TCRAP_Public/131223.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

           Monday, December 23, 2013, Vol. 16, No. 253


                            Headlines


A U S T R A L I A

BRINDABELLA AIRLINES: QantasLink Helps Stranded Passengers
CREDIT UNION: S&P Affirms and Withdraws 'BB+/Negative' Rating
OZEIT PTY: Inability to Pay Debts Prompts Administration
PACT GROUP: S&P Affirms and Withdraws 'B+' Corp. Credit Rating
PERPETUAL CORPORATE: Moody's Rates AUD14MM Class E Notes 'Ba1'

ROBINS KITCHEN: Enters Administration; 300 Jobs at Risk


I N D I A

AHMEDNAGAR DISTRICT: CRISIL Suspends B- Ratings on INR110.1M Loan
AMAN HOME: ICRA Assigns 'B-' Rating to INR10cr Long Term Loans
BLA PROJECTS: CRISIL Reaffirms 'C' Ratings on INR270MM Loans
DESIGN CENTRE: CRISIL Assigns 'B+' Ratings to INR60MM Loans
EPITOME PLAST-O-PACK: ICRA Suspends 'D' Rating on INR11cr Loans

GUJARAT PEANUT: ICRA Reaffirms B+ Ratings on INR7.5cr Loans
GUPTA METAL: CARE Downgrades Ratings on INR59.81cr Loans to 'D'
J. Y. INT'L: CRISIL Suspends 'B-' Ratings on INR70MM Loans
JANTA RICE: ICRA Assigns 'B' Rating to INR4.5cr Loans
JOGMA LAMINATES: CRISIL Reaffirms 'D' Ratings on INR150MM Loans

JYOTI INGOTS: CRISIL Suspends B- Ratings on INR100.7MM Loans
KAPSONS INSULATIONS: ICRA Cuts Ratings on INR22.49cr Loans to 'D'
MANMOHAN GINNING: ICRA Reaffirms 'B+' Ratings on INR14cr Loans
MEGHRAJ INTERNATIONAL: ICRA Suspends 'B+' Rating on INR5cr Loans
MODERN RICE: ICRA Reaffirms 'B+' Rating on INR12cr Loans

PARUL FOODS: CRISIL Suspends 'B' Ratings on INR107.6MM Loans
PRAGATI AUTOMATION: CRISIL Reaffirms B+ Ratings on INR306.4M Loan
RAJHANS IMPEX: CRISIL Reaffirms 'B' Ratings on INR172.7MM Loans
RAMAN ISPAT: ICRA Reaffirms 'B+' Rating on INR4cr Loans
RAMKRUSHNA COTGIN: ICRA Assigns 'B' Ratings to INR15cr Loans

RELIABLE INDUSTRIES: ICRA Suspends 'B-/A4' Rating on INR7cr Loans
RHYTHM KNIT: CRISIL Reaffirms 'B+' Rating on INR3.9MM Loans
ROCKLAND HOTELS: ICRA Suspends 'B+' Rating on INR11.29cr Loans
ROYAL OCEANS: CRISIL Suspends 'D' Ratings on INR94.1MM Loans
S R TOWNCON: CRISIL Assigns 'B' Rating to INR250MM Cash Credit

SCHOLARS ACADEMY: CRISIL Reaffirms 'D' Ratings on INR190MM Loans
SHRI GANESH: ICRA Rates INR12cr LT Bank Loans at 'B+'
SREEJA TRADERS: ICRA Suspends 'B' Rating on INR20cr Loans
SUNRAJ CYCLE: ICRA Assigns 'B' Ratings to INR9.2cr Loans
VARIETY LUMBERS: CARE Cuts Rating on INR17cr Bank Loans to 'D'

VISHNU CARRIERS: ICRA Assigns 'C' Rating to INR9cr Loan


I N D O N E S I A

HUMPUSS INTERMODA: Shareholders OK New Debt Settlement Deal


J A P A N

KAWASAKI KISEN: Moody's Assigns Ba2 CFR with Stable Outlook
TAIYO TMK SERIES 1: S&P Withdraws BB- Rating on Class B Loan


N E W  Z E A L A N D

ALLIED FARMERS: Agrees to Settle NZ$2-Mil. Debt to Speirs Group
ROSS ASSET: Liquidators to Claw Back NZ$3.8MM From 3 Investors
SOLID ENERGY: Faces Auditor-General Probe Over Virtual Collapse
VECTOR LTD: S&P Lowers Rating on Subordinated Bonds to 'BB+'


S I N G A P O R E

GENPACT LTD: S&P Raises LT CCR to From 'BB+'; Outlook Stable


S O U T H  K O R E A

HANJIN SHIPPING: Korean Air to Sell Assets to Help Sister Firm
* SOUTH KOREA: Corporate Bankruptcies Fall in November


                            - - - - -


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


BRINDABELLA AIRLINES: QantasLink Helps Stranded Passengers
----------------------------------------------------------
John Thistleton at The Canberra Times reports that QantasLink has
approval to operate on the Moree - Sydney route to help passengers
left stranded by Canberra's financially crippled Brindabella
Airlines.

Qantas will operate daily return services on Dec. 24 and Dec. 27,
moving to daily return services from December 29 until March 21,
2014, the report says.

The Canberra Times relates that Brindabella customers in Newcastle
who currently hold a valid Brindabella ticket will be eligible to
receive special relief airfares to Canberra via Sydney.

According to the report, QantasLink chief executive John Gissing
said Qantas would offer Moree customers discounted airfares
starting from AUD129, as well as special relief airfares for those
customers who were originally booked on Brindabella.

"We recognise how important access to air transport is to regional
communities, especially for medical and business purposes," the
report quotes Mr. Gissing as saying.

Customers who were booked to fly on Brindabella from Moree to
Sydney will be eligible for a special relief airfare, the report
says.

Following Brindabella's suspension of operations and subsequent
receivership, Qantas, as the national carrier, announced it would
provide impacted customers with special relief airfares and would
be looking options to help impacted communities, The Canberra
Times notes.

               Pilots Ask Receivers for Assistance

Meanwhile, Cliff Sanderson of dissolve.com.au reports that
Brindabella Airlines' pilots have called the receivers of the
company to take on personal loan liability as an employment
condition. One day following the move of the airlines to stand 140
workers down, the company required its pilots to take personal
loans out worth up to AUD30,000 as a service bond return for
expenses and training, dissolve.com.au relates.

The report notes that many reports had said that it is common for
such loans to be issued by a company like Brindabella during the
employment of the pilots. Reportedly, all flights were suspended
by Brindabella as it struggled with debt worth millions of
dollars.
                        About Brindabella

Brindabella, formed in 1994, operated up to 250 sectors a week,
with services from Canberra, Sydney and Brisbane to regional
destinations including Newcastle, Cobar, Coffs Harbour, Moree,
Mudgee, Narrabri, Newcastle, Orange and Tamworth.  It has 140
employees and operates five US-built Metroliners and seven
British-built Jetstreams. Recently Brindabella have experienced
significant maintenance and regulatory issues which have impacted
aircraft availability and services.

David Winterbottom and Sebastian Hams of KordaMentha were
appointed Receivers and Managers of the Canberra-based regional
airline Brindabella on Dec. 15, 2013.

The group consists of five companies including Brindabella
Airlines Pty Ltd, Aeropelican Air Services Pty Ltd, M/V Purchasing
Company Pty Ltd, Business Air Holdings Pty Ltd and Trand Holdings
Pty Ltd. This follows the Group's decision to ground all aircraft
not already grounded by the recent CASA directive and to cease all
passenger flights.


CREDIT UNION: S&P Affirms and Withdraws 'BB+/Negative' Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed and
then withdrawn its 'BB+/Negative' insurer financial strength and
counterparty credit ratings on Credit Union Insurance Ltd.
following a request by the insurer.


OZEIT PTY: Inability to Pay Debts Prompts Administration
--------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that OzeIT Pty Ltd has
applied for administration following its failure to pay debts.
Burton Glenn's Peter Burton -- pburton@burtonglennallen.com.au --
and Brian Allen -- ballen@burtonglennallen.com.au -- have been
appointed as administrators of the reseller that has been in
business for ten years.

A meeting with creditors is already set early in 2014,
dissolve.com.au relays.

OzeIT Pty Ltd is a provider of VoIP, managed services and cloud
solutions. Its partners include Symantec, HP, IBM, VMware and
Microsoft.


PACT GROUP: S&P Affirms and Withdraws 'B+' Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Australian-based packaging company Pact Group
Industries Pty. Ltd. (Pact), and subsequently withdrew the rating
at the request of the company.  The rating outlook before the
withdrawal was stable.  S&P has also withdrawn the 'B+' ratings on
Pact's A$75 million and NZ$30 million bank loan (due May 29,
2018), and on its US$885 million term loan B (due May 29, 2020).

On Dec. 17, 2013, Pact completed its initial public offering (IPO)
and was listed on the Australian Stock Exchange.  The public
company status will increase transparency on the company's
strategy, operations, and financial performance.  This is offset
by S&P's expectation that the IPO will provide additional funding
sources for expansion of the business into Asia.

Pact has set up new bank facilities that were used to repurchase
the US$885 million term loan B notes.


PERPETUAL CORPORATE: Moody's Rates AUD14MM Class E Notes 'Ba1'
-------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
to be issued by Perpetual Corporate Trust Limited as trustee of
the Crusade ABS Series 2013-1 Trust.

Moody's rating action is as follows:

Issuer: Crusade ABS Series 2013-1 Trust

AUD840.0 million Class A Notes, Assigned Aaa (sf)

AUD40.0 million Class B Notes, Assigned Aa2 (sf)

AUD30.0 million Class C Notes, Assigned A1 (sf)

AUD24.0 million Class D Notes, Assigned Baa1 (sf)

AUD14.0 million Class E Notes, Assigned Ba1 (sf)

Moody's does not rate the AUD52.0 million in seller notes.

