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                      A S I A   P A C I F I C

           Friday, January 24, 2014, Vol. 17, No. 17


                            Headlines


A U S T R A L I A

FNUKY PTY: Clifton Hall Appointed as Liquidators
JASU: Online Fashion Retailer Placed in Liquidation
OENOVIVA AUSTRALIA: Clifton Hall Appointed as Liquidators
ROBIN'S KITCHEN: Creditors to Vote on Rescue Bid Next Week


C H I N A

AGILE PROPERTY: S&P Lowers Rating on Sr. Unsec. Notes to 'BB-'
GEMDALE CORP: Moody's Retains Ba1 CFR on Offer to Buy Back Bonds
MODERN LAND: Fitch Assigns Final Rating of 'B' to CNY1.1BB Notes
WEST CHINA: S&P Revises Outlook to Stable & Affirms 'B+' CCR
* CHINA: ICBC May Pay Part of Funds in Troubled Trust

* CHINA: Auditors Barred for Six Months for Blocking SEC Probes


I N D I A

A.V. VALVES: CARE Reaffirms 'B/A4' Rating on INR4.8cr Loans
AANCHAL COLLECTION: CRISIL Cuts Rating on INR120MM Loan to 'B+'
ABC FRUITS: CRISIL Downgrades Ratings on INR100MM Loans to 'D'
COCHIN VENEERS: CRISIL Assigns 'B' Ratings to INR20MM Loans
DIAMOND SOLVEX: CRISIL Reports Enhanced Rated-B+ Loan Amounts

FERROMET STEELS: ICRA Reaffirms 'B+' Ratings on INR29.05cr Loans
GRG PROJECTS: ICRA Suspends 'B' Rating on INR8cr Loans
JAYCEE STEELS: ICRA Reaffirms 'B+' Ratings on INR10cr Loans
JSM DEVCONS: CARE Assigns 'B+' Rating to INR30cr Long-Term Loans
K S OVERSEAS: CRISIL Reports Enhanced Rated-B+ Loan Amounts

KARE POWER: ICRA Assigns 'B+' Rating to INR112cr Long Term Loan
KUMAR MOTOR: ICRA Reaffirms B+ Rating on INR8cr Fund Based Loans
MAILAM SUBRAMANIYA: ICRA Suspends 'B+' Rating on INR11cr Loans
NANDI CPVC: ICRA Assigns 'B-' Rating to INR5cr Long Term Loan
NOMAX ELECTRICALS: CARE Reaffirms 'B+' Rating on INR21.54cr Loans

P.I. JEWELLERS: CRISIL Lowers Rating on INR160MM Loan to 'D'
PARSVNATH DEVELOPERS: CRISIL Rates INR600MM NCDs at 'B(SO)'
PATCHALA SPINTEX: CRISIL Ups Rating on INR462.3MM Loans to 'B+'
PATEL JIVA: CARE Cuts Rating on INR23.85cr Loans to 'D'
PIONEER POWER: CARE Revises Rating on INR40.56cr Loan to 'C'

RENUKA EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR171.9MM Loans
RICHI RICH: ICRA Rates INR13.66cr Long Term Loan at 'B+'
RISING LANDSCAPE: CRISIL Reaffirms B+ Rating on INR300MM Loan
S.R. GLASS: CARE Rates INR10cr Long-Term Loans at 'B'
SHASHADHAR COLD: CRISIL Reaffirms 'D' Ratings on INR99MM Loans

SHIVA POLYMERS: CRISIL Reaffirms 'B+' Rating on INR110MM Loans
SHIVAM FOODS: CRISIL Reaffirms 'B+' Rating on INR76MM Loan
SHREE MOMAI: ICRA Reaffirms 'B+' Ratings on INR5.5cr Loans
SHREE VARDHMAN: ICRA Assigns 'D' Ratings on INR15cr Loans
SKYCITY HOTELS: CRISIL Reaffirms 'D' Rating on INR175.3MM Loan

SNC FOODS: ICRA Withdraws 'B+' Rating on INR21.75cr Loans
SPARKLE MULTIPURPOSE: CRISIL Places 'D' Rating on INR86.1MM Loans
SUNKON ENERGY: CRISIL Assigns 'B+' Rating to INR931.5MM Loans
VENUS GARMENTS: CRISIL Ups Rating on INR889.1MM Loan to 'B+'


J A P A N

JR OSAKA: To Scale Down Struggling Department Store
KAWASAKI KISEN: S&P Affirms and Withdraws 'BB-' CCR
RENESAS ELECTRONICS: Plans to Cut 5,400 More Jobs


M O N G O L I A

MONGOLIAN RESOURCES: S&P Affirms and Withdraws 'B-' CCR


N E W  Z E A L A N D

NEW ZEALAND CLIMATE: Leaves Taxpayers at Loss


S O U T H  K O R E A

STX GROUP: STX Heavy Told to Repay Chinese Unit's Debts


V I E T N A M

* VIETNAM: Property Firms Ask for Removal of Policy Bottlenecks


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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A U S T R A L I A
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FNUKY PTY: Clifton Hall Appointed as Liquidators
------------------------------------------------
Timothy Clifton of Clifton Hall was appointed liquidator of Fnuky
Pty Ltd on Jan. 22, 2014, by Order of the Federal Court of
Australia.


JASU: Online Fashion Retailer Placed in Liquidation
---------------------------------------------------
Cara Waters at SmartCompany reports that online fashion retailer
Jasu has left some high profile creditors in its wake following
its liquidation just before Christmas last year.

Jasu launched with a bang in 2012 featuring fashion from
Australian designers including Dion Lee, Ellery, Josh Goot and
Romance was Born, SmartCompany discloses.

SmartCompany relates that at a time when many retailers were
struggling to attract customers, Jasu actively restricted its
customer base by limiting access to its website to customers based
on their Klout score for the first 10 days. A Klout score is a
social media influence ranking, the report notes.

In an industry first Jasu.com also partnered with Mercedes-Benz
Fashion Week Australia to live stream the event last year,
SmartCompan says.

But on Dec. 16, 2013, Jasu ceased trading and Gregory Andrews of G
S Andrews Advisory was appointed as liquidator of the online
fashion retailer, according to SmartCompany.

Jasu owes unsecured creditors a total of $490,301.33, with the
largest amount ($300,000) owed to private creditor and Jasu
director Wenfei Yang, according to a list of creditors obtained by
SmartCompany.


OENOVIVA AUSTRALIA: Clifton Hall Appointed as Liquidators
---------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed liquidator of
Oenoviva (Australia & New Zealand) Pty Ltd on Jan. 22, 2014, by
Order of the Federal Court of Australia.


ROBIN'S KITCHEN: Creditors to Vote on Rescue Bid Next Week
----------------------------------------------------------
Sophie Foster at The Courier-Mail reports that creditors of
Robin's Kitchen will next week vote on a "rescue" proposal by a
manufacturing and textile businessman seeking control of the firm.

Administrators on Jan. 22 released a restructure proposal
involving Klearin Pty Ltd and Atamine Pty Ltd, the report says.

The Courier-Mail notes that the Deed of Company Arrangement
proposal centred on trade creditors receiving at least one cent in
every dollar owed to them.

It also proposed that all current employees -- not linked to
stores that have closed -- be retained, the report relays.

For smaller unsecured creditors, the proposal would honour lay-by
commitments and recognise gift cards if holders spent AUD2 cash
for every AUD1 in the cards, according to the report.

A vote on the proposal was expected in Brisbane on January 30, The
Courier-Mail adds.

Atamine and Klearin are both linked to Sydney businessman Fred
Bart.  Mr Bart, who turns 60 this year, is listed as having been
involved in the textile industry for the past 25 years.

According to The Courier-Mail, it is believed Robin's Kitchen
administrators, FTI Consulting, feel the proposal is in the
interest of all creditors.

One of the measures included was immediate business support to
allow Robin's Kitchen to receive fresh stock on 30-day terms. And
a sum of about AUD266,000 would be paid into a Deed Fund, The
Courier-Mail says.

The Courier-Mail relates that the Deed proposal said it was
understood that funds currently in the hands of the company were
"sufficient to pay arrears of superannuation and any entitlements
payable to staff whose employment has been terminated".

It said the Deed was subject to shareholders giving Atamine Pty
options to acquire all shares in the company for the total sum
of AUD1, The Courier-Mail adds.

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

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



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AGILE PROPERTY: S&P Lowers Rating on Sr. Unsec. Notes to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issue
ratings on all of Agile Property Holdings Ltd.'s outstanding
senior unsecured notes to 'BB-' from 'BB'.  It also lowered the
Greater China regional scale ratings on the notes to 'cnBB+' from
'cnBBB-'.

S&P lowered the issue ratings by one notch from the long-term
corporate credit rating on Agile (BB/Stable/--; cnBBB-/--) to
reflect its opinion that offshore noteholders would be materially
disadvantaged, compared with onshore creditors, in the event of
default.  Agile's increased onshore borrowing pushed the company's
ratio of priority debt to total assets for 2013 beyond S&P's
notching threshold of 15% for speculative-grade debt.  S&P expects
the ratio to remain above 15% in 2014 because the company is
likely to raise onshore project loans to finance the larger
construction activities stemming from its expansion.

Agile's more aggressive growth strategy than in the past raises
execution risk, in S&P's view.  The company's accelerated land
bank acquisitions have increased its leverage.  Agile spent
Chinese renminbi (RMB) 14.3 billion on new land acquisitions in
2013, compared with RMB2.8 billion in 2012.  Despite the increased
leverage, S&P continues to assess Agile's financial risk profile
as "significant."  This is because, in S&P's base-case scenario,
it forecasts Agile's ratio of debt to EBITDA at 3.5x-4.0x in 2013
and 2014, compared with less than 3.0x in 2011 and 2012.  These
levels are still supportive of the rating on Agile.  The company's
contract sales grew 22% year-on-year to RMB40.3 billion in 2013.

The corporate credit rating on Agile reflects the company's sales
concentration in Guangdong and Hainan provinces and the execution
risks associated with its accelerated growth and enlarged scale.
The rating also reflects Agile's aggressive growth appetite and
increasing leverage due to expansion.  The company's established
market position in Guangdong and Hainan and its sizable low-cost
land bank temper these weaknesses.


GEMDALE CORP: Moody's Retains Ba1 CFR on Offer to Buy Back Bonds
----------------------------------------------------------------
Moody's Investors Service says that Gemdale Corporation's offer to
buy back three outstanding bonds guaranteed by Famous Commercial
Limited will have no immediate impact on:

   -- Gemdale's Ba1 corporate family rating
   -- Famous' Ba3 corporate family rating
   -- The Ba3 senior unsecured ratings to the bonds guaranteed by
      Famous

All the ratings outlook remains stable.

Gemdale has made an offer to buy back three bonds guaranteed by
Famous because:

The substantial shareholder -- Shenzhen City Futian Investment
Development Company ("SFID") -- has ceased, as defined in the
covenants of the bonds, to be the largest direct or indirect
holder of the issued share capital of the company.

Such a development constitutes a "Change of Control" event under
the bond covenants.

Therefore, bond holders will have the option to require the
companies to redeem the bonds at 101%.

The total outstanding amount of the three bonds is around
RMB5.3 billion.

"While the buyback will weaken Gemdale's liquidity, the company
has sufficient internal resources to service these obligations.
Therefore, there is no immediate liquidity pressure or rating
impact," says Kaven Tsang, a Moody's Vice President and Senior
Analyst.

In addition, the company has arranged for banking facilities to
fund part of this redemption.

"Gemdale's business strategy will not change because of the change
in the largest shareholder.  This is because Sino Life Insurance
Co., Ltd., the largest shareholder for now and holding 9.808% of
Gemdale, will remain a passive investor," says Tsang, also the
lead analyst for Gemdale and Famous.

Gemdale has been managed on an institutional basis without
material influence from SFID.

At present, none of the major shareholders have more than 20%
ownership.

As for Sino Life, it has assigned 4.808% of its voting rights to
SFID, which owns 7.851% of Gemdale.  Therefore, SFID will still
command the largest amount of voting rights in the company.  Sino
Life also does not have board representation at Gemdale.

