TCRAP_Public/140102.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

           Thursday, January 2, 2014, Vol. 17, No. 1


                            Headlines


A U S T R A L I A

MIRABELA NICKEL: Secures US$45 Million Interim Financing
ROBINS KITCHEN: Solomon Lew May Take Over Failed Kitchen Chain
* AUSTRALIA: Hedge Funds Eye Troubled Mining, Farming Companies


C H I N A

CHINA AOYUAN: Moody's Changes Outlook on 'B2' CFR to Stable
CHINA CONSTRUCTION: Moody's Affirms 'C' Bank Fin. Strength Rating
CITIC PACIFIC: Moody's Says DCH Centre Sale is Credit Positive
SHANGHAI INDUSTRIAL: Moody's Raises Corp. Family Rating to Ba3


I N D I A

AGROFLEX REINFORCE: ICRA Cuts Rating on INR1.5cr LT Loan to B+
ANUP INSULATION: CARE Reaffirms 'B-' Rating on INR0.42cr Loans
BD CORPORATES: CARE Assigns 'B+' Rating to INR16.26cr LT Loans
BRINDHA COTTON: ICRA Cuts Ratings on INR17.55cr Loans to 'D'
C.P BAGAL & COMPANY: CARE Cuts Rating on INR5cr LT Loans to 'B+'

CHARLY FISHERIES: CRISIL Assigns 'B+' Ratings to INR5MM Loans
CONTINENTAL MULTIMODAL: CRISIL Puts 'D' Ratings on INR650MM Loans
DIEHARD DIES: CRISIL Reaffirms 'D' Ratings on INR200.6MM Loans
DYNAMIX CHAINS: CRISIL Reaffirms 'D' Ratings on INR456MM Loans
EVERFLOW PETROFILS: ICRA Rates INR14.25cr LT Loan at 'B+'

FORT-IN INFRA: CRISIL Rates INR120MM Term Loan at 'D'
GOLDEN TREE: ICRA Withdraws 'D' Rating on INR24cr Term Loan
GOYAL KNITFAB: CRISIL Cuts Ratings on INR231.2MM Loans to 'D'
HR POWER: CARE Assigns 'B+' Rating to INR17cr LT Bank Loans
JAI SAI: CRISIL Assigns 'B' Ratings to INR80MM Loans

JAY JINENDRA: CRISIL Assigns 'B+' Rating to INR135MM Term Loan
KANCHESHWAR SUGAR: CARE Assigns 'B+' Rating to INR90cr Loans
KEVIN CERAMIC: CARE Reaffirms 'B+' Rating on INR9.36cr Loans
LILAMANI INFRA: CRISIL Rates INR500MM Term Loan at 'B+'
MAKESWORTH INDUSTRIES: CARE Ups Rating on INR6.96cr Loans to 'B-'

MASTECH TECHNOLOGIES: ICRA Places 'D' Ratings on INR20cr Loans
METSIL EXPORTS: CRISIL Cuts Ratings on INR309MM Loans to 'D'
MOTISONS JEWELLERS: CARE Assigns 'B+' Rating to INR20cr Loans
NATIONAL OXYGEN: ICRA Cuts Ratings on INR16.19cr Loans to 'D'
PARICHITHA CONSTRUCTIONS: CRISIL Rates INR25MM Loan at 'B+'

PENTA GOLD: ICRA Assigns 'B+' Rating to INR8cr Fund Based Loan
POPPYS HOTEL: ICRA Reaffirms 'B+' Rating on INR12.23cr Loans
R.V. RAYANAM: ICRA Reaffirms 'B+' Ratings on INR20cr Loans
RAJ ENTERPRISES: ICRA Rates INR7.5cr Loan at 'B+'
RHYTHM LAND: CRISIL Rates INR550MM Long-Term Loan at 'B+'

SADHANA PACKAGING: ICRA Reaffirms 'B-' Rating on INR8.5cr Loans
SANKET PROPERTIES: CRISIL Rates INR140MM Long-Term Loan at 'B+'
SEVEN HILLS: ICRA Lowers Ratings on INR20cr Loans to 'D'
SHREE KRISHNA: CARE Revises Rating on INR5.65cr Loans to 'B+'
SHREE RAM: CARE Reaffirms 'B+' Rating on INR5.5cr LT Loans

SREE HARICHARAN: CRISIL Cuts Rating on INR25MM Loan to 'C'
SREE KARPAGAMBAL: ICRA Rates INR27.5cr Loans at 'B+'
TWENTY FIRST: ICRA Cuts Ratings on INR19.37cr Loans to 'D'
UMIYA TIMBERS: ICRA Assigns 'B' Rating to INR2cr Loans
UNECHA ASSOCIATES: CRISIL Assigns 'B' Ratings to INR150MM Loans

VISHWANATH SPINNERZ: ICRA Cuts Rating on INR75cr LT Loans to 'D'
WIN PET: ICRA Reaffirms 'B+' Ratings on INR6.51cr Loans
ZED VITRIFIED: ICRA Reaffirms 'B+' Ratings on INR21.4cr Loans


T H A I L A N D

BANK OF AYUDHYA: Moody's Affirms 'D+' Bank Fin. Strength Rating


                            - - - - -


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


MIRABELA NICKEL: Secures US$45 Million Interim Financing
--------------------------------------------------------
Mirabela Nickel Limited announced on Dec. 30, 2013, that it has
secured a US$45 million loan (Loan) from a consortium of holders
of the Company's US$395 million 8.75% Senior Unsecured Notes due
April 15, 2018.

The intention of the Loan is to provide the Company with
sufficient liquidity to operate its business as discussions
progress with all of Mirabela's key stakeholders regarding a
comprehensive restructuring. At the date of the announcement, no
binding agreements for the restructuring of Mirabela's debt
obligations have been concluded nor has any opportunity or
arrangement sufficiently progressed to be announced to the market.
No assurance can be given at this stage that any definitive
agreements or arrangements for a comprehensive restructuring will
be reached with any party with which the Company may be in
discussions.

The Company is receiving the Loan from certain members of an ad-
hoc group of holders of its Notes. The ad-hoc group currently
represents more than 65% of the Notes outstanding (Ad-Hoc Group).
Mirabela continues to engage in constructive discussions with the
Ad-Hoc Group, as well as other stakeholders, towards a long-term
solution to its current financial issues. With the proceeds of the
Loan, the Company intends to fully meet its obligations to both
customers and suppliers.

As a condition of the Loan, the previously announced standstill
and waiver agreements with Mirabela's key creditors (as per
Mirabela's Nov. 14, 2013, Company Update announcement) have been
extended to allow for restructuring discussions to continue.

The amended standstill agreement with Caterpillar provides, among
other things, that Caterpillar will standstill and forbear from
declaring a default or taking any enforcement action in respect of
a default caused by the Company entering into restructuring
discussions with its major creditors or the Loan, including the
transactions contemplated by the restructuring discussions, until
the earlier of the termination of the other standstill and waiver
agreements or July 23, 2014.

The amended standstill agreement with the Ad-Hoc Group (Ad-Hoc
Group Standstill) provides, among other things, that until 31
March 2014, the Ad-Hoc Group will not request, instruct or direct
that the Trustee take action under the Indenture in respect of the
Company's failure to make an interest payment as required on Oct.
15, 2013, or in respect of the Loan, including the transactions
contemplated.

The Ad-Hoc Group Standstill will terminate early in certain
circumstances, including:

   * the occurrence of an event of default under the Loan;

   * the termination of a waiver or standstill arrangement with
     Bradesco or Caterpillar;

   * the failure of the Company, Mirabela Minera‡ao do Brasil
     Ltda (Mirabela Brasil) and Mirabela Investments Pty Ltd to
     maintain a cash balance in aggregate amount of US$5 million
     for a period of more than 3 consecutive business days;

   * the occurrence of a new event of default under the Notes;

   * breach of the Ad-Hoc Group Standstill or a representation,
     warranty or covenant under the Ad-Hoc Group Standstill; and

   * any legal action being taken in connection with the winding-
     up, dissolution, administration, bankruptcy, voluntary re-
     organisation or analogous procedure in relation to Mirabela
     or Mirabela Brasil.

Pursuant to the Ad-Hoc Group Standstill, the Company has also
covenanted to:

   * not make any payment of interest or principal under its
     existing indebtedness, other than as specified in the Loan;

   * make no capital expenditure in excess of certain
     limitations; and

   * not enter into any transaction for the incurrence of
     indebtedness (other than limited permitted indebtedness) or
     liens securing indebtedness, disposition or sale of assets
     (other than specified permitted sales in the ordinary
     course) and payment of dividends and other restricted
     payments.

Pursuant to the amended waiver agreement with Bradesco (Bradesco
Waiver Agreement), Bradesco has agreed to waive various events of
default relating to the Loan until March 31, 2014, and has
provided consent to the terms of the Loan and collateral granted
under the Loan. The Bradesco Waiver Agreement can be terminated
early in certain circumstances, including:

   * in the case of a bankruptcy, "recupera‡ao judicial" or
     "recupera‡ao extrajudicial", as defined by the laws of
     Brazil, reorganisation arrangement or assignment for the
     benefit of creditors or insolvency proceedings, or
     proceedings looking toward dissolution or winding up, are
     filed or instituted by or against Mirabela Brasil under the
     law of any jurisdiction that are not discharged or stayed
     within 30 days;

   * if Mirabela Brasil is insolvent or cannot pay its debts when
     they fall due; and

   * if Mirabela Brasil admits its inability to pay its debts as
     they fall due.

In conjunction with the amended waiver agreement with Bradesco,
the Company has agreed to make certain payments of interest and
principal totalling approximately US$4.7 million against the
outstanding loan facility with Bradesco.

The Company continues to be suspended from trading on ASX and its
suspension is likely to remain in place while Mirabela continues
discussions in respect of a comprehensive restructuring. However,
as is customary in the US bond market, in order to ensure all
holders of the Notes are provided with consistent information,
Mirabela makes the following disclosure about the discussions held
between the Company and its financial and technical advisers and
the Ad-Hoc Group and its advisers, in the lead up to the execution
of the Loan.

"This disclosure is being furnished to comply with Mirabela's
obligations under applicable legislation and should not be
regarded as an indication that Mirabela or any other person
considered, or now considers, this information to be predictive of
actual future results, and does not constitute an admission or
representation by any person that such information is material, or
that the expectations, beliefs, opinions and assumptions that
underlie these materials will remain the same as of the date of
this disclosure. The information contained in these materials may
be or have been superseded by subsequent developments. Readers are
cautioned not to place undue reliance on these materials. The
financial information reflected in this disclosure does not
purport to present Mirabela's financial condition in accordance
with accounting principles generally accepted in Australia,
Brazil, the United States or any other country. Mirabela's
independent accountants have not audited or performed any review
procedures on this disclosure (except insofar as certain
historical financial information may have been derived in part
from Mirabela's historical annual financial statements)," Mirabela
said in a statement.

During negotiations between the Company and the Ad-Hoc Group,
Mirabela provided an internal short term cash flow analysis to the
Ad-Hoc Group.  The cash flow analysis assumed no disruption in the
Company's current sales arrangements and that sales arrangements
for the 50% of production not the subject of an operating offtake
agreement in Q1 2014 are finalised.  The cash flow analysis (after
taking into account the Loan) indicated that if production of
contained nickel continues at the current levels of approximately
1,200 tons per month with an ore grade and nickel recovery
consistent with previously realised levels and current nickel
pricing of approximately US$6.49/lb, the Company will have
approximately US$51 million of cash1 as at the date of initial
drawdown under the Loan, being Dec. 30, 2013, and approximately
US$16 million at March 14, 2014.

The Company provided the Ad-Hoc Group with information regarding
unencumbered assets available to provide collateral for the Loan.
The Company estimates that the inventory of contained nickel in
concentrate is approximately 1,200 dry metric tonnes as at the
date of this release and 800 dry metric tonnes at March 14, 2014.
Additionally, the Company estimates that as at the date of this
release, the net book value of its unencumbered mobile mining
fleet, inventory of stores, spares, critical spares and
consumables, and unencumbered land to be approximately
US$67 million.2

As part of the discussion process with the Ad-Hoc Group, the
Company provided a series of longer-term cash flow analyses, based
on certain assumptions inherent in the current adverse state of
the nickel market, including a 50Mt Case; a 50Mt Stress Case; and
a Reduced Mining Rate Case (25Mt Case). The Company noted that the
analyses were not subject to the Company's usual detailed internal
planning processes or third-party verification and were prepared
solely for the purpose of discussions with the Ad-Hoc Group
reflecting the Company's current financial distress and
operational challenges. All scenarios reflected the Company's
expectation of a challenging 2014 as the operational performance
recovers from the current distress situation, and based on the
Company's estimate of consensus nickel pricing forecasts. The 25Mt
Case has assumed further operational challenges in 2014 that the
50Mt Case and 50 Mt Stress Case did not consider.

Due to the challenging nickel price environment, the Company is
pursuing the 25Mt Case, which restricts mining material movement
to approximately 25Mt for 2014 and 25Mt for 2015. The Company
expects the required operational changes to be implemented by the
end of Q1 2014.

In addition, the Company provided the Ad-Hoc Group with an
estimate of the cost of placing the Santa Rita mining operation
into care and maintenance. The cost of placing the operations in
care and maintenance as part of an insolvency proceeding would be
between approximately US$19 - US$46 million.

Finally, the Company and the Ad-Hoc Group also discussed a
comprehensive restructuring. The terms of the initial non-binding
potential recapitalisation discussed included a US$150 million
equity offering in which the new money providers would purchase a
majority equity position in the reorganised Mirabela assuming that
the entirety of the Notes would be exchanged for approximately
US$135 million of new debt and a minority position of the equity
in reorganised Mirabela. This initial recapitalisation plan was
not progressed. Subsequently, the new debt component was removed
from the proposal as a condition to the same new money investment.

Following the creation of the reduced mine plan noted above, the
Company and the Ad-Hoc Group discussed a revised proposed
recapitalisation which lowered the amount of the equity offering
to US$100m. A non-binding term sheet for a recapitalisation of
Mirabela was submitted as an exhibit to the Loan financing
documents, which envisages a US$100 million equity offering.  This
amount may be reduced by the amount of the Loan which may or may
not be converted to equity as a part of a comprehensive
restructuring. The non-binding term sheet shows the post
transaction equity ownership and capital structure of reorganised
Mirabela as yet to be determined.

