TCRAP_Public/140114.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

           Tuesday, January 14, 2014, Vol. 17, No. 9


                            Headlines


A U S T R A L I A

MIRABELA NICKEL: Chairman, Two Other Execs Step Down
WAIKERIE ELECTRICAL: Clifton Hall Appointed as Liquidators


C H I N A

CHINA AOYUAN: Fitch Puts Rating on Proposed Senior Notes at 'B+'
CHINA AOYUAN: Moody's Assigns 'B3' Senior Unsecured Bond Rating
CHINA AOYUAN: S&P Assigns 'B' CCR; Outlook Stable
FANTASIA HOLDINGS: Land Disposal Credit Positive, Moody's Says
WUZHOU INT'L: Additional Bonds Issue No Impact on Moody's B2 CFR

* CHINA: Peer-to-Peer Loan Web Sites Fail as Fraud Climbs


I N D I A

AB CROPS: CARE Rates INR2cr Long-Term Loans at 'B+'
ALLY PHARMA: ICRA Upgrades Ratings on INR8cr Loans to 'B-'
ALVI TECH: ICRA Cuts Rating on INR13.48cr LT Loans to 'B+'
AMBICA COTTON: CRISIL Reaffirms 'B' Ratings on INR64.4MM Loans
ASACO PRIVATE: ICRA Reaffirms 'D' Ratings on INR29.10cr Loans

ASCENT HOTELS: CARE Reaffirms 'C' Ratings on INR5cr LT Loans
ASHA CONCAST: CRISIL Ups Ratings on INR68.5MM Loans to 'B+'
ASHA ISPAT: CRISIL Upgrades Rating on INR45MM Loan to 'B+'
AVADH FIBERS: ICRA Assigns 'B+' Ratings to INR14.23cr Loans
AVINASH DEVELOPERS: CARE Rates INR90.12cr LT Bank Loans at 'B+'

BAHULEYAN CHARITABLE: ICRA Reaffirms B+ Rating on INR8.75cr Loans
BMV EXIM: CRISIL Reaffirms 'B' Ratings on INR200MM Loans
CHARANPAADUKA INDUSTRIES: CRISIL Reaffirms C INR50MM Loan Rating
CHHAPRA HAJIPUR: ICRA Cuts Rating on INR585cr Term Loans to 'D'
DEEPAK COSMO: ICRA Reaffirms 'B' Ratings on INR27cr Loans

DWARKADHIS BUILDWELL: ICRA Rates INR5cr Long Term Loans at 'B'
GOLD STAR: ICRA Assigns 'B+' Rating to INR5.5cr Loans
GOLHAR GINNING: CARE Rates INR8.39cr Long Term Loans at 'B'
GOWTHAMI RAW: CRISIL Reaffirms 'B+' Ratings on INR100MM Loans
HARIMAN EXPORTS: ICRA Rates INR7.15cr Loans at 'B'

K.G. INDUSTRIES: CRISIL Reaffirms 'B' Ratings on INR210MM Loans
K.S.R. SEEDS: CRISIL Raises Ratings on INR125MM Loans to 'B+'
KAIRALI EXPORTS: CRISIL Cuts Ratings on INR280MM Loans to 'C'
KAPTON ALLOYS: ICRA Assigns 'B' Ratings to INR7cr Long Term Loans
MAHAVIR EDUCATIONAL: ICRA Assigns 'B-' Rating to INR7.12cr Loans

MALLIKARJUN CONSTRUCTION: CRISIL Cuts Rating on INR20MM Loan to C
MIL STEEL: ICRA Revises Ratings on INR12.50cr Loans to 'BB-'
MORACEAE PHARMA: ICRA Revises Ratings to INR10.5cr Loans to 'B'
N. R. ISPAT: CRISIL Reaffirms 'B+' Ratings on INR417.9MM Loans
NAGARJUNA FERTILIZERS: CARE Cuts Ratings on INR3418.9cr Loan to D

NANO AGRO: ICRA Reaffirms 'B' Ratings on INR10.73cr Loans
NAYEK PAPER: CRISIL Lowers Ratings on INR68.7MM Loans to 'B'
PAEDIA HEALTH: ICRA Assigns 'B-' Ratings to INR11.5cr Loans
PARK CONTROLS: ICRA Reaffirms 'B+' Ratings on INR6.5cr Loans
PRAKHHYAT INFRAPROJECTS: CRISIL Puts 'B' Ratings on INR200M Loans

PRASANTHI CASHEW: CRISIL Cuts Rating on INR400MM Loans to 'D'
PRASANTHI CASHEW PVT: CRISIL Cuts Rating on INR300MM Loan to 'C'
RAAM FOUR: ICRA Rates INR20cr Fund Based Loans at 'B'
RADHA SAKKU: CRISIL Reaffirms 'B-' Rating on INR1.37BB Loans
RAMKUMAR MILLS: ICRA Revises Ratings on INR22.9cr Loans to 'B'

ROBOSOFT TECHNOLOGIES: ICRA Reaffirms B Rating on INR5cr Loan
SAI GLOBAL: ICRA Upgrades Rating on INR37.63cr Loans to 'B+'
SHREE KRISHNA: ICRA Assigns 'B+' Ratings to INR8.6cr Loans
SIZOLL CHEMICALS: ICRA Suspends 'B' Rating on INR8cr Loans
SHREE NATH: ICRA Rates INR10cr Long-Term Loans at 'B'

SHREE SAGAR: CARE Rates INR7.5cr LT Bank Loans at 'B+'
SREE ANANTHALAKSHMI: ICRA Upgrades Rating on INR12cr Loan to 'B'
SRI KUMARAN: CRISIL Reaffirms 'B+' Ratings on INR59.6MM Loans
SRI MVR COTTON: ICRA Upgrades Ratings on INR25cr Loans to 'B'
SUPER TECH: CRISIL Assigns 'B+' Ratings to INR95MM Loans

TIRUPATI VEHICLES: CRISIL Assigns B- Ratings to INR135MM Loans
VIJAY KAMAL: ICRA Rates INR70cr Fund Based Loans at 'B+'
VIJAYALAKSHMI SPINTEX: ICRA Reaffirms B+ INR25.67cr Loans Ratings
VINAYAKA CASHEW: CRISIL Cuts Rating on INR150MM Loan to 'C'


J A P A N

TOYO PROPERTY: S&P Affirms 'BB+' CCR; Removes Rating from Watch


P H I L I P P I N E S

SILANGAN SAVINGS: Placed Under PDIC Receivership


S I N G A P O R E

GENPACT LIMITED: Moody's Raises Corporate Family Rating to Ba1
OUE COMMERCIAL: Moody's Assigns Ba1 Corporate Family Rating


X X X X X X X X

* BOND PRICING: For the Week Jan. 6 to Jan. 10, 2014


                            - - - - -


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A U S T R A L I A
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MIRABELA NICKEL: Chairman, Two Other Execs Step Down
----------------------------------------------------
Mirabela Nickel Limited announced on Jan. 13 the resignations of
Messrs. Geoff Handley (Chairman), Colin Steyn, and Peter Nicholson
from the Company's board of directors effective on and from Jan. 11.

Following the Board resignations, Mr. Ian McCubbing has been appointed
as Non-Executive Chairman effective on and from Jan. 11.  Mr. Nick
Sheard remains as Non-Executive Director and will assume the role of
Audit Committee Chairman.  Mr. Ian Purdy remains as Managing Director
of the Company.

The Company stated, "Mr. McCubbing is a Charted Accountant with more
than 25 years corporate experience, principally in the areas of
corporate finance and M&A.  He has spent more than 15 years working
with ASX-listed companies in senior finance roles, including positions
as Finance Director and Chief Financial Officer in industrial and
mining companies.  Mr. McCubbing is also the non-executive director of
Kasbah Resources Limited, Minemakers Limited and Swick Mining Services
Ltd.  Mr. McCubbing joined the Mirabela Board in January 2011 and has
been Chairman of the Audit Committee since then."

Elizabeth Redman at The Australian recalled that the troubled miner in
December secured a US$45 million (AUD50.7 million) loan from its note
holders to enable it to keep operating while bankers tried to entice
investors to back a $100 million rescue package.

The report added that the company lost key contracts last year before
revealing it was likely to default on one of its debt facilities,
sending its shares into a downward spiral before they were suspended
from trading.

                       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.


WAIKERIE ELECTRICAL: Clifton Hall Appointed as Liquidators
----------------------------------------------------------
Timothy Clifton and Mark Hall were appointed Joint and Several
Liquidators of Waikerie Electrical Sales & Service Pty Ltd on Jan. 9,
2014.

A meeting of creditors will be held at Clifton Hall, Level 1, 12
Gilles Street, in Adelaide, South Australia on Jan. 20, 2014, at 10:00
a.m.



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CHINA AOYUAN: Fitch Puts Rating on Proposed Senior Notes at 'B+'
----------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Property Group Limited's
(Aoyuan; B+/Stable) proposed US dollar senior unsecured notes an
expected rating of 'B+(EXP)'.

Proceeds from the proposed issue will be used to refinance debt due
2014 and for general corporate purposes.  The final rating of the
proposed notes is contingent upon the receipt of documents conforming
to information already received.

Growing Business Scale: Aoyuan's contracted sales rose 91% in 2013 to
CNY10bn, mainly because of its strong execution and an increase in
properties ready for sale.  The larger business scale provides the
company a more stable cash flow, cost benefits, and offers it more
choices in land acquisitions, which further strengthen its credit
profile.

Retail Property Exposure: In order to raise sales and profitability,
the company complements core residential property sales with retail
properties and offices, which in total contributed to 26% of total
contracted sales in 2013.  Aoyuan's retail property is typically
located on the first several floors of the residential blocks in most
of its projects.  While retail properties are selling at a healthy
pace currently, Fitch believes retail properties are more cyclical
than residential properties and any further increase in the share of
retail properties in Aoyuan's contracted sales may raise its business
risk.

Substantial Land Banking: The company in 2013 entered into land
acquisition contracts that could yield around 2.1m square metres of
gross floor area for CNY4.7bn of land premiums at average land cost of
about CNY2,200 per sqm for the land.  While the land premiums seem
substantial, Fitch expects Aoyuan's liquidity and leverage to remain
healthy, with the ratio of net debt to adjusted inventory likely to
end 2013 at 35%, supported by its continued growth in sales and
proceeds from the disposal of its Beijing project.

Limited Geographic Diversification: Around 60% of contracted sales in
the first ten months of 2013 were from Guangdong province in southern
China, where competition remains intense.  This limits Aoyuan's
profitability and exposes the company to the uncertainties of local
policy and the local economy.  It has successfully replicated its
business model in other provinces and Fitch expects the proportion of
sales outside Guangdong to slowly increase in the next 24 months.

Substantial SG&A Suppresses Margin: Aoyuan's EBITDA margin was only
16% in 2012, substantially narrowed by selling, general and
administrative (SG&A) expenses from the gross profit margin of 31%.
However, its expanding scale will bring some economies -- the ratio of
SG&A costs to revenue fell to 7% in 1H13 from 11% in 1H12.  Fitch
expects Aoyuan's EBITDA margin to improve to above 20% over the next
12 months.

Negative: Future developments that may, individually or collectively,
lead to negative rating action include:

  -- Contracted sales falling below CNY8bn, or the ratio of
     contracted sales to total debt falling below 1x (2012:1.1x )
     on a sustained basis
  -- EBITDA margin in 2013 declining to 15% or lower
  -- Net debt to adjusted net inventory rising towards 40% on a
     sustained basis
  -- Deviation from the current fast churn-out and high cash-flow
     turnover business model
  -- Proportion of contracted sales from retail properties rising
     above one third of its total contracted sales

Positive: Future developments that may, individually or collectively,
lead to positive rating action include:

  -- Successful execution of expansion strategy for the next two
     to three years, with contracted sales rising to more than
     CNY15bn a year, and EBITDA margin increasing to over 25% on
     a sustained basis.

  -- Short-term foreign currency IDR 'B'


CHINA AOYUAN: Moody's Assigns 'B3' Senior Unsecured Bond Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating to
China Aoyuan Property Group Limited's proposed USD notes issuance.

At the same time, Moody's has also affirmed China Aoyuan's B2
corporate family rating and B3 senior unsecured bond rating.

The rating outlook is stable.

China Aoyuan plans to use the proceeds for debt refinancing and
general corporate purposes.

RATINGS RATIONALE

"The proposed notes issuance will improve China Aoyuan's debt maturity
profile and reduce its level of refinancing risk," says Lina Choi, a
Moody's Vice President and Senior Analyst.

Moody's notes that China Aoyuan will use part of the bond proceeds to
prepay its trust loan.

The proposed notes of 5 years offer better stability relative to
domestic financing which is mostly for 3 years.

"China Aoyuan uses debt to fund its growth, but the proposed notes are
within its budgeted fund-raising outlines for 2014. Furthermore, the
company's sales performance in 2013 has exceeded our expectations.
Therefore, the new note issuance will have a manageable impact on
China Aoyuan's key credit metrics, such as EBITDA/interest," adds
Choi, also Moody's Lead Analyst for the company.

Moody's notes that China Aoyuan has continued to build up its
operating scale by delivering good sales growth, which in turn
alleviated the tight liquidity situation seen in 1H 2013. For 2013,
its contracted sales amounted to RMB10.04 billion, a 91% increase
year-on-year. This compares with Moody's expectations of RMB8.5
billion.

Moody's estimates gross debt will have increased to RMB9.5 billion at
end-2013 from RMB6.5 billion at end-June 2013. Moody's expects that
China Aoyuan's adjusted debt/capitalization will be around 60% over
the next 12-18 months, while interest coverage will be around 1.5x.
Such debt leverage and interest coverage levels will continue to
support its B2 corporate family rating.

The stable outlook reflects our expectation that China Aoyuan will
continue to deliver strong contracted sales that substantially meet
its business targets, and that the company will adhere to its cash
flow management outlines and budget in its land acquisitions.

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 above
1.5-2.0x; and (4) good liquidity, such that its cash can comfortably
cover its 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
EBITDA/interest falling below 1.0-1.5x.

The principal methodology used in this rating was the Global
Homebuilding Industry published in March 2009. Please see the Credit
Policy page on www.moodys.com for a copy of this methodology.

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 AOYUAN: S&P Assigns 'B' CCR; Outlook Stable
-------------------------------------------------
Standard & Poor's Rating Services said that it had assigned its 'B'
long-term corporate credit rating to China-based property developer
China Aoyuan Property Group Ltd.  The outlook is stable. S&P also
assigned its 'cnBB-' long-term Greater China regional scale rating to
the company.

At the same time, S&P assigned its 'B-' long-term issue rating and
'cnB+' Greater China regional scale rating to the company's proposed
issue of senior unsecured notes.  The ratings are subject to S&P's
review of the final issuance documentation.

"The ratings on Aoyuan reflect our view of the execution risks
associated with the company's accelerated expansion, limited
geographic diversification, weak profitability, and untested financial
discipline," said Standard & Poor's credit analyst Dennis Lee.
"Aoyuan's deepening market position in its home market, improved sales
execution, and adequate liquidity management temper these weaknesses."

Aoyuan's execution capabilities are untested in view of its rapidly
growing operating scale, and the risks underpin S&P's assessment of a
"weak" business risk profile.  S&P believes Aoyuan's heavy reliance on
Guangdong as a core contributor to revenue is unlikely to change over
the next two years.

S&P expects the company's profitability to stabilize at about 20% over
the next two years.  S&P bases its view on an increase in sellable
commercial properties and stronger contributions from projects in
Guangzhou, where average selling prices and margins are higher.  The
improvement should counterbalance increasing land costs.

Aoyuan's "highly leveraged" financial risk profile reflects S&P's
expectation that the company's cash flow leverage ratio will remain
high over the next two years.  This is largely due to Aoyuan's
aggressive debt-funded expansion and large capital expenditure for
construction.

The company's adequate liquidity position should continue to support
its financial risk profile.  In addition, S&P expects Aoyuan to
maintain its improved sales execution and market position in Guangzhou
over the next 12 months.  In S&P's view, the company's low-cost land
bank also offers some downside protection.

The issue rating on Aoyuan's proposed notes is one notch lower than
the corporate credit rating to reflect S&P's opinion that offshore
noteholders would be materially disadvantaged, compared with onshore
creditors, in the event of a default.  In S&P's view, the company's
ratio of priority borrowings to total assets will remain above its
notching threshold of 15% for speculative-grade companies for the next
two years.

"The stable outlook reflects our expectation that Aoyuan will improve
its revenue recognition and stabilize its profit margin over the next
12-24 months," said Mr. Lee.  "Nevertheless, the company's cash flow
and leverage will likely remain "highly leveraged" over the period due
to the likelihood of rapid growth in total borrowings to support
larger-scale operations."

The rating upside is limited.  S&P may raise the rating if Aoyuan has
a track record of good contract sales and delivery recognition on a
larger operating scale, and shows disciplined financial management
with material improvement in leverage.  A debt-to-EBITDA ratio of
below 5x on a sustained basis could indicate such improvement.

S&P could lower the rating if Aoyuan's sales execution, revenue
recognition, and margins are significantly weaker than S&P expected
and its debt-funded expansion is more aggressive than S&P anticipated.
A downgrade could also be triggered if the company's interest
coverage and leverage further deteriorate from the 2013 level.  S&P
may also lower the rating if Aoyuan's liquidity position becomes
"weak."


FANTASIA HOLDINGS: Land Disposal Credit Positive, Moody's Says
--------------------------------------------------------------
Moody's Investors Service says that Fantasia Holdings Group Co.,
Limited's (B1 stable) activities over the past few weeks are credit
positive as they lay the groundwork for growth and have a limited
impact on its financial profile.

These activities include its acquisition of properties from TCL
Corporation (unrated), an electronics company; TCL's share
subscriptions in Fantasia; the acquisition of land in Dapeng
Longqiwan, Shenzhen; and its disposal of China Land Property Holdings.

The land acquired from TCL provides Fantasia with ample development
opportunities over the next 2-3 years.

Furthermore, the transaction with TCL shows Fantasia's ability to take
over property projects from third parties at prices more favorable
than those achieved at public auctions.

The estimated acquisition price of about RMB1,600 per sqm is
advantageous to Fantasia, and the projects will contribute to earnings
upon completion in the next 2-3 years.

The financial impact of the above-mentioned transactions are
acceptable for Fantasia's B1 corporate family rating.

TCL's share subscription will enhance Fantasia's equity base by RMB960
million and support an adequate capital structure.

"We also expect Fantasia's debt to increase by around RMB1.3 billion
as a result of these transactions, after deducting receipts of RMB960
million from share subscriptions and RMB405 million from the disposal
of China Land Property Holdings," Moody's said.

The increase in debt will lower Fantasia's EBITDA/Interest expense to
about 2.5-3.0x in the next 1-2 years. Such interest coverage is lower
than its 3.4x for 2012, but still positions the company's corporate
family rating in the B1 category.

Mitigating the effects of its growing debt is the fact that Fantasia
achieved RMB10 billion in contracted sales target in 2013. In
addition, part of the acquisition payments for the property projects
from TCL will be made over several phases and into 2015.

On Jan. 6, 2014, Fantasia completed the acquisition of the property
projects from TCL and added about 1.2 million sqm in gross floor areas
(GFA) in Wuhan City and Huizhou City to its land bank. Fantasia's land
bank amounted to 8.7 million sqm GFA (with land-use rights) at
end-June 2013. Associated with the land transfer, TCL subscribed to
863.6 million of Fantasia's shares and became a 15% shareholder of the
company on 6 January. The share subscription by TCL underpins
Fantasia's expertise in property development and the company's growth
prospects.

The net subscription proceeds of HKD1.2 billion (RMB960 million) to
Fantasia have mitigated the effects of its cash outlay for the
properties acquired from TCL.

