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        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

           Friday, December 6, 2013, Vol. 16, No. 242


                            Headlines


A U S T R A L I A

CIRCULAR QUAY: Coca Cola Initiates Liquidation Proceedings
MACS ENGINEERING: PwC Appointed as Voluntary Administrators
PACIFICO AZUL: Clifton Hall Appointed as Liquidators
WORKOUT WORLD: Placed in Administration After Sale Deal


I N D I A

ADMIRON LIFE: CARE Ups Rating on INR39cr LT Bank Loans to 'BB-'
ANAND CARBO: CRISIL Puts Ratings on Notice of Withdrawal
BANER BIZ: CARE Rates INR8cr LT Bank Loans at 'B+'
BHUVANESWARI COTSPIN: ICRA Ups Ratings on INR25.2cr Loans to BB+
BISMILLAH JEWELLERS: CRISIL Reaffirms BB+ Rating on INR80MM Loan

BLOSSOMS OILS: CARE Cuts Rating on INR21.98cr LT Loans to 'BB'
CENTEX FABRICS: CRISIL Cuts Ratings on INR209.4MM Loans to 'B'
DANEWALIA TIMBERS: CRISIL Rates INR150MM Loans at 'B'
DASPARA TEA: CRISIL Assigns 'B' Ratings to INR85.5MM Loans
DB MALLS: ICRA Cuts Rating on INR401cr LT Loans to 'B'

DELFINA CERAMIC: CARE Reaffirms 'B+' Rating on INR6.29cr Loans
DINESH ENGINEERS: CRISIL Reaffirms 'B+' Ratings on INR70MM Loans
DWARKA KNITTING: CRISIL Rates INR187.5MM Term Loan at 'BB'
ENPOWER SOLUTIONS: CRISIL Assigns 'B' Ratings to INR30MM Loans
ETA PROPERTIES: ICRA Assigns 'BB-' Rating to INR42cr Loans

GAYTRI INDUSTRIAL: ICRA Assigns 'B+' Ratings to INR10cr Loans
GHAZIABAD SHIP: CRISIL Reaffirms B+ Ratings on INR140MM Loans
GODAWRI MOTORS: CRISIL Rates INR72.5MM Bank Loan at 'B'
GOKILAA GAARMENTS: ICRA Reaffirms B+ Rating on INR1.13cr Loans
GOLD KING: CRISIL Reaffirms 'BB-' Ratings on INR76.8MM Loans

GREENEARTHINFRAVENTURES: CARE Keeps BB- Rating on INR22.5cr Loan
GVA INDUSTRIES: ICRA Reaffirms B+ Rating on INR8cr Loan
JANAK GINNING: ICRA Assigns 'B+' Rating to INR7cr LT Loan
JINDAL GSL: CARE Assigns 'B+' Rating to INR9.9cr LT Loans
K. K. PRODUCTS: CRISIL Assigns 'BB-' Ratings to INR43.6MM Loans

KARNAVATI ENG'G: CARE Reaffirms 'BB+' Rating on INR11.9cr Loans
KARUTURI CERAMICS: CRISIL Reaffirms 'D' Ratings on INR240MM Loans
KRISHNAMMAL TRUST: CRISIL Assigns 'B+' Ratings to INR150MM Loans
KTC CARS: CRISIL Assigns 'B' Rating to INR160MM LT Loan
LIBRA INT'L: CRISIL Assigns 'B+' Ratings to INR110.5MM Loans

MADHUR ENGINEERS: ICRA Reaffirms BB Rating on INR2cr Loan
MAKS TECHNOLOGIES: CRISIL Rates INR25MM Cash Credit at 'B+'
METAL TRADERS: ICRA Assigns 'BB+' Ratings to INR12cr Loans
NEERAJ POWER: ICRA Assigns 'BB-' Rating to INR3.25cr LT Loan
NOVA TEXTILES: CRISIL Assigns 'BB-' Rating to INR187.5MM Loan

P.S.R. GRANITES: CRISIL Assigns 'B-' Ratings to INR22.5MM Loans
PCM STRESCON: CRISIL Reaffirms 'B' Rating on INR1.72BB Loan
PLASTO MANUFACTURING: CRISIL Puts 'B+' Ratings on INR35MM Loans
R. KANTILAL: CARE Reaffirms 'BB/A4' Rating on INR160cr Loans
ROTOAUTO ENG'G: ICRA Suspends 'B+' Rating on INR7.5cr Loans

S. D. INFRASTRUCTURE: CRISIL Rates INR80MM Term Loan at 'B+'
SAGAR EDUCATIONAL: CRISIL Assigns 'D' Ratings to INR180MM Loans
SANSKAR SYNTHETICS: ICRA Reaffirms B+ Rating on INR10.3cr Loan
SHAH MOTILAL: CRISIL Assigns 'BB-' Ratings to INR70MM Loans
SHAH PACKWELL: CRISIL Assigns 'B+' Ratings to INR125MM Loans

SHANTI SHIRTING: CRISIL Rates INR187.5MM Term Loan at 'BB'
SHIVPRIYA CABLES: ICRA Ups Ratings on INR27.5cr Loans to 'B'
SRI KARVEMBU: CRISIL Reaffirms 'D' Ratings on INR127.6MM Loans
SSV SPINNERS: CARE Revises Rating on INR35cr LT Loans to 'B+'
THAKUR V. S.: CRISIL Assigns 'BB-' Ratings to INR110MM Loans

UMANG ASSOCIATES: CRISIL Puts 'BB' Ratings on INR109.2MM Loans
UNIQUE GEMS: CRISIL Assigns 'BB-' Ratings to INR200MM Loans
VEER GEMS: ICRA Reaffirms BB+/A4+ Ratings on INR125cr Loans
VENUS INDUSTRIAL: CRISIL Cuts Rating on INR5MM Loan to 'BB-'
Y.M.R. CONSTRUCTIONS: CRISIL Puts 'B-' Ratings on INR82.5MM Loans


N E W  Z E A L A N D

CHORUS LTD: Has Urgent Cash Need, Fund Manager Says
CHORUS LTD: New Zealand Government May Offer Aid
CREDIT UNION: Fitch Rates Insurer Financial Strength at BB+
LEARNING MEDIA: Creditors Left Out of Pocket as Liquidation Ends
REYNOLDS GROUP: Moody's Affirms 'Ba3' Corporate Family Rating

REYNOLDS GROUP: S&P Assigns 'CCC+' Rating to Proposed $590M Notes


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CIRCULAR QUAY: Coca Cola Initiates Liquidation Proceedings
----------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Circular Quay
Restaurants Pty Limited, the company identified as a front for the
waterfront hospitality venture of the Obeid family, has defaulted
on a statutory payment demand which Coca Cola Amatil issued.

Paul Maroon is the sole director of Circular Quay Restaurants who
took his position from John Abood, the brother in law of Eddie
Obeid, last year. However, Mr. Abood is still the company's sole
shareholder, dissolve.com.au relays.

According to dissolve.com.au, the demand default resulted in the
initiation of liquidation proceedings by Coca Cola. The hearing is
scheduled on December 10.

dissolve.com.au relates that should the Obeid-controlled company
fail to produce the approximately AUD108,000 which Coca Cola
claimed, the potential liquidator will have a control over a suite
of harbor foreshore leases.

Some releases noted that such the leases were renewed for a ten-
year period in 2009. However, it is likely to be automatically
terminated upon liquidation of the lessee, dissolve.com.au
reports.


MACS ENGINEERING: PwC Appointed as Voluntary Administrators
-----------------------------------------------------------
Vanessa Chircop at Sunshine Coast Daily reports that MACS
Engineering went into voluntary administration on December 2
with Derrick Vickers and Darryl Kirk, of PricewaterhouseCoopers,
appointed as administrators.

Director Simon Mortess only spoke with the Daily Mercury in August
about the company's expectation of riding out the mining downturn.
At the time, Mr. Mortess said they had decided to diversify their
business into coal seam gas, which was part of a strategy that
started two years ago, the Daily Mercury relays.

The company opened in 1965 and expanded to Caboolture in 2011.

The report says the Mackay and Caboolture offices ceased trading
on December 2.

According to the report, MACS Engineering director Ross
Fredrickson said the decision to appoint voluntary administrators
was made after all other options had been exhausted.

"We wanted to ensure, in the situation, that the best possible
outcome for staff, creditors and other key stakeholders was
achieved," the report quotes Mr. Fredrickson as saying.

The Daily Mercury relates that PwC partner and voluntary
administrator Mr. Vickers said employees had been advised of the
closure.

"We will be available to answer any questions they may have," the
Daily Mercury quotes Mr. Vickers as saying.  "We are also
interested in talking to any parties interested in acquiring the
business or assets of MACS Engineering."

Mr. Vickers said the 76 employees would have access to government
assistance including Centrelink and the Federal Government's Fair
Entitlements Guarantee, the report adds.

Based in Mackay, Queensland, MACS Engineering is an engineering
company and manufacturer, body builders and ROPS, and supplier of
light vehicle third party equipment, accessories and associated
support services to the mining, infrastructure, energy and
government sectors.


PACIFICO AZUL: Clifton Hall Appointed as Liquidators
----------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of Pacifico Azul Pty Limited on Dec. 4,
2013.


WORKOUT WORLD: Placed in Administration After Sale Deal
-------------------------------------------------------
Melinda Oliver at SmartCompany reports that fitness equipment
business Workout World has collapsed into administration less than
a month after finalising a deal to sell its key assets to Super
Retail Group.

Administrators Michael Smith -- mikes@smithhancock.com.au -- and
Peter Hillig -- peterh@smithhancock.com.au -- from Smith Hancock
Chartered Accountants have been appointed, with the first
creditors meeting scheduled for December 12, SmartCompany
discloses.

The report says Workout World had fitness equipment showrooms
across Australia, and in late November this year it sold its brand
name, intellectual property, inventory and store assets to retail
giant Super Retail Group.

SmartCompany relates that Super Retail Group announced at the time
that Workout World would become part of the group's sports
retailing division.  It said the acquisition would provide the
opportunity for the division to build on its fitness product
business.

The price paid for the assets was not revealed, with the company
stating that it was "not material" and therefore not likely to
have an impact on earnings in the short term, SmartCompany says.

Super Retail Group chief executive officer Peter Birtles told
SmartCompany that the retail giant saw the potential of the brand
and was pleased to take it on at the value of its inventory.

"We are in the process of taking on the leases for 21 retail
sites," the report quotes Mr. Birtles as saying.  "The company
owned 26 stores, but five were not profitable."

Mr. Birtles said there are a small number of franchises, but Super
Retail Group has not taken on the franchise arm. However, he says
the company is in discussions with franchisees about their next
steps, SmartCompany adds.

Workout World is a fitness equipment retailer based in Australia.



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


ADMIRON LIFE: CARE Ups Rating on INR39cr LT Bank Loans to 'BB-'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Admiron
Life Sciences Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         39        CARE BB- Revised
   Facilities                       from CARE B+

Rating Rationale

The revision in the rating takes into account the completion of
the project with commencement of production of validation batches
and strong promoter support through equity infusion. The ratings
also factor in the satisfactory experience of the promoters,
required approvals in place, raw material sources identified and
positive industry growth prospect. The ratings, however, are
constrained by the post project implementation risk associated
with project stabilization and commencement of commercial
operation. The ability of the company to stabilise the business
operations, establish client base and achieve the projected
revenue and profitability are the key rating sensitivities.

Incorporated on December 06, 2010, Admiron Life Sciences Pvt Ltd
is promoted by Mr T Mohan Reddy. The company had undertaken
setting up of a pharmaceutical manufacturing plant (installed
capacity of 386 metric tons per annum) in Visakhapatnam. The
project got completed in September 2013 (as against the envisaged
completion date of June 30, 2013) with commercial operation date
(COD) declared as September 30, 2013. The project has been
completed at an aggregate cost of INR71.21 crore against initial
project cost considered INR68.13 crore.

The project has almost stabilized and the company has undertaken
production of validation batches (on trial basis) of five Active
Pharmaceutical Ingredients.


ANAND CARBO: CRISIL Puts Ratings on Notice of Withdrawal
--------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Anand
Carbo Pvt Ltd on 'Notice of Withdrawal' for a period of 180 days,
at ACPL's request. The ratings will be withdrawn at the end of the
notice period, in line with CRISIL's policy on withdrawal of its
bank loan ratings.
                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Bank Guarantee       7.5     CRISIL A4+ (Notice of Withdrawal)

   Cash Credit         40.0     CRISIL BB+/Stable (Notice of
                                Withdrawal)
   Proposed Bank
   Guarantee           42.5     CRISIL A4+ (Notice of Withdrawal)

   Proposed Cash
   Credit Limit       110.0     CRISIL BB+/Stable (Notice of
                                Withdrawal)

Incorporated in 1998 and promoted by Mr. Hanuman Mal Bhutoria and
his brother, Mr. Mangi Lal Bhutoria, ACPL has been trading in coal
of a variety of grades since 2007.


BANER BIZ: CARE Rates INR8cr LT Bank Loans at 'B+'
--------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Baner Biz
Bay.

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

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a 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 rating assigned to the bank facilities of Baner Biz Bay (BBB)
is constrained on account of the implementation risk associated
with its on-going real estate project, moderate booking status of
the project, competition from other real estate players in the
region and constitution of the firm as a partnership concern.

The abovementioned constraints far outweigh the strengths derived
from the considerable experience of the promoters in the real
estate industry, strategic project location and satisfactory
progress along with financial closure achieved for the project.
Completion of the ongoing project without any time and cost
overrun and the ability to sell the space in a highly competitive
scenario at the envisaged prices and in a timely manner are the
key rating sensitivities.

Baner Biz Bay is a Special Purpose Vehicle (SPV) sponsored by the
promoters "GL Group" and "PL Group" based out of Pune and Mumbai,
respectively.  The promoters have considerable presence in the
real estate market and have a proven track record of completing
several residential, commercial and infrastructure projects in
Maharashtra.

BBB was established in the year 2011 as partnership firm to
execute commercial building at Baner, Pune. The partners of the
firm have an extensive experience in the execution of construction
of realestate projects. The project is of eight floors over the
ground floor and two levels of basement with a total saleable area
of 0.42 lakh square feet (lsf). The estimated total cost of the
project is INR22.94 crore, which is funded by a project-specific
cash credit of INR8 crore, partners' contribution of INR8 crore
and the remaining INR6.94 crore through customer advances. Out of
the total cost of INR22.94 crore, the firm has already incurred
INR14.86 crore (64%) as on November 21, 2013.

The same is funded through partners' contribution of INR8 crore,
additional capital from partners of INR3.79 crore and the balance
INR3.07 crore from advances from customers.


BHUVANESWARI COTSPIN: ICRA Ups Ratings on INR25.2cr Loans to BB+
----------------------------------------------------------------
ICRA has upgraded the long term rating outstanding on the INR2.70
crore (reduced from INR4.29 crore) term loan facilities and
INR22.50 crore fund based facilities of Bhuvaneswari Cotspin India
Private Limited to '[ICRA]BB+' from '[ICRA]BB'. The outlook on the
long term rating is stable.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-Term        2.70       [ICRA]BB+(Stable)/upgraded
   Loans                             from [ICRA]BB

   Long Term-Fund       22.50       [ICRA]BB+(Stable)/upgraded
   based facilities                 from [ICRA]BB

The rating upgrade considers the improvement in financial profile
of the company during 2012-13 marked by healthy growth in
operating income on the back of favourable yarn demand, sharp
expansion in profit margins with relatively stable cotton prices
and improving power scenario in Tamil Nadu, and better debt
indicators on the back of healthy accruals and lower debt levels.
The operating cycle was reduced from around six months to four
months, thereby leading to lesser dependence on working capital
loans; this coupled with the scheduled repayment of term loans has
improved the debt indicators of the Company. The capital structure
and coverage indicators were comfortable with a gearing at of 0.7
times and Total debt to OPBDITA of 1.6 times as on March 31, 2013.
The rating also takes into account the experience of the promoters
in the spinning industry for over a decade and the Company's
diversified business profile with presence in both yarn and fabric
segments which lends stability to volumes.

