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                      A S I A   P A C I F I C

            Tuesday, March 4, 2014, Vol. 17, No. 44


                            Headlines


A U S T R A L I A

EMECO HOLDINGS: Moody's Assigns (P)B1 CFR; Outlook Stable
FORGE GROUP: Class Action Call Gets 150 Inquiries
MIDDLEBROOK ESTATE: Court Appoints Mark Hall as Liquidator
WANTANA PTY: Moore Stephens Appointed as Administrators


C H I N A

MAOYE INT'L: 2013 Results No Impact on Moody's Ba1 CFR
YANLORD LAND: 2013 Results No Impact on Moody's Ba3 Debt Ratings
* CHINA: Property Trusts Face Rising Default Risks


H O N G  K O N G

ASM PACIFIC: S&P Assigns 'BB+' CCR; Outlook Stable
PRECISION CAPITALS: 1H2014 Results in Line With Moody's Ba3 CFR


I N D I A

A M BREWERIES: CRISIL Reaffirms 'B-' Rating on INR1.16BB Loans
ABC SITES: CRISIL Assigns 'B' Rating to INR450MM Bank Loan
ASHOKA EDUCATION: CRISIL Reaffirms 'B+' Rating on INR202.5MM Loan
ASHUTOSH CHAWAL: CARE Revises Rating on INR6cr Bank Loan to 'B+'
BABBAR AGRO: CRISIL Assigns 'B+' Rating to INR70MM Loans

BLUE WHALE: CARE Assigns 'B' Rating to INR6cr Bank Loans
CAPTAIN TRACTORS: CRISIL Assigns 'B+' Rating to INR145MM Loans
CONVENTION HOTELS: CARE Reaffirms 'B+' Rating on INR180.1cr Loan
DACSS GRANITES: CRISIL Assigns 'B+' Rating to INR128MM Loans
EAST HOOGHLY: CRISIL Assigns 'B+' Rating to INR127.2MM Loans

GREEN AGRO: CRISIL Cuts Rating on INR159.8MM Loans to 'D'
GREEN ORANGE: CRISIL Assigns 'B-' Rating to INR200MM Loans
GRV SPINTEX: CRISIL Assigns 'B+' Rating to INR602.5MM Loans
H S REALTORS: CRISIL Assigns 'D' Rating to INR245MM Loan
INDIAN FOODTECH: CARE Downgrades Rating on INR7.79cr Loan to 'C'

INDIAN FROZEN: CARE Revises Rating on INR8.35cr Bank Loans to 'C'
KKRC INFRA: CRISIL Downgrades Rating on INR110MM Loans to 'B+'
KRIPTON CERAMICS: CARE Assigns 'B' Rating to INR10cr Bank Loans
LAKHANI ARMAAN: CRISIL Lowers Rating on INR245.1MM Loans to 'D'
LAKHANI FOOTWEAR: CRISIL Cuts Rating on INR1.18BB Loans to 'D'

LAKHANI RUBBER: CRISIL Lowers Rating on INR452MM Loans to 'D'
LAKHANI RUBBER WORKS: CRISIL Cuts Rating on INR321.5M Loans to D
LIKHITH HOTELS: CRISIL Cuts Rating on INR100MM Term Loan to 'D'
M.S.KAARTHIKEYAN: CRISIL Reaffirms 'B' Rating on INR52.5MM Loans
MAA VAISHNO: CRISIL Cuts Rating on INR200MM Loans to 'D'

NARMADA CEREAL: CRISIL Reaffirms 'B+' Rating on INR538.9MM Loans
NIRMAL KUMAR: CRISIL Cuts Rating on INR33.5MM Loans to 'B'
OMKARA POLYPLAST: CARE Reaffirms 'B+' Rating on INR17.55cr Loans
P. R. PACKING: CRISIL Upgrades Rating on INR170MM Loans to 'B+'
PARKASH COTTON: CARE Assigns 'B+' Rating to INR6.14cr Bank Loans

PARMATMA COTTONS: CRISIL Upgrades Rating on INR82MM Loans to 'B+'
PATEL AGRI: CRISIL Reaffirms 'B' Rating on INR287.5MM Loans
PES INSTALLATIONS: CRISIL Reaffirms B+ Rating on INR40MM Loan
RADHA RICE: CRISIL Assigns 'B+' Ratings to INR53.9MM Loans
S.M. EDIBLES: CARE Reaffirms 'B+' Rating on INR25cr Bank Loans

SATYA MEGHA: CRISIL Reaffirms 'D' Rating on INR372MM Loans
SHANKAR SAW: CRISIL Cuts Rating on INR90MM Loans to 'D'
SHIVA SHAKTI: CARE Reaffirms 'B-' Rating on INR169.13cr Loans
SHREE VENUS: CRISIL Lowers Rating on INR63.6MM Loans to 'B+'
SOMA TEXTILES: CARE Reaffirms 'D' Rating on INR181.56cr Loans

SPERO POWER: CRISIL Assigns 'B' Rating to INR100MM Loans
SREE KARPAGMOORTHY: CRISIL Assigns 'B' Rating to INR100MM Loans
TANTIA AGROCHEMICALS: CARE Revises Rating on INR34.2cr Loans to B
UNILINK PHARMA: CRISIL Assigns 'D' Rating to INR100MM Loans
URAL INDIA: CRISIL Downgrades Rating on INR300MM Loans to 'D'

USHA SPINCOAT: CARE Revises Rating on INR33.91cr Loans to 'B+'
VENKATESH COTTON: CARE Revises Rating on INR9.48cr Loans to 'B+'
VISHAL FERRO: CRISIL Reaffirms 'B-' Rating on INR105MM Loans
WADHWANI COLD: CRISIL Reaffirms 'B' Rating on INR150MM Loans


J A P A N

MT. GOX: Files For Bankruptcy After $500MM Bitcoin Loss


N E W  Z E A L A N D

BELGRAVE FINANCE: Trial of Former Lawyer Begins
SOLID ENERGY: Posts NZ$40.9 Million Loss in 2H 2013
WELLINGTON DRIVE: 2013 Annual Loss Narrows to NZ$3.77MM


S I N G A P O R E

DCS ASSET: Structure Amendments No Impact on Fitch Ratings


T H A I L A N D

ASIAN REINSURANCE: A.M. Best Raises Fin'l. Strength Rating to 'B'


X X X X X X X X

* BOND PRICING: For the Week Feb. 24 to Feb. 28, 2014


                            - - - - -


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


EMECO HOLDINGS: Moody's Assigns (P)B1 CFR; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a Corporate Family Rating
(CFR) of (P)B1 to Emeco Holdings Limited (Emeco), an Australian-
based publically listed equipment rental specialist with
operations in Australia, Indonesia, Chile and Canada. At the same
time, Moody's has assigned a provisional (P)Ba3 rating to the
proposed USD360 million senior secured notes due 2019. Moody's
also assigned a (P)Ba1 on the company's proposed 3-year senior
secured revolving credit facility.

