overrun and
debt repayments considering the delay in implementation of project
and completion of project within the revised timelines are the key
rating sensitivities.

NavayugaUdupiTollway P Ltd (NUTPL), incorporated in December 2009
as a Special Purpose Vehicle (SPV), was promoted by a consortium
comprising Navayuga Engineering Company Ltd (NECL, rated CARE
BBB/CARE A2) - 51% stake and Krishnapatnam Port Company Ltd (KPCL)
- 49% stake to undertake the development and operation of a road
project awarded by National Highways Authority of India (NHAI).
NECL holds stake mainly  through its wholly-owned
subsidiary Navayuga Road Projects Pvt Ltd. The project comprises
four-laning of the Mumbai - Kochi (Ernakulam) section of NH-17 in
the state of Karnataka under National Highway Development program
(NHDP) Phase III on Design, Build, Finance, Operate and Transfer
(DBFOT) - Toll basis.

The Concession Agreement (CA) was executed between NUTPL and NHAI
on March 09, 2010, for a concession period of 25 years from the
appointed date, ie, September 05, 2010, inclusive of a
construction period of 2.5 years.

The Scheduled Project Completion Date (SPCD) was March 3, 2013. As
on July 31, 2013, NUTPL has achieved financial progress of 55.17%
as against the target of 100% and physical progress of 54.99%. The
project is likely to become operational from April 2015.


NEPTUNE ESTATE: CARE Rates INR9.03cr LT Bank Loans at 'B-'
----------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Neptune
Estate.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.03       CARE B- Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Neptune Estate (NEE)
is primarily constrained on account of limited revenue visibility,
nascent stage of operations, risk inherent to real estate sector
and its partnership nature of constitution. The rating, however,
favorably takes into account the vast experience of the
resourceful promoters in real estate sector.

The commencement of commercial activities and continuous financial
support received from partners will be the key rating sensitivity.

Vadodara based NEE was incorporated as a partnership firm in
October 2012 to execute business of real estate development and
acquiring properties and give the same  on lease. Initially NEE
was promoted by 14 different partners, however, currently it has
11 partners. NEE is a part of Neptune group which is in the field
of real estate development since 1999. Further, its two group
concerns namely Amod Stamping Pvt. Limited and Atlanta Electricals
Pvt. Ltd. are engaged in manufacturing of transformer cores and
manufacturing of electrical equipment respectively.

During FY13 (refers to the period April 1 to March 31), NEE
reported a PAT of INR0.07 crore on a Total Operating Income (TOI)
of INR0.11 crore.


NEPTUNE INFRASTRUCTURE: CARE Rates INR22.07cr Loans at 'B-'
-----------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Neptune
Infrastructure.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           22.07       CARE B- Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Neptune
Infrastructure (NEI) is primarily constrained on account of no
revenue visibility, leverage capital structure, risk inherent to
the real estate sector and its partnership nature of constitution.
The rating, however, favorably takes into account the vast
experience of the resourceful promoters in the real estate sector.
The commencement of commercial activities and continuous financial
support received from the partners will be the key rating
sensitivity.

Vadodara-based NEI was incorporated as a partnership firm in 2005
to execute the business of constructing and developing industrial,
residential and commercial projects as well as sale and purchase
of land. Initially NEI was promoted by 14 different partners,
however, currently there are just two partners viz Neptune Realty
Private Limited (NRPL) having 99% share in profits and MrNiral K
Patel having the remaining 1% share in profits.
NEI is a part of the Neptune group which is in the field of real
estate development since 1979.

Furthermore, its two group concerns namely Amod Stamping Pvt
Limited and Atlanta Electricals Pvt Ltd are engaged in the
manufacturing of transformer cores and manufacturing of electrical
equipment respectively.

During FY13 (refers to the period April 1 to March 31), NEI
reported a PAT of INR0.41 crore on a Total Operating Income (TOI)
of INR29.47 crore


P L MULTIPLEX: CRISIL Reaffirms 'B-' Rating on INR114MM Loan
------------------------------------------------------------
CRISIL's rating continues to reflect P L Multiplex India Pvt Ltd's
weak financial risk profile, marked by its small net worth and
high gearing, along with its small scale of operations with
single-site concentration risk. These rating weaknesses are
mitigated by the prime location of PLMIPL's commercial property
and the revenue visibility from its long-term lease contract.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan              114     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PLMIPL will continue to benefit from its
commercial property's prime location and the revenue visibility
from its long-term lease contract, over the medium term. The
outlook may be revised to 'Positive' if PLMIPL leases the
additional space at favourable rentals, leading to a substantial
improvement in its cash flows. Conversely, the outlook may be
revised to 'Negative' in the event of an unexpected termination of
the company's existing lease contracts, resulting in low lease
rentals vis--vis debt obligations, or the company undertakes
debt-funded acquisition of new properties, or is subject to delays
in receipt of lease rentals.

Update

PLMIPL company continues to receive regular rental income from its
five screen multiplex, which has been leased out to Cinepolis
India Pvt Ltd (CIPL). PLMIPL is likely to receive rental income of
around INR21 million in 2013-14 (refers to financial year, April 1
to March 31). The income is sufficient, though closely matched,
with the company's debt obligations of INR19.5 million during the
year.

PLIMPL is in the process of purchasing a gaming zone in a mall
named High Street, in Thane (Mumbai) from Shree Balaji Builders
and Developers (SBBD). The company has paid SBBD the total
consideration of INR50 million, in advance in 2010-11, for the
purchase of the gaming zone and the multiplex. PLMIPL is likely to
receive possession of the gaming zone by March 2014. The company
intends to lease the gaming zone and could receive around INR0.5
million per month as additional rental income. The timeline for
commencement of the additional rental income remains a key rating
sensitivity factor.

PLMIPL owns a five-screen multiplex in Thane (Maharashtra). The
total area of the multiplex is 2448.53 square feet, with a seating
capacity of 1104 seats, and has been leased to CIPL. PLMIPL is a
part of the Thane-based Siddhi group, promoted by members of the
Sharma and Gala families.

The company reported a net profit of INR9.2 million on net sales
of INR21 million in 2012-13.


PATEL CONSTRUCTION: CRISIL Assigns 'BB-' Rating to INR45MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' rating to
the bank facilities of Patel Construction Co.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            20      CRISIL A4+
   Cash Credit               45      CRISIL BB-/Stable

The rating reflects PCC's average financial risk profile, marked
by moderate gearing and comfortable debt protection metrics, and
promoters' extensive experience in construction industry. These
strengths are partially offset by PCC's small scale of operations
in the intensely competitive environment and vulnerability of its
operating margin to fluctuations in raw material prices.

Outlook: Stable

CRISIL believes that PCC will continue to benefit from the
extensive industry experience of its promoters in the construction
segment over the medium term. The outlook may be revised to
'Positive' in case PCC significantly scales up its operations,
while maintaining its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if revenues and profits are
lower than expected or in case of deterioration in capital
structure and debt protection metrics.

PCC, a proprietorship concern established in 1970, is engaged in
civil construction for ports. Mr. Tejabhai Kangad is the
proprietor of PCC who looks after the day-to-day operations.


PRIME PROGRESSION: ICRA Reaffirms 'BB+' Ratings on INR8.25cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]BB+' to the INR4.25 crore
term loans, the INR3.5 crore long-term fund based facilities and
the INR0.5 crore long-term non fund based facilities of Prime
Progression Export and Services Private Limited. The outlook on
the long-term rating is stable. ICRA has also reaffirmed the
rating of '[ICRA]A4+' to the INR10.0 crore short-term fund based
facilities and 0.5 crore of short-term non fund based facilities
PPESPL.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loans           4.25       [ICRA]BB+ (Stable)/reaffirmed

   Long-term fund
   based facilities     3.50       [ICRA]BB+ (Stable)/reaffirmed

   Long-term non
   fund based
   facilities           0.50       [ICRA]BB+ (Stable)/reaffirmed

   Short-term fund
   based facilities    10.00       [ICRA]A4+/reaffirmed

   Short-term non
   fund based
   facilities           0.50       [ICRA]A4+/reaffirmed

The reaffirmation of ratings takes into account the company's
established relationship with its customers, diversified revenue
base across geographies and business segments (including
manufacturing of container liners and trading of engineering and
automotive components) and healthy revenue growth supported by
addition of new customers. The company also enjoys technical and
business support from Interbulk (UK) Limited, an established
logistics player and the largest customer for the company. The
company is relatively insulated against volatility in raw material
prices owing to pass through of any significant raw material price
increases under the agreements with its customers. The company's
operating margins have also improved in the recent years owing to
the consolidation of operations at a single facility and the
resulting operational efficiencies. Moreover, with limited
competition from other domestic players, the company is well
placed to serve the growing demand potential from the domestic
market.

The ratings are, however, constrained due to the company's modest
scale of operations restricting its operational and financial
flexibility, high dependence on a single customer-Interbulk (UK)
Limited (accounts for ~50% of the total revenues) and high
competitive intensity from other global players. The company's
working capital intensity also remains high with significant
inventory holding. Although, the company's capital structure has
improved over the last few years supported by equity infusion from
the promoters, with high working capital borrowings and large
capital expenditure over the last three years, the company's
coverage indicators remain relatively weak.

Promoted by Mr. K.A Menon in 1997, Prime Progression Export and
Services Private Limited was initially engaged in trading of
automotive and machinery components. However, from 2007 onwards,
the company entered into manufacturing of bulk packaging container
liners and bulk head products with initial support from Interbulk
(UK) Limited, one of the world's largest bulk transportation and
logistics solutions provider. The Company's present product mix
comprises of polyethylene and polypropylene container liners,
thermal liners and bulk head products which find application in
transportation of several products such as sugar, malt, animal
hides and chemicals among others. The Company manufactures
container liners in standard sizes of 20 feet, 30 feet and 40 feet
to meet the requirements in export market while it customizes the
size for its domestic customers based on their requirements. Apart
from manufacturing of container liners, the company is also
engaged in trading of automotive, engineering and packaging
products. The Company currently operates from a single export
oriented unit at Doddabalapura in Bangalore with ~87% (2012-13) of
its revenues derived from exports.


PRINTWELL INT'L: CRISIL Assigns 'B' Ratings to INR80.6MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Printwell International Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                56.1     CRISIL B/Stable

   Proposed Long-Term
   Bank Loan Facility        4.5     CRISIL B/Stable

   Bank Guarantee            6.0     CRISIL A4

   Cash Credit              20.0     CRISIL B/Stable

The ratings reflect PIPL's weak liquidity, marked by tightly
matched cash accruals against term debt repayments, and its below-
average financial risk profile, marked by a small net worth and
high gearing. The ratings also factor in the company's small scale
of operations in the fragmented offset printing industry. These
rating weaknesses are partially offset by the extensive experience
of PIPL's promoters in the printing industry and their established
customer relationships.

Outlook: Stable

CRISIL believes that PIPL will continue to benefit over the medium
term from its promoters' extensive experience in the printing
industry. The outlook may be revised to 'Positive' in case of
improvement in the company's financial risk profile, most likely
due to higher-than-expected cash accruals, efficient working
capital management, and funding support from promoters.
Conversely, the outlook may be revised to 'Negative' if PIPL's
financial risk profile, particularly its liquidity, deteriorates,
most likely because of lower-than-anticipated cash accruals,
higher-than-expected working capital requirements, or any further
debt-funded capital expenditure.

