TCRAP_Public/140224.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, February 24, 2014, Vol. 17, No. 38


                            Headlines


A U S T R A L I A

APOLLO RMBS: Fitch Affirms 'BBsf' Rating on Class B Notes
ATLANTIC INC: Blows Interest Payment, Lands Financing
FE LIMITED: Completes Sale of Gympie Eldorado Mine
FORMWORK SPECIALISTS: Hall Chadwick Appointed as Administrators
LIVE BOARD: Holzman Associates Appointed as Administrators

PRINTMOTION PTY: Placed Into Voluntary Liquidation
RESIMAC SERIES 2012: S&P Affirms 'BB' Rating on Class E Notes
TMG JOINERY: Parker Insolvency Appointed as Administrators


C H I N A

AGILE PROPERTY: Moody's Puts 'Ba2' Sr. Unsec. Rating on RMB Notes
CITIC PACIFIC: 2013 Results No Impact on Ba2 Corp. Family Rating
PARKSON RETAIL: Weak 2013 Results No Impact on Moody's Ba2 CFR


I N D I A

ABHINAV STEELS: CARE Assigns 'B+' Rating to INR332.25cr Loans
ARUN SPINNING: ICRA Lowers Rating on INR24.18cr Loans to 'D'
AUTOLINE INDUSTRIES: CARE Revises Rating on INR150.06cr Loan to B
BLUE WINGS: ICRA Revises Rating on INR8.85cr Loans to 'B'
CHANDRAPORE & HEGGDLOO: ICRA Suspends C+ Rating on INR37.8cr Loan

COSMOS PREMISES: ICRA Suspends 'C' Rating on INR7.77cr Loans
ECOBOARD INDUSTRIES: ICRA Ups Rating on INR39cr Loan to 'C+'
FUTURE AUTO: ICRA Reaffirms 'B+' Rating on INR8.25cr Loans
GEODESIC TECHNIQUES: ICRA Suspends D Rating on INR167.24cr Loans
GOYAL ENGINEERING: ICRA Reaffirms 'B+' Rating on INR40cr Loan

ICON HOSPITALITY: ICRA Suspends 'D' Rating on INR26.33cr Loans
IND SWIFT: ICRA Reaffirms 'D' Ratings on INR745cr Loans
INDIA FILES: CARE Assigns 'B' Rating to INR9.90cr Bank Loans
K.M. CARS: ICRA Revises Rating on INR6cr Loans to 'B'
KARUTURI FOODS: ICRA Suspends 'B+/A4' Rating on INR20cr Loans

KARUTURI GLOBAL: ICRA Suspends 'C' Rating on INR72.5cr Loans
KARUTURI TELECOM: ICRA Suspends B+ Rating on INR4.0cr Loans
KEDAR COTTON: CARE Revises Rating on INR10.11cr Loan to 'B+'
KINFOTECH PVT: ICRA Suspends 'D' Rating on INR30cr Loans
KSHEERSAGAR DEVELOPERS: ICRA Suspends 'D' Rating on INR70cr Loan

MALABAR FOOD: ICRA Assigns 'B+' Rating to INR0.61cr Loan
MARUTI COMFORTS: ICRA Suspends 'D' Rating on INR9.83cr Loans
MAX CERAMICS: ICRA Reaffirms 'B' Rating on INR15.63cr Loans
NANAK HI-TECH: ICRA Assigns 'D' Ratings to INR13cr Loans
NARAYANI RICE: CARE Reaffirms 'B+' Rating on INR10.56cr Loans

PRAMOD TELECOM: ICRA Reaffirms 'B-' Rating on INR16.5cr Loans
RITHWIK POWER: ICRA Reaffirms 'B+' Ratings on INR15.7cr Loans
ROYAL ORCHID: ICRA Suspends 'D' Rating on INR162.03cr Loans
SAI SUDHA: ICRA Assigns 'B+' Rating to INR6cr Loans
SD BANSAL: CARE Assigns 'B-' Rating to INR13.14cr Bank Loans

SK BROTHERS: ICRA Reaffirms 'B+' Rating on INR7.75cr Loans
SUJANA TOWERS: CARE Assigns 'B+' Rating to INR1,464.30cr Loans
SURYA FAB: ICRA Reaffirms 'B+' Rating on INR7cr Loans
VALLABH MARKET: ICRA Cuts Rating on INR15cr Loans to 'B-'
VEHLNA STEELS: ICRA Reaffirms 'B+' Rating on INR7.77cr Loans

VENKY HITECH: ICRA Assigns 'B+' Rating to INR25.5cr Loans
VISHWA INFRA: CARE Revises Rating on INR344.74cr Loans to 'C'


I N D O N E S I A

INDONESIA: Fitch Says Coal Output Cap to Hurt Miners


J A P A N

KAISA GROUP: Moody's Says 2013 Results Supports B1 CFR


N E W  Z E A L A N D

AORANGI SECURITIES: Investors Payments Reach 92 Cents in Dollar


T H A I L A N D

IRPC PUBLIC: 2013 Results Support Moody's Ba1 CFR


                            - - - - -


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A U S T R A L I A
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APOLLO RMBS: Fitch Affirms 'BBsf' Rating on Class B Notes
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of 11 tranches from five
APOLLO Series residential mortgage backed securities (RMBS)
transactions.  The transactions are securitisations of first-
ranking Australian residential mortgages originated by Suncorp-
Metway Limited (A+/Stable/F1).  A list of the rating actions can
be found at the end of this commentary.

                        KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings,
and the agency's expectations of Australia's economic conditions.
The credit quality and performance of the loans in the collateral
pools have remained in line with Fitch's expectations.

The last foreclosure in the portfolio backing APOLLO 2007-1E was
in April 2011, meaning the total number of foreclosures to date
remains at seven, the same as at the time of the last rating
action in February 2013.  Losses on the underlying mortgages in
the pool have been covered primarily by the lenders' mortgage
insurance (LMI) provider, QBE Lenders Mortgage Insurance Pty
Limited (QBE, Insurer Financial Strength Rating: AA-/Stable).  The
remaining losses were covered by excess spread.  None of the other
APOLLO transactions have experienced any defaults since closing.
All loans in each of the underlying portfolios are covered by LMI
from QBE.

All the pools are geographically concentrated in Queensland and
Fitch has taken this into account in its analysis.

                       RATING SENSITIVITIES

Unexpected increases in delinquencies, defaults and losses would
be necessary before any negative rating action would be
considered.

Sequential pay-down has increased credit enhancement for the
senior notes of all transactions, which can withstand multiples of
the latest reported arrears.  The ratings of all the APOLLO RMBS
transactions' senior notes are independent of downgrades to the
LMI provider's ratings.

The rating actions are as follows:

APOLLO Series 2007-1E (APOLLO 2007-1E):

   -- AUD193.7m Class 1A (ISIN AU0000AOYHA7) affirmed at 'AAAsf';
      Outlook Stable;

   -- EUR141.2m Class 2A (ISIN XS0299266972) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD26.8m Class B (ISIN AU3FN0002580) affirmed at 'BBsf';
      Outlook Stable.

APOLLO Series 2009-1 (APOLLO 2009-1):

   -- AUD365.9m Class A3 (ISIN AU3FN0008697) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD147.8m Class B (ISIN AU3FN0008975) affirmed at 'BBsf';
      Outlook Stable.

APOLLO Series 2011-1 (APOLLO 2011-1):

   -- AUD388.3m Class A1 (ISIN AU3FN0014502) affirmed at 'AAAsf';
      Outlook Stable;

   -- AUD250.0m Class A2 (ISIN AU3FN0014510) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD65.0m Class AB (ISIN AU3FN0014528) affirmed at 'AAAsf';
      Outlook Stable

APOLLO Series 2012-1 (APOLLO 2012-1):

   -- AUD658.0m Class A1 (ISIN AU3FN0016515) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD52.0m Class AB (ISIN AU3FN0016523) affirmed at 'AAAsf';
      Outlook Stable.

APOLLO Series 2013-1 (APOLLO 2013-1):

   -- AUD904.6m Class A (ISIN AU0000AORHA1) affirmed at 'AAAsf';
      Outlook Stable.


ATLANTIC INC: Blows Interest Payment, Lands Financing
-----------------------------------------------------
Jamie Mason, writing for The Deal, reported that Atlantic Ltd.,
the parent of Australian mining company Midwest Vanadium Pty Ltd.,
has received AUD32.6 million (US$29.46 million) in new funding
after failing to make an interest payment on its $335 million in
senior secured notes.

According to the report, Perth, Australia-based Atlantic, which
produces ferrovanadium, an alloy that is used to strengthen steel,
announced on Feb. 19 that its largest shareholder, Droxford
International Ltd., had provided it with AUD32.6 million in senior
secured debt.

Terms of the new financing weren't disclosed, but the lender will
provide Atlantic with some AUD3.6 million immediately, the report
related.

Just one day earlier, Atlantic announced that it didn't make the
$19 million interest payment due on Feb. 15 on its 11.5% senior
secured notes that mature on Feb. 15, 2018, the report further
related.  The company has a 30-day grace period to make up the
missed payment.

Meanwhile, Atlantic's noteholders have hired Houlihan Lokey Inc.
to advise them on a restructuring of the company's debt, sources
said, the report added.


FE LIMITED: Completes Sale of Gympie Eldorado Mine
--------------------------------------------------
Fe Limited said it has completed the sale of its wholly owned
subsidiary, Gympie Eldorado Mining Pty Ltd, to a private Singapore
registered Mining and Metals trading company. Fe will receive
approximately AUD2.4 million from the sale which includes a
reimbursement of environmental performance bonds.

Fe will also retain a 3% net smelter return royalty on gold
derived from the mine (including any processing tailings) plus 10%
of any profits from any future sale of freehold land, which
comprises the Gympie Eldorado Mine Tailings site.

"This is an excellent result for the Company as part of its
strategy to divest non-core assets. We look forward to the receipt
of our environmental performance bond which will provide us with
cash to focus our exploration efforts on our Mt Ida Iron Ore
Project in the Yilgarn region of Western Australia," said Fe
Executive Director Mark Gwynne.

dissolve.com.au notes that the Gympie Gold mining group entered
receivership on Dec.30, 2013, following a Christmas Day fire at
Southlands Colliery in Cessnock which cut off the company's
primary cash source.  KPMG's Murray Smith -- murraymsmith@kpmg.ca
-- and Joseph Hayes were appointed as voluntary administrators
while Allan Lewis, Peter Geroff and Andrew Love of Ferrier Hodgson
were appointed as receivers and managers of Gympie Gold, according
to the report.

Fe Limited (ASX:FEL) is engaged in exploration for iron ore and
precious base metals in Western Australia.


FORMWORK SPECIALISTS: Hall Chadwick Appointed as Administrators
---------------------------------------------------------------
Blair Pleash -- bpleash@hallchadwick.com.au -- and David Ingram
-- dingram@hallchadwick.com.au -- at Hall Chadwick were appointed
as administrators of Formwork Specialists Pty Limited, on Feb. 16,
2014.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 40, 2 Park Street, in Sydney, on Feb. 27,
2014, at 10:00 a.m.


LIVE BOARD: Holzman Associates Appointed as Administrators
----------------------------------------------------------
Justin Holzman & Manfred Holzman at Holzman Associates were
appointed administrators of Live Board Holdings Limited on
Feb. 18, 2014.

A first meeting of the creditors of the Company, or a first
meeting for each of the Companies, (for multiple companies), will
be held at Level 2, 32 Martin Place in Sydney, on Feb. 28, 2014,at
2:00 p.m.


PRINTMOTION PTY: Placed Into Voluntary Liquidation
--------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Printmotion Pty
Ltd has been placed into voluntary liquidation. Worrells Solvency
& Forensic Accountants' Christopher Darin --
chris.darin@worrells.net.au -- and Aaron Lucan --
aaron.lucan@worrells.net.au -- were appointed as liquidators of
the print management company on
Feb. 12, 2014.

The first meeting with creditors is scheduled on February 28, the
report says.