Incorporated in China, Gemdale Corporation is one of the leading
developers in China's residential property sector.  It began its
property development business in Shenzhen in 1993 and has
progressively expanded its business to cover China's seven major
regions. At end-June 2013, it had an attributable land bank of
18.7 million sqm in gross floor area.

Incorporated in Hong Kong in 1995, Famous Commercial Ltd is a
wholly-owned subsidiary of Gemdale Corp.  It was initially
established as a sales office in Hong Kong to sell Gemdale Corp's
property projects to overseas customers.  It was eventually
developed as an offshore holding company, housing some of Gemdale
Corp's property projects in China.  It also serves as a funding
vehicle in the overseas market.


MODERN LAND: Fitch Assigns Final Rating of 'B' to CNY1.1BB Notes
----------------------------------------------------------------
Fitch Ratings has assigned China-based property developer Modern
Land (China) Co., Limited's (Modern Land; B/Stable) CNY1.1billion
11% notes due 2017 a final rating of 'B' and recovery rating of
'RR4'.

The assignment of the final rating follows the receipt of
documents conforming to information already received and the final
rating is in line with the expected rating assigned on 14 January
2014.

The notes are rated at the same level as Modern Land's senior
unsecured rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.

Key Rating Drivers

Limited Scale: Modern Land's limited scale in terms of land bank,
contracted sales as well as geographical coverage leaves the
company susceptible to greater volatility in earnings.  Modern
Land's contracted sales of CNY4.4billion for 2013 (2012: CNY2.8
billion) and its current land bank of about 1.8 million sqm
(excluding presold properties) as at the end of 1H 2013 is
commensurate with homebuilders rated in the 'B' category (those
rated 'B+', 'B' or 'B-').

Low Leverage Gives Flexibility: The company is in a net cash
position as at end-June 2013.  It has unrestricted cash of CNY1.10
billion and unutilised onshore credit facilities of CNY1.06
billion (against total debt of CNY856.30 million).  Fitch expects
contracted sales to increase to around CNY4 billion-CNY6 billion
per annum over the next two years.  The rating also takes into
account Fitch's expectation that as the company ramps up its scale
with more land acquisitions, net debt/adjusted inventory will
likely hit 30% (2012: 9%) with contracted sales/gross debt
moderating to around 1.5x (2012: 2.48x) in 2014.  A slower asset
turnover, however, would weaken the company's leverage ratio and
pressure its credit metrics although this is not in Fitch's rating
case.

Product Mix May Dilute Margin: Modern Land has been generating
strong EBITDA margin of 25%-33% over the past three years, a level
higher than Chinese mass market homebuilders in general.  This is
due to a combination of high-end products in Beijing, its product
differentiation strategy and the company's comparatively lower
land cost.  Modern Land is likely to maintain its margin at the
current level for the next two years, boosted by continuing sale
of high-end products.  However, the EBITDA margin would likely
moderate to around 20%- 25% over the medium term because of its
increasing exposure to the mid-end and mass market segments in
lower-tier cities as well as higher land costs (end-1H13:
CNY859/sqm versus recent land acquisition in Nan Chang at
approximately CNY4,000/sqm).

Longer Gestation Period for Niche Product: Modern Land's market
positioning as a niche homebuilder that provides energy-efficient
homes needs a longer gestation period because it will take time
for the company to make its products known, particularly in the
second- and third-tier cities that the company has recently
entered. Gross profit margins for initial launches are likely to
be lower (20%-30%) and the company is only likely to be able to
raise prices in subsequent launches after obtaining market
acceptance following the handover of the initial projects.

Sales Geographically Concentrated: Modern Land currently has six
projects under development in six cities across five provinces.
While the majority of its land bank is in lower-tier cities such
as Xiantao (36.6%) and Changsha (27.6%), the company's contracted
sales for the next two years would likely be still driven by
projects in Beijing and Taiyuan, which have higher value and
margins. In Fitch's view, meaningful geographical diversification
will occur when Modern Land's operations in lower-tier cities
mature and it is able to sustain its profit margins over the
medium term even though a smaller proportion of sales come from
Beijing and Taiyuan.

Rating Sensitivities

Positive rating action is not expected in the next 18-24 months
due to Modern Land's small operational scale.  However, future
developments that may, individually or collectively, lead to
positive rating action include:

- Contracted sales sustained above CNY7 billion without
  compromising leverage

- EBITDA margin sustained above 25%

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

- EBITDA margin sustained below 20%

- Contracted sales/gross debt sustained below 1.0x

- Net debt/adjusted inventory sustained above 40%


WEST CHINA: S&P Revises Outlook to Stable & Affirms 'B+' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on China-based cement manufacturer West China Cement Ltd.
(WCC) to stable from negative.  At the same time, S&P affirmed its
'B+' long-term corporate credit rating on WCC and its 'B+' long-
term issue rating on the company's senior unsecured notes.  In
line with the outlook revision, S&P raised its long-term Greater
China regional scale ratings on WCC and the notes to 'cnBB' from
'cnBB-'.

"We revised the outlook because we expect WCC's improved liquidity
position to enhance its financial flexibility for the next 12
months," said Standard & Poor's credit analyst Huma Shi.  The
company used the proceeds of a Chinese renminbi (RMB) 800 million
medium-term notes issuance in March 2013 to repay a significant
amount of its short-term bank loans.  As of June 30, 2013, WCC's
short-term debt declined to RMB677 million from RMB1.26 billion
previously.  S&P do not expect WCC to make any major acquisitions
in the next 12 months.  This should keep the company's cash
balance stable at RMB500 million-RMB550 million during that time.

"The affirmed rating on WCC reflects the company's small operating
scale, single product and geographic concentration, and exposure
to cyclical demand and volatile raw material costs," said Ms. Shi.
"WCC's good market position in China's Shaanxi province,
particularly in southern Shaanxi, and its efficient operations
moderate these weaknesses."

"We assess WCC's business risk profile to be "weak" and its
financial risk profile to be "aggressive," S&P noted

WCC has no further expansion plans in its home market of Shaanxi,
in S&P's opinion, given the central government's policy to control
excessive supply in the cement industry.  S&P expects the
company's capital expenditure to be RMB400 million-RMB500 million
in the next 12 months.  S&P anticipates that WCC's sales growth
will remain stable in 2014.  S&P's view is based on the company's
newly acquired and operated plants, its expectation of utilization
rate of more than 70%, and resumption of high-speed railway line
projects.  WCC's year-on-year sales grew 26% as of June 30, 2013,
because utilization hit a record high of 90% in the peak months of
March and April.

WCC's liquidity is "adequate," as defined in S&P's criteria.  S&P
expects the company's liquidity sources, including cash and
equivalents, to cover its liquidity uses by more than 1.2x in
2014.

The stable outlook reflects S&P's opinion that WCC will maintain
its adequate liquidity over the next 12 months.  It also reflects
S&P's expectation that WCC's operating conditions will recover
modestly as construction projects pick up such that sales remain
stable and the debt-to-EBITDA ratio stays approximately 4x-4.5x.

S&P may lower the rating if WCC's liquidity weakens such that the
company's cash balance falls below RMB400 million.  S&P may also
lower the rating if WCC takes on material debt-funded expansion
such that its debt-to-EBITDA ratio exceeds 5.0x in the next 12
months.  But this is not S&P's base-case expectation.

S&P may raise the rating if WCC's operating performance improves
such that its debt-to-EBITDA ratio falls below 4x on a sustained
basis and its liquidity remains at the adequate level at the
minimum.


* CHINA: ICBC May Pay Part of Funds in Troubled Trust
-----------------------------------------------------
Bloomberg News, citing Time-Weekly newspaper, reports that
Industrial & Commercial Bank of China Ltd. and China Credit Trust
Co. may together with the government bail out investors in a
troubled trust that sparked concern of defaults on high-yield
investment products.

ICBC and China Credit Trust may each take responsibility for 25
percent of payments for the CNY3 billion ($496 million) trust, the
newspaper reported on its website on Jan. 23, citing a person it
didn't identify, according to Bloomberg.  The report says Credit
Equals Gold No. 1 product raised money for a coal mining company
that collapsed after its owner was arrested. The government of
Shanxi province, where the company was based, may take
responsibility for the remaining 50 percent, Bloomberg relates
citing Guangzhou city-based Time-Weekly's report on the website.

Bloomberg notes that the investment product comes due Jan. 31 and
a default may shake investors' faith in the implicit guarantees
offered by trust companies to draw funds from wealthy investors.
Assets managed by China's 67 trusts soared 60 percent to
$1.67 trillion in the 12 months ended September even as policy
makers sought to curb money flows outside the formal banking
system, Bloomberg discloses.

"It's a problem with the sales and marketing of these products,"
Liu Mingkang, former head of the China Banking Regulatory
Commission, told Bloomberg in an interview from the World Economic
Forum in Davos, Switzerland. "They should have made clear that the
return rate is not guaranteed and what kind of risks are involved.
There shouldn't be an ironclad guarantee at all." China's banking
watchdog regulates trusts.

According to Bloomberg, Time-Weekly said the final version of the
bailout plan may only be known next week.


* CHINA: Auditors Barred for Six Months for Blocking SEC Probes
---------------------------------------------------------------
Alan Katz at Bloomberg News reports that Chinese affiliates of the
four largest accounting firms were barred for six months from
leading audits of U.S.-listed companies after failing to comply
with Securities and Exchange Commission orders for documents at
the heart of a series of accounting fraud probes.

The decision by U.S. Administrative Law Judge Cameron Elliot, if
finalized, would force more than 200 Chinese companies traded in
the U.S. to find new auditors, while multinationals with
significant operations in China, like General Motors Co., would
also have to bring in new firms to check those units, said Jason
Flemmons, a former SEC accountant who is now a senior managing
director at FTI Consulting Inc, Bloomberg relates.

"This is a big deal," Bloomberg quotes Lynn Turner, a former SEC
chief accountant, as saying. "For those companies that have an
audit report to be done, finding another auditor in China might be
a bit difficult."

The sanctioned firms said in an e-mailed statement that they will
appeal the decision, Bloomberg reports.

Bloomberg says the SEC filed an action against the auditors in
2012 after struggling for years to obtain information for dozens
of accounting fraud probes at China-based companies.  After an
agreement in May between the two countries allowed some
information to be shared, the accounting firms argued,
unsuccessfully, that the SEC was getting what it needed and that
the case jeopardized the listings of hundreds of Chinese companies
trading in the U.S., Bloomberg relays.

Bloomberg discloses that the firms receiving the bans are Deloitte
Touche Tohmatsu CPA Ltd., Ernst & Young Hua Ming LLP, KPMG Huazhen
and PricewaterhouseCoopers Zhong Tian CPAs Ltd. BDO China Dahua
Co., Ltd. -- now called Dahua CPA -- was only censured since it
had already withdrawn from the U.S. market, the report notes.

The auditors' "actions involved the flouting of the commission's
regulatory authority, which may not be as egregious as, say,
accounting fraud, but is still egregious enough that it weighs
against leniency," the judge said in the decision, Bloomberg
reports. The firms "acted willfully and with a lack of good
faith."

The audit firms that were barred called the judge's decision
"regrettable," according to a joint e-mailed statement obtained by
Bloomberg. "In the meantime the firms can and will continue to
serve all their clients without interruption," they said.



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A.V. VALVES: CARE Reaffirms 'B/A4' Rating on INR4.8cr Loans
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
A.V. Valves Limited.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term/Short-         4.80        CARE B/CARE A4 Reaffirmed
   term Bank Facilities

   Short-term Bank
   Facilities               3.00        CARE A4 Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the modest scale of
operations of A.V. Valves Limited and the working capital
intensive nature of operations. The ratings are further
constrained by AVL's revenue concentration towards the oil and gas
industry and the declining debt coverage indicators. The ratings
also factor in the project execution risk associated with the
ongoing modernisation-cum-upgradation of the existing plant.
The ratings continue to favorably factor in the experience of the
promoters and AVL's established relationship with reputed
customers.

Going forward, the ability of the company to increase its scale of
operation while improving its profitability margin, efficient
working capital management and completion of the ongoing capex
within the cost and time estimates shall be the key rating
sensitivities.

