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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, December 19, 2013, Vol. 16, No. 251


                            Headlines


A U S T R A L I A

BRADDON INVESTMENT: Court Winds Up Tasmanian Debenture Firm
DIMMEYS: Set To Go Into Administration After AUD3MM Fine
DOLLARFORCE FINANCIAL: ASIC Permanently Bans Former Director
GILGANDRA SHIRE: Landholder Says Gov't Should Consider Admin.
ROBINS KITCHEN: In Administration, 300 Jobs at Risk


C H I N A

SUNTECH POWER: Directors Fan, King Step Down From Board
SUNTECH POWER: Power Solar Unit Placed in Liquidation in BVI


I N D I A

AAMODA BROADCASTING: CRISIL Reaffirms D Ratings on INR150MM Loans
ACCENT INDUSTRIES: CRISIL Assigns 'B-' Ratings to INR85MM Loans
ALLIANCZ POLY-CHEM: CRISIL Suspends D Rating on INR121.5MM Loan
ARS PULP: CRISIL Suspends 'B' Ratings on INR77.5MM Loans
BAGOOSA FOOD: CRISIL Cuts Ratings on INR250MM Loans to 'D'

BRADY & MORRIS: ICRA Revises Rating on INR9cr LT Loan to 'BB-'
BRILLANTO TEXTILE: ICRA Withdraws 'B+' Rating on INR5.1cr Loans
DAKE HOSPITALS: CRISIL Cuts Ratings on INR140MM Loans to 'D'
DAVANAM JEWELLERS: ICRA Reaffirms B+ Ratings on INR74.8cr Loan
DHARTI ENTERPRISE: CRISIL Suspends 'B-' Ratings on INR69.9M Loans

EASTERN CHROME: CRISIL Reaffirms 'D' Ratings on INR542.5MM Loans
EMKAY AUTOMOBILE: CRISIL Suspends B+ Ratings on INR350MM Loans
ENGINEERING PROF: CRISIL Suspends D Ratings on INR550MM Loan
FLORIND SHOES: CRISIL Reaffirms 'D' Ratings on INR654MM Loans
GAJANAND GINNING: CRISIL Reaffirms 'B' Rating on INR70MM Loan

HARIOM INGOTS: CRISIL Suspends 'B+' Ratings on INR250MM Loans
HARYANA FOILS: ICRA Suspends B+ Rating on INR21.70cr Loans
HIND HYDRAULICS: CRISIL Assigns B- Ratings to INR150MM Loans
HUFORT HEALTHCARE: ICRA Suspends 'B-' Rating on INR2cr Loan
INTERNATIONAL TRADE: CRISIL Suspends B- Ratings on INR127MM Loans

J. S. K STEELS: CRISIL Suspends 'D' Ratings on INR337MM Loans
JAI MAHARASHTRA: ICRA Revises Rating on INR100cr Loan to 'B'
KANHIYA DHALIWAL: ICRA Reaffirms 'B' Rating on INR10cr Loan
MANTRA PACKAGING: ICRA Revises Ratings on INR5cr Loans to 'B-'
MOON FISHERY: CRISIL Assigns 'D' Ratings to INR100MM Loans

NORTHERN POWER: CRISIL Reaffirms B+ Ratings on INR160MM Loans
P & P OVERSEAS: CRISIL Suspends 'D' Ratings on IRN62.5MM Loans
PRANAV BUILDERS: CRISIL Suspends 'B' Rating on INR75cr Loans
RENOWN IRRIGATION: ICRA Assigns 'D' Ratings to INR5.91cr Loans
RISHI ICE: CRISIL Suspends 'D' Ratings on INR150MM Term Loan

SHRINE VAILANKANNI: CRISIL Reaffirms B+ Rating on INR120MM Loan
SHYAM JOTI: CRISIL Assigns 'B-' Ratings to INR106MM Loans
SIDHIVINAYAK FILAMENTS: CRISIL Suspend B Rating on INR212.5M Loan
SRI JAIBALAJI: CRISIL Suspends 'D' Ratings on INR275MM Loans
STANLUBES AND SPECIALITIES: CRISIL Suspends B+ INR45M Loan Rating

V M MATERE: CRISIL Reaffirms 'B+' Ratings on INR180MM Loans
V THANGAVEL: ICRA Suspends 'D' Ratings on INR10cr Term Loan
VEER OIL: CRISIL Reaffirms 'B+' Rating on INR11.8MM Loan
VINOTH DISTRIBUTORS: CRISIL Assigns B+ Rating to INR80MM Loan
VISWATEJA SPINNING: ICRA Suspends 'B+' Rating on INR65cr Loans


I N D O N E S I A

MNC SKY: S&P Raises Corporate Credit Rating to 'BB-'


J A P A N

TOKYO ELECTRIC: Bonds a Safe Bet Now, Nomura Says


N E W  Z E A L A N D

SOLID ENERGY: Appeal Against Debt Restructure Fails


P H I L I P P I N E S

BANCO FILIPINO: Appeals Court Affirms Bank Closure Ruling
MALAYAN INSURANCE: S&P Affirms 'BB' Financial Strength Rating


V I E T N A M

* World Bank Says Vietnam Needs Specific Rules on Bank Bankruptcy


                            - - - - -


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


BRADDON INVESTMENT: Court Winds Up Tasmanian Debenture Firm
-----------------------------------------------------------
The Supreme Court of Tasmania on Dec. 17, 2013, wound up Tasmanian
debenture firm Braddon Investment and Finance Pty Ltd following an
application by Australian Securities and Investment Commission.
Steven Hernyk -- shernyk@deloitte.com.au -- of Deloitte, in
Launceston, was appointed liquidator.

The Court also made declarations that Braddon had contravened the
Corporations Act 2001 by failing to enter into a trust deed, and
appoint a trustee before issuing debentures to the public. These
requirements of the Corporations Act are in place to protect the
interests of investors.

Braddon did not oppose the orders sought by ASIC.

Braddon, which is based in Smithton, has raised funds from
investors through unsecured deposits and used the money to offer
loans to the general public, usually for the purchase of cars or
farm equipment.

Braddon has raised about AUD5 million from investors.

"As the company has not been in a position to comply with the law,
ASIC took action to wind it up - this has been done to protect the
interests of investors," ASIC Commissioner John Price said.

ASIC did not allege that there has been any dishonesty nor did
ASIC's claim rely on any allegations of insolvency.


DIMMEYS: Set To Go Into Administration After AUD3MM Fine
--------------------------------------------------------
Yolanda Redrup at SmartCompany reports that Dimmeys Stores is
close to administration, as it copped a AUD3 million penalty on
Dec. 17 for breaching product safety laws.

SmartCompany relates that Dimmeys and distribution company Starite
Distributors were penalised AUD3 million and AUD600,000
respectively for breaching product safety laws on girls' padded
swimwear, baby bath toys, cosmetic sets and basketball rings.

The Federal Court also ruled the director of both companies,
Douglas Zappelli, be fined AUD120,000 and banned from managing
corporations for six years, the report says.

SmartCompany recalls that Zappelli took over the running of the
160-year-old company in 1996 and within that time Dimmeys has been
involved in four cases of selling hazardous products or items
which were incorrectly labelled.

Both Dimmeys and Starite have also been banned for six years from
selling items with high safety standards or which require
warnings, SmartCompany notes.

TressCox Lawyers partner Alistair Little --
Alistair_Little@tresscox.com.au -- told SmartCompany this decision
demonstrated the power of the courts to influence all aspects of a
business when justified.

"It (the court) realised it wasn't enough to just impose a fine,"
the report quotes Mr. Little as saying. "They had no belief that
Dimmeys would be able to sell these products within the law."

Following the court decision, Dimmeys legal compliance officer Ken
Hampson was quoted in The Age as saying the store intended to
appoint an administrator within days, SmartCompany reports.

"We propose to put the company into voluntary administration and
have taken steps toward that," SmartCompany quotes Mr. Hampson as
saying.  "We believe that will enable Dimmeys to continue to trade
as a viable company and we are in talks with other parties about
this."

If Dimmeys is placed in administration, it puts the jobs of 500
employees at risk, the report notes.

However, Mr. Hampson said the intention is to keep the business
trading as normal and enter an arrangement which would allow it to
pay the fine as an isolated debt and trade the business under
another entity, SmartCompany adds.

Dimmeys Stores Pty Ltd is Australia-based discount retailer.


DOLLARFORCE FINANCIAL: ASIC Permanently Bans Former Director
------------------------------------------------------------
The Australian Securities and Investment Commission has
permanently banned Clestus Remegius Weerappah, former director of
Dollarforce Financial Services, from providing financial services
after being convicted of serious fraud offences.

Dollarforce collapsed in 2009 with a deficiency of AUD24 million
with investors losing more than AUD8 million.

Mr. Weerappah, 48, of Oakleigh, Victoria, previously pleaded
guilty in the Victorian County Court to:

   -- three charges of using his position dishonestly with the
      intention of gaining an advantage by misleading investors
      into contributing to the purchase and development of the
      following properties:

        AUD1,200,000 for the Ivory Property Group
        AUD1,780,000 for My Building No. 1 Pty Ltd, and
        AUD1,286,950 for Bennett Street Developments

   -- one charge of falsifying a document lodged with ASIC
      concerning a AUD2,955,000 loan that had been forgiven
      by the company, and

   -- one charge of falsifying books relating to the affairs of
      Altitude Property Number 1 Pty Ltd regarding the sale of a
      Balwyn Property for AUD1,300,000.

Mr. Weerappah will serve a minimum of two years before he is
eligible for parole.

The court also ordered Mr. Weerappah to repay AUD3.7 million to a
number of investors.

Mr. Weerappah has the right to appeal to the Administrative
Appeals Tribunal for a review of ASIC's decision.

Simon Wallace-Smith -- swallace@deloitte.com.au -- of Deloitte
Touche Tohmatsu is a liquidator of a number of companies within
the Dollarforce Group, following his appointment by the Federal
Court of Australia (Victoria) on March 12, 2009, as a result of
proceedings brought by ASIC in
2008.

Mr. Wallace-Smith also received funding from ASIC from the
Assetless Administration fund in order to carry out investigations
into some of the companies.  He is appointed to:

    Bennett Street Developments Pty Ltd
    Altitude Property No1 Pty Ltd
    My Building No 1 Pty Ltd
    Altitude Property Limited
    Lewmac Investments Pty Ltd
    Ivory Property Group Pty Ltd
    Retail Treasury Pty Ltd, and
    Elite Wealth Builders Pty Ltd.

The AA Fund was established by the Australian Government and is
administered by ASIC.  It provides funding for liquidators to
prepare an appropriate report into the failure of companies with
few or no assets, so ASIC can determine whether to commence
enforcement action.

The collapse of the Dollarforce group of companies involved a
deficit in the group of more than AUD24 million.