This is the first time that Moody's has assigned ratings to Emeco.
The outlook on the ratings is stable.

Emeco Pty Ltd will be the issuer of the Notes and the borrow under
the revolving credit facility along with Emeco Canada Limited, and
both instruments will be guaranteed by all material subsidiaries.
Moody's expect the proceeds of the Notes to be used to refinance
all of the company's existing indebtedness and for ongoing working
capital requirements and liquidity requirements.

The assignment of a provisional CFR and Senior Secured ratings are
subject to review of final documentation, and successful close of
the transaction.

The ratings could be withdrawn if the proposed debt issuance does
not proceed as planned.

Ratings Rationale

"Emeco's (P)B1 corporate family rating reflects the company's
exposure to the inherent cyclicality of the minerals industry,
which can cause sharp declines in earnings and cash flow during
cyclical downturns" says Matthew Moore, a Moody's Vice President -
- Senior Analyst. This was exhibited in the recent year when Emeco
experienced a material deterioration in earnings and weaker
financial metrics. The rating also reflects the higher debt levels
resulting from the refinancing which, weakens metrics on a gross
adjusted basis", Moore adds.

"These challenges are counterbalanced by the company's geographic
diversity and its large high quality asset base" Moore says,
adding "the ratings also reflect our expectation that revenue and
earnings should gradually improve over the next 12-to-18 months,
reflecting the recent improvements in utilization rates, contract
wins in early 2014 and a general stabilization of the operating
environment for the mining companies which Emeco serves".

As a result of declining earnings and the incremental debt from
the transaction Moody's expect leverage in the fiscal year ending
30 June 2014 (FY14) to increase significantly from the company's
historically low levels. Moody's expect Emeco's debt to EBITDA to
increase to around 4.5x to 5.0x in FY14 compared to 1.5x to 2.5x
in the previous three years. However, as part of the proposed debt
raising transaction, Emeco plans to substantially increase its
cash balances to provide an ongoing liquidity buffer while the
company navigates through the challenging operating environment.
As a result, ratios on a net of cash basis, are at more
comfortable levels for the rating with Net Debt-to-EBITDA expected
to range around 3.0x to 3.5x.

The ratings incorporate an expectation that recent trends in
utilization and tendering activity will continue and that the
company will remain focused on recycling its assets to right size
its fleet in the current environment and supplement cash flow
generation. The ratings could come under pressure if the recent
trend in utilization and tendering reverses or if the company is
unable to dispose of assets at levels close to the written down
values.

Both the revolving credit facility and the proposed notes ratings
are supported by the strength of the company's assets relative to
debt. The (P)Ba1 rating on the senior secured revolving credit
facility reflects the debt's priority position in the capital
structure. The rating also reflects the high percentage of
coverage provided to the facility relative to tangible assets. The
(P)Ba3 rating on the senior secured notes reflect their position
behind the senior secured revolving credit facilities, which have
payment priority in an enforcement event.

"The stable outlook reflects the recent improvement in utilization
rates combined with our view that conditions for the mining
industry are showing sign of stabilization" Moore says, adding
"This, plus the cost reduction initiatives Emeco has undertaken
and our expectation for lower capital expenditures and increased
asset disposals going forward, should lead to improving earnings
and credit metrics over the next 12-to-18 months".

Given the current operating conditions and Emeco's recent
operating performance Moody's do not see positive ratings momentum
over the near term. Longer term, should the company demonstrate an
ability to consistently operate its fleet at historical
utilization levels of around 70-80% for the group and sustain
leverage through the cycle, as measured by debt-to-EBITDA of less
than 3.0x the ratings could experience positive momentum.

The ratings could be downgraded if recent trend of improving
utilization rates is not maintained and/or the environment for
mining activity deteriorates further. Specifically, if Emeco is
unable to maintain debt to EBITDA below 4.25x post FY14 and/or
EBITDA/interest above 2.5x, then the ratings would likely be
downgraded. Also, the rating could be downgraded if the company is
unable to return and maintain utilization levels for the group to
55% or more.

The principal methodology used in these ratings was the Global
Equipment and Automobile Rental Industry published in December
2010.

Emeco based in Perth Australia, is one of the largest mining
equipment rental businesses in the world. Emeco is a publicly
listed ASX company with a global rental fleet of more than 700
machines and related equipment servicing mining and oil and gas
projects across Australia, Canada, Chile and Indonesia. The
company generated total revenue of AUD319.4 million and EBITDA of
AUD110.4 million for the last twelve month (LTM) period to 31
December 2013.


FORGE GROUP: Class Action Call Gets 150 Inquiries
-------------------------------------------------
Babs McHugh, writing for ABC Rural, reports that a call for
shareholders to join a class action against engineering and
construction company Forge Group has so far received 150
inquiries.

Litigation specialists Bentham IMF says they were mainly retail
shareholders, known as 'mums and dads investors'.

Forge went into receivership on February 13, with a total debt of
more than AUD800 million.

About 1,600 workers were sacked, most of them in Western
Australia.

Bentham IMF will allege that the directors failed to meet their
continuous disclosure obligations, misled the market and engaged
in misleading and deceptive conduct.

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.


MIDDLEBROOK ESTATE: Court Appoints Mark Hall as Liquidator
----------------------------------------------------------
Mark Hall -- mhall@cliftonhall.net.au -- of Clifton Hall was
appointed Liquidator of Middlebrook Estate Pty Ltd on Feb. 26,
2014, by Order of the Federal Court of Australia.


