TCRAP_Public/140214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Friday, February 14, 2014, Vol. 17, No. 32


                            Headlines


A U S T R A L I A

CHARTERHILL GROUP: Collapse Left Investors Millions of Losses
CONVECTOR GRAIN: Placed Into Liquidation
MOTDREW INVESTMENTS: SV Partners Named as Administrators
QANTAS AIRWAYS: Federal Government Ready to Throw a Lifeline
TY-TECHTRONICS PTY: Pilot Partners Appointed as Administrators


C H I N A

CHINA FISHERY: Moody's Places B1 CFR Under Review for Downgrade
CHINA LOGISTICS: Incurs $139,000 Net Loss in Third Quarter


I N D I A

A & J MICRONS: CRISIL Assigns 'B' Ratings to INR114MM Loans
AADI PROCON: CARE Reaffirms 'B+' Rating on INR6.02cr Bank Loans
ASTA CERAMIC: CARE Assigns 'B+' Rating to INR10cr Bank Loans
CHANDU AGENCIES: CRISIL Cuts Rating on INR85MM Loan to 'B'
CHEMITECH ENGINEERS: CRISIL Keeps B+ Ratings on INR182.5MM Loans

GS DEVELOPERS: ICRA Lowers Ratings on INR75cr Loans to 'D'
HERITAGE HOSPITALS: CRISIL Reaffirms B- Ratings on INR1.31BB Loan
JAYAHO AGRI: CRISIL Reaffirms 'B' Rating on INR120MM Loan
K. P. INDUSTRIES: CRISIL Places 'B' Rating on INR50MM Loan
KAFILA HOSPITALITY: CRISIL Reaffirms B+ Rating on INR400MM Loan

KINGFISHER INDUSTRIES: CRISIL Puts 'B+' Rating on INR116.5MM Loan
KVN AUTO: CRISIL Assigns 'B' Rating to INR100MM Loans
MADHUSUDAN GARAI: CRISIL Assigns 'B+' Rating to INR30MM Loan
NAMRATA PROMOTERS: CRISIL Reaffirms B+ Rating on INR100MM Loan
NEWRISE HEALTHCARE: CARE Lowers Rating on INR75cr Loans to 'D'

OMKAM COMMUNICATIONS: CARE Cuts Rating on INR16cr Loans to 'D'
OMKAR FERTILISERS: CRISIL Suspends 'D' Rating on INR75MM Loans
PANACEA BIOTEC: CARE Lowers Rating on INR1,114.26cr Loans to 'D'
RADHE RESIDENCY: ICRA Suspends 'B' Rating on INR8cr Loans
SANDWOODS INFRATECH: CRISIL Cuts Rating on INR80MM Loan to 'D'

SARASWATI PIGMENTS: CRISIL Lowers Rating on INR85MM Loans to 'D'
SMLASH ISPAT: ICRA Rates INR4cr Fund Based Loan at 'B+'
SONPAL EXPORTS: CRISIL Lowers Rating on INR333.6MM Loan to 'B+'
SRI ANJANEYA: CARE Reaffirms 'B+' Rating on INR22.2cr Bank Loans
SRI LAKSHMIKANTHA: ICRA Upgrades Rating on INR125.81cr Loans to B

SRI VIJAYA: CRISIL Assigns B Ratings to INR100MM Loans
SRIRAMAGIRI SPINNING: CRISIL Puts 'D' Rating on INR380MM Loans
SRISHTI CONSTRUCTIONS: CRISIL Puts B Rating on INR87.5MM Loans
SUMATI ENGINEERING: CRISIL Assigns 'D' Ratings to INR140MM Loans
TEBMA SHIPYARDS: CARE Reaffirms 'B' Rating on INR258.05cr Loans

U.S. IMPEX: CRISIL Reaffirms 'B' Rating on INR87.5MM Loans
VALLABH TEXTILES: CRISIL Reaffirms B+ Rating on INR2.0BB Loans
VENKATESHWARA FIBRE: CRISIL Cuts Rating on INR83MM Loans to 'B+'
VIMALA PAPER: CRISIL Reaffirms 'B+' Ratings on INR95MM Loans


J A P A N

PROLOGIS INC: Fitch Currently Rates 100MM Preferred Stock 'BB+'


N E W  Z E A L A N D

MAINZEAL PROPERTY: Subcontractors Unlikely to Get Back Money


T A I W A N

E. SUN BANK: Fitch Withdraws 'Dsf(twn)' Class C Bond Rating


X X X X X X X X

* Credit Risk Levels Hit Lowest Levels, Says S&P Capital IQ
* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


CHARTERHILL GROUP: Collapse Left Investors Millions of Losses
-------------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that the collapse of
the Charterhill Group had left 170 investors with a possible
AUD7 million losses.

As reported in Troubled Company Reporter-Asia Pacific on
Feb. 7, 2014, following an application by the Australian
Securities and Investment Commission, the Federal Court in
Adelaide on February 5 froze all assets owned or otherwise held by
the founder of the Charterhill group of companies, George Nowak,
and his wife, Betty Nowak.

The court also ordered the surrender of Mr. and Mrs. Nowak's
passports and restrained their travel out of Australia, as ASIC
investigates the collapse of the Charterhill group, which
specialises in assisting clients to invest in property through
self-managed superannuation funds (SMSFs).

ASIC's application was brought under section 1323 of the
Corporations Act 2001 and followed steps taken by ASIC to secure
Mr. Nowak's passport by agreement and to obtain an undertaking
from him that he would not dispose of or otherwise deal with any
assets.

The following companies in the Charterhill Group have been placed
under external control:

   * Lending Solutions International Pty Ltd -- liquidators
     appointed (Andrew Heard and Anthony Phillips of Heard
     Phillips)

   * Nova Real Estate Pty Ltd -- external administrators
     appointed (Andrew Heard and Anthony Phillips of Heard
     Phillips)

   * EJ Property Developments Pty Ltd -- receivers and managers
     appointed (Michael Basedow and Leigh Prior of Pitcher
     Partners)

   * Financial Wellness Pty Ltd -- receivers and managers
     appointed (Michael Basedow and Leigh Prior of Pitcher
     Partners).

ASIC is investigating the management and activities of the
Charterhill group, which operated as a 'one stop shop', providing
advice to clients on the establishment of SMSFs, rollover of
existing superannuation funds into an SMSF, sourcing and purchase
of investment properties, property management, insurance and
taxation.

According to dissolve.com.au, the summary of assets and
liabilities presented by Heard Phillips for Lending Solutions
International depicted a AUD7.8 million deficiency between
unsecured creditors' claim and realizable assets. Meanwhile, the
potential result for the unsecured creditors of Financial Wellness
and EJ Property Developments is not yet determined, says
dissolve.com.au.


CONVECTOR GRAIN: Placed Into Liquidation
----------------------------------------
Cliff Sanderson at dissolve.com.au reports that Convector Grain
Pty Ltd has been placed into liquidation after a meeting of
creditors was held on Feb. 10, 2014.


MOTDREW INVESTMENTS: SV Partners Named as Administrators
--------------------------------------------------------
Michael Carrafa -- michael.carrafa@svp.com.au -- and David J
Lofthouse -- david.lofthouse@svp.com.au -- at SV Partners were
appointed as administrators of Motdrew Investments Pty Ltd,
formerly known as "Spectran Pty Ltd", on Feb. 6, 2014.

A first meeting of the creditors of the Company will be held at
The Theatrette At The Old Woolstore Apartment Hotel, 1 Macquarie
Street, Hobart, Tasmania, on Feb. 19, 2014, at 11:00 a.m.


QANTAS AIRWAYS: Federal Government Ready to Throw a Lifeline
------------------------------------------------------------
James Massola and Peter Hartcher at The Sydney Morning Herald
report that Treasurer Joe Hockey has signalled the federal
government is ready to throw a lifeline to Qantas.

Qantas has sought a government-backed debt guarantee as it battles
Virgin Australia for market share, and in an exclusive interview
with Fairfax Media, Mr. Hockey said, in his view, the airline's
request for assistance met four essential preconditions, according
to SMH.

SMH relates that while his instinct was for government to not
support individual businesses, Mr. Hockey said the struggling
airline had a "ball and chain" around its leg in the form of the
Qantas Sale Act.

That law restricts foreign ownership of Qantas to 49 per cent, SMH
says.

According to SMH, Mr. Hockey said the Australian airline now faced
a "2000 pound gorilla" in the form of Virgin, which is largely
foreign-owned.

"Number one is existing restrictions on the business imposed by
the Parliament. Number two is if it's an essential national
service, and number three is if it is in an environment where
other sovereigns are engaging in direct competition to the massive
disadvantage of an Australian business, then you need to take that
into account," SMH quotes Mr. Hockey as saying.

"And the fourth thing is the business has to do its own heavy
lifting on its own reform. We are not going to run the business or
tell them how to reform."

SMH notes that Qantas announced last December that it was headed
to a half-year loss of AUD300 million. It has signalled another
1,000 jobs could go, with chief executive Alan Joyce promising
more hard decisions as it looks to carve out AUD2 billion from its
cost base, the report relates.

While most senior Coalition MPs would prefer to change or scrap
the Qantas Sale Act -- to "unshackle" Qantas from its foreign
ownership and other restrictions -- there is a growing acceptance
that this change will not pass through Parliament, SMH relays.

According to the report, Labor and the Greens are staunchly
against changing the act, which is a hangover from Qantas' history
as a state-owned airline.

Unlike its competitors, Qantas is restricted to 49 per cent
foreign ownership, 35 per cent ownership by foreign airlines and
no single foreign person can own more than 25 per cent of the
airline. All this makes it more difficult for Qantas to bolster
its balance sheet, the report states.

Some Liberal economic dries told Fairfax Media they were
grudgingly "coming around" to the idea of giving Qantas a
government-backed debt guarantee, according to SMH.

                       About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 13, 2014, Moody's Investors Service has downgraded to Ba2
from Baa3 Qantas Airways Limited's senior unsecured rating.
Qantas' short term rating has also been downgraded to NP (Not
Prime) from P-3. This concludes the review initiated on Dec. 5,
2013, following Qantas' announcement and market update that it was
now expecting an underlying loss before tax of AUD250 to AUD300
million for the six months ended Dec. 31, 2013.

At the same time, Moody's has assigned a Corporate Family Rating
(CFR) of Ba1 to Qantas. The CFR, which is typically assigned to
non-investment grade corporates, reflects Moody's opinion on
Qantas' ability to honour its financial obligations as if it had a
single class of debt and a single consolidated legal entity
structure. The outlook for the ratings is negative.


TY-TECHTRONICS PTY: Pilot Partners Appointed as Administrators
--------------------------------------------------------------
Ann Fordyce -- afordyce@pilotpartners.com.au -- and Nigel Markey -
- nmarkey@pilotpartners.com.au -- at Pilot Partners were appointed
as administrators of Ty-Techtronics Pty Ltd on Feb. 7, 2014.

A first meeting of the creditors of the Company will be held at
Pilot Partners, Level 10, 1 Eagle Street, in Brisbane, Queensland,
on Feb. 19, 2014, at 10:00 a.m.