The other activities include two land-related transactions: the
acquisition of a parcel of 38,000 sqm in GFA in Dapeng Longqiwan,
Shenzhen for RMB800 million on Dec. 27, 2013; and the disposal of
China Land Property Holdings, acquired in May 2013 for RMB280 million,
to Grand Wise Investment Limited (unrated) for RMB405 million on Dec.
1, 2013.

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

Fantasia Holdings Group Co, Limited, is a property developer
established in 1996. It listed on the Hong Kong Stock Exchange in
November 2009.

As of end-June 2013, it had a land bank (with land-use rights) of 8.7
million sqm of GFA, mainly in Chengdu and the Pearl River Delta. It
develops high-end office buildings and luxury residential properties,
targeting small- and medium-sized enterprises (SMEs) and affluent
individuals.


WUZHOU INT'L: Additional Bonds Issue No Impact on Moody's B2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that an additional bond issuance by
Wuzhou International Holdings Limited will not have any impact on its
B2 corporate family rating and B3 senior unsecured bond rating.

The ratings outlook remains stable.

The company announced on Jan. 8, that it will issue additional bonds
under the same terms and conditions as the existing 13.75% senior
notes due 2018 issued in September 2013.

The proceeds of the USD notes issuance will be used to invest in
existing and new real estate projects, as well as for general
corporate purposes.

"We expect Wuzhou's credit metrics will still be well positioned
within its B2 rating range, after this additional bond issuance. This
issuance will further improve its liquidity position," says Jiming
Zou, a Moody's Assistant Vice President and Analyst.

Wuzhou's B2 corporate family rating reflects (1) the company's
competitive position in Wuxi Municipality; (2) the supportive economic
environment underpinned by steady economic growth and rising
urbanization; and (3) its high profitability as a result of its
low-cost land and moderate construction costs.

Wuzhou's robust sales have been aided by strong demand for wholesale
and commercial properties in its key market of Wuxi, as well as the
absence of purchase restrictions or borrowing constraints imposed by
the government against the fast rises in prices in the residential
sector.

In addition, Wuzhou's strategy to sell off most of its properties,
unlike other commercial property developers, facilitates fast turnover
and prompt cash collections, which benefit the maintenance of
liquidity and fulfillment of debt repayment schedules.

On the other hand, the rating is constrained by (1) inherently high
volatility in its commercial property development business; (2) its
short operating history and small scale; and (3) significant execution
risks regarding the company's ambitious strategy to expand into areas
outside Wuxi.

Wuzhou's high reliance on sales of wholesale and commercial properties
suggests relatively high volatility in its business profile.  This is
because the sales of commercial real estate projects are partly driven
by speculative demand, which is affected by the macro economy,
investment appetite, and financing availability.

Furthermore, adding to the volatility is the fact that recurring
rentals and management income only contribute to 5% of total revenue.

The execution risks associated with its developing commercial projects
outside of Wuxi remain high, given Wuzhou's limited track record in
these new cities.  The company has expanded its market coverage to
another 10 cities in 6 provinces, but most of these cities are 3rd or
4th tier with less advanced economies when compared to Wuxi.

The ratings outlook is stable, reflecting Moody's expectation that
Wuzhou will continue to achieve growth in its new projects and exhibit
no material deterioration in its financial profile.  The stable
outlook also expects the company continued access to funding by
domestic banks.

Upward rating pressure could emerge, if Wuzhou (1) establishes a track
record of good sales performance in new locations, and (2)
demonstrates a stable financial profile with EBITDA/interest expense
above 3.0x; and (3) maintains adequate liquidity.

The rating could be downgraded, if (1) Wuzhou's sales decline as a
result of a poor reception to its development projects, or a
significant downturn in the regional economies where it operates, (2)
EBITDA interest coverage falls below 2.0x, or (3) liquidity
deteriorates.

Wuzhou is a property developer in China and specializes in the
development and operation of wholesale markets and multi-functional
commercial complexes.  The company was listed on the Hong Kong Stock
Exchange in June 2013.


* CHINA: Peer-to-Peer Loan Web Sites Fail as Fraud Climbs
---------------------------------------------------------
Bloomberg News, citing Xinhua News Agency, reports that some Chinese
peer-to-peer lending websites collapsed last year and others may need
restructuring in 2014 to curb fraud in an industry that has grown
rapidly with little regulatory oversight.

About 800 such online operations emerged in China just last year with
outstanding loans of CNY26.8 billion ($4.4 billion), Xinhua reported,
citing industry data from Wangdaizhijia.com, China's biggest
peer-to-peer lending site, Bloomberg says.  Xinhua, citing
Wangdaizhijia.com, said 74 P2P lenders went bankrupt or encountered
capital chain problems last year.

Bloomberg relates that peer-to-peer lending has taken off in China
since 2011 as traditional methods of private lending among family and
acquaintances, part of the country's unregulated $6 trillion
shadow-banking system, move online. Loans brokered on the Web
increased to CNY105.8 billion last year from CNY20 billion in 2012,
Xinhua, as cited by Bloomberg, said.

Akin to LendingClub.com or Prosper.com in the U.S., China's
peer-to-peer lenders let individuals invest a minimum of 50 yuan in
projects ranging from small-business expansion to funding newlyweds'
honeymoons with interest rates capped at 24 percent, the highest
allowed under Chinese law, Bloomberg notes.

The average lending rate on peer-to-peer sites was 19.7 percent,
Xinhua reported, citing Wangdaizhijia, Bloomberg relays. That compared
with the benchmark one-year lending rate of 6 percent.



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AB CROPS: CARE Rates INR2cr Long-Term Loans at 'B+'
---------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank facilities of
AB Crops Private Limited.

                                 Amount
   Facilities                 (INR crore)    Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities      2           CARE B+ Assigned
   Short-term Bank Facilities    22           CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of AB Crops Private
Limited are primarily constrained by its short track record and small
scale of operations, low profitability margins and
leveraged capital structure. The ratings are further constrained by
the company's exposure to raw material price fluctuations and the
foreign exchange fluctuation risk.

The above constraints are partially offset by the strengths derived
from the experienced promoters of ABC, its association with the
Homeland group and favorable outlook of the edible oil industry.

The ability of ABC to increase its scale of operations while managing
its foreign exchange fluctuation risk and improvement in the capital
structure shall be the key rating sensitivities.

AB Crops Private Limited was incorporated in 2011 by Mr Darshan Paul
and Ms Richa Garg. ABC is mainly engaged in the trading of edible oil
such as crude palm oil (CPO), soyabean oil, etc, on high seas basis.
The company imports products from countries like Singapore, Indonesia,
Malaysia, Argentina, Brazil, etc. The company sells in the domestic
market (all over India) to the oil refining companies through
agents/brokers.

During FY13 (refers to the period April 1 to March 31), ABC reported a
net profit of INR0.02 crore on a total operating income of INR39.43
crore. The company achieved sales of INR17 crore for Q1FY14.


ALLY PHARMA: ICRA Upgrades Ratings on INR8cr Loans to 'B-'
----------------------------------------------------------
ICRA has upgraded the ratings on the INR6.00 crore long-term,
fund-based limits and INR2.00 crore long term loans of Ally Pharma
Options Private Limited to '[ICRA]B-' from '[ICRA]C'. ICRA has
reaffirmed the short term rating on the INR1.50 crore short term
non-fund based limits at '[ICRA]A4'.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term loans         2.00       Upgraded to [ICRA]B-
                                      from [ICRA]C

   Long- term, fund-       6.00       Upgraded to [ICRA]B-
   based bank facilities              from [ICRA]C

   Short- term, non-
   fund based bank
   facilities              1.50       [ICRA]A4 reaffirmed

The ratings favourably factor in the improvement in the liquidity
profile of the company boosted by a healthy growth in the revenues and
improvement in the profitability. The company entered new markets in
FY2013 which coupled with the favorable currency movement aided the
growth in revenue. However, the scale of operations continues to
remain modest focused primarily in the highly competitive markets of
Africa. Further, the product profile of the company continues to be
dominated by low margin products. ICRA positively notes the vast
experience of the promoters in the formulation manufacturing industry
and the relations forged with the company's key clients. The company
is exposed to customer concentration risk, with the top 5 customers
contributing to 83% of the revenue in FY2013. Nonetheless, with the
addition of new customers to its profile and entry into new
geographies, the customer base is gradually witnessing a
diversification. The company's leverage indicators, though stretched,
witnessed an improvement, with the increase in the cash accruals. The
financial support by the promoters, in terms of unsecured loans, when
adjusted from the total debt, improves the capital structure
significantly. The company's ability to scale up revenues and improve
the overall cash accruals as also manage currency fluctuation risk,
will remain key rating sensitivities going forward.

Ally Pharma Options Pvt Ltd was incorporated in January 2003 and the
company commenced commercial production of pharmaceutical formulations
in August 2005. In October 2008, the current management led by Mr.
Madan Sakhala, acquired 76% stake and management control in the
company. These shares were acquired in the individual name of the
promoter, pending the conversion of the parent company Maxheal
Pharmaceuticals (India) Ltd (MPIL) ([ICRA]B/[ICRA]A4) from partnership
to limited constitution. The parent company was converted to a Limited
company in 29th June 2009, and the shares of APOPL held by the
promoters were transferred to MPIL, resulting in APOPL being a
subsidiary of Maxheal Pharmaceuticals (India) Ltd.


In April 2010, the current management acquired an additional 12% stake
in the company and in March 2011 the unsecured loan from the promoters
of INR1.00 crore was converted to equity. Further, in October 2012,
the remaining stake in the company was also acquired by the current
management, resulting in APOPL being 100% subsidiary of MPIL. The
group companies MPIL and Maxheal Laboratories Pvt. Ltd ([ICRA]D) are
also engaged in the manufacture of pharmaceutical formulations;
however, the acquisition of APOPL has enabled the management to expand
operations to include manufacturing of ointments, gels and syrups.


ALVI TECH: ICRA Cuts Rating on INR13.48cr LT Loans to 'B+'
----------------------------------------------------------
ICRA has revised the long term rating from '[ICRA]BB-' to '[ICRA]B+'
for INR13.48 Crore (enhanced from INR6.00 Crore) fund based limits and
has reaffirmed the short term rating at '[ICRA]A4' assigned to INR6.00
Crore (enhanced from INR3.50 Crore) non fund based facilities of Alvi
Tech Services Private Limited. ICRA has also assigned
[ICRA]B+/[ICRA]A4 ratings to INR0.52 Crore (enhanced from INR0.50
Crore) untied limits of ATSPL.

                         Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   LT-Fund Based
   Limits                13.48         Downgraded to [ICRA]B+

   ST-Non Fund Based
   Limits                 6.00         [ICRA]A4 reaffirmed

   Untied Limits          0.52         [ICRA]B+/[ICRA]A4
                                       Downgrade/reaffirmed

The rating revision reflects Alvi Tech Services Private Limited's
deteriorating liquidity position emanating from significant delays in
realizations from debtors entailing high working intensity almost full
utilization of bank limits and consequently a stretched capital
structure. ICRA also takes into account the susceptibility of revenues
to the uncertainties involved in the bidding process of the tender
based business given the highly competitive and fragmented industry
segment in which it operates. The rating however considers ATSPL's
established client base and experienced management, with a reasonable
track record in engineering business.

ATSPL was incorporated in 2006 as a private limited company and is
engaged in the business of engineering, erection, commissioning and
construction of electrical, mechanical and instrumentation components
of offshore projects in oil and gas fields.
It also undertakes system integration in the field of fire and gas
detection, process automation, power generation and power management
system on a turnkey basis in addition to the maintenance of
mechanical, electrical and instrumentation systems. The company has
its works unit in MIDC, Dombivli and administrative office at Kalyan.

Recent Results:

ATSPL earned a net profit of INR0.36 Crore on an operating income of
INR21.11 Crore for the year ending March 31, 2013.


AMBICA COTTON: CRISIL Reaffirms 'B' Ratings on INR64.4MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ambica Cotton
Industries continues to reflect ACI's below-average financial risk
profile marked by a low net worth, a high gearing, and modest debt
protection metrics; the rating also reflects the firm's small scale of
operations in the fragmented cotton ginning industry. These rating
weaknesses are partially offset by the extensive experience of ACI's
partners in the cotton ginning industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            40        CRISIL B/Stable (Reaffirmed)
   Long Term Loan         24.4      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACI will continue to benefit over the medium term
from its partners' extensive experience in the cotton ginning
industry. The outlook may be revised to 'Positive' in case ACI scales
up its operations considerably while maintaining its profitability,
leading to larger-than-expected cash accruals and improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' in case the firm's revenues and operating profitability
decline or if there is deterioration in the firm's working capital
management or if the partners withdraw significant capital from the
firm leading to deterioration in its financial risk profile.

Incorporated in 2010 as a partnership firm, ACI is engaged in ginning
of raw cotton at Andhra Pradesh. The firm is promoted by Mr. Punati
Hari and his family.

ACI reported a profit after tax (PAT) of INR0.3 million on net sales
of INR81.8 million for 2012-13, as against a PAT of INR0.1 million on
net sales of INR77.9 million for 2011-12.


ASACO PRIVATE: ICRA Reaffirms 'D' Ratings on INR29.10cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]D' to INR7.02 crore
(earlier INR7.28 crore) fund based limits of Asaco Private Limited.
ICRA has also reaffirmed a short-term rating of '[ICRA]D' to INR13.00
crore (earlier INR13.50 crore) non fund based facilities of APL. ICRA
has also reaffirmed the rating of '[ICRA]D' to INR9.08 crore (earlier
INR8.32 crore) unallocated limits of APL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based            7.02       Reaffirmed at [ICRA]D
   Non Fund Based       13.00       Reaffirmed at [ICRA]D
   Unallocated Limits    9.08       Reaffirmed at [ICRA]D

The rating reaffirmation factors in continued delays in debt servicing
because of the stretched liquidity position of APL arising out of high
working capital intensity of operations (as reflected by net working
capital / operating income of 42% in FY13) due to high inventory
holding period. Despite improvement in the capital structure in FY13,
low margins and cash accruals have resulted in weak coverage
indicators with interest coverage at 1.20 times and Net Cash
Accrual/Total Debt at 9% in FY13. The rating continues to be
constrained by the modest scale of operations and high customer
concentration risk with top five customers accounting for 89% of total
sales in FY13. ICRA has however taken note of APL's experienced
promoters, its established relationship with reputed customers and
moderate competition in the industry.

Asaco Private Limited, incorporated in 1969 by Mr. K. Mohandas, used
to supply parts to the Indian metal forming and cable industries.
Later on, APL entered into manufacturing of cable extrusion lines &
optical fibre cable equipment, tension levelling lines and allied
equipment, diamond dies and tools for wire & cable industry. APL also
supplies equipment for defense organizations which are used in
manufacturing engines of rockets. APL is also involved in Hot
Isostatic Presses (HIPs) services, which are used in aircrafts and
missiles. APL has its manufacturing facilities located in Kandi
district of Hyderabad.

Recent Results

In FY13, APL reported operating income of INR26.45 crore and net
profit of INR0.01 crore as against an operating income of INR8.97
crore and net profit of INR0.03 crore in the previous year.


ASCENT HOTELS: CARE Reaffirms 'C' Ratings on INR5cr LT Loans
------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Ascent
Hotels Pvt. Ltd.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long-term Bank Facilities      5         CARE C Reaffirmed
   Short-term Bank Facilities    23         CARE A4 Reaffirmed

Rating Rationale

The rating reaffirmation factors in the ongoing delays in interest
servicing on the term loan (which is not rated by CARE) by Ascent
Hotels Pvt Ltd and continuing losses from the hotel operations. The
ratings continue to be constrained by weak financial profile
characterized by high financial leverage and stressed debt coverage
indicators, excess supply of hotel room inventory in Pune and the
resultant adverse impact on RevPAR (revenue per available room) for
the industry as a whole.

The ratings, however, are strengthened by the experienced promoter
group -- the Jatia group and tie-up with the Hyatt group (Hyatt) for
marketing-cum-management of the hotel under "Hyatt Regency" brand.

Going forward, need-based funding support from the promoters, the
ability of AHPL to stabilize hotel operations, to commence operations
of Service Apartments as per envisaged schedule are the key rating
sensitivities.

Ascent Hotels Private Limited is promoted by the Jatia group (81%
holding) and Vascon Engineers Limited (VEL, 19% holding, rated CARE
D). The Jatia group has over two decades of experience in the
hospitality industry and VEL is a leading Pune based construction
company.

AHPL established a 5-star deluxe hotel with 222 rooms (operational
since October 2010) along with 81 service apartments (operational in
February 2013) and a retail office space of 20,000 sq.ft at Weikfield
Estate, Nagar Road, Pune under the "Hyatt Regency" brand. The hotel is
developed on a land area of 1.85 lakh sq. ft. with a total built up
area of 6.00 lakh sq. ft. AHPL has entered into
management-cum-marketing arrangement with Hyatt Group (Hyatt). The
hotel is fully operational with service apartments becoming
operational in February 2013.

For FY13, AHPL reported an operating income of INR48.59 crore and
after-tax loss of INR36.77 crore.


ASHA CONCAST: CRISIL Ups Ratings on INR68.5MM Loans to 'B+'
-----------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Asha Concast Pvt Ltd (ACPL; part of Asha group) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while reaffirming its short-term rating at
'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               40      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit          11      CRISIL A4 (Reaffirmed)

   Proposed Long Term        12.5    CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                 16      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects an improvement in the Asha group's
financial risk profile, particularly in its gearing, and its sustained
track record of efficient working capital management. The group's
gearing gradually improved from 1.59 times as on March 31, 2011, to
1.03 times as on March 31, 2013. The improvement is driven by the Asha
group's low reliance on external debt to fund its incremental working
capital requirement. The gearing is likely to remain low at around one
time over the medium term. Furthermore, the Asha group has sustained
its track record in efficient working capital management, with
moderate gross current assets (GCAs) of 54 days in 2012-13 (refers to
financial year, April 1 to March 31) and 56 days in 2011-12. The group
is likely to maintain its GCAs at around 60 days over the medium term.

CRISIL's ratings reflect the Asha group's stretched liquidity and low
operating profitability. The ratings also factor in the group's
exposure to risks associated with its marginal market share in the
intensely competitive steel industry. These rating weaknesses are
partially offset by the Asha group's partly integrated operations,
backed by the promoters' extensive experience in the steel industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ACPL and Asha Ispat Pvt Ltd (AIPL). This is
because both companies together referred to as the Asha group have
common management and significant operational linkages. ACPL
manufactures and supplies steel ingots to AIPL to manufacture
thermo-mechanically-treated (TMT) bars.
Outlook: Stable

CRISIL believes that the Asha group will continue to benefit over the
medium term from its established customer relations and the promoters'
considerable experience in the steel industry. The outlook may be
revised to 'Positive' if the group reports better-than-expected cash
accruals, or the promoters infuse substantial capital, thereby
improving its financial risk profile, particularly its liquidity.
Conversely, the outlook may be revised to 'Negative' if the Asha
group's financial risk profile, particularly its liquidity, weakens,
most likely because of lower-than-expected cash accruals, or a stretch
in its working capital requirement; or because of a significant
debt-funded capital expenditure (capex) programme.

AIPL, incorporated in 1996, manufactures steel ingots and TMT bars.
ACPL was incorporated in 2010, and manufactures steel ingots. Both
companies have manufacturing facilities in Siliguri. The group's
promoter-director, Mr. Roshanlal Agarwal, along with his sons, Mr.
Rajesh Agarwal, Mr. Rohit Agarwal, and Mr. Ravi Agarwal oversee the
Asha group's day-to-day operations.