WANTANA PTY: Moore Stephens Appointed as Administrators
-------------------------------------------------------
Geoffrey Trent Hancock -- thancock@moorestephens.com.au -- and
Michael Charles Hird -- mhird@moorestephens.com.au -- of Moore
Stephens Sydney were appointed as administrators of Wantana Pty
Ltd on Feb. 26, 2014.

A first meeting of the creditors of the Company will be held at
Moore Stephens Sydney, Level 15 135 King Street, in Sydney, on
March 10, 2014, at 10:30 a.m.



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


MAOYE INT'L: 2013 Results No Impact on Moody's Ba1 CFR
------------------------------------------------------
Moody's Investors Service says that Maoye International Holdings
Limited's 2013 results have no impact on its Ba1 corporate family
rating.

The rating outlook remains stable.

"Maoye's reported operating profit before finance cost and tax
grew moderately by 6.3% to RMB1.46 billion in 2013, reflecting
slow revenue growth and lower concessionaire sales commissions
under the challenge of increased competition from shopping malls
and e-commerce in the China department store market," says Alan
Gao, a Moody's Vice President and Senior Analyst.

Direct sales and commissions from concessionaire sales from
Maoye's department stores accounted for 77% of its total revenue
in 2013. The balance revenue came from property sales, rental
income and others.

Maoye's gross sales proceeds, which drive commission revenue, grew
by 4.0% to RMB10.1 billion in 2013, while its same-store sales
grew by 4.4%. The slow growth was partly contributed by four large
flagship stores -- together representing around 20% of Maoye's
gross sales proceeds -- that underwent renovations. Their
performance was impacted particularly in the second half of 2013.

Commissions earned from concessionaire sales grew even slower by
0.2% in 2013, mainly due to a 0.6% decline in concessionaire rates
to around 16.1%. Low initial concessionaire rates from two newly
opened stores and the negative impact from the store renovations
contributed to the decline in concessionaire rates.

"Despite Maoye's weakening performance its rating remains
unaffected, due to the commercial properties it has for sale, its
track record of turning around operations and the credit metrics
appropriate for its Ba1 rating," adds Gao, who is also the Lead
Analyst for Maoye.

Property sales and rental income grew by 96% year-on-year to
RMB677 million, mainly driven by accelerated sales of ancillary
residential projects around its stores as well as increasing
rental income. Property sales and rental income represent 18% of
total group operating revenue and 19% of group operating profit.

Improved property sales also offset the weaknesses in its
department stores' performance, and helped the company maintain a
net profit before tax margin of around 34.7% in 2013, similar to
the 34.9% reported in 2012.

Maoye owns 75% of its stores, which is one of the highest ratios
in the industry. Such high level of store ownership insulates
Maoye from rising rental costs and the risk of forced store
closures upon lease expiry. In addition, the substantial asset
value of its commercial properties could offer Maoye liquidity
either through disposal or sale-and -lease-back arrangements.

To stay competitive, Maoye plans to speed up the development of
new shopping centres and transform its existing department stores
into shopping malls. Although this will take some time to bring in
results, it will improve the company's diversity in product
offering over the medium term.

Maoye's adjusted debt/EBITDA of 4.6x and EBITA interest coverage
of around 2.8x in 2013 is consistent with the level expected for
its Ba1 rating. Moody's expects the company's debt leverage ratio
will further improve to 4x -- 4.5x over the next two years.

Maoye has improved its liquidity position through raising long
term financing, which represented 74% of its total debt as at end-
2013 versus 38% one year ago. In 2013, the company raised a three-
year US$200 million syndication loan, and RMB2.3 billion from the
domestic short-term paper and medium-term notes market. Despite
recent tightening on the Chinese credit markets, Maoye managed to
issue RMB700 million three-year medium-term commercial paper in
February 2014.

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

Maoye International Holdings Limited is one of the leading
department store operators in China. Headquartered in Shenzhen,
Guangdong Province, the company has built a strong position in its
home market, while strategically expanding outside Guangdong.

Maoye listed on the Hong Kong Exchange in 2008. It opened its
first department store in Shenzhen in 1997. Since then, the
company has progressively expanded its business to 39 stores in 19
cities across China's four main regions. The fast expansion has
resulted in a geographically balanced portfolio of relatively
young stores.


YANLORD LAND: 2013 Results No Impact on Moody's Ba3 Debt Ratings
-------------------------------------------------------
Moody's Investors Service says that Yanlord Land Group Limited's
2013 results have no impact on its Ba3 corporate and senior
unsecured debt ratings.

The ratings outlook remains stable

"Yanlord reported a 9.5% year-on-year growth in revenues to
RMB11.3 billion in 2013, but its debt leverage is weak for its
rating level," says Lina Choi, a Moody's Vice President and Senior
Analyst.

Yanlord's debt level increased to RMB17.5 billion at end-2013 from
RMB13.6 billion at end-2012, as the company used debt to fund
existing and new projects, as well as land purchase. As a result,
its revenue/gross debt of 0.6x is weak for the Ba rating.

"Nevertheless, Moody's expects Yanlord's credit metrics will
improve in the next 12-18 months, as it recognizes revenue from
solid contracted sales growth over the last 12 months," adds Choi.

Yanlord recorded a growth of RMB3 billion in contracted sales to
approximately RMB15 billion in 2013. This performance exceeded its
sales target.

Yanlord has a good track record of delivering its presold
properties to recognize revenue. Moody's expects that it will
continue to enjoy revenue growth in 2014.

Accordingly, its credit metrics -- revenue/gross debt of 0.7x-
0.8x, and adjusted EBITDA/interest of 3.0x-3.5x in the next 12-18
months -- will still support its Ba3 rating.

In addition, Yanlord has adequate liquidity. It had cash on hand
of RMB7.1 billion at end-2013 represented 2x its short-term debt.

With an estimated operating cash flow of RMB2.5-3 billion over the
next 12 months, it has sufficient resources to fully cover its
short-term maturing debt of RMB3.6 billion and committed land
payment premiums of around RMB1.4 billion.

The stable outlook reflects our expectation that Yanlord will have
adequate cash and operating cash flow to fund its current
projects.