This Australian prime ABS transaction is a cash securitisation of
receivables from loans to obligors in Australia. The transaction
has a substitution period of 12 months from the first payment
date, subject to amortisation triggers and portfolio parameters.
The portfolio consists of consumer finance, commercial hire
purchase, goods loans (chattel mortgage) and finance lease
receivables secured by motor vehicles. All receivables were
originated by St. George Finance Limited, a wholly owned
subsidiary of Westpac Banking Corporation. This is St. George's
fifth auto ABS transaction and its second since merging with
Westpac.

The ratings address the expected loss to investors by the legal
final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.

Ratings Rationale:

The structure of Crusade Series 2013-1 Trust is similar to that of
previous Crusade transactions sponsored by St. George. One notable
feature of this transaction is the 12-month substitution period.

The portfolio contains a high percentage, 68.35%, of loans to
retail consumer obligors. The transaction is backed exclusively by
motor vehicles, predominantly passenger vehicles. Motor vehicle
default patterns are less pro-cyclical and, on average, recovery
rates are higher than other asset classes such as equipment. Thus,
the characteristics of the Crusade ABS Series 2013-1 Trust
portfolio are similar to its peers' portfolios.

To fund the purchase price of the portfolio, the trust will issue
six classes of notes. The notes will pay down sequentially at
first, until subordination increases from the initial 16% to 19%,
and then sequentially again during the tail end of the
transaction. At all other times, the notes will pay down pro rata,
subject to performance criteria such as there being no
unreimbursed charge-offs on any class of note. The principal
paydown structure is comparable to other structures in the
Australian ABS market in recent years.

The substitution period is not common in Australian term ABS
transactions. The substitution (revolving) period of 12 months
after the first payment date allows the trust to use available
principal to purchase additional receivables to replenish the
pool.

The substitution period is subject to performance triggers that
will stop the trustee from purchasing further receivables. These
triggers include the following:

charge-offs that exceed 1% of the aggregate initial principal
balance of all notes;

average 90-day delinquencies during the immediately preceding 3
months that constitute more than 3% of the portfolio.

During the substitution period, the trustee can purchase
receivables only if they meet the eligibility criteria and if,
after the purchase, the portfolio remains within the portfolio
parameters. Moody's has assessed the impact of the substitution
period on the credit quality of the portfolio and transaction
structure with regard to, among other factors, the effect on the
timing of defaults for receivables sold into the trust during the
substitution period, in light of the original portfolio's
seasoning. Moody's has also considered the risk of an increase in
default probability if, during the substitution period, the trust
purchases lower quality receivables than were in the original
pool.

Finally, if Westpac does not use all of the monthly principal
collections to purchase additional receivables, it can hold
monthly collections up to an amount equal to 25% of the initial
note balance in cash. Given that this cash will not be part of the
interest rate swap, Moody's has factored into its analysis the
potential for negative carry during the substitution period.

Moody's base case assumptions are a default rate of 3% and a
recovery rate of 35%, which imply an expected (net) loss of 1.95%.
Moody's has stressed the default rate to the historical level of
2.48% and the recovery rate to the historical level of 44.69%.

Factors That Would Lead to an Upgrade or Downgrade of the Rating

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the market for used vehicle
are primary drivers of performance.

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors or lower recoveries on defaulted
loans. The Australian job market and the market for used vehicles
are primary drivers of performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit quality
of transaction counterparties, lack of transactional governance
and fraud.

Moody's Parameter Sensitivities: If the default rate rises to 6%
(double Moody's assumption of 3%) and recovery rates are reduced
to 10% (less than half Moody's assumption of 35%) then the model-
indicated rating for the Class A notes and Class B notes drops six
and nine notches to A3 and Ba2 respectively.


ROBINS KITCHEN: Enters Administration; 300 Jobs at Risk
-------------------------------------------------------
Melinda Oliver at SmartCompany reports that Lineville Pty Ltd,
which trades as Robins Kitchen, has entered voluntary
administration with the future of approximately 300 staff
uncertain.

Administrators John Park -- john.park@fticonsulting.com --,
Kelly Trenfield -- kelly.trenfield@fticonsulting.com -- and
Quentin Olde -- quentin.olde@fticonsulting.com -- will take care
of proceedings, with the first creditors meeting to be held on
December 30 in Brisbane, the report relates.

SmartCompany says the administrators reported they are reviewing
the financial status of the business, with a view to potentially
restructuring the company or selling the business.

They also said an "orderly wind down" could be the outcome, the
report notes.

According to SmartCompany, the administrators expect that all
stores will remain open until at least Christmas Eve next week.

"We acknowledge that the timing of voluntary administration so
close to Christmas is going to create additional uncertainty for
employees and customers, which is difficult and unfortunate for
all," the report quotes Mr. Park as saying.  "It is our intention
to work with all parties in an effort to minimise this impact
where possible."

Robins Kitchen is a kitchenware retailer. It operates 55 stores
across Queensland, New South Wales and the ACT and has
approximately 300 staff.  In addition to the bricks and mortar
stores, Robins Kitchen also operates an online division, which
sells kitchen products from well-known brands including Circulon,
Anna Gare, Baccarat, Mundial and Wustof.



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


AHMEDNAGAR DISTRICT: CRISIL Suspends B- Ratings on INR110.1M Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ahmednagar District Goat Rearing & Processing Co-operative
Federation Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              17.5     CRISIL B-/Negative Suspended
   Rupee Term Loan          92.6     CRISIL B-/Negative Suspended

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

AGFL was formed in 1993 for establishing a modern processing plant
to slaughter goats and sheep supplied by members of the
federation. The AGFL proposes to construct a new modern abattoir
for sheep and goats on a 4.80-hectare land plot, with capacity to
slaughter 1600 goats/sheep per day (200 per hour). The total cost
of the project is about INR220 million, which is to be funded by
equity of INR29.4 million, central government subsidy of INR98.2
million and term loan of INR93.1 million. As on date, about INR90
million of the capital expenditure programme has been undertaken,
with land having been procured and about 50 per cent of the
building construction done. Also, orders for machinery are being
placed.


AMAN HOME: ICRA Assigns 'B-' Rating to INR10cr Long Term Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to the INR10.00
crores fund based bank facilities of Aman Home Appliances Pvt.
Ltd.

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

The assigned rating is constrained by limited track of operation
of the promoters in solar industry, and significant technical
risks arising from the limited track record of utility scale solar
power projects in India. Further, solar photovoltaic projects have
relatively high capital cost/Mw(-INR10 crore /Mw for AHAPL) which
makes their power uncompetitive vis--vis other conventional power
sources. Further the company has availed term loans of INR8.0
crores for setting up 1 MW solar power plant, in case of absence
of revenues from RECs the cash flows of the project will not be
sufficient to service the debt obligations. However these
weaknesses are offset by successful commissioning of the company's
1 MW solar power project at Jodhpur, Rajasthan thus mitigating the
execution and cost over runs risks. The rating also takes into
account firm PPA in place with JVVNL at APPC presently at INR2.75
per unit. Going forward the company's ability to generate
sufficient cash flows to service debt in a timely manner will be
key rating sensitivities.

Recent Results:

As per the provisionals AHAPL reported a net profit of INR0.31
crores on an operating income of INR0.60 crores for the half year
ended September 30, 2013.

Company was established in the year 2008 and was initially engaged
in business of trading home appliances. In FY12 company entered in
the business of solar energy generation under the name of Aman
Saur Urja. Aman Saur Urja is engaged in solar energy generation
and entire generation is supplied to JVVNL. Installed capacity of
the solar plant is 1 Mw. Head Office of the company is located at
Sector 10, Noida and solar plant is located at Village Lumbania,
Jodhpur (Rajasthan).


BLA PROJECTS: CRISIL Reaffirms 'C' Ratings on INR270MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of BLA Projects Pvt. Ltd
continues to reflect the instances of delays by BLAPPL in
servicing its debt (not rated by CRISIL); the delays have been
caused by the company's weak liquidity resulting from its large
working capital requirements. These rating weaknesses are
partially offset by the benefits that BLAPPL derives from its
promoters extensive industry experience, its moderate order book
providing revenue visibility, and its comfortable capital
structure.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            890     CRISIL A4 (Reaffirmed)

   Cash Credit               196.8   CRISIL C (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility         44.0   CRISIL C (Reaffirmed)

   Term Loan                  29.2   CRISIL C (Reaffirmed)

Update

BLAPPL reported operating income of around INR 1.46 billion in
2012-13 as against that of INR 1.51 billion in 2012-13 largely on
account of its healthy order book position. The operating margins
also continued to remain in the range of 15.5-16.5 per cent for
2012-13. The overall operations of the company though continued to
be constrained by large working capital requirements reflected in
its gross current assets of 235 days as on March 31, 2013. On
account of the large working capital requirements the utilization
of the bank limits remained high at around 95 per cent for the
past 12 months ended August 2013. The capital structure of BLAPPL
though continued to be above average with gearing of around 1.1
times and interest coverage of around 2.75 times in 2012-13.

BLAPPL (formerly, Bonwari Lal Agarwal Pvt Ltd) was reconstituted
as a private limited company in 1998. It undertakes turnkey
projects for extraction of coal and removal of overburden for
subsidiaries of Coal India Ltd (rated 'CRISIL AAA/Stable/CRISIL
A1+' by CRISIL). BLAPPL also undertakes construction and
maintenance of road projects. BLAPPL is promoted by the Kolkata
(West Bengal)-based Agarwal family.


DESIGN CENTRE: CRISIL Assigns 'B+' Ratings to INR60MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Design Centre.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Working
   Capital Facility         25.4     CRISIL B+/Stable

   Proposed Term Loan        2.5     CRISIL B+/Stable

   Medium Term Loan          2.1     CRISIL B+/Stable

   Bank Guarantee           20.0     CRISIL A4

   Cash Credit              30.0     CRISIL B+/Stable

The ratings reflect DC's small scale of operations and below-
average financial risk profile, marked by a small net worth. These
rating weaknesses are partially offset by the extensive experience
of DC's promoters in the interior design industry.