A.V. Valves Limited is a public limited company (closely held)
based out of Agra, Uttar Pradesh. The company was initially
incorporated as A.V. Engineering Works, a proprietorship concern
by Mr Satish Jain in 1971, the firm was reconstituted as a
partnership firm in 1974 and later on reconstituted as a private
limited company in 1987. Subsequently the company was changed to
its present status in 1992. AVL is promoted by Mr Satish Jain, Mr
Subhash Jain, Mr Kailash Jain and Mr Vikas Jain (all family
members). The promoters have an industry experience of more than
three decades. The company is engaged in the manufacturing of
industrial valves which are mainly used in oil and gas, petro-
chemical and general engineering industry. The manufacturing
facility is situated at Agra, Uttar Pradesh with an installed
capacity of 2,913 tonnes per anumm (TPA) and is IS0 9001:2000 and
American Petroleum Institute certified. The main raw materials for
manufacturing the product are pig iron, mild steel and stainless
steel which are procured domestically. The company sells its
product to private companies and public sector units (PSU's). The
company earns around 85% of the revenue from domestic sales and
the remaining from export.


AANCHAL COLLECTION: CRISIL Cuts Rating on INR120MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank facilities
of Aanchal Collection Ltd to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'. CRISIL has also reassigned its 'CRISIL A4' rating to the
company's short-term bank facilities; these were earlier long-term
facilities rated at 'CRISIL BB-/Stable'

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               120     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit           15     CRISIL A4 (Reassigned)

The rating downgrade reflects CRISIL's belief that ACL's liquidity
will remain stretched over the medium term, driven by modest
accruals and large working capital requirements. The company's
liquidity has deteriorated, marked by fully utilised bank lines
with instances of overdrawn limits. For 2012-13 (refers to the
financial year, April 1 to March 31), ACL's operating margin
declined to 7.9 per cent from 10.3 per cent in the previous year
because of increase in trade discounts offered to customers. The
margin is expected to remain at around 8 per cent in 2013-14.
While the operating margin has declined from historical levels,
ACL's working capital requirements have remained large, with gross
current assets (GCA) of 294 days as on March 31, 2013, owing to
large inventory at its retail outlets; the GCAs are expected to
remain high over the medium term. While ACL's scale of operations
is expected to increase in 2013-14 backed by the increase in the
number of retail outlets to 25, its working capital cycle will
take time to correct in a subdued market environment, and thus
will continue exerting pressure on its liquidity.

The ratings reflect ACL's weak financial risk profile, marked by a
small net worth and weak debt protection metrics, and its large
incremental working capital requirements. These rating weaknesses
are partially offset by the extensive industry experience of ACL's
promoters and its established relationships with suppliers and
customers.

Outlook: Stable

CRISIL believes that ACL will continue to benefit over the medium
term from its promoters' extensive experience in the saree
business and its expanding retail presence. The company's
financial risk profile is, however, expected to remain constrained
over this period by its large and incremental working capital
requirements. The outlook may be revised to 'Positive' if ACL's
liquidity improves significantly, led by an improvement in its
working capital cycle, increase in its net cash accruals, or by
equity infusion. Conversely, the outlook may be revised to
'Negative' if there is a further stretch in the company's working
capital requirements, it generates less-than-expected cash
accruals, or it undertakes a large debt-funded capital expenditure
programme.

ACL was originally set up as a proprietorship concern, Aanchal
Saree Emporium, in Kolkata (West Bengal) in 2003-04 by Mr. Mukesh
Goel. The firm was later, reconstituted as a closely held limited
company with the current name. ACL is a retailer and wholesaler of
women's garments.

On a provisional basis, ACL reported a profit after tax (PAT) of
INR1.2 million on net sales of INR672.6 million for 2012-13; it
had reported a PAT of INR10.2 million on net sales of INR746.4
million for 2011-12.


ABC FRUITS: CRISIL Downgrades Ratings on INR100MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of ABC Fruits to 'CRISIL D' from 'CRISIL C'.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Buyer Credit Limit        35        CRISIL D (Downgraded from
                                       'CRISIL C')

   Cash Credit               25        CRISIL D (Downgraded from
                                       'CRISIL C')

   Proposed Working          21.1      CRISIL D (Downgraded from
   Capital Facility                    'CRISIL C')

   Term Loan                 18.9      CRISIL D (Downgraded from
                                       'CRISIL C')

The rating downgrade reflects ABCF's weak liquidity, with
instances of delay in servicing its term debt. The ratings also
reflect the firm's small-scale of operations and susceptibility of
the firm's profitability to volatility in raw material prices.
These rating weaknesses are partially offset by the benefits that
ABCF derives from its management's extensive experience in the
fruit-pulp processing business and its established relationships
with its customers and suppliers.

Established in 2009, ABCF is engaged in the processing of fruit
pulp primarily mangoes. The firm plans to start processing of
guava, papaya, and tomato pulp during 2013-14.

ABCF reported a provisional profit after tax (PAT) of INR15
million on net sales of INR102 million for 2012-13, vis-a-vis a
PAT of INR4 million on net sales of INR80 million for 2011-12.


COCHIN VENEERS: CRISIL Assigns 'B' Ratings to INR20MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Cochin Veneers.

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Proposed Term Loan         0.5       CRISIL B/Stable

   Proposed Cash Credit
   Limit                     10.5       CRISIL B/Stable

   Cash Credit                9         CRISIL B/Stable

   Letter of Credit          40         CRISIL A4

The ratings reflect CV's small scale of operations in the highly
fragmented timber industry, its large working capital
requirements, and its below-average financial risk profile, marked
by an average total outside liabilities to tangible net worth
ratio and a small net worth. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
timber-trading and veneer-manufacturing industry.

Outlook: Stable

CRISIL believes that CV will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations significantly while improving its profitability,
leading to better-than-expected cash accruals and improvement in
its liquidity. Conversely, the outlook may be revised to
'Negative' if CV reports lower-than-expected revenues or
profitability, or its working capital management deteriorates
resulting in weak liquidity, or if it undertakes a large debt-
funded capital expenditure programme, leading to weakening of its
financial risk profile.

Set up in 1988, CV trades in timber and manufactures veneers. The
firm's day-to-day operations are managed by the proprietor, Mr. P
K Thomas.

CV reported a profit after tax (PAT) of INR0.5 million on revenues
of INR70.6 million for 2012-13 (refers to financial year, April 1
to March 31), against a PAT of INR0.3 million on revenues of
INR7.59 million for 2011-12.


DIAMOND SOLVEX: CRISIL Reports Enhanced Rated-B+ Loan Amounts
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Diamond Solvex Pvt Ltd
continues to reflect DSPL's weak financial risk profile, driven by
large working capital requirements, small scale of operations, low
operating margin, and susceptibility to volatility in raw material
prices and erratic rainfall. These rating weaknesses are partially
offset by the extensive experience of DSPL's promoters in the rice
bran oil extraction business.

Rated amount enhanced

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit             175       CRISIL B+/Stable
   Overdraft Facility        6.8     CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       45.7     CRISIL B+/Stable
   Term Loan                22.5     CRISIL B+/Stable

For arriving at its rating, CRISIL has treated DSPL's unsecured
loans of INR17.7 million, extended by the promoters and other
affiliates, as quasi equity; any interest thereof on these loans
would be retained in the business. Moreover, DSPL has provided an
undertaking for non-withdrawal, or replacement by equity, of these
loans.

Outlook: Stable

CRISIL believes that DSPL's financial risk profile will remain
weak with high gearing and weak debt protection metrics over the
medium term. The outlook may be revised to 'Positive' if DSPL
significantly improves its profitability while efficiently
managing its working capital cycle, leading to a substantial
increase in its cash accruals and capital structure. Conversely,
the outlook may be revised to 'Negative' if there is significant
deterioration in DSPL's capital structure or pressure on its
profitability.

Incorporated by the Jain family, DSPL primarily extracts rice bran
oil. DSPL sells rice bran oil as well as de-oiled cakes, which is
a by-product in the oil extraction process. The company also
extracts sunflower oil, but only for three months of the year on
selective basis.

For 2012-13 (refers to financial year, April 1 to March 31), PSL
reported profit after tax (PAT) of INR4.58 million on net sales of
INR935 million as against PAT of INR3.35 million on net sales of
INR743 billion for 2011-12.


FERROMET STEELS: ICRA Reaffirms 'B+' Ratings on INR29.05cr Loans
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' outstanding
on the INR3.55 crore (revised from INR4.00 crore) term loan
facility, the INR25.00 crore (enhanced from INR21.00 crore) fund
based facility and the INR0.50 crore non-fund based facility of
Ferromet Steels Private Limited.

ICRA has also reaffirmed the short-term rating of '[ICRA]A4'
outstanding on the INR4.00 crore (enhanced from INR3.00 crore)
non-fund based facility (including a INR4.00 crore fund based sub-
limit facility) of FSPL. ICRA had earlier suspended the long-term
rating of '[ICRA]B+' and the short-term rating of '[ICRA]A4' in
May 2013. The rating suspension now stands revoked.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Term loan facility     3.55       [ICRA]B+ reaffirmed/assigned

   Fund based facility   25.00       [ICRA]B+ reaffirmed/assigned

   Non-fund based
   Facility               0.50       [ICRA]B+ reaffirmed/assigned

   Non-fund based
   facility               4.00       [ICRA]A4 reaffirmed/assigned

   Fund based
   (sub-limit)
   Facility             (4.00)       [ICRA]A4 reaffirmed/assigned

The reaffirmation of the ratings considers the experience of the
promoters in the business of steel manufacturing and trading; and
the favorable demand outlook for steel products in the long term,
although the steel industry is currently passing through a weak
phase. The ratings also consider the Company's stretched capital
structure/coverage metrics; and its high working capital
intensity, with the high inventory levels exposing the company's
margins to volatility in input costs. While the tight power supply
impacts the Company's capacity utilisation, the highly fragmented
and commoditised market for structural steel products, amidst its
modest scale of operations, restricts pricing flexibility.

Incorporated in 1995, FSPL is primarily engaged in the manufacture
of structural steel products, such as Mild Steel (MS) flats,
angles, rounds, square, and channels. Its manufacturing facility
is located in Gummidipoondi (near Chennai), which has a capacity
of 40,800 TPA. FSPL is also engaged in trading in steel products.
The company is promoted by Mr. Manmohan Mittal and Mr. Ashok Kumar
Goel.

Recent Results

FSPL reported a net profit of INR0.4 crore on an operating income
of INR107.7 crore during 2012-13, against a net profit of INR0.4
crore on an operating income of INR90.2 crore during 2011-12.


GRG PROJECTS: ICRA Suspends 'B' Rating on INR8cr Loans
------------------------------------------------------
ICRA has suspended the rating of '[ICRA]B' assigned to the INR2.75
crore fund based limits and the INR5.25 crore non fund based
limits of GRG Projects. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the firm.


JAYCEE STEELS: ICRA Reaffirms 'B+' Ratings on INR10cr Loans
-----------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating assigned to the INR 5.0
crores fund based limits, INR 2.27 crores term loan and INR 2.73
crores unallocated limits of Jaycee Steels Pvt. Ltd. ICRA has also
reaffirmed '[ICRA]A4' rating assigned to INR 1.0 Crores non-fund
based limits of JS.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund Based Limits-
   Cash Credit              5.00         [ICRA]B+; Reaffirmed

   Fund Based Limits-
   Term Loan                2.27         [ICRA]B+; Reaffirmed

   Unallocated Limits       2.73         [ICRA]B+; Reaffirmed

   Non Fund Based
   Limits                   1.00         [ICRA]A4; Reaffirmed

The rating takes into account the highly competitive nature of the
metal castings and cylinder blocks industry, JS' modest scale of
operations and exposure of its margins to any adverse movements in
raw material prices given the sizable inventory levels maintained
by the company. Further, the firm's working capital intensive
operations have been largely funded by debt resulting in high
gearing levels. Nevertheless, healthy profitability has led to
moderate debt protection metrics as reflected by Net Cash Accruals
/Total Debt of 9% and interest coverage of 2.34 times. Further,
the rating takes comfort from long track record of operations and
experienced promoters of the company.