Printmotion offered full management of promotional and print
products together with creative design services.


RESIMAC SERIES 2012: S&P Affirms 'BB' Rating on Class E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on all
classes of notes issued by RESIMAC Bastille Trust in respect of
RESIMAC Series 2011-1NC and RESIMAC Bastille Trust in respect of
RESIMAC Series 2012-1NC trusts.

For RESIMAC Series 2011-1NC, the notes are backed by a portfolio
of nonconforming residential loans.  For RESIMAC Series 2012-1NC,
the notes are backed by a portfolio of nonconforming and prime-
quality residential loans.  Both portfolios were originated by
RESIMAC Ltd.  The ratings reflect S&P's opinion of the
transaction's credit support, collateral pool, servicer, and other
features, based on S&P's current criteria and assumptions.

For RESIMAC Series 2011-1NC, the asset pool has amortized to a
pool factor of approximately 42% as of Nov. 30, 2013.  Arrears
greater than 30 days comprise 5.1% of the total portfolio balance,
while cumulative losses were approximately 0.59% of the original
asset balance.  All losses have been covered by excess spread,
with no outstanding charge offs to the notes.  The remaining
portfolio has become more concentrated because a significant
proportion of the portfolio has amortized, with the largest 10
loans comprising about 9% of the current pool balance.  The higher
concentrations as well as weighted funding costs and expenses as
the portfolio amortizes heighten the tail-end risk for the
transaction, particularly for the lower-ranking notes.

For RESIMAC Series 2012-1NC, the asset pool has amortized to a
pool factor of approximately 67% as of Dec. 31, 2013.  Arrears
have been performing below the Standard & Poor's Performance Index
(SPIN) for subprime Australian mortgages since inception, with
greater-than-30-days arrears comprising 3.0% of the total
portfolio balance.  Cumulative losses have been relatively low to
date, with no charge offs to the notes.  The total losses as of
Dec. 31, 2013, were approximately 0.004% of the total original
asset balance.

For both transactions, the rated notes have benefited from a build
up of credit support due to the amortization of the portfolio; the
sequential pay structure, given that principal step-down tests are
not yet met; and the reverse turbo mechanism.  The notes are
performing within S&P's rating expectations.  S&P believes the
credit enhancement available and cash flow from the underlying
loan portfolios can withstand the stress scenarios commensurate
with the rating on each of the notes.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS AFFIRMED

RESIMAC Bastille Trust in respect of RESIMAC Series 2011-1NC
Class     Rating
A-3       AAA (sf)
B         AAA (sf)
C          AA (sf)
D           A (sf)
E         BBB- (sf)

RESIMAC Bastille Trust in respect of RESIMAC Series 2012-1NC
Class     Rating
A1        AAA (sf)
A2        AAA (sf)
B          AA (sf)
C           A (sf)
D         BBB (sf)
E          BB (sf)
F           B (sf)


TMG JOINERY: Parker Insolvency Appointed as Administrators
----------------------------------------------------------
Gregory J Parker at Parker Insolvency was appointed as
administrator of TMG Joinery Pty Ltd, formerly trading as Uptown
Group Pty Ltd, on Feb. 18, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Parker Insolvency, Level 15, 31 Market Street, in
Sydney on Feb. 28, 2014, at 10:00 a.m.



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AGILE PROPERTY: Moody's Puts 'Ba2' Sr. Unsec. Rating on RMB Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 senior unsecured
rating to the proposed RMB notes issued by Agile Property Holdings
Limited (Ba2, stable).

The outlook on the rating is stable.

Agile will use the net proceeds to refinance the 10% senior notes
due in 2016.

Ratings Rationale

"The proposed issuance will enhance Agile's liquidity," says Kaven
Tsang, a Moody's Vice President and Senior Analyst.

"Meanwhile, the new debt issuance will have limited impact on
Agile's credit metrics, as it will be used to refinance existing
debt," adds Tsang, who is also Moody's Lead Analyst for Agile.

However, Moody's points out that Agile's debt leverage is high.

Moody's estimates that Agile's adjusted debt/capitalization will
rise to around 63% at end-2013 from 54% at end-2012.

In addition, revenue/gross debt (including reported debt plus 100%
of its perpetual securities) is estimated to fall below 0.8x for
2013 from its historical level of more than 1x.

Nonetheless, Agile has a track record of maintaining credit
metrics that are consistent with its Ba rating range.

In the next 6-12 months, Moody's expects Agile to manage down its
adjusted debt/capitalization to around 60%. Its revenue/gross debt
should also trend up, to 0.8x-0.9x.

However, if the company is unable to lower its debt levels within
Moody's expected time frame of the next 6-12 months, its ratings
could face downgrade pressure.

Additionally, Moody's anticipates that Agile's EBITDA/interest
will stay between 3.0x and 3.5x in the next 12-18 months. Such a
result would be in line with its Ba2 ratings.

"Moody's also expects the company to manage down its current level
of secured and subsidiary debt in the next 6-12 months from its
sales and offshore borrowings and, as a result, Agile's bond
rating is not notched down for subordination," adds Tsang.

Though secured and subsidiary debt to total assets would exceed
15% in 2013, Agile has kept the ratio below the threshold in the
past.

The bond rating could be downgraded if Agile's secured and
subsidiary debt fails to trend down to 15% of total assets in the
next 6-12 months.

The stable outlook reflects Moody's expectation that Agile will
maintain discipline in its new land acquisitions, and exercise
prudent financial management. In particular, Moody's expects the
company to reduce its debt leverage in the next 6-12 months.

At the same time, Moody's believes Agile will maintain adequate
liquidity to fund its committed land premiums and other operating
needs over the next 12-18 months.

Agile's ratings could be upgraded if the company: (1) successfully
implements its business plan and achieves good geographic and
product diversification; and (2) maintains good liquidity, with a
minimum cash balance consistently above 10%-15% of total assets,
and has access to the offshore bank and debt markets.

Credit metrics indicating such improvements include adjusted
debt/capitalization below 50%-55%, EBITDA/interest above 4x-4.5x,
and revenue/gross debt above 1.0x.

On the other hand, Agile could experience downward rating pressure
if the company's: (1) operating cash flow weakens due to
materially weaker-than-expected sales, and/or over-expansion in
terms of new projects; (2) liquidity deteriorates because of
aggressive land acquisitions; or (3) debt increases substantially,
such that adjusted debt/capitalization fails to trend down to 60%,
revenue/gross debt fails to trend up to 0.8x-0.9x in the next 6-12
months, or EBITDA/interest drops below 3x-3.5x.

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

Agile Property Holdings Ltd is one of China's major property
developers, operating in the mid- to high-end segment.

At 15 August 2013, the company had 85 projects in 35 cities and
districts in China, and a land bank with a total gross floor area
of 41.2 million square meters.

Guangdong Province is its largest market, accounting for around
42% of the company's land bank.


CITIC PACIFIC: 2013 Results No Impact on Ba2 Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service says that CITIC Pacific's better-than-
expected 2013 results have no immediate impact on its Ba2
corporate family and senior unsecured bond ratings.

The ratings outlook remains negative.

"CITIC Pacific's 2014 results are slightly better than our
expectations, largely due to the stronger performance of its
specialty steel business and energy business," says Alan Gao, a
Moody's Vice President and Senior Analyst.

"Despite a challenging market environment, the specialty steel
businesses achieved a 271% increase in operating profits compared
to FY2012, benefiting from the company's strong market position
and cost savings," says Gao.

"At the same time, the energy business, mainly comprised of
thermal power plants, generated higher profits because of lower
coal prices", says Gao.

"CITIC Pacific's property development business also achieved
record high pre-sales of residential properties. The company's
other businesses -- including Dah Chong Hong, CITIC Telecom and
Tunnels -- remains stable and provide diversification benefits,"
adds Gao also the international lead analyst for CITIC Pacific.

"We also note that while the Sino Iron Ore mining project made its
first shipment in early December 2013, it is still the main factor
pressuring the group's credit profile. In this context, some
uncertainties remain, including the size of capex for its
remaining production lines and the actual operation costs of
production," says Kai Hu, a Moody's Vice President and the local
market analyst for the company.

"The group's reported debt has marginally increased to HKD120.7
billion from HKD 116.6 billion . Moody's expect that iron ore
production will increase CITIC Pacific's EBITDA and cash flow in
2014, therefore improving adjusted debt/EBITDA to around 9-10x by
end-2014 from 16.9x at end-June 2013. Such a level would be weak,
but still appropriate for its standalone credit profile," adds Hu

CITIC Pacific's Ba2 rating continues to benefit from a three-notch
parental uplift, reflecting CITIC Group's (Baa2 stable) strong
track record of support.

"We also expect that CITIC Pacific's liquidity -- supported by a
large cash balance of HKD35 billion and available undrawn
committed facilities of HKD13 billion at end-2013 -- is sufficient
to cover its short-term debt maturities of HKD27 billion in the
next 12 months", says Hu.

CITIC Pacific's negative outlook reflects ongoing uncertainties
surrounding the Sino Iron project, such as the lack of visibility
on capex for production lines 3-6, and the actual operational cost
of production against a backdrop of weak iron ore prices.

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

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

CITIC Pacific Limited, listed in Hong Kong, is a conglomerate that
is 57.5% owned by the CITIC Group. It was one of the first Chinese
companies to list on and invest in overseas markets. It is engaged
in a range of businesses, including specialty steel manufacturing,
iron ore mining, property development and investment, power
generation, infrastructure, communications, and distribution. At
end-2013, it had total consolidated assets of HKD268 billion.

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


PARKSON RETAIL: Weak 2013 Results No Impact on Moody's Ba2 CFR
--------------------------------------------------------------
Moody's Investors Service says that Parkson Retail Group Limited's
2013 results, which recorded a 50.4% year-on-year drop in
operating profit, have no immediate impact on its Ba2 corporate
family rating and senior unsecured bond rating.

The ratings outlook remains negative.

"Parkson's weaker earnings for 2013 were due to ongoing falls in
concessionaire rates and rises in operating costs against the
backdrop of intensified competition in the retail sector," says
Alan Gao, a Moody's Vice President and Senior Analyst.

"Moreover, the company's performance was negatively impacted by
certain one-off issues, such as the temporary closure of Shanghai
flagship store for renovation. Moody's  have reflected such
developments in its Ba2 ratings and negative outlook, " adds Gao.

Moody's notes that despite the 12% year-on-year growth in store
floor space, total gross sales only increased 4.3% to RMB17.5
billion in 2013, mainly due to a 1.8% fall in same-store sales.

As a results, the average concession rate continued to slide,
falling to 17.5% in 2013 from 19.0% in 2010. Meanwhile, operating
costs surged 16% year-on-year as the company continued its fast
expansion with the opening of 6 new stores.

After adjusting the RMB87 million special charge related to store
restructuring, operating profit dropped 42% year-on-year to RMB630
million, and operating profit /GSP almost halved to 3.6% from
6.3%.

"If we exclude restructuring costs, lease adjusted debt/EBITDA
deteriorated to 5.2x in 2013 from 4.5x in 2012 and EBITDA/interest
to 4.3x from 6.1x," says Gao.

"Looking ahead, we expect these metrics to stay at similar levels
in 2014, given management's guidance of flat to low single digit
same-store growth. But, the company maintains relatively good
liquidity with a cash balance of RMB 4.8 billion, including
principal guaranteed investments. Such a good liquidity position
supports its Ba2 rating level," says Gao.

The ratings outlook remains negative, highlighting the uncertainty
over Parkson's ability to arrest the deterioration in its
profitability and financial metrics over the next 12-18 months,
given the unfavorable operating environment and its ambitious
expansion strategy.

The principal methodology used in this rating was the Global
Retail Industry published in June 2011.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department-store
chains in China. As of end-2013, it had 58 self-owned stores and
one managed store in 37 cities. It targets the middle- and middle-
upper-end of the Chinese retail market. It is 51.5% owned by
Parkson Holdings Berhad (PHB), an affiliate of Malaysia's Lion
Group.