While the terms of a comprehensive restructuring continue to be
discussed, at the date of this announcement no binding agreements
for the restructuring of Mirabela's debt obligations have been
concluded nor has any opportunity or arrangement sufficiently
progressed to be announced to the market. No assurance can be
given at this stage that any definitive agreements or arrangements
will be reached with any party that the Company may be in
discussions with.

The cash flow analysis referred to in this announcement reflect
numerous assumptions and estimates regarding certain economic,
market, and financial conditions, as well as matters specific to
the Company's business, all of which are difficult to predict. The
Company's indicative analysis covered multiple years and by its
nature becomes less reliable with each successive year. Readers of
this announcement are cautioned not to place undue reliance on the
indicative information discussed by the Company and the Ad-Hoc
Group.

"The Directors of the Company are thankful for the level of
support Mirabela has received from the Ad-Hoc Group across a
number of continents. With this interim financing in place, the
Company's operational employees on the ground in Brazil can
continue to focus on the mining operation while the Company and
its stakeholders work towards a long-term comprehensive
restructuring," the company said.

                       About Mirabela Nickel

Mirabela Nickel Limited -- http://www.mirabela.com.au/-- is an
Australia-based mineral resource company engaged in mining,
production and sale of nickel concentrate. The Company's principal
asset is the 100%-owned Santa Rita nickel sulphide mine in Bahia,
Brazil. The Santa Rita mine is located approximately 360
kilometers south-west of Salvador and approximately six kilometers
from the town of Ipiau. The Company also has a portfolio of
prospective nickel targets in Brazil, including an underground
mineral resource at Santa Rita.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 19, 2013, Standard & Poor's Ratings Services said that it has
lowered its corporate credit rating on Australian nickel mining
company Mirabela Nickel Ltd. to 'D' from 'SD'.  The issue rating
on the company's US$395 million 8.75% notes remains at 'D', and
the recovery rating of '4' remains unchanged.

The lowering to 'D' follows Mirabela's announcement that it
had entered into standstill agreements with its key creditors that
have financing facilities with the company for about US$454
million, Standard & Poor's credit analyst Thomas Jacquot said.
During the 60-day standstill period, Mirabela will not make any
payment of interest or principal under its existing debt other
than as specified, Mr. Jacquot added.

This downgrade follows S&P's previous lowering of the rating on
Mirabela to 'SD' on Oct. 23, 2013, after the company had failed to
pay its scheduled interest in that month under its
US$395 million notes.  Following the missed interest payment, the
company had a 30-day grace period that ended yesterday under its
notes indenture, to remedy the nonpayment.


ROBINS KITCHEN: Solomon Lew May Take Over Failed Kitchen Chain
--------------------------------------------------------------
Anthony Marx at The Courier-Mail reports that billionaire retail
investor Solomon Lew is believed to be among the parties
considering a full or partial acquisition of the failed Robins
Kitchen chain.

The Courier-Mail relates that Mr. Lew's privately-held company
Playcorp is running the ruler over the nationwide kitchenware
group, which appointed administrators on December 16.

Playcorp distributes homewares, apparel and leisure goods. Based
in Melbourne, it supplies major retail groups including Target,
Kmart, Myer, Big W and Rebel Sport.

According to the report, speculation about Mr. Lew's potential
move to buy a distressed asset at a bargain price came as
creditors of Robins Kitchen held their first meeting on Dec. 30,
2013.

About 30 trade creditors and former employees gathered at the
Stamford Plaza Hotel in Brisbane to appoint a committee and to
approve FTI Consulting's role as administrators, the report notes.

A second meeting of creditors at an unspecified date will allow
creditors to vote on the future of the 55-store group, which could
include a sale, continued trading under a deed of arrangement or
liquidation, The Courier-Mail relays.

The stores were still trading as of Dec. 29, 2013, the report
notes.

The Courier-Mail says FTI have declined to say how much debt the
company had or how many creditors are owed money. They have
revealed only that National Australia Bank is the sole secured
creditor holding a charge over the company and the Australian
Taxation Office is owed an unspecified amount, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 19, 2013, skynews.com.au said Robins Kitchen has been placed
into voluntary administration, leaving the future for its 300
workers uncertain.  The group's Brisbane-based parent company
Lineville has appointed FTI Consulting as voluntary
administrators, according to skynews.com.au.  The report noted
that FTI is reviewing the financial status of the business, and is
yet to decide whether to restructure and sell the business or wind
it down.

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


* AUSTRALIA: Hedge Funds Eye Troubled Mining, Farming Companies
---------------------------------------------------------------
Cecile Lefort at Reuters reports that international hedge funds
are increasingly targetting troubled firms in Australia, from
cotton or macadamia farms to cattle stations and vineyards,
expecting a nascent distressed debt market to generate double-
digit returns.

Agriculture and mining, which combined account for around 12
percent of Australia's AUD1.5 trillion ($1.35 trillion) economy,
are two sectors particularly targetted by distressed debt
investors -- sometimes known as vulture funds, Reuters discloses.

"There are many opportunities in investing in distressed debt in
both sectors," Reuters quotes Vince Smith, leader of corporate
restructuring at Ernest & Young in Sydney, as saying.

"In agriculture, it's seasonal, it's based on geography and
environmental conditions, whereas mining is a lot more subject to
global pressure like commodities prices."

Funds active in Australia include Oaktree Capital, Fortress
Investment, Apollo Global Management, and Bain Capital's Sankaty
Advisors, Reuters notes.

Reuters relates that an Ernst and Young report said around half of
Australian listed companies in mining services issued profit
downgrades in the first half of the year and more pain is expected
as a long boom in resource investment fades.

Parts of the farming sector have also been hit hard by declining
property values, drought and natural disasters, with insolvency
experts forecasting further distress, Reuters relays.

Lactanz Dairy, one of Western Australia's largest dairy
enterprise, and Murrawee Farms, a large fruit grower, are among a
growing list of embattled companies that could interest hedge
funds, particularly from Hong Kong and the United States, which
are sitting on piles of cash and looking for high returns,
according to Reuters.

Reuters reports that Ernest & Young's Smith said interest is
mostly in struggling small to medium-sized companies with
turnovers of AUD25 million to AUD200 million, with a view to
taking controlling stakes.

The new investors create value by restructuring balance sheets in
riskier ways than banks would usually consider -- including loan-
to-own deals where impaired debt is converted to equity, Reuters
adds.

"Once they have debt or equity in the company, they can start to
influence the management of the company," Mr. Smith, as cited by
Reuters, said.

Distressed debt investors typically look for returns in the range
of 10 to 15 percent if performance of the assets improves as
expected, adds Reuters.



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


CHINA AOYUAN: Moody's Changes Outlook on 'B2' CFR to Stable
-----------------------------------------------------------
Moody's Investors Service has changed the ratings outlook for
China Aoyuan Property Group Limited's corporate family and senior
unsecured bond ratings to stable from negative.

Moody's has also affirmed China Aoyuan's B2 corporate family
rating and B3 senior unsecured bond rating.

Ratings Rationale

"The stable outlook reflects China Aoyuan's reduced liquidity risk
as the company delivered strong contracted sales performance in
the last four months of the year. The company also slowed the pace
of its land acquisitions significantly toward the year-end, which
further alleviates the tight liquidity situation seen in 1H 2013,"
says Lina Choi, a Moody's Vice President and Senior Analyst.

China Aoyuan completed RMB8.05 billion contracted sales in the
first eleven months of 2013, RMB4.75 billion of which was reported
in the last five months. This meaningful acceleration in sales
execution places the company well on track to achieve its revised
RMB8.5 billion full year contracted sales target.

At the same time, Aoyuan slowed its pace of land acquisitions from
RMB4.45 billion up to end-August 2013 to RMB4.68 billion in total
up to end-November 2013, indicating RMB230 million in additional
land purchase in the last four months.

Moreover, Moody's estimates that the company raised net new debt
of about RMB3 billion in 2H 2013 which further strengthens its
liquidity position.

The company's improved liquidity position is reflected in the
coverage of its payment obligations. Moody's expects the company's
cash holdings will total RMB3.0-3.5 billion by the end of 2013,
and its annual operating cash flows (before land costs and after
dividend payments) in the next 12 months will total RMB1.4
billion. This will be sufficient to cover its short-term debt in
the next 12 months of RMB1.2 billion, as well as the budgeted RMB4
billion potential land acquisitions in 2014.

"In terms of financial risk, China Aoyuan's exposure remains high
owing to higher borrowings and a weaker interest coverage.
However, Moody's expects the company's financial profile to
stabilize and show gradual improvement as the company continues to
deliver improving contracted sales and adhere to its modest land
purchase budget in 2014," says Choi, also the lead analyst for
China Aoyuan.

Gross debt is estimated to increase to RMB9.5 billion toward year-
end 2013, from RMB6.5 billion at end-June 2013. In addition, the
company's EBITDA/interest coverage ratio for the 12 months to June
2013 measured 1.3x, compared with 1.4x for all of 2012. Moody's
expects China Aoyuan's interest coverage to stabilize at around
1.4x for all of 2013, before recovering to 1.6x in 2014.

Moody's is unlikely to upgrade China Aoyuan's ratings in the next
6-12 months. However, upward rating pressure may emerge in the
medium term if China Aoyuan demonstrates: (1) a track record of
strong contracted sales and recognition of revenue; (2) a
consistently prudent pace of land acquisitions and improved cash
flow planning; (3) better control of its borrowings such that
interest coverage is maintained sustainably above 1.5-2.0x; and
(4) good liquidity such that its cash can comfortably cover short
term debt.

Downward rating pressure could emerge in case of weakness in its
liquidity position, arising from: (1) weak contracted sales; (2)
aggressive land acquisitions and large outstanding land premium
payments; or (3) the company's short-term refinancing needs not
being sufficiently covered by cash on hand.

Specific credit metrics that we would consider in downgrading
China Aoyuan's ratings are its EBITDA margin falling below 15%; or
its EBITDA/interest ratio falling below 1.0-1.5x.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009.

China Aoyuan Property Group Limited was founded in 1998 by Mr. Guo
Zi Wen and his brother Mr. Guo Zi Ning. It was listed on the Hong
Kong Stock Exchange in 2007 and has operations in six provinces,
including Guangdong, Shenyang, Hunan, Chongqing and Guangxi.


CHINA CONSTRUCTION: Moody's Affirms 'C' Bank Fin. Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed China Construction Bank
(Asia) Limited's (CCB Asia) long-term and short-term deposit
ratings at A2/P-1. The agency has also affirmed the bank's bank
financial strength rating (BFSR) at C, which translates into a
baseline credit assessment (BCA) of a3. At the same time, Moody's
has assigned (P)A2/(P)P-1 long-term and short-term senior
unsecured ratings to the bank's USD 3 billion Medium-Term Note
Program, and affirmed the bank's long-term and short-term
certificate of deposit program ratings at (P)A2/(P)P-1.

The outlook on the bank's long-term bank deposit ratings and
senior unsecured program rating are stable, while the outlook on
the BFSR remains negative.

RATINGS RATIONALE

CCB Asia's standalone BFSR/BCA of C/a3 reflect its strong
capitalization and good asset quality metrics. At the same time,
they also take into account the bank's growing Mainland exposures,
rapid balance sheet growth, and relatively high reliance on
wholesale funding and funds from its parent China Construction
Bank.

CCB Asia's A2 deposit rating incorporates expected strong support
from its sole parent China Construction Bank. The bank's senior
unsecured and short-term MTN program ratings are aligned with its
long-term and short-term deposit ratings.

CCB Asia has acquired a significant portion of the assets of its
parent's Hong Kong branch in the second half of 2013, and has
integrated all of the parent's Hong Kong-based staff. The parent
has injected HKD22 billion of new equity capital to bolster CCB
Asia's capitalization, and has provided HKD115 billion in loans to
help the bank fund the purchased assets. The bulk of the acquired
assets consist of short-maturity trade bills that are guaranteed
by either the parent or third party Mainland Chinese banks,
rendering them interbank exposures to the parent and other Chinese
banks.

The bank continues to maintain sound capitalization following the
acquisition of assets from the parent's Hong Kong branch, thanks
to the parent's equity capital injection. The recourse to the
parent and other banks on the acquired trade bills also render
their credit risks manageable.

Nevertheless, Moody's maintains negative outlook on the bank's
BFSR, given the likelihood that CCB Asia, as the group's main
operating platform in Hong Kong, will report above-peer average
balance sheet growth going forward. The bank will likely rely more
heavily on wholesale funding and parental funding support than its
Hong Kong peers going forward, given its expected strong growth
and its relatively modest retail deposit gathering franchise. The
bank is also likely to increase its direct exposures to Mainland
borrowers going forward, given Mainland corporates' expanding
operations in Hong Kong and increasing overseas trade and
investment activities. Further increase in loans to Mainland
customers in the bank's asset mix will render the bank more
susceptible to potential adverse developments in the Mainland
economy and Mainland corporates' financial health.

The senior unsecured notes to be issued under the MTN program
constitute the issuer's direct, unsubordinated, unconditional and
unsecured obligations. Nevertheless, the program rating does not
apply to any individual notes issued under the programme. Ratings
on individual notes issued under the programme will be subject to
Moody's satisfactory review of the terms and conditions set forth
in the final base and supplementary offering circular, and the
pricing supplements of the notes to be issued.

Moody's does not intend to assign ratings to individual notes
issued under the programme with features linked to the performance
of another obligor (credit-linked notes). Nor does Moody's intend
to assign ratings to notes for which payment of principal or
interest is variable and contractually dependent on the occurrence
of a non-credit-linked event or the performance of an index (non-
credit-linked notes). The only exception will be for notes whose
principal and coupon payments are affected by standard sources of
variation. For more information, please see Moody's Cross-Sector
Rating Methodology, "Rating Obligations with Variable Promises,"
published on 31 May 2013.

What Could Change the Rating -- Up/down

CCB Asia's deposit and MTN program ratings could be upgraded if
the deposit ratings of its parent China Construction Bank were
upgraded. The outlook on the bank's standalone assessment could
revert to stable if the bank can consistently maintain very strong
capitalization and materially strengthen its liquidity profile.

CCB Asia's deposit and MTN program ratings could be downgraded if
parental support diminishes or if the parent's deposit rating is
downgraded. The bank's standalone assessment will likely be
adjusted downward if potentially high-risk Mainland exposures
increase relative to total assets. Its BCA could also be adjusted
downward if there is a sustained decline its capitalization due to
aggressive expansion, with Tier 1 capitalization declining below
14%. Persistent weakness in the bank's liquidity profile and
funding franchise can also lead to a downward adjustment in the
bank's standalone assessment.