Outlook: Stable

CRISIL believes that DC will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' in case of significant improvement in
the firm's scale of operations and profitability, or substantial
equity infusion, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if DC's
revenues and margins decline, most likely due to delay in
execution of various projects, or if its working capital
management deteriorates, resulting in a stretch in its liquidity,
or if it undertakes a large debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile.

DC, established in 1985, is a partnership concern owned by Mr.
Frederick Vincent and his daughter Ms. Amrita Vincent. The firm
provides end-to-end interior design solutions.

DC reported a profit after tax (PAT) of INR2.63 million on an
operating income of INR100.57 million for 2012-13 (refers to
financial year, April 1 to March 31), vis--vis a PAT of INR1.88
million on an operating income of INR81.29 million for 2011-12.


EPITOME PLAST-O-PACK: ICRA Suspends 'D' Rating on INR11cr Loans
---------------------------------------------------------------
ICRA has suspended the '[ICRA]D' rating assigned to the INR11.00
crore bank facilities of Epitome Plast-O-Pack Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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

EPOPPL is a part of the Kolkata based Epitome Group. The company
has facilities for manufacturing PET preforms (installed capacity
of 2310 TPA), PET bottles (installed capacity 330 TPA) and HDPE
bottles (installed capacity 330 TPA) at its unit located in
Manpur, Sikkim. The company was incorporated in 2005 as JNRT
Commercial Private and was taken over by the Epitome Group in
2009.


GUJARAT PEANUT: ICRA Reaffirms B+ Ratings on INR7.5cr Loans
-----------------------------------------------------------
ICRA has reaffirmed a rating of '[ICRA]B+' to the INR4.50 crore
fund based cash credit facility and to the INR3.00 crore term loan
facility of Gujarat Peanut Products Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit Limit      4.50      [ICRA]B+ reaffirmed
   Term Loan Limit        3.00      [ICRA]B+ reaffirmed

The rating continues to be constrained by Gujarat Peanuts Products
Private Limited's relatively modest scale of operation, high
dependence on group concern for selling its product and weak
financial risk profile as indicated by low accruals, adverse
capital structure and weak debt protections indicators. The rating
further takes into account the highly competitive business
environment in the agro-commodities trading business resulting in
low margins. ICRA also takes note of the vulnerability of earnings
to any adverse regulatory changes, fluctuations in availability
and prices of raw material, though the order backed procurement
mitigates the price fluctuation risk to a large extent.

The rating, however, positively considers the experience of the
promoters in agro commodities trading, steady growth in operating
income driven by its diversified product portfolio, favorable
location of the company with proximity to various agro commodities
cultivated in the region and stable prospects for its product
line.

Incorporated in 2005, GPPPL is promoted by the Chug family who
have been associated with this business for more than three
decades. GPPPL is primarily engaged in the trading and processing
such as cleaning, sorting, grading and packaging of agro-
commodities including groundnuts (shelling is also done), sesame
seeds, cumin seeds, wheat, spices, pulses, etc. GPPPL has a
processing unit in Rajkot, Gujarat with a production capacity of 5
MT (Metric Ton) of agro-products per hour.

Recent Results

The company has achieved an operating income of INR27.60 crore and
a PAT (profit after taxes) of INR0.07 crore during FY 2013.


GUPTA METAL: CARE Downgrades 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
   Facilities            50.81      CARE D Revised from
                                    CARE BB

   Short-term Bank
   Facilities             9.00      CARE D Revised 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.


J. Y. INT'L: CRISIL Suspends 'B-' Ratings on INR70MM Loans
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
J. Y. International.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            38      CRISIL B-/Stable Suspended

   Post Shipment Credit   50      CRISIL A4 Suspended

   Proposed Long-Term
   Bank Loan Facility     13.2    CRISIL B-/Stable Suspended

   Term Loan              18.8    CRISIL B-/Stable Suspended

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

JYI is engaged in the manufacture and export of stainless steel
kitchenware, including stock pots, cutlery, buckets and other
accessories. The firm was founded in 2004 as a partnership between
Mr. Mehul Parekh and Mr. Pankaj Parekh; the latter left the firm
in 2005. Mr. Mehul Parekh's wife, Mrs. Yogini Parekh, joined JYI
as a partner during the same year. Before setting up the firm, the
partners manufactured circle cut steel on jobwork basis.
Currently, JYI generates about 60 per cent of its sales from
exports to Singapore, Dubai, Latin America, Canada, Ghana, the
USA, and the UK. The firm acquires steel from local manufacturers
and processes it at its plant in Vasai (Maharashtra).


JANTA RICE: ICRA Assigns 'B' Rating to INR4.5cr Loans
-----------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B' to INR4.50
crore fund based facilities (Rs. 10.50 crore enhanced from INR6.00
crore) of M/s. Janta Rice Mill. ICRA has an outstanding rating of
'[ICRA]B' for INR6.00 crore Fund Based Limits of JRM.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     4.50       [ICRA]B assigned/outstanding

The assigned rating continues to take into consideration JRM's
moderate scale of operations, low profitability metrics, high
gearing levels and weak debt protection indicators. The assigned
rating also factors in the company's high working capital
intensity and the competitive nature of the rice milling industry
which exerts pressure on the firm's operating margins. However,
the ratings favourably take into account JRM's experienced
management and long presence in the industry, along with its
concentration on export of basmati rice. Further, ICRA also takes
into account the favourable long term demand prospects of the rice
industry with India being the second largest producer and consumer
of rice in the world.

Janta Rice Mill is a partnership firm established in 1978. The
company is primarily engaged in milling of basmati and non-basmati
rice. JPSPL's milling unit is based out of Nissing, District
Karnal, Haryana, in close proximity to the local grain market.

In FY 2013, the company reported an operating income of INR22.64
crore and a net profit after tax of INR0.02 crore.


JOGMA LAMINATES: CRISIL Reaffirms 'D' Ratings on INR150MM Loans
---------------------------------------------------------------
CRISIL's rating on Jogma Laminates Industry Private Limited
continues to reflect instances of delay by JLIPL in servicing its
debt.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               80      CRISIL D (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility         2      CRISIL D (Reaffirmed)

   Term Loan                 68      CRISIL D (Reaffirmed)

JLIPL's rating is also constrained by the company's weak financial
risk profile, marked by a small net worth, high gearing, and
inadequate debt protection metrics, small scale of operations due
to start-up nature of operations, and large working capital
requirements. The company, however, benefits from the extensive
experience of JLIPL's promoter in the laminates industry.

Update

JLIPL's liquidity has remained stretched leading to delays in debt
servicing. Stretch in liquidity due to expected negative cash
accruals against term debt repayment of INR12 million in 2014-15
and dependence on short term debt to fund large and incremental
working capital requirement causing full utilisation of bank
limits. Company's operations are working capital intensive marked
by high Gross Current Asset (GCA) days of around 413 days as on
March 31, 2013 leading to full utilisation of bank limits and thus
constraining liquidity. Though liquidity is supported by unsecured
debt of INR50 million (as on March 31, 2013) from promoters, large
working capital requirements and net losses continue to constrain
its liquidity

JLIPL's sales recorded year-on-year growth of 29 percent in 2012-
13 to INR182 million; however, its inability to pass on entire raw
material price increase to customers led to reduction in operating
margins to a weak 2.4 percent in 2012-13 from 18.8 percent in
2011-12, leading to net losses and negative cash accruals.
Operating margins are expected to have improved in 2013-14 as the
company has been able to pass on the hike in input prices to
customers to some extent. Company has recorded sales of INR116
million from April to October 2013 and CRISIL expects company to
report sales of about INR180.million in 2013-14.

JLIPL reported, a net loss of INR23 million on net sales of INR182
million for 2012-13; the company reported a profit after tax (PAT)
of INR1 million on net sales of INR140 million for 2011-12.

JLIPL was incorporated in 2009 in Nagpur (Maharashtra), promoted
by Mr. Jagdish Patel, Mr. Vijay Patel, Mr. Dinesh Patel, and Mr.
Manoj Kumar Patel. It commenced operations during June 2010. JLIPL
manufactures decorated laminates used in furniture. The company
sells to various distributors of laminates in Maharashtra, Andhra
Pradesh, Rajasthan, Gujarat, Karnataka, and Tamil Nadu.


JYOTI INGOTS: CRISIL Suspends B- Ratings on INR100.7MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jyoti Ingots Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               65      CRISIL B-/Stable Suspended

   Proposed Cash
   Credit Limit              32      CRISIL B-/Stable Suspended

   Term Loan                  3.7    CRISIL B-/Stable Suspended

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

JIPL, set up in 2003 by Mr. Tarun Singhal, manufactures MS ingots
used in the rolling mills. It uses sponge, pig, and scrap iron as
raw materials to produce steel billets and ingots. It has
manufacturing capacity of 22,500 tonnes per annum of steel ingots
at its plant in Muzaffarnagar (Uttar Pradesh). The average
capacity utilisation of the plant over the past three years has
been around 60 per cent. The company has two blast furnaces; the
second one was installed in 2009-10 (refers to financial year,
April 1 to March 31).


KAPSONS INSULATIONS: ICRA Cuts Ratings on INR22.49cr Loans to 'D'
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR10.00
crore fund based limits, INR3.50 crore term loan and INR2.99 crore
unallocated bank limits of Kapsons Insulations Private Limited
from '[ICRA]B+' to '[ICRA]D'. ICRA has also revised the short term
rating assigned to INR6.00 crore non-fund based limits of KIPL
from '[ICRA]A4' to '[ICRA]D'.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund Based Limits-
   Cash Credit                  10.00      [ICRA]D - downgraded

   Term Loan                     3.50      [ICRA]D - downgraded

   Unallocated
   Bank Limits                   2.99      [ICRA]D - downgraded

   Non Fund Based
   Limits                        6.00      [ICRA]D - downgraded

The rating revision takes into account delays in servicing of debt
obligations by the company on account of significant interest
burden and repayment obligations, coupled with deterioration in
its profitability metrics and liquidity profile. KIPL's financial
profile continues to remain weak characterized by moderate scale
of operations, constrained profitability due to competitive
pressures in the enameled copper strips and wire manufacturing
industry, leveraged capital structure and modest debt protection
metrics. However, ICRA takes note of KIPL's reputed clientele,
experience of its promoters in the industry, and substantial
reduction of term loan burden by the company over the last few
years. ICRA also takes note of the order backed nature of the
company's raw material procurements and its established
relationship with suppliers.