Upgrade pressure could emerge if the company: (1) demonstrates
stable sales growth and substantially achieves its presales
target; (2) maintains a prudent strategy on land acquisitions; (3)
shows improvement in liquidity, and (4) achieves EBITDA/interest
coverage above 3.0x-3.5x and maintains adjusted
debt/capitalization below 50%, both on a sustained basis.

On the other hand, downgrade pressure could arise if Yanlord: (1)
fails to execute its sales plan; (2) shows increased liquidity
risk due to the absence of proactive actions to refinance its
short-term debt; or (3) aggressively acquires land funded by debt.

Downgrade pressure could be indicated by EBITDA/interest under
2.0x for a sustained period.

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

Yanlord Land Group Limited is one of the major property developers
in China. It operates in the major cities of Shanghai, Nanjing,
Suzhou, Shenzhen, Tianjin, Zhuhai, Tangshan, Sanya and Chengdu. It
was established in 1993 and was listed on the Singapore Stock
Exchange in 2006.

Its total land bank of 5.1 million square meters is spread across
nine cities and five fast-growing regions in China. It has some
geographic concentration within the Yangtze River Delta, which
accounted for 38% of its land bank and 65% of its gross revenue in
2013.


* CHINA: Property Trusts Face Rising Default Risks
--------------------------------------------------
Bloomberg News reports that China's property trusts, grappling
with repayments equivalent to the size of Puerto Rico's economy,
face rising default risks as a former central bank adviser dubs
real estate the biggest threat to the economy.

The trust funds must repay CNY634 billion ($103 billion) of debt
this year, up 50 percent from 2013, according to estimates from
Haitong Securities Co., the nation's second-biggest brokerage,
Bloomberg relates.  According to Bloomberg, the yield on the 2014
notes of Myhome Real Estate Development Group Co., based in the
central city of Wuhan, jumped 185 basis points in the past year to
7.78 percent. That compares with 3.13 percent on property bonds
globally, according to Bank of America Merrill Lynch indexes.

Bloomberg relates that Li Daokui, former People's Bank of China
adviser, said on Feb. 25 that the real estate market is "the root
of all risks" as falling prices erode local governments' ability
to raise funds for spending that helps the economy.  Property
shares slid to a 16-month low last week after Industrial Bank Co.
suspended a riskier form of financing for developers, adding to
concern as 82 of 181 publicly listed builders have more debt than
equity, Bloomberg says.

"The second wave of defaults may be in property trust products,
following the first wave in the coal mining sector," the report
quotes David Cui, China strategist at Bank of America Merrill
Lynch, as saying. "Like the subprime crisis, it's a problem with
leverage. In the U.S., it was the individual who borrowed too much
money. In China, it's the companies which borrowed too much
money."



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


ASM PACIFIC: S&P Assigns 'BB+' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to Hong Kong-based semiconductor equipment
manufacturer ASM Pacific Technology Ltd.  The outlook is stable.
At the same time, S&P also assigned its 'cnBBB+' long-term Greater
China regional scale rating to the company.

"The ratings reflect our view of ASM Pacific Technology's volatile
profitability and the risks associated with a transition of
technology at the company's back-end business," said Standard &
Poor's credit analyst Dennis Lee.  "ASM Pacific Technology's low
financial leverage, established market position, and diversified
customer base and product mix temper these weaknesses."

"We assess the business risk profile of ASM Pacific Technology as
"fair" and the financial risk profile as "intermediate," as our
criteria define those terms," S&P added.

S&P anticipates that ASM Pacific Technology's margins will
slightly improve over the next two years, given the recovery in
the semiconductor industry, outsourcing of production, and the
launch of new products and technologies.  However, S&P do not
expect the company's profit to return to its historical highs.
The profit margin has dropped significantly over the past two
years, mainly because of a change in the company's product mix and
sluggish market demand.

S&P expects ASM Pacific Technology to benefit from its know-how
and experience in traditional back-end products as it increases
its focus this year on the development of advanced products (such
as flip-chip and thermal-compression bonders).  Sales from
advanced products currently account for only a small portion of
revenue, and the company lags behind its competitors in this area.
In S&P's view, traditional products will continue to be the major
revenue component of ASM Pacific Technology's business in the
coming two years.  S&P believes that any failure to transition
could lead revenues to decline in the long term because clients
are likely to gradually migrate to more advanced products.
Tempering the risks are ASM Pacific Technology's well-established
market position in the semiconductor equipment industry with more
than 20 years' experience, its diversified products and customer
base, and good cost controls.

"Our assessment of ASM Pacific Technology's financial risk profile
reflects our expectation that the company's cash flow adequacy
will decline in the next two years.  However, we project that the
company's debt-to-EBITDA ratio will stay below 2x.  In our
assessment, we also consider ASM Pacific Technology's relatively
high dividend payout ratio compared with those of similarly rated
global technology companies.  We expect the company's cash flow
measures to vary widely over the business cycle because of the
high volatility in the semiconductor equipment industry," S&P
said.

"We expect ASM Pacific Technology's debt to increase to Hong Kong
dollar (HK$) 2.8 billion in 2014 and HK$3.0 billion 2015, if it
uses debt to fund the acquisition of DEK Corp., a Switzerland-
based provider of screen printing equipment.  Nevertheless, we
anticipate that the company's cash flow adequacy will not
significantly weaken because increased revenue and profitability
should temper the increase in debt.  ASM Pacific Technology's debt
has increased substantially for acquisitions and business
expansion since 2011, compared with its debt-free position in
2010," S&P added.

"The stable outlook reflects our expectation that ASM Pacific
Technology is likely to maintain its good competitive position in
the semiconductor equipment industry and benefit from a recovery
in the market over the next 12 months.  We anticipate that the
company's EBITDA margin will remain at 15%-18% over the coming two
years because competition is intensifying and the company sells
more basic equipment to China.  In our base case, we expect ASM
Pacific Technology to increase its borrowings for business
expansion, albeit from a low base.  Nonetheless, the company's
leverage is likely to remain low and be consistent with our
assessment of an "intermediate" financial risk profile," S&P
noted.

