TCRAP_Public/131220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, December 20, 2013, Vol. 16, No. 252


                            Headlines


A U S T R A L I A

CRUSADE ABS 2013-1: Fitch Rates AUD14MM Class E Notes at 'BB'
KSUBI: Fashion Label Placed in Receivership
MONTEGOS BAR: Worrells Appointed as Voluntary Liquidator
RIVIERA PROPERTIES: Collapses to Administration After Loan Breach


C H I N A

FRANSHION PROPERTIES: S&P Ups Corporate Credit Rating From 'BB+'
TIANNENG POWER: Fitch Affirms LT Issuer Default Rating of BB-


I N D I A

AAMODA PUBLICATIONS: CRISIL Reaffirms D Ratings on INR420M Loans
ALUPAN COMPOSITE: CRISIL Reaffirms B- Ratings on INR147.5MM Loans
AMRAPALI PRINCELY: ICRA Revises Rating on INR150cr Loans to 'B+'
ASREDDY INFRATECH: CARE Places 'B+' Rating on INR6cr Loans
B.R. ELASTICS: CRISIL Reaffirms 'B' Ratings on INR142MM Loans

BAAHUBALI FERRO: CRISIL Suspends 'D' Ratings on INR200MM Loans
BALAJI FIBER: CARE Assigns 'B+' Rating on INR12.5cr LT Loans
BANSAL SHIP: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
BRATTLE FOODS: CRISIL Assigns 'B-' Ratings to INR200MM Loans
CENTURY TEXOFIN: ICRA Suspends 'B+' Rating on INR20.71cr Loans

CIKAUTXO TAURUS: CRISIL Suspends 'B+' Ratings on INR300MM Loans
CJ EXPORTERS: ICRA Reaffirms 'B+' Rating on INR60cr LT Loans
CTS INDUSTRIES: CRISIL Suspends 'D' Ratings on INR300MM Loans
ESKAY BUILDWORKS: CRISIL Suspends B+ Rating on INR40MM Loan
G-TECH STONE: ICRA Upgrades Ratings on INR30cr Loans to 'C+'

GOVINDAM PROJECTS: CRISIL Cuts Rating on INR60MM Loan to 'B+'
GUPTA METAL: CARE Cuts Ratings on INR59.81cr Loans to 'D'
H S INDIA: CRISIL Suspends 'B+' Ratings on INR191MM Loans
HULE CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR9cr Loans
KADVANI FORGE: ICRA Reaffirms 'B+' Ratings on INR30.5cr Loans

KAPOOR OIL: ICRA Assigns 'B' Ratings to INR7.40cr Loans
KEMS SERVICES: ICRA Assigns 'B+' Ratings to INR9.50cr Loans
KRISHNA DEVELOPERS: CARE Reaffirms B+ Rating on INR7.88cr Loans
L R AUTOMOBILES: CRISIL Reaffirms 'B+' Ratings on INR123.5M Loans
LEXUS GRANITO: CARE Assigns 'D' Ratings to INR37.72cr Loans

MAILAM SUBRAMANIYA: CRISIL Rates INR105MM Term Loan at 'D'
MARVELORE MINING: CRISIL Suspends 'D' Ratings on INR225MM Loans
MUKTSAR COTTON: ICRA Reaffirms 'B' Rating on INR10cr Loans
MULTI POLY: ICRA Assigns 'B' Rating to INR9.2cr LT Bank Loans
OMEGA PREMISES: CRISIL Cuts Ratings on INR500MM Loans to 'D'

OMNITECH INFOSOLUTIONS: ICRA Cuts Rating on INR196.5cr Loans to D
OSWAL POLYFAB: ICRA Suspends 'B+' Rating on INR9.5cr Bank Loans
OXFORD GOLF: CRISIL Rates INR1.25BB LT Bank Loan at 'B-'
PANCHKROSHI SHIKSHAN: CARE Rates INR8.24cr LT Loans at 'D'
PRAGATI INGOTS: CRISIL Cuts Rating on INR120MM Loans to 'B'

R.J. CHATHA: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
RAMRIA ASSOCIATES: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
RANGANAYAKA SPINNING: CRISIL Puts 'B+' Ratings on INR229.7M Loans
SAI KRUPA: CRISIL Suspends 'B+' Ratings on INR110MM Loans
SHIVA UDYOG: CRISIL Lowers Ratings on INR318.5MM Loans to 'D'

SHREE SHYAM: ICRA Lowers Ratings on INR92.54cr Loans to 'D'
SHREYAS INTERMEDIATES: CRISIL Suspends D Rating on INR1.27B Loans
SHRI DARSHNA: ICRA Assigns 'B+' Rating to INR6.82cr Loans
SINGLA TIMBERS: CRISIL Cuts Ratings on INR50MM Loans to 'B'
SPICEJET LTD: To Complete Turnaround in a Year, COO Says

SUKH SAGAR: CRISIL Suspends 'B-' Ratings on INR82.5MM Loans
SUMARAJ SEAFOODS: CRISIL Suspends B- Rating on INR8.4MM Loan
SUMMER COOL: CARE Assigns 'B+' Rating to INR1.05cr Loans
SUNMARG STEELS: CRISIL Assigns 'B' Rating to INR60MM Loan
SUSHILA AGROVET: ICRA Assigns 'B-' Ratings to INR9cr Loans

VARIETY LUMBERS: CARE Lowers Rating on INR17cr Loan to 'D'


J A P A N

TOKYO ELECTRIC: To Get JPY9 Trillion Interest-Free Loans


N E W  Z E A L A N D

GREENSHELL NEW ZEALAND: Rabobank Appoints KordaMentha as Receiver
ROSS ASSET: David Ross Appeal on Jail Sentence Upsets Investors


S R I  L A N K A

UNION BANK OF COLOMBO: Fitch Slashes National LT Rating to 'BB'


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CRUSADE ABS 2013-1: Fitch Rates AUD14MM Class E Notes at 'BB'
-------------------------------------------------------------
Fitch Ratings has assigned final ratings to Crusade ABS Series
2013-1 Trust's asset-backed floating-rate notes. The issuance
consists of notes backed by Australian automotive loan and lease
receivables originated by St.George Finance Limited. The ratings
are as follows:

AUD840m Class A notes: 'AAAsf'; Outlook Stable;
AUD40m Class B notes: 'AAsf'; Outlook Stable;
AUD30m Class C notes: 'Asf'; Outlook Stable;
AUD24m Class D notes: 'BBBsf'; Outlook Stable;
AUD14m Class E notes: 'BBsf'; Outlook Stable; and
AUD52m Seller notes: 'Not Rated'

The notes were issued by Perpetual Corporate Trust Limited in its
capacity as trustee of Crusade ABS Series 2013-1 Trust. The latter
is a legally distinct trust established pursuant to a master trust
and security trust deed.

At the cut-off date, the pool was made up of receivables backed by
motor vehicles with a weighted-average (WA) seasoning of 22.2
months, and an average size of AUD19,117. Distribution of the
portfolio is concentrated on the east coast, in line with the
population. The WA balloon residual percentage is 7.6% (percentage
of the original outstanding balance of the receivable).

Key Rating Drivers:

Experienced Originator: St.George Bank established its auto
finance business in 1994 through the purchase of a business
incorporating motor vehicle receivables, commercial lending, and
private banking, from Barclays Bank Australia Limited. St.George
Bank is a wholly owned subsidiary of Westpac Banking Corporation
(Westpac, AA-/Stable/F1+).

Adequate Data Availability: St.George Finance provided Fitch with
seven years of historical static loss data, and a complete set of
line-by-line data fields, as expected, for its assessment.

Changing Origination Composition: Consumer finance as a proportion
of the receivables originated has increased significantly over the
past five years. Consumer finance has higher levels of losses and
longer lease terms than other originated product types, up to 84
months. This change in composition has been addressed in the
rating analysis.

Low Historical Defaults: St.George Finance's receivables book has
experienced relatively low levels of defaults to date, with the
majority of quarterly vintage gross loss percentages ranging from
1.1% to 3.9% for passenger vehicles. Delinquencies greater than 30
days have generally tracked below 3.0%.

Consistent Credit Quality: This transaction's collateral backing
has statistically similar credit quality to prior pools
securitised under the Crusade ABS programme.

Rating Sensitivity:

Unexpected increases in the frequency of foreclosures, and the
loss severity on defaulted loans, could produce loss levels higher
than Fitch's base case, which could in turn result in potentially
negative rating actions on the notes. Fitch has evaluated the
sensitivity of the ratings assigned to Crusade ABS Series 2013-1
Trust to increased gross default levels, and decreased recovery
rates over the life of the transaction.

Its analysis found that collectively all notes' ratings remain
stable under Fitch's mild (10% increase), moderate (25% increase)
and severe default (50% increase) scenarios.

Recovery scenarios, whereby recovery rate assumptions are
decreased, include mild (10% decrease), moderate (25% decrease)
and severe (50% decrease) stressed scenarios. The analysis showed
that the Class A notes were downgraded only under the severe
scenario. All other rated notes remain stable under the mild,
moderate and severe stresses.

The Class A notes were subject to a downgrade only under a severe
scenario combination of both increased defaults and decreased
recovery rates. All other rated notes remain stable under the
mild, moderate and severe stresses.


KSUBI: Fashion Label Placed in Receivership
-------------------------------------------
Jirsch Sutherland has been appointed as receiver and manager of
the companies previously known as Ksubi Copyright Pty Ltd and
Mentmore Pty Ltd.

Jirsch Sutherland Partners Andrew Spring and Roderick Sutherland
were appointed as Joint Receivers on Dec. 17, 2013. The
appointment was made by the company's principal lender.

The Receivers are currently assessing the financial position.
Whilst there has been some necessary rationalisation of overheads
including staff at head office, the companies are continuing to
trade seven retail outlets throughout metropolitan Melbourne,
Sydney and Brisbane, in addition to a popular online retail store.

"The companies are also continuing to operate a wholesale
business, selling locally and internationally the three brands -
Ksubi, Insight and Something Else," Mr. Spring explains.  "We are
continuing to trade with a view to identifying a purchaser for
these businesses. Due to the strong local and international
reputation of these three brands, we are optimistic that a
purchaser for the business will be found."

The Sydney Morning Herald reports that around 60 staff have lost
their jobs at the Australian Ksubi fashion label.

A staff member who asked not to be named, told AAP on Dec. 19
around 60 employees from the label's head office were let go, SMH
relays.  However, the staff member was hopeful about the future of
the brand.

The trendy street brand was founded by George Garrow and Dan
Single in 1999 and worn by the likes of supermodel Miranda Kerr
and celebrity Nicole Richie, SMH discloses.


MONTEGOS BAR: Worrells Appointed as Voluntary Liquidator
--------------------------------------------------------
Kathy Sundstrom at NoosaNews reports that frantic brides-to-be
have been chasing their deposit as auditors crunch numbers after
the financial collapse of Montegos Bar and Restaurant at Kawana.

According to the report, Sunshine Coast solvency firm Worrells has
confirmed it had been appointed as voluntary liquidator on
November 11 after the business was no longer able to pay its
debts.

Sadly, it is not a unique situation on the Coast, the report
notes.

NoosaNews relates that liquidator and bankruptcy trustee
Paul Nogueira -- paul.nogueira@worrells.net.au -- said Worrells
Sunshine Coast was fielding between 10 and 20 inquiries a week
from business owners struggling to make ends meets.

This year alone, Worrells, the largest insolvency firm on the
Coast, managed about 220 insolvencies, Mr. Nogueri, as cited by
NoosaNews, said.

NoosaNews relates that Mr. Nogueri said it was a common theme
across the greater Sunshine Coast and inquires were coming across
all industries. He said it was primarily in response to a lot of
pressure from the Australian Taxation Office in respect of unpaid
debt.

"This is a major factor which is forcing people to contact us,"
NoosaNews quotes Mr. Nogueri as saying.

He said the ATO was the reason why the owners of Montegos finally
had to call for help, the report adds.


RIVIERA PROPERTIES: Collapses to Administration After Loan Breach
-----------------------------------------------------------------
Ben Butler at The Sydney Morning Herald reports that regional
Victorian developer Riviera Properties has collapsed after failing
to meet the conditions of its loan from stricken mortgage fund
Gippsland Secured Investments.

The board of Riviera, which owed GSI about AUD12 million, last
week appointed Gess Rambaldi -- gess.rambaldi@pitcher.com.au --
and Andrew Yeo -- andrew.yeo@pitcher.com.au -- of Pitcher Partners
as administrator, SMH relates.

The report says Riviera was linked to its lender through director
John Stephenson, who was formerly the managing director of GSI.
Mr. Stephenson, who has also served as mayor of Bairnsdale,
resigned from the Riviera board on July 12, the report notes.

Riviera Properties built residential projects in Victoria's south-
east, including Kings Cove, a marina and golf course development
at Metung on the Gippsland Lakes.

According to SMH, financial records filed with the Australian
Securities and Investments Commission show that Riviera breached
the terms of its loan from GSI after the lender ordered a
revaluation of its property portfolio.

Property values were slashed by AUD2.92 million amid total
writedowns of AUD12.6 milllion, which included all the goodwill in
the Kings Cove development, the report discloses.

The swingeing writedowns helped drive Riviera to a loss of AUD11.5
million for the 2013 financial year, up from AUD2.1 million in the
previous year.

It also owes AUD780,000 to Westpac, SMH discloses.

Creditors will meet on Dec. 23, the report adds.



=========
C H I N A
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FRANSHION PROPERTIES: S&P Ups Corporate Credit Rating From 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on China-based real estate
company Franshion Properties (China) Ltd. to 'BBB-' from 'BB+'.
The outlook is stable.  At the same time, S&P raised the issue
rating on the company's outstanding guaranteed senior unsecured
notes to 'BBB-' from 'BB'.  S&P also raised the long-term Greater
China regional scale rating on the company to 'cnA-' from 'cnBBB+'
and on its outstanding guaranteed senior unsecured notes to 'cnA-'
from 'cnBBB'.  S&P then removed all the ratings from CreditWatch,
where they were placed with positive implications on Nov. 26,
2013.

"We upgraded Franshion because under our revised group rating
methodology we now view the company as a moderately strategic
subsidiary of its indirect and ultimate parent Sinochem Group, a
government-related entity," said Standard & Poor's credit analyst
Frank Lu.  "In our view, Franshion is likely to indirectly benefit
from extraordinary government support through the parent.  We have
therefore raised the rating on Franshion one notch higher than its
stand-alone credit profile (SACP) of 'bb+'.  We assess the group
credit profile of Sinochem Group at 'bbb+'."

"We expect Franshion to continue to contribute significant profit
to its parent group over the next two to three years.  In our
opinion, Sinochem's management has a long-term commitment to the
company, and would likely provide support in the event of
financial distress.  We base our view on the fact that Franshion
is a significant subsidiary of its direct parent, Sinochem Hong
Kong (Group) Co. Ltd., which is a core subsidiary of Sinochem
Group.  If Franshion defaults on its debt, the company may trigger
a cross default on the senior unsecured notes issued by Sinochem
Hong Kong, according to the terms of the notes.  Nevertheless, we
believe that Franshion's business is less important to the group's
long-term strategy, and provides limited synergies to Sinochem
Group's main businesses of energy and fertilizer," S&P added.