The ratings are, however, constrained by the Company's relatively
small scale of operations which restrict scale economies and
financial flexibility, and the exposure of the Company's revenues
and profitability to volatility in cotton and yarn prices. While
the company does not have any major debt funded capital
expenditure in the near term given the annual repayment obligation
of ~Rs. 2.6 crore in 2013-14 and INR1.5 crore 2014-15, the
company's ability to sustain higher profits and generate healthy
cash flows is critical. With the cotton prices ruling high in the
last few months, the Company's strategies on inventory holding
levels and cost of procurement in the current season need to be
seen.

Bhuvaneswari Cotspin India Private Limited (BCIPL) is primarily
engaged in the production of cotton yarn (of the hosiery variety)
and production of grey fabric though knitting. Incorporated in
2003, the Company has an installed capacity of 19,200 spindles.
Its manufacturing facility is located in Kangeyam near Tirupur
(Tamil Nadu). The promoters and their relatives hold the entire
stake in the Company. BCIPL was floated by Mr. N Loganathan, who
has an experience of over three decades in textile industry.

Recent Results

The Company reported net profit of INR3.7 crore on an operating
income of INR74.9 crore during 2012-13 as against net profit of
INR0.6 crore on an operating income of INR47.5 crore during 2011-
12.


BISMILLAH JEWELLERS: CRISIL Reaffirms BB+ Rating on INR80MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bismillah
Jewellers Pvt Ltd continues to reflect the extensive experience of
BJPL's promoters in the gold jewellery business, and its above-
average financial risk profile marked by its modest net-worth, low
gearing and robust debt protection metrics.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           80.0     CRISIL BB+/Stable (Reaffirmed)

These rating strengths are partially offset by BJPL's modest scale
of operations in the intensely competitive gold jewellery
retailing business, its large working capital requirements to fund
its inventory, and high degree of geographic concentration in its
revenue profile.

Outlook: Stable

CRISIL believes that BJPL will continue to benefit over the medium
term from its promoters' extensive experience in the gold
jewellery business. The outlook may be revised to 'Positive' if
there is a substantial and sustained improvement in BJPL's scale
of operations, while it maintains its profitability margins, or
there is sustained 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, or there is
a substantial deterioration in its financial risk profile most
likely because of large debt-funded capital expenditure or larger-
than-expected working capital requirements.

BJPL was incorporated in 2004, promoted by Mr. Mohammed Fazlulla
Baig, Mr. Manzoor Ahemed, Mr. Athaur Rahaman Khan, Mr. Mohammed
Asadullah Baig, and Mr. Raffeq Ahmed.

The company is engaged in retailing of gold jewellery; its product
range includes all types of ornaments such as necklaces, rings,
earrings, bangles, and bracelets. BJPL has two retail showrooms in
Hyderabad (Andhra Pradesh). It operates these showrooms under the
name Mujtaba Jewellers.


BLOSSOMS OILS: CARE Cuts Rating on INR21.98cr LT Loans to 'BB'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Blossoms Oils and Fats Ltd.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank        21.98       CARE BB Revised
   Facilities                        from CARE BBB-


   Short-term Bank      122.00       CARE A4 Revised
   Facilities                        from CARE A3

Rating Rationale

The revision in the ratings of the bank facilities of Blossoms
Oils and Fats Ltd take into account the deterioration of the
financial risk profile of the company in FY13 (refers to the
period April 1 to March 31) and H1FY14 due to foreign exchange
loss, inability to pass on the cost of imported raw material
(crude palm oil) to customers and delay in receipt of payment from
the customers resulting in a strained liquidity position. The
ratings continue to be constrained by the moderate size of the
company, low entry barriers for the industry, raw material price
volatility and associated profit vulnerability, risk associated
with fluctuation in foreign exchange and regulatory risks
pertaining to the policies governing import/export of edible oil.
The ratings are, however, underpinned by the long-standing
operations of the company and experienced management. The ability
of the company to mitigate the risk associated with the operations
of the business and improving its profitability are the key rating
sensitivities.

Incorporated in 1999, Blossoms Oils & Fats Limited (BOFL) is
engaged in the refining of crude palm oil, manufacturing of
vanaspati and other products such as bakery biscuit products and
fatty chips products. The company set up its manufacturing
facility at Yanam (Union Territory of Pondicherry), near Kakinada
Port, Andhra Pradesh, with a Crude Palm Oil (CPO) refining
capacity of 75 TPD in 2001. BOFL has an installed capacity of 400
tonnes per day (TPD) as on October 31, 2013. The company was
promoted by Mr TG Prashanth and Ms TG Saroja, who have been in the
edible oil business for more than 10 years. Mr TGS Narayana, the
CEO of the company, too has been in the same industry and has
worked in countries like Malaysia and Indonesia, which are
major crude palm oil (CPO) suppliers for the Indian companies.

The company incurred a loss of INR66.45 crore on a total income of
INR621.28 crore in FY13 as against a PAT and total income of
INR4.22 crore and INR558.87 crore, respectively in FY12.
Furthermore, BOFL achieved sales of INR373 crore during H1FY14.


CENTEX FABRICS: CRISIL Cuts Ratings on INR209.4MM Loans to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Centex Fabrics (Export Unit) to 'CRISIL B/Stable' from 'CRISIL
BBB/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                123.0    CRISIL B/Stable (Downgraded
                                     from 'CRISIL BBB/Stable')

   Proposed Long-Term
   Bank Loan Facility        86.4    CRISIL B/Stable (Downgraded
                                     from 'CRISIL BBB/Stable')

The rating downgrade follows CRISIL's reassessment of CFEU's
credit risk profile after the sale of its textile business to its
group company, Centex International Pvt Ltd (CIPL), with effect
from October 31, 2012, on a slump-sale basis, for a total
consideration of INR280.1 million. Subsequently, the consideration
was withdrawn by the proprietor from the firm. Subsequent to the
sale, CFEU's revenue reduced considerably as it is now only
operating a windmill and a solar power unit in Tamil Nadu (TN) and
Madhya Pradesh (MP), respectively. CFEU generated low revenue of
INR24511 from its power division in 2011-12 (refers to financial
year, April 1 to March 31), out of the total revenue of INR787.51
million for the year. CRISIL believes that CFEU's revenue will
remain low, in the range of INR30 million to INR40 million per
annum, over the medium term, given that it has no plans for
capacity expansion in either of the power plants.

The rating reflects CFEU's low power generation capacity with low
expected revenues, its susceptibility to counter party risks, and
its large working capital requirements. These rating weaknesses
are partially offset by CFEU's long-term contracts with state
electricity boards (SEBs) providing revenue visibility over the
medium term.

For arriving at the rating, CRISIL has now considered only the
standalone business and financial risk profile of CFEU, unlike
earlier, when the credit risk profile of CFEU was combined with
that of Centex International Private Limited. This is mainly
because CIPL has acquired the ready-made garment business of CFEU
on a slump sale basis, and will henceforth operate the entire
ready-made garment business. Currently, there are no financial and
operational linkages between the two entities.

Outlook: Stable

CRISIL believes that CFEU's revenues will remain stable over the
medium term on the back of its long-term power-purchase agreement
(PPA) signed with its customers, and the expected support from its
promoters. The outlook may be revised to 'Positive' if there is a
significant increase in the firm's power generation, leading to
higher cash accruals, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' if there are
significant delays in payment from SEBs, or a considerable decline
in power generation leading to lower-than-anticipated cash
accruals, or if CFEU undertakes a larger-than-expected debt-funded
capital expenditure programme.

CFEU was initially set up as Centex Fabrics in 1969 by Mr. R P
Sood in Ludhiana (Punjab); he was later joined by his son, Mr.
Vineet Sood in 1985. In 2003, Centex Fabrics was closed down to
focus entirely on the export markets through a new entity, CFEU,
which was registered as a fully export-oriented unit. CFEU
commenced operations in 2003 and till October 31, 2012, it was
primarily engaged in manufacturing and exporting scarves, stoles,
mufflers, and shawls.

CFEU is currently operating a windmill in Tamil Nadu with a total
capacity of 1.5 megawatts (MW) and a solar power plant in Madhya
Pradesh with a total capacity of 1.25 MW. Both the plants had
commenced commercial operations by the end of 2012-13.

For 2012-13, CFEU has reported a net loss of INR1.4 million on
operating revenues of INR11.8 million.


DANEWALIA TIMBERS: CRISIL Rates INR150MM Loans at 'B'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Danewalia Timbers Pvt Ltd.

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

The rating reflects DTPL's weak financial risk profile, marked by
a high total outside liabilities to tangible net worth (TOLTNW)
ratio and weak debt protection metrics, and susceptibility of its
operating margin to fluctuations in timber prices and foreign
exchange (forex) rates. These rating weaknesses are partially
offset by the extensive experience of DTPL's promoters in the
timber trading industry.

Outlook: Stable

CRISIL believes that DTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if DTPL improves its capital
structure, either by equity infusion or higher-than-expected cash
accruals, backed by improvement in scale of operations and
profitability, along with improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
if DTPL's financial risk profile deteriorates on account of
further decline in its revenues and profitability, or in case it
undertakes any larger-than expected, debt-funded capital
expenditure (capex) programme, or if the company's liquidity
weakens significantly on account of increase in its working
capital requirements.

DTPL was set up in 2011 as a private limited company by Mr.
Surinder Garg. DTPL is engaged in trading of timber logs, mainly
red meronti, ivory coast teak, golden champ and deodar from
Malaysia, Singapore, South Africa and Canada through
intermediaries based in these countries. The company is promoted
by the Garg family and has its head office based in Mansa
(Punjab). It has a timber processing unit in Gandhidham (Gujarat).

DTPL reported net profit of INR0.78 million on net sales of INR0.5
billion for 2012-13 (refers to financial year, April 1 to March
31) as against net profit of INR0.94 million on net sales of
INR0.25 billion for 2011-12.


DASPARA TEA: CRISIL Assigns 'B' Ratings to INR85.5MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Daspara Tea Estate Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan            63      CRISIL B/Stable
   Bank Guarantee             5      CRISIL A4
   Cash Credit               22.5    CRISIL B/Stable

The ratings reflect the start-up nature of DTPL's operations in
the intensely competitive tea processing industry, and the
company's average financial risk profile, marked by low net worth.
These rating weaknesses are partially offset by the extensive
experience of DTPL's promoters in the tea industry.

Outlook: Stable

CRISIL believes that DTPL will benefit from the promoters'
extensive experience in the tea business. The outlook may be
revised to 'Positive' if substantial ramp up in revenue and
profitability result in better-than-expected cash accruals for
DTPL, while it manages its working capital requirements
efficiently. Conversely, the outlook may be revised to 'Negative'
in the event of time or cost overruns on its ongoing project, low
cash accruals, or sizeable working capital requirements.

DTPL, based in West Bengal, is currently setting up a unit for
processing of tea. The plant is expected to commence commercial
operations in February 2014. The company is promoted by Mr. Rajesh
Agarwal and Mr. Rohit Agarwal.


DB MALLS: ICRA Cuts Rating on INR401cr LT Loans to 'B'
------------------------------------------------------
ICRA has revised the long term rating assigned to the INR401.00
crore fund based limits (enhanced from INR275.00 crore) of DB
Malls Private Limited from '[ICRA]B+' to '[ICRA]B'.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term Fund         401.00      [ICRA]B Downgraded
   Based Limits

The rating downgrade takes into account the deterioration in the
debt servicing capability subsequent to fresh borrowings by the
company, whereby the cash inflows from mall rentals are unlikely
to be sufficient to service the scheduled debt obligations,
thereby increasing the dependence on timely funding support from
the promoter/group companies.

The rating continues to remain constrained by the modest
operational performance of the mall as the rentals continue to
witness limited growth from retail space and most of the tenants
continue to pay Minimum Guaranteed (MG) rentals. The vacancy
levels in the corporate office space (11% of leasable area)
continue to remain high at 52% as on Sep-13. As majority of the
retail tenants continue to pay the MG rentals, it reflects lower
than expected revenue realisations by the tenants, thereby
exposing the company to rental renegotiation/vacancy risks
especially in the backdrop of opening of other malls in the city
and thus heightens the tenant retention risk. ICRA has taken note
of the low occupancy in the hotel (20% of lease area), which has
been leased to its group company - Deligent Hotel Corporation Pvt.
Ltd. (rated [ICRA]BB-/Stable) and is under management contract
with the Marriott Group; which has resulted in delays in cash
inflows against lease rentals, thereby putting further pressure on
the already stretched cash flows of DB Malls. The above concerns
highly offsets the positives such as favourable location of mall
with reputed tenant mix of premium national / international
brands, healthy occupancy of the retail space and mall's good
connectivity with various commercial and residential areas of the
city which increases the overall attraction of the property.
Going forward, ability of company to increase in the lease rentals
by improving occupancies, retention of the existing tenants at
favorable terms and secure timely funding support from group will
be highly crucial for its debt servicing ability and hence would
remain the key rating sensitivities.

DB Malls Private Limited (DB Malls) was incorporated in June-2006
and is a part of Dainik Bhaskar Group with promoters holding 100%
stake. DB Malls owns and operates DB City Mall, which started its
commercial operations in August-2010; and is the first and biggest
mall in the capital city of Bhopal. The mall has a total built-up
area of 13.5 lakh square feet and leasable area of 8.5 lakh square
feet, spread across retail outlets, commercial offices and a
hotel.

During FY-13, DB Malls reported a loss of INR14.3 crore with an
operating income (OI) of INR48.9 crore as compared to a loss of
INR5.6 crore with an OI of INR47.4 crore in the previous financial
year. For the quarter-ended June 30, 2013, the company reported a
loss of INR4.4 crore with an OI of INR14.8 crore.


DELFINA CERAMIC: CARE Reaffirms 'B+' Rating on INR6.29cr Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Delfina Ceramic Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            6.29       CARE B+ Reaffirmed

   Short-term Bank
   Facilities            0.90       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Delfina Ceramic
Private Limited continue to remain constrained on account of its
small scale of operations and its weak financial risk profile
marked by moderate profitability, leveraged capital structure,
weak debt coverage indicators and moderate liquidity position. The
ratings further continue to be constrained on account of the
susceptibility of its profitability to volatile raw material price
and natural gas price coupled with its presence in the highly
competitive market for ceramic tiles with fortunes linked to
demand from the cyclical real estate sector.

The ratings, however, continue to favorably take into account the
experience of the promoters in the ceramic tile industry and its
location in the ceramic tiles hub with easy access to raw
material, fuel and labour.

The ability of DCPL to increase its scale of operations, improve
its profitability and capital structure while managing the raw
material and fuel price volatility are the key rating
sensitivities.

Incorporated in July 2010, DCPL is promoted by Mr Rajesh Baraiya,
Mr RajniVansdadiya, Mr Vinodsinh Tomar, Mr DilipkumarSinghal and
Mr Jayanti Agola. DCPL is engaged in the manufacturing of wall
glazed tiles of 250mm x 330mm size with an installed capacity of
21,000 metric tonnes per annum (MTPA) as on March 31, 2013, at
Morbi, Gujarat. DCPL commenced production in the month of April
2011, and FY12 (refers to the period April 1 to March 31) was the
first year of its operations.

During FY13, DCPL achieved Profit after Tax (PAT) of INR0.18 crore
on a Total Operating Income (TOI) of INR17.89 crore as against PAT
of INR0.10 crore on a TOI of 16.62 crore in FY12. DCPL reported a
TOI of INR 11.51 crore during H1FY14.


DINESH ENGINEERS: CRISIL Reaffirms 'B+' Ratings on INR70MM Loans
----------------------------------------------------------------
CRISIL's ratings on the various bank facilities of Dinesh
Engineers Pvt Ltd continue to reflect DEPL's modest scale of
operations in a highly fragmented and competitive telecom
infrastructure industry; working-capital-intensive operations; and
low and stagnant revenues. These rating weaknesses are partially
offset by the promoters' experience in the telecom infrastructure
sector, which has helped the company develop long-standing
associations with its client, resulting in repeat orders.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           40      CRISIL A4 (Reaffirmed)
   Overdraft Facility       60      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       10      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DEPL will continue to benefit from the
promoters' extensive industry experience and established customer
relations. The outlook may be revised to 'Positive' if DEPL
strengthens its business risk profile, by increasing revenues and
significantly improving profitability, while maintaining a
comfortable capital structure and enhancing its working capital
cycle. Conversely, the outlook may be revised to 'Negative' if
DEPL reports a significant decline in revenues and profitability,
considerable delays in realisation of receivables, or undertakes
larger-than-expected, debt-funded capital expenditure programme,
thereby weakening its financial risk profile, especially its
liquidity.