Greg Andrews of GS Andrews and Associates is the liquidator of
Dollarforce Financial Services Pty Ltd.  Mr. Murray Godfrey of RMG
partners and Michael Royal of BIR Solvency Solutions are the
liquidators of Alamanda Property Investments No 2 Pty Ltd.


GILGANDRA SHIRE: Landholder Says Gov't Should Consider Admin.
-------------------------------------------------------------
abc.net.au reports that rural landowners from the Gilgandra Shire
have launched 14 petitions opposing proposed rate increases of up
to 30 per cent over the next three years.

The council has proposed the increases as a way of dealing with a
AU$600,000 shortfall in maintenance funding, according to
abc.net.au.

Peter Thompson from the Collie area said ratepayers simply cannot
afford the rise after previous increases during the past few
years.

The report relates that Mr. Thompson hopes the petitions will be
taken into account by the Independent Pricing and Regulatory
Tribunal (IPART) when deciding whether to approve the council's
application.

Mr. Thompson said the government should consider putting the
Gilgandra Shire Council into administration, the report notes.

Mr. Thompson said if the council is not financially viable, the
government should not hesitate to act, the report discloses.

"One, we oppose the rate increase and two, we're asking the Local
Government Minister Don Page to look at the council and the
administration of it and to see if it is a viable concern .  .  .
I don't think anyone in the council area really wants to see
Gilgandra pulled apart, but it's like all things, if a business is
not viable then administrators are called in," the report quoted
Mr. Thompson as saying.

The report notes that the council recently held six public
meetings throughout the shire as part of its community
consultation on the proposed rate rise.

A spokesman said council had hoped for a better attendance at the
meetings, as it forms a crucial part of the application to the
IPART, the report relays.


ROBINS KITCHEN: In Administration, 300 Jobs at Risk
---------------------------------------------------
skynews.com.au reports that Robins Kitchen has been placed into
voluntary administration, leaving the future for its 300 workers
uncertain.

The group's Brisbane-based parent company Lineville has appointed
FTI Consulting as voluntary administrators, according to
skynews.com.au.  The report relates that Robins Kitchen employs
people at 36 stores in Queensland, 18 in NSW and one in the ACT.

The report notes that FTI is reviewing the financial status of the
business, and is yet to decide whether to restructure and sell the
business or wind it down.  The report discloses that all stores
are expected to remain open until at least Christmas Eve.

Robins Kitchen is a cookware retailer.



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


SUNTECH POWER: Directors Fan, King Step Down From Board
-------------------------------------------------------
Suntech Power Holdings Co., Ltd., disclosed that on Dec. 9, 2013,
Philip Fan resigned from the Company's Board of Directors with
immediate effect.

Another director, David King resigned from the Board with
immediate effect, on Nov. 29.

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP, in White
Plains, New York.


SUNTECH POWER: Power Solar Unit Placed in Liquidation in BVI
------------------------------------------------------------
Suntech Power Holdings Co., Ltd., on Dec. 10 said that the Joint
Provisional Liquidators of the Company on Nov. 14, 2013, passed a
sole shareholder's resolution placing Power Solar System Co.,
Ltd., an immediate subsidiary of the Company, into liquidation
pursuant to the Insolvency Act of the British Virgin Islands, the
jurisdiction of its incorporation.  Liquidators have since been
appointed over PSS.

On November 11, 2013, the JPLs had issued an announcement:

   -- Referring to Suntech's Form 6-K filing dated July 19, 2013
which disclosed certain transfers and disposals of the shares of
Suntech Power Japan Corporation ("Suntech Japan") and Suntech
Power Investment Pte., Ltd. ("Suntech Singapore") to Wuxi Suntech
Power Co., Ltd. ("Wuxi Suntech") purportedly made in connection
with intragroup debt restructuring (the "Purported Share
Disposals"). Both Suntech Japan and Suntech Singapore were owned
by PSS which may have been insolvent under the laws of the BVI,
and as such, the Purported Share Disposals undertaken by PSS may
be voidable under BVI Law; and

     -- Indicating they were also aware of the Hong Kong Stock
Exchange announcement made by Shunfeng Photovoltaic International
Ltd. on November 1, 2013 in relation to its proposed purchase of
the entire equity interest of Wuxi Suntech by its subsidiary
Jiangsu Shunfeng Photovoltaic Technology Co., Ltd. ("Jiangsu
Shunfeng"). PSS is the 100% shareholder of Wuxi Suntech, and any
transfer or disposal of Wuxi Suntech's shares requires the prior
written agreement and consent of PSS.

The JPLs and the PSS liquidators have indicated that they are
continuing to investigate the Purported Share Disposals and the
proposed purchase of PSS's equity interest in Wuxi Suntech by
Jiangsu Shunfeng. The JPLs and PSS liquidators will take such
steps as may be necessary on the basis of legal advice and court
directions, as appropriate, to remedy any improper actions which
have caused loss to Suntech, PSS and their creditors.

Wuxi, China-based Suntech Power Holdings Co., Ltd., produces solar
products for residential, commercial, industrial, and utility
applications.  Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80
countries.

Suntech Power Holdings Co., Ltd., received from the trustee of its
3 percent Convertible Notes a notice of default and acceleration
relating to Suntech's non-payment of the principal amount of
US$541 million that was due to holders of the Notes on March 15,
2013.  That event of default has also triggered cross-defaults
under Suntech's other outstanding debt, including its loans from
International Finance Corporation and Chinese domestic lenders.

Suntech Power had involuntary Chapter 7 bankruptcy proceedings
initiated against it on Oct. 14, 2013, in U.S. Bankruptcy Court in
White Plains, New York (Bankr. S.D.N.Y. Case No. 13-bk-13350), by
holders of more than $1.5 million of defaulted securities under a
2008 $575 million indenture.  The Chapter 7 Petitioners are
Trondheim Capital Partners, L.P., Michael Meixler, Longball
Holdings, LLC, and Jiangsu Liquidators, LLC.  They are represented
by Jay Teitelbaum, Esq., at Teitelbaum & Baskin LLP, in White
Plains, New York.


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


AAMODA BROADCASTING: CRISIL Reaffirms D Ratings on INR150MM Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of Aamoda
Broadcasting Company Pvt Ltd (ABCPL; part of the Aamoda group)
continues to reflect instances of delays by Aamoda group in
servicing of its debt; the delays have been caused by the group's
weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              20.0     CRISIL D (Reaffirmed)

   Term Loan                86.7     CRISIL D (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility       43.3     CRISIL D (Reaffirmed)
The Aamoda group also has a weak financial risk profile marked by
high gearing, weak debt protection metrics, and is exposed to
risks related to intense competition the media and publishing
industry. These weaknesses are partially offset by the industry
experience of its promoters and its in-house production
capabilities.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ABCPL and its parent, Aamoda
Publications Pvt Ltd (APPL), together referred to as the Aamoda
group. The combined approach is because APPL holds a 72 per cent
stake in ABCPL.

ABCPL was established in 2008 by Mr. V Radhakrishna and his wife,
Mrs. K Kanaka Durga. The company is operating a 24-hour free-to-
air satellite Telugu news channel, ABN Andhra Jyothy. The channel
commenced commercial operation on October 15, 2009, and its target
market is Andhra Pradesh.

APPL, incorporated in August 2002 and promoted by Mr. V
Radhakrishna and his wife, Mrs. K Kanaka Durga, publishes and
prints the Telugu daily newspaper, Andhra Jyothy, and Telugu
weekly, Navya.

For 2012-13 (refers to financial year, April 1 to March 31),
ABCPL, on a standalone basis, reported a net loss of INR83.8
million on net sales of INR113.6 million.


ACCENT INDUSTRIES: CRISIL Assigns 'B-' Ratings to INR85MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Accent Industries Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                36.5     CRISIL B-/Stable

   Proposed Long-Term
   Bank Loan Facility        1.5     CRISIL B-/Stable

   Cash Credit              47       CRISIL B-/Stable

   Letter of Credit         15       CRISIL A4

The ratings reflect AIL's weak financial risk profile, marked by a
small net worth, high gearing, and weak debt protection metrics.
The ratings also reflect AIL's small scale of, and working-
capital-intensive operations; and the susceptibility of its
operating profit margin to volatility in raw material prices.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the gloves manufacturing segment,
and expected funding support from them.

Outlook: Stable

CRISIL believes that AIL's financial risk profile will remain
constrained by its small cash accruals. The outlook may be revised
to 'Positive' if the company's financial risk profile improves on
account of higher-than-expected cash accruals and improvement in
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of further deterioration in the company's
financial risk profile, particularly its liquidity due to lower-
than-expected cash accruals, higher-than-expected working capital
requirements, or a capital expenditure (capex) programme.

AIL was set up in Thane, Maharashtra in 1992, by Mr. Anup Jatia,
Mrs. Shruti Jatia and Mr. Basant Kumar Goenka. The company
manufactures and trades in industrial gloves. AIL has
manufacturing facilities in Tarapur (Maharashtra).

AIL reported a net loss of' INR4.5 million on net sales of
INR315.4 million for 2012-13 (refers to financial year, April 1 to
March 31), vis-…-vis a net loss of INR1.2 million on net sales of
INR212.7 million for 2011-12.


ALLIANCZ POLY-CHEM: CRISIL Suspends D Rating on INR121.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alliancz Poly-Chem Overseas Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              121.5    CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by APCL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, APCL is yet to
provide adequate information to enable CRISIL to assess APCL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

APCL was established in 1992 as a proprietary concern, Alliancz
Overseas, by Mr. Raajhivv Gulaati. It was reconstituted as a
closely held public limited company in January 2003. The company
trades in ittar (natural perfume), industrial chemicals, liquid
paraffin, and glycerine.


ARS PULP: CRISIL Suspends 'B' Ratings on INR77.5MM Loans
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ARS Pulp & Papers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL B/Stable Suspended

   Term Loan                 57.5    CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by ARS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ARS is yet to
provide adequate information to enable CRISIL to assess ARS's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2006 by Mr. Ashish Gupta and his brother, Mr.
Ashok Gupta, ARS is setting up a manufacturing facility for
thermal paper, carbonless paper, and label stock; the unit will
have an installed capacity of 1465 tonnes per annum (tpa) for
thermal paper, 694 tpa for carbonless paper, and 591 tpa for label
stock, and is expected to be commissioned by May 2012. Based in
Sonepat (Haryana) ARS's operations are managed by Mr. Ashish Gupta
and Mr. Ashok Gupta. The total cost of the project is' INR86.1
million, to be funded with term loan of' INR57.5 million and the
balance with promoters' contribution.


BAGOOSA FOOD: CRISIL Cuts Ratings on INR250MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bagoosa Food Products Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               10      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long-Term
   Bank Loan Facility       150      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Term Loan                 90      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay in term debt
servicing by BFPPL. The delays were due to the company's weak
liquidity, driven by lower-than-anticipated sales and larger-than-
expected working capital requirements because of inventory build-
up.