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


CHINA FISHERY: Moody's Places B1 CFR Under Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed China Fishery Group Limited's
B1 corporate family rating and the senior unsecured rating on
notes issued by its subsidiary - CFG Investment S.A.C under review
for downgrade.

Ratings Rationale

"The review is prompted by China Fishery's pending refinancing of
its US$354 million bridge loan, due for repayment at the end of
March 2014," says Alan Gao, a Moody's Vice President and Senior
Analyst.

China Fishery has indicated that it is in the process of securing
refinancing for the bridge loan with its banks, but no binding
agreement has been executed yet. Moody's expects that China
Fishery's cash on hand -- estimated at around US$100 million in
February 2014 -- will not be adequate to cover repayment of the
bridge loan. With refinancing still pending, the escalating
liquidity risk places China Fishery's ratings under pressure.

"Furthermore, China Fishery has to take refinancing action to fund
integration of its existing Peru operations with Corporaci˘n
Pesquera Inca S.A.C (Copeinca B2, positive)," adds Gao, who is
also the Lead Analyst for China Fishery.

China Fishery plans to realize economic benefits through a merger
of Copeinca with its existing fishmeal business in Peru. Such
integration will require it to refinance some of the borrowings
currently held by the two entities. The company's ability to
access new financing is critical to maintaining its current
ratings.

In its review Moody's will focus on China Fishery's ability to
secure refinancing for repayment of the bridge loan and debt
associated with the integration of Copeinca in the near term, and
the availability of additional headroom in the refinancing to
comply with covenants.

The principal methodology used in these ratings was the Global
Protein and Agriculture Industry published in May 2013.

China Fishery Group Limited is headquartered in Hong Kong and
listed on the Singapore Stock Exchange. It is engaged in three
business segments: (1) contract supply business of Alaska pollock
-- a species of cod -- in Russia's northern Pacific area, through
agreements with suppliers; (2) production of Peruvian fishmeal and
fish oil and (3) fishing fleet operations. China

Fishery is 46.9% effectively owned by the Pacific Andes group
through Pacific Andes International Holdings Ltd (PAIH), a Hong
Kong-listed integrated fish and seafood products processor. The
Carlyle Group, a global alternative asset management firm, holds
an 11.1% stake in the company.


CHINA LOGISTICS: Incurs $139,000 Net Loss in Third Quarter
----------------------------------------------------------
China Logistics Group, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $138,933 on $3.19 million of sales for the three
months ended Sept. 30, 2013, as compared with a net loss of
$204,975 on $6.34 million of sales for the same period a year ago.

For the nine months ended Sept. 30, 2013, the Company incurred a
net loss of $446,557 on $10.08 million of sales as compared with
net income of $490,533 on $17.91 million of sales for the same
period during the prior year.

The Company's balance sheet at Sept. 30, 2013, showed $4.56
million in total assets, $4.44 million in total liabilities and
$120,023 in total stockholders' equity.

"The Company has an accumulated deficit of $20,688,873 at
September 30, 2013.  During the nine months ended September 30,
2013, the Company used cash in operating activities of $374,320.
The Company has reported net loss of $446,557 and net income of
$490,533 for the nine months ended September 30, 2013 and 2012,
respectively.  The Company's ability to continue as a going
concern is dependent upon its ability to increase its revenues to
historic levels, generate profitable operations in the future and
to obtain any necessary financing to meet its obligations and
repay its liabilities arising from normal business operations when
they come due.  The outcome of these matters cannot be predicted
at this time.  These matters raise substantial doubt about the
ability of the Company to continue as a going concern," the
Company said in the Quarterly Report.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/ysn9ep

                       About China Logistics

Shanghai, China-based China Logistics Group, Inc., is a Florida
corporation and was incorporated on March 19, 1999, under the name
of ValuSALES.com, Inc.  The Company changed its name to Video
Without Boundaries, Inc., on Nov. 16, 2001.  On Aug. 31, 2006, it
changed its name from Video Without Boundaries, Inc., to
MediaReady, Inc., and on Feb. 14, 2008, it changed its name from
MediaReady, Inc., to China Logistics Group, Inc.

On Dec. 31, 2007, the Company entered into an acquisition
agreement with Shandong Jiajia International Freight and
Forwarding Co., Ltd., and its sole shareholders Messrs. Hui Liu
and Wei Chen, through which the Company acquired a 51% interest in
Shandong Jiajia.  The transaction was accounted for as a capital
transaction, implemented through a reverse recapitalization.

Shandong Jiajia, formed in 1999 as a Chinese limited liability
company, is an international freight forwarder and logistics
management company.  Headquartered in Qingdao, Shandong Jiajia has
branches in Shanghai, Xiamen, Lianyungang and Tianjin with
additional sales office in Rizhao.



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


A & J MICRONS: CRISIL Assigns 'B' Ratings to INR114MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of A & J Microns Private Limited.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Term Loan                 72      CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility         2      CRISIL B/Stable (Assigned)

   Bank Guarantee             6      CRISIL A4 (Assigned)

   Cash Credit               40      CRISIL B/Stable (Assigned)

The ratings reflect AJMP's exposure to execution and offtake-
related risks associated with the company's ongoing project. This
rating weakness is partially offset by the extensive
entrepreneurial experience of AJMP's promoters.

Outlook: Stable

CRISIL believes AJMP will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive', if the unit stabilises its operations as
per schedule and demonstrates a significantly better than expected
performance in terms of cash accruals and debt servicing
indicators. Conversely, the outlook may be revised to 'Negative',
if there is significant cost or time overrun in the project
execution or delays in stabilizing the operations of the unit
translating to weakening of its debt servicing ability.

AJMP, incorporated in November 2013, is promoted by family
friends, Mr. Vinay Patel, Mr. Jignesh Patel, Mr. Anil Patel, Mr.
Bharat Patel, Mr. Vasantlal Patel and Mr. Vimalkumar Savsani. The
company is currently setting up a unit for feldspar processing in
Morbi, Gujarat. The unit is expected to start commercial
production from April 2014. The registered office of the company
is in Morbi, Gujarat.

The promoters have an entrepreneurial experience of more than 2
decades in the ceramics and laminates industry by virtue of their
association with other group companies operating in a similar line
of business. AJMP's main product, feldspar, is a key raw material
for the manufacturing of ceramic tiles.


AADI PROCON: CARE Reaffirms 'B+' Rating on INR6.02cr Bank Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Aadi Procon Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.02       CARE B+ Reaffirmed
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Aadi Procon Pvt Ltd
continues to remain constrained on account of the low booking
status, project implementation and salability risk in the
ongoing subdued scenario of the cyclical real estate sector. The
rating also factors in the nine months delay in the project
implementation and downward revision in the project cost.

The rating, however, continues to derive strength from the
promoters' experience, established track record of the Ratna group
in real estate development and location advantage.

The ability of APPL to successfully complete the ongoing project
within the envisaged time and cost parameter, the timely receipt
of the customer advances and sale of the balance units at the
envisaged price are the key rating sensitivities.

Incorporated in July 2011, APPL is a Special Purpose Vehicle,
formed by the Ratna group of Ahmedabad which is promoted by two
brothers viz Mr Mahendra Shah and Mr Jitendra Shah, having around
35 years of experience in the real estate sector. Over the years,
the group has developed more than 41 lakh square feet (sq ft) of
area cumulatively in the residential and commercial segments.

Under the project named 'Ratna High Street', APPL is constructing
a commercial complex of ground floor plus five floors consisting
of total 141 units mainly catering to the retail/commercial
segment of super built-up area of 1.15 lakh square feet. Out of
the total 141 units, 59 units are proposed to be sold as retail
shops while rest 82 units as shops-cum-office space.

Till Dec. 31, 2013, APPL has incurred INR43.75 crore (76%) of the
revised project cost of INR57.43 crore and received customer
advances of INR5.43 crore which constitutes just 7.58% of the
total sales value of the project.


ASTA CERAMIC: CARE Assigns 'B+' Rating to INR10cr Bank Loans
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Asta Ceramic Pvt Ltd.

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

   Short-term Bank
   Facilities              1.50     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Asta Ceramic Pvt
Ltd are primarily constrained on account of its nascent stage of
operations, large presence of unorganized players posing pricing
pressure on the ceramic tiles segment, higher dependence on the
currently subdued real estate industry and susceptible margins to
volatility in the prices of raw material, power and fuel.

The ratings, however, draw strength from the experience of the
promoters in the similar line of activity through the presence of
its group operations.

The ability of ACPL to quickly stabilize its manufacturing unit,
achieve the envisaged sales and profitability while efficiently
manage its working capital requirements are the key rating
sensitivities.

ACPL was incorporated on April 13, 2013 by Mr Maheshbhai Patel and
Mr Malkeshbhai Bavarva. ACPL has set up a new manufacturing unit
for ceramic glazed tiles at Morbi, Rajkot having an installed
capacity of 30,000 MT per annum (MTPA). The promoters possess long
experience through its associate concerns viz Coral Granito Pvt
Ltd (CGPL; manufactures vitrified tiles since November 2008) and
Acer Granito Pvt Ltd (AGPL; manufactures vitrified tiles since
April 2008 and is rated CARE BB/ CARE A4) which are also engaged
in the manufacturing of vitrified tile. ACPL is the first unit of
the group in the ceramic glazed tiles segment.

ACPL incurred a project cost of INR11.65 crore (excluding margin
for the working capital) consisting of factory land of INR0.06
crore, factory building of INR1.31 crore, indigenous machinery of
INR5.55 crore, imported machineries of INR4.13 crore and other
miscellaneous expenses and assets accounted for INR0.60 crore. The
project was financed by a term loan of INR6.66 crore (against the
sanctioned amount of INR7 crore), equity share capital of INR4.01
crore and unsecured loan of INR0.98 crore.

ACPL started its commercial production from December 16, 2013 and
till January 31 2014, it registered a total operating income (TOI)
of INR2.81 crore.


CHANDU AGENCIES: CRISIL Cuts Rating on INR85MM Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Chandu Agencies to 'CRISIL B/Stable' from 'CRISIL BB+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             85        CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB+/Stable')

The downgrade reflects deterioration in CA's business risk profile
because of discontinuation of distributorship of Hindustan
Unilever Ltd (HUL) products in December 2013. CA does not have any
distributorship in hand and is in negotiation with other
principals. The absence of any principal poses significant risk to
sustainability of CA's business.

With discontinuation of distributorship, CA has to repay its
outstanding cash credit facility to the bank by March 2014. As on
Dec. 31, 2013, the firm had outstanding balance of INR65 million
in its cash credit limit. The downgrade also factors in stretch in
CA's liquidity on account of substantial obligations over the near
term against slow recoveries from customers. CRISIL believes that
CA's liquidity will remain stretched over the near term.

The rating reflects CA's exposure to risks because of absence of
any principal following discontinuation of dealership of HUL
products. The rating weakness is partially offset by the extensive
experience of CA's promoters in the distributorship business.
Outlook: Stable

CRISIL believes that CA will continue to benefit over the medium
term from its promoters' extensive experience in the
distributorship business. The outlook may be revised to 'Positive'
if the firm secures new distributorship, thereby sustaining its
scale of operations. Conversely, the outlook may be revised to
'Negative' if CA's liquidity deteriorates on account of slower
recovery of receivables.