Update

DEPL's revenue declined to INR252.2 million in 2012-13 (refers to
financial year, April 1 to March 31) from INR301.1 million the
previous year, due to a decrease in revenues from its sub-
contracting business. Additionally, the company has realigned its
focus towards infrastructure provider (IP-1) leasing activities,
wherein revenue is realised only for the current year despite
upfront payments for the entire lease period. However, DEPL has
substantially improved its operating margin to around 25 per cent
in 2012-13 from 17 per cent a year ago. The improvement in
operating margin is driven by the company's focus on the more
profitable IP-1 business. DEPL's operating margin is likely to
improve over the medium term, driven by growth in the IP-1
business.

DEPL's financial risk profile continues to be average, marked by
moderate net worth and low gearing of INR104 million and 0.76
times, respectively, as on March 31, 2013. The company's debt
protection metrics were healthy, with its interest cover and net
cash accruals to total debt ratios of 10.3 and 0.55 times,
respectively, for 2012-13. However, DEPL's liquidity is stretched,
due to its large working capital cycle and high bank limit
utilisation. The company's operations remain working-capital-
intensive, with debtors of around 14 months in 2012-13 vis-…-vis
around 9 months in 2011-12. The stretch in debtors has resulted
from unrealised retention money from sub-contracting customers.
DEPL's bank limits were almost fully utilised with average
utilisation of 96 per cent, over the past eight months through
October 2013. CRISIL believes that DEPL will maintain its
comfortable capital structure and adequate debt protection
metrics, but will have stretched liquidity on the back of its
continued large working capital cycle, over the medium term.

DEPL, a Mumbai-based company, is a contractor and turnkey operator
for telecom infrastructure projects. The company was established
as Dinesh Associates in 1990, and was reconstituted as a company
in 2006. DEPL is promoted by Mr. Dinesh K K and his wife, Mrs.
Shasikala Dinesh. The company also installs optical fibre cable
(OPC) through high density polyethylene (HDPE) ducts, buried at a
depth of more than 1.6 meters. DEPL's business is broadly divided
into IP-1 leasing activities, subcontracting for telecom operators
such as Bharti Airtel Ltd, Idea Cellular, Vodafone India Ltd, Tata
Teleservices Ltd, Tata Communications Ltd, Tulip Telecom Ltd,
Tikona Digital Networks Pvt Ltd and annual maintenance activity
for telecom players.

DEPL reported a profit after tax (PAT) of INR29.3 million on net
sales of INR252.2 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-…-vis a PAT of INR24.4 million on net
sales of INR301.1 million for 2011-12.


DWARKA KNITTING: CRISIL Rates INR187.5MM Term Loan at 'BB'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the long-term
bank facility of Dwarka Knitting Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               187.5     CRISIL BB/Stable

The rating reflects low offtake risks due to memorandum of
understanding (MoU) with Nandan Denim Ltd (NDL; rated 'CRISIL
BBB+/Stable/CRISIL A2'), healthy profitability, and low working
capital requirements due to the job-work nature of its operations.
These rating strengths are partially offset by the company's weak
financial risk profile marked by a leveraged capital structure,
high customer concentration in its revenue profile, and its
exposure to cyclicality in the denim industry.

Outlook: Stable

CRISIL believes that DKPL will benefit from its MoU with NDL,
leading to healthy revenue visibility over the medium term. The
outlook may be revised to 'Positive' if the company registers
higher-than-expected accruals, leading improvement in its
financial risk profile, backed by timely stabilisation of its
upcoming production capacities. Conversely, the outlook may be
revised to 'Negative' in case of sub-optimum capacity utilisation,
resulting in weakening of DKPL's liquidity, or if it undertakes a
larger-than-expected capital expenditure programme, leading to
further deterioration in its financial risk profile.

DKPL, promoted by Mr. Anil Kumar Kokra and Mr. Mahesh Adhyaru, was
incorporated in 2008 in Ahmedabad (Gujarat). At present, the
company carries out job work for NDL, a part of the Ahmedabad-
based Chiripal group, for weaving.

For 2012-13 (refers to financial year, April 1 to March 31), DKPL
reported a net loss of INR1.5 million on sales of INR52.9 million.


ENPOWER SOLUTIONS: CRISIL Assigns 'B' Ratings to INR30MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Enpower Solutions Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 10      CRISIL B/Stable
   Cash Credit               20      CRISIL B/Stable
   Letter of Credit          40      CRISIL A4

The ratings reflect EPSPL's below-average financial risk profile
marked by small net worth, high total outside liabilities to
tangible net worth ratio and weak debt protection metrics, its
small scale of operations and high customer concentration in
revenue profile. These weaknesses are partially offset by the
extensive experience of EPSPL's promoters, the company's healthy
relationship with its major customers and moderate risk management
policies.

Outlook: Stable

CRISIL believes that EPSPL's financial risk profile will remain
constrained over the medium term. The outlook may be revised to
'Positive' if the company reports more-than-expected revenues and
accruals and exhibits better-than-expected working capital
management, strengthening its liquidity. Conversely, the outlook
may be revised to 'Negative' in case EPSPL reports considerably
lower-than-expected revenues or margins or its working capital
requirements increase leading to further deterioration in its
financial risk profile and liquidity.

EPSPL was incorporated in 2010 by Mr. Madhu K Nair and his son Mr.
Sandeep M Nair. The company trades in steel plates, channels,
beams, angles and TMT bars, in Nagpur (Maharashtra).

For 2012-13 (refers to financial year, April 1 to March 31), EPSPL
reported profit after tax (PAT) of INR3.3 million on net sales of
INR336.4 million.


ETA PROPERTIES: ICRA Assigns 'BB-' Rating to INR42cr Loans
----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]BB-' to the INR42.0
crore term loans of ETA Properties & Investments Private Limited.
The outlook on the rating is stable.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Term Loans             42.00     [ICRA]BB- assigned

The ratings take into consideration the established track record
of the ETA Group in real estate industry; the backward integration
in operations with various group entities engaged in construction
and related businesses; the strong net worth of the promoter
group; in-place approvals for the Greenways Road (GWR) project;
and the prominent location of the flagship luxury GWR project,
which could boost its marketability.

The ratings are, however, constrained by the inherent cyclicality
in the real estate market, the weakness in the demand scenario,
and the company's dependence on securing customer advances for
part-funding the construction of the ongoing projects. The rating
is also constrained by the anticipated competition from other
premium and luxury projects in areas appurtenant to GWR; the lack
of clear cut ring fencing mechanism for cash flows from projects;
and, the high working capital intensity and lumpy cash flows of
the company.

ETA Properties and Investments Private Limited (ETAIPL) is a part
of the Dubai-based ETA Group. The ETA Group has diversified
business interests such as automobiles, building maintenance,
consumer electronics, construction, contracting, engineering,
information technology, shipping and transportation. ETAIPL was
established in 1996 to act as the investment holding company
through which the non-foreign direct investment (Non-FDI)
residential and commercial real estate projects of the group are
executed. The operations of the company have been confined to
Tamil Nadu and it has till date executed two projects with a total
built up area of ~3,60,000 sq ft. Further, the company is
currently engaged in the construction of three projects, viz. one
in Madurai and two in Chennai, which are expected to be completed
by FY 2016. The major investor in this company is ETA Mauritius
Limited, which holds ~70% of the shares of the company. The
balance is held by individual investors.

In FY 2013, ETAIPL reported profit after tax (PAT) of INR1.7 crore
on an operating income of INR14.8 crore; and, in FY 2012, the
company reported PAT of INR5.3 crore on an operating income of
INR24.9 crore.


GAYTRI INDUSTRIAL: ICRA Assigns 'B+' Ratings to INR10cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' for INR10.00
Crore fund based and non-fund facilities of Gaytri Industrial
Corporation.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          3.00       [ICRA]B+ assigned
   Term Loans           4.00       [ICRA]B+ assigned
   Bank Guarantee       3.00       [ICRA]B+ assigned

The assigned rating takes into account the long experience of the
promoters in the hose pipes industry which have resulted in
healthy revenue growth, albeit on a low base and healthy
profitability margins for the firm. The rating, however, remains
constrained by the modest revenue base of the firm and a leveraged
capital structure emanating from working capital intensive nature
of operations and debt funded capital expenditures. The rating
also factors in the risk of capital withdrawals arising out of
partnership nature of constitution.

Gaytri Industrial Corporation, incorporated in 1979 and currently
managed by Mr. Kartik Gala and Mr. Nittul Modi, is engaged in the
manufacture of hose pipes and hose assemblies. A hose is a
flexible hollow tube designed to carry fluids or gasses from one
location to another. The firm has its fabrication unit in
Asangaon, Thane.


GHAZIABAD SHIP: CRISIL Reaffirms B+ Ratings on INR140MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ghaziabad Ship Breakers
Pvt Ltd continue to reflect GSBPL's modest scale of operations,
and its susceptibility to cyclicality in the ship-breaking
industry and to regulatory changes. These rating weaknesses are
partially offset by the established track record of the company's
promoters.

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

   Letter of Credit        610      CRISIL A4 (Reaffirmed)

   Proposed Long Term       65      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that GSBPL will continue to benefit over the
medium term from the established track record of its promoters in
the ship-breaking industry. The outlook may be revised to
'Positive' if there is a significant improvement in the company's
total outside liabilities to tangible net worth ratio, leading to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a decline in GSBPL's
profitability or scale of operations, caused most likely by a
slowdown in the ship-breaking industry or by fluctuations in scrap
prices, which could lead to inadequacy in cash accruals and
consequently to pressure on its debt-servicing ability

Established in 1983, GSBPL is promoted by Mr. Raman Gupta. The
company is in the ship-dismantling business at the Alang port
(Gujarat).

GSBPL reported a profit after tax (PAT) of INR12.9 million on net
sales of INR1.0 billion for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR28.9 million on net
sales of INR699 million for 2011-12.


GODAWRI MOTORS: CRISIL Rates INR72.5MM Bank Loan at 'B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Godawri Motors Pvt Ltd.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Overdraft Facility        87.5     CRISIL A4

   Proposed Long-Term
   Bank Loan Facility        72.5     CRISIL B/Stable

The ratings reflect GMPL's weak financial risk profile, marked by
high gearing and average debt protection metrics, exposure to
intense competition in the automobile dealership market, and
supplier concentration risk. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
automobile dealership business.

Outlook: Stable

CRISIL believes that GMPL will maintain its business risk profile
on the back of its established position in the automobile
dealership business and relationship with Hyundai Motors India Ltd
(HMIL). The outlook may be revised to 'Positive' with improvement
in its capital structure, driven by increase in revenue of the
company with improvement in profitability or/and equity infusion
from the promoters. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected operating margin or
revenue resulting in further deterioration in the financial risk
profile.

GMPL, incorporated in 1998, is engaged in the dealership of HMIL.
The company has its showroom in Ludhiana and Moga (both in
Punjab). It is promoted by Mr. Asheem Suri, Mr. Naveen Kumar, Mr.
Gopal Sood, and Ms. Rashi Sood.

For 2012-13, GMPL reported a net profit of INR0.2 million on net
sales of INR1176.1 million as against a net profit of INR 2.9
million on net sales of INR 1194.1 million for 2011-12.


GOKILAA GAARMENTS: ICRA Reaffirms B+ Rating on INR1.13cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
INR1.13 crore (revised from 1.05 crore) term loan facilities of
Gokilaa Gaarments. ICRA has also reaffirmed the short-term rating
of '[ICRA]A4' to the INR15.00 crore (revised from 15.08 crore)
fund based facilities and INR1.00 crore non-fund based facilities
of the Firm.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   LT-Term loans          1.13       [ICRA]B+ reaffirmed
   Facilities

   ST-Fund based         15.00       [ICRA]A4 reaffirmed
   Facilities

   ST-Non-fund            1.00       [ICRA]A4 reaffirmed
   based facilities

The reaffirmation of the ratings considers the experience of the
promoters in the garments industry for over two decades and
favourable demand scenario leading to anticipated improvement in
its financial profile in the current fiscal. Wage revisions in
competing countries like Bangladesh, coupled with the stronger
Yuan (vs. the USD) and the depreciated INR has improved the
competitiveness of Indian garment manufacturers during the past
several months. The ratings, further, take into account the Firm's
relatively small scale of operations which restrict its pricing
flexibility given the competitive nature of business. During 2012-
13, the Firm recorded a healthy 31.0% growth in revenues on the
back of higher orders received from its key clients. However,
during the same period, the operating margins declined by 50 bps
to 8.3% on account of increase in raw material costs, leading to a
decline in net margins which stood at 2.1% (though profits were
higher on absolute basis). Despite the increase in accrual
position, the firm's debt indicators remained moderate with
gearing at 1.7 times as on March 31, 2013. While the firm's strong
order book of INR29.0 crore (as of September 2013) should support
the sales performance in the current fiscal, going forward, the
Firm's ability to broad base its clientele and improve its
operating margins amidst rising input costs would be key rating
sensitivities.

Gokilaa Gaarments was established in the year 1997 as a
partnership firm and is engaged in manufacture and exports of
knitted garments to Europe. The Firm commenced its direct exports
operation in the year 2003, prior to which the firm was
undertaking job work activities and were taking orders from
merchant exporters. Currently, the Firm has four stitching units
and a printing/embroidery unit at Tirupur, Tamil Nadu.

Recent Results
The Firm reported net profit of INR1.0 crore on an operating
income of INR49.0 crore during 2012-13 as against net profit of
INR1.0 crore on an operating income of INR38.0 crore during 2011-
12.


GOLD KING: CRISIL Reaffirms 'BB-' Ratings on INR76.8MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gold King Tex India Pvt
Ltd (part of the GB Raja group) continue to reflect the extensive
experience of strength is partially the GB Raja group's promoter
in the textile industry. This rating offset by the group's average
financial risk profile, marked by average debt protection metrics
and high gearing.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             50      CRISIL BB-/Stable (Reaffirmed)
   Letter of Credit        75      CRISIL A4+ (Reaffirmed)
   Long-Term Loan          25      CRISIL BB-/Stable (Reaffirmed)
   Proposed Long-Term       1.8    CRISIL BB-/Stable (Reaffirmed)
   Bank Loan Facility

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GKT and the promoter's group companies,
GB Raja Top Weaving Private Limited and GB Raja Tex Pvt Ltd. This
is because all these companies, collectively referred to as the GB
Raja group, are in the same line of business, have fungible cash
flows, and are managed by the same promoter. Moreover, the
management of the GB Raja group intends to merge all the three
companies into a single entity over the medium term.

Outlook: Stable

CRISIL believes that the GB Raja group will continue to benefit
over the medium term from its promoter's extensive experience in
the weaving industry. The outlook may be revised to 'Positive' if
the group reports significant and sustained improvement in its
revenues and profitability, resulting in larger-than-expected cash
accruals, while efficiently managing its working capital.
Conversely, the outlook may be revised to 'Negative' if the GB
Raja group undertakes a larger-than-expected debt-funded capital
expenditure programme, or if its revenues or profitability margins
decline, leading to significant deterioration in its financial
risk profile, particularly its liquidity.

The GB Raja group, currently managed by Mr. B Raajarajan, derives
most of its revenues from weaving of fabrics for home textiles.

The GB Raja group reported a profit after tax (PAT) and net sales
of INR10.50 million and INR2.07 billion, respectively, for 2012-13
(refers to financial year, April 1 to March 31), as against a PAT
of INR30.56 million on net sales of INR1.54 billion for 2011-12.


GREENEARTHINFRAVENTURES: CARE Keeps BB- Rating on INR22.5cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Greenearthinfraventures Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        22.50      CARE BB- Reaffirmed
   Facilities

Rating Rationale

The rating assigned to the bank facilities of
GreenearthInfraventures Pvt Ltd continues to remain constrained on
account of the lower advances received for booked units, delay in
project execution for its ongoing residential real estate project
and inherent risk associated with the real estate industry.

The rating, however, continues to favourably take into account the
promoters' experience and established track record of operations
of the IBD group in the real estate industry. The rating also
factors in the final stage of completion of the project.  The
successful completion of the projects as per schedule with timely
receipt of the envisaged booking advances and investment in other
projects would be the key rating sensitivities.

GIPL was established in June 2010 by the promoters' of the IBD
group (50% stake) and KN group (50%) to carry out real estate
activity. The promoters of the IBD group have over a decade long
experience in the construction of residential and commercial
buildings.