BFPPL also has a weak financial risk profile, marked by high
gearing and a small net worth, large working capital requirements,
and a small scale of operations because of its start-up phase.
However, the company benefits from the extensive experience of its
promoters in the ice-cream industry, and group's strong brand
name.

BFPPL, incorporated in 2004, is a part of the Janta Ice Cream
group of Ahmedabad (Gujarat), which is promoted by Mr. Ramesh
Asawa and his family members. BFPPL manufactures ice cream under
the brand name, Shree Janta. The company commenced production at
its facilities, located at Ahmedabad, in June 2012.

The Janta Ice Cream group has a track record of five decades in
the ice-cream business. Currently, the group's main business is
carried out under Shree Janta Ice Cream Pvt Ltd. The group
currently has 36 outlets in Ahmedabad. It offers various flavours
of ice cream in cups, candies, and cones as well as party/combo
packs, catering to the retail, home, and institutional segments.

BFPPL reported a net loss of INR4.25 million on net sales of
INR61.98 million for 2012-13 (refers to financial year, April 1 to
March 31).


BRADY & MORRIS: ICRA Revises Rating on INR9cr LT Loan to 'BB-'
--------------------------------------------------------------
ICRA has revised the long-term rating to the INR6.00 crore long-
term fund-based bank facilities of Brady & Morris Engineering
Company Limited to '[ICRA]BB-' from '[ICRA]B+'. The outlook on the
long-term rating is 'stable'. ICRA has reaffirmed the short-term
rating to the INR11.00 crore (enhanced from INR8.00 crore) short-
term non-fund-based bank facilities of BMECL at '[ICRA]A4'. In
addition, ICRA has also revised / reaffirmed an [ICRA]BB-/
[ICRA]A4 rating to INR3.00 crore (reduced from INR6.00 crore) of
unallocated bank limits of BMECL.

                    Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-       6.00         Revised to [ICRA]BB-/Stable
   based limits                       from [ICRA]B+

   Short-term non-      11.00         [ICRA]A4 reaffirmed
   fund based limits

   Unallocated limits    3.00         Revised to [ICRA]BB-/Stable
                                      from [ICRA]B+/[ICRA]A4
                                      reaffirmed

For the purpose of arriving at the rating, ICRA has factored in
the business risk profiles of the Brady group of companies,
comprising W.H. Brady & Company Limited (WHBCL, rated [ICRA]B+)
and Brady & Morris Engineering Company Limited in view of
significant equity investment of WHBCL in BMECL and operational
linkages among the two companies. The rating revision takes into
account improved financial risk profile of the company during
2012-13 and current year, as reflected by improvement in
profitability and coverage indicators, gearing also improved after
2011-12; long experience of promoter in manufacture and sale of
material handling equipment (MHE) and the established market
presence of the group and significant lease rental income, at
group level, which provides liquidity support. However, the
ratings are constrained by high working capital intensity of
operations due to high receivable and inventory levels; highly
competitive nature of material handling equipment industry, which
keeps margins under check; fixed price nature of contracts, which
exposes the company to margin risks due to cost escalations; Small
scale of current operations and limited bargaining capacity of the
company against large customers.

W.H. Brady and Company Limited established Brady & Morris
Engineering Company Limited in 1946 for manufacture and sale of
material handling equipment like chain pulley blocks and various
types of cranes and electric hoist block. Originally started in
1895 by two individuals of British origin, and later incorporated
in 1913, WHBCL is involved in sales of material handling equipment
and sales and servicing of various products related to aviation
industry. WHBCL also own Brady House located at Fort, Mumbai, from
where it receives significant rental income. The group is
controlled by Mumbai based Morarka family since 1960s. BMECL has
manufacturing facility at Vatva and Bareja, both located in
Gujarat.

Recent Results

As per unaudited results for first six months of 2013-14, BMECL
reported a PAT of INR0.66 crore on an operating income of INR11.32
crore. In 2012-13, BMECL reported a profit after tax (PAT) of
INR0.76 crore on an operating income of INR31.38 crore as compared
to a net loss of INR2.84 crore on an operating income of INR34.45
crore in 2011-12.


BRILLANTO TEXTILE: ICRA Withdraws 'B+' Rating on INR5.1cr Loans
---------------------------------------------------------------
ICRA has withdrawn the '[ICRA]B+' rating assigned to the INR3.5
crore term loan and INR1.6 crore cash credit fund-based facilities
of Brillanto Textile Mills Private Limited which were under notice
of withdrawal. The rating is withdrawn as the period of notice of
withdrawal is completed.


DAKE HOSPITALS: CRISIL Cuts Ratings on INR140MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dake Hospitals Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           112.2    CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long-Term
   Bank Loan Facility        27.8    CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects delays by DHPL in servicing its term
loan; the delays have been caused by the company's weak liquidity.
DHPL's liquidity is impacted because of the higher than
anticipated cost for the setup of its hospital; partially offset
by the commencement of operations in June 2013.

While DHPL has been able to partially scale up its operations,
there are significant costs associated with medical equipment in
the new hospital. CRISIL expects that while the company's
liquidity will improve over the medium term, with stabilisation of
its operations; near-term pressure is likely to remain.

DHPL is also subject to offtake risks related its new hospital.
However, the company benefits from the extensive experience of its
promoters in the healthcare sector.

DHPL, incorporated in May 2010 and promoted by Dr. Mangesh Dake, a
trauma surgeon, and his wife Dr. Sangeeta Dake, an infertologist,
is setting up a multi-speciality hospital at Panvel (Maharashtra).


DAVANAM JEWELLERS: ICRA Reaffirms B+ Ratings on INR74.8cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long term rating of '[ICRA]B+' to the
fund based cash credit limits of INR73.00 crore (enhanced from
INR49.25 crore) and unallocated limits of INR1.80 crore (enhanced
from nil) and the short term rating of '[ICRA]A4' to the non-fund
based limits of INR5.46 crore (enhanced from nil) of Davanam
Jewellers Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based CC
   Limits                73.00        [ICRA]B+/ re-affirmed

   Non-Fund Based
   Limits                 5.46        [ICRA]A4/ re-affirmed

   Unallocated Limits     1.80        [ICRA]B+/ re-affirmed

The rating re-affirmation positively factors in the long-standing
presence of DJPL's promoters in the jewellery business and
established 'Davanam' brand in Bangalore. The rating also draws
comfort from the significant growth of ~27% in the company's top
line as compared to FY12 largely supported by increased gold
demand coupled with increased customer demand. Further, DJPL's
four well located showrooms in the prime areas of Bangalore, its
extensive product portfolio and good customer relationship
management ensures sound base of repeat customers.

However, the rating is constrained by DJPL's weak financial
flexibility due to significant advances to group companies, to the
tune of ~INR37 crore as on 31st October, 2013; which do not give
any liquidity support to the company. The advances have come down
from ~INR52 crore as on March 31, 2013 as a result of which the
company's creditors have gone down and stock levels have
increased. Its financial profile is further stretched due to its
stretched capital structure as reflected by TOL/TNW of 3.33x and
Total Debt/OPBDITA of 4.42x as on March 31, 2013. Moreover,
despite the high demand, company's profitability has also deterred
as reflected by operating margin of 5.78% for FY13 against 6.35%
for FY12. Further, the ratings are constrained by intense
competition and low entry barriers, which limits pricing
flexibility and margin expansion, and external factors such as
rising gold prices, seasonality of demand and changing fashion
trends, which impact the consumer demand patterns.
Going forward, DJPL's ability to maintain healthy profit margins
amid intense competition and monetise or derive liquidity support
from its advances to group companies would be the key rating
sensitive factors.

DJPL is engaged in the business of retailing gold, silver,
platinum and diamond jewellery. The company is run by the Davanam
Family, which has a presence in the jewellery business since 1905.
It was started as a partnership firm in 1987 and converted into a
private limited company in 2005. In 1987, the Davanam family
started its jewellery business in Bangalore from a 350 square feet
(sft) retail outlet on Avenue Road. In 1991, the company began
exporting to United Kingdom. It entered into Kuwait and US markets
in 1995 and the U.A.E. market in 2001. It was recognised as a 100%
export-oriented unit (EOU) in 2001 and set up a unit in Noida
Special Economic Zone in 2003. As the margin in its export
business started declining, the company shifted its focus to the
domestic market. In 2006, the company opened two retail outlets in
Bangalore - one of 10,000 sft on Commercial Street and another of
8,000 sft in Malleshwaram. In 2010, DJPL opened one retail outlet
at Mantri Square Mall, Malleshwaram and entered into a franchisee
agreement to operate and manage Rajesh Exports Ltd's retail
outlet, Shubh Jewels, at MG Road, Bangalore.


DHARTI ENTERPRISE: CRISIL Suspends 'B-' Ratings on INR69.9M Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dharti
Enterprise.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40      CRISIL B-/Stable Suspended

   Proposed Long-Term
   Bank Loan Facility        21      CRISIL B-/Stable Suspended

   Term Loan                  8.9    CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Dharti with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Dharti is yet to
provide adequate information to enable CRISIL to assess Dharti's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Dharti, based in Viramgam (Gujarat) is in the business of cotton
ginning and pressing. The firm was incorporated in 2009 with Mr.
Mansukhbhai Patel, Mr. Kiritbhai Patel, Mr. Damodarbhai Patel and
Mrs. Nimishaben Patel as the four partners. It has an installed
capacity to manufacture 80 bales of cotton per day.


EASTERN CHROME: CRISIL Reaffirms 'D' Ratings on INR542.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eastern Chrome Tanning
Corporation Private Limited (ECTC; part of the Florind group)
continue to reflect instances of delay by the Florind group in
servicing its debt; the delays have been caused by the group's
weak liquidity, arising from its working-capital-intensive
operations.

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Cash Credit                  90        CRISIL D (Reaffirmed)

   Export Packing Credit        32.5      CRISIL D (Reaffirmed)

   Foreign Bill Discounting     30        CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee               230       CRISIL D (Reaffirmed)

   Term Loan                    160       CRISIL D (Reaffirmed)

The Florind group also has a weak financial risk profile, marked
by high gearing and weak debt protection metrics. Furthermore, the
group has customer concentration in its revenue profile and is
exposed to risks related to fluctuations in foreign exchange
rates. The Florind group, however, benefits from its integrated
operations, its long-standing relationships with its customers,
and the extensive industry experience of its promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ECTC, United India Shoe Corporation Pvt
Ltd (UNISCO), and Florind Shoes Pvt Ltd (FSPL), This is because
all these companies, collectively referred to as the Florind
group, have a common management, are in similar lines of business,
and have fungible cash flows among them.

The Florind group was set up in 1978 by Mr. K Ameenur Rahman under
the K Ameenur Rahman (KAR) group of companies, with FSPL as the
group's flagship company. FSPL (set up in 1978) and UNISCO (2001)
manufacture shoes. ECTC, set up in 2001, specialises in processing
finished leather from cow hides.

