TCRAP_Public/131218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, December 18, 2013, Vol. 16, No. 250


                            Headlines


A U S T R A L I A

CUSTOM ELECTRICS: J. Murphy Says Firm Collapse Due to Unpaid Debt
KNOX BASKETBALL: Saved From Liquidation After Debt Repayment Deal
LIBERTY FUNDING: S&P Affirms BB Rating on Class D Notes
SAPPHIRE XII: Fitch Rates AUD2.0MM Class F Notes at 'Bsf'
STORM FINANCIAL: Former Adviser Faces Court Charges

TAMAR VALLEY: Creditors Opt to Liquidate Dairy Company
YODEL AUSTRALIA: Ad Agencies Go Bust; Customers Now Out of Pocket


C H I N A

CHINA MINZHONG: S&P Affirms 'BB-' CCR; Outlook Stable


I N D I A

ABDOS OILS: CRISIL Rates INR140 Million Term Loan at 'B+'
ADHYASHAKTI CONCAST: CRISIL Reaffirms 'B' Ratings on INR200M Loan
AFP MFG: CRISIL Cuts Ratings on INR115MM Loans to 'D'
ARISTO TRANSMISSION: CARE Rates INR12cr LT Bank Loans at 'B+'
ASHOKA DEVELOPERS: CRISIL Rates INR225MM Cash Credit at 'B-'

BABA BISWANATH: CARE Assigns 'B' Rating to INR7.74cr LT Loans
BEAM COX: CARE Assigns 'B+' Rating to INR6cr LT Bank Loans
DINURJE JEWELLERY: CARE Reaffirms 'B+' Rating on INR36cr Loans
DIPTI DIAMONDS: CARE Reaffirms 'B+' Rating on INR30cr Loans
FINANCIAL TECH: MMTC to Get 3Weeks Notice Before Any Liquidation

ISAT NETWORK: CARE Assigns 'B+' Rating to INR1cr LT Bank Loans
KARNATAKA SILK: CRISIL Reaffirms 'B+' Ratings on INR250MM Loans
KLASSIK ENTERPRISES: CRISIL Assigns 'B' Rating to INR300MM Loans
KUMARPUR AGRO: CRISIL Raises Ratings on INR49.6MM Loans to 'B-'
M.P.AGARWALA: CRISIL Cuts Rating on INR60MM Loan to 'B-'

M. S. VENKATESH: CRISIL Assigns B+ Ratings to INR170MM Loans
MAHA LAXMI: CRISIL Assigns 'D' Ratings to INR58.6MM Loans
MAHESH COTSPIN: CRISIL Assigns 'B' Ratings to INR110MM Loans
MAILAM SUBRAMANIYA: CRISIL Rates INR105MM Term Loan at 'D'
MAITY POULTRIES: CRISIL Ups Ratings on INR58.5MM Loans to 'B-'

OMEGA PREMISES: CRISIL Cuts Ratings on INR500MM Loans to 'D'
PRAGATI EDIBLE: CARE Assigns 'B+' Rating to INR10.93cr LT Loans
RAJ YAMAHA: CRISIL Assigns 'B+' Ratings to INR80MM Loans
RANGANAYAKA SPINNING: CRISIL Puts 'B+' Ratings on INR229.7M Loans
SHAH MAHENDRA: CRISIL Cuts Ratings on INR190MM Loans to 'D'

SHANTI MOHAN: CRISIL Assigns 'B+' Ratings to INR67.7MM Loans
SHIVA UDYOG: CRISIL Cuts Ratings on INR318.5MM Loans to 'D'
SHRI GAJANAN: CRISIL Rates INR50MM Cash Credit at 'B+'
SOMA ISOLUX: CRISIL Cuts Rating on INR3.0BB Loans to 'D'
SPIN-COT TEXTILES: CRISIL Cuts Ratings on INR830MM Loans to 'D'

SRI SAKTHI: CRISIL Assigns 'B+' Ratings to INR200MM Loans
SURYA WIRES: CARE Assigns 'B+' Rating to INR17.6cr LT Bank Loans
TECHNO POWER: CRISIL Reaffirms 'B' Rating on INR176.6MM Loans
VIKRAM ARYA: CRISIL Assigns B+ Ratings to INR200MM Loans
VISAGE INFRA: CRISIL Rates INR20MM Cash Credit at 'B+'


J A P A N

TOKYO ELECTRIC: Banks to Offer Additional JPY300-Billion Loan
TOKYO ELECTRIC: Gov't. to Allocate Gains From Sales For Cleanup


M O N G O L I A

KHAN BANK: Fitch Affirms IDR at B; Revises Outlook to Negative


N E W  Z E A L A N D

CHORUS LTD: Likely to Delay Capital Raising, Deutsche Bank Says
DOMINION FINANCE: Ex-Director Avoids Being Struck From NZICA


S O U T H  K O R E A

STX GROUP: Dalian Creditor Banks on Verge of Losing All Loans


V I E T N A M

* VIETNAM: Reports Nearly 55K Corporate Bankruptcies in 11 Mos.


                            - - - - -


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


CUSTOM ELECTRICS: J. Murphy Says Firm Collapse Due to Unpaid Debt
-----------------------------------------------------------------
Newcastle Herald reports that Jacob Murphy has defended his right
to "have a go in life" and placed the blame for the collapse of
his electrical company on other businesses.

The 23-year-old's company, Custom Electrics and Automation Pty
Ltd, was placed in liquidation; with a preliminary creditor's
report by liquidator Lawler Partners showing it owes
AU$1.335million to 18 secured creditors, including members of Mr.
Murphy's family, according to Newcastle Herald.

The creditor's report also shows the company owes AU$1.472million
to unsecured trade creditors, including 51 businesses in the
Hunter, the report relates.

In a statement to the Newcastle Herald, Mr. Murphy confirmed there
were debts owed to secured and unsecured creditors, and that his
tax bill to the Australian Tax Office was about AU$390,000.

Newcastle Herald notes that Mr. Murphy attributed his company's
woes to several creditors he said owed him approximately
AU$600,000.

Mr. Murphy said it was his understanding that none of his former
employees had lost their jobs because they had been assumed by a
separate company, Custom Electrics and Control Pty Ltd, which was
formed by his former project manager, Ben Spiers, in August, the
report relays.

Mr. Murphy said some of the creditors named on Lawler Partner's
initial creditors report had been paid in full, and he also
alleged that funds were stolen from his company, the report notes.

Mr. Murphy said the collapse of his company had taught him that it
is "tough in the business world and that jobs do not go to plan
when you have no control over variables" including the weather,
the need for and cost of extra labor, and the quality of work by
subcontractors and staff, the report discloses.

Mr. Murphy said his family was "fully supportive" of him and that
he had no intention of working in the building industry in the
"foreseeable future", nor any plans to work overseas or invest
overseas, the report adds.


KNOX BASKETBALL: Saved From Liquidation After Debt Repayment Deal
-----------------------------------------------------------------
Melanie Gardiner at Knox Leader reports that Knox Basketball
Incorporated has been saved from liquidation after striking a
debt-repayment deal with Knox Council.

According to the report, Knox Basketball faced mounting debts,
including about AUD380,000 owed to the council in unpaid licence
fees and rent for the State Basketball Centre in Wantirna South, a
Boronia facility and hire of the Rowville Community Centre.

The report relates that KBI chairman Eric Noordzy said the club
struck a deal with the council to repay the money, with interest,
over the next three years.

Mr. Noordzy said KBI had restructured its operations to cut costs,
increased players' fees, opted not to replace staff who had
resigned, and would rely on volunteers, Knox Leader relays.

"We've done a whole new business plan and forecast for the next
two years," the report quotes Mr. Noordzy as saying.  "Myself, the
new CEO and our financial director have had a lot of sleepless
nights sorting through all this and we're very pleased with the
end result.  We see Knox basketball being around for a long time
to come."

Knox Leader relates that the KBI board hired former Big V
Basketball chief executive Raelene Joyce in August after voting to
terminate former chief executive Wayne Carroll's contract in July.

Mr. Noordzy said the club was taking legal action against a
promotions company to recover AUD153,000 for a sponsorship
contract, but could not comment further on the case, the report
adds.

Knox Basketball Incorporated is one Australia's largest community
basketball clubs.


LIBERTY FUNDING: S&P Affirms BB Rating on Class D Notes
-------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
B and class C notes issued by Liberty Funding Pty. Ltd. in respect
of Liberty Series 2011-1 Auto.  S&P raised its rating on the class
B notes to 'AA (sf)' from 'A (sf)' and its rating on the class C
notes to 'A (sf)' from 'BBB+ (sf)'.

At the same time, S&P affirmed its 'AAA (sf)' rating on the class
A notes and its 'BB (sf)' rating on the class D notes.  The notes
of the transaction are backed by a pool of auto loan collateral
originated by Liberty Financial Pty Ltd.

"We raised our ratings on the class B and class C notes to reflect
the significant build up of credit support to the notes due to the
amortization of the asset pool and the transaction's sequential
payment structure.  In addition, the underlying assets have
performed well during the life of the transaction.  As of Oct. 31,
2013, the transaction's cumulative net losses were approximately
1.24% of the original portfolio balance.  Net losses have been
fully covered by excess spread.  The ratings reflect our view that
the rated notes are able to withstand the stresses that are
commensurate with their rating levels," S&P said.

Arrears greater than 90 days have increased to approximately 5.13%
of the current pool balance since transaction close.  However, S&P
do not see this as a risk to the ratings in the medium term,
provided that the long-dated arrears do not manifest into a back-
loaded default experience and there is adequate excess spread
available toward the tail end of the transaction to cover losses,
payment shortfalls, and the reimbursement of the liquidity and
loss reserves.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

RATINGS RAISED
Class        Rating to        Rating from
B            AA (sf)          A (sf)
C            A (sf)           BBB+ (sf)

RATINGS AFFIRMED
Class        Rating
A            AAA (sf)
D            BB (sf)


SAPPHIRE XII: Fitch Rates AUD2.0MM Class F Notes at 'Bsf'
---------------------------------------------------------
Fitch Ratings has assigned final ratings to Sapphire XII Series
2013-1 Trust's residential mortgage-backed floating rate notes.
The issuance consists of notes backed by Australian non-conforming
residential loans originated by Bluestone Group Pty Limited
(Bluestone Group). The ratings are as follows:

AUD99.7m Class A1 notes: 'AAAsf'; Outlook Stable;
AUD26.0m Class A2 notes: 'AAAsf'; Outlook Stable;
AUD5.9m Class B notes: 'AAsf'; Outlook Stable;
AUD6.7m Class C notes: 'Asf'; Outlook Stable;
AUD4.6m Class D notes: 'BBBsf'; Outlook Stable;
AUD2.6m Class E notes: 'BBsf'; Outlook Stable;
AUD2.0m Class F notes: 'Bsf'; Outlook Stable;
AUD2.8m Class G notes: 'Not Rated'; and
AUD3.1m Class H notes: 'Not Rated'.

The notes were issued by BNY Trust Company of Australia Limited in
its capacity as trustee of Sapphire XII Series 2013-1 Trust.

Key Rating Drivers:

Experienced Originator/Servicer: Bluestone Mortgages Limited is a
specialist non-conforming originator and servicer. Bluestone
Servicing Pty Limited is a wholly owned subsidiary of Bluestone,
and has a Fitch Primary Servicer Rating of '2-' and a Special
Servicer Rating of '2-' for non-conforming residential mortgages
at 20 February 2013. Bluestone Group has originated more than
AUD4.8bn worth of loans, and completed a total of 16 residential
mortgage securitisations in both Australia and New Zealand.