At present, GIPL is developing a residential complex project
(township) with 2,316 flats (2 and 3 BHK) divided in Phase - I,
II, III of which GIPL is presently developing Phase-I, having 576
flats (2 and 3 BHK) and a total saleable area of 5.65 lakh sq ft.
The land is owned by the company. GIPL has received all land and
other clearances for the project and the project is at the final
stage of completion.


GVA INDUSTRIES: ICRA Reaffirms B+ Rating on INR8cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR8.00 crore
cash credit limits at '[ICRA]B+' and ratings of [ICRA]B+/[ICRA]A4
to INR2.00 crore bank guarantee limits of GVA Industries Private
Limited.

                      Amount
   Facilitie        (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit          8.00       [ICRA]B+ reaffirmed
   Bank Guarantee       2.00       [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings continues to be constrained by low
profitability inherent in the steel trading business; weak debt
coverage indicators with interest coverage at 1.69 times and
Debt/OPBDIT at 4.07 times for FY2013; and profitability is
vulnerable to commodity price risks as the purchases are not
backed by orders. Further, the ratings are also constrained by
high client concentration risk with top five customers accounting
for 92% of total revenue in FY2013 and fragmented nature of the
steel trading business characterised by intense competition
further stretching the profitability. The ratings however continue
to factor in long track record of the promoters in the steel
business and established relationship with customers reflected
from repeat orders through the group company Maa Mahamaya
Industries Limited.

Incorporated in 2005, GVA Industries Private Limited is promoted
by Mr. Ashok Kumar Agarwal & Ms. Anita Agarwal, who are also the
promoters of Maa Mahamaya Industries Limited. MMIL is an
integrated steel manufacturer based out of Vishakhapatnam with an
installed capacity of 125,000 tons of TMT bars per annum. The
promoters have invested money in MMIL through GIPL. As MMIL is
receiving lot of enquiries for steel products (other than TMT
bars), the promoters have started trading activities in GIPL from
June 2011.


JANAK GINNING: ICRA Assigns 'B+' Rating to INR7cr LT Loan
---------------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to INR7.00 crore long term
fund based bank facilities of Janak Ginning and Pressing.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term, fund           7.00       [ICRA]B+(assigned)
   based limits-
   Cash Credit

The assigned rating takes into account the limited scale of
operations of the firm coupled with stretched financial profile
characterized by high gearing and low coverage indicators. The
margins of the firm also remain vulnerable to adverse movement in
cotton and lint prices. Further, low additive value along with
seasonal nature of the business also keeps the profit margins and
net cash accruals at modest levels. Regulated nature of the
industry along with fragmented nature also limits the
profitability of the firm. Being a proprietorship firm, any
significant withdrawals from the capital account could affect the
net worth and thereby its capital structure. The rating however
favorably factors in the location advantage of the firm given its
presence in the cotton belt of Maharashtra along with long
experience of promoters in the agro processing business.

Established in 2003 as Godavari Trading Impex by Mr.Bharat
Mundhada and rechristened as Janak Ginning and Pressing in FY 08,
the firm is involved in ginning and pressing of cotton and trading
of lint. The firm has processing plant at Malkapur, Dist.Buldhana
(Maharashtra).

Recent Results

JGP recorded an operating profit of INR0.83 crore on an operating
income of INR25.13 crore in FY 13.


JINDAL GSL: CARE Assigns 'B+' Rating to INR9.9cr LT Loans
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Jindal GSL Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        9.90       CARE B+ Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Jindal GSL Private
Limited is primarily constrained on account of its short track
record of operations, risk pertaining to the stabilisation of
manufacturing operations and saleability risk associated with its
wood plastic composite (WPC) products being new to the domestic
plywood market, The rating is further constrained by its
leveraged capital structure owing to the recently completed debt
funded capital expenditure and susceptibility of its profitability
to volatile raw material prices and foreign exchange fluctuations.
The rating, however, derives strength from the vast experience of
the promoters in diverse fields.

The ability of JGPL to increase its scale of operations, improve
its profitability and capital structure would be the key rating
sensitivities.

Incorporated in December 2011, JGPL is promoted by the Jindal
group based out of Ahmedabad. Initially, the name of the company
was Bhagyalaxmi Plywood Private Limited which was changed
to its present name in April 2012. JGPL is engaged in the
manufacturing of WPC boards, door frames, Polyvinyl Chloride (PVC)
flooring, fly ash and Polyethylene (PE) pipes. The WPC products
offered by JGPL primarily act as an alternative to high-end marine
ply and low cost traditional plywood, Medium-density fiberboard
(MDF) and particle boards which find its applications in making
furniture and formwork panel during civil construction work. The
company sells the products through a network of dealers and
distributors pan India under the brand name of 'Libero'.

During FY13 (refers to the period April 1 to March 31), JGPL
reported a PAT of INR0.01 crore on a total operating income (TOI)
of INR0.37 crore. As per the provisional results, JGPL achieved a
turnover of INR2.87 crore in Q1FY14.


K. K. PRODUCTS: CRISIL Assigns 'BB-' Ratings to INR43.6MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of K. K. Products.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                13.6     CRISIL BB-/Stable (Assigned)
   Cash Credit              30       CRISIL BB-/Stable (Assigned)
   Letter of Credit         22.5     CRISIL A4+ (Assigned)

The ratings reflect KK's moderate financial risk profile, marked
by low gearing and comfortable debt protection metrics. The rating
also factors in the benefits that KK derives from its partners'
extensive experience in the plastic packaging industry, and
diversified geographical presence. These rating strengths are
partially offset by KK's modest scale and working-capital-
intensive operations, and susceptibility to intense competition in
the highly fragmented packaging industry.

Outlook: Stable

CRISIL believes that KK will continue to benefit over the medium
term from its partners' extensive experience in the plastic
packaging industry. The outlook may be revised to 'Positive' if KK
reports higher-than-expected increase in its revenues and
profitability, while improving its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if KK's
financial risk profile weakens, most likely because of lower-than-
expected cash accruals, larger-than-expected working capital
requirements, or debt-funded capital expenditure.

KK is a partnership firm set up in 2001, by Mr. Joseph John
Parakkot and Parakkot Investments Pvt. Ltd. (promoted by Mr.
Joseph). The firm was initially engaged in manufacturing of master
batches. However, post 2002-03, KK started manufacturing and
export of plastic garbage bags and also got engaged in trading of
plastic granules. The firm has its manufacturing unit located at
Sinnar, Nashik.


KARNAVATI ENG'G: CARE Reaffirms 'BB+' Rating on INR11.9cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Karnavati Engineering Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        11.90      CARE BB+ Reaffirmed
   Facilities

   Short-term Bank
   Facilities             1.00      CARE A4+ Reaffirmed

Rating Rationale

The ratings of the bank facilities of Karnavati Engineering Ltd
continue to remain constrained by the small scale of its operation
with low capitalization and high working capital intensity, risk
associated with the volatile raw material prices and presence in a
highly fragmented and competitive pharmaceutical machinery
manufacturing industry. The ratings are further constrained on
account of its ongoing debt-funded project in the backdrop of an
already high leverage.

The ratings, however, continue to derive strength from its good
financial flexibility being part of the Cadila group, its
experienced promoters and established track record of operations.
KEL's ability to significantly improve its scale of operation
while managing the raw material price volatility along with
improvement in its operating cycle and capital structure would be
the key rating sensitivities.

KEL, established in 1981, is a part of the Cadila group, promoted
by the Modi family based out of Ahmedabad. It is an ISO 9001-2000
certified engineering company which is into the business of
manufacturing of pharma machinery and allied products. KEL
manufactures equipments for tablet compression, laboratory
equipments, packing and pressing machines, etc. It markets its
products under the brand name RIMEK. KEL offers a wide range of
pharma machineries including high speed rotary press machine with
a number of stations ranging from 15 to 60, drying oven, coating
machine, mixer, etc. KEL is also in the process of developing an
innovative laboratory under the name 'Kalweka' for pharma
research, academic institutions and R&D centres. KEL has made
nearly 2,100 successful installations till FY13 (refers to the
period April 01 to March 31) and it exports to around 50 countries
across the world.

During FY13, KEL reported a total operating income of INR21.05
crore (FY12: INR19.58 crore) with a PAT of INR1.02 crore (FY12:
INR0.75 crore). Furthermore, as per the un-audited results for
H1FY14, KEL reported a total operating income of INR15.13 crore
with a PBT of INR1.28 crore.


KARUTURI CERAMICS: CRISIL Reaffirms 'D' Ratings on INR240MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Karuturi Ceramics Pvt
Ltd reflect consistent delays by KCPL in servicing its debt; the
delays have been caused by the company's weak liquidity. KCPL has
weak liquidity as its commercial operations have not yet started
because of delays in sanction and disbursement of working capital
limits from banks whereas principal repayment for both term loans
have already commenced.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              8.1      CRISIL D (Reaffirmed)
   Long-Term Loan         231.9      CRISIL D (Reaffirmed)

KCPL also has exposure to high project risk. The company, however,
benefits from the extensive experience of its management in the
ceramics industry.

KCPL, incorporated in 2010, was promoted by Mr. Karuturi Surya Rao
and his wife, Ms. Karuturi Yashodha. The company was promoted to
set up a tile manufacturing facility in Andhra Pradesh. The
manufacturing facility will include two tile manufacturing plants
-- one unit will produce ceramic tiles (6500 sq mt per day) while
the other will produce artificial quartz tiles (500 sq mt per
day).


KRISHNAMMAL TRUST: CRISIL Assigns 'B+' Ratings to INR150MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Krishnammal Trust.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term       70       CRISIL B+/Stable
   Bank Loan Facility

   Long-Term Loan           50       CRISIL B+/Stable

   Overdraft Facility       30       CRISIL B+/Stable

The rating reflects Krishnammal's modest scale of operations with
geographic concentration in its revenue profile and its average
financial risk profile marked by small net worth. These rating
weaknesses are partially offset by the trust's established
position in the healthcare industry.

Outlook: Stable

CRISIL believes that Krishnammal will continue to benefit over the
medium term from its long track record in the healthcare industry.
The outlook may be revised to 'Positive' if Krishnammal scales up
its operations significantly while maintaining its profitability,
resulting in sustained improvement in its cash accruals and
capital structure. Conversely, the outlook may be revised to
'Negative' if the trust reports a decline in its cash accruals or
undertakes a larger-than-expected debt-funded capital expenditure
programme, adversely impacting its financial risk profile.

Krishnammal was set up as a trust in 2001 by Dr. Suganthi
Manivannan and Mr. Manivannan. It runs a 100-bed multi-speciality
hospital in Theni (Tamilnadu) and also a nursing college offering
diploma courses.


KTC CARS: CRISIL Assigns 'B' Rating to INR160MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
long-term bank facilities of KTC Cars (India) Pvt Ltd.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Proposed Long-Term        160      CRISIL B/Stable
   Bank Loan Facility

The rating reflects KCPL's exposure to project implementation
risk, and its expected below-average financial risk profile
because of debt-funded capital expenditure and working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the automobile
dealership business in Kerala.

Outlook: Stable

CRISIL believes that KCPL will benefit over the medium term from
its promoters' extensive experience in the automobile dealership
business. The outlook may be revised to 'Positive' if the company
achieves timely completion of its project and earlier-than-
expected ramp up of its operations, leading to better-than-
anticipated cash accruals. Conversely, the outlook may be revised
to 'Negative' in case of a time or cost overrun in implementation
of KCPL's project, lower-than-anticipated cash accruals, or
larger-than-expected working capital requirements, resulting in
pressure on its liquidity.

KCPL, incorporated in 2013, is an authorised dealer for Volkswagen
India Pvt Ltd in Kerala. The company's area of operations includes
districts including Thrissur, Malappuram, Guruvayoor,
Kunnamangalam, etc. It is currently setting up a showroom and
service centre which is likely to commence commercial operation
from February 2014.


LIBRA INT'L: CRISIL Assigns 'B+' Ratings to INR110.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Libra International Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               29.3      CRISIL B+/Stable

   Proposed Long Term      36.2      CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit             45.0      CRISIL B+/Stable

   Letter of Credit        39.5      CRISIL A4

The ratings reflect Libra's below-average financial risk profile,
marked by a modest net worth, moderate gearing, and weak debt
protection metrics, and its stretched liquidity, resulting from
working-capital-intensive operations. The ratings also factor in
the company's modest scale of operations in the competitive and
fragmented mattress manufacturing industry. These rating
weaknesses are partially offset by the extensive industry
experience of Libra's promoters, the funding support it receives
from them, and its established distribution network.

Outlook: Stable

CRISIL believes that Libra will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established distribution network. The outlook may be revised
to 'Positive' in case of higher than expected ramp up in the
company's scale of operations, along with improvement in its
profitability and efficient working capital management, resulting
in a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if Libra'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 1995, Libra manufactures foam and coir mattresses,
both for consumer and industrial purposes. It has a distribution
network of about 100 distributors and around 1200 retailers, and
sells the products under its brand name Libra. The company is
promoted by Mr. Pankaj Jain along with his family members.


MADHUR ENGINEERS: ICRA Reaffirms BB Rating on INR2cr Loan
---------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB' rating to INR2.00 crore fund
based facilities Madhur Engineers Private Limited. The outlook on
the long term rating is stable. ICRA has also reaffirmed the
'[ICRA]A4' rating to the INR45.00 crore (enhanced from INR8.00
crore) fund based limits of MEPL. ICRA has also assigned the
[ICRA]A4 rating to the INR2.00 crore, short-term, non fund-based
bank facilities of MEPL.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Cash Credit           2.00      [ICRA]BB/stable (reaffirmed)
   Fund Based           45.00      [ICRA]A4 (reaffirmed)
   Non Fund Based        2.00      [ICRA]A4 (assigned)

The rating reaffirmation takes into account healthy growth in
operating income in the last fiscal backed by volume growth. The
rating continues to derive comfort from the established
relationship of MEPL with Jindal Steel Works Limited (JSW) as also
the long experience of the promoters in the steel trading
business. The rating however remains constrained with the
stretched financial risk profile of the company as indicated by
limited cash accruals along with extended receivables and adverse
capital structure. Further, the company has some sticky
receivables and non yielding investments wherein recovery remains
uncertain.

Madhur Engineers Private Limited is a trader of special purpose
carbon /alloy steel and bright bars. The company purchases steel
from JSW Steel and supplies it to forging and machining companies
located in the state of Maharashtra. The company also operates a
dedicated warehouse for JSW to store steel inventory for all the
steel to be sold at Alandi (Maharashtra) and Chennai.


MAKS TECHNOLOGIES: CRISIL Rates INR25MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Maks Technologies.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Short-Term
   Bank Loan Facility         85     CRISIL A4

   Cash Credit                25     CRISIL B+/Stable

   Inland/Import Letter
    of Credit                 70     CRISIL A4

The ratings reflect MT's average financial risk profile,
constrained by its leveraged capital structure, and the
vulnerability of its operating profitability to raw material
prices and foreign exchange exposure. These rating weaknesses are
partially offset by the promoters' extensive experience in copper
wire manufacturing and trading industry along with funding support
from the promoters and affiliates.

CRISIL has treated unsecured loans of INR61.66 million as on March
31, 2013, from the promoter family and related parties, as neither
debt nor equity. This is because the unsecured loans are
subordinated to bank debt and are likely to be retained in the
business over the long term.

Outlook: Stable

CRISIL believes that MT will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of better-than-
expected, financial risk profile supported by a sharp improvement
in cash accruals while improving the capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm's
profitability or revenues decline, resulting in lower-than-
expected cash accruals or a stretch in its working capital cycle
leading to deterioration in its financial risk profile,
particularly its liquidity.

MT was established as a proprietorship firm in Pune (Maharashtra)
in 2008. The firm was subsequently reconstituted as a partnership
in April 2013. MT manufactures tin- copper wires. Mr. Nilesh Jain
and Mr. Pradeep Jain, the promoters, manage the firm's operations.