The KAR group comprises nine companies, all engaged in activities
ranging from leather processing to manufacturing finished leather
products; however, the entities other than the Florind group, are
managed independently.


EMKAY AUTOMOBILE: CRISIL Suspends B+ Ratings on INR350MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Emkay
Automobile Industries Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               260     CRISIL B+/Stable Suspended

   Letter of Credit           20     CRISIL A4 Suspended

   Long-Term Loan             54.7   CRISIL B+/Stable Suspended

   Proposed Long-Term
   Bank Loan Facility         35.3   CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Emkay Auto with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, Emkay
Auto is yet to provide adequate information to enable CRISIL to
assess Emkay Auto's ability to service its debt. The suspension
reflects CRISIL's inability to maintain a valid rating in the
absence of adequate information. CRISIL considers information
availability risk as a key credit factor in its rating process and
non-sharing of information as a first signal of possible credit
distress, as outlined in its criteria 'Information Availability
Risk in Credit Ratings'

Emkay Auto, promoted by Mr. M K Jajoo in 1978, manufactures coil
springs, precision sheet metal and tubular components, forgings,
tube mill, wire drawing and aluminium pressure die casting. The
company's manufacturing units are located in Gurgaon (Haryana),
Ludhiana (Punjab), Nashik (Maharashtra), and Pantnagar and
Haridwar (Uttaranchal). The company mainly supplies components to
manufacturers of two-wheelers; it has recently added a few four-
wheeler manufacturers to its customer list.


ENGINEERING PROF: CRISIL Suspends D Ratings on INR550MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Engineering Professional Co. Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               200     CRISIL D Suspended
   Letter of credit &
   Bank Guarantee            350     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
EPCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EPCPL is yet to
provide adequate information to enable CRISIL to assess EPCPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

EPCPL is a contracting company that undertakes turnkey projects
involving the setting up of water distribution systems awarded by
Gujarat Water Supply and Sewerage Board. These projects typically
involve project management, as well as testing and commissioning
of pipelines in Gujarat. EPCPL also commissions gas pipelines for
Oil and Natural Gas Corporation Ltd.


FLORIND SHOES: CRISIL Reaffirms 'D' Ratings on INR654MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Florind Shoes Pvt Ltd
(FSPL; part of the Florind group) continue to reflect instances of
delay by the Florind group in servicing its debt; the delays have
been caused by the group's weak liquidity, arising from its
working-capital-intensive operations.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing            170     CRISIL D (Reaffirmed)
   Credit

   Foreign Bill              200     CRISIL D (Reaffirmed)
   Discounting

   Letter of credit &
   Bank Guarantee             90     CRISIL D (Reaffirmed)

   Long-Term Loan            162     CRISIL D (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility         32     CRISIL D (Reaffirmed)

The Florind group also has a weak financial risk profile, marked
by high gearing and weak debt protection metrics. Furthermore, the
group has customer concentration in its revenue profile and is
exposed to risks related to fluctuations in foreign exchange
rates. The Florind group, however, benefits from its integrated
operations, its long-standing relationships with its customers,
and the extensive industry experience of its promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of FSPL, United India Shoe Corporation Pvt
Ltd (UNISCO), and Eastern Chrome Tanning Corporation Pvt Ltd. This
is because all these companies, collectively referred to as the
Florind group, have a common management, are in similar lines of
business, and have fungible cash flows among them.

The Florind group was set up in 1978 by Mr. K Ameenur Rahman under
the K Ameenur Rahman (KAR) group of companies, with FSPL as the
group's flagship company. FSPL (set up in 1978) and UNISCO (2001)
manufacture shoes. ECTC, set up in 2001, specialises in processing
finished leather from cow hides.

The KAR group comprises nine companies, all engaged in activities
ranging from leather processing to manufacturing finished leather
products; however, the entities other than the Florind group, are
managed independently.


GAJANAND GINNING: CRISIL Reaffirms 'B' Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Gajanand
Ginning and Pressing Pvt Ltd, continues to reflect GGPL's below-
average financial risk profile, marked by a high gearing and weak
debt protection metrics, modest scale of operations in the
intensely competitive cotton ginning and pressing industry with
low operating margin, and susceptibility of margins to unfavorable
changes in government policies and volatility in cotton prices.
These rating weaknesses are partially offset by GGPL's promoters'
extensive experience in cotton business and its efficient working
capital management.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             70      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GGPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case the company improves its scale of
operations and profitability, or it receives any sizeable equity
infusion leading to sustained improvement in capital structure and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case GGPL faces further pressure on its
profitability or its working capital requirements increase,
further weakening its financial risk profile, particularly
liquidity.

Update

For 2012-13 (refers to financial year, April 1 to March 31), GGPL
reported a topline of INR682 million, a year-on-year decline of
5.4 per cent, on account of limited availability of raw cotton
driven by erratic rainfalls. However, with expected increase in
yield of raw cotton during 2013-14, supported by timely monsoons
may result in moderate growth in topline at around 10 per cent
during 2013-14. GGPL's operating margin of 1.7 per cent in 2012-13
was in line with the past trend. The operating margin is expected
to remain at current levels over the medium term, though it will
remain susceptible to volatility in raw material prices. The
company's working capital management is efficient, reflected in
its gross current assets (GCAs) of 55 days as on March 31, 2013,
broadly in line with the past trends. CRISIL expects GGPL's GCA to
remain at 45 to 65 days over the medium term. Although the company
has no capital expenditure (capex) plans for 2013-14, it intends
to undertake a capex of around INR15 million to increase in
production capacity by 200 bales during 2014-15. The same is
likely to be debt-funded to the extent of 67 per cent. GGPL's
financial risk profile has been below average marked by a modest
net worth of INR31.4 million and high gearing of 2.65 times as on
March 31, 2013. The debt protection metrics also remained below-
average reflected in net cash accruals to total debt (NCATD) and
interest coverage ratios of 0.02 times and 1.4 times,
respectively, for 2012-13. In the absence of any sizeable
improvement in scale of operations or profitability, CRISIL
expects GGPL's financial risk profile to remain below-average over
the medium term. GGPL's liquidity remained stretched marked by low
cash accruals which are expected at around INR4 million in 2013-14
against which the company has no debt repayment obligations. The
bank limit utilisation has been high at over 95 per cent for the
twelve months ended Sept, 2013. CRISIL expects GGPL's liquidity to
remain stretched over the medium term driven by low cash accruals.

GGPL, incorporated in 2006, is promoted by Mr. Kishore Dhameliya,
Mr PremjiKukadiya, Mr, TulsiKukadiya, Mr NareshKukadiya, Mr
LaxmanKukadiya, and Mr NagjiKheni. The company is engaged in
ginning and pressing of raw cotton, and sale of cotton seeds. It
also has an in-house oil mill for extracting oil from cotton
seeds.


HARIOM INGOTS: CRISIL Suspends 'B+' Ratings on INR250MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Hariom
Ingots & Power Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               200     CRISIL B+/Stable Suspended

   Letter of Credit           50     CRISIL A4 Suspended

   Term Loan                  50     CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by HIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HIPL is yet to
provide adequate information to enable CRISIL to assess HIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

HIPL is part of the Agarwal group of companies. The company began
commercial operations with capacity to produce 28,800 tonnes of
ingots per annum. In 2007-08 (refers to financial year, April 1 to
March 31), the company forward integrated its operations into the
manufacture of thermo-mechanically treated (TMT) steel bars, for
which it has capacity of 60,000 tonnes per annum. HIPL's ongoing
capex is towards setting up an induction furnace and continuous-
casting (concast) equipment. The capex is expected to be completed
by April 2012, after which the company will shift to billets from
ingots for manufacturing TMT bars.


HARYANA FOILS: ICRA Suspends B+ Rating on INR21.70cr Loans
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR21.70 crore fund
based limits of Haryana Foils Limited. ICRA has also suspended
[ICRA]A4 rating assigned to INR2 crore non fund based limits of
Haryana Foils Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

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

Haryana Foils Limited, incorporated in 1989, is a public limited
company involved in manufacturing of Cold Rolled Mild Steel strips
(CR strips). It started as a partnership firm manufacturing brass
sheets in 1982 and started manufacturing of CR strips in 1987. The
capacity of the plant is 36000MT per annum (CR strips). The CR
strips are used extensively in automobile industry
(cycle/car/tractor parts), machinery & tool manufacturing,
electronic and hardware items. The company is supplying steel
through direct sales as well as through dealers to auto
ancillaries (among other companies) in Faridabad, Gurgaon and
Manesar. It is also involved in trading of CR strips.


HIND HYDRAULICS: CRISIL Assigns B- Ratings to INR150MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Hind Hydraulics and Engineers (Prop. Hind
Fluid Power Private Limited).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 6.1     CRISIL B-/Stable

   Proposed Long-Term
   Bank Loan Facility       98.9     CRISIL B-/Stable

   Bank Guarantee           50.0     CRISIL A4

   Cash Credit              45       CRISIL B-/Stable

The ratings reflect HHE's small scale of operations in the highly
fragmented press tooling industry and the company's weak financial
risk profile, marked by its large working capital requirements,
high gearing and small net worth. These rating weaknesses are
partially offset by the extensive industry experience of HHE's
promoters.

Outlook: Stable

CRISIL believes that HHE will maintain its business risk profile
backed by the promoter's extensive experience in industry. The
outlook may be revised to 'Positive' in case of higher-than-
expected cash accruals along with improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if the company's financial risk profile deteriorates due to lower-
than-expected accruals or higher-than-expected debt-funded capital
expenditure or deterioration in its liquidity due to further
stretch in its working capital requirement.

HHE, promoted by Mr. Sucha Singh, is a New Delhi-based firm that
manufactures presses, special-purpose presses, tools, and
automation for press-based machines. It was set up in 1973 and has
been in existence from more than 40 years. HHE's manufacturing
facility is situated in Faridabad (Haryana) and can deliver
presses from 1 tonne to 10,000 tonne capacity.

HHE reported book profit of INR3.3 million on net sales of
INR170.7 million for 2012-13 (refers to financial year, April 1 to
March 31) against book profit of INR5.2 million on net sales of
INR224.4 million for 2011-12.


HUFORT HEALTHCARE: ICRA Suspends 'B-' Rating on INR2cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B-' assigned to
the INR2 crore fund based facilities and the short term rating of
'[ICRA]A4' assigned to the INR10.0 crore non fund based facilities
of Hufort Healthcare Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

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

Hufort Healthcare Private Limited was established in 2007 by
Mr. Giridhar Kasat. The Kasat family is the promoter of Haresh
Group of companies with interests in pharmaceuticals and
petrochemicals trading, and logistics businesses. Mr. Giridhar
Kasat separated from the Haresh group in 2007 to form HHPL. HHPL
is primarily involved in trading of Active Pharmaceutical
Ingredients (API). HHPL also has a limited formulations business,
on a principal to principal basis, where it outsources the
manufacturing of drugs to third party manufacturers and markets
them under its own registered brands in India.