CCB Asia, headquartered in Hong Kong, reported total assets of
HKD220.5billion (approximately USD28billion) as of the end of June
2013.


CITIC PACIFIC: Moody's Says DCH Centre Sale is Credit Positive
--------------------------------------------------------------
Moody's Investors Service says CITIC Pacific Limited's (Ba2,
negative) sale of DCH Commercial Centre in Hong Kong is credit
positive.

However, this transaction will not have an immediate impact on
CITIC Pacific's Ba2 corporate family rating, its senior unsecured
bond ratings or its negative ratings outlook.

"The sale of DCH Commercial Centre to Swire Properties (A2,
stable) is consistent with CITIC Pacific's strategy of focusing on
core operations and disposing of non-core assets," says Alan Gao,
a Moody's Vice President and Senior Analyst.

The sale proceeds of HKD3.9 billion will strengthen CITIC
Pacific's liquidity profile while the realized gain from the
assets sale which is estimated at HKD900 million will improve its
equity base and slightly lower its balance sheet leverage.

CITIC Pacific remains focused on its core businesses, which
include special steel manufacturing, iron ore mining and property
development in the PRC.

The negative outlook continues to reflect CITIC Pacific's
relatively high leverage and weak cash flow to debt measurement.
While the Sino Iron ore mining project had its first shipment in
early December 2013, Moody's expects the full ramp-up of CITIC
Pacific's first and second line production to take until 2015.
Similarly, operations of the remaining production lines 3-6 are
also expected to commence in 2015.

Production lines 3-6 remain a drag on the company's rating due to
uncertainties around capital expenditure and actual production
costs of the operations.

CITIC Pacific Limited's ratings were assigned by evaluating
factors that Moody's considers relevant to the credit profile of
the issuer, such as the company's (i) business risk and
competitive position compared with others within the industry;
(ii) capital structure and financial risk; (iii) projected
performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
CITIC Pacific Limited's core industry and believes CITIC Pacific
Limited's ratings are comparable to those of other issuers with
similar credit risk.

Other factors used in this rating are described in Analytical
Considerations in Assessing Conglomerates, published in September
2007.

CITIC Pacific Limited, listed in Hong Kong, is a conglomerate that
is 57.5% owned by the CITIC Group. It was one of the first Chinese
companies to list on and invest in overseas markets. It is engaged
in a range of businesses, including special steel manufacturing,
iron ore mining, property development and investment, power
generation, infrastructure, communications, and distribution. As
of end-2012, it had total consolidated assets of HKD247 billion.

The CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by China's State Council. As of
end-2012, it had total consolidated assets of RMB3.57 trillion and
consolidated revenue of RMB350 billion.

The Local Market analyst for this rating is Kai Hu, +86 (10) 6319-
6560.


SHANGHAI INDUSTRIAL: Moody's Raises Corp. Family Rating to Ba3
--------------------------------------------------------------
Moody's Investors Service has upgraded Shanghai Industrial Urban
Development Group Limited's (SIUD) corporate family rating to Ba3
from B1 and senior unsecured bond rating to B1 from B2.

The ratings outlook is stable.

Ratings Rationale

"The upgrade reflects the increased financial and operational
support from SIUD's parent, Shanghai Industrial Holdings," says
Franco Leung, a Moody's Assistant Vice President and Analyst.

Shanghai Industrial Holdings (SIH unrated), a flagship
conglomerate of the Shanghai-government-owned Shanghai Industrial
Investments (Holdings) Co Ltd, has not only provided management
and strong supervision to SIUD, but has also increased its
financial support to SIUD.

Moody's believes that SIH will be prepared to provide further
shareholder loans to ensure that SIUD maintains adequate liquidity
to manage its business.

Moody's notes the very close relationship between SIH and SIUD as
evidenced by (1) SIH's 70% stake in SIUD; (2) SIH's appointment of
SIUD's senior management; (3) SIUD's role as SIH's major property
arm, which is one of SIH's core businesses; (4) the track record
of SIH providing financial support to SIUD; and (5) the benefits
from SIUD's close association with SIH such as access to funding
in both the onshore and offshore markets.

Moody's has changed the level of uplift to SIUD's standalone
credit profile to two notches from one notch, based on the support
provided by SIH.

SIUD's Ba3 corporate family rating therefore reflects its b2
standalone credit profile and a two-notch rating uplift based on
the parental support.

Its b2 standalone rating reflects its small scale of operation,
its sales volatility, and the legacy impact from its Neo-China
business.

"While we expect SIUD will maintain its net profits after it
reversed its net losses in 2012, its credit metrics will remain
moderate and in line with a b2 credit profile," adds Leung, who
also the Lead Analyst for SIUD.

Moody's expects SIUD's profitability and financial profile will
improve gradually in the next 1-2 years, in light of the higher
margin products offered by Shanghai Urban Development (unrated)
and the gradual reduction in inventory of its legacy low-margin
ex-Neo China projects in the past two years. This is evidenced by
an improvement in its gross profit margin in the first half of
2013, which reached 32% from 15% in 2012.

SIUD reported pretax profit of HKD422 million in the first half of
2013 and reversed its net loss situation in both 2011 and 2012, as
it achieved relatively more profitable sales.

However, Moody's forecasts that its credit metrics will remain
moderate. Its interest coverage -- as measured by adjusted EBITDA
to interest expense -- will remain below 2x in the next 12 months.

Its cash to total assets will unlikely reach 10%-15%. But Moody's
believes SIUD will maintain adequate liquidity and that it will
have uninterrupted access to onshore bank loans as well as
parental support to fund its projects and debt repayments.

SIUD's bond rating is notched down to B1, reflecting structural
and legal subordination risks. Its secured and subsidiary debt to
total assets ratio will likely remain above 15% in the coming
years, as it will continue to use onshore bank loans to primarily
fund its construction activities.

The stable outlook reflects Moody's expectation that SIUD will
successfully integrate its operations, achieve its future sales
targets, have sufficient funding to operate its business and will
improve its financial profile in the next one to two years.

Moody's will consider upgrading the ratings over the medium term
if SIUD (1) grows in scale without sacrificing its profitability;
(2) consistently achieves its sales plan; and (3) demonstrates a
track record of financial discipline in managing liquidity and
debt.

Moody's will consider an upgrade if EBITDA/interest coverage is at
above 2x-2.5x.

On the other hand, downgrade rating pressure could emerge if (1)
the company does not improve its operations and profitability; (2)
it accelerates its expansion such that its liquidity decreases or
its debt leverage increases materially; or (3) SIH reduces its
ownership stake, thereby weakening SIUD's access to funding.

If the company's cash balance decreases or if EBITDA/interest
falls below 1.0x-1.5x, then its ratings will be under pressure for
a downgrade.

Any adverse developments in legal proceedings in relation to the
Urban Cradle project that materially erode SIUD's credit profile
will also be negative for its ratings.

Shanghai Industrial Urban Development Group Limited is a Chinese
property developer engaged in residential and mixed-use
developments. It has 24 projects across 12 cities in China and a
land bank of 9 million square meters in aggregate, after it
acquired Shanghai Urban Development from its parent, Shanghai
Industrial Holdings Limited in 2011. Shanghai Industrial Holdings
has a 70% stake in Shanghai Industrial Urban Development. The
parent company manages three core businesses in real estate,
infrastructure (toll roads and water services), and consumer
products (tobacco and printing).



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


AGROFLEX REINFORCE: ICRA Cuts Rating on INR1.5cr LT Loan to B+
--------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR1.50 crore
fund based facilities of Agroflex Reinforce Inc from '[ICRA]BB-'
to '[ICRA]B+'. ICRA has reaffirmed the short term rating of
'[ICRA]A4' to the INR5.0 crore short term non-fund based
facilities of Agroflex.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund Based      1.50       Downgraded from [ICRA]BB-
                                        (stable) to [ICRA]B+

   Short Term Non-Fund
   Based                     5.00       [ICRA]A4 reaffirmed

The revision of the long term rating takes into account the
deterioration in the profitability levels of the firm in the last
two fiscals resulting in low cash accruals, given its relatively
small scale of operations. The ratings are also constrained by the
exposure of the firm's profitability to forex rate movements, its
limited infrastructure and geographical presence. The ratings
further consider the underlying cyclicality of the commodities
traded which exposes the firm to volatility in margins; and the
high customer concentration, with its single largest buyer
accounting for over one third of total sales in FY13.
The ratings, nonetheless, consider the long track record of the
promoters in polymer and chemical trade industry and the
established relationships of the firm with its customers.

Agroflex Reinforce Inc. is a partnership firm engaged in trading
of polymers and chemicals. The firm is a part of the Daga Group
which is headquartered in Bengaluru; the Group is involved in the
manufacturing and trading of plastic and related raw materials.
The firm was established in the year 1985 to manufacture PVC
conduit pipes and electrical fittings by Mr. Dhanraj Daga. In
1989, the firm was converted into a trading unit for plastic raw
materials and chemicals. The registered office of the firm is in
Chennai and the primary areas of operations are Tamil Nadu and
Pondicherry.

In FY 2013, Agroflex reported profit before tax (PBT) of INR0.06
crore on an operating income of INR12.1 crore; and, in FY 2012,
the company reported PBT of INR0.04 crore on an operating income
of INR9.0 crore.


ANUP INSULATION: CARE Reaffirms 'B-' Rating on INR0.42cr Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Anup Insulation Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            0.42       CARE B- Reaffirmed

   Long-term/ Short-
   term Bank Facilities  2.50       CARE B-/CARE A4 Reaffirmed

   Short-term Bank
   Facilities            3.00       CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained on account of the
stressed liquidity position of Anup Insulation Private Limited due
to cash losses and its highly leveraged capital structure. The
ratings are further constrained on account of AIPL's modest scale
of operations and its presence in a highly fragmented industry.
The ratings continue to factor in the benefit derived from the
vast experience of the promoters in the copper and aluminium wire
manufacturing business.

AIPL's ability to increase its scale of operations with an
improvement in profitability and efficient working capital
management is the key rating sensitivity.

Jaipur-based (Rajasthan) AIPL was originally constituted as a
partnership firm in 1996 in the name of 'Anup Industries'.
Subsequently, the firm got converted into its present form and the
name was changed to 'Anup Insulation Private Limited' wef February
2007. AIPL is engaged in the manufacturing of bare and enamelled
copper and aluminium based wires as well as copper and aluminium
strips from its sole manufacturing facility located at Jaipur with
a total installed capacity of either 450 Metric Tonne per Annum
(MTPA) of copper wires and strips or 400 MTPA of aluminium wires
and strips as on March 31, 2013. The final products manufactured
by AIPL finds its application in the transformers manufacturing
industry.

The promoters of AIPL also run other entities namely Umang Boards
Private Limited (UBPL; rated 'CARE B-', 'CARE A4') which is
engaged in the manufacturing of electrical insulation transformer
boards and laminated boards and Umang Boards BKK Company Limited,
Thailand as well as Umang Board Thailand Company Limited which are
engaged in the marketing of various products like wires,
insulation papers, transformer oil and laminated wood etc.

As per audited results of FY13 (refers to the period April 1 to
March 31), AIPL reported a total income of INR8.25 crore (FY12:
INR 7.64 crore) with a net losses of INR0.10 crore (FY12: INR0.20
crore). As per the provisional result for 7MFY14, AIPL has
achieved a turnover of around INR5.17 crore.


BD CORPORATES: CARE Assigns 'B+' Rating to INR16.26cr LT Loans
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of BD
Corporates Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           16.26       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of BD Corporates Pvt
Ltd is primarily constrained by its modest scale of operations and
weak financial risk profile marked by thin profitability margins,
leveraged capital structure and weak debt coverage indicators. The
rating is also constrained by the high level of government
regulations, seasonal nature of availability of paddy/wheat
resulting in high working capital intensity and exposure to the
vagaries of nature and its presence in the highly fragmented and
competitive agro commodity industry.

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

The ability of the company to grow its scale of operations and
improve its profitability margins & capital structure and
effective working capital management would be the key rating
sensitivities.

BD Corporates Pvt Ltd was incorporated in June 2003 by Mr Sankar
Agarwal and his family members based out of Kolkata with the
objective to operate a rice and flour mill. The company is engaged
in the processing and milling of wheat grains and rice. The flour
mill manufactures atta, maida, suji, and wheat bran, having an
installed capacity of 63,000 metric tonnes per annum (MTPA) being
located at Hooghly, West Bengal; while, the rice mill is located
at Howrah, West Bengal, with an installed capacity of 92,500 MTPA.
In FY13 [provisional (refers to the period April 1 to March 31)],
the rice mill and flour mill division contributed 60% and 40% of
BDC's total revenue respectively. The company sells its products
through the wholesalers and distributors in the state of West
Bengal.

During FY12, BDC reported a total operating income of INR107.4
crore and PAT of INR 0.3 crore. As per the FY13 (provisional), the
company reported a total operating income of INR111.9 crore and
PAT of INR0.5 crore.


BRINDHA COTTON: ICRA Cuts Ratings on INR17.55cr Loans to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating outstanding on the
INR12.40 crore term loan facilities and the INR4.00 crore fund
based facilities of Brindha Cotton Mills Private Limited to
'[ICRA]D' from '[ICRA]B+'. ICRA has also downgraded the short
rating outstanding on the INR0.15 non-fund based facilities and
INR1.00 crore non fund based (sub-limit) facilities of the Company
to '[ICRA]D' from '[ICRA]A4'.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------            -----------     -------
   Term loan facilities      12.40       [ICRA]D/downgraded from
                                         [ICRA]B+

   Fund based facilities      4.00       [ICRA]D/downgraded from
                                         [ICRA]B+

   Non-fund based
   Facilities                 0.15       [ICRA]D/downgraded from
                                         [ICRA]A4

   Non-fund based
   (sub limit)
   Facilities                (1.00)      [ICRA]D/downgraded from
                                         [ICRA]A4

The rating action factors in the recent delays in debt servicing
by the Company (both interest and principal repayment obligations)
on account of tight liquidity conditions stemming from lower
accruals owing to power crisis in Tamil Nadu which significantly
affected the Company's capacity utilization. Further, the
liquidity profile of the Company was also strained due to lease
advance of INR2.0 crore extended to another spinning unit which
was taken on lease till November 2013. The ratings also take note
of the Company's high gearing and modest coverage indicators, its
present small scale of operations (albeit growing), which
restricts its financial flexibility and price competitiveness,
given the highly fragmented structure of the spinning industry.
Going forward, ability to improve capacity utilization thereby
achieving better volumes and margins on a consistent basis would
remain key to improving the financial profile of the company.