"We view Franshion's business risk profile as "satisfactory,"
given the company's "satisfactory" competitive position,
"moderately high" risk in the property development industry, and
China's "moderately high" country risk.  In our view, Franshion's
competitive advantage partly stems from its record of solid
property development and commercial property operations and good
brand recognition.  The company also benefits from stable and
sizable rental and hotel income, with support from high-quality
investment properties.  Despite the company's relatively
diversified product mix, property sales weigh heavily on
Franshion's business risk profile. Residential and commercial
property sales contribute over 80% of its total revenue.  In
addition, the company receives ongoing parental support for
business development and financing.  Franshion's profitability and
other operating measures are in line with its industry peers'.
Nevertheless, the company has high project and geographic
concentration in its property development business due to the
limited number of projects and high exposure to tier-one cities,"
S&P said.

S&P assess Franshion's financial risk profile as "significant."
S&P expects Franshion to maintain its largely stable capital
structure and good financial flexibility while pursuing expansion
over the next two years.  S&P also expects Franshion's cash flow
adequacy to improve modestly in 2013 and 2014 as sales growth
outpaces the increase in debt.  In S&P's base case for 2013 and
2014, it estimates the ratio of debt to EBITDA at 4.0x-5.0x (2012:
5.4x) and EBITDA interest coverage at 3.0x-5.0x (2012: 3.2x).

S&P raised its issue ratings on Franshion's outstanding senior
unsecured notes to the same level as the corporate credit rating
because it believes the company's ratio of priority debt to total
assets will likely remain below S&P's threshold of 20% for
investment-grade issuers.  The ratio was 18.6% on June 30, 2013.

"The stable outlook on Franshion reflects our expectation that the
company will moderately increase its contract sales and maintain
its stable capital structure and good financial flexibility while
pursing fast expansion over the next 12 months," said Mr. Lu.  S&P
also expects Franshion to maintain the good asset quality of its
investment properties and generate stable cash flows from property
leasing and hotels.  Nevertheless, S&P believes the company's
project and geographic concentration is likely to remain high over
the next two years.

S&P may lower the rating if it lowers Franshion's SACP.  This
could happen if the company's debt-funded expansion is more
aggressive or its contract sales and margins are materially weaker
than S&P expected, such that its EBITDA interest coverage is lower
than 3.0x and shows no signs of improvement.  S&P may also lower
the rating if it lowers the group credit profile of its parent
group, Sinochem Group, by more than one notch, or S&P's assessment
of parent support to Franshion weakens.

S&P may raise the rating if it raises Franshion's SACP.  This
could happen if the company materially increases its scale and
project diversification and improves its leverage, such that its
debt-to-EBITDA ratio falls to less than 4.0x on a sustained basis.

In accordance with S&P's group rating methodology, it will cap the
rating on Franshion at one notch below the Sinochem Group's group
credit profile of 'bbb+' unless Franshion's SACP is equal to or
higher than the group credit profile.


TIANNENG POWER: Fitch Affirms LT Issuer Default Rating of BB-
-------------------------------------------------------------
Fitch Ratings has affirmed China-based Tianneng Power
International Limited's Long-Term Issuer Default Rating and senior
unsecured rating of 'BB-'. The Outlook is Stable. The ratings have
simultaneously been withdrawn.

The ratings have been withdrawn as the company does not intend to
issue US dollar notes and hence the ratings are no longer
considered to be relevant to Fitch's coverage.

Fitch will no longer provide ratings or analytical coverage of
this issuer.



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AAMODA PUBLICATIONS: CRISIL Reaffirms D Ratings on INR420M Loans
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Aamoda
Publications Pvt Ltd (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              210.0    CRISIL D (Reaffirmed)

   Inland /Import
   Letter of Credit          90.0    CRISIL D (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility       120.0    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 Amoda Broadcasting Company Pvt Ltd and
its parent, APPL, together referred to as the Aamoda group. The
combined approach is because APPL holds a 72 per cent stake in
ABCPL.

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

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.

For 2012-13 (refers to financial year, April 1 to March 31), APPL,
on a standalone basis, reported a net loss of INR21.2 million on
net sales of INR1.77 billion.


ALUPAN COMPOSITE: CRISIL Reaffirms B- Ratings on INR147.5MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alupan Composite Panels
Pvt Ltd continue to reflect ACPPL's weak financial risk profile,
marked by weak liquidity owing to large working capital
requirements, and its small scale of operations. These rating
weaknesses are partially offset by the extensive experience of
ACPPL's promoters in the aluminium composite panels industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit            132.5     CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       102.5     CRISIL A4 (Reaffirmed)

   Proposed Long-Term      15.0     CRISIL B-/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that ACPPL's liquidity will remain weak over the
medium term owing to high inventory requirements and stretched
receivables. However, the working capital funding requirements
will be supported by expected fresh equity infusion by promoters
and expected enhancement in fund based limits through
interchangeability with and reduction in non-fund based limits.
The outlook may be revised to 'Positive' if ACPPL improves its
working capital management, resulting in better liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company reports a decline in its profitability, or in case of
more-than-expected increase in its working capital requirements,
leading to pressure on its debt protection metrics and liquidity.

ACPPL, promoted by Mr. Vinod Kumar Garg in 2003, manufactures
aluminium composite panels. Its manufacturing facility in Haridwar
(Uttarakhand) has a capacity of around 0.5 million square feet per
annum.

ACPPL reported a profit after tax (PAT) of INR14.1 million on net
sales of INR343 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.8 million on net
sales of INR328 million for 2011-12.


AMRAPALI PRINCELY: ICRA Revises Rating on INR150cr Loans to 'B+'
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR100 crore
term loans and INR50 crore unallocated limits of Amrapali Princely
Estate Private Limited from '[ICRA]BB' to '[ICRA]B+'.

The rating revision factors in significant investment and
advancement of funds (-INR100 crore till FY13) to group companies
which have constrained APEPL's financial flexibility. The
liquidity constraint has also lead to irregularities in payment of
land dues to Noida Authority. The rating continues to be
constrained by execution risk given the project is in intermediate
stage of construction, and dependence on customer advances for
project funding which makes the company's collection efficiency
critical for smooth progress of the project. The rating is,
however, supported by healthy bookings and customer advances
received in the project, low approval risk for the project, and
experience of its promoters in the real estate business.  Going
forward, project execution, collection efficiency, and debt
servicing track record will be amongst the key rating
sensitivities.

Incorporated in February 2010, APEPL is a SPV promoted by Amrapali
Group for developing a group housing project called "Amrapali
Princely Estate" over 15.15 acre of plot in Sector-76, Noida. The
company expects the project to be completed by March 2015.

The total saleable area in the project is 2.2 million square feet
out of which about 84% has been booked so far. The total cost for
the project including land is estimated to be INR632 crore. The
land has been secured on lease basis from New Okhla Industrial
Development Authority (NOIDA). The total land premium is INR124.2
crore payable in installments till the year 2020 along with the
interest. However, the company will have to pay the entire
outstanding land premium before the final registry of the
apartments. The effective land cost (land premium, interest on the
deferred land payments to be paid till the completion of the
project and stamp duty cost etc) is estimated to be around INR183
crore.


ASREDDY INFRATECH: CARE Places 'B+' Rating on INR6cr Loans
----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Asreddy Infratech Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         6         CARE B+ Assigned
   Facilities

   Short-term Bank        7.50      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of ASReddy Infratech
Private Limited are constrained by its small scale of operations,
declining profitability margins with intense competition in the
industry. The rating is further constrained by the elongated
operating cycle of the company on account of the stretched
collection period, client concentration risk and highly leveraged
capital structure with working capital nature of operations. The
ratings, however, derive strength from the experience of the
promoters in the construction industry, significant growth in
the total operating income during the three years ended FY13
(refers to the period April 1 to March 31) and moderate order book
position.

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

ASReddy Infratech Private Limited was initially established as a
proprietorship concern by Mr A Sudhakar Reddy in 1991 which was
later converted into a private limited company on Nov. 29, 2011.
The company is registered as a Class-I contractor with the Andhra
Pradesh government and is engaged in the execution of civil works
and contracts for government entities. Major work of the company
include construction of residential, commercial, institutional and
corporate head quarter projects etc. The company's contracts are
tender-based orders from government and semi-government
organizations. The company has executed several contracts till
date and the recent projects of the company include the
construction of government Sports College (Uttar Pradesh), LIG
quarters (Andhra Pradesh) and Training institute (Northeast
Khadi).

During FY13, ARIPL reported a PAT of INR0.21 crore on a total
operating income of INR14.17 crore as against a PAT of INR0.25
crore on a total operating income of INR6.04 crore in FY12.
Furthermore, the company has achieved a sales of INR12 crore
during 7MFY14.


B.R. ELASTICS: CRISIL Reaffirms 'B' Ratings on INR142MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank-facilities of B.R. Elastics India Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Standby Line              12      CRISIL B/Stable (Reaffirmed)
   of Credit

   Long Term Loan            10      CRISIL B/Stable (Reaffirmed)

   Foreign Letter
   of Credit                  5      CRISIL A4 (Reaffirmed)

   Cash Credit               60      CRISIL B/Stable (Reaffirmed)

   Bank Guarantee             2.5    CRISIL A4 (Reaffirmed)

   Bill Discounting          60      CRISIL B/Stable (Reaffirmed)

The ratings reflect its small scale of operations in intensely
competitive textile industry and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of BREPL's promoters and its
moderate financial risk profile marked by moderate capital
structure.

Outlook: Stable

CRISIL believes that BREPL shall continue to benefit by the
extensive industry experience of its promoters and established
relationship with key customers. The outlook may be revised to
'Positive' if the company is able to achieve a sustained increase
in revenues and profitability, resulting in higher-than-expected
cash accruals or improves its working capital management thereby
leading to improvement in liquidity. Conversely, the outlook may
be revised to 'Negative' if the company's revenues and operating
margins decline sharply or if the company undertakes a large debt
funded capital expenditure programme thereby deteriorating its
financial risk profile.

Set up as a proprietorship in the year 2000 and later
reconstituted as a private limited company in 2008, Tirupur (Tamil
Nadu)-based BREPL is engaged in the manufacture of varied types of
elastics including woven elastic, woven jacquard elastic, plain
knitted elastic, fancy frill elastic and lycra elastics.

BREPL reported, profit after tax (PAT) of INR3 million on net
sales of INR294 million for 2012-13 (refers to financial year,
April 1 to March 31) as against PAT of INR3 million on net sales
of INR240 million for 2011-12.


BAAHUBALI FERRO: CRISIL Suspends 'D' Ratings on INR200MM Loans
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Baahubali Ferro Tech & Power Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit          10      CRISIL D Suspended
   Overdraft Facility        80      CRISIL D Suspended
    Proposed Long-Term
   Bank Loan Facility        35      CRISIL D Suspended
   Rupee Term Loan           75      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
BFTPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BFTPL is yet to
provide adequate information to enable CRISIL to assess BFTPL'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 financial and business risk profiles of
BFTPL and its group entities, Baahubali TMT Bars Pvt Ltd (BTBL)
and RLJ Ferro Alloys Ltd (RLJFA). The entities are collectively
referred to as the Baahubali group. This is because the entities
have common promoters, trade in ferroalloys and thermo-
mechanically treated (TMT) bars, and have significant operational
and financial linkages with each other. Although the group's
promoters have communicated to CRISIL that the group entities will
no longer be extending any funding support to each other, it is
yet to be demonstrated.

The Baahubali group is based in Kolkata (West Bengal). BFTPL was
incorporated in 2003 as Daudee Steel P Ltd and its name was
changed to the current one in 2008 by its current management,
which includes Mr. Ratanlal Jain, his son, Mr. Ashok Jain, and
their families. BFTPL manufactures silico-manganese, mild-steel
ingots, ferrosilicon, ferromanganese, and TMT bars. The group's
manufacturing unit is in Durgapur (West Bengal), and has installed
capacity of 5000 million tonnes per month (mtpm) for mild-steel
ingots and 8500 mtpm for ferroalloys. BTBL and RJLFA trade in TMT
bars and ferroalloys, respectively.


BALAJI FIBER: CARE Assigns 'B+' Rating on INR12.5cr LT Loans
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Balaji Fiber Reinforce Private Limited.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank         12.50      CARE B+ Assigned
   Facilities

   Long-term/Short-       13.00      CARE B+/CARE A4
   term Bank                         Assigned
   Facilities


   Short-term Bank         9.02      CARE A4 Assigned
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Balaji Fiber
Reinforce Private Limited are primarily constrained on account of
the high working capital intensity coupled with weak liquidity
position and financial risk profile marked by moderate scale of
operations, moderate profitability and capital structure. The
ratings are further constrained on account of the volatility
associated with the raw material prices and foreign exchange
fluctuation risk.

The above constraints outweigh the benefits derived from the
promoters' experience, well equipped manufacturing facility and
healthy order book position with reputed client profile.

The ability of BFRPL to timely execute the contracts, management
of increasing working capital requirement with improvement in
collection period and maintaining its capital structure and
profitability are the key rating sensitivities.

Vadodara-based (Gujarat) BFRPL was incorporated as a
proprietorship concern named 'Reinforced Plastic Products' in 1963
by Mr Shantilal Patel. Later in March 2007, BFRPL assumed its
current name after being converted into a private limited company
subsequent to its reconstitution as a partnership firm in April
2002 to Balaji Industries. BFRPL manufactures Fiber Reinforced
Plastic (FRP)/glass reinforced plastic (GRP) based components &
pipes, GRP/FRP tanks, filtration tanks, portable toilets, vessels,
etc. BFRPL also undertakes turnkey projects related to water
effluent disposable projects, sewage treatment plant, water supply
pipelines, tailor made products for railways, LED street lights,
solar water systems, etc. Furthermore, BFRPL is 'AA' class
contractor from the PWD department of Gandhinagar and Rajasthan.

As against a net profit of INR1.62 crore on a total operating
income of INR70.71 crore in FY12 (refers to the period April 1 to
March 31), BFRPL reported a net profit of INR2.23 crore on a total
operating income of INR75.67 crore during FY13.


BANSAL SHIP: CRISIL Reaffirms 'B+' Rating on INR50MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Bansal Ship Breakers
continue to reflect BSB's modest scale of operations, and its
vulnerability to cyclicality in the fragmented shipping industry
and to changes in government regulations. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's promoter.

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

   Inland/Import
   Letter of Credit        200      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that BSB will continue to benefit over the medium
term from its promoters' extensive experience in the ship-breaking
industry. The outlook maybe revised to 'Positive' if BSB's sales
and profits increase more than expected, without deterioration in
its capital structure. Conversely, the outlook may be revised to
'Negative' if the firm's operating margin declines significantly,
most likely because of a sharp decline in scrap prices.

Set up in 1993 as a sole proprietorship concern, BSB undertakes
ship-breaking activity in Maharashtra and Gujarat; it has a track
record of breaking about 40 ships since its inception. The firm,
promoted by Mr. B C Bansal, undertakes ship-breaking activity at
Mazagaon in Mumbai (Maharashtra), where plots are made available
for short periods as per ships in hand. The promoter has been in
the ship-breaking business for the past 35 years.

For 2012-13 (refers to financial year, April 1 to March 31), BSB
reported a profit after tax (PAT) of INR2.4 million on net sales
of INR387 million, against a PAT of INR5.5 million on net sales of
INR280 million for 2011-12.