METAL TRADERS: ICRA Assigns 'BB+' Ratings to INR12cr Loans
----------------------------------------------------------
ICRA has assigned '[ICRA]BB+' rating to the INR10.00 crore cash
credit limits and INR2 crore stand by line of credit of Metal
Traders(India) Private Limited.  ICRA has also assigned
'[ICRA]A4+' rating to the INR35.70 crore non fund based limits of
MTPL. The outlook on the long-term rating is stable.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           10.00      [ICRA]BB+(stable) assigned
   LC                    35.00      [ICRA]A4+ assigned
   Stand by Line
   of Credit              2.00      [ICRA]BB+(stable) assigned
   CER for forward
   Contract               0.70      [ICRA]A4+ assigned

The ratings are constrained by vulnerability of MTPL's
profitability to fluctuations in prices of traded metals as well
as exchange rate movements which had led to volatility in profits
in the last two years. The ratings also factor in the supplier
concentration risk with top five suppliers accounting for 71% of
MTPL's purchases as well as the moderate financial profile of the
company as reflected by moderate profitability, low net worth,
high gearing and stretched liquidity position (high utilisation of
fund based working capital limits). However, the ratings take
support from the long experience of promoters in the metal trading
industry and their established relationship with key suppliers.
Going forward, ability of the company to increase its scale of
operations in a profitable manner while maintaining working
capital intensity will be key rating sensitivities.

Metal Traders (India) Private Limited was incorporated in 1992 by
Mr R K Gupta, Mr Ajay Gupta and Mr Sanjay Gupta. The company is
involved in trading of non ferrous metals like nickel, copper, tin
etc.

MTPL reported a net profit of INR5.80 crores on an operating
income of INR202.21 crores in FY13 as against net loss of INR1.55
crores on an operating income of INR351.27 crores in FY12


NEERAJ POWER: ICRA Assigns 'BB-' Rating to INR3.25cr LT Loan
------------------------------------------------------------
ICRA has assigned an '[ICRA]BB-' rating to the INR3.25 crore long-
term fund-based bank limits of Neeraj Power Private Limited. The
outlook on the long-term rating is 'stable'. ICRA has also
assigned an '[ICRA]A4' rating to the INR2.06 crore short-term non-
fund based bank facility of NPPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term fund-        3.25        [ICRA]BB- (stable) assigned
   based Limit

   Short-term non-        2.06        [ICRA]A4 assigned
   fund-based Limit

The rating factors in the long term purchase agreement of NPPL
with the Chhattisgarh State Electricity Board (CSEB), which
mitigates off-take risks significantly and favourable judgement
passed by the Chhattisgarh State Electricity Regulatory Commission
(CSERC) in May 2012 and by Appellate Tribunal for Electricity in
April 2013, leading to hike in power tariff effective from April
01, 2012. ICRA also takes into account the sufficient availability
of rice husk and coal in Chhattisgarh, which are critical for
running the power plant and coal linkage of NPPL with South
Eastern Coalfields Limited in the current financial year and
expected commencement of coal supplies from April 2014, which is
likely to reduce generation costs. However, the rating remains
constrained by weak financial risk profile as characterised by
thin net profitability, high gearing and weak coverage indicators;
small scale of operation; significant debt repayment obligations
of the company in near term, which exerts pressure on the
liquidity profile, as indicated by almost full utilization of the
bank limits and highly working capital intensive nature of the
business due to long credit period offered to CSEB.

Incorporated in 2003, NPPL operates an 8 Mega Watt (MW) rice husk
and coal based bio-mass power plant in Simga Taluka of Raipur
District (Chhattisgarh). The power plant was commissioned at a
total cost of INR28.44 crore, funded by a term loan of INR19.90
crore and promoter's contribution of INR8.54 crore and commenced
power generation in November 2006. The entire power is sold to
Chhattisgarh State Electricity Board (CSEB) as per a long term
power purchase agreement (PPA) which is valid till the year 2025-
26. Rice husk is procured from rice mills in the state of
Chhattisgarh whereas coal is purchased though e-auctions and from
traders.

Recent Results

As per the audited results of 2012-13, NPPL reported a profit
after tax of INR0.06 crore on an operating income of INR19.25
crore as compared to a net loss of INR2.10 crore on an operating
income of INR16.84 crore in 2011-12. NPPL reported operating
income of INR11.66 crore in April- September 2013 period.


NOVA TEXTILES: CRISIL Assigns 'BB-' Rating to INR187.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facility of Nova Textiles Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan          187.5    CRISIL BB-/Stable

The rating reflects the benefits that NTPL derives from its
promoter group's extensive experience in the denim industry. These
rating strengths are partially offset by NTPL's exposure to risk
related to ongoing project, susceptibility of margin to volatility
in raw material prices and its exposure to cyclicality inherent in
the denim industry.

Outlook: Stable

CRISIL believes that NTPL will benefit from the promoter group's
extensive industry experience. The outlook may be revised to
'Positive' if NTPL stabilises operations at its proposed plant in
a timely manner and generates higher-than-expected revenue and
profitability. Conversely, the outlook may be revised to
'Negative' in case the company suffers any time or cost overruns
in the project or it achieves lower-than-expected accruals,
thereby adversely impacting its financial risk profile, or the
company faces liquidity pressures on account of stretch in the
working capital requirements.

Incorporated in July 2012, NTPL is promoted by the Gujarat-based
Chiripal group owned by Mr. Brijmohan Chiripal (one of the key
promoter of Nandan Denim Ltd; rated 'CRISIL BBB+/Stable/CRISIL
A2') and Mr. Anil Kokra. The company is setting up a 14 milion
meter per annum of two denim lines and 10 tonnes per day of yarn
dyeing line at Vraj Integrated Textile Park Ltd in Ahmedabad
(Gujarat).


P.S.R. GRANITES: CRISIL Assigns 'B-' Ratings to INR22.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of P.S.R. Granites (PSRG; part of the PSR
group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term
   Bank Loan Facility       12.5     CRISIL B-/Stable

   Packing Credit           25       CRISIL A4

   Cash Credit              10       CRISIL B-/Stable

   Foreign Bill
   Negotiation              15       CRISIL A4

The rating reflects the PSR group's working capital intensive
nature of operations, exposure to concentration risks in revenue
profile and susceptibility of the operating profitability to
adverse movement in foreign exchange rates. These rating
weaknesses are partially offset by its moderate scale of
operations, promoter's extensive experience in the granite
industry, and comfortable financial risk profile marked by a
comfortable gearing and debt protection metrics.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PSRG and P.S.R. Granites Pvt Ltd
(PSRGL). This is because both these companies, together referred
to as the PSR group, are under the same management team. Moreover,
both PSRG and PSRGL have considerable financial linkages with each
other.

Outlook: Stable

CRISIL believes that the PSR group will continue to benefit over
the medium term from its promoters' extensive experience in the
granite industry and its established relationship with its key
customers. The outlook may be revised to 'Positive' if the group
successfully improves its revenues and profitability coupled with
improvement in working capital management. Conversely, the outlook
may be revised to 'Negative' in case the group's revenues and
profitability are lower-than-expected resulting in insufficient
cash accruals to service its maturing debt obligations, or in case
its working capital management deteriorates, thereby negatively
impacting its liquidity.

Incorporated in the year 2007, PSRG and PSRGL are engaged in
mining and export of granites. Based out of Hyderabad in Andhra
Pradesh, the quarries of the group are located in Karimnagar
district of Andhra Pradesh. The group is promoted by Mr.
Palakurthi Sridhar who has extensive industry experience.


PCM STRESCON: CRISIL Reaffirms 'B' Rating on INR1.72BB Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of PCM Strescon
Overseas Ventures Ltd continues to reflect volatility in PCM's
revenues due to the tender-based nature of its operations, and its
average financial risk profile, constrained by stretched liquidity
owing to large advances to group companies. These weaknesses are
partially offset by the long track record of PCM in executing
railway sleeper projects.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term      1,720     CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

Outlook- Stable

CRISIL believes that PCM's business risk profile will remain
constrained over the near term by implementation risks and
volatility in revenues due to the tender-based nature of its
operations. The outlook may be revised to 'Positive' if PCM's
financial risk profile, particularly its liquidity, improves, most
likely due to reduction in investments in group companies and
improvement in its working capital cycle. Conversely, the outlook
may be revised to 'Negative' if the company's liquidity is
stretched further due to delays in offtake of inventory or in
realisation of receivables, or increase in investments in group
companies.

PCM, incorporated in 2006, manufactures pre-compressed heavy-haul
concrete sleepers. The company is promoted by PCM Cement Concrete
Pvt Ltd and Stresscon Industries Ltd.

For 2012-13 (refers to financial year, April 1 to March 31), PCM
reported a profit after tax (PAT) of INR81 million on net sales of
INR988 million, against a PAT of INR1074 million on net sales of
INR1739 million for 2011-12.


PLASTO MANUFACTURING: CRISIL Puts 'B+' Ratings on INR35MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Plasto Manufacturing Co.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 15      CRISIL B+/Stable
   Cash Credit               20      CRISIL B+/Stable
   Letter of Credit          20      CRISIL A4

The ratings reflect PMC's modest scale of operations and subdued
financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by extensive experience of the promoters in the packaging industry
and established relationships with customers and suppliers.

Outlook: Stable

CRISIL expects PMC to maintain its stable business risk profile
over the medium term, backed by its partners' extensive experience
and established relationships with its customers and suppliers.
The outlook may be revised to 'Positive' if the firm significantly
scales up its operations, while improving its profitability
margins and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if PMC's financial risk profile
deteriorates, because of sharp decline in profitability or
revenues, a higher-than-expected debt-funded capital expenditure,
or deterioration in its working capital cycle.

Established as a partnership firm in 2005, Plasto Manufacturing
Co. (PMC) is engaged in the manufacturing of plastic bags, plastic
rolls, and plastic sheets. These products find applications in the
pharmaceutical, chemical, pesticide, and household appliances
industries. The firm's manufacturing facility, located in
Kumbalgodu (Mysore), has an installed capacity of 6000 MT per
annum. The firm's business operations are managed by Mr. Mohammed
Ashfaq and Mr. Riyaz Ahmed.

PMC reported a profit after tax (PAT) of INR 2.8 million on net
sales of INR404.8 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR 3.0 million on net
sales of INR315.1 million for 2011-12.


R. KANTILAL: CARE Reaffirms 'BB/A4' Rating on INR160cr Loans
------------------------------------------------------------
CARE assigns CARE BB/A4 ratings to the bank facilities of
R. Kantilal & Co.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long/Short term       160.00     CARE BB/A4 Reaffirmed
   Bank Facilities

Rating Rationale

The reaffirmation of ratings assigned to the bank facilities of R.
Kantilal& Co. continues to be constrained by the legal status of
R. Kantilal& Co (RKC) as a partnership firm, which encompasses
risk of withdrawal of partner's capital, thin profitability
margins, deterioration in solvency indicators, moderate scale of
operations vis-…-vis the size of the diamond industry,
susceptibility to foreign exchange fluctuations and intense
competition in export markets. The ratings continue to derive
strength from RKC's experienced promoters and healthy growth in
business operations.

The ability of the firm to improve its scale of operations,
sustain its profitability margins, improve its capital structure &
reduce its working capital cycle remains the key rating
sensitivity.

R. Kantilal& Co. was established in 1965 as a close knit family
business by Mr. Suresh Kothari along with his sons Mr. Parag
Kothari & Mr. Pratik Kothari. The firm is into import of
rough diamonds, processing and export of polished diamonds of
varying size ranging from 30 cents to 3 carats. The firm has its
manufacturing facilities at Mumbai &Surat. During FY13 (refers to
the period April 01 to March 31), the firm reported PAT of INR7.38
crore on Total Operating Income of INR303.28 crore.


ROTOAUTO ENG'G: ICRA Suspends 'B+' Rating on INR7.5cr Loans
-----------------------------------------------------------
ICRA has suspended rating of '[ICRA]B+' assigned to the INR7.50
crore, long fund-based facilities and the rating of '[ICRA]A4'
assigned to the INR7.00 crore short term, non fund based
facilities and INR2.00 crore non fund based sublimit facilities of
Rotoauto Engineering Solutions 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.

Rotoauto Engineering Solutions Private Limited was incorporated in
the year 2008 when it was hived off from Autoparts and Accessories
(a sole proprietorship firm owned by Mr. Giri Raghavan, Managing
Director of RESPL). The Company is primarily involved in the
design and manufacturing of large rotary equipments like
pelletizing discs and industrial process fans. The Company
operates out of a heavy fabrication and machining capacity which
spans out of ~200,000 sq. ft. Some of the customers of RESPL to
which the Company has supplied pelletizing discs include Essar
Group, Jindal Steel, JSW Steel, BMM Ispat, KIOCL Limited, Stemcor,
Adhunik Group among others.


S. D. INFRASTRUCTURE: CRISIL Rates INR80MM Term Loan at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of S. D. Infrastructure & Real Estate Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 80      CRISIL B+/Stable

The rating reflects the company's exposure to risks inherent in
real estate sector and implementation-related risks in the
company's ongoing projects. These rating weaknesses are partially
offset by SDRL's promoters' extensive experience in the real
estate industry.

Outlook: Stable

CRISIL believes that SDRL's business risk profile will benefit
over the medium term on account of the extensive experience of its
promoters in commercial real estate development. The outlook may
be revised to 'Positive' in case SDRL is able to generate revenues
as expected and achieves larger-than-expected bookings, thereby
strengthening its financial flexibility and cash flow adequacies.
Consequently, the outlook may be revised to 'Negative' if there
are delays or/and cost overruns in project execution or/and the
offtake of the ongoing project is less than expected.

SDRL was incorporated in 1991 under the name Oswal Manufacturers
Pvt Ltd. In 2011, the management of the company was taken over by
the RDB Group (a Real Estate developer in Kolkata) and was renamed
SDRL. The company is presently into development of residential as
well as commercial complexes in West Bengal.

SDRL reported a net losses of INR0.6 million on net sales of
INR3.52 million for 2012-13 (refers to financial year, April 1 to
March 31), as against net losses of INR0.1 million on net sales of
INR2.24 million for 2011-12.


SAGAR EDUCATIONAL: CRISIL Assigns 'D' Ratings to INR180MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Sagar Educational Trust (SET).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term
   Bank Loan Facility        20      CRISIL D

   Term Loan                160      CRISIL D

The rating reflects instances of delays by SET in servicing its
debt; the delays have been caused by the trust's weak liquidity.
SET's liquidity is weak on account of initial stage of operations
and yet-to-stabilise cash flows.

The rating also reflects SET's constrained financial flexibility
and exposure to risks related to restrictions imposed by
regulatory bodies, and intense competition in the education
sector. These rating weaknesses are partially offset by the
healthy demand prospects for the education sector in India.

SET was set up in 2010. The trust owns an international school at
Panchkula near Chandigarh. Mr. Vinod Gupta is the key promoter
trustee who looks after the operations of the trust.


SANSKAR SYNTHETICS: ICRA Reaffirms B+ Rating on INR10.3cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' assigned
earlier to the INR10.30 crore fund based bank facilities of
Sanskar Synthetics Private Limited.


                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Fund based limits            10.30       [ICRA]B+ Reaffirmed

The rating reaffirmation continues to draw comfort from the long
track record of the promoters in the textile industry as well as
the favourable location of SSPL's weaving facilities, which
provides easy accessibility to raw materials and processing
houses. The rating however remains constrained by the continued
subdued profitability margins of the company owing to increased
contribution of low-margin fabric trading business in the
company's total revenues. This coupled with working capital
intensive nature of operations and no equity infusion by promoters
led to continued high debt levels, which coupled with low
profitability resulted in subdued debt coverage indicators. The
rating also remains constrained by the competitive and fragmented
nature of the weaving industry which limits the pricing power of
the company.

While the sale of manufactured products is expected to increase
with the proposed upgradation of machinery and enhancement of
capacity in Q4' FY2014, the company's ability to improve
profitability and reduce its working capital cycle will be a key
determinant for its debt coverage indicators and liquidity and
hence would be the key rating sensitivities going forward.

Based out of Bhilwara (Rajasthan), Sanskar Synthetics Pvt. Ltd.
(SSPL) is engaged in manufacturing of processed finished fabric
for sales under its own brand as well as for private labelling.
SSPL is promoted by three brothers namely Mr. Yogesh Biyani, Mr.
Naresh Biyani, and Mr. Ashish Biyani who have been in this line of
business for more than two decades.

Prior to SSPL, the promoters were primarily engaged in trading of
synthetic fabrics through a partnership firm held by them.