BCMPL was incorporated in 2000 by Mr. P V Mahadeva Raja, who had
acquired the firm from M/s Mohammed Ismail Mills in 1998, which
was initially a partnership firm. The Company, which commenced
commercial production in 1999-20, currently operates with a
capacity of 35,750 spindles. The Company has two units located in
Ambasamudram & Perumalpatti village, Rajapalayam with 9,350 and
26,400 spindles respectively. The revenues are contributed
entirely from domestic sales. The Company procures raw material
from Andhra Pradesh, Karnataka, Gujarat and Maharashtra.

Recent Results

For the year ended March 31, 2013, BCMPL has reported a net profit
of INR0.1 crore on an operating income of INR29.8 crore as against
net loss of INR0.4 crore on operating income of INR22.1 crore
during 2011-12.


C.P BAGAL & COMPANY: CARE Cuts Rating on INR5cr LT Loans to 'B+'
----------------------------------------------------------------
CARE revises the long-term rating assigned to the bank facilities
of C.P Bagal & Company.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              5        CARE B+ Revised from
                                    CARE BB

   Short-term Bank
   Facilities              2.40     CARE A4 Reaffirmed

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

Rating Rationale

The revision in the long-term rating of CP Bagal & Company is
primarily on account of significant decline in its income and
strain on liquidity of the firm in FY13 (refers to the period
April 1 to March 31) due to delayed payments from the client and
slow pace of work execution. The revision in the long-term rating
is also driven by deterioration in the debt coverage indicators.
The ratings continue to remain constrained on account of CPBC's
moderate scale of operations, its presence in a highly competitive
infrastructure contractor business, partnership nature of
constitution and client concentration risk.

The ratings continue to draw strength from the moderate experience
of the partners in road and irrigation works, satisfactory order
book position, healthy profitability margins and moderate leverage
position.

The ability of CPBC to increase the overall scale of the
operations along with timely realization of contract receivables
remains the key rating sensitivity.

CPBC is a partnership firm which was initially formed in 1993 as a
proprietorship concern. CPBC undertakes government contracts for
roads and irrigation works (dams and canals) on a tender
basis mainly in rural areas of Maharashtra. CPBC is a registered
contractor (Category 1-A) with Public Works Department (PWD),
Government of Maharashtra. CPBC owns various heavy machineries
like crusher, roller, and cement mixer. The other raw material is
procured from the local market in Solapur, Maharashtra.

During FY13 , CPBC earned a PAT of Rs 0.18 crore on a total
operating income of Rs 2.20 crore against PAT of Rs 4.87 crore on
a total operating income of Rs 16.82 crore in FY12.


CHARLY FISHERIES: CRISIL Assigns 'B+' Ratings to INR5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Charly Fisheries.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        3       CRISIL B+/Stable

   Long Term Loan            2       CRISIL B+/Stable

   Export Packing Credit    42.5     CRISIL A4

   Foreign Bill Purchase    42.5     CRISIL A4

The ratings reflect CF's modest scale of operations in the
intensely competitive marine seafood industry, and its below-
average financial risk profile, marked by an aggressive capital
structure. These rating weaknesses are partially offset by the
extensive industry experience of the firm's partners.

Outlook: Stable

CRISIL believes that CF will continue to benefit over the medium
term, from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if the firm sustains an
increase in its revenues and profitability, leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if CF's financial risk profile
weakens, most likely because of a decline in its cash accruals, or
large debt-funded capital expenditure, or sizeable capital
withdrawals by the partners.

CF, set up in Kollam (Kerala) in 1997, exports seafood. The firm's
daily operations are managed by Mr. Charly Joseph.

CF reported a net loss of INR3.1 million on an operating income of
INR207 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR7.0 million on an operating
income of INR224 million for 2011-12.


CONTINENTAL MULTIMODAL: CRISIL Puts 'D' Ratings on INR650MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Continental Multimodal Terminals Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan            620     CRISIL D
   Bank Guarantee             20     CRISIL D
   Cash Credit                10     CRISIL D

The ratings reflect delays by CMTL in servicing its term loan; the
delays have been caused by the company's weak liquidity. Liquidity
is weak on account of time overrun in commercialisation of its
Inland Container Depot (ICD).

CMTL also has nascent and small scale of operations and is
susceptible to risks related to adverse economic cycles. The
company, however, benefits from the extensive industry experience
of its promoters and the need-based fund support extended by the
group companies towards servicing its term loan obligations.

Incorporated in 2002, CMTL is a joint venture between Continental
Warehousing Corporation Limited and KRIBHCO Infrastructure Limited
(KRIL). CMTL has set up a multi-user logistics interface park
(LIP) at Thimmapur in Mehboobnagar district (Andhra Pradesh). The
company is currently operating a private freight terminal (PFT)
and is in an advanced stage of setting up ICD.

CMTL is promoted by Mr. N Adikesavulu Reddy and Mrs. N Kamakshi
Reddy, who together hold 51 per cent shareholding in the company.
The remaining 39 per cent is held by Continental Warehousing
Corporation (Nhava Seva) Limited (rated CRISIL BBB+/Stable/CRISIL
A2) and 10 per cent by KRIL.

CMTL reported net loss of INR101.8 million on net sales of INR55.7
million for 2012-13 (refers to financial year, April 1 to March
31) as against net loss of INR57.6 million on net sales of INR15.2
million for 2011-12.


DIEHARD DIES: CRISIL Reaffirms 'D' Ratings on INR200.6MM Loans
--------------------------------------------------------------
CRISIL'S ratings on the bank facilities of Diehard Dies Private
Limited continue to reflect instances of delay by DDPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               25      CRISIL D (Reaffirmed)
   Letter of Credit          20      CRISIL D (Reaffirmed)
   Long-Term Loan           155.6    CRISIL D (Reaffirmed)

DDPL has a weak financial risk profile marked by negative net-
worth and weak debt protection metrics, has large working capital
requirements, and small scale of operations. However, DDPL
benefits from its access to the superior technology of, and
support from, its group companies.

DDPL is part of the Tulasi group of companies, which is headed by
Mr. Tulasi Ramachandra Prabhu. The company manufactures flat-
steel-rule-cutting-creasing-stripping dies, rotary-steel-cutting
dies, and steel-line-label-cutting dies.


DYNAMIX CHAINS: CRISIL Reaffirms 'D' Ratings on INR456MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dynamix Chains
Manufacturing Pvt Ltd (part of the Yash group) continues to
reflect the delays by Dynamix in meeting its term loan
obligations. The delays were caused by the Yash group's weak
liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Packing Credit            20      CRISIL A4 (Reaffirmed)

   Post-Shipment Credit     202.5    CRISIL A4 (Reaffirmed)

   Proposed Long-Term       266.5    CRISIL D (Reaffirmed)
   Bank Loan Facility

   Standby Letter of         50.0    CRISIL A4 (Reaffirmed)
   Credit

   Term Loan                189.5    CRISIL D (Reaffirmed)

The Yash group has a weak financial risk profile, marked by high
gearing and weak debt protection metrics. Besides, the group has
large working capital requirements, resulting in weak liquidity,
and there is geographical concentration in its revenue profile.
However, the Yash group has an established market position in the
jewellery industry, and sound manufacturing facilities.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Dynamix, Say India Jewellers Pvt Ltd
(Say India; rated 'CRISIL A4'), Lily Jewellery Pvt Ltd (Lily;
'CRISIL B-/Stable'), Yash Jewellery Pvt Ltd (Yash; 'CRISIL
D/CRISIL A4'), Rolly Jewellery Pvt Ltd (Rolly; 'CRISIL B-
/Stable'), Dania Oro Jewellery Pvt Ltd (Dania Oro; 'CRISIL B-
/Stable/CRISIL A4'), Jewel America Inc (Jewel America), and Barjon
Inc (Barjon). This is because all these companies, collectively
referred to as the Yash group, are under a common promoter group,
in the same line of business, and have operational inter-linkages
and fungible cash flows.

The Yash group of companies is promoted by Mr. Pramod Goenka. The
group manufactures gold, silver, and diamond-studded jewellery,
which is mainly exported to the US and the UK.

Dynamix was established in October 2007. It manufactures
specialised chains and pendants, which are exported to the US. Say
India, Lily, Dania Oro and Yash (set up in May 1995, February
2004, February 2006, and November 2006, respectively), export
diamond-studded gold jewellery, while Rolly (established in
January 2005) exports light-weight electro-form jewellery. Jewel
America, a leading jewellery wholesaler in the US, was acquired by
the group in February 2009.

Dynamix, on a standalone basis, reported a profit after tax (PAT)
of INR6 million on net sales of INR466 million for 2012-13 (refers
to financial year, July 1 to June 31), against a PAT of INR6.8
million on net sales of INR471 million for 2011-12#.

#The company changed its accounting period from March end to June
in 2012. Hence, figures for 2011-12 represent 15 months from
April 1, 2011 to June 31, 2012.


EVERFLOW PETROFILS: ICRA Rates INR14.25cr LT Loan at 'B+'
---------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' and a short-
term rating of '[ICRA]A4' to the INR38.00 crore bank limits of
Everflow Petrofils Limited.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term: Cash        14.25         [ICRA]B+ assigned
   Credit facility

   Short-Term: Letter     23.75         [ICRA]A4 assigned
   of Credit/Buyers'
   Credit

The ratings assigned are constrained by the weak financial profile
of the company, characterised by high gearing levels, weak
coverage indicators and subdued profitability levels on account of
limited value-addition and intense competitive pressures in the
highly fragmented textile industry. The ratings also factor in the
vulnerability of profitability and cash flows to the fluctuations
in crude oil prices; cyclicality inherent in the textile industry
and high supplier concentration risk owing to its dependence on a
single overseas supplier for meeting the bulk of its recycled spun
yarn requirements.

The ratings, however, draw comfort from the long operating track
record of the promoters in the field of trading of recycled spun
polyester yarn & greige fabric; healthy scale up of the revenue
base in the last fiscal and the established sourcing relationship
with overseas suppliers.

Everflow Petrofils Limited was incorporated in 2003 under the name
of Everflow Mercantile Company Private Limited. However, the
company was dormant till 2005, when its name was changed to
Everflow Petrofils Limited. Since then, the company has been
engaged in the trading of Recycled Polyester Spun Yarn (RPSY) and
greige fabric. The former, which constituted ~75% of the total
revenue base of EPL in FY 13, is primarily imported from Xiamen
Ming Cheng Corporation Limited, based in China, and sold to
domestic traders and brokers. EPL is the sole selling agent of
XMCCL in India.

In the 8-month period ending November 2013, EPL has reported a
Profit before Tax (PBT) of INR1.04 crore (excluding provision for
depreciation) on an operating income of INR162.97 crore
(provisional). In FY 2013, EPL reported a PAT of INR0.99 crore on
an operating income of INR250.83 crore.


FORT-IN INFRA: CRISIL Rates INR120MM Term Loan at 'D'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Fort-In Infra Developers (P) Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                120      CRISIL D

The rating reflects instances of delay by FDPL in servicing its
term debt ; the delays are attributable to modest occupancy levels
at its mall coupled with delays in realisations of rentals from
existing lessees.

The rating also factors in susceptibility of accruals to demand-
supply dynamics of commercial real estate in and around Kollam and
level of economic activity in the region. Furthermore, its
financial risk profile is marked by continuing losses from
operations and weak debt protection metrics. However, the company
benefits from the prime location of its property and the extensive
entrepreneurship experience of its promoters

FDPL was incorporated in 2009 by promoter of Malabar Group Ahammed
M., Dr. Ravi Pillai, Managing Director of Nasser S Al-Hajri
Corporation and a group of local investors. Currently, the company
runs a mall in Kollam, Kerala. sSome of the anchor clients include
Reliance Trends, Blackberry, Carnival Cinemas, Malabar gold,
Floret, Food court, Play on.


GOLDEN TREE: ICRA Withdraws 'D' Rating on INR24cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to INR24 crore term
loan of Golden Tree Hotels Pvt. Ltd. at the request of the company
as the company has fully redeemed the instrument. There is no
amount outstanding against the rated instrument.


GOYAL KNITFAB: CRISIL Cuts Ratings on INR231.2MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Goyal
Knitfab Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             5      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit               80      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Letter of Credit          10      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Term Loan                136.2    CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by GKPL in
servicing its debt; the delays have been caused by GKPL's weak
liquidity, driven by a stretch in its receivables cycle. Moreover,
with the subdued demand for the company's products in the market,
there was a significant increase in its inventory.

GKPL has large working capital requirements and a modest scale of
operations in the highly fragmented synthetic textile fabrics
industry. However, the company benefits from its promoters'
extensive industry experience.

GKPL was set up in 2001 by Mr. Sitaram Goyal and his son, Mr. Atul
Goyal. The company, based in Surat (Gujarat), undertakes knitting
and dyeing, and manufactures both grey and dyed fabric. It also
undertakes dyeing on a job-work basis for fabric manufacturers in
and around Surat.

GKPL reported a net profit of INR5.7 million on net sales of
INR309.7 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR13.6 million on net sales of
INR357.1 million for 2011-12.


HR POWER: CARE Assigns 'B+' Rating to INR17cr LT Bank Loans
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of HR Power Projects Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             17        CARE B+ Assigned

   Short-term Bank
   Facilities              7        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of HR Power Projects
Private Limited are primarily constrained by the small scale of
operations, leveraged capital structure, weak debt service
coverage indicators and working capital intensive nature of the
operations. The ratings are further constrained by customer
concentration, exposure to raw material price fluctuation and
highly competitive industry.

The above constraints are partially offset by the strengths
derived from the experienced promoters of HPP and healthy order
book position.

The ability of HPP to increase its scale of operations while
maintaining its profitability margins and improvement in the
capital structure and better working capital management shall be
the key rating sensitivities. Furthermore, the ability of HPP to
meet the orders in the envisaged time and cost shall also be the
key rating sensitivity.

Punjab based H R Power Projects Private Limited was promoted by Mr
Ajay Kansal, Ms Krishna Kumari, Mr Karan Kansal and Ms Priti
Kansal in 2010. In 2010, the company has taken over the business
of 'M/s HR Powers' (operational since 2008), a partnership firm of
the promoters. The company is engaged in the manufacturing of
electric transformers for the power sector and also undertakes
contracts for the installation and erection of transformers, meter
shifting-related projects etc.