KIPL was set up in 2007-08 by Mr. SK Sehgal, Mr. NK Sehgal and Mr.
G Sikka as a private limited company. KIPL is the group company of
Kapsons Industries Private Limited, which is involved in
electrical products manufacturing and was established in 1981.
Kapsons Insulations is engaged in manufacturing of bare &
insulated copper strips and wires, which have a wide variety of
application in electric motors, transformers and other electrical
equipments. KIPL's clientele includes reputed companies including
ABB India, Cromptons Greaves Ltd, Havells India Ltd. and Emerson
Electric. The company's manufacturing facility is located in
Jalandhar, Punjab and has a licensed capacity of 3000 MT/PA.

In FY 2012-13, KIPL reported an operating income (OI) of INR81.07
crores and net loss of INR0.09 crores.


MANMOHAN GINNING: ICRA Reaffirms 'B+' Ratings on INR14cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR12.00 crore
(enhanced form INR8.00 crore) fund-based cash credit facility of
Manmohan Ginning Industries. ICRA has also reaffirmed an
'[ICRA]A4' rating to INR0.10 crore short-term non fund based
facilities of MGI.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           12.00      [ICRA]B+ reaffirmed
   EPC/PCFC              (2.00)     [ICRA]B+ reaffirmed
   Credit Exposure
   Limit                  0.10      [ICRA]A4 reaffirmed

The ratings continue to be constrained by Manmohan Ginning
Industries' modest scale of operations and fragmented nature of
the industry entailing intense competition among the players which
restricts pricing flexibility. The rating continues to remain
constrained by weak profitability levels in the business and its
vulnerability to fluctuations in raw material prices as well as
exposure to regulatory risk with regard to export quota and
Minimum Support Price (MSP) for raw cotton fixed by the Government
of India. Also, being a partnership firm, any substantial
withdrawal by the partners can have an adverse impact on the
capital structure of the firm.  The ratings however favorably
factor in the long experience of the promoters and associates in
the cotton ginning and pressing industry as well as location
advantage resulting in easy availability of raw cotton.

Manmohan Ginning Industries was incorporated in the year 1989 as a
partnership firm and is engaged in ginning, pressing and crushing
operations. The business is owned and managed by Mr. Narendra
Lakhani along with other family members. The firm's manufacturing
facility is located in Rajkot, Gujarat. The firm is equipped with
40 ginning machines, 10 expellers and 1 fully automatic pressing
machine.

Recent Results

For the year ended 31st March, 2013, the firm reported an
operating income of INR84.85 crore with profit after tax (PAT) of
INR0.66 crore.


MEGHRAJ INTERNATIONAL: ICRA Suspends 'B+' Rating on INR5cr Loans
----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR5.0 crore fund
based limits of Meghraj International. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the comp
any.

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


MODERN RICE: ICRA Reaffirms 'B+' Rating on INR12cr Loans
--------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating assigned to the INR12 crore
fund based limits of Modern Rice and General Mills.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based limits         12        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the highly competitive
and low value additive nature of the rice milling industry which
coupled with MRGM's limited pricing power and small scale of
operations have resulted in relatively weak profitability
indicators for the firm. Further, the firm's working capital
intensive operations have been largely debt funded resulting in
high gearing and weak debt coverage indicators. ICRA also factors
in the vulnerability of firm's operations to agro climatic risks,
which can affect the pricing and availability of paddy. However,
ICRA draws comfort from the proximity of MRGM's mill to a major
rice growing area which results in easy availability of paddy and
stable demand outlook given that India is a major consumer and
exporter of rice.

Incorporated in the year 1981, Modern Rice & General Mills is a
partnership firm engaged milling of rice with an installed
capacity of 8 tons/hour. The firm has been promoted by Mr.
Davinder Malik and Mr Vinod Malik. The key raw material for the
firm is basmati paddy which is mostly procured from the "mandi" of
Karnal and Cheeka (Haryana) during the paddy buying season i.e.
September to December every year. The firm also buys paddy from
the market in off season.

Recent Results

The firm reported profit after tax of INR1.22 Crore on an
operating income of INR29.37 crores in FY 13 as against a net
profit of INR0.08 crore on an operating income of INR110.63 crores
in FY 12.


PARUL FOODS: CRISIL Suspends 'B' Ratings on INR107.6MM Loans
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Parul
Foods Specialities Private Limited.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           60       CRISIL B/Stable Suspended
   Term Loan             47.6     CRISIL B/Stable Suspended

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

Parul, incorporated in 1992, manufactures dairy products such as
milk powder, ghee, and tea/coffee whitener. The company has
capacity to process 75,000 litres of milk per day. It is managed
by two brothers Mr. Dev Raj Garg and Mr. Satish Garg. Parul is
setting up a new manufacturing facility to produce carbohydrates
(maltodextrin) from foodgrains at a total outlay of INR90 million.
The new facility will be installed in the current premises of the
company and will have a production capacity of 40 tonnes per day.


PRAGATI AUTOMATION: CRISIL Reaffirms B+ Ratings on INR306.4M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pragati Automation Pvt
Ltd continue to reflect PAPL's aggressive capital structure, large
working capital requirements, and susceptibility to cyclicality in
the automobile industry. These rating weaknesses are partially
offset by PAPL's long-standing presence in the domestic machine
tools accessories business and its established customer
relationships.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)

   Cash Credit             65.0     CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        2.5      CRISIL A4 (Reaffirmed)

   Long-Term Loan        153.6      CRISIL B+/Stable (Reaffirmed)

   Packing Credit         75.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long-Term     12.8      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that PAPL's financial risk profile, especially
liquidity, will remain constrained over the medium term due to
working capital intensive nature of its operations. The outlook
may be revised to 'Positive' if PAPL's working capital management
improves, while scaling up its operations, leading to significant
improvement in its liquidity and capital structure. Conversely,
the outlook may be revised to 'Negative' if PAPL's liquidity
deteriorates due to further stretch in its working capital cycle
or its scale of operations and profitability decline owing to weak
market scenario.

Set up in 1976 as a partnership concern, Pragati Engineering
Works, was reconstituted as a private limited company in 2002,
PAPL, based in Bengaluru (Karnataka), primarily manufactures tool
turrets, automatic tool changers, and power-chucking cylinders.
Its promoter-directors, Mr. A V Sathe, Mrs. S S Kulkarni, and Mr.
Atul S Bhirangi, have extensive experience in the business.

For 2012-13 (refers to financial year, April 1 to March 31),
PAPL's profit after tax (PAT) and net sales are estimated at
INR39.8 million and INR1.03 billion, respectively, as against a
PAT of INR56.5 million on net sales of INR1.16 billion for 2011-
12.


RAJHANS IMPEX: CRISIL Reaffirms 'B' Ratings on INR172.7MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajhans Impex Pvt Ltd
continue to reflect its below-average financial risk profile,
marked by high gearing and weak debt protection metrics.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee           8      CRISIL A4 (Reaffirmed)

   Buyer Credit Limit      59.5    CRISIL B/Stable (Reaffirmed)

   Cash Credit             72.5    CRISIL B/Stable (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility      30.7    CRISIL B/Stable (Reaffirmed)

   Term Loan               10.0    CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's modest scale of
operations, along with its susceptibility to intense industry
competition and volatility in raw material prices and foreign
exchange rates. These rating weaknesses are partially offset by
the extensive industry experience of RIPL's promoter.

Outlook: Stable

CRISIL believes that RIPL will continue to benefit from the
promoter's extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the company reports a
larger-than-expected increase in its revenues with improved
profitability, or if its financial risk profile improves
substantially, mainly driven by a fresh equity infusion.
Conversely, the outlook may be revised to 'Negative' if the
company reports low cash accruals or undertakes a debt-funded
capital expenditure (capex) programme, which could weaken its
capital structure and liquidity.

Update

RIPL's business risk profile has marginally weakened with an
operating income of INR562.9 million in 2012-13 (refers to
financial year, April 1 to March 31), lower than that in the
previous year, primarily because of a slowdown in the automobile
industry. The company's operating margin improved to 4.0 per cent
in 2012-13, from 3.6 per cent a year ago, because of better
management of raw material prices. Consequently, RIPL maintained
stable net cash accruals at INR22.6 million despite a decline of
more than 9 per cent in sales over FY2012-13. The company's
business risk profile is likely to be stable over the medium term,
on the back of its diversified customer base in the automobile,
engineering, electrical, building hardware and sanitaryware
industries. RIPL's operations have remained working-capital-
intensive, marked by gross current asset (GCAs) of 101 days as on
March 31, 2013, in line with its GCAs in the previous year.

RIPL's capital structure has improved marginally from 2012-13,
supported by better accretion to reserves, but continues to remain
aggressive with gearing of 3.56 times as on 31 March, 2013. The
company's debt protection metrics continue to be weak, with an
interest coverage ratio of 1.43 times and net cash accruals to
total debt (NCATD) ratio of 0.04 times for 2012-13; the company's
debt protection metrics could remain weak, due to its high
dependence on bank borrowings for its working capital
requirements.

RIPL was founded by Mr.Jinesh Shah in 2004. The company is based
in Jamnagar (Gujarat) and manufactures brass rods (round,
hexagonal, square, flat, or rectangular); copper alloy ingots
(brass ingots); and copper alloy billets (brass billets). RIPL's
products find application in various industries such as
engineering, electricals, electronics, automobiles, building
hardware, and sanitaryware.