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ABHINAV STEELS: CARE Assigns 'B+' Rating to INR332.25cr Loans
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Abhinav Steels and Power Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           332.25      CARE B+ Assigned

   Short-term Bank
   Facilities            28         CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Abhinav Steels and
Power Limited are primarily constrained by the weak financial risk
profile marked by declining profitability margins, leveraged
capital structure and weak debt coverage indicators. The ratings
are also constrained by the relatively modest scale of operations
of ASPL, working capital intensive nature of business operations,
geographic concentration of steel business, exposure to raw
material price volatility, the cyclicality inherent in the steel
industry and project risk associated with the ongoing capital
expenditure. The rating also takes cognizance of restructuring of
ASPL's loans under Corporate Debt Restructuring (CDR) mechanism.

The ratings, however, derive comfort from the experience of the
promoters with an established track record in the iron and steel
industry, long-term contract with Central Coalfields Limited
for the supply of coal and long-term power off take arrangement in
the form of Power Purchase Agreement (PPA) with Uttar Pradesh
Power Corporation Limited.

Going forward ASPL's ability to achieve the envisaged revenue and
profitability while maintaining control over the input costs and
manage working capital requirement shall remain the key rating
sensitivities.

Abhinav Steels and Power Ltd, previously Abhinav Steel Ltd, was
promoted in 1987 by Mr. Phoolchand Yadav of the Yadav family along
with Mr Girdharilal Yadav (first cousin of Mr Phoolchand Yadav)
for manufacturing of rolled steel products at Jaunpur (U.P). The
company is engaged in the manufacturing of long steel products
such as angles, channels and TMT bars and caters to the
construction and infrastructure industry. ASPL has its
manufacturing facilities located in Jaunpur (U.P.) with a capacity
of 42,000 Tonne Per Annum (TPA) for ingots and 72,000 (TPA) for
rolled products. Furthermore, ASPL also has 40 MW coal-based
captive power plant.

In FY13 (refers to the period April 1 to March 31), ASPL has
achieved a total operating income of INR155.11 crore and a net
loss of INR52.69 crore as against a total operating income of
INR185.98 crore and a net loss of INR6.36 crore in FY12. As per
the unaudited results for 9MFY14 (refers to the period April 1 to
December 31), ASPL reported a total operating income of INR145.15
crore with a net loss of INR17.50 crore.


ARUN SPINNING: ICRA Lowers Rating on INR24.18cr Loans to 'D'
------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR5.38 crore term loans (revised from INR9.20 crore) and INR12.20
crore long term fund based facilities (revised from INR13.60
crore) of Arun Spinning Mills Private Limited to [ICRA]D from
[ICRA]B and simultaneously reassigned to [ICRA]C. ICRA has also
revised the rating outstanding on the INR1.60 crore short term
fund based facilities and INR5.00 crore short term non fund based
facilities (revised from INR3.00 crore) of the company to [ICRA]D
from [ICRA]A4 and simultaneously reassigned to [ICRA]A4.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term loans          5.38        Revised to [ICRA]D from
                                   [ICRA]B and simultaneously
                                   reassigned to [ICRA]C

   Long term fund     12.20        Revised to [ICRA]D from
   based facilities                [ICRA]B and simultaneously
                                   reassigned to [ICRA]C

   Short term fund     1.60        Revised to [ICRA]D from
   based facilities                [ICRA]A4 and simultaneously
                                   reassigned to [ICRA]A4

   Short term non      5.00        Revised to [ICRA]D from
   fund based                      [ICRA]A4 and simultaneously
   facilities                      reassigned to [ICRA]A4

During the year 2012-13, the company has delayed in servicing its
debt obligation; subsequently the delays have been regularised.
The revision in the ratings also consider the weak financial
profile of the company, characterised by inadequate coverage
indicators and leveraged capital structure on account of large
debt funded capital expenditure in the past and high working
capital borrowings to support the high debtor days. On account of
stretched liquidity position, the company has delayed its debt
obligation in 2012-13, although this has been subsequently
regularised in the current year aided by favourable demand for
cotton yarn and consequent improvement seen in the revenue and
margins in the current year. The ratings also consider ASMPL's
small scale of operations and the high competitive intensity in
the industry which restricts the pricing flexibility to an extent.
With an annual repayment obligation of ~Rs. 1.7-1.9 crore, the
company's ability to scale up operations and garner adequate
accruals and manage cash flows will be key credit monitorables.

Arun Spinning Mills Private Limited was incorporated in 1997 with
an initial capacity of 5,000 spindles which was gradually
increased to the current levels of 30,240 spindles. ASMPL
manufactures carded and combed yarn of 20-80 counts. ASMPL markets
its yarn through brokers to traders and consumers located in
Erode, Salem, Karur, Tirupur, Mumbai and Kolkata, among others.
ASMPL also has 300 stitching machines with a capacity to produce
400,000 pieces per month at its facility located in Tirupur, Tamil
Nadu. ASMPL is engaged in manufacturing and export of quality
knitted garments like single and double jersey, fleeced, interlock
and loop knit to Europe, Canada and USA. The Company markets the
finished product through buyer houses located in Tirupur.

Recent Results

During 2012-13, the company has reported a profit after tax of
INR0.3 crore on an operating income of INR54.9 crore as against a
net loss of INR2.5 crore on an operating income of INR39.2 crore
during the corresponding previous year. The company has recorded
an operating income of INR48.9 crore during nine months ended
December 31, 2013.


AUTOLINE INDUSTRIES: CARE Revises Rating on INR150.06cr Loan to B
-----------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Autoline Industries Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        150.06     CARE B Revised from
   Facilities                       CARE BB-

   Short-term Bank
   Facilities             20.00     CARE A4 Reaffirmed

Rating Rationale

The revision in the long term rating of Autoline Industries
Limited factors in the elevated financial risk profile marked by
decline in the profitability margins, weak liquidity position, and
deterioration in the debt coverage indicators along with subdued
outlook of the automobile industry. The ratings continue to remain
constrained by suboptimal capacity utilization at one of its major
facilities, relatively higher capital intensity, customer
concentration risk and corporate guarantee extended to the
subsidiary company. The rating further takes a note of loss
incurred on disinvestment of a subsidiary company during H1FY14
(refers to the period April 1 to September 30).

The ratings are underpinned by AIL's established track record with
experienced promoters and a long standing relationship with Tata
Motors Ltd as Tier I supplier of various auto components. The
ratings further factor in the registration of Chakan plant of AIL
under Packaged Scheme of Incentives, 2007 by the Government of
Maharashtra resulting in eligibility of subsidies.

Ability of the company to improve the utilization at its Chakan
-- II facility, monetise the land under subsidiary company,
improve profitability, liquidity position and operating
performance by reducing its dependence on TML, are the key rating
sensitivities.

Autoline Industries Limited, incorporated in December 1996, is
engaged in the manufacturing of auto components especially sheet
metal components, sub-assemblies and assemblies. The company has a
total of 13 manufacturing facilities which are located in Pune
(seven units), Uttarakhand (one), Chennai (one), USA (two), South
Korea (one) and Italy (one). AIL's products are used in the
manufacturing of Commercial Vehicles (CV), Passenger Cars (PC),
Sports Utlity Vehicles (SUV), two wheelers, tractors, etc. The
company supplies its products to various Original Equipment
Manufacturers (OEMs). The major customer of AIL is TML. AIL is
dealing with TML since more than 15 years and is a Tier I supplier
for TML's various auto components. In June 2011, AIL's
manufacturing facility located at Nanekarwadi, Chakan, has been
approved as a 'Mega Project' status for a subsidy under Packaged
Scheme of Incentives, 2007, of the Government of Maharashtra.

During FY13, (refers to the period April 1 to March 31) AIL's
operating income stood at INR577.56 crore and reported a Profit
After Tax (PAT) of INR0.96 crore, against a PAT of INR33.47 crore
on the operating income of INR586.12 crore for FY12. During
H1FY14, the total operating income of AIL stood at INR220.14 crore
and loss of INR29.78 crore.


BLUE WINGS: ICRA Revises Rating on INR8.85cr Loans to 'B'
---------------------------------------------------------
ICRA has revised the rating for INR8.85 crore bank facilities of
Blue Wings Tours & Travels Private Limited from [ICRA]B+/A4 to
[ICRA]B/[ICRA]A4.
                    Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans          8.25       Revised from [ICRA]B+
                                  to [ICRA]B

   Bank Guarantee      0.60       Revised from [ICRA]B+
                                  to [ICRA]B

   Letter of Credit   (0.75)      [ICRA]A4 Reaffirmed

The assigned ratings take into consideration the favorable
location of Bue Wings Tours' Vintage Resort and Spa, which may
help to achieve healthy occupancy in the medium to long term.
However, ratings are constrained due to delays in the full-fledged
commencement of operations given that this is the first major
venture of the promoters in the hospitality sector. The resort
also faces high competitive intensity from existing resorts and
hotels of similar scale in the nearby region, which may limit its
ability to achieve high occupancy, particularly in the early phase
of operations. Since the resort is running behind schedule, the
ability to restrict cost and time overruns and secure timely
support from promoters to bridge the funding gap (if any) as to
service debt obligations will be key rating sensitivities.

Blue wings Tours & Travels Private Limited (Blue Wings) was
incorporated in 1995 with the objective of carrying on businesses
in hospitality and tourism industry. Blue Wings has a 46 room
resort -- Vintage Resorts & SPA -- near Udaipur city. The resort
started operations in January 2014.

Blue Wings is a subsidiary company of Krishna Propdeal Private
Limited, which has undertaken several real estate projects in the
past. The promoters of the company have significant experience in
the real estate industry.


CHANDRAPORE & HEGGDLOO: ICRA Suspends C+ Rating on INR37.8cr Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to the INR35.50 crore
existing term loans as well as INR2.30 crore proposed term loans
of M/s Chandrapore & Heggdloo Estates. 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.


COSMOS PREMISES: ICRA Suspends 'C' Rating on INR7.77cr Loans
------------------------------------------------------------
ICRA has suspended '[ICRA]C' rating assigned to the INR7.77 crore
long term facilities of Cosmos Premises Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


ECOBOARD INDUSTRIES: ICRA Ups Rating on INR39cr Loan to 'C+'
------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR39.00
crore fund based facilities (enhanced from INR24.00 crore) of
Ecoboard Industries Limited to [ICRA]C+ from [ICRA]D. ICRA has
also upgraded the short-term rating assigned to the INR6.00 crore
(increased from INR5.00 crore) non-fund based facility of the
company to [ICRA]A4 from [ICRA]D.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limits     39.00       Upgraded to [ICRA]C+
                                     from [ICRA]D

   Non-Fund Based
   Limits                 6.00       Upgraded to [ICRA]A4
                                     from [ICRA]D

The upgrade in the ratings takes into account regularization of
debt servicing by the company over the past three months. The
ratings continue to favourably factor in the promoter's proven
track record in the particle board as well as effluent treatment
plants businesses; and the location advantage arising out of a
proximity to raw material sources. However, the ratings continue
to remain constrained by the firm's modest scale of operations,
coupled with weak demand for its manufactured products, which led
to a weak financial profile characterized by loss making
operations and even incurring cash losses since FY13.

The ratings also consider EIL's stretched liquidity position
resulting from its high working capital intensity due to high
unsold inventory of finished goods and seasonal availability of
raw materials; the highly competitive intensity of its business
with the presence of organized as well as unorganized segment in
the particle board and plywood industries that limits its ability
to pass on any raw material price increases to its customers.

ICRA notes that the company intends to undertake capex of
~INR21.00 crore in the near term towards development of a new
facility to manufacture a smaller variety of particle boards based
on a market research conducted for the same. The capex is proposed
to be funded in debt equity ratio of 3:1 which is expected to
further increase the company's indebtedness and worsen its
financial metrics. Consequently the company will also be exposed
to associated execution risks in respect of the proposed capex and
off-take and market risks in respect of the new products to be
developed at the proposed facility.