Jaycee Steels Pvt. Ltd. was incorporated in the year 1998 and is
promoted by Mr. BM Sachdeva. The company has 2300 MT manufacturing
unit in Ghaziabad, U.P. for manufacturing metal castings as per
customer specifications. These products find application in
diverse industries such as automotives, construction, power
plants, cement industry etc. JS is also involved inmanufacturing
cylinder blocks for two wheelers and three wheelers under the
brand name of 'Diamond'. The company manufactures more than 75
types of cylinder blocks.

Recent Results

In FY13, JS reported net profit of INR0.26 crores on an operating
income of INR20.33 crores as compared to net profit of INR0.44
crores on operating income of INR22.04 crores in FY12.


JSM DEVCONS: CARE Assigns 'B+' Rating to INR30cr Long-Term Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of JSM Devcons India Private Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Bank          30.00      CARE B+ Assigned
   Facilities

   Long-term/Short-
   term Bank Facilities     0.77      CARE B+/CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of JSM Devcons India
Private Limited are constrained primarily on account of the
project risk associated with the ongoing project owing to pending
approvals, cost overrun and saleability risk associated with the
unsold units. The ratings also remained constrained due to the
risk related to the real estate sector.

The ratings, however, derive strength from the experienced
promoters and moderate project gearing with strategic project
location.

The ability of JDIPL to receive approvals in timely manner,
successful completion of its on-going real estate project within
the envisaged time and cost parameters and sale of the balance
units at envisaged prices are the key rating sensitivities.

Indore-based JDIPL was incorporated as private limited company in
2011 and is engaged in the real estate development business. JDIPL
is executing one residential township project named 'Pinnacle D
Desire' at Indore, Madhya Pradesh, with a saleable area of 13.01
lakh square feet (lsf). It includes sale of plots (saleable area -
- 10.70 lsf) and construction & sale of 90-100 bungalows (saleable
area -- 2.31 lsf). JDIPL has received approvals for land and
colonizer license but approval for the construction of bungalows
and clubhouse is yet to be received.

JDIPL also has one associate concern, namely, JSM Devcons Pvt Ltd,
which is also into the real estate business with projects
concentrated in Madhya Pradesh.


K S OVERSEAS: CRISIL Reports Enhanced Rated-B+ Loan Amounts
-----------------------------------------------------------
The rating continues to reflect K S Overseas Pvt Ltd's (KSOPL,
formerly known as Kashmiri Lal Satpal) weak financial risk profile
marked by a weak capital structure and debt protection metrics and
susceptibility to volatility in raw material prices. These
weaknesses are partially offset by KSOPL's established presence in
the domestic market, a healthy contribution from exports and
partners' extensive experience in rice industry.

Rated amount enhanced
                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               650     CRISIL B+/Stable
   Packing Credit            350     CRISIL B+/Stable

Outlook: Stable

CRISIL believes that KSOPL will benefit over the medium term from
its partners' extensive industry experience. Its financial risk
profile is, however, expected to remain weak because of large
working capital requirements. The outlook may be revised to
'Positive' in case of substantial improvement in its profitability
and net worth, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if KSOPL's
profitability declines, or if its working capital management
weakens, impacting its liquidity and financial risk profile.

KSOPL was set up by Mr. Satpal Gupta (karta) in 1959 as a Hindu
undivided family (HUF).  It was reconstituted as a private limited
company effective March 2013. KSOPL mills and processes basmati
rice for sale in the domestic and export markets.

KSOPL reported a profit after tax (PAT) of INR12.4 million on an
operating income of INR1.90 billion for 2012-13 as against a PAT
of INR4.2 million on an operating income of INR1.47 billion for
2011-12.


KARE POWER: ICRA Assigns 'B+' Rating to INR112cr Long Term Loan
---------------------------------------------------------------
ICRA has assigned a long- term rating of '[ICRA]B+' to the
INR112.00 Cr term loan facilities of Kare Power Resources Private
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term Fund         112.00       [ICRA]B+ (Assigned)
   based limits
   (Term Loan)

The assigned rating incorporates the execution risks, including
risks of cost and time overruns inherent with under construction
hydro power projects as well as hydrology risks as the project is
not covered under any deemed generation clause in case of loss of
generation due to shortage of water. Given that revenues of the
company are linked to actual unit sales, this exposes the project
to variable cash flows arising out of hydrological risks. The
rating is also tempered by the leveraged project funding with debt
to equity mix of ~2.3:1 and corresponding financial risk involved
in executing the project.

However the rating is strengthened by the PPA arrangement with BMM
Ispat Ltd which will ensure healthy offtake, as well as access to
the financial strength and technical knowhow of the promoters. The
project is also eligible for INR5.80 Cr of capital subsidies from
MNRE which is expected to improve the financial viability to some
extent. The execution risks are mitigated to some extent given
that the company has created a contingency fund in case of any
cost overruns during construction and has also awarded all the
major contracts which form part of the project to ensure timely
commissioning of the hydro power plant.

Going forward, ability of the company to achieve COD (Commercial
Operation Date) without any significant time and cost over runs
and meeting the designed performance parameters will be the key
rating drivers.

KPPL is setting up a small hydro project by the name of
Thangarabalu Small Hydro Project with installed capacity of 24.75
MW (2X12.375 MW) located at Yelangudi Village, Lingasur Taluk,
Raichur District, Karnataka. The project proposed is a Run-of-the-
River type plant on the Krishna River about 13 km downstream of
the Narayanpur dam in Karnataka. The total cost of the project is
estimated to be INR160.00 Cr and is expected to be completed by
Dec. 31, 2014.

The company is promoted by Mr K.R.Pradeep who is one of the
promoter directors of Lakshmi Vilas Bank Ltd and Mr Raghuraj
Gujjar who formerly worked with Bhoruka Power Corporation Ltd.


KUMAR MOTOR: ICRA Reaffirms B+ Rating on INR8cr Fund Based Loans
----------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating to the INR8.00 crore fund
based facilities of Kumar Motor Corporation Private Limited. ICRA
has also reaffirmed the short-term rating of '[ICRA]A4' for the
INR8.50 crore non-fund based facilities of KMCPL.

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

   Non-fund based
   Facilities            8.50        [ICRA]A4/Reaffirmed

The reaffirmation of the ratings continues to factor the long
track record and experience of the promoters in automobile
dealership business spanning for over two decades; strong brand
recognition of "Volkswagen" in India and established presence of
the Company as a sole dealer for Volkswagen cars in the catchment
area (i.e. North Karnataka). The Company's revenue stream remains
diversified across sales, services and spares thereby lending
stability to revenues to an extent. ICRA notes that despite de-
growth in new car sales volumes during 2012-13, the Company's
revenues remained supported by increase in revenues from ancillary
sources such as sale of pre-owned cars, service income and sale of
spares and accessories. The ratings, however, remain constrained
by the Company's thin margins (net loss during 2012-13) on account
of weak bargaining power and high working capital requirements in
the automobile dealership business, vulnerability of the sales to
the cyclicality of passenger vehicle industry and intense
competition from other OEM dealerships in the region thereby
limiting growth to an extent. The Company's financial profile is
characterized by leveraged capital structure and moderate coverage
indicators. Going forward, the Company's ability to improve its
capital structure, expand its margins and enhance its cash flows
over the medium term would be key sensitivity.

Kumar Motors Corporation Private Limited incorporated in 2009, is
an authorized dealer for passenger cars of Volkswagen India
Private Limited for the entire North Karnataka. Although
incorporated in 2009, the company commenced its operations only in
January 2011. KMCPL presently has two showrooms (one each at Hubli
and Belgaum) with 3S (i.e. sales, spares and service) facility. In
addition, the company also has two stockyards (one each at Hubli
and Belgaum). The company was promoted by Mr Shashikumar Desai who
has more than 22 years of experience in the automotive dealership
business.

Recent Results

For 2012-13, the company reported an operating income of INR45.3
crore with a net loss of INR1.3 crore as against an operating
income of INR44.1 crore and a net loss of INR0.3 crore in 2011-12.


MAILAM SUBRAMANIYA: ICRA Suspends 'B+' Rating on INR11cr Loans
--------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B+' assigned to
the INR11.00 crore bank facilities of Mailam Subramaniya Swami
Educational Trust. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the Trust. 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.


NANDI CPVC: ICRA Assigns 'B-' Rating to INR5cr Long Term Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B-' to the INR5.00
crore long term fund based limits of Nandi CPVC Pipe Products
India Private Limited. ICRA has also assigned a short term rating
of '[ICRA]A4' to the INR5.00 crore short term non fund based
limits and the INR2.50 crore short term interchangeable limits of
NCPIPL.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limits          5.00         [ICRA]B- assigned

   Short tern non
   fund based limits     5.00         [ICRA]A4 assigned

   Short term fund
   based/non fund
   based limits          2.50         [ICRA]A4 assigned

The assigned rating is constrained by the stretched liquidity
position of NCPIPL due to high levels of inventory and
receivables, as also reflected in the over utilization of the cash
credit facility, and full utilization of the Letter of Credit
facility which is used to procure raw material.

The rating is also constrained by the volatility in the landing
cost of CPVC3 resin, the key raw material whose entire requirement
is met through imports. ICRA also notes that the CPVC pipe
industry in India is dominated by a few, large players with
established brands and wide spread distribution networks thereby
marginalizing smaller players like NCPIPL. ICRA's rating also
factors in the weak financial profile of the company resulting
from the declining operating profitability in the past and high
interest expenses incurred on the working capital debt being
utilized to support the rising levels of inventory and
receivables. The rating is however supported by the significant
experience of the promoters in the Pipes and polymers industry
with an established dealership network in Andhra Pradesh (AP), and
the steady growth in revenues backed by increase in sales volumes
on account of favorable demand prospects for CPVC pipes from the
construction, Industrial piping, effluent treatment and pollution
control industries.

Going forward, the ability of the company to improve its
profitability and manage its working capital requirements without
over utilizing the bank facilities will remain the key rating
sensitivity.

NCPIPL is promoted by Mr. S.P.Y. Reddy and family, the promoters
of Nandi group of companies which has interests in Pipes,
Irrigation systems, Cement, Dairy, Construction, Bio-ethanol
manufacture and Education sectors. NCPIPL manufactures CPVC pipes
and fittings from its 1470MTPA (Metric Ton Per Annum)
manufacturing facility near Nandyal town in Andhra Pradesh (AP).
The company sells its products in the states of AP and Karnataka
through its dealership network.

Recent Results (Provisional)

NCPIPL posted an operating income of INR15.1 crore and an
operating profit of INR2.1 crore in the six month period ending
30th Sep 2013 (6m,FY13) as against a full year operating income of
INR19.8 crore (provisional financials) and an operating profit of
INR3.9 crore in FY13.


NOMAX ELECTRICALS: CARE Reaffirms 'B+' Rating on INR21.54cr Loans
-----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Nomax
Electricals Steel Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           21.54       CARE B+ Reaffirmed

   Short-term Bank
   Facilities           12.00       CARE A4 Reaffirmed

Rating Rationale

The ratings for the bank facilities of Nomax Electrical Steel Pvt
Ltd continue to remain constrained by its modest scale of
operation with limited value addition, vulnerability of
profitability to fluctuations in raw material prices and foreign
exchange rates, weak financial risk profile marked by the decline
in operating income, leveraged capital structure and elongated
operating cycle resulting in the high working capital intensity of
its business.

The ratings, however, derive strength from the experience of the
promoters and the long-term association with established clientele
base.

The ability of the company to improve its scale of operations and
profitability along with improvement in the capital structure and
effective management of working capital would be the key rating
sensitivities.

Nomax Electrical Steel Pvt Ltd was initially setup as a
proprietorship firm in 1981 by Mr Md Moinuddin Mondal based out of
Kolkata, West Bengal. Since inception, NESPL is engaged in the
manufacturing of transformer laminations made from Cold Rolled
Grain Oriented (CRGO) steel and it caters to both the domestic as
well as overseas market. Subsequently in 2007, it was
reconstituted as a private limited company and was rechristened to
its present name.