For 2012-13, RIPL reported a profit after tax (PAT) of INR3.81
million on net sales of INR558.6 million, as against a PAT of
INR3.74 million on net sales of INR616.2 million for 2011-12.


RAMAN ISPAT: ICRA Reaffirms 'B+' Rating on INR4cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of Raman Ispat Private
Limited at '[ICRA]B+' for INR4.0 crore fund based facilities.
ICRA has also reaffirmed the short-term rating at '[ICRA]A4' for
INR1.0 crore non-fund based limits of RIPL.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits      4.0       [ICRA]B+ reaffirmed
   Non Fund Based
   Limits                 1.0       [ICRA]A4 reaffirmed

The ratings take into account RIPL's moderate scale of operations
in its core business of manufacturing of steel ingots; highly
competitive and fragmented nature of the industry; and
susceptibility of the company's profitability to adverse movements
in raw material prices. These factors, combined with limited value
additive nature of operations, have continued to result in low
profitability indicators for the company. Additionally though
RIPL's gearing level continues to remain relatively moderate, low
profitability has resulted in average debt protection indicators.
ICRA however draws comfort from the long experience of the
promoters in the industry; steady increase in manufacturing
volumes achieved by the company; and RIPL's wide customer base.
Going forward an increase in RIPL's scale of operations and
profitability in light of competitive pressures will remain the
key rating sensitivities.

Raman Ispat Private Limited (RIPL) is a private limited company
engaged in the manufacturing of mild steel ingots. The company was
promoted by Mr. R.P. Singh in 1989 and presently the business is
being managed by him and Mr. Virendra Singh Verma. RIPL's
manufacturing facility is located in Muzaffarnagar (Uttar Pradesh)
with an installed capacity of 40,000 tonnes per annum (TPA).

Recent Results

For FY2013, the company has achieved an operating income of
INR72.3 crore and a Profit After Tax of INR0.13 crore as against
an operating income of INR76.2 crore and a Profit After Tax of
INR0.15 crore.


RAMKRUSHNA COTGIN: ICRA Assigns 'B' Ratings to INR15cr Loans
------------------------------------------------------------
The long-term rating of '[ICRA]B' has been assigned to the
INR15.00 crore cash credit facility of Ramkrushna Cotgin
Corporation.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           8.00       [ICRA]B assigned

   Cash Credit
   (Proposed)            7.00       [ICRA]B assigned

The assigned rating takes into account RCC's weak financial
profile characterized by low profitability levels owing to the
limited value addition in the business and the highly competitive
and fragmented industry structure; a stretched capital structure
and weak coverage indicators. The rating is also constrained by
the high customer concentration risk; the firm's past history of
unsatisfactory debt repayment track record, albeit the regularity
in debt servicing in the past six months; the vulnerability of the
firm's profitability to raw material prices which are subject to
seasonality, and crop harvest; and the regulatory risks with
regard to MSP fixed by GoI and restrictions on cotton exports.
ICRA also notes that RCC is a partnership firm and any withdrawal
in capital could impact its net worth and thereby the gearing
level; this remains a key rating sensitivity.
The rating, however, positively considers the longstanding
experience of the partners in the ginning industry and the
advantage the firm enjoys by virtue of its location in the cotton
producing belt of Saurashtra (Gujarat). The rating also takes into
account the stable demand outlook for cotton and cottonseeds.

Established in 2007, Ramkrushna Cotgin Corporation (RCC) is
engaged in the business of ginning and pressing of raw cotton into
cotton seeds and fully pressed cotton bales having a production
capacity of 58.14 tonnes per day (TPD) of cotton bales and 112.76
TPD of cotton seeds. The firm is also engaged in crushing of
cotton seeds to obtain cotton seed oil and cotton oil cake with an
intake capacity of having an intake capacity of 104.65 TPD. The
plant is located at Rajkot-Kalawad Highway in the Saurashtra
region of Gujarat.. The firm is promoted by Mr. Dilip Dobariya,
Mr. Vinod Dobariya, Mrs. Indu Dobariya, Mrs. Jashu Dobariya and
Mr. Parth Agrawat. The promoters have vast experience in the
industry by the virtue of being associated with other cotton
ginning companies.


RELIABLE INDUSTRIES: ICRA Suspends 'B-/A4' Rating on INR7cr Loans
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B-/[ICRA]A4 ratings assigned to the
INR7.00 crore bank limits of Reliable Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


RHYTHM KNIT: CRISIL Reaffirms 'B+' Rating on INR3.9MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Rhythm Knit India
Private Limited continue to reflect the company's below-average
financial risk profile, marked by small net worth and average debt
protection metrics.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Foreign Bill            10.0    CRISIL A4 (Reaffirmed)
   Discounting

   Long Term Loan           3.9    CRISIL B+/Stable (Reaffirmed)

   Packing Credit          30.0    CRISIL A4 (Reaffirmed)

   Proposed Short-Term
   Bank Loan Facility      26.1    CRISIL A4 (Reaffirmed)

The ratings also factor in the company's small scale of operations
in a highly fragmented industry. These rating weaknesses are
partially offset by the benefits that RKIPL derives from its
promoters' extensive industry experience and established
relationships with customers.

Outlook: Stable

CRISIL believes that RKIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations, while it improves its profitability,
thereby improving its cash accruals. Conversely, the outlook may
be revised to 'Negative' if RKIPL's financial risk profile,
particularly its liquidity, deteriorates, most likely because of
larger-than-expected working capital requirements or debt-funded
capital expenditure, or less-than-expected cash accruals.

RKIPL was incorporated in 2010 to take over the business of the
promoters' proprietary firm, Rhythm Fashions. RKIPL manufactures
and exports knitted garments, mainly to Europe, the US, and
Africa. The company has its manufacturing facility at Tirupur
(Tamil Nadu).

RKIPL reported profit after tax (PAT) of INR4.0 million on net
sales of INR291 million for 2012-13 (refers to financial year,
April 1 to March 31) against PAT of INR2.9 million on net sales of
INR266 million for 2011-12.


ROCKLAND HOTELS: ICRA Suspends 'B+' Rating on INR11.29cr Loans
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR11.29 crore
bank facilities of Rockland Hotels Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


ROYAL OCEANS: CRISIL Suspends 'D' Ratings on INR94.1MM Loans
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Royal Oceans.

                                Amount
   Facilities                 (INR Mln)    Ratings
   ----------                 ---------    -------
   Export Packing Credit          25       CRISIL D Suspended
   Foreign Bill Discounting       50       CRISIL D Suspended
   Term Loan                      19.1     CRISIL D Suspended

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

RO was set up in 2010 as a partnership concern. The firm, based in
Cochin (Kerala), processes shrimp and other seafood, such as
cuttlefish and squid, and exports the same to Europe, the Middle
East, and Africa. RO has a total processing capacity of 19 tonnes
per day and freezer capacity of 300 tonnes per day. Processing and
sale of shrimp products are the major revenue sources of the firm,
accounting for nearly 75 per cent of its total revenues. RO
commenced commercial operations in September 2010.


S R TOWNCON: CRISIL Assigns 'B' Rating to INR250MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/ Stable' rating to the long-term
bank facility of S R Towncon Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              250      CRISIL B/Stable

The rating reflects SRTPL's susceptibility to risks related to
timely completion of its large ongoing project and high funding
risk, thus weakening its financial risk profile. The rating also
factors in the company's vulnerability to inherent risks and
cyclical demand in the Indian real estate sector. These rating
weaknesses are partially offset by the extensive industry
experience of SRTPL's promoters in the real estate market in Pune
(Maharashtra), and the promoters' funding support.

Outlook: Stable

CRISIL believes that SRTPL will continue to benefit from the
promoters' extensive industry experience and their funding support
over the medium term. The outlook may be revised to 'Positive' if
the company completes its projects within schedule, and achieves
better-than-expected customer bookings, thereby improving its cash
inflows and liquidity. Conversely, the outlook may be revised to
'Negative' if SRTPL's liquidity is constrained, most likely due to
project time or cost overruns, or lower-than-expected advances
from customers, resulting in lesser-than-expected cash inflows; or
if the company undertakes any large debt-funded projects.

SRTPL was founded by Mr. Prakash Deole and Lalchandani family in
2012. The company is a real estate developer, and is currently
implementing a residential project named Sai Sapna Town with 102
flats and one service apartment in Pune (Maharashtra).


SCHOLARS ACADEMY: CRISIL Reaffirms 'D' Ratings on INR190MM Loans
----------------------------------------------------------------
CRISIL rating of Scholars Academy Education Trust continues to
reflects instances of delay by SAET in servicing the interest
obligations on its term debt.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long-Term        50      CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan                140      CRISIL D (Reaffirmed)

The ratings also reflect SAET's susceptibility to adverse
regulatory changes in the educational sector and the intense
competition faced by the institute from other established
institutions. However, the society is expected to benefit from the
promoters extensive experience in the education sector and the
robust demand prospects for education in India.

Update:

In its second academic year in 2012-13, trust reported high growth
in operating income by 144 percent to INR26 million on back
increase in total number of students to 349 students from 100
students in 2011-12. With increase in student intake and fixed
operating costs, SAET's operating margins increased to about 32
percent in 2012-13 from 13 percent in preceding year. CRISIL
expects trust to continue reporting healthy occupancy levels over
70 percent and stable operating margins in medium term.

However, even with healthy revenue growth SAET's liquidity
continues to remain stretched marked by cash flow mis-match. While
the trust charges fees every semester, actual payment of fees is
delayed by students because of financial constraint at students
end or drop out of students during the year. Against this, the
trust has to incur fixed operating expenses every month. The
surplus generated by the trust is tightly matched to meet the debt
servicing obligations. Its liquidity profile is further
constrained by regular capital expenditure incurred by the trust.