Ecoboard Industries Limited, formerly known as Western Bio Systems
Ltd., was incorporated in 1991 as a public limited company. The
company manufactures particle boards and undertakes turnkey
implementation of environment-friendly effluent treatment projects
(referred to as its bio-systems business). The firm is engaged in
two lines of business-particle boards and bio systems. The
particle board business involves manufacturing and sale of wood-
free particle boards from non-conventional renewable materials
such as agro-residue; while bio systems involves the supply and
erection of effluent treatment plants for distilleries and allied
industries.


FUTURE AUTO: ICRA Reaffirms 'B+' Rating on INR8.25cr Loans
----------------------------------------------------------
ICRA has reaffirmed '[ICRA]B+' rating for the INR8.25 Crore bank
facilities of Future Auto Wheels Pvt. Ltd.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------         -----------    -------
   Fund Based Limits      8.25       [ICRA]B+ Reaffirmed

The assigned rating factors in the Future Auto Wheels Private
Limited's position as a dealer of Maruti Suzuki India Limited. The
rating is, however, constrained by the company's thin profit
margins and weak debt protection parameters, both inherent in the
dealership business and weak liquidity. Apart from susceptibility
to slowdown in the PV segment FAWPL is also subject to high
competitive intensity with the pressure to pass on discounts to
end customers, which limits its profitability. Going forward, the
company's ability to improve its financial risk profile and manage
its working capital intensity would remain key rating
sensitivities.

FAWPL is the authorised dealer for the retail sales and
distribution of passenger cars manufactured by MSIL. The company
started its operations in October 2010 with a 3S (sales, service &
spare parts) facility at Dehradun, Uttarakhand. Currently the
company also operates a 3S facility at Rishikesh, a Maruti Driving
Training School and a true value outlet at Dehradun. The promoters
have been in the carry and forwarding business of white good items
manufactured by Samsung since 25 years through Aradhana Motors
Private Limited.

Recent Results

For the financial year 2012-13, FAWPL reported a Profit after Tax
of INR0.6 Crore on an Operating Income of INR78.7 Crore.


GEODESIC TECHNIQUES: ICRA Suspends D Rating on INR167.24cr Loans
----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR50.24 crore
long term fund based facilities as well as INR117.00 crore non
fund based facilities of Geodesic Techniques Pvt. Ltd. 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.


GOYAL ENGINEERING: ICRA Reaffirms 'B+' Rating on INR40cr Loan
-------------------------------------------------------------
The ratings assigned to the INR130 crore bank facilities and
unallocated limits of Goyal Engineering Polymers Private Limited
have been reaffirmed at '[ICRA]B+' on the long-term scale and
'[ICRA]A4' on the short-term scale.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           40.00      [ICRA]B+ reaffirmed

   Non-fund based,
   Short-term
   Facilities            60.00      [ICRA]A4 reaffirmed

   Unallocated Limits    30.00      [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings factors in the long experience and
established track record of the promoter in the industry; the
favorable demand for engineering plastics in the domestic market
and the established customer and supplier base of the company
comprising reputed companies. While reaffirming the ratings, ICRA
has taken note of the deterioration in the financial risk profile
of the company in FY2013 as reflected by the decline in
profitability, significant increase in gearing levels and weak
debt coverage indicators. Further, the liquidity position of the
company remains stretched as reflected by the high utilisation of
working capital limits attributable to the long operating cycle of
the company. The ratings continue to factor in the vulnerability
of profitability to foreign exchange fluctuations, particularly in
a scenario of high currency volatility as reflected in YTD FY2014,
given that the company does not hedge its foreign exchange
exposure; exposure to supplier and customer concentration risks
and dependence of the company's revenues on the automobile sector,
which renders its performance vulnerable to the business cycle of
the sector. However, on a positive note, ICRA also notes that
support to group companies (in the form of high credit period for
receivables) has declined in YTD FY14. Going forward, the ability
of the company to manage its working capital cycle and improve its
capital structure and debt coverage metrics would be the key
rating sensitivities.

Goyal Engineering Polymers Private Limited is an importer and
distributor of engineering plastic raw materials, primarily for
the automotive industry. The company was incorporated as a
proprietorship earlier in 2002 (named Goyal Polymers) and was
taken over by Goyal Engineering Polymers Private Limited on April
1, 2011; the latter was originally a Goyal Group company with
limited operations. GEPPL imports a range of engineering plastic
raw materials such as Acrylonitrile Butadiene Styrene (ABS),
Acrylonitrile Styrene Acrylate (ASA), Polycarbonates, Polyamides,
Polypropylene-based compounds, etc. from various reputed global
engineering plastic suppliers. It has eleven warehouses in seven
states in India -- Delhi, Haryana, Rajasthan, Uttarakhand, Uttar
Pradesh, Maharashtra and Tamil Nadu -- and supplies to a number of
Tier-1 and Tier-2 auto ancillaries across India.

In 2012-13, the company recorded net profit of INR2.7 crore on an
operating income of INR295.4 crore against net profit of INR1.8
crore on an operating income of INR282.2 crore in 2011-12.


ICON HOSPITALITY: ICRA Suspends 'D' Rating on INR26.33cr Loans
--------------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR26.33 crore
long term facilities of Icon Hospitality Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


IND SWIFT: ICRA Reaffirms 'D' Ratings on INR745cr Loans
-------------------------------------------------------
ICRA has reaffirmed a long term rating of '[ICRA]D' and a short
term rating of '[ICRA]D' to the bank facilities of Ind Swift
Limited. The total rated amount is INR745.0 Crore.

                    Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans         264.75       [ICRA]D reaffirmed

   Cash Credit
   Facilities         293.38       [ICRA]D reaffirmed

   Non Fund Based
   Facilities          63.99       [ICRA]D reaffirmed

   Unallocated        122.88       [ICRA]D reaffirmed

The rating reaffirmation takes into account the continuing delays
in the debt servicing by the company due to its stretched
liquidity profile, even post the implementation of the Corporate
Debt Restructuring (CDR) mechanism in March 2013.

The company's scale of operations has declined significantly over
the past three years, both on account of stretched liquidity
profile as well as attrition of top management in various
divisions, resulting in significant cash losses for the company.
Although the company has been able to gradually ramp up its
exports from the Global Business Unit (GBU), the domestic
operations of the company have remained weak resulting in decline
in scale of operations. As per the terms and conditions of CDR
package, the company was required to bring back unsecured loans
and advances (amounting to INR51.8 Crore) extended to Swift
Fundamental research education Society (SFRES) to ease its
liquidity position, which has not yet materialized.

The company's ability to bring back the unsecured loans extended
as well as increase its scale of domestic operations in a
profitable manner would remain critical for meeting its debt
servicing obligations as per the CDR package going forward.

Ind Swift Limited was promoted in 1986 by Mr. A. K. Jain, the
Mehtas and the Munjals, having experience of formulations
manufacturing in their companies -- Mukur and Swift. The company
started its operations by marketing pharmaceutical products. The
facilities for manufacturing of ampoules and vials were set up
subsequently at Panchkula in 1990, followed by new facilities
being set up at Parwanoo, Baddi (both in Himachal Pradesh), Jammu
(J&K) and Jawaharpur (Punjab) besides an R&D centre at Mohali
(Punjab).

Ind Swift is primarily a family run business supported by a
professional management team. The promoters of Ind Swift group are
three families - Munjals, Mehtas and Jains, each having one third
share of the promoter's stake. There are several companies in the
Ind Swift group including Ind Swift Labs Limited, Ind-Swift
Infrastructure & Developers Limited, Ind-Swift Communications and
Swift Fundamental & Education Society.

Recent Results

In 6m 2013-14 (provisional financials), Ind Swift reported an
operating income of INR343.6 crore. The company recorded an
operating loss before depreciation, interest and tax of INR20.2
crore.


INDIA FILES: CARE Assigns 'B' Rating to INR9.90cr Bank Loans
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of India Files Manufacturing Company.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.90       CARE B Assigned

   Short-term Bank
   Facilities            3.25       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of India Files
Manufacturing Company are primarily constrained by its limited
track record of operations coupled with the highly leveraged
capital structure and susceptibility of margins to volatility in
the prices of raw material. The ratings are further constrained by
the foreign exchange fluctuation risk, highly competitive and
fragmented nature of the hand tools industry and constitution of
the entity as a partnership firm.

These rating constraints are partially offset by the experienced
promoters and established group presence in the hand tools and
striking tools industry.

Going forward, the ability of IFM to achieve the envisaged revenue
and profitability margins and register improvement in capital
structure shall be the key rating sensitivities.

IFMC is a partnership firm established in 2011 by Mr Gautam Kapoor
and his relatives, Mr Sarat Chopra and Mr Mukul Dutt having a
profit-loss sharing ratio of 45%, 45% and 10% respectively. The
firm is engaged in the business of manufacturing and exporting of
hand tools primarily steel files used for cutting and shaping
metal, wood or plastic. IFMC commenced operations in 2012 only and
sells its products under its registered brand name 'Filex' majorly
to dealers located in countries like the United States and Canada.
The primary raw material used for manufacturing of steel files is
CR Steel, which is procured locally from the dealers and
wholesalers located in Punjab. The firm has its manufacturing
facility located in Una, Himachal Pradesh with an installed
capacity of manufacturing 84 lakh pieces of steel files per annum.

M/s Gardex (CARE B+/A4), Black Jack Private Limited and The
Merchant are group associates engaged in similar line of business.
Grand Windsor Resorts Limited (CARE BBB-/A3) is another group
associate engaged in the hospitality industry.

The firm achieved a total operating income of INR0.77 crore with
net losses of INR0.59 crore in FY13 (refers to the period
April 1 to March 31). Moreover, as per the management, the firm
achieved a total operating income of INR5.60 crore till 8MFY14.


K.M. CARS: ICRA Revises Rating on INR6cr Loans to 'B'
-----------------------------------------------------
ICRA has revised long-term rating from [ICRA]B+ to [ICRA]B
assigned to the INR6.0 crore long term fund based facilities of
K.M. Cars Private Limited. ICRA has reaffirmed the rating of
[ICRA]B/A4 assigned to the INR0.5 crores fund based and non fund
based facilities of KMCPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          3.0        Rating revised from
                                   [ICRA]B+ to [ICRA]B

   Inventory Funding    3.0        Rating revised from
                                   [ICRA]B+ to [ICRA]B

   Unallocated          0.5        Rating of [ICRA]B+
                                   revised to [ICRA]B/
                                   Rating of [ICRA]A4
                                   Reaffirmed

The rating revision takes into account the decline in sales,
deterioration in profitability, coverage metrics and weak
liquidity position of KM Cars Private Limited, evident from the
fully utilised working capital facilities. KMCPL's scale of
operations remains moderate and is faced with high competitive
intensity as the company is exposed to competitive pressures from
other dealers of Tata Motors Limited and other OEMs operating in
the vicinity. Going forward, KMCPL's ability to increase its scale
of operations as well as improve its profitability and liquidity
would remain key rating sensitivities.

KMCPL belongs to the KM Group and operates a dealership for Tata
Motors Limited passenger cars. The company started its dealership
business in 2008 and has been operating as an authorised dealer
for TML since inception. The company has a one acre 3S (Showroom,
Spares, Service) facility at Sagar. The company also owns a
service centre in Chhatarpur (M.P). In addition, the company also
has rented showrooms at Damoh, Bina and Tikamgarh. The company has
three Directors Mr. Ajaypal Singh Parmar (Chairman of KM Group),
Mr. Alok Chaturvedi (Managing Director of KM Group) and Mr. Manish
Ahuja.

KM Group has presence in mining (Khajuraho Minerals, Khajuraho
Minerals Pvt. Ltd, Jindutt Minerals Private Limited, Bundelkhand
Granite), automobiles (Khajuraho Motors Pvt. Ltd.) and
construction business (Khajuraho Builders & Construction Pvt.
Ltd.).


