TCRAP_Public/140226.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

          Wednesday, February 26, 2014, Vol. 17, No. 40


                            Headlines


A U S T R A L I A

FORGE GROUP: Probe Over Collapse May Take 12 Months
GLADSTONE CRANE: BRI Ferrier Appointed as Administrators
GREEN DIESEL: Pitcher Partners Appointed as Administrator
KRESTENSEN ENTERPRISES: Jirsch Sutherland Named as Administrator
SALES EXPRESS: First Creditors' Meeting Set For March 4


H O N G  K O N G

CHONG HING BANK: Fitch Affirms 'BB' Support Rating Floor


I N D I A

A B INFRABUILD: CRISIL Puts 'B' Rating on Notice of Withdrawal
AAA PAPER: ICRA Reaffirms 'C+' Rating on INR11cr Loans
ACCENT METALS: ICRA Suspends B+ Rating on INR20.82cr Loans
ALPS PHARMACEUTICALS: CRISIL Rates INR260MM Loan at 'B'
BARFLEX POLYFILMS: ICRA Cuts Rating on INR50.33cr Loans to B+

D.A.R. PARADISE: CRISIL Reaffirms B+ Rating on INR110M Loans
DHANSHREE DEVELOPERS: ICRA Puts 'D' Rating on INR67cr Loans
EROS RESORTS: ICRA Reaffirms 'D' Rating on INR195.18cr Loans
EVEREST STEEL: CRISIL Reaffirms 'B' Rating on INR200MM Loans
G.D. OVERSEAS: ICRA Assigns 'B+' Rating to INR28cr Loans

HASAN STEEL: CRISIL Assigns 'B' Rating to INR80MM Cash Credit
K V RAMA: CRISIL Reaffirms 'D' Rating on INR70MM Loans
LAXMI OPTICALS: CRISIL Cuts Rating on INR160MM Loans to 'B'
PANCHAVATI POLYFIBRES: ICRA Keeps B+ Rating on INR26.65cr Loan
PARAS FROZEN: ICRA Suspends 'B-' Rating on INR6.95cr Loans

R.L. GOLD: ICRA Downgrades Rating on INR68.68cr Loans to 'D'
R.P. PRODUCTS: CRISIL Cuts Rating on INR75.8MM Loans to 'D'
R R DURAFABS: CRISIL Reaffirms B Rating on INR50MM Loan
RAGHUVIR GINNING: CRISIL Upgrades Rating on INR80MM Loan to 'B'
RAJMAL LAKHICHAND: ICRA Lowers Rating on INR30cr Loans to 'D'

RELISYS MEDICAL: CRISIL Assigns B- Rating to INR250MM Debentures
SANJAY STEEL: CRISIL Reaffirms 'B' Rating on INR99.9MM Loans
SHITALPUR MOHINDER: ICRA Puts 'B-' Rating on INR11.58cr Loans
SHIV GORAKH: ICRA Assigns 'B+' Rating to INR1.25cr Loans
SHRI BIJASANI: CRISIL Ups Rating on INR90MM Loans to 'B'

SPA HEIGHTS: ICRA Reaffirms 'B' Rating on INR12cr Loans
SRI GANESH: ICRA Assigns 'B' Rating to INR5.9cr Loans
SRI PRASANNA: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
SRI SAI: ICRA Assigns 'B+' Rating to INR3.15cr Loans
TOOFAN STEEL: CRISIL Reaffirms 'D' Rating on INR380MM Loans

VIBHOR VAIBHAV: ICRA Lowers Rating on INR22cr Loans to 'B'
VSA INFRA: ICRA Suspends 'B' LT Rating on INR32cr Loans
WHITE HOUSE: CRISIL Reaffirms 'D' Rating on INR300.7MM Loans


N E W  Z E A L A N D

FEATHERSTON RESOURCES: Future Unclear, Receiver's Report Reveals


P H I L I P P I N E S

PAGCOR: To Close Paranaque Casino in July Due To Losses


S I N G A P O R E

CHINA FISHERY: Has Adequate Liquidity to Manage Needs, Says Fitch


S O U T H  K O R E A

DONGBU GROUP: FSS Presses Group To Speed Up Restructuring
LIG GROUP: Appellate Court Upholds Chief's Conviction for Fraud
TONG YANG: Yuanta Sole Bidder for Tongyang Securities Unit


                            - - - - -


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


FORGE GROUP: Probe Over Collapse May Take 12 Months
---------------------------------------------------
Vicky Validakis at Australian Mining reports that Forge Group
administrators said it could take 12 months to investigate why the
company failed and determine how much of the AUD800 million owed
can be recovered.

More than 300 creditors gathered at a meeting in Perth on Feb. 21
where insolvency firm Ferrier Hodgson revealed Forge's debt was
expected to grow as more damage claims are lodged against the
collapsed company.

According to the report, administrator Martin Jones said Forge's
1,600 employees were owed AUD15.5 million after they were let go
without their final pay cheques or any entitlements.

More than AUD48.8 million is owed to around 1,200 trade creditors
while ANZ Bank has a claim of AUD289 million.

Insurance bond facility liabilities amount to AUD217 million and a
further AUD24 million for hire-purchase facilities.

Australian Mining, citing The Australian, relates that Mr. Jones
said investigations into who was responsible for the company's
collapse would continue but warned it could be some time before
there were clear answers.

"It could take 12 months before we get to the bottom of these
claims," the report quotes Mr. Jones as saying.

He said accusations of questionable spending levelled against
Forge managers would also be looked into, but stated the company's
collapse could be a case of poor management, the report notes.

Forge Group Limited (ASX:FGE) -- http://www.forgegroup.com.au--
is engaged in construction, commercial building, engineering,
maintenance and workshop fabrication. Forge is the holding company
of Cimeco Pty Ltd, Webb Construction West Africa Ltd, Abesque
Engineering Ltd (Abesque) and CTEC Pty Ltd, which provide a range
of engineering and construction services to a diverse range of
clients particularly to the resource and oil and gas sectors
through its operating entities.

Martin Jones, Andrew Saker and Ben Johnson of Ferrier Hodgson were
appointed as Joint and Several Voluntary Administrators of the
Company on Feb. 11, 2014.  As a consequence, the financiers have,
pursuant to their securities, appointed Mark Mentha and Scott
Langdon of KordaMentha as Receivers and Managers.

The Australian said that the administrators were called in after
Forge's financier ANZ Group withdrew its support.


GLADSTONE CRANE: BRI Ferrier Appointed as Administrators
--------------------------------------------------------
Robert Humphreys -- robert.humphreys@briferriernq.com.au -- and
Moira Carter -- moira.carter@briferriernq.com.au -- at BRI Ferrier
were appointed as administrators of Gladstone Crane and Equipment
Services Pty Ltd on Feb. 21, 2014.

A first meeting of the creditors of the Company will be held at
the offices of BRI Ferrier, Level 1, 19 Stanley Street, in
Townsville, Queensland, on March 4, 2014, at 10:30 a.m.


GREEN DIESEL: Pitcher Partners Appointed as Administrator
---------------------------------------------------------
Paul Gerard Weston at Pitcher Partners was appointed as
administrator of Green Diesel Corp Pty Limited on Feb. 19, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Pitcher Partners, Level 19, 15 William Street, in
Melbourne Victoria, on March 3, 2014, at 11:00 a.m.


KRESTENSEN ENTERPRISES: Jirsch Sutherland Named as Administrator
----------------------------------------------------------------
Bradd William Morelli at Jirsch Sutherland was appointed as
administrator of Krestensen Enterprises Pty Limited on Feb. 20,
2014.

A first meeting of the creditors of the Company will be held at 47
Newcomen Street, in Newcastle, on March 3, 2014, at 11:30 a.m.


SALES EXPRESS: First Creditors' Meeting Set For March 4
-------------------------------------------------------
Andrew Heard -- andrew@heardphillips.com.au -- and Mark Lieberenz
-- mark@heardphillips.com.au -- at Heard Phillips Chartered
Accountants were appointed as administrators of Sales Express Pty
Ltd on Feb. 20, 2014.

A first meeting of the creditors of the Company will be held at
the Boardroom of Heard Phillips Chartered Accountants
Level 1, 50 Pirie Street, Adelaide, on March 4, 2014, at
11:00 a.m.



================
H O N G  K O N G
================


CHONG HING BANK: Fitch Affirms 'BB' Support Rating Floor
--------------------------------------------------------
Fitch Ratings has downgraded Hong Kong-based Chong Hing Bank
Limited's (CHB) Long-Term Issuer Default Rating (IDR) to 'BBB'
from 'BBB+', Short-Term IDR to 'F3' from 'F2', and Viability
Rating (VR) to 'bbb' from 'bbb+'. The Outlook is Stable. Fitch has
removed the ratings from Rating Watch Negative (RWN), where they
had been placed on October 31, 2013.

The acquisition of a 75% stake in CHB by YueXiu Financial Holdings
Limited (YueXiu), a beneficially wholly owned subsidiary of the
Guangzhou Municipal People's Government, was completed on 14
February 2014 following approval from the Hong Kong Monetary
Authority (HKMA) on January 8, 2014. CHB also sold its
headquarters building and distributed about HKD2bn to shareholders
via a special dividend on February 20, 2014.

KEY RATING DRIVERS -- IDRs, VR, and Subordinated Debt Rating

The downgrade of CHB's VR and, in turn, its IDRs was triggered by
the distribution of the special dividend and higher future
operating costs, both of which reduce the bank's loss absorption
capacity. Fitch believes that restoring its contingency buffer
through internal capital generation will take time. Being part of
a larger group should aid CHB's franchise and support its
profitability. However, the shareholder change could lead to
higher risk tolerance with an increase in China concentration risk
being more difficult to mitigate purely through earnings and
capital.