ASHA ISPAT: CRISIL Upgrades Rating on INR45MM Loan to 'B+'
----------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities of
Asha Ispat Pvt Ltd (AIPL; part of Asha group) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while reaffirming its short-term rating at
'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            7.5     CRISIL A4 (Reaffirmed)

   Cash Credit              45.0     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Short Term       4.8     CRISIL A4 (Reaffirmed)

   Bank Loan Facility        2.0     CRISIL A4 (Reaffirmed)
   Standby Line of Credit

The rating upgrade reflects an improvement in the Asha group's
financial risk profile, particularly in its gearing, and its sustained
track record of efficient working capital management. The group's
gearing gradually improved from 1.59 times as on March 31, 2011, to
1.03 times as on March 31, 2013. The improvement is driven by the Asha
group's low reliance on external debt to fund its incremental working
capital requirement. The gearing is likely to remain low at around one
time over the medium term. Furthermore, the Asha group has sustained
its track record in efficient working capital management, with
moderate gross current assets (GCAs) of 54 days in 2012-13 (refers to
financial year, April 1 to March 31) and 56 days in 2011-12. The group
is likely to maintain its GCAs at around 60 days over the medium term.

CRISIL's ratings reflect the Asha group's stretched liquidity and low
operating profitability. The ratings also factor in the group's
exposure to risks associated with its marginal market share in the
intensely competitive steel industry. These rating weaknesses are
partially offset by the Asha group's partly integrated operations,
backed by the promoters' extensive experience in the steel industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AIPL and Asha Concast Pvt Ltd. This is
because both companies together referred to as the Asha group have
common management and significant operational linkages. ACPL
manufactures and supplies steel ingots to AIPL to manufacture
thermo-mechanically-treated (TMT) bars.

Outlook: Stable

CRISIL believes that the Asha group will continue to benefit over the
medium term from its established customer relations and the promoters'
considerable experience in the steel industry. The outlook may be
revised to 'Positive' if the group reports better-than-expected cash
accruals, or the promoters infuse substantial capital, thereby
improving its financial risk profile, particularly its liquidity.
Conversely, the outlook may be revised to 'Negative' if the Asha
group's financial risk profile, particularly its liquidity, weakens,
most likely because of lower-than-expected cash accruals, or a stretch
in its working capital requirement; or because of a significant
debt-funded capital expenditure (capex) programme.

AIPL, incorporated in 1996, manufactures steel ingots and TMT bars.
ACPL was incorporated in in 2010, and manufactures steel ingots. Both
companies have manufacturing facilities in Siliguri. The group's
promoter-director, Mr. Roshanlal Agarwal, along with his sons, Mr.
Rajesh Agarwal, Mr. Rohit Agarwal, and Mr. Ravi Agarwal oversee the
Asha group's day-to-day operations.


AVADH FIBERS: ICRA Assigns 'B+' Ratings to INR14.23cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR14.00 crore fund
based cash credit facilities and INR0.23 crore term loan facilities of
Avadh Fibers Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             0.23        [ICRA]B+ assigned
   Cash Credit          14.00        [ICRA]B+ assigned

The assigned rating is constrained by Avadh Fibers Private Limited's
weak financial risk profile as reflected by low profitability,
leveraged capital structure along with weak debt coverage indicators.
The rating further takes into account the vulnerability of AFPL's
profitability to adverse fluctuations in raw material prices, which
are subject to the seasonal availability of raw cotton and government
regulations on MSP and export quota. The rating also factor in the low
value additive nature of operations and intense competition on account
of the fragmented industry structure which leads to thin profit
margins.
The rating, however, positively considers the long experience of the
promoters in the cotton industry and the advantages arising from the
company's proximity to the raw material sources which ensures regular
and easy availability of raw cotton and favorable demand outlook for
cotton and cottonseed.

Avadh Fibres Private Limited was incorporated in 2008 and is promoted
by Mr. Girdhar Vekaria and Mr. Amit Vekaria and other family members.
The company is engaged in cotton ginning, pressing and cotton seed
crushing to produce cotton bales, cotton seed oil and cake. The
company has installed 30 ginning machines and 4 crushing machines with
an installed capacity of 300 cotton bales per day and 50 MT of cotton
seed oil per day.

Recent Results

For the year ended 31st March, 2013, the company reported an operating
income of INR95.89 crore with profit after tax (PAT) of INR0.17 crore.


AVINASH DEVELOPERS: CARE Rates INR90.12cr LT Bank Loans at 'B+'
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Avinash
Developers Pvt Ltd.

                                Amount
   Facilities                 (INR crore)   Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    90.12       CARE B+ Assigned

Rating Rationale

The rating of the bank facilities of Avinash Developers Pvt Ltd is
constrained by the company's moderate financial risk profile marked by
high debt levels and instances of delay in debt servicing in the past,
risk of implementation of the ongoing projects, exposure in the group
companies, risk of non-renewal of lease agreements after the
lock-in-period, increasing competition
with a plethora of the ongoing projects in and around Raipur,
dependence on the retail and real estate sector, which, in turn, is
dependent on the macro-economic factors.

The rating weakness is partially offset by the experience and
successful track record of the group in the real estate sector,
consistent and stable revenue generation from the Magneto Mall and
presence of escrow mechanism for the servicing of loans for the mall.

The ability of the company to complete its ongoing projects on time
and at the estimated cost as well as ensure off-take of flats as per
the envisaged timelines shall be the key rating sensitivities.

Furthermore, the ability of the company to maintain its occupancy
levels and lease rental rates in the mall in the coming years will
also remain the key rating sensitivities.

Avinash Developers Pvt Ltd, the flagship company of the Avinash group,
was incorporated in 1997 by two brothers, Mr Anand Singhania & Mr
Mukesh Singhania of Raipur, Chhattisgarh. The company remained dormant
for almost a decade and started operations in 2005 with the
construction of multi-storied residential apartments & commercial
complex in and around
Raipur. The company also operates a retail mall by the name of Magneto
Mall which is a 312,000 square feet retail mall in Raipur. The mall
comprises retail shops, a multiplex, number of restaurants, food court
and a gaming zone. The mall space is offered on rent for varying
period ranging between three to nine years, with a rent escalation
clause after every three years. Over the last four years, the mall has
enjoyed high occupancy levels (over 80%) and houses some of the
leading national and international brands.

The Avinash group belongs to the Singhania family of Raipur, which was
originally engaged in the business of agro products. The family then
diversified into various field of businesses such as automobiles
dealership through 'Sky Automobiles', transportation business through
'Mukesh Carriers' and real estate and construction business through
'ADPL' and 'Avinash Builders (AB)'.

The group, through its two companies, (ADPL and AB) has executed
residential as well as commercial projects aggregating about 25.1
lakhs square feet in area. Besides, the company has a number of
ongoing projects in prime locations in Raipur, which are expected to
be completed in entirety by December 2019.

The company has achieved a PBILDT and PAT of INR26.30 crore and
INR3.16 crore respectively on a total operating income of INR58.33
crore in FY13 (refers to the period April 1 to March 31) as against
PBILDT and PAT of INR20.60 crore and INR1 crore respectively on a
total operating income of INR30.02 crore in FY12.

The company has achieved net sales of INR30 crore and profit before
tax of INR2.50 crore during the six months period ended September 30,
2013.


BAHULEYAN CHARITABLE: ICRA Reaffirms B+ Rating on INR8.75cr Loans
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR6.33
crore term loan facilities (revised from INR7.46 crore) and '[ICRA]A4'
rating to the INR0.10 crore short term non fund based facilities of
Bahuleyan Charitable Foundation.  ICRA has also assigned [ICRA]B+ to
INR1.50 crore of long term fund based facility and INR0.92 crore long
term proposed fund based facility of the company.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan
   Facilities              6.33       [ICRA]B+/reaffirmed

   Long term fund
   based facility          1.50       [ICRA]B+/assigned

   Long term proposed
   fund based facility     0.92       [ICRA]B+/assigned

   Short term non
   fund based facility     0.10       [ICRA]A4/reaffirmed

The rating reaffirmation takes into account the experience of
promoters in the health care industry of over two decade, healthy
demand growth for healthcare services and the technical capabilities
of the company backed by quality equipment and experienced
consultants. The ratings also consider the revenue growth over the
past two fiscals on account of improvement in occupancy at the
hospital. However the ratings are constrained by the Company's current
small scale of operation with limited diversification, being
concentrated mainly in the tertiary field of neuroscience (though the
company has started diversifying in to orthopedics) and significant
geographical concentration risk. The ratings reflect the financial
profile characterised by high gearing and stretched coverage
indicators on account of debt funded capital expenditure. High
competition in higher education sector is expected to limit the growth
and occupancy levels in the nursing and physiotherapy colleges going
forward. The ability of the company to retain experienced consultants
and faculties would remain critical. With the repayment obligation (of
INR7.3 crore) that arises over the next five years, the ability of the
company to improve cash flows through revenue and profit expansion
would remain critical.

Bahuleyan Charitable Foundation was incorporated in 1993 by Dr. Kumar
Bahuleyan in Vaikom, Kerala as non-profit organization. The company
currently runs Indo-American hospital (Brain and Spine centre) with
205 bed facility and four operation theatres. The company also manages
BCF College of Nursing and BCF College of Physiotherapy with an annual
intake capacity of 50 students each.

Recent Results

As per unaudited results for the period ended September 30, 2013 the
company has reported a net profit of INR1.9 crore on an operating
income of INR10.5 crore. For the fiscal 2012-13 the company has
reported a net profit of INR0.4 crore on an operating income of
INR18.1 crore as against a net loss of INR0.5 crore on an operating
income of INR15.9 crore during the corresponding previous year.


BMV EXIM: CRISIL Reaffirms 'B' Ratings on INR200MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of BMV Exim Pvt Ltd continue
to reflect BMV's weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics, its small scale
of operations due to intense competition in a fragmented industry, and
its working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of BMV's promoters in the
ready-made garments industry, and the funding support it receives from
them.
Outlook: Stable

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               10      CRISIL B/Stable (Reaffirmed)

   Packing Credit           258      CRISIL A4 (Reaffirmed)

   Proposed Long Term        78.8    CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan                  3.2    CRISIL B/Stable (Reaffirmed)

   Proposed Long            108.0    CRISIL B/Stable (Reaffirmed)
   Term Bank
   Loan Facility

CRISIL believes that BMV will continue to benefit over the medium term
from the extensive experience of its promoters in the ready-made
garments industry; however, its financial risk profile will remain
weak over this period, driven by its low profitability and large
working capital requirements. The outlook may be revised to 'Positive'
if the company scales up its operations while improving its
profitability, thereby generating higher-than-expected cash accruals
and resulting in an improvement in its liquidity and capital
structure. Conversely, the outlook may be revised to 'Negative' if the
company's liquidity weakens, most likely due to higher-than-expected
debt-funded working capital requirements and/or if it undertakes a
large debt-funded capital expenditure (capex) programme.

Update

For 2012-13 (refers to financial year, April 1 to March 31), BMV's
operating revenues were low and stagnant at around INR1.05 billion,
though its revenues had registered a compound annual growth rate of
around 18 per cent over the three years through 2012-13. This was
mainly due to its limited capacity, the highly fragmented nature of
the industry, and it being a relatively new entrant in the garment
export business. CRISIL expects the company's scale of operations to
remain small over the medium term.

Also, despite moderate value addition and subsidies from the
government, BMV's profitability remains very low, with its operating
profitability margin at 2.0 to 2.7 per cent in the three years through
2012-13; the margin was 2.7 per cent in 2012-13. CRISIL expects the
company's profitability to remain low at 2.0 to 2.5 per cent over the
medium term owing to its weak bargaining power in the highly
fragmented industry. The margin may improve marginally from 2014-15
owing to its capex towards partial backward integration to be
completed by the end of 2013-14.

BMV's financial risk profile remains weak, marked by high gearing of
2.52 times and a small net worth of INR102.4 million as on March 31,
2013. Its debt protection metrics too were weak and are expected to
remain so over the medium term, with interest coverage and net cash
accruals to total debt ratios at 1.4 to 1.5 times and 0.03 to 0.04
times, respectively. CRISIL expects the company's gearing to remain
high at 2.4 to 2.6 times over the medium term, driven by its low
profitability and its debt-funded capex of INR40 million in 2013-14
towards setting up a spinning mill with an installed capacity of 3000
kilograms per day.

BMV's liquidity is stretched, marked by fully utilised bank limits,
just sufficient cash accruals of INR10 million to INR12 million for
2013-14, against fixed repayment obligations of INR10 million due for
the year, and a low current ratio of 1.04 times as on March 31, 2013.

BMV reported a profit after tax (PAT) of INR3.0 million on net sales
of INR972 million for 2012-13, against a PAT of INR3.0 million on net
sales of INR973.0 million for 2011-12.
About the Company

BMV was incorporated in 2007, promoted by Mr. Bharat Bhusan Jain and
Mr. Brij Mohan Bajaj, for manufacturing and export of ready-made
garments. The company manufactures T-shirts, track suits, shirts, and
trousers for men and pullovers for women, which it exports to
Middle-East countries.


CHARANPAADUKA INDUSTRIES: CRISIL Reaffirms C INR50MM Loan Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Charanpaaduka Industries
Pvt Ltd continue to reflect instances of overdrawn cash credit
facilities, for more than 30 days in September and October 2013; the
delays have resulted from the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              50.0     CRISIL C (Reaffirmed)
   Letter of Credit         20.0     CRISIL A4 (Reaffirmed)

The ratings also factor in CIPL's below-average financial risk
profile, marked by a modest net worth, moderate gearing, and
below-average debt protection metrics; along with its small scale of
operations. These rating weaknesses are partially offset by the
extensive experience of CIPL's promoters in the footwear industry and
the company's established dealership network.

Incorporated in 2001, CIPL manufactures polyurethane (PU), polyvinyl
chloride, and ethyl vinyl acetate footwear, including sports shoes,
floaters, school shoes, bathroom slippers, and casual shoes. The
company has a production facility in Bhadurgarh (Haryana). CIPL sells
shoes under its own brands, the most popular of which are Airform,
Only-PU, and PU-Type. CIPL's directors Mr. Rajesh Gupta, Mrs. Anju
Gupta, and Mr. V M Sharma -- manage its business operations.

CIPL reported a profit after tax (PAT) of INR5 million on net sales of
INR329 million for 2012-13 (refers to financial year, April 1 to March
31), vis-a-vis a PAT of INR2 million on net sales of INR246 million
for 2011-12.


CHHAPRA HAJIPUR: ICRA Cuts Rating on INR585cr Term Loans to 'D'
---------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR 585.00 crore
fund based facilities of Chhapra Hajipur Expressways Limited to
'[ICRA]D' from '[ICRA]BB'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans           585.00       [ICRA]D Downgraded

The revision in rating takes into account the recent delays in
servicing its term loan obligations. The rating is further constrained
by CHEL's exposure to funding risk in the light of deteriorated
financial risk profile of Madhucon Projects Limited (MPL) and given
that around INR67.30 crore (including estimated cost overrun of INR 32
crore) of the proposed promoter's contribution is yet to be infused,
which gets further accentuated by group's significant funding
commitments towards various on-going BOT projects. ICRA notes that
owing to delays in securing RoW, CHEL got extension of timeline for
completion of project till April 19, 2014 as against scheduled COD of
July, 2013. In terms of execution, CHEL achieved a progress of 69.67%
against the revised target of 70.51% as on Sept, 2013, a minor lag of
0.84% due to floods/unseasonal rains and unavailability of the soil &
aggregates in surrounding areas. The rating continues to take into
account the implementation risks, pending land acquisition and
susceptibility to adverse movement of the interest rates. While
revising the rating, ICRA has noted CHEL's strengths including the
operational strength of the promoter (MPL), who is also the
Engineering, Procurement and Construction (EPC) contractor,
fixed-price EPC contract; absence of traffic risk and low revenue risk
due to annuity nature of the project.

Going forward, CHEL's ability to service its debt obligations in a
timely manner will be the key rating sensitivity. Further, timely
infusion of promoter's equity contribution, the acquisition of the
remaining right of way and timely execution of the project as per the
revised COD will be the other rating sensitivities.

Chhapra-Hajipur Expressways Limited has been incorporated as a special
purpose vehicle promoted by Madhucon Infra Limited (MIL) and Madhucon
Projects Limited (MPL) to undertake the implementation of four- laning
of Chhapra to Hajipur section of NH-19 from km 143.200 to km 207.200
in the state of Bihar under NHDP Phase III on Design, Build, Finance,
Operate, Transfer (DBFOT) Annuity basis. The total cost of the project
is INR812.50 crore. The total concession period is 15 years including
the construction period of 2.5 years. CHEL will receive a fixed
annuity payment of INR65.43 crores semi-annually for a period of 12.5
years. The project is being funded by INR 585 crore debt and INR 227.5
crore of promoter's contribution in the form of INR 39.00 crore equity
and INR 188.50 crore interest free unsecured loans.

As on Sept, 2013, INR 428 crore of debt has been drawn and promoters'
have infused INR 192.17 crore (Rs. 64.18 crore as equity and remaining
INR 127.99 crore as unsecured loan) out of INR 227.5 crore. Further,
the cost escalation of INR 32 crore is to be funded through additional
equity infusion. According to the revised work schedule, up to
Sept2013, CHEL has achieved a progress of 69.67% against the revised
target of 70.51%- lagging behind the schedule by 0.84%.


DEEPAK COSMO: ICRA Reaffirms 'B' Ratings on INR27cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned earlier to the
INR26.51 crore, fund-based bank facilities and INR 0.49 crore,
proposed bank facilities of Deepak Cosmo Limited at '[ICRA]B'. ICRA
has also reaffirmed the short-term rating assigned earlier to the INR2
crore, non fund-based bank facilities of DCL at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-based bank
   Facilities            26.51       [ICRA]B reaffirmed

   Proposed bank
   Facilities             0.49       [ICRA]B reaffirmed

   Non-Fund-based
   bank facilities        2.00       [ICRA]A4 reaffirmed

The ratings continue to be constrained by DCL's highly leveraged
capital structure which together with its low profitability margins
owing to commoditised nature of the product (yarn) and presence in low
value-add trading operations, translates into weak debt coverage and
stretched liquidity indicators. The stretched liquidity is also
reflected in consistently high utilisation of fund based working
capital limits. ICRA expects the company's debt coverage indicators to
remain stretched in the short to medium term given the company's
increased indebtedness, as the company has availed fresh debt for
partial repayment of unsecured loans from promoters as well as for
meeting its other internal funding requirements. ICRA has also taken
into consideration DCL's modest scale of operations which exposes it
to intense competition in the sector and results in limited pricing
power which will keep its profitability indicators under pressure,
particularly in periods of volatile raw material prices when timely
ability to pass on hike is crucial to maintain margins. The ratings,
however, derive strength from the long-standing experience of DCL's
promoters in the man-made fibre yarn and trading businesses and their
established relationships with customers resulting in healthy product
off-take and repeat orders.

In ICRA's view, DCL's ability to gradually improve its scale of
operations, ensure meaningful reduction in debt levels; strengthen its
net-worth base; improve its profitability indicators and manage its
working capital cycle effectively to improve its liquidity, will be
the key rating sensitivities.

Incorporated in 1990 as an investment company by Mr. Gian Chand Garg,
DCL is a Nalagarh-based closely-held spinning company engaged in
manufacturing of synthetic yarns. The company ventured into the
spinning business in 1995 with the acquisition of Himachal Worsted
Mills having a capacity of 2,400 spindles, from the Government of
Himachal Pradesh. Over the years, the company has expanded its
manufacturing capacity to 7,500 spindles. In 2003, the company also
set up a fancy yarn unit with 70 machines. At present, DCL's product
range in the manufacturing division includes acrylic yarn,
acrylic-blended yarn, polyester yarn, polyester-blended yarn, viscose
yarn, cotton yarn, metallic yarn, fancy yarn and nylon yarn.

Besides manufacturing yarn, the company also has presence in trading
of yarn. While till last year (FY13), the company was also engaged in
trading of coal, steel and eggs, it has exited this segment in the
current financial year (FY14).