S&P could lower the rating if ASM Pacific Technology's debt-to-
EBITDA ratio exceeds 2.0x on a sustained basis.  This could happen
if: (1) the increase in ASM Pacific Technology's debt for business
expansion or acquisitions is more aggressive than we anticipated;
or (2) the company's profitability deteriorates and is
substantially weaker than we expected.  ASM Pacific Technology's
failure to adapt to technology transition or intensifying
competition could significantly lower the company's margins.

Rating upside is limited in the next 12 months, primarily because
of ASM Pacific Technology's "fair" business risk profile.
Nevertheless, S&P could raise the rating if the company can
further enhance its competitive position, particularly by
improving its operating scale and profitability, while maintaining
low leverage.

RATING SCORE SNAPSHOT

Corporate Credit Rating: BB+/Stable/--

Business risk: Fair
   -- Country risk: Intermediate
   -- Industry risk: Moderately high
   -- Competitive position: Fair

Financial risk: Intermediate
   -- Cash flow/Leverage: Intermediate

Anchor: bb+

Modifiers
   -- Diversification/portfolio effect: no impact
   -- Capital structure: Neutral (no impact)
   -- Liquidity: Adequate (no impact)
   -- Financial policy: Neutral (no impact)
   -- Management and governance: Fair (no impact)
   -- Comparable rating analysis: no impact


PRECISION CAPITALS: 1H2014 Results in Line With Moody's Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service says Precision Capitals Private
Limited's (PCPL) 1H2014 operating result, although showing signs
of having weakened, are in line with expectations for its Ba3
corporate family rating and senior secured rating.

The rating outlook is negative.

PCPL reported USD353.2 million in revenues for 1H 2014, which was
a 10% decline year-over --year reflecting normalization in average
selling prices from the Thai floods in 2012 and a reduction in
rare earth magnet prices that were being passed through to its
voice coil motor assembly (VCMA) customers.

At the same time, gross profit contracted 18% in 1H FY2013
reflecting lower revenues, and higher costs and wage expenses.

"We had expected lower revenues through the 1H2014 reflecting a
more subdued outlook for hard disk drives (HDDs), as well as lower
average selling prices (ASP) following a more normalized pricing
environment, and lower operating profit. The negative outlook
continues to capture the resultant higher adjusted leverage levels
in the 3.7x range", says Annalisa Di Chiara, a Moody's Vice
President and Senior Analyst.

"At the same time, the Ba3 rating reflects the company's dominant
position in the HDD industry and its entrenched customer
relationship with the leading HDD OEMs players, especially Seagate
(Ba1/stable) and Western Digital (not rated)", Di Chiara adds, who
is also the lead analyst for PCPL/MMI.

The rating could come under additional pressure if market
conditions deteriorate and HDD demand further falls below our
expectations, leading to adjusted debt/EBITDA remaining above
3.5x, and retained cash flow (RCF) to debt falling below 20% over
an extended period.

On the other hand, the rating could return to stable, if HDD
demand picks up resulting in EBITDA growth and PCPL's debt/EBITDA
trends to 3.0x and RCF/Debt is maintained well within the 25-30%
range.

PCPL and its subsidiaries together represent a market-leading
precision manufacturing technology company with a key focus on
producing mechanical and electro-mechanical components for the HDD
industry.



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


A M BREWERIES: CRISIL Reaffirms 'B-' Rating on INR1.16BB Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of A M Breweries
Pvt Ltd continues to reflect AMBPL's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
and its exposure to intense competition and to regulatory changes
in the liquor industry. These rating weaknesses are partially
offset by the benefits that the company derives from the healthy
demand prospects for alcoholic beverages in Tamil Nadu and from
its promoters' funding support.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Term Loan           1,160     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AMBPL will continue to benefit over the
medium term from its promoters' industry experience and the
healthy demand prospects for alcoholic beverages in Tamil Nadu.
The outlook may be revised to 'Positive' if AMBPL scales up its
operations substantially, leading to larger-than-expected cash
accruals, while improving its capital structure. Conversely, the
outlook may be revised to 'Negative' if any regulatory change
adversely impacts the company's revenues and profitability,
resulting in lower-than-expected cash accruals, or if it
undertakes a large debt-funded capital expenditure programme, or
if its working capital management deteriorates significantly,
leading to weakening of its financial risk profile.

Update
AMBPL is expected to report an operating income of around INR25
million for 2013-14 (refers to financial year, April 1 to
March 31), which is lower than CRISIL's earlier expectations. The
lower operating income is primarily because of the delay by the
company in commencing operations at its brewery due to delays in
receiving regulatory approvals. AMBPL commenced commercial
operations in December 2013 as against CRISIL's earlier
expectations of September 2012.

AMBPL's financial risk profile remains below-average marked by
high gearing of 1.85 times as on March 31, 2013 and weak debt
protection metrics though supported by moderate net worth of
INR625 million as on March 31, 2013. AMBPL's liquidity remains
weak, marked by insufficient cash accruals to meet its maturing
debt obligations and the absence of working capital facilities.
However, its liquidity is supported by timely funding by its
promoters; the promoters are expected to infuse equity of around
INR200 million during 2013-14.

Incorporated in 2010, AMBPL manufactures beer. The company is
promoted by Mr. Jagathratchagan and his family, and group company,
Elite Distilleries Pvt Ltd.


ABC SITES: CRISIL Assigns 'B' Rating to INR450MM Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of ABC Sites Ltd.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term       450      CRISIL B/Stable
   Bank Loan Facility

The rating reflects ABC's exposure to funding and implementation
risks associated with its ongoing project, and to the inherent
risks and cyclicality in the real estate and hospitality sectors
in India. These rating weaknesses are partially offset by the
extensive experience of ABC's promoters in the real estate sector
and its tie-up with the Indian Hotels Company Limited (IHCL) i.e.
Taj Group of Hotels and Resorts (TGHR) for operations and
management of its hotel.

Outlook: Stable

CRISIL believes that ABC will maintain a stable business risk
profile over the medium term on the back of extensive promoters
experience in the real estate industry. The outlook may be revised
to 'Positive' in case of higher than expected realisation of cash
flows leading to timely completion of its projects and healthy
cash accruals. Conversely, the outlook may be revised to
'Negative' if ABC faces time and cost overruns in its ongoing
project, or significant pressure on its liquidity with pressure on
its revenues and profitability, leading to deterioration in its
debt servicing ability.