INTERNATIONAL TRADE: CRISIL Suspends B- Ratings on INR127MM Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
International Trade Links Pvt Ltd.

                             Amount
   Facilities              (INR Mln)   Ratings
   ----------              ---------   -------
   Export Packing Credit       80      CRISIL B-/Stable Suspended
   Foreign Bill Discounting    40      CRISIL B-/Stable Suspended
   Standby Line of Credit      12      CRISIL A4 Suspended
   Term Loan                    7      CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by ITPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ITPL is yet to
provide adequate information to enable CRISIL to assess ITPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

ITPL was set up in 1991 by Mr. Sanjay Chowdhury and his brother,
Mr. Bijay Chowdhury. The company is a 100 per cent export-oriented
unit and manufactures ready-made garments for men, women, and
children. The company mainly exports its garments to the USA and
Europe.


J. S. K STEELS: CRISIL Suspends 'D' Ratings on INR337MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of J. S. K
Steels Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            10      CRISIL D Suspended
   Cash Credit              150      CRISIL D Suspended
   Letter of Credit          77      CRISIL D Suspended
    Proposed Long-Term
   Bank Loan Facility        25      CRISIL D Suspended
   Rupee Term Loan           75      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by JSK
Steels with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JSK Steels is
yet to provide adequate information to enable CRISIL to assess JSK
Steels's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

CRISIL has combined the business and financial risk profiles of
JSK Steels and Shivam Steels Tube (SST). The entities are together
referred to as the JSK group. The group entities have operational
linkages as they are both into manufacturing precision tubes.
Around 40 per cent of JSK Steels' sales are made through SST, as
SST is the marketing arm of the JSK group.

JSK Steel was incorporated in 1985, promoted by Mr. K L Chhabra.
The company manufactures precision steel tubes and strips. Its
plant in Chandigarh has installed capacity of 18,000 tonnes per
annum (tpa). The company caters to the bicycle, two-wheeler, and
furniture industries.


JAI MAHARASHTRA: ICRA Revises Rating on INR100cr Loan to 'B'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR100 crore
Non-Convertible Debenture (NCD) programme of Jai Maharashtra Nagar
Development Private Limited to '[ICRA]B' from '[ICRA]B+'.

                            Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Non-Convertible           100.00        [ICRA]B (revised from
   Debenture Programme                     [ICRA]B+)

The rating revision factors in the significantly larger-than-
expected 77% increase in project cost from INR640 crore to INR1131
crore due to change in Development Control Regulations by MCGM for
which the construction area has increased by 72% from 1.3 million
sq ft to 2.3 million sq ft. This has accentuated JMNDPL's exposure
to market risks since the increased project cost is expected to be
entirely met through sales of residential units in the project.
The proportion of project cost to be funded through customer
advances has increased from 72% earlier to 84%. Due to significant
delays in project execution and consequent increase in project
cost and non-receipt of requisite approvals JMNDPL sought to
restructure the terms of the NCD in November 2013. The company
received approval from the investors in December 2013 before the
due-date of payment of the first coupon payment to the investors.
The NCDs which earlier carried a coupon of 27.78% are now zero-
coupon bonds which are to be redeemed at a premium. The tenure of
the NCDs has also increased; while earlier the NCDs were to be
redeemed by November 2015 as per revised terms the NCDs are to be
redeemed by June 2016.

Further, litigation was filed in October 2013 against the promoter
group pertaining to a Memorandum of Understanding (MoU) signed
between the promoter group and a third party regarding co-
development of JMNDPL's project; JMNDPL has also been made a party
to the litigation. The impact if any on construction progress and
sales remains to be ascertained.

The rating continues to remain constrained by the company's
exposure to permitting and project execution risk since the
receipt of critical approvals including Intimation of Disapproval
(IOD) has been delayed by over a year which has impacted the
project execution with construction not having commenced at the
site till date.

The rating however favourably factors in the attractive location
of the company's redevelopment project at Borivali East, Mumbai,
in close proximity to the suburban railway stations of Borivali
and Kandivali; as well as the long-standing experience and
demonstrated track record of the promoters in Mumbai's
redevelopment space.

JMNDPL is a special purpose vehicle promoted by a Mumbai-based
promoters group for undertaking redevelopment of the Jai
Maharashtra Nagar Co-operative Housing Federation Limited - a
federation of eight societies at Borivali (east), near Magathane
bus depot in Mumbai. About 55% of the company's equity is held by
the promoter group (Shubh Group), with the remainder held by a
private equity investor (Signature Realty Advisory India Pvt.
Ltd.). The land is owned by Maharashtra Housing and Area
Development Authority (MHADA); and of the ten societies, eight are
covered under the redevelopment project being undertaken by the
company. The remaining two societies are not forming part of
redevelopment project.


KANHIYA DHALIWAL: ICRA Reaffirms 'B' Rating on INR10cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to the INR10.0
crores Fund Based bank limits of Kanhiya Dhaliwal Developers.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Working Capital        10.0        [ICRA]B (Reaffirmed)
   Demand Loan

The reaffirmation of KDD's rating factors in the satisfactory
progress of the project in terms of construction and receipt of
requisite approvals. The rating continues to derive comfort from
the established track record of KDD's promoters in the
construction sector in the Bhatinda region, Punjab and successful
completion of earlier plotted projects in the region by the
promoters. The rating is however constrained by the weak pace of
incremental bookings during FY2013 and 1H FY2014 in the KDD's
ongoing project which has led to high market risks for the
project. The real estate demand in Bhatinda continues to remain
sluggish, which can put pressure on the project's sales volume
going forward. The project remains exposed to funding risks as the
balance project cost is expected to be largely funded through
promoter's contribution. Going forward, KDD's ability to achieve
bookings in its project, meet its construction schedule, as well
as ensure timely infusion of funds by the promoters would be the
key rating sensitivities.

Kanhiya Dhaliwal Developers is a partnership firm and is
incorporated with the purpose of developing a 35 acre Township
opposite Phase 4 & 5, BDA, Green Palace Road, Bhatinda, Punjab.
The firm is promoted by five partners which include Mr. Darshan
Garg, Mr. Dharam Pal Goyal, Mr. Nazar Singh, Mr. Gurvinder Singh
and Mr. Sukhpinder Singh.

The township is named Green city 1 & 2 and is being constructed on
35 acre land which has been purchased from the individual partners
in the firm for a consideration of INR16.2 crore. In the township,
company plans to sell 198 residential plots, 53 commercial plots
and 68 plots for economically weaker section (EWS). ). In
addition, the township would also have a school, a dispensary and
a club house.


MANTRA PACKAGING: ICRA Revises Ratings on INR5cr Loans to 'B-'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR5 crore
fund based facilities of Mantra Packaging Private Limited to
'[ICRA]B-' from '[ICRA]B'. ICRA has also reaffirmed '[ICRA]A4'
rating to the INR2 crore non fund based limits of MPPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Fund        3.00       [ICRA]B- (revised from
   Based-Demand                     [ICRA]B)
   Cash Credit

   Long term Fund
   Based- Term Loan      2.00       [ICRA]B- (revised from
                                    [ICRA]B)

   Short Term Non
   Fund Based-Letter
   of Credit             2.00       [ICRA]A4 reaffirmed

The revision in rating factors in MPPL's weakened financial
profile in FY13 evidenced by stretched financial position as
reflected by losses incurred in FY 13 and highly leveraged capital
structure following strain on liquidity and debt funded project
capex undertaken in the past. The ratings continue to be
constrained by the exposure of profit margins to fluctuations in
raw material prices which are linked to the movement of crude oil
prices and the intense competition arising due to the fragmented
nature of the plastic industry.

However, the ratings continue to favourably factor in the
promoters' long standing experience in the plastic industry and
the operational support from the group concerns engaged in similar
line of business.

Mantra Packaging Pvt. Ltd. was incorporated as a private limited
company in 2010 and the operations commenced from September 2011.
MPPL is engaged in manufacture of plastic packaging bags. The
company has its registered office in Mumbai and a manufacturing
facility at Silvassa. MPPL has two associate concerns viz. Lila
Polymers Pvt. Ltd (rated [ICRA]BB+(stable)/[ICRA]A4+ and Elite
Industries; both the entities are engaged in trading of polymers
and plastics.

Recent Results

MPPL recorded a net loss of INR0.68 crore on an operating income
of INR11.67 crore for the year ending March 31, 2013 and a net
loss of 0.01 crore on an operating income of INR05.69 crore for
the half year ending September 2013 (as per the provisional
figures disclosed by the management).


MOON FISHERY: CRISIL Assigns 'D' Ratings to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Moon Fishery (India) Pvt Ltd.  The ratings reflect
instances of delays by Moon Fishery in servicing its interest
obligations on account of weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 25      CRISIL D

   Proposed Term Loan         5      CRISIL D

   Foreign Discounting
   Bill Purchase             37.5    CRISIL D

   Packing Credit            32.5    CRISIL D

Moon Fishery has small scale of operations and below-average
financial risk profile, marked by small net worth and weak debt
protection metrics. However, the company benefits from the
extensive experience of its promoters in the seafood processing
industry.

Established in 2006 by Mr. Dominic Sebastian and his family, Moon
Fishery processes and exports various varieties of tuna fish.

For 2012-13 (refers to financial year, April 1 to March 31), Moon
Fishery reported net loss of INR8.5 million on net sales of
INR71.5 million, as against a net loss of INR0.4 million on net
sales of INR325.4 million for 2011-12.


NORTHERN POWER: CRISIL Reaffirms B+ Ratings on INR160MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Northern Power Erectors
Ltd continue to reflect NPEL's below-average financial risk
profile, marked by weak debt protection metrics, and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of the company's
promoter in the engineering industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           60      CRISIL A4 (Reaffirmed)

   Cash Credit             120      CRISIL B+/Stable (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility       40      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NPEL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if the company significantly
improves its working capital cycle or its cash accruals, leading
to a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if there is a further stretch in NPEL's
working capital cycle, leading to stretched liquidity, or if it
undertakes a substantial debt-funded capital expenditure
programme.

Update

NPEL reported net sales of INR605.3 million for 2012-13 (refers to
financial year, April 1 to March 31) as against INR365.4 million
for 2011-12, better than CRISIL's expectations. The company's net
sales have shown an increasing trend, with a compound annual
growth rate of 59 per cent over the four years through 2012-13, as
it has continued to successfully bid for and execute tenders.
NPEL's operating margin remained low but stable at 4.2 per cent in
2012-13. Its operating profitability continues to be susceptible
to fluctuations in raw material prices and to risks related to its
tender-based nature of business in the fragmented engineering
industry. CRISIL expects NPEL's operating margin to remain at
around 4 per cent over the medium term.