CA was set up as a partnership firm in 1978. The firm is owned
equally by the Borana and Singhal families. It was the primary
distributor of HUL for the latter's fast-moving consumer goods in
Nagpur. However, the distributorship was discontinued in December
2013.


CHEMITECH ENGINEERS: CRISIL Keeps B+ Ratings on INR182.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chemitech Engineers Pvt
Ltd continue to reflect CEPL's weak financial risk profile, marked
by a highly leveraged capital structure and weak debt protection
metrics, its large working capital requirements, and geographic
concentration in its revenue profile. These rating weaknesses are
partially offset by the company's established market position,
promoters' extensive industry experience, diversified revenue
profile, and moderate risk management policies, marked by low
inventory and a large customer base.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           20      CRISIL A4 (Reaffirmed)

   Cash Credit              49      CRISIL B+/Stable (Reaffirmed)

   Inland/Import Letter
   of Credit               117.5    CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      133.5    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CEPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if the company improves its
scale of operations, operating profitability, and capital
structure. Conversely, the outlook may be revised to 'Negative' if
CEPL's profitability weakens, most likely because of intense
competition, or if its working capital management deteriorates.

Update
CEPL's operating income grew marginally to INR593 million in 2012-
13 (refers to financial year, April 1 to March 31) as against
INR576 million in the previous year. The stagnant revenues are
primarily attributed to low demand growth for the company's traded
chemicals. CEPL's operating margin also declined by 130 basis
points to 2.6 per cent in 2012-13 due to lower revenue
contribution from the higher margin civil construction segment.
The company's working capital requirements have reduced, reflected
in its gross current assets of 137 days as on March 31, 2013,
against 158 days as on March 31, 2012. The improvement is mainly
on account of reduction in receivables to 111 days from 127 days
over this period.

Despite the reduction in its working capital, CEPL's financial
risk profile remains below average because of its small net worth
of INR63 million, and high total outside liabilities to tangible
net worth ratio of 2.81 times, as on March 31, 2013. Also, low
profitability and high reliance on external funding led to a weak
interest coverage ratio of 1.26 times in 2012-13. The small net
worth restricts CEPL's financial flexibility in any adverse
conditions or downturns in the business. Its liquidity is further
constrained by high bank limit utilisation of 95 per cent during
the 12 months through December 2013, due to large working capital
requirements.

CEPL was originally set up in 1988 as a partnership firm; the firm
was reconstituted as a private limited company in 1997. CEPL is
promoted by Mr. D L Gupta and Mr. N K Gupta. It trades in
chemicals and undertakes civil construction work in the National
Capital Region.


GS DEVELOPERS: ICRA Lowers Ratings on INR75cr Loans to 'D'
----------------------------------------------------------
ICRA has downgraded the long term rating of GS Developers &
Contractors Private Limited from '[ICRA]BB' to '[ICRA]D' for
INR20.0 crore fund based limits. ICRA has also downgraded the
short term rating from '[ICRA]A4' to '[ICRA]D' for INR55.0 crore
non-fund based limits of GSDCPL.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------              -----------    -------
   Fund Based Facilities       20.0       [ICRA]D (Downgraded)
   Non-Fund Based Facilities   55.0       [ICRA]D (Downgraded)

The ratings revision reflects GSDCPL's stretched liquidity profile
as exhibited by delays in the debt servicing by the company. The
financial risk profile of the company has deteriorated on account
of increase in working capital requirements backed by rise in
debtors and decline in turnover along with significant losses.
Going forward, GSDCPL's ability to service the debt obligation in
time and grow its revenues with improvement in profitability and
capital structure will be amongst the key rating sensitivity
factors.

G.S. Developers and Contractors Private Limited was promoted by
Mr. Iqbal Singh in 1987. After his death, his son Mr. Gurmit Singh
took charge of the company and is currently the managing director
of the company. GSDCPL is a closely held company with entire
share-holding with the promoters. The company is involved in civil
construction business with its projects majorly
concentrated in North India (mainly NCR). The company has
experience in handling various types of construction projects
which includes industrial, institutional, commercial and
residential. Currently, the order book largely comprises of
residential projects. Some of the big companies which have been
associated with GSDC in the past include Mahindra & Mahindra
Group, Vatika Group, Godrej, Parle, HUL, WIPRO, etc.

Recent Results:

In FY2013, GSDCPL reported a net loss of INR16.04 crore on a
turnover of INR146.34 crore as against a profit after tax (PAT) of
INRRs. 5.85 crore on a turnover of INR175.45 crore in FY2012.


HERITAGE HOSPITALS: CRISIL Reaffirms B- Ratings on INR1.31BB Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Heritage
Hospitals Ltd continues to reflect HHL's susceptibility to
project-related risks as it is in project phase of setting up a
multi-speciality hospital and medical college, which is expected
to constrain its liquidity over the medium term; the rating also
factors in the company's geographical concentration in revenue
profile. These rating weaknesses are partially offset by HHL's
established market position and moderate operating efficiency.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          25        CRISIL B-/Stable (Reaffirmed)

   Term Loan          1288.2      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HHL will continue to maintain its established
market position over the medium term. The outlook may be revised
to 'Positive' if HHL implements its capital expenditure (capex)
programme in a timely manner without any cost overrun, and
generates more-than-expected cash accruals, leading to improvement
in its liquidity. Conversely, the outlook may be revised to
'Negative' in case of deterioration in HHL's financial risk
profile, most likely due to time or cost overrun in the company's
proposed capex or if offtake from the proposed capex is lower than
expected, thereby resulting in deterioration in its liquidity.

Update
HHL is in the project phase to add another hospital-cum-medical
college and research centre in Varanasi (Uttar Pradesh). Total
outlay of the project is estimated at around INR1.64 billion, to
be funded with debt of INR1.14 billion, INR330 million through mix
of equity infusion from promoters and internal accruals, and rest
through contribution from a private equity fund (investors include
Bhumiputra India Ltd, Reckon Power Pvt Ltd, and Kavya Naturecare
Pvt Ltd) for the 20 per cent of share. The multi-speciality
hospital is expected to start by June 2014 and the medical college
by September 2014. HHL already has a well-established hospital,
Heritage Hospital, which is operational since 1994 and the
existing hospital's brand is also expected to benefit the new
hospital-cum-medical college; however, the company is exposed to
project implementation and funding risks as the entire
contribution from PE investors and bank funding is yet to come,
and any delay in financial closure of the said capex could delay
the project. CRISIL believes that HHL will remain susceptible to
project-related risks over the medium term.

HHL is expected to avail term loans of around INR1.14 billion to
execute the project. The interest servicing will commence from
December 2014 and the principle payments will start from December
2015. HHL's ability to timely service the interest and principle
is highly dependent on accruals from the new hospital and medical
college. Any project completion delays or lower-than-expected
offtake from the proposed capex will constrain the company's
liquidity.

HHL was incorporated in 1991 as a public limited company. It is
promoted by Dr. Siddharth Rai (MD) and his younger brother, Mr.
Anshuman Rai, along with a team of professionals; namely Professor
P N Somani (cardiologist and ex-director of Institute of Medical
Sciences [IMS] at Banaras Hindu University) and Professor (Dr.) S
K Roy (ex-head of IMS).


JAYAHO AGRI: CRISIL Reaffirms 'B' Rating on INR120MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jayaho Agri
Ventures Pvt Ltd continues to reflect JAVPL's large working
capital requirements and below-average financial risk profile,
marked by small net worth, high gearing, and below-average debt
protection metrics. These rating weaknesses are partially offset
by the benefits that JAVPL derives from its promoters' extensive
industry experience and its established relations with clients.

                      Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit         120      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JAVPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relations with clients. The outlook may be revised
to 'Positive' if there is a sustained improvement in the company's
working capital management, or there is a substantial improvement
in its capital structure on the back of equity infusion from its
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in the company's profitability margins or
a significant deterioration in its capital structure on account of
larger-than-expected working capital requirements

Incorporated in 2009, JAVPL trades in tobacco. The company is
promoted by Mr. Nagothu Sleeva Raju and his family members.


K. P. INDUSTRIES: CRISIL Places 'B' Rating on INR50MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of K. P. Industries.  The rating reflects KPI's
small scale of operations and weak financial risk profile, marked
by a small net worth, high gearing, and weak debt protection
metrics. Theses rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the rice and wheat
milling and trading industry.

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

Outlook: Stable

CRISIL believes that KPI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial equity
infusion or more-than-expected accretion to reserves, leading to
an improvement in the firm's capital structure and liquidity.
Conversely, the outlook may be revised to 'Negative' if KPI
undertakes an unexpected large debt-funded capital expenditure
programme, or reports less-than-expected revenues and
profitability, thereby adversely affecting its financial risk
profile, including its liquidity.

KPI was set up in 2010 as a partnership firm in Ahmedabad
(Gujarat) by the Prajapati family. The firm is engaged in rice and
wheat processing with a total capacity of 3.25 tonnes per hour.
The processing facilities are in Ahmedabad. KPI's day-to-day
operations are managed by Mr. Dhaval Prajapati and Mr. Atul
Prajapati.

For 2012-13 (refers to financial year, April 1 to March 31), KPI
reported a profit after tax of INR0.7 million on net sales of
INR311.2 million.


KAFILA HOSPITALITY: CRISIL Reaffirms B+ Rating on INR400MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kafila
Hospitality and Travels Pvt Ltd continues to reflect KHTPL's weak
financial risk profile, marked by a small net worth, high total
outside liabilities to tangible net worth (TOLTNW) ratio, and weak
interest coverage ratio.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           400      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's large working capital
requirements, small scale of operations, the susceptibility of its
revenues and profitability to cyclical demand in the airline
industry, and to regulations of the International Air Transport
Association (IATA). These rating weaknesses are partially offset
by the extensive experience of KHTPL's promoter in the travel and
tourism industry.

Outlook: Stable

CRISIL believes that KHTPL will continue to benefit over the
medium term from its established network of agents and healthy
relationships with domestic airlines. The outlook may be revised
to 'Positive' if KHTPL reports higher-than-expected revenues while
sustaining its operating profitability, thereby improving its
financial risk profile, and its liquidity. Conversely, the outlook
may be revised to 'Negative' if the company reports lesser-than-
expected revenues and profitability, because of pricing pressures
from airlines. A larger-than-expected increase in KHTPL's working
capital requirements, consequently weakening its financial risk
profile and liquidity could also result in a 'Negative' outlook
revision.

KHTPL was founded by the Delhi-based Chadda family in 2008. The
company undertakes airline ticket and hotel bookings through the
business-to-business (B2B) and business-to-consumer (B2C) models,
and runs a guest house which has 27 rooms.