The special dividend equals 3.7% of risk weighted assets at end-
1H13. It was not reflected in the Fitch Core Capital (FCC) ratio
of 12.9% as the property that was sold was not subject to mark-to-
market valuation. The additional costs which CHB will incur to
lease its headquarters building would have amounted to 9.5% of
operating costs and 10.0% of pre-impairment profit in 1H13.

The Stable Outlook reflects Fitch's view that management will
pursue a measured expansion strategy maintaining historically
sound underwriting policies and adequate capitalisation.

CHB's subordinated debt rating was also downgraded. The debt is
rated one notch below CHB's Long-Term IDR to reflect their
subordination in the capital structure.

RATING SENSITIVITIES - IDRs, VR, and Subordinated Debt Rating

Aggressive China-related growth could lead to a downgrade of the
ratings if it is not balanced by adequate pricing, capital and
liquidity. Maintaining a high dividend pay-out ratio, for example
by selling and distributing gains on CHB's remaining properties
would also put pressure on the ratings because it will further
reduce the bank's buffer against stress. Leveraging the parent's
connections in mainland China could trigger an upgrade if it
supports CHB's competitive market position and ultimately makes it
more resilient against stress.

CHB's subordinated debt ratings will be affected by changes to the
bank's Long-Term IDR.

RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
RATING FLOOR

CHB's Support Rating (SR) and Support Rating Floor (SRF) have been
affirmed, reflecting the moderate probability of support from the
Hong Kong authorities, if needed, due to their limited systemic
importance. Nevertheless, the SR and SRF face the prospect of
being downgraded once Fitch completes its global review of how
regulatory initiatives and the introduction of resolution schemes
impact the authorities' stance on support. Even if the SR and SRF
were downgraded, there would be no impact on the VR, and by
implication, the bank's IDRs.

As CHB's role in the YueXiu group evolves Fitch may reflect
parental support from YueXiu or ultimately the Guangzhou Municipal
People's Government based on its assessment of their ability and
willingness to provide support.

The rating actions are as follows:

  Long-Term Foreign Currency IDR downgraded to 'BBB' from 'BBB+';
  Outlook Stable; removed from RWN

  Short-Term Foreign Currency IDR downgraded to 'F3' from 'F2';
  removed from RWN

  Viability Rating downgraded to 'bbb' from 'bbb+'; removed from
  RWN

  Support Rating affirmed at '3'

  Support Rating Floor affirmed at 'BB'

  Lower tier-2 subordinated debt downgraded to 'BBB-' from 'BBB';
  removed from RWN



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


A B INFRABUILD: CRISIL Puts 'B' Rating on Notice of Withdrawal
--------------------------------------------------------------
CRISIL has placed its rating on the bank facilities of A B
Infrabuild Private Limited on 'Notice of Withdrawal' for a period
of 60 days at ABIPL's request. The rating will be withdrawn at the
end of the notice period, in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20        CRISIL A4 (Placed on Notice
                                     of Withdrawal)

   Cash Credit            180        CRISIL B/Stable (Placed on
                                     Notice of Withdrawal)

ABIPL was started in 1999 as a proprietorship concern of Mr. Amit
Mishra, a Mumbai-based entrepreneur, by the name of A B
Enterprises. In April 2011, it was reconstituted as a private
limited company. The company is a civil contractor engaged in
construction of railway platforms and bridges, railway sleepers,
and construction of building and miscellaneous structures. The
company also manufactures RMC. It is currently managed by Mr.
Mishra and primarily executes civil contracts for the Western
Railways in Mumbai.


AAA PAPER: ICRA Reaffirms 'C+' Rating on INR11cr Loans
------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]C+ for the
INR11.00 crores (enhanced from INR5.0 crores) fund based limits of
AAA Paper Marketing Limited. ICRA has also reaffirmed the short-
term rating of [ICRA]A4 for the INR12.50 crores (enhanced from
INR7.00 crores) non-fund based limits of APML.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     11.0       [ICRA]C+ Reaffirmed

   Non-Fund Based
   Limits                12.5       [ICRA]A4 Reaffirmed

The rating reaffirmation takes into account the continued pressure
on the liquidity position of APML due to delays in payment by
customers and low credit period extended by suppliers. This has
resulted in full utilisation of fund based working capital limits
and instances of devolvement of letter of credit/ buyer's credit
in the last six months. The rating is also constrained by the
intensely competitive and low value additive nature of the paper
trading business, APML's modest scale of operations, which results
in limited economies of scale, and its low profitability and
modest cash accruals. Low margins coupled with high working
capital borrowings have resulted in moderate debt coverage
indicators. The margins of the company are exposed to foreign
exchange fluctuations on imported raw materials as well as
movement in traded goods prices. Nevertheless, the rating draws
comfort from APML's experienced management, their long track
record in paper business and the company's low gearing levels.

AAA Paper Marketing Limited was incorporated on 22nd June 1995 as
Shardaji Duplex Boards Limited. The name of the company was
changed to AAA Paper Marketing Limited in 1999. The company has
been promoted by Mr. Apurve Goel who also manages the day-to-day
affairs of the company. The other directors of the company include
Mr. Goel's wife Ms. Priyanka Goel and his mother Mrs. Sunita Goel.

APML is involved in trading of waste paper. The company procures
waste paper from domestic and international market and sells it to
Rama Paper Mills Limited (RPML) and other companies.

Recent Results

In FY13, APML reported PAT of INR0.27 crore on operating income of
INR86.53 crores as against PAT of INR0.25 crore on operating
income of INR61.54 crores in FY12.


ACCENT METALS: ICRA Suspends B+ Rating on INR20.82cr Loans
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR20.82 crore,
long term loans & working capital facilities & [ICRA]A4 rating to
the INR7.5 crore, short term, non fund based facilities of Accent
Metals Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


ALPS PHARMACEUTICALS: CRISIL Rates INR260MM Loan at 'B'
-------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short term bank
loan facility of Alps Pharmaceuticals Pvt Limited. (APPL; part of
the Parth Group (PG))

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       35         CRISIL A4
   Cash Credit         260         CRISIL B/Stable

The rating continues to reflect its working-capital-intensive
operations and below average financial risk profile, marked by a
high gearing, and below average debt protection metrics. These
weaknesses are partially offset by the extensive experience of the
group's promoters in the pharmaceutical industry, resulting in a
diversified product portfolio spread across several segments.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Alps Pharmaceuticals Pvt Ltd (APPL) and
Parth Parenteral Pvt Ltd. This is because both the companies,
together referred to as the PG, are under the same management team
and in a similar line of business; moreover, they have strong
operational financial linkages with each other.

Outlook: Stable

CRISIL believes that the PG will continue to benefit over the
medium term from its promoters' extensive industry experience and
its improving operating efficiency. The outlook may be revised to
'Positive' if the PG achieves healthy revenue growth while
maintaining its profitability, and if it improves its working
capital cycle substantially, thus relieving some pressure on its
stretched liquidity. Conversely, the outlook may be revised to
'Negative' if the group's working capital requirements increase
more than expected, or if it contracts sizeable debt to fund its
capital expenditure, thereby increasing its gearing and further
weakening its financial risk profile.

Update
For the year 2012-13 (refers to financial year, April 1 to March
31), the turnover is higher to our previous estimates at INR867.2
million and rose year on year (y-o-y) by ~17 per cent. Till Oct
2013, the group has clocked in strong sales growth of ~Rs.613
million reflecting uptick in revenue growth from past year. CRISIL
believes that with demand increasing for the cough & cold segment
due to winter season, PG's topline will be in the range of
~Rs.0.95-1 billion in the year 2013-14. In 2012-13 PG's
profitability at operating level deteriorated y-o-y by more than
200 bps due to deterioration of its gross margins for some of its
products particularly the imported drugs whose prices have
inflated due to INR depreciation. For the current year 2013-14,
the management is seen taking steps to improve its operating
profitability by increasing the prices for its products. CRISIL
expects the operating level profitability to be in the range of 9-
10 per cent over near to medium term. PG's working capital
requirements remained high for the year 2012-13 with GCA of 264
days. Historically, the working capital requirements are dominated
by book debts and inventory holdings which are in the range of
146-161 days and 100-124 days for past three years ended as on
March 2013. High working capital requirements have resulted in
higher utilization of bank lines for the group. For trailing 12-
months ended September 2013, the group's average bank lines
utilization continues to be 100 per cent with several instances of
overdrawals (primarily due to interest application on the last
day). CRISIL believes that the group's BLU will continue to remain
high due to working capital intensive operations.

As of March 2013 the gearing of the company increased y-o-y from
~1.5 times in 2011-12 to ~2.5 times in 2012-13 as the overall debt
increased to support the incremental working capital requirements.
Over the medium term, the gearing is estimated to remain close to
2.5 times in 2013-14 due to incremental debt requirements for
working capital, term vs. moderate accruals.

The financial risk profile is expected to remain constrained due
to its stretched liquidity, high gearing and below average debt
protection metrics over the near to medium term.

PPPL was set up in 1987 by Mr. Jayesh Shukla and Mr. Shailesh
Chaturvedi to manufacture parenterals such as intravenous fluids.
Subsequently, the company started manufacturing various
pharmaceutical formulations such as tablets, oral syrups, and
injectables.

APPL commenced commercial operations in 1995-96 (refers to
financial year, April 1 to March 31) under the guidance of Mr.
Khajan Chandra Joshi. Mr. Shukla and Mr. Chaturvedi acquired Alps
from Mr. Joshi in 2005. APPL also manufactures pharmaceutical
formulations, such as injectables and tablets.

For 2012-13 (refers to financial year April 1 to March 31), APPL
reported a profit after tax (PAT) of INR3.4 million on sales of
INR619.2 million as compared to PAT of INR13.4 million on sales of
INR 573.7 million for 2011-12.