Recent results

DCL reported an operating income of INR 84.44 crore and a net profit
of INR 0.54 crore in FY13 as compared to an operating income of INR
77.92 crore and a net profit of INR 0.30 crore in FY12.


DWARKADHIS BUILDWELL: ICRA Rates INR5cr Long Term Loans at 'B'
--------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' and a short-term
rating of '[ICRA]A4' to the INR7.60 crore non-fund based facilities of
Dwarkadhis Buildwell Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Non
   Fund Based Limits      5.00       [ICRA]B Assigned

   Short-Term Non
   Fund Based Limits      2.60       [ICRA]A4 Assigned

The rating is constrained by market risks the company faces for its
plotted development project at Dharuhera (Haryana) given that 20% of
the plots under Phase-I (launched in 2006, constitutes 81% of saleable
area) is still yet to be sold, while the Phase-II of the project
constituting the balance 19% of area, is proposed to be launched in
2014. The Phase-II is also exposed to funding risks in case the sales
booking for the plots remain subdued, as around 67% of the project
cost is proposed to be funded from customer advances while the balance
33% mainly towards the purchase of land is proposed to be funded by
promoters. While the pace of development at the site for Phase-II
could move in tandem with the advances received from customers;
however as the company is required to make EDC/IDC payments in a
time-bound manner against which bank guarantees have been extended; it
would necessitate additional contribution from promoters in a timely
manner in case of lower than planned bookings from Phase I and Phase
II. The required contribution from promoters could be significant as
payments for EDC/IDC constitute around 30% of the project cost
(project cost of Phase II is INR37.7 crore). With regard to the
Phase-I, while the company has collected EDC/IDC from the customers,
which was included in the payment schedule, however due to utilisation
of the same towards development work, the liability of EDC/IDC for
Phase-I continue to remain. Nonetheless ICRA notes, the company is in
advance stages of completion of Phase I and has achieved ~80% bookings
for saleable area with 90% collection efficiency. Given this, the
committed cash flows from the existing bookings of Phase-I would be
sufficient to cover its balance cost of Phase-I including the
remaining EDC/IDC payments. ICRA has taken note of the regional
concentration risk which the Dwarkadhis Group is exposed to as its
projects are located mainly in Dharuhera (Haryana) and fungibility of
cash flows to various projects in the company/group. Notwithstanding
the above concerns, the rating favourably factors in the experience of
promoters in real estate development and group's philosophy of funding
its projects from promoters' contribution & customer advances only,
not relying on long term external debt.

In ICRA's view, the key rating sensitivities would be the company's
ability to sell the plots and collect payments in a timely manner or
arrange the additional funds from promoters in case the bookings
remain low, as these would be critical for meeting the scheduled
payments for EDC/IDC payments and release of bank guarantees.

Dwarkadhis Buildwell Pvt. Ltd. was incorporated in 2005 and is the
flagship company of Dwarkadhis Group which is promoted by Mr. Jai
Bhagwan Garg and Mr. Bal Krishan Garg. The promoters entered in the
real estate sector in 2002, involved in construction of builder floors
in Delhi and thereafter launched the real-estate housing / plotted
development projects in Dharuhera and Gurgaon. Currently, DBPL is
undertaking a plotted development project - 'Dwarkadhis City' which is
spread across 76.64 acres of land parcel in Sector 23, Dharuhera,
District Rewari (Haryana). The company launched Phase-I of the project
in 2006 for development of 60.73 acre of land and in August-2013, it
received Letter of Intent (LOI) from Directorate Town & Country
Planning (DTCP), Haryana to develop additional adjoining land of 15.91
acres. At present, the project mainly comprises of development of
residential plots, while development of commercial plots is proposed
to be undertaken going forward.


GOLD STAR: ICRA Assigns 'B+' Rating to INR5.5cr Loans
-----------------------------------------------------
ICRA has assigned the '[ICRA]B+' rating to the INR5.50 crore
fund-based bank facilities of Gold Star Steels (P) Ltd. ICRA has also
assigned an '[ICRA]A4' rating to the INR3.00 crore non-fund based bank
facilities of GSSPL.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund-Based Limits         5.50       [ICRA]B+; assigned
   (Cash Credit)

   Non-Fund Based            3.00       [ICRA]A4; assigned
   Limits

The assigned ratings take into consideration the long track record of
the company in the steel sector and GSSPL's partial integration of
operations with its group company Orissa Concrete & Allied Industries
Ltd. (OCAIL, rated [ICRA]BB-/Stable and [ICRA]A4 by ICRA) involved in
manufacturing of pre-stressed concrete sleepers (PCSs), which reduces
business risks to an extent. However, the ratings are constrained by
the sustained de-growth in the company's operating income over the
past two years, its weak financial risk profile as characterised by
the high gearing levels, declining profitability over the last two
years and net losses suffered during 2012-13, leading to depressed
levels of debt coverage indicators as well. The ratings also take into
account the high working capital intensity of GSSPL's operations and
its exposure to the cyclicality associated with steel industry, which
is likely to keep its profitability and cash flows volatile going
forward.

Incorporated in 1992, GSSPL is a closely held company belonging to the
Raipur-based Agarwal family. GSSPL has facilities for manufacturing
high tension steel (HTS) wire, inserts and insular caps with annual
capacities of 7,200 metric ton (MT), 50.00 lakh units and 18.00 lakh
units respectively. A substantial portion of GSSPL's revenues is
derived from its group company, OCAIL.

Recent Results

In 2012-13, as per the audited financial statements, GSSPL reported an
operating income of INR26.54 crore and a net loss of INR0.67 crore, as
against an operating income of INR29.89 crore and a net profit of
INR0.04 crore in 2011-12.


GOLHAR GINNING: CARE Rates INR8.39cr Long Term Loans at 'B'
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Golhar Ginning
& Oils Private Limited.

                             Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Long-term Bank              8.39       CARE B Assigned
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Golhar Ginning & Oils
Private Limited are mainly constrained on account of GGOPL being a
Greenfield project. The rating is further constrained by the
cyclicality and agro-climatic risk associated with the cotton industry
and its working capital intensive nature of business operations.

The rating, however, favourably takes into account the qualified
promoters and location advantage for the procurement of the raw
material.

The ability of the company to execute the project as per the
implementation schedule without any cost overruns is the key rating
sensitivity.

Incorporated in November 2012, Golhar Ginning & Oils Private Limited
is promoted by four promoters -- Mr Dhanraj Golhar, Mr Damodar Golhar,
Mr Shivdas Kalokhe and Mrs Vrunda Golhar. The Golhar family has
incorporated GGOPL to manufacture cotton bales in Wardha district of
Maharashtra. The total cost of the project is around INR7.63 crore,
funded by a term loan of INR3.39 crore and the promoter's contribution
of INR4.24 crore.

The company intends to procure the raw cotton from Agricultural
Produce Market Committee (APMC) of Wardha, while the finished product
i.e. cotton bales will be sold to various distributors
located in and around Wardha.


GOWTHAMI RAW: CRISIL Reaffirms 'B+' Ratings on INR100MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Gowthami Raw & Par Boiled
Rice Mill continues to reflect GRPBRM's below-average financial risk
profile marked by small net worth, high gearing and below-average debt
protection metrics, and the susceptibility of its revenues and
profitability margins to unfavourable regulatory changes, if any, and
shortage of paddy. These rating weaknesses are partially offset by the
benefits that GRPBRM derives from its promoters' extensive experience
in the rice industry, and the relatively assured offtake by the Food
Corporation of India.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             55      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash            5      CRISIL B+/Stable (Reaffirmed)
   Credit Limit

   Term Loan               40      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GRPBRM will continue to benefit over the medium
term from its promoters' experience in the rice industry. The outlook
may be revised to 'Positive' if the firm registers a substantial and
sustained improvement in its revenues and profitability margins, or
there is a significant increase in its net worth on the back of equity
infusion from its partners. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the firm's profitability
margins, or if there is a significant deterioration in its capital
structure because of larger-than-expected working capital
requirements.

GRPBRM was set up as a partnership firm in 2009 by Mr. G Eswara Raju
and his family. The firm mills and processes paddy into rice; the
company also generates by-products such as broken rice, bran, and
husk. The firm commenced commercial operations in April 2010.


HARIMAN EXPORTS: ICRA Rates INR7.15cr Loans at 'B'
--------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR7.15 crore
proposed fund based limits of Hariman Exports.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Proposed fund
   based limits          7.15        [ICRA]B assigned

The assigned rating is constrained by the project completion risk
owing to nascent stage of construction of granite processing plant;
funding risk due to the absence of financial closure and only 8% of
promoter equity brought in as on November, 2013 and risks inherent in
the partnership nature of the firm. Moreover, the firm does not own
any quarries rendering operating profits vulnerable to raw material
prices and low value additive nature of the granite processing
industry limits operating margins. The rating however draws comfort
from the past experience of the promoters in the granite industry with
well established relationship with the key suppliers and customers
such as Caliskanerler mermer and granite ltd, Rishabh Marmo Pvt Ltd,
etc. Further, high level of automation in the company's proposed
processing facility would enable HE in delivering consistent quality
besides entailing operational benefits. Timely completion of the
project without cost overruns and generating sufficient cash accruals
towards the repayment of term loan are key rating sensitivities from
credit perspective.

Established as a partnership firm, Hariman Exports is a 100% Export
Orientated Unit engaged in processing and exporting of granite slabs
with proposed installed capacity of 900,000 sq ft of granite slabs per
annum. The firm is promoted by Mr. Srinivasa Mandava and it is based
out in Ongole, Prakassam District of Andhra Pradesh. The total cost of
the project is INR10.72 crore, out of which INR3.57 crore is partner's
contribution and the remaining amount of INR7.15 crore is proposed
bank borrowings. The project is expected to be completed by October,
2014.


K.G. INDUSTRIES: CRISIL Reaffirms 'B' Ratings on INR210MM Loans
---------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of K.G.
Industries continues to reflect KGI's weak financial risk profile,
marked by high gearing, a small net worth, and weak debt protection
metrics. The rating also factors in the firm's large working capital
requirements, small scale of operations, and exposure to risks
relating to regulatory changes, vagaries in the monsoon, and
fluctuations in raw material prices. These rating weaknesses are
partially offset by the extensive experience of KGI's promoters in the
rice processing industry.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               190      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term         10      CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan                  10      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KGI's financial risk profile will remain weak
over the medium term because of its large working capital requirements
and small net worth. The outlook may be revised to 'Positive' if KGI's
operating margin and scale of operations increase considerably, while
it manages its incremental working capital requirements prudently.
Conversely, the outlook may be revised to 'Negative' if the firm's
operating margin declines further, or if it contracts large debt to
fund capital expenditure.

Update

CRISIL believes that supported by healthy demand and the spurt in
basmati rice prices, KGI's topline will grow at 15 to 20 per cent over
the medium term. The firm's operating income increased to INR393
million in 2012-13 (refers to financial year, April 1 to March 31)
from INR373 million in 2011-12. It has already achieved a topline of
INR280 million for the first six months of 2013-14 and is expected to
achieve a topline of INR490 million for the full year. KGI's operating
margin, however, declined to 9 per cent from 11.3 per cent during the
same period, because of lower margins in non-basmati rice sales.

KGI's operations remained working capital intensive, with gross
current asset days of 300 as on March 31, 2013, driven by high
inventory days on account of seasonal availability of paddy. As paddy
is a seasonal crop, KGI procures paddy during the peak Kharif season
months (October to February) for its processing requirements for the
next six to eight months. Moreover, the firm extends a credit of 35 to
40 days to its customers and receives credit of 45 to 50 days from its
suppliers. This has resulted in the firm's high working capital
requirements. CRISIL believes that KGI's operations will remain
working-capital-intensive owing to seasonal availability of key raw
material, leading to high inventory levels.

KGI's financial risk profile remains weak, marked by a small net worth
of INR26.5 million and high gearing of around 8 times, as on March 31,
2013. Its debt protection metrics were also weak, with interest
coverage and net cash accruals to total debt ratios at around 1.2
times and 2 per cent, respectively, in 2012-13. CRISIL believes that
KGI's financial risk profile will remain weak over medium term due to
large working capital requirements on account of seasonal availability
of paddy and low cash accruals leading to high reliance on bank debt.

KGI processes and sells basmati and parmal rice. Its facility in
Jalalabad (district Bhatinda, Punjab) has a milling and sorting
capacity of 8 tonnes per hour.


K.S.R. SEEDS: CRISIL Raises Ratings on INR125MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
K.S.R. Seeds to 'CRISIL B+/Stable' from 'CRISIL B/Stable', while
reaffirming its rating on the firm's short-term facilities at 'CRISIL
A4'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            5        CRISIL A4 (Reaffirmed)

   Bill Discounting         20        CRISIL A4 (Reaffirmed)

   Cash Credit              80        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Long Term Loan           15        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term       30        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that KSR's liquidity will
improve over the medium term, with significant improvement in cash
accruals expected in 2013-14 (refers to financial year,
April 1 to March 31). The firm is expected to report cash accruals of
around INR17 million in 2013-14 as against INR9 million in 2012-13,
driven by healthy revenue growth and maintenance of its improved
operating profitability. KSR's revenues are expected to grow at a
healthy rate of over 50 per cent in 2013-14, driven by strong demand
from its customers and its geographic expansion.

The ratings reflect KSR's working-capital-intensive operations and
below-average financial profile, marked by a weak capital structure.
These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the seed processing segment.

Outlook: Stable

CRISIL believes that KSR will continue to benefit over the medium term
from its promoters' extensive experience in the agriculture industry.
The outlook may be revised to 'Positive' if the firm significantly
increases its scale of operations and profitability, thereby
strengthening its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if KSR's operations are adversely impacted by
any government regulations, or if its partners withdraw significant
funds from the firm, or if it undertakes any larger-than-expected
debt-funded capital expenditure programme, constraining its financial
risk profile.
About the Firm

Set up in 2009 as a partnership firm, KSR is involved in the business
of production, processing, and sale of seeds. The firm is promoted by
Mr. Kondaveeti Srinivasa Rao and his wife, Ms. Kondaveeti Siva Kumari.


KAIRALI EXPORTS: CRISIL Cuts Ratings on INR280MM Loans to 'C'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Kairali Exports (KE, part of the Prasanthi Cashew group) to 'CRISIL C'
from 'CRISIL BB+/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Packing Credit            250     CRISIL C (Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Long Term         30     CRISIL C (Downgraded from
   Bank Loan Facility                'CRISIL BB+/Stable')

The rating downgrade reflects the overdrawn working capital limits of
Prasanthi Cashew Company (also a part of the Prasanthi Cashew group;
rating downgraded to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+') for more than 50 days; the delays have been
caused by the Prasanthi Cashew group's large working capital
requirements resulting in its stretched liquidity.

The rating reflects the Prasanthi Cashew group's below-average
financial risk profile, marked by a high total outside liabilities to
tangible net worth (TOLTNW) ratio. The rating also factors in the
susceptibility of the group's operating margin to volatility in cashew
prices and to intense competition in the cashew processing industry.
These rating weaknesses are partially offset by the Prasanthi Cashew
group's established market position in the processing and export of
cashew kernels.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KE, Prasanthi Cashew Pvt Ltd, Prasanthi
Cashew Company, Vinayaka Cashew Company, and Vizag Exports. This is
because these entities together referred to as the Prasanthi Cashew
group, operate in the same line of business, under a common management
team, and have strong intra-group operational and financial linkages.

KE was founded in Trivandrum (Kerala) in 2010. It is a part of the
Prasanthi Cashew group, which comprises five entities that process and
export cashew kernels. The group is promoted by Mr. B Mohanchandra
Nair.

The Prasanthi Cashew group reported a profit after tax (PAT) of INR12
million on operating revenues of INR2.4 billion for 2012-13 (refers to
financial year, April 1 to March 31) on a provisional basis, vis-A-vis
a PAT of INR19 million on operating revenues of INR3.8 billion for
2011-12.


KAPTON ALLOYS: ICRA Assigns 'B' Ratings to INR7cr Long Term Loans
-----------------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR7.00 crore long-term
fund-based facilities of Kapton Alloys Private Limited. ICRA has also
assigned an '[ICRA]A4' rating to the INR1.00 crore short-term non-fund
based facilities of KAPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              5.44       [ICRA]B assigned
   Cash Credit            1.50       [ICRA]B assigned
   Unallocated limits     0.06       [ICRA]B assigned
   Bank Guarantee         1.00       [ICRA]A4 assigned

The assigned ratings are constrained by the start up nature of the
company coupled with the limited track record of the promoters in
billets manufacturing business; the high competitive intensity in the
segment which limits pricing flexibility; and the vulnerability of the
company's cash flows and profitability to cyclicality in steel scrap
prices. Further, the predominantly debt funded nature of the project
is likely to result in stretched capital structure in near term. ICRA
notes that the future cash flows of the company would be contingent on
the market acceptance of the product, successful scale up of
operations and the company's pricing ability.

The assigned ratings however, take into account the favourable
location of the plant providing it easy access to raw material sources
and end customers and the various fiscal benefits available to the
company which is expected to support profitability going forward.

Kapton Alloys Private Limited was incorporated in August 2012 and is
engaged in the manufacture of mild steel billets. The manufacturing
site is located at Kabodara village in the Sabarkantha district of
Gujarat and has an installed capacity of 15,000 MT per annum for
producing billets.


MAHAVIR EDUCATIONAL: ICRA Assigns 'B-' Rating to INR7.12cr Loans
----------------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B-' to the INR7.12
crore fund based bank facilities of Mahavir Educational Society.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Bank
   Facilities            7.12         [ICRA]B- assigned

The assigned rating takes into account the limited track record of the
society as its school commenced operations in AY‡ 2012-13 and the
consequent modest operating metrics as is typical for newly commenced
schools. Further given the initial gestation period of the school, MES
is currently incurring cash losses and is dependent on timely funding
support from members for servicing of its debt obligations. Cash
losses in turn has led complete erosion of the corpus of the society.
Although ICRA notes that members have been extending financial support
to the society, a significant proportion of the said funding has come
in the form of interest-bearing unsecured loans which has further
increased the interest burden on the society and has added to its cash
losses.

ICRA also takes note that society will be required to undertake
additional investments for the development of academic infrastructure
over next few years, as the existing infrastructural facilities can
cater to only 700 students. Given the above funding requirements and
scheduled commencement of debt servicing obligations (with principal
repayments commencing from January 15, 2014), the society is expected
to remain dependent on timely funding support from its members to
maintain its liquidity as well as timeliness in its debt servicing.
The extent of funding requirements will depend on the ability of the
society to attract fresh enrolments (on consistent basis) over the
next few years, which remains to be seen especially given the intense
competition being faced by MES from existing schools in the
Kurukshetra region and the consequent decline observed in number of
applications received.

The rating however derives comfort from MES' experienced management
profile who have a track record of more than eight years of operating
educational institutions as well as the society's agreement with Delhi
Public School (DPS) society which apart from lending the school an
established brand name, also provides operational expertise.

In ICRA's view, improvement in the occupancy levels, timely
contribution from society members to meet debt serving obligations,
strengthening of the corpus and scale of further expansion and debt
funding thereof will be the key rating sensitivities going forward.

Incorporated in 2011, Mahavir Educational Society is a single asset
society which runs and operates 'Delhi Public School' in Kurukshetra
(Haryana). The said school commenced operations in AY 2012-13 and
presently caters to students till Standard VIII. The school proposes
to commence admissions for Standard IX from AY 2014-15 onwards.

The society is managed by a board of seven members and is headed by
Mr. Subhash Chand Jain. The members have experience of more than eight
years in the education sector and are associated with other
educational institutions as well.

Recent Results

The society reported a net loss of 2.23 crore and cash loss of INR0.86
crore on revenue receipts (RR) of INR2.44 crore in FY2013.