Recent Results
SSPL reported net profit of INR0.32 crore on an operating income
of INR45.25 crore in FY2013 as against net profit of INR0.23 crore
on an operating income of INR32.20 crore in FY2012


SHAH MOTILAL: CRISIL Assigns 'BB-' Ratings to INR70MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Shah Motilal Foods Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               30      CRISIL BB-/Stable
   Term Loan                 40      CRISIL BB-/Stable

The rating reflects the extensive experience of SMFL's promoters
in the milk processing and milk products industry, and its
moderate financial risk profile, marked by low gearing. These
rating strengths are partially offset by the company's short track
record of operations, and its exposure to risks related to changes
in government regulations, to epidemic-related factors, to
volatility in input prices, and to intense competition from the
unorganised segment.

Outlook: Stable

CRISIL believes that SMFL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a sustained
increase in the company's scale of operations and operating
profitability, aided by expansion in its geography and its product
profile, leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SMFL's
revenues and operating profitability decline, or if it extends
more-than-expected funding support to its group entities, or if it
undertakes a substantial debt-funded capital expenditure
programme, leading to weakening of its financial risk profile.

SMFL was set up in April 2012 by Mr. Rajesh Gandhi, Ms. Meena
Jain, Ms. Sapna Kumari, and Ms. Sarju Bai Toshniwal. The company
commenced operations with trading in bulk milk, which it continued
until March 2013. It stopped trading and began processing milk
from April 2013, and plans to start manufacturing milk products
such as curd, buttermilk, and flavoured milk from December 2013.
The company is based in Hyderabad (Andhra Pradesh).


SHAH PACKWELL: CRISIL Assigns 'B+' Ratings to INR125MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shah Packwell Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                28.8     CRISIL B+/Stable
   Cash Credit              70       CRISIL B+/Stable
   Proposed Long-Term
   Bank Loan Facility       26.2     CRISIL B+/Stable

The rating reflects SPI's modest scale and working capital
intensity of operations in the intensely competitive packaging
industry, and below-average financial risk profile, marked by
modest net worth, high gearing and average debt protection
metrics. The rating also factors in vulnerability of SPI's
operating performance to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive experience
of SPI's partners in the packaging industry, and their established
relationships with suppliers and customers.

Outlook: Stable

CRISIL believes that SPI will maintain its stable business risk
profile over the medium term, backed by its promoter's extensive
industry experience and diversified customer base. The outlook may
be revised to 'Positive' if the firm has higher-than-expected cash
accruals, while improving its working capital cycle leading to
improvement in financial risk profile. The outlook may be revised
to 'Negative' in case of lower-than-expected cash accruals or any
further stretch in working capital cycle.

Set up as a partnership firm in 1996, SPI commenced commercial
operations from 1997. The firm manufactures corrugated boxes using
kraft paper. The firm is promoted by Mr. Kapoor Shah, and his son
Mr. Khilin Shah. The firm has a 5-ply automatic board plant in
Bhilad and a manual plant at Dadra.


SHANTI SHIRTING: CRISIL Rates INR187.5MM Term Loan at 'BB'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable' rating to the bank
facility of Shanti Shirting Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               187.5     CRISIL BB/Stable

The rating reflects low offtake risks due to MoU with Nandan Denim
Ltd (NDL, rated 'CRISIL BBB+/Stable/CRISIL A2') and low working
capital requirement due to the job work nature of operations.
These rating strengths are partially offset by the company's weak
financial risk profile, marked by leveraged capital structure, and
high customer concentration along with exposure to cyclicality of
the denim industry.

Outlook: Stable

CRISIL believes that SSPL will benefit from the MoU with NDL
leading to healthy revenue visibility. The outlook may be revised
to 'Positive' if the company registers higher-than-expected
accruals leading to improved financial risk profile, backed by
timely stabilisation of upcoming production capacities. Conversely
the outlook may be revised to 'Negative' in case of sub-optimum
capacity utilisation resulting in weakening of its liquidity or if
the company undertakes higher-than-expected capital expenditure
resulting in further deteriorated financial risk profile.

SSPL, promoted by Mr. Shailabh Didwania and Mr. Pankaj Goyal, was
incorporated in 2010 in Ahmedabad (Gujarat). At present, the
company carries out job work for NDL, a part of Ahmedabad-based
Chiripal group, for weaving activity.

For 2012-13 (refers to financial year, April 1 to March 31), SSPL
reported net loss of INR4.6 million on sales of INR52.9 million.


SHIVPRIYA CABLES: ICRA Ups Ratings on INR27.5cr Loans to 'B'
------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR18.00
crores (enhanced from INR14 crores) fund based limits, INR4.86
crores (revised from INR6.01 crores) term loans and INR4.64 crores
(revised from INR10.49 crores) unallocated limits of Shivpriya
Cables Private Limited from '[ICRA]B-' to '[ICRA]B'. ICRA has
reaffirmed the short-term rating assigned to the INR12.50 crores
(enhanced from INR9.50 crores) non-fund based limits of SCPL at
[ICRA]A4 (pronounced as ICRA A four).

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Term Loan            4.86        [ICRA]B; Upgraded from
                                    [ICRA]B-

   Fund Based
   Facilities          18.00        [ICRA]B; Upgraded from
                                    [ICRA]B-

   Unallocated          4.64        [ICRA]B; Upgraded from
   amount                           [ICRA]B-

   Non Fund Based
   Facilities          12.50        [ICRA]A4; Reaffirmed

The rating action favourably factors in the healthy growth in
SCPL's revenues in FY 2013 and its track record of profitable
operations in the last four years. The ratings also factor in
SCPL's diverse product portfolio, long experience of its promoters
in the cable industry and established relationships with its
clients which has resulted in repeat orders. While upgrading the
rating, ICRA has also considered the financial discipline
maintained by the company as reflected by timely servicing of its
debt obligations over the last eighteen months. However, the
ratings are constrained by the highly competitive nature of cables
manufacturing industry and the absence of price escalation clauses
in SCPL's sales agreements with private players which exerts
pressure on SCPL's margins. The ratings are further constrained by
high working capital intensive nature of company's operations and
its moderate debt protection indicators. Going forward, the
company's ability to meet its debt obligations in a timely manner
along with managing its profitability and working capital
intensity would remain key rating sensitivities.

Shivpriya Cables Private Limited (SCPL) commenced operations in
December 2008 and is engaged in the manufacturing of power cables,
control cables, Aerial Bunched Cables, instrumentation cables and
house wires. The company is promoted by Mr. Ajay Kumar Gupta and
Mr. Ayush Gupta. SCPL is an ISO: 9001:2000 certified company and
sells cables under the brand name of 'SPC Cables'. It has two
manufacturing units at Chopanki in Bhiwadi (Rajasthan).

Recent results
The company reported Profit after tax (PAT) of INR1.36 crores on
Operating income (OI) of INR86.39 crores in FY 2013 as against PAT
of INR1.46 crores on OI of INR66.70 crores in FY 2012.


SRI KARVEMBU: CRISIL Reaffirms 'D' Ratings on INR127.6MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Karvembu
Textiles Pvt Ltd continues to reflect instances of delay by SKTPL
in servicing its debt; the delays have been caused by the
company's weak liquidity. The company has weak liquidity on
account of working-capital-intensive operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             40.00     CRISIL D (Reaffirmed)

   Long-Term Loan          65.00     CRISIL D (Reaffirmed)

   Proposed Long-Term      22.60     CRISIL D (Reaffirmed)
   Bank Loan Facility

SKTPL also has a below-average financial risk profile, marked by
modest net worth, moderate gearing, and average debt protection
metrics, and is susceptible to volatility in raw material prices
and to intense competition in the textiles industry; it also has a
modest scale of operations. These rating weaknesses are partially
offset by the extensive industry experience of SKTPL's promoters.

Incorporated in 1994, SKTPL is promoted by Mr. NS Ramalingam and
others. The company commenced commercial operations in 1996 with
600 rotors; currently, it has 10,800 spindles and 1600 rotors. It
manufactures open-ended and hank yarn in counts of 10s, 12s, 16s,
20s, 30s, 34s, and 40s at its facility in Thottipalayam (Tamil
Nadu).

For 2012-13 (refers to financial year, April 1 to March 31), SKTPL
reported profit after tax (PAT) of INR1.3 million on net sales of
INR270.3 million against PAT of INR1.1 million on net sales of
INR277.5 million for 2011-12.


SSV SPINNERS: CARE Revises Rating on INR35cr LT Loans to 'B+'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of SSV
Spinners Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         35        CARE B+ Revised
   Facilities                       from 'CARE B'

Rating Rationale

The revision in the rating of SSV Spinners Private Limited takes
into account the completion of the Greenfield project and
commencement of operations ahead of its scheduled COD. The rating
also factors in the experience of the promoter and government
support in the form of subsidies.  However, the rating continues
to be constrained by the risk of volatility in the raw material
prices, increasing power shortage in Andhra Pradesh and
sensitivity of the business to the Government regulations.

Going forward, the ability of the company to stabilize its
operations, increase its scale of operations and maintain
profitability amidst the increasing competition will remain as the
key rating sensitivities.

SSV Spinners Private Limited was incorporated in February 2011 for
setting up a spinning mill with a capacity of 16,320 spindles per
annum. The company has been promoted by MrVenkateswaraRao
(Director) and MsSubhashini (Director). SSV is engaged in the
production of cotton yarn at its manufacturing unit located at
Mahabubnagar District, Andhra Pradesh. The company commenced its
business operations from October 2013 with six machineries in
operation with a current installed capacity of 9,792 spindles. The
remaining four machineries are expected to be installed by the
first week of December 2013.


THAKUR V. S.: CRISIL Assigns 'BB-' Ratings to INR110MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of Thakur V. S. Bidi Works, Poona (TBWP).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital           50      CRISIL BB-/Stable
   Term Loan

   Cash Credit               40      CRISIL BB-/Stable

   Proposed Working
   Capital Facility          20      CRISIL BB-/Stable


The rating reflects TBWP's moderate financial risk profile backed
by promoters' funding support; however, constrained by leveraged
capital structure. The rating also factors in its promoters'
extensive experience in the bidi manufacturing industry with
established brands and strong distribution network. These rating
strengths are partially offset by TBWP's stretched creditors, high
working capital requirements, vulnerability of its operating
margin to volatility in raw material prices and exposure to
regulatory risks.

Outlook: Stable

CRISIL believes that TBWP will benefit from its promoters'
extensive industry experience, along with its established brands,
over the medium term. The outlook may be revised to 'Positive', in
case of higher-than-expected improvement in the firm's scale of
operations while sustaining its profitability and better-than-
expected working capital management leading to improvement in
liquidity profile. Conversely, the outlook will be revised to
'Negative' in case of any adverse regulatory changes that impacts
the firm's business and financial risk profiles, or lower-than-
expected profitability or deterioration in working capital
management leading to weak liquidity.

TBWP, a partnership firm, was established in 1999 in Pune
(Maharashtra) by the Thakur family. The firm manufactures bidis
and sells its products mainly in Rajasthan and Uttar Pradesh under
the brand Taurus and Langar. TBWP's operations are managed by Mr.
Vijaykumar S Thakur and Mr. Parikshat V Thakur. The promoter
family has over 50 years of experience in the bidi manufacturing
industry.


UMANG ASSOCIATES: CRISIL Puts 'BB' Ratings on INR109.2MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Umang Associates Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                79.2     CRISIL BB/Stable
   Bank Guarantee           25       CRISIL A4+
   Cash Credit              30       CRISIL BB/Stable

The ratings reflect the extensive experience of UAPL's promoter in
the edible oil trading industry, its established relationships
with its principals, Ruchi Soya Industries Ltd (RSIL) and Ruchi
Infrastructure Ltd (RIL), and its moderate financial risk profile.
These rating strengths are partially offset by UAPL's modest scale
of operations with a regional presence in a highly fragmented
industry, and its low operating profitability with exposure to
volatility in commodity prices.

Outlook: Stable

CRISIL believes UAPL will continue to benefit over the medium term
from its promoter's extensive industry experience and its
established relationships with its principals. The outlook may be
revised to 'Positive' if the company reports a sustained growth in
turnover while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in UAPL's revenues or profitability, resulting
in deterioration in its debt protection metrics, or if its
liquidity weakens, most likely due to stretch in its working
capital cycle or substantial debt-funded capital expenditure.

UAPL, based in Cuttack (Odisha), was incorporated on June 29,
2001, promoted by Mr. Rasmi Ranjan Routray and his family members.
The company undertakes distribution of palm oil for RSIL and RIL.
UAPL is the sole distributor of palm oil, manufactured by these
companies, in 11 coastal districts of Odisha. The company is also
engaged in warehousing activities for other fast-moving consumer
goods and electronics companies.


UNIQUE GEMS: CRISIL Assigns 'BB-' Ratings to INR200MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank loan facilities of Unique Gems.

                              Amount
   Facilities               (INR Mln)   Ratings
   ----------               ---------   -------
   Export Packing Credit      24.0      CRISIL BB-/Stable
   Post Shipment Credit       96.0      CRISIL BB-/Stable
   Proposed Long-Term
   Bank Loan Facility         80.0      CRISIL BB-/Stable


The rating reflects the experience of Unique Gems' promoters in
the cut-and-polished diamond industry. This rating strength is
partially offset by the firm's working-capital-intensive
operations and its below-average financial risk profile, marked by
a small net worth, high total outside liabilities to tangible net
worth ratio, and average debt protection metrics.

Outlook: Stable

CRISIL believes that Unique Gems will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if there is a substantial and
sustained improvement in the firm's revenues and profitability
margins, or a substantial increase in its net worth on the back of
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in Unique Gems'
profitability margins, or significant deterioration in its capital
structure, most likely due to larger-than-expected working capital
requirements.

Unique Gems was set up as a partnership firm in 2009; the partners
of the firm are Mr. Piyush Kevadia, Mr. Dilip Kevadia, and Mrs.
Shilpa Salia. The firm is engaged in cutting and polishing of
diamonds. It has its own manufacturing unit in Gujarat.


VEER GEMS: ICRA Reaffirms BB+/A4+ Ratings on INR125cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR125.00
crore fund-based bank facilities of Veer Gems at '[ICRA]BB+'. The
outlook assigned on the long term rating is "Stable". ICRA has
also reaffirmed the short term rating assigned to the INR125.00
crore fund based facilities at [ICRA]A4+ (pronounced ICRA A four
plus).

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long Term/Short        20.00      [ICRA]BB+ (Stable)/[ICRA]A4+
   Term Fund Based                   reaffirmed
   Limits Pre-shipment
   Credit

   Post-shipment          75.00      [ICRA]BB+ (Stable)/[ICRA]A4+
   Credit                            reaffirmed

   FDDBP/RDBF/RUBF        30.00      [ICRA]BB+ (Stable)/[ICRA]A4+
                                     reaffirmed

The ratings reaffirmation favourably factors in the extensive
experience of the promoters of Veer Gems (VG) in this line of
business and the favourable growth prospects in the future
following the set up of the new unit.

The ratings are however constrained by a dip in revenues of the
firm following the sluggish demand conditions and a stretched
liquidity position on account of inventory build-up resulting in
high utilization of working capital limits and slow receivables.
ICRA also takes note of the intense competitive pressures that the
company is exposed to. The ratings also take into consideration
the vulnerability of margins to the foreign exchange rate
fluctuations.

Veer Gems (VG) was established in 1982 and is engaged in the
import of rough diamonds and processing and export of cut and
polished Diamonds. The firm was reconstituted in 1990 by its
current partners. Mr. Piyush Shah, Mr. Mukesh Shah, Mr. Dilip Shah
and Mr. Maulin Shah are the partners actively involved in the
operations of the business. The firm has a registered office in
Mumbai and a production facility in Surat.

VG primarily procures rough diamonds from Antwerp, Belgium and
Israel and the local market and deals in medium and large size
diamonds which lie in the range of 1/2 pointer to 5 carats. The
firm caters primarily to the overseas market.

Recent Results:

As per the audited 2012-13 numbers the firm reported a net profit
of INR21.9 crore on an operating income of INR340.5 crore.