BRATTLE FOODS: CRISIL Assigns 'B-' Ratings to INR200MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Brattle Foods Pvt Ltd (part of the Brattle group).

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               10      CRISIL B-/Stable
   Term Loan                190      CRISIL B-/Stable

The rating reflects the Brattle group's weak business risk
profile, marked by its operating losses, along with its small
scale and short track record of operations. These rating
weaknesses are partially offset by the group's established
infrastructure and customer base, and a comfortable capital
structure.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of BFPL and its subsidiary Laxman
Logistics Pvt Ltd. This is because both the above-mentioned
companies, referred to as the Brattle group, have financial
fungibility, along with a common management team and marketing
network.

Outlook: Stable

CRISIL believes that the Brattle group will continue to benefit
over the medium term, from its established client base. The
outlook may be revised to 'Positive' if the group achieves
operating profitability and efficient working capital management.
Conversely, the outlook maybe revised to 'Negative' in the event
of sustained pressure on the Brattle group's revenues and
profitability or larger-than-expected working capital
requirements, leading to deterioration in the group's financial
risk profile.

BFPL was set up in New Delhi in 2010. The company provides
warehousing services to quick service restaurants (QSRs). BFPL
provides cold storage facilities to fast food chains and brands,
at warehouses in nine cities across India.

LLPL was set up in 2009 as a wholly-owned subsidiary of BFPL. The
company transports frozen products from the kitchens of QSRs to
warehouses and restaurants. LLPL has its own fleet of refrigerated
trucks.

BFPL incurred a net loss of INR25.3 million on net sales of
INR42.9 million for 2012-13 (refers to financial year, April 1 to
March 31), vis--vis a net loss of INR2.6 million on net sales of
INR26.0 million for 2011-12.


CENTURY TEXOFIN: ICRA Suspends 'B+' Rating on INR20.71cr Loans
--------------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR20.71
crore fund based facilities of Century Texofin Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 2007, Century Texofin Private Limited is engaged
in business of fabric processing with its processing unit based
out of Balotra, Rajasthan, which is a hub for processing of poplin
fabric due to favorable weather conditions. The company has
installed capacity for processing 5 million meter of fabric per
month, and is promoted by Mr. Shantilal Balar, who has been
involved in this line of business for over three decades. Prior to
2007, the operations were conducted under a partnership firm. In
2011-12, the company reported sales of INR77.58 crore against
INR79.99 crore reported in 2010-11.


CIKAUTXO TAURUS: CRISIL Suspends 'B+' Ratings on INR300MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Cikautxo Taurus Flexibles Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting         120      CRISIL A4 Suspended

   Cash Credit               80      CRISIL B+/Stable Suspended

   Proposed Long-Term
   Bank Loan Facility        19.3    CRISIL B+/Stable Suspended

   Term Loan                200.7    CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by CFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CFPL is yet to
provide adequate information to enable CRISIL to assess CFPL'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'

CFPL, incorporated on January 31, 2011, is a 50-50 joint venture
between Taurus Flexibles Pvt Ltd of India and Cikautxo S. Coop of
Spain. CFPL acquired a 100 per cent export-oriented unit of the
Taurus group entity, Indo Australian Hose Manufacturing Pvt Ltd,
with effect from July 1, 2011, for a total consideration of around
INR192 million, entirely funded through equity. CFPL has a rubber
and nylon hose manufacturing unit in Pune (Maharashtra) and the
hoses/assemblies manufactured by the company are mainly used in
the automobile industry. CFPL has global vendor registration from
General Motors Corporation and Renault S.A. The company also
exports its hoses to other OEMs such as Navistar International
Corporation and FIAT S.p.A. along with the Tier I suppliers such
as Eaton Corporation, Cooper Standard Automotive Inc. etc. In
India, CFPL's sales to domestic OEMs are routed through the group
entity Taurus Flexibles Pvt Ltd. CFPL's unit has capacity to
manufacture 8000 kilometres of rubber hoses (increased recently
from around 5000 kilometres) and around 3000 kilometres of nylon
hoses per annum.


CJ EXPORTERS: ICRA Reaffirms 'B+' Rating on INR60cr LT Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR60.00 crore
short-term fund based bank facilities of CJ Exporters.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term fund        60.00       [ICRA]B+ Reaffirmed
   based facilities

The rating reaffirmation takes into consideration the firm's thin
profitability as inherent in the low value additive CPD business
as well as its high working capital intensity of operations due to
delayed receivables and high inventory holding period which
adversely impacts its liquidity profile. CJE's tight liquidity
position is also evidenced by its 100% bank limit utilization
pattern. The financial risk profile of the firm is weak as
reflected by its leveraged capital structure, low accruals and
weak coverage indicators. The firm operates in an industry
characterised by strong competition from unorganised and organised
players which exerts pricing pressures as is reflected by the fall
in operating margin in FY 13. ICRA also notes that the revenues of
the firm are exposed fluctuations in diamond prices as well as
forex risks in the absence of a formal hedging mechanism.

The rating however derives comfort from the promoters established
experience in the cut and polished diamonds (CPD) industry as well
as the increase in operating income in FY 13 supported by
increased demand and sales realization given the firm's presence
in higher carat diamonds.

CJE is a partnership firm and has been in the business of cut and
polished diamonds (CPD) for nearly five decades and deals in
diamonds ranging primarily from 0.01 to 10 carats.

The firm has its registered office in Mumbai and manufacturing
facilities in Surat and Katargram.

Recent Results

As per its audited financials for FY 13, CJE recorded a net profit
of INR0.90 crore on an operating income of INR175.24 crore. For
the period April 2013-September 2013, the firm earned a profit
before tax and depreciation of INR6.11 crore on an operating
income of INR92.01 crore as per its provisional financials.


CTS INDUSTRIES: CRISIL Suspends 'D' Ratings on INR300MM Loans
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
CTS Industries Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            30      CRISIL D Suspended
   Cash Credit              200      CRISIL D Suspended
   Letter of Credit          50      CRISIL D Suspended
   Term Loan                 20      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by CTS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CTS is yet to
provide adequate information to enable CRISIL to assess CTS'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'

CTS was initially engaged only in trading in petrochemical
products such as parafin wax, slack wax and pesidue wax. It was
amalgamated with its group company, Annapurna Global Ltd, in April
2006. The wax production facilities, which were with Annapurna
Global Ltd, were transferred to the amalgamated entity. The
company now operates in three segments, including wax trading,
pre-stressed concrete (PSC) pole manufacturing and supplying
crushed stone/aggregates to the construction segment. Currently,
80 per cent of the company's revenues come from supplying crushed
stone/aggregates to the construction segment, wax division
contributes about 11 per cent, and the rest comes from PSC pole
manufacturing.


ESKAY BUILDWORKS: CRISIL Suspends B+ Rating on INR40MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Eskay Buildworks Private Limited.

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

The suspension of ratings is on account of non-cooperation by EBPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EBPL is yet to
provide adequate information to enable CRISIL to assess EBPL'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'

EBPL, promoted by Mr. S K Agarwal and his son, Mr. A K Agarwal, in
July 2006, undertakes contracts for supply, erection, and
commissioning of transmission lines, OHE traction, and civil
construction and mechanical structural works. It operates in
Chhattisgarh. Before forming EBPL, its promoters used to undertake
similar contracts through their partnership firm, Eskay Builders
(established in 1991), which was taken over by EBPL with effect
from April 1, 2007.


G-TECH STONE: ICRA Upgrades Ratings on INR30cr Loans to 'C+'
------------------------------------------------------------
ICRA has upgraded the long term rating outstanding on the INR11.50
crore term loans (revised from INR9.80 crore) and the INR18.50
crore long-term fund based facilities (revised from INR5.10 crore)
of G-Tech Stone Limited to '[ICRA]C+' from '[ICRA]D'. ICRA has
also upgraded the short term rating outstanding on the INR3.00
crore short term non fund facilities (revised from INR17.60 crore)
and the INR1.00 crore short term fund based facilities (revised
from INR1.50 crore) short to '[ICRA]A4' from '[ICRA]D'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT Scale-Term
   Loans                 11.50       [ICRA]C+/upgraded

   LT Scale-Fund
   based facilities      18.50       [ICRA]C+/upgraded

   ST Scale-Non
   fund based
   facilities             3.00       [ICRA]A4/upgraded

   ST Scale-Fund
   based facilities       1.00       [ICRA]A4/upgraded

The rating revision is on account of regularization of debt
servicing by the Company. The rating also considers significant
experience of promoters in the edible oil refining and granite
monuments business. The ratings are however constrained by the
stretched financial profile characterized by weak capitalization,
coverage indicators and intense competition in the business, which
restricts pricing flexibility and high product concentration in
palm oil. Palm oil prices have been witnessing price shocks (both
due to commodity price and exchange rate fluctuations), hence the
Company has curbed imports and is only procuring domestically,
which has negatively impacted the scale of operations during the
last two fiscals. ICRA also notes that the company has extended
corporate guarantees to its group companies and large intergroup
transactions, which stretches the debt indicators further.

Incorporated in 1989, G-Tech Stone Limited, is involved in the
export of granite monuments and import and refining of edible oil.
Within the granite segment, the company is primarily involved in
the manufacture of stone handicrafts and also indulges in the raw
blocks and polished granite tiles and slabs. In the edible oil
segment, the company imports Crude Palm Oil/RBD (Refined Bleached
Deodorized Palm Oil) Palmolein and Sunflower Oil in bulk. The
company is also involved in the packing of around 1600 Metric tons
of RBD Palm Olein for the government to aid in the public
distribution scheme and charges a commission for the same. The
company's brands in Oil are "SunKing" for refined sunflower oil
and "Vishnu Gold" for RBD Palmolein.

Recent Results

For 2012-13, G-Tech reported a net profit of INR0.1 crore on an
operating income of INR72.6 crore as against a net profit of
INR0.1 crore on an operating income of INR54.3 crore during
2011-12.


GOVINDAM PROJECTS: CRISIL Cuts Rating on INR60MM Loan to 'B+'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Govindam Projects Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
BB/Stable'.

                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit          60      CRISIL B+/Stable (Downgrade from
                                'CRISIL BB/ Stable')

The rating downgrade reflects a decline in GPPL's business risk
profile in 2012-13 (refers to financial year, April 1 to
March 31) and 2013-14, driven by a slowdown in demand, and
realisation as well as high raw material prices. Consequently, the
company incurred operating as well as net losses in 2012-13, which
continued in 2013-14. GPPL's losses weakened the company's
financial risk profile, with its negative interest coverage and
net cash accrual to total debt ratios during 2012-13.
Additionally, despite a decline in its scale of operations, GPPL's
bank lines have remained high at around 85 per cent in the 12
months through October 2013. This is because of a stretch in
liquidity due to high inventory and delayed payments from
customers. CRISIL believes that GPPL's business risk profile will
remain constrained due to its non-integrated operations and the
overall economic condition of the industry, over the medium term.

The rating reflects GPPL's moderate financial risk profile, marked
by a low gearing. The rating also factors in the benefits that
GPPL derives from the promoters' extensive experience in the
sponge iron industry. These rating strengths are partially offset
by GPPL's small scale of operations, high susceptibility to
fluctuations in availability of raw material and prices, and
working-capital-intensive operations.

Outlook: Stable

CRISIL believes that GPPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations and profitability, or reports better working capital
management thereby improving its liquidity. Conversely, the
outlook may be revised to 'Negative' if GPPL's liquidity weakens
because of its restricted profitability, or larger-than-expected
working capital requirements; or the company undertakes any
significant debt-funded capital expenditure (capex) programme.

GPPL was set up in 2003 by Mr. Pradip Khemka along with his four
friends, Mr. Sashi Choudhury, Mr. Uday Rajgaria, Mr. Hanuman
Agarwal, and Mr. Binod Agarwal, in Sundergarh (Odisha). The
company manufactures sponge iron, with a production capacity of 2
kilns of 100 tonnes per day each and is operating at around 53 per
cent.


GUPTA METAL: CARE Cuts Ratings on INR59.81cr Loans to 'D'
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Gupta Metal Sheets Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        50.81      CARE D Revised
   Facilities                       from CARE BB

   Short-term Bank        9.00      CARE D Revised
   Facilities                       from CARE BB

Rating Rationale

The ratings' revision takes into consideration the delays in
servicing of the company's debt obligations on account of stressed
liquidity position.

Gupta Metal Sheets Ltd was originally incorporated as a private
limited company by the name of Gupta Metal Sheets Pvt Ltd in the
year 1995. GMSL is primarily engaged in the conversion of copper
cathodes into copper and copper alloys sheets/strips. The
company's manufacturing plant is located in Rewari (Haryana) with
an installed capacity of 12,500 Tonnes Per Annum (TPA). GMSL
primarily sells its products to automobile manufacturers, electric
goods manufacturers and defense sector.

During FY13 (refers to the period April 1 to March 31), the
company registered a total income of INR324.57 crore and PAT of
INR0.47 crore.

Delay in Debt Servicing
In FY13, GMSL witnessed deterioration in financial profile with a
decline in profitability margins, increase in overall gearing and
weak debt coverage indicators. The liquidity stress was mainly due
to the increase in the raw material prices and limited ability of
the business to pass on the same to the end consumers.


H S INDIA: CRISIL Suspends 'B+' Ratings on INR191MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of H S
India Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             2      CRISIL A4 Suspended
   Cash Credit                2.5    CRISIL B+/Stable Suspended
   Long-Term Loan           100.0    CRISIL B+/Stable Suspended
   Proposed Long-Term
   Bank Loan Facility        88.5    CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by HSIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HSIL is yet to
provide adequate information to enable CRISIL to assess HSIL'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'

HSIL (formerly, Hotel Silver Plaza Pvt Ltd) was set up in 1989 by
Mr. Pushpendra Bansal. It runs a 136-room, three-star hotel,
Lord's Plaza, in Surat (Gujarat), in franchise agreement with
Lords Inn and Hotels Developers Ltd (promoted by Mr. Bansal and
his associates). HSIL has been listed on the Bombay Stock Exchange
since 1993.


HULE CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR9cr Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Hule Constructions Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             9         CARE B+ Reaffirmed

   Short-term Bank
   Facilities             3         CARE A4 Reaffirmed

Rating Rationale

The ratings continue to be constrained on account of the slow
execution of present projects coupled with no new contracts in the
recent past, geographical and segmental concentration of
operations, limited comfort from price escalation clause and its
relativity small scale of operations in the competitive
construction industry. The ratings are further constrained by the
stretched liquidity position of the company.

The ratings, however, continue to draw comfort from the experience
of the promoters in the irrigation space, healthy order book
position and registration as class I (A) contractor with the
Public works Department (PWD) of Maharashtra state.  The ability
of the company to effectively execute the projects in hand,
diversify its operations and enhance the scale of operations
remain the key rating sensitivities.

Incorporated in year 2007, Hule Constructions Private Limited is
promoted by Mr Vishwanath Hule Patil having almost 25 years of
experience in the infrastructure space in the capacity of
contractor. HCPL is engaged in infrastructure contract work with
operations focused in Beed (Marathwada region), Maharashtra.
Within the infrastructure sector, HCPL majorly operates in two
segments - irrigation and construction of buildings. The company
participates in the tender floated by the PWD; if awarded with the
contract, the company has to approve the work designs from Central
Design Organisation, Nasik. Till date, HCPL has successfully
executed 11 projects and also owns most of the machinery and
equipment which are required for the execution of projects.