Scholar's Academy Education Trust (SAET) founded on 8th May, 2008
by Mr. Sudip Lodh. SAET provides education services through
Scholar's Institute of Technology and Management (SITM). The
college offers engineering courses from campus located in Guwahati
(Assam). The society has total intake of 360 students with 120
seats in Mechanical Engineering and 60 each in Electronics &
Communication, Electrical & Electronics, Computer Science and
Civil Engineering.


SHRI GANESH: ICRA Rates INR12cr LT Bank Loans at 'B+'
-----------------------------------------------------
ICRA has assigned a long term rating of '[ICRA] B+' to the
INR12.00 crores fund based bank facilities of Shri Ganesh Rice
Mills.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund
   Based Limits          12.00      [ICRA]B+ assigned

The rating assigned is constrained by low profitability at
operating levels, high intensity of competition in the rice
milling industry and agro climatic risks, which can affect the
availability of paddy in adverse weather conditions. The rating
however, favorably takes into account good demand supply dynamics
in the basmati rice industry provide ample growth opportunities
for the company, long standing experience of promoters with long
standing relationships with several customers and suppliers and
proximity of the mill to major rice growing area which results in
easy availability of paddy.

Shri Ganesh Rice Mills is a partnership Firm established in the
year 1999. Partners of the firm are Mr Bhim Singla and Mr. Sunil
Singla. As per the management till FY13 milling capacity of the
plant was 2 tonne/hr. However, management has recently increased
the milling capacity of the plant to 4 tonne/hr. Ganesh Rice Mills
is engaged in the business of processing and trading of rice
(Basmati & Non- Basmati) in domestic market. Firm sells its
product under the brand name of "4GS". Company is having its
manufacturing unit at Industrial area, Sirsa, Haryana.

Recent Results:
SGRM reported a net profit of INR0.46 crores on an operating
income of INR39.49 crores for the year ended March 31, 2013 and a
net profit of INR0.23 crores on an operating income of INR29.60
crores for the year ended March 31, 2012.


SREEJA TRADERS: ICRA Suspends 'B' Rating on INR20cr Loans
---------------------------------------------------------
ICRA has suspended long term rating of '[ICRA]B' assigned to the
INR20.00 crore bank facilities of Sreeja Traders. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


SUNRAJ CYCLE: ICRA Assigns 'B' Ratings to INR9.2cr Loans
--------------------------------------------------------
The long-term rating of '[ICRA]B' has been assigned to the INR5.20
crore term loan and INR4.00 crore cash credit facility of Sunraj
Cycle Industries. The short-term rating of '[ICRA]A4' has also
been assigned to the INR0.02 crore short-term non fund based
facilities of SCI.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans           5.20        [ICRA]B assigned
   Cash Credit          4.00        [ICRA]B assigned
   Credit Exposure
   Limit                0.02        [ICRA]A4 assigned

The assigned ratings are constrained by the execution risks
associated with the project as commissioning of manufacturing
facility is estimated by April 2014; the firm's relatively small
scale of envisaged operations; the limited experience of the
promoters in the manufacturing and marketing of bicycles; and the
high competitive intensity of the business with the established
presence of large organized players and cheaper Chinese imports.
The assigned ratings further take into account the relatively low
margins in the business; the industry's exposure to changes in
government policies with respect to taxes and custom duties, and
fluctuations in government purchases. The ratings are further
constrained by the vulnerability of the firm's profitability to
raw material price fluctuations in view of the price elasticity of
demand. ICRA also notes that with SCI being a partnership firm,
any substantial withdrawal from capital account by the partners
would adversely impact the net worth and thereby the firm's
capital structure.

The ratings, however, favorably factor in the established network
of the promoters in Saurashtra region (Gujarat) and the favorable
prospects of the domestic bicycle industry over the long term with
scope for further penetration in rural markets, continuing
replacement demand and buoyant institutional sales backed by state
government run programs.

Sunraj Cycle Industries, promoted by Mr. Mitesh Khunt, Mr. Pritesh
Khunt, Mr. Vishal Khunt, Mr. Bhragav Khunt and Mr. Ankit Khunt was
established as a partnership firm in December 2011. The firm
proposes to manufacture standard segment bicycles targeted at
children in the age group of 2-13 years; the proposed plant
capacity is ~1500 cycles per day. The bicycles would be sold under
the brand name of 'Sunraj'.


VARIETY LUMBERS: CARE Cuts Rating on INR17cr Bank Loans 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.


VISHNU CARRIERS: ICRA Assigns 'C' Rating to INR9cr Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]C' to INR9.00 crore
fund based limits and a short term rating of '[ICRA]A4' to INR2
crore non-fund based limits of Vishnu Carriers Private Limited.
ICRA has also assigned ratings of [ICRA]C/ [ICRA]A4 to INR9.00
crore unallocated limits of VCPL.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           9.00       [ICRA]C assigned
   Bank Guarantee        2.00       [ICRA]A4 assigned
   Unallocated Limits    9.00       [ICRA]C/[ICRA]A4 assigned

The assigned ratings remain constrained by irregularities in debt
repayment in non-ICRA rated limits, thin profitability margins and
high working capital requirements characteristic of the automobile
dealership business; stretched financial profile of VCPL with high
gearing, strained cash flows and modest coverage indicators. Given
the highly competitive environment in Indian commercial vehicle
segment, the company faces stiff competition from dealers of other
Original Equipment Manufacturers (OEM) thereby restricting pricing
flexibility. The ratings however, favorably factor in the
extensive experience of the company's promoters and healthy growth
rate of revenue of the company albeit on a low base on the back of
increased sales in the small commercial vehicle segment coupled
with bulk deals in the heavy commercial vehicle segment.

Vishnu Carriers Private Limited was incorporated in the year 1981
and is into dealership of commercial vehicles of Tata Motors
Limited. The company was earlier incorporated in the name of
Vasavi Hotels Private Limited and was primarily into real estate.
However, in 2008, the name was changed to VCPL along with change
in line of business. The company is promoted by Mr. I. Vishnu Rao
who has close to five decades of experience in the industry. The
company has 6 outlets in Andhra Pradesh at Anakapalli,
Narisipatnam, Payakaraopeta, Tagarapuvalasa, Gajuwaka and
Madhurawada in Visakhapatnam district. VCPL also has two service
centres in Industrial Estate, Visakhapatnam.

Recent Results

As per the audited results for FY 2013, the company reported
profit after tax of INR0.18 crore on turnover of INR77.79 crore as
against profit after tax of INR0.46 crore on turnover of INR91.99
crore during FY 2012.



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


HUMPUSS INTERMODA: Shareholders OK New Debt Settlement Deal
-----------------------------------------------------------
The Jakarta Post reports that PT Humpuss Intermoda Transportasi
(HITS) won shareholder approval Dec. 16 for a new debt settlement
with Athens Investment Fund SA, one of its creditors.

The report relates that HITS, a subsidiary of Humpuss Group, in
which the youngest son of late former president Soeharto, Hutomo
"Tommy" Mandala Putra, is a major shareholder, reached an
agreement on Dec. 4 to repay its US$141-million debt to Athens
through debt-for-asset and debt-for-equity swaps.

According to the report, HITS president director Theo Lekatompessy
told reporters that 95 percent of the debt would be paid with
assets belonging to its subsidiary, Singapore-based Humpuss Sea
Transport Pte. Ltd. (HST), while the remaining 5 percent would be
paid with HITS shares. "This is a new day for us and we are ready
for growth," the report quotes Mr. Lekatompessy as saying.  The
settlement was a big relief for the company, he added.

The Jakarta Post relates that Mr. Lekatompessy said the company
faced tough times when HST failed to pay for ships it leased in
2007-2008, leading to one of its creditors filing a legal appeal
at the Singapore High Court. Without the firm's knowledge the
creditor handed over its authority to Athens, he said.

"With the agreed debt settlement, we will be able to meet our
potential and expand our market," Mr. Lekatompessy, as cited by
The Jakarta Post, said.

Mr. Theo said that the company would invest $650 million next
year, of which 52.3 percent would be for liquefied natural gas
(LNG) shipping projects, 39.23 percent for offshore projects, 5.4
percent for oil-shipping projects and the remaining 3 percent for
a new cement-transportation business, the Jakarta Post relays.
"Some of the total investment will be in 19 new tankers and other
vessels," he said.

He said that his company was aiming for around 30 percent growth
in revenue next year, up from this year's target of IDR804 billion
($66.07 million), the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2012, The Jakarta Post said the Singaporean High Court had
declared HST bankrupt on Jan. 20, 2012.  The court ruled in favor
of Linsen International Limited, which had filed a bankruptcy
petition against HST for failing to pay for chartered ships,
according to The Jakarta Post.  The court's panel of judges
appointed Cossimo Borelli and Jason Kardachi both individually or
together as liquidator of HST.

Based in Jakarta, Indonesia, PT Humpuss Intermoda Transportasi,
together with its subsidiaries, engages in the sea transportation
and related activities.  Humpuss Sea Transport Pte. Ltd. is 64%
owned by PT Humpuss Intermoda Transportasi.



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


KAWASAKI KISEN: Moody's Assigns Ba2 CFR with Stable Outlook
-----------------------------------------------------------
Moody's Japan K. K. has assigned a first-time corporate family
rating of Ba2 to Kawasaki Kisen Kaisha, Ltd. (K-Line).

The rating outlook is stable.

Ratings Rationale:

The Ba2 corporate family rating reflects [1] Moody's expectations
for ongoing improvements in leverage, based on cost cuts; [2] the
diversified nature of the company's business portfolio within the
shipping segment; [3] its large scale, when compared to globally
rated shipping peers; and [4] the importance of the shipping
industry to the Japanese economy.