KINGFISHER INDUSTRIES: CRISIL Puts 'B+' Rating on INR116.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of Kingfisher Industries Pvt Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               46.5       CRISIL B+/Stable (Assigned)
   Bank Guarantee          10         CRISIL A4 (Assigned)
   Cash Credit             70         CRISIL B+/Stable (Assigned)

The ratings reflect KIPL's working capital intensive operations
with limited track record of operations. The ratings also factors
in KIPL's average financial risk profile, marked by high gearing
and modest debt protection metrics. These rating weaknesses are
partially offset by the benefit which the company derives from the
extensive experience of its promoters in the forging industry, and
the financial support received from them.

Outlook: Stable

CRISIL believes that KIPL will maintain a stable business risk
profile over the medium term backed by its promoter's extensive
industry experience. The outlook may be revised to 'Positive' if
the company increases its scale of operations while improving its
working capital management leading to improvement in overall
financial risk profile. Conversely, the outlook may be revised to
'Negative' if company's financial risk profile deteriorates
significantly because of increase in working capital requirements
or any significant debt funded capital expenditure.

KIPL was incorporated in the year 2012 and is engaged in the
business of manufacturing fasteners and forging (hot-forging and
cold-forging). The company commenced its commercial production
from April, 2013 and is promoted by Mr. Sunil Kumar Singla and his
sons Mr. Karan Pratap Singla and Mr. Viresh Pratap Singla.


KVN AUTO: CRISIL Assigns 'B' Rating to INR100MM Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of KVN Auto Engineering Pvt Ltd. The rating reflects
KVN's below-average financial risk profile, marked by a modest net
worth and a high gearing. The rating also reflects the company's
modest scale of operations in the intensely competitive automotive
(auto) components industry. These rating weaknesses are partially
offset by the experience of KVN's promoters in the auto components
industry.

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

   Term Loan               45       CRISIL B/Stable (Assigned)

Outlook: Stable

CRISIL believes that KVN will continue to benefit over the medium
term from its promoters' experience in the auto components
industry. The outlook maybe revised to 'Positive' in case the
company scales up its operations substantially, and improves its
profitability, leading to better-than-expected cash accruals and,
as a result, improvement in its financial risk profile.
Conversely, the outlook maybe revised to 'Negative' if KVN
generates lower-than-expected cash accruals, or if its working
capital requirements are larger than expected, or if it undertakes
a larger-than-expected capital expenditure programme.

KVN, headquartered in Rudrapur (Uttarakhand) and set up in 2010,
manufactures auto components such as shafts, axles, suspensions,
and various turning components that are primarily used in light
commercial vehicles as well as in two wheelers. The company is
promoted by Mr. Vishal Singh and Mrs. Geeta Shah.


MADHUSUDAN GARAI: CRISIL Assigns 'B+' Rating to INR30MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Madhusudan Garai.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         35       CRISIL A4 (Assigned)
   Cash Credit            30       CRISIL B+/Stable (Assigned)

The ratings reflect MG's small scale of operations, small net
worth limiting its financial flexibility, working-capital-
intensive operations, high degree of customer concentration in its
revenue profile, and its exposure to intense competition in the
construction industry. These rating weaknesses are partially
offset by the benefits that MG derives from its proprietor's
extensive experience in the civil construction industry, and the
firm's above-average financial risk profile, marked by low gearing
and robust debt protection metrics.

Outlook: Stable

CRISIL believes that MG will continue to benefit over the medium
term from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if there is a substantial and
sustained improvement in the firm's scale of operations, while
maintaining its profitability margins, or there is substantial
increase in its net worth on the back of capital infusion by its
proprietor. Conversely, the outlook may be revised to 'Negative'
if there is steep decline in the firm's profitability margins or
there is a significant deterioration in its capital structure on
account of larger-than-expected working capital requirements or
large debt-funded capital expenditure.

MG is a proprietorship concern established in 1979 and is engaged
in civil construction activities such as construction of
buildings, roads, and other development activities for government
entities. The firm is classified as Class 1 (A) contractor by
Central Public Works Department.


NAMRATA PROMOTERS: CRISIL Reaffirms B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Namrata Promoters &
Builders continues to reflect NPB's exposure to risks related to
the completing, funding, and saleability of its ongoing
residential projects and to cyclicality inherent in the Indian
real estate industry, and geographical concentration risk. These
rating weaknesses are partially offset by the benefits that NPB
derives from its promoters' extensive experience in the real
estate industry in Pune (Maharashtra) and the Namrata group's
track record of executing projects on time.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          100       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NPB will continue to benefit over the medium
term from its promoters' extensive experience in the real estate
industry in Pune. The outlook may be revised to 'Positive' in case
NPB registers better-than-expected booking of units and timely
receipt of customer advances for its ongoing projects, leading to
higher-than-expected cash inflows. Conversely, the outlook may be
revised to 'Negative' in case the firm registers deterioration in
its liquidity, either because of delays in receipt of customer
advances or time or cost overruns in the projects, or if the firm
undertakes any other large project.

Update
One of the ongoing projects of NPB, Eco City, has seen better-
than-expected bookings of units; 87 per cent of the units in this
project have been booked and receipt of customer advances stood at
around INR271 million. The better-than-expected bookings and
receipt of customer advances have partly mitigated funding- and
demand-related risks for this project. However, around 40 per cent
of construction is still pending for this project. In addition,
NPB has recently started implementing a new project in Talegaon,
Pune, and is expected to have around 208 saleable units. The total
project is expected to cost around INR230 million, which would be
funded through external debt of INR75 million, promoters' funding
of INR26 million, and the rest from customer advances. The rating
remains constrained because of high risk as the project is in
initial phases of construction

NPB, established in 1994, is part of the Pune-based Namrata group.
The group was set up in 1987 by Mr. Deepak Shah and his brother,
Mr. Shailesh Shah. The Namrata group has executed numerous
residential and commercial projects in Pune over the last 25
years. NPB is currently executing a 320-flat residential project
in Talegaon (Maharashtra) named Eco City.


NEWRISE HEALTHCARE: CARE Lowers Rating on INR75cr Loans to 'D'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Newrise Healthcare Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         75        CARE D Revised from
   Facilities                       CARE B

Rating Rationale

The revision in rating of New Rise Healthcare Pvt Ltd takes into
account the recent delays in servicing of its debt obligations.

NRHPL is promoted by Panacea Biotec Ltd (75.2% stake) and the
Umkal group (24.8% stake). NRHPL was previously known as Umkal
Medical Institute Pvt Ltd. The name was changed to the present one
in March 2011. NRHPL is setting up a multi-specialty hospital with
224 beds at a DLF (Phase-3), Gurgaon on a 2.5 acres area.  PBL had
entered as a promoter by taking 75.2% stake in NRHPL in May 2008
by way of infusion of equity. Consequent to this, the Umkal group
(Umkal) would act only as an investor without offering any further
financial or management support. The hospital achieved partial COD
in December 2012 as per the revised scheduled commencement date.

The project cost of NRHPL has been revised upwards to INR168.5
crore (funded by existing DE ratio of 2.4x, debt of INR119.4 crore
and equity of INR49.1 crore) from an earlier estimate of INR142.6
crore with project DE of 2.4x (with debt of INR101 crore and
equity of INR41.6 crore). As on July 31, 2013, cost of INR146.95
crore was incurred on the project.


OMKAM COMMUNICATIONS: CARE Cuts Rating on INR16cr Loans to 'D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Omkam Communications Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term bank        16         CARE D Revised from
   Facilities                       CARE C
   (Fund-based)


Rating Rationale

The revision in the rating of the bank facilities of Omkam
Communications Private Limited takes into account the delay in
servicing of debt obligations.

Omkam Communications Private Limited was incorporated in January
1988 as Retrofit Systems Private Ltd. Subsequently, the name of
the company was changed to Cyberlogy (India) Private Limited in
May 2002 and thereafter to the present name in February 2010. The
company is engaged in the trading of hardware and software
products related to information technology, web hosting solutions,
e-commerce solutions, web site development, etc. The company
mainly executes orders for government departments and large
corporates through sub-tenders.


OMKAR FERTILISERS: CRISIL Suspends 'D' Rating on INR75MM Loans
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Omkar Fertilisers Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               30      CRISIL D Suspended
   Term Loan                 45      CRISIL D Suspended

The suspension of ratings is on account of non-cooperation by OMPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OMPL is yet to
provide adequate information to enable CRISIL to assess OMPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'

Incorporated in 2010, OMPL is setting up a 300-tonne per day (tpd)
nitrogen, phosphorous, and potassium customised fertilizer
manufacturing plant in the West Godavari district of Andhra
Pradesh. The company has its registered office in Hyderabad
(Andhra Pradesh). The total cost of the project is INR72 million,
and is being funded in a 2:1 debt-to-equity ratio; cost incurred
up to March 2010 was INR45 million. The project is expected to
commence commercial operations in June 2011.


PANACEA BIOTEC: CARE Lowers Rating on INR1,114.26cr Loans to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Panacea Biotec Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       971.93      CARE D Revised from
   Facilities                       CARE B

   Long/Short-term      142.33      CARE D Revised from
   Bank Facilities                  CARE B/CARE A4

Rating Rationale

The revision in rating of Panacea Biotec Ltd takes into account
the recent delays in servicing of its debt obligations.

Incorporated in February 1984, Panacea Biotec Ltd is promoted by
the Jain family, which has been in the pharmaceuticals business
for the last three generations. PBL has manufacturing facilities
for vaccines and pharmaceutical formulations complying with
international regulatory standards of US-FDA, UK-MHRA & SA-MCC.

In FY13 (refers to the period April 1 to March 31), the company
reported a total operating income of INR601.4 crore and net loss
of INR230.1 crore as against a total operating income of INR708
crore and a net loss of INR207.8 crore in FY12. During the quarter
ended Sep 30, 2013, the company reported a net loss of INR 117.2
crore on a total income of INR228.2 crore.


RADHE RESIDENCY: ICRA Suspends 'B' Rating on INR8cr Loans
---------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]B' assigned to
the INR8.00 crore fund-based limits of Radhe Residency. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


SANDWOODS INFRATECH: CRISIL Cuts Rating on INR80MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sandwoods Infratech Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------           ---------   -------
   Cash Credit             80       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects delay in repayment of cash credit
limit owing to stretched liquidity because of subdued customer
advances.

SIPL is also exposed to risks related to completion, funding, and
saleability of its ongoing projects, and is vulnerable to inherent
risks and cyclicality in the Indian real estate industry. These
rating weaknesses are partially offset by extensive experience of
its promoters in real estate development and the company's
established brand name in and around Chandigarh (Punjab/Haryana)
and Shimla (Himachal Pradesh).

SIPL, promoted by Mr. Shiv Kumar Baagolia, is a property
developer, with focus on luxury residences. It operates in Punjab
and Himachal Pradesh. SIPL was initially founded as Bagolia
Associates in 1985; its name was changed to UB Constructions when
it operated as a property developer in Punjab; in February 2012,
it was incorporated and its name was changed to the current one.

SIPL reported a profit after tax (PAT) of INR0.2 million on net
sales of INR119.3 million for 2012-13 (refers to financial year,
April 1 to March 31); the company reported a PAT of INR12.9
million on net sales of INR298.5 million for 2011-12.