The company got registered under the class- I (A) contractor in
the year 2011 with the PWD, Maharashtra state, by virtue of which
it is eligible to undertake all types of civil work, irrespective
of size within the state of Maharashtra.

HCPL reported a PAT of INR1.39 crore against a turnover of
INR42.44 crore in FY13 (refers to the period April 1 to March 31)
as against PAT of INR1.47 crore against a turnover of INR33.60
crore in FY12.


KADVANI FORGE: ICRA Reaffirms 'B+' Ratings on INR30.5cr Loans
-------------------------------------------------------------
The rating of '[ICRA]B+' has been reaffirmed for the INR25.00
crore (enhanced from INR22.00 crore) cash credit facility and the
INR2.50 crore (reduced from INR5.46 crore) term loans of Kadvani
Forge Limited. The rating of '[ICRA]B+' has also been assigned to
the INR3.00 crore working capital demand loan of KFL. Further, the
rating of '[ICRA]A4' has been reaffirmed for the INR2.00 crore
(enhanced from INR0.42 crore) Letter of credit facility of KFL.
The rating of '[ICRA]A4' has also been assigned to the INR1.00
crore bill discounting facility, the INR2.50 crore forex forward
limit and the INR1.50 crore bank guarantee facility of KFL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit
   facility              25.00        [ICRA]B+ reaffirmed

   Term Loan              2.50        [ICRA]B+ reaffirmed

   Working Capital
   Demand Loan            3.00        [ICRA]B+ assigned

   Letter of Credit
   facility               2.00        [ICRA]A4 reaffirmed

   Sale Bill
   Discounting-LCBD       1.00        [ICRA]A4 assigned

   Forex Forward Limit    2.50        [ICRA]A4 assigned

   Bank Guarantee
   facility               1.50        [ICRA]A4 assigned

The ratings continue to remain constrained by the weak financial
profile as reflected by low net margin, adverse capital structure
and moderate debt coverage metrics as well as high working capital
intensity leading to stretched liquidity position of the company.
The ratings also take into account the low capacity utilization
levels, moderate customer concentration risk, vulnerability of
sales volumes to performance of automobile sector and intense
competition from large number of domestic forging units leading to
pressure on operating margin.

The ratings, however, take into account the promoters' experience
in the forging industry; long standing relationships with a stable
customer base and order linked production leading to low risk of
raw material price fluctuations.

Kadvani Forge Limited, incorporated in 1995, is involved in
manufacturing of closed die steel forged products in carbon, alloy
and stainless steel with its plant located at GIDC Lodhika in
Rajkot, Gujarat. KFL was initially promoted by Kadvani family and
was taken over by Mr. Vitthal Dhaduk in February 2009. Currently
the plant has an installed capacity of 30,000 MTPA.

Recent Results

For FY2013, the company reported an operating income of INR98.88
crore and profit after tax of INR1.35 crore as against operating
income of INR97.91 crore and profit after tax of INR0.01 crore for
FY 2012.


KAPOOR OIL: ICRA Assigns 'B' Ratings to INR7.40cr Loans
-------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR1.40 crore term
loan and INR6.00 crore cash credit facility of Kapoor Oil
Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             1.40        [ICRA]B assigned
   Cash Credit           6.00        [ICRA]B assigned

The assigned rating is constrained by Kapoor Oil Industries's
modest scale of operations, weak financial profile characterised
by low profitability, stretched capital structure owing to
recently incurred debt funded capex and weak debt coverage
indicators. ICRA also takes note of the highly competitive and
fragmented industry structure with the limited value additive
nature of operations which leads to a pressure on profitability.

The rating further incorporates the vulnerability to adverse
movements in raw material prices, which in turn is linked to the
seasonal nature of the cotton industry and government regulations
on MSP and export. Also, being a partnership firm, any substantial
withdrawal by the partners can have an adverse impact on the
capital structure of the firm.

The rating however, favorably factors in the experience of the
promoters in the cotton industry, the location in the cotton
growing belt of India which ensures easy availability of cotton,
the forward integration in crushing facilities for cottonseeds
resulting into limited diversification and additional revenue in
crushing as well as the stable demand outlook supported by the
scrapping of excise duty on cotton and spun yarn in last budget.

The firm was incorporated on July 4, 2006, as partnership firm to
engage in the business of crushing cottonseeds. In FY 2013, the
firm diversified its operations by entering into the ginning and
pressing segment to produce cotton bales and cottonseeds. The
manufacturing unit located at Vijapur, Gujarat is equipped with 14
jumbo ginning machines, one pressing machine and four expellers.
The firm has an installed capacity to produce 145 cotton bales and
4 MT cottonseed oil per day (24 hours operation). The operations
of the firm are managed by six partners namely Mr. Amrutbhai
Patel, Mr. Dahyabhai Patel, Mr. Chunilal Patel, Mr. Rameshbhai
Patel, Mr. Rashikbhai Patel and Mr. Popatbhai Patel.

Recent Results

During FY 2013, KOI reported an operating income of INR11.56 crore
and PAT of INR0.19 crore against an operating income of INR5.23
crore and PAT of INR0.07 crore during FY 2012.


KEMS SERVICES: ICRA Assigns 'B+' Ratings to INR9.50cr Loans
-----------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR2.50
crore cash credit facility, the INR7 crore bank guarantee and the
INR0.50 crore unallocated bank limits of Kems Services Private
Limited. ICRA has also assigned a short term rating of '[ICRA]A4'
to the above INR0.50 crore (interchangeable with long term)
unallocated bank limits of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.50        [ICRA]B+ assigned
   Facility

   Bank Guarantee        7.00        [ICRA]B+ assigned

   Unallocated limits    0.50        [ICRA]B+/[ICRA]A4 assigned

The ratings factor in the company's exposure to geographical
concentration risks, with the majority share of the company's
ongoing projects being located in Bihar and the execution risks
arising from delays in receipt of regulatory approvals, issues
related to land availability and political as well as bureaucratic
interventions due to the high exposure to the government sector.
The ratings also incorporate the company's exposure to volatility
in raw material prices that could have an adverse impact on its
profitability and cash flows. The presence of built-in price
escalation clauses in long tenure contracts, however, mitigates
such risks to an extent. ICRA notes that the high working capital
requirement adversely impacts its liquidity position of the
company.

The ratings are however, favorably impacted by the healthy order
book position of the company thereby offering revenue visibility
in the near to medium term and the favorable capital structure of
the company as indicated by a conservative gearing, comfortable
coverage indicators and the absence of long term loans which
provides financial flexibility to the company.

Incorporated in 2001, KSPL is a civil contractor and is engaged in
executing various projects awarded by the Government. The
activities of the company primarily include construction of roads,
bridges, dams and buildings, mainly in Bihar.

Recent Results

As per provisional results, KSPL registered a profit before tax of
INR0.45 crore on the back of OI of INR14.18 crore in FY13. In
FY12, the company registered a profit after tax of INR0.41 crore
on the back of OI of INR27.14 crore.


KRISHNA DEVELOPERS: CARE Reaffirms B+ Rating on INR7.88cr Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Krishna Developers.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.88       CARE B+ Reaffirmed
   Facilities

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

Rating Rationale

The rating continues to remain constrained on account of the risk
associated with the timely receipt of rentals from the sole leased
sole commercial property of Krishna Developers and uncertainty
regarding termination of lease considering no lock-in period which
may lead to cash flow mismatches. The rating is further
constrained on account of KDE's small revenue base coupled with
net losses in FY13 (refers to the period April 1 to
March 31), moderately leveraged capital structure and its
constitution as a partnership concern.  The rating, however,
continues to take comfort from the vast experience of the partners
with demonstrated financial support in the past and healthy
business profile of the tenant.

Timely receipt of the lease rentals and continued financial
support from the partners, especially in an event of termination
of the lease agreement by the existing tenant are the key rating
sensitivities.

Jaipur-based (Rajasthan) KDE was formed in 2007 as a partnership
concern promoted by 10 partners. Later in April 2010, four
partners retired from the firm and currently, KDE is owned by
six partners. Mr Vinod Agarwal and Mr Namit Agarwal are the main
working partners who look after the overall operations of the
firm. KDE is engaged in the real estate development business and
has developed a commercial complex, 'Matrix Mall' situated at
Jawahar Nagar (Jaipur) which houses two basement and three floors
with total area of 40,408 square feet. It developed this
property on lease land taken from Jaipur Nagar Nigam (JNN). During
March 2012 KDE gave the entire mall on lease to SBBJ bank.

The partners have vast experience in the development of various
commercial projects. The management has developed various real
estate projects in Jaipur under different companies like
Alankar Buildcon Private Limited, Riddhi Siddhi Home Private
Limited and Krishna Buildhome Private Limited which are engaged in
the same line of business. Other than these entities, the
partners also manage Agrasen Engineering Industries Limited (AEIL,
rated CARE BBB/CARE A3+) which is engaged in the manufacturing of
automotive component and Scion Exports Private Limited (SEPL,
rated CARE BB) which is engaged in the manufacturing of forged
components.


L R AUTOMOBILES: CRISIL Reaffirms 'B+' Ratings on INR123.5M Loans
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of L R
Automobiles continues to reflect LRA's weak financial risk
profile, marked by a weak capital structure, its exposure to
intense competition in the automobile dealership market, and its
limited bargaining power with its principal, Hyundai Motor India
Ltd (Hyundai; rated 'CRISIL A1+'). These rating weaknesses are
partially offset by LRA's established market position as a dealer
of Hyundai's passenger vehicles.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           120.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long-Term      3.5      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that LRA will maintain its business risk profile
over the medium term, backed by its established position in the
automobile dealership business and its relationship with Hyundai.
The outlook may be revised to 'Positive' in case of more-than-
expected increase in the firm's revenues with sustained
profitability, along with improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if LRA
reports lower-than-expected operating margin or revenues, or if it
undertakes a large debt-funded capital expenditure, resulting in
deterioration in its financial risk profile.

Update:

LRA reported revenues of INR651.1 million, in line with CRISIL
expectation, for 2012-13 (refers to financial year, April 1 to
March 31). The firm's operating margin has remained in line with
CRISIL expectation at 2.6 per cent for 2012-13. CRISIL believes
that LRA's business risk profile will remain stable over the
medium term, with stable revenues and operating margin on account
of its established relationship with Hyundai.

LRA has moderate working capital requirements for maintaining its
inventory of cars at its showroom with no credit period from its
supplier. With the increase in the number of models, the firm's
working capital requirements are expected to increase and hence
reliance on bank lines expected to increase to meet the
incremental working capital requirements.

LRA's financial risk profile has remained in line with CRISIL's
expectation, with a total outside liabilities to tangible net
worth ratio of over 3 times as on March 31, 2013, and interest
coverage ratio of 1.8 times for 2012-13. CRISIL believes that the
firm's financial risk profile will remain weak over the medium
term, with a small net worth and a low operating margin

LRA was established by members of the Miglani family in 2008. The
firm is an authorised dealer of Hyundai in Haryana. LRA operates
through two showrooms-cum-workshops at Kaithal and Jind.

Financials:

Financials:

For 2012-13 (refers to financial year, April 1 to March 31), LRA
reported a net profit of INR3.5 million on net sales of INR651.1
million, against a net loss of 4.8 million on net sales of
INR583.1 million in 2011-12.


LEXUS GRANITO: CARE Assigns 'D' Ratings to INR37.72cr Loans
-----------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of Lexus
Granito (India) Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities          32.02        CARE D Assigned

   Short-term Bank
   Facilities           5.70        CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Lexus Granito
(India) Private Limited is primarily constrained on account of the
frequent instances of delay in the debt servicing.

Establishing a clear track record of timely servicing of debt
obligations along with improvement in the liquidity position are
the key rating sensitivities.

Incorporated in 2008, Morbi-based (Gujarat) LGPL is engaged in the
manufacturing of doublecharged vitrified tiles. The company had
started commercial production in August 2011. LGPL's manufacturing
facility is located at Morbi in the Rajkot district which is the
ceramic tile manufacturing hub of Gujarat and has an installed
capacity of 82,800 Metric Tonnes Per Annum (MTPA) for
manufacturing of vitrified tiles as on March 31, 2013.

During FY13 (refers to the period April 1 to March 31), LGPL
reported a total operating income of INR63.65 crore (FY12:
INR29.94 crore) and PAT of INR0.67 crore (FY12: net loss of
INR2.99 crore). During 8MFY14 (provisional), LGPL achieved sales
of approximately INR30 crore.


MAILAM SUBRAMANIYA: CRISIL Rates INR105MM Term Loan at 'D'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facility of
Mailam Subramaniya Swamy Educational Trust.

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

The ratings reflect instances of delay by MSSET in servicing its
interest on debt; the delays have been caused by cash flow
mismatches as a result of delays in fee realisation.

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

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

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


MARVELORE MINING: CRISIL Suspends 'D' Ratings on INR225MM Loans
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Marvelore Mining & Allied Industries Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               20      CRISIL D Suspended
   Letter of Credit           2.4    CRISIL D Suspended
    Proposed Long-Term
   Bank Loan Facility       130.7    CRISIL D Suspended
   Rupee Term Loan           71.9    CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by
Marvelore with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL,
Marvelore is yet to provide adequate information to enable CRISIL
to assess Marvelore'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
Marvelore and Yogita Allied & Calcine Products (Yogita). This is
because the two companies, together referred to as the Marvelore
group, have operational linkages and fungible cash flows with each
other.

Marvelore was incorporated in 2008, promoted by the Patel and
Kheni families, and is involved in mineral micronisation and
mineral calcination. The two families have been business
associates of each other for 25 years. Marvelore is managed by Mr.
Keyur Kheni and Mr. Hiren Patel, who set up the company to
diversify from the promoters' traditional businesses of real
estate, diamond cutting, polishing, and trading and textiles.
Marvelore has its registered office in Surat (Gujarat).


MUKTSAR COTTON: ICRA Reaffirms 'B' Rating on INR10cr Loans
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating assigned to INR10.00
crore long term fund based bank limits of Muktsar Cotton (P)
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term: Fund       10.00        [ICRA]B/(reaffirmed)
   Based Limits

The rating reaffirmation continues to take into account the
company's stretched financial profile which is on account of low
profitability and high leverage. Limited value addition in ginning
along with high competitive intensity, given the low entry
barriers and commoditized nature of the product, results in low
profitability and accruals. This coupled with working capital
intensive nature of the business, given the large cotton stocking
undertaken for its group company which accounts for MSPL's entire
cotton sales, would continue to result in high dependence on debt
for working capital funding and keep the debt coverage and
liquidity stretched. The above concerns are mitigated by track
record of the company of maintaining the profitability despite
sharp correction in the cotton prices in the past; however the
high levels of cotton inventory maintained at the end of the
cotton season would continue to result in vulnerability to adverse
movement in the cotton prices which given the low profitability
could impact the financial profile of the company.

The rating continues to favorably take into account the experience
of close to three decades of the promoters in the cotton ginning
industry and the favorable location of the ginning unit in the
cotton belt and in close vicinity to the textile hub in Punjab ,
which provides easy access to both raw materials and customers.

Going forward, while the profitability is expected to remain low
due to the nature of the business, improvement in the working
capital cycle and infusion of equity capital to reduce the high
dependence on debt would be critical for improvement in the debt
coverage and would thus be key rating sensitivity.