ABC was incorporated in 2003, promoted by Mr. Gursharan Batra and
associates; the company was taken over by the Sharma family, based
in Zirakpur, Mohali (Punjab), in 2007. ABC is setting up its first
project consisting of a commercial complex and hotel in Zirakpur.
Civil construction of the project was started in April 2013 and it
is expected to be completed by March 2016. ABC has tied-up with
The Indian Hotels Company Ltd (IHCL) of the TGHR for operations
and management of the hotel.


ASHOKA EDUCATION: CRISIL Reaffirms 'B+' Rating on INR202.5MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Ashoka Education
Foundation continues to reflect AEF's weak financial risk profile
marked by poor debt protection metrics, and limited track record
in the education field. These rating weaknesses are partially
offset by AEF's advanced infrastructure and healthy growth in
student strength.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            2.5      CRISIL B+/Stable (Reaffirmed)

   Long Term Loan       120.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    79.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AEF will leverage its modern infrastructure
to steadily increase its student strength and revenues. The
society's revenue-mix is also expected to improve with increase in
student strength in both its graduate and postgraduate courses and
with the addition of new courses to the existing offerings. The
outlook may be revised to 'Positive' if AEF's capital structure
improves, most likely because of substantial donation or equity
infusion or if its cash accruals increase, thereby leading to
reduction in its dependence on promoter's support to meet its term
loan obligations. Conversely, the outlook may be revised to
'Negative' if AEF's new educational courses do not take off as
expected, leading to additional pressure on its debt servicing
ability, or if it undertakes larger-than-expected debt-funded
capital expenditure (capex) programme, weakening its capital
structure.

Update
AEF's fee income increased by around 24 per cent to INR152 million
in 2012-13 (refers to financial year, April 1 to
March 31). This growth was supported by increased intake of
students for the higher classes, while the primary classes
continued to have a waiting list of more than one year. Ashoka
Universal School, which contributes around 80 per cent to AEF's
total revenues, witnessed its student strength increase to 3042 in
2013-14 from around 2500 in 2011-12; the student strength is
expected to increase to around 3400 in 2014-15. The school has
capacity for a much larger intake of students, but the admission
entrance test restricts the occupancy level. The management
intends to stick to this policy to maintain better quality of
students. Besides the current regular graduate and postgraduate
courses, the society has also started new graduate and
postgraduate courses in management and education in 2013-14.

The financial risk profile of the society is weak, with low
networth of INR15.9 million owing to cash losses in previous
years. The net worth is supported to some extent by donations of
INR625 million received in 2012-13. AEF has debt repayment
obligations of around INR41.6 million for 2013-14. AEF is
contemplating a capital expenditure (capex) of around INR50-60
million for building a new school facility in Nashik. The capex is
expected to be funded in debt to equity ratio of 70:30, which will
put additional pressure on its financial risk profile.

AEF reported, on provisional basis, a net surplus of INR5.3
million on a net income of INR152 million for 2012-13 (refers to
financial year, April 1 to March 31); the society reported a net
surplus of INR30.7 million on a net income of INR123 million for
2011-12.

Established in 2005, AEF operates six educational institutions.
The main institution, Ashoka Universal School, in Nashik,
contributes around 80 per cent of AEF's total revenues. The school
is affiliated to the Council for Indian School Certificate
Examination.  AEF was promoted by Mr. Ashok Katariya, promoter of
Ashoka Buildcon Ltd (rated 'CRISIL A+/Positive/CRISIL A1'). AEF
also provides graduate and postgraduate courses in business
management. The society has also launched new graduate and
postgraduate courses in management and education in 2013-14.


ASHUTOSH CHAWAL: CARE Revises Rating on INR6cr Bank Loan to 'B+'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Ashutosh Chawal Udyog.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         6         CARE B+ Revised from
   Facilities                       CARE B

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

Rating Rationale

The revision in the rating is primarily driven by the increase in
the scale of operations of Ashutosh Chawal Udyog (ACU) coupled
with improvement in its profitability margins and capital
structure.

The rating continues to be constrained by its stressed liquidity
position, weak solvency position, constitution of the entity as a
partnership concern, seasonal nature of its business and presence
in the highly fragmented and government regulated industry.
The rating, however, continues to derive strength from the
experience of the management in the industry and its established
track record of operations with proximity to raw material sources.

The ability of the firm to increase its scale of operations with
improvement in utilization of its installed capacity along with
efficient working capital management are the key rating
sensitivities.

Bundi-based (Rajasthan) ACU was formed in 1981 as a proprietorship
concern by Mr Chouthmal Maheshwari for carrying out the business
of trading and processing of paddy to produce rice.  However, due
to death of the proprietor in February 2013, the constitution of
the firm was changed into partnership. Over the years, ACU
expanded its installed capacity for processing of rice by
installing new machineries and had an installed capacity of 43,800
Metric Tonne Per Annum (MTPA) as on March 31, 2013. Its rice mill
is located in Bundi and spread across 2,623 square meter area. The
firm sells rice under the brand name of 'Double Katar' and 'Basant
Bahar'. Furthermore, the firm also sells by-products of rice, viz,
husk and rice bran.

During FY13 (refers to the period April 01 to March 31), ACU
reported a total income of INR27.02 crore (INR22.36 crore in
FY12), with a PAT of INR0.65 crore (INR0.20 crore in FY12).


BABBAR AGRO: CRISIL Assigns 'B+' Rating to INR70MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of Babbar Agro Industry.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long Term Loan           20        CRISIL B+/Stable
   Cash Credit              50        CRISIL B+/Stable
   Inventory Funding
   Facility                 30         CRISIL A4

The ratings reflect BAI's modest scale of operations in intensely
competitive rice milling industry and its below-average financial
risk profile, marked by modest debt protection metrics. The
ratings also factor in the susceptibility of the company's
operating margin to changes in government regulations and to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive industry experience of BAI's
promoters.

Outlook: Stable

CRISIL believes that BAI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if BAI's revenues and
profitability increase substantially, resulting in higher-than-
expected accruals and hence to an improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if BAI undertakes aggressive debt-funded expansions, or its
working capital management deteriorates further, leading to
weakening of its liquidity.