Incorporated in 2007, PIPL is engaged in offset printing of
textbooks and other commercial material. The company has its
printing facility in the Maharashtra Industrial Development
Corporation (MIDC) facility at Aurangabad (Maharashtra). PIPL is
promoted by Mr. Pradeep Shinde, Mr. Dilip Shinde, Mr. Suhas
Kulkarni and Mrs. Sunita Kulkarni; the promoters have over three
decades of experience in the printing business


PVR PROJECTS: CRISIL Ups Ratings on INR500MM Loans to 'B+'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
PVR Projects Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable';
while reaffirming the short term rating at 'CRISIL A4'

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee          500       CRISIL A4 (Reaffirmed)

   Cash Credit             100       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long-Term      400       CRISIL B+/Stable(Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')


The upgrade reflects better-than-expected growth in PVRPL's
operating performance which is expected to be sustained over the
medium term. The improvement in PVRPL's business risk profile is
mainly driven by significantly higher than expected increase in
its scale of operations, while maintaining moderate profitability
margins and managing its working capital efficiently.

The working capital management's effectiveness is reflected in
lower gross current assets (GCAs) at 159 days as on March 31,
2013, as against 376 days as on March 31, 2011; the lower GCA days
was mainly driven by improvement in the company's receivables
cycle to 30 days as on March 31, 2013, from 364 days as on March
31, 2011. Efficient management of working capital is expected to
be sustained over the medium term. The company has achieved a
turnover of around INR 1.29 billion with operating margin at
around 11.2 per cent, in 2012-13 (refers to financial year, April
1 to March 31). For 2013-14, PVRPL's revenues are expected to
improve to around INR 1.4 to 1.5 billion, on the back of its
healthy outstanding order book of INR 7.4 billion as on September
30, 2013. The company is also planning to diversify its revenues
by setting-up a solar power plant and the estimated project cost
for the same is around INR 350 to 370 million.

Improved operating metrics and efficient working capital
management have also led to an improvement in PVRPL's financial
risk profile. The company's net worth and gearing remain adequate
at around INR 350 million and 0.81 times respectively as on March
31, 2013. Its debt protection metrics are comfortable with NCATD
of 0.28 times and interest coverage at 3.66 times in 2012-13.

The ratings continue to reflect PVRPL's tender based nature of
operations, geographically concentrated revenue profile, and
exposure to risks related to the highly fragmented nature of the
civil construction industry. These rating weaknesses are partially
offset by the benefits that PVRPL derives from its promoters'
experience in the irrigation projects segment, its sizeable order
book and above-average financial risk profile marked by moderate
net-worth, low gearing and moderate debt protection metrics.

Outlook: Stable

CRISIL believes that PVRPL will continue to benefit from its
promoters' experience in the irrigation projects segment and the
company's healthy order-book. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the company's profitability margins, while maintaining its healthy
revenue growth or if there is a further improvement in its working
capital management. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the company's
profitability margins from the current levels or if there is a
significant deterioration in its capital structure on account of
large debt-funded capex or elongation of its working capital
cycle.

PVRPL was incorporated in 2005, after acquiring the business of
proprietorship concern, P Venkureddy, which was in operation since
1986. PVRPL specialises in the execution of irrigation projects
mainly for government and semi-government organisations. PVRPL's
operations involve execution of civil infrastructure projects such
as canals, dams (both earthen and masonry), reservoirs, aqua-
ducts, flumes, and tunnels. It mostly undertakes projects in
Maharashtra and Andhra Pradesh. Currently, Mr. Satishkumar Reddy,
son of the promoter, Mr. P Venkureddy, manages PVRPL.

PVRPL, on a provisional basis, reported a profit after tax (PAT)
of INR65.5 million on net sales of INR1.29 billion for 2012-13, as
against a PAT of INR48.1 million on net sales of INR 1.02 billion
for 2011-12.


RADHE COTTON: CARE Rates INR6.5cr LT Bank Loans at 'B'
------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Radhe
Cotton Company.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            6.50       CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Radhe Cotton Company
(RCC) is primarily constrained on account of its presence in the
highly competitive and fragmented cotton-ginning business and high
project risk. The rating also remained constrained on account of
the limited value addition, volatility associated with the raw
material prices, working capital intensive operations and
susceptibility to changes in the government policies for cotton.
The rating, however, favourably takes into account the experience
of the partners in the cotton ginning business and its proximity
to the cotton-producing region of Gujarat.

The ability of RCC to achieve its envisaged scale of operations
and profitability while managing the working capital efficiently
remain the key rating sensitivities.

Rajkot-based (Gujarat), RCC was established as a partnership firm
in October 2012 by six partners, namely, MrRameshbhaiKhakhariya,
MrManubhaiKhakhariya, MrDhirubhaiKhakhariya, MrAshokbhai Patel,
MsPushpabenKhakhariya and MsVarshabenKhakhariya to undertake a
greenfield project in the field of cotton ginning and pressing
with a proposed installed capacity of 9,302 MTPA for cotton bales.
The total project cost is estimated to be of INR5.37 crore which
is to be funded through term loan of INR1.50 crore and the balance
by way partners' capital and unsecured loans.


RAJHANS COLD: ICRA Assigns 'B-' Ratings to INR5.2cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR1.52 crore term
loans, INR0.40 crore cash credit facility, INR2.50 crore cash
credit under APML (Agricultural Produce Marketing Loan) and
INR0.78 crore untied fund based bank facilities of Rajhans Cold
Storage Private Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits-       0.94       [ICRA]B- assigned
   Term Loan I

   Fund Based Limits-       0.58       [ICRA]B- assigned
   Term Loan II

   Fund Based Limits-       0.40       [ICRA]B- assigned
   Cash Credit

   Fund Based Limits-       2.50       [ICRA]B- assigned
   Cash Credit under
   APML (Agricultural
   Produce Marketing Loan)

   Untied Limit             0.78       [ICRA]B- assigned

The rating takes into consideration RCSPL's small scale of current
operations, weak financial profile characterized by thin net
profitability, highly leveraged capital structure, weak debt
protection metrics and a high working capital intensity of
operations impacting the company's liquidity position. The rating
also takes into account RCSPL's exposure to agro-climatic risks,
with its business performance being entirely dependent upon a
single agricultural commodity, i.e. potato and counter party risk
arising from loans extended to farmers by RCSPL, which may lead to
delinquency, if potato prices fall to a low level. The rating also
takes into account the experience of the promoters in the cold
storage business through a group company and the locational
advantage RCSPL enjoys by way of its presence in Bihar, a state
with large potato production.

RCSPL was incorporated in January, 2009 by Mr. Anupam Kumar and
Mr. Subodh Kumar. The company commenced its operations from
February 2010. The company is engaged in providing cold storage
facility to potato farmers and traders on a rental basis. The cold
storage unit is located at Begusarai, Bihar covering an area of
around 2 acres having a total storage capacity of 12,000 MT.


RUCHI GLOBAL: ICRA Reaffirms 'BB' Rating on INR12.5cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR12.5 crore
(enhanced from INR9.0 crore) fund-based limits of Ruchi Global
Limited at [ICRA]BB. The outlook on the long term rating has been
revised from stable to negative. ICRA has also reaffirmed the
short term rating assigned to INR427.5 crore (enhanced from
INR334.4 crore) fund based and non-fund-based limits of RGL at
[ICRA] A4(pronounced ICRA A four).

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits       12.50       [ICRA]BB (Reaffirmed)
                                       (Assigned)(Negative)

   Fund and Non-Fund
   Based Limits           427.50       [ICRA]A4 (Reaffirmed)
                                       (Assigned)

The change in outlook from stable to negative reflects the weak
financial risk profile of the company indicated by decline in
operating margins in FY13 and increase in working capital
intensity on account of increase in receivable days. The change in
outlook also takes into account increase in debt level of the
company on account of higher working capital borrowing and
availment of term loan.

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

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

Established in 1996, Ruchi Global Limited is engaged in the
business of trading in steel items and agricultural commodities.
RGL is a trading arm of Ruchi Group and is a closely held company
promoted by Mr. Kailash Shahra and his family members. RGL is
primarily involved in the trading of steel, edible oil, soya
products, soyabean, wheat, pulses, chemicals and other agro and
non-agro commodities. Ruchi Group is a reputed industrial
conglomerate in India with interests in businesses ranging from
steel to food products. The Group is actively involved in soya
processing, edible oils, dairy products, cold rolled sheets and
coils, galvanized sheets and coils and a host of other activities.

Recent Results

For the period 2012-13, the company reported operating income of
INR1192.01 crore and net profit of INR1.04 crore as compared to
operating income of INR1045.63 crore and net profit of INR0.60
crore for the period 2011-12.


SAPPHIRE SPINNERS: CRISIL Assigns 'D' Ratings to INR200MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Sapphire Spinners India (P) Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                83.7     CRISIL D

   Proposed Bill
   Discounting Facility     30       CRISIL D

   Bank Guarantee           11.3     CRISIL D

   Cash Credit              75.0     CRISIL D

The ratings reflect instances of delay by SSIPL in servicing its
term debt; the delays have been caused by the company's weak
liquidity, driven by large working capital requirements.

SSIPL also has a modest scale of operations and a below-average
financial risk profile, marked by high gearing and weak debt
protection metrics. The company, however, benefits from the
extensive experience of its promoters in the textile industry.

Set up in 2004, SSIPL is primarily engaged in sale of knitted
fabric. The company also manufactures cotton yarn and ready-made
garments. The day-to-day operations of the company are managed by
the managing director, Mr. K R Karthikau Raja.

SSIPL reported, on a provisional basis, a profit after tax (PAT)
of INR3.2 million on net sales of INR302.4 million for 2012-13
(refers to financial year, April 1 to March 31), against a PAT of
INR5.9 million on net sales of INR248.9 million for 2011-12.


SARAANSHSUITINGS PRIVATE: CARE Ups INR16.41cr Loan Rating to BB-
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Saraanshsuitings Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        16.41      CARE BB- Revised from
   Facilities                       CARE B+


Rating Rationale

The revision in the rating takes into account the stabilization of
operations of the newly-established manufacturing facility of
SaraanshSuitings Private Limited (SSPL). The rating continues to
be constrained on account of the limited track record of
operations, limited presence in the textile value chain and its
weak financial risk profile characterized by a highly leveraged
capital structure and stressed liquidity. The rating is further
constrained on account of susceptibility of its margins to
volatile raw material prices, inherent cyclicality risk associated
with the textile sector and its presence in a highly fragmented
and competitive segment of the textile industry.

The rating continues to take comfort from the vast experience of
the promoters, synergy derived from its group concern engaged in
the similar line of business and proximity to the raw material
source.

Increase in the scale of operations along with an improvement in
profitability and efficient working capital management will be the
key rating sensitivities.

SSPL was incorporated in May 2010 by Chordia family and is engaged
in the business of manufacturing of fabrics (cotton and polyester
fabric). SSPL has an installed capacity of 90 Lakh Meters Per
Annum (LMPA) as on March 31, 2013 at its sole manufacturing
facility located at Bhilwara, Rajasthan, a textile hub. SSPL
started commercial production in January 2012 after completion of
its Greenfield project. It procures yarn indigenously from the
local market, weaves the yarn under its own manufacturing capacity
and gets bleaching, printing, dyeing and finishing work done on a
job-work basis from the processing houses. The company is also
engaged in the trading of fabrics and job work.