Properties-in-Possession Included: The transaction is a
combination of a previous Sapphire transaction and two Bluestone
warehouses; three of the 716 loans in the portfolio are
properties-in-possession with a Bluestone-calculated expected loss
of about AUD260,000 as at the pool cut-off date. The Fitch-
calculated expected loss for these same properties is about
AUD930,000. The 30+ days arrears were 9.0%, with 90+ days arrears
totalling 3.4% of the pool.

Highly Seasoned Pool: All the loans were originated between 2003
and 2008, and the weighted average (WA) seasoning is 84 months.
Low-documentation loans make up 67.0% of the portfolio. At the
cut-off date, the WA loan to value ratio (LVR) was 67.7% and the
WA indexed LVR was 61.3%. Credit-impaired loans make up 57.2% of
the portfolio. The pool is geographically diversified across
Australia in proportion with the general population.

Strong Excess Spread: The transaction benefits from a strong flow
of excess income, which is available to cover losses. Bluestone's
non-conforming borrowers pay significantly higher interest rates
than borrowers of conforming loans. The WA interest rate is 9.0%.

Rating Sensitivity:

Unexpected decreases in the value of residential property,
increases in the frequency of foreclosures, and loss severity on
defaulted mortgages could produce loss levels higher than Fitch's
base case, which could result in potentially negative rating
actions on the notes. Fitch has evaluated the sensitivity of the
ratings assigned to Sapphire XII Series 2013-1 Trust to increased
defaults and decreased recovery rates over the life of the
transaction.

Its analysis found that collectively the Class A2, B, C, D, E and
F notes' ratings were impacted under Fitch's medium (15% increase
in defaults) and severe default (30% increase) scenarios.

Recovery scenarios, both medium (15% decrease) and severe (30%
decrease), saw all notes except the Class A1 notes' ratings being
impacted. The transaction shows greater sensitivity to a
combination of both increased defaults and decreased recovery
rates.


STORM FINANCIAL: Former Adviser Faces Court Charges
---------------------------------------------------
Former Storm Financial Ltd financial adviser Walter John
Fullerton-Smith on Dec. 17 faced court charged with making a false
or misleading statement to obtain a financial advantage.

It is alleged Mr. Fullerton-Smith, of Carrara, Queensland, a
former Queensland and Australian rugby league player of the 1980s
and 1990s, misled an elderly couple from New South Wales in 2007
with the intent to obtain a financial advantage for himself and
his wife, Kim Michele Fullerton-Smith.

The conduct allegedly occurred when Mr. Fullerton-Smith was
procuring the couple's units, valued at approximately
AUD706,436.94, in an MLC MasterKey Unit Trust as security for the
trust margin loan account.

Specifically, it is alleged it was implied the investment would be
safe if the couple signed documents authorising a third party
mortgage over it as security for a proposed loan to either
Mr. Fullerton-Smith and his wife or The Young Trust, of which he
was the trustee and he and his wife were primary beneficiaries,
while omitting to inform them of the true nature and effect of the
documents.

Appearing in Sydney's Downing Centre Local Court, Mr. Fullerton-
Smith did not enter a plea.

Mr. Fullerton-Smith was granted conditional bail and has surrended
his passport to ASIC.

The matter was adjourned for further mention to Feb. 11, 2014.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Mr. Fullerton-Smith has been charged with one count under section
178BB of the Crimes Act 1900 (NSW).  The penalty is a maximum 5
years jail.

In November 2012 ASIC banned Mr. Fullerton-Smith for life from the
financial services industry.

                        About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

In 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.  Storm later closed its business and fired all of
its 115 staff.  The closure, the company's administrators said,
was due to the significant reduction in Storm's income resulting
in trading losses being incurred "at a rate which the company
could no longer absorb."

The Commonwealth Bank of Australia, Storm's largest creditor,
lodged a AUD27.09 million debt claim at a first meeting of the
company's creditors on Jan. 20, 2010.  The group's remaining
creditors are owed AUD51 million, plus a provision for dividends
of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


TAMAR VALLEY: Creditors Opt to Liquidate Dairy Company
------------------------------------------------------
Rosemary Grant at ABC Rural reports that creditors of the
Launceston yoghurt company, Tamar Valley Dairy, have voted to
liquidate the business.

The Tasmanian family-owned milk processor went into voluntary
administration on September 24, owing approximately
AUD12 million.

The factory and other assets were sold last month to the New
Zealand dairy company, Fonterra, for an undisclosed price, ABC
Rural recalls.

ABC Rural relates that at the second meeting of creditors this
week, the administrator, Tim Norman from Deloitte, said there was
a clear vote to wind up the business as soon as possible.

According to the report, Mr. Norma said the banks have been paid
in full and about 50 unsecured creditors can expect to receive a
dividend of between 30 and 50 cents for every dollar they're owed.

"The secured creditors and the unsecured lenders are now in a
position where the secured lenders have been payed out in full,"
ABC Rural quotes Mr. Norman as saying.  "The unsecured lenders are
in a position now where they are issuing me with their final
positions, so I can remit a dividend to them in the first quarter
of next year."

ABC Rural relates that Mr. Norman said rapid growth and limited
capital are the main reasons the Tamar Valley Dairy is now in New
Zealand hands.

According to ABC Rural, Mr. Norman said a quick sale of all its
assets to Fonterra has allowed the business to continue, saved 122
jobs, and limited the impacts for suppliers, customers, local
communities and the broader Tasmanian economy.

Mr. Norman said unsecured creditors can expect a fair dividend and
the business has a strong future, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 26, 2013, SmartCompany said Tamar Valley Dairy collapsed,
with administrators pointing to slower sales and pressure on
margins as causes.  Deloitte Restructuring Services partners Glen
Kanevsky and Tim Norman were appointed administrators, Smart
Company related.

Tamar Valley Dairy produces a variety of yoghurt products
including classic, low fat and Greek varieties.  The 17-year-old
business was established in 1996 near Launceston, Tasmania and has
170 employees.


YODEL AUSTRALIA: Ad Agencies Go Bust; Customers Now Out of Pocket
-----------------------------------------------------------------
Jake Sturmer at ABC News reports that two Australian companies
that sold internet advertisements and website space have gone
bust, leaving thousands of customers out of pocket and without a
website for their businesses.

The companies, Yodel Australia and Blink Digital, have debts of
AUD4.5 million and are behind a complex network of businesses, ABC
News relates.

Customers are demanding answers, the report says.

According to ABC News, liquidators are looking into how the
companies plunged so deeply into debt and whether any matters need
to be referred to the Australian Securities and Investments
Commission for further investigation.

Sydney-based Yodel Australia was officially opened as Fulfilnet
Australia in 2003 by then prime minister John Howard. The company
began by selling web space but progressed to selling online ads,
when it changed its name to Yodel Australia.



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


CHINA MINZHONG: S&P Affirms 'BB-' CCR; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on China Minzhong Food
Corp. Ltd. (Minzhong).  The outlook is stable.  At the same time,
S&P affirmed its 'cnBB+' long-term Greater China regional scale
rating on Minzhong.  S&P removed all the ratings from CreditWatch,
where they were placed with developing implications on Sept. 5,
2013.

S&P affirmed the ratings because it assess Minzhong to be a
"nonstrategic" subsidiary of PT Indofood Sukses Makmur Tbk., as
defined in S&P's criteria.  The rating on Minzhong therefore does
not benefit from group support despite Indofood owning 82.88% of
the company.

S&P is yet to fully assess the importance of Minzhong to
Indofood's long-term strategy, and whether the senior Indofood
group management has a long-term commitment to Minzhong.

"We assess Minzhong's business risk profile as weak, primarily
because of the company's small size relative to rated peers, and
its significant revenue from one production facility," said
Standard & Poor's credit analyst Joe Poon.  "Minzhong's
established market position as an integrated vegetable processor
in China and good operating efficiency tempers these weaknesses."

S&P's assessment of Minzhong's business risk profile also
incorporates its view that the agribusiness and commodity foods
industry faces "intermediate" industry risk and China has
"moderate" country risk.

S&P's assessment of Minzhong's modest financial risk profile is
based on its expectation that the company will maintain its low
leverage and generate stable cash flows, such that free operating
cash flows are likely to be positive in the next 12 months.  S&P
do not deduct surplus cash from debt because the company's
business risk profile is weak.

The ratings also reflect a one-notch negative adjustment for
Minzhong's "financial policy" to reflect the company's tolerance
for higher leverage and its likely higher dividend payout
following Indofood's ownership.  S&P views Indofood's financial
policy as more aggressive than Minzhong's.  S&P also makes a one-
notch negative adjustment because of Minzhong's "comparable rating
analysis" to reflect its view of the company's small scale and
limited business diversity compared with peers that S&P rates.
S&P also considers the likely overhang of U.S.-based short-selling
firm Glaucus Research Group's allegations of fraud at Minzhong.
The allegations could hamper Minzhong's access to capital markets
and hit its expansion plans, operations, and liquidity position.

"The stable outlook reflects our view that Minzhong will maintain
its financial position, which will provide sufficient buffer for
the company to meet its working capital and capacity expansion
needs," said Mr. Poon.  "We also expect Minzhong to remain a
nonstrategic subsidiary of Indofood over the next 12 months."

S&P could lower the rating if Minzhong's debt increases beyond its
expectation, causing the debt-to-EBITDA ratio to exceed 2x on a
consistent basis.  This could happen if Minzhong's capital
expenditure is more aggressive than its current plan or the
company poorly executes its capacity expansion.  S&P could also
lower the rating if: (1) Minzhong's liquidity deteriorates because
of poor working capital management; or (3) the company materially
and suddenly shifts its business strategy.

S&P could raise the rating if: (1) Minzhong improves the scale,
scope, and diversity of its operations; (2) the company
demonstrates good access to capital markets, leading to a
"neutral" comparable rating analysis, while maintaining a "modest"
financial risk profile; or (3) S&P assess Minzhong as a moderately
strategic" subsidiary of Indofood, as defined in its criteria.
This could happen if S&P believes Indofood's senior management has
demonstrated committed support to Minzhong, and Minzhong's
integration with Indofood demonstrates that Minzhong has becomes
an important part of the group's long-term strategy.



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


ABDOS OILS: CRISIL Rates INR140 Million Term Loan at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank loan facility of Abdos Oils Pvt Ltd.

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

The rating reflects AOPL's exposure to stabilisation risk in its
initial stage of operations. The rating also factors in the
company's below-average financial risk profile, marked by a small
net worth and high gearing. These rating weaknesses are partially
offset by the experience of AOPL's promoters as contract
manufacturers in the fast-moving consumer goods (FMCG) industry
and benefits realised on account of its association with Hindustan
Unilever Ltd (HUL, rated 'CRISIL AAA/Stable').

Outlook: Stable

CRISIL believes that AOPL will continue to benefit over the medium
term from the industry experience of its promoters and its
association with HUL. The outlook may be revised to 'Positive' if
the company reports higher-than-expected revenues and accruals or
improvement in the capital structure, leading to overall
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if AOPL's revenues and accruals are
lower than expected, its working capital cycle is stretched, and
it undertakes a large debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile, especially
its liquidity.

Incorporated in 1998, AOPL is an FMCG contract manufacturer for
HUL and Grupo SOS Spa. The company's day-to-day operations are
being managed by Mr. Rajesh Agarwal and Mr. Sanjay Agarwal.