The manufacturing facility of the company is located at Dakshin
Hatiara, Kolkata, with an aggregate installed capacity of 8,200
tonnes per annum (tpa), having an ISO 9001 certification. It
imports the entire CRGO steel lamination coils and sheets from
Japan, Poland, London and USA and manufactures the core material
to design dimensions as per the specification of the buyers. The
goods are majorly sold to places in eastern India and also
exported to Bangladesh and Nepal.

During FY13 (refers to the period April 1 to March 31), the
company reported a total operating income of INR28.2 crore (FY12:
INR30.8 crore) and a PAT of INR0.6 crore (FY12: INR1 crore). As
per the management in H1FY14, NESPL achieved a total turnover of
INR11.5 crore and PAT of INR0.7 crore.


P.I. JEWELLERS: CRISIL Lowers Rating on INR160MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of P.I. Jewellers Pvt Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               160     CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The rating downgrade reflects PIJ's overdrawn cash credit limit,
and non-payment of interest on the same; the delays have been
caused by the company's weak liquidity. The company has,
currently, discontinued its operations.

PIJ was established in 1995 as a proprietorship firm by Mr. Aman
Dheer. The firm was reconstituted as a private limited company in
2006. PIJ trades gold and diamond jewellery, and has a retail
outlet, P I Jewellers, in Ludhiana (Punjab). The company derives
around 20 per cent of its revenues from retail sales and the rest
from wholesale trading.


PARSVNATH DEVELOPERS: CRISIL Rates INR600MM NCDs at 'B(SO)'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B(SO)/Stable' rating to Parsvnath
Developers Ltd's INR600 million non-convertible debentures (NCDs).
The NCDs are senior secured redeemable debentures with tenure of
30 months through December 2015. The NCDs carry annual coupon rate
of 18 per cent.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Non Convertible
   Debentures             600      CRISIL B(SO)/Stable(Assigned)

The amount raised against the NCDs is to be used to fund the exit
of foreign investor, Sun Apollo, and the last leg of construction
of PDL's premium residential real estate project, Parsvnath
Exotica (PEx), located in Sector-53, Golf Course Road, Gurgaon
(Haryana). The NCDs are secured through an escrow of three
different cash flow streams from the aforementioned last leg of
PEx. The escrowed cash flows include realisation of existing
receivables of INR720 million from the already sold units;
proceeds from the sale of 18 unsold units (2 units are complete
while the other 16 are in the final stages and are expected to be
completed over the next 6 to 18 months); and proceeds from the
sale of 29 new units in tower A3 at PEx.

The rating reflects PDL's exposure to risks associated with its 29
units in tower A3, as this is yet to be launched and constructed,
and the high demand risk for the existing 18 unsold units. The
construction cost for the last leg of PEx is estimated at around
INR1.11 billion, to be incurred over the 33 months through March
2016; more than 90 per cent of this amount will be funded through
the expected inflow of customer advances. CRISIL believes that
such high dependence on inflow of customer advances leads to high
funding and implementation risks, particularly for tower A3. The
pace of sales for the unsold 18 units is also expected to be low,
primarily because of the weak demand scenario and the premium
positioning of these units. Hence, CRISIL believes that PDL's debt
protection cover from the project cash flows will be constrained.

These rating weaknesses are partially offset by the prime location
of PEx in Gurgaon. Moreover, repayments to NCD holders are
protected by a trustee-monitored mechanism that ensures NCD
holders' senior claim on the aforementioned cash flows and also
protects any cash flow leakages.

Outlook: Stable

CRISIL believes that its rating on PDL's INR600-million NCD issue
will remain constrained over the medium term by the expected weak
cash flows from PEx, and the company's exposure to implementation
risks associated with tower A3. The outlook may be revised to
'Positive' in case of substantially better-than expected sales and
inflow of customer advances at PEx. Conversely, the outlook may be
revised to 'Negative' in case of delays in the launch of tower A3
or sustained low sales over a long period.

Launched in 2005, PEx is located in Sector 53, Golf Course Road,
which is a prime location for residential properties in Gurgaon.
The project is spread across 19 towers covering an area of 2.75
million square feet. It has a total of 821 units, out of which
more than 50 per cent have already been delivered. For the purpose
of the rated NCDs, PDL has escrowed existing receivables of INR720
million pertaining to the already sold units, proceeds from the
sale of 18 unsold units, and proceeds from the sale of 29 new
units in tower A3, which is yet to be launched.

PDL is a large real estate developer having a well-diversified
portfolio including residential apartments, townships, commercial,
retail, special economic zones, information technology parks, and
hotels. It is also engaged in the construction contracting
business. The company has a pan-India presence with a major
presence in Delhi and the National Capital Region.


PATCHALA SPINTEX: CRISIL Ups Rating on INR462.3MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Patchala Spintex Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', while reaffirming its rating on the company's short-
term bank facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               160     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter Of Guarantee         8     CRISIL A4 (Reaffirmed)

   Letter Of Guarantee         8     CRISIL A4 (Reaffirmed)

   Term Loan                 302.3   CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in PSPL's business
risk profile, driven by the ramp up in its scale of operations and
operating profitability. For 2012-13 (refers to financial year,
April 1 to March 31), its first full year of operations, the
company reported revenues of around INR500 million and operating
profitability of about 19 per cent. The rating upgrade also
reflects the improvement in PSPL's financial risk profile, marked
by moderate debt protection metrics. However, PSPL's liquidity is
expected to remain stretched over the medium term due to its
working-capital-intensive operations and large debt-funded capital
expenditure (capex) plans. The company's working capital limits
have been highly utilised at an average of around 97 per cent over
the 12 months through November 2013. PSPL is planning to expand
its installed capacities at a project cost of around INR220
million, to be funded partly through debt of INR165 million.
However, company is expected to generate sufficient cash accruals
to meet its debt repayment obligations over the medium term. In
2013-14, PSPL is expected to generate cash accruals of around
INR80 million as against debt repayment obligations of about INR30
million.

The ratings continue to reflect PSPL's modest scale and working-
capital-intensive nature of operations, its small net worth, and
it exposure to risks related to project implementation. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the cotton industry, and its
moderate debt protection metrics.

Outlook: Stable

CRISIL believes that PSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
sustainable increase in its revenues and profitability, leading to
an improvement in its financial risk profile. Conversely the
outlook may be revised to 'Negative' if PSPL's financial risk
profile weakens, most likely because of larger-than-expected
working capital requirements, or substantial debt-funded capex, or
any time or cost overrun in its new project.

Set up in 2010 by Mr. Chalapathi Rao and his family, PSPL
undertakes cotton yarn spinning.


PATEL JIVA: CARE Cuts Rating on INR23.85cr Loans to 'D'
-------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Patel
Jiva Sales Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.85       CARE D Revised from
   Facilities                       CARE B+

   Short-term Bank      17.00       CARE D Revised from
   Facilities                       CARE A4

Rating Rationale

The revision in the ratings of the bank facilities of Patel Jiva
Sales Private Limited take into account the delays in debt
servicing on account of the weak liquidity position of the
company.

Patel Jiva Sales Private Limited was initially incorporated as
Patel Sales Corporation, a partnership firm in 1969. The name and
constitution of the firm was changed to its present status in
2010. PJS is promoted by Mr Moolji Patel, his sons Mr Govind Patel
and Mr Jagdish Patel and his daughter-in-law Mrs Kamla Patel. PJS
is engaged into trading and processing of timber logs
(contributing 80% of the total revenue), plywood and laminates
(contributing remaining 20%). Timber logs are imported from Ivory
Coast, Myanmar, Panama and Costa Rica, which are subsequently
sized at its saw mill units in Delhi and Gandhidham into various
sizes. Timber logs are sold in the domestic market to the traders,
wholesalers, civil engineering and the construction companies
mainly in Northern India. Plywood and laminates are procured from
the domestic market and sold to construction and interior
designing companies in Delhi and NCR region. The units have the
combined capacity to process about 55 cubic meters (cbm) of timber
per day.

Key Updates
Deterioration in the solvency position and stressed liquidity in
FY13 (refers to the period April 1 to March 31) resulting in delay
in the debt servicing.

The company had leveraged capital structure with the overall
gearing (including acceptances) of 6.84x as on March 31, 2013 due
to the high proportion of LC-backed creditors since the company
purchases mostly through imports backed by LC. Furthermore, the
coverage indicators remained weak marked by the low interest
coverage of 1.31x on back of low PBILDT and Total Debt/GCA stood
high at 37.95x on account of low cash accruals.

There were instances of devolvement of Letter of Credit in the
recent past on account of the weak liquidity position. The same
was on account of delayed realization from the debtors coupled
with high inventory holding due to lower sales. The collection
period increased from 127 days in FY12 to 168 days in FY13. The
inventory holding period also increased from 121 days in FY12 to
140 days in FY13.


PIONEER POWER: CARE Revises Rating on INR40.56cr Loan to 'C'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Pioneer Power Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        40.56      CARE C Revised from
   Facilities                       CARE C to CARE D
                                    and then revised
                                    to CARE C

Rating Rationale

The revision in the rating from 'CARE C' to 'CARE D' takes into
account delays in debt servicing during H1FY14 (half year ended
September, 2013) led by the delayed recovery of bills from Tamil
Nadu Electricity Board (TNEB), the sole power purchaser of the
company. However improvement in bills realization from TNEB
resulted in an improvement in liquidity and subsequent
regularization of debt servicing. Hence, the rating stands revised
to 'CARE C'.

The rating continues to remain constrained by the continuous
increase in variable costs, constraint over availability of
natural gas and stretched collection period. The rating also takes
into account the experienced promoters and presence of firm fuel
purchase agreement and power purchase agreement. The ability of
the company to recover debtors in a timely manner thereby
resulting in an improved liquidity position and continuous
procurement of the required natural gas, are the key rating
sensitivities.

Pioneer Power Limited, promoted by the Hyderabad based Penna group
was incorporated in October 1998 as Penna Electricity Ltd and
subsequently the name was changed to the current nomenclature. The
company is engaged in gas based power generation (installed
capacity -- 52.8 MW) at its power plant located in Ramnad district
of Tamil Nadu.

PPL belongs to the Penna group of Hyderabad, promoted by Mr P
Prathap Reddy. The group is an established business house of South
India with diversified presence across cement, power generation,
construction and infrastructure development activities.

During FY13 (refers to period April 1 to March 31) PPL earned a
PBILDT of INR43.28 crore (FY12: INR36.85 crore) and a PAT of
INR18.45 crore (FY12: INR12.27 crore) on net sales of INR137.68
crore (FY12: INR117.43 crore). As per the unaudited working
results for 9MFY14 (period refers to April 1, 2013 to Dec. 31,
2013), PPL has registered sales of INR110 crore.


RENUKA EQUIPMENTS: CRISIL Reaffirms B+ Rating on INR171.9MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Renuka Equipments
Private Limited continue to reflect REPL's small scale and working
capital intensive nature of operations and susceptibility of
REPL's profitability to volatility in raw material prices. These
rating strengths are partially offset by REPL's promoter's
extensive experience in power and steel material handling
industry, and moderate financial risk profile.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           60      CRISIL A4 (Reaffirmed)
   Cash Credit              60      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit          5      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        0.2    CRISIL B+/Stable (Reaffirmed)
   Term Loan               111.7    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that REPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if company generates more
than expected revenue growth and profitability leading to better
than expected debt protection indicators. Conversely, the outlook
may be revised to 'Negative' in case there is significant
deterioration in its profitability or stretch in its working
capital cycle, or larger than expected debt funded capital
expenditure, leading to deterioration in company's financial risk
profile.

Update
REPL's net sales have remained flat at around INR115.6 million in
2012-13 (refers to financial year, April 1 to March 31) from
INR114.7 million in 2011-12. Sales have remained flat on account
of sluggish demand conditions in the end user steel industry.

REPL's operating margins have improved in 2012-13 to around 16.1
per cent, compared to 14.7 per cent in 2011-12. Improvement in
operating margins is on account of execution of higher margin
orders.

REPL is expected to incur a major capex of around INR150 million
over the next 12-15 months to expand its manufacturing capacity.
Company plans to fund this capex through a term loan of around
INR110 million and equity infusion of around INR40 million. The
enhanced facility will enable company to handle landle and
transfer car capacity of around 120 tons, compared to 50 tons at
present. The increased handling capacity will enable the company
to sell higher value products. Further, company has been facing
space constraints at its present location for fabrication unit.
New facility will enable company to undertake higher fabrication
orders.