During FY13, SSPL reported a total income of INR28.92 crore
(INR1.49 crore in FY12), with PAT of INR0.57 crore (INR0.09 crore
in FY12).


SEACOM MARINE: CRISIL Assigns 'D' Rating to INR434.8MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facility of
Seacom Marine College.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               434.8     CRISIL D

The rating reflects instances of delay in servicing its monthly
interest obligations on the term loan availed; the delays have
been caused by the trust's weak liquidity.

The rating also reflects Seacom's modest scale of operations and
exposure to intense competition in education sector and to
regulatory environment governing educational sector. These rating
weaknesses are partially offset by Seacom's established position
in the education sector, and the wide range of its course
offerings.

Seacom was established in 2003 by Mr. Anish Chakraborty as an
educational and charitable trust in Kolkata, West Bengal. The
trust operates 3 institutions in the engineering (Seacom
Engineering College), marine (Seacom Marine College) and
management (Seacom Management College) fields. The trust is
affiliated to West Bengal University of Technology (WBUT) and
approved by Directorate General of Shipping, Govt. of India, while
the professional courses like engineering, MBA, MCA are affiliated
to All India Council for Technical Education (AICTE).

The trust reported a net surplus (excess of income over
expenditure) of INR43.6 million on operating income of around
INR159.8 million for 2011-12 (refers to financial year, April 1 to
March 31) against a net surplus of INR35.1 million on operating
income of INR128.7 million for 2010-11.


SHETH SHIP: ICRA Reaffirms/Assigns 'BB' Rating on INR5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed/assigned an '[ICRA]BB' rating to the INR5.00
crore (enhanced from INR3.00 crore) fund based facility of Sheth
Ship Breaking Corporation. The outlook on the long term rating is
stable. ICRA has also reaffirmed/assigned an '[ICRA]A4' rating to
the INR42.00 crore (enhanced from INR26.50) short term non fund
based limits of SSBC.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          5.00       [ICRA]BB (Stable) reaffirmed/
                                   assigned

   Letter of credit    42.00       [ICRA]A4 reaffirmed/assigned


The ratings continue to be constrained by the high volatility in
the business (as prospects of the ship breaking business are
linked to international shipping business fundamentals), its
modest scale of operations, weak profitability and its
vulnerability to fluctuating steel prices and exchange rate
fluctuations. Moreover, any delay in obtaining regulatory
approvals would lead to higher working capital requirements, which
would adversely impact the firm's liquidity position. While
assigning the ratings ICRA has also factored in the legal status
of SSBC as a partnership firm taking cognizance of the risk of
withdrawal of capital by the partners.

However, the ratings favourably factor in the established presence
of SSBC in the ship breaking business and the positive outlook for
the ship breaking industry in the near term on account of
increasing metal prices.

Sheth Ship Breaking Corporation is engaged in ship breaking
activities since 1997 and operates from its office at Bhavnagar
and ship breaking yard at Alang, Bhavnagar in Gujarat. Until 2006,
the firm was engaged only in ship breaking business. However, it
subsequently diversified into trading of iron ore fines and loose
mill scales. With an increase in the size of the trading business,
subsequently in 2008 the management decided to separate the ship
breaking & trading operations by setting up Pioneer Exports (PE,
rated at [ICRA]A4), another partnership firm, to carry out trading
operations.

Recent Results

During FY 2013 the firm reported a net profit of INR0.65 crore on
an operating income of INR62.08 crore, and net profit of INR2.08
crore on an operating income of INR61.99 crore during FY 2012.


SHIVAM MOTORS: ICRA Reaffirms 'B+' Rating on INR56cr Loans
----------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]B+' for INR56.0 crore,
long-term fund based facilities of Shivam Motors Private Limited.
ICRA has also reaffirmed the rating of '[ICRA]A4' for INR22.0
crore short term fund based bank limits of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           56.0       [ICRA]B+ reaffirmed
   Adhoc Limit           12.0       [ICRA]A4 reaffirmed
   Inventory Funding     10.0       [ICRA]A4 reaffirmed

The rating reaffirmation considers competitive position of SMPL as
the sole dealer of TML in the seven districts of Chhattisgarh and
expected increase in business with setting up of new outlets and
up gradation of the existing ones. Experience of SMPL's promoters
and the company's long-standing relationship with TML also provide
some comfort. However, ratings continue to remain constrained on
account of SMPL's moderate financial profile evident from thin
profit margins and stretched cash flow position- both inherent in
the automotive dealership business. The company has an adverse
capital structure and reported an financial leverage of 4.0x (as
on March 31, 2013) on account of high working capital borrowings.
In the backdrop of weak demand outlook for heavy CVs, the
company's ability to manage its liquidity and improve its
financial risk profile would remain key rating sensitivities.

SMPL is sole supplier of the commercial vehicles and spare parts
of TML in the seven districts of Chhattisgarh, namely, Bilaspur,
Korba, Janjgir, Surguja, Koriya, Raigarh and Jashpurnagar. The
company was incorporated in 1983 by Mr. Kailash Gupta as its key
director and other close family members - Mr. Prem Chand Gupta and
Mrs. Shalini Gupta as directors.

SMPL is one of the many companies under Mr. Kailash Gupta. The
flagship company of the group is Commercial Automobiles Private
Limited, which is into the dealership of the CVs and PVs of TML in
Madhya Pradesh. Another group company of SMPL is Commercial
Engineers and Body Builders Company Limited, which is involved in
the manufacturing of bodies for commercial vehicles.

Recent Results
In 2012-13, SMPL recorded an operating income of INR462.1 crore.
The company's operating profit before depreciation, interest and
tax stood at INR11.1 crore. The company recorded a profit of
INR0.7 crore at net profit level. The total debt on the company's
books as of March 31st, 2013 was INR64.5 crore.


SIDDHIVINAYAK GINNING: CRISIL Puts 'B' Ratings on INR75MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Siddhivinayak Ginning Pressing.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               50      CRISIL B/Stable
   Term Loan                 25      CRISIL B/Stable

The rating reflects SGP's modest scale of operations, its presence
in highly competitive and fragmented cotton ginning industry and
susceptibility of its margins to volatility in cotton prices and
the regulatory framework governing the cotton industry. These
rating weaknesses are partially offset by its promoters' extensive
experience and established relationship with both customers and
suppliers in and around Jalgaon.

Outlook: Stable

CRISIL believes that SGP will continue to benefit over the medium
term from the extensive experience of its promoters and their
established relationship with customers and suppliers. The outlook
may be revised to 'Positive' if there is a significant improvement
in its profitability while maintaining a steady revenue growth.
Conversely, the outlook may be revised to 'Negative', if SGP's
financial risk profile deteriorates on account of sharp decline in
revenue and profitability or it undertakes any debt-funded capital
expansion plan, or there is a lengthening of the working capital
cycle pressurising the liquidity.

Siddhivinayak Ginning Pressing (SGP) was setup in 2012 as a
partnership firm by Mr. Ashok M Agrawal, Mr. Sunil M Agrawal, Mr.
Pankaj Subhash Agrawal, Mr. Pawan Subhash Agrawal and Mr. Piyush
Ashok Agrawal. The firm is engaged in cotton ginning and pressing
and its manufacturing unit is located at Chopda in Jalgaon
(Maharashtra). The commercial operation started in October 2012
and the day-to-day operations of the firm are managed by Mr. Pawan
Subhash Agrawal.

SGP reported a profit after tax (PAT) of INR2.8 million on net
sales of INR265.2 million for 2012-13 (refers to financial year,
April 1 to March 31).


SINGHVI FASHIONS: ICRA Assigns 'B' Ratings to INR23.88cr Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR23.88
crore fund based bank limits of Singhvi Fashions Private Limited.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4.25       [ICRA]B assigned
   Term Loan              19.63       [ICRA]B assigned

The rating is constrained by Singhvi Fashions Private Limited's
(SFPL) high project implementation risk, given that the project is
still in initial stages and the ability to meet deadlines without
any cost overruns and successfully market the products, so as to
scale up the operations thereafter remains crucial. Further, post
commissioning and stabilisation of the operations, the company's
profitability remains exposed to adverse volatility in key raw
material prices and also to intense competitive pressures on
account of fragmented industry structure. The rating is further
constrained by the debt funded capex undertaken by the company and
the ability of the company to maintain healthy return indicators
and ensure timely debt servicing, post commission, remains crucial
from a rating perspective.

The rating however, favourably factors in the healthy demand
indicators for the product, locational advantages resulting from
proximity to customers and raw material sources and benefits
accruing from subsidies under Technology Up-Gradation Fund Scheme
(TUFS).

Incorporated in 2013 Singhvi fashions Private Limited is promoted
by Mr.Haresh Rudakiya, Mr.Nitesh Makrubiya, Mr. Prashant Hadiya
and Mr. Sunil Patel .The company has started a new project of
processing grey fabrics by installing 36 rapier looms with an
installed capacity of processing 53 lakh meters of fabric per
annum.SFPL's manufacturing facility is located in Surat, Gujarat.


SOUTH GLASS: CRISIL Assigns 'B' Ratings to INR170MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of South Glass Pvt Ltd.

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

   Proposed Long-Term
   Bank Loan Facility       110      CRISIL B/Stable

The rating reflects SGPL's weak financial risk profile, marked by
high gearing, project implementation risks and intense competition
in the glass industry. These rating weaknesses are partially
offset by the extensive industry experience of SGPL's promoters.

Outlook: Stable

CRISIL believes that SGPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company begins operations on
schedule and increases the scale of its operations, thereby
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the company undertakes aggressive
debt-funded expansions, or if its revenues and profitability
decline substantially, thus, weakening its financial risk profile.

SGPL was incorporated in 2006 by Mr. Shailesh Kumar Gupta and
Mr.Kapil Gupta. The company is currently setting up a laminated
and toughened glass manufacturing plant in Mehaboobnagar district
(Andhra Pradesh). SGPL will begin commercial operations in April
2014.


SOUTHERN HEALTH: CRISIL Assigns 'BB-' Rating to INR100MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of Southern Health Foods Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              100      CRISIL BB-/Stable

The ratings reflect SHFPL modest scale of operations, below
average financial risk profile marked by low networth, and subdued
debt protection metrics and working capital intensive operations.
These rating weaknesses are partially offset by extensive
experience of promoters in the industry and established brand
presence in its area of operations.

Outlook: Stable

CRISIL believes the SHFPL will benefit from extensive experience
of promoters in the industry and established brand presence. The
outlook may be revised to 'Positive' if the SHFPL is able to
report higher than expected growth in revenues and margins, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if the company reports lower than expected
revenues or margins or the company undertakes large debt-funded
capex or there is elongation in its working capital cycle leading
to further deterioration in its financial risk profile.

Established in 2005, as a partnership firm M/s Southern Food
specialities by two brothers Mr.Syed Sajan and Mr. Nazar, it was
converted to a private limited company Southern Health Foods
Private Limited (SHFPL) in 2012. SHFPL is engaged in the
manufacture of ready to cook health foods and sells them under the
same brand name 'Manna'. SHFPL manufactures and sells a wide
variety of products like health products, baby products, diabetic
products, breakfast cereals etc.

SHFPL reported a profit after tax (PAT) of INR6.4 million on net
sales of INR 265.6 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR3.9 million on net sales
of INR171.1 million for 2011-12.