ADHYASHAKTI CONCAST: CRISIL Reaffirms 'B' Ratings on INR200M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Adhyashakti
Concast Pvt Ltd continues to reflect ACPL's weak financial risk
profile, marked by a small net worth and constrained because it is
still setting up its project, and its exposure to high project
implementation risk. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
steel industry and the funding support received from them.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital
   Facility                 80       CRISIL B/Stable (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility        6.8     CRISIL B/Stable (Reaffirmed)

   Term Loan               113.2     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of more-than-expected
improvement in the company's scale of operations and profitability
after completion of its project, leading to better-than-
anticipated cash accruals and hence to a significant improvement
in its liquidity. The outlook may be revised to 'Negative' in case
of any cost or time overrun in ACPL's project, resulting in
deterioration in its financial risk profile, particularly its
liquidity, or if there is a delay in funding support from its
promoters.

Update:

ACPL is setting up a rolling mill of capacity 45,000 tonnes per
annum (tpa) on a plot of about 50,000 square metres. The total
cost of the project is around INR162 million, funded by a term
loan of INR100 million, and the balance through INR27 million of
unsecured loans and equity of INR35 million. The project was
expected to be completed by September 2013, but due to late
disbursement of the term loan by the bank, it is now expected to
be completed by April 2014. So far, INR80 million of the project
cost has been incurred; the promoters have infused INR22.8 million
equity and extended unsecured loans of INR37.2 million, and a term
loan of INR20 million has been availed so far. The company's
ability to implement the project within the cost estimates and
revised timelines, and the successful stabilisation of the plant
thereafter remain key rating sensitivity factors.

Considering the unsecured loans from promoters as neither debt nor
equity, ACPL's gearing was comfortable at 0.6 times as on March
31, 2013. However, with the remaining portion of the term loan to
be disbursed by March 2014, the gearing is expected to deteriorate
to 2.5 to 2.8 times as on March 31, 2014. The company's working
capital limit of INR80 million is also likely to be sanctioned
once it commences its operations. As a result, the adjusted
gearing is expected to deteriorate to more than 3.0 times over the
medium term. Owing to the delay in the project, the loan repayment
schedule has been revised and the interest payments and principal
repayments will now commence from April 2014 and October 2014,
respectively, as against October 2013 and April 2014,
respectively, previously. ACPL is likely to generate accruals of
INR2.5 million to INR3.0 million in its first year of operations,
which would be insufficient to meet its maturing debt obligations
of INR6 million in 2014-15 (refers to financial year, April 1 to
March 31). Adequate funding support from promoters to ensure
timely debt servicing remains a key rating sensitivity factor.

ACPL was incorporated in Sihor, Bhavnagar (Gujarat) in April 2012,
promoted by Mr. Ashok Rathod. The company is setting up a rolling
mill with a capacity 45,000 tpa. Its promoters have over two
decades of experience in the steel manufacturing industry.


AFP MFG: CRISIL Cuts Ratings on INR115MM Loans to 'D'
-----------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of AFP Manufacturing Co. Pvt Ltd to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               53      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan                 62      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by AFP in meeting
its interest payment and term loan repayment obligations on the
due dates; the delays have been caused by the company's weak
liquidity. AFP has weak liquidity because its significant debt-
funded capital expenditure in 2011-12 (refers to financial year,
April 1 to March 31) and 2012-13 has led to high monthly debt
obligations against stretched receivables, resulting in cash flow
mismatches. However, AFP is expected to generate sufficient net
cash accruals to meet its maturing debt obligations in 2013-14.

AFP is also exposed to increasing competition in the ready-to-eat
industry. However, the company benefits from its wide geographic
reach, diversified revenue and product profiles, and its
promoters' extensive industry experience.

Incorporated in 2007 and promoted by Mr. Anil Aggarwal, AFP
manufactures salted snacks (namkeen) and other ready-to-eat
snacks, and bakery items such as rusks, biscuits, sweets, and
other confectionary products. The company has four units, one in
Bhiwadi (Rajasthan), one in Anantnag (Jammu & Kashmir), and two in
Hajipur (Bihar). AFP has been operating two restaurants, Shri
Makhan and Appointment, in New Delhi since 2010-11. It also
undertakes catering orders for multinational companies, to a
limited extent. The company is based in New-Delhi.

For 2012-13, AFP reported, on a provisional basis, a profit after
tax (PAT) of INR18.2 million on net sales of INR1198.0 million;
the company had reported a PAT of INR18.8 million on net sales of
INR903.0 billion for 2011-12.


ARISTO TRANSMISSION: CARE Rates INR12cr LT Bank Loans at 'B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Aristo Transmission Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            12         CARE B+ Assigned

   Short-term Bank
   Facilities             6         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Aristo Transmission
Private Limited (ATPL) are constrained by the company being a
relatively small player with short track record of operation
coupled with low profitability margins, lack of backward
integration vis--vis volatility in raw material prices coupled
with low capacity utilization, stiff competition due to the
fragmented nature of the industry with the presence of many
unorganized players and working capital intensive nature of
operations. The aforesaid constraints are partially offset by the
experience of the promoter.

The ability to increase its scale of operations and profitability
margin and the ability to manage the working capital effectively
are the key rating sensitivities.

Aristo Transmission Pvt Ltd, incorporated on April 16, 2009, was
promoted by the Nathani family of Raipur, Chhattisgarh, with Mr
Rajani Nathani being the main promoter. The company commenced
operations in April 2010. ATPL is engaged in the manufacturing of
MS pipe, GI pipe and GP pipe at its plant located at Raipur with a
current installed capacity of 36,000 metric tone per annum (MTPA).
The company started production of MS pipe since April 2010 and it
increased its product portfolio in FY13 (refers to the period
April 01 to March 31) when it started producing GI pipe and GP
pipe along with its existing product MS pipe. Furthermore, ATPL
also started trading of ammonium nitrate from FY13 onwards with
the trading operation contributing about 13% of net sales during
FY13. The products of ATPL find applications in different sectors
which include construction, automobile, engineering and
agriculture & irrigation.

As per the audited results of FY13, ATPL reported a PBILDT of
INR1.01 crore (INR1.14 crore in FY12) and PAT INR0.04 crore (net
loss of INR0.02 crore in FY12), on a total income of INR28.32
crore (INR18.23 crore in FY12).


ASHOKA DEVELOPERS: CRISIL Rates INR225MM Cash Credit at 'B-'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facility of Ashoka Developers & Builders Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               225      CRISIL B-/Stable

The rating reflects ADBL's exposure to risks related to completion
and saleability of its project, and its large working capital
requirements. These rating weaknesses are partially offset by the
company's established position in the Hyderabad real estate
market, aided by the extensive industry experience of its
promoters.

Outlook: Stable

CRISIL believes that ADBL will continue to benefit over the medium
term from its established position in the real estate market in
Hyderabad. The outlook may be revised to 'Positive' if ADBL
generates more-than-anticipated cash flows, most likely because of
early completion of its proposed project, or in case of higher-
than-expected realisations from this project, considerably
improving its liquidity. Conversely, the outlook may be revised to
'Negative' in case of delays in project completion and customer
receipts, significant decline in realisations, or more-than-
expected debt, resulting in deterioration in the company's
financial risk profile.

Incorporated in 1989 and promoted by Mr. Jaiveer Reddy and his
family, ADBL is engaged in development of residential and
commercial real estate.

For 2012-13 (refers to financial year, April 1 to March 31), ADBL
reported a profit after tax (PAT) of INR10.2 million on net sales
of INR80.3 million, as against a PAT of INR19 million on net sales
of INR150.6 million for 2011-12.


BABA BISWANATH: CARE Assigns 'B' Rating to INR7.74cr LT Loans
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Baba Biswanath Agro Products Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             7.74       CARE B Assigned

   Short-term Bank
   Facilities             0.19       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Baba Biswanath Agro
Products Private Limited (BBAPL) are constrained by the short
track record with small scale of operation, intensely competitive
nature of the industry characterized by a number of small players,
regulated nature of the industry, high working capital intensity
and exposure to the vagaries of nature. The aforesaid constraints
are partially offset by the experience of the promoters with lack
of experience in managing the rice milling business and proximity
to raw material sources.

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

Baba Biswanath Agro Products Private Limited, incorporated in June
2009, was promoted by the Kundu family of Burdwan, West Bengal, to
set up a rice processing & milling unit and sale of its by-
products like husk, bran, etc, in the domestic market. The unit
commenced commercial operation in April 2012. The plant, having an
installed capacity of 19,930 metric tones per annum (MTPA), is
situated in the Burdwan district of West Bengal, a major paddy
growing area and in close proximity to the local grain market
enabling easy paddy procurement.

BBAPPL is a closely held company, with the board comprising of
three members, all representing the promoters' family. The day-to-
day affairs of the company are looked after by Mr Chandan
Kundu, Mr Malay Kundu and Mr Samir Kundu with adequate support
from a team of experienced personnel.

During FY13 (provisional; refers to the period April 1 to
March 31), the company achieved a total operating income of about
INR18.50 crore.


BEAM COX: CARE Assigns 'B+' Rating to INR6cr LT Bank Loans
----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Beam Cox Constructions Private Limited.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             6.00      CARE B+ Assigned

   Short-term Bank
   Facilities             0.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Beam Cox
Constructions Private Limited (BCCPL) are constrained by its small
scale of operations with working capital intensive nature of
business, stretched collection period and intense competition in
the industry with geographical concentration risk. The ratings,
however, derive strength from the experience of the promoters in
the construction industry, significant growth in total operating
income during the three years ended FY13 (refers to the period
April 1 to March 31) with moderate profitability margins,
comfortable capital structure and moderate order book position.

The ability of the company to scale up its operations with timely
execution of the ongoing projects and timely collection of
receivables will remain as the key rating sensitivities.

Beam Cox Constructions Private Limited was incorporated in the
year 1994 by Mr Y Ravinder Reddy and three other directors. The
company is registered as Class-I contractor with the Andhra
Pradesh government and BCCPL's contracts are tender-based orders
from government organizations. The company is into execution of
civil works and construction contracts for government entities.
Major works of the company include construction of school
buildings, school and college hostel buildings, laying of cement
roads, laying of water pipelines, construction of stadium, etc.
The company has executed several contracts till date and the
recent projects of the company include construction of around
eight government school buildings, laying of pipelines among
others at Medak district, Andhra Pradesh.

During FY13, BCCPL reported a PAT of INR0.21 crore on a total
operating income of INR6.28 crore as against a PAT of INR0.08
crore on a total operating income of INR5.05 crore in FY12.
Furthermore, the company has achieved a turnover of INR17.80 crore
during 7MFY14 (refers to the period April 1 to October 31).


DINURJE JEWELLERY: CARE Reaffirms 'B+' Rating on INR36cr Loans
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Dinurje Jewellery Pvt Ltd.
                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              36       CARE B+ Reaffirmed

Rating Rationale

The rating of the bank facilities of Dinurje Jewellery Pvt Ltd
(DJPL) continues to be constrained by the stretched liquidity as
demonstrated by long working capital cycle as well as full
utilization of working capital limits, weak overall financial risk
profile characterized by highly leveraged capital structure and
low profitability, dependence on export markets having sluggish
demand, geographically concentrated revenues and its presence in a
competitive and fragmented industry.

The rating, however, derives strength from the experience of the
promoters in the gems and jewellery industry.

The ability of DJPL to increase the scale of operations,
efficiently manage the working capital cycle and improve its
overall financial profile are the key rating sensitivities.

Dinurje Jewellery Pvt Ltd belongs to the Dinurje group based out
of Mumbai which is engaged in the jewellery manufacturing &
diamond trading business through their companies, viz, Dinurje
Jewellery Pvt Ltd & Dipti Diamonds Pvt Ltd. DJPL was established
as a partnership firm in 1993 by Mr Pankaj Shah, Mr Sudhir Shah
and Ms Dina Shah named as Dinu Diamonds and was reconstituted as a
private limited company in May 2006 and renamed as Dinurje
Jewellery Pvt Ltd.