HPP has its manufacturing facilities located in Bathinda, Punjab
and has an installed capacity of 350,000 Kilo Volt-Ampere (KVA)
per annum for transformers. The company manufactures transformers
with capacities ranging from 6.3 KVA to 1,000 KVA. HPP receives
orders through tendering and bidding process and works mainly for
State Electricity Utilities and undertakes power-related projects
for them.

During FY13 (refers to the period April 1 to March 31), HPP
reported a net profit of INR0.56 crore on a total operating income
of INR42.04 crore. Furthermore, the company has achieved sales of
INR23.96 crore in FY14 till October 2013 (based on provisional
results).


JAI SAI: CRISIL Assigns 'B' Ratings to INR80MM Loans
----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
long-term bank facilities of Jai Sai Construction.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Short-Term
   Bank Loan Facility         20     CRISIL A4 (Assigned)

   Proposed Long-Term
   Bank Loan Facility         30     CRISIL B/Stable (Assigned)

   Cash Credit                30     CRISIL B/Stable (Assigned)

   Overdraft Facility         20     CRISIL B/Stable (Assigned)
The ratings reflect the firm's below average financial risk
profile marked by a small networth, high gearing and weak debt
protection metrics and its weak liquidity driven by working
capital intensive operations. The ratings also reflect the firm's
modest scale of operations of operations with geographical and
customer concentration risks. These rating strengths are partially
offset by the extensive experience of JSC's promoters in the civil
construction business along with their funding support and the
firm's moderate order book.

Outlook: Stable

CRISIL believes that JSC will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' in case the firm
significantly improves its scale of operations and profitability
leading to better than expected cash accruals along with efficient
working capital management. Conversely, the outlook maybe revised
to 'Negative' in case of lower than expected cash accruals or
larger than expected working capital requirements or large debt
funded capex pressurizing the firm's liquidity.

Established in 2007 as a partnership concern, Jai Sai Construction
(JSC) is a Class 1 civil contractor and executes contracts floated
by various Maharashtra government departments for construction of
dams, canals and other projects related to irrigation and
construction of roads. The entire business of the firm is tender
based and it primarily executes tenders floated by the Maharashtra
Irrigation Department, Pune Municipal Corporation (PMC),
Maharashtra Industrial Development Corporation (MIDC) and Military
Engineering Services (MES). The firm derives its entire revenues
from the state of Maharashtra. The firm is headquartered in
Osmanabad (Maharashtra).


JAY JINENDRA: CRISIL Assigns 'B+' Rating to INR135MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Jay Jinendra Realtors Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                135      CRISIL B+/Stable

The rating reflects JJRPL's below-average financial risk profile
and stretched liquidity, and exposure to risks associated with its
ongoing project and with cyclicality in the Indian real estate
industry. These rating strengths are partially offset by JJRPL's
promoters' extensive experience in the real estate industry.

Outlook: Stable

CRISIL believes that JJRPL will benefit from the extensive
experience of its promoters in the real estate industry in Thane.
The outlook may be revised to 'Positive' if healthy booking of
units and receipt of customer advances lead to higher-than-
expected cash inflows, or if the promoters extend substantial
funding support to the company. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the company's
liquidity either because of lower-than-expected bookings, delays
in receipt of customer advances, or significant investments in new
projects.

JJRPL was incorporated in 2010 in Thane by Mr Sunderlal Aklinglal
Jain and Mr Chandubhai Ramshankar Rawal. The company is developing
a commercial real estate property under name 'Jai Vijay Industrial
Estate' at Naigaon, National Highway 8, near Vasai (Maharashtra).


KANCHESHWAR SUGAR: CARE Assigns 'B+' Rating to INR90cr Loans
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Kancheshwar Sugar Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities
   (Term Loan)           90         'CARE B+' Assigned

Rating Rationale

The rating assigned to the bank facilities of Kancheshwar Sugar
Limited is constrained by the funding risk whereby a significant
proportion (i.e. 50%) of the proposed debt component is yet to be
tied up, project execution risk,  absence of power purchase
agreement (PPA) for off-take of power from the co-generation unit
and competition from the nearby factories. The rating also factors
in the cyclicality and agro-climatic risks associated with the
sugar industry.

The rating, however, derives strength from the resourceful
promoters, qualified and experienced second-tier management,
partially integrated nature of sugar mill and strategic location
of the project.

The ability of KSL to ensure timely mobilization of funds,
successful commissioning of the project within the estimated time
and cost parameters and procurement of sugar cane at envisaged
prices post commercial operations are the key rating
sensitivities.

Kancheshwar Sugar Limited was incorporated in July 2011 to
undertake sugar and sugarrelated production at Village Manglur,
Taluka Tuljapur, Osmababad, Maharashtra. KSL is in the
process of setting up a green field partially integrated cane
processing plant comprising sugar plant with crushing capacity of
3,500 tonnes of cane crushed per day (TCD) and bagasse fired
cogeneration unit of 15 mega-watt (MW) with a total project cost
of INR133 crore funded through a debt-equity mix of 4.32:1. The
company plans to commence commercial operations in the sugar
season (SS) 2014-15 from November 2014. KSL is promoted by Mr
Dilip B Mane, Chief Promoter and Mr Dhananjay A Bhosale, Chairman
and Managing Director (CMD). The promoters of KSL have been
engaged into sugar and sugar-related production since the last
three years through a sister concern of KSL, Siddhanath Sugar
Mills Limited (SSML; rated 'CARE B+'). SSML was incorporated in
the year 2000 and commenced commercial operations from SS2010-11.
SSML is engaged in the manufacturing of sugar and sugar-related
products with an existing capacity of 2,500 TCD of sugar plant and
12 MW of co-generation unit.


KEVIN CERAMIC: CARE Reaffirms 'B+' Rating on INR9.36cr Loans
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kevin Ceramic Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.36       CARE B+ Reaffirmed

   Short-term Bank
   Facilities            1.00       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Kevin Ceramic
Private Limited continue to remain constrained on account of its
leveraged capital structure, weak debt coverage indicators and
elongation of working capital cycle. Furthermore, the ratings
continue to remain constrained on account of the susceptibility of
the operating margins to raw material and fuel price fluctuation,
its presence in the highly fragmented tiles industry and linkages
to the cyclical real estate industry.

The ratings continue to draw strength from the vast experience of
the promoters in the tiles manufacturing industry and its presence
in the ceramic tile hub with easy access to raw material, power
and fuel.

Furthermore, the ratings positively take into consideration the
increase in total operating income and cash accruals along with
improvement in profit margins during FY13 (refers to the period
April 1 to March 31) consequent to stabilization of its
manufacturing facilities.

The ability of KCPL to increase its scale of operations, improving
profit margins and capital structure along with better working
capital management in light of the volatile input prices in the
competitive nature of industry remain the key rating
sensitivities.

KCPL was originally incorporated in September 2010 by Mr Ramesh
Bhalodia, Mr Milan Bhalodia, Mr Prashant Bhalodia, Mr Devshi
Bhalodia and Mr Jayanti Charola. However, during January 2012,
Mr Prashant Bhalodia, Mr Devshi Bhalodia and Mr Jayanti Charola
sold their stake in KCPL and Mr Prabhu Parshottam Vansjaliyia, Mr
Amarshi Jeram Vasjaliya and Mr Bipin Labhu Gambhava joined KCPL.
Again during July 2013, there was a change in management of the
company as Mr Ramesh Bhalodia and Mr Milan Bhalodia sold their
stake in KCPL and Mr Vipul Kanaria joined KCPL. The new promoters
have experience in the ceramic industry through the group concern,
Jet Granito Private Limited (manufacturing of vitrified tiles)
(rated: CARE B+/A4). KCPL operates from its sole manufacturing
facility located at Morbi (Rajkot, Gujarat) with an installed
capacity of manufacturing 18 lakh boxes of porcelain floor tiles
and parking tiles. The commercial production commenced from
November 2011 and hence FY13 was the first full year of operations
for KCPL.

During FY13, KCPL reported a total operating income (TOI) of
INR14.31 crore with a PAT of INR0.03 crore as against a TOI of
INR5.32 crore and net loss of INR1.33 crore during FY12.


LILAMANI INFRA: CRISIL Rates INR500MM Term Loan at 'B+'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Lilamani Infra.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                500      CRISIL B+/Stable

The rating reflects LI's exposure to demand and project
implementation risks associated with its ongoing project; and the
firm's susceptibility to cyclicality inherent in the real estate
sector in India. These rating strengths are partially offset by
the extensive experience of LI's promoters in the real estate
sector.

Outlook: Stable

CRISIL believes that LI will continue to benefit over the medium
term from the extensive experience of its promoters in the real
estate sector. The outlook may be revised to 'Positive' if LI
reports a significant improvement in its business and financial
risk profiles, backed by timely implementation and high
saleability of its ongoing project, leading to healthy cash
accruals. Conversely, the outlook may be revised to 'Negative' if
LI faces time and cost overruns in its ongoing project or faces
delays in customer advances, constraining its financial profile,
particularly liquidity.

Formed in 2012, LI is part of Ahmedabad (Gujarat)-based Lilamani
group, and promoted by Mr. Mahendra Vora and his family. The firm
is developing a residential project of 253 apartments called River
Valley One at Hansole in Ahmedabad. The project is scheduled for
completion in March 2017.


MAKESWORTH INDUSTRIES: CARE Ups Rating on INR6.96cr Loans to 'B-'
-----------------------------------------------------------------
CARE revises the long-term rating and reaffirms the short-term
rating assigned to the bank facilities of Makesworth Industries
Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            6.96       CARE B- Revised from
                                    CARE C

   Short-term Bank
   Facilities            0.45       CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating takes into cognizance the
timely servicing of its debt obligations over the last one year.
However, the ratings of Makesworth Industries Limited (MIL)
continue to be constrained by its small scale of operations and
weak financial risk profile, susceptibility of profitability to
fluctuations in the raw material prices, high working capital
intensity, concentrated customer base and its presence in a highly
competitive industry. However, the ratings continue to draw
comfort from the experience of the promoters in the manufacturing
and trading of petroleum specialty products.

The ability of the company to grow its scale of operations and
improve its liquidity position & profitability parameters would be
the key rating sensitivities.

Makesworth Industries Limited, incorporated in January 1995 as
'Makesworth Hydraulics Ltd' by Mr Rajesh Tulsian and Mr Mohan Lal
Tulsian based out of Kolkata, is engaged in the manufacturing of
petroleum specialty products like cable filling & flooding
compound, Atactic Polypropylene Polymer (APP) compound, industrial
lubricants, etc. 'Macogel' is the registered brand for a range of
cable filling and flooding compounds manufactured by MIL. Besides
this the company is also engaged in the trading of paraffin wax,
residue wax, stack wax, etc. Subsequently in 1997, it was
rechristened to its present name. The company's manufacturing
facility is located at Falta, West Bengal with an installed
capacity of 8,000 MTPA. MIL is accredited with ISO 9002:2000
certification.

During FY13 (refers to the period April 1 to March 31), MIL had
reported a total operating income of INR1,073.8 lakh (Rs. 981.6
lakh in FY12) and PAT of INR 0.5 lakh (Rs.1.1 lakh in FY12).


MASTECH TECHNOLOGIES: ICRA Places 'D' Ratings on INR20cr Loans
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]D' to the INR7.93
crore, fund-based bank facilities and INR11.27 crore, proposed
bank facilities and a short-term rating of '[ICRA]D' to the
INR0.80 crore, non-fund-based bank facilities of Mastech
Technologies Private Limited.

                              Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Fund-based facilities        5.75        [ICRA]D assigned
   Cash Credit

   Fund-based facilities        2.18        [ICRA]D assigned
   Term loans

   Proposed bank facilities    11.27        [ICRA]D assigned

   Non-fund-based bank          0.80        [ICRA]D assigned
   Facilities

The assigned ratings reflect the irregularities observed in debt-
servicing by MTPL because of liquidity constraints arising from
cash losses till last year, high working capital intensity of
company's operations as well as volatility observed in company's
operating profitability margins over the years. The ratings are
also constrained by the company's weak financial profile
characterised by its modest scale of operations, its moderate and
highly volatile operating profitability margins and weak DSCR
(debt-service coverage ratio).

Further, the ratings take into consideration the slowdown being
experienced in infrastructure spending in the country which is
expected to constrain growth in company's turnover and keep its
working capital cycle stretched in the near term. The risk gets
aggravated further given the intensely competitive and fragmented
nature of the market which limits the company's bargaining power.
Although ICRA has taken a note of company's strengths in the form
of promoters' relevant experience which has facilitated repeat
business from reputed clients such as ABB, Siemens etc. as well as
their demonstrated funding support in the form of sizeable equity
infusion since commencement of operations; the same are offset by
the concerns highlighted above.

In ICRA's view, the company's ability to scale up its operations
and improve & stabilise its operating profitability margins by
ensuring improved capacity utilisation; and shorten its working
capital cycle thereby easing the liquidity pressures, will be the
key rating sensitivity.

Incorporated by a fresh certificate of incorporation obtained on
14th February 2007 (for change in name of the company to) Mastech
Technologies Private Limited is a closely-held company engaged in
the business of manufacturing high masts, poles and other steel
structures such as sub-station structures, lattice towers etc.
since August 2008. The products manufactured by the company have
utility across areas such as street lighting, telecommunication,
signages and power distribution. Around 83% stake in the company
is owned by Avaids Technovators Private Limited, while the balance
stake is held by promoters (Piplani, Chaudhary & Kaul families)
and their associates.

The company's manufacturing unit is located at Alwar, Rajasthan
(about 130 kms from Delhi) and is capable of manufacturing more
than 100 poles and 10 masts per day.

Recent Results

MTPL reported an operating income of INR23.49 crore and a profit
after tax (PAT) of INR0.25 crore in FY13 as compared to an
operating income of INR10.99 crore and a net loss of INR1.86 crore
in FY12.


METSIL EXPORTS: CRISIL Cuts Ratings on INR309MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Metsil
Exports Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit    80.00    CRISIL D (Downgraded from
                                     'CRISIL A4')

   Export Packing Credit    60.00    CRISIL D (Downgraded from
                                     'CRISIL A4')

   Letter of Credit         29.00    CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan               120.00    CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit/
   Bank Guarantee           20.00    CRISIL D (Downgraded from
                                    'CRISIL A4')

The downgrade reflects delay in repayment of term debt obligations
taken for setting up its ferro alloy plant. The delay was on
account of a stretched liquidity profile.