BAI was set up as a proprietor ship firm in 2010 by the Mr K.L
Babbar. The firm is engaged in processing of both basmati and non-
basmati variety of rice. The firm has its manufacturing facility
of the firm is located in Fazilka, Punjab.

BAI reported profit after tax (PAT) of INR3.95 million on net
sales of INR231.4 million during 2012-13 (refers to financial
year, April 1 to March 31) as against PAT of INR0.4 million on net
sales of INR39.8 million during 2011-12.


BLUE WHALE: CARE Assigns 'B' Rating to INR6cr Bank Loans
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Blue Whale
Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              6        CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Blue Whale
Industries is constrained by the constitution of the entity as a
partnership firm, small scale of operations, moderate capital
structure with working capital nature of operations, intense
competition in the industry and susceptibility of the profit
margins to foreign exchange rates. The rating, however, derives
strength from the experience of the promoter in the mouth
freshener (Pan Masala) industry.

The ability of the firm to increase its scale of operations and
manage its working capital requirements will be the key rating
sensitivities.

Blue Whale Industries was established in the year 2006 by Mr
Jignesh Rajendra Kumar Shah, Managing Partner. The firm is a 100%
export oriented unit (EOU) and currently engaged in the business
of processing, packing and exporting of Mouth Fresheners. BWI's
processing facility is located at Guntur, Andhra Pradesh with a
processing capacity of 250 Metric Tons Per Annum. The firm
procures the Mouth Fresheners from the suppliers located at Sikkim
and Rajasthan. The firm packs its products in the drums according
to the customer's specifications like 500 grams, 1,000 grams etc
and exports the same under the brand name of "Legend" and
"Rainbow" to various international markets such as Hong Kong,
Kenya and other African countries.

During FY13 (refers to the period April 1 to March 31), BWI
reported a total operating income of INR5.73 crore and a net
profit of INR0.10 crore as against a total operating income of
INR0.04 crore and a net loss of INR0.72 crore in FY12.


CAPTAIN TRACTORS: CRISIL Assigns 'B+' Rating to INR145MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Captain Tractors Private Limited.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Working Capital
   Demand Loan               15         CRISIL B+/Stable

   Term Loan                 26.8       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility        3.2        CRISIL B+/Stable

   Cash Credit             100          CRISIL B+/Stable

   Letter of Credit          5          CRISIL A4

The ratings reflect CTPL's modest scale and working capital-
intensive nature of its operations coupled with subdued financial
risk profile marked by high gearing and modest debt protection
metrics. The ratings also factor in susceptibility of CTPL's
operating performance to the intense competition and to the level
of agricultural activity in company's region of operations. These
rating weaknesses are partially offset by extensive experience of
the promoters in tractor and farm equipment manufacturing segment.

Outlook: Stable

CRISIL believes that CTPL will maintain its stable business risk
profile over medium term backed by extensive experience of its
promoters in tractor and farm equipment manufacturing business.
The outlook may be revised to 'Positive' in case of higher than
expected increase in sales and margins while improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in financial risk profile, due to sharp
decline in profitability or revenues, higher-than-expected debt-
funded capital expenditure, or deterioration in its working
capital cycle.

CTPL, incorporated in 2006, is engaged in business of assembling
of tractors and manufacturing of farm equipment. The company
markets its tractor under its own brand 'Captain'. The company has
its manufacturing unit located at Veraval Shapar, Dist. Rajkot
(Gujarat). The day-to-day operations of the company are managed by
Mr. Kailesh Movaliya along with his family members.

CTPL, reported a profit after tax (PAT) of INR 3.1 million on net
sales of INR 411.5 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR 5.8 million on net
sales of INR 379.3 million for 2011-12


CONVENTION HOTELS: CARE Reaffirms 'B+' Rating on INR180.1cr Loan
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Convention Hotels India Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        180.1      CARE B+ Reaffirmed
   Facilities-Term
   Loan

   Short-term Bank         2.5      CARE A4 Reaffirmed
   Facilities Non-
   fund Based

Rating Rationale

The rating continues to be constrained by further delay in the
commercial operation of the Bangalore project and associated cost
overrun, restructuring of term loans on account of the tight
liquidity position and risk involved with the marketability of
Bangalore Commercial Space. The rating also takes note of the
continuing legal dispute with Ager Group. However, the rating
continues to derive strength from the favourable location of the
hotel projects, management tie-ups with Hyatt Hotel Corporations
(Hyatt) & InterContinental group (IHG) imparting brand
recognition and management expertise.

Going forward, the ability of the promoters to infuse the balance
equity portion, timely sales realization from commercial property
and complete the Bangalore project in a timely manner would be the
key rating sensitivities.

Convention Hotels India Pvt Ltd was incorporated in August 2006,
promoted by Mr Priyakanth Amin and Ms Namrata Amin, to undertake a
5-star hotel development project at Bangalore and Goa with a
management-cum-marketing tie-up with Hyatt Hotels Corporation
(Hyatt) and Intercontinental Hotels Group (IHG) respectively.

The company is also developing a commercial space of 1.64 lakh sq
ft in Bangalore (located near the Bangalore Hotel Project) which
it proposes to sell in FY14 (refers to the period April 1 to March
31) and FY15. They have commenced the sale of the same and INR1
crore is realized till date.

As on September 30, 2013 the company has incurred INR305.2 crore
on both the projects (Bangalore - INR184.5 crore against a total
cost of INR264 crore, and the Goa project was completed in April
2013 at a cost of INR115.1 crore).


DACSS GRANITES: CRISIL Assigns 'B+' Rating to INR128MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of DACSS Granites Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility       15.1     CRISIL B+/Stable

   Packing Credit          190       CRISIL A4

   Long Term Loan          112.9     CRISIL B+/Stable

   Bank Guarantee            2       CRISIL A4

   Letter of Credit         20       CRISIL A4

The rating reflects DGPL's large working capital requirements and
its susceptibility to changes in government regulation and to
forex rates. These rating weaknesses are partially offset by the
extensive industry experience of its promoters and it's above
average financial risk profile marked by a comfortable capital
structure.