It was initially engaged in the diamond trading business, and in
the year 2000, it ventured into the manufacturing of diamond
studded gold jewellery at SEEPZ, Mumbai.

During FY13 (refers to the period April 1 to March 31), DJPL
reported net sales of INR97.64 crore and PAT of INR0.97 crore.


DIPTI DIAMONDS: CARE Reaffirms 'B+' Rating on INR30cr Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Dipti Diamonds & Jewellery Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank
   Facilities           30.00       CARE B+ Reaffirmed

Rating Rationale

The reaffirmation of rating assigned to the bank facilities of
Dipti Diamonds & Jewellery Private Limited (DDJL) continue to be
constrained by its small scale of operations, thin profitability
margins, liquidity constraints arising out of elongated working
capital cycle, dependence on export markets which is characterized
by sluggish demand and presence in a competitive and fragmented
industry.  The rating however derives strength from the promoter's
experience in the gems and jewellery sector.  The ability of DDJL
to scale up operations and improve its overall financial profile
remains the key rating sensitivity.

Originally established as a proprietary firm in 1987 by Mr. Sudhir
K Shah, M/s Dipti Diamonds was engaged in procuring of diamonds
and selling it. The business of the proprietorship concern was
transferred to DDJL w.e.f. August 1, 2010. The company is
primarily engaged in the trading of cut and polished diamonds
after processing them on job work basis. DDJL is a part of the
Dinurje Group based out of Mumbai which is engaged in the diamond
trading and jewellery manufacturing.

In FY13 (refers to the period April 01 to March 31) DDJL achieved
a PAT of INR0.62 crore on a total operating income of INR70.90
crore vis--vis PAT of INR0.30 crore on a total operating income
of INR123.10 crore achieved in FY12.


FINANCIAL TECH: MMTC to Get 3Weeks Notice Before Any Liquidation
----------------------------------------------------------------
The Financial Express reports that at a Bombay High Court hearing
of a case filed by MMTC and PEC against the National Spot Exchange
(NSEL), both sides have agreed to a three week notice before
liquidation of certain assets held by NSEL promoters -- Financial
Technologies (FTIL) and Jignesh Shah.

The said assets will include Mr. Shah's direct holding in FTIL,
his indirect holding in FTIL through LaFin Financial Services and
the FT Tower -- the office building of FTIL -- including the land
on which it is built, according to The Financial Express.
The report relates that during this period, the petitioners are
allowed to move court against the sale.

Further hearing on the recovery suit filed by public sector
companies in the Bombay High Court against NSEL, Financial
Technologies (FTIL) and 34 other entities has been postponed to
January 21, 2014.

The report notes that the suit seeks to hold FTIL -- the promoter
of NSEL -- along with its founder Jignesh Shah accountable for the
NSEL crisis.  The report relates that MMTC is seeking to block the
liquidation of any assets by both, FTIL and Shah.

The report says that the bench meanwhile rejected the petitioners
request that three week notice be made applicable to all assets of
FTIL, including investments in debentures and mutual funds.  With
this outcome, the petitioners' demand that the proceeds of $150
million from the sale of SMX, another subsidiary of FTIL, be set
aside as a security against their outstanding was also not met,
the report discloses.

The collective dues of MMTC and PEC stand at close to INR343
crore, the report adds.


ISAT NETWORK: CARE Assigns 'B+' Rating to INR1cr LT Bank Loans
--------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Isat Network Engineers Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              1         CARE B+ Assigned

   Long-term/Short-
   term Bank Facilities    6         CARE B+/CARE A4 Assigned


Rating Rationale

The ratings assigned to the bank facilities of Isat Network
Engineers Private Limited (ISAT) are primarily constrained by its
small and declining scale of operations, low profitability margin,
elongated collection period and concentrated order book. The
ratings are further constrained by the competition from the
organized and unorganized players. The ratings, however, find
support from the experienced promoters, moderate capital structure
and moderate order book position.

Going forward, ISAT's ability to increase the scale of operations
while maintaining profitability, execute projects in time and
manage working capital requirements efficiently shall be the key
rating sensitivities.

Isat Network Engineers Pvt Limited was incorporated in
August 1998 as Healaids Dressing Manufacturing Co Private Limited.
Later on, the name was changed to ISAT in June 2005. The company
is promoted by Mr Jagdish Chandra Agarwal, his wife, Ms Sushil
Agarwal and his son, Mr Sudhanshoo Agarwal. ISAT is engaged in
executing engineering, procurement and construction (EPC) and
turnkey contracts for the installation of substations,
transformers, commercial electrical services and power
installation. In the past, the company has completed projects of
various government authorities and public sector undertakings like
Bharat Heavy Electricals Ltd (BHEL), Oil and Natural Gas
Corporation, Uttarakhand Jal Vidyut Nigam Limited, etc.

During FY12 (refers to the period April 1 to March 31), ISAT
achieved a total operating income (TOI) of INR11.80 crore with a
profit after tax (PAT) of INR0.30 crore. For FY13 (based on
unaudited results), the company achieved a TOI of INR9.17 crore.


KARNATAKA SILK: CRISIL Reaffirms 'B+' Ratings on INR250MM Loans
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Karnataka Silk Marketing
Board Ltd continues to reflect KSMBL's below-average financial
risk profile, marked by a small net worth and weak debt protection
metrics, because of sustained operating losses. This rating
weakness is partially offset by the benefits that KSMBL derives
from being a Government of Karnataka (GoK) undertaking and the
financial support that it receives from GoK.

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

   Proposed Long-Term
   Bank Loan Facility      100     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KSMBL will maintain its stable credit risk
profile over the medium term, backed by the support that it
receives from GoK by way of subsidies, budgetary allocations, and
unsecured loans. The outlook may be revised to 'Positive' if KSMBL
diversifies its revenue profile and optimises its operating costs,
resulting in operating profits and, as a result, improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if revisions in government policies on support
adversely impact KSMBL's operations, or if the company faces a
delay in support from GoK.

Update

For 2012-13 (refers to financial year, April 1 to March 31), KSMBL
registered operating revenues of INR474 million (a year-on-year
growth of 9.9 per cent), broadly in line with CRISIL's
expectations. KSMBL's scale of operations is dependent on the
movements in silk yarn prices, as the company primarily acts as a
price stabilisation agency. For the six months ended Sept. 30,
2013, it reported, on a provisional basis, an operating income of
around INR170 million. KSMBL incurred operating losses in 2012-13,
as has been the case in the preceding years; however, the same is
offset by the financial support extended by GoK. Owing to the
operating losses, KSMBL has weak debt protection metrics; however,
the interest costs of the company are serviced by GoK. KSMBL does
not have any term debt on its books. It did not incur any capital
expenditure (capex) in 2012-13 nor does it have any debt-funded
capex plans for the medium term. Its cash credit limits of INR150
million remained unutilised over the 12 months through October
2013.

KSMBL was established in 1979 as a Government of Karnataka (GoK)
undertaking. It is a price stabilisation agency for silk in the
domestic market in Karnataka. The company is the largest
government licensed buyer of silk in silk exchanges in Karnataka.
It was formed primarily to prevent formation of groups and cartels
among traders and merchants and to protect the interest of
farmers, reelers, twisters, and weavers. The company operates 24
sales/procurement offices across Karnataka, Tamil Nadu, and Andhra
Pradesh to support the weavers' requirements.


KLASSIK ENTERPRISES: CRISIL Assigns 'B' Rating to INR300MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Klassik Enterprises Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                300      CRISIL B/Stable

The rating reflects KEPL's exposure to risks associated with the
company's ongoing residential project and to the inherent
cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the extensive experience of
KEPL's promoters in the real estate business.

Outlook: Stable

CRISIL believes that KEPL will continue to benefit over the medium
term from the extensive experience of its promoters in the real
estate business. The outlook may be revised to 'Positive' if the
company generates higher-than-expected cash flows from operations
resulting from accelerated execution of its project and improved
inflow of advances. Conversely, the outlook may be revised to
'Negative' if KEPL reports significantly lower-than-expected cash
flow from operations, either because of subdued response to its
project or lower-than-envisaged flow of advances, impacting its
debt servicing ability.

KEPL was incorporated in 2003 by Mr. M Ramakrishna Reddy, Mr.
Prasad K and Mr. K. R. Srinivasa Reddy. The company is engaged in
real estate development and is currently undertaking a residential
project 'Landmark' to be constructed in three phases in East
Bangalore, Karnataka. The registered office of the company is in
Bangalore, Karnataka.

KEPL reported a net loss of INR7.9 million for 2012-13 (refers to
financial year, April 1 to March 31). The company follows a
completed contract method and did not book any revenues during
2012-13. For 2011-12, KEPL reported a PAT of INR8.2 million on net
sales of INR218.2 million.


KUMARPUR AGRO: CRISIL Raises Ratings on INR49.6MM Loans to 'B-'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kumarpur Agro Poultries Ltd (KAPL; part of the Maity group) to
'CRISIL B-/Stable' from 'CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                23.2     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Cash Credit              26.4     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects the absence of any repayment
obligations for the Maity group until March 2014, following the
restructuring of its long-term debt facilities. The entire term
loans of the group have been restructured in June 2013 because of
the group's weak business performance during 2012-13 (refers to
financial year, April 1 to March 31) on account of the outbreak of
poultry disease; the loan repayment as well as interest payment
will commence again from the March 2014 quarter. The Maity group's
revenues have declined by around 44 per cent year-on-year to
INR240 million in 2012-13. However, in 2013-14 the group has been
successful in disinfecting its farms, and has already surpassed
the previous year's revenue level in the first seven months
through October 2013. The upgrade also factors in CRISIL's belief
that the Maity group will generate adequate accruals while
sustaining its working capital cycle, which will ensure adequate
coverage of its maturing term loan obligations over the medium
term.

The rating reflects the Maity group's susceptibility to risks
inherent in the poultry industry and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the Maity group's promoters in the poultry
industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KAPL, Maity Poultries Pvt Ltd, and
Sankrail Agro Poultries Pvt Ltd. This is because all these
companies, collectively referred to as the Maity group, are under
a common management, in the same line of business, and largely
have the same customers and suppliers. Furthermore, there is need-
based fungible cash flow among the three companies.

Outlook: Stable

CRISIL believes that the Maity group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
reports substantial growth in its revenues and profitability,
along with efficient working capital management, resulting in
higher-than-expected net cash accruals, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the group's
revenues and margins, or lengthening of its working capital cycle,
leading to pressure on its financial risk profile, particularly
its liquidity.

The Maity group is promoted by Mr. Madan Maity, who has over three
decades of experience in the poultry business. The group has a
layer bird capacity of around 0.8 million, which produces around
191 million eggs annually. The group also has four feed mills with
total capacity of 250 tonnes per day. The Maity group also
produces designer eggs, which contain proteins and vitamins and
are produced biologically. The group sells its designer eggs under
the Maity Eggs brand.

The Maity group reported a profit after tax (PAT) of INR4 million
on net sales of INR215 million for 2012-13, against a PAT of INR13
million on net sales of INR427 million for 2011-12.