MALLIKARJUN CONSTRUCTION: CRISIL Cuts Rating on INR20MM Loan to C
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Mallikarjun Construction Co. to 'CRISIL C/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          70       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit             20       CRISIL C (Downgraded from
                                    'CRISIL BB-/Stable')

The ratings downgrade reflect the delays by MCC in servicing its
equipment loans (not rated by CRISIL). The delays have been caused by
the firm's stretched liquidity.

MCC had availed equipment loans of INR130 million to speed up the
execution of its orders in hand, resulting in large repayment
obligations. However, there were delays in releasing funds by the
concerned government authority because of the then on-going elections
in Chhattisgarh, stretching the firm's receivables. Hence, despite
healthy growth in topline and improved margins, MCC's stretched
working capital cycle led to the recent delays.

The ratings also reflect MCC's small net worth, high gearing,
geographical concentration in its revenue profile, its small scale of
operations, and its exposure to intense competition in the
construction industry. These rating weaknesses are partially offset by
the extensive experience of MCC's promoters in the construction
business, and its comfortable debt protection metrics.

MCC was originally set up as a proprietorship firm in 1985 by Mr.
Nelatury Chuinchu Reddy. It constructs roads and bridges. In December
2004, it was reconstituted as a partnership firm, with Mr. N C Reddy's
sons, Mr. Malleshwar Reddy and Mr. Mallikarjun Reddy, as partners.


MIL STEEL: ICRA Revises Ratings on INR12.50cr Loans to 'BB-'
------------------------------------------------------------
ICRA had earlier suspended the long-term rating of '[ICRA]BB-', with a
stable outlook, and the short-term rating of '[ICRA]A4', assigned to
the INR12.50 crore Line(s) of Credit in September 2013. The rating
suspension now stands revoked and the short-term rating of [ICRA]A4
has been withdrawn.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Term Loan facilities    11.05     Revised from [ICRA]BB-
                                     (Stable) to [ICRA]B+

   Fund based facility      1.45     Revised from [ICRA]BB-
                                     (Stable) to [ICRA]B+

ICRA has revised the long-term rating outstanding on the INR11.05
crore term loan facilities and the INR1.45 crore proposed fund based
facilities (previously rated as INR5.00 crore long-term fund based
facilities and INR7.50 crore short-term non-fund based facilities) of
MIL Steel and Power Limited previously named as Kanishk Ferrous and
Energy Limited to '[ICRA]B+' from '[ICRA]BB-'. ICRA had earlier
suspended the long-term rating of '[ICRA]BB-', with a stable outlook,
and the short-term rating of '[ICRA]A4' in September 2013. The rating
suspension now stands revoked and the short-term rating of '[ICRA]A4'
has been withdrawn.

The revision in the long-term rating considers the continued de-growth
in MSPL's turnover in 2012-13, leading to lower operating profits and
continued net losses. The rating also takes into account the
suspension of MSPL's operations during the current fiscal, to
integrate a billet manufacturing facility. While the company is likely
to resume operations from January 2014, the ongoing debt-funded
capital expenditure is likely to stretch the capital structure and
coverage metrics over the medium term. Although the steel industry is
passing through a weak phase at present, the long-term demand outlook
remains favourable. The ratings also consider the financial support
extended by MSPL's group entity, Meenakshi (India) Limited, which is
engaged in the manufacture of ready-made garments; and the intense
competition in the fragmented and commoditised nature of operations,
which restricts pricing flexibility.

MSPL, which was primarily engaged in the manufacture of MS ingots at
its facility located near Chennai (Tamil Nadu), is currently setting
up a continuous casting machine to manufacture MS billets. The shares
of MSPL were acquired by the promoters of Meenakshi (India) Limited
group on April 1, 2013, from the promoters of OPG Group. The current
promoters of the company are Mr. Shyam Sunder Goenka and Mr. Ashutosh
Goenka.

Recent results

MSPL reported a net loss of INR0.1 crore on an operating income of
INR42.4 crore during 2012-13, against a net loss of INR0.7 crore on an
operating income of INR66.4 crore during 2011-12.


MORACEAE PHARMA: ICRA Revises Ratings to INR10.5cr Loans to 'B'
---------------------------------------------------------------
ICRA has revised the long-term rating from '[ICRA]B+' to '[ICRA] B'
for the INR 10.5 Crore bank facilities of Moraceae Pharmaceuticals
Private Limited.



                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit
   Facilities            10.0        Revised from [ICRA]B+
                                     to [ICRA]B

   Long-term
   Unallocated            0.5        Revised from [ICRA]B+
                                     to [ICRA]B Total 10.5

The revision in ratings takes into account the weaker than expected
financial performance of Moraceae Pharmaceuticals Private Limited as
is evident from weaker revenue growth, deterioration of debt
indicators of the company as well as its low profitability on account
of inability to ramp up capacity utilization.

Additionally, the formulations industry remains highly competitive,
thus putting pressure on the company's profitability. Notwithstanding
the weaker financial performance, ICRA's ratings continue to factor in
the long experience of the management in the pharmaceuticals business
as well as its products across various therapeutic areas. The
company's ability to scale up revenue through its proposed export
route and improve its profitability and financial risk profile will
remain key rating sensitivities.

Moraceae Pharmaceuticals Private Limited was founded in 1994 as
Moraceae Pharmaceuticals in Gorakhpur (Uttar Pradesh) by Mr. Ravinder
Singh, a first generation entrepreneur. The company is engaged in the
business of manufacturing and marketing formulations. The company has
a marketing network spread across the states of Uttar Pradesh,
Uttarakhand, Jharkhand, Rajasthan, West Bengal, Assam and the North
Eastern States.

Recent Results

As per audited results for the FY13, the company reported a profit
after tax of INR0.5 crore on an Operating Income (OI) of INR42.4
crore.


N. R. ISPAT: CRISIL Reaffirms 'B+' Ratings on INR417.9MM Loans
--------------------------------------------------------------
CRISIL rating to the bank facilities of N. R. Ispat and Power Pvt Ltd
continue to reflect NRIPPL's exposure to intense competition in the
steel industry and vulnerability of operating margin to volatility in
raw material prices and working-capital-intensive operations. The
rating also factors in the below-average debt protection measures.
These weaknesses are partially offset by the extensive experience of
NRIPPL's promoters in the steel industry. The company has moderate net
worth and gearing.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           124.5     CRISIL B+/Stable (Reaffirmed)
   Term Loan             293.4     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NRIPPL will continue to benefit over the medium
term from its promoters' extensive experience in the steel industry.
The outlook may be revised to 'Positive' in case there is significant
and sustained improvement in the company's revenue and profitability
while maintaining its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of significant decline in the
company's revenue or profitability or stretch in the working capital
cycle or larger-than anticipated debt-funded capital expenditure
resulting in a weakening in its financial risk profile.

Update

During 2012-13 (refers to financial year, April 1 to March 31), the
company's revenue of INR941 million declined from INR1.1 billion in
2011-12; however, its operating margin improved slightly to 8.7 per
cent from 8 per cent. In 2013-14, the company is expected to report
stagnant revenue with sustained profitability. The company's
operations remained working capital intensive with gross current
assets of over four months. The company had average bank limit
utilisation of 81 per cent in the six months through September 2013;
the bank limit utilisation is expected to increase with the
utilisation of accruals towards the ongoing capex. NRIPPL's accruals
are expected to be matched tightly with the repayment obligations of
INR42 million in 2013-14. NRIPPL is currently undertaking capex of
INR550 million for setting up 8 megawatt power plant and increasing
its ingot-manufacturing capacity to 180 tonnes per day. The capex is
being funded at a debt-to-equity ratio of 2.23 times.

NRIPPL had moderate net worth and gearing of INR447 million and 1.3
times as on March 31, 2013. However, owing to its average
profitability and rising debt burden, the company has below-average
debt protection measures with interest coverage and net cash accruals
to total debt ratios of 1.8 times and 0.1 times for 2012-13.

NRIPPL, set up in January 2008 by Raipur (Chhattisgarh)-based Agrawal
family, manufactures mild-steel ingots and sponge iron. The company
has its manufacturing facility in Raigarh (Chhattisgarh) with ingot
manufacturing capacity of 60 tonnes per day (tpd) and sponge iron
manufacturing capacity of 200 tpd.

Mr. Rajesh Agrawal, Mr. Sanjay Agrawal (brother of Mr. Rajesh
Agrawal), and Mr. Vijay Agrawal (brother of Mr. Rajesh Agrawal) are
the promoters of NRIPPL.


NAGARJUNA FERTILIZERS: CARE Cuts Ratings on INR3418.9cr Loan to D
-----------------------------------------------------------------CARE
revises the ratings assigned to the bank facilities of
Nagarjuna Fertilizers & Chemicals Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       769.03      CARE D Revised
   Facilities                       from CARE BB

   Short-term Bank    2,649.90      CARE D Revised
   Facilities                       from CARE A4


Rating Rationale

The revision in the ratings takes into account delay in debt servicing
due to significant delay in reimbursement of fertilizer subsidies from
the Government of India (GoI) thereby exerting pressure on the working
capital position.

Nagarjuna Fertilisers & Chemicals Ltd is engaged in manufacturing of
urea and currently, operates two urea plants (capacity -- 1,810 MT per
day each) at its facilities located at Kakinada, Andhra Pradesh. While
Plant-I operates entirely on natural gas as the feedstock, Plant -II
can use both natural gas and naphtha. Besides manufacturing, NFCL is
also involved in trading of urea (Government Pool Urea), Specialty
Fertilizers and Agri-inputs [viz. Muriate of Potash (MOP), Diammonium
Phosphate (DAP), other NPK fertilizers).

During FY13, NFCL reported a PBILDT of INR517.3 crore [FY12 --
INR473.4 crore] and a PAT (after deferred tax) of INR81.05 crore (FY12
-- INR135.3 crore) on a total operating income of INR2398.2 crore
(FY12 -- INR 2170.5 crore).

As per unaudited financials of H1FY14 (refers to period from
April 1 -- September 30), NFCL reported net sales of INR787.4 crore
and net loss of INR111.9 crore respectively.


NANO AGRO: ICRA Reaffirms 'B' Ratings on INR10.73cr Loans
---------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating assigned to the INR 10.73 crore
(enhanced from INR 8.92 crore) long term fund based facilities of Nano
Agro Foods Private Limited. ICRA has withdrawn the '[ICRA]A4' rating
assigned to the INR0.40 crore un-allocated limits of NAFPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             0.73       [ICRA]B reaffirmed
   Working Capital      10.00       [ICRA]B reaffirmed

The reaffirmation of rating factors in NAFPL's weak financial profile
as evident from a highly leveraged capital structure, poor debt
coverage indicators and low profitability, coupled with its small
scale of operations. The rating continues to remain constrained by the
lack of diversification in the company's product profile; the highly
competitive and fragmented industry structure owing to low entry
barriers and the vulnerability of profitability to raw material
prices, which are subject to seasonality, crop harvest and regulatory
risks.

The rating however, continues to positively factors in the favorable
location of the company's manufacturing facility in Gondal giving easy
access to raw material and the stable demand outlook for cotton and
cottonseeds in the domestic as well as international markets.

Nano Agro Foods Private Limited was incorporated in the year 2007 and
is engaged in the business of ginning & pressing of raw cotton and
cotton trading. The company's manufacturing facility is located at
Gondal (Rajkot), Gujarat with a production capacity of 180 bales per
day.

Recent Results

For the financial year 2012-13, the company reported an operating
income of INR 46.19 Cr. and profit after tax of INR 0.02 Cr. as
against an operating income of INR 35.51 Cr. and profit after tax of
INR 0.02 Cr. for the financial year 2011-12.


NAYEK PAPER: CRISIL Lowers Ratings on INR68.7MM Loans to 'B'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Nayek
Paper Industries Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            2.5     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             45 .0     CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Letter of Credit          7.5     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term       12.3     CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

   Term Loan                11.4     CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The downgrade reflects CRISIL's expectation that NPIPL's business risk
profile will weaken because of expected pressure on its revenue growth
and operating margin, led by intense market competition and the
company's inability to pass on the increase in input prices to its
customers. Due to intense market competition, NPIPL's revenues
remained muted at INR320 million in 2012-13 (refers to financial year,
April 1 to March 31). The company's year-to-date revenue remained
modest at INR216 million as on November 30, 2013. NPIPL incurred
operating losses in 2012-13, driven by its lower revenues along with
its inability to pass on increases in input and power costs to
customers. The company's operating margin is likely to remain
constrained by its limited bargaining power with customers and high
power costs over the medium term. On account of net losses in 2012-13,
NPIPL's financial risk profile deteriorated, resulting in erosion in
net worth and weakening in its gearing. The company's net worth dipped
to INR26 million in 2012-13 from INR44 million in 2011-12 whereas the
gearing weakened to 2.28 times in 2012-13 from 1.44 times in 2011-12.
The debt protection metrics also remained weak with low interest
coverage ratio and negative net cash accruals to total debt ratio. The
financial risk profile is expected to remain weak over the medium term
on account of expectation of minimal accretion to reserves and higher
reliance on external borrowings for meeting its working capital
requirements.

The ratings reflect NPIPL's large working capital requirements and
modest scale of operations in the paper industry. These rating
weaknesses are partially offset by the promoters' extensive experience
in the paper industry, and established customer relationships.

For arriving at its ratings, CRISIL has treated unsecured loans of
INR15 million, extended by NPIPL's promoters and their friends and
family, as neither debt nor equity. This is based on a specific
undertaking from the management that it will maintain these loans in
the business till the pendency of bank facilities.

Outlook: Stable

CRISIL believes that NPIPL will maintain its business risk profile,
supported by its promoters' extensive experience in the paper
industry, over the medium term. The outlook may be revised to
'Positive' in case of higher than expected profitability, significant
equity infusion by the promoters or better working capital management,
leading to improvement in the company's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if NPIPL
undertakes any large, debt-funded capital expenditure programme, or
its operating income and profitability decline significantly, thereby
weakening its financial risk profile.

NPIPL was set up in 1978 as a partnership firm, Nayek Paper Board
Mills; in 1987, it was reconstituted as a private limited company.
NPIPL manufactures packaging material, such as coated boards, duplex
boards, ticket boards, grey boards, and pulp boards. Its facility is
located in Memari (West Bengal).


PAEDIA HEALTH: ICRA Assigns 'B-' Ratings to INR11.5cr Loans
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR10.5 crore term loans
and INR1 crore cash credit facility of Paedia Health Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans            10.50       [ICRA]B- Assigned
   Cash Credit            1.00       [ICRA]B- Assigned

The rating takes into consideration the project execution risks for
the large project undertaken by PHPL relative to its current scale of
operations, delays in commissioning of the same and an adverse project
gearing of more than three times for the upcoming project. ICRA also
notes the large debt service obligation for the bank loans in the
short to medium term, which is likely to adversely impact PHPL's cash
flows and the competition from other multi super speciality hospitals
in the region. The rating also takes into account the long track
record of the key management in the health care industry, experience
of the key promoters in managing a small hospital, advanced stages of
the completion of the new hospital and exclusive association of
specialist doctors across medical departments at the PHPL's upcoming
hospital. The doctors associated with PHPL have established position
in the same region where the PHPL's hospital is coming up and is
expected to help PHPL to manage competition from existing players.

PHPL was incorporated in FY06 at Bhilai, Chhattisgarh and originally
promoted by three paediatricians Dr. R. Bopardikar, Dr. N. Dua and Dr.
A. Jain. The company currently manages a child super speciality
hospital -- Sparsh Children Hospital. PHPL is also in the process of
setting up a multi super speciality hospital at Bhilai at a capital
cost of around INR13.94 crores and proposed to funded through bank
loans of INR9.9 crores. The project has been delayed by around 10
months, but is expected to commence commercial operations soon.

Recent Results

PHPL reported a net profit of INR0.04 crore during FY13 on an OI of
INR0.71 crore as against a net profit of INR0.04 crore and an OI of
INR0.74 crore during FY12.


PARK CONTROLS: ICRA Reaffirms 'B+' Ratings on INR6.5cr Loans
------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ (pronounced ICRA B plus)† rating to the
INR5.00 crore fund based facilities and the INR1.5 crore proposed fund
based facilities of Park Controls & Communications Private Limited
("PCCPL"/ "the Company"). ICRA has also reaffirmed the short-term
rating of [ICRA]A4 (pronounced ICRA A four) to the INR8.50 crore
non-fund based facilities of PCCPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-Term Fund
   Based Limits          5.0        [ICRA]B+/Reaffirmed

   Long-Term Fund
   Based Limits
   (proposed)            1.5        [ICRA]B+/Reaffirmed

   Short-Term Non
   Fund Based Limits     8.5        [ICRA]A4/Reaffirmed

The reaffirmation of the ratings continues to factor the long-standing
experience of the promoters in defence and avionics industry and the
company's strong technical competence as reflected by successful track
record of design and development and execution of system integration
projects. The ratings also take into account the favourable demand
outlook from defence and aerospace verticals and the Company's healthy
order book position (primarily from system integration projects to
defence PSUs and ordnance factories) supporting its revenue visibility
over the near to medium term. The ratings however are constrained due
to the Company's present modest scale of operation thereby limiting
its operational and financial flexibility; high working capital
requirement on back of significantly stretched collection period and
large inventory holdings; volatility in the Company's revenues and
margins over last few years owing to project specific requirements of
its customers and lack of even distribution of the cash flows across
the year with ~70% - ~80% of the revenues accruing in the fourth
quarter and limited bargaining power with its customers largely being
PSUs. The Company's debt metrics remain sensitive to the planned
capital expenditure in the near to medium term. Going forward, the
Company's ability to improve its scale of operation, expand its
margins and enhance its cash flows over the medium term would be key
rating sensitivity.

Incorporated in 1989 by Mr. M.P. Sastri and Mr. PJB Noble, Park
Controls & Communications Private Limited primarily caters to the
Indian defence avionics through its range of telemetry (i.e. data
acquisition from remote source), timing and control products and
solutions. The company was formed to take advantage of the Indian
government's plan to enlist private partnership in the Defence and
Space sector programs. PCCPL initially worked for several years on
design and development projects outsourced by the Indian government's
Defence & Space R&D. After having successfully demonstrated its
technological competence in design and development, from 2005 onwards,
the company started diversifying into products and system integration
projects considering the limited revenue potential from the design and
development projects. In terms of the area of operations, the company
primarily focussed on ground telemetry solutions until 2007, when it
decided to enter airborne and military ruggedized telemetry products
as the market for the ground telemetry products did not have
significant growth potential. Since then the company has gradually
established its position as one of the leading suppliers of airborne
telemetry products.

Recent Results

For 2012-13, the company reported an operating income of INR17.4 crore
with a PAT of INR0.2 crore as against an operating income of INR15.2
crore and a PAT of INR1.1 crore in 2011-12.


PRAKHHYAT INFRAPROJECTS: CRISIL Puts 'B' Ratings on INR200M Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank
facility of Prakhhyat Infraprojects Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       20  CRISIL B/Stable (Assigned)

   Bank Loan Facility      180  CRISIL B/Stable (Assigned)
   Term Loan

The rating reflects PIPL's exposure to execution and off take risks
associated with its ongoing warehouses and industrial buildings
project in Bhiwandi (Maharashtra) and susceptibility of its operating
performance to the demand dynamics of the industrial and warehousing
segment in the company's area of operations.  These rating weaknesses
are partially offset by the benefits that the company derives from the
established business background of its promoters.
Outlook: Stable

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

PIPL was promoted in 2008 by Mr. Naresh Sharma, Mr. Rakesh Jain, Mr.
Sandeep Bagla, Mr. Sumeet Balotia, Mr. Manish Shah and Mr.
Satyanarayan Rathi. The promoters are business acquaintances with
interests mainly in the textile sector. The company is engaged in
commercial real estate development and is currently undertaking a
commercial project 'K Square' comprising of warehouses and industrial
buildings near Bhiwandi (Maharashtra). The registered office of the
company is at Mumbai (Maharashtra).