MCPL was incorporated in September 1996 and is primarily engaged
in cotton ginning to produce cotton lint and cotton seeds. The
company also does crushing of cotton seeds to produce cotton seed
oil and cotton seed cake, however their proportion in the total
sales is modest. The company has a ginning unit in Muktsar
(Punjab) with 32 ginning machines and 7 expellers and an installed
capacity of ginning 750 quintals of kapas and crushing 600
quintals of cotton seeds per day. The entire cotton sales are to a
group company which is engaged in cotton yarn spinning.


MULTI POLY: ICRA Assigns 'B' Rating to INR9.2cr LT Bank Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR9.20 crore
fund based limits of Multi Poly Films Private Limited.  ICRA has
also assigned a short term rating of '[ICRA]A4' to INR0.80 crore
short term fund based limits of MPFPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund        9.20         Assigned [ICRA]B
   based limits

   Short term fund       0.80         Assigned [ICRA]A4
   based limits

The assigned ratings are constrained by MPFPL's modest scale of
operations in the polymer packaging industry, vulnerability of
profits to adverse fluctuations in prices of raw materials and
competitive pressures in the highly fragmented packaging industry
(Dairy and Oil packaging). The ratings are also constrained by the
high working capital intensity on account of high receivables and
inventory resulting in full utilisation of bank facilities. Low
profitability coupled with high working capital intensity has
resulted in a leveraged capital structure as reflected in gearing
of ~2 times as on March 31, 2013 and weak coverage indicators.

The ratings, however positively factor in the long track record of
the promoters in the polymer packaging industry, a reputed
customer profile comprising established dairy operators including
Heritage Foods Limited and Creamline Dairy Private Limited and a
robust growth in operating income since FY2011 on the back of
improved capacity utilization levels. While ICRA notes the
positive demand outlook for products manufactured by MPFPL (Dairy
and oil packaging), increasing operational scale and
profitability, which depends on availability of additional working
capital, will remain critical to timely servicing of debt
obligations.

Multi Poly Films Private Limited was incorporated in the year 1983
to engage in the manufacture of blown film used in the packaging
industry. The company remained inactive for a long period and was
revived during 2009-10. The company currently operates two
facilities (1 printing and 1 manufacturing facility) in Hyderabad,
Andhra Pradesh and is involved in manufacturing of packaging
products for use in Daily and Oil - half litre and one litre
sachets. The plant has a manufacturing capacity of ~3000 MT
(metric tons) per annum.

Recent Results

The company reported an operating income and profit of INR27.84
crore and 0.06 crore respectively in FY2013 as against an
operating income and net profit of INR21.49 crore and INR0.22
crore respectively in FY2012.


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

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

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

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

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

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

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

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


OMNITECH INFOSOLUTIONS: ICRA Cuts Rating on INR196.5cr Loans to D
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR131.0
crore long-term fund-based facilities, INR30 crore term loans and
INR23.0 crore long-term non-fund based facilities of Omnitech
InfoSolutions Limited to '[ICRA]D' from '[ICRA]BB-' earlier. ICRA
has also revised its rating on the INR35.5 crore short-term fund-
based facilities to '[ICRA]A4' from '[ICRA]A4' earlier. The
INR23.0 crore non-fund based facilities limits are interchangeable
between long-term and short-term exposure such that the total
utilisation does not exceed INR23.0 crore.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund-      131.0        [ICRA]D revised from
   based facilities                   [ICRA]BB-(negative)
   (Cash Credit)

   Fund-based             23.0        [ICRA]D revised from
   Facilities                         [ICRA]A4


   Long-term loans        30.0        [ICRA]D revised from
                                      [ICRA]BB-(negative)

   Short-term fund        12.5        [ICRA]D revised from
   based limits                       [ICRA]A4

The ratings revision reflects delays in debt servicing by the
company on account of adverse liquidity position.

Omnitech Infosolutions was incorporated on January 30, 1990 as
Omnitech Business Machines Private Limited. The name of the
Company was changed to Omnitech Infosolutions Private Limited on
January 9, 2001 and subsequently to Omnitech Infosolutions Limited
on April 12, 2001. Over a period of time, from being a third party
service provider and computer assembling company, the company has
expanded its scope of activities by venturing into IT solutions
and Technology services.

Omnitech has a number of strategic alliances with technology
leaders like IBM, CA, VERITAS, Cisco, Microsoft, Oracle, HP,
Citrix, Intel, etc which helps it in delivering software and
hardware for its client projects. The company has client base
across different industry segments like BFSI (Banking, Financial
Services & Insurance), Manufacturing, Utilities, Services,
Government bodies, etc. In January, 2011, Omnitech acquired
Avensus (renamed Europe Omnitech Technology Services B.V.), a
Netherlands based company having annual turnover of roughly INR55
crore for a total initial consideration of INR40 crore excluding
M&A, financial and legal due diligence costs. Avensus is into
providing security solutions, managed infrastructure services and
virtualisation/optimisation services.

The Company has a technology centre in Andheri, Mumbai and
disaster recovery centres at Mhape, Navi Mumbai (set up in
February 2008) and at Hyderabad (set up in August 2009). The
technology centre contains a Network Operations Centre (NOC), Data
Centre, Proof of Concept centre (POC), Software development lab,
Independent test lab, etc. This apart, it also has an all-India
service network covering more than 1,000 locations. In FY 2008,
the Company raised INR35 crore (Rs. 105 per share) through an IPO
and was listed on Bombay Stock Exchange ('BSE') in August 2007.


OSWAL POLYFAB: ICRA Suspends 'B+' Rating on INR9.5cr Bank Loans
---------------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR9.50 Crore
bank facilities of Oswal Polyfab Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.

Incorporated in 2003, Oswal Polyfab Private Limited is a Bhilwara,
Rajasthan based weaver engaged in manufacturing and trading of
fabric. The company started with trading of fabric in 2003; and
subsequently in 2007-08, it set up a weaving facility having
annual production capacity of 40 million meters. The company also
undertakes weaving job work to adequately utilize installed
capacity. OPPL is managed by Mr. Amar Singh Babel and Mr. Anil
Kumar Babel, who have combined experience of more than two decades
in the textile sector.


OXFORD GOLF: CRISIL Rates INR1.25BB LT Bank Loan at 'B-'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the proposed
long-term bank loan facility of Oxford Golf & Resorts Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term      1,250     CRISIL B-/Stable
   Bank Loan Facility

The rating reflects the company's weak liquidity and exposure to
project implementation risks as its project is still in the
construction phase. These rating weaknesses are partially offset
by the experience of the company's promoters in the hospitality
and real estate industry.

Outlook: Stable

CRISIL believes that Oxford will continue to benefit from its
promoters' experience in the hospitality and real estate industry.
The outlook maybe revised to 'Positive' if cash flows from
existing operations strengthen Oxford's liquidity significantly.
Conversely, the outlook may be revised to 'Negative' if the
company generates lower-than-expected cash flows from existing
operations.

Oxford was constituted as a partnership firm in 2005-06 (refers to
financial year, April 1 to March 31) and thereafter corporatized
as Private Limited Company in 2009-10 to develop an integrated
tourism and leisure project at Pune (Maharashtra). The company is
promoted by Mr. Anirudha U Seolekar and Mr. Ashok Kothari. The
project is for development of a golf course, a golf academy, a
sports centre, a luxury resort, time-share apartments, a spa, and
other recreational amenities. The entire project is spread over
134 acres. The overall cost of the project is around INR2.17
billion, of which INR1.11 billion has been expended till date.

The Oxford group has business interests in hospitality and real
estate development. The group is primarily engaged in the
development of residential, commercial, and hospitality properties
in Pune. The group owns and operates 5-star hotels under the brand
"The Hotel O" in Goa and Pune. The group has developed property of
3 million square feet.

Oxford reported a net loss of INR4.9 million on net sales of
INR74.0 million for 2012-13, against a net loss of INR55.1 million
on net sales of INR53.5 million for 2011-12.


PANCHKROSHI SHIKSHAN: CARE Rates INR8.24cr LT Loans at 'D'
----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Panchkroshi
Shikshan Mandal.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.24       CARE D Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Panchkroshi Shikshan
Mandal factors in the ongoing delays in debt servicing due to its
stressed liquidity position.

Panchkroshi Shikshan Mandal was registered as an educational
society on Sept. 15, 1942, under the Societies Registration Act,
1860. Currently, the society is managing 13 institutes spread
across Satara, Maharashtra, offering courses from nursery to post
graduation in various disciplines such as arts, commerce, science,
agriculture, etc. The courses offered by PSM are approved by the
All India Council for Technical Education (AICTE), Maharashtra
State Board of Technical Education (MSBTE) and Government of
Maharashtra.

In FY13 (refers to the period April 1 to March 31), PSM registered
a surplus of INR1.64 crore on a total operating income of INR11.39
crore as against a surplus of INR0.68 crore on a total operating
income of INR9.59 crore in FY12.


PRAGATI INGOTS: CRISIL Cuts Rating on INR120MM Loans to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pragati Ingots & Power Pvt Ltd to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               62      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan                 58      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in PIPPL's business
and financial risk profiles, marked by a decline in its turnover
to 813.5 million in 2012-13 (refers to financial year, April 1 to
March 31), from INR861.9 million in 2011-12. PIPPL's operating
margin has also declined during the year by 1.0 per cent to reach
1.7 per cent due to increased market competition and higher
contribution of trading sales to overall turnover leading to lower
cash accruals. The company's financial position has also weakened
during the year, as indicated by decline of interest coverage and
net cash accruals to total debt (NCATD) ratios from 1.47 times to
1.08 times; and 0.14 times to 0.06 times; respectively, during
2012-13. CRISIL believes that PIPPL's business and financial risk
profiles will remain constrained by its weak debt protection
metrics and lower-than-expected sales over the medium term.

The rating reflects PIPPL's small scale of operations; exposure to
risks related to the competitive and fragmented nature of the
secondary steel industry; and weak financial risk profile, marked
by weak debt protection metrics. The rating also factors in the
susceptibility of PIPPL's operating margin to volatility in steel
prices. These rating weaknesses are partially offset by PIPPL's
diversified client base and low working capital requirements,
marked by low gross current asset days.

Outlook: Stable

CRISIL believes that PIPPL will benefit from the healthy prospects
for the secondary steel industry over the medium term. The outlook
may be revised to 'Positive' in the event of a higher-than-
expected increase in revenues and profitability, along with an
improvement in capital structure. Conversely, the outlook may be
revised to 'Negative' if the company reports lower-than-expected
capacity utilisation, leading to a decline in its top line, thus
weakening its profitability, or undertakes any significant debt-
funded capital expenditure (capex) programme.

Incorporated in 2009, PIPPL is promoted by Mr. Abhishek Bhachhawat
and Mr. Umesh Agarwal. The company manufactures mild steel ingots,
which find application in rolling mills, and are used as raw
materials to manufacture various steel products, including thermo-
mechanically treated bars and hot-rolled coils and strips. PIPPL
has a manufacturing plant in Raipur (Chhattisgarh).

PIPPL reported a profit after tax (PAT) of INR0.70 million on an
operating income of INR813.5 million for 2012-13, as against a PAT
of INR2.5 million on an operating income of INR861.9 million for
2011-12.


R.J. CHATHA: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of R.J. Chatha Rice Mills
continue to reflect RJCRM's weak financial risk profile, marked by
small net worth, a high TOLTNW (Total outside Liability to Total
Net worth) ratio, weak debt protection metrics, large working
capital requirements, and low cash accruals. The ratings also
reflect the firm's small scale of operations, susceptibility to
volatility in raw material prices, adverse regulatory changes, and
to erratic rainfall. These rating weaknesses are partially offset
by healthy growth prospects for, and extensive experience of
RJCRM's promoters in, the basmati rice-processing industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            70.0     CRISIL B+/Stable (Reaffirmed)
   Packing Credit        100.0     CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that RJCRM will benefit over the medium term from
the extensive experience of its promoters in the basmati rice-
processing industry. The outlook may be revised to 'Positive' if
RJCRM's scale of operations and profitability improve
substantially, leading to better-than-expected cash accruals, or
if the firm's capital structure improves significantly because of
significant capital infusion by the partners. Conversely, the
outlook may be revised to 'Negative' if there is significant
weakening in the firm's capital structure because of a larger-
than-expected, debt-funded capital expenditure programme or
decline in its profitability.

Incorporated in 1971 by Mr. R S Chatha and Mr. J S Chatha, RJCRM
processes basmati rice. The firm exports its produce to Middle-
East countries, such as Saudi Arabia, Iran, and Uman, and to the
US and Canada. In the domestic market, the firm sells rice under
its own brands, Heera and Anarkali, which contribute to around 30
per cent to its total sales. The firm has rice-milling capacity of
5 tonnes per hour (tph) and sorting capacity of 4 tph.

RJCRM reported profit after tax (PAT) of INR1.24 million on net
sales of INR631.77 million for 2012-13 (refers to financial year,
April 1 to March 31) as against PAT of INR1.21 million on net
sales of INR560 million for 2011-12.


RAMRIA ASSOCIATES: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ramria Associates Pvt
Ltd continue to reflect RAPL's modest scale of operations in the
intensely competitive construction industry, geographical and
customer concentration, and average financial risk profile, marked
by weak debt protection metrics. These rating weaknesses are
partially offset by the benefits that RAPL derives from its
promoters' extensive experience in the business of trading in
construction material.

                           Amount
   Facilities            (INR Mln)  Ratings
   ----------            ---------  -------
   Bank Guarantee            5      CRISIL A4 (Reaffirmed)
   Cash Credit             120      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RAPL will continue to benefit over the medium
term from its promoters' experience in the business of trading in
construction material. The outlook may be revised to 'Positive' if
the company achieves better-than-expected operating margin,
leading to improvement in its debt protection metrics, and
diversifies its customer profile. Conversely, the outlook may be
revised to 'Negative' if RAPL records a decline in its operating
margin or if its financial risk profile deteriorates because of
lengthening of its working capital cycle.

Update

For 2012-13 (refers to financial year, April 1 to March 31), RAPL
has registered operating income of INR897 million, a year-on-year
increase of around 25 per cent. The company's operating margin,
however, remained low around 2 per cent in 2012-13 in line with
past trends and CRISIL's expectations. RAPL's operating margin is
low because of the company's trading nature of business. The total
outside liabilities to tangible net worth (TOLTNW) ratio remained
healthy at 1.41 times as on March 31, 2013. RAPL's interest
coverage ratio, however, continued to be low at 1.25 times for
2012-13. The company has moderate liquidity as reflected in its
high bank limit utilisation of 95 per cent over the 12 months
through October 2013. RAPL's bank limit utilisation is high mainly
on account of the company's working-capital-intensive operations.

RAPL, incorporated in 1994, is promoted by Mr. TR Mittal. It
trades in various construction and building material such as
ceiling items, roofing sheets, tiles, gypsum boards, cement,
glass, and cement.