M.P.AGARWALA: CRISIL Cuts Rating on INR60MM Loan to 'B-'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of M.P.Agarwala to 'CRISIL B-/Stable' from 'CRISIL
B/Stable' and has reaffirmed its rating on the firm's short-term
facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             90     CRISIL A4 (Reaffirmed)
   Cash Credit                60     CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects the deterioration in MPA's liquidity
on account of stretch in its working capital cycle mainly driven
by delay in realisation of receivables. The firm's gross current
assets stood at 250 days as on March 31, 2013, against 186 days as
on March 31, 2012. Its receivables increased to 135 days against
50 days over this period. In 2013-14 (refers to financial year,
April 1 to March 31), MPA's receivables continue to remain
stretched, thereby increasing the firm's reliance on borrowings.
Its bank limit utilisation was high at an average of 89 per cent
over the four months through September 2013. MPA had an unexecuted
order book of INR550 million as on September 30, 2013. However,
CRISIL believes that the firm's stretched liquidity will continue
to constrain its pace of order execution thereby impacting its
revenue growth.

The ratings continue to reflect MPA's modest financial risk
profile, small scale and working-capital-intensive operations, and
susceptibility to intense competition in the civil construction
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoter.

Outlook: Stable

CRISIL believes that MPA will continue to benefit over the medium
term from the extensive experience of its promoter in the civil
construction industry. The outlook may be revised to 'Positive' if
MPA reports significant growth in its scale of operations and
profitability while improving its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the firm's
financial risk profile deteriorates, most likely due to
lengthening of its operating cycle or a decline in its revenues or
profitability, or larger-than-expected debt-funded capital
expenditure.

Established in 2010, MPA is a proprietorship firm set up by Mr.
Agarwala. MPA undertakes civil construction of buildings, roads,
and bridges for the public works departments of Assam and
Meghalaya, and for the North-East Council.


M. S. VENKATESH: CRISIL Assigns B+ Ratings to INR170MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of M. S. Venkatesh.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Overdraft
   Facility                  60      CRISIL B+/Stable

   Proposed Long-Term
   Bank Loan Facility        80      CRISIL B+/Stable

   Bank Guarantee            30      CRISIL A4

    Overdraft Facility       30      CRISIL B+/Stable


The ratings reflect MSV's modest scale of operations in a
fragmented civil construction industry, working-capital-intensive
nature of operation and customer concentration in its revenue
profile. These rating weaknesses are partially offset by the
extensive industry experience of promoters in the civil
construction industry.

Outlook: Stable

CRISIL believes that MSV will continue to benefit over the medium
term from its proprietor's extensive experience in civil
construction industry. The outlook may be revised to 'Positive' if
the concern reports substantial growth in its scale of operations
while maintaining its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case there
is significant decline in the concern's revenues or profitability,
or in case of elongation of its working capital cycle, or if it
undertakes any large debt funded capital expenditure programme,
significantly impacting its financial risk profile.

MSV was setup in 1990 as a sole proprietorship concern by Mr. M.
S. Venkatesh in Bengaluru, Karnataka. The concern undertakes civil
construction contracts in the roads segment for Bruhat Bengaluru
Mahanagara Palike (BBMP). MSV is a registered as Class IA
contractor with BBMP.

MSV, on a provisional basis, reported a profit after tax (PAT) of
INR 15.1 million on net sales of INR 252.8 million for 2012-13, as
against a PAT of INR 6.92 million on net sales of INR 216.6
million for 2011-12.


MAHA LAXMI: CRISIL Assigns 'D' Ratings to INR58.6MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of Maha Laxmi Agro Tech. The ratings reflect
instances of delay by MLAT in servicing its debt; the delays have
been caused by the firm's weak liquidity. MLAT has weak liquidity,
marked by insufficient net cash accruals vis--vis its debt
obligations, because of its nascent stage of operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 25      CRISIL D
   Letter of Credit           3.5    CRISIL D
   Bank Guarantee             0.1    CRISIL D
   Cash Credit               30.0    CRISIL D

MLAT also has a limited track record and a small scale of
operations, and is exposed to risks related to unfavourable
changes in government regulations and to volatility in raw
material prices. However, the firm benefits from the extensive
experience of its promoters in the rice industry.

MLAT, established in 2011, has set up a plant to mill and process
paddy into parboiled rice, rice bran, broken rice, and husk. The
firm commenced production in July 2012. MLAT has 11 partners,
among whom Mr. B Jagdish and Mr. G Saibaba look after the day-to-
day operations of the unit.


MAHESH COTSPIN: CRISIL Assigns 'B' Ratings to INR110MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mahesh Cotspin Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           25.0     CRISIL B/Stable
   Cash Credit              60.0     CRISIL B/Stable
   Proposed Long-Term
   Bank Loan Facility       25.0     CRISIL B/Stable

The rating reflects MCPL's modest scale of operations,
vulnerability to volatility in raw material and cotton prices, and
exposure to risks relating to unfavourable regulations governing
the cotton industry. These rating weaknesses are partially offset
by the promoter's extensive experience in the cotton ginning
industry.

Outlook: Stable

CRISIL believes that MCPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if significant scale-up in
operations and improvement in profitability lead to more-than-
expected cash accruals for MCPL. Conversely, the outlook may be
revised to 'Negative' in case of a significant decline in the
company's revenue or profitability, or stretch in working capital
cycle, or any large, debt-funded capital expenditure programme,
weakening its financial risk profile.

MCPL was incorporated in May 2012 to take over the business of
proprietorship firm, Mahesh Industries, which was set up by Mr.
Radheshyam Bhandari in 2005. MCPL gins and presses cotton it
processes raw cotton (kapas) in to cotton bales and cotton seeds
and caters to the regional markets of Maharashtra. It also crushes
cotton seed to manufacture cotton seed cake and cotton seed oil.


MAILAM SUBRAMANIYA: CRISIL Rates INR105MM Term Loan at 'D'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facility of
Mailam Subramaniya Swamy Educational Trust. The ratings reflect
instances of delay by MSSET in servicing its interest on debt; the
delays have been caused by cash flow mismatches as a result of
delays in fee realisation.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 105     CRISIL D (Assigned)

MSSET is also vulnerable to the highly regulated environment in
the education industry and to intense competition from other
educational institutes in the region. However, MSSET benefits from
the extensive experience of its promoters in the education
industry, and its comfortable capital structure and healthy debt
protection metrics.

Set up in 1998, MSSET runs Mailam Engineering College in
Villapuram district (Tamil Nadu). The college is affiliated to
Anna University, Chennai (Tamil Nadu), and it currently offers
twelve courses in the fields of engineering and management. The
trust has total student strength of close to 3700 students. Mr. M
Dhanasekaran, chairman of the trust, currently manages the day-to-
day operations of the trust.

MSSET reported a surplus of INR58.3 million on net income of
INR200.2 million in 2012-13 (refers to financial year, April 1 to
March 31); the trust reported a surplus of INR35.8 million on net
income of INR150.7 million for 2011-12.


MAITY POULTRIES: CRISIL Ups Ratings on INR58.5MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Maity Poultries Pvt Ltd (part of the Maity group) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                21.8     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Bank Guarantee            1.6     CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit              36.7     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects the absence of any repayment
obligations for the Maity group until March 2014, following the
restructuring of its long-term debt facilities. The entire term
loans of the group have been restructured in June 2013 because of
the group's weak business performance during 2012-13 (refers to
financial year, April 1 to March 31) on account of the outbreak of
poultry disease; the loan repayment as well as interest payment
will commence again from the March 2014 quarter. The Maity group's
revenues have declined by around 44 per cent year-on-year to
INR240 million in 2012-13. However, in 2013-14 the group has been
successful in disinfecting its farms, and has already surpassed
the previous year's revenue level in the first seven months
through October 2013. The upgrade also factors in CRISIL's belief
that the Maity group will generate adequate accruals while
sustaining its working capital cycle, which will ensure adequate
coverage of its maturing term loan obligations over the medium
term.

The ratings reflect the Maity group's susceptibility to risks
inherent in the poultry industry and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the Maity group's promoters in the poultry
industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MPPL, Kumarpur Agro Poultries Ltd, and
Sankrail Agro Poultries Pvt Ltd. This is because all these
companies, collectively referred to as the Maity group, are under
a common management, in the same line of business, and largely
have the same customers and suppliers. Furthermore, there is need-
based fungible cash flow among the three companies.

Outlook: Stable

CRISIL believes that the Maity group will continue to benefit over
the medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the group
reports substantial growth in its revenues and profitability,
along with efficient working capital management, resulting in
higher-than-expected net cash accruals, thereby improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in the group's
revenues and margins, or lengthening of its working capital cycle,
leading to pressure on its financial risk profile, particularly
its liquidity.

The Maity group is promoted by Mr. Madan Maity, who has over three
decades of experience in the poultry business. The group has a
layer bird capacity of around 0.8 million, which produces around
191 million eggs annually. The group also has four feed mills with
total capacity of 250 tonnes per day. The Maity group also
produces designer eggs, which contain proteins and vitamins and
are produced biologically. The group sells its designer eggs under
the Maity Eggs brand.

The Maity group reported a profit after tax (PAT) of INR4 million
on net sales of INR215 million for 2012-13, against a PAT of INR13
million on net sales of INR427 million for 2011-12.


OMEGA PREMISES: CRISIL Cuts Ratings on INR500MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Omega Premises Pvt Ltd to 'CRISIL D' from 'CRISIL BB/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               8.5     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Long-Term
   Bank Loan Facility      491.5     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects a recent instance of delay by Omega
in meeting its debt servicing obligations. The delay was primarily
due to the company's weak liquidity, driven by a cost overrun in
its ongoing projects coupled with muted realisations.

Omega is also exposed to the cyclicality inherent in the real
estate industry. However, the company continues to benefit from
its promoters' extensive experience in the real estate business
and its established market position in Pune (Maharashtra).

For arriving at the rating, CRISIL has now taken a standalone view
of the business and financial risk profiles of Omega, as against
the earlier approach of consolidation with its group entity,
Pentagon Premises Pvt Ltd (Pentagon). This is because the two
entities are independently managed and operate in different
geographies. Furthermore, according to the management, no funding
support will be extended by Pentagon to Omega over the medium
term.

Omega is a part of the Suhas Mantri group, which was set up in the
early 1990s. The group operates in the real estate business,
mainly in Mumbai, Pune, Kalyan, and Khopoli (Maharashtra), and
Hyderabad (Andhra Pradesh).

Omega develops residential and commercial properties in and around
Pune. It is currently executing two residential projects in Pune:
Mantri Mystica at Rahatani, and Mantri Eternity at Dapodi. It is
also undertaking a commercial project, Mantri Alpine (Phase 2),
which is an extension of the completed residential project, Mantri
Alpine (Phase 1).


PRAGATI EDIBLE: CARE Assigns 'B+' Rating to INR10.93cr LT Loans
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Pragati Edible Processing Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           10.93       CARE B+ Assigned

   Short-term Bank
   Facilities            0.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Pragati Edible
Processing Pvt. Ltd. are primarily constrained by its short track
record coupled with small scale of operations in the highly
fragmented and competitive rice milling business, high level of
government regulations, seasonal nature of availability of paddy
resulting in high working capital intensity and exposure to the
vagaries of nature.

The above-mentioned constraints far offset the benefits derived
from experience of the promoters in the rice industry and its
proximity to major paddy growing areas enabling easy availability
and logistical advantages.

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

Incorporated in November 2007, by two brothers, Mr Purushottam
Agarwal and Mr Sunil Agarwal of Kolkata, Pragati Edible Processing
(P) Ltd. is engaged in the processing and milling of
rice. The manufacturing facility of the company is located in
Mednipore, West Bengal. The unit commenced commercial production
in June 2011 with an installed capacity of 28,700 MTPA. The
company sells its products under the brand name 'Pragati' to
traders and wholesalers located in different states of India.