NPEL's working capital requirements have increased significantly
in 2012-13, with gross current assets (GCAs) of 326 days as on
March 31, 2013, vis-…-vis 265 days a year earlier, considerably
higher than CRISIL's expectations. The high GCAs are on account of
significant stretch in the company's working capital cycle due to
delay in realizing payments by its customers. Consequently, its
liquidity is constrained, as indicated by high average bank limit
utilisation of about 95 per cent over the 12 months through
October 2013. NPEL's management of its working capital
requirements will remain a key rating sensitivity factor in the
near term. The company's financial risk profile is below average,
marked by weak debt protection metrics on account of its low cash
accruals; however, it remains supported by the absence of any
long-term debt obligations.

NPEL reported a profit after tax (PAT) of INR5.5 million on net
sales of INR605.3 million for 2012-13, vis-…-vis a PAT of INR2.2
million on net sales of INR365.4 million for 2011-12.

Established in 1993, NPEL is engaged in supply, installation,
renovation, and modernisation of hydro turbines and generators.
The company is based in New Delhi and undertakes contracts mainly
for Bharat Heavy Electricals Ltd (rated 'CRISIL AAA/Stable/CRISIL
A1+') and NHPC Ltd ('CRISIL AA+/Positive'). NPEL is managed by Mr.
V S Mittal.


P & P OVERSEAS: CRISIL Suspends 'D' Ratings on IRN62.5MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of P & P
Overseas.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting         22.5     CRISIL D Suspended
   Packing Credit           40.0     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by PPO
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PPO is yet to
provide adequate information to enable CRISIL to assess PPO's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Set up by Mr. Rohit Narang in 2002, PPO is a proprietary firm
based in Gurgaon (Haryana). PPO manufactures and exports paper
products such as paper bags, corrugated boxes, and cartons. The
firm derives about 80 per cent of its turnover from sale of paper
bags and the rest from sale of corrugated boxes and cartons. PPO
primarily caters to customers in Canada and Europe.


PRANAV BUILDERS: CRISIL Suspends 'B' Rating on INR75cr Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pranav
Builders Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                  75     CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by PBPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PBPL is yet to
provide adequate information to enable CRISIL to assess PBPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

PBPL, incorporated in 1991, is engaged in development of
residential-cum-commercial projects in and around Kolkata (West
Bengal). The company has completed two projects: Canal View during
the period 1998 to 2002 (cost INR57.2 million) and Mahavir
Apartments during 2007 to 2011 (Rs.49.7 million).


RENOWN IRRIGATION: ICRA Assigns 'D' Ratings to INR5.91cr Loans
--------------------------------------------------------------
The long term rating of '[ICRA]D' has been assigned to the INR3.00
crore cash credit facility and INR1.41 crore term loan facility of
Renown Irrigation Systems Limited. The short term rating of
'[ICRA]D' has also been assigned to INR1.50 crore non-fund based
facilities of RISL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]D assigned
   Term Loan             1.41        [ICRA]D assigned
   Inland Bank
   Guarantee             1.50        [ICRA]D assigned

The assigned ratings are constrained by the delays in the
company's servicing of its principal repayment and interest
payment obligations in a timely manner because of its strained
liquidity position following delay in receipt of subsidies from
GGRC. The ratings also takes into account RISL's small scale of
operations, its weak financial profile characterized by low
profitability and high gearing levels, and vulnerability of its
profitability to volatility in raw material prices given the fixed
nature of contracts. The ratings also take into account the
fragmented nature of the industry with competition from both
established players and large number of unorganized players
leading to a pressure on margins. ICRA also notes that the
business remains highly sensitive to the government policies given
the subsidy component in the pricing of micro irrigation products
and any reduction/removal of subsidy can adversely impact revenue
growth. The ratings, however, favorably factor in the experience
of promoters in the irrigation industry and the positive demand
prospects for micro irrigation products given their current low
levels of penetration and the favorable government policies.

Renown Irrigation Systems Limited was incorporated in the year
1996 as a limited company and is engaged in assembly and
installation of Micro Irrigation System (MIS) including Drip
Irrigation System, Sprinkler Irrigation System and Mini Sprinkler
Irrigation System. RISL is engaged in installations of entire MIS
which includes components like control head, main pipes, lateral
pipes, emitters etc. it is promoted by Mr. P. L. Patel who has an
experience of more than two decades in the field of irrigation
equipments. RISL is registered as an authorized supplier with
Gujarat Green Revolution Corporation, a Gujarat Government
undertaking. RISL manufactures MIS related products viz HDPE
pipes, emitting pipes and sprinkler pipes at its manufacturing
unit located in Junagarh (Gujarat) and has an installed capacity
of 1400 metric tonnes per annum (MTPA) for manufacturing different
grades of pipes.

Recent Results

For the year FY2011-12, RISL reported an operating income of
INR7.69 Cr. and profit after tax of INR0.09 Cr. Further, the
company has reported an operating income of INR11.38 Cr. and
profit after tax of INR0.20 Cr. for FY13 (as provisional unaudited
financials).


RISHI ICE: CRISIL Suspends 'D' Ratings on INR150MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rishi
Ice and Cold Storage Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan           150      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Rishi with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Rishi is yet to
provide adequate information to enable CRISIL to assess Rishi's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Rishi was incorporated in 2002 but started commercial operations
from 2006-07 (refers to financial year, April 1 to March 31). The
company is based in Navi Mumbai (Maharashtra) and provides cold
and dry storage facilities. Its unit is spread across 0.15 million
square feet and has capacity of 14,000 tonnes. Rishi has a multi-
purpose storage facility and provides only storage or preservation
service for various products, such as fruits, dates, vegetables,
dry fruits, spices, and milk products. The company is managed by
the Nanda family comprising Mr. Paresh B Nanda and Mr. Chhaganlal
B Nanda and his sons, Mr. Shailesh C Nanda and Mr. Nitin C Nanda.


SHRINE VAILANKANNI: CRISIL Reaffirms B+ Rating on INR120MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Shrine Vailankanni
Senior Secondary School continues to reflect Shrine Vailankanni's
weak financial risk profile marked by high capital structure and
weak debt protection metrics, and below-average operating
efficiencies. These rating weaknesses are partially offset by
Shrine Vailankanni's long track record in providing quality
education, and stable cash flow with high revenue visibility.

                           Amount
   Facilities            (INR Mln)  Ratings
   ----------            ---------  -------
   Term Loan                120     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Shrine Vailankanni will continue to benefit
over the medium term from its long track record and its good
reputation in Chennai (Tamil Nadu). The outlook may be revised to
'Positive' if the school reports substantial increase in its
revenues, thereby improving its profitability and cash accruals,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if Shrine Vailankanni
undertakes any substantial debt-funded capital expenditure
programme, or faces disruptions in its operations because of
unfavorable regulatory changes, or extends higher than expected
support to group companies, further weakening its financial risk
profile.

Shrine Vailankanni, reported a net loss of INR0.4 million on
revenue of INR21 million in 2012-13, against surplus of INR2.2
million on revenue of INR20 million for 2011-12.

Shrine Vailankanni, established in 1964, is a part of Shrine
Vailankanni Senior Secondary School Society. Shrine Vailankanni is
an unaided private co-educational, day school based in Chennai
running classes from pre-kindergarten up to class XII. Shrine
Vailankanni Senior Secondary School Society also owns six-and-a-
half floors of a 12-storey commercial building (Bascon Futura IT
Park) at T Nagar in Chennai that it leases out to corporate.


SHYAM JOTI: CRISIL Assigns 'B-' Ratings to INR106MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the long-term bank facilities of Shyam Joti Rice Mill Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 63.3    CRISIL B-/Stable

   Proposed Long-Term
   Bank Loan Facility         0.1    CRISIL B-/Stable

   Bank Guarantee             7.0    CRISIL A4

   Cash Credit               42.6    CRISIL B-/Stable

The ratings reflect SRMPL's exposure to risks associated with the
project implementation of its rice processing unit, and expected
below-average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the rice processing segment.

Outlook: Stable

CRISIL believes that SRMPL will benefit from the promoters'
extensive experience in the rice processing segment. The outlook
may be revised to 'Positive' if the company completes its ongoing
project earlier than expected and receives higher than expected
funding support from the promoters, resulting in lower than
expected project gearing. Conversely, the outlook may be revised
to 'Negative' in case of delays or cost overruns in project
completion, or receives lower-than-expected funding support from
the promoters, thereby constraining the company's liquidity.

SRMPL was incorporated in Uttar Dinjapur (West Bengal) in 2013 by
Kundu family. The company is setting up a par-boiled and raw rice
processing unit with a capacity of 5 metric tonnes per hour
(MTPH). SRMPL intends to begin commercial operations in July 2014.


SIDHIVINAYAK FILAMENTS: CRISIL Suspend B Rating on INR212.5M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sidhivinayak Filaments Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            7.5     CRISIL A4 Suspended
   Cash Credit             100       CRISIL B/Stable Suspended
   Term Loan               112.5     CRISIL B/Stable Suspended

The suspension of ratings is on account of non-cooperation by SFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SFPL is yet to
provide adequate information to enable CRISIL to assess SFPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

CRISIL has combined the business and financial risk profiles of
SFPL and Bajari Filaments Pvt Ltd (BFPL). The entities are
together referred to as the Bajari group. This is because the two
entities are in similar lines of business, have fungible cash
flows between them, and share the same marketing and
administrative offices. Moreover, BFPL has provided corporate
guarantee for SFPL's bank facilities.

SFPL was established in 1998, promoted by Mr. Bhagwani Ram Bajari.
The company manufactures texturised synthetic yarn and knitted
fabric. It began commercial production in 2001. SFPL's unit is in
Silvasa, near Gujarat. The company has six texturising machines,
with a combined yarn manufacturing capacity of around 13,450
tonnes per annum (tpa), and 26 circular knitting machines with a
combined fabric manufacturing capacity of around 1300 mtpa.


SRI JAIBALAJI: CRISIL Suspends 'D' Ratings on INR275MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Jaibalaji Steel Rolling Mills Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              120      CRISIL D Suspended

   Proposed Cash
   Credit Limit             18.8     CRISIL D Suspended

   Rupee Term Loan         136.2     CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SJSR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SJSR is yet to
provide adequate information to enable CRISIL to assess SJSR's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SJSR has been set up in 2008 with the objective of manufacturing
thermo-mechanically treated (TMT) steel bars. Its plant is in
Muzaffarnagar (Uttar Pradesh) and has an annual production
capacity of 60,000 tonnes. The company is promoted by three
friends: Mr. Shashank Jain, Mr. Gaurav Swarup and Mr. Akash Kumar.
SJSR commenced commercial production in August 2010. Its major
customers include real estate developers, infrastructure companies
and traders.