REPL has weak liquidity. On account of significant debt funded
capex, company's term debt repayments are expected to increase
substantially and are expected to be tightly matched with net cash
accruals over the near to medium term. Further, company has
working capital intensive nature of operations with gross current
asset (GCA) days of 263 as on March 31, 2013. REPL funds its
working capital requirements through cash credit facilties of
INR25 million that has been highly utilized, with average bank
limit utilization of around 98 per cent over the past twelve
months ended September 2013.

Incorporated in 1997 by Mr. Soumitra Kothari, Renuka Equipments
Private Limited (REPL) is engaged in manufacturing of equipments
for power and steel industry. Company operates in three segments
including 1) Supply hot metal handling equipments such as ladles,
and transfer cars, 2) Execution of turnkey projects that includes
design, manufacturing and installation of hot metal handling
equipments at customer's site, 3) Fabrication of structural items
and R&D work in the metallurgical sector, which includes
fabrication of crap buckets, water cooled ducts, and stainless
steel rope wires.


RICHI RICH: ICRA Rates INR13.66cr Long Term Loan at 'B+'
--------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B+' to the
INR13.66 crores & short term rating of '[ICRA]A4' to the INR29.00
crores Bank facilities of Richi Rich Agro Foods Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits         13.66         [ICRA]B+ assigned

   Short Term Fund
   Based Limits         29.00         [ICRA]A4 assigned

The assigned rating is constrained by high gearing arising out of
debt funding of large working capital requirements. Rating
assigned also takes into account high intensity of competition in
the rice industry and agro climatic risks, which can affect the
availability of paddy in adverse weather conditions. The rating
however, favorably takes into account healthy growth in turnover
on account of good demand supply dynamics in the basmati rice
industry providing ample growth opportunities for the company,
long standing experience of promoters with long standing
relationships with several customers and suppliers and proximity
of the mill to major rice growing area which results in easy
availability of paddy.

Richi Rich Agro Foods Pvt. Ltd. was established in the year 1997
as partnership firm. However, in the year 2009 partnership firm
was converted into a private limited company with Mr Neeraj Goel &
Mr. Atul Goel as directors. As per the management milling capacity
is 12 tonnes/hr of paddy. Company is engaged in the business of
processing and trading of rice. Company sells its product in
domestic market as well as export to countries in Middle East.
Company is having its manufacturing unit at Railway Road, Barara,
Haryana.

Recent Results:

RRAFPL reported a net profit of INR0.60 crores on an operating
income of INR136.62 crores for the year ended March 31, 2013 and a
net profit of INR0.52 crores on an operating income of INR113.15
crores for the year ended March 31, 2012.


RISING LANDSCAPE: CRISIL Reaffirms B+ Rating on INR300MM Loan
-------------------------------------------------------------
CRISIL's rating continues to reflect Rising Landscape - AOP
exposure to demand risks associated with its ongoing project and
its susceptibility to cyclicality inherent in the Indian real
estate industry. These rating weaknesses are partially offset by
the extensive industry experience of RL's promoters and the
funding support it receives from its associate entities.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Term Loan       300     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RL will benefit over the medium term from the
extensive industry experience of its promoters and funding support
from its associate entities. The outlook may be revised to
'Positive' in case RL completes its ongoing project as per
schedule, and achieves better-than-expected customer bookings,
resulting in more-than-expected cash accruals. Conversely, the
outlook may be revised to 'Negative' in case the firm faces time
or cost overruns in its project, or reports less-than-expected
customer bookings, leading to less-than-expected cash accruals.

Incorporated in April 2007 as an Association of Persons (AOP), RL
is currently executing a residential real estate project in Pune
(Maharashtra). The project comprises 180 apartments (90 two-
bedroom-hall-kitchen (BHK) apartments and 90 three-BHK
apartments). The total construction area of the project is about
253,690 square feet (sq ft). This residential project is being
marketed under the brand, Kool Homes. The total cost of the
project is around INR1.05 billion.


S.R. GLASS: CARE Rates INR10cr Long-Term Loans at 'B'
-----------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of S.R. Glass
Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             10        CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of 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 S.R. Glass
Industries is primarily constrained by its weak financial risk
profile marked by the small scale of operations, low profitability
margins, leveraged capital structure and working capital intensive
nature of operations. The rating is further constrained by the
highly fragmented nature of the industry resulting in stiff
competition and constitution of the entity as a partnership firm.

The rating however draws comfort from the experienced partners and
favorable geographical location of the manufacturing facility.

Going forward, the ability of the firm to increase its scale of
operations while improving profitability margins and efficient
working capital management shall be key rating sensitivities.

S.R. Glass Industries was constituted in April 2005 as a
partnership concern. The firm was engaged in the manufacturing of
glass bangles, but the same was discontinued in FY13 (refers to
the period April 1 to March 31). In FY13, the firm undertook a new
project to start manufacturing glass bottles and the same
commenced operations from January 2013. The manufacturing facility
of the firm is located at Firozabad, Uttar Pradesh with an
installed capacity of glass bottles of 90 Tonnes per day (TPD).
The total cost of the project was INR10 crore funded in
debt/equity mix of 0.8:1. The main raw materials required for the
production of glass bottles are soda ash, silica sand, chemicals
and broken glass. The unit caters to the demand of distillery
units located in the states of Gujarat, Madhya Pradesh etc.

For FY13, SRG achieved a total operating income of INR3.92 crore
with PBILDT of INR0.24 crore. In 9MFY14 (refers to the period
April 1 to December 31) SRG achieved a total operating income of
INR19.13 crore.


SHASHADHAR COLD: CRISIL Reaffirms 'D' Ratings on INR99MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shashadhar Cold Storage
Pvt Ltd (Shashadhar; part of the Samantha group) continue to
reflect instances of delay by Shashadhar in servicing its debt;
the delays have been caused by the Samantha group's weak
liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           1.5      CRISIL D (Reaffirmed)
   Cash Credit             43        CRISIL D (Reaffirmed)
   Term Loan               50        CRISIL D (Reaffirmed)
   Working Capital
   Demand Loan              4.5      CRISIL D (Reaffirmed)

The Samantha group also has a weak financial risk profile, marked
by a small net worth, high gearing, and weak debt protection
metrics, and is exposed to risks related to the intensely
competitive cold storage industry in West Bengal. The group,
however, benefits from its promoters' extensive experience in the
cold storage business.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Shashadhar and Swambhunath Cold Storage
Pvt Ltd. This is because the two companies, together referred to
as the Samantha group, are in the same line of business, under a
common management, and have significant operational and financial
synergies.

The Samantha group, based in Paschim Medinipur (West Bengal), is
engaged in cold storage of potatoes. Shashadhar was incorporated
in 2011 and Swambhunath in 1994. Both the companies operate
facilities for the cold storage of potatoes at Paschim Medinipur.
Mr. Swapan Samantha oversees the group's day-to-day operations.

The Samantha group reported a profit after tax of INR2 million on
net sales of INR27.1 million for 2011-12 (refers to financial
year, April 1 to March 31), against a net loss of INR0.4 million
on net sales of INR16.7 million for 2010-11.


SHIVA POLYMERS: CRISIL Reaffirms 'B+' Rating on INR110MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shiva Polymers Pvt Ltd
continue to reflect SPPL's weakened financial risk profile, marked
by a modest net worth, stretched liquidity, and inadequate debt
protection metrics, along with its working-capital-intensive
operations. These rating weaknesses are partially offset by SPPL's
established customer base and the promoters' extensive industry
experience.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Cash Credit             55       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        20       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable (Reaffirmed)
   Working Capital
   Term Loan               45       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPPL's liquidity will remain weak over the
medium term, because of its constrained profitability and
stretched working capital cycle. The outlook may be revised to
'Positive' if the company reports larger-than-expected cash
accruals, or receives a sizeable infusion of long-term funds,
thereby easing the pressure on its liquidity. Conversely, the
outlook may be revised to 'Negative' if SPPL's liquidity weakens,
or the company undertakes any large, debt-funded, capital
expenditure (capex) programme.

Update
SPPL's sales have increased by 40 per cent year-on-year to INR354
million in 2012-13 (refers to financial year, April 1 to March 31)
driven by the stabilisation of its operations in Kona Plant
(Howrah). The plant was subject to labour and production related
issues in 2010-11 and 2011-12. SPPL subsequently recovered, and
reported an operating profit of 6.2 per cent for 2012-13, vis-a-
vis losses incurred in the previous years. However, the company's
operating margin remains vulnerable to plastic granule prices,
which move in tandem with crude oil prices. CRISIL believes that
SSPL's operations have stabilised; and sustenance of the same will
determine the company's rating direction over the medium term.

SPPL's financial risk profile is marked by a modest net worth of
INR75 million, stretched liquidity and inadequate debt protection
metrics. The company's liquidity continues to be stretched by low
cash accruals at around INR10 million in 2013-14, closely matching
its fixed debt obligations on the working capital term loan
facility. SSPL's operations continue to be working-capital-
intensive, reflected in gross current assets (GCAs) of 169 days as
on March 31, 2013. The company meets incremental working capital
requirements through stretched creditors and almost fully utilised
fund-based bank limits.

SPPL's debt protection metrics are inadequate; the company
reported net cash accruals to total debt and interest coverage
ratios at 0.08 times and 1.4 times, respectively, for 2012-13.
However, SPPL's debt protection metrics are likely to improve,
driven by increased accretions from the revival of its business
over the medium term.

SPPL reported a net profit of INR0.3 million on net sales of
INR353.6 million for 2012-13, vis-a-vis a net loss of INR26.8
million on net sales of INR252.4 million for 2011-12.

SPPL (formerly, Keshavlal Khanderia Properties Pvt Ltd) commenced
operations in  November 1997. The company manufactures high-
density polyethylene and polypropylene woven sacks.


SHIVAM FOODS: CRISIL Reaffirms 'B+' Rating on INR76MM Loan
----------------------------------------------------------
CRISIL rating on the bank facility of Shivam Foods Pvt Ltd
continue to reflect company's weak debt protection metrics because
of low operating margin, small scale of operations in a highly
fragmented and competitive industry, and significant dependence on
the agricultural products segment for revenues. These rating
weaknesses are partially offset by SFPL's stable scale of
operations.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             76.0     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SFPL will continue to benefit over the medium
term from stable demand from its key customers. The outlook may be
revised to 'Positive' if the company registers improvement in its
profitability, leading to an improvement in its financial risk
profile, particularly in its liquidity. Conversely, the outlook
maybe revised to 'Negative' in case SFPL's working capital
requirements are larger than expected, or if the company
undertakes a larger-than-expected, debt funded capex programme,
thereby weakening its capital structure and liquidity.

SFPL promoted by Mr. Rajesh Kumar Gupta was in incorporated in
2002. SFPL operates flour mills for production of wheat products
such as maida, atta, suji, and bran.

SFPL reported profit after tax (PAT) of INR0.4 million on net
sales of INR4.21 billion for 2012-13, against a net loss of INR2.7
million on net sales of INR3.57 billion for 2011-12.


SHREE MOMAI: ICRA Reaffirms 'B+' Ratings on INR5.5cr Loans
----------------------------------------------------------
ICRA has reaffirmed the rating of '[ICRA]B+' to the INR5.00 Cr.
cash credit facility and INR 0.50 Cr. term loan facility of Shree
Momai Engineering Works.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        [ICRA]B+ reaffirmed
   Term Loan             0.50        [ICRA]B+ reaffirmed

The rating continues to be constrained by the relatively small
scale of operations of the firm and high competitive intensity in
the business owing to the low complexity of work involved. Further
the rating is constrained by the high customer concentration risk
of the firm with more than 50% of the revenues being derived from
a single customer and absence of any firm off take arrangements as
well as vulnerability of margins to adverse fluctuations in raw
material prices and forex rates. The rating also takes into
account the high working capital intensity of operations due to
high inventory days and limited bargaining power of the firm on
the credit terms for raw material procurement; as well as risks
associated with partnership firm of business in terms of capital
infusion and withdrawals.