SRI MANJUNATHA: ICRA Ups Ratings on INR28.16cr Loans to 'B'
-----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR28.16
crore fund based limits of Sri Manjunatha Spinning Mills Private
Limited to '[ICRA]B' from '[ICRA]B-'.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund          27.76       Upgraded to [ICRA]B
   Based Limits

   Long Term Non            0.40       Upgraded to [ICRA]B
   Fund Based Limits

The upgrade in rating reflects healthy growth in revenues and
profitability driven by revival in yarn demand and improved
realizations. Further, equity infusion of INR1.5 crore has
resulted in moderation of capital structure. The rating continues
to remain constrained by the highly fragment nature of the
industry with high competition and low product differentiation
which limits the ability of the company to pass on hike in input
costs, SMSML's small scale of operations restricting economies of
scale and increased working capital intensity on cash basis
procurement of raw materials. ICRA notes that despite moderation
in the capital structure, the overall financial risk profile of
the company continues to remain weak with high gearing and modest
coverage indicators. The rating is further supported by the
proximity of the SMSML's plant to a major cotton growing area,
lower power tariff in AP, fiscal incentives under TUF Scheme and
recent vintage of plant and machinery leading to operational
efficiencies.

With significant repayment obligations scheduled over next two
years, the ability of the Company to sustain its profitability and
continue to increase its scale of operations would remain the key
rating sensitivities.

Sri Manjunatha Spinning Mills Limited was incorporated in Guntur
district of AP as a private limited company in November 2006 and
was promoted by Mr. Onteddu Janardhana Reddy and Mr. Onteddu
Srinivasa Reddy. It was converted to a public limited company
later in November, 2010. SMSML started its operations from
February 2011 with 12,000 spindles later increased to 14,400
spindles from May 2011 and further to 16,800 spindles in May
2012.SMSML is engaged in the manufacturing of carded variety of
medium count cotton yarn.


SRINI LINK: ICRA Revises Ratings on INR9.68cr Loans From 'BB'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR1.68
crore (reduced from INR1.73 crore) term loans and INR8.00 crore
(enhanced from INR7.00 crore) cash-credit facility of Srini Link
from '[ICRA]BB' to '[ICRA]BB-'. The outlook on the rating is
'Stable'. The rating of '[ICRA]A4' has been reaffirmed for the
INR1.00 crore (reduced from INR2.00 crore) short-term non-fund
based limits of SL.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loans          1.68        Revised from [ICRA]BB
                                   (stable) to [ICRA]BB-(stable)

   Cash Credit         8.00        Revised from [ICRA]BB
                                   (stable) to [ICRA]BB- (stable)

   Letter of Credit    1.00        Reaffirmed at [ICRA]A4

The revision in rating reflects the high working capital intensity
of operations and significant fall in scale of operations in
FY2013 owing to discontinuation of orders from of one of the major
clients-Minda Sai Limited; though the same also resulted in
reduced client concentration risk for the firm.

The ratings continue to reflect the vulnerability of profitability
to fluctuations in prices of copper and exposure to the cyclical
nature of the automobile industry which has resulted in subdued
demand over the last one year. The ratings also take into account
the risk of withdrawals from partners' capital account, although
there have been no substantial withdrawals in the past. The
ratings, however, draw comfort from the experience of the promoter
and the established position of the firm within the industry; the
established customer base of the firm which includes reputed
automobile majors and improvement in operating profitability over
the last two fiscals due to higher operating efficiency.

Srini Link was established in 1997 as a proprietorship concern by
Mr. V. Deiva Sigamani and subsequently changed to a partnership
firm in 2007. The partners in the business are currently Mr.
Sigamani and his two sons. The firm is ISO 9001: 2008 certified.
Srini Link is involved in the manufacture of PVC cables, Copper
Wire, RoHS Cables, XLPE Cables, among others. The company's plant
is located in G.I.D.C, Umbergaon.

Recent Results

During FY 2013, SL reported an operating income of INR38.05 crore
(as against INR55.07 crore during FY 2012) and profit after tax of
INR0.89 crore (as against INR1.76 crore for FY 2012).


SRIYANSH KNITTERS: ICRA Assigns 'BB-' Rating on INR8.45cr Loans
---------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to INR8.45
crore fund-based facilities and a short term rating of '[ICRA]A4'
to INR1.50 crore non-fund based facilities of Sriyansh Knitters.
The outlook on the long-term rating is 'Stable'.


                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term Fund            8.45       [ICRA]BB- (Stable)
   Based Facilities                     Assigned

   Short-term Non
   Fund Based
   Facilities                1.50       [ICRA]A4 Assigned

The assigned rating is constrained by the firm's modest debt
coverage which is on account of low profitability and steady
increase in borrowing levels. High proportion of low-margin
trading business (~65% of OI) has resulted in low profitability
while the working capital intensive nature of operations coupled
with steady revenue growth has resulted in high working capital
requirements which is primarily funded through debt. The assigned
rating is also constrained by the firm's modest scale of
operations despite track record of over four decades, stretched
liquidity as reflected in consistent high utilization of the
working capital limits and partnership nature of the entity which
results in risk related to capital withdrawal although on net
basis infusions have remained higher than withdrawals over the
last few years. The rating is however supported by the long track
record of the promoters in the knitting business, leveraging on
which the firm has established relationship with reputed customers
over the years and the integrated in-house facilities for knitting
and garmenting with satisfactory capacity utilization. In
addition, the firm does not has any capital expenditure plan over
the medium term which shall keep the term debt and consequently
the repayments low, given that most of the debt outstanding
presently is also for working capital.

Going forward, any large debt funded capital expenditure and the
ability of the firm to scale up its operations while improving the
profitability, and maintain adequate liquidity position will be
the key rating sensitivities.

Sriyansh Knitters (SK), a partnership firm established in 1967 is
managed by Mr. Dinesh Jain and his other four family members, with
the partners having equal profit sharing ratio. The firm is
engaged in trading of textile products and also manufacturing of
readymade garments. The firm has a manufacturing unit in Ludhiana
which has 7 knitting machines along with manufacturing capacity
for 5.4 lac garment pieces per annum.

During FY-2013, the firm reported Profit After Tax (PAT) of
INR0.43 crore with an Operating Income (OI) of INR41.3 core as
compared to PAT of INR0.37 crore and OI of INR33.3 crore for the
previous financial year.


STEEL ROLLING: CARE Reaffirms 'BB+' Rating on INR20cr Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Steel Rolling Mill Of Maharashtra.

                        Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank
   Facilities             20       CARE BB+ Reaffirmed

   Short-term Bank
   Facilities              1.35    CARE A4+ Reaffirmed

   Long-term/Short
   term Bank Facilities    5.00    CARE BB+ / CARE A4+ Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Steel Rolling Mill
of Maharashtra (SRMM) continue to be constrained by low
profitability margin and modest debt coverage indicators of SRMM.
The ratings are also constrained by the small size of operation in
the highly fragmented steel industry, constitution as a
partnership firm, exposure to adverse movement in raw material
prices and inherent cyclicality in the steel industry.

The ratings, however, continue to derive strength from the
partners' experience in the steel industry and financial support
in the form of infusion of funds as unsecured loans from the
partners.

Going forward ability of the firm to improve profit margins are
the key rating sensitivities.

Steel Rolling Mill of Maharashtra (SRMM) is a partnership firm
engaged in the manufacturing of ingots, rolled products (angles,
channels, rounds, squares etc) and trading of steel scrap. SRMM
commenced its business activities in 1980 and presently the firm
is managed by four partners MrGokalchand Gupta, Mr Kamal Kishore
Gupta, Mrs Sandhya K Gupta and Mr Vikas Gupta.

SRMM reported profit after tax of INR0.26 crore on a total income
of INR157.74 crore in FY13 (refers to the period April 1 to
March 31) as against profit after tax of INR0.07 crore on the
total income of INR152.64 crore in FY12.


SUVI INTERNATIONAL: CRISIL Puts 'B+' Ratings on INR90MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Suvi International Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                32.8     CRISIL B+/Stable
   Cash Credit              50.0     CRISIL B+/Stable
   Proposed Long-Term
   Bank Loan Facility        7.2     CRISIL B+/Stable
The rating reflects SIPL's average financial risk profile, marked
by high gearing, and its working-capital-intensive nature of
operations. These rating weaknesses are partially offset by the
extensive industry experience of SIPL's promoters.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company generates
higher-than-expected cash accruals, backed by stabilisation of its
newly added capacity, or if its working capital cycle improves,
leading to improvement in its liquidity. Conversely, the outlook
may be revised to 'Negative' if SIPL faces a decline in offtake
from its key customers, adversely affecting its revenues and
margins and leading to deterioration in its liquidity and capital
structure

SIPL, based in Delhi, was founded by Mr. Rajendra Gupta and Mr.
Sumit Singhal in 2006. The company manufactures expanded poly
ethylene liners which are primarily for providing inner seal
protection for caps of various bottles used in the beverage and
pharmaceutical industries. It has two units, one in Bawana (Delhi)
and the other in Rai (Haryana).

SIPL reported a net profit of INR1.33 million on a net sales of
INR116.7 million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net profit of INR0.57 million on net sales
of INR110.1 million for 2011-12.


SWAMIJI TRANSMISSION: CARE Places 'D' Ratings on INR10.95cr Loans
-----------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Swamiji
Transmission Private Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.95       CARE D Assigned

   Short-term Bank
   Facilities            1.00       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Swamiji Transmission
Private Limited (STPL)factors in the ongoing delays in debt-
servicing on account of the stressed liquidity position of the
company.

STPL was incorporated by brothers Mr Supriyo Kumar Mondal and Mr
SubrataMondal on February 24, 1997 as Swamiji Forging Private
Limited and was rechristened as Swamiji Transmission Private
Limited on September 26, 2006. The company remained dormant for
about a decade. It has commenced commercial production at its
plant from August 2010. Currently, STPL is engaged in the
manufacturing of electrical transmission and distribution
equipment like electrical transmission hardware, distribution
panels along with various steel forged components with its
sole manufacturing facility located at Uluberia, Howrah having an
aggregate installed capacity of 1,508.5 MTPA. The manufacturing
facility is well equipped with modern amenities and also enjoys
ISO 9001:2008 certification.

As per the audited results of FY13 (refers to the period April 01
to March 31), STPL reported a PBILDT and a PAT of INR2.5 crore
(INR2.6 crore in FY12) and INR0.3 crore (INR0.3 crore in FY12)
respectively on a total income of INR24.4 crore (INR20.5 crore in
FY12).


TNR INDUSTRIES: CRISIL Assigns 'B-' Ratings to INR150MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of M/s. TNR Industries Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        52      CRISIL B-/Stable
   Bank Loan Facility

   Cash Credit               48      CRISIL B-/Stable

   Long Term Loan            50      CRISIL B-/Stable

The rating reflects TNRIPL's modest scale of operations, exposure
to concentration risks in revenue profile and working capital
intensive nature of operations. These rating weaknesses are
partially offset by promoter's extensive industry experience in
the construction industry.

Outlook: Stable

CRISIL believes that TNRIPL will continue to benefit from its
promoter's experience in the industry over the medium term. The
outlook may be revised to 'Positive' if the company's revenue and
profitability increase significantly on a sustainable basis while
improving its working capital management. The outlook may be
revised to 'Negative' if TNRIPL's revenues and profitability are
lower-than-expected, or if the liquidity deteriorates most likely
due to stretched receivables if the company undertakes large debt-
funded capex leading to deterioration in the financial risk
profile.