STANLUBES AND SPECIALITIES: CRISIL Suspends B+ INR45M Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Stanlubes and Specialities (India) Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             5      CRISIL A4 Suspended
   Cash Credit               40      CRISIL B+/Stable Suspended
   Letter of Credit          10      CRISIL A4 Suspended
   Term Loan                  5      CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by
SSIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSIPL is yet to
provide adequate information to enable CRISIL to assess SSIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

SSIPL was incorporated in 1990 by Mr. Melville A D'Cunha. The
company's present promoters, who are members of the Kohli and
Anand families, bought SSIPL from Mr. D'Cunha in April 2010. SSIPL
manufactures grease, which is used as a lubricating agent to
reduce friction and wear and tear of various machine parts. The
company is a contract manufacturer for entities, such as Indian
Oil Corporation Limited (IOCL) and Hindustan Petroleum Corporation
Limited (HPCL). Grease sold to HPCL and IOCL is used by them and
also sold to automotive and other industrial clients. SSIPL has a
total manufacturing capacity of 660 tonnes per day. The company's
product portfolio includes lithium-based grease, which accounts
for 90 per cent of the company's total products manufactured;
wheel bearing and chassis grease accounts for the remaining 10 per
cent of the products manufactured.


V M MATERE: CRISIL Reaffirms 'B+' Ratings on INR180MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of V M Matere
Infrastructures (India) Pvt Ltd continue to reflect VMMIIPL's
weakened financial risk profile, marked by weak liquidity,
geographic concentration in its revenue profile, and modest scale
of operations in the fragmented civil construction industry. These
rating weaknesses are partially offset by the company's moderate
business risk profile, marked by stable revenue growth,
established relationships with counterparties, and the extensive
experience of its promoters, who have been operating in the civil
construction business for over two decades.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          100      CRISIL A4 (Reaffirmed)

   Cash Credit             100      CRISIL B+/Stable (Reaffirmed)

   Corporate Loan           60      CRISIL B+/Stable (Reaffirmed)

   Term Loan                20      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VMMIIPL's liquidity will remain stretched
over the medium term because of its large working capital
requirements, but expects the company's business to grow at a
steady rate backed by a moderate order book. The outlook may be
revised to 'Positive' if VMMIIPL's liquidity improves
significantly, driven by infusion of long-term funds or higher-
than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if the company's liquidity deteriorates
further, or if its exposure to the real estate business, either
directly or through its associate concern, increases
substantially.

Update

During 2012-13 (refers to financial year, April 1 to March 31),
VMMIIPL clocked revenue of INR797 million with operating margin of
14.2 per cent, in line with CRISIL expectations. The operations of
company remained working capital intensive with gross current
assets of close to 4 months as on March 31, 2013. The skewed
nature of operations (with majority of revenue bookings in the
last quarter of financial year) means that the working capital
requirements shoot up sharply in the fourth quarter of the
financial year and the company's liquidity is stretched.
Additionally, the company has large repayment obligations of about
INR43 million against its accruals of about INR60 million in 2013-
14, keeping liquidity constrained. Consequent to its large working
capital requirements, VMMIIPL's bank limits are usually fully
drawn; though the average bank limit utilisation moderated to 75
per cent in the first half of 2013-14, owing to slower work
execution during the period. VMMIIPL has clocked sales of INR150
million till September 2013 constrained by the extended monsoon
season. For the full year, the company is expected to register
revenue similar to the last financial year backed by a healthy
order book of INR450 million and increased pace of execution.

VMMIIPL has an average financial risk profile, marked by average
net worth, moderate gearing, and adequate debt protection
measures. It had net worth of INR180.4 million and gearing of 1.04
times as on March 31, 2013. Backed by its moderate profitability,
the company had moderate debt protection measures with interest
coverage and net cash accruals to total debt ratios of 4.71 times
and 0.32 times, respectively, for 2012-13. The overall financial
risk profile of company is constrained on account of its stretched
liquidity amidst skewed work execution and high debt repayment
obligation. Additionally, the company may undertake large capital
expenditure of INR70 million to INR80 million (at a debt-to-equity
ratio of 3:1 times), contingent to winning tenders, which will
continue to constrain the company's financial risk profile.

Incorporated in 2007, VMMIIPL undertakes road construction and
repairs, constructs buildings, and lays pipelines for water supply
and sewage disposal. Its promoters, the Matere family from Pune
(Maharashtra), have been in the civil construction business since
1991, through the proprietorship concern VM Matere. VMMIIPL
acquired the business of this firm in 2008-09.


V THANGAVEL: ICRA Suspends 'D' Ratings on INR10cr Term Loan
-----------------------------------------------------------
ICRA has suspended rating of '[ICRA]D' assigned to the INR10.00
crore term loan facilities, long term fund based facilities and
short term non-fund based facilities of V Thangavel & Sons Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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


VEER OIL: CRISIL Reaffirms 'B+' Rating on INR11.8MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Veer Oil & General
Mills (part of the Veer group) continue to reflect the Veer
group's weak financial risk profile marked by high gearing, weak
debt protection metrics, and small net worth. The ratings also
reflect the group's large working capital requirements, and
susceptibility to volatility in raw material prices, fluctuations
in rainfall, and regulatory changes. These rating weaknesses are
partially offset by the healthy growth prospects of, and the
extensive experience of the Veer group's promoters in the rice
industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Purchase-
   Discounting Facility     33.7     CRISIL A4

   Packing Credit          204.5     CRISIL A4

   Term Loan                11.8     CRISIL B+/Stable

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VOGM and Veer Overseas Ltd. This is
because the two entities, together referred to as the Veer group,
have strong operating and financial linkages and are under a
common management.

Outlook: Stable

CRISIL believes that the Veer group will continue to benefit over
the medium term from the healthy growth prospects of, and the
promoters' extensive experience in the rice industry. The outlook
may be revised to 'Positive' if a significant improvement in the
group's capital structure, most likely due to large equity
infusion or more-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in the event of significant
pressure on the group's liquidity, because of a decline in cash
accruals, or larger-than-expected working capital requirements, or
if the group undertakes a large debt-funded capital expenditure
(capex) programme, weakening its capital structure.

Update

For 2012-13 (refers to financial year, April 1 to March 31), the
Veer group achieved year-on-year revenue growth of around 40 per
cent, with revenues of around INR4.3 billion. The revenue growth
resulted from an increase in orders from the Middle Eastern
countries, mainly Saudi Arabia and Dubai, and relatively high
paddy prices leading to an increase in realisation. The group has
reported moderate compounded annual growth rate (CAGR) of around
13 per cent in its revenues over the past five years ended March
31, 2013. The Veer group is expected to maintain healthy revenue
growth in 2013-14, on the back of improved realisations driven by
an increase in paddy prices. The group's operating profitability
is likely to be low between 6 and 7 per cent over the medium term,
in line with the historical trend, driven by the fragmented nature
of industry and limited sales under own brand. The group reported
an exceptional operating margin of 9.2 per cent for 2011-12, as it
benefitted from low-value inventory as on
March 31, 2011.

The Veer group does not have any large debt-funded capex programme
in 2013-14. The group (through VOL) is undertaking a
modernisation-cum-expansion plan with a total outlay of INR25
million. The company is replacing an old plant of 2 tonnes per
hour (tph) with a 4 tph plant, which will increase the capacity to
20 tph by January 2014. However, due to its working-capital-
intensive operations, the Veer group's gearing could remain high,
between 7.5 and 8.5 times, over the medium term. The group's debt
protection metrics could be weak, with interest coverage and net
cash accruals to total debt ratios estimated between 1.25 and 1.50
times, and 0.02 and 0.03 times, respectively, over the medium
term.

The Veer group's liquidity remains stretched, with its high bank
limit utilisation of more than 90 per cent during the peak season;
the group's bank limit utilisation was average at 80 per cent for
the eight months through March 31, 2013, because of large working
capital requirements. The Veer group's gross current assets (GCAs)
remain high in the range of 200 to 300 days, and were 200 days as
on March 31, 2013. However, the Veer group's liquidity will be
supported by its estimated moderate cash accruals between INR50.0
million and INR60.0 million in 2013-14, vis-…-vis nil debt
obligations.

Set up in 1979 as a partnership firm, VOL was reconstituted as a
public limited company in 1994. VOL undertakes milling and
processing of basmati rice. The company primarily caters to the
export market. VOL mainly exports par-boiled rice, which has high
demand in the Middle East. The company also sorts unsorted rice
procured from smaller mills in its unit's vicinity, and exports
the sorted rice.

VOGM, a partnership firm, was set up in 1980. The firm sorts
basmati rice and mainly exports rice. The Veer group's plants in
Gharunda in Karnal (Haryana), have combined milling and sorting
capacities of 18 tonnes per hour (tph) and 32 tph, respectively.


VINOTH DISTRIBUTORS: CRISIL Assigns B+ Rating to INR80MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Vinoth Distributors.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               80      CRISIL B+/Stable

The rating reflects VD's modest scale of operations and below
average financial risk profile, marked by low networth, high
external indebtedness and weak debt protection metrics. These
rating weaknesses are partially offset by the benefits that VD's
derives from the extensive experience of the promoter family in
the agro commodities industry.

Outlook: Stable

CRISIL believes that VD will benefit from extensive experience of
partners in the agro commodities industry. The outlook may be
revised to 'Positive' if the firm reports higher than expected
revenues and margins, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
reports lower than expected revenues and margins or there is an
elongation in its working capital cycle, leading to further
deterioration in its financial risk profile.

Set up in 2009 as a partnership firm, Vinoth Distributors is
engaged in the business of trading of rice. The firm is a
distributor of Kohinoor Specialty Foods India Pvt. Ltd. The firm
is promoted by Mr. K.R.Padmanabhan and his family members. In
2013, Mr. Vinoth Kumar was inducted as a partner in the firm. Mr.
Kumar oversees the day to day operations of the firm.

VD reported a profit after tax (PAT) of INR 2.5 million on net
sales of INR 258.6 million in 2012-13 (refers to financial year,
April 1 to March 31) as against a PAT of INR 2.3 million on net
sales of 271.2 million for 2011-12.


VISWATEJA SPINNING: ICRA Suspends 'B+' Rating on INR65cr Loans
--------------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR65.00
crore, long term loans & working capital facilities of Viswateja
Spinning Mills Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

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



=================
I N D O N E S I A
=================


MNC SKY: S&P Raises Corporate Credit Rating to 'BB-'
----------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on Indonesian-based pay TV
company PT MNC Sky Vision (MSV) to 'BB-' from 'B+'.  S&P also
raised its ASEAN regional scale rating on the company to 'axBB+'
from 'axBB'.  At the same time, S&P removed the ratings from
CreditWatch, where they were placed with positive implications on
Nov. 26, 2013.  S&P then withdrew the ratings at MSV's request,
given that senior secured notes that the company guaranteed were
redeemed on Dec. 12, 2013.  A special purpose vehicle Aerospace
Satellite Corp. Holding B.V. issued the notes.