The rating however takes comfort from the long experience and
track record of the promoters in the brass extrusion industry;
expertise of the firm in development and customization of products
in accordance with customer's requirements and long standing
relationships with major customers resulting in repeat orders.

Established in 1974 as a proprietorship firm, Shree Momai
Engineering Works (SMEW) was earlier involved in casting and
moulding of iron products. The firm was converted to a partnership
firm in 1988 and is currently engaged in manufacturing brass
extrusion rods and brass based products including cooker weight
sets, sanitary fittings and water purifier pipes among others. The
firm's manufacturing facility is located in Jamnagar, Gujarat and
has an installed capacity of 500 MTPA.

Recent Results

For the year ended March 31, 2013 the firm reported an operating
income of INR15.83 Cr. and profit after tax of INR0.41 Cr. as
against an operating income of INR13.46 Cr. and profit after tax
of INR0.35 crore for FY12.


SHREE VARDHMAN: ICRA Assigns 'D' Ratings on INR15cr Loans
---------------------------------------------------------
ICRA has assigned '[ICRA]D' rating to the INR0.13 crore term loan,
INR13.50 crore fund based facility and INR1.37 crore unallocated
limits of Shree Vardhman Knityarn Private Limited.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loan                0.13        [ICRA]D (Assigned)
   Fund based facility     13.50        [ICRA]D (Assigned)
   Unallocated              1.37        [ICRA]D (Assigned)

The rating assigned takes into account delays in servicing of debt
obligations by the company due to temporary discontinuation of
production facility. There was a fire accident at the
manufacturing location of the company in November 2013, post which
there has not been any operations in the company leading to delay
in servicing of debt obligations. Further, the rating is also
constrained by modest scale of operations of the company and weak
financial risk profile as indicated by gearing and interest
coverage of 3.28 times and 1.3 times respectively as on March
2013.

Going forward, restoration of the company's manufacturing facility
and regularization in servicing of debt obligations will be the
key rating sensitive factors.

Based in Ghaziabad, Shree Vardhman Knityarn Private Limited was
incorporated in the year 1997 by Mr. Surender Kumar Jain, who has
experience of more than two decades in field of textile business.
SVKPL is engaged in manufacture of various types of knitted cloth.
The current operations of the company are managed by Mr. Surender
Kumar Jain and his two brothers Mr. Jinender Kumar Jain and Mr.
Mahender Kumar Jain.

Recent Results

For the period 2012-13, the firm reported operating income of
INR40.01 crore and net profit of INR0.29 crore as compared to
operating income of INR33.65 crore and net profit of INR0.26 crore
for the period 2011-12.


SKYCITY HOTELS: CRISIL Reaffirms 'D' Rating on INR175.3MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Skycity Hotels
Pvt Ltd continues to reflect instances of delays by SHPL in
meeting its term loan obligations; the delays were due to the
company's weak liquidity. SHPL's lower-than-expected top line and
high interest and financial costs have led to insufficient net
cash accruals for meeting its maturing debt obligations.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan               175.3     CRISIL D (Reaffirmed)

SHPL is also exposed to increasing competition in the hotel
segment. However, the company benefits from its management tie-up
with Best Western International, Inc for operational and brand
support.

SHPL is promoted by Mr. Narendra Chhikara and family. The company
has set up a 3-star hotel, with 75 rooms, in Gurgaon (Haryana).
The hotel began commercial operations in August 2010.

SHPL reported a net loss of INR15.43 million on revenues of
INR78.1 million for 2012-13, against a net loss of INR22.6 million
on revenues of INR69.6 million for the previous year.


SNC FOODS: ICRA Withdraws 'B+' Rating on INR21.75cr Loans
---------------------------------------------------------
ICRA has withdrawn the '[ICRA]B+' rating outstanding on the
INR21.75 crore bank facilities of SNC Foods Private Limited. The
rating has been withdrawn on request of the company as SNCFPL has
amalgamated with Koppal Green Power Limited.


SPARKLE MULTIPURPOSE: CRISIL Places 'D' Rating on INR86.1MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Sparkle Multipurpose Cold Storage Pvt Ltd. The
rating reflects delay by SMCSPL in servicing its debt; the delay
has been caused by the company's weak liquidity.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan               66      CRISIL D
   Cash Credit             19.3    CRISIL D
   Proposed Long Term
   Bank Loan Facility       0.8    CRISIL D

SMCSPL also has a small scale of operations and a weak financial
profile. The company, however, benefits from its diversified
product profile and its promoters' extensive experience in trading
agricultural products.

SMCSPL was incorporated in 2007 and commenced commercial
operations in November 2010. Based in Hooghly (West Bengal),
SMCSPL operates a multipurpose cold storage unit, dealing
primarily in apples, carrots, and beetroots. The company also
trades these agriculture products. The daily operations of the
company are looked after by its director, Mr. Safal Das.


SUNKON ENERGY: CRISIL Assigns 'B+' Rating to INR931.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Sunkon Energy Pvt Ltd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              931.5     CRISIL B+/Stable

The rating reflects SEPL's aggressive capital structure, expected
deterioration in debt service coverage ratio, and limited track
record in the solar power industry. These rating weaknesses are
partially offset by SEPL's healthy revenue visibility on account
of its long-term power purchase agreement (PPA) with Gujarat Urja
Vikas Nigam Ltd.

Outlook: Stable

CRISIL believes that SEPL will maintain its credit risk profile
over the medium term, supported by its 25-year PPA with GUVNL. The
outlook may be revised to 'Positive' if the company generates
higher-than-expected cash accruals or benefits from significant
equity infusion by its promoters, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SEPL generates lower-than-expected accruals or
undertakes a larger-than-expected, debt-funded capital expenditure
programme, thereby weakening its capital structure and debt
protection metrics.

SEPL was incorporated in April 2008 jointly by the promoters of
the Surat-based Shubhalakshmi Group, Devika Group, and Filatex
Group for the purpose of venturing into solar power generation.
SEPL has set up a 10-megawatt solar-based power plant at Gheshpur
in Amreli district (Gujarat).


VENUS GARMENTS: CRISIL Ups Rating on INR889.1MM Loan to 'B+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Venus Garments (India) Ltd to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable' while reaffirming its rating on the company's short-term
facilities at 'CRISIL A4'.

                           Amount
   Facilities             (INR Mln)   Ratings
   ----------             ---------   -------
   Export Packing Credit     540      CRISIL A4 (Reaffirmed)

   Letter of credit &        110      CRISIL A4 (Reaffirmed)
   Bank Guarantee

   Term Loan                 889.1    CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in VGIL's business risk
profile as reflected in operating revenues of INR1.45 billion for
the first half of 2013-14 (refers to financial year, April 1 to
March 31). VGIL is expected to register healthy revenue growth for
the full year of 2013-14 backed by increased exports and stronger
profitability. The rating upgrade also factors in sustained
improvement in VGIL's liquidity backed by stronger-than-expected
net cash accruals. The company's net cash accruals are estimated
between INR120 million to INR140 million in 2013-14. The improved
accruals provide adequate cushion to meet maturing debt
obligations of about INR83 million for 2013-14.

The ratings reflect VGIL's weak financial risk profile, marked by
negative net worth on account of derivative losses incurred on
deals entered in 2007-08, high gearing, weak debt protection
metrics, and large working capital requirements. The ratings also
reflect the susceptibility of the company's operating margin to
volatility in rupee-dollar exchange rates. These rating weaknesses
are partially offset by the extensive experience of VGIL's
promoters in the garment manufacturing business and its
established client base.

Outlook: Stable

CRISIL believes that VGIL will improve its financial risk profile
over the medium term, most likely through higher accretion to
reserves on account of the closure of the derivative deals in
2012-13, which VGIL had entered into in 2007-08. The outlook may
be revised to 'Positive' if the company reports significant
improvement in its turnover and profitability, resulting in
higher-than-expected cash accruals, or if its promoters infuse
substantial capital, leading to improvement in its financial risk
profile, particularly its capital structure. Conversely, the
outlook may be revised to 'Negative' if VGIL's profitability is
lower than anticipated and it has larger-than-expected working
capital requirements and debt-funded capital expenditure leading
to weakening in its financial risk profile, particularly its
liquidity.

Incorporated in 1999, VGIL manufactures and exports ready-made
garments. The company's products include polo shirts, T-shirts,
jogging suits, sweat shirts, thermal wear, and sweaters, which are
mainly exported to the US, Europe, Mexico, Canada, and other
countries.



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


JR OSAKA: To Scale Down Struggling Department Store
---------------------------------------------------
The Japan Times reports that West Japan Railway Co. and Isetan
Mitsukoshi Holdings Ltd. plan to sharply scale down their
struggling department store, JR Osaka Mitsukoshi Isetan, and
manage it together with JR's adjacent specialty shop mall as part
of a restructuring plan.

The report says competition has been heating up among retailers
around JR Osaka Station in the past few years with the openings of
Hankyu Department Store's refurbished Umeda flagship and the Grand
Front Osaka large commercial complex.

According to the report, Isetan Mitsukoshi is planning to reduce
its retail space by around 60 percent and accommodate specialty
shops in the vacated floors, and run it with the adjacent Lucua
shopping complex operated by JR West.

The Japan Times relates that the operators are projecting around
JPY80 billion in combined sales, including those at Lucua, in the
year through March 2016, a challenging target as Isetan
Mitsukoshi's Osaka Station store is forecasting JPY32 billion and
Lucua JPY35.7 billion in the year through March.

JR West Vice President Shizuka Yabuki told a news conference that
the new department store will "coexist with specialty stores." The
department store operators will reduce or eliminate sections for
kimono, art and home interiors while keeping high-margin clothing
and general goods sections, the report adds.


KAWASAKI KISEN: S&P Affirms and Withdraws 'BB-' CCR
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit and debt ratings on Kawasaki Kisen Kaisha Ltd.
S&P then withdrew the ratings at the company's request.  The
rating affirmation is the result of a review of the ratings on the
company that S&P conducted prior to the withdrawal, and is based
on S&P's view that Kawasaki Kisen's operating performance and
financial profile have been improving almost in line with its
assumptions.  Nevertheless, S&P sees it as unlikely that the
recovery in Kawasaki Kisen's operating performance and financial
profile will accelerate substantially, given persistently
difficult business conditions in containership operations, one of
the company's core businesses.  At the time of the rating
withdrawal, the outlook on the long-term corporate rating on
Kawasaki Kisen was stable.


RENESAS ELECTRONICS: Plans to Cut 5,400 More Jobs
-------------------------------------------------
The Japan Times reports that Renesas Electronics Corp., seeking to
accelerate restructuring efforts, plans to slash another 5,400
domestic employees, or around 20 percent of its workforce, by the
end of March 2016 through early retirements, according to company
sources.

The report says the labor union, however, opposes the plan. The
move by the labor side could make it difficult for the company to
carry out the personnel cuts.

According to the report, Renesas aims to achieve an operating
margin of 10 percent in fiscal 2016.  The report relates that the
company cut about 3,000 employees last fall after the third round
of calls for early retirement, but it has been forced to consider
additional restructuring measures as it fell short of its goal.

The Japan Times notes that the semiconductor maker has been
rebuilding its management after seeing its business deteriorate
due to the strong yen in the past and intensifying competition
from overseas rivals.

During the three calls for early retirement since its launch in
2010 through the merger of Renesas Technology Corp. and NEC
Corp.'s semiconductor unit, more than 11,000 workers left the
company, the report notes.

After announcing the closure of some production bases, Renesas
received JPY150 billion in investment from the government-backed
Innovation Network Corporation of Japan and eight Japanese
companies, including Toyota Motor Corp., last September, The Japan
Times recalls.

According to the report, the sources said Renesas intends to
further slash its fixed costs to improve profits as its profit
plan does not see sales increasing.

As for the envisioned personnel cut, the company plans to
introduce a new program to encourage employees to transfer to
other companies in addition to soliciting early retirements, the
sources said, the report adds.

Based in Tokyo, Japan, Renesas Electronics Corp. --
http://am.renesas.com/-- manufactures semiconductor systems for
mobile phones and automotive applications.

The Company reported a net loss of JPY168 billion for the fiscal
year ended March 31, 2013, compared with a net loss of
JPY62.60 billion in fiscal year ended March 31, 2012.