BARFLEX POLYFILMS: ICRA Cuts Rating on INR50.33cr Loans to B+
-------------------------------------------------------------
The rating for the INR10.33 crore term loans (outstanding term
loans stood at INR5.46 crore as on 31st December 2013) and the
INR40 crore long-term, fund-based limits (including unallocated
limits of INR10 crore) of Barflex Polyfilms Private Limited has
been revised from [ICRA]BBB- with a Negative outlook to [ICRA]B+.
The rating for the INR11.67 crore short-term, non-fund based
limits (including unallocated limits of INR4 crore) of BPPL has
also been revised from [ICRA]A3 to [ICRA]A4.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans          10.33       Revised to [ICRA]B+ from
                                   [ICRA]BBB- (Negative)

   Fund based, Long-   40.00       Revised to [ICRA]B+ from
   term facilities                 [ICRA]BBB-(Negative)

   Non-fund based,     11.67       Revised to [ICRA]A4 from
   Short-term                      Revised to [ICRA]A4 from
   Facilities                      [ICRA]A3

The revision in ratings factors in the continuing losses, weakened
debt protection metrics and constrained liquidity position of the
company on account of significant decline in margins attributable
to high competition leading to pricing pressure and moderate
capacity utilisation levels. The liquidity position is expected to
remain tight in the near term, although the company is trying to
restructure the operations by altering its product profile to
improve profitability and reduce working capital intensity.

The ratings continue to be constrained by the company's relatively
small scale of operations in relation to the size of the overall
flexible packaging industry; fragmented nature of the flexible
packaging industry resulting in high competition from organized as
well as unorganized players in the domestic market; and exposure
of profitability to any adverse fluctuations in foreign exchange
rates and volatility in raw material prices. The ratings, however,
continue to factor in the long experience of the promoter in the
domestic flexible packaging industry; the company's moderate
capital structure; long standing relationships with reputed
customers and suppliers and favourable demand outlook for flexible
packaging business in the domestic market driven by increasing
consumerism, fast growing retail sector, changing lifestyle and
rising demand from rural sector.

Despite growth in operating income (OI of INR163.66 crore in FY13
and INR98.64 crore in 8M FY14), the low capacity utilization, and
consequent higher overheads have led to a pressure on margins.
This has led to a decline in operating profitability (OPBDITA/OI
of 2.88% in FY13 and 1.60% in 8M FY14), losses at net level (loss
of INR4.51 crore in FY13 and INR4.48 crore in 8M FY14), dip in
return indicators (RoCE of -0.92% in FY13) and weakening of key
debt coverage metrics (Total Debt / OPBDITA of 7.64 times and
interest coverage of 1.01 times during FY13).

ICRA notes that the continuing pressure on margins of the company
attributable to low capacity utilization and volatility in raw
material prices could lead to further tightening of the liquidity
position. Going forward, the ability of the company to improve
profitability and liquidity position will be the key rating
sensitivities. ICRA also notes that as per the terms of the
contract with the private equity investor, the latter is to exit
the business in December 2014. Any material deterioration in the
financial risk profile and management structure of the company on
this account will be an event risk and could have an adverse
impact on the rating.

Incorporated in January 2005 as a private limited company, Barflex
Polyfilms Private Limited began commercial production in November
2005. The company is into manufacturing of 3 and 5 layer films,
PVC Labels and Laminates. It procures raw materials i.e. plastic
granules (like LLDPE/LDPE), inks, solvents & master batches from
Indian and overseas suppliers like Exxonmobil Chemical Asia
Pacific; Reliance Industries Limited, Uflex Ltd, Jagriti Plastics
Ltd, D.R. Polymers Ltd etc. The company's customer profile
includes major domestic brands like Reliance Fresh, Shakti Bhog
Foods Ltd, Kwality Dairy, Creamy Foods Ltd, Pidilite Industries,
Bunge India (Dalda) etc. BPPL's plants are
located at Baddi (Himachal Pradesh) and Noida (Uttar Pradesh). It
was promoted by Mr. Jaiwant Bery and his wife Mrs. Nomita Bery;
following private equity infusion in 2010-11, the promoter share
declined to 58% with the rest being held by the private equity
fund.

Recent results

In 2012-13, BPPL reported a net loss of INR4.51 crore on an
operating income of INR163.66 crore against net loss of INR2.01
crore on an operating income of INR115.43 crore in 2011-12. As per
provisional unaudited results, BPPL reported a net loss of INR4.48
crore on an operating income of INR98.64 crore in 8M FY14 (April
to November 2014).


D.A.R. PARADISE: CRISIL Reaffirms B+ Rating on INR110M Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of D.A.R. Paradise
continue to reflect susceptibility of DARP's operating performance
to regulatory changes and volatile raw material prices. The rating
also factors in a below-average financial risk profile, marked by
leveraged capital structure and declining cash accruals leading to
deterioration in debt protection metrics. These rating weaknesses
are partially offset by the partners' extensive experience in the
gold jewellery industry and established customer and supplier
relationships.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit             50      CRISIL B+/Stable (Reaffirmed)
   Packing Credit         170      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      60      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DARP will continue to benefit over the medium
term from its promoters' extensive experience in the jewellery
business and its established customer relationships. The outlook
may be revised to 'Positive' if the firm reports sustained
improvement in its revenues and margins, while maintaining its
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if DARP reports lesser-than-
expected revenues and profitability or a significant deterioration
in the firm's working capital cycle. Also, larger-than-expected
debt-funded capital expenditure resulting in deterioration in
financial risk profile, especially liquidity, could trigger an
outlook revision to 'Negative'.

DARP was set up in 1929 as a partnership firm, with Mr. D
Raghunathan, a second-generation entrepreneur, and his wife, Mrs.
D R Anandalakshmi, as equal partners; the firm is engaged in gold
jewellery manufacturing and retailing. The firm has a retail
showroom named DAR Paradise in Coimbatore (Tamil Nadu). DARP
exports gold jewellery primarily to the Middle East.

DARP reported a profit after tax (PAT) and net sales of INR19.5
million and INR1.62 billion, respectively, for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR41.5
million on net sales of INR1.11 billion for 2011-12.


DHANSHREE DEVELOPERS: ICRA Puts 'D' Rating on INR67cr Loans
-----------------------------------------------------------
ICRA has assigned a rating of [ICRA]D to the fund based bank
facility of INR59.00 crore and non-fund based bank facility of
INR8.00 crore of Dhanshree Developers Private Limited.

                   Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term Fund
   Based Limits        59.00      [ICRA]D Assigned

   Long-Term Non-
   Fund Based Limits    8.00      [ICRA]D Assigned

The rating factors in persistent delays in debt servicing on
account of stretched liquidity position due to delayed receivables
from clients and execution delays impacting orders in hand. The
rating also reflects the weak financial position of the company
characterized by low profitability, weak coverage indicators and
high working capital intensity along with execution, funding and
market risk for the company's ongoing residential redevelopment
real estate projects in Mumbai. ICRA however, factors in the long
standing experience of the promoters in the construction industry.

Incorporated in 2006, Dhanshree Developers Private Limited,
promoted by Mr. Shankarrao Borkar is engaged in construction of
buildings, roads, skywalks, etc. mainly for government and semi-
government clients like National Buildings Construction
Corporation, Mumbai Metropolitan Region Development Authority,
etc. The company also undertakes re-development-based real estate
projects largely in Maharashtra.


EROS RESORTS: ICRA Reaffirms 'D' Rating on INR195.18cr Loans
------------------------------------------------------------
ICRA has reaffirmed the rating for the INR195.18 crore fund
based/non fund based limits and term loans of Eros Resorts and
Hotels Limited at [ICRA]D.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loans         171.38      [ICRA]D reaffirmed
   Fund Based Limits    8.00      [ICRA]D reaffirmed
   Non-Fund Based
   Limits              15.80      [ICRA]D reaffirmed

The reaffirmation of the rating takes into account delays in
servicing of debt obligations by the company till December 2013,
which follows from company's continued stressed liquidity
position. The operational metrics (Average Room Rent (ARR) and
Occupancy) of the hotel properties have not ramped-up adequately
due to the overall downturn in hospitality industry, competition
from other hotel properties in Delhi-NCR region, and change in
management contracts for the two hotels from end November 2013.

This has resulted in weak cash flow generation against the
sizeable debt servicing commitments. Nevertheless, ICRA notes that
the debt servicing has been regularized in January 2014
after infusion of funds by the promoters. Since the debt repayment
obligations remain sizeable, and the industry outlook is
relatively muted, the company will continue to depend on funding
support from promoters. Thus, ICRA would continue to monitor the
debt servicing of the company, fund infusion by the promoters, and
some degree of stabilization of the operational metrics, to assess
the impact on ERHL's credit profile.

ERHL has been promoted by the erstwhile Eros group, which is a
Delhi-based group promoted by the Sood family and has presence in
real-estate and hospitality businesses in the National Capital
Region (NCR). ERHL along with other major company of the group -
Nehru Place Hotels Limited (which owns Eros Hotel, and a
commercial property named International Trade Tower) are headed by
Mr. Satish Sood. ERHL is a closely-held company with its entire
share capital held by Directors, relatives of directors and group
entities. ERHL owns two premium hotel properties in Mayur Vihar,
Delhi, which have a management contract with Intercontinental
Hotels Group. One property is a four star hotel under the brand
name Holiday Inn (earlier Double Tree by Hilton) which has been
operational since January 2011 and the another is a five-star
hotel property under the brand name Crowne Plaza (earlier Hotel
Hilton) which has been operational since October 2011.


EVEREST STEEL: CRISIL Reaffirms 'B' Rating on INR200MM Loans
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Everest Steel Rolling
Mills (Karur) continues to reflect its below-average financial
risk profile, marked by a modest net worth and weak debt
protection metrics, and its modest scale and working capital
intensive nature of operations. These rating weaknesses are
partially offset by the extensive experience of ESRM's promoters
in the steel industry.

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

   Proposed Term Loan         18     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility         82     CRISIL B/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of ESRM on November 28, 2013.