The rating is also constrained by continued industry-wide
overcapacity and depressed freight rates, which were the original
factors behind K-Line's high debt leverage. Furthermore, its
traditional high reliance on the very volatile containership
business and its third-largest position, in terms of revenue,
after two larger competitors in the domestic market -- Nippon
Yusen Kabushiki Kaisha (NYK, Baa2 Issuer Rating, Negative) and
Mitsui O.S.K. Lines, Ltd. (MOL, Baa3 Issuer Rating, Negative) --
also constrain its rating.

K-Line's debt/EBITDA is high -- at 6.1x for the 12-month period
ending 30 September 2013 -- but is expected to decrease gradually.

The rating incorporates Moody's expectations that K-Line's debt
leverage will decrease from both earnings growth and debt
reduction. Growth of long-term profitable contracts combined with
cost cuts will result in stable increases in EBITDA.

The rating and the outlook reflect management's commitment to
reduce gross balance sheet debt by over JPY100 billion to about
JPY490 billion by the fiscal year ending 31 March 2015.

Moody's views this debt repayment schedule as rather aggressive,
but acknowledges that the company's debt balance had fallen below
JPY500 billion as of end-March 2011. The success of its debt
reduction plan depends on improvements in cash flow combined with
discipline in capital expenditure, net of asset sales.

The industry-wide oversupply of vessels -- combined with the
lackluster recovery in global macroeconomic conditions -- has
resulted in low freight rates, and Moody's does not expect
meaningful improvements in the near term.

In this environment, Moody's notes that K-Line's traditional
reliance on the containership business has resulted in high
earnings volatility. Container contracts tend to be short term,
thereby exacerbating fluctuations in operating profits. Growth of
businesses with longer-term contracts, including bulk and
liquefied natural gas, will increase the stability of the overall
business over time.

K-Line's position as the third-largest company after NYK and MOL
is credit negative, because it indicates that NYK and MOL each
individually command higher shares of Japan's seaborne trade in
exports and imports. But more importantly, it shows that NYK's and
MOL's positions are insulated by well- and long-established
barriers to entry.

K-Line has adequate liquidity -- large cash balances of JPY181
billion at end-September and operating cash flow -- to cover its
cash obligations and capital expenditures for the next 12 months
(short-term debt maturities of JPY 84 billion at end-September
2013 and Moody's expectations for gross capital expenditures in
excess of JPY100 billion). K-Line currently has a small committed
credit line of JPY20 billion.

In addition, the company's relationships with its creditors mean
that it will likely have access to additional funding, such as
uncommitted credit facilities, if necessary. Such support provides
it with the ability to withstand financial stresses driven by
unfavorable market conditions.

The rating includes a one-notch uplift to its fundamental credit
worthiness based on the Japanese support system. Moody's corporate
ratings in Japan account for the country's unusual system of
support for large and important organizations. The uplift balances
the importance of ocean trade to the Japanese economy and K-Line's
third largest position after the two largest shippers that are
both core members of very strong corporate groups.

K-Line's bank borrowings are secured with assets predominantly
consisting of vessels. K-Line's senior unsecured bonds rank junior
to its secured bank borrowings. As such, if Moody's assigns
ratings to the company's senior unsecured bonds in the future,
such debt instrument ratings will likely be lower than the
company's corporate family rating.

The rating outlook is stable, reflecting Moody's expectation that
the company will steadily improve its earnings and cash flow on a
constant currency basis. The outlook incorporates Moody's
expectations that K-Line will continue to improve its cost
structure and expand longer-term contracts with its bulk and
energy clients that will continue to reduce its earnings
volatility.

An upgrade will require a stabilization of the industry and the
company's earnings. In particular, a reduction in earnings
volatility of the container segment combined with a significant
reduction in debt leverage could lead to upward rating pressures.

The rating could come under pressure if (1) the company cannot
maintain stable earnings growth; (2) it is unable to reduce gross
debt as planned; or (3) liquidity erodes for any reason.

Kawasaki Kisen Kaisha, Ltd., headquartered in Kobe, is the third
largest shipping company in Japan with JPY1.20 trillion in revenue
for the twelve-month period ending 30 September 2013, up 17% from
a year ago. Its operations cover almost all ocean shipping
segments including containerships, bulk carriers, car carriers,
and energy transportation, with a fleet of more than 500 vessels
including spot-chartered ships.


TAIYO TMK SERIES 1: S&P Withdraws BB- Rating on Class B Loan
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on the
series 1 unsecured specified bond issued by, and the class A and B
specified loans extended to, Taiyo Tokutei Mokuteki Kaisha (Taiyo
TMK; "special-purpose company"; see list below) at a transaction
party's request.

The specified bond and the class A and B specified loans are
backed by (1) real estate assets consisting of 33 pachinko parlors
and their adjoining parking lots, and (2) cash flows generated
from the pachinko parlor businesses.  The Taiyo Group--which
consists of Taiyo Group Co. Ltd. and its affiliates--operates the
parlors.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

             http://standardandpoorsdisclosure-17g7.com

RATINGS WITHDRAWN

Taiyo Tokutei Mokuteki Kaisha Specified Bond and Specified Loans
Series 1 specified purpose bond and class A-B specified purpose
loans due October 2016

                          To   From       Initial issue amount
Interest rate
Series 1 specified bond   NR   BBB (sf)   JPY0.1 bil.
Floating rate
Class A specified loan    NR   BBB (sf)   JPY15.0 bil.
Floating rate
Class B specified loan    NR   BB- (sf)   JPY14.9 bil.
Floating rate



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


ALLIED FARMERS: Agrees to Settle NZ$2-Mil. Debt to Speirs Group
---------------------------------------------------------------
Richard Meadows at stuff.co.nz reports that Allied Farmers has
conditionally agreed to settle a NZ$2 million debt owed to
Palmerston North-based fresh food company Speirs Group.

The farming services company's liability dates back to a "put and
call option" contract with Speirs from 2008, the report recalls.

In July Speirs chose to exercise its "put" option, meaning it
wanted to cash up, say Stuff.co.nz.

An Allied update to the NZX said the companies have agreed to
settle the obligation by issuing Speirs 14.7 million new Allied
shares, Stuff.co.nz relates.

The report adds Allied has also agreed to pay Speirs NZ$500,000 at
the end of April 2016, which will be unsecured and will not incur
interest in the interim.

The deal is a related-party transaction, because Speirs director
Nelson Speirs was until recently also a director of Allied
subsidiary NFA, which is in liquidation, according to Stuff.co.nz.

That means the settlement is conditional on Allied receiving a
waiver from the NZX, as well as Speirs receiving permission from
its shareholders, the report notes.

Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber).  Rural Services comprise livestock, merchandise and real
estate operations.  The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu.  Its
Financial Services activities are carried out by Allied
Nationwide Finance Limited in Auckland, Wellington and
Christchurch.  Timber processing comprises the Company's
discontinued sawmilling operations.

nzherald.co.nz said the future of Allied Farmers is in doubt after
its accounts revealed it needs to sell property, collect money
owed to it, and reach an agreement with its rural creditors in
order to survive as a going concern.  The rural services business,
which acquired the assets of Hanover and United Finance in
December 2009, revealed its position in half-year accounts filed
to the NZX on March 26, 2012.

Allied Farmers Limited reported an unaudited loss of
NZ$14.1 million for the year ended June 30, 2012, compared with
NZ$40.9 million in 2011.  A significant part of this loss, NZ$10.3
million (last year NZ$34.1 million), largely relates to the
further impairment of assets acquired from Hanover and United
Finance.

The Hawera-based company made a loss of NZ$4.4 million in the year
to June 30, 2013.


ROSS ASSET: Liquidators to Claw Back NZ$3.8MM From 3 Investors
--------------------------------------------------------------
BusinessDesk reports that the liquidators for the Ross Asset
Management group of companies found to be a Ponzi scheme are in
talks with three former investors over about NZ$3.8 million of
payments they received in the two years leading up to the group's
eventual collapse last year.

According to the report, PwC's John Fisk and David Bridgman are
looking at transactions they might be able to reverse as they seek
to claw back as much of the $100 million to $115 million that was
lost in the fraudulent scheme for some 1,200 investors.
BusinessDesk relates that the liquidators are also looking at
other payments for further review, and if the claim against the
three succeeds, they will likely seek more repayments.

BusinessDesk says Messrs. Fisk and Bridgman have written to three
RAM investors requesting the money be repaid and "are in
discussions with or seeking further information from all three
recipients as a result of our demands," they said in their second
liquidator's report on the Ross group.

"If no suitable resolutions can be reached we intend to issue
notices to have the payments set aside and then take steps to
recover the monies from those recipients," they said, notes the
report.

David Ross's lawyer last week indicated the convicted fraudster
plans to appeal the 10-year 10-month jail sentence as manifestly
excessive. His record sentence was delivered last month, and
included a five-year five-month non-parole period, BusinessDesk
recalls.

As reported in the Troubled Company Reporter-Asia Pacific 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).


SOLID ENERGY: Faces Auditor-General Probe Over Virtual Collapse
---------------------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that the auditor-general
is to conduct further inquiries into the virtual collapse of
state-owned mining group Solid Energy, including why it was far
more confident about energy prices than experts were.

Stuff.co.nz says Solid Energy recently agreed a debt-for-equity
swap with its lenders to reduce a debt pile of close to NZ$400
million, with the Government warning the alternative was
liquidation.

Stuff.co.nz relates that the Government, and Solid Energy's former
management repeatedly blamed "a perfect storm" of too much debt
and plunging coal prices.

According to the report, Labour on Dec. 20 released a letter from
Auditor-General Lyn Provost confirming that her office was to do
"additional work" on the financial problems at Solid Energy,
acknowledging that there were unanswered questions.

Stuff.co.nz notes that issues which will be addressed include:

* what risks the board considered in relation to significant
   investment in the Stockton mine on the West Coast, which
   accounted for the majority of its debt

* what risks did it consider in relation to its foray into
   non-coal ventures

* what did the company do consider the risk of falling coal
   Prices

* how did the management respond to falling prices

* what was the rationale for management and the board adopting
   a higher price path for coal prices than others in the
   industry

Stuff.co.nz recalls that the Government in 2011 appointed UBS to
test how ready Solid Energy was to life on the public markets, in
the hope of selling up to 49 per cent of the company.