===============
M O N G O L I A
===============


MONGOLIAN RESOURCES: S&P Affirms and Withdraws 'B-' CCR
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term
corporate credit rating on Mongolia-based mining company Mongolian
Resources Corp.  S&P then withdrew the rating at the company's
request.

At the time of withdrawal, the rating outlook was stable.  S&P
assessed the company's business risk profile as "vulnerable," its
financial risk profile as "aggressive," and its liquidity as "less
than adequate," as S&P's criteria define the terms.



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


NEW ZEALAND CLIMATE: Leaves Taxpayers at Loss
---------------------------------------------
Steve Kilgallon at stuff.co.nz reports that a group of climate-
change doubters has left the taxpayer at a substantial six-figure
loss after its trust was liquidated following a failed High Court
battle with the National Institute of Water and Atmospheric
Research (NIWA).

A three-year court case over NIWA's recording of historic
temperature data ended last year when the New Zealand Climate
Science Education Trust's final appeal foundered, according to
stuff.co.nz.

The report relates that it was ordered to pay NIWA $89,000 in
costs after losing the original case; the appeals court then made
another costs order, with the amount yet to be finalized.  The
report notes that the trust didn't pay the first amount, and last
month NIWA pursued liquidation, but a trustee has confirmed the
trust has no money.

The report relays that NIWA Chief Executive John Morgan said it
was still considering pursuing two of the trust's key players --
former wine journalist Terry Dunleavy, a Justice of the Peace and
MBE, and retired lawyer Barry Brill, a former National MP -- for
the money, but was waiting for the liquidation process to finish.

The report notes that NIWA gained an increase on the normal scale
used to award costs.  Mr. Morgan, the report relays, said he
"suspected the judge [did that because] he think the merits of
their accusations way below a basic threshold".

The report notes that Trustee Bryan Leyland, when asked about its
assets, said: "To my knowledge, there is no money.  We spent a
large amount of money on the court case, there were some expensive
legal technicalities."  Funding had come "from a number of source,
which are confidential," he added.

The report says that both Judge Venning and the Court of Appeal
dismissed the trust's claim that it was in the "public interest"
to challenge government departments, partly because the trust
refused to back up some of its arguments.

Anthony Pullan is the liquidator of the firm.



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


STX GROUP: STX Heavy Told to Repay Chinese Unit's Debts
-------------------------------------------------------
Nam Kwang-sik at Yonhap News Agency reports that STX Heavy
Industries Co., a troubled South Korean shipbuilder, said it would
seek countermeasures to an order by China's arbitration commission
to repay KRW60.9 billion (US$56.8 million) in debts held by its
unit.

The news agency recalls that the shipbuilder issued a loan
guarantee in October 2010 on a loan by its Chinese heavy machinery
maker, STX Dalian Heavy Industries Co., from China's Bank of
Communications.

Last August, the Chinese bank filed a petition with the China
International Economic and Trade Arbitration Commission for
repayment from STX Heavy Industries after the Chinese unit failed
to service the principle and interest, Yonhap relates.

According to the report, the South Korean shipbuilder said it was
notified by the commission on Jan. 22 to pay back the loans.

"We will take active countermeasures (against the Chinese bank's
petition) according to the arbitration procedure," the company
said in a regulatory filing obtained by Yonhap.

"The debt isn't due for up to another 17 years, but the Chinese
bank told us to repay the debts as our cash-strapped Chinese unit
failed to pay the principle and interest on the debts," said Kim
Yong-hyun, an official at STX Heavy Industries. "No matter what
decision the Chinese arbitration commission makes, it is subject
to approval by (South Korea's) local court before we follow the
decision."

Unlisted STX Dalian Heavy Industries is a wholly owned subsidiary
of STX Heavy Industries, the report adds.

STX Group, once South Korea's 13th-biggest conglomerate, is
struggling to deal with a liquidity shortage and mounting debts of
its major affiliates from a downturn in the shipbuilding and
shipping sectors.

The group's holding company STX Corp. and its three ailing
subsidiaries -- STX Offshore & Shipbuilding, STX Heavy Industries
and STX Engine -- have been under a self-rescue plan to get back
on their feet, Yonhap discloses.



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


* VIETNAM: Property Firms Ask for Removal of Policy Bottlenecks
---------------------------------------------------------------
Vietnamnet Bridge reports that real estate companies in Ho Chi
Minh City at a roundtable meeting on Jan. 20 with the leaders of
Vietnam's National Financial Supervisory Committee (NFSC)
expressed their worries over the property industry and proposed
solutions to remove shortcomings of related policies to prop up
the struggling market.

Vietnamnet relates that land usage fee is one of the nine matters
discussed the most at the meeting on financial and credit policies
for the realty industry in 2014 organized by the HCMC Real Estate
Association (HoREA) and NFSC on Jan. 10.

Actually, this is not a new problem because after its launch in
2009, many seminars on the issue have been organized but no
agreeable outcomes have been found as expected, the report says.

According to Vietnamnet, Nguyen Viet Tao, director of NVT Real
Estate Company, noted that Decree 69 had driven property companies
to the verge of bankruptcy as land usage fee they have to pay was
subject to market levels, meaning they have to buy land twice, one
from the land user and the second from the State.

"We do not ask for money. What we need is a transparent
mechanism," the report Mr. Tao as saying.

Similarly, Vietnamnet says, Binh Dan Real Estate Company after
three years of struggling with the land usage fee payment has
become inactive because of financial constraints.  Vietnamnet
relates that the firm said it was willing to transfer the whole
project to the State and that it was seeking approval to convert
the project into a budget housing scheme but had received no
response accordingly.

Nguyen Xuan Quang, chairman of Nam Long Investment Corporation,
complained that Decree 69 was putting huge financial pressure on
local companies, Vietnamnet reports. In addition, when starting a
property project, the investor cannot know for sure the amount of
land usage fee it has to pay.

Mr. Quang, no businesses in the industry are strong enough to
develop new realty projects if they have to pay site-clearance
compensation and land usage fee, according to the report.

Truong Van Phuoc, vice chairman of NFSC, suggested that the
problems of the policies on the real estate and housing market
must be reconsidered, especially the way of setting land prices,
Vietnamnet relates.  Speaking with the participating companies, Vu
Viet Ngoan, chairman of NFSC, promised to record all the matters
of the realty market to report to the Government to seek solutions
in the near future, adds Vietnamnet.



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


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

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

AUSTRALIA


AAT CORP LTD             AAT               32.50       -13.46
ANITTEL GROUP LT         AYG               18.43        -0.26
ATLANTIC LTD             ATI              490.17       -25.68
AUSTRALIAN ZI-PP         AZCCA             77.75        -2.57
AUSTRALIAN ZIRC          AZC               77.75        -2.57
BIRON APPAREL LT         BIC               19.71        -2.22
BOUNTY MINING LT         BNT               10.54        -0.94
CLARITY OSS LTD          CYO               33.12       -11.66
CMA CORP LTD             CMV              127.41       -51.00
CWH RESOURCES LT         CWH               10.71        -3.03
IDM INTERNATIONA         IDM               30.99       -23.62
LIONHUB GROUP LT         LHB               19.21       -26.52
MIRABELA NICKEL          MBN              335.09      -179.03
NATURAL FUEL LTD         NFL               19.38      -121.51
PACT GROUP HOLDI         PGH            1,120.30      -982.11
PENRICE SODA HOL         PSH              122.46       -26.85
RIVERCITY MOTORW         RCY              386.88      -809.13
RUBICOR GROUP LT         RUB               45.20       -75.31
STERLING PLANTAT         SBI               59.08        -6.07
STIRLING RESOURC         SRE               16.53        -8.12
STRAITS RESOURCE         SRQ              208.51       -29.73
SWAN GOLD MINING         SWA               36.43        -9.08
TZ LTD                   TZL               12.88        -8.73


CHINA

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


HONG KONG

BIRMINGHAM INTER         2309              59.95       -12.80
BUILDMORE INTL           108               17.36       -70.34
CHINA ENVIRONMEN         986               66.65        -0.87
CHINA HEALTHCARE         673               34.76        -0.75
CHINA OCEAN SHIP         651              248.21      -106.72
CNC HOLDINGS             8356              99.16        -9.03
CROSBY CAPITAL           8088              16.40       -20.27
EFORCE HLDGS LTD         943               60.73        -9.56
GRANDE HLDG              186              255.10      -208.18
INNO-TECH HLDGS          8202              84.54      -116.82
LANGHAM -SS              1270             684.55       -86.21
LONG SUCCESS INT         8017              50.05        -7.44
MASCOTTE HLDGS           136               57.51       -81.70
MEGA EXPO HOLDIN         1360              17.00        -0.53
MELCOLOT LTD             8198              13.69       -28.83
NORSTAR FOUNDERS         2339              21.97       -56.33
PALADIN LTD              495              159.65        -9.17
PROVIEW INTL HLD         334              314.87      -294.85
SINO RESOURCES G         223               29.34       -24.77
SURFACE MOUNT            SMT               32.88       -10.68
VXL CAPITAL LTD          727               74.79        -0.16


INDONESIA

APAC CITRA CENT          MYTX             176.66        -6.99
ARPENI PRATAMA           APOL             249.84      -319.77
ASIA PACIFIC             POLY             375.58      -815.83
BUMI RESOURCES           BUMI           7,027.47       -18.17
ICTSI JASA PRIMA         KARW              56.41        -6.12
JAKARTA KYOEI ST         JKSW              24.92       -34.90
MATAHARI DEPT            LPPF             209.66       -89.74
ONIX CAPITAL TBK         OCAP              13.22        -1.03
RENUKA COALINDO          SQMI              15.84        -0.48
SUMALINDO LESTAR         SULI              95.14       -18.99
UNITEX TBK               UNTX              18.83       -18.53


INDIA

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


JAPAN

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


KOREA

DVS KOREA CO LTD         46400             17.40        -1.20
ORIENTAL PRECISI         14940            224.92       -79.83
ROCKET ELEC-PFD          425              111.09        -0.42
ROCKET ELECTRIC          420              111.09        -0.42
SHINIL ENG CO            14350            199.04        -2.53
SSANGYONG ENGINE         12650          1,231.13      -119.47
STX OFFSHORE & S         67250          7,627.42    -1,124.38
TEC & CO                 8900             139.98       -16.61
TONGYANG NETWORK         30790            311.91       -36.46
WOONGJIN HOLDING         16880          2,197.34      -635.50


MALAYSIA

HAISAN RESOURCES         HRB               41.31       -11.54
HIGH-5 CONGLOMER         HIGH              41.63       -34.19
HO HUP CONSTR CO         HO                59.28       -16.64
PETROL ONE RESOU         PORB              51.39        -4.00
SUMATEC RESOURCE         SMTC             169.12       -26.18
VTI VINTAGE BHD          VTI               17.74        -3.63


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity     11.69        -4.60
PULSE ENERGY LTD         PLE NZ Equity     11.29        -3.44


PHILIPPINES

CYBER BAY CORP           CYBR              14.14       -21.59
FIL ESTATE CORP          FC                40.90       -15.77
FILSYN CORP A            FYN               23.11       -11.69
FILSYN CORP. B           FYNB              23.11       -11.69
GOTESCO LAND-A           GO                21.76       -19.21
GOTESCO LAND-B           GOB               21.76       -19.21
LIBERTY TELECOMS         LIB              108.53       -19.42
MRC ALLIED INC           MRC               27.06        -2.56
PICOP RESOURCES          PCP              105.66       -23.33
STENIEL MFG              STN               21.07       -11.96
UNIWIDE HOLDINGS         UW                50.36       -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT              19.68       -22.46
CEFC INTL LTD            SUNE              95.25        -0.31
HL GLOBAL ENTERP         HLGE              83.11        -4.63
IGG INC                  8002              21.53       -55.84
SCIGEN LTD-CUFS          SIE               68.70       -42.35
SUNMOON FOOD COM         SMOON             20.26       -17.36
TT INTERNATIONAL         TTI              298.35       -82.84
UNITED FIBER SYS         UFS               65.52       -56.60


THAILAND

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


TAIWAN

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***