Incorporated in the year 2011, TNRIPL is engaged in the
manufacture of RMC (ready mix concrete) used in the construction
industry. The company is also into manufacturing of Unplasticized
Polyvinyl Chloride (UPVC) panels. Based out of Hyderabad, the
company is promoted by Mr.T. Narsimha Rao and his family.

For 2012-13 (refers to financial year, April 1 to March 31),
TNRIPL reported, on a provisional basis, a profit after tax (PAT)
of INR3 million on net sales of INR134 million, as against a PAT
of INR2 million on net sales of INR69 million for 2011-12.


TRANSFREIGHT SHIPPING: CARE Rates INR4cr LT Loans at 'BB+'
----------------------------------------------------------
CARE assigns 'CARE BB+/CARE A4+' to the bank facilities of
Transfreight Shipping And Allied Services India Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              4        CARE BB+ Assigned

   Short-term Bank
   Facilities             15        CARE A4+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Transfreight
Shipping and Allied Services India Pvt Limited (TSAPL) are
constrained by the small scale of operations with high overall
gearing, decline in profitability margins, product concentration
and high group exposure in the form of loans. The ratings
favorably factor in the experience of the promoters, long-term
tie-up with the key supplier, short-term off-take agreement for
one year and improvement in revenues over the three years ending
FY13 (refers to the period April 1 to March 31). The ability of
the company to improve its profitability margins and improve its
gearing ratios will be the key rating sensitivities.

Transfreight Shipping and Allied Services India Pvt Ltd (TSAPL)
was incorporated in November 2009 and promoted by MrHaridass
Ramesh as a trading company. TSAPL is into the trading of
industrial solvents and chemicals like Methanol, Sodium Methoxide
(SMO) Powder and solution. TSAPL belongs to the TSS group which is
into the trading of petrochemicals, real estate, manufacturing of
Gelatine and saw pipes, warehousing and shipping services,
facilities and property management, acting as a turnkey project
consultant and construction. The group's annual turnover stood at
INR200 crore in FY13. TSS group's other major companies are TSS
Projects and Industries Pvt Ltd, Golden Star Facilities & Services
Pvt Ltd and Techtrans Construction Pvt Ltd.

TSAPL registered a PAT of INR0.88 crore on the total income of
INR60.50 crore in FY13 as against PAT and total income of INR1.04
crore and INR47.42 crore, respectively, in FY12. In 5FY14 (UA),
TSAPL registered an income of INR42 crore.


TRIDENT COATINGS: CRISIL Assigns 'B' Ratings to INR100MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Trident Coatings Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 35      CRISIL B/Stable
   Cash Credit               20      CRISIL B/Stable
   Proposed Long-Term        45      CRISIL B/Stable
   Bank Loan Facility

The rating reflects below-average financial risk profile marked by
leveraged capital structure and exposure to risk related to
fragmented nature of industry. These rating weaknesses are
partially offset by extensive experience of TCPL's promoter in the
paint industry and its established relationships with reputed
clients.

Outlook: Stable

CRISIL believes TCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of sharp improvement in financial
risk profile, particular liquidity, due to improvement in cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of stretch in company's working capital cycle or lower than
expected cash accruals, leading to further pressure on capital
structure.

Incorporated in 2005, TCPL is engaged in providing powder and
liquid coating on job work basis. TCPL, located in Chennai,
provides anti corrosive coating (i.e liquid and powder) to metal
used as spare parts used largely to automobile companies like Rane
Madras Ltd, Eicher Motors Ltd, etc.


VBM POWER: CRISIL Raises Rating on INR105.8MM Loan to 'B-'
----------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facility of
VBM Power and Infrastructure Pvt. Ltd to 'CRISIL B-/Stable' from
'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               105.80    CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects the timely servicing of debt obligations by
VBM Power over the last six months ended October 2013. The upgrade
also factors in CRISIL's belief that VBM Power will continue to
service its debt in a timely manner over the medium term with its
cash accruals expected to be sufficient to meet its debt repayment
obligations.

The ratings reflect VBM Power's small scale of operations, high
degree of customer concentration in its revenue profile, and its
average financial risk profile marked by small net-worth, low
gearing and below-average debt protection metrics. These rating
weaknesses are partially mitigated by VBM Power's stable revenues
supported by a long-term power purchase agreement (PPA) with Tamil
Nadu Generation & Distribution Corporation Ltd (TANGEDCO).

Outlook: Stable

CRISIL believes that VBM Power will continue to benefit over the
medium term from its long term PPA with TANGEDCO. The outlook may
be revised to 'Positive' if there is a sustained improvement in
the company's receivables cycle or there is substantial increase
in net-worth on the back of equity infusion from promoters.
Conversely, the outlook may be revised to 'Negative' if there is
there is a steep decline in the company's plant load factor or
there is a significant deterioration in its capital structure on
account of large debt-funded capital expenditure (capex) or
larger-than-expected working capital requirements.

VBM Power was set up in 2010 by Mr. GV Pratap Reddy in Hyderabad
(Andhra Pradesh). The company has two wind-turbine generators of
2.1 megawatt (MW) each in Tirunelveli district (Tamil Nadu). The
company commenced commercial operations in September 2010.


VIKROMAITIC STEELS: CRISIL Reaffirms B- Ratings on INR90MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vikromaitic
Steels Pvt Ltd continues to reflect VSPL's weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics.

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

   Term Loan              7.0     CRISIL B-/Stable (Reaffirmed)

   Proposed Long-Term    23.0     CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

The rating also factors in the company's small scale of
operations, exposure to intense competition in the market for
steel products, and susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by VSPL's
semi-integrated operations and the extensive experience of its
promoters in the steel industry.

Outlook: Stable

CRISIL believes that VSPL's financial risk profile will remain
constrained over the medium term by its small scale of operations,
low profitability, and large working capital requirements. The
outlook may be revised to 'Positive' if the company's scale of
operations and profitability improve significantly, resulting in
improvement in its capital structure and liquidity. Conversely,
the outlook may be revised to 'Negative' if VSPL's financial risk
profile deteriorates, most likely because of larger-than-expected
debt-funded capital expenditure or further stretch in its working
capital cycle.

Update

VSPL's revenues increased by 45 per cent year-on-year to around
INR369 million in 2012-13 (refers to financial year, April 1 to
March 31) backed by enhancement in its furnace capacity to 21,000
tonnes per annum (tpa) from 13,500 tpa, and optimal utilisation of
capacity. The company's operating margin, however, declined to 3.7
per cent in 2012-13 from about 5 per cent historically because of
increase in raw material prices. VSPL's revenues are expected to
increase only marginally to around INR400 million in 2013-14 due
to the weak industry scenario; it has achieved revenues of around
INR220 million till October 31, 2013.

VSPL's working capital cycle is stretched, marked by an increase
in its gross current assets to 203 days as on March 31, 2013, from
188 days a year earlier, driven by delays in payments to
creditors. The company's payables have increased to 79 days as on
March 31, 2013, from 31 days a year earlier. It is also fully
utilising its bank limits with instances of overdrawn limits for
10 consecutive days. VSPL's liquidity is also constrained because
of low cash accruals, estimated at around INR4 million for 2013-
14, though it has negligible debt obligations of around INR1.2
million during the year. Its liquidity is, however, supported by
unsecured loans, which have increased to INR40.5 million as on
March 31, 2013, from INR29.9 million as on March 31, 2012. CRISIL
expects VSPL's liquidity to remain weak over the medium term
because of incremental working capital requirements.

VSPL's gearing remained high at around 2.2 times as on March 31,
2013. Its debt protection metrics were weak, with net cash
accruals to total debt and interest coverage ratios at 5 per cent
and 1.53 times, respectively, in 2012-13, due to its low operating
margin.

VSPL reported a profit after tax (PAT) of INR1.18 million on net
sales of about INR369.1 million for 2012-13, as against a PAT
INR2.98 million on net sales of INR253.7 million for 2011-12.

VSPL was incorporated in 1996, promoted by Mr. Jaiprakash
Choudhary and his family members. The company has a manufacturing
facility in Deogarh (Jharkhand) with a capacity of 15,000 tpa for
thermo-mechanically-treated (TMT) bars and a furnace with a
capacity of 21,000 tpa for mild steel ingots.


VISHNURAAM TEXTILES: CRISIL Assigns 'D' Ratings to INR125MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Vishnuraam Textiles Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           77.2     CRISIL D
   Letter of Credit         17.5     CRISIL D
   Bank Guarantee            2.8     CRISIL D
   Cash Credit              27.5     CRISIL D

The ratings reflect instances of delay by VTL in servicing its
term debt due to its weak liquidity, driven by its working-
capital-intensive operations.

VTL also has a modest scale of operations, and an operating margin
susceptible to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
VTL's promoters in the textile industry.

VTL was set up in 1990, in Udumalpet (Tamil Nadu). The company
manufactures cotton yarn. VTL's day-to-day operations are managed
by its promoter, Mr. M Arunachalam.

VTL reported a profit after tax (PAT) of INR 3 million on total
revenue of INR245 million for 2012-13 (refers to financial year,
April 1 to March 31); the company reported a loss of INR24 million
on total revenue of INR162 million in 2011-12.



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


JLOC XXX: S&P Lowers Rating on 3 Classes of Notes to 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC- (sf)' from
'CCC (sf)' its ratings on the class C trust certificates issued
under JLOC XXX Trust Certificates (JLOC XXX trust certificates),
as well as the class Mezz C-1 and Mezz C-2 mezzanine trust
certificates issued under JLOC XXX Satellite Trust (hereafter, the
mezzanine trust certificates; also listed below) in May 2006.

Sales of the collateral properties for the transaction's remaining
specified bond were completed.  Although the final recovery amount
has yet to be calculated, pending the completion of calculations
at the underlying special-purpose company (SPC; the issuer of the
specified bond) level, the outstanding principal balance of the
bond exceeds the amount of proceeds collected through the sales of
these properties.  The specified bond originally represented about
15% of the total initial issuance amount of the JLOC XXX trust
certificates and the mezzanine trust certificates.  S&P lowered
its ratings on the class C and class Mezz C-1 and Mezz C-2 trust
certificates because S&P expects that these classes are more
likely to incur a principal loss than before.

A total of six specified bonds initially secured the JLOC XXX
trust certificates, and one of these specified bonds also
initially secured the mezzanine trust certificates.  Morgan
Stanley Japan Securities Co. Ltd. (currently, Morgan Stanley MUFG
Securities Co. Ltd.) arranged the transaction, and ORIX Asset
Management & Loan Services Corp. acts as the servicer.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.  The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

JLOC XXX Trust Certificates
JPY333.8 billion floating-rate trust certificates due April 2014
Class        To            From         Initial issue amount
C            CCC- (sf)     CCC (sf)     JPY37.3 bil.

JLOC XXX Satellite Trust
JPY9.3 billion Satellite Trust mezzanine trust certificates due
April 2014
Class        To            From         Initial issue amount
Mezz C-1     CCC- (sf)     CCC (sf)     JPY8.3 bil.
Mezz C-2     CCC- (sf)     CCC (sf)     JPY1.0 bil.