Outlook: Stable

CRISIL believes that ESRM will continue to benefit over the medium
term from the extensive experience of its promoters in the steel
industry. The outlook may be revised to 'Positive' if the firm
reports significantly better-than-expected cash accruals, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if ESRM records lower-than-expected cash
accruals, or if it undertakes a large debt-funded capital
expenditure programme, or if its working capital management
deteriorates, resulting in deterioration in its financial risk
profile.

ESRM, set-up in 2008, manufactures thermo-mechanically-treated
(TMT) bars. The firm is promoted by Mr. K Yasir Arafat and his
family members.

ESRM reported a profit after tax (PAT) of INR0.2 million on an
operating income of INR271.7 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.15
million on an operating income of INR127.9 million for 2011-12.


G.D. OVERSEAS: ICRA Assigns 'B+' Rating to INR28cr Loans
--------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to INR28.00 crore (enhanced from
INR18.00 crore) bank lines of G.D Overseas.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund Based Limits    28.00      [ICRA]B+ (assigned)

The assigned rating factors in firm's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. The rating also takes
into account high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy
in adverse weather conditions and risks inherent in a partnership
firm. The rating however, favorably takes into account long
standing experience of promoters with long standing relationships
with several customers and suppliers and proximity of the mill to
major rice growing area which results in easy availability of
paddy.

G.D Overseas is a partnership firm, was set up in 1997 by Mr.
Darshan Lal, Mr. Tilak Raj and Mr. Ajay Kumar. GDO is engaged in
processing and export of basmati rice to countries in the Middle
East, however from January 2012 the firm is selling more than 90%
of its milled rice to M/S Tilda Rice.

It has a plant at Karnal (Haryana) which has a milling capacity of
10 tonnes per hour and a sortex machinery with a capacity of 10
ton/hr. The firm has a fully automated plant which was revamped in
the year 2009-10.

Recent Results

During the financial year 2012-13, the firm reported a profit
after tax (PAT) of INR0.36 crore on an operating income of
INR64.49 crore as against PAT of INR0.27 crore on an operating
income of INR52.93 crore in 2011-12.


HASAN STEEL: CRISIL Assigns 'B' Rating to INR80MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hasan Steel & Alloys Pvt Ltd. The rating
reflects Hasan's below-average financial risk profile marked by
high gearing and weak debt protection metrics, and its small scale
of operations in the fragmented steel industry leading to low
profitability. These rating weaknesses are partially offset by the
extensive industry experience of Hasan's promoters in the steel
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            80        CRISIL B/Stable (Assigned)

Outlook: Stable

CRISIL believes that Hasan will continue to benefit from its
promoters' extensive experience in the steel industry; however,
its financial risk profile is expected to remain constrained on
account of its high gearing and weak debt protection metrics. The
outlook may be revised to 'Positive' if Hasan reports
significantly higher-than-expected cash accruals and manages its
working capital cycle prudently. Conversely, the outlook may be
revised to 'Negative' if its working capital cycle lengthens
further, or its revenues and profitability come under pressure.

Hasan, incorporated in 1999, manufactures mild steel ingots.
Hasan's manufacturing unit is situated at Kairana (Uttar Pradesh).
The company is managed by Mr. Vaibhav Jain and Mr. Tarun Jain.


K V RAMA: CRISIL Reaffirms 'D' Rating on INR70MM Loans
------------------------------------------------------
CRISIL's ratings on the bank facilities of K V Rama Krishna Rao
continue to reflect KVR's continuously overdrawn working capital
limits and delays in servicing its term debt, because of weak
liquidity. The firm also has a below-average financial risk
profile, marked by a moderately leveraged capital structure and
weak debt protection metrics, and a small scale of operations.
However, KVR benefits from its proprietor's extensive experience
in the civil construction industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            35      CRISIL D (Reaffirmed)

   Overdraft Facility        35      CRISIL D (Reaffirmed)

Established as a proprietorship firm in 2000, KVR is engaged in
execution of civil contracts, predominantly in the east and west
Godavari districts of Andhra Pradesh.

For 2012-13 (refers to financial year, April 1 to March 31), KVR
reported a profit before tax (PBT) of INR4.6 million on net sales
of INR103.8 million, against a PBT of INR4.6 million on net sales
of INR94.9 million for 2011-12.


LAXMI OPTICALS: CRISIL Cuts Rating on INR160MM Loans to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Laxmi Opticals to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

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

The rating downgrade reflects LO's declining sales and
profitability, significant capital withdrawal by its proprietor,
and the strain on its liquidity owing to fixed repayment
obligations arising from its new term loan. The firm's sales are
expected to decline to INR260 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR611 million in 2011-
12 owing to intense competition in the market, which has also
impacted its profitability. Furthermore, there was significant
withdrawal of INR45 million from the firm's capital, leading to a
sharp decline in its net worth to INR47 million, and deterioration
in its total outside liabilities to tangible net worth ratio to
4.0 times, as on March 31, 2013. Also, LO's liquidity is expected
to remain under pressure over the medium term owing to fixed
repayment obligations arising from its new term loan against
property (LAP) which replaced its cash credit limits. The LAP was
contracted so that the firm can repay it through liquidation of
inventory; its cash accruals are insufficient to meet the
repayment obligations against this loan.

The ratings continues to reflect LO's declining sales and
profitability and weak financial risk profile, marked by small net
worth, high gearing and weak debt protection measures. These
rating weaknesses are partially offset by the extensive experience
of the firm's proprietor in the optical products industry and its
strong brand visibility.

Outlook: Stable

CRISIL believes that LO will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves, most likely because of increase in cash
accruals, driven by improvement in its profitability or working
capital cycle. Conversely, the outlook may be revised to
'Negative' if LO's financial risk profile deteriorates, most
likely because of more-than-expected increase in its working
capital requirements or lower-than-anticipated profitability,
which would lead to a decline in its cash accruals.

Established in 2005 as a proprietorship firm by Mr. Sandeep Pahwa,
LO trades in optical items, such as spectacle frames, sunglasses,
contact lenses, and ophthalmic lenses; it also processes
ophthalmic lenses. The firm has showrooms in Delhi and the
National Capital Region.

For 2012-13, LO reported a net loss of INR2.5 million on net sales
of INR436 million, against a net profit of INR1.4 million on net
sales of INR611 million for 2011-12.


PANCHAVATI POLYFIBRES: ICRA Keeps B+ Rating on INR26.65cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR21.30 crore fund-based and INR5.35 crore non fund-based bank
facilities of Panchavati Polyfibres Limited at [ICRA]B+. ICRA has
also reaffirmed the short-term rating outstanding on the INR2.50
crore non fund-based bank facilities of PPL at [ICRA]A4.

                 Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         21.30       [ICRA]B+ reaffirmed
   Bank Guarantee       5.35       [ICRA]B+ reaffirmed
   Letter of Credit     2.50       [ICRA]A4 reaffirmed

The ratings reaffirmation factors in the low scale of operations
in the fragmented and highly competitive domestic poly woven sacks
industry and the weak financial risk profile of the company as
reflected in the low profit margins, working capital intensive
operations and dependence on debt to meet working capital
requirements on account of stretched receivables. ICRA notes that
the company's profitability is exposed to volatility in polymer
prices although the same is mitigated to an extent as the price
escalation is passed on to the clients. The ratings are further
constrained by PPL's exposure to substantial counter party credit
risk as a Del Credere Agent for Indian Oil Corporation Limited in
Andhra Pradesh. The ratings however, favorably factor in the
assured off take for poly woven sacks from the Group Company -
Sagar Cements Limited (SCL). ICRA also takes note of the synergies
between poly-woven sacks business and the polymer trading business
for distribution of polymer granules.

Panchavati Polyfibres Ltd. (PPL) was incorporated in the year 1984
and is in the production of Poly Woven Sacks. It is promoted by
Mr. S. Veera Reddy and Mr. P.V. Narasimha Reddy. The manufacturing
facility is located in I.D.A. Bolarum, Hyderabad. The current
installed capacity of PPL is 5.85 crore sacks or 5300 MT per
annum. PPL has also been running IOCL's polymer distribution
business since FY 11.

PPL recorded a net profit of INR0.42 Crore on an Operating Income
of INR39.53 Crore in FY13 when compared to INR0.48 Crore on an
Operating Income of INR40.02 crore in FY 12.


PARAS FROZEN: ICRA Suspends 'B-' Rating on INR6.95cr Loans
----------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR6.95 crore,
fund based facilities of Paras Frozen Foods (India) 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.

Established in 2007, Paras Frozen (India) Foods Ltd. is engaged in
the processing and storage of frozen vegetables (Peas and
cauliflower) business. The company is promoted by Mr. Ashwani
Chawra and his family members. The company has two manufacturing
units located at Kashipur and Kaladungi in Uttarakhand with
installed capacity of 6000 MT Frozen Peas and 1000 MT other
vegetables per annum. The company mainly store vegetables like
Peas, Frass bean and cauliflower. The company sells its frozen
food products under its own in-house brands "Paras Gold" and
"Paras".


R.L. GOLD: ICRA Downgrades Rating on INR68.68cr Loans to 'D'
------------------------------------------------------------
ICRA has downgraded the rating of [ICRA]B to [ICRA]D to the
INR8.42 Crore long term fund based facility of R.L Gold Pvt. Ltd..
ICRA has also downgraded the rating of [ICRA]A4 to [ICRA]D
to the INR60.26 crore short term fund based facility of RLGPL.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Fund       8.42       [ICRA]D; downgraded
   Based Limits

   Short Term Fund
   Based Limits        60.26       [ICRA]D; downgraded

In arriving at the ratings, ICRA has taken a consolidated view of
RLGPL along with Rajmal Lakhichand Jewellers Pvt. Ltd. (RLJPL),
Rajmal Lakhichand & Sons (RL & Sons) and Manraj Jewellers Private
Limited (MJPL). The ratings reflect RLGPL's stressed liquidity
position resulting in recent delays in debt repayment obligations
and high utilization of working capital limits alongwith it's
stretched financial profile. The business risk profile is also
adverse, with exposure to gold price volatility and increasing
competitive intensity from organized as well as unorganized
sectors.