PRASANTHI CASHEW: CRISIL Cuts Rating on INR400MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Prasanthi Cashew Company (PCC, part of the Prasanthi Cashew group) to
'CRISIL D/CRISIL D' from 'CRISIL BB+/Stable/CRISIL A4+'.

                            Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Export Packing             10      CRISIL D Downgraded from
   Credit                             'CRISIL A4+')

   Foreign Bill               40      CRISIL D (Downgraded from
   Discounting                        'CRISIL BB+/Stable')

   Foreign Bill               50      CRISIL D (Downgraded from
   Purchase                           'CRISIL A4+')

   Packing Credit            300      CRISIL D (Downgraded from
                                      'CRISIL A4+')

The rating downgrade reflects PCC's overdrawn working capital limits,
which have remained overdue for more than 50 days; the delays have
been caused by the Prasanthi Cashew group's large working capital
requirements, resulting in its stretched liquidity.

The Prasanthi Cashew group also has a below-average financial risk
profile, marked by a high total outside liabilities to tangible net
worth (TOLTNW) ratio. Moreover, the rating factors in the
susceptibility of the group's operating margin to volatility in cashew
prices and to intense competition in the cashew processing industry.
However, the Prasanthi Cashew group benefits from its established
market position in processing and exporting cashew kernels.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PCC, Prasanthi Cashew Pvt Ltd, Kairali
Exports, Vinayaka Cashew Company, and Vizag Exports. This is because
these entities together referred to as the Prasanthi Cashew group,
operate in the same line of business, under a common management team,
and have strong intra-group operational and financial linkages.
About the Group

PCC was founded in Kollam in 1984. It is a part of the Prasanthi
Cashew group, which comprises five entities that process and export
cashew kernels. The group is promoted by Mr. B Mohanchandra Nair.

The Prasanthi Cashew group reported a profit after tax (PAT) of INR12
million on operating revenues of INR2.4 billion for 2012-13 (refers to
financial year, April 1 to March 31) on a provisional basis, vis-a-vis
a PAT of INR19 million on operating revenues of INR3.8 billion for
2011-12.


PRASANTHI CASHEW PVT: CRISIL Cuts Rating on INR300MM Loan to 'C'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Prasanthi Cashew Private Limited (PCPL, part of the Prasanthi Cashew
group) to 'CRISIL C/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL A4+'.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Discounting        40       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Packing Credit         300       CRISIL C (Downgraded from
                                    'CRISIL BB+/Stable')

The rating downgrade reflects the overdrawn working capital limits of
Prasanthi Cashew Company (also a part of the Prasanthi Cashew group;
rating downgraded to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+') for more than 50 days; the delays have been
caused by the Prasanthi Cashew group's large working capital
requirements resulting in its stretched liquidity.

The rating reflects the Prasanthi Cashew group's below-average
financial risk profile, marked by a high total outside liabilities to
tangible net worth (TOLTNW) ratio. The rating also factors in the
susceptibility of the group's operating margin to volatility in cashew
prices and to intense competition in the cashew processing industry.
These rating weaknesses are partially offset by the Prasanthi Cashew
group's established market position in the processing and export of
cashew kernels.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PCPL, Kairali Exports, Prasanthi Cashew
Company, Vinayaka Cashew Company, and Vizag Exports. This is because
these entities together referred to as the Prasanthi Cashew group,
operate in the same line of business, under a common management team,
and have strong intra-group operational and financial linkages.

PCPL was founded in Kollam (Kerala) in 1996. It is a part of the
Prasanthi Cashew group, which comprises five entities that process and
export cashew kernels. The group is promoted by Mr. B Mohanchandra
Nair.

The Prasanthi Cashew group reported a profit after tax (PAT) of INR12
million on operating revenues of INR2.4 billion for 2012-13 (refers to
financial year, April 1 to March 31) on a provisional basis, vis-a
-vis a PAT of INR19 million on operating revenues of INR3.8 billion
for 2011-12.


RAAM FOUR: ICRA Rates INR20cr Fund Based Loans at 'B'
-----------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR20.00
crore fund based facilities of Raam Four Wheelers India Private
Limited.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits      20.00        [ICRA]B Assigned

The '[ICRA]B' rating factors in the recent commencement of operations
of RFWIPL's Hyundai four wheeler dealership business in Hubli,
Karnataka in the month of July, 2013. The rating is constrained by the
thin margins prevalent in the dealership business and the ongoing
slowdown in the domestic passenger car market. The rating is further
constrained by the debt funded establishment of the showroom and
service facilities by RFWIPL and the large working capital requirement
of the business, which would also be largely debt funded and this
together with the thin margins prevalent in the business, is likely to
stretch the interest and debt coverage indicators of the company.
The rating however is supported by the experience of the promoters in
the two wheeler dealership business through their group entities and
the fact that the company is an authorized dealership for HMIL, which
has a strong market position with the second largest market share in
the passenger car segment in India. With substantial debt repayments
in the near term, the company's ability to increase its sales volumes
is a key sensitivity factor going forward.

Incorporated in 2012, RFWIPL is an authorized dealer for HMIL with its
showroom in Hubli, Karnataka. The promoters and their family members
have prior experience in dealerships of two wheelers through other
group entities. The company began its operations in the month of July,
2013.


RADHA SAKKU: CRISIL Reaffirms 'B-' Rating on INR1.37BB Loans
------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank facilities
of Radha Sakku Agro Farms Ltd (Radha Sakku; part of the Sakku group)
to 'Stable' from 'Negative', while reaffirming the rating at 'CRISIL
B-'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               150     CRISIL B-/Stable (Outlook
                                     revised from 'Negative' and
                                     rating reaffirmed)

   Proposed Long Term        383     CRISIL B-/Stable (Outlook
   Bank Loan Facility                revised from 'Negative' and
                                     rating reaffirmed)

   Term Loan                783.8    CRISIL B-/Stable (Outlook
                                     revised from 'Negative' and
                                     rating reaffirmed)

   Working Capital
   Demand Loan               53.2    CRISIL B-/Stable (Outlook
                                     revised from 'Negative' and
                                     rating reaffirmed)

The outlook revision reflects the substantial and sustained increase
in the Sakku group's scale of operations, while it registered moderate
profitability margins. The outlook revision also reflects CRISIL's
belief that the group's cash accruals will be sufficient to service
its term debt over the medium term.

The revenues of the group registered a year-on-year growth of 70 per
cent to INR4.0 billion in 2012-13 (refers to financial year, April 1
to March 31); its operating profit margin was moderate at 13.6 per
cent. The increase in revenue was driven mainly by stabilization of
operations of Radha Sakku, which began commercial operations in June
2012. The group is expected to register cash accruals of around INR350
million in 2013-14, and its cash accruals in 2014-15 are expected to
be adequate to service its maturing term debt of INR180 million during
the year.

CRISIL's rating on the bank facilities of the Sakku group continues to
reflect the susceptibility of its profitability margins to volatile
raw material prices, and its exposure to risks inherent in the poultry
industry. The rating also factors in the group's average financial
risk profile, marked by moderate net worth, high gearing and
above-average debt protection metrics. These rating weaknesses are
partially offset by the group's established position in the layer
segment of poultry farming.

For arriving at its rating, CRISIL has combined the financial and
business risk profiles of Venkatrama Poultries Limited (Venkatrama
Poultries) and Radha Sakku, together referred to as the Sakku group.
This is because both companies are in the same line of business and
Radha Sakku is a wholly owned subsidiary of Venkatrama Poultries.
Outlook: Stable

CRISIL believes that the Sakku group will continue to benefit over the
medium term from its established position in the layer segment of
poultry farming. The outlook may be revised to 'Positive' if there is
substantial and sustained improvement in the group's profitability
margins, or there is an improvement in its capital structure on the
back of equity infusion by its promoters. Conversely, the outlook may
be revised to 'Negative' if there is steep decline in the group's
profitability or deterioration in its capital structure on account of
large working capital requirements or debt-funded capex.
About the Company

Set up as a proprietorship firm in 1979, Venkatrama Poultries was
reconstituted as a private limited company, and later as a closely
held public limited company in 1995. Venkatrama Poultries is in the
business of poultry farming in the layer segment. Radha Sakku, set up
in 2010 as a limited company by Venkatrama Poultries Ltd, is also in
the business of poultry farming in the layer segment.


RAMKUMAR MILLS: ICRA Revises Ratings on INR22.9cr Loans to 'B'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to INR3.90 crore term
loan and INR19.00 crore fund based limits of Ramkumar Mills Private
Limited from '[ICRA]B-' to '[ICRA]B'. ICRA has reaffirmed [ICRA]A4
rating assigned to the INR6.00 crore (enhanced from INR2.00 crore) non
fund based limits of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             3.90       [ICRA]B (revised from
                                    [ICRA]B-)

   Fund Based
   Facilities           19.00       [ICRA]B (revised from
                                    [ICRA]B-)

   Non Fund Based
   Facilities            6.00      [ICRA]A4/re-affirmed

The rating revision positively factors in the timely debt servicing in
the joint loan issued to RMPL and its group company, Sumangala
Properties in which there were delays noticed during the last rating
exercise. Besides, the ratings continue to positively factor in RMPL's
long track record in textile industry, its ability to maintain low
debtor days on account of strong receivable management and its
diversified client base. Further, the ratings also factor in the
modern manufacturing facility of the company for fabric processing.

However, the ratings are constrained due to the weak financial profile
of the company characterized by high gearing of 2.84x as on 31st
March, 2013 and weak interest coverage of 1.21x for FY13. The ratings
also factor in moderation in RMPL's operating profitability from 8.74%
for FY13 to 5.94% for FY12 due to increase in raw material prices
which could not be passed on to their customers. The ratings are also
constrained due to the competitive nature of the textile industry thus
limiting the company's pricing flexibility and its vulnerability to
raw material prices fluctuation.

Going forward, RMPL's ability to attain healthy profitability and
improve its capital structure will be the key rating sensitive
factors.

Ramkumar Mills Private Limited is a family-owned, closely managed
company engaged in the processing of cotton and various blended
fabrics for the export as well as the domestic segments. It also has
ISO9001:2000 for its manufacturing process. The company, incorporated
in 1947 by late Mr. Y S Nanjaiah Setty and Mr. Y S Adinarayana Setty,
had began as a textile trading house and subsequently started
manufacturing and processing of textiles. Overall, the promoting
family has more than seven decades of experience in cotton textile
business. Apart from the fabric processing business, RMPL is also
engaged in real estate development through a joint venture with
another affiliate firm -- M/s Sumangala Properties.

Recent Results

During FY13, the company reported a PAT of INR3.09 crore on an
operating income of INR90.86 crore as compared to a PAT of INR0.33
crore on an operating Income of INR89.50 crore for FY12.


ROBOSOFT TECHNOLOGIES: ICRA Reaffirms B Rating on INR5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating to the INR5.00 crore term loans
of Robosoft Technologies Private Limited. ICRA has also reaffirmed the
short-term rating of '[ICRA]A4' for the INR7.50 crore fund based
facilities and the INR0.5 crore non-fund based facilities of RTPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             5.00       [ICRA]B/Reaffirmed

   Short-Term Fund
   Based Limits          7.50       [ICRA]A4/Reaffirmed

   Short-Term Non
   Fund Based Limits     0.50       [ICRA]A4/Reaffirmed

The reaffirmation in ratings factors timely servicing of debt
obligations by RTPL during the last six months following improvement
in the financial and liquidity position of the company. The
improvement in the Company's financial and liquidity position was
primarily on account of private equity infusion of INR22.0 crore by
Kalaari Capital Partner II Llc. The ratings continues to factor the
long-standing experience of the promoters in the information
technology (IT) industry, RTPL's fairly diversified revenue stream
across services and the Company's focus on mobile development services
which is expected to drive the revenue growth going forward. The
Company's revenue stream remains diversified across wide range of
service offerings such as Windows/Mac services, mobile application and
games software products and services. While high customer
concentration (with the top three customers accounting for over 50% of
revenues during 2012-13) accentuates the risk of order volatility,
ICRA notes that the Company's long term association with such
customers and addition of new customers to its portfolio - also
reflected by steady business volumes over the years and healthy order
contribution from new customers -- provides comfort. The ratings also
take into account the Company's financial profile characterized by low
operating accruals, weak coverage indicators and stretched working
capital position. The ratings continue to factor high competitive
intensity witnessed in the industry with the presence of larger and
established domestic and international players, exposure to foreign
currency risks and high revenue dependence of RTPL on the US and UK
regions - together contributing to around 60% of the revenues during
2012-13. Going forward, the Company's ability to scale up, maintain
healthy margins and improve its working capital position would remain
key rating sensitivities.

Robosoft Technologies Private Limited promoted as a proprietorship
firm in 1996 at Udupi, Karnataka, by Mr. Rohith Bhat and subsequently
incorporated as a private limited company in 2005, is primarily into
the business of development of software applications for Mac OS
platform. RTPL has a team of around 370 software professionals working
for the Company. The Company offers its products / services through
four business divisions, viz., software services, software utilities,
gaming products, and enterprise applications. The software services
segment is the largest business segment in the Company accounting for
around 90 per cent of RTPL's revenues in 2012-13.


SAI GLOBAL: ICRA Upgrades Rating on INR37.63cr Loans to 'B+'
------------------------------------------------------------
ICRA has upgraded the long-term rating to '[ICRA]B+' from '[ICRA]B'
for INR37.63 crore fund based limits of Sai Global Yarntex (India)
Private Limited. ICRA has reaffirmed the short term rating at
'[ICRA]A4' for INR2.10 crore non-fund based limits of SGYIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term fund
   based limits          37.63      [ICRA]B+ upgraded

   Short term non-
   fund based limits      2.10      [ICRA]A4 reaffirmed

The upgrade in rating reflects the improvement in profitability and
the coverage indicators driven by a revival in yarn demand and
improved yarn realizations during FY13. The ratings continue to
favourably factor in experience of the promoters in the cotton ginning
business resulting into established relationship with the raw material
suppliers. The rating also factors in SGYIPL's location advantage on
account of proximity to a major cotton growing area and the incentives
offered by the state government in the form of TUFS (Technology
Upgradation Fund Scheme). The rating however continues to remain
constrained by SGYIPL's moderate scale of operations combined with the
fragmented nature of the industry characterized by competition from a
large number of players which limits the ability to fully pass on any
rise in input costs. ICRA also notes that the company is vulnerable to
regulatory risks with regards to minimum support price for kapas and
export restrictions on kapas and yarn. The ratings also take into
account the large working capital requirement of the company on
account of large inventory holdings owing to the seasonal nature of
the business. The ratings are further constrained by SGYIPL's moderate
financial profile as reflected by high gearing and weak coverage
indicators.

Sai Global Yarntex (India) Private Limited incorporated in December
2005 is primarily engaged in manufacturing of medium count hosiery
yarn in the count range from 30s to 40s. Based in Ongole, Prakasam
district of Andhra Pradesh, SGYIPL initially started with a capacity
of 13,380 spindles which was further increased to 26,000 spindles by
April 2012. The company was promoted by Mr. Koti Reddy, Mr.
Veeraprakasa Rao, Mr. G B Narayana, Mr. Srinivasa Rao, Mr. Gopala
Reddy and Mr. Desu Subrahmanyam.

Recent Results

In FY13, SGYIPL posted an operating income of INR58.31 crore and a PAT
of INR0.89 crore as against an operating income of INR57.85 crore and
net loss of INR2.53 crore in FY12.


SHREE KRISHNA: ICRA Assigns 'B+' Ratings to INR8.6cr Loans
----------------------------------------------------------
The rating of '[ICRA]B+' has been assigned to INR8.60 Cr. funds based
facilities of Shree Krishna Cold Storage.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.12        [ICRA]B+ assigned
   Term Loans            3.48        [ICRA]B+ assigned

The assigned rating is constrained by the small scale of operations
and weak financial risk profile as characterized by low operating
income, low cash accruals and adverse capital structure. The ratings
further take into account the vulnerability of profitability margins
to possible inventory losses in case the market price of potato is
lower than the collateral value and highly fragmented nature of the
industry owing to low entry barriers. While assigning the ratings,
ICRA also takes into account the risks associated with partnership
form of business in terms of continuity, capital infusions and
withdrawals.

The rating, however, takes comfort from the extensive experience of
the promoters in the business of potato trading and cold storage. The
ratings are further supported by the locational advantage by virtue of
proximity to major potato growing regions in Gujarat.

Founded in the year 1999, Shree Krishna Cold Storage (SKCS) is engaged
in the business of trading of potato and potato seeds and providing
cold storage facility to potato farmers and traders on a rental basis.
The facility of the firm is located at Dehgam, Gujarat having storage
capacity of 22,500 MTPA of potatoes or approximately 4,50,000 bags
with each bag weighing (approx.) 50 kg. The partners of the firm have
more than a decade of experience by virtue of their association with
this firm.

Recent Results

For the year ended March 31, 2013, the firm reported an operating
income of INR5.50 Cr. and profit after tax of INR0.19 Cr. For the year
ended March 31, 2012, the firm reported an operating income of INR5.02
Cr. and profit after tax of INR0.16 Cr.


SIZOLL CHEMICALS: ICRA Suspends 'B' Rating on INR8cr Loans
----------------------------------------------------------
ICRA has suspended the rating of '[ICRA]B' assigned to INR5.0 crore
fund based and INR3.0 crore non fund based facilities of Sizoll
Chemicals Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

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


SHREE NATH: ICRA Rates INR10cr Long-Term Loans at 'B'
-----------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR10.00
crores Bank facilities of Shree Nath Ji Enterprises.

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

The rating assigned is constrained by limited track record of
operations of which exposes the company to risks relating to
stabilization of the new unit. The rating also factors in the high
intensity of competition in the rice milling industry and agro
climatic risks which can affect the availability of paddy in adverse
weather conditions. Nevertheless, the rating favorably factors in the
long standing experience of promoters in the rice industry, their
established relationships with customers and suppliers, good demand
supply dynamics in rice industry and proximity of the mill to major
rice growing area which results in easy availability of paddy.

Business was established in the year 2013 as partnership firm. However
the commercial operations of the firm have still not commenced. All
the partners are actively engaged in the operations of the firm. SNJE
is engaged in the business of processing and trading of Basmati rice.
As per the management milling capacity of the plant is 5 tonnes/hr of
paddy. Company is having its manufacturing unit at Kuchpura, Nissing,
Haryana.


SHREE SAGAR: CARE Rates INR7.5cr LT Bank Loans at 'B+'
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree Sagar Industries.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                 -----------    -------
   Long-term Bank Facilities     7.50        CARE B+ Assigned

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 withdrawal of the capital or
the unsecured loans brought in by the partners in addition to the
financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Shree Sagar Industries
is primarily constrained on account of its weak financial risk profile
marked by low net-worth base, fluctuating turnover, thin
profitability, weak debt coverage indicators and liquidity position.
Furthermore, the rating is constrained by SSI's presence in the highly
fragmented cotton ginning & pressing industry, susceptibility of
operating margins to raw material prices fluctuation and
geographically concentrated operations.
The rating, however, draws strength from the experience of the
promoters, financial support from the partners and comfortable capital
structure.

The ability of SSI to increase its scale of operations, improve its
profitability and debt coverage indicators with efficient working
capital management are the key rating sensitivities.