SARASWATI PIGMENTS: CRISIL Lowers Rating on INR85MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Saraswati Pigments Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               30       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility        13.1     CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Term Loan                 41.9     CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The rating downgrade reflects instances of delay by SPPL in
servicing its debt; the delays have been caused by the company's
weak liquidity, resulting from low cash accruals and large working
capital requirements.

SPPL's financial risk profile is below average, marked by a small
net worth and high gearing.  It also has a modest small scale of
operations in the highly competitive pigments industry, and
working-capital-intensive operations. Moreover, its operations
remain highly susceptible to volatility in raw material prices.
However, the company benefits from the extensive experience of its
promoters in the chemical industry

SPPL is promoted by Mr. Kamlesh Patel and his brother Mr. Arshad
Patel. The company was taken over by the Patel family from Mr.
Shivshankar Shah and Mr. Gopal Krishna Sharma in April 2010.

SPPL manufactures copper phthalocyanine blue (CPB), which is an
intermediate product used in the manufacture of pigments for
paints, plastics, rubber, textiles, and ink.


SMLASH ISPAT: ICRA Rates INR4cr Fund Based Loan at 'B+'
-------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' to the INR4.00
crore fund based facility of Smlash Ispat Private Limited.  ICRA
has also assigned a short-term rating of '[ICRA]A4' to the INR0.50
crore fund based facility and the INR3.50 crore non-fund based
facility of SIPL.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund based facility       4.00        [ICRA]B+ assigned
   Fund based facility       0.50        [ICRA]A4 assigned
   Non-fund based facility   3.50        [ICRA]A4 assigned

The assigned ratings consider the healthy capacity utilisation in
the current fiscal, with operations commencing in September 2012,
and the favourable long-term demand outlook for steel products.
The ratings also consider the Company's stretched capital
structure and coverage metrics, although these are expected to
improve, to an extent, over the medium term; the modest scale of
its operations, which is likely to restrict financial flexibility;
and the Company's accruals being vulnerable to the cyclicality
inherent in the steel industry, which is passing through a weak
phase at present.

SIPL, incorporated in 2009, is primarily engaged in manufacturing
GI pipes. The Company has its manufacturing unit at Thrissur
(Kerala), with an installed capacity of 12,000 TPA. It sources raw
materials domestically and largely caters to the local demand
arising in Kerala. The Company was promoted by Mr. P A Mahameed
Hazeem (Managing Director), Mr P K Abdul Rahiman, Mr. A I
Shalimar, and Mr. Sakir Hussain.

Recent results (unaudited)

SIPL reported profit before depreciation and taxes of INR0.8 crore
on an operating income of INR20.8 crore during the period April to
September 2013.


SONPAL EXPORTS: CRISIL Lowers Rating on INR333.6MM Loan to 'B+'
---------------------------------------------------------------
CRISIL's has downgraded its ratings on the bank facilities of
Sonpal Exports Pvt Ltd (SEPL; part of the Sonpal group) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit    333.6    CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that the Sonpal
group's financial risk profile will remain weak over the medium
term because of its stretched working capital cycle. SEPL's
standalone debtors increased to 105 days as on March 31, 2013,
from 21 days as on March 31, 2012. This led to an increase in its
total outside liabilities to tangible net worth (TOLTNW) ratio to
8.9 times from 4.1 times over this period. Consequently, the
Sonpal group's TOLTNW ratio also increased to 8.1 times as on
March 31, 2013, from 3.6 times as on March 31, 2012. The group's
total debt increased by 228 per cent in 2012-13 (refers to
financial year, April 1 to March 31), because of increase in its
working capital requirements. CRISIL expects the Sonpal group's
working capital cycle to remain stretched over the medium term,
with debtors remaining high even as on December 31, 2013.

The ratings reflect the Sonpal group's low value-added nature of
operations, and below-average financial risk profile, marked by a
high TOLTNW ratio and a weak interest coverage ratio. These rating
weaknesses are partially offset by the extensive experience of the
group's promoter in the agricultural commodities business and its
healthy scale of operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SEPL, Hanuman Industries (HI), and Shiv
Shankar Oil Industries Pvt Ltd (SSOIPL). This is because all these
entities, together referred to as the Sonpal group, are in a
similar line of business, owned by the same promoter, and have
fungible cash flows with each other.

Outlook: Stable

CRISIL believes that the Sonpal group will continue to benefit
over the medium term from its stable revenue growth and its
promoter's extensive experience in the agricultural commodities
business. The outlook may be revised to 'Positive' if the group
significantly improves its financial risk profile, most likely
because of significant improvement in its profitability and better
working capital management. Conversely, the outlook may be revised
to 'Negative' if the Sonpal group's operating revenues and margin
are lower than expected, or its working capital management
weakens, leading to weakening of its debt protection metrics and
liquidity.

SEPL, incorporated in 2004, hulls natural sesame seeds for the
export market. HI was set up in 2003 as a proprietorship concern;
it was reconstituted as a partnership firm in 2007. Apart from
sorting, the firm primarily operates as a trader in sesame seeds
and other agricultural products in the export market. SSOIPL was
incorporated in 2011 and is in the same line of business. The
group is promoted by Mr. Manojkumar Sonpal.

For 2012-13, SEPL reported a profit after tax (PAT) of INR12.5
million on net sales of INR2.6 billion, against a PAT of INR11.1
million on net sales of INR2.6 billion for 2011-12.


SRI ANJANEYA: CARE Reaffirms 'B+' Rating on INR22.2cr Bank Loans
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sri Anjaneya Agrotech Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         22.2       CARE B+ Reaffirmed
   Facilities

Rating Rationale

The rating continues to be constrained by SAPL's poor operational
and financial performance during FY13 (refers to the period
April 1 to March 31) resulting in deterioration in the capital
structure and stretched liquidity position. The rating also takes
note of the recovery in performance in H1FY14 and regular infusion
of funds by the promoters.

The rating continues to be constrained by the medium scale of
operations, seasonal availability and volatility in the raw
material prices, geographical concentration risk and intense
competition in the industry.

However, the ratings continue to draw strength from the
experienced management and growing demand for the rice bran oil.
Going forward, the ability of the company to effectively utilize
available capacities and scale up the operations while improving
its profitability margins along with an improvement in the
leverage parameters and liquidity position will be the key rating
sensitivities.

Sri Anjaneya Agro-tech Private Limited is a closely-held company
promoted by Mr A.S. Veeranna. It is engaged in the manufacturing
and marketing of various edible oils such as rice
bran/sunflower/soya bean oil to wholesale and retail markets under
the brand name "Akshath" in the state of Karnataka. The company
operates a solvent extraction unit and refining unit of 500
MTPD and 100 MTPD installed capacities respectively at Davanagere,
Karnataka. The day-to-day operations of the company are looked
after by Mr A.K. Prashant (MD).

During FY13, SAPL incurred a net loss of INR0.25 crore on a total
income of INR116.4 crore. For the six months ended September 2013,
the company reported a net profit of INR0.2 crore on a total
income of INR65 crore.


SRI LAKSHMIKANTHA: ICRA Upgrades Rating on INR125.81cr Loans to B
-----------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR125.81 crore long
term fund based limits of Sri Lakshmikantha Spinners Limited  to
'[ICRA]B' from '[ICRA]B-' earlier. The short term rating assigned
for the INR2.85 crore non-fund based facilities of SLSL has been
reaffirmed at '[ICRA]A4'. ICRA has also upgraded the rating
assigned to the INR28.92 crore unallocated limits of SLSL to
[ICRA]B/[ICRA]A4 from [ICRA]B-/[ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund       125.81       [ICRA]B (upgraded from
   based limits                      [ICRA]B-)

   Short term non-        2.85       [ICRA]A4 (reaffirmed)
   fund based limits

   Unallocated limits    28.92       [ICRA]B/[ICRA]A4 (upgraded
                                     From [ICRA]B-/[ICRA]A4)

The rating upgrade favourably factors in the stabilization of
operations in the 32,640 spindle capacity commissioned in August
2012 increasing the total installed capacity to 48,868 spindles
and the consequent increase in turnover and profitability aided by
an improved operating environment for the spinning industry. The
rating continues to draw comfort from the significant experience
of the promoters in cotton yarn manufacturing and their financial
support in addition to SLSL's proximity to cotton growing areas of
AP and lower power tariffs in the state with fiscal incentives
offered by the AP State Government. The rating is however
constrained by the moderate financial profile of the company
characterised by a gearing of 2.06 times, NCA/Total Debt of 9% and
an NWC/OI of 65% as at March 31, 2013 chiefly on account of the
debt funded capacity expansion concluded in August 2012.

ICRA takes note of the stretch in liquidity due to delay in
receiving insurance claim against the loss of inventory in the
fire accident in March 2012 and SLSL's high dependence on working
capital financing from banks to fund its increasing working
capital intensity on account of high inventory levels and delay in
receivables from export sales. ICRA also notes that going further,
optimum capacity utilisation with stable profitability would be
critical to the debt servicing ability of the company given the
commoditized nature of the product in a highly fragmented industry
which limits the company's ability to pass on the hike in input
costs and the vulnerability to regulatory risks with regards to
minimum support price for kapas and export restrictions.

Established in 2004 as an offshoot of the partnership firm M/s
Sree Lakshmikantha Industries, which started in the year 1998, and
which is an offshoot of Sri Nataraja Cotton which hails back to
1968, Sri Lakshmikantha Spinners Limited (SLSL) started cotton arn
manufacturing from December 2007.

Located at Chandapur in Medak district of Andhra Pradesh, SLSL
started its commercial production with an initial capacity of
14,112 spindles and added 2,116 spindles in December 2009 and
further added 32,640 spindles to its existing capacity to increase
installed capacity to the current level of 48,868 spindles;
additional 32,640 spindles have been operational from August 2012.
Apart from spinning capacity, SLSL also has ginning capacity of 12
gins for its captive use. SLSL is engaged in the manufacturing of
lower and medium count combed and carded variety of cotton yarn.

Recent Results (Provisional)

SLSL has, for the year ended March 31, 2013, reported an operating
income of INR117.39 crore and a profit before tax of INR6.83 crore
as against INR75.21 crore and INR4.04 crore respectively for 6M FY
14.


SRI VIJAYA: CRISIL Assigns B Ratings to INR100MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Sri Vijaya Lakshmi Raw and Boiled Rice Mill
(SVRB). The rating reflects SVRB's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
and small scale of operations in the intensely competitive rice
milling industry. These rating strengths are partially offset by
the promoters' extensive experience in the rice milling business.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        30      CRISIL B/Stable (Assigned)


   Proposed Cash Credit
   Limit                      17.5   CRISIL B/Stable (Assigned)


   Cash Credit                32.5   CRISIL B/Stable (Assigned)


   Long Term Loan              20    CRISIL B/Stable (Assigned)

Outlook: Stable

CRISIL expects the SVRB to maintain its moderate business risk
profile on the back of the long standing industry experience of
its management. The outlook may be revised to 'Positive' if the
firm's revenues and profitability increase substantially leading
to an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes
aggressive, debt-funded expansions, or if its revenues and
profitability declines substantially leading to deterioration in
its financial risk profile.

Set up in 1983 SVRB is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The firm is promoted
by Mr.B.Purna Chandra Rao and his family members.