The company had taken a term loan of INR120 million for setting up
its ferro alloy facilities. However despite commencing operations
from March 2012, company was not able to operate its facilities at
optimal capacity utilisation because of increased power costs.
Given the lower than expected cash flows, the company got its term
loan repayments rescheduled. Additionally in order to reduce its
power costs, Metsil proposed to undertake a further capex of INR90
million for installing DVC power lines and was accordingly
sanctioned a fresh term loan of INR60 million by its banker.
However, because of technical issues, the loan was not disbursed
resulting in stalling of the power line capex and further
constraining the company's liquidity.

Metsil has exposure to risks related to fluctuations in raw
material prices and foreign exchange rates, and to cyclicality in
the steel industry. It also has a weak financial risk profile,
marked by high gearing and weak debt protection metrics. These
weaknesses are partially offset by the extensive experience of
Metsil's promoters in the ferroalloys export business, and their
established customer and supplier relationships.

Metsil was set up as a closely held company in 1993 by Mr. Suresh
Kumar Sharma. The company was engaged in trading and brokerage. It
started trading in ferroalloys in 2003-04 after Mr. Santosh K
Sharma (brother of Mr. Suresh Sharma) joined the business. Metsil
is a recognised export house. The company has set up a 9-megavolt
ampere ferroalloy plant in Durgapur (West Bengal).


MOTISONS JEWELLERS: CARE Assigns 'B+' Rating to INR20cr Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Motisons
Jewellers Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             20        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Motisons Jewellers
Ltd is constrained by its very long operating cycle, moderate
scale of operations and geographical concentration risk with
presence in a single city with two retail outlets. The rating is
further constrained by the moderately weak debt protection
indicators, high working capital intensity of operations,
susceptibility of operating profitability to volatile gold prices,
presence in a highly competitive and fragmented Gems and Jewellery
industry (G&J) and stringent regulatory environment.  The rating,
however, derives strength from the vast experience of the
promoters in the G&J sector coupled with their financial
resourcefulness, established brand name with a long track record
of operations, in-house designing capability enabling to offer
wide range of products and financial risk profile marked by
moderate profitability and leverage.

The ability of the company to increase its scale of operations
along with efficient working capital management leading to an
improvement in the operating cycle is the key rating sensitivity.

Jaipur-based MJL is engaged in the business of retailing,
manufacturing and trading of gold, kundan, moti (pearl), silver
and diamond jewellery. MJL is a part of the Motisons Group (MG)
whose business interests span across jewellery, real estate,
shares and commodity broking. It was initially constituted as
Motisons Jewellers, a partnership concern, in 1997 by Mr Sanjay
Chhabra and Mr Sandeep Chhabra. In May 2011, the promoters decided
to convert the entity in to a limited company and hence formed
MJL. This culminated by taking over the entire business operations
of Motisons Jewellers partnership firm by MJL.

MJL has two retail showrooms in Jaipur located in the prime
shopping region of Johari Bazaar and Tonk Road. MJL also has a
separate manufacturing facility of 54,000 Sq Ft with a
construction area of 20,000 Sq Ft for export at Special Economic
Zone Phase II Sitapura, Jaipur which was started in 2009.

During FY13 (refers to the period April 1 to March 31), MJL
reported a Total Operating Income (TOI) of INR100.54 crore (FY12:
INR 121.98 crore) with a net profit of INR3.19 crore. (FY12: 2.94
crore). As per the unaudited H1FY14 results provided by the
company, MJL has registered TOI of INR 58.71 crore with PBT of
INR3.04 crore.


NATIONAL OXYGEN: ICRA Cuts Ratings on INR16.19cr Loans to 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR12.44
crore term loan facility, the INR1.50 crore fund based facility
and the INR2.25 crore non-fund based facility of National Oxygen
Limited to '[ICRA]D' from '[ICRA]BB'.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Term loan facility        12.44       Revised to [ICRA]D from
                                         [ICRA]BB (Stable)

   Fund based facility        1.50       Revised to [ICRA]D from
                                         [ICRA]BB (Stable)

   Non-fund based             2.25       Revised to [ICRA]D from
   Facility                              [ICRA]BB (Stable)

The revision in rating reflects the current delays in debt
servicing by the Company. The liquidity position of the Company
has been adversely impacted on account of slowdown in the
operating environment amidst increase in power costs, which has
resulted in lower realisations/accruals and increased working
capital intensity. During the current fiscal, the Company
commenced commercial production at its new facility located in
Perundurai (Tamil Nadu). Owing to the weakness in operating
environment, NOL has applied for re-schedulement of the principal
repayments falling due between October 2013 and September 2014;
this is pending approval of the lender. The Company has also
applied for enhancement of its fund based working capital
facilities by INR2.5 crore to tide over the tight liquidity
position; this is also pending approval of the lender.

The Company incurred a debt-funded capital expenditure of INR30.6
crore towards setting up the new manufacturing facility, primarily
over the last one-and-half years, which resulted in an increase in
gearing from 0.7x as on March 31, 2012 to 1.5x as on September 30,
2013. The aforementioned cost was funded through term debt of
INR20.4 crore, proceeds from issue of equity shares of INR8.4
crore and internal accruals.

NOL's promoters have experience of over three decades in the
merchant industrial gas market, while NOL has a diversified
presence across various customer segments. Although the ongoing
economic slowdown is likely to have an adverse impact on revenue
growth and accruals at least in the near term, the long-term
outlook for the industrial gases sector is favourable. The Company
operates in a highly competitive market, which results in pricing
pressure. Further, the Company's facilities are located in Tamil
Nadu, where the power situation remains unfavourable; however, it
has entered into power purchase agreements with third parties to
mitigate the impact.

Incorporated in 1974, NOL is primarily engaged in production of
gaseous oxygen, liquid oxygen, liquid nitrogen and dissolved
acetylene gas. Its manufacturing facilities are located at
Puducherry, Perundurai and Trichy, Tamil Nadu. The Company
commenced trial runs at its new manufacturing unit at Perundurai
(Tamil Nadu) in May 2013 and commercial production in August 2013.
Consequent to this expansion, NOL's capacity to manufacture liquid
oxygen, gaseous oxygen and liquid nitrogen has increased from 25.0
million cubic metres to 43.3 million cubic metres.

The Company also has a gas filling station at Trichy, to cater to
the retail demand. It primarily caters to clients in Tamil Nadu
and also to parts of Kerala and Andhra Pradesh. Further, NOL has a
windmill, with a capacity of about 1.65 MW at Dhule, Maharashtra,
installed in 2005. NOL's shares are listed in the Indian bourses,
with its promoters holding 58.43% of the equity share capital as
on September 30, 2013.

Recent results

NOL reported a net loss of INR0.9 crore on an operating income of
INR12.6 crore during the six months ended September 30, 2013,
against a net profit of INR1.0 crore on an operating income of
INR12.3 crore during corresponding period in the previous fiscal.


PARICHITHA CONSTRUCTIONS: CRISIL Rates INR25MM Loan at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Parichitha Constructions.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Overdraft Facility       25.0     CRISIL B+/Stable
   Bank Guarantee           40.0     CRISIL A4

The ratings reflect PC's modest scale of operations in an
intensely competitive civil construction industry, geographic
concentration and risk inherent in tender-based business, leading
to volatility in revenues. These rating weaknesses are partially
offset by its promoter's extensive experience in the civil
construction industry, and moderate financial risk profile, marked
by a low gearing, and above-average debt protection metrics,
albeit constrained by a modest net worth.

Outlook: Stable

CRISIL believes that PC will maintain its moderate financial risk
profile and benefit from its promoter's extensive experience in
the civil construction business over the medium term. The outlook
may be revised to 'Positive' if the firm reports substantial
growth in scale of operations and profitability while maintaining
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if there is a sharp decline in PC's revenues and
profitability, its working capital cycle lengthens, or it
undertakes a large, debt-funded capital expenditure programme,
constraining its financial risk profile.

PC was established as a proprietorship firm by Mr. N Srinivas
Murthy in 1987. It is based in Bengaluru (Karnataka) and is
engaged in civil construction activities such as construction of
roads, bridges, drains and underpasses for government bodies.

For 2012-13 (refers to financial year, April 1 to March 31) PC
reported, on a provisional basis, a net profit of INR6.0 million
on net sales of INR108.6 million; the firm reported a net profit
of INR5.0 million on net sales of INR94.5 million for 2011-12.


PENTA GOLD: ICRA Assigns 'B+' Rating to INR8cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to INR8.00
crore fund based working capital limits of 'Penta Gold Private
Limited. ICRA has also assigned the short term rating of
'[ICRA]A4' to fund based and non-fund based sub-limits of FBWC
facility of the company.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based FBWC          8.00        [ICRA]B+

   Sub-limit against       (4.00)       [ICRA]A4
   SIP with job
   workers (within
   FBWC limit)

   Metal Gold Loan         (6.50)       [ICRA]A4
   (within FBWC limit)

   Non-fund Based          (6.50)       [ICRA]A4
   Limits Bank
   Guarantee

The assigned ratings are constrained by the limited operational
track record of Penta Gold Private Limited explaining the weak
financial profile as reflected in low profitability, highly
leveraged capital structure and tight liquidity position resulting
in high utilization of bank sanctioned limits. The ratings are
further constrained by the susceptibility to highly volatile gold
prices. ICRA further takes note of increasing competitive
pressures due to the presence of large number of players in the
organized and unorganized segment as well as recent adverse
policies by RBI imposing pressure on profit margins of the
company.

The assigned ratings favorably factor in the long standing
experience of the promoters in the gems and jewellery industry.
Further, ICRA also takes a positive note of the demand prospects
for gold jewellery due to a strong cultural affinity and the
upcoming festive and wedding season in India.

Penta Gold Private Limited was incorporated in March 2012. It is
primarily engaged in the trading of gold bullions, gold medallions
and gold jewellery. Mr. Ketan is the key shareholder, holding more
than 99% of the company. He is also in the promoter group of the
Indian Bullion Market Association Ltd (IBMA). Earlier, Mr. Ketan
was among the key directors of Puspak Bullion Private Limited.
However, he resigned from the directorship of the PBPL a few years
ago.


POPPYS HOTEL: ICRA Reaffirms 'B+' Rating on INR12.23cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the IN12.23
crore term loan facilities of Poppys Hotel Private Limited at
'[ICRA]B+'. ICRA had earlier suspended the ratings in April 2013.
The suspension now stands revoked.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term loan facilities     12.23       [ICRA]B+/Reaffirmed

The rating reaffirmation considers the planned geographic
expansion and addition of higher category hotels in H2-2013-14,
which will reduce its revenue concentration on the Tirupur Market,
where the has been sharp reduction in demand due slowdown in
garment industry (Major demand driver for the Tirupur market) and
also due to oversupply of room inventory in the vicinity. The
impact of the decreased accruals and subsequent losses in 2011-12,
on PHPL's credit profile was to an extent mitigated by proceeds
from sale of assets. PHPL sold two of its relatively
underperforming hotels in Pollachi and Tuticorin for a
consideration of INR14 crore. The proceeds from the sale were used
to reduce the outstanding on the INR38.0 crore term loan
(Sanctioned amount for the ongoing projects).

The rating is however constrained by the stretched coverage
indicators of PHPL (TD/OPBDITA of 5.2 times as on March 31, 2013)
on account of lower accruals decreased occupancy in its flagship
property, Poppys Hotel, Tirupur (which contributes about 42% of
revenues in 2012-13). Further, the rating is constrained by the
dependence on its group company for meetings its investment
commitments for the ongoing projects.

Poppys Hotels private limited is a part of Poppys group headed by
Mr. A. Sakthivel. PHPL was established in 1994 with the flagship
property, Poppys Hotels, in Tirupur. Subsequently, the group
expanded its operations with two other properties in Tirupur,
Polalchi, Tuticorin catering to budget / business travellers. PHPL
also has a hotel in Ooty Catering to the tourist demand. Starting
from 2011 , with slowdown in business travel segment, particularly
in the Tirupur market, the company had expanded into Pilgrimage
centers, viz, Kumbakonam, Madurai and Rameswaram. PHPL has also
constructed a 4-star resort near Kochi (expected to be fully
operational from February 2014), which at present has 10 floating
villas. The group started textile operations in 1973 in Tirupur,
Tamil Nadu and has business interests in Knitwear through the
flagship company Poppys Knitwear Private limited. Poppys group
also has stakes in small companies engaged in trading of knitwear
and manufacturing of knitwear accessories.

Recent Results

For the six months ending Sept. 30, 2013, PHPL had an operating
profit of INR1.4 crore on an operating income of INR5.3 crore.
During 2012-13, PHPL had an operating profit of INR1.8 crore on an
operating income of INR11.5 crore.


R.V. RAYANAM: ICRA Reaffirms 'B+' Ratings on INR20cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to INR7.00
crore fund based facilities and INR13.00 crore non fund based
facilities of M/s R.V. Rayanam.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based            7.00        [ICRA]B+ reaffirmed
   Facilities

   Non-fund based
   Facilities           13.00        [ICRA]B+ reaffirmed

The assigned ratings continue to be constrained by the low scale
of operations within the civil construction business and the
relatively low value additive nature of contracts leading to
significant competition and pressure on margins. The ratings are
also constrained by the high geographic concentration risk with
all its projects located in Andhra Pradesh and the high project
and client concentration risks with only four ongoing orders from
two clients in its current order book. The ratings continue to be
impacted by the high working capital limit utilization with delays
in payments for ongoing projects. The ratings further take into
account the partnership nature of the business which remains
exposed to the risks of capital withdrawal by the partners.
However, the ratings favorably factor in the long standing
experience of over four decades of the promoters.

R V Rayanam is a partnership firm which was incorporated in 2005.
The firm is a special class Kakinada based construction firm
promoted by Mr. R V Rayanam, who has over four decades of
experience in civil construction. RVR is in the business of
execution of civil, electrical, mechanical and engineering
contracts, construction and sale of flats, houses, commercial
complexes as well in the field of civil construction. From its
inception, the firm has only executed central and state government
department works. The promoter of the firm, Mr R V Rayanam, is a
registered class I contractor since 1970 and has 40 years of
experience in all types of civil engineering works like building
and constructions, road work, pipeline works, construction of over
head tanks and slumps.