Rajmal Lakhichand (RL) Group is a Jalgaon-based business house,
which is engaged in the manufacture and trading of gold jewellery
since 1854. The group operates its showrooms through Rajmal
Lakhichand, which is the principal concern with showrooms in
Jalgaon and RLJPL, which owns showrooms outside Jalgaon. The group
consists of three other companies, R. L. Gold Private Limited,
Manraj Jewellers Private Limited and Rajmal Lakhichand & Sons,
which are involved in gold jewellery manufacturing and two more
companies, which are engaged in other businesses.

Incorporated in December 2000, RLGPL deals in bullion gold trading
and also manufactures gold and diamond studded jewellery with
almost all of its sales to its associates (Rajmal Lakhichand and
RLJPL) with retail showrooms.

Recent Results:

As per the audited results for FY 2013, RLGPL recorded a net
profit of INR0.32 crore on an operating income of INR509.36 crore.


R.P. PRODUCTS: CRISIL Cuts Rating on INR75.8MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of R.P.
Products Pharma Equipments Pvt Ltd to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'. The rating downgrade reflects
instances of delays by RPPPEPL in servicing its term debt, caused
by delay in realisation of receivables from customers.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        10       CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Cash Credit           15       CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

   Letter of Credit       5       CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility    14.1     CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

   Term Loan             31.7     CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

Also, RPPPEPL has large working capital requirements and small
scale of operations in a highly fragmented industry, which
restricts its price flexibility; moreover, the company's revenue
and profitability are susceptible to cyclicality in the investment
cycle of its customers. The company, however, benefits from its
established relationship with customers.

RP Pharma, a proprietorship concern of Mr. Ratnakar Ganesh
Patwardhan, a Mumbai-based entrepreneur, was established in 1986.
In April 2009, the operations of RP Pharma were taken over by
RPPPEPL, a private limited company set up by the promoters of RP
Pharma. RPPPEPL manufactures machinery (equipment) required by the
pharmaceutical industry.

RPPPEPL reported a profit after tax (PAT) of INR0.99 million on
net sales of INR118.1 million for 2012-13 (refers to financial
year, April 1 to March 31), against a PAT of INR4.04 million on
net sales of INR108.9 million for 2011-12.


R R DURAFABS: CRISIL Reaffirms B Rating on INR50MM Loan
-------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of R R Durafabs Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          90        CRISIL A4 (Reaffirmed)
   Overdraft Facility      50        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect RRDPL's weak financial risk
profile marked by moderate gearing and low networth, modest scale
of operations, working capital intensive nature of business and
susceptibility to risks related to intense competition in the
power transmission segment. These rating weaknesses are partially
offset by the long standing experience of the promoters in power
transmission lines erection business.

Outlook: Stable

CRISIL believes that RRDPL will continue to benefit over the
medium term from extensive industry experience of its promoters.
The outlook may be revised to 'Positive' if the company improves
its scale of operations and profitability on a sustainable basis,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case its financial
risk profile deteriorates owing to reduced revenues and margins,
or if the company undertakes a large debt-funded capital
expenditure programme, or if there is a delay in receipt of bills
from its main principal leading to deterioration in its liquidity
profile.

Incorporated in 2000, RRDPL is engaged in erection of electrical
transmission lines. The company was initially set up as a
partnership concern but was converted into a private limited
company in 2009. The company is promoted by Mr.Venkata Ramana and
his family members.

RRDPL, reported a profit after tax (PAT) of INR5 million on net
sales of INR188 million for 2012-13 (refers to financial year
April 1 to March 31), against a PAT of INR4 million on net sales
of INR144 million for 2011-12.


RAGHUVIR GINNING: CRISIL Upgrades Rating on INR80MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded the rating on the bank facility of Raghuvir
Ginning Factory to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

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

The upgrade in rating reflects expectation of a sustainable
improvement in RGF's financial risk profile, backed by improving
accruals and efficient working capital management. CRISIL expects
RGFs topline to grow at a healthy pace of around 25 per cent in
2013-14 (refers to financial year, April 1 to March 31) on the
back of abundant cotton output in the current year. The firm has
already booked revenues of around INR520 million for the first
nine months of 2013-14. Although the company's processing capacity
remained the same, it operated at double shifts in order to meet
the increasing demand. The firm is expected to sustain its
operating margin at 2.5 to 3.0 per cent in line with 2.7 per cent
reported in 2012-13. The same is, however, expected to remain
susceptible to volatility in raw material prices over the medium
term. The sharp growth in topline with sustained operating margin
is expected to result in significant improvement in cash accruals
to over INR7.5 million over the medium term.

RGF's working capital cycle has also shortened, backed by its
management's efforts to curb the inventory holding period. The
firm's gross current assets (GCA) reduced to 79 days as on March
31, 2013 from 115 days as on March 31, 2012. The inventory holding
period has further declined to around 50 days as on December 31,
2013. The same is likely to remain at current levels over the
medium term. CRISIL expects, RGF's GCA to be in the range of 65
and 75 days over the medium term. With improving cash accruals and
shortening of working capital cycle,  the firm's reliance on
additional debt to meet its working capital requirement is
expected to be limited, leading to low interest burden.

The improvement in scale of operations and cash accruals is also
expected to result in an improvement in RGF's gearing to less than
3 times over the medium term from 3.65 times as on March 31, 2013.
The firm's debt protection metrics are also expected to improve on
the back of improving cash accruals and lower debt levels.

The rating continues to reflect, RGF's below-average financial
risk profile, marked by small net worth, high gearing and modest
debt protection metrics; the company's exposure to intense
competition in the highly fragmented textile industry; and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the benefit that the firm
derives from its proximity to the cotton growing belt in Gujarat.
Outlook: Stable

CRISIL believes that RGF will continue to benefit from its
proximity to the cotton growing belt in Gujarat. The outlook may
be revised to 'Positive' if the firm reports higher than expected
increase in its cash accruals, or receives any large equity
infusion, thereby improving its capital structure. Conversely, the
outlook may be revised to 'Negative' if RGF's profitability
declines because of volatility in cotton prices, or its financial
risk profile, particularly liquidity, deteriorates because of a
stretch in its working capital cycle, or larger-than-expected debt
funded capital expenditure programmes.

Incorporated in 2008, RGF is a partnership firm in the business of
cotton ginning and pressing. Its plant is situated in Talaja
(Gujarat).


RAJMAL LAKHICHAND: ICRA Lowers Rating on INR30cr Loans to 'D'
-------------------------------------------------------------
ICRA has downgraded the rating of [ICRA]B to [ICRA]D to the
INR15.00 Crore long term fund based facility of Rajmal Lakhichand
& Sons. ICRA has also downgraded the rating of [ICRA]A4 to [ICRA]D
to the INR15.00 crore short term non fund based facility of RL &
Sons.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Fund
   Based Limits       15.00       [ICRA]D; downgraded

   Short Term Non
   Fund Based
   Limits             15.00       [ICRA]D; downgraded

In arriving at the ratings, ICRA has taken a consolidated view of
RL & Sons) along with R. L. Gold Private Limited, Rajmal
Lakhichand Jewellers Pvt. Ltd. and Manraj Jewellers Private
Limited. The ratings reflect RL & Sons' stressed liquidity
position resulting in recent delays in debt repayment obligations
and high utilization of working capital limits alongwith its
stretched financial profile. The business risk profile is also
adverse, with exposure to gold price volatility and increasing
competitive intensity from organized as well as unorganized
sectors.

Rajmal Lakhichand (RL) Group is a Jalgaon-based business house,
which is engaged in the manufacture and trading of gold jewellery
since 1854. The group operates its showrooms through Rajmal
Lakhichand, which is the principal concern with showrooms in
Jalgaon and RLJPL, which owns showrooms outside Jalgaon. The group
consists of three other companies, R. L. Gold Private Limited,
Manraj Jewellers Private Limited and Rajmal Lakhichand & Sons,
which are involved in gold jewellery manufacturing and two more
companies, which are engaged in other businesses.

RL & Sons, a partnership firm started in November 1980, is engaged
in the manufacture of gold and silver ornaments with almost all
the sales to its associates (Rajmal Lakhichand and RLJPL) with
retail showrooms.

Recent Results:

As per the audited results for FY 2013, RLJPL recorded a net
profit of INR0.80 crore on an operating income of INR271.14 crore


RELISYS MEDICAL: CRISIL Assigns B- Rating to INR250MM Debentures
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the non-
convertible debentures (NCDs) of Relisys Medical Devices Ltd. The
NCDs are secured and redeemable with tenure of five years. CRISIL
has also reaffirmed its ratings on the company's bank loan
facilities at 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         8.2       CRISIL A4 (Reaffirmed)

   Cash Credit           40         CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       9.5       CRISIL A4 (Reaffirmed)

   Long Term Loan        72.4       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    28.2       CRISIL B-/Stable (Reaffirmed)

   Non Convertible      250         CRISIL B-/Stable (Assigned)
   Debentures

The ratings reflect RMD's weak financial risk profile marked by
very low cash accruals, large working capital requirements, and
small scale of operations. These rating weaknesses are partially
offset by the extensive experience of RMD's promoters in the
healthcare industry.

Outlook: Stable

CRISIL believes that RMD will continue to benefit over the medium
term from its promoters' experience in the healthcare industry.
The outlook may be revised to 'Positive' if the company reports
higher-than-expected and sustained improvement in its scale of
operations and profitability, leading to substantial cash accruals
and hence to an improvement in its liquidity. Conversely, the
outlook may be revised to 'Negative' if RMD is unable to scale up
its operations, resulting in lower-than-expected cash accruals, or
if there is a stretch in its working capital cycle, leading to
deterioration in its financial risk profile.