VENUS INDUSTRIAL: CRISIL Cuts Rating on INR5MM Loan to 'BB-'
------------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank facilities
of Venus Industrial Corporation to 'CRISIL BB-/Stable' from
'CRISIL BB/Stable', and reaffirmed the short-term rating at
'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)  Ratings
   ----------            ---------  -------
   Packing Credit            70     CRISIL A4+ (Reaffirmed)
   Post Shipment Credit      15     CRISIL A4+ (Reaffirmed)

   Proposed Long-Term        5      CRISIL BB-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB/Stable')

The downgrade reflects CRISIL's belief that VIC's business risk
profile will remain under pressure over the medium term, with
lower-than-expected revenue as well as profitability. VIC's
revenue declined to INR 295 million in 2012-13 (refers to period
from April 1, 2012 to March 30, 2013) from INR308 million in
previous year. The operating margins also declined to 7.7 percent
against CRISIL expectation of 9 percent for similar period. The
lower than expected revenue and operating margin is on account of
lower than expected demand from export market and delay in
commencing of measuring tape plant. The downgrade also factors in
the stretch in its working capital cycle along with withdrawal of
funds by the partners of VIC during 2012-13 leading to
deterioration in the financial risk profile. Though with the
commencement of the new plant, the performance of the company is
expected to improve slightly, CRISIL believes that any further
lower-than-expected sales or profitability may adversely impact
the liquidity and financial risk profile of the company.

The ratings continue to reflect the extensive industry experience
of the promoters in the auto-component industry along with
established customer base. This rating strength is partially
offset by the company's weak financial risk profile, and working-
capital-intensive operations.

Outlook: Stable

CRISIL believes that VIC will continue to benefit from its
established customer base and the promoters' extensive experience
in the auto-component industry. The outlook may be revised to
'Positive' if the VIC improves the scale of its operations and
profitability, resulting in higher-than-expected cash accruals,
and enhanced financial flexibility due to an infusion of
significant capital by the promoters. Conversely, the outlook may
be revised to 'Negative' if the VIC's liquidity deteriorates
because of stretched working capital requirements or pressure on
its profitability from fragmented nature of industry.

VIC was established by Mr. Prem Nath as a proprietorship firm in
Ludhiana (Punjab). The firm was later reconstituted as a
partnership when the proprietor's son, Mr. Ashok Gupta, joined the
business. Currently, VIC is managed by Mr. Ashok Gupta and his
brother Mr. Bipin Gupta. The firm manufactures industrial hand
tools and machine tape.

VIC reported a sale of INR294.6 million with a reported loss of
INR16.5 million for the financial year 2012-13 against a sale of
308.4 million with a reported PAT of INR15.2 million for the
financial year 2011-12.


Y.M.R. CONSTRUCTIONS: CRISIL Puts 'B-' Ratings on INR82.5MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Y.M.R. Constructions.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       27.5     CRISIL A4 (Assigned)
   Long-Term Loan           29.5     CRISIL B-/Stable (Assigned)
   Proposed Long-Term
   Bank Loan Facility       53.0     CRISIL B-/Stable (Assigned)
   Bank Guarantee           40.0     CRISIL A4 (Assigned)

The ratings reflect YMR's modest scale of operations, along with
geographic concentration; tender-based operations, and exposure to
intense competition in the civil construction segment. These
rating weaknesses are partially offset by the extensive industry
experience of YMR's promoters.

Outlook: Stable

CRISIL believes that YMR will continue to benefit over the medium
term, from the promoters' extensive experience in the civil
construction segment. The outlook may be revised to 'Positive' if
the firm reports substantial growth in its scale of operations and
profitability, while improving its working capital cycle and
capital structure. Conversely, the outlook may be revised to
'Negative' if the firm reports lower-than-expected revenues or
profitability; or a significant increase in its working capital
cycle, thereby impacting its financial risk profile.

YMR was established in 1999, and is engaged in the construction
and maintenance of roads in Hyderabad (Andhra Pradesh). The firm
undertakes direct and sub-contracting works for various civil
contractors, to which these contracts are awarded by various state
government bodies such as the Roads and Buildings department and
Panchayat Raj Engineering Department.



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


CHORUS LTD: Has Urgent Cash Need, Fund Manager Says
---------------------------------------------------
Tim Hunter at Stuff.co.nz reports that Chorus Ltd has too much
debt for its level of income and should raise equity capital
without delay, one of New Zealand's big fund managers said.

"This is not about ultrafast broadband; this is about Chorus'
balance sheet," the report quotes Chris Gaskin, of Devon Funds
Management, as saying.  "Chorus can raise NZ$500 million of equity
today and put this issue away."

Stuff.co.nz relates that the copper and fibre lines company's
share price has slumped since September after Prime Minister John
Key said Chorus could "go broke" if price cuts imposed by the
Commerce Commission were allowed to stand.

From about $2.90, the shares have plunged to trade around $1.45 as
investors digested the potential impact.

According to the report, Communications Minister Amy Adams said
December 5 that a review of Chorus' financial position by
accountancy firm Ernst & Young was likely to show it could
struggle to fulfil its government contract to build an ultrafast
fibre broadband network.

As a result, "the Government expects that the next step will be
for Chorus to approach Crown Fibre Holdings to discuss specific
provisions within the UFB contract", Ms. Adams, as cited by
Stuff.co.nz, said.

Mr. Gaskin said that in his view Chorus' share price had fallen
because the market was concerned about it potentially breaching
debt covenants, the report relays.

"This is nothing to do with UFB. This is to do with Chorus'
balance sheet and the income it derives from existing assets," Mr.
Gaskin said, Stuff.co.nz reports.

Rather than lobby for a government bailout, he said, Chorus' board
should have addressed its balance-sheet weakness at an early
stage, the report relays.

                         About Chorus Ltd

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


CHORUS LTD: New Zealand Government May Offer Aid
------------------------------------------------
Tom Pullar-Strecker at Stuff.co.nz reports that the New Zealand
government has signalled it intends to provide some help to Chorus
Ltd, but the shape of that assistance is unclear.

According to the report, Communications Minister Amy Adams said
she did not expect any assistance would extend to offering the
beleaguered firm more money to complete its contracts with the
Crown to roll-out ultrafast broadband (UFB) and to improve rural
broadband.

Stuff.co.nz relates that the prospect of the Government coming to
Chorus' aid firmed up after ministers received an oral briefing
from Ernst & Young Australia on December 5.

The report says the consulting firm told the Government Chorus was
"at risk" of being unable to fulfil the contracts in the wake of a
Commerce Commission ruling that will slash the price it can charge
for access to its copper network from next December.

Stuff.co.nz relates that Ms. Adams issued an invitation to Chorus
-- which the company has accepted -- to talk to Crown Fibre
Holdings, which is managing the Government's investment in UFB.
But she said "at this stage" she did not envisage Crown Fibre
would be allowed to step outside its fiscal envelope. Chorus would
also not be allowed to trim back or delay the UFB roll-out, Ms.
Adamas, as cited by Stuff.co.nz, said.

According to Stuff.co.nz, Ms. Adamas said the support Chorus
received could include changes to "the timing of payments, the
structure of payments and some of the specifics of the UFB build
that don't affect service parameters or timeframes."

Investors have reacted with disappointment, sending Chorus shares
down 2.1 per cent to a record low of NZ$1.40, the report notes.

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

                         About Chorus Ltd

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


CREDIT UNION: Fitch Rates Insurer Financial Strength at BB+
-----------------------------------------------------------
Fitch Ratings has assigned New Zealand-based Credit Union
Insurance Ltd (CUIL) an Insurer Financial Strength (IFS) rating of
'BB+'. The Outlook is Stable.

Key Rating Drivers:

CUIL's rating reflects its sound business model and operating
platform, conservative risk management settings, a strong
technical 'risk-based' level of capitalisation, prudent
reinsurance arrangements, low-risk investment portfolio, good
growth prospects, and an improved operating performance.
Constraining the rating is its small size and market position, and
limited financial flexibility.

CUIL offers a simple short-tail range of motor and life insurance
products to its ultimate credit union member owners. Growth
prospects appear good, with a simple product range supporting the
distribution model of sales by credit union staff primarily
focused on lending, not insurance activities, and access to a
large membership base.

CUIL's business model and operating platform are sound. The
company underwent a restructure after being acquired by the New
Zealand Association of Credit Unions (NZACU) in 2007. The motor
book has been remediated, on-going operating costs reduced,
internal controls and processes tightened and a profitable
portfolio of life business has been transferred from the NZACU.

A conservative investment approach is reflected in a 100%
allocation to on-call cash or short term deposits. The company
does have a large related party exposure in the form of its on-
call cash deposits with the NZACU. However, the NZACU's low risk
approach to investments, which are used to manage member credit
unions' liquidity, helps mitigate this counterparty risk.

CUIL's capital adequacy is very strong based on a technical risk-
based calculation, its current risk exposures being modest
relative to minimum regulatory capital requirements. However, with
total equity of NZD5.5m at end-June 2013, capital is low on an
absolute basis, and this leaves CUIL more exposed to larger
operational risks, or changes in the external operating
environment. Operational risks do however appear to be well
managed, and CUIL's high degree of integration with the NZACU is
positive in mitigating these risks.

Rating Sensitivities:

Triggers for a downgrade: The unexpected withdrawal of support
from CUIL's ultimate shareholders would result in a downgrade.

CUIL could also be downgraded should it fail to maintain solid
solvency margins above the regulatory requirement of NZD5m. A
prudential requirement failure to comply with solvency
requirements would have serious implications and could result in
the withdrawal of the company's license.

Triggers for an upgrade: Fitch considers this unlikely over the
rating horizon given the company's small size and limited market
position. In addition, CUIL would need to significantly improve
its standalone financial flexibility while maintaining strong
capital ratios and its conservative risk appetite.


LEARNING MEDIA: Creditors Left Out of Pocket as Liquidation Ends
----------------------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that creditors of
troubled state owned Learning Media will not be paid out in full,
one of the first times a state owned enterprise has not honored
its debts.

Stuff.co.nz relates that Finance Minister Bill English and
Education Minister Hekia Parata released a statement on
December 4 announcing the "managed wind-down of Learning Media has
been completed".

According to the report, the statement said the wind down was
conducted in a way that provided for the provision of the School
Journal to be transferred to a private company.

"Unfortunately, the company's financial situation meant that its
largest creditors, including its bank, have not been paid in
full," Mr. English said in a statement, the report relays.  "As a
company in its own right, Learning Media's debts were not
guaranteed by the Government," the statement from Mr. English
said.

The statement did not say whether creditors had accepted haircuts
on what they were owed, Stuff.co.nz relays.

Mr. English and Ms. Parata announced in September that Learning
Media was no longer financially viable and would be wound up, with
more than 100 jobs affected, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 12, 2013, the Board of Learning Media has agreed with the
Government that the company does not have a viable on-going
business. Accordingly, the company is to be wound down through a
managed process. Projects currently underway will be delivered as
scheduled and transition arrangements put in place for longer-term
work programmes to ensure continuity.

Learning Media was created in Wellington in 1939, when the School
Publications Branch in the Department of Education was formed. It
became a Crown Company in 1993 and a State Owned Enterprise in
2005. The company creates digital and print educational resources
such as The School Journal and Te Wharekura and also provides
professional development for teachers. The company employs 109 FTE
staff, including editors, designers, project managers and software
programmers.


REYNOLDS GROUP: Moody's Affirms 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a Caa2 rating to the proposed
senior subordinated notes of Beverage Packaging Holdings II Issuer
Inc. (USA) and co-issuer Beverage Packaging Holdings (Luxembourg)
II S.A.  Additionally, Moody's affirmed the company's B3 Corporate
Family, B3-PD Probability of Default, and all other instrument
ratings. The ratings outlook is stable. The proceeds of the new
notes will be used to refinance the existing EUR420 senior
subordinated notes due June 15, 2017.

Moody's took the following actions:

Reynolds Group Holdings Limited

-- Affirmed B3 corporate family rating

-- Affirmed B3-PD probability of default rating

Reynolds Group Holdings Inc.

-- Affirmed senior secured notes to B1 (LGD2, 24%) from B1
   (LGD2, 25%)

Beverage Packaging Holdings (Luxembourg) II S.A., Beverage
Packaging Holdings II Issuer Inc. (USA)

-- Affirmed senior unsecured notes, Caa2 (LGD5, 79%)

-- Affirmed EUR420 senior subordinated notes due 6/15/2017
   ,Caa2(LGD6, 96%) (to be withdrawn at the close of
   the transaction)

-- Assigned $590 senior subordinated notes due 6/15/2017,
   Caa2 (LGD6, 96%)

Reynolds Group Issuer Inc., Reynolds Group Issuer LLC, Reynolds
Group Issuer (Luxembourg) S.A.

-- Affirmed senior secured notes to B1 (LGD2, 24%) from B1
   (LGD2, 25%)

-- Affirmed senior unsecured notes, Caa2 (LGD5, 79%)

Pactiv Corporation

-- Affirmed senior unsecured notes, Caa2 (LGD6, 93%)

The rating outlook is stable.

All ratings are subject to the receipt and review of the final
documentation.

Ratings Rationale:

The B3 corporate family rating reflects Reynolds Group Holdings
Limited's (RGHL) weak credit metrics, concentration of sales
within certain segments and acquisitiveness/financial
aggressiveness. The rating also reflects the competitive and
fragmented market and the company's mixed contract and cost pass-
through position. RGHL has comparatively limited transparency, a
complex capital and organizational structure and is owned by a
single individual.

Strengths in the company's profile include its strong brands and
market positions in certain segments, scale and high percentage of
blue-chip customers. There are high switching costs for customers
in certain segments as well as a history of innovation. Many of
RGHL's businesses had a history of strong execution and innovation
prior to their acquisition and much of the existing management
teams were retained. Scale, as measured by revenue, is significant
for the industry and helps RGHL lower its raw material costs. The
company also has high exposure to food and beverage packaging.
RGHL currently has adequate liquidity with approximately $1.5
billion in cash on hand as of September 30, 2013.

The ratings could be downgraded if there is deterioration in
credit metrics, liquidity or the competitive and operating
environment. The ratings could also be downgraded if the company
undertakes any significant acquisition. Specifically, the ratings
could be downgraded if debt to EBITDA increases to above 7.0
times, EBIT to interest expense declined below 1.0 time, and free
cash flow to debt remained below 1.0%.

The rating could be upgraded if RGHL sustainably improves its
credit metrics within the context of a stable operating and
competitive environment while maintaining adequate liquidity
including ample cushion under financial covenants. Specifically,
RGHL would need to improve debt to EBITDA to below 6.3 times, EBIT
to interest expense to at least 1.4 times and free cash flow to
debt to above 3.5% while maintaining the EBIT margin in the high
single digits.


REYNOLDS GROUP: S&P Assigns 'CCC+' Rating to Proposed $590M Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' issue-level
rating and '6' recovery rating to New Zealand-based packaging
producer Reynolds Group Holdings Ltd.'s proposed $590 million
senior subordinated notes due 2017.  The notes will be issued by
Beverage Packaging Holdings (Luxembourg) II S.A. and Beverage
Packaging Holdings II Issuer Inc.  The '6' recovery rating
indicates expectations for negligible (0% to 10%) recovery in the
event of a default.

Reynolds will use proceeds of the notes offering to repay the
existing subordinated notes.  S&P's 'B' corporate credit rating
and other ratings on Reynolds are unchanged.  The outlook is
stable.

Standard & Poor's Ratings Services' ratings on Reynolds reflect
its assessment of the company's business risk profile as "strong"
and the financial risk profile as "highly leveraged".  Reynolds is
a market leading provider of food and beverage packaging owned by
Rank Group, a New Zealand-based investment firm controlled by a
single individual.  The company is one of the world's leading and
most-diversified consumer and foodservice packaging providers,
with annual revenues of around $14 billion.  S&P expects credit
measures to strengthen to the appropriate 6.5x it considers
consistent with the rating.

For the latest corporate credit rating rationale, see Standard &
Poor's summary analysis on Reynolds Group Holdings Ltd. published
on May 13, 2013.

For the detailed recovery analysis, see Standard & Poor's recovery
report to be published shortly.