KARUTURI FOODS: ICRA Suspends 'B+/A4' Rating on INR20cr Loans
-------------------------------------------------------------
ICRA has suspended '[ICRA]B+(SO)/[ICRA]A4(SO)' rating assigned to
the INR14.00 crore fund based facilities as well as INR6.00 crore
non fund based limits of Karuturi Foods Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


KARUTURI GLOBAL: ICRA Suspends 'C' Rating on INR72.5cr Loans
------------------------------------------------------------
ICRA has suspended '[ICRA]C' rating assigned to the INR50.00 crore
long term fund based facilities as well as INR22.50 crore fund
based facilities of Karuturi Global Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


KARUTURI TELECOM: ICRA Suspends B+ Rating on INR4.0cr Loans
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ (SO) rating assigned to the INR2.00
crore fund based facilities as well as INR2.00 crore non fund
based limits of Karuturi Telecom Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


KEDAR COTTON: CARE Revises Rating on INR10.11cr Loan to 'B+'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Kedar Cotton Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        10.11      CARE B+ Revised from
   Facilities                       CARE B

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

Rating Rationale

The revision in the rating assigned to the bank facilities of
Kedar Cotton Industries is primarily on account of improvement in
the financial risk profile marked by healthy growth in turnover
and cash accruals and improvement in debt coverage indicators
during FY13 (A) (refers to the period April 01 to March 31). The
rating of the bank facilities of KCI continues to remain
constrained due to its highly leveraged capital structure and thin
profit margins. The rating further continues to remain constrained
on account of its presence in the highly competitive and
fragmented cotton ginning business with limited value addition and
volatility associated with raw material (cotton) prices.

The rating, however, continues to take into account the wide
experience of the partners in the cotton ginning business and
proximity to the cotton-producing region of Gujarat. KCI's ability
to move upward in the textile value chain along-with improvement
in profit margins, capital structure and debt coverage indicators
remain the key rating sensitivities.

Initially started as a partnership firm in 1999, KCI is currently
managed by six members of the Patel family who took over the firm
in August 2008 from the Parikh family. Mr. Bharatbhai Patel and
Laljibhai Patel are the key partners of the firm and all the
partners collectively look after the overall operations of the
firm. KCI is involved in the cotton ginning & pressing and
crushing of cotton seeds activity with the main products as cotton
bales, cotton seeds, cotton seed oil and cotton cake.

It has an installed capacity of 12,750 Metric Tonnes Per Annum
(MTPA) for cotton bales and 9,000 MTPA for crushing cotton seed as
on March 31, 2013, at its sole manufacturing facility located at
Kadi (Gujarat). Out of the total revenue generated during FY13,
the sales of cotton bales contributed 77%, sales of cotton seeds
contributed 10%, sales of cotton seed oil cake contributed 8%
and sales of cotton seed oil contributed 4%.

As per the audited results for FY13, KCI reported a PAT of INR0.18
crore (INR0.10 crore in FY12) on a TOI of INR74.76 crore (INR59.19
crore in FY12). During 10MFY14, KCI has achieved a TOI of INR62.90
crore and reported a PBDT of INR0.14 crore.


KINFOTECH PVT: ICRA Suspends 'D' Rating on INR30cr Loans
--------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR25.00 crore
term loan facilities as well as INR5.00 crore fund based
facilities of Kinfotech Pvt. Ltd. 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.


KSHEERSAGAR DEVELOPERS: ICRA Suspends 'D' Rating on INR70cr Loan
----------------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR70.0 crore
long term facilities of Ksheersagar Developers Private Limited The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


MALABAR FOOD: ICRA Assigns 'B+' Rating to INR0.61cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ to the
INR0.06 crore term loans (revised from INR0.57 crore) and INR0.50
crore long term fund based facilities (sub limit) of Malabar Food
Stuff Company. ICRA has also reaffirmed the short term rating
outstanding on INR7.50 crore short term fund based facilities
(revised from INR5.50 crore) at [ICRA]A4.

                   Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term loans          0.06       [ICRA]B+/reaffirmed

   Long term fund     (0.50)      [ICRA]B+/reaffirmed
   based facilities-
   (sub limit of
   packing credit)

   Proposed fund
   based facilities    0.61       [ICRA]B+/assigned

   Short term fund
   based facilities    7.50       [ICRA]A4/reaffirmed

The reaffirmation of the ratings considers the decade long
experience of the partners in the processing and export of spices
and also the firm's proximity to major spice growing belt which
ensures better availability of raw materials. However the ratings
remain constrained by the firm's limited scale of operations, its
weak financial profile characterised by thin margins, stretched
receivables, rising debt levels and weak capitalisation and
coverage indicators. The ratings also factor the risk of high
customer concentration with the top customer adding two thirds of
the firm's total sales, limited pricing flexibility, intense
competition in the spice industry due to limited entry barriers
and relatively less capital intensive nature of business, and
susceptibility of margins to exchange rate fluctuations in the
absence of proper hedging mechanism.

Malabar Food Stuff Company is primarily engaged in exporting of
spices and consumer packed spice products. The firm is established
in the year 2003 and has its processing facility at Thrissur,
Kerala. The firm is mainly concentrating in the export of nutmeg,
cardamom and dry ginger and also is into the export of pepper,
saffron etc in smaller quantities. The firm also sells processed
spices and masala powder in consumer packs under the brand name
Malabar. The majority of the revenue for the firm comes from
export of spices primarily to Dubai. The promoter and family hold
100.0% ownership of MFSC.

Recent Results

During 2012-13, the firm has reported a profit before tax of
INR0.1 crore on an operating income of INR20.8 crore as against a
profit before tax of INR0.1 crore on an operating income of
INR26.0 crore during the corresponding previous year. The firm has
recorded an operating income of INR12.2 crore during eight months
ended November 30, 2013.


MARUTI COMFORTS: ICRA Suspends 'D' Rating on INR9.83cr Loans
------------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR9.83 crore
long term facilities of Maruti Comforts & Inn Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


MAX CERAMICS: ICRA Reaffirms 'B' Rating on INR15.63cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR7.50
crore cash credit facility and INR8.13 crore (reduced from
INR10.21 crore) term loan facility of Max Ceramics Pvt Ltd to
'[ICRA]B'. ICRA has also reaffirmed the '[ICRA]A4' rating to the
INR1.50 crore short term bank guarantee facility, INR0.28. crore
(enhanced from INR0.20 crore) credit exposure limit and INR0.50
crore letter of credit facility of MCPL.

                      Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit Limits     7.50       [ICRA]B reaffirmed
   Term Loan              8.13       [ICRA]B reaffirmed
   Bank Guarantee         1.50       [ICRA]A4 reaffirmed
   CEL                    0.28       [ICRA]A4 reaffirmed
   LC                     0.50       [ICRA]A4 reaffirmed

The rating continues to be constrained by weak financial profile
characterised by dip in operating income, net losses, leveraged
capital structure and weak debt protection metrics of MCPL. The
ratings are further constrained by MCPL's relatively limited track
record of commercial operations, high competitive intensity with
presence of large established organized and unorganized players,
vulnerability of its profitability to the cyclicality associated
with the real estate industry and to the availability and
increasing prices of gas which is a major source of fuel.
However, the ratings continues to favorably factor in the
extensive experience of the promoters in ceramic industry,
established brand name and distribution network of its associate
concern 'Oasis Vitrified' and the diversified product portfolio of
the company consisting of wall and vitrified tiles of various
sizes and finishing and the locational advantage resulting in easy
access to raw material sources.

Max Ceramics Pvt. Limited is a vitrified and wall tiles
manufacturer with its plant situated at Morbi, Gujarat. The
company was established in 2010, while the company commenced its
operations in February 2011. MCPL is promoted and managed by
directors Mr. Sukhdevbhai L. Patel and Mr. Dharmendra K. Kanabar.
The plant has an installed capacity of 43,800 MTPA for vitrified
tiles and 20,500 MTPA for wall tiles. MCPL currently manufactures
vitrified tiles of size 24" X 24" and wall tiles of size 12" X
12", 12" X 18", 12" X 24" with the current set of machineries at
its production facilities.

Recent Results

During FY 2013, the company reported net loss of INR0.67 crore on
an operating income of INR46.69.


NANAK HI-TECH: ICRA Assigns 'D' Ratings to INR13cr Loans
--------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to the INR7.00 crore cash
credit and INR6.00 crore term loan facilities of Nanak Hi-Tech
Private Limited.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limit-
   Cash Credit            7.00       [ICRA]D assigned

   Fund Based Limit-
   Term Loan              6.00       [ICRA]D assigned

The assigned rating primarily takes into account NHTPL's
unsatisfactory track record in timely servicing of debt
obligations because of stretched liquidity position as reflected
by losses suffered at net level in 2012-13 and negative net cash
accruals generated from business. The rating is also constrained
by the weak financial profile characterized by an aggressive
capital structure and depressed level of coverage indicators. The
assigned rating also takes into account the inadequate and
interrupted power supply, at a high cost, from the state grid
which resulted in low capacity utilization in the past, and
surrender of power connection by NHTPL due to high cost of power
lead to suspension of manufacturing operations since February,
2012. Further, the rating is also constrained by the weak credit
profile of the group entities of NHTPL and the current weakness
and cyclicality inherent in the steel industry are likely to keep
margins and cash flows volatile and under pressure in the near
term at least. The rating, however, favorably considers the
longstanding experience of the promoters in the steel industry and
the locational advantage of NHTPL arising out of its proximity to
raw material sources which keeps the freight cost at a low level.

Nanak Hi-Tech Pvt. Ltd. was incorporated in December, 2005. The
manufacturing facility located at Jharkhand was engaged in the
manufacturing of TMT bars. In October 2008, 'Mongia Group'
acquired the company from the original promoters. After taking
over, the new management expanded its production facilities and
overhauled the existing plant & machineries. The current annual
installed capacity of the manufacturing facility stands at 24,000
M.T. The company manufactures TMT bars under 'Mongia' brand in its
unit and commenced commercial production in April 2010. However,
since February 2012, NHTPL has suspended its manufacturing
operations and is engaged only in the trading of MS products like
bars, channels, wires, ingots, washers, tubes, etc.

Recent Results

The company has reported a net loss of INR3.06 crore on an
operating income of INR37.97 crore during 2012-13; as compared to
a net profit of INR0.08 crore on an operating income of INR41.29
crore during 2011-12.


NARAYANI RICE: CARE Reaffirms 'B+' Rating on INR10.56cr Loans
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Narayani Rice Mill Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       10.56       CARE B+ Reaffirmed
   Facilities

   Short-term Bank       0.24       CARE A4 Reaffirmed
    Facilities

Rating Rationale

The ratings assigned to the bank facilities of Narayani Rice Mill
Private Limited continue to remain constrained by its nascent
stage coupled with its small scale of operations in a highly
regulated, fragmented and competitive industry, exposure to the
vagaries of nature and working capital intensive nature of
operations leading to leveraged capital structure. The ratings,
however, continue to derive strength from the experience of the
management and proximity of the plant to the raw material sources.

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

Narayani Rice Mill Private Limited was incorporated on March 10,
2010, jointly by eight female members of four business families
(the Khemka family of Durgapur, the Gaddhyan family of Chirkunda,
the Agarwal family of Asansol and the Saraya family of Durgapur).
The company is engaged in the processing and milling of non-
basmati rice with an aggregate installed capacity of 48,000 metric
tonnes per annum (MTPA) at its plant located in Burdwan, West
Bengal. NRMPL has commenced commercial operations at its plant
from March 2012 onwards.

During FY13 (refers to the period April 1 to March 31), NRMPL
achieved a PBILDT of INR1.98 crore (Rs.0.37 crore in FY12) and a
PAT of INR0.07 crore (Rs.0.02 crore in FY12) on the total income
of INR33.42 crore (Rs.2.99 crore in FY12). Furthermore during
9MFY14, the company achieved net sales of INR26.77 crore.