SSI was originally incorporated on April 2008 and was reconstituted on
July 15, 2013 due to admission of new partners. Mr Bhaveshbhai Patel,
Mr Nareshbhai Patel and Mr Pravinbhai Patel
are the key promoters of SSI, which is engaged in the business of
ginning and pressing of cotton bales, cotton seed and refining of oil
and oil cake. Its plant is located at Himmatnagar having an installed
capacity of ginning and pressing of 75,000 bales per annum (pa) and
refining oil of 300 tonnes per annum. Its major clients are based
locally and acquires its raw material, ie, cotton from farmers through
market yard in Himmatnagar.
During FY13 (refers to the period April 1 to March 31), SSI earned a
PAT of INR0.10 crore on a total operating income of INR45.49 crore as
against a PAT of INR0.06 crore on a total operating income of INR33.28
crore in FY12. During 8MFY14 (provisional), SSI achieved sales of
INR46.50 crore.


SREE ANANTHALAKSHMI: ICRA Upgrades Rating on INR12cr Loan to 'B'
----------------------------------------------------------------
ICRA has upgraded the long term rating outstanding on the INR12.00
crore fund-based facilities of Sree Ananthalakshmi Textiles Private
Limited to '[ICRA]B' from '[ICRA]B-'.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long term fund         12.00       Upgraded to [ICRA]B
   based facilities

The rating revision favorably factors in the upgrade of the parent
company NSL Textile Limited's rating to '[ICRA]B+' following its
improved operating performance and the extended debt repayment
schedule following the approval of its NSLTL's debt restructuring
proposal by the CDR cell‡. The rating is also supported by the long
track record of SATPL with an established customer base in the
spinning industry and the improved market scenario for spun yarn as
reflected in the increased yarn demand and realizations even as cotton
prices have been less volatile in the recent past. Also, SATPL's newly
added capacity became functional from April 2013 resulting in higher
production levels from 1H, FY14. ICRA notes that the proposed capex
involving debottlenecking and addition of balancing equipment could
result in increased quantity and quality of output, which would
support higher turnover and improved realizations. ICRA's rating is
however constrained by the execution risks including the time and cost
over runs risks pertaining to the proposed debt-funded capex of
INR13.75 crore. The rating is also constrained by the expected
continued dependence on financial support from NSLTL, which itself has
a relatively weak financial profile characterized by modest projected
debt coverage indicators over the medium term. Further, the rating
also takes into account the highly fragmented nature of the domestic
cotton spinning industry characterized by intense competition and low
product differentiation which restricts the price flexibility and
hence the profitability.

SATPL was incorporated in 1982 and is engaged in the manufacture of
combed and carded yarn in the finer count range of 60s and above. It
has an installed capacity of 32400 spindles at its unit located at
Vadluru in the West Godavari district of AP. SATPL was acquired from
its earlier promoters by NSLTL in January 2012. NSLTL is a Guntur
based integrated textile player promoted by Mandava Holdings Private
Limited (MHPL, rated [ICRA]BBB-) with interests in seeds, cotton (from
yarn to garments), power, sugar and real estate sectors.

Recent Results (Provisional)

In the first six months of FY2014 ending Sept. 30, 2013, SATPL posted
an operating income of INR19.56 crore and an operating profit of
INR2.02 crore as against an operating income of INR21.28 crore and an
operating profit of INR0.32 crore in FY2013.


SRI KUMARAN: CRISIL Reaffirms 'B+' Ratings on INR59.6MM Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of of Sri Kumaran Steels India
Pvt Ltd (SKSIPL; part of the Kalliyath group) reflect the Kalliyath
group's below-average financial risk profile marked weak debt
protection metrics, product and geographical concentration in its
revenue profile, and its vulnerability to intense industry competition
and to volatility in steel prices. These rating weaknesses are
partially offset the Kalliyath group's established position in the
steel industry.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            35       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       50       CRISIL A4 (Reaffirmed)
   Proposed Long Term     24.6     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SKSIPL, Kalliyath Steel Traders, Kairali
Steels and Alloys Pvt Ltd, Gasha Steels Pvt Ltd, Kerala Steel
Associate, Sri Kumaran Steels Pvt Ltd, and Thieh Ingots Pvt Ltd. This
is because these entities, collectively referred to as the Kalliyath
group, are in the same line of business and under the same management
team, and have intra-group operational and financial linkages.
Previously, the ratings were based on SKSIPL's standalone credit risk
profile as there was no significant financial support to it from the
group companies.
Outlook: Stable

CRISIL believes that SKSIPL will continue to benefit over the medium
term from its promoters' extensive experience in the steel industry,
and the benefits that it derives from its association with the
Kalliyath group. The outlook may be revised to 'Positive' if SKSIPL
achieves higher-than-expected revenues and cash accruals, resulting in
improvement in its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if SKSIPL's revenues decline significantly as
a result of reduced offtake from the Kalliyath group, or if its
margins deteriorate because of volatility in raw material prices. Any
significant debt-funded capital expenditure, resulting in further
weakening of the company's capital structure or liquidity, may also
result in a 'Negative' outlook.
About the Group

Based in Coimbatore (Tamil Nadu), SKSIPL manufactures mild steel
ingots. The company was incorporated in 2007 by Mr. S Thangavelu and
later sold to the Kerala-based Kalliyath group in 2009; the name of
the company remained unchanged. SKSIPL derives its entire revenues
through sales of steel ingots to group companies, Kairali and GSPL.

Formed in 1927 by Mr. Kalliyath Abdul Khadar, the Kalliyath group is
based in Kerala. The group is primarily managed by Mr. Khadar's
grandson Mr. K M Noorisha. The Kalliyath group derives 90 per cent of
its revenues from sale of thermo-mechanically-treated bars, and the
remainder from sale of other steel items used in the construction
industry.


SRI MVR COTTON: ICRA Upgrades Ratings on INR25cr Loans to 'B'
-------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR24.95 crore
fund based facilities and INR0.05 crore non fund based facilities of
Sri MVR Cotton Oil Mills Private Limited to '[ICRA]B' from '[ICRA]B-'
earlier.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits      24.95        [ICRA]B upgraded
   Non Fund based
   Limits                  0.05        [ICRA]B upgraded

The rating upgrade primarily factors in consistent timely debt
servicing over the last year. ICRA's earlier rating was constrained by
previous track record of delays in debt servicing. Further, the
gearing is expected to improve in the absence of any debt funded capex
plans and the retirement of long term loans. The rating also takes
into account the experience of the promoters in the cotton trading and
ginning business, proximity of MVR's ginning unit to cotton growing
areas of the Guntur district of Andhra Pradesh (AP) and the ability to
produce better quality output (lint) from the Technology Mission on
Cotton (TMC) unit. The rating however continues to be constrained by
the relatively modest scale of operations and the fragmented nature of
the ginning industry characterized by the presence of a large number
of small and medium scale players which restricts MVR's pricing
flexibility and hence exposing the margins of the company to
fluctuation in the raw material prices. ICRA notes that, the company
is vulnerable to regulatory risks with regards to minimum support
price for kapas. The rating also takes into account the low
profitability in the business combined with high gearing resulting
into weak interest and debt coverage. The rating is further
constrained by the large working capital requirement of the company on
account of large inventory holdings owing to the seasonal nature of
the business.

MVR was incorporated in 2008 and has a TMC cotton ginning mill in
Guntur district of AP. In addition to better quality output, TMC unit
has other advantages such as higher production speed and low manpower
requirement. MVR is promoted by Mr. M. Venkateswara Rao who has over a
decade of experience in cotton ginning and trading. The capacity of
the ginning mill was increased during FY 11 by addition of 24 gins,
making the total installed capacity 48 gins which can produce 71,153
bales of cotton lint during the cotton season each year.

Recent Results

As per the latest FY 13 results, MVR has reported an operating income
of INR35.34 crore and a profit after tax of INR0.17 crore.


SUPER TECH: CRISIL Assigns 'B+' Ratings to INR95MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Super Tech Laces Tirupur Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan           65      CRISIL B+/Stable
   Cash Credit               30      CRISIL B+/Stable
   Letter Of Guarantee       15      CRISIL A4

The ratings reflect STLTPL's modest scale of operations in the
competitive embroidery business, its working-capital-intensive
operations and its exposure to risks related to implementation of its
large on-going capital expenditure programme. These rating weaknesses
are partially offset by the extensive industry experience of STLTPL's
promoters.
Outlook: Stable

CRISIL believes that STLTPL will continue to benefit over the medium
term from the extensive experience of its promoters in the embroidery
industry. The outlook may be revised to 'Positive' if the company
successfully implements its project without a time or cost overrun and
significantly improves its scale of operations, while maintaining its
profitability. Conversely, the outlook may be revised to 'Negative' if
there is a major time or cost overrun in STLTPL's project, leading to
lower-than-expected accruals, or an elongation in its working capital
cycle, leading to deterioration in the financial risk profile,
especially its liquidity.

STLTPL, based in Tirupur (Tamil Nadu) was originally established in
1996 as a proprietary concern by Mr. Arvind Kumar Singh; the firm was
reconstituted as private limited company in 2006. STLTPL manufactures
and trades in a variety of laces which include crochia, cambric,
lycra, cotton laces, and others. Currently, STLTPL is undertaking a
large capital expenditure for enhancing its capacities.

For 2012-13 (refers to financial year, April 1 to March 31), STLTPL
reported a profit after tax (PAT) of INR4.76 million on net sales of
INR134.10 million, against a PAT of INR2.21 million on net sales of
INR123.98 million for 2011-12.


TIRUPATI VEHICLES: CRISIL Assigns B- Ratings to INR135MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Tirupati Vehicles Pvt Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 15      CRISIL B-/Stable
   Cash Credit               46      CRISIL B-/Stable
   Proposed Long Term        74      CRISIL B-/Stable
   Bank Loan Facility

The rating reflects TVPL's weak financial risk profile, marked by high
gearing and weak debt protection metrics, and the company's exposure
to intense competition in the automotive dealership market and to
supplier concentration risk. These rating weaknesses are partially
offset by the extensive experience of TVPL's promoters in the
automotive dealership business.
Outlook: Stable

CRISIL believes that TVPL's credit risk profile will remain sensitive
to timely infusion of funds by the promoters to meet its debt
obligations on time, given the company's low accruals because of its
initial years of operations. The outlook may be revised to 'Positive'
if TVPL increases its scale of operations, leading to considerable
improvement in its cash accruals and thus improvement in its liquidity
profile. Conversely, the outlook may be revised to 'Negative' if
TVPL's liquidity deteriorates on account of larger-than-expected
working capital requirements or if TVPL undertakes a large debt-funded
capital expenditure programme.

TVPL is engaged in dealership of Mahindra & Mahindra Ltd (Mahindra,
rated CRISIL AA+/Stable/CRISIL A1+). TVPL has showrooms in Bijnour and
Saharanpur (both in Uttar Pradesh). The company is promoted by Mr.
Deepak Garg, Mr. Sanjeev Lahoti, and Mr. Anuj Kumar Bishnoi. It
commenced commercial operations in September 2013.


VIJAY KAMAL: ICRA Rates INR70cr Fund Based Loans at 'B+'
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA] B+' to the proposed
INR70 crore fund based limits for Vijay Kamal Properties Private
Limited.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limits:
   Cash Credit             70.0      [ICRA]B+ assigned

The assigned rating favorably factors in the attractive location of
the company's project by virtue of its proximity to the railway
station and the Link Road in Charkop, Kandivali (W). The rating also
factors in the long standing experience of the promoters in the
redevelopment and rehabilitation projects space in Mumbai.

The rating is however constraint by the exposure to the project
execution risks as the construction has commenced only in June 2013
even though the IOD was been obtained in 2009; there have been
significant delays in execution of the ongoing project. The ratings
also factors in the exposure to the funding risk as the requisite debt
for the project has not been sanctioned yet. Approximately 54% of the
total project cost to be funded through customer advances. The project
was launched in October 2013 and the sales are in a nascent stage,
exposing the project to market risks. The ability to ensure healthy
sales velocity supported by strong collection efficiency is critical
given the high contribution of customer advances in funding the
project.

Vijay Kamal Properties Pvt Ltd was incorporated on February 16, 2000
with the main objective of undertaking real estate development in and
around Mumbai. The company is a part of the Mumbai-based Ravi Group
which was founded by Mr. Tokarshi S. Shah over four decades ago. The
promoter group specializes in rehabilitation and redevelopment
projects. The group has completed over 40+ projects having total
saleable area of 5.5 million sq. ft. in an around Mumbai. VKPPL is
currently developing a redevelopment project -- The Era -- in
Kandivali West suburb of Mumbai.


VIJAYALAKSHMI SPINTEX: ICRA Reaffirms B+ INR25.67cr Loans Ratings
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' for the
INR25.42 crore fund-based and INR0.25 crore non fund-based bank
facilities of Vijayalakshmi Spintex Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based Limits          18.00      [ICRA]B+ reaffirmed
   Term Loan                   7.42      [ICRA]B+ reaffirmed
   Non Fund Based Limits       0.25      [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the low scale of
operations which coupled with high competition due to the fragmented
nature of the industry and the commoditized nature of the product
limits the pricing power of the company. Further, the company is
vulnerable to regulatory risks with regards to minimum support price
for kapas and export restrictions on kapas and yarn. The ratings also
take into account the large working capital requirement of the company
on account of large inventory holdings owing to the seasonal nature of
the business. The ratings are further constrained by the high gearing
of 2.38 times as on 31 March, 2013 on account of the recent debt
funded capex, stretching the interest and debt coverage indicators.
The rating however favourably factors in the long track record of
operations, and the integrated operations with its own ginning units,
seed oil and seed cake unit and auto-coners and combers along with
cotton yarn spinning.

VSL was incorporated in the year 1997 and is engaged in the
manufacturing of cotton yarn in counts ranging from 20s to 40s. The
spinning unit is located at Nalgonda District in Andhra Pradesh; VSL
had set up an initial capacity of 12096 spindles. Over the years, VSL
has increased its capacities in a phased manner to reach 27484
spindles at present. The company also has auto-coners, auto-combers
and its own ginning facility with a capacity of 330 bales/day.

Recent Results

In FY13, VSL posted an operating income of INR55.06 crore and a PAT of
INR0.30 crore as against an operating income of INR82.84 crore and net
loss of INR0.97 crore in FY12.


VINAYAKA CASHEW: CRISIL Cuts Rating on INR150MM Loan to 'C'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Vinayaka Cashew Company (VCC, part of the Prasanthi Cashew group) to
'CRISIL C/CRISIL A4' from 'CRISIL BB+/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit          10      CRISIL A4 (Downgraded from
                                     'CRISIL BB+/Stable')

   Packing Credit           150      CRISIL C (Downgraded from
                                     'CRISIL A4+')

The rating downgrade reflects the overdrawn working capital limits of
Prasanthi Cashew Company (also a part of the Prasanthi Cashew group;
rating downgraded to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Stable/CRISIL A4+') for more than 50 days; the delays have been
caused by the Prasanthi Cashew group's large working capital
requirements resulting in its stretched liquidity.

The rating reflects the Prasanthi Cashew group's below-average
financial risk profile, marked by a high total outside liabilities to
tangible net worth (TOLTNW) ratio. The rating also factors in the
susceptibility of the group's operating margin to volatility in cashew
prices and to intense competition in the cashew processing industry.
These rating weaknesses are partially offset by the Prasanthi Cashew
group's established market position in the processing and export of
cashew kernels.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VCC, Prasanthi Cashew Pvt Ltd, Prasanthi
Cashew Company, Kairali Exports, and Vizag Exports. This is because
these entities together referred to as the Prasanthi Cashew group,
operate in the same line of business, under a common management team,
and have strong intra-group operational and financial linkages.
About the Company

VCC was founded in Pudukottai (Tamilnadu) in 2005. It is a part of the
Prasanthi Cashew group, which comprises five entities that process and
export cashew kernels. The group is promoted by Mr. B Mohanchandra
Nair.

The Prasanthi Cashew group reported a profit after tax (PAT) of INR12
million on operating revenues of INR2.4 billion for 2012-13 (refers to
financial year, April 1 to March 31) on a provisional basis, vis-a-vis
a PAT of INR19 million on operating revenues of INR3.8 billion for
2011-12.


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


TOYO PROPERTY: S&P Affirms 'BB+' CCR; Removes Rating from Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit rating on Toyo Property Co. Ltd. and removed the
rating from CreditWatch with negative implications.  The outlook on
the rating is negative.  S&P placed the rating on CreditWatch negative
on Oct. 8, 2013, based on its view that Toyo Property's acquisition of
TOTO Toranomon Building would likely hurt the company's financial
standing.

The acquisition has substantially increased Toyo Property's debt.
However, S&P affirmed its rating on Toyo Property to reflect its view
that the company's financial standing is likely to recover gradually
over the next two years or so owing to solid profits in its core
wholesale commercial property brokerage business and adequate control
of its property portfolio amid an improving real estate market.

S&P changed its assessment of Toyo Property's business risk profile to
"weak" from "fair," based on its reassessment of this business risk
profile in accordance with its revised criteria.  S&P's assessment
reflects the following:

   -- The relatively small scale of the company's business and
      the high vulnerability of its performance to swings in the
      real estate market;

   -- S&P's view that the company will need time to secure new
      revenue sources amid continued stiff competition facing its
      core wholesale commercial property brokerage business;

   -- S&P's view that even with the acquisition of TOTO Toranomon
      Building, the company's leasing property portfolio remains
      small, and the portfolio is less diversified and has weaker
      operating efficiencies compared with its peers'; and

   -- The company's abundant expertise and knowledge in the
      wholesale commercial property brokerage business.

In S&P's view, Toyo Property will expand its business and grow
revenues at only a moderate pace, given the intense competition it
faces.  However, S&P expects the company's EBITDA margin to remain
favorable because the company earns high margins from its service
offerings, which require a high level of expertise.

"We changed our assessment of Toyo Property's financial risk profile
to "modest" from "intermediate."  Although the acquisition of the
building has temporarily weakened Toyo Property's key financial
ratios, we expect cash flow/leverage to remain "modest" after
adjusting for surplus cash in accordance with our revised criteria.
This is because the company still has relatively ample surplus cash
even after the acquisition.  In addition, Toyo Property maintains good
relationships with some domestic banks, including capital ties with
one bank.  Toyo Property's acquisition of the building has pushed the
ratio of debt to EBITDA temporarily over 3x (after adjusting for
surplus cash).  However, we expect the ratio to gradually improve
based on solid profits from the company's core brokerage business and
appropriate management of its portfolio," S&P said.

S&P's base case assumes the following:

   -- Total operating income will grow moderately over the next
      few years as the real estate market recovers;

   -- Revenues will fluctuate slightly when the company replaces
      properties in its portfolio;

   -- Large, new investments are unlikely because the company
      will focus on improving its financial standing for the time
      being; and

   -- The company will improve its financial standing by managing
      its finances prudently and controlling its portfolio
      adequately.

Based on these assumptions, S&P forecasts Toyo Property will generate
the following credit ratios:

   -- EBITDA margin above 20%;

   -- Improved debt to EBITDA to 2x or below in the next two
      years or so; and

   -- EBITDA interest coverage of about 10x-15x.

S&P evaluates the company's liquidity as "strong."  Toyo Property
maintains favorable relationships with domestic financial
institutions, and its debt maturity sizes and schedule are adequately
spread out.  S&P expects its liquidity sources to cover at least 1.5x
uses in fiscal 2013 (ending March 31, 2014), including required
capital expenditures and debt repayments, assuming about JPY1.0
billion in funds from operations and
JPY4.0 billion-JPY5.0 billion in cash and deposits.

S&P bases its negative outlook on its view that recovery of its
financial standing may be slower than S&P expects if the company does
not adequately control the financial standing including management of
its real estate portfolio, particularly because the acquisition of
TOTO Toranomon Building has weakened the company's key financial
ratios.

S&P could consider downgrading Toyo Property if its financial standing
suffers protracted deterioration because of the below factors.

   -- Profits from its core wholesale commercial property
      brokerage business shrink because of, for example,
      intensified competition.

   -- The company does not adequately control its real estate
      portfolio and the portfolio's quality deteriorates.