For 2012-13 (refers to financial year, April 1 to March 31), SVRB
reported a profit after tax (PAT) of INR0.18 million on net sales
of INR98.8 million, against a PAT of INR0.17 million on net sales
of INR133.3 million for 2011-12.


SRIRAMAGIRI SPINNING: CRISIL Puts 'D' Rating on INR380MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the short-term bank
facilities of Sriramagiri Spinning Mills Ltd while reaffirming its
rating on SSML's long-term bank facilities at 'CRISIL D'. The
ratings reflect instances of delay by SSML in servicing its debt;
the delays have been caused by the company's weak liquidity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit              120        CRISIL D
   Letter of Credit          10        CRISIL D
   Long Term Loan           250        CRISIL D

SSML also has a weak financial risk profile marked by small net
worth, high gearing, and weak debt protection metrics.
Furthermore, the company has large working capital requirements
and its operating margin is susceptible to volatility in raw
material prices. However, SSML benefits from its proximity to the
cotton-growing areas in Adilabad and Guntur (both in Andhra
Pradesh).

SSML was incorporated in Nalgonda (Andhra Pradesh) in 2006. The
company manufactures cotton yarn, and is promoted by Mr. S
Ramachandra Rao and his family.


SRISHTI CONSTRUCTIONS: CRISIL Puts B Rating on INR87.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Srishti Constructions.  The ratings reflect
SC's weak financial risk profile, marked by high gearing and weak
debt protection metrics, high working capital requirements and
small scale of operations of the firm in highly fragmented
industry.  These rating weaknesses are partially offset by SC's
promoter's extensive experience in the industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        62.5    CRISIL B/Stable (Assigned)

   Bank Guarantee            92.5    CRISIL A4 (Assigned)

   Cash Credit               25      CRISIL B/Stable (Assigned)

Outlook: Stable

CRISIL believes that SC will maintain its business risk profile
backed by promoters' extensive experience in the industry. The
outlook may be revised to 'Positive' in case the firm generates
higher than expected sales along with sustained profitability.
Conversely, the outlook may be revised to 'Negative' in case of
increase in working capital requirement and/or significant
withdrawals by promoters leading to deterioration in financial
risk profile.

Srishti Constructions is a partnership firm started in 1998 by Mr.
Ravi Goyal and Mr. Rajesh Kumar. The firm is located in Jalandhar,
Punjab and is into civil construction work.


SUMATI ENGINEERING: CRISIL Assigns 'D' Ratings to INR140MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Sumati Engineering Co. Pvt Ltd. The rating reflects instances
of delay by Sumati in servicing its term debt; the delays have
been caused by the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          100        CRISIL D
   Term Loan             40        CRISIL D

Sumati also has a small scale of operations and large working
capital requirements. However, it benefits from its above average
financial risk profile and its promoters' experience in the
automobile industry.

Sumati, incorporated in 1985, manufactures various automotive
components, which include sheet metal components, machinery
components such as transmission forks, and 3-point linkages along
with other products for automobile manufacturers. The company's
manufacturing facilities are at Faridabad (Haryana), Rudrapur
(Uttaranchal), and Nagpur (Maharashtra). It is promoted by Mr. J S
Virdi and his family.


TEBMA SHIPYARDS: CARE Reaffirms 'B' Rating on INR258.05cr Loans
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Tebma Shipyards Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           258.05      CARE B Reaffirmed

   Short-term Bank
   Facilities           497.97      CARE A4 Reaffirmed

Rating Rationale

The ratings of Tebma Shipyard Ltd continue to be constrained by
sub-optimal utilization of its facilities, declining order book
position leading to low revenue visibility, working capital
intensity of business, weak credit profile and stretched debt
service coverage indicators and cyclical nature of the
shipbuilding sector. The ratings are also constrained by the
development at the parent level i.e Bharati Shipyard Limited,
being referred to the Corporate Debt Restructuring (CDR) cell,
restricting the financial flexibility of TSL.

The ratings continue to consider TSL's professionally qualified
and experienced management and track record of TSL in the
shipbuilding industry.

The ability of the company to tie up adequate working capital
funding so as to secure additional orders and operate at optimal
levels remain the key rating sensitivities.

Tebma Shipyard Limited, incorporated on July 9, 1984 as Tebma
Engineering Private Limited, was converted into a public limited
company in 1998. Over the years, TSL has upgraded itself to build
tugs, dredgers and sophisticated support vessels. From the years
FY08-FY10 (FY refers to the period from April 1 to March 31), TSL
incurred significant losses due to global slowdown in the shipping
industry leading to deferment/cancellation of orders, stoppage of
operations due to local unrest leading to delay in vessel delivery
and resultant liquidated damages, consequently leading to sub-
optimal utilization of the shipyard facility leading to high fixed
overheads. The losses led to complete erosion of the net-worth
forcing the company to approach the CDR cell. The CDR package was
implemented on March 2011 with State Bank of India being the
monitoring institution.

In FY11, BSL through its wholly-owned subsidiary acquired 53.78%
equity stake in TSL. BSL has been in the shipbuilding industry for
nearly 35 years and over the years, has upgraded itself to build
tugs and sophisticated support vessels, with the latest being
jack-up rigs, catering to the offshore industry. However, owing to
high financial leverage and deterioration in the liquidity
profile, BSL has been referred to the CDR cell in FY12.

During FY13, TSL reported total operating income of INR 385.30
crore and a profit of INR0.40 crore. TSL posted a total income and
loss of INR112 crore and INR58.40 crore, respectively, during
H1FY14.


U.S. IMPEX: CRISIL Reaffirms 'B' Rating on INR87.5MM Loans
----------------------------------------------------------
CRISIL's rating on the bank facilities of U.S. Impex continues to
reflect the firm's weak financial risk profile marked by high
total outside liabilities to tangible net worth (TOLTNW) ratio and
weak interest coverage ratio. The rating also reflects USI's small
scale of operations and low profitability in the fragmented non-
ferrous alloys industry and susceptibility to volatility in prices
of non-ferrous metals and foreign exchange rates. These rating
weaknesses are partially offset by the extensive experience of
USI's promoter in the non-ferrous alloys industry and the firm's
established clientele.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Cash Credit               55       CRISIL B/Stable
   Cash Credit               32.5     CRISIL B/Stable

Outlook: Stable

CRISIL believes that USI will benefit over the medium term from
its promoter's extensive industry experience. The outlook may be
revised to 'Positive' if USI registers more-than-expected cash
accruals backed by better-than-expected profitability. Conversely,
the outlook may be revised to 'Negative' if the firm's liquidity
weakens substantially because of large working capital
requirements.

USI was set up in 1994 as a proprietorship firm in Delhi by Mr.
Dinesh Mittal. The firm trades in various non-ferrous metals and
scraps, such as zinc, aluminium, brass, and copper. However, zinc
accounts for more than 50 per cent of the firm's revenue. Imports
constitute around 50 per cent of USI's purchase and are mainly
from France, Belgium, and the US.

USI reported a profit after tax (PAT) of INR1.3 million on net
sales of INR391 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR1.2 million on net sales
of INR300.6 million for 2011-12.


VALLABH TEXTILES: CRISIL Reaffirms B+ Rating on INR2.0BB Loans
--------------------------------------------------------------
CRISIL rating on the bank loan facilities of Vallabh Textiles
Company Ltd reflects the company's weak financial risk profile,
marked by its high gearing and below average debt protection
metrics; and susceptibility to volatility in raw material prices
and foreign exchange rates. These rating weaknesses are, however,
partially offset by VTCL's integrated operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            623.1     CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        95.7     CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     193.4     CRISIL B+/Stable (Reaffirmed)
   Term Loan            1,187.8     CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has treated unsecured loans of
INR383 million outstanding as on March 31, 2013, as neither debt
nor equity, since the loans are interest-free and will be retained
in the business over the medium term.

Outlook: Stable

CRISIL believes that VTCL's financial risk profile will continue
to be weak over the medium term, driven by its low accretions to
reserves. The outlook may be revised to 'Positive' if VTCL reports
a significant and sustained improvement in its capital structure
and debt protection metrics, most likely with an equity infusion
from its promoters or Vallabh group companies. Conversely, the
outlook may be revised to 'Negative' if VTCL undertakes a larger-
than-expected, debt-funded capital expenditure (capex) programme;
or reports a significant slowdown in its end-user industry and in
export demand for terry towels, resulting in lower-than-expected
cash accruals, or deterioration in its debt protection metrics.

Update
VTCL reported stable revenue growth of 6 per cent on a year-on-
year basis, in 2012-13 (refers to financial year, April 1 to
March 31). The company registered revenues of INR1.9 billion in
2012-13, and is likely to register stable growth in 2013-14,
driven by the stabilisation of its operations. VTCL recorded
revenues of INR1.0 billion in the six months ended September 30,
2013. Furthermore, the company's operating margin improved to 16.4
per cent in 2012-13, from 12.0 per cent in 2011-12. The
improvement in VTCL's operating margin resulted from an increase
in realisations vis-a-vis its stable input costs. The company is
likely to maintain its steady operating margin over the medium
term.

VCTL's financial risk profile continues to be marked by high
gearing of 12.5 times as on March 31, 2013. Due to low accretion
to reserves, the company's gearing could remain high over the
medium term. Furthermore, VTCL's large finance costs led to an
average interest coverage ratio at 1.4 times and net cash accruals
to total debt (NCATD) ratio of 3 per cent in 2012-13.

VTCL's liquidity remains stretched, since its debt obligations are
closely matched with its cash accruals over the medium term.
Furthermore, the company's large working capital requirements,
with high gross current assets (GCAs) of 261 days as on March 31,
2013, resulted in an extensively utilised bank limit, of 93 per
cent through the 12 months ended November 30, 2013. However,
VTCL's liquidity continues to be supported by unsecured loans from
the promoters.

VTCL, incorporated in June 2002, manufactures terry towels and
bath robes. The company is a part of the Vallabh group, founded by
Mr. Kapil Jain in 1981.


VENKATESHWARA FIBRE: CRISIL Cuts Rating on INR83MM Loans to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Venkateshwara Fibre Glass (Chennai) Pvt Ltd to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Factoring/Forfaiting   25       CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility     18       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Working Capital
   Demand Loan            45       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade in ratings reflects CRISIL's belief that VFG's
liquidity would remain under pressure over the medium term, on the
back of the increase in the working capital intensity in its
operations. The company's gross current asset (GCA) days have
increased to 292 days as on March 31, 2013 to 129 days as on March
31, 2012. The stretch in the working capital has been a result of
the stretch in the debtor levels of the company which has increase
from 58 days as on March 31, 2012 to 138 days as on March 31,
2013. The debtor level of the company continues to be stretched
during the current year as well, with debtor levels estimated at
around 125 days as on September 30, 2013. The stretch in debtors
is on account of delays in the payment from its customers as a
result of the overall scenario in the windmill segment. This has
led to the fund-based bank limits of the company being fully
utilised, and in some instances overdrawn over the 12 months ended
September 2013.