RATINGS LIST

Reynolds Group Holdings Ltd.
Corporate Credit Rating                         B/Stable/--

New Rating

Beverage Packaging Holdings (Luxembourg) II S.A.
Beverage Packaging Holdings II Issuer Inc.
$590 Mil. Senior Sub. Notes Due 2017            CCC+
   Recovery Rating                               6



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------
AUSTRALIA

AACL HOLDINGS LT          AAY              39.61       -4.66
AAT CORP LTD              AAT              32.50      -13.46
ANAECO LTD                ANQ              12.09      -16.38
ARASOR INTERNATI          ARR              19.21      -26.51
AUSTRALIAN ZI-PP          AZCCA            77.74       -2.57
AUSTRALIAN ZIRC           AZC              77.74       -2.57
BECTON PROPERTY           BEC             267.47      -15.73
BIRON APPAREL LT          BIC              19.71       -2.22
CLARITY OSS LTD           CYO              28.67       -8.42
CWH RESOURCES LT          CWH              12.09       -1.29
HAOMA MINING NL           HAO              23.85      -33.70
LANEWAY RESOURCE          LNY              10.84      -11.48
MACQUARIE ATLAS           MQA           1,643.35   -1,018.17
MISSION NEWENER           MBT              10.95      -25.02
NATURAL FUEL LTD          NFL              19.38     -121.51
QUICKFLIX LTD             QFX              15.84       -1.91
REDBANK ENERGY L          AEJ             295.35      -13.08
RENISON CONSO-PP          RSNCL            10.84      -11.48
RIVERCITY MOTORW          RCY             386.88     -809.14
RUBICOR GROUP LT          RUB              60.12      -61.63
STERLING PLANTAT          SBI              37.84      -10.78
TZ LTD                    TZL              26.01       -1.69


CHINA

ANHUI GUOTONG-A           600444           73.14       -9.75
ATLANTIC NAVIGAT          ATL              89.78       -6.98
CHANG JIANG-A             520             818.55     -122.68
CHENGDU UNION-A           693              24.18      -30.53
CHINA KEJIAN-A            35               49.24     -299.06
CHINA OILFIELD T          COT              18.84      -19.88
HEBEI BAOSHUO -A          600155          101.91     -102.90
HUASU HOLDINGS-A          509              73.01      -35.36
HULUDAO ZINC-A            751             471.13     -546.12
HUNAN TIANYI-A            908              58.94      -11.50
JIANGSU ZHONGDA           600074          351.03       -9.74
JILIN PHARMACE-A          545              32.98       -6.85
QINGDAO YELLOW            600579          139.12      -58.98
SHENZ CHINA BI-A          17               26.30     -279.51
SHENZ CHINA BI-B          200017           26.30     -279.51
SHENZ INTL ENT-A          56              334.77      -70.20
SHENZ INTL ENT-B          200056          334.77      -70.20
SHIJIAZHUANG D-A          958             212.89     -118.63
TAIYUAN TIANLO-A          600234           63.16      -15.00
WUHAN BOILER-B            200770          214.39     -201.83
WUHAN XIANGLON-A          600769           83.73      -85.75
XIAN HONGSHENG-A          600817          138.05      -60.58


HONG KONG

ASIA COAL LTD             835              20.37      -11.89
BIRMINGHAM INTER          2309             63.14       -6.89
BUILDMORE INTL            108              16.89      -47.61
CELEBRATE INTERN          8212             17.15       -3.56
CHINA E-LEARNING          8055             22.22       -2.95
CHINA HEALTHCARE          673              32.51      -25.02
CHINA OCEAN SHIP          651             339.71      -56.14
CHINA ORIENTAL            2371             14.94       -1.53
EFORCE HLDGS LTD          943              63.68       -4.62
FU JI FOOD & CAT          1175             26.40     -153.32
GRANDE HLDG               186             255.10     -208.18
HAO WEN HOLDINGS          8019             20.40       -0.60
ICUBE TECHNOLOGY          139              20.70       -4.03
MASCOTTE HLDGS            136             176.50     -142.02
MELCOLOT LTD              8198             13.19      -28.51
PALADIN LTD               495             162.31       -3.89
PROVIEW INTL HLD          334             314.87     -294.85
SINO RESOURCES G          223              38.67      -23.83
SURFACE MOUNT             SMT              32.88      -10.68
TLT LOTTOTAINMEN          8022             20.48       -3.75
U-RIGHT INTL HLD          627              16.58     -204.32


INDONESIA

APAC CITRA CENT           MYTX            187.16       -6.32
ARPENI PRATAMA            APOL            416.73     -206.52
ASIA PACIFIC              POLY            410.59     -809.94
ICTSI JASA PRIMA          KARW             56.78       -1.30
MATAHARI DEPT             LPPF            232.55     -190.10
PANCA WIRATAMA            PWSI             28.67      -35.63
PERMATA PRIMA SA          TKGA             10.70       -1.55
RENUKA COALINDO           SQMI             14.81       -1.35


INDIA

ABHISHEK CORPORA          ABSC             58.35      -14.51
AGRO DUTCH INDUS          ADF             105.49       -3.84
ALPS INDUS LTD            ALPI            215.85      -28.22
AMIT SPINNING             AMSP             16.21       -6.54
ARTSON ENGR               ART              11.81      -10.16
ASHAPURA MINECHE          ASMN            167.68      -67.64
ASHIMA LTD                ASHM             63.23      -48.94
BELLARY STEELS            BSAL            451.68     -108.50
BLUE BIRD INDIA           BIRD            122.02      -59.13
CAMBRIDGE TECHNO          CTECH            12.77       -7.96
CELEBRITY FASHIO          CFLI             27.59       -8.60
CFL CAPITAL FIN           CEATF            12.36      -49.56
CHESLIND TEXTILE          CTX              20.51       -0.03
COMPUTERSKILL             CPS              14.90       -7.56
CORE HEALTHCARE           CPAR            185.36     -241.91
DCM FINANCIAL SE          DCMFS            18.46       -9.46
DFL INFRASTRUCTU          DLFI             42.74       -6.49
DHARAMSI MORARJI          DMCC             21.44       -6.32
DIGJAM LTD                DGJM             99.41      -22.59
DISH TV INDIA             DITV            517.02      -18.42
DISH TV INDI-SLB          DITV/S          517.02      -18.42
DUNCANS INDUS             DAI             122.76     -227.05
FIBERWEB INDIA            FWB              13.22       -9.70
GANESH BENZOPLST          GBP              43.90      -18.27
GOLDEN TOBACCO            GTO             109.72       -5.01
GSL INDIA LTD             GSL              29.86      -42.42
GUJARAT STATE FI          GSF              10.26     -303.64
GUPTA SYNTHETICS          GUSYN            52.94       -0.50
HARYANA STEEL             HYSA             10.83       -5.91
HINDUSTAN SYNTEX          HSYN             11.46       -5.39
HMT LTD                   HMT             123.83     -517.57
INDAGE RESTAURAN          IRL              15.11       -2.35
INTEGRAT FINANCE          IFC              49.83      -51.32
JAGJANANI TEXTIL          JAGT             10.69       -1.88
JCT ELECTRONICS           JCTE             88.67      -72.23
JENSON & NIC LTD          JN               16.65      -75.51
JOG ENGINEERING           VMJ              50.08      -10.08
JYOTHY CONSUMER           JYOC             69.07      -31.72
KALYANPUR CEMENT          KCEM             24.64      -38.69
KANCO ENTERPRISE          KANE             10.59       -4.93
KDL BIOTECH LTD           KOPD             14.66       -9.41
KERALA AYURVEDA           KERL             13.97       -1.69
KINGFISHER AIR            KAIR          1,782.32     -997.63
KINGFISHER A-SLB          KAIR/S        1,782.32     -997.63
KITPLY INDS LTD           KIT              37.68      -45.35
KM SUGAR MILLS            KMSM             19.14       -0.47
LLOYDS FINANCE            LYDF             14.71      -10.46
LML LTD                   LML              50.66      -70.76
MADRAS FERTILIZE          MDF             158.91      -64.91
MAHA RASHTRA APE          MHAC             22.23      -15.85
MALWA COTTON              MCSM             44.14      -24.79
MARKSANS PHARMA           MRKS             76.23      -31.89
MILTON PLASTICS           MILT             17.67      -51.22
MODERN DAIRIES            MRD              32.97       -3.87
MTZ POLYFILMS LT          TBE              31.94       -2.57
MYSORE PAPER              MSPM             87.99       -8.12
NATL STAND INDI           NTSD             22.09       -0.73
NICCO CORP LTD            NICC             71.84       -4.91
NICCO UCO ALLIAN          NICU             25.42      -79.20
NK INDUS LTD              NKI             141.35       -7.71
NRC LTD                   NTRY             73.10      -51.18
NUCHEM LTD                NUC              24.72       -1.60
PANCHMAHAL STEEL          PMS              51.02       -0.33
PARAMOUNT COMM            PRMC            124.96       -0.52
PARASRAMPUR SYN           PPS              99.06     -307.14
PAREKH PLATINUM           PKPL             61.08      -88.85
PIONEER DISTILLE          PND              53.74       -5.62
PREMIER INDS LTD          PRMI             11.61       -6.09
QUADRANT TELEVEN          QDTV            150.43     -137.48
QUINTEGRA SOLUTI          QSL              16.76      -17.45
RATHI ISPAT LTD           RTIS             44.56       -3.93
RELIANCE BROADCA          RBN              86.71       -0.35
RELIANCE MEDIAWO          RMW             425.22      -21.31
RELIANCE MED-SLB          RMW/S           425.22      -21.31
REMI METALS GUJA          RMM             101.32      -17.12
RENOWNED AUTO PR          RAP              14.12       -1.25
ROLLATAINERS LTD          RLT              22.97      -22.24
ROYAL CUSHION             RCVP             14.42      -73.93
SADHANA NITRO             SNC              16.74       -0.58
SANATHNAGAR ENTE          SNEL             39.67      -11.05
SAURASHTRA CEMEN          SRC              89.32       -6.92
SCOOTERS INDIA            SCTR             19.75      -13.35
SEN PET INDIA LT          SPEN             11.58      -26.67
SHAH ALLOYS LTD           SA              213.69      -39.95
SHALIMAR WIRES            SWRI             25.78      -38.78
SHAMKEN COTSYN            SHC              23.13       -6.17
SHAMKEN MULTIFAB          SHM              60.55      -13.26
SHAMKEN SPINNERS          SSP              42.18      -16.76
SHREE RAMA MULTI          SRMT             49.29      -25.47
SIDDHARTHA TUBES          SDT              75.90      -11.45
SITI CABLE NETWO          SCNL            110.69      -14.26
SOUTHERN PETROCH          SPET            210.98     -175.98
SPICEJET LTD              SJET            386.76      -30.04
SQL STAR INTL             SQL              10.58       -3.28
STATE TRADING CO          STC           1,279.23     -219.37
STELCO STRIPS             STLS             14.90       -5.27
STI INDIA LTD             STIB             24.64       -0.44
STORE ONE RETAIL          SORI             15.48      -59.09
SUPER FORGINGS            SFS              16.31       -5.93
TAMILNADU JAI             TNJB             19.13       -2.69
TATA METALIKS             TML             156.70       -5.36
TATA TELESERVICE          TTLS          1,311.30     -138.25
TATA TELE-SLB             TTLS/S        1,311.30     -138.25
TODAYS WRITING            TWPL             20.12      -24.62
TRIUMPH INTL              OXIF             58.46      -14.18
TRIVENI GLASS             TRSG             24.23      -12.34
TUTICORIN ALKALI          TACF             20.48      -16.78
UNIFLEX CABLES            UFCZ             47.46       -7.49
UNIWORTH LTD              WW              159.14     -146.31
UNIWORTH TEXTILE          FBW              21.44      -34.74
USHA INDIA LTD            USHA             12.06      -54.51
UTTAM VALUE STEE          UVSL            510.00      -48.98
VANASTHALI TEXT           VTI              25.92       -0.15
VENTURA TEXTILES          VRTL             14.33       -1.91
VENUS SUGAR LTD           VS               11.06       -1.08


JAPAN

FLIGHT SYS CONSU          3753             10.10       -2.62
HARAKOSAN CO              8894            187.50       -1.90
HIMAWARI HD               8738            251.56      -42.26
INDEX CORP                4835            227.23      -15.54
MISONOZA THEATRI          9664             56.72       -4.80
PROPERST CO LTD           3236            140.82     -353.70
TAIYO BUSSAN KAI          9941            142.90       -0.41
WORLD LOGI CO             9378             34.44      -71.60


KOREA

DAISHIN INFO              20180           740.50     -158.45
DVS KOREA CO LTD          46400            17.40       -1.20
ROCKET ELEC-PFD           425             111.09       -0.42
ROCKET ELECTRIC           420             111.09       -0.42
SHINIL ENG CO             14350           199.04       -2.53
SSANGYONG ENGINE          12650         1,231.13     -119.47
TEC & CO                  8900            139.98      -16.61
WOONGJIN HOLDING          16880         2,197.34     -635.50


MALAYSIA

HO HUP CONSTR CO          HO               54.37      -16.70
LFE CORP BHD              LFE              39.65       -0.70
PUNCAK NIA HLD B          PNH           4,400.41      -24.59
VTI VINTAGE BHD           VTI              17.74       -3.63


NEW ZEALAND

NZF GROUP LTD             NZF              11.69       -4.60
PULSE UTILITIES           PLU              14.58       -4.84


PHILIPPINES

GOTESCO LAND-A            GO               21.76      -19.21
GOTESCO LAND-B            GOB              21.76      -19.21
PICOP RESOURCES           PCP             105.66      -23.33
UNIWIDE HOLDINGS          UW               50.36      -57.19


SINGAPORE

ADVANCE SCT LTD           ASCT             48.74       -2.27
HL GLOBAL ENTERP          HLGE             83.11       -4.63
SCIGEN LTD-CUFS           SIE              68.70      -42.35
TT INTERNATIONAL          TTI             227.86      -88.73
ZHONGXIN FRUIT            NLH              19.34       -5.25


THAILAND

ASCON CONSTR-NVD          ASCON-R          59.78       -3.37
ASCON CONSTRUCT           ASCON            59.78       -3.37
ASCON CONSTRU-FO          ASCON/F          59.78       -3.37
CALIFORNIA W-NVD          CAWOW-R          28.07      -11.94
CALIFORNIA WO-FO          CAWOW/F          28.07      -11.94
CALIFORNIA WOW X          CAWOW            28.07      -11.94
DATAMAT PCL               DTM              12.69       -6.13
DATAMAT PCL-NVDR          DTM-R            12.69       -6.13
DATAMAT PLC-F             DTM/F            12.69       -6.13
K-TECH CONSTRUCT          KTECH            38.87      -46.47
K-TECH CONSTRUCT          KTECH/F          38.87      -46.47
K-TECH CONTRU-R           KTECH-R          38.87      -46.47
M LINK ASIA CORP          MLINK            83.61       -7.85
M LINK ASIA-FOR           MLINK/F          83.61       -7.85
M LINK ASIA-NVDR          MLINK-R          83.61       -7.85
PATKOL PCL                PATKL            52.89      -30.64
PATKOL PCL-FORGN          PATKL/F          52.89      -30.64
PATKOL PCL-NVDR           PATKL-R          52.89      -30.64
PICNIC CORP-NVDR          PICNI-R         101.18     -175.61
PICNIC CORPORATI          PICNI           101.18     -175.61
PICNIC CORPORATI          PICNI/F         101.18     -175.61
SHUN THAI RUBBER          STHAI            19.89       -0.59
SHUN THAI RUBB-F          STHAI/F          19.89       -0.59
SHUN THAI RUBB-N          STHAI-R          19.89       -0.59
SUNWOOD INDS PCL          SUN              19.86      -13.03
SUNWOOD INDS-F            SUN/F            19.86      -13.03
SUNWOOD INDS-NVD          SUN-R            19.86      -13.03
THAI-DENMARK PCL          DMARK            15.72      -10.10
THAI-DENMARK-F            DMARK/F          15.72      -10.10
THAI-DENMARK-NVD          DMARK-R          15.72      -10.10
TONGKAH HARBOU-F          THL/F            62.30       -1.84
TONGKAH HARBOUR           THL              62.30       -1.84
TONGKAH HAR-NVDR          THL-R            62.30       -1.84


TAIWAN

BEHAVIOR TECH CO          2341S            30.90       -0.22
BEHAVIOR TECH-EC          2341O            30.90       -0.22
HELIX TECH-EC             2479T            23.39      -24.12
HELIX TECH-EC IS          2479U            23.39      -24.12
HELIX TECHNOL-EC          2479S            23.39      -24.12
IDM INTERNATIONA          IDM              30.99      -23.62
POWERCHIP SEM-EC          5346S         2,036.01      -52.74



                             *********

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

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

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


                            *********


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

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

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

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

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



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