Set up in 1998, RMD manufactures medical devices applicable in
treating life-threatening diseases, including cardiovascular,
peripheral vascular, neurovascular (stroke), and structural heart
diseases. The devices include cardiac stents, diagnostic
catheters, and balloon catheters. Currently, the company's
business operations are actively managed by Dr. N Krishna Reddy
(chairman), Dr. N Ramakrishna Rao (director-operations), and Dr. K
T Venkateswara Rao (chief executive officer-cum-director).


SANJAY STEEL: CRISIL Reaffirms 'B' Rating on INR99.9MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sanjay Steel
Corporation continue to reflect SSC's modest scale of operations
in the intensely competitive ship-breaking industry, average
financial risk profile marked by a small net worth and weak debt
protection metrics, and low operating margin. These rating
weaknesses are partially offset by the extensive experience of
SSC's partners in the ship-breaking industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Letter of Credit         70       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       29.9     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSC will continue to benefit over the medium
term from its partners' extensive experience in the ship-breaking
industry. The outlook may be revised to 'Positive' in case the
firm registers more-than-expected improvement in its revenues and
net cash accruals, while it improves its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if SSC
registers deterioration in its profitability on account of
volatility in scrap prices or adverse fluctuations in foreign
exchange rates, or if its liquidity is negatively impacted due to
pressure on accruals for payment of its letter of credit
obligations.

SSC, set up in 1984, is a Mumbai-based partnership firm. It
carries out ship-breaking activities and trades in steel and iron
scrap. Its partners are Mr. Gauri Shankar Jain and his son, Mr.
Sanjay Kumar Jain.

SSC reported a net profit of INR0.8 million on net sales of
INR68.3 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR0.5 million on net sales of
INR100.2 million for 2011-12.


SHITALPUR MOHINDER: ICRA Puts 'B-' Rating on INR11.58cr Loans
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR4.75
crore term loan, INR6.72 crore cash credit facility and INR0.11
bank guarantee of Shitalpur Mohinder Kalimata Himghar Private
Limited.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             4.75       [ICRA]B- assigned
   Cash Credit Limits    6.72       [ICRA]B- assigned
   Bank Guarantee
   Limits                0.11       [ICRA]B- assigned

The rating takes into account SMKHPL's small scale & limited track
record of operations as well as its aggressive capital structure.
On account of the small scale of operations of the company and the
high fixed costs like depreciation and interest costs, SMKHPL
posted a loss at a net level in FY13, its first year of commercial
operations.

ICRA notes that SMKHPL operates in a regulated industry limiting
the company's ability to pass on any increase in operating costs
in a timely manner. The ratings also take into account SMKHPL's
exposure to agro-climatic risks, with its business performance
being entirely dependent upon a single agro commodity, i.e.
potato. In addition, ICRA notes that that the delinquency rates of
loans extended to farmers by SMKHPL is susceptible to potato
prices, which could adversely affect he financial performance of
the company. However, established relationship of SMKHPL's
management with farmers mitigates such risks to an extent. The
ratings, derive support from the long track record of the
promoters in the management of cold storages, the locational
advantage of SMKHPL, with cold storage units located in West
Bengal, a state with large potato production, and the recent
increase in rental rates by the Government of West Bengal which is
likely to support the profitability and cash flows of the firm in
the near to medium term. However, given the high fixed cost of the
company and small scale of operations, the net profit amount and
cash accruals are expected to be nominal.

SMKHPL was established in 2011 to carry on the business of storage
and preservation of seed and table potatoes. It is headed by Mr
Tarun Kanti Ghosh and the group has experience in operating two
other cold storage units. SMKHPL has an annual storage capacity of
2 lakh quintals.

Recent Results

As per provisional numbers, the company reported a net loss of
INR0.29 crore in FY13 on an operating income (OI) of INR2.44
crore.


SHIV GORAKH: ICRA Assigns 'B+' Rating to INR1.25cr Loans
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR1.25
crore fund based limits of Shiv Gorakh Timber Pvt Ltd. ICRA has
also assigned a short-term rating of [ICRA]A4 to the INR10.50
crore non-fund based facilities of SGTPL.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limits      1.25       [ICRA]B+ assigned

   Non Fund Based
   Limits                10.50       [ICRA]A4 assigned

The ratings take into account the highly competitive nature of
timber trading industry characterized by presence of numerous
unorganized players which has led to moderate revenues and profit
margins for the company. Further, SGTPL's margins remain exposed
to exchange rate fluctuation risk as most of the timber is
imported and also to risks arising out of volatility in timber
prices.

The ratings also factor in moderate financial profile as reflected
by high total outside liabilities/net worth and moderate debt
coverage indicators. The ratings are also constrained by exposure
of timber industry to any slowdown in construction sector.
However, the ratings derive comfort from the long experience of
promoters in timber trading industry, low working capital
intensity of operations and low long term repayment obligations
given that debt is largely in the form of working capital
borrowings. Going forward, ability of company to increase its
scale of operations in a profitable manner while maintaining
working capital intensity shall remain key rating sensitivities.

SGTPL is a privately owned company that was incorporated in year
2010. The company imports timber mainly from Malaysia, Canada and
South Africa. The variety of timber that the company deals in is
mainly used in furniture making and light construction work. The
company's factory located at Gandhidham (Gujarat) is engaged in
cleaning and sawing of logs to make clean squared timber blocks.
All the sawn timber produced at its Gandhidham (Gujarat) factory
is sold from its office in Karnal in Haryana and Kotkapura in
Punjab.

Recent Results

The company reported a net profit of INR0.07 crores on an
operating income of INR23.39 crores in FY13 as against net profit
of INR0.07 crores on an operating income of INR23.28 crores in
FY12.


SHRI BIJASANI: CRISIL Ups Rating on INR90MM Loans to 'B'
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shri Bijasani Cotton Fiber to 'CRISIL B/ Stable' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           70        CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

    Term Loan            20        CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that SBCF will
maintain its improved revenue profile over the medium term. The
firm's operations have stabilised, leading to healthy revenues in
2013-14 (refers to financial year, April 1 to March 31), estimated
at INR500 million, as against INR148 million in 2012-13. SBCF had
commenced its operations in December 2012 and 2013-14 is its first
full year of operations. The firm has already generated revenues
of around INR350 million till December 2013. The increase in
revenues is driven by growth in sales volumes aided by the
improvement in capacity utilisation and an increase in the average
price of cotton. Backed by the increase in revenues, the firm's
net cash accruals are expected to increase to about INR12 million
in 2013-14 from INR6.5 million in 2012-13.

The rating reflects SBCF's weak financial risk profile, marked by
a small net worth, high gearing, and weak debt protection metrics.
The rating also factors in the firm's vulnerability to volatility
in raw material prices, and its small scale of operations in the
intensely competitive cotton-ginning industry. These weaknesses
are partially offset by the extensive industry experience of
SBCF's partners.

Outlook: Stable

CRISIL believes that SBCF will continue to benefit over the medium
term from its partners' extensive experience in the cotton-ginning
industry. The outlook may be revised to 'Positive' if the firm
sustains a healthy improvement in its profitability leading to
better debt-protection metrics. Conversely, the outlook may be
revised to 'Negative' if SBCF's financial risk profile
deteriorates, most likely because of larger-than-expected working
capital requirements or lower-than-anticipated net cash accruals.

SBCF was set up in May 2012 as a partnership firm by Mr. Bharat
Goyal and Mr. Sandeep Goyal. The firm has a plant in Barwani
(Madhya Pradesh) for ginning and pressing of raw cotton into
cotton bales.

For 2012-13, SBCF registered a net profit of INR0.6 million on net
sales of INR148 million.


SPA HEIGHTS: ICRA Reaffirms 'B' Rating on INR12cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR12.00 crore fund based bank facility of SPA Heights Private
Limited. The long-term limit includes a sub-limit of INR12.00
crore short-term non-fund based bank facility, the rating of which
has been reaffirmed at [ICRA]A4. ICRA has also reaffirmed the
[ICRA]B and/or [ICRA]A4 ratings to the INR3.00 crore proposed
limits of the company.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Fund       12.00      [ICRA]B Reaffirmed
   Based Limit-
   Cash Credit

   Short Term Non      (12.00)     [ICRA]A4 Reaffirmed
   Fund Based Limit-
   Letter of Credit

The reaffirmed ratings continue to reflect SPA's small scale of
operations with limited track record; its weak financial profile
characterized by operating loss in 2012-13 (refers to financial
year: from April 1 to March 31), and leveraged capital structure
coupled with weak coverage indicators.

The ratings also incorporate the cyclicality associated with the
business of the company, as the ship breaking prospects are linked
to international shipping business fundamentals, environmental
regulatory risks and vulnerability of profitability to fluctuating
foreign exchange rates and steel prices. The ratings, however
favorably consider the long standing experience of SPA's promoters
in the ship breaking industry and location advantage accruing due
to its proximity to its customers.

SPA Heights Private Limited, incorporated in the year 2008, is in
the business of ship breaking, trading of steel scrap, and
purchase and sale of distressed assets. The company has its ship-
breaking plot in Darukhana, Mumbai and registered office in New
Delhi.

Recent Results

SPA recorded a net profit of INR0.17 crore on an operating income
of INR54.01 crore for the year ending March 31, 2013. For the ten
months ended January 31, 2014, the company recorded a profit
before tax of INR0.60 crore on an operating income of INR17.42
crore (Provisional numbers).


SRI GANESH: ICRA Assigns 'B' Rating to INR5.9cr Loans
-----------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR2.50 crore cash credit
limits, INR2.64 crore term loans and INR0.76 crore unallocated
fund based limits of Sri Ganesh Rice Mills. ICRA has also assigned
[ICRA]A4 rating to the INR0.10 crore forward contract limits of
SGRM.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          2.50       [ICRA]B assigned
   Term Loans           2.64       [ICRA]B assigned
   Unallocated fund
   based limits         0.76       [ICRA]B assigned

   Forward contract     0.10       [ICRA]A4 assigned

The ratings assigned are constrained by the limited track record
of operations of plant, highly competitive and low value additive
nature of the rice milling industry which results in limited
pricing power vis-a-vis consumers and suppliers (paddy farmers).
These factors, coupled with the small size of the firm's rice
milling unit have resulted in relatively weak profitability
indicators and given the fundamental industry dynamics, ICRA does
not expect any change in the near future. Further, the firm's
working capital intensive operations have been largely debt funded
resulting in high gearing and weak debt coverage indicators. ICRA
also factors in the vulnerability of firm's operations to agro
climatic risks, which can affect the pricing and availability of
paddy. ICRA however draws comfort from the proximity of the mill
to a major rice growing area which results in easy availability of
paddy and stable demand outlook given that India is a major
consumer (rice being an important staple of the Indian diet) and
exporter of rice.