The rating downgrade also reflects CRISIL's belief that SEPL's
business risk profile will remain constrained over the medium term
on account of customer concentration in its revenue profile and
also due to the working-capital-intensive operations of the
company.

The ratings reflect the extensive industry experience of VFG's
promoters in the fibre-glass products industry and its above-
average financial risk profile, marked by a healthy capital
structure and strong debt protection metrics albeit on a modest
equity base. These strengths are partially offset by the
vulnerability of VFG's revenue profile to customer concentration
risks and the susceptibility of its operating margin to
fluctuations in input prices.

Outlook: Stable

CRISIL believes that VFG will continue to maintain a stable
business risk profile over the medium term supported by its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company diversifies its client and
product base or generates higher-than-expected revenues, while
maintaining its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case of significant
decline in VFG's revenues or profitability, or if the company
undertakes any large debt-funded capital expenditure (capex)
programme, significantly impacting its financial risk profile.

VFG was incorporated in 2005 to take over the business of
partnership concern Venkateshwara Fibre Glass Industries, which
was established in 1985 by Mr. T V Shrinivas and Mr. T V
Chandirasekaran. The company manufactures fibre glass moulded
products and fibre glass reinforced plastic products which find
application in industries such as windmill energy and newsprint
and paper manufacturing industries.

VFG's primary customer is Gamesa Wind Turbines Pvt Ltd (Gamesa),
which account for about 75 per cent of its total sales. Gamesa is
a subsidiary of Gamesa Corporacion Tecnologica, Spain, one of the
largest wind turbine manufacturers in the world.

VFG reported a profit after tax (PAT) of INR6.83 million on net
sales of INR251.6 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR9.25 million on net
sales of INR447.0 million for 2011-12.


VIMALA PAPER: CRISIL Reaffirms 'B+' Ratings on INR95MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Vimala Paper Company Pvt
Ltd continues to reflect the company's below-average financial
risk profile marked by a small net worth and poor debt protection
metrics, its large working capital requirements, and modest scale
of operations in the intensely competitive paper trading business.
These rating weaknesses are partially offset by the extensive
experience of VPCPL's promoters in the paper trading industry and
their established relationship with key customers.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    ------
   Cash Credit              75        CRISIL B+/Stable

   Proposed Cash
   Credit Limit             20        CRISIL B+/Stable

Outlook: Stable

CRISIL believes that VPCPL will continue to benefit over the
medium term from its promoters' experience in the paper trading
segment. The outlook may be revised to 'Positive' if the company
improves its total outside liabilities to tangible net worth
(TOLTNW) ratio on a sustainable basis, resulting in improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case of weakening in the company's financial risk
profile because of decline in revenue or profitability, or
deterioration in its working capital management resulting in
stretched liquidity.

Update
For 2012-13 (refers to financial year, April 1 to March 31),
VPCPL's estimated revenue of INR590 million was marginally higher
than CRISIL's expectation; VPCPL's operating margin of about 2 per
cent in 2012-13 was, however, in line with past trends. The
company's operations remain working-capital-intensive because of
large inventory and limited payables period.

VPCPL's financial risk profile remains below average, marked by
high TOLTNW ratio and small net worth. In the absence of any
expected equity infusion over the medium term, the company's
financial risk profile is expected to remain below average over
this period.

VPCPL's liquidity remains moderate, marked by increased fund
support from promoters and the absence of any debt obligations or
debt-funded capital expenditure plan, partially offset by high
bank limit utilisation.

Set up as a partnership in 1977 and reconstituted as a private
limited company in 2010, VPCPL trades in writing and printing
(W&P) paper and paperboard. The company is promoted by Mr. K
Alagu, who manages its day-to-day operations along with his two
sons.




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


PROLOGIS INC: Fitch Currently Rates 100MM Preferred Stock 'BB+'
---------------------------------------------------------------
Fitch Ratings assigns a credit rating of 'BBB' to the
EUR700 million aggregate principal amount of guaranteed notes
issued by Prologis, L.P., the operating partnership of Prologis,
Inc. (NYSE: PLD; collectively including rated subsidiaries;
Prologis or the company).  The 2024 notes have an annual coupon
rate of 3.375% and were priced at 98.919% of the principal amount
to yield 3.505% to maturity or 160 basis points (bps) over the
mid-swap rate.

The notes are senior unsecured obligations of Prologis, L.P. that
are fully and unconditionally guaranteed by Prologis, Inc. The
company intends to use the net proceeds of approximately EUR689.3
million for general corporate purposes, including to repay or
repurchase other indebtedness. In the short term, the company
intends to use the net proceeds to repay borrowings under its
multi-currency senior term loan and/or global line of credit.

In addition to the 2024 notes, Fitch currently rates Prologis as
follows:

Prologis, Inc.
-- Issuer Default Rating (IDR) 'BBB';
-- $100 million preferred stock 'BB+'.

Prologis, L.P.
-- IDR 'BBB';
-- $2 billion global senior credit facility 'BBB';
-- $659 million multi-currency senior unsecured term loan 'BBB';
-- $6 billion senior unsecured notes 'BBB';
-- $460 million senior unsecured exchangeable notes 'BBB'.

Prologis Tokyo Finance Investment Limited Partnership
-- JPY45 billion senior unsecured revolving credit facility 'BBB';
-- JPY10 billion senior unsecured term loan 'BBB'.

The Rating Outlook is Stable.

KEY RATING DRIVERS

Prologis, Inc.'s 'BBB' IDR reflects leverage that remains elevated
for the rating though expected to decline principally via
improving property fundamentals.  The rating is supported by the
stable cash flow from the company's global industrial real estate
portfolio that contributes towards appropriate fixed-charge
coverage, strong asset quality, and excellent access to capital.
Development continues to be a core tenet for the company and
Prologis endeavors to match-fund acquisitions and development
expenditures with proceeds from dispositions and fund
contributions, a strategy that materially impacts corporate
liquidity.  Contingent liquidity is strong as measured by
unencumbered asset coverage of unsecured debt.

High Leverage for 'BBB'; Expected to Decline
Current leverage is high for a 'BBB' rating (8.0x pro rata at
4Q'13), but Fitch's base case forecasts that pro rata leverage
will approach 7x by year-end 2014 and 6.5x by year-end 2015, which
would be strong for the 'BBB' rating.  However, the decline in
leverage may be choppy sequentially as the timing of dispositions
and fund contributions may not match that of acquisitions and
development starts.

Fitch defines leverage as net debt to recurring operating EBITDA
on a pro rata basis given PLD's willingness to buy back and/or
recapitalize unconsolidated assets and its agnostic view towards
property management for consolidated and unconsolidated assets.
Fitch's methodology differs from that of PLD's, which also seeks
to incorporate the development business by either including gains
on dispositions and contributions or adjusting EBITDA to reflect
future NOI contributions.

In a stress case not anticipated by Fitch in which same store net
operating income (SSNOI) declines by levels experienced in 2009-
2010, leverage would exceed 8x, which would be weak for a 'BBB'
rating.

Improving Cash Flow Supports Fixed Charge Coverage
The vast majority of PLD's earnings are derived from property-
level net operating income (NOI), which is complemented by the
company's investment management income.  During the fourth quarter
of 2013 (4Q'13), cash SSNOI increased by 3.0% and net effective
rents on leases signed in the quarter increased 5.9% from in-place
rents, a leading indicator for 2014 SSNOI growth.

Approximately 14.4% of pro rata base rents expire in 2014 followed
by 19.3% in 2015, and the current strength of the industrial real
estate market allows such expirations to be an opportunity for
additional growth.  Fitch expects PLD's SSNOI growth will be 3% in
2014 followed by similar growth in 2015 based largely on positive
net absorption.  Operating portfolio occupancy was 95.1% as of
Dec. 31, 2013, up from 93.9% as of Sept. 30, 2013 and 94% as of
Dec. 31, 2012.

Pro forma for the EUR700 million 3.375% senior notes due 2024,
repayment of borrowings under the unsecured global line of credit
and a portion of borrowings under the multicurrency unsecured term
loan, fourth-quarter 2013 pro rata fixed-charge coverage is
appropriate for the 'BBB' rating at 1.7x compared with 1.8x in
3Q'13 and 1.9x in 2Q'13.  Fitch defines pro rata fixed-charge
coverage as pro rata recurring operating EBITDA less pro rata
recurring capital expenditures less straight-line rent adjustments
divided by pro rata interest incurred and preferred stock
dividends.

Fitch's base case anticipates that coverage will approach 2.5x
over the next 12-to-24 months due to expected SSNOI growth, which
is strong for the 'BBB' rating.

Global Platform
The company's large platform ($48.2 billion of assets under
management at Dec. 31, 2013) limits the effects of any one
region's fundamentals to the overall cash flows. PLD derived 84.0%
of its 4Q'13 NOI from Prologis-defined global markets (59.8% in
the Americas, 18.6% in Europe, and 5.6% in Asia).

Private Capital Simplification
The company has reduced the total number of co-investment vehicles
that it manages via consolidation and the purchase of assets upon
closed end fund expirations. The majority of funds are infinite
life, which eliminates take-out risk at the fund's maturity. In
addition, the fund platform provides an additional layer of fee
income and recurring cash distributions to cover PLD's fixed
charges. Recently formed ventures include Prologis China Logistics
Venture 2 with HIP China Logistics Investments Limited and
subsequent to quarter-end, Prologis U.S. Logistics Venture (USLV)
with Norges Bank Investment Management.

Strong Asset Quality
PLD has a high-quality portfolio as evidenced by a focus on
properties with proximity to ports or intermodal yards, cross-
docking capabilities and structural items such as tall clearance
heights.  The portfolio has limited tenant concentration which is
a credit strength, with only the top three tenants comprising more
than 1% of annual base rent (ABR). PLD's top tenants at
Dec. 31, 2013 were DHL (1.8% of ABR), CEVA Logistics (1.3% of
ABR), and Kuehne & Nagel (1.2% of ABR).

Excellent Capital Access
The company's access to capital is strong as evidenced by the
diversified capital structure which includes secured and unsecured
debt from public and private sources, as well as preferred stock,
common and private equity capital.

Prologis completed a total of $17.5 billion of capital markets
activity in 2013.  Notably, in April 2013, Prologis completed a
public offering of common stock, generating approximately $1.4
billion in net proceeds, which were used predominantly for new and
current investments.  The company's sponsored JREIT, Nippon
Prologis REIT, Inc. (NPR) also completed a follow-on offering
subsequent to its 2013 IPO. The company established an ATM program
during 2013 through which it may issue up to $750 million of
common stock, though it has yet to utilize this program.

Proactive Liability Management
In addition to recent U.S. dollar and Euro denominated bond
offerings, tender offers, and debt repurchases, Prologis upsized
its global credit facility in July 2013 to $2 billion from $1.65
billion and improved all-in pricing to LIBOR plus 130 bps, a
reduction of 40 bps from the prior global credit facility. The
company also recast its Japan revolver, upsizing this facility to
JPY45 billion from JPY36.5 billion.

Risks & Returns of Development
Development is a core tenet of PLD's business model, and through
multiple property cycles, Prologis has developed over a thousand
properties at mid-to-high teen percentage margins.  Development
improves the quality of the portfolio, creates value via the
entitlement, construction and lease-up of new properties and
enables PLD to realize cash gains on the contribution of the
stabilized developments to managed funds.