S&P upgraded MSV to reflect the company's improving operating
profitability and better cash flows, amid rising program costs and
wages.  The company has a dominant market share of more than 70%
in the Indonesian pay TV industry.  S&P's base case assumes an
average revenue per user of Indonesian rupiah (IDR) 110,000-
IDR120,000 per month over the next 12-18 months.  S&P projects a
EBITDA margin of 40% and a ratio of funds from operations (FFO) to
debt of 30%-35% in the period.

S&P assessed MSV's financial risk profile as "significant" to
reflect the company's likely negative free operating cash flows
over the next two years because of high capital expenditure to
support its aggressive growth appetite.

S&P assessed MSV's business risk profile as "weak," reflecting the
company's geographic concentration in Indonesia, lack of business
diversity, the still small operations.  S&P also considered MSW's
exposure to foreign exchange volatility, given that almost all of
the company's debt is denominated in U.S. dollars.

S&P assessed MSV's industry risk as intermediate, considering the
cyclicality in the media and entertainment industry.  S&P believes
that strong growth potential in the company's subscriber base will
temper the impact of increased operating costs; the pay TV
penetration rate in Indonesia is low, at about 6%, compared with
10% in Philippines and 13% in Thailand.

S&P assessed MSV to be "strategically important" to its parent, PT
MNC Investama, based on S&P's expectation that MSV will continue
to contribute 25%-30% to Investama's consolidated revenue in the
next one to two years.  Given that the group credit profile of
Investama is 'bb-', the stand-alone credit profile of MSV did not
benefit from uplift, based on S&P's group rating methodology.

At the time of the withdrawal, the stable outlook on MSV reflected
S&P's expectation that the company's financial performance was
likely to remain stable over the next 12 months.

S&P could have downgraded MSV if the company materially increased
its leverage to support its accelerated growth appetite, such that
the FFO-to-debt ratio was lower than 25% over the next 12 months.

S&P could have upgraded MSV if the company substantially improved
its business position or reduced its leverage, such that the ratio
of FFO to debt improved to more than 40% on a sustained basis.

Rating Score Snapshot

Corporate Credit Rating: BB-/Stable/--

Business risk: Weak

Modifiers

   -- Diversification: No impact
   -- Capital structure: Neutral (no impact)
   -- Liquidity: Adequate (no impact)
   -- Financial policy: Neutral (no impact)
   -- Management and Governance: Fair (no impact)
   -- Comparable Rating Analysis: Neutral (no impact)

Group credit profile: bb-

Entity status within group: Strategically important (no impact)



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


TOKYO ELECTRIC: Bonds a Safe Bet Now, Nomura Says
--------------------------------------------------
Finbarr Flynn and Masumi Suga at Bloomberg News report that Nomura
Holdings Inc. is urging investors buy Tokyo Electric Power Co.
bonds after a report that the government plans to cap the
utility's cleanup costs at the wrecked Fukushima No. 1 nuclear
power plant.

The yield premium on Tepco's 1.155 percent notes due in 2020 fell
to 343.4 basis points over government bonds Dec. 13, its lowest in
a month, and down from a record of 699 in September 2011, says the
report. That compares with an average spread of 461 basis points
for debt worldwide with the same B level credit-rating, the least
since February 2011, Bloomberg discloses citing Bank of America
Merrill Lynch index data.

"Keep buying Tepco bonds and the faster the better," Toshihiro
Uomoto, chief credit strategist in Tokyo at Nomura, told
Bloomberg. "It is a big, big change if a cap is placed."

According to Bloomberg, the Nikkei newspaper reported Dec. 14 that
Prime Minister Shinzo Abe's government will limit to
JPY8 trillion the cost to Tepco of dealing with the disaster at
the plant, and plans to as much as double to JPY10 trillion a
credit line to help decommission the facility.  Banks are also
considering JPY2 trillion in new loans tied to projects by Tepco,
three sources said last week, adding impetus to the utility's
plans to recover from the world's worst nuclear crisis since 1986,
Bloomberg relays.

Tepco spokeswoman Kaoru Suzuki said Tepco is compiling a revised
turnaround plan and details including a financial scheme cannot be
disclosed at the moment, Bloomberg reports.

                      About Tokyo Electric

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

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

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

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

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



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


SOLID ENERGY: Appeal Against Debt Restructure Fails
---------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that Solid Energy said
the High Court has dismissed an appeal against its attempt to
restructure its debts.

The report says the Bank of Tokyo-Mitsubishi challenged the
decision to convert about a fifth of the state-owned mining
company's debts into redeemable preference shares, which have
little value.

According to Stuff.co.nz, Solid Energy confirmed Dec. 18 reports
that the appeal had been dismissed, and that the company was
pleased.

"It gives us more certainty as we work to return the company to
profitability," Stuff.co.nz quotes a spokeswoman as saying.

Stuff.co.nz notes that Finance Minister Bill English had warned
that the Japanese bank was playing a dangerous game. If the
restructure was not accepted the company would be placed into
receivership and lenders would lose everything, the report notes.

The restructure was approved by the majority of the lenders,
meaning it has already taken effect, adds Stuff.co.nz.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2013, The New Zealand Herald said stricken state owned
coal miner Solid Energy's future appears bleak according to a
recently completed report on the company, Prime Minister John Key
had indicated.  According to the Herald, Mr. Key said corporate
advisers KordaMentha had just completed their report on the
company which is on the brink of collapse after being crippled by
low coal prices and almost NZ$400 million in debts.

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



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


BANCO FILIPINO: Appeals Court Affirms Bank Closure Ruling
---------------------------------------------------------
Tetch Torres-Tupas at INQUIRER.net reports that the Court of
Appeals stood pat on its last year's ruling affirming the legality
of the closure of Banco Filipino (BF) Savings Mortgage Bank for
failure to settle its obligations.

In a three-page resolution by the appeals court Former Special
Seventh Division dated Nov. 23 but made public on Dec. 17, it held
that the shareholders of BF failed to raise new arguments to
warrant a reversal of its earlier ruling, INQUIRER.net relates.

"After a careful review of petitioners' motion for
reconsideration, we find that the issues and arguments raised in
the said motion were already comprehensively discussed and passed
upon by this Court in its amended decision," the appeals court
said, INQUIRER.net relays.  "However, we had taken a second hard
look of the same but we found no compelling reason to reverse our
previous ruling," it added.

INQUIRER.net notes that the shareholders said in their motion for
reconsideration that BF has sufficient realizable assets to pay
its liabilities; that the 2010 return on equity does not at all
mention any liability that became due, which it did not pay as
well as any liability that is yet to become due; and that there is
no need for the stockholders of BF to make separate plan because
one was already prepared in collaboration with the BSP-Monetary
Board.

They added that having approved the financial assistance for BF,
the BSP-MB has acknowledged the fact that it is not insolvent and
is qualified to be rehabilitated and to continue its business with
safety to its depositors and the general public, relays
INQUIRER.net.

On March 17, 2011, the MB issued Resolution No. 372-A, closing
down BF and placing it under the PDIC's receivership, saying it
was insolvent.  The MB issued the order after the bank's branches
failed to service withdrawals and fund checks. An examination by
BSP showed BF's liabilities topped its assets by P8.4 billion.

Ten months later, INQUIRER.net recalls, the appeals court ruled
that monetary authorities violated BF's right to due process when
they issued and implemented the resolution. It also ordered the
BSP to extend a PHP25-billion financial assistance to BF, which,
according to the shuttered bank, was the amount it needed to get
back on its feet.

INQUIRER.net relates that BF lawyers had argued that the bank was
not insolvent, and blamed its financial woes to BSP's refusal to
extend the PHP25-billion aid.

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services.  It started operations on July 9,
1964.


MALAYAN INSURANCE: S&P Affirms 'BB' Financial Strength Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed the
'BB' long-term local currency counterparty credit and insurer
financial strength ratings on Philippine-based Malayan Insurance
Co. Inc. (MICO) with a stable outlook.  S&P also affirmed the
'axBBB-' long-term ASEAN regional scale rating on the insurer.
S&P then withdrew all the ratings at the company's request.

At the time of the withdrawal, the ratings and its outlook
reflected S&P's view of the insurer's adequate competitive
position and moderately strong capital and earnings.  The
Philippines incurred significant economic losses because of
Typhoon Haiyan in November, but S&P believes the impact on MICO's
capital and earnings is likely to be limited.  This is due to the
country's very low non-life insurance penetration and the
company's prudent reinsurance protection.  However, if the company
incurs higher losses from Haiyan and other catastrophes than S&P
expected, its credit profile could deteriorate.



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


* World Bank Says Vietnam Needs Specific Rules on Bank Bankruptcy
-----------------------------------------------------------------
Thanh Nien News reports that economic experts from the World Bank
suggest that Vietnam issue specific regulations on banking
bankruptcy instead of just allowing poorly-managed lenders to keep
operating with fund injections.

They have expressed their opinions to legislators and relevant
ministries as the country revises its 2004 Bankruptcy Law, the
report relates citing news website Saigon Times.

According to Thanh Nien News, the State Bank of Vietnam has said
that it would not allow "uncontrolled collapse" of financial
institutions while the system undergoes a thorough restructure
starting in October 2011.

Since the plan began, the central bank has detected and dealt with
nine weak banks by forcing self-restructuring and mergers, the
report notes.

Last year, central bank governor Nguyen Van Binh upheld the
viewpoint in an interview with Thanh Nien on August 24, four days
after a public attention-catching arrest of major bank ACB's
founder Nguyen Duc Kien on suspicions of illegal business
activitiest.

A collapse of a single bank might lead to a domino effect
threatening the entire system's health, Binh, as cited by Thanh
Nien News, added.

Meanwhile, Thanh Nien News reports that analysts and businesses
have complained for years that the current bankruptcy law was
insufficient.

But the WB experts were unsatisfied with the third and also the
latest revision draft of the law, the report notes.

They said the law should include particular regulations on banking
bankruptcy stipulated in an independent chapter or a special
section, according to Thanh Nien News.

This would result in timely bankruptcies to curb negative
reactions from the market and maintain stability and public trust
in the financial system, WB experts said.

According to the report, the experts said such regulations would
allow government to step in to prevent losses to bank customers.
Non-committal or late actions taken by the government when a bank
faces bankruptcy would shake its customers' faith and spark off
runaways at other local banks, they warned.  The government also
burdened itself with increases in public spending by committing
help to banks, the experts said.

Since the Bankruptcy Law took effect in 2004, 336 firms have
petitioned courts for bankruptcy, but only 83 of them won
approvals, Thanh Nien News discloses.

Draft law composers said the much smaller number of firms
announcing bankruptcy compared to the annual figure of shutdowns -
- estimated at around 50,000 -- meant that bankruptcy rules were
inappropriate to the country's situation, Thanh Nien News adds.



                             *********

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 ***