Established in 2013, SGRM is a partnership firm engaged in milling
of rice with an installed capacity of 4 tons/hour. The firm has
been promoted by Mr. Vinod Kumar and Mrs. Lalita Devi. The milling
unit of the firm is located in Taraori(Haryana).

According to provisional results, SGRM reported a net profit of
INR0.07 crores on an operating income of INR7.57 crores during the
period 1st April 2013 to 15th December 2013.


SRI PRASANNA: CRISIL Reaffirms 'B+' Rating on INR70MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Prasanna
Anjaneya Raw & Boiled Rice Milll continue to reflect SPARBRM's
weak financial risk profile, marked by high gearing, a small net
worth, and weak debt protection metrics. The rating also factors
in the firm's modest scale of operations, and exposure to intense
competition in the rice milling industry. These rating weaknesses
are partially offset by the extensive experience of SPARBRM's
partners in the rice milling business.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            70      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SPARBRM will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
scale of operations and capital structure, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SPARBRM undertakes aggressive debt-funded
expansions, or if its revenues and profitability decline
substantially, or if the partners withdraw capital from the firm,
leading to weakening in its financial risk profile.

Set up in 1991 as a partnership firm, SPARBRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. K Hanumantha Rao and his family.

SPARBRM reported a profit after tax (PAT) of INR0.21 million on
net sales of INR379 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.16 million on net
sales of INR284 million for 2011-12.


SRI SAI: ICRA Assigns 'B+' Rating to INR3.15cr Loans
----------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR3.15 crore
fund based limits and a short-term rating of [ICRA]A4 to INR0.25
crore fund based limits of Sri Sai Lakshmi Rice Mill. ICRA has
also assigned ratings of [ICRA]B+/[ICRA]A4 to INR11.60 crore
unallocated limits of SSLRM.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           2.40       [ICRA]B+ assigned
   Term Loan             0.75       [ICRA]B+ assigned
   SME Credit            0.25       [ICRA]A4 assigned
   Unallocated Limits   11.60       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by intensely competitive
nature of rice industry with presence of several small-scale
players which further increases the pressure on the operating
margins; weak financial risk profile of the firm characterized by
moderate gearing levels, low profitability & coverage indicators;
and risks inherent in a partnership nature of the firm. This
apart, the ratings are also constrained by the susceptibility of
profitability & revenues to agro-climatic risks which impact the
availability of the paddy in adverse weather conditions. The
rating however takes comfort from the long track record of the
promoters in the rice mill business and favorable demand prospects
for rice with India being the second largest producer and consumer
of rice internationally.

Founded in the year 2008 as a partnership firm, Sri Sai Lakshmi
Rice Mill is engaged in the trading & milling of paddy and
produces raw rice & steamed rice. The rice mill is located at
Gollaprolu mandal of East Godavari district, Andhra Pradesh. The
installed production capacity of the rice mill is 6 tons per hour.

Recent Results

For 9m FY2014 (unaudited & provisional), the firm reported an
operating income of INR16.38 crore and operating profits of
INR0.74 crore as compared to operating income of INR12.78 crore
and operating profits of INR0.95 crore in FY2013..


TOOFAN STEEL: CRISIL Reaffirms 'D' Rating on INR380MM Loans
-----------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Toofan Steel
Industries Pvt Ltd continue to reflect instances of delays by
TSIPL in meeting its term loan obligations; the delays were due to
the company's weak liquidity. TSIPL's lower-than-expected revenue
and high interest and financial costs have led to insufficient net
cash accruals for meeting its maturing debt obligations.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               135       CRISIL D (Reaffirmed)
   Letter of Credit            4       CRISIL D (Reaffirmed)
   Long Term Loan            212.2     CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility         28.8     CRISIL D (Reaffirmed)

TSIPL is a small player in a fragmented steel industry. It has a
limited track record and has weak financial flexibility. These
rating weaknesses are partially offset by the extensive experience
of its promoters in the steel industry.

TSIPL, incorporated in March 2009, is promoted by Mr. Bashar Molla
and Mr. Montaj Molla. Based out of Murshidabad district of West
Bengal, the company runs a rolling mill for manufacturing of
thermo mechanically treated (TMT) bars, with capacity of 72,000
tonnes per annum. The company started commercial operations in
April 2012.


VIBHOR VAIBHAV: ICRA Lowers Rating on INR22cr Loans to 'B'
----------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR15.00
crore fund based bank facilities and INR7.00 crore non-fund based
bank facilities of Vibhor Vaibhav Infra Pvt. Ltd to [ICRA]B from
[ICRA]B+ assigned earlier. ICRA has reaffirmed the short term
rating assigned to the INR5.00 crore non-fund based sublimit of
VVIPL at [ICRA]A4.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund based limits      15.00      [ICRA]B downgraded

   Non-fund based limits   7.00      [ICRA]B downgraded

   Non-fund based limits
   (sub-limit)            (5.00)     [ICRA]A4 reaffirmed

The rating revision factors in the low revenue visibility of VVIPL
arising on account of its slow moving order book and significant
moderation in the order inflow, with company not having received
any new order in YTD FY2014. Further on account of slow recovery
of receivables (owing to which the company is not able to raise
bills, which in turn has led to built- up of inventories), there
has been a further increase in the working capital intensity of
operations of VVIPL in H1' FY2014 to 18% vis-a-vis 8% in FY2013,
which coupled with almost complete utilization of working capital
limits have led to increased reliance on promoter funding for the
company in H1' FY2014. This also comes in the backdrop of
deployment of sizeable part of the networth of the company in the
form of funding support to group companies and related parties.
Increased debt levels in H1' FY2014 has led to further
deterioration in the debt coverage indicators for the company as
evident by NCA/TD of 9% and TD/OPBDITA of 3.7x for H1' FY2014
(vis-a-vis NCA/TD of 11% and TD/OPBDITA of 3.3x for FY2013).

ICRA has also taken note of the corporate guarantee provided by
VVIPL in FY2013 for INR69.65 crore of bank facilities availed by
its group company which is executing a housing project in
Ghaziabad. Given its significant amount in relation to the net-
worth of VVIPL (contingent liability vis-a-vis Tangible Networth
stands at 3 times as on September 30, 2013), ICRA notes that the
credit profile of VVIPL remains exposed to execution and market
risks associated with the above project.

The ratings also continue to remain constrained by company's high
geographic and customer concentration as well as the vulnerability
of its margins to raw material prices (due to fixed price nature
of contracts). The rating however, draws comfort from long track
record and experience of the promoter in the construction
business.

In ICRA's view, ability of the company to improve its revenue
visibility and pace of contract execution while reducing its
working capital intensity will be key determinants for debt
coverage and liquidity and hence will be key rating sensitivities
going forward.

Incorporated in 2001 by Mr. Praveen Tyagi and Mrs. Suman Tyagi,
Vibhor Vaibhav Infra Pvt. Ltd is construction Company based out of
Uttar Pradesh. The company chiefly provides civil and electrical
construction services to public sector clients in Uttar Pradesh
and is registered as a Class A contractor with the Ghaziabad
Development Authority.

Recent Results

VVIPL reported an operating income of INR65.66 crore with a net
profit of INR2.29 crore in FY2011 as against an operating income
of INR128.33 with a net profit of 4.81 crore in FY2012. As per the
unaudited results of six months FY2014, VVIPL reported an
operating income of INR35.32 crore with a net profit of INR1.31
crore.


VSA INFRA: ICRA Suspends 'B' LT Rating on INR32cr Loans
-------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B and short term
rating of [ICRA]A4 rating assigned to the INR32 crore bank
facilities of VSA Infra Projects Private Limited (VSA). 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.


WHITE HOUSE: CRISIL Reaffirms 'D' Rating on INR300.7MM Loans
------------------------------------------------------------
CRISIL ratings on the bank facilities of White House Tiles Pvt Ltd
continue to reflect instances of delay by WHTPL in servicing its
debt. The delays have been caused by the company's weak liquidity
resulting from short track record of operations and constrained
profitability.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee           30        CRISIL D (Reaffirmed)
   Cash Credit             100        CRISIL D (Reaffirmed)
   Term Loan               170.7      CRISIL D (Reaffirmed)

WHTPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics, and short track record,
constraining its profitability. The company, however, benefits
from the strategic location of WHTPL's plant, providing easy
access to raw materials and its diversified revenue profile.
About the Company

Incorporated in 2007, WHTPL is based in Rajkot (Gujarat) and
manufactures vitrified tiles. The company is promoted by Mr.
Chunilal Bhanvadia and his family members. WHTPL started
commercial production in August 2011.



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


FEATHERSTON RESOURCES: Future Unclear, Receiver's Report Reveals
----------------------------------------------------------------
Simon Hartley at Otago Daily News reports that the receiver's
first report on failed Mosgiel diatomite manufacturing company
Featherston Resources has been filed, but sheds little light on
the company's immediate future.

Aside from receivership, shareholder groups on both sides of the
Tasman have been attempting to go to court to have AU$4.8 million
(NZ$5.2 million) bail-out offer by Plaman Group set aside,
according to Otago Daily News.  The report relates that the offer
has been formally accepted by creditors but leaves next to nothing
available for the shareholders.

At the time of receivership, the report notes, there were 217
shareholders in Featherston, holding a total 96.65 million shares,
with about $15 million having been invested in the company over
about 16 years.