During FY12, PEPL had reported a total operating income of INR17
crore and PAT of INR0.2 crore. Further as per the provisional
result of FY13, the company reported a total operating income of
INR51.4 crore and PAT of INR0.8 crore.


RAJ YAMAHA: CRISIL Assigns 'B+' Ratings to INR80MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Raj Yamaha.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit                70     CRISIL B+/Stable
   Proposed Cash
   Credit Limit               10     CRISIL B+/Stable

The rating reflects RJ's modest scale of operations in an
intensely competitive automobile dealership segment; and the
firm's below-average financial risk profile, marked by its modest
net worth. These rating weaknesses are mitigated by the
proprietor's extensive experience in the automobile dealership
segment.

Outlook: Stable

CRISIL believes that RJ will continue to benefit over the medium
term from the proprietor's extensive experience in the automobile
dealership segment. The outlook may be revised to 'Positive' if
the firm significantly scales up its operations and maintains its
profitability, resulting in higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the firm
records lower-than-expected cash accruals or undertakes a large
debt-funded capital expenditure programme, thereby weakening its
financial risk profile, or in the event of significant capital
withdrawals by the proprietor.

RJ was established in 2009. The firm is an authorised dealer of
India Yamaha Motor Pvt Ltd in Chennai (Tamil Nadu). The
proprietor, Mr. H Rajkumar, manages the firm's daily operations.

RJ reported a net profit of INR4.7 million on net sales of INR187
million for 2012-13 (refers to financial year, April 1 to
March 31), vis--vis a net profit of INR2.5 million on net sales
of INR156 million for 2011-12.


RANGANAYAKA SPINNING: CRISIL Puts 'B+' Ratings on INR229.7M Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ranganayaka Spinning Mills Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               124.7     CRISIL B+/Stable
   Bank Guarantee            4.3     CRISIL A4
   Cash Credit             105       CRISIL B+/Stable

The ratings reflect RSMPL's modest scale of operations, high
working capital intensity and vulnerability to volatility in raw
material prices. The rating is also constrained by RSMPL's average
financial risk profile marked by modest net worth, high gearing,
and subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the RSMPL's
promoters in the cotton yarn industry.

Outlook: Stable

CRISIL believes that RSMPL will continue to benefit over the
medium term from the extensive experience of its promoters' in the
textile industry. The outlook may be revised to 'Positive' if the
company records significant increase in its scale of operations
while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if there is a
decline in its revenues or margin, lengthening of its working
capital cycle or it undertakes a large debt-funded capex programme
leading to weakening in its financial risk profile.

RSMPL established in 2006 by Mr. Ramalingeshwar Rao, commenced
manufacturing operations in April 2008. The Company's production
facility is located in Guntur, Andhra Pradesh. RSMPL produces
cotton yarn and sells mainly in the domestic market through
agents.

For 2012-13 (refers to financial year, April 1 to March 31), RSMPL
reported a profit after tax (PAT) of INR1.88 million on net sales
of INR356.8 million, against a PAT of INR1.55 million on net sales
of INR319.7 million for 2011-12.


SHAH MAHENDRA: CRISIL Cuts Ratings on INR190MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facilities
of Shah Mahendra Kumar and Company (Export) Pvt Ltd to 'CRISIL D'
from 'CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting          140     CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Short-Term
   Bank Loan Facility         50     CRISIL D (Downgraded from
                                     'CRISIL A4+')

The rating downgrade reflects delays by SMKC in servicing its bill
discounting facility. The delays have been caused by the company's
weak liquidity, driven by delays in collection of receivables and
impact of fluctuation in foreign exchange rates in the recent
past.

SMKC's operating performance is susceptible to regulations
governing trade in agricultural commodities. However, the company
benefits from the extensive experience of its promoters in the
trading business.

SMKC was originally set up as a proprietorship concern in 1967 by
Mr. Harilal Shah; the firm was reconstituted as a private limited
company in 1990. SMKC is a government-recognised trading house.
The company trades in and exports onions, garlic, spices, and
other agro commodities. It has warehouses in Vashi, Pune, and
Nashik (all in Maharashtra).


SHANTI MOHAN: CRISIL Assigns 'B+' Ratings to INR67.7MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shanti Mohan Industries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               65      CRISIL B+/Stable
   Term Loan                  2.7    CRISIL B+/Stable

The rating reflects SMI's modest scale of operations in the highly
fragmented cotton ginning industry, susceptibility of its
operating margin to volatility in cotton prices, and its average
financial risk profile, marked by average gearing and debt
protection metrics and a small net worth. These rating weaknesses
are partially offset by the extensive experience SMI's partners in
the cotton industry.

Outlook: Stable

CRISIL believes that SMI will continue to benefit over the medium
term from its long track record in the cotton ginning industry.
The outlook may be revised to 'Positive' if the firm's scale of
operations improves considerably along with improvement in its
profitability, thereby leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SMI's
financial risk profile deteriorates, its working capital cycle
lengthens further, or there is a decline in its revenues or
profitability.

Established in 1990, SMI is engaged in ginning and pressing of raw
cotton (kapas) to make cotton bales. In addition, the firm
undertakes the extraction of oil and production of de-oiled cakes
from cotton seeds. It has its manufacturing facility in Hisar
(Haryana).


SHIVA UDYOG: CRISIL Cuts Ratings on INR318.5MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings to the bank facilities of Shiva
Udyog Barrels Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRIISL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Working Capital
   Term Loan               183.5     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             100       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                 5       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of credit         30       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of excess utilisation by
SUBPL of its cash credit facility, for more than 90 days ended
October 31, 2013, and devolvement of a letter of credit during
September 2013. These instances have been driven by SUBPL's
continued weak liquidity since March 2013.

SUBPL's weak liquidity has resulted from a cash loss of INR130.3
million incurred in 2012-13 (refers to financial year, April 1 to
March 31). The cash loss completely eroded the company's net worth
as on March 31, 2013.

SUBPL also has a weak financial risk profile, marked by high
gearing and weak debt protection measures; and is exposed to risks
related to customer concentration in its revenue profile. These
rating weaknesses are partially offset by the promoters' extensive
experience in the barrel manufacturing segment.

SUBPL was incorporated in 2008, to take over the partnership firm,
Shiva Udyog. Mr. Pankaj Agarwal, Mr. Sanjeev Kumar, and Mr. B Lal
(Shiva Udyog's partners) retained a proportionate shareholding in
SUBPL. The company manufactures barrels (steel drums).

SUBPL reported a net loss of INR130.3 million on net sales of
INR933.7 million for 2012-13 (refers to financial year, April 1 to
March 31), vis--vis a net loss of INR1.6 million on net sales of
INR1000.2 million for 2011-12.


SHRI GAJANAN: CRISIL Rates INR50MM Cash Credit at 'B+'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shri Gajanan Engineering Services.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL A4
   Cash Credit               50      CRISIL B+/Stable

The ratings reflect SGES's modest scale of operations, working
capital intensive nature of activity and below-average financial
risk profile marked by modest networth, high gearing and subdued
debt protection metrics. These rating weaknesses are partially
offset by the established track record of SGES in the electrical
contracting industry.

Outlook: Stable

CRISIL believes that SGES will continue to benefit over the medium
term from its established position in the industry. The outlook
may be revised to 'Positive' in case the concern achieves
significant and sustained improvement in its revenues, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' in case SGES registers significant decline
in its revenues or margins, or if there is elongation in its
working capital cycle or if it undertakes any large debt-funded
capital expenditure programme, resulting in weakening in its
financial risk profile.

Shri Gajanan Engineering Services established in 2001, is a
proprietorship concern of Mrs. Shubangi Deshmukh. SGES is an EPC
contractor engaged in setting up of substations and transmission
lines for state power transmission and distribution utilities in
Maharashtra. The day to day operations of SGES are managed by Mr.
Ravindra Deshmukh (Husband of Mrs. Shubangi Deshmukh).

SGES reported a profit after tax (PAT) of INR6.2 million on net
sales of INR105.7 million for 2012-13 (refers to financial year,
April 1 to March 31).


SOMA ISOLUX: CRISIL Cuts Rating on INR3.0BB Loans to 'D'
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Soma Isolux Varanasi Aurangabad Tollway Pvt Ltd to 'CRISIL
B/Stable' and 'CRISIL D' from 'CRISIL BB/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan         15500     CRISIL B/ Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Rupee Term Loan          3000     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Long-Term
   Bank Loan Facility       1500     CRISIL B/ Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The rating downgrade reflects high project implementation risk,
with extremely slow construction progress and non-availability of
complete Right of Way (ROW). However, the company benefits from
its strategic location and presence of industrial areas on the
project highway.

The rating on one bank facility has been downgraded to CRISIL D,
due to instances of delay by SIVA in meeting its debt servicing
obligation. The delay has been caused mainly on account of delay
in fresh disbursement by the lender.

Outlook: Stable

CRISIL believes that SIVA will be exposed to high project
implementation risk, though it will continue to benefit from its
strategic project location resulting in healthy toll revenues. The
outlook may be revised to 'Positive' if the progress on the
project is better than CRISIL's expectation, leading to completion
of the project as per schedule and within the budget. Conversely,
the outlook may be revised to 'Negative' if the project faces
further substantial delays, leading to liquidity constraints.

SIVA is a special-purpose vehicle (SPV) set up by Isolux Corsan
India Engineering and Construction Pvt Ltd (a part of Isolux
Corsan group) and Soma Enterprises Ltd in 2010. The SPV has
entered into a concession agreement with the National Highways
Authority of India (rated 'CRISIL AAA/Stable') to implement a road
project on design-build-finance-operate-transfer (DBFOT) pattern
on toll basis.

The project involves construction, designing, engineering,
operation, and maintenance of six lanes (192.40 kilometres) of the
Varanasi-Aurangabad section of National Highway 2 (one arm of
Golden Quadrilateral, connecting New Delhi-Agra-Allahabad-
Varanasi-Aurangabad-Kolkata) in Uttar Pradesh and Bihar on toll
basis. The concession period is of 30 years, including the
construction period of 30 months.

The project execution is far behind schedule, mainly on account of
non-availability of complete ROW and difficulty in procuring
aggregates for construction work with the non-grant of mining
license in Bihar. As on date, the company has received about 50
per cent of ROW and completed about 15 per cent of construction
work.

The company commenced tolling from September 12, 2011, and booked
tolling revenues of INR1950 million for 2012-13. The toll
collections continue to support the equity infusion requirement in
the company, as a part of project funding plan.


SPIN-COT TEXTILES: CRISIL Cuts Ratings on INR830MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Spin-Cot Textiles Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               300     CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Inland/Import
   Letter of Credit          100     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long-Term Loan            430     CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The ratings downgrade reflect instances of delay by SCTPL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

The ratings continue to reflect SCTPL's weak financial risk
profile, marked by a weak capital structure and modest debt
protection metrics, and its susceptibility to volatility in raw
material prices. The ratings also factor in SCTPL's large working
capital requirements. These rating weaknesses are partially offset
by the extensive industry experience of SCTPL's promoters in the
cotton industry.

Incorporated in 2005 and promoted by Mr. Ghanta Kameswara Rao in
Guntur (Andhra Pradesh), SCTPL manufactures cotton yarn and trades
in raw cotton.

SCTPL, on a provisional basis, reported a profit after tax (PAT)
of INR58.1 million on net sales of INR1.1 billion during 2012-13
as against a PAT of INR7.2 million on net sales of INR667 million
during 2011-12.