MIZUHO CAPITAL: Fitch Affirms Preferred Securities Rating at 'BB'
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of two major Japanese banking groups and their banking
subsidiaries -- Mizuho Financial Group, Inc. (MHFG) and Sumitomo
Mitsui Financial Group, Inc. (SMFG) -- and Sumitomo Mitsui Trust
Bank, Limited (SMTB). The agency has also affirmed the ratings of
Mitsubishi UFJ Financial Group, Inc.'s (MUFG) two banking
subsidiaries in Japan and ACOM CO., LTD (ACOM).

The Rating Outlooks are Stable for all entities.

The rating actions follow a periodic review of the major Japanese
banking groups.

Fitch concludes that the major banks are likely to maintain a
modest improvement in their performance, which is captured by
their current ratings.

Key Rating Drivers - VRs:

The Viability Ratings (VRs) reflect the four banking groups' sound
asset quality and solid liquidity in yen, backed by strong
domestic franchises. The ratings also factor in consistent
improvement in the banks' risk absorption capability. The banks'
still-large strategic equity holdings remain the key rating
constraint, as the investments could give rise to volatility in
the banks' internal capital generation and capitalisation.

Fitch believes the improvement in risk absorption capability will
be sustained. This is because of the banks' generally risk-averse
nature, which in part contributes to modest core profitability.
Also, moderate offshore expansion (despite some evidence of
growing risk appetite overseas) and a less challenging domestic
operating environment will help the banks hold down potential
credit risks.

Rating Sensitivities - VRs:

The potential for a VR upgrade is limited for MUFG's subsidiaries,
in light of the ratings' proximity to the Japanese sovereign's
IDRs (A+/Negative). For SMFG, Sumitomo Mitsui Banking Corporation
(SMBC), MHFG and its banking subsidiaries, and SMTB, any positive
action would likely stem from further structural improvement in
the domestic operating environment leading to stronger loan
growth, accelerated internal capital generation without a material
increase in risk appetite, and larger absorption buffers.

Negative rating action on all the banks' VRs is currently not
envisaged due to their stable asset quality and adequate buffers,
particularly against potential market risk stemming from their
substantial investments in stocks and Japanese government bonds.
However, the VRs may be negatively affected if material stress in
the operating environment adversely impacts the banks' risk
buffers. Downward pressure may also result from an unexpected
increase in risk appetite without a corresponding increase in
capital buffers, leading to potentially higher earnings volatility
or slower internal capital generation.

Key Rating Drivers - IDRs, Senior Debt, SRs and SRFs:

The Long-Term IDRs of all banks except MHFG and its subsidiaries
are driven by the banks' respective VRs. MHFG group's Long-Term
IDRs are based on sovereign support, and are at the banks' Support
Rating Floors (SRFs).

The Support Ratings (SRs) and SRFs of all major banks reflect
Fitch's view that, as systematically important banks in Japan, the
banks would be most likely to receive government support in case
of need. Fitch believes that the prospects of support for
systemically important financial institutions in Japan have not
deteriorated even though there is a global move toward reducing
the extent of sovereign support should banks require assistance.

The Short-Term IDRs of all banks reflect their strong access to
funding due to solid franchises and abundant liquidity within the
system. Also, the extensive liquidity support programs by the Bank
of Japan continue to substantially mitigate risks to the banks'
liquidity.

Rating Sensitivities - IDRs, Senior Debt, SRs and SRFs:

The IDRs of MUFG's banking subsidiaries are driven by their VRs
and any change in the VRs could result in a change to their IDRS
and senior debt ratings.

An upgrade of the IDRs of SMFG and its subsidiaries, and SMTB
would follow an upgrade of the VRs. However, a downgrade in the
VRs would not affect the IDRs, which are aligned with their SRFs.

Currently, the VRs of MHFG and its subsidiaries are one notch
below their 'A-' IDRs. Therefore, the upgrade in the VRs of the
group would not lead to an upgrade of their IDRs unless it is by
more than two notches. Any downgrade of the VRs of MHFG and its
subsidiaries would not immediately affect their IDRs, since their
IDRs are at the SRFs.

Fitch expects the banks' '1' SRs and 'A-' SRFs to be maintained,
even if the sovereign's ratings were downgraded to 'A' (currently
'A+'/Negative). This is based on Fitch's belief that the
government's propensity to support the major banks, if necessary,
remains intact. However, any downgrade of the sovereign's IDRs to
below 'A' would negatively affect the SRs and SRFs of all banks as
well as the support-driven IDRs of MHFG and its subsidiaries.

Key Rating Drivers and Sensitivities - Subordinated Debt and Other
Hybrid Securities:

Preferred securities issued by subsidiaries of MUFG, MHFG and SMFG
are rated four notches below the respective parents' VRs - two
notches for loss severity and two notches for non-performance risk
due to the constraint of coupon suspension - in line with Fitch's
criteria on performing instruments. Subordinated debt under Basel
II are rated one notch below the IDRs, reflecting Fitch's
expectations that sovereign support, if required by the banks,
would preclude them from legal failure. As a result, subordinated
debt, like senior debt, would not default.

Key Rating Drivers and Sensitivities - Subsidiary and Affiliated
Company:

The IDRs of Sumitomo Mitsui Banking Corporation Europe Limited
(SMBCE) are in line with the ratings of its 100% parent, SMBC,
given its role as the European operational arm of SMBC.

The Long-Term IDRs of ACOM were affirmed following the affirmation
of the Long-Term IDRs of affiliated banks under MUFG, a 40%
shareholder of ACOM. ACOM is viewed as a strategically important
subsidiary within the group, because it provides core consumer
financial services. Hence, ACOM's IDRs are notched down one level
from MUFG banking subsidiaries' IDRs. Any change in the notching
approach would likely be driven by changes in MUFG's ability or
propensity to support ACOM, including due to changes in ownership
levels or strategic importance.

A full list of rating actions follows:

Entities under MHFG

MHFG, Mizuho Trust & Banking Co., Ltd.:
-- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
Outlook Stable
-- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
-- Viability Rating affirmed at 'bbb+'
-- Support Rating affirmed at '1'
-- Support Rating Floor affirmed at 'A-'

Mizuho Bank, Ltd.:
-- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
Outlook Stable
-- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
-- Viability Rating affirmed at 'bbb+'
-- Support Rating affirmed at '1'
-- Support Rating Floor affirmed at 'A-'
-- Senior unsecured debt affirmed at 'A-'

Mizuho Capital Investment (USD) 1 Limited
--Preferred securities affirmed at 'BB'

Mizuho Financial Group (Cayman) Limited:
-- Senior subordinated debt (Lower Tier 2 bonds under Basel ll)
affirmed at 'BBB+'

Entities under SMFG

SMFG:
-- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
Outlook Stable
-- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
-- Viability Rating affirmed at 'a-'
-- Support Rating affirmed at '1'
-- Support Rating Floor affirmed at 'A-'

SMBC:
-- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
Outlook Stable
-- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
-- Viability Rating affirmed at 'a-'
-- Support Rating affirmed at '1'
-- Support Rating Floor affirmed at 'A-'
-- Senior unsecured debt affirmed at 'A-'

SMBCE:
-- Long-Term Foreign Currency IDR affirmed at 'A-'; Outlook Stable
-- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
-- Support Rating affirmed at '1'

SMFG Preferred Capital GBP 1 Limited, SMFG Preferred Capital USD 1
Limited:
-Preferred securities affirmed at 'BB+'

Entities under MUFG

Bank of Tokyo-Mitsubishi UFJ, Ltd.:
-- Long-Term Foreign and Local Currency IDRs affirmed at 'A';
Outlook Stable
-- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
-- Viability Rating affirmed at 'a'
-- Support Rating affirmed at '1'
-- Support Rating Floor affirmed at 'A-'
-- Senior unsecured debt affirmed at 'A'
-- Senior subordinated debt (Lower Tier 2 bonds under Basel II)
affirmed at 'A-'

Mitsubishi UFJ Trust and Banking Corporation:
-- Long-Term Foreign and Local Currency IDRs affirmed at 'A';
Outlook Stable
-- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
-- Viability Rating affirmed at 'a'
-- Support Rating affirmed at '1'
-- Support Rating Floor affirmed at 'A-'

MUFG Capital Finance 1 Limited, MUFG Capital Finance 2 Limited,
MUFG Capital Finance 4 Limited and MUFG Capital Finance 5 Limited:
-- Preferred securities affirmed at 'BBB-'

ACOM:
-- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
Outlook Stable
-- Short-Term Foreign and Local Currency IDRs affirmed at 'F2'
-- Support Rating affirmed at '1'
-- Senior unsecured debt affirmed at 'A-'

Entity under Sumitomo Mitsui Trust Group

SMTB:
-- Long-Term Foreign and Local Currency IDRs affirmed at 'A-';
Outlook Stable
-- Short-Term Foreign and Local Currency IDRs affirmed at 'F1'
-- Viability Rating affirmed at 'a-'
-- Support Rating affirmed at '1'
-- Support Rating Floor affirmed at 'A-'


RENESAS ELECTRONICS: Sets Talks With Sony Over Chip Plant Sale
--------------------------------------------------------------
Mariko Yasu, Takashi Amano & Grace Huang at Bloomberg News report
that Sony Corp. is set to begin formal talks to buy a Japanese
chip plant from Renesas Electronics Corp. to increase production
of smartphone image sensors, people with knowledge of the
situation said.

Sony plans to begin due diligence next week, and the companies may
not reach a final agreement, the people, asking not to be
identified because the discussions are private, told Bloomberg.
The Tokyo-based company is increasing output of the sensors, which
help phones take high-quality photos, as companies such as Apple
Inc. (AAPL) buy Sony's technology for use in their own devices,
according to Bloomberg.

Bloomberg says Chief Executive Officer Kazuo Hirai is seeking to
bolster profits as the company struggles with falling demand for
televisions and missteps with its Hollywood studio. While its
smartphone business has just 3.7 percent of global shipments, Sony
has garnered almost a third of the $7.6 billion market for low-
power sensors.

"Sensor demand is growing for smartphones," Tsunenori Ohmaki, an
analyst at Tachibana Securities Co. in Tokyo, told Bloomberg by
phone. "Sony is considering the acquisition of Renesas' Tsuruoka
plant to expand sensor production."

The components are called complementary metal-oxide
semiconductors, or CMOS chips, and are used in Xperia phones,
Cyber-shot cameras and competitors' products such as the iPhone,
Bloomberg discloses.

Sony and Renesas will sign a memorandum as early as next week as
they initiate talks over the plant in Tsuruoka, another person
with knowledge of the plans told Bloomberg.

Sony is deciding between purchasing the Renesas plant in northern
Japan and investing in its own chip factories in the south, said
the person, who asked not to be identified because the talks are
private, Bloomberg reports.

Sony may pay about JPY10 billion for the factory and retain 900
employees, Bloomberg relays citing a report from Nikkei.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.

The Company reported a net loss of JPY168 billion for the fiscal
year ended March 31, 2013, compared with a net loss of
JPY62.60 billion in fiscal year ended March 31, 2012.

In February, shareholders of Renesas Electronics Corp. approved a
JPY150 billion investment plan from a government-backed fund and
eight companies to accelerate restructuring steps, the Japan Times
Online reported.


SHINSEI BANK: Moody's Says Upward Rating Action Reflects Progress
-----------------------------------------------------------------
Moody's Japan K.K. says the upward rating actions on Shinsei Bank
reflect the progress the bank has made in cleaning up its legacy
portfolios and the measures it has taken to enhance its risk
controls.