PRAMOD TELECOM: ICRA Reaffirms 'B-' Rating on INR16.5cr Loans
-------------------------------------------------------------
ICRA has reaffirmed '[ICRA]B-' rating for INR16.50 crore cash
credit limit of Pramod Telecom Private Limited. ICRA has also
reaffirmed short term rating of '[ICRA]A4' for INR12.50 crore non-
fund based limits of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-based, long-     16.50      [ICRA]B-, reaffirmed
   term facilities

   Non-fund-based,
   short-term
   facilities            12.50     [ICRA]A4, reaffirmed

The reaffirmation of ratings take into consideration the healthy
growth in PTPL's operating income and steps taken by company to
diversify its client base to mitigate the client concentration
risk. However, the growth in operating income is followed by
decline in margins owing to fluctuation in raw material prices and
foreign exchange rates. Moreover the ratings continue to be
constrained by its stretched liquidity profile because of delays
in receiving payments from its major customer (Bharat Sanchar
Nigam Limited) leading to cash credit over utilization and Letter
of Credit (LC) devolvement.

The ratings also continue to take into consideration the company's
moderate scale of operations, its high working capital intensity,
its relatively high gearing and weak debt protection indicators as
reflected by interest coverage of 1.22 times, Total Debt/OPBDIT of
6.48 times and NCA/Debt of 3% in FY2013.
Nevertheless, the ratings continue to draw comfort from long
experience of promoters in the wireline telecom equipment
manufacturing industry, established relationship with key
customers, efforts put in by management to lower its dependence on
imports through in house manufacturing of key inputs and healthy
revenue visibility given the firm orders in hand. The company's
ability to scale up its operations, improve its liquidity profile
and its debt protection metrics will remain key rating
sensitivities.

PTPL is a privately held company that was incorporated in the year
2001 as a part of forward integration of Gyan Cirkitonics (P)
Limited which is operating since 1992. PTPL is primarily engaged
in the business of manufacturing of EPBT (electronic push button
telephone) and has recently begun manufacturing LED bulbs. The
promoters of the company have been involved in the business of
manufacturing of electronic equipments since 1992. The company has
its manufacturing facility located in Lucknow.

Recent Results

The company has reported operating income of INR33.78 crore and
profit after tax of INR0.14 crore in FY2013 as against operating
income of INR24.33 crore and profit after tax of INR0.19 crore in
FY2012.


RITHWIK POWER: ICRA Reaffirms 'B+' Ratings on INR15.7cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to INR15.70
crore bank facilities of Rithwik Power Projects Limited.

                   Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Fund
   based limits
   (Term loans)         5.83       [ICRA]B+ reaffirmed

   Long term Fund
   based limits
   (Cash Credit)        7.00       [ICRA]B+ reaffirmed

   Unallocated          2.87       [ICRA]B+ reaffirmed


The rating reaffirmation favorably factors in the recent final
tariff order for Biomass based power projects by Andhra Pradesh
Energy Regulatory Commission (APERC), increasing the power
purchase prices in the favor of RPPL and other bio mass power
plants for the control periods 2004-09 and 2009-14, which would
result in arrears up to INR16 crore being paid to the company. The
rating also takes into account the additional subsidy of INR1.50
per unit, being paid by the Government of Andhra Pradesh (GoAP) to
bio-mass based power producers, which has now been extended up to
31st March 2014 from the earlier subsidy ending date of 24th
November 2013.

The rating also favorably factors in the long term Power Purchase
Agreement (PPA) RPPL has with Andhra Pradesh Transmission
Corporation (APTRANSCO) which results in assured off take and the
generally timely monthly payments against its billings. RPPL's
rating is however constrained by its inability to pass on the
increase in raw material prices (which are quite volatile) to
APTRANSCO since the variable cost to be paid per unit is fixed at
the beginning of a five year control period based on raw material
prices applicable at that point in time with a price escalation
every year linked to overall inflation levels. The prices of
biomass like rice husk, maize cobs, palm bunches/trunks have
increased steeply in the last three years, and at their peak have
even crossed three times their 2011 prices.

The rating also takes into account the high auxiliary consumption
levels of RPPL, inefficient steam consumption of its turbine and
high Operating and Maintenance (O&M) expenses which in the past
have impacted the company's profitability. ICRA notes that RPPL's
operating profits declined steeply in FY2013 when the raw material
prices increased sharply which, combined with the absence of
established raw material linkages resulted in supply shortfall
issues, also impacting the Plant Load Factor (PLF), which declined
to 69.6% for the full year FY2013. However, the promoters of RPPL
have extended timely financial support to the company in the form
of interest free unsecured loans which stood at INR1.76 crore as
on 30th September 2013.

Going forward, RPPL's ability to reduce its cost of production
while improving its operational efficiency and sustaining high PLF
will remain key rating sensitivity.

Rithwik Power Projects Ltd has a licensed capacity of 6.0 MW
(Installed capacity 7.5 MW) biomass based power plant and is owned
by KHPL Clean Energy Private Limited (KCEPL). KCEPL in turn is a
100% subsidiary of Kohinoor Hatcheries Private Limited (KHPL). The
plant is situated at Khammam District of AP and was commissioned
in November 2002. The power generated from the plant is sold under
a twenty-year PPA to APTRANSCO expiring in 2022. RPPL was
originally promoted by Mr U V Ramana and Mr C M Ramesh who later
sold RPPL to Velcan Renewable Energy India Ltd (VREIL) during
2006. Thereafter the plant was operated by VREIL. During February
2010, RPPL was sold to KHPL. KHPL is promoted by Mr. Raghava Rao
who has close to two decades of experience in business of broiler
breeding since 1993-94.


ROYAL ORCHID: ICRA Suspends 'D' Rating on INR162.03cr Loans
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR161.03
crore term loan facilities and INR1.00 crore long term fund based
facilities of Royal Orchid Hotels Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the Company. According to its
suspension policy, ICRA may suspend any rating outstanding if in
its opinion there is insufficient information to assess such
rating during the surveillance exercise.


SAI SUDHA: ICRA Assigns 'B+' Rating to INR6cr Loans
---------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR6.00
crore fund based working capital limits of Sai Sudha Motors
Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund based Working      6.00       [ICRA]B+ assigned
   Capital limits

The rating takes into consideration the intense competition and
inherently low margins in the auto dealership business, on account
of the industry dynamics and the commission structure decided by
the principal. ICRA also notes the exposure of the company to the
current depressed demand scenario for commercial vehicles; which
is expected to remain subdued in the near-term due to factors
including, among others, weak investment sentiment, slowing
industrial activity and increasing fuel prices. The rating also
factors in the high geographical concentration risk with presence
being limited to a single showroom in Odisha. The rating however,
positively factors in the long standing experience of the
promoters in the commercial vehicle dealership business and the
established relationship with TML through its group companies.

Established in December 2012, SSMPL is the authorized dealer for
the sale of Medium & Heavy Commercial Vehicles (M&HCV) as well as
for services and sale of spares for Tata Motors Limited (TML) in
three districts of Odisha namely, Jajpur, Kendrapara and
Jagatsinghpur. Currently, SSMPL operates out of a single showroom
in Jajpur which commenced operations in July 2013.


SD BANSAL: CARE Assigns 'B-' Rating to INR13.14cr Bank Loans
------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of SD Bansal
Iron & Steel Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           13.14       CARE B- Assigned

Rating Rationale

The rating is constrained on account of the short track record of
operations, thin profitability, tight liquidity and high leverage
of SD Bansal Iron & Steel Private Limited. The rating is further
constrained by its presence in the highly fragmented and
competitive iron & steel industry along with its close linkages to
the cyclical real estate sector.

The rating, however, derives strength from the experience of the
promoters in diverse businesses along with steady increase in the
scale of operations of SDBISPL.

The ability of SDBISPL to improve its profitability and capital
structure along with efficient management of its working capital
are the key rating sensitivities.

Incorporated in 2006, SD Bansal Iron & Steel Pvt Ltd is a part of
the Bansal group of Bhopal (Madhya Pradesh).

SDBISPL commenced its operations in 2008 and is engaged in the
business of manufacturing and trading of Mild Steel (MS) ingots
and TMT bars. SDBISPL's manufacturing facility is located in
Bhopal (Madhya Pradesh) and has an installed capacity of 80,000
Metric Tons Per Annum (MTPA) of rolling mill for manufacturing TMT
bars and a capacity of 30,000 MTPA for furnace. It manufactures
ISI quality TMT bars of size ranging from 8 mm to 32 mm. SDBISPL
also has a media division under the name of "Bansal News" through
which it runs a local news channel in Madhya Pradesh and
Chhattisgarh.

As per the audited results for FY13 (refers to the period April 1
to March 31), SDBISPL reported a total operating income of
INR123.39 crore (FY12: INR105.35 crore) with a PAT of INR1.73
crore (FY12: INR1.61 crore). Further as per the unaudited results
for H1FY14, SDBISPL reported a total operating income of INR55.60
crore.


SK BROTHERS: ICRA Reaffirms 'B+' Rating on INR7.75cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR7.00 crore Cash Credit facility and INR0.75 crore Term Loan
facility of SK Brothers. ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the INR2.00 crore fund based short term bank
limits of SK Brothers.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit        7.00        [ICRA]B+ reaffirmed
   Term Loan          0.75        [ICRA]B+ reaffirmed
   Fund Based Short
   Term Bank Limits   2.00        [ICRA]A4 reaffirmed

The ratings of SK Brothers continue to take into consideration its
moderate scale of operations, high gearing levels (with Total
Debt/TNW of 3.63 times as on 31st March 2013) and modest debt
protection metrics. The ratings also factor in the intensely
competitive nature of industry which exerts pressure on operating
margins. However, the ratings favourably take into account SKB's
experienced management, its widespread distribution network and
its concentration on export of basmati rice. Further, ICRA also
takes into account the favourable demand prospects of the rice
industry with India being the second largest producer and consumer
of rice in the world.

SK Brothers was established in 2005, and is primarily engaged in
milling of basmati rice. SKB's milling unit is based out of Nihal
Singh Wala, Moga, Punjab, in close proximity to the local grain
market. SKB sells most of its rice under its own brands in the
domestic market, two of which have received registration. The firm
has its sales force present in various states in India including
Punjab, Rajasthan, Himachal Pradesh and Andhra Pradesh, and is
also involved in export of rice primarily to countries in the
Middle East.

In FY 2013, the company reported an operating income of INR26.61
crore and a net profit after tax of INR0.28 crore.


SUJANA TOWERS: CARE Assigns 'B+' Rating to INR1,464.30cr Loans
--------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of
Sujana Towers Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities          1,464.30     CARE B+ Assigned

   Short-term Bank
   Facilities            200.02     CARE A4 Assigned

Rating Rationale

The ratings assigned to Sujana Towers Limited are constrained by
low capacity utilization, volatility in raw material prices,
declining profitability margins, high collection period and
working capital intense nature of operation.

The ratings are, however, underpinned by the experienced
promoters, long track record of operation and improvement in the
liquidity profile of the company post implementation of corporate
debt restructuring (CDR) package by lenders. Ability of the
company to improve the capacity utilization with subsequent
improvement in profitability and realize receivables in a timely
manner thereby improving the liquidity profile are the key rating
sensitivities.

Sujana Towers Limited was established in April 2006 after the
demerger of Towers Division of Sujana Metal Products Limited,
pursuant to the scheme of arrangement and amalgamation as
approved by the High Court Andhra Pradesh. STL is engaged in the
manufacturing of galvanized steel towers used in the power
transmission and telecom tower sector.

STL is a part of the Sujana group, promoted by Mr Y S Chowdhary
who has more than 23 years of experience in steel products
manufacturing and trading. The group has diversified business
activity with presence in construction & structural steel, power
transmission & telecom towers and allied services, energy
(generation, distribution, green energy consulting and manufacture
of energy saving LEDs), basic and urban infrastructure
development, precision engineering components, domestic appliances
and international trade.

During FY13 (refers to the period April 01 to March 31), STL
registered a PAT of INR3.73 crore (INR60.71 crore in FY12) on a
total operating income of INR1,802.25 crore (INR2,056.14 crore in
FY12). As per the unaudited financials for 9MFY14 (refers to the
period April 1 to December 31), STL registered a PAT of INR1.418
crore on a total operating income of INR 1075.95 crore.