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

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               124.7     CRISIL B+/Stable
   Bank Guarantee            4.3     CRISIL A4
   Cash Credit             105.0     CRISIL B+/Stable

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

Outlook: Stable

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

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

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


SAI KRUPA: CRISIL Suspends 'B+' Ratings on INR110MM Loans
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sai
Krupa Construction.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           110      CRISIL A4 Suspended
   Cash Credit              100      CRISIL B+/Stable Suspended
   Rupee Term Loan           10      CRISIL B+/Stable Suspended

The suspension of ratings is on account of non-cooperation by Sai
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Sai is yet to
provide adequate information to enable CRISIL to assess Sai'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 in 1996 as a proprietary concern, Sai undertakes
infrastructure projects as a government-approved civil contractor.
It specialises in sewage lines, drainage systems, canals, and pipe
lines. Based in Vadodara (Gujarat), it is empanelled as a Class AA
government contractor and is owned and managed by Mr. Jawahar
Parekh.


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

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

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

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

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

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

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

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

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

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


SHREE SHYAM: ICRA Lowers Ratings on INR92.54cr Loans to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR50 crores
term loans and INR27.66 crores fund based limits of Shree Shyam
Pulp & Board Mills Limited to '[ICRA]D' from '[ICRA]BBB+'. ICRA
has also revised the short term rating assigned to the INR14.88
crores non-fund based limits of SSPBML to '[ICRA]D' from
'[ICRA]A2'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            50.00       [ICRA]D; Revised from
                                     [ICRA]BBB+(Stable)

   Fund Based Limits     27.66       [ICRA]D; Revised from
                                     [ICRA]BBB+(Stable)

   Non Fund Based        14.88       [ICRA]D; Revised from
   Limits                            [ICRA]A2

The rating action takes into account the delays in servicing of
debt obligations by the company caused by technical failure in the
boiler leading to plant shutdown for more than a month. The
ratings continue to be constrained by the debt funded capacity
expansion done by the company over the past few years which has
resulted in relatively high gearing levels and moderate debt
coverage indicators.

The ratings also factor in the vulnerability of company's
profitability to increase in prices of inputs such as agri-
residues, waste paper, purchased pulp and coal which has resulted
in decline in operating profitability of the company and
vulnerability of SSPBML's profitability to cyclicality in the
paper business. The ratings factor in the high working capital
intensity of the business due to high inventory and receivable
days which has resulted in almost full utilization of working
capital limits of the company. ICRA however takes note of
partially integrated nature of SSPBML's operations, industrial
policy incentives enjoyed by the company and its strong management
profile.

Shree Shyam Pulp & Board Mills Limited was incorporated in the
year 1994 and is promoted by Mr. Naresh Kumar Gupta and his
family. The company is engaged in manufacturing of writing and
printing paper mainly from agricultural residues at its
manufacturing facility in Kashipur, Uttarakhand. The company sells
paper in the domestic market and exports form a very small
proportion of the total revenues of the company (less than 1% in
FY13).

SSPBML enjoys various industrial policy incentives under the
Industrial Policy 2003 for Uttarakhand. Incentives are available
for a period of 10 years from the commencement of commercial
production and include excise exemption, income tax holiday and
concessional sales tax @1%. Incentives are likely to terminate for
64% of current installed capacity post 2015 and for 36% of current
installed capacity post 2017. The newly added capacity of 35000
Tonnes per Annum (TPA) will also be eligible for tax and excise
benefits up to FY2017.

Recent results

In FY2013, SSPBML reported net profit of INR50.93 crores on an
operating income of INR711.74 crores as against net profit of
41.99 crores on an operating income of INR499.75 crores in FY2012.


SHREYAS INTERMEDIATES: CRISIL Suspends D Rating on INR1.27B Loans
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shreyas
Intermediates Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Discounting          20      CRISIL D Suspended
   Cash Credit              329.3    CRISIL D Suspended
   Letter of Credit           6.0    CRISIL D Suspended
   Term Loan                923.3    CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by SIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIL is yet to
provide adequate information to enable CRISIL to assess SIL'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'

SIL is an export-oriented unit that manufactures pthalocyanine
pigments. The company's unit in Lote Parshuram near Ratnagiri
(Maharashtra) has a copper pthalocyanine crude manufacturing
capacity of 36,000 million tonnes per annum. Mr. Dinesh Sharma,
who set up SIL in 1989, manages its operations along with his son,
Mr. Shreyas Sharma. The company is listed on the Bombay Stock
Exchange.


SHRI DARSHNA: ICRA Assigns 'B+' Rating to INR6.82cr Loans
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to INR6.82
crore fund based limits and ratings of '[ICRA]B+/[ICRA]A4' to
INR0.18 crore unallocated limits of Shri Darshna Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    --------
   Fund based limits     6.82       [ICRA]B+ assigned
   Unallocated limits    0.18       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by small scale of operations
in the ginning industry; weak financial risk profile of the firm
characterized by dip in operating income, thin profitability
levels & moderately high gearing of 1.42 times as on March 31,
2013; and risks arising from partnership nature of the firm. The
ratings are also constrained by fragmented industry characterized
by competition from a large number of players which limits the
ability to pass on hike in input costs and risks of operating in a
commodity market characterised by volatility in cotton prices and
government regulations on cotton prices. However, the ratings
favorably factor in the experienced management; savings in
transportation costs arising from plant proximity to cotton
growing areas and strong promoter network by being part of the
Raghunath Group.

Shri Darshna Industries was formed as a partnership firm in the
year 2010. The firm is engaged in ginning; pressing & trading of
cotton lint. The plant is located in Adilabad district of Andhra
Pradesh and it commenced operations from November 2010. The
company has 24 gins & 1 Bale press and a capacity to produce
127,000 bales per annum.


SINGLA TIMBERS: CRISIL Cuts Ratings on INR50MM Loans to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Singla Timbers Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', while reaffirming the rating on the firm's short-term
bank facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               45      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Foreign Letter
   of Credit                250      CRISIL A4 (Reaffirmed)

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

The rating downgrade reflects deterioration in STPL's business and
financial risk profiles. The deterioration in the business risk
profile of STPL is marked by decline in operating margin to 1.27
per cent during 2012-13 (refers to financial year, April 1 to
March 31) from 1.92 per cent in 2011-12 leading to lower than
expected accruals. The decline in operating margin of the company
is attributed to competitive pressures due to slow off take from
the construction sector and foreign exchange (forex) volatility,
coupled with limited ability of STPL to pass on the price increase
to the end customer. The financial position of the company also
deteriorated during the year as reflected in increase in gearing
from 0.72 times to 1.14 times along with a decline in interest
coverage to around 1 time during 2012-13. CRISIL believes that
STPL's business and financial risk profiles will remain
constrained over the medium term due to low profitability.

The ratings reflect STPL's weak financial risk profile, marked by
high TOLTNW (total outside liabilities by tangible net worth)
ratio and debt protection metrics, and small scale of operations
in the fragmented timber industry, leading to low profitability.
These rating weaknesses are partially offset by STPL's promoters'
extensive experience in the timber trading business and moderate
working capital requirements.

Outlook: Stable

CRISIL believes that STPL will benefit over the medium term from
the extensive experience of its promoters in the timber business.
The outlook may be revised to 'Positive' in case of improvement in
STPL's operating margin and more-than-expected revenue, resulting
in improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of further weakening
in the company's operating margin or a large, debt-funded capital
expenditure programme, resulting in weakening in its financial
risk profile over the medium term.

STPL, set up in 2009, was promoted by Mr. Amit Singla and
commenced commercial operations in 2010-11. The company took over
the operations of Singla Timbers, which was a partnership firm set
up in 1993. STPL imports and trades in timber and logs and is
based in Rajpura (Punjab).

STPL reported profit after tax (PAT) of INR0.90 million on net
sales of INR844.5 million for 2012-13 as against PAT of INR2.4
million on net sales of INR684.6 million for 2011-12.


SPICEJET LTD: To Complete Turnaround in a Year, COO Says
--------------------------------------------------------
The Economic Times reports that SpiceJet Ltd will complete a
financial turnaround in a year and bring in an equity partner
"hopefully soon", chief operating officer Sanjiv Kapoor predicted.

"There is room for more than one successful, strong and profitable
airline in India and we intend to be one of them," the report
quotes Mr. Kapoor, who is a month and a half into the job at the
loss-making budget airline, as saying. "The operational turnaround
is already underway."

SpiceJet, which is controlled by media baron Kalanithi Maran, on
Dec. 16 entered into an 'interline' agreement with Singapore-based
budget carrier Tiger Airways to sell each other's tickets and
transfer passengers' checked-in baggage between the airlines,
according to ET.

The report says Indian aviation companies are passing through a
difficult phase, with all carriers other than Indigo making heavy
losses. After the government allowed up to 49% foreign investment
in civil aviation last year, Etihad has sealed a deal with Jet
Airways to buy a 24% stake in the Indian carrier for about
INR2,000 crore, the report relays.

Admitting delay in roping in an equity partner, Kapoor said,
"There has certainly been interest. We want to make sure whoever
we partner with is the right partner for us. We should be firming
up equity partner hopefully soon," ET reports. He declined to
comment on whether Tiger Airways was among those the company is
talking to for equity partnership, ET notes.

SpiceJet posted losses of INR559 crore in the September quarter
this year, INR163 crore in September quarter last year and
INR185 crore in the March quarter this year, the report discloses.

                        About Spicejet Ltd

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights
between major cities in India.

SpiceJet posted INR1.91 billion and INR6.05 billion annual net
losses for the year ended March 31, 2013 and 2012, respectively.


SUKH SAGAR: CRISIL Suspends 'B-' Ratings on INR82.5MM Loans
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sukh Sagar Motors Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               64      CRISIL B-/Stable Suspended
   Term Loan                 18.5    CRISIL B-/Stable Suspended
The suspension of ratings is on account of non-cooperation by
SSMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSMPL is yet to
provide adequate information to enable CRISIL to assess SSMPL'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'

SSMPL was incorporated in 2008 by Mr. Baljinder Singh Khanna and
his son, Mr. Amandeep Singh Khanna in Jabalpur (Madhya Pradesh).
The company is an authorised dealer for TML for the Jabalpur
region. The company has one showroom and a workshop. It is also
engaged in providing road transportation services, and this
segment contributed around 7 per cent to its topline in 2010-11
(refers to financial year, April 1 to March 31). In addition,
SSMPL also provides tax service in Jabalpur and has a fleet of 25
taxis. This segment contributed around 1.5 per cent to its sales
in 2010-11.


SUMARAJ SEAFOODS: CRISIL Suspends B- Rating on INR8.4MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sumaraj
Seafoods Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Purchase-
   Discounting Facility      50      CRISIL A4 Suspended
   Packing Credit           100      CRISIL A4 Suspended

   Proposed Long-Term
   Bank Loan Facility         8.4    CRISIL B-/Stable Suspended

The suspension of ratings is on account of non-cooperation by
Sumaraj with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Sumaraj is yet
to provide adequate information to enable CRISIL to assess
Sumaraj'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'

Sumaraj was set up by Mr. Ramu Naga Chandan and family in 1996.
The company commenced commercial operations in 2000-01 (refers to
financial year, April 1 to March 31). The company exports black
tiger shrimps mainly to the European Union, China, the Middle
East, the Far East and Mauritius. The firm's processing and
storage facility in Taloja (Maharashtra) is Hazard Analysis and
Critical Control Point (HACCP) certified, with capacity of 113
metric tonnes per day.


SUMMER COOL: CARE Assigns 'B+' Rating to INR1.05cr Loans
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Summer Cool Home Appliances Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Bank           1.05       CARE B+ Assigned
   Facilities

   Long-term/Short-
   term Bank Facilities     5.62       CARE B+/CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Summer Cool Home
Appliances Private Limited are primarily constrained by its small
scale of operations, working capital intensive nature of
operations and weak debt coverage indicators. The ratings are
further constrained by the highly fragmented and competitive
nature of the industry and seasonal nature of the business.  The
ratings, however, draw comfort from the experienced promoters,
moderate profitability margins and capital structure.  Going
forward, SCPL's ability to scale-up its operations while
maintaining its profitability margins and effective management of
working capital requirements shall be the key rating
sensitivities.

Summer Cool Home Appliances Private Limited was incorporated in
January 2003 as a private limited company by Mr Sanjeev Kumar
Gupta and his wife, Ms Rashmi Gupta.SCPL is engaged in the
business of manufacturing and trading of a wide range of
electrical appliances, viz, fans, coolers, geysers, electric iron,
etc. The manufacturing unit of the company is located in
Ghaziabad, Uttar Pradesh. The firm procures the raw material
domestically and sells its product under the brand name of 'Summer
cool' and 'Thermocool'.

During FY13 (refers to the period April 1 to March 31), SCPL
achieved a total operating income and PAT of INR10.61 crore and
INR0.12 crore respectively. The company has achieved a total
operating income of INR6 crore till August 31, 2013.


SUNMARG STEELS: CRISIL Assigns 'B' Rating to INR60MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facility of Sunmarg Steels Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              60.0     CRISIL B/ Stable

The rating reflects SSPL's modest scale of operations in the
highly competitive and fragmented steel industry, and its below-
average financial risk profile, marked by high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of SSPL's promoters in the
steel industry.

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the medium
term from the extensive experience of its promoters in the steel
industry and its established relationship with its customers. The
outlook may be revised to 'Positive' in case there is a
substantial improvement in its scale of operations and
profitability, leading to improvement in its cash accruals and
subsequently its financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case there is a decline in the
profitability leading to lower-than-expected cash accruals, or
elongation in the working capital cycle, leading to pressure on
liquidity.

SSPL, based in Chhattisgarh was established in 1995 by Mr. Babu
Bhai Patel and his family. The company commenced operations in
1997 and manufactures of thermo-mechanically treated steel bars,
angles, channels and other structural steel products used in the
construction and infrastructure industry.

For 2012-13 (refers to financial year, April 1 to March 31), SSPL
reported a profit after tax (PAT) of INR0.36 million on net sales
of INR244.3 million as against PAT of INR0.81 million on net sales
of INR265.3 million for 2011-12.


SUSHILA AGROVET: ICRA Assigns 'B-' Ratings to INR9cr Loans
----------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B-' to the INR1.00
crore fund-based facilities and INR8.00 crore long-term loans of
Sushila Agrovet Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund-
   Based                 1.00         [ICRA]B-

   Long-term loans       8.00         [ICRA]B-

The rating factors in the rich experience of the promoters in the
poultry industry, association with Venkatesh Hatcheries which
controls the Vencobb breed that commands major market share in
India and positive outlook for the broiler chicken industry in
India on account of lower cost of chicken over other alternatives.
The rating is, however, constrained by its ongoing capital
expenditure which is expected to keep the capital structure and
cash flows stretched, small networth and modest scale of
operations limiting economies of scale. The rating is also
constrained by competitive nature of the poultry industry
(breeding), high price control exerted by the suppliers and the
restricted ability of the company to pass on such input price
increases given the commoditized nature of broiler chicken. ICRA
also takes of the company's vulnerability to inherent risks of
poultry industry like disease out breaks, volatile broiler
realizations, high feed stock prices and seasonal nature of
business.

Sushila Agrovet Private limited was incorporated in 2007 as a
private limited company and caters to the hatching egg
requirements in Maharashtra. The company is engaged in the
breeding of broiler birds of Vencobb 400Y breed and it operates
through its facility located at Alibaug in Maharashtra and another
facility located at Satara. The company procures day old parent
chicks from Venkateshwara Hatcheries, grows them and sells the
fertile hatching eggs laid by the birds. The company is managed by
four directors who have equal shareholding in the company and have
considerable experience in the industry.