The report notes that it launched its $1 million Duke Rd diatomite
plant in March 2011, to supply the fertilizer industry, but actual
sales were only a fraction of the millions of dollars of forecast
annual production.

Neither the Sydney-based law firm representing some shareholders
nor the Auckland-based solicitors it has retained have returned
calls on the issue of possible shareholder action, the report
relates.

The report discloses that Sydney-based Woodgate and Co, which was
appointed the receiver and manager of Featherston in December,
outlined the book value of some assets but withheld the receiver's
estimated values.

Woodgate and Co said information had been "omitted" on the
"realisable value of certain assets" as it was commercially
sensitive and could prejudice future asset sales, the report
relays.

The first report noted the receivers had given an undertaking to
the Supreme Court of New South Wales to "not encumber or dispose
of any assets of the company [Featherston] or its subsidiaries",
with the undertaking extended to Feb. 24, Otago Daily News says.

Separately, the report relates that the Auckland-based
administrators of Featherstone, Rodgers Reidy, have estimated
creditors could be owed up to AU$4 million (NZ$4.23 million).

Earlier last week, joint administrator Rodgers Reidy advertised
that Featherston creditors should come forward to lodge a formal
claim for debts.  Mr. Reidy noted the "deed of company
arrangement" had been executed, which is the AU$4.8 million bail-
out offer by Plaman Group, the report adds.


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


PAGCOR: To Close Paranaque Casino in July Due To Losses
-------------------------------------------------------
GMA News reports that the Philippine Amusement and Gaming
Corporation said despite churning out PHP180 million in monthly
revenues, the PAGCOR casino in Paranaque has been incurring losses
over the years and will have to be shuttered in July.

The income of the Paranaque branch isn't enough to account for
operating expenses, chairman and CEO Cristino Naguiat told
reporters in an interview on Feb. 24. "Rent, alone, is
PHP23 million every month," he said.

With about 800 employees and total lot area of 10,000 square
meters, the PAGCOR casino in Paranaque is the largest state-run
gambling facility in the Philippines.

"I really do not want to close a casino . . . " the report quotes
Mr. Naguiat as saying.  "But, for us not to leave that location,
there should be a development in that area," the PAGCOR chief
noted.  "There's just no growth there," he added.

At this point there is no cause for worry over the future of
employees who will be affected by the closure, because PAGCOR has
plans for them, Mr. Naguiat noted saying "some of them will be
absorbed by other casinos," GMA News relays.

"It will not be a problem for us because . . . on average there 50
employees every month who either resign or retire," he said.

PAGCOR operates 23 casinos in the Philippines.



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


CHINA FISHERY: Has Adequate Liquidity to Manage Needs, Says Fitch
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Fitch Ratings says that China Fishery Group Limited (China
Fishery; BB-/Negative) has adequate liquidity to manage its higher
refinancing needs in 2014 due to continued bank support and likely
higher operating cash flow generation.

The company indicated at a regular briefing with Fitch that it is
on track with its efforts to refinance its bridge loan as well as
other borrowings that fall due this year. In its 2013 annual
report, the company said the USD356m bridge loan will be
refinanced with medium- to long-term bank loans. Fitch is also of
the view the fact that the providers of the bridge loan are among
the banks in line to participate in the refinancing exercise means
the company likely has room to manoeuvre on the loan repayment.

China Fishery's operating cash flow remains healthy as reflected
in the USD61m funds from operations it generated in its fiscal
first quarter that ended December 2013 (1QFY14). The increase in
its inventory to USD199m in 1QFY14 from USD98m in the whole of
FY13 was helped by its successful catch in the just-concluded
Peruvian anchovy fishing season (November 2013-January 2014). The
higher inventory will support stronger sales and operating cash
generation in 2QFY14 than in 1QFY14.

China's Fishery's credit profile has weakened following the
acquisition of Copeinca ASA for USD778m in August 2013. The
Negative Outlook on the company's ratings reflects its elevated
risk profile following this transaction. For more information see
Fitch's rating action commentary "Fitch Revises China Fishery's
Outlook to Negative; Affirms Ratings" dated July 4, 2013.



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DONGBU GROUP: FSS Presses Group To Speed Up Restructuring
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Park Sang-soo at Yonhap News reports that South Korea's financial
watchdog is pressing financially weak conglomerates such as Dongbu
Group to speed up their restructuring amid worsening liquidity
conditions, industry sources said on Feb. 24.

According to the report, sources said the Financial Supervisory
Service called in executives of Dongbu Group last week and told
them to accelerate the conglomerate's self-rescue efforts to
dispel market concerns over its financial health.

"Although the group does not seem to face a great liquidity risk,
we have urged it to address its liquidity problem," Yonhap quotes
an official at the FSS as saying.

Yonhap notes that the conglomerate has been trying to restore its
fiscal health under a contract with state-run Korea Development
Bank, the main creditor, since 2003.

But recently, its cash flow further deteriorated amid economic
slowdown. Dogged by worsening liquidity and pressure from
financial authorities, Dongbu Group unveiled a plan late last year
to sell stakes in its key two units -- Dongbu HiTek Co. and Dongbu
Metal Co. -- by 2015, and also have its other affiliates sell
assets to secure a combined KRW3 trillion (US$2.8 billion). The
group aims to reduce its debt to KRW2.9 trillion from
KRW6.3 trillion, according to Yonhap.

Yonhap says the watchdog's move comes as South Korea has seen a
spate of unexpected defaults by major conglomerates since last
year, with the latest default by Tong Yang Group rattling the
local financial market and inflicting heavy losses on individual
investors.

Yonhap relates that the FSS said more heavily-indebted firms may
be placed under constant watch by their creditor banks, which can
instruct the firms to take measures to reduce debts.

According to Yonhap, the watchdog said the constant watch list
will be revealed in April with some 40 debtor companies expected
to be included on the list this year. Hanjin Co., Dongkuk Steel
Co. and other heavily indebted firms may be added to the list, the
report relays.


LIG GROUP: Appellate Court Upholds Chief's Conviction for Fraud
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Yonhap News reports that a Seoul appellate court upheld an earlier
conviction against the chairman of LIG Group for fraudulently
issuing commercial paper worth around KRW215 billion (US$198
million), handing down a suspended prison term.

Koo Cha-won, 79, had received a three-year sentence from a lower
court for orchestrating the fraudulent issuance under the name of
the group's construction arm, LIG Engineering & Construction Co.,
to get back stakes in the group's subsidiaries, according to
Yonhap News.

The report notes that the Seoul High Court sentenced Mr. Koo to
three years in prison with a five-year stay of execution after
taking into consideration that Mr. Koo had promised to sell his
stake in the group to make up for the losses to creditors and
investors.

Court records showed that Mr. Koo ordered the issuance even though
he knew that the firm had lost its ability to pay back its debts
and was on the verge of coming under court receivership, the
report relates.

The report discloses that Mr. Koo, who has been imprisoned since
the Seoul Central District Court's ruling in October, was released
immediately after the verdict.

In the same ruling, the report relays, the appeals court,
overturning a not-guilty verdict by a lower court, sentenced Koo
Bon-yeob, the chairman's second son and the former vice chairman
of LIG Engineering & Construction, to three years behind bars for
his participation in the fraud.

The younger Koo was imprisoned immediately after the court's
decision.

The court also commuted an 8-year prison term handed down to Koo
Bon-sang, the chairman's eldest son and vice chairman of LIG Nex1,
a defense arm of the group, to four years for the same charge, the
report says.

The Koo family had attempted to get back its stakes in LIG Nex1
and another subsidiary -- which had been provided as security to
attract a large investment in the construction firm -- before the
company came under court receivership, court records showed, the
report notes.

The construction firm filed for receivership in March 2011 after
suffering financial difficulties caused by a recession in the
local construction business and growing project financing loans,
the report adds.


TONG YANG: Yuanta Sole Bidder for Tongyang Securities Unit
----------------------------------------------------------
The Korea Herald reports that a Taiwanese financial company
submitted a bid for Tongyang Securities Inc., a brokerage arm of
the embattled Tong Yang Group put up for sale following the
group's liquidity crunch, industry sources said.

According to the report, sources said Tong Yang closed bidding for
its brokerage unit on Feb. 25.  Taiwan-based Yuanta Securities was
the sole bidder.

The stake up for sale is some 27 percent held by the group's
affiliates, the Korea Herald discloses.

Yuanta, under the wing of Yuanta Financial Holdings, is Taiwan's
No. 1 brokerage house, the report notes.

The Korea Herald says Tongyang Securities has been under fire for
misleading investors about risks entailed in corporate bonds and
commercial papers they were selling. A bulk of such debt was
issued by its parent group as underlying assets.

Industry watchers estimated that the price tag could reach some
KRW200 billion ($186 million), the report adds.

As reported in the Troubled Company Reporter-Asia Pacific Oct. 3,
2013, The Korea Times said Tongyang Group Chairman Hyun Jae-hyun
is likely to lose his control of the company as five affiliates
have filed for court protection to avoid bankruptcy. Tongyang
Group confirmed that in only two days from September 30 through
October 1, five Tongyang affiliates -- Tongyang Inc., Tongyang
Leisure, Tongyang International, Tongyang Networks and Tongyang
Cement & Energy -- all filed for the court-led debt rescheduling
program after they failed to pay maturing debts valued at
KRW110 billion.  Following the receivership applications, the
Seoul Central District Court will decide on whether to give the
go-ahead to the protection request by Tongyang affiliates or to
let them go belly up and liquidate, the report noted.

Tong Yang Group is a South Korean conglomerate founded in 1957 as
a cement manufacturer.  The company through its subsidiaries,
engages in constructing houses, and roads and harbors.  Its
products include ready mixed concrete, PHC piles, admixture, low
heat cement, low-heat portland cement, portland cement, and blast
furnace slag cement.



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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
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Friday's edition of the TCR-AP features a list of companies with
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sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
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                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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