SURYA FAB: ICRA Reaffirms 'B+' Rating on INR7cr Loans
-----------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' assigned
earlier to the INR7.00 crore fund based bank facilities of Surya
Fab.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund based limits-     7.0        [ICRA]B+ reaffirmed
   Cash Credit

The long term rating continues to draw comfort from the steady
growth in the revenues witnessed by the firm, its diversified
customer base as well as the long track record of the promoters in
the textile industry. Notwithstanding the growth, the
profitability levels of the company have however remained modest
owing to concentration towards low value add trading activities.
This coupled with working capital intensive nature of operations
(on account of high receivable period) and limited equity infusion
by partners have led to continued weak financial profile of the
company as evident by TOL/TNW of 3 times as on March 31, 2013 and
TD/OPBDITA of 4 times for FY2013. Further given the steady revenue
growth and continued high working capital intensity of operations,
liquidity position of the firm also continues to remain stretched
as evident by limited headroom available in working capital
limits. The entity additionally remains exposed to other risks
associated with its constitution as a partnership firm such as
limited sources of raising capital.

ICRA has also taken note of the planned forward integration by the
firm into high margin garmenting in FY2015 which is proposed to be
funded largely through incremental debt (which is yet to be tied
up). Notwithstanding the product diversification, ICRA notes that
financial profile of the firm will be driven by its ability to
profitably scale up the operations while effectively managing the
working capital cycle. This apart, timely enhancement in working
capital limits and/or equity infusion by the partners will be
critical to support liquidity during the capacity ramp up phase.

In ICRA's view, the ability of the firm to improve profitability
and reduce its working capital cycle will be key determinants for
its debt coverage indicators and liquidity and hence will be the
key rating sensitivities going forward.

Incorporated in 1999 as a partnership firm, Surya Fab is engaged
in the trading of grey and finished fabrics, with customer profile
primarily including garment manufacturers. The product profile of
the firm is dominated by cotton fabrics, though the firm also
supplies cotton-polyester blended fabrics. The firm is managed by
Mr. Rajeev Nagpal and his father- Mr. Baldev Raj Nagpal, who have
been in this line of business for more than a decade.

Recent Results

The firm reported net profit of INR0.79 crore on an operating
income of INR34.42 crore in FY2013 as against net profit of
INR0.45 crore on an operating income of INR24,83 crore in FY2012.
During nine months ended December 31, 2013, the firm has achieved
sales of INR29 crore vis-a-vis sales of INR23 crore in the
corresponding period last fiscal.


VALLABH MARKET: ICRA Cuts Rating on INR15cr Loans to 'B-'
---------------------------------------------------------
ICRA has revised the long-term rating assigned earlier to the
INR15.00 crore fund-based bank facilities of Vallabh Market to
[ICRA]B- from [ICRA]B.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Long-term fund-        15.00     [ICRA]B- (downgraded)
   based facilities

The rating revision factors in slow construction progress of the
ongoing real-estate project of the firm, which is expected to
result in sizeable delays beyond the scheduled commercial
operation date as well as cost escalations. Delays coupled with
lower than expected sales and collections have translated into a
stretched liquidity situation for the firm making it reliant on
timely funding support from the partners to ensure smooth project
execution. With the scheduled commencement of loan repayments from
Q1-FY15 and slow progress on construction and sales, the cash flow
mismatch will further increase. Further, the firm continues to
face market risk which is exacerbated by the low incremental
bookings obtained during the past one year.

Going forward, the construction progress will be dependent on
timely funding from the partners as ~50% of their contribution is
yet to be brought in. In ICRA's view, the firm's ability to
minimize the extent of delays in project execution, ensure ramp-up
in incremental bookings, improve collection efficiency and control
project costs will be key rating sensitivities. Further, the
firm's ability to ensure timely fund infusion by the partners
against cash flow mismatches will be critical for its credit
profile.

VM was incorporated in November 2011 to undertake construction and
development of a real estate project in Gadarwara tehsil of
Narsinghpur district of Madhya Pradesh. The developed complex will
have a total built-up area of 0.21 million square feet comprising
of retail, office space and apartments. The total cost for the
project is estimated to be INR28.30 crore (including land cost)
and is being funded by a debt of INR15.00 crore. The project was
started in April 2012 and 32% of the development cost has been
incurred till December 2013.

The firm was formed by seven partners. Four of the seven partners
belong to the Rathi family engaged in dealership of building
materials. The remaining partners -- Mr. Kirtiraj Lunawat, Mr.
Naveneet Singh Malhotra and Mr. Navneet Palod have diverse
individual lines of businesses, besides this project.


VEHLNA STEELS: ICRA Reaffirms 'B+' Rating on INR7.77cr Loans
------------------------------------------------------------
ICRA has reaffirmed long term rating of '[ICRA]B+' to the INR7.77
crores fund based bank facilities of Vehlna Steels & Alloys
Private Limited. ICRA has also reaffirmed short term rating of
'[ICRA]A4' to the INR0.01 crores non-fund based facilities of
VSAPL.

                       Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limits-
   Long Term             7.77        [ICRA]B+ reaffirmed

   Non-Fund Based
   Limits-Short Term     0.01        [ICRA]A4 reaffirmed

The reaffirmation of the rating takes into account highly
competitive nature of the industry combined with the low value
added nature of the business which has resulted in low
profitability at operating levels and losses at net level. The
rating also takes into account the company's modest scale of
operations, raw material price fluctuation risk due to cyclical
nature of industry and stretched liquidity position as evidenced
by the high working capital utilization. The rating however
derives comfort from the long track record of the promoters and
proximity of the company to raw material sources resulting in
availability of raw material.

Going forward the company's ability to generate profits in high
competitive industry and managing liquidity position will be key
rating sensitivities.

Recent Results:

VSAPL reported a net loss of INR-0.02 crores on an operating
income of INR39.093 crores for the year ended March 31, 2013 and a
net loss of INR-0.06 crores on an operating income of INR32.73
crores for the year ended March 31, 2012.

Vehlna Steels & Alloys Pvt. Ltd. was established in the year 1999
for manufacturing of MS (Mild Steel) Ingots. In FY10 company
started production of MS Flats also. The Company is promoted by
Mr. Yogesh Jain, Arun Kumar Maheshwari & Brij Mohan Aggarwal
however, the company is managed by Yogesh Jain and Mr. Vinesh Jain
The company is having one induction furnace for manufacture of
steel Ingots and Rolling for manufacturing of MS flats/MS Bar/.
The installed capacity of the company is 15000 MTPA for M.S.
Ingots & 51075 MTPA for M.S. Flat/Bar located in Muzaffarnagar
(UP).


VENKY HITECH: ICRA Assigns 'B+' Rating to INR25.5cr Loans
---------------------------------------------------------
ICRA has assigned a '[ICRA]B+' rating to the INR1.5 crore term
loan, INR24 crore cash credit facility and INR3 crores unallocated
facilities of Venky Hi-Tech Ispat Ltd. ICRA has also assigned a
[ICRA]A4 rating to the INR1.5 crore letter of credit facility of
VHTIL. The unallocated limits of INR3 crores have also been rated
in the short term.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan           1.50       [ICRA]B+ assigned
   Cash Credit        24.00       [ICRA]B+ assigned
   Letter of Credit-
   Non-fund based      1.50       [ICRA]A4 assigned
   Unallocated         3.00       [ICRA]B+/[ICRA]A4 assigned

The ratings take into account the weak financial profile of the
company as characterised by its low profitability and depressed
coverage indicators. The capacity utilisation of the rolling mill
unit of the company has also been low thus adversely affecting the
returns on capital employed of the company and impacting the
ratings. ICRA has also taken into consideration that during the
past few years, the net profit for VHTIL has primarily been driven
from trading. The ratings also take into account the cyclicality
inherent in the steel business, which makes margins and cash flows
volatile to fluctuations in prices. While assigning the ratings,
ICRA has also factored in the high working capital intensity of
operations of the company which exerts pressure on the cash flows
of the company. The average utilisation of the working capital
facilities of the company has witnessed an increase with the
average utilisation over the period Oct-12 to Sep-13 being at 99%
(as compared to 91% of the corresponding period in the previous
year). The ratings also take into consideration the project risks
associated with the capital expenditure of the company and the
limited upside in the capital structure of the company in the
short term on account of the aggressive funding pattern of the
project (the total project of INR10.09 crores is to be funded by a
term loan of INR7 crores and the remaining from equity and
internal accruals). The ratings however, favourably take into
account the experience of the promoters in the steel industry,
diversified product mix and the partially integrated nature of
operations with the presence of both billet and thermo-
mechanically treated (TMT) bars manufacturing units. The ratings
also consider the established dealer network of the company which
helps in the easy distribution of the products. While ICRA notes
that the capital expenditure programme would insulate the company
to an extent from fluctuations in coal prices and increase its
scale of operations, the benefits from the project would be
available to the company over the medium term to long term only.

VHTIL was incorporated in December 2003 and currently has 36,000
tons per annum (tpa) ingot and 84,000 tpa thermo-mechanically
treated manufacturing facility at Durgapur, West Bengal.

Recent Results

The company reported a net profit of INR0.48 crores in FY13 on an
OI of INR154.01 crore, as compared to a net profit of INR0.38
crores on an OI of INR120.06 crores during FY12.


VISHWA INFRA: CARE Revises Rating on INR344.74cr Loans to 'C'
-------------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Vishwa Infrastructure and Services Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       344.74      CARE C Revised from
   Facilities                       CARE BB

   Short-term Bank
   Facilities           560.87      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings takes into account further
deterioration in Vishwa Infrastructures and Services Private
Limited's financial risk profile during FY13 (refers to the period
April 01 to March 31 ) marked by deterioration in profitability,
gearing and strained liquidity position due to slow progress of
projects and delay in realisation from debtors, due to which the
company has approached the Corporate Debt Restructuring (CDR) cell
for restructuring of its debt obligation and the same is under
progress. The ratings continue to be constrained by VISPL's
limited experience in executing large sized orders and risk
associated with exposure of VISPL to public private partnership
projects. The ratings are however underpinned by the experience of
the promoters in the construction sector, long track record of the
company and healthy order book position.

The ability of the company to successfully execute projects in
hand, receive adequate and timely funding to improve the overall
financial risk profile and efficiently manage working capital
requirements and are the key rating sensitivities.

VISPL started its operations as Vishwa Construction Company in
1992 and was converted into private limited in December 2004.
VISPL was started by Mr Yerra Srinivas, Mr M L Sridhar Reddy, Mr J
Vikram and Mr K Vijay Kumar. The company is engaged in the
execution of civil construction contracts with a focus on water
supply and sewerage infrastructure projects. VISPL is also into
manufacturing of mild steel pipes, pre stressed concrete pipes and
reinforced cement concrete pipes.

During FY13, the company generated a total income of INR568.2
crore (FY12: INR639.6 crore) and net loss of INR25.40 crore (FY12:
INR18.9 crore).



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


INDONESIA: Fitch Says Coal Output Cap to Hurt Miners
----------------------------------------------------
Fitch Ratings says that the credit profiles of mining sub-
contractors and miners highly reliant on increasing volumes to
support high debt servicing will be most affected if Indonesia
strictly implements limits on thermal coal production.  The
Indonesian Ministry of Energy and Mineral Resources announced its
plans to cap Indonesia's total coal output at 397m metric tonnes
in 2014 -- 6% lower than the 421m tonnes produced in 2013 -- in an
attempt to ensure Indonesia's long-term energy security and also
on the expectation that a lower output may result in higher prices
for its coal exports.

The announcement comes amidst some of the larger Indonesian miners
announcing 2014 production targets that are up to 10% higher than
their production in 2013.  Mining companies have been seeking to
increase production to partly compensate for substantially reduced
dollar margins per tonne of coal following a steep decline in
international seaborne thermal coal prices, especially those
companies burdened with high debt levels and weak liquidity.  For
example, PT Bumi Resources Tbk expects to increase production from
74m tonnes in 2012 to about 100m tonnes in 2015.