In FY 2012-13, R V Rayanam reported an operating income of
INR15.57 crore with a profit after tax of INR0.62 Crore as against
an operating income of INR24.91 crore with a profit after tax of
INR0.89 crore in FY 2011-12.


RAJ ENTERPRISES: ICRA Rates INR7.5cr Loan at 'B+'
-------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR7.50 crore cash
credit limits of Raj Enterprises.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.50       [ICRA]B+ assigned

The rating assigned to RENT is constrained by its stretched
liquidity position as reflected by frequent overdrawals in fund
based limits, susceptibility of profitability to fluctuation in
prices of raw materials as well as modest financial profile of the
firm as reflected by its small scale of operations and high
working capital intensity of operations. The rating also factors
in the customer concentration risk with top five customers
accounting for 96% of the sales of the firm as well as the risk
inherent in partnership firm with respect to withdrawal of capital
and its potential impact on RENT's capital structure and credit
profile. Nevertheless, the rating positively factors in the long
experience of the promoters in printing business and established
relationship with key customers. Going forward, ability of the
firm to increase its scale of operations in a profitable manner
while maintaining working capital intensity will be key rating
sensitivities

Raj Enterprises (RENT) was established in the year 2000 as a
proprietorship concern .It is engaged in printing of text books
for state governments primarily under Sarv Shiksha Abhiyaan. The
manufacturing facility of the firm is located at Haldwani in
Uattarakhand.

The firm reported a net profit of INR5.21 crores on an operating
income of INR26.47 crores in FY13 as against net profit of INR0.20
crores on an operating income of INR5.14 crores in FY12.


RHYTHM LAND: CRISIL Rates INR550MM Long-Term Loan at 'B+'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Rhythm Land Developers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan            550     CRISIL B+/Stable
The rating reflects RLDPL's exposure to project implementation
risk accentuated by the initial stage of its project, and
vulnerability to cyclicality inherent in the Indian real estate
industry. These rating weaknesses are partially offset by the
benefits that RLDPL derives from its promoters' extensive
experience in the real estate industry.

Outlook: Stable

CRISIL believes that RLDPL will benefit from its promoters'
extensive experience in the real estate industry in Pune
(Maharashtra). The outlook may be revised to 'Positive' in case of
better-than-expected customer bookings while completing the
project without any cost overrun, resulting in improved cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of significant cost overrun in the project or slower-than-
expected ramp-up in customer bookings, resulting in inadequate
liquidity.

RLDPL was set up in 1995, and is currently executing a residential
real estate project in Handewadi (Pune). RLDPL is promoted by Mr.
Dharmesh Gathani, Mr. Gautam Budhrani, and Mr. Ramesh Bhatia.


SADHANA PACKAGING: ICRA Reaffirms 'B-' Rating on INR8.5cr Loans
--------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B-' rating assigned to INR8.50 crore
long term fund-based bank facilities of Sadhana Packaging Private
Limited.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term fund-        8.50        [ICRA]B- (Reaffirmed)
   based facilities

The rating reaffirmation factors in the commencement of SPPL's
poly woven sack production from November 2012 and satisfactory
scale up in the capacity utilization to 75% of the installed
capacity within one year of operations. The rating continues to
favorably factor in the experience of promoters in the plastics
industry.

Despite the scale up in production, the accruals are expected to
remain low during the initial years, on account of modest
profitability and high interest expense, which coupled with
scheduled repayments would result in stretched liquidity and
dependence on external funding for debt servicing. Highly
fragmented and competitive industry with low entry barriers and
limited product differentiation leads to weak bargaining power as
reflected in profit margins which coupled with working capital
requirements has also resulted in high debt levels in relation to
profits and accruals. Further, the rating also factors in the
proposed debt funded capital expenditure for increasing the
capacity which would keep the financial profile and liquidity
stretched. The rating is also constrained by the high sector and
customer concentration with entire sales to the cement sector with
top two customers accounting for ~90% of the total sales, and also
vulnerability to volatility in the prices of raw materials i.e.
polymers, and ability to timely pass on the hikes in input costs
will drive the company's profitability.

The company's ability to scale up production to generate
sufficient accruals for debt servicing and timely funding support
to meet the shortfall in accruals, if any, will be the key rating
sensitivities over medium term.

SPPL, incorporated in 2011, is a newly established manufacturer
and supplier of woven packaging material specializing in
manufacture of Polypropylene sacks for use in the cement industry.
The manufacturing facility has been set up in Richhai Industrial
Area in Jabalpur, Madhya Pradesh with an installed capacity of
3600 MTPA and the commercial production commenced in November
2012. SPPL is being managed by Mr. Narendra Kulkarni who has more
than 25 years of experience in this industry. He has been earlier
associated with industrial units in Madhya Pradesh which were
engaged in the business of reprocessing of PP granules.


SANKET PROPERTIES: CRISIL Rates INR140MM Long-Term Loan at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Sanket Properties Pvt Ltd.

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

The rating reflects SPPL's exposure to project implementation risk
accentuated by the initial stage of its project, and vulnerability
to cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the benefits that SPPL
derives from its promoters' extensive experience in the real
estate industry.

Outlook: Stable

CRISIL believes that SPPL will benefit from its promoters'
extensive experience in the real estate industry in Pune
(Maharashtra). The outlook may be revised to 'Positive' in case of
better-than-expected customer bookings while completing the
project without any cost overrun, resulting in improved cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of significant cost overrun in the project or slower-than-
expected ramp-up in customer bookings, resulting in inadequate
liquidity.

Established in 2006, SPPL is promoted by Mr. Dharmesh Gathani and
his wife, Mrs. Jyoti Gathani. Members of the Gathani family have
been in the real estate business in Pune for over 10 years and
have executed multiple real estate projects. SPPL has undertaken
construction of a residential real estate project in Ambegaon,
Pune, at a total cost of about INR470 million.


SEVEN HILLS: ICRA Lowers Ratings on INR20cr Loans to 'D'
--------------------------------------------------------
ICRA has revised the long term rating to '[ICRA]D' for the
INR13.32 crore fund based and the INR5.00 crore non-fund based
bank facilities of Seven Hills Project Private Limited (Erstwhile
Seven Hills Construction). ICRA has also revised the ratings for
the INR1.68 crore proposed limits of the company to
[ICRA]D/[ICRA]D.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits:
   Rated on long term
   scale

   Term Loans              5.82         Revised from [ICRA] B-
                                        to [ICRA]D

   Cash Credit Limit       7.50         Revised from [ICRA] B-
                                        to [ICRA]D

   Non-Fund Based-:
   Rated on short term
   scale

   Bank Guarantee          5.00         Revised from [ICRA] A4 to
                                        [ICRA]D

   Proposed Limits:        1.68         Revised from [ICRA] B-/A4
   Rated on long term/                  to [ICRA]D/[ICRA]D
   Short term scale

The ratings are constrained by the recent delays in debt servicing
obligations and overdrawal of the cash credit facility for a
period of more than 30 consecutive days, by the company.

M/s Seven Hills Project Private Limited (Erstwhile Seven Hills
Construction) was set up in October, 2000 as a proprietorship
concern by Mr. Gaya Singh at Bhandara district in the state of
Maharashtra, and is engaged in construction activities with its
services consist of drilling, blasting, mining, crushing and earth
works. The company is a closely held entity and is managed as a
family run business with promoters exercising direct supervision
and control over all operational aspects of the firm.


SHREE KRISHNA: CARE Revises Rating on INR5.65cr Loans to 'B+'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Shree Krishna Vatika Buildwell Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            5.65       CARE B+ Revised from
                                    CARE B

Rating Rationale

The revision in the rating takes into account the healthy booking
advances from customers and final stage of completion of the
project being implemented by Shree Krishna Vatika Buildwell
Private Limited. The rating, however, continues to remain
constrained due to its lower booking status and saleability risk
associated with the project coupled with the inherent risk
associated with the cyclical real estate industry.

The rating, however, continues to derive comfort from the vast
experience of the promoters and established track record of
operations of the Okay Plus Group to which SKVPL belongs.
The successful completion of the project within the envisaged cost
and time parameters, ability to sell the project space at
envisaged prices in a timely manner and realization of booking
advances are the key rating sensitivities.

SKVPL was established in March 2005 as a Special Purpose Vehicle
(SPV) by the ISO 9001:2008 certified Okay Plus Group of Jaipur to
carry out real estate business. The Okay Plus group has been
engaged in the real estate business since the last three decades
and has developed various schemes in residential and commercial
segments as well as farm houses in and around Jaipur, Rajasthan.
Some of the well-known schemes include Okay Plus Anand and Okay
Plus Empress (residential), Okay Plus Tower and Big Benn
(commercial) and Vishram Vatika 2 (farm houses). The group is
promoted by the Modi family of Jaipur, headed by Mr Om Prakash
Modi who has an experience of around four decades in the real
estate business.

Currently, one residential project named 'Okay Plus Venus' in
Jaipur is under construction which would house 148 residential
flats and 18 penthouses (2 and 3 BHK apartments). The total
saleable area of the project is about 2.31 lakh sq ft.


SHREE RAM: CARE Reaffirms 'B+' Rating on INR5.5cr LT Loans
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shree Ram Fibres India Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            5.50       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shree Ram Fibres
India Private Limited continues to remain constrained by its
presence in a highly fragmented cotton ginning industry and
financial risk profile marked by thin profit margins, leveraged
capital structure and weak debt coverage indicators. The rating
further continues to remain constrained on account of seasonality
associated with the procurement of raw material, susceptibility of
profitability to cotton price fluctuation and changes in the
government policy.

The rating, however, continues to derive benefit from the wide
experience of the promoters of SRFPL in the cotton industry.

SRFPL's ability to improve its overall financial risk profile by
moving up in the value chain and thereby improving profit margins
and overall financial risk profile along with better working
capital management remain the key rating sensitivities.

Dhar-based (Madhya Pradesh) SRFPL is promoted by Mr Mohanlal
Khandelwal and the family in 2007. SRFPL is engaged in
manufacturing cotton bales by ginning and pressing of raw cotton.
Apart from ginning & pressing, SRFPL is also involved in the
trading of ginned cotton, cotton seeds, soyabeans and other agro
commodities. SRFPL has established a fully-automated pressing
unit having 28 doubled roll ginning machines at Gandhwani, Dhar
with an installed capacity of 12,000 Metric Tons Per Annum (MTPA)
as on March 31, 2013. During FY13 (refers to the period April 1 to
March 31), the manufacturing process contributed 54.93% of the
total income while the rest was contributed by the trading
activity.

During FY13 (refers to the period April 1 to March 31), SRFPL
reported the TOI of INR38.79 crore and PAT of INR0.34 crore as
against the TOI of INR48.30 crore and PAT of INR0.25 crore during
FY12.


SREE HARICHARAN: CRISIL Cuts Rating on INR25MM Loan to 'C'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sree Haricharan Granite Exports (India) Pvt Ltd to 'CRISIL C'
from 'CRISIL B/Stable', and has reaffirmed its rating on the
company's short-term facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              25       CRISIL C (Downgraded from
                                     'CRISIL B/Stable')

   Export Packing Credit    50       CRISIL A4 (Reaffirmed)

   Letter of Credit          5       CRISIL A4 (Reaffirmed)

The rating downgrade reflects the delays by SHGEPL in servicing
the interest on its term debt (not rated by CRISIL). The delays
have been caused by the company's weak liquidity.

The ratings also reflect SHGEPL's geographical concentration in
its revenue profile and large working capital requirements; the
ratings also factor in SHGEPL's weak financial profile marked by
small net worth, high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the benefits that
the company derives from its promoters' extensive experience in
the granite manufacturing industry.

SHGEPL was set up in 2010 by Andhra Pradesh-based Sri Damodara Rao
Potturi and Mrs. Sulochana Potturi. The company has set up a
facility to process, polish, and export rough granite blocks to
make granite slabs and monumental slabs of different
specifications. SHGEPL commenced commercial operations in February
2013.


SREE KARPAGAMBAL: ICRA Rates INR27.5cr Loans at 'B+'
----------------------------------------------------
ICRA has assigned long-term rating of '[ICRA]B+' to the INR27.50
crore fund based facilities of Sree Karpagambal Mills Limited.

                             Amount
   Facilities             (INR crore)      Ratings
   ----------              -----------     -------
   Fund based facilities       27.50       [ICRA]B+/assigned

The rating considers the experience of the promoters in the
spinning industry, the company's presence in diversified product
segments, especially on the customized cotton, polyester and
polyester-cotton blended varieties of yarn apart from sewing
threads and woven fabrics, and favorable yarn demand outlook over
the medium term The rating is, however, constrained by the
stretched financial profile of the company characterized by thin
operating margins, low accruals and weak debt indicators. Over the
last two years, the company's operating margins were largely
impacted by the lower capacity utilization in the wake of
significant power outage, apart from weak yarn demand in 2011-12
and high employee costs. This coupled with the rise in interest
costs on bank loans has resulted in sharp net losses for the
company in 2011-12 and 2012-13. With the losses partially eroding
the net worth, critical debt indicators of the company were
impacted; with the company's gearing at 2.9 times, Total debt to
OPBDITA at 6.2 times and interest coverage ratio at 1.4 times as
on March 31, 2013.

However, in the current fiscal, the indicators are expected to
improve with favourable yarn demand and improvement in the power
situation which has increased the capacity utilization to ~85%
till H1, 2013-14 (against 65% in the past). Given the annual term
loan repayment obligation of INR4.0 - 4.3 crore over the next
three years and the capital expenditure plans of the Company, its
ability to demonstrate healthy growth in accruals and improve the
debt indicators will remain critical for improvement in credit
profile of the company.

Incorporated in 1956, the Company is engaged in the manufacture of
customized cotton, polyester, polyester-cotton blended varieties
of yarn. The Company also manufactures sewing threads and woven
fabrics. Its manufacturing facility in Rajapalayam operates with a
capacity of 48,518 spindles, 840 rotors and 64 looms. It produces
yarn in the range of 6s to 80s counts and the counts produced vary
depending on the orders received from customers. Sales are
primarily to direct buyers in domestic markets, with exports
constituting a small portion of the revenues.

Recent Results

According to audited results, the Company has reported a net loss
of INR1.2 crore on an operating income of INR132.3 crore for the
financial year 2012-13, as against a net loss of INR2.4 crore on
an operating income of INR114.3 crore for the financial year 2011-
12.