SRI SAKTHI: CRISIL Assigns 'B+' Ratings to INR200MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sri Sakthi Amma Educational Trust.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term
   Bank Loan Facility        150     CRISIL B+/Stable

   Term Loan                  50     CRISIL B+/Stable

The rating reflects SSAET's weak financial risk profile, marked by
low cash accruals due to loss-making operations. The ratings also
reflect SSAET's small scale of operations with geographic
concentration in its revenue profile and high reliance on donation
income. These rating weaknesses are partially offset by benefits
that SSAET derives from its association with established parent
trust, Sri Narayani Peetham (SNP), in the form of a good
reputation in South India, timely financial support, and healthy
demand prospects for the education industry in Vellore (Tamil
Nadu).

Outlook: Stable

CRISIL believes that SSAET will continue to benefit over the
medium term from its established regional presence. The outlook
may be revised to 'Positive' if the trust significantly scales up
its operations and generates more-than-expected net cash accruals,
most likely due to improved occupancy, while maintaining its
capital structure. Conversely, the outlook may be revised to
'Negative' in case support from the parent trust is delayed
affecting SSAET's ability to service debt on time.

SSAET was registered as a charitable trust in 2001. It was formed
by SNP, which manages the Golden Temple of Sripuram (Vellore). The
trust is headed by Sri Sakthi Amma also known as Narayani Amma.
SSAET operates a school up to tenth standard offering the state
board course, with more than 1000 students. It has newly added a
CBSE (Central Board Of Secondary Education) affiliated school
admitting students up to eighth standard.

SSAET reported net surplus of INR29.1 million for 2012-13 (refers
to financial year, April 1 to March 31) on income of INR13.1
million against net deficit of INR0.9 million on income of INR11.3
million for 2011-12.


SURYA WIRES: CARE Assigns 'B+' Rating to INR17.6cr LT Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Surya Wires Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           17.60       CARE B+ Assigned

   Long-term/ Short-
   term Bank Facilities  6.00       CARE B+/CARE A4 Assigned

   Short-term Bank
   Facilities            5.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Surya Wires Pvt Ltd
are constrained by its relatively small scale of operation with
low profitability margin, presence in a highly competitive
and fragmented industry, susceptibility to fluctuation in raw
material prices, working capital intensive nature of business and
sluggish growth of the user industries. The aforesaid constraints
are partially offset by the experience of the promoters with a
long track record of operation and its reputed clientele.

The ability of SWPL to improve its profitability margins and
efficient management of working capital are the key rating
sensitivities.

Surya Wires Pvt Ltd, incorporated in October 1989, was promoted by
Mr SK Jain of Raipur, Chhattisgarh. SWPL is engaged in the
manufacturing of GI wire, Stay wire, GI barbed wire, etc,
having an installed capacity of 74,000 MTPA. Apart from
manufacturing, SWPL is also engaged in the trading of wires which
contributed 48.4% of total sales during FY13 (refers to the period
April 01 to March 31). The company had started its operation from
1983 as a proprietorship firm. The application of products
manufactured by SWPL is largely used in industries like power,
construction, automobile, engineering, etc, SWPL primarily sells
its products to wire dealers and retailers and some portion is
derived from sales being made to the government entities on the
back of tenders being released by these entities.

SWPL is a closely held company with both the directors from the
promoter's family. The day-today affairs of the company are looked
after by Mr SK Jain, MD, with adequate support from the other
director, Mr Harsh Agarwal, and a team of experienced personnel.

During FY13 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR3.1 crore (Rs.2.7 crore in FY12)
and PAT of INR0.1 crore (INR0.2 crore in FY12) on a total income
of INR94.6 crore (INR68 crore in FY12).


TECHNO POWER: CRISIL Reaffirms 'B' Rating on INR176.6MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Techno Power
Enterprises Pvt Ltd continue to reflect TPEPL's exposure to
offtake risks associated with its warehouse project, its small
scale and working-capital-intensive operations, and high customer
and geographical concentration in its contract division. These
rating weaknesses are partially offset by the benefits that the
company derives from its promoters' extensive industry experience
and its above-average financial risk profile, marked by moderate
net worth and low gearing despite debt-funded capital expenditure
(capex).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            7.7     CRISIL A4 (Reaffirmed)
   Term Loan               176.6     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TPEPL will continue to benefit over the
medium term from the extensive industry experience of, and funding
support from, its promoters. The outlook may be revised to
'Positive' in case of significant improvement in the company's
scale of operations and profitability backed by regular receipt of
rental income from its warehouse project resulting in higher cash
accruals. Conversely, the outlook may be revised to 'Negative' if
TPEPL's liquidity weakens, most likely because of lower-than-
expected cash accruals, led by any delay in receipt of rental
income, larger-than-expected working capital requirements, or
further debt-funded capex.

Update:

For 2012-13 (refers to the financial year, April 1 to March 31),
TPEPL's business risk and financial risk profiles were broadly in
line with CRISIL's expectations. However, the company's capex is
delayed by one year.

TPEPL registered revenue of INR353 million for 2012-13, which was
broadly in line with CRISIL's expectations. The company had a
healthy unexecuted order book of INR790 million as on
Sept. 30, 2013, which is concentrated in Nagaland and Manipur. The
geographical concentration constrains its revenue profile and also
exposes it to socio-economic conditions prevalent in those states.
TPEPL's operating margin of 3 per cent for 2012-13 was lower than
CRISIL's expectations because of delays in commercialisation of
its warehouse capex. Revenue from the warehouse was expected to
commence in 2012-13 but the commercial operations are now expected
to begin in the fourth quarter of 2013-14. CRISIL believes that
improvement in TPEPL's operating margin over the medium term will
be contingent upon commencement of the warehouse segment.

TPEPL's financial risk profile remains above average marked by
moderate net worth of INR270 million and low gearing of 0.88 times
as on March 31, 2013 (treating unsecured loans from the promoters
as neither debt nor equity), led by equity infusion of INR50
million in 2012-13. The company's promoters have supported the
operations through regular equity infusion and gearing is expected
to remain low despite debt-funded capex for the warehouse. The
capex of INR390 million was funded with a term loan of INR176.6
million and the rest with the promoters' contribution. CRISIL
believes that TPEPL will maintain its financial risk profile over
the medium term with debt protection metrics expected to remain
above average.

Incorporated in 2000, TPEPL undertakes upgrade and modernisation
of existing power sub-stations and grids and setting up of new
power stations and grids on a turnkey basis in Nagaland. The
entire business is tender based and TPEPL executes contracts
floated by the Nagaland government and also has orders from the
Manipur government. The company is also currently constructing a
warehouse in Palwal (Haryana) under an agreement with Haryana
State Co-operative Supply and Marketing Federation Ltd.


VIKRAM ARYA: CRISIL Assigns B+ Ratings to INR200MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/stable' rating to the long-term
bank facilities of Vikram Arya Food Products Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 105     CRISIL B+/Stable
   Cash Credit                10     CRISIL B+/Stable
   Proposed Long-Term
   Bank Loan Facility         85     CRISIL B+/Stable

The rating reflects VAFPL's exposure to implementation and funding
risks associated with its project. These rating weaknesses are
partially offset by the benefits that the company derives from the
low demand risk due to its long-term offtake agreement with Surya
Food & Agro Ltd (Priyagold) [SFAL].

Outlook: Stable

CRISIL believes that VAFPL will maintain its stable business risk
profile on the back of its contract with SAFL. The outlook may be
revised to 'Positive' if the company's ramp-up in sales is higher
than expected, leading to higher-than-expected cash accruals along
with timely completion of projects within budgeted cost.
Conversely, the outlook may be revised to 'Negative' in case there
are significant delays or additional cost overrun or delay in
funding of projects or delays in stabilising its operations

Incorporated in 2010, VAFPL is setting up a plant for contract
manufacturing of biscuits for SAFL (PriyaGold). VAFPL is managed
by Mr. Prashant Tayal, Mr. Saurabh Tayal, and Mr. Narender Kumar.
The company is expected to start its operations from February
2014.


VISAGE INFRA: CRISIL Rates INR20MM Cash Credit at 'B+'
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Visage Infrastructure Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            50      CRISIL A4
   Cash Credit               20      CRISIL B+/Stable

The rating reflects VIPL's constrained financial flexibility due
to working-capital-intensive operations and its position in a
fragmented industry with intense competition and tender-based
operations. These rating weaknesses are partially offset by the
resourceful background of VIPL's promoters and their tie ups with
established industry players.

Outlook: Stable

CRISIL believes that VIPL will benefit over the medium term from
its resourceful management. The outlook may be revised to
'Positive' if VIPL successfully scales up its operations and
profitability on a sustainable basis, coupled with efficient
management of working capital requirements, leading to a healthy
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case its financial risk profile deteriorates owing
to constrained revenues and margins, or if the company undertakes
a large debt-funded capital expenditure (capex) programme, or if
there is any delay in receipt of bills from various principals.

VIPL is a private limited company established in 2013. The company
is promoted by Mr. Narinder Singh, his cousin Mr. Ravindra Singh
and a business associate Mr. Ankur Saxena in order to undertake
civil construction activity by participating in tenders floated by
government institutions and construction, procurement and
commissioning of power sub-stations. The company is a part of the
Paras group of companies with diversified interests in dairy
products, hospitals and real estate work in and around Delhi.



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


TOKYO ELECTRIC: Banks to Offer Additional JPY300-Billion Loan
-------------------------------------------------------------
The Asahi Shimbun reports that commercial banks that have extended
loans to Tokyo Electric Power Co. have agreed to offer an
additional JPY300 billion ($2.91 billion) to the struggling
utility, while considering ending any future lending to it.

With TEPCO's debt from 77 private financial institutions swelling
to an unprecedented level by month's end, the creditor banks are
weighing capping their loans to the utility at JPY4.5 trillion,
sources at the banks and the Nuclear Damage Liability Facilitation
Fund said, the report relates.

According to the report, the additional JPY300 billion will raise
TEPCO's total debt to JPY4.5 trillion, more than twice the amount
before the March 2011 earthquake and tsunami triggered the
accident at the utility's Fukushima No. 1 nuclear power plant.

The Asahi Shimbun notes that the largest creditor bank for TEPCO,
Sumitomo Mitsui Banking Corp., has offered about JPY990 billion,
three times higher than before the nuclear disaster began to
unfurl.

Under normal circumstances, Japan's large-scale banks typically
lend around JPY200 billion to their respective major corporate
customers, the report discloses.

Subsequently, The Asahi Shimbun says the government and the
commercial banks have concluded that it will be difficult for
private financial institutions to extend additional new loans to
TEPCO.

While the banks may not provide more new loans from next year, the
utility will be allowed to refinance its existing debt, The Asahi
Shimbun's sources said.

The Asahi Shimbun says the financial institutions are also
weighing whether to make the existing collateralized loans
unsecured, if the utility is allowed to refinance them. TEPCO has
received a total of more than JPY1 trillion of secured lending to
date.

                      About Tokyo Electric

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

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

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

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

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


TOKYO ELECTRIC: Gov't. to Allocate Gains From Sales For Cleanup
---------------------------------------------------------------
The Asahi Shimbun reports that the government plans to reduce the
financial burden of Tokyo Electric Power Co. by allocating gains
from future sales of TEPCO shares for cleaning up Fukushima
nuclear disaster areas, sources said.

The report says the move is bound to stoke controversy as leftover
assets from government-sponsored corporate rehabilitation have
traditionally gone into state coffers.

TEPCO, operator of the crippled Fukushima No.1 nuclear plant, is
expected to spend up to JPY2.5 trillion ($24.3 billion) for
decontaminating communities affected by radioactive fallout,
according to the report.