Credit concerns related to development include the effects on
corporate liquidity and inherent cyclicality. As evidenced by the
past downturn, when leasing is insufficient to meet occupancy
stabilization levels required for contribution, partially
stabilized developments remain on PLD's balance sheet and are
initially funded with short-term debt at the REIT, thus reducing
corporate liquidity.

Partially mitigating the aforementioned risks is the fact that the
total development pipeline is significantly smaller at
approximately $2 billion at Dec. 31, 2013 versus $6 billion
(including legacy ProLogis and AMB Property Corporation) at
Dec. 31, 2007.  The pipeline's size is large on an absolute basis
but manageable on a relative basis as PLD's share of cost to
complete development represented 2.9% of pro rata gross assets as
of Dec. 31, 2013.  However, the pipeline entails moderate lease-up
risk as build-to-suit projects represented approximately 41.8% of
development starts for full-year 2013.

The pipeline should remain active in the coming years due to
industrial real estate supply-demand dynamics. Demand for
industrial REIT space is skewed toward larger and newer facilities
from tenants such as e-commerce companies, traditional retailers,
and third-party logistics providers.

Match-Funded Liquidity Strategy
Fitch base case liquidity coverage is strong for the rating at
1.9x for the period Jan. 1, 2014 to Dec. 31, 2015. Fitch defines
liquidity coverage as liquidity sources divided by uses. Liquidity
sources include unrestricted cash, availability under revolving
credit facilities pro forma for the 2024 notes offering, and
projected retained cash flows from operating activities.
Liquidity uses include pro rata debt maturities after extension
options at PLD's option and projected recurring capital
expenditures.

Liquidity coverage would be 1.4x when including dispositions and
contributions as liquidity sources and acquisitions and
development starts as liquidity uses. Assuming a 90% refinance
rate on upcoming secured debt maturities, liquidity coverage would
be 1.6x. As of Dec. 31, 2013, near-to-medium term debt maturities
are staggered; 5.8% of pro rata debt matures during 2014, followed
by 9.7% in 2015.

Prologis has strong contingent liquidity with unencumbered assets
(4Q'13 estimated unencumbered NOI divided by a stressed 8%
capitalization rate) to pro forma unsecured debt of 2.2x.  When
applying a stressed 50% haircut to the book value of land and 25%
haircut to construction in progress, pro forma unencumbered asset
coverage improves to 2.4x.  In addition, the covenants in the
company's debt agreements do not restrict financial flexibility.
However, the company's AFFO payout ratio was 95.4% in 2013,
indicating limited liquidity generated from operating cash flow.

Preferred Stock Notching
The two-notch differential between PLD's IDR and preferred stock
rating is consistent with Fitch's criteria for corporate entities
with an IDR of 'BBB'.  Based on Fitch research titled 'Treatment
and Notching of Hybrids in Nonfinancial Corporate and REIT Credit
Analysis'these preferred securities are deeply subordinated and
have loss absorption elements that would likely result in poor
recoveries in the event of a corporate default.

Stable Outlook
The Stable Outlook reflects Fitch's expectation that leverage will
remain between 7.0x and 8.0x over the next 12 months, offset by
liquidity coverage of above 1.0x and fixed-charge coverage of
around 2.0x over the next 12 months.

RATING SENSITIVITIES

The following factors may result in positive momentum in the
rating and/or Outlook:

-- Fitch's expectation of pro rata leverage sustaining below 6.5x
   (pro rata leverage was 8.0x at 4Q'13);

-- Liquidity coverage including development sustaining above
   1.25x (Fitch base case liquidity coverage is 1.9x, but 1.4x
   when including dispositions and contributions as liquidity
   sources and acquisitions and development starts as liquidity
   uses);

-- Fitch's expectation of pro rata fixed-charge coverage
   sustaining above 2.0x (pro rata coverage was 1.8x in 4Q'13 pro
   forma).

The following factors may result in negative momentum in the
rating and/or Outlook:

-- Fitch's expectation of leverage sustaining above 7.5x;

-- Liquidity coverage including development sustaining below
   1.0x;

-- Fitch's expectation of fixed charge coverage ratio sustaining
   below 1.5x.



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


MAINZEAL PROPERTY: Subcontractors Unlikely to Get Back Money
------------------------------------------------------------
Anne Gibson at The New Zealand Herald reports that money that
Mainzeal Property & Construction owed to its staff, a trading bank
and Inland Revenue has been largely repaid. But subbies look to be
left out in the cold with little hope of getting their NZ$106.2
million back, the report says.

Colin McCloy, joint receiver of Mainzeal Property & Construction
and Mainzeal Living with David Bridgman, indicated three parties
including the BNZ had received about NZ$17 million, according to
the NZ Herald.

The report relates that Mr. McCloy said the money had been largely
repaid so the receivers' roles were almost completed.

The NZ Herald notes that PwC was appointed on February 6 last year
and Mr. McCloy said close to NZ$11.3 million owed to the bank had
been repaid as well as the NZ$5.3 million owed to Mainzeal staff
in wages, salary and holiday pay and NZ$600,000 owned to IRD.

According to the NZ Herald, Mr. McCloy said the receivers
recovered that -- and more -- via sale of property and receivables
(money owed to Mainzeal) and the sale of plant and equipment
including cranes, vehicles, portacom buildings, tools and other
items.

A number of former employees were engaged on a casual or contract
basis to help with recovering money and other matters, McCloy and
Bridgman said, paying tribute to those hurt by the fallout, the
report relays.

"We recognise this is an extremely difficult situation for the
many people and businesses impacted," the NZ Herald quotes Messrs.
McCloy and Bridgman as saying.

The receivers' roles did not include trying to recover any of the
much larger $106.2 million Mainzeal owed to trade suppliers,
subcontractors and others, Mr. McCloy, as cited by the NZ Herald,
said. Recovery of that amount is the responsibility of liquidators
Andrew Bethell and Brian Mayo-Smith, the report notes.

The NZ Herald relates that Mr. Bethell said the chances of
recovering the unsecured creditors' NZ$106.2 million was
uncertain, partly because of litigation being brought against
other companies by the liquidators.

"That clearly will be disappointing to the subcontractors but all
we're trying to do is maximise any recoveries and ensure that's as
high as it can be," the report quotes Mr. Bethell as saying.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN discloses. Subcontractors are among the unsecured
creditors, said NZN.



===========
T A I W A N
===========


E. SUN BANK: Fitch Withdraws 'Dsf(twn)' Class C Bond Rating
-----------------------------------------------------------
Fitch Ratings has withdrawn the rating on E. Sun Bank 2007-2 CBO
Securitisation Special Purpose Trust's (the trust) class C bond,
as follows:

NTD0.87bn Class C interest deferrable coupon bond due
February 2016: 'Dsf(twn)' rating withdrawn

*The cumulative deferrable interest for the Class C bonds has
reached its cap of NTD89m

The rating has been withdrawn due to the termination of the trust
on the February 10, 2014 payment date.

The remaining underlying US dollar-denominated zero coupon bonds
issued by Citigroup Inc. (Citigroup, A/Stable/F1) in this
securitisation were redeemed in December 2013.  The proceeds from
the trust were used to pay off the class A2 zero coupon bonds, the
class B interest deferrable coupon bonds and class B's cumulative
deferrable interest.

The remaining funds were not sufficient to pay off the class C
interest deferrable coupon bonds in full.

Fitch will no longer calculate the Recovery Estimate for this
class following the withdrawal of the rating.


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

* Credit Risk Levels Hit Lowest Levels, Says S&P Capital IQ
-----------------------------------------------------------
Since the end of October 2013, credit risk levels for non-
financial corporates* in North America, Western Europe and Asia
Pacific (APAC) mature markets have, on the whole, declined and
reached their lowest levels since the beginning of the financial
crisis in 2008, says S&P Capital IQ in the February issue of its
new, bi-monthly research publication, Credit Market Pulse.  For
the first time since 2008, the median probability of default (PD)
for these developed markets is below 0.1%, the equivalent of an
'a-' credit score**, meaning that 50% of all corporates in these
markets have a short-term credit risk assessment of 'a-' level or
better.

From a regional perspective, the current market view of credit
risk in North America continues to be optimistic. "With a median
PD of just 0.02%, which maps to an 'aa-' credit score, 50% of
North American public companies* are considered to have very low
or no credit risk in the short-term," highlights Marcel Heinrichs,
Director, Market Development, S&P Capital IQ.  "These results are
aligned with a series of recently published economic indicators
that the US economy is on a steady path to recovery."

"Western European mid- to large cap corporations* continue to show
a higher average credit risk than their North American
counterparts, and this is certainly due to the Eurozone crisis and
the continuing tight economic conditions of the debt-burdened
countries in European periphery," continues Silvina Aldeco-
Martinez, Managing Director, Product & Market Development, S&P
Capital IQ.  "However, this difference in credit risk remains low,
and is an indication that markets do not consider these factors as
imminent risks to the overall credit health of the region or
globally.  Indeed, recent discussions at the 2014 World Economic
Forum in Davos have shifted attention more towards the weakening
conditions of emerging market countries, notably Brazil, Turkey,
India and Indonesia."

Credit Market Pulse offers a broad overview of the health and
credit trends within the global capital markets.  At the core of
the report is S&P Capital IQ's proprietary probability of default
model, 'Market Signals', a unique analytical model which provides
daily changing forward looking PDs and mapped credit scores of
publicly listed companies based on a cutting-edge econometric
framework.

This issue of Credit Market Pulse has three sections, providing
different views of credit risk.  These include the quarterly
evolution of the median PD of companies aggregated in different
geographical regions; monthly evolution of the credit risk for
constituents of the S&P 500 equity index and its various industry
sub-indices and, finally, PD tables of individual companies that
merit special attention.  Customized searches similar to those
presented in the report can be run for interested media using the
data in Credit Market Pulse.

*Credit Market Pulse considers non-financial corporations with
revenues above USD500 million.** A credit score is a quantitative
assessment of credit risk from S&P Capital IQ's suite of credit
risk models.  It is expressed in letter grades such as bbb+
following the rating scale by Standard & Poor's Ratings Services,
however in lower case letters in order to differentiate it from a
rating.

                       About S&P Capital IQ

S&P Capital IQ, a part of McGraw Hill Financial, is a provider of
multi-asset class and real time data, research and analytics to
institutional investors, investment and commercial banks,
investment advisors and wealth managers, corporations and
universities  around the world.  S&P Capital IQ provides a broad
suite of capabilities designed to help track performance, generate
alpha, and identify new trading and investment ideas, and perform
risk analysis and mitigation strategies. Through leading desktop
solutions such as the S&P Capital IQ, Global Credit Portal and
MarketScope Advisor desktops; enterprise solutions such as S&P
Capital IQ Valuations; and research offerings, including Leveraged
Commentary & Data, Global Markets Intelligence, and company and
funds research, S&P Capital IQ sharpens financial intelligence
into the wisdom today's investors need.


* 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 ***