These observations are discussed in detail in Moody's just-
released credit focus titled, "Shinsei Bank: Drivers behind the
Positive Rating Actions."

On Nov. 11, 2013, Moody's raised Shinsei's baseline credit
assessment to ba2 from ba3 and upgraded its deposit rating to Baa3
from Ba1.

According to the report, the bank made significant progress in
cleaning up its legacy portfolio, by reducing its holdings of non-
recourse real-estate finance assets -- many of which had high
loan-to-value ratios -- as well as assets that the bank deemed
non-core, to 9.6% of total assets from 16.1%.

The disposal of problematic assets in its legacy portfolios
resulted in the bank's gross consolidated non-performing loan
(NPL) ratio decreasing to 6.2% at end-September 2013 from a peak
of 9.2% at end-March 2011.

With fewer risky assets and additional capital retained from three
consecutive years of net profits, Shinsei's consolidated Tier 1
capital rose to 11.98% of risk-weighted assets at end-September
2013 from 6.35% at end-March 2010.

In addition, the bank has remained profitable for the past three
fiscal years despite increasing its reserves for NPLs and for
interest refunds in its consumer-finance business, and without
having to rely on non-recurring gains.

The report also outlines the various steps that Shinsei has taken
to enhance its risk controls.

Moody's believes that Shinsei is appropriately mindful of the need
for robust risk controls in order to execute its "middle-risk,
middle-return" strategy successfully and prevent the bank from
repeating problems that arose in the past when it took on business
with insufficient checks.

Notwithstanding the improvements, Shinsei continues to have a
riskier business profile than the Japanese mega-banks and regional
banks.

Unlike these peers, the bank lacks the advantages of business
scale or a historical home market with many deep relationships to
local clients.

In addition, consumer finance, non-recourse real-estate finance
and specialty finance -- areas that are sensitive to economic
fluctuations -- comprise a relatively large portion of its assets
and earnings.

Further improvements in Shinsei's credit profile depend on its
ability to build a solid customer base, as well as a business
model that is resilient to economic stress.


TOKYO ELECTRIC: Expects 1,700 Workers to Voluntary Quit by March
----------------------------------------------------------------
Kyodo News reports that by the end of next March, Tokyo Electric
Power Co. expects 1,700 workers will have taken voluntary
retirement since the 2011 start of the Fukushima No. 1 nuclear
plant calamity, amid uncertain business prospects and pay cuts,
according to Tepco documents.

Employees from the business strategy division at Tepco's head
office as well as nuclear engineers account for around 40 percent
of the retirees, raising fears that the loss of personnel could
affect the utility's core activities, Kyodo relates.

By age, junior and midlevel employees younger than 40 years old
make up around 70 percent of all retirees, the report says.

With annual salaries having been cut by 20 to 30 percent and
uncertainty over the company's future, Tepco plans to include
measures to improve the treatment of employees in a business
turnaround plan it is currently revising, according to Kyodo.

Voluntary retirees, according to the documents obtained by Kyodo
News, jumped from 134 in fiscal 2010 to 465 in the year the
nuclear crisis started, Kyodo reports.

Kyodo notes that the figure reached 712 in fiscal 2012 and Tepco
estimates that around 560 will leave the company voluntarily in
the current fiscal year through March 2014.

As part of its cost-cutting efforts, Tepco is seeking to reduce
its workforce by 3,600 to 36,000 in two years from fiscal 2011 to
fiscal 2013.  Although the company is likely to meet this target,
it is losing skilled personnel in core divisions, which could
further complicate its decommissioning work, Kyodo relays.

According to Kyodo, Tepco needs massive funds to compensate people
and companies affected by the nuclear crisis and to carry out the
decades-long decommissioning of the Fukushima plant's crippled
reactors.

                        About Tokyo Electric

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

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

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

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

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



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


CHORUS LTD: Morningstar Cuts Shares Valuation
---------------------------------------------
Tom Pullar-Strecker at Stuff.co.nz reports that analyst
Morningstar has slashed its valuation of Chorus Ltd shares from
NZ$3.60 to NZ$1.60.

Stuff.co.nz relates that Morningstar said it believed the company
might need to raise NZ$400 million from shareholders by June and
could have to price any rights issue as low as $1-a-share.

Chorus shares were trading at $1.45 in mid-afternoon [Dec. 4]
trading, which Morningstar said was fair value.

Morningstar said it didn't expect Chorus to pay any dividends in
the near term and "an adverse regulatory regime and long-term
regulatory uncertainty" would preclude it from earning excess
returns over and above its cost of capital for the foreseeable
future, stuff.co.nz 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.


MEDIA COUNSEL: Owner's Fraud Trial Date Set For February 2015
-------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that the Serious
Fraud Office trial of former owner of The Media Counsel, an
Auckland media agency, is not due to happen until February 2015.

The Herald says Glenda Mary Wynyard, 48, has been charged by the
Serious Fraud Office with 21 counts of causing loss by deception,
7 counts of theft by a person in a special relationship, and 4
counts of dishonestly using a document.

Ms. Wynyard, a discharged bankrupt, is the a former director of
The Media Counsel, an agency set up in 2005 that provided media
placement, planning, public relations and event management
services, the report discloses.

It was placed into liquidation in 2010 and before this employed 24
staff, the report relates.

According to the report, Ms. Wynyard, who lives in Australia, was
back in New Zealand on December 3 for a brief appearance in the
Auckland District Court where a trial date of Feb. 9, 2015, was
set.

The proceedings are set down for four weeks, the report notes.

The Herald notes that the SFO alleged when it announced
Ms. Wynyard's charges that the The Media Counsel entered into an
debt factoring agreement with Marac Finance in late 2008 which
enabled it to get advances. The Herald relates that about a year
after entering this agreement, TMC signed on Aegis Media New
Zealand to provide media buying services as TMC's accredited
agency.  This followed TMC losing its own industry accreditation,
which meant it was unable to put advertising into publications on
a client's behalf, the SFO said.

The SFO alleges that Ms. Wynyard directed about NZ$2.4 million of
client invoice payments due to Aegis to pay the Marac debt
factoring facility, the report relays.

According to the Herald, TMC's liquidators, McDonald Vague, said
in reports posted to the Companies Office that they "concluded
that the reason for the company's failure lies solely with the
director's action of removing funds from the company to fund her
lifestyle".

The company still owes creditors close to NZ$2.5 million. Around
NZ$2.2 million of this is unsecured and liquidators said they do
not anticipate making a "significant distribution" to these
creditors, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 28, 2010, BusinessDay said The Media Counsel was placed into
liquidation by managing director Glenda Wynyard.  Ms. Wynyard
sent out an email to clients apologizing for "what is about to
erupt", saying financial difficulties plaguing the company over
the last year could not be overcome.  "There are many reasons
that our business faces imminent closure but the most recent is
that the purchaser we had pinned our final hopes on offered to
take over our client and staff base for free, as at Jan. 25,
2010, leaving us with a financial hole that we will not be able
to pull ourselves out from," BusinessDay quoted Ms. Wynyard as
saying in the e-mail.

Media Counsel owes creditors nearly NZ$2.5 million, with
NZ$2.2 million of that unsecured and most likely lost, Fairfax NZ
News reported.

Based in Auckland, New Zealand, The Media Counsel is an
advertising media agency.


SOUTH CANTERBURY FINANCE: SFO Drops Charges Vs. Two Execs
---------------------------------------------------------
Jared Savage at The New Zealand Herald reports that the Serious
Fraud Office failed to consider key evidence in the NZ$1.7 billion
South Canterbury Finance investigation which has led to charges
against two senior executives being dropped.

The Herald says Adam Feeley, the head of the SFO when charges were
laid two years ago, described the 14-month inquiry as the "most
resource-intensive and time-consuming in recent history". He said
the "value of the fraud alleged to have been committed exceeds
anything in the history of white-collar crime in
New Zealand," the report relates.

According to the Herald, the agency laid 21 charges against five
SCF executives for fraudulent transactions alleged to total
NZ$1.7 billion -- including NZ$1.58 billion from the government
bailout after the finance company collapsed.

But charges against two of the accused have been withdrawn before
the case reached trial, most recently accountant Terry Hutton who
faced two charges alleging false accounting in relation to the
recording of a NZ$25 million loan advance and a NZ$10 million loan
advance, says the Herald.

"What had been touted as the South Canterbury Five is now down to
three," the report quotes Mr. Hutton as saying.  "I believe the
withdrawal of the charges reflects the poor standard of
investigation work initially undertaken by Adam Feeley and his
investigation team."

The Herald notes that Mr. Hutton's defence team of leading
barrister Jonathan Eaton QC and forensic expert Gib Beattie -- a
former assistant director of the SFO -- were able to reconstruct
the transactions with the lawyer for Graeme Brown, another SCF
accused whose charge was dropped.

They were able to do this with information provided by the SFO
under the discovery process, along with other documents which Mr.
Hutton said had been supplied to investigators but "apparently not
considered relevant," the report notes.

This evidence, with supporting explanations, was provided to
prosecutors who in turn discussed the material with Simon McArley,
who was the acting head of the SFO after Feeley's resignation,
says the Herald.

The Herald says Mr. McArley, who has since resigned after Julie
Read was appointed as a permanent replacement, determined that
both charges against Mr. Hutton fell short of the Solicitor-
General's guidelines for prosecution and should be withdrawn.

The trial of the three remaining defendants, Lachie McLeod, Edward
Sullivan and Robert White, is set down to start in the High Court
at Timaru in March, the report adds.

                      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.


STEELBRO NEW ZEALAND: CBA Taps Ferrier Hodgson as Receivers
-----------------------------------------------------------
Peter McCluskey -- peter.mccluskey@fh.com.au -- and John Lindholm
-- john.lindholm@fh.com.au -- of Ferrier Hodgson were appointed
Receivers and Managers of Steelbro New Zealand Limited on Dec. 2,
2013, pursuant to the provisions contained in a registered
debenture charge created by the Company in favour of the
Commonwealth Bank of Australia.

"We have taken control of the assets and operations of the
Company, and have commenced an urgent assessment of its financial
position," Ferrier Hodgson said in a statement.

The Receivers and Managers' appointment follows the appointment by
the Director of David Webb -- dwebb@ppbadvisory.com -- and Craig
Crosbie -- ccrosbie@ppbadvisory.com -- of PPB Advisory as
Voluntary Administrators of the Company.

Steelbro New Zealand Limited supplies innovative container
handling equipment for the container transport industry.



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


BW GROUP: Moody's Confirms 'Ba2' CFR & Sr. Sec. Bond Rating
-----------------------------------------------------------
Moody's Investors Service confirmed the Ba2 corporate family
rating and senior secured bond rating of BW Group.

The ratings outlook is stable.

This rating confirmation concludes the review for downgrade
initiated on Oct. 28, 2013.

Ratings Rationale:

The rating action follows the completion of the initial public
offering of BW Group's subsidiary, BW LPG, and the arrangement and
drawdown of a loan facility by BW Gas Juju, which is a joint
venture between BW Group and Marubeni Corporation (Baa2 stable).

Both these transactions raised about $2.1 billion in proceeds: (1)
$0.6 billion from the sale of the BW Group's stake and new equity
in BW LPG; (2) $0.7 billion in new borrowings at BW LPG; and (3)
$0.9 billion in new debt at BW Gas Juju.