The Asahi Shimbun relates that sources said the plan will be
discussed at a meeting of the government's nuclear emergency
response headquarters as early as Dec. 20 as part of steps to
speed up reconstruction and support TEPCO.

It will also be included in TEPCO's rehabilitation plan, expected
to be complied by the end of the year, the report notes.

The Asahi Shimbun notes that the government-backed Nuclear Damage
Liability Facilitation Fund owns TEPCO shares worth JPY1 trillion
in book value. It plans to sell its stake in the late 2020s and
2030s after the utility turns around its finances, the report
adds.

The report relates that the government expects JPY2 trillion in
gains if the stock sells at JPY900 per share, compared with JPY524
on Dec. 16, which would cover a large part of TEPCO's
decontamination costs.

                      About Tokyo Electric

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

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

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

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

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



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


KHAN BANK: Fitch Affirms IDR at B; Revises Outlook to Negative
--------------------------------------------------------------
Fitch Ratings has revised the outlook on the Long-Term Issuer
Default Ratings (IDRs) of Khan Bank LLC and XacBank LLC to
Negative from Stable. At the same time, the agency affirmed the
two Mongolian banks' IDRs and Viability Ratings (VRs) at 'B' and
'b'.

Key Rating Drivers - IDRS, VRS and Senior Debt:

The revision of the Outlooks on both banks' IDRs reflects
weakening operating conditions, as indicated by the change in the
Outlook for the Mongolian sovereign (B+) to Negative from Stable
on 13 December 2013. The sovereign's Outlook was revised due to
mounting risks to the country's economic and financial stability,
including deterioration in its external finances, arising from
very loose policy settings. The harsher operating environment is
pressuring the banks' standalone profiles.

Rating Sensitivities - IDRS, VRS and Senior Debt:

Ratings on the two banks could be downgraded if pressures on asset
quality and liquidity intensify. Persistent local-currency
depreciation would reduce borrowers' repayment capacity and could
lead to accelerated deposit withdrawals given the country's high
level of dollarization.

The banks' ratings also remain sensitive to the withdrawal of
credit stimulus, as this could result in asset deterioration on
slowing economic growth, and/or higher inflation. Further decline
in the government's international reserves could also trigger a
negative rating action, as the banks' currency-related risk is
counterbalanced by the authorities' swap facility and unlimited
foreign-currency conversion.

Both banks' ratings are also sensitive to any changes in their
steady access to capital from private-sector owners. Khan Bank's
existing shareholder subscribed to USD40m of the bank's
subordinated debt in October 2013 (2.2% of risk-weighted assets at
end 1H13). Fitch also expects XacBank to issue new equity to
accommodate further growth.

Sustainable economic growth underpinned by stable foreign
investment could lead Fitch to revise the rating Outlooks back to
Stable.

Key Rating Drivers and Rating Sensitvities - Support Rating and
Support Rating Floor:

Khan Bank's Support Rating (SR) and Support Rating Floor (SRF)
reflect Fitch's view that, as the largest bank in Mongolia, it
would be likely to receive state support in case of need. However,
the Mongolian sovereign's ability to provide timely support to the
banking system remains limited as underlined by its IDR of 'B+'.

A downgrade of the sovereign ratings would point to weakening in
the Mongolian government's ability to provide timely support to
the banking system, which put negative rating pressure on Khan
Bank's SR and SRF.

In contrast, Fitch expects XacBank's SR and SRF of '5'/'B-' to be
maintained, even if the sovereign's rating is downgraded to 'B'.
This is because the current SR and SRF already reflect the
agency's view that support from the sovereign, in case of need,
cannot be relied upon.

The rating actions are as follows:

Khan Bank
Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook revised to
Negative from Stable
Short-Term Foreign-Currency IDR affirmed at 'B'
Long-Term Local-Currency IDR affirmed at 'B'; Outlook revised to
Negative from Stable
Viability Rating affirmed at 'b'
Support Rating affirmed at '4'
Support Rating Floor affirmed at 'B'

XacBank
Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook revised to
Negative from Stable
Short-Term Foreign-Currency IDR affirmed at 'B'
Long-Term Local-Currency IDR affirmed at 'B'; Outlook revised to
Negative from Stable
Viability Rating affirmed at 'b'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'B-'



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


CHORUS LTD: Likely to Delay Capital Raising, Deutsche Bank Says
---------------------------------------------------------------
BusinessDesk reports that Deutsche Bank said Chorus Ltd is likely
to delay any new capital-raising to help fund the ultra-fast
broadband rollout until after the Commerce Commission completes
its redetermination of copper network-based broadband pricing
under an alternative methodology.

BusinessDesk relates that in a research note to clients following
the weekend release of the government-ordered Ernst & Young
Australia report on Chorus's UFB funding challenge, research
analyst Arie Dekker said Chorus will be targeting annual
operational and capital expenditure savings of around
NZ$80 million to NZ$90 million a year, but that these will carry
significant business risks.

"Requiring customers to pay upfront for non-contracted connection
capex may impact competitive positioning; reduced service levels
across products and provisioning might drive customers to consider
alternative options," the report quotes Mr. Dekker as saying.

Meanwhile, BusinessDesk reports that telco provider CallPlus,
trading as Slingshot, issued a statement calling on Chorus to stop
overstating the size of its problems and start taking the
"prudent" actions it should have seen were necessary long before
the Commerce Commission determination which cut prices for copper
network-based broadband pricing more heavily than anticipated.

According to BusinessDesk, the E&Y Australia report agreed with
the Chorus estimate of a NZ$1 billion funding shortfall between
now and 2020, when the UFB rollout is meant to be complete, but
suggested that could be cut to between NZ$200 million and
NZ$250 million with dividend cuts, higher borrowing, savings and
revenue increases.

"Chorus has been enjoying a 'golden summer', which is clearly
reflected in the high levels of profitability and returns to
shareholders, that couldn't last," said CallPlus chief executive
Mark Callander in a statement, BusinessDesk relates. "A cultural
change from monopoly-type behaviour is well overdue and it seems
that everyone, but Chorus, knew this had to end."

BusinessDesk relates that Mr. Dekker said the E&Y report gave
little new detail beyond confirming that Chorus "requires
assistance."

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.


DOMINION FINANCE: Ex-Director Avoids Being Struck From NZICA
------------------------------------------------------------
Michael Foreman at Stuff.co.nz reports that a former director of
Dominion Finance has avoided being struck off by an accountancy
disciplinary tribunal.

Stuff.co.nz relates that the New Zealand Institute of Chartered
Accountants disciplinary tribunal found that former Auckland
chartered accountant Paul Forsyth's offending in the Dominion
Finance case reflected on his fitness to practise accountancy and
tended to bring the profession into disrepute.

However, Mr. Forsyth could not be struck off as a chartered
accountant because he had already resigned from the institute, the
report relays.

In June, Mr. Forsyth was convicted on seven counts under the
Securities Act while a director of Dominion Finance, Stuff.co.nz
recalls.

The convictions included four counts of distributing a prospectus
containing an untrue statement and three counts of distributing an
investment statement containing an untrue statement, the report
notes.

According to Stuff.co.nz, the tribunal heard that Mr. Forsyth had
pleaded guilty to the offending and accepted he was grossly
negligent in carrying out his responsibilities as a director.
However, the Crown accepted that he acted honestly at all times.

Stuff.co.nz says Mr. Forsyth was sentenced to 11 months' home
detention and 200 hours community work, and ordered to pay
NZ$50,000 in reparations, which he had paid.

However, the tribunal found that offending punishable by
imprisonment reflected on his fitness to practise accountancy and
tended to bring the profession into disrepute, Stuff.co.nz
relates.

The tribunal found that gross negligence in dealing with financial
matters, particularly when the public interest was involved, was
inconsistent with membership of the institute, Stuff.co.nz adds.

                       About Dominion Finance

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance Group was put into receivership in
September 2008 owing about NZ$176.9 million to more than 5,900
investors. It was put into liquidation by the High Court at
Auckland in May 2009. Associate Judge Faire appointed William
Black and Andrew Grenfell of McGrathNicol as liquidators of the
firm.  Receiver Rod Partington of Deloitte said the liquidation
application will not affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.



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


STX GROUP: Dalian Creditor Banks on Verge of Losing All Loans
-------------------------------------------------------------
Business Korea News reports that with the STX Group's shipyard in
Dalian, China around the corner, it has been found that the Korean
creditors are on the verge of losing all of the KRW160 billion
(US$151 million), which was lent to STX Dalian in the form of a
syndicate loan.

This is because they lacked the understanding of local law,
according to which the establishment of security has to obtain the
permission of the authorities, notes Business Korea News.  The
report relates that the creditors claimed that the collateralized
amount could be recovered even after they disposed of STX Dalian,
but it turned out to be false in the end.  Under the
circumstances, the Korea Development Bank (KDB), which is the lead
bank of the syndicate loan, is likely to be subject to some
criticism, the report notes.

The report relays that according to local financial sources, the
security rights of the Korean creditor banks including the KDB,
Woori Bank, Kookmin Bank, and Shinhan Bank are invalid, because
they did not obtain the permission of the Chinese foreign exchange
authorities while establishing the security.

"Drawing up the business normalization plan back in July this
year, the creditors reflected the KRW700 billion guaranteed for
Chinese banks in preparation of liquidation, while predicting that
the KRW160 billion general loan can be recovered," said one of the
banks, adding, "However, something unexpected has happened and it
can lead to controversies with time," the report notes.

Besides, the report relays, the creditors in China are claiming
that the payment guarantee recently provided by the local
subsidiaries of STX, such as STX Shipping, be handled by their
Korean counterparts.  "It seems that China is planning on taking
STX Dalian for nothing, capitalizing on the lax handling on the
part of the Korean financial authorities and creditor banks that
underestimated its negotiation strategies," an industry insider
explained, continuing, "They lost the timing of production
normalization and are likely to be bossed around by China down the
road," the report discloses.

In the meantime, the report notes that the association of the 50
or so Korean partner firms of STX Dalian held a rally in Seoul on
December 12, claiming that the liquidation of STX Dalian be
stopped to prevent the leakage of national wealth and technologies
worth KRW3 trillion (US$2.8 billion).

The association filed a petition with the Blue House for the
normalization of the management of STX Dalian, and is planning to
take similar measures with the Ministry of Strategy and Finance,
and the Ministry of Trade, Industry and Energy, the report adds.



=============
V I E T N A M
=============


* VIETNAM: Reports Nearly 55K Corporate Bankruptcies in 11 Mos.
---------------------------------------------------------------
tuoitrenews.com reports that Vietnam recorded 54,932 enterprise
bankruptcies in the first eleven months of this year, 8 percent
higher than the previous year, according to statistics issued by
the Ministry of Planning and Investment.

tuoitrenews.com relates that there were nearly 6,800 newly-
established enterprises in October with the total registered
capital of VND37.6 trillion. This figure shows a 15 percent
increase in terms of the number of businesses joining the market,
but a 7 percent decrease in the capital volume compared to
September.

During the eleven-month period, Vietnam recorded more than 71,000
new enterprises with the total registered capital of VND359.5
trillion, meaning an increase of 10 percent in terms of the number
of businesses, but a 15 percent decrease in the capital volume
compared to the same period last year, tuoitrenews.com relays.

tuoitrenews.com says the industry sector continued to see growth
in November with the nation's Index of Industrial Production (IIP)
increasing 5.7 percent over the same period last year. The IIP in
the production and distribution of electricity rises over 8
percent while the IIP in the mining industry continues to
decrease.

Vietnam IIP's cumulative figure in the first eleven months sees an
increase of 5.6 percent compared to the same period last year,
tuoitrenews.com notes.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***