TWENTY FIRST: ICRA Cuts Ratings on INR19.37cr Loans to 'D'
----------------------------------------------------------
ICRA has revised the long term rating from '[ICRA]B+' to '[ICRA]D'
for INR16.37 crore long term fund based facility of Twenty First
Century Castings Private Limited. ICRA has also revised the short
term rating from '[ICRA]A4' to '[ICRA]D' for INR3.00 crore short
term non-fund based facilities of TFCCPL.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Cash Credit         12.00       [ICRA]D (revised from ICRA B+)
   Term Loans           4.37       [ICRA]D (revised from ICRA B+)
   Bank Guarantee       3.00       [ICRA]D (revised from ICRA A4)
   DDP                 (0.10)      [ICRA]D (revised from ICRA A4)

The assigned ratings reflect TFCCPL's stressed liquidity position
as evident from ongoing delays in principal servicing, full
utilization of working capital limits as well as adverse financial
profile as reflected by modest profitability and aggressive
capital structure. The ratings also take into account the highly
competitive nature of the industry, vulnerability of profitability
to adverse raw material prices fluctuations and movements in
currency exchange rates.

Twenty First Century Castings Private Limited was incorporated on
1st April 2011 with Mr. Ramnatraju R Naidu and his wife Mrs
Sandhya R Naidu as its main shareholders. TFCCPL was incorporated
to carry on the existing business of Twenty First Century
Castings; a partnership firm set up in the year 1996 by Mr.
Ramnatraju R Naidu alongwith other partners. Twenty First Century
Castings Private Limited is engaged in the production of ferrous
and non ferrous alloys castings and is based in Udyognagar,
Gujarat.

Recent Results

For the year ended 31st March 2013, TFCCPL reported operating
income of INR45.73 crore and profit after tax of INR1.09 crore as
against operating income of INR45.00 crore and profit after tax of
INR1.32 crore for FY 12.


UMIYA TIMBERS: ICRA Assigns 'B' Rating to INR2cr Loans
------------------------------------------------------
ICRA has assigned long-term rating of '[ICRA] B' to the INR2.00
crore fund based facilities of Umiya Timbers Private Limited. ICRA
has also assigned short-term rating of '[ICRA]A4' to the INR0.50
crore fund based facilities and the INR11.00 crore non-fund based
facilities of the entity.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT-Fund based
   Facilities            2.00        [ICRA]B/assigned

   ST-Fund based
   Facilities            0.50        [ICRA]A4/assigned

   ST-Non fund based
   Facilities           11.00        [ICRA]A4/assigned

The assigned ratings consider the experience of the promoter group
in the timber trading business spanning over four decades, the
established relationship enjoyed by the Company with its suppliers
which ensures timely availability of timber and the long standing
association with regional customers that aid in generating repeat
business, sustaining the overall business continuity. The ratings
are, however, constrained by the relatively small scale of the
Company's operations that restrict economies of scale, the
vulnerability of UTPL's earnings to fluctuations in the raw
material price and exchange rates and the intense competitive
pressures owing to low entry barriers that restrict pricing
flexibility to a large extent. Furthermore, timber availability is
exposed to regulatory and political risks pertaining in the
supplying nation's market, accentuating the overall risk in the
business. The ratings are also constrained by the stretched
financial profile of the Company which is characterised by high
working capital intensity on account of stretched receivables, low
profitability metrics, coupled with weak liquidity position marked
by strained cash flows leading to consistently high utilisation of
availed bank limits.

Umiya Timbers Private Limited was incorporated in the year 2000.
The entity is primarily engaged in the importing and trading of
timber varieties such as teak, pincoda, batu, padouk and
purpleheart. The Company imports timber mainly from Myanmar, Latin
American countries such as Costa Rica, Panama, Columbia and
African countries including Ghana Togo, Cameroon and Gabon. The
imported timber is sold in bulk either as round blocks or in sawed
form to timber merchants/dealers based out of Tamil Nadu (~70%),
Andhra Pradesh (~15%), Kerala and Karnataka. UTPL's promoters have
business interests in three other entities, which are also
primarily engaged in similar line of business.

Recent Results

For the financial year 2012-13, the entity reported net profit of
INR0.11 crore on an operating income of INR22.98 crore as against
a net profit of INR0.09 crore on an operating income of INR18.38
crore for the financial year 2011-12.


UNECHA ASSOCIATES: CRISIL Assigns 'B' Ratings to INR150MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Unecha Associates.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Long-Term Loan           87.5     CRISIL B/Stable

   Proposed Long-Term
   Bank Loan Facility       62.5     CRISIL B/Stable

The rating reflects the firm's below-average financial risk
profile, marked by small net worth and high gearing, as well as
its stretched liquidity due to large advances provided to land
owners towards future projects. The rating also reflects project
risks associated with completion and saleability of its ongoing
projects. These rating strengths are partially offset by the
extensive experience of the promoter in the real estate business
in Pune and the firm's established track record of timely
completion of projects.

Outlook: Stable

CRISIL believes that Unecha Associates will benefit from the
longstanding experience of its promoter in the real estate market
in Pune. The outlook may be revised to 'Positive' in case of
better-than-expected booking of units and receipt of customer
advances, leading to higher-than-expected cash inflows and funding
support by the promoters. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in the firm's liquidity
either because of slower-than-expected bookings, delays in receipt
of customer advances, or significant investments in new projects.

UA was established in 1993 as a proprietorship concern by Mr.
Jagdish Unecha. The firm has been in real estate development in
Pune for over two decades, having developed over 3 lakh square
feet of real estate across 35 projects. The firm has three ongoing
projects in Pune with a total construction area of about 1.3 lakh
sq ft.


VISHWANATH SPINNERZ: ICRA Cuts Rating on INR75cr LT Loans to 'D'
----------------------------------------------------------------
ICRA has revised the long term rating for INR75.00 crore bank
lines of Vishwanath Spinnerz India Limited to '[ICRA]D' from
'[ICRA]B' earlier.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund        75.00       Revised to [ICRA]D from
   based limits                      [ICRA]B

The rating is primarily constrained by the recent delays in
repayment of term loan installments by VSIL. VSIL commenced
commercial production of cotton yarn at its facility in Nalgonda
District, Andhra Pradesh, in January 2013 but was unable to
arrange for working capital financing from banks till September
2013. The delays in getting cash credit facility sanctioned have
adversely affected the liquidity profile of the company during
January-September 2013. Further, proceeds from sale of cotton yarn
during this period were used majorly for procuring cotton with
fresh arrivals commencing in August-September, which further
affected cash flows resulting in the delayed repayment of term
loan installments. Going forward, timely servicing of debt
obligations and improvement in liquidity would constitute key
rating sensitivities.

VSIL is engaged in the manufacturing of cotton yarn in counts
ranging from 20s to 30s. The spinning unit is located at Pedavuru
in Nalgonda district, Andhra Pradesh; VSIL has a capacity of 25920
spindles. The company commenced commercial production of cotton
yarn in January 2013. In 6 months FY14, VSIL has recorded
Operating income of INR42.04 crore and PAT of 1.23 crore.


WIN PET: ICRA Reaffirms 'B+' Ratings on INR6.51cr Loans
-------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating assigned to the INR2.50
crores (enhanced from INR2.00 crores) cash credit limits and
INR4.01 crores (reduced from INR4.25 crores) term loans of Win Pet
& Polymers.

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

   Term Loan             4.01       [ICRA]B+ reaffirmed/assigned

The rating continues to be constrained by the modest scale of
operations of the firm and the high competition in the PET bottles
manufacturing business owing to low entry barriers. The rating
also reflects the moderately high working capital requirements of
the business due to high debtor days and tight liquidity position
of the firm as reflected in high utilization of working capital
limits. The rating is also constrained by the stretched capital
structure and average coverage indicators of the firm. The rating
however continues to positively factor in the moderate experience
of the promoters in glass & PET bottles marketing and distribution
activities, positive demand outlook for PET packaging products in
the domestic market and moderate profitability and return
indicators of the firm. Going forward, ability of firm to increase
its scale of operations in a profitable manner while maintaining
working capital intensity shall remain key rating sensitivities.

Win Pet & Polymers was incorporated as a partnership firm in 2009
and started commercial operations in 2010. The firm is engaged in
the manufacturing of PET bottles at its unit located in Roorkee,
Uttarakhand. The current PET bottle manufacturing capacity of the
firm is 1870 MT per annum. The firm has been promoted by the
Chordia family which has many other companies engaged in trading
and manufacturing of similar products.

The company reported a net profit after tax of INR0.79 crore on an
operating income of INR18.01 crore in the year ended 31st March
2013 as against a net profit of INR0.71 crore on an operating
income of INR16.65 crore in year ended 31st March 2012.


ZED VITRIFIED: ICRA Reaffirms 'B+' Ratings on INR21.4cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' to the
INR13.40 crore term loans and the INR8.00 crore cash credit
facility of Zed Vitrified Private Limited. ICRA has also
reaffirmed the short term rating of '[ICRA]A4' to the INR2.10
crore non fund based bank guarantee facility of ZVPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             13.40       [ICRA]B+ reaffirmed
   Cash Credit Limit      8.00       [ICRA]B+ reaffirmed
   Bank Guarantee         2.10       [ICRA]A4 reaffirmed

The ratings continues to remain constrained by Zed Vitrified
Private Limited's modest scale of operations with a single product
portfolio and weak financial profile as reflected by low
profitability, adverse capital structure and weak coverage
indicators. The ratings also take into consideration the
susceptibility of operations to the intense competition with the
presence of large established organized tile manufacturers and
unorganized players. ICRA also takes note of the dependence of
operations and cash flows of the company on the performance of the
real estate industry which is the main consuming sector for the
company's products, ICRA further notes that, the recent escalation
in gas prices as well as closure orders for coal based gasifier
plants have triggered an indefinite shutdown in the Morbi based
ceramic industry and is likely to significantly impact the
operational and financial performance of the company in the near
term.

The ratings, however, favorably consider the experience of the key
promoters in the ceramic industry and the location advantage
enjoyed by ZVPL with its plant located in Morbi giving it easy
access to raw materials. Further, ZVPL's foray into digital
printing tiles is expected to support revenue growth.

Zed Vitrified Private Limited is engaged in the manufacture of
vitrified tiles with its plant situated in Morbi, Gujarat. The
company was incorporated in 2010 and the operations commenced in
April 2011. It is promoted by Mr. Karmashi Patel, Mr. Dayalji
Patel, Mr. Ashokkumar Rangpariya, Mr. Mahesh Patel and Mr.
Maheshkumar. The plant has an installed capacity of 59000 MTPA. It
currently manufactures of sizes 24"x24" with the current set of
machineries and production facilities.

Recent Results

For the year ended March 31, 2013, ZVPL reported an operating
income of INR45.11 crore and profit after tax of INR0.81 crore as
against an operating income of INR38.18 crore and a profit after
tax of INR0.39 crore during FY12.



===============
T H A I L A N D
===============


BANK OF AYUDHYA: Moody's Affirms 'D+' Bank Fin. Strength Rating
---------------------------------------------------------------
Moody's Investors Service has upgraded the long-term foreign
currency deposit rating of Bank of Ayudhya (BAY) to Baa1 from
Baa2. The rating outlook is stable.

In addition, Moody's has affirmed the bank's P-2 short-term
deposit rating, and D+ bank financial strength rating (BFSR),
which maps to a ba1 baseline credit assessment (BCA). The outlook
on the BFSR is stable.

The rating action was prompted by The Bank of Tokyo- Mitsubishi
UFJ, Ltd. (BTMU, Aa3 stable; C/a3 stable) announcement on 18
December 2013 of the completion of its acquisition of 72.01%
ownership stake in BAY through the voluntary tender offer which
commenced on 7 November 2013, as part of its plan to acquire a
majority stake in BAY.

Ratings Rationale

BAY's Baa1 deposit rating is driven its ba1 BCA, plus three
notches of uplift to reflect our parental and systemic support
assumptions.

"Following BTMU's successful acquisition of a majority stake in
BAY, we expect BTMU to be a supportive shareholder, considering
the complimentary benefits that BAY's established Thai franchise
would add to BTMU's existing Thai branch operations and overseas
network, and BTMU's track record of demonstrating strong
commitment to its overseas investments," says Simon Chen, a
Moody's Assistant Vice-President and Analyst.

Consistent with BTMU's other overseas subsidiaries and
investments, BTMU does not provide an explicit legal undertaking
to provide financial support to BAY.

However, Moody's view the strategic fit of BAY to BTMU's regional
expansion and business strategy, BTMU's majority ownership stake
and management control of BAY, and BTMU's plan to merge its branch
operations with BAY, to be strong factors that underpin Moody's
assessment of a high probability that BAY will benefit from
parental support from BTMU if required.

As the fifth largest bank in Thailand by system deposits with a 5%
market share at end-September 2013, Moody's view BAY to be
systemically important. Moody's assess the probability that the
Thai government will support BAY during financial distress to be
very high, and remain unaffected by any changes in the bank's
shareholding structure.

BAY's ba1 standalone intrinsic strength reflects its improved
asset quality and stable capitalization. It also reflects its
modest domestic franchise, a business model that is focused on
consumer finance -- and which Moody's deems to be of higher risk
relative to its peer banks, and its tight liquidity profile.

WHAT COULD DRIVE THE RATINGS DOWN/UP

BAY's deposit rating is at the sovereign ceiling, and is unlikely
to be upgraded further unless the ceiling is upgraded.

BAY's BCA could be revised upwards if it continues to demonstrate
improving credit metrics, such as risk-adjusted profitability,
measured by net income - as a percentage of risk-weighted assets -
exceeding 2%, non-performing loans (NPLs) as a proportion of gross
loans fall below 2.0%, NPLs as a proportion of shareholder's
equity and loan loss reserves below 12%, as well as material
reduction of credit risk concentration in single borrowers and
industry sectors.

Conversely, BAY's ratings could be downgraded if the bank begins
to show signs of deterioration in its credit profile evidenced by
an increase in its NPL ratio above 3.5% over several quarters,
rising loan-to-deposit ratios to above 130%, and NPLs as a
proportion of shareholder's equity and loan loss reserves
exceeding 20%.

The principal methodology used in this rating was Global Banks
published in May 2013. Please see the Credit Policy page on
www.moodys.com for a copy of this methodology.

Headquartered in Bangkok, Bank of Ayudhya reported total assets of
THB1,145 billion (USD36.5 billion) as of 30 September 2013.



                             *********

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, and Peter A. Chapman,
Editors.

Copyright 2014.  All rights reserved.  ISSN: 1520-9482.

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