   -- Investment amounts increase beyond our expectations.

S&P would consider protracted deterioration in its financial standing
to be the case if it saw a greater likelihood that the ratio of debt
to EBITDA would not improve to 2x or below over the next two years or
so.

Conversely, S&P could consider changing the outlook to stable if the
company recovers its financial standing by:

   -- Boosting profits from and competitiveness of its core
      wholesale commercial property brokerage business by, for
      example, enhancing its information network and customer
      base; and

   -- Improving management of its property portfolio.

S&P would consider the above to be the case if it saw a greater
likelihood that the company would improve the ratio of debt to EBITDA
to below 1.0x.



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


SILANGAN SAVINGS: Placed Under PDIC Receivership
------------------------------------------------
The Monetary Board (MB) placed the Silangan Savings and Loan Bank,
Inc., under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 36.A dated Jan. 9,
2014. As Receiver, PDIC took over the bank on the same day.

Silangan Savings and Loan Bank is a single-unit bank located along
J.P. Rizal St., Silang, Cavite. Latest available records show that as
of September 30, 2013, Silangan Savings and Loan Bank had 1,367
accounts with total deposit liabilities of PHP72.49 million. A total
of 1,362 deposit accounts or 99.63% of the accounts have balances of
PHP500,000 or less are fully covered by deposit insurance. Total
insured deposits amounted to PHP72.08 million or 99.43% of total
deposits.

PDIC said that upon takeover, all bank records shall be gathered,
verified and validated. The state deposit insurer assured depositors
that all valid deposits shall be paid up to the maximum deposit
insurance coverage of PHP500,000.00.

The PDIC also announced that it will conduct a Depositors-Borrowers
Forum on January 15, 2014 to inform depositors of the requirements and
procedures for filing deposit insurance claims. Claim forms will be
distributed during the Forum. The schedule and venue of the Forum will
be posted in the bank premises and in the PDIC website,
www.pdic.gov.ph. The claim forms and the requirements and procedures
for filing are likewise available for downloading from the PDIC
website.

Depositors may update their addresses with the PDIC representatives at
the bank premises or during the Forum using the Mailing Address Update
Forms to be furnished by PDIC representatives. Duly accomplished
Mailing Address Update Forms should be submitted to PDIC
representatives accompanied by a photo-bearing ID with signature of
the depositor. Depositors may update their addresses until Jan. 16,
2014.

Depositors with valid deposit accounts with balances of PHP50,000.00
and below need not file deposit insurance claims. But depositors who
have outstanding obligations with the Silangan Savings and Loan Bank
including co-makers of the obligations, and have incomplete and/or
have not updated their addresses with the bank, regardless of amount,
should file deposit insurance claims.

For depositors that need not file deposit insurance claims, PDIC
targets to start mailing payments to these depositors at their
addresses recorded in the bank by the fourth week of January 2014.

For depositors that are required to file deposit insurance claims, the
PDIC targets to start claims settlement operations for these accounts
by the fourth week of January 2014. The schedule of the claims
settlement operations will be announced through notices to be posted
in the bank premises and other public places as well as through the
PDIC website, www.pdic.gov.ph.

According to the latest Bank Information Sheet (BIS) as of
June 30, 2013 filed by the Silangan Savings and Loan Bank with the
PDIC, the bank is owned by Evelyn P. Asuncion (19.08%), Erlinda C.
Fule (15.81%), Michael P. Asuncion (11.97%), Federico A. Calero
(10.51%), Ma. Ditas P. Crisostomo (10.51%) and Felicitas P. Salud
(10.51%). Its President and Chairman is Evelyn P. Asuncion.



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


GENPACT LIMITED: Moody's Raises Corporate Family Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service has raised the corporate family rating of
Genpact Limited to Ba1 from Ba2. The rating of the senior secured Term
Loan B facility, drawn by three of Genpact's indirectly, wholly-owned
subsidiaries (Headstrong Corporation, Genpact International Inc. and
Genpact Global Holdings (Bermuda) Ltd.) under its guarantee and that
of other material subsidiaries, was also raised to Ba1 from Ba2.

The outlook for both ratings is stable.

RATINGS RATIONALE

Moody's has decided to upgrade due to the consistent outperformance of
Genpact against expectations. This has resulted in the build-up of
exceptionally strong liquidity and credit metrics, which -- if
maintained -- could provide further ratings upside over time.

Since the initial rating of Genpact in August 2012, the company has
continued to demonstrate strong organic growth which coupled with
small bolt-on acquisitions has resulted in a broad spread of customers
both by industry and geography while the locations of Genpact's
delivery centres are similarly diverse.

The initial rating was used to establish a permanently geared balance
sheet and enabled the company to pay a USD504 million special
dividend. Subsequently, Bain Capital Partners, became the largest
single shareholder.

"Our concerns that Genpact might continue to buy growth and that the
arrival of a new shareholder would result in more leverage and an
aggressive financial strategy, have been laid to rest for now", says
Alan Greene, a Moody's Vice President -- Senior Credit Officer.

Moody's notes that net acquisition activity has slowed down markedly
in the last 18 months while there is no hint of another distribution
to shareholders.

"Nevertheless, we do not expect Genpact to accumulate cash
indefinitely and the manner of the cash usage will be a key factor in
determining the rating in future," adds Greene who is also Moody's
Lead Analyst for Genpact.

However, Moody's takes comfort from management's declared intention to
operate within a reported net debt/EBITDA boundary of 2.0x. Genpact's
actual adjusted (gross) debt/EBITDA ratio for LTM Sept. 30, 2013 was
2.0x. Moody's adjustments add about $260 million to the reported debt,
while Genpact held a cash balance of $481million as of 30 September
2013. On this basis, an acquisition now, similar in dimensions, for
example, to Stream Global (B1 stable), which is currently being
acquired by Convergys (Ba1, rating under review for potential
downgrade), would still leave Genpact's credit metrics in sight of
investment grade.

Moody's notes that Bain, the largest single shareholder (26% stake),
is under a lock-in until April 2015. Clearer direction on the
long-term appropriation of cash flow may not come until then. It might
be the case that as a regular dividend paying entity, Genpact could
attract a wider range of investors and improve the liquidity of the
stock, but in the meantime, we believe the focus will be on growth
through well-fitting and good value acquisitions.

The proportion of work from GE has declined to 22.1% of revenue from
30% in Q2 FY2012 but the quantum is far greater than the minimum
stipulated under the agreement that runs to 2016. As a result, Moody's
does not expect GE work to disappear on the expiry of the agreement.

"Overall, adjusted EBITDA margins have been maintained above 20%,
employee attrition rates are at 25% or lower, while we expect future
annual revenue growth to be around 10% to 15%. These are hallmarks of
a well-run, stable operation," continues Greene.

The stable outlook reflects Moody's expectations that Genpact's
business model remains consistent albeit with some refocus of strategy
based on customers' own market prospects. The rate of revenue growth
and EBITDA margins should continue to withstand individual customer
volatility with no material impact on long-term trend rates. The
rating allows substantial flexibility in the size of acquisitions
and/or distributions and recognises the execution risk that comes with
larger targets.

The rating could be upgraded if the company maintains EBITDA growth
while not overpaying for acquired business, as it holds or modestly
improves its relative market share in BPO. Moody's would seek clarity
with respect to the uses of cash which is expected to accumulate
thanks to strongly positive free cash flow, but offset by Moody's
belief that a net cash balance sheet is unlikely over an extended
period. Credit metrics that could support this would include i) total
debt/EBITDA around 2.5x; or ii) FCF/total debt of around 20% or
better, on a sustained basis. Moody's would also expect to see
revenues comfortably in the range $2.5 billion to $3 billion.

On the other hand, the rating could be downgraded if free cash flow is
adversely impacted by a decline in revenues and rising costs,
potentially driven by structural changes in the industry, or by an
over-aggressive acquisition policy or by further large distributions.
This could be accompanied by i) a total debt/EBITDA ratio in excess of
3.0x; or ii) FCF/total debt falls below 15%, on a sustained basis.
Moody's would also expect to see a minimum cash balance of $150
million, to underpin liquidity.

Genpact Limited is an international company providing its customers,
primarily in the banking, financial services and insurance,
manufacturing, technology and healthcare sectors with a wide range of
business process management services and solutions. With some 62,000
employees worldwide, the bulk of whom are in located in India, and
around 700 clients, it is a leading player in the business process
outsourcing (BPO) industry and is extending its presence in other
areas such as analytics and IT outsourcing. Listed on NYSE since 2007,
Genpact reported revenue of USD2.1 billion and pre-tax income of
USD324 million for LTM to September 2013.


OUE COMMERCIAL: Moody's Assigns Ba1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba1 corporate family
rating to OUE Commercial Trust (OUE C-REIT), a Singapore Real Estate
Investment Trust.

The rating outlook is stable.

This is the first time Moody's has assigned a rating to OUE C-REIT.

The provisional status of the rating will be removed upon successful
listing of OUE C-REIT and finalization of its capital structure with
all satisfactory terms and conditions met.

RATINGS RATIONALE

"OUE C-REIT's (P)Ba1 corporate family rating is supported by its
portfolio of high-quality and strategically located assets in
Singapore and China. It also takes into account the favorable industry
dynamics which support stable recurring cash flows," says Jacintha
Poh, a Moody's Analyst.

OUE C-REIT's property portfolio comprises two high-quality commercial
properties, located in the prime central business districts of their
respective markets -- OUE Bayfront in Singapore and Lippo Plaza in
Shanghai, China.

The supply of new office space in these locations is expected to
remain tight, thereby supporting occupancy rates and the potential for
higher rental rates.

"On the other hand, the rating is constrained by OUE C-REIT's small
asset size, relative to its rated peers, its limited operating track
record, and concentration risk in regard to its largest asset, OUE
Bayfront," says Poh.

"OUE Bayfront, which contributes to over 60% of the trust's gross
rental income, commenced operations only in 2011 and has not been
through a re-leasing cycle. Nonetheless, its high-quality and
diversified tenant base will somewhat mitigate the risk," she adds.

As of 30 September 2013, OUE C-REIT's property portfolio reported an
average occupancy of 91.4% for office space and 98.3% for retail
space. Its top 10 tenants have an average weighted average lease
expiry of 2.8 years.

The trust's sponsor, OUE Limited -- a 55%-owned subsidiary of Lippo
Group -- is expected to retain a 45%-50% stake in the trust, after the
IPO.

The sponsor and its parent company have shown their commitment to
support the trust by injecting assets at a discount to valuation. At
its listing date, the trust will also be granted right of first
refusal (ROFR) over three properties of its sponsor.

"However, due to its small scale, any future acquisitions will have to
be considered carefully. The Singapore assets available on ROFR will
almost double the size of OUE C-REIT, and will require substantial
funding -- through equity issuances -- to remain within its rating
parameters," says Poh.

OUE C-REIT's weak financial profile and limited financial flexibility
also constrain its rating. Moody's expects pro-forma debt/total
deposited assets to measure 42.3% with interest coverage of 3.2x.

At listing, OUE C-REIT will have debt of approximately SGD698 million,
granted by a syndicate of four local and foreign banks. It will also
have a committed revolving credit facility of SGD100 million, of which
SGD49 million will remain undrawn upon listing.

Although OUE C-REIT has no near-term refinancing risk, with its first
debt obligation maturing 36 months after the initial drawdown, its
debt maturity profile is lumpy and concentrated in 2017. Moody's would
expect the trust to take steps to spread out and lengthen its debt
maturity profile over the next 12 months.

The rating outlook is stable, reflecting our expectation of
predictable cash generation from OUE C-REIT's current portfolio,
driven by healthy occupancy levels and organic growth from positive
rental reversions.

The rating could be upgraded if OUE C-REIT: (1) demonstrates a longer
track record of maintaining occupancy rates through a cycle at its
largest asset -- OUE Bayfront; (2) maintains its financial metrics,
such that debt/total deposited assets do not exceed 45% and
EBITDA/interest coverage is above 3x; (3) improves its liquidity and
financial flexibility by reducing its encumbered assets ratio and its
reliance on secured borrowings; and (4) demonstrates consistent access
to funding across strong banking relationships and through the capital
markets, particularly in support of acquisitions.

A successful acquisition of a pipeline asset, if prudently financed,
would be viewed favourably as it would add to diversification and
increase its asset base.

OUE C-REIT's rating could be pressured downwards if: (1) the operating
environment deteriorates, leading to higher vacancy levels and
declines in operating cash flows; (2) the trust's financial metrics
deteriorate, with debt/total assets exceeding 45% and EBITDA/interest
coverage falling below 3x on a consistent basis; and/or (3) the trust
is unable to term out its debt maturity profile well before 2017.

In addition, future acquisitions without long-term committed funding
in place and decreased access to funding could pressure the rating.

OUE C-REIT is expected to list on the Singapore Stock Exchange in
January 2014. Its property portfolio comprises the OUE Bayfront in
Singapore and Lippo Plaza in Shanghai, with a combined appraised value
of approximately SGD1.62 billion (including income support for OUE
Bayfront) as of 30 September 2013.



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


* BOND PRICING: For the Week Jan. 6 to Jan. 10, 2014
----------------------------------------------------

Issuer               Coupon   Maturity   Currency  Price
------               ------   --------   --------  -----


  AUSTRALIA
  ---------

BOART LONGYEAR M       7.00   04/01/21    USD       73.13
BOART LONGYEAR M       7.00   04/01/21    USD       73.13
COMMONWEALTH BAN       1.50   04/19/22    AUD       71.70
EXPORT FINANCE &       0.50   06/15/20    NZD       73.51
GRIFFIN COAL MIN       9.50   12/01/16    USD       72.00
GRIFFIN COAL MIN       9.50   12/01/16    USD       72.00
MIRABELA NICKEL        8.75   04/15/18    USD       33.88
MIRABELA NICKEL        8.75   04/15/18    USD       35.00
NEW SOUTH WALES        0.50   09/14/22    AUD       68.36
NEW SOUTH WALES        0.50   10/28/22    AUD       67.86
NEW SOUTH WALES        0.50   10/07/22    AUD       68.08
NEW SOUTH WALES        0.50   12/16/22    AUD       68.15
NEW SOUTH WALES        0.50   03/30/23    AUD       67.13
NEW SOUTH WALES        0.50   02/02/23    AUD       67.68
NEW SOUTH WALES        0.50   11/18/22    AUD       67.65
NEWCREST FINANCE       5.75   11/15/41    USD       72.80
NEWCREST FINANCE       5.75   11/15/41    USD       76.21
PALADIN ENERGY L       3.63   11/04/15    USD       74.05
PALADIN ENERGY L       6.00   04/30/17    USD       68.16
TREASURY CORP OF       0.50   03/03/23    AUD       68.26
TREASURY CORP OF       0.50   08/25/22    AUD       69.72
TREASURY CORP OF       0.50   11/12/30    AUD       44.35


CHINA
-----

CHINA GOVERNMENT       1.64   12/15/33    CNY       61.72


INDONESIA
---------

DAVOMAS INTERNAT      11.00   12/08/14    USD       25.00
DAVOMAS INTERNAT      11.00   12/08/14    USD       25.00
INDONESIA TREASU       6.38   04/15/42    IDR       71.21
PERUSAHAAN LISTR       5.25   10/24/42    USD       76.00
PERUSAHAAN PENER       6.10   02/15/37    IDR       71.55


INDIA
-----

3I INFOTECH LTD        5.00   04/26/17    USD       25.25
CORE EDUCATION &       7.00   05/07/15    USD       28.88
COROMANDEL INTER       9.00   07/23/16    INR       15.16
DR REDDY'S LABOR       9.25   03/24/14    INR        4.98
GTL INFRASTRUCTU       2.53   11/09/17    USD       41.16
INDIA GOVERNMENT       0.24   01/25/35    INR       16.45
INDIA GOVERNMENT       5.87   08/28/22    INR       71.05
JCT LTD                2.50   04/08/11    USD       20.00
MASCON GLOBAL LT       2.00   12/28/12    USD       10.00
PRAKASH INDUSTRI       5.25   04/30/15    USD       49.50
PRAKASH INDUSTRI       5.63   10/17/14    USD       55.38
PYRAMID SAIMIRA        1.75   07/04/12    USD        1.00
REI AGRO LTD           5.50   11/13/14    USD       68.81
REI AGRO LTD           5.50   11/13/14    USD       68.81
SHIV-VANI OIL &        5.00   08/17/15    USD       20.00
SUZLON ENERGY LT       5.00   04/13/16    USD       45.28
SUZLON ENERGY LT       7.50   10/11/12    USD       66.25


JAPAN
-----

ELPIDA MEMORY IN       0.50   10/26/15    JPY       13.88
ELPIDA MEMORY IN       0.70   08/01/16    JPY       13.13
ELPIDA MEMORY IN       2.10   11/29/12    JPY       14.38
ELPIDA MEMORY IN       2.29   12/07/12    JPY       14.50
ELPIDA MEMORY IN       2.03   03/22/12    JPY       14.38
JAPAN EXPRESSWAY       0.50   03/18/39    JPY       70.44
JAPAN EXPRESSWAY       0.50   09/17/38    JPY       70.97
TOKYO ELECTRIC P       2.37   05/28/40    JPY       66.38
TOKYO ELECTRIC P       1.96   07/29/30    JPY       73.88


SOUTH KOREA
-----------

EXPORT-IMPORT BA       0.50   10/23/17    TRY       67.18
EXPORT-IMPORT BA       0.50   11/28/16    BRL       70.79
EXPORT-IMPORT BA       0.50   12/22/17    BRL       61.97
EXPORT-IMPORT BA       0.50   01/25/17    TRY       72.87
EXPORT-IMPORT BA       0.50   09/28/16    BRL       72.32
EXPORT-IMPORT BA       0.50   10/27/16    BRL       71.63
EXPORT-IMPORT BA       0.50   12/22/17    TRY       65.87
EXPORT-IMPORT BA       0.50   08/10/16    BRL       73.83
EXPORT-IMPORT BA       0.50   12/22/16    BRL       69.89
EXPORT-IMPORT BA       0.50   11/21/17    BRL       62.67
TONGYANG CEMENT        7.50   04/20/14    KRW       65.00
TONGYANG CEMENT        7.30   04/12/15    KRW       65.00
TONGYANG CEMENT        7.30   06/26/15    KRW       68.63
TONGYANG CEMENT        7.50   07/20/14    KRW       65.00
TONGYANG CEMENT        7.50   09/10/14    KRW       65.00


SRI LANKA
---------

SRI LANKA GOVERN       9.00   06/01/43    LKR       73.36
SRI LANKA GOVERN       5.35   03/01/26    LKR       59.38
SRI LANKA GOVERN       7.00   10/01/23    LKR       71.51
SRI LANKA GOVERN       8.00   01/01/32    LKR       69.86


PHILIPPINES
-----------

BAYAN TELECOMMUN      13.50   07/15/06    USD       22.75
BAYAN TELECOMMUN      13.50   07/15/06    USD       22.75


SINGAPORE
---------

BAKRIE TELECOM P      11.50   05/07/15    USD       25.00
BAKRIE TELECOM P      11.50   05/07/15    USD       24.00
BLD INVESTMENTS        8.63   03/23/15    USD       59.63
BUMI CAPITAL PTE      12.00   11/10/16    USD       65.00
BUMI CAPITAL PTE      12.00   11/10/16    USD       64.32
BUMI INVESTMENT       10.75   10/06/17    USD       65.50
BUMI INVESTMENT       10.75   10/06/17    USD       64.38
ENERCOAL RESOURC       9.25   08/05/14    USD       55.34
INDO INFRASTRUCT       2.00   07/30/10    USD        1.88


THAILAND
--------

G STEEL PCL            3.00   10/04/15    USD       13.50
MDX PCL                4.75   09/17/03    USD       16.38



                             *********

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, Psyche A. Castillon, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
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