Fitch understands that the higher production budgets of these
miners have yet to be approved by the Ministry of Energy and
Mineral Resources.  Production caps are not new to Indonesia,
although they have not been strictly applied before.  How
effectively the production caps are implemented, however, remains
to be seen.  The monitoring and control of production of those
miners operating under coal contracts of work (CCOW), which are
issued by the federal government, would be easier than that of
mines operating under Mining Business Licences (IUPs), which are
mostly issued by provincial governments.  Indonesia's six largest
miners account for about 50% of Indonesia's total coal production.
Mines operating under CCOW concessions account for almost 80% of
current production.

Fitch does not expect a 5%-10% production cut from 2013 levels to
materially impact the credit profiles of miners with low financial
leverage, such as PT Adaro Indonesia (BB+/Stable), PT Indo
Tambangraya Mehgah Tbk, PT Harum Energy Tbk and PT Kideco Jaya
Agung. Also, the operating cash generation of Indonesian coal
miners is more sensitive to declines in prices than volumes due to
a large variable cost structure.  Moreover, the impact of lower
output would be partly mitigated if the reduction in coal exports
from Indonesia helps support seaborne coal prices.  Fitch expects
Asian coal markets to remain well supplied and any reduction of
coal exports from Indonesia is likely to have only a very limited
impact on coal prices, although it may alleviate any further
downside pressure on prices.  The 24 million tonne reduction in
production amounts to about 3% of global seaborne thermal coal
volumes.

Fitch also says that the proposed production cap will negatively
impact the business volumes of mining sub-contractors.  An
industry-wide coal production cap implemented during a weak price
environment would likely lead some coal miners to continue mining
at lower strip ratios (in areas that require less removal of
overburden) for an extended period to enhance profitability.
Apart from the decline in business volumes, the generally fixed
prices per unit of overburden/coal extracted and their high
operating leverage would render these companies more vulnerable to
a reduction in coal volumes than the miners themselves.  Over 70%
of Indonesian coal mining and overburden removal volumes are done
through sub-contracted miners.



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


KAISA GROUP: Moody's Says 2013 Results Supports B1 CFR
------------------------------------------------------
Moody's Investors Service says that Kaisa Group Holdings Ltd's
2013 full-year results announced on 20 February are credit
positive and support its B1 corporate family and senior unsecured
ratings.

"Kaisa's key financial ratios have improved, largely driven by
strong growth in revenue recognition and contracted sales in 2013.
Moody's also expect gradual improvements of its key credit metrics
over the next 12-18 months," says Franco Leung, a Moody's
Assistant Vice President and Analyst.

Kaisa reported 63.3% year-on-year growth in revenues to RMB19.5
billion in FY2013, while its contracted sales grew about 38% over
the same period.

Despite a 44% year-on-year increase in gross debt, Kaisa's debt
leverage as measured by adjusted debt to capitalization remains at
around 53.6%. Its revenue to gross debt improved to 88%, from 78%
in FY2012.

"Moody's expect Kaisa's profit margin will continue to improve
over the next 12 months as the proportion of sales in higher tier
cities has increased," adds Leung, also the Lead Analyst for
Kaisa.

Kaisa's gross profit margin rose to 33.8% in FY2013 from 32.5% in
FY2012. This increase was driven by the completion of a higher
proportion of redevelopment projects, which command higher profit
margins.

Robust revenue growth and improved margins contributed to a higher
EBITDA/interest coverage, excluding adjustments of capitalized
interests charged to the cost of sales, to around 2.3x in FY2013,
from 1.6x in FY2012.

The increase in Kaisa's interest coverage ratio also reflects the
lower average interest cost as the company refinanced short term
debt at higher interest rates for long-term debt with lower
interest rates. Its short-term debt to total debt fell to 18% at
end 2013 from 20.4% at end 2012. Its cash to short-term debt ratio
also improved to about 216% at end 2013 from 170% at end 2012.

These metrics strongly position Kaisa in the B1 rating category.

"Nonetheless, the improvement in its financial profiles is partly
offset by the company's sizeable land acquisitions," says Leung.

Kaisa pursued proactive land replenishment in 2013, totaling
around RMB14.1 billion, or about 60% of its full-year contracted
sales. Such level is high compared with its domestic peers. In
addition, higher average land cost could impact the company's
medium to long-term profitability.

Kaisa's ratings could be upgraded if it: (1) demonstrates
discipline in acquiring land; (2) generates stable growth in its
sales; (3) improves its interest coverage position to above 3.5x,
and (4) maintains adequate liquidity, with cash to short-term debt
of more than 160%.

Downward rating pressure could emerge if: (1) the company's
contracted sales fall substantially below its business plan; (2)
its debt rises further as a result of its aggressive land
acquisitions; (3) its credit metrics weaken, such that
EBITDA/interest falls below 2.5x-3.0x; or (4) its liquidity
weakens, with its cash holdings slipping below 150% of short-term
debt.

Kaisa's B1 corporate family rating continues to reflect its track
record in developing property projects in major Chinese cities,
such as Shenzhen. The rating also takes into account Kaisa's
ability to purchase land at a competitive cost for redevelopment
projects in Guangdong province, which is its home base. In
addition, its presence in cities beyond its home market is
developing.

On the other hand, the rating is constrained by the company's
rapid expansion, which has increased both its execution risk and
debt in the past few years.

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

Kaisa Group Holdings Ltd is a Shenzhen-based property developer
established in 1999 and listed on the Hong Kong Stock Exchange in
December 2009. At end-December 2013, the company was 62.4% owned
by Mr. Kwok Ying Shing and his family members. Kaisa had a land
bank of around 23.5 million square meters in gross floor area
located in the Pearl River and Yangtze River deltas, Bohai Rim,
and central and western China at end-December 2013.



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


AORANGI SECURITIES: Investors Payments Reach 92 Cents in Dollar
---------------------------------------------------------------
Aorangi Securities investors have now received 92 cents in the
dollar and the Statutory Managers remain confident that they will
be able to return most, if not all, of the Aorangi investors'
capital, Statutory Managers, Grant Thornton, said.

"Since the amicable settlement with Mrs Hubbard, reached in April
2013, 77 cents in the dollar has been distributed to investors,
taking the total to 92 cents," said the Statutory Managers in
their latest report to investors.

"The return of most, if not all, of the investors' capital
represents an excellent outcome for investors, particularly
considering the litigation risk that surrounded the "introduced
assets" claim.  If the court case had proceeded and been lost,
Aorangi investors would have only received an estimated return of
35 cents in the dollar," concluded the Statutory Managers.

The return of capital to investors is occurring in accordance with
the 2010 estimate by Mr. Hubbard, in conjunction with the
Statutory Managers that it would take 3 to 4 years to return the
capital.

In due course, when most if not all of the investors' capital has
been returned to investors and the statutory management of Aorangi
ceases by Order in Council, control of Aorangi will be passed back
to the director. As part of this process the Governor-General has
recently signed an Order in Council that will release Temple Bar
Family Trust from statutory management with effect from March 20,
2014.

The next report from the Statutory Managers is expected to be
issued in July 2014.

Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.

On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities.  The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti.  Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.

The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission.  Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn, of Grant Thornton, on September 20,
2010.

On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.

The SFO dropped the fraud charges against Allan Hubbard following
Mr. Hubbard's death on Sept. 2, 2011.  Mrs. Hubbard was also
removed from statutory management, effective on Nov. 13, 2011.



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


IRPC PUBLIC: 2013 Results Support Moody's Ba1 CFR
-------------------------------------------------
Moody's Investors Service says IRPC Public Company Limited's 2013
results have improved largely on the back of stronger performance
in its petrochemical business. The company's full year results,
although still soft, are in line with Moody's expectations and
remain appropriate for its current Ba1 corporate family rating and
negative outlook.

"The key driver of IRPC's improved results in 2013 was its
petrochemical segment which more than offset weakness in its
refining and power businesses. The strong performance in the
company's petrochemical business, which reported a 61.8% year-on-
year increase in product-to-feed margin to $3.77 per barrel (bbl),
was largely attributable to rising product prices for styrenic and
olefins," says Vikas Halan, a Moody's Vice President and Senior
Analyst.

On a consolidated basis, the company's market gross integrated
margin increased 19.4% to $6.96/bbl compared to the previous year.
Total net profit for the year came in at THB848.8 million, a
marked improvement from the net loss of THB755.4 million that IRPC
incurred in 2012.

The petrochemical segment reported operating profits of THB1.4
billion or 54.5% of the consolidated total, compared to a loss of
THB1.2 billion in the previous year.

"As a result of using more domestically-sourced crude feedstock in
2013, IRPC also benefited from reducing its cost of production by
$4.0/bbl to $131.6/bbl, compared to a year ago," adds Halan, who
is also lead analyst for IRPC.

However, despite the improvement in overall margins, IRPC reported
weak refining results, with an 8.5% decline in gross refining
margin (GRM) to $2.27/bbl from $2.48/bbl in 2012.

"IRPC's refining business was particularly affected by the lower
regional refining margins in this challenging operating
environment because of its low refinery complexity of 6.6. The
decline in its GRM was mainly attributable to a decrease in the
spread of lube base products due to increased competition from
Russian refiners," says Halan.

Moody's expects the average regional refining margins in 2014 to
remain largely in line with 2013 levels.

On a full year basis, IRPC recorded refining throughput of 66.1
kbpd or at a utilization of 84% in 2013, an increase from 64.2
kbpd in 2012.

The company has a large approved capex plan of $1.9 billion for
2013-2017, of which THB15.0 billion ($487.4 million) was spent in
2013. It is carrying out its Phoenix upgrading program which is
critical for improving the medium-to-long-term competitiveness of
its refining and petrochemical business.

IRPC's leverage position, although still high, has improved with
total borrowings decreasing marginally to THB43.0 billion at
December 2013 from THB44.2 billion in 2012, and retained cash flow
to adjusted debt recovering to about 13% from 2.6% a year ago.
Moody's expects IRPC's leverage position to remain elevated while
it carries out it's the Phoneix program which is expected to
complete in 2015-16.

IRPC has a THB7 billion debenture maturing in July 2014 and total
long-term loan repayment of THB2 billion. With cash and cash
equivalents of only THB5.1 billion at 31 December 2013, the
company intends to fund the difference with positive cash flow
from its normal operations and the extension of crude payable days
from its parent PTT Public Company Limited (Baa1 stable).

IRPC's Ba1 rating incorporates a two-notch uplift that reflects 1)
PTT's willingness to provide additional working capital and
intercompany funding support to reduce IRPC's financial burden
while carrying out the large scale Phoenix project; and 2) the
likelihood of PTT providing extraordinary credit support in a
situation of stress.

The negative outlook on the ratings reflects the pressure on
IRPC's financial profile while it executes the Phoenix project as
well as the execution risk in delivering the project on time and
within budget.

IRPC's outlook could change to stable if IRPC successfully
deleverages, such that its RCF to adjusted debt is sustained above
10% and EBIT to interest increases above 1.5-2x.

A ratings upgrade would require evidence of sustainable positive
operating cash flow generation and consistent improvement in
credit metrics, such as RCF to adjusted debt above 20% and EBIT to
interest above 4x on a sustained basis.

IRPC's ratings could be downgraded if RCF to adjusted debt falls
below 10% and EBIT to interest drops below 1x on a sustained
basis; and/or any material delay occurs on the execution of the
Phoenix project.

The principal methodology used in this rating was the Global
Refining and Marketing Rating Methodology published in December
2009.

IRPC is the second-largest oil refinery and third-largest
petrochemicals producer in Thailand. It is one of six domestic oil
refiners and suppliers of petroleum products in the country.
IRPC's refinery has a nameplate capacity of 215,000 barrels per
day.

The company also produces naphtha and reformate-based
petrochemicals at the same location, and is also a leading
producer of styrene and its derivatives in Thailand. IRPC is
38.51%-owned by PTT Plc.



                             *********

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

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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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