Recent results:

For FY 2013, as per audited numbers, the company reported a loss
of INR0.92 crore over an operating income of INR3.54 crore.


VARIETY LUMBERS: CARE Lowers Rating on INR17cr Loan to 'D'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Variety Lumbers Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/Short-       17        CARE D Revised from
   term Bank                        CARE B/CARE A4
   Facilities

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Variety Lumbers Private Limited primarily factors in the delay in
debt servicing due to weakened liquidity position.

VLPL, incorporated in the year 2002, is promoted by Mr SN Dubey at
Kandla (Gujarat). The company is engaged in the import of round
timber logs which is subsequently sawn and sized at its saw mill
into various commercial sizes as per the requirement of its
customers. Most of its revenue is derived from the sale of various
types of pinewood. Furthermore, from FY09 (refers to the period
April 1 to March 31) onwards, VLPL also started manufacturing of
wooden plates. VLPL's manufacturing facility is located in
Gandhidham in the Kutch district of Gujarat, near Kandla port
which facilitates easy imports and transportation. VLPL procures
its raw material through imports mainly from New Zealand and
Singapore. The timber processed by VLPL finds large-scale use in
the packaging of various products apart from use in
infrastructure, building construction and furniture.

As per the audited results for FY13, VLPL reported a PAT of
INR0.23 crore (INR0.25 crore in FY12) on a total operating income
of INR38.08 crore (INR36.26 crore in FY12). During H1FY14, VLPL
reported a TOI of INR15.33 crore.



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


TOKYO ELECTRIC: To Get JPY9 Trillion Interest-Free Loans
--------------------------------------------------------
Kyodo News reports that the Abe administration plans to lift the
ceiling on interest-free loans to Tokyo Electric Power Co. to
JPY9 trillion, up from the current JPY5 trillion, to help pay
compensation to victims of the Fukushima nuclear disaster and
decontamination efforts, a source said.

Officials had considered a JPY10 trillion cap but lowered it
because compensation payments are now estimated to show a smaller
increase than previously thought, the source told Kyodo.

Kyodo relates that the JPY4 trillion increase comprises JPY500
billion for compensation, JPY2.5 trillion for decontamination and
JPY1 trillion for constructing and managing interim storage
facilities for radioactive materials.

The loans will be in the form of a bond Tepco can cash when
needed, the report adds.

                      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
====================


GREENSHELL NEW ZEALAND: Rabobank Appoints KordaMentha as Receiver
-----------------------------------------------------------------
Christopher Adams at the New Zealand Herald reports that
Greenshell New Zealand has gone into receivership.

Receivers KordaMentha have been appointed to Greenshell
New Zealand and an associated company, Ikana, by the firms' main
secured creditor, Rabobank, the Herald says.

According to the report, KordaMentha's Brendon Gibson said he
could not comment on how much creditors were owed.

The Herald relates that Greenshell New Zealand was continuing to
trade and the receivers were aiming to sell the business, whose
main assets were leases and licences on several Coromandel mussel
farms, as a going concern.

Mr. Gibson said Ikana -- the retail arm of the business, which
sold chilled and frozen mussels -- had been unprofitable and
ceased trading, resulting in four to five job losses, the Herald
relays.

Gibson said he could not discuss the causes of the receivership.

On Nov. 19, 2013, Brendon James Gibson -- bgibson@kordamentha.com
-- and Grant Robert Graham -- ggraham@kordamentha.com -- of
KordaMentha were appointed Joint and Several Receivers and
Managers of the assets and undertakings of Greenshell Investments
Limited, Greenshell New Zealand Limited, Ikana Limited and Ikana
New Zealand Limited.

Headquartered in Auckland, Greenshell New Zealand is a mussel
farming company.  It has about 20 staff.


ROSS ASSET: David Ross Appeal on Jail Sentence Upsets Investors
---------------------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that David Ross's appeal
against his jail sentence has been labelled a "poke in the eye" to
the 700 plus investors he stole about NZ$115 million from.

Stuff.co.nz says Mr. Ross's lawyer Gary Turkington confirmed on
Dec. 16 an appeal against the five years and five months minimum
non-parole period had been filed on Dec. 13.

The Lower Hutt man behind New Zealand's biggest fraud would appeal
his minimum jail term on the grounds it was either "manifestly
excessive" or "inappropriate," the report relays.

According to the report, Ross Asset Management Investors Group
head Bruce Tichbon said Mr. Ross was entitled to justice but the
appeal was upsetting and had surprised investors who thought the
matter had reached its end.

"We thought we'd put this guy away and this chapter could be
closed in the minds of a lot of investors who are very upset with
the guy," the report quotes Mr. Tichbon as saying.  "For a lot of
people this will prevent closure."

Last month Mr. Ross was sentenced in the Wellington District Court
to 10 years and 10 months jail for the single biggest individual
fraud in New Zealand history, Stuff.co.nz recalls.

The report notes that the 63-year-old stole about NZ$115 million
from at least 700 investors through a Ponzi scheme.

He must serve a minimum non-parole period of half of the sentence
-- five years and five months.  This is equivalent to roughly one
day for every NZ$60,000 he stole from investors.

According to Stuff.co.nz, Mr. Tichbon said the appeal was a "poke
in the eye" and "slap in the face" of investors.  "The guy has
never really seemed to show sincere remorse and we just feel this
really reflects back to the investors the sort of mindset the guy
has.  "He's out looking after himself."

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 18, 2013, Mr. Ross has been sentenced in the Wellington
District Court to 10 years and 10 months of imprisonment following
a joint agency investigation by the Serious Fraud Office (SFO) and
the Financial Markets Authority (FMA).

The Wellington based financial adviser pleaded guilty in August
this year to four Crimes Act charges of false accounting and one
charge of theft by person in special relationship laid by the SFO.

He pleaded guilty to three FMA charges of providing a financial
service when he was not registered for that service, knowingly
making a false declaration to FMA for the purposes of obtaining
authorisation as an Authorised Financial Adviser (AFA) and
producing documents to FMA which he knew to be false or
misleading.

The TCR-AP reported on Nov. 8, 2012, that the High Court appointed
PricewaterhouseCoopers partners John Fisk and David Bridgman as
Receivers and Managers to Ross Asset Management Limited and nine
other associated entities following application by the Financial
Markets Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership); and
   -- Mercury Asset Management Limited (In Receivership).



================
S R I  L A N K A
================


UNION BANK OF COLOMBO: Fitch Slashes National LT Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings Lanka has downgraded Sri Lanka-based Union Bank of
Colombo PLC's (UB) National Long-Term Rating to 'BB(lka)' from
'BB+(lka)'. The Outlook has been revised to Stable from Negative.

Key Rating Drivers:

The downgrade reflects the deterioration in UB's credit profile,
in terms of its asset quality and capitalisation. Fitch has taken
into consideration UB's increasing risk appetite, which can be
seen in its rapidly expanding operations despite delays in
implementing a core banking system. Fitch is of the view that UB's
exposure to mostly SME customers renders it susceptible to
economic cycles.

The rating captures UB's weak financial profile and small
franchise relative to other licensed commercial banks. Fitch
believes that although UB is on track to resolve operational
weaknesses, it is likely to take some time until tangible benefits
from stronger risk management and more robust internal reporting
feed through.

Fitch expects UB's newly extended loans to continue to exert
pressure on capitalisation as they season. UB posted loan growth
of 16% in 9M13, well above the 5.2% for the sector. The NPLs
increased by 27% in the first nine months of 2013, bringing the
ratio of NPLs to gross loans to 13% at end-3Q13, from 12% at end-
2012. The NPLs at its subsidiary UB Finance Limited accounted for
41% of the group's total NPLs. The increase in the NPL ratio,
excluding the NPLs at UB Finance Limited, to 8.4% of gross loans
at end-3Q13 from 6.9% at end-2012 stemmed largely from pawning
(gold-backed) advances.

Having accumulated unprovided NPLs of 45% of equity at end-3Q13
(end-2012: 31%, end-2011: 30%) UB's capital remains vulnerable to
further loan deterioration. UB's Fitch core capital ratio
decreased to 14.5% at end-3Q13 (end-2012: 16.2%), mainly due to
loan growth.

In addition, the decline in UB's consolidated regulatory core
capital adequacy ratio to 13.7% at end-3Q13 from 17.7% at end-2012
reflects losses from the consolidation of Serendib Capital Limited
to comply with new accounting standards in Sri Lanka. UB
transferred its non-performing assets to Serendib Capital Limited,
a special purpose vehicle, in 2003. UB's investment in Serendib
Capital Limited is in the form of a deeply discounted bond that
the latter issued in 2003 as part of UB's recapitalisation. The
bond is guaranteed by Sampath Bank Plc (AA-(lka)/Stable).

UB recorded deposit growth of 21% in 9M13 resulting in a decrease
in its loans/deposits ratio to 88.8% at end-3Q13 from 92.5% at end
-2012. Fitch believes that the share of current and savings
deposits in UB's total deposit base is likely to continue to be
smaller than that of its more established peers.

Rating Sensitivities:

Continuously aggressive loan growth or loose underwriting
standards may result in a rating downgrade if they were to lead to
further significant capital erosion or materially hamper the
group's liquidity.

An upgrade is contingent on ongoing improvements to UB's risk
management processes and systems, which should provide the bank
with a more robust framework to manage its expansion and enable it
to maintain adequate loan quality and capitalisation.

UB is a small licensed commercial bank accounting for less than 1%
of the Sri Lankan banking sector's assets. Vista Knowledge Limited
and Select Gain Limited, which are companies associated with
Malaysia's Genting Berhad, together hold 25.2% of UB's equity
while Sampath Bank PLC holds a further 7.5%. The bank had 45
branches at end-3Q13. UB's subsidiaries include UB Finance
Limited) and National Asset Management Limited.



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


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

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


AUSTRALIA

AAT CORP LTD           AATDA          32.50      -13.46
ARASOR INTERNATI       ARR            19.21      -26.52
ATLANTIC LTD           ATI           490.17      -25.68
AUSTRALIAN ZI-PP       AZCCA          77.75       -2.57
AUSTRALIAN ZIRC        AZC            77.75       -2.57
BIRON APPAREL LT       BIC            19.71       -2.22
BOUNTY MINING LT       BNT            10.54       -0.94
CLARITY OSS LTD        CYO            37.13      -13.75
CMA CORP LTD           CMV           127.41      -51.00
CWH RESOURCES LT       CWH            10.71       -3.03
LANEWAY RESOURCE       LNY            10.84      -11.48
NATURAL FUEL LTD       NFL            19.38     -121.51
PENRICE SODA HOL       PSH           122.46      -26.85
QUICKFLIX LTD          QFX            11.48       -5.34
QUICKFLIX LTD-N        QFXN           11.48       -5.34
REDBANK ENERGY L       AEJ           300.67      -20.13
RIVERCITY MOTORW       RCY           386.88     -809.13
RUBICOR GROUP LT       RUB            45.20      -75.31
STERLING PLANTAT       SBI            59.08       -6.07
STIRLING RESOURC       SRE            16.53       -8.12
STRAITS RESOURCE       SRQ           208.51      -29.73
SWAN GOLD MINING       SWA            36.43       -9.08
TZ LTD                 TZL            12.88       -8.73


CHINA

ANHUI GUOTONG-A        600444         79.12      -10.53
CHANG JIANG-A          520           770.91     -176.56
CHINA GREAT LAND       CGL            16.52      -19.01
CHINA OILFIELD T       COT            22.00      -16.71
FORGAME HOLDINGS       484            83.73      -21.92
HEBEI BAOSHUO -A       600155        114.00     -104.15
HUASU HOLDINGS-A       509            77.77      -39.31
HULUDAO ZINC-A         751           507.79     -532.25
HUNAN TIANYI-A         908            59.37       -1.14
JIANGSU ZHONGDA        600074        338.59      -29.88
NANNING CHEMIC-A       600301        391.41      -43.60
QINGDAO YELLOW         600579        122.36      -71.04
QINGHAI SUNSHI-A       600381        394.70      -78.28
SHENZ CHINA BI-A       17             28.50     -283.65
SHENZ CHINA BI-B       200017         28.50     -283.65
SHIJIAZHUANG D-A       958           241.31     -111.50
SHUNFENG PHOTOVO       1165          411.73      -51.06
TAIYUAN TIANLO-A       600234         63.28      -17.71
WUHAN BOILER-B         200770        217.13     -213.03
WUHAN XIANGLON-A       600769         77.45     -103.43
YUNNAN JINGGU FO       600265         84.92       -2.90


HONG KONG

BIRMINGHAM INTER       2309           63.14       -6.89
BUILDMORE INTL         108            17.36      -70.34
CHINA HEALTHCARE       673            37.65       -0.40
CHINA OCEAN SHIP       651           248.21     -106.72
CNC HOLDINGS           8356           99.16       -9.03
CROSBY CAPITAL         8088           16.40      -20.27
EFORCE HLDGS LTD       943            60.73       -9.56
FU JI FOOD & CAT       1175           16.51     -156.68
GRANDE HLDG            186           255.10     -208.18
ICUBE TECHNOLOGY       139            18.87       -0.43
INNO-TECH HLDGS        8202           84.54     -116.82
LANGHAM HOSPITAL       1270          684.55      -86.21
LONG SUCCESS INT       8017           50.05       -7.44
MASCOTTE HLDGS         136           161.39      -30.38
MEGA EXPO HOLDIN       1360           17.00       -0.53
MELCOLOT LTD           8198           13.69      -28.83
PALADIN LTD            495           159.65       -9.17
PROVIEW INTL HLD       334           314.87     -294.85
SINO RESOURCES G       223            29.34      -24.77
SURFACE MOUNT          SMT            32.88      -10.68
U-RIGHT INTL HLD       627            15.56     -203.41
VXL CAPITAL LTD        727            74.79       -0.16


INDONESIA

APAC CITRA CENT        MYTX          176.66       -6.99
ARPENI PRATAMA         APOL          249.84     -319.77
ASIA PACIFIC           POLY          392.41     -827.79
BUMI RESOURCES         BUMI        7,027.47      -18.17
ICTSI JASA PRIMA       KARW           55.02       -5.29
JAKARTA KYOEI ST       JKSW           24.92      -34.90
MATAHARI DEPT          LPPF          209.66      -89.74
ONIX CAPITAL TBK       OCAP           13.22       -1.03
PRIMARINDO ASIA        BIMA           11.14      -18.88
RENUKA COALINDO        SQMI           15.64       -0.26
SUMALINDO LESTAR       SULI          114.51       -5.85
UNITEX TBK             UNTX           18.54      -18.35