Stuff.co.nz says investment bankers discovered Solid Energy's
views on coal prices were much more bullish than those of the
wider mining sector. When Solid Energy was asked to explain why,
management refused to do so.

The review, which will look into activities for the five years up
to June 30 will not look into the monitoring of Solid Energy by
the Treasury or shareholding ministers, as this was covered by an
earlier Deloitte report, Stuff.co.nz notes.

While it would be on the lookout for extravagant spending, as
Labour has alleged, it would not be a specific focus as the
company had imposed "significant" cost-control measures under its
news management, according to the report.

Stuff.co.nz relates Ms. Provost said she aimed to have the work
completed by the time Parliament's commerce committee conducts its
financial review of Solid Energy in February.

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

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


VECTOR LTD: S&P Lowers Rating on Subordinated Bonds to 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services said it has lowered its long-
term corporate credit rating on New Zealand-based Vector Ltd. to
'BBB' from 'BBB+', and the rating on Vector's subordinated bonds
to 'BB+' from 'BBB-'.  At the same time, S&P removed the ratings
from CreditWatch, where they were placed with negative
implications on Nov. 26, 2013.  The rating outlook is stable.

While Vector's business risk profile is seen as "excellent", the
lower rating is based on a reassessment of Vector's financial risk
profile as "aggressive" under S&P's revised criteria.  Vector's
financial risk is assessed against S&P's financial benchmarks for
medial volatility of cash flows, as S&P continues to believe the
regulatory framework for regulated utilities in New Zealand is
still evolving, less predictable, and yet to establish a track
record relative to regimes in Australia or the U.K.  Therefore,
the threshold metrics for a given rating are marginally higher
than if S&P was to view the regulatory framework more favourably.

"The stable outlook reflects the underlying stability of cash
flows from Vector's dominant, stable, and franchise-regulated
utility businesses over the medium term," said credit analyst
Parvathy Iyer.  "The outlook also incorporates our view that
earnings contribution of the unregulated businesses will remain at
about 20%-22% over the medium term.  Further, at the forecast
financial profile, Vector would have adequate headroom for
withstanding moderate variation to its unregulated earnings."

With the tariff path set to fiscal 2015, and minimal upside from
the recent merits-review outcome, material improvement to
financials is considered limited.  Still, for a one-notch higher
rating, all else being equal, S&P would need to see FFO to total
debt being sustained at least above 15% and FFO to interest cover
of well over 3x.  Further, any positive reassessment of the
regulatory advantage score over the medium-to-long term could also
lead to a higher rating.

"Vector's rating could come under pressure if FFO to total debt
and FFO interest cover were to fall below 9% and 2.2x,
respectively, on a sustained basis," said Ms. Iyer.  "While we
believe such a scenario is less likely, it could occur if there
was a significant stress on the wholesale gas business and and/or
if the regulatory parameters beyond 2015 were adverse and places
stress on revenue, EBITDA, and overall financial metrics."



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


GENPACT LTD: S&P Raises LT CCR to From 'BB+'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on business process outsourcing (BPO) service
provider Genpact Ltd. to 'BBB-' from 'BB+'.  The outlook is
stable.  Genpact is a U.S.-listed company with a significant
employee base in India.

S&P also raised its issue rating on the US$250 million revolving
credit facility due 2017 and US$675 million term loan due 2019 to
'BBB-' from 'BB+'.  These senior secured facilities were raised by
Genpact International Inc. and other subsidiaries, and are
guaranteed by Genpact Ltd.

At the same time, S&P removed the recovery rating on these
facilities because it do not assign recovery rating to issues
rated 'BBB-' or above.

S&P then removed all the ratings from CreditWatch, where they were
placed with positive implications on Nov. 26, 2013.

"We upgraded Genpact because we believe the company has strong
profitability, a good competitive position, and 'modest' financial
risk profile," said Standard & Poor's credit analyst Abhishek
Dangra.  "We believe the company will use its surplus cash to make
acquisitions or shareholder distributions, while constraining
leverage below 2x debt to EBITDA."

Genpact's "satisfactory" business risk profile reflects the
company's EBITDA margins of about 19%-22%, low attrition rate of
about 25%, and higher value-added offerings than most voice and
web-based transaction handling BPO companies.  Genpact is a major
global player in providing financial and accounts outsourcing
services.  The company's high contract renewal rate provides
stability to revenues.

However, Genpact is a small player in the globally fragmented BPO
industry, with high sectoral and client concentration.

"We expect Genpact's revenue concentration to remain high, with
more than 40% coming from the banking, finance, services, and
insurance (BFSI) vertical segment.  However, we view Genpact's
client concentration risk as moderate," Mr. Dangra said.

General Electric Co. (GE) accounts for over 20% of revenues
(spread across different GE entities, divisions), but non-GE
clients are fairly distributed and growing faster than the
company's GE business.

Genpact is also exposed to increasing protectionist policies,
particularly in the key U.S. market.  The majority of its service
delivery is done from India.

"In our opinion, Genpact's management and governance is
"satisfactory," as defined in our criteria.  Genpact is
professionally managed.  Management provides and meets its
guidance on revenue growth and margins," S&P noted.

The stable outlook reflects S&P's expectation that Genpact will
maintain its competitive position and above-average profitability.
S&P also assumes there will no large acquisitions or shareholder
distributions in 2014.  However, S&P expects the company's revenue
growth and EBITDA margins to be subdued in the next 12 months.

S&P believes an upgrade is unlikely over the next 12-18 months.

Nevertheless, S&P may raise the rating if:

   -- Genpact significantly improves the scale of operations and
      increases business diversity, such as by reducing its
      reliance on BFSI; or

   -- the company sustains EBITDA margins of about 20% and
      commits to maintaining its debt-to-EBITDA ratio below 1.5x
      over the next three to five years with a clear financial
      policy that provides more predictability toward the
      company's acquisition and dividend strategy.

S&P may lower the rating if Genpact's debt-to-EBITDA ratio
increases significantly to over 2x, which could occur if the
company significantly increases shareholder distributions or
acquisitions beyond S&P's expectation and EBITDA margins fall
sharply to below 15%.



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


HANJIN SHIPPING: Korean Air to Sell Assets to Help Sister Firm
--------------------------------------------------------------
Kim Tae-jong at The Korea Times reports that Korean Air, the
flagship unit of Hanjin Group, said Dec. 19 it will sell assets to
raise KRW3.5 trillion ($3.3 billion) as part of efforts to tackle
a liquidity shortage and support its cash-stripped sister firm.

According to the report, the plan was agreed to at an emergency
meeting of its board directors as it had been long required to
come up with a self-rescue plan and lower its high debt ratio by
financial regulators and its main creditor bank.

The Korea Times relates that the airline plans to sell 30 million
shares of refiner S-Oil to raise KRW2.2 trillion, dispose of 13
older aircraft for KRW250 billion, and sell property and other
assets for KRW1.04 trillion.

Through the sales of its assets, it aims to lower its debt-to-
equity ratio to 400 percent by 2015 from the current 800 percent.

"We decided to enhance our financial health -- although the debt
ratio is not critical in the management of the airline business --
because of the financial authorities' stricter monitoring
following Tongyang's bankruptcy," the report quotes Lee Sang-gyun,
vice-president of Korean Air, as saying.

But he stressed that the firm will continue to buy 10 new
airplanes per year to enhance the quality of customer services,
the report notes.

According to the report, the company also announced it will offer
an additional KRW100 billion to Hanjin Shipping on the condition
that banks provide the shipping firm with KRW300 billion to cover
debts which mature in three years or longer.

The Korea Times notes that South Korea's biggest container carrier
by sales had a debt-to-equity ratio of 987 percent and KRW9.47
trillion (about $9 billion) in total debt as of the end of
September. It has KRW1.07 trillion in corporate debt maturing by
2015, the report discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 18, 2013, Bloomberg News said Hanjin Shipping Co.'s Chief
Executive Officer Kim Young Min resigned, taking responsibility
for two successive years of losses at South Korea's largest
shipper and a delay in getting financial support from creditors.

The TCR-AP, citing The Korea Times, reported on Nov. 5, 2013, that
Hanjin Shipping said it will borrow KRW150 billion ($140 million)
in financial support from Korean Air Lines, another major
affiliate of Hanjin Group, to stay afloat. Hanjin Shipping
spokeswoman Sonya Cho said Hanjin Shipping will use the money for
one year with an interest rate of 5.6 percent. Hanjin Holdings
owns a 36.2 percent stake in Hanjin Shipping under the wing of
Hanjin Group, the country's 10th-biggest shipping-to-
airline conglomerate by assets, the report discloses.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.


* SOUTH KOREA: Corporate Bankruptcies Fall in November
------------------------------------------------------
Yonhap News Agency reports that the Bank of Korea (BOK) said on
Dec. 20 that the number of corporate bankruptcies declined in
November from a three-month high tallied in the previous month as
the economy is on the recovery track.

The number of companies that went belly up totaled 84 in November,
down from 101 recorded in October, according to the central bank,
Yonhap relays.

The number of newly established companies came in at 6,112 last
month, down from 6,445 in October, Yonhap discloses.

According to the news agency, the default rate of corporate bills
-- bonds, checks and promissory notes -- reached 0.12 percent in
November, down from 0.22 percent in October.

Yonhap adds that the BOK said that defaults on corporate bills of
STX Group and Tong Yang Group sharply declined in November
compared with the previous month.

Five affiliates of Tong Yang Group, South Korea's 38th-largest
conglomerate, have applied for court receivership in late
September on liquidity shortages after the group failed to pay
back maturing short-term debts. STX Group was put under a debt
workout program early this year, Yonhap notes.



                             *********

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

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

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


                            *********


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

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

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

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

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



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