The proceeds have been used to repay $1.1 billion in debt at the
BW Group level and the balance will be used to fund capital
expenditures.

"The reduction in borrowings at the holding company has materially
improved BW Group's tight covenant headroom under its bank loan
and bond covenants, which was the key reason for the review for
downgrade on the ratings," says Vikas Halan, a Moody's Vice
President and Senior Analyst.

"Following these transactions, BW Group has achieved a more
efficient corporate structure under which each subsidiary and
joint venture will be funded with borrowings backed by the vessels
at the respective entities," adds Halan, who is also Lead Analyst
for BW Group.

In addition to reduced borrowings, the cash balance at the holding
company has also increased by an estimated $0.7 billion, which
will be sufficient to cover its committed capital expenditure of
$309 million over the next two years.

However, the total borrowings of the group, including debt at BW
Offshore, BW LPG and BW Gas Juju, have increased by about $0.5
billion to $4.2 billion from the $3.7 billion recorded before
these transactions.

As a result, the amount of debt at the subsidiary level to total
assets of the group has also increased to 35%, from less than 20%
before the transactions, creating structural subordination for
bondholders at the holding company.

"While we note increased structural subordination for lenders at
the holding company level following these transactions, we do not
notch down the senior secured bond rating from BW Group's
corporate family rating. In Moody's view, the risk of structural
subordination is mitigated by the existence of an exclusive pool
of vessels for the bondholders, an expectation that the holding
company will retain a high level of liquidity and the ability of
the holding company to independently service its debt
obligations," says Halan.

The bondholders at the holding company are secured by their
exclusive pool of vessels at a market value of 125% of the total
outstanding amount, as required under its covenant.

Furthermore, the cash flow at the holding company -- excluding
dividends from its subsidiaries -- will be sufficient to cover its
interest on debt at the holding company.

The holding company also has a substantial cash balance of $0.8
billion, which is sufficient to repay debt or invest in EBITDA-
producing assets that will further improve the credit profile of
the holding company.

Upward pressure on the ratings can develop if BW Group's
consolidated credit metrics improve beyond Moody's expectations.

Such an improvement can come from an improvement in its profit
margins and cash flows.

Credit metrics indicating upward pressure include consolidated
debt/EBITDA declining below 5.0x and EBIT/interest increasing
above 2.0x on a sustained basis.

The ratings could come under pressure if BW Group and/or its
subsidiaries (1) experience deterioration in its profit margins;
or (2) take on additional debt-funded expansion/acquisitions.

Credit metrics that indicate downgrade pressure include
consolidated debt/EBITDA increasing beyond 6.0x-6.5x and/or
EBIT/interest falling below 1.5x--1.0x on a sustained basis.

The senior secured bond rating of BW Group could be notched below
its corporate family rating if the holding company's credit
profile deteriorates or its financial policy becomes more
aggressive.

Indicators of such an event include (1) funds flow from operations
plus interest expense to interest expense at the holding company
level falling below 2.5x or (2) retained cash flow to net debt at
the holding company level falls below 20%; or (3) cash at the
holding company is used for shareholder distributions or in a way
that does not result in a decline in debt or an increase in
operating cash flow at the holding company level.

BW Group is a diversified shipping group with operations in four
key segments: (1) liquefied petroleum gas; (2) tankers; (3)
liquefied natural gas; and (4) floating, production, storage and
offloading vessels (FPSO). BW Group is a privately held holding
company, of which 93% is owned by the Sohmen family and 7% by
HSBC. BW Group owns a 49.8% stake in BW Offshore Ltd, an Oslo-
listed company and the world's second largest FPSO owner and
operator, and a 52.2% stake in BW LPG Limited, another Oslo-listed
company and the world's largest very large gas carrier owner and
operator.



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


TONGYANG GROUP: Chairman Got KRW3.45BB in First 9 Mos. of 2013
--------------------------------------------------------------
Kim Tae-jong at The Korea Times reports that major conglomerates
have slashed their executives' annual salary this year in an
apparent bid to circumvent tightened rules on the pay of top
employees.

From next year, the report relates, firms must disclose annual
income of executives who attend a board meeting. There are two
types of executives in Korea -- those who can attend a board
meeting and those who can't, the report discloses.

The Korea Times, citing Chaebul.com, discloses that 123 firms out
of 219 which paid their executives annual salaries of
KRW500 million or more last year showed a drastic decrease in
payments in the first nine months of the year.

This contrasts with conventional practices in which chaebol pays
very high salaries to their executives, one of the widely cited
examples of the economy's moral hazard, the report says.

For example, The Korea Times notes, Tongyang Group Chairman Hyun
Jae-hyun received a total of KRW3.45 billion in the first nine
months of this year from the group's three affiliates even as the
group requested court receivership.

His wife Lee Hye-gyeong, who served as the group's vice
chairwoman, received KRW1 billion during the same period, the
report relays.

The Korea Times relates that the chairman is also under
investigation for having allegedly issued bonds and corporate
papers to unsuspecting individual investors, causing them huge
financial losses.

Of the surveyed firms, 20 halved executives' salaries this year
with 45 companies reducing them by over 30 percent and 45
companies cutting them by 10 percent, compared to the same period
last year, The Korea Times discloses.

The deduction rates are especially high for executives who are
members of chaebol owner families, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific Oct. 3,
2013, The Korea Times said Tongyang Group Chairman Hyun Jae-hyun
is likely to lose his control of the company as five affiliates
have filed for court protection to avoid bankruptcy. Tongyang
Group confirmed that in only two days from September 30 through
October 1, five Tongyang affiliates -- Tongyang Inc., Tongyang
Leisure, Tongyang International, Tongyang Networks and Tongyang
Cement & Energy -- all filed for the court-led debt rescheduling
program after they failed to pay maturing debts valued at
KRW110 billion.  Following the receivership applications, the
Seoul Central District Court will decide on whether to give the
go-ahead to the protection request by Tongyang affiliates or to
let them go belly up and liquidate, the report noted.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.


* SOUTH KOREA: FSS Opens Probe Into Ex-Heads at 4 Major Banks
-------------------------------------------------------------
Yonhap News Agency reports that the financial regulator has
widened its probe into alleged corruption at a local bank to an
all-out scrutiny against former heads of four major banking groups
in South Korea, amid growing criticism over their arbitrary
management, regulatory officials said on Dec. 2.

The Financial Supervisory Service (FSS), began to look into
managerial-level malpractices involving the former chairmen of
four banking firms -- KB Financial Group Inc., Hana Financial
Group Inc., Woori Finance Holdings Co. and Shinhan Financial Group
Co. -- since 2008, Yonhap relates citing FSS officials.

Yonhap says the expanded probe came as the FSS decided to widen
the investigation to other major banks amid a set of ongoing
inspections into alleged corruption at Kookmin Bank.

According to the report, the flagship unit of KB Financial Group
has lately been subject to a heavy investigation by the FSS for
three separate allegations, including the suspicious role of its
Tokyo branch manager in running slush funds for KB Financial
executives.

The report relates that the FSS is apparently zeroing in on
whether former KB Financial Chairman Euh Yoon-dae had knowledge of
the matter and to what extent he was involved in such irregular
acts.

The report says the list of possible suspects was expanded to now
include the other three ex-chairmen. It is difficult to rule out
the possibility that they had also been somehow connected to
corruption allegations that took place during their terms, the
FSS, as cited by Yonhap, said.

Yonhap discloses that Kim Seung-yu, the former chief of Hana
Financial Group, is suspected of buying some 4,000 artworks with
company funds from a gallery owned by a former Hana executive.

Former Woori Finance chief Lee Pal-seung has been investigated by
the FSS over his involvement in incurring the banking group
massive loan losses from a defaulted development project, the
report relays.

According to Yonhap, the regulator has also launched a probe into
suspected illegal access to client information by Shinhan
Financial Group employees, which calls Ra Eung-chan, the lender's
ex-chairman, into question.

Yonhap notes that some market watchers claimed that the FSS is
taking aim at the former government, since all of the four ex-
banking chiefs are known to be close aides of former President Lee
Myung-bak.

An FSS official, requesting anonymity, denied that the probe has
any political agenda, saying it is part of an all-out effort to
clamp down on corruption in the financial industry, the report
adds.



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


BANK OF AYUDHYA: Fitch Maintains Support Rating Floor of BB+
-------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Positive on Bank of
Ayudhya Public Company Limited's (BAY) Long-Term Issuer Default
Rating (IDR) of 'BBB', Short-Term IDR of 'F3', National Long-Term
Rating of 'AA-(tha)', and Support Rating (SR) of '3'.

Since Fitch placed BAY on Rating Watch Positive in July 2013,
there have been signs of progress in Bank of Tokyo-Mitsubishi UFJ,
Ltd.'s (BTMU, A/Stable) plan to acquire the Thai bank. Thailand's
Ministry of Finance and central bank have already granted
permission for BTMU to hold more than 49.0% of BAY's shares, and
to integrate its existing Bangkok branch with BAY after it
acquires a majority stake in the Thai bank. BAY's shareholders
have approved the transaction, and BTMU has commenced a Voluntary
Tender Offer for BAY shares in the beginning of November 2013.

Although BTMU may secure a majority stake as soon as December
2013, consummation of the transaction, including details of the
final stake and structure/strategy employed BTMU may take more
than three months. It is only upon these milestones that Fitch
would be in a position to resolve the Rating Watch and conclude
the extent of upgrade merited in BAY's ratings.

Key Rating Drivers:

The Rating Watch Positive continues to reflect the probability
that BTMU will become the majority shareholder in BAY. Fitch
expects that the change would result in a high likelihood of
support from BTMU to BAY, especially in terms of management and
operational integration and funding support.

BTMU's potential maximum stake in BAY is 80%, and its eventual
shareholding would depend on the results of the tender offer and
the pricing for the transfer of BTMU's Bangkok branch to the Thai
bank. BTMU is given a 10-year grace period after acquiring BAY to
inject additional capital. After that period, BTMU could be
restricted from purchasing new shares in BAY if its holding is
above 49%. While this could result in dilution in the long-term,
Fitch believes that the regulators are unlikely to prevent an
injection of additional capital by BTMU if that is required in the
event of financial distress at BAY.

Rating Sensitivities:

Fitch expects BAY's Long- and Short-Term IDRs and National Long-
Term rating to be upgraded by up to two notches based upon the
expectation of a high probability of extraordinary support from
its new institutional shareholder. The extent of the upgrade would
depend on Fitch assessment of BAY's strategic importance to BTMU,
which hinges on several factors, such as BAY's role in the group,
BTMU's ownership, the extent the two companies are integrated,
brand name sharing, etc.

BAY's ratings are as follow:
-- Long-Term IDR of 'BBB'; RWP
-- Short-Term IDR of 'F3'; RWP
-- Viability Rating of 'bbb'
-- Support Rating of '3'; RWP
-- Support Rating Floor of 'BB+'
-- National Long-Term Rating of 'AA-(tha)'; RWP
-- National Short-Term Rating of 'F1+(tha)'
-- National long-term senior unsecured debt of 'AA-(tha)'; RWP
-- National short-term senior unsecured debt of 'F1+(tha)'
-- National subordinated debt of 'A+(tha)'; RWP



                             *********

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 ***