INDIA

ABHISHEK CORPORA       ABSC           53.66      -25.51
AGRO DUTCH INDUS       ADF            85.09      -22.81
ALPS INDUS LTD         ALPI          201.29      -41.70
AMIT SPINNING          AMSP           12.85       -7.68
ARTSON ENGR            ART            11.81      -10.16
ASHAPURA MINECHE       ASMN          161.89      -51.58
ASHIMA LTD             ASHM           63.23      -48.94
ATV PROJECTS           ATV            48.47      -43.93
BELLARY STEELS         BSAL          451.68     -108.50
BENZO PETRO INTL       BPI            26.77       -1.05
BHAGHEERATHA ENG       BGEL           22.65      -28.20
BLUE BIRD INDIA        BIRD          122.02      -59.13
CELEBRITY FASHIO       CFLI           24.96       -8.26
CHESLIND TEXTILE       CTX            20.51       -0.03
CLASSIC DIAMONDS       CLD            66.26       -6.84
COMPUTERSKILL          CPS            14.90       -7.56
DCM FINANCIAL SE       DCMFS          18.46       -9.46
DFL INFRASTRUCTU       DLFI           42.74       -6.49
DIGJAM LTD             DGJM           99.41      -22.59
DISH TV INDIA          DITV          579.01      -28.55
DISH TV INDI-SLB       DITV/S        579.01      -28.55
DUNCANS INDUS          DAI           122.76     -227.05
ENSO SECUTRACK         ENSO           15.57       -0.46
EURO CERAMICS          EUCL          110.62       -6.83
EURO MULTIVISION       EURO           36.94       -9.95
FERT & CHEM TRAV       FCT           311.92      -35.19
GANESH BENZOPLST       GBP            44.05      -15.48
GANGOTRI TEXTILE       GNTX           54.67      -14.22
GOKAK TEXTILES L       GTEX           46.36       -0.29
GOLDEN TOBACCO         GTO            97.40      -18.24
GSL INDIA LTD          GSL            29.86      -42.42
GSL NOVA PETROCH       GSLN           16.53       -1.31
GUJARAT STATE FI       GSF            10.26     -303.64
GUPTA SYNTHETICS       GUSYN          44.18       -6.34
HARYANA STEEL          HYSA           10.83       -5.91
HEALTHFORE TECHN       HTEC           14.74      -46.64
HINDUSTAN ORGAN        HOC            74.72      -24.07
HINDUSTAN PHOTO        HPHT           49.58   -1,832.65
HMT LTD                HMT           108.71     -572.12
ICDS                   ICDS           13.30       -6.17
INDAGE RESTAURAN       IRL            15.11       -2.35
INTEGRAT FINANCE       IFC            49.83      -51.32
JCT ELECTRONICS        JCTE           80.08      -76.70
JENSON & NIC LTD       JN             16.49      -71.70
JET AIRWAYS IND        JETIN       3,368.77     -335.45
JET AIRWAYS -SLB       JETIN/S     3,368.77     -335.45
JOG ENGINEERING        VMJ            45.90       -5.28
KALYANPUR CEMENT       KCEM           23.39      -42.66
KANCO ENTERPRISE       KANE           10.59       -4.93
KERALA AYURVEDA        KERL           13.97       -1.69
KIDUJA INDIA           KDJ            11.16       -3.43
KINGFISHER AIR         KAIR          515.93   -2,371.26
KINGFISHER A-SLB       KAIR/S        515.93   -2,371.26
KITPLY INDS LTD        KIT            14.77      -58.78
KLG SYSTEL LTD         KLGS           40.64      -27.37
LML LTD                LML            43.95      -78.18
MADRAS FERTILIZE       MDF           167.72      -56.20
MAHA RASHTRA APE       MHAC           14.49      -12.96
MAHANAGAR TELE         MTNL        4,845.41     -511.72
MAHANAGAR TE-SLB       MTNL/S      4,845.41     -511.72
MALWA COTTON           MCSM           44.14      -24.79
MILTON PLASTICS        MILT           17.67      -51.22
MODERN DAIRIES         MRD            38.61       -3.81
MOSER BAER INDIA       MBI           727.13     -165.63
MOSER BAER -SLB        MBI/S         727.13     -165.63
MTZ POLYFILMS LT       TBE            31.94       -2.57
MURLI INDUSTRIES       MRLI          262.39      -38.30
MYSORE PAPER           MSPM           87.99       -8.12
NATL STAND INDI        NTSD           22.09       -0.73
NAVCOM INDUS LTD       NOP            10.19       -3.53
NICCO CORP LTD         NICC           71.84       -4.91
NICCO UCO ALLIAN       NICU           23.25      -83.90
NK INDUS LTD           NKI           141.35       -7.71
NRC LTD                NTRY           63.70      -53.01
NUCHEM LTD             NUC            24.72       -1.60
PANCHMAHAL STEEL       PMS            51.02       -0.33
PARAMOUNT COMM         PRMC          124.96       -0.52
PARASRAMPUR SYN        PPS            99.06     -307.14
PAREKH PLATINUM        PKPL           61.08      -88.85
PIONEER DISTILLE       PND            53.74       -5.62
PREMIER INDS LTD       PRMI           11.61       -6.09
PRIYADARSHINI SP       PYSM           20.80       -2.28
QUADRANT TELEVEN       QDTV          150.43     -137.48
QUINTEGRA SOLUTI       QSL            16.76      -17.45
RAMSARUP INDUSTR       RAMI          433.89      -89.28
RATHI ISPAT LTD        RTIS           44.56       -3.93
RELIANCE BROADCA       RBN            86.97       -0.59
RELIANCE MEDIAWO       RMW           425.22      -21.31
RELIANCE MED-SLB       RMW/S         425.22      -21.31
RENOWNED AUTO PR       RAP            14.12       -1.25
RMG ALLOY STEEL        RMG            66.61      -12.99
ROLLATAINERS LTD       RLT            22.97      -22.24
ROYAL CUSHION          RCVP           14.70      -75.18
SAAG RR INFRA LT       SAAG           12.54       -4.93
SADHANA NITRO          SNC            16.74       -0.58
SANATHNAGAR ENTE       SNEL           49.23       -6.78
SANCIA GLOBAL IN       SGIL           78.82      -25.13
SBEC SUGAR LTD         SBECS          92.44       -5.61
SCOOTERS INDIA         SCTR           19.75      -13.35
SERVALAK PAP LTD       SLPL           61.57       -7.63
SHAH ALLOYS LTD        SA            168.13      -81.60
SHALIMAR WIRES         SWRI           22.79      -27.18
SHAMKEN COTSYN         SHC            23.13       -6.17
SHAMKEN MULTIFAB       SHM            60.55      -13.26
SHAMKEN SPINNERS       SSP            42.18      -16.76
SHREE GANESH FOR       SGFO           44.50       -2.89
SHREE KRISHNA          SHKP           14.62       -0.92
SHREE RAMA MULTI       SRMT           38.90       -4.49
SIDDHARTHA TUBES       SDT            75.90      -11.45
SIMBHAOLI SUGAR        SBSM          268.76      -54.47
SITI CABLE NETWO       SCNL          219.45       -9.68
SPICEJET LTD           SJET          563.64      -41.19
SQL STAR INTL          SQL            10.58       -3.28
STATE TRADING CO       STC           826.29     -276.56
STELCO STRIPS          STLS           14.90       -5.27
STI INDIA LTD          STIB           21.69       -2.13
STL GLOBAL LTD         SHGL           30.73       -5.62
STORE ONE RETAIL       SORI           15.48      -59.09
SUPER FORGINGS         SFS            14.62       -7.00
SURYA PHARMA           SUPH          370.28       -9.97
TAMILNADU JAI          TNJB           17.07       -1.00
TATA METALIKS          TML           156.70       -5.36
TATA TELESERVICE       TTLS        1,311.30     -138.25
TATA TELE-SLB          TTLS/S      1,311.30     -138.25
TODAYS WRITING         TWPL           18.58      -25.67
TRIUMPH INTL           OXIF           58.46      -14.18
TRIVENI GLASS          TRSG           19.71      -10.45
TUTICORIN ALKALI       TACF           19.86      -19.58
UDAIPUR CEMENT W       UCW            11.38      -10.53
UNIFLEX CABLES         UFCZ           47.46       -7.49
UNIWORTH LTD           WW            149.50     -151.14
UNIWORTH TEXTILE       FBW            22.54      -35.03
USHA INDIA LTD         USHA           12.06      -54.51
VANASTHALI TEXT        VTI            14.59       -5.80
VENUS SUGAR LTD        VS             11.06       -1.08
WANBURY LTD            WANB          141.86       -3.91


JAPAN

FLIGHT HOLDINGS        3753           10.10       -2.62
GOYO FOODS INDUS       2230           11.79       -1.51
HARAKOSAN CO           8894          186.55       -8.07
IDEA INTERNATION       3140           23.66       -0.08
KANMONKAI CO LTD       3372           42.64       -0.81


KOREA

DVS KOREA CO LTD       46400          17.40       -1.20
HS R&A CO LTD          13520       1,081.63       -0.57
KC FEED CO LTD         25880         111.24        0.00
NARA KIC LTD           7460          155.88       -1.85
ORIENTAL PRECISI       14940         224.92      -79.83
ROCKET ELEC-PFD        425           111.09       -0.42
ROCKET ELECTRIC        420           111.09       -0.42
SHINIL ENG CO          14350         199.04       -2.53
SSANGYONG ENGINE       12650       1,231.13     -119.47
STX OFFSHORE & S       67250       7,627.42   -1,124.38
TEC & CO               8900          139.98      -16.61
TONGYANG NETWORK       30790         311.91      -36.46
WOONGJIN HOLDING       16880       2,197.34     -635.50


MALAYSIA

HAISAN RESOURCES       HRB            41.31      -11.54
HO HUP CONSTR CO       HO             59.28      -16.64
PETROL ONE RESOU       PORB           51.39       -4.00
SILVER BIRD GROU       SBG            41.63      -34.19
SUMATEC RESOURCE       SMTC          169.12      -26.18
VTI VINTAGE BHD        VTI            17.74       -3.63


NEW ZEALAND

NZF GROUP LTD          NZF            11.69       -4.60
PULSE UTILITIES        PLU            11.29       -3.44


PHILIPPINES

CYBER BAY CORP         CYBR           14.26      -20.51
FIL ESTATE CORP        FC             40.90      -15.77
FILSYN CORP A          FYN            23.11      -11.69
FILSYN CORP. B         FYNB           23.11      -11.69
GOTESCO LAND-A         GO             21.76      -19.21
GOTESCO LAND-B         GOB            21.76      -19.21
LIBERTY TELECOMS       LIB           113.23      -14.81
MRC ALLIED INC         MRC            27.06       -2.56
PICOP RESOURCES        PCP           105.66      -23.33
STENIEL MFG            STN            21.07      -11.96
UNIWIDE HOLDINGS       UW             50.36      -57.19


SINGAPORE

ADVANCE SCT LTD        ASCT           19.68      -22.46
HL GLOBAL ENTERP       HLGE           83.11       -4.63
IGG INC                8002           21.53      -55.84
SCIGEN LTD-CUFS        SIE            68.70      -42.35
SUNMOON FOOD COM       SMOON          20.26      -17.36
TT INTERNATIONAL       TTI           298.35      -82.84
UNITED FIBER SYS       UFS            65.52      -56.60


THAILAND

ABICO HLDGS-F          ABICO/F        15.28       -4.40
ABICO HOLDINGS         ABICO          15.28       -4.40
ABICO HOLD-NVDR        ABICO-R        15.28       -4.40
ASCON CONSTR-NVD       ASCON-R        59.78       -3.37
ASCON CONSTRUCT        ASCON          59.78       -3.37
ASCON CONSTRU-FO       ASCON/F        59.78       -3.37
BANGKOK RUBBER         BRC            77.91     -114.37
BANGKOK RUBBER-F       BRC/F          77.91     -114.37
BANGKOK RUB-NVDR       BRC-R          77.91     -114.37
CALIFORNIA W-NVD       CAWOW-R        28.07      -11.94
CALIFORNIA WO-FO       CAWOW/F        28.07      -11.94
CALIFORNIA WOW X       CAWOW          28.07      -11.94
CIRCUIT ELEC PCL       CIRKIT         16.79      -96.30
CIRCUIT ELEC-FRN       CIRKIT/F       16.79      -96.30
CIRCUIT ELE-NVDR       CIRKIT-R       16.79      -96.30
DATAMAT PCL            DTM            12.69       -6.13
DATAMAT PCL-NVDR       DTM-R          12.69       -6.13
DATAMAT PLC-F          DTM/F          12.69       -6.13
ITV PCL                ITV            36.02     -121.94
ITV PCL-FOREIGN        ITV/F          36.02     -121.94
ITV PCL-NVDR           ITV-R          36.02     -121.94
K-TECH CONSTRUCT       KTECH          38.87      -46.47
K-TECH CONSTRUCT       KTECH/F        38.87      -46.47
K-TECH CONTRU-R        KTECH-R        38.87      -46.47
KUANG PEI SAN          POMPUI         17.70      -12.74
KUANG PEI SAN-F        POMPUI/F       17.70      -12.74
KUANG PEI-NVDR         POMPUI-R       17.70      -12.74
MANGPONG 1989 PC       MPG            11.83       -0.91
MANGPONG 1989 PC       MPG/F          11.83       -0.91
MANGPONG 19-NVDR       MPG-R          11.83       -0.91
PATKOL PCL             PATKL          52.89      -30.64
PATKOL PCL-FORGN       PATKL/F        52.89      -30.64
PATKOL PCL-NVDR        PATKL-R        52.89      -30.64
PICNIC CORP-NVDR       PICNI-R       101.18     -175.61
PICNIC CORPORATI       PICNI         101.18     -175.61
PICNIC CORPORATI       PICNI/F       101.18     -175.61
SAHAMITR PRESS-F       SMPC/F         27.92       -1.48
SAHAMITR PRESSUR       SMPC           27.92       -1.48
SAHAMITR PR-NVDR       SMPC-R         27.92       -1.48
SHUN THAI RUBBER       STHAI          19.89       -0.59
SHUN THAI RUBB-F       STHAI/F        19.89       -0.59
SHUN THAI RUBB-N       STHAI-R        19.89       -0.59
SUNWOOD INDS PCL       SUN            19.86      -13.03
SUNWOOD INDS-F         SUN/F          19.86      -13.03
SUNWOOD INDS-NVD       SUN-R          19.86      -13.03
TONGKAH HARBOU-F       THL/F          62.30       -1.84
TONGKAH HARBOUR        THL            62.30       -1.84
TONGKAH HAR-NVDR       THL-R          62.30       -1.84
TRANG SEAFOOD          TRS            15.18       -6.61
TRANG SEAFOOD-F        TRS/F          15.18       -6.61
TRANG SFD-NVDR         TRS-R          15.18       -6.61
TT&T PCL               TTNT          589.80     -223.22
TT&T PCL-NVDR          TTNT-R        589.80     -223.22
TT&T PUBLIC CO-F       TTNT/F        589.80     -223.22
WORLD CORP -NVDR       WORLD-R        15.72      -10.10
WORLD CORP PCL         WORLD          15.72      -10.10
WORLD CORP PLC-F       WORLD/F        15.72      -10.10


TAIWAN

BEHAVIOR TECH CO       2341S          30.90       -0.22
BEHAVIOR TECH-EC       2341O          30.90       -0.22
HELIX TECH-EC          2479T          23.39      -24.12
HELIX TECH-EC IS       2479U          23.39      -24.12
HELIX TECHNOL-EC       2479S          23.39      -24.12
POWERCHIP SEM-EC       5346S       2,036.01      -52.74
TAIWAN KOL-E CRT       1606U         507.21     -147.14
TAIWAN KOLIN-EN        1606V         507.21     -147.14
TAIWAN KOLIN-ENT       1606W         507.21     -147.14
UNITED FU SHEN C       5467           12.82       -0.22



                             *********

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 ***