Outlook: Stable

CRISIL believes that DGPL to benefit from the extensive experience
of its promoters in the granite industry and its established track
record. The outlook may be revised to 'Positive', if the company
increases its scale of operations and operating profitability on a
sustained basis, thereby leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is deterioration in DGPL's working capital
management or if its revenues and operating profitability decline
there by leading to weakening of its financial risk profile.

Set up in 2005 as a private limited company, DGPL is involved in
the processing of rough granite blocks in to polished granite
slabs. The company is promoted and managed by Mr. Darala Ashwani
Kumar Reddy.

During 2012-13 (refers to financial year April 1 to March 31),
DGPL reported a profit after tax (PAT) of INR7.46 million on net
sales of INR423.5 million as against a PAT of INR5.71 million on
net sales of INR358.7 million during 2011-12.


EAST HOOGHLY: CRISIL Assigns 'B+' Rating to INR127.2MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of East Hooghly Polyplast Pvt Ltd. The rating
reflects EHPPL's below-average financial risk profile and modest
scale of operations in a fragmented industry. These rating
weaknesses are partially offset by the experience of EHPPL's
promoters in the high-density polyethylene (HDPE) fabrics and
tarpaulins business.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan               60.2        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      34.2        CRISIL B+/Stable

   Bank Guarantee           2.8        CRISIL A4

   Cash Credit             32.8        CRISIL B+/Stable

Outlook: Stable

CRISIL believes that EHPPL will benefit from its promoters'
experience in the HDPE-laminated tarpaulin business. The outlook
may be revised to 'Positive' if the company's scale of operations
improves while sustaining its margins, or if its capital structure
improves, resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if EHPPL's
financial risk profile, particularly its liquidity, weakens
because of lengthening of its working capital cycle or if the
company undertakes any larger-than-expected debt-funded capital
expenditure programme.

EHPPL was incorporated in September 2010 by Mr. Mainak Mondal, Mr.
Bimal Pal, and Mr. Kamal Pal in Hooghly (West Bengal). The company
manufactures HDPE tarpaulins and fabric sheets used in agriculture
and construction industries, and as truck and container liners,
and wagon covers.


GREEN AGRO: CRISIL Cuts Rating on INR159.8MM Loans to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Green Agro Pack Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Packing Credit            65      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long-Term Loan            23.3    CRISIL D (Downgraded from
                                     'CRISIL A4')

   Foreign Bill              55.5    CRISIL D (Downgraded from
   Discounting                       'CRISIL B/Stable')

   Letter of Credit          15      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Bank Guarantee             1      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delay by GAPPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity due to its tightly matched cash accruals
against its repayment obligations and the cyclical nature of its
operations.

GAPPL also has a weak financial risk profile, marked by high
gearing, a small net worth, and weak debt protection metrics. The
company also has large working capital requirements and is exposed
to risks inherent in the gherkin industry. However, GAPPL benefits
from its promoters' extensive industry experience and its
established position in the gherkin export market.

GAPPL, incorporated in 1994, processes and exports gherkins. The
company's processing unit is at Davangere (Karnataka).


GREEN ORANGE: CRISIL Assigns 'B-' Rating to INR200MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Green Orange Industries.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Rupee Term Loan          27.5     CRISIL B-/Stable

   Cash Credit              35       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility      137.5     CRISIL B-/Stable

The rating reflects GOI's exposure to the risks associated with
the implementation and stabilisation of its operations. These
rating weaknesses are partially offset by the extensive experience
of GOI's promoters in the steel industry.

Outlook: Stable

CRISIL believes that GOI will 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 successfully
implements the project and scales up its operations and
profitability leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is any further time or cost overrun in the project,
resulting in lower-than-expected cash accruals, thereby affecting
its debt-servicing ability.

GOI, based in Chennai was established in 2012 by Mr. T Subba Rao
and Mrs. Manjit Kaur. The firm is setting up a thermo-mechanically
treated steel bars and structural steel unit. Its operations are
expected to commence from February 2014.


GRV SPINTEX: CRISIL Assigns 'B+' Rating to INR602.5MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank facilities of GRV Spintex Pvt Ltd. The ratings reflect GRV's
expected vulnerability to risks related to its start-up
operations, and average capital structure. These rating weaknesses
are partially offset by the promoters' extensive experience in the
cotton industry, resulting in the company's established customer
and supplier relationships.

                           Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Term Loan                477.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility         5         CRISIL B+/Stable

   Bank Guarantee            33         CRISIL A4

   Cash Credit              120         CRISIL B+/Stable

Outlook: Stable

CRISIL believes that GRV will maintain its business risk profile,
backed by its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
stabilises its operations before expected, leading to healthy cash
accruals and an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative', if GRV
reports a low operating margin or undertakes sizeable debt-funded
expansion, or records deterioration in its working capital
management, thereby weakening its financial profile.

GRV was incorporated in 2013 at Rajkot and will be engaged in the
manufacturing of cotton yarn. The company is promoted by the
Ghodasara, Riyani and Varmora families. Commercial operations are
expected to start from May 2014.


H S REALTORS: CRISIL Assigns 'D' Rating to INR245MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of H S Realtors India Pvt. Ltd.  The rating reflects
delay by HSRPL in meeting its term debt principal and interest
obligations.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                245        CRISIL D

HSRPL has a weak financial risk profile, marked by moderate
gearing and average debt protection metrics, and is susceptible to
seasonality in business because of limited diversity in its
revenue profile. These weaknesses are partially offset by the
experience of HSRPL's promoter in the hospitality sector.

Incorporated in 2009 and promoted by Mr. Sanjeev Kumar, HSRPL is
based in Haldwani (Uttrakhand). The company manages a resort and
is setting up a hotel at Haldwani.


INDIAN FOODTECH: CARE Downgrades Rating on INR7.79cr Loan to 'C'
----------------------------------------------------------------
CARE revises rating assigned to the bank facilities of Indian
Foodtech Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        7.79       CARE C Revised from
   Facilities                       CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Indian Foodtech Limited is primarily driven by the delay in the
stabilization of operations of the company resulting in
operational losses in FY13 (refers to the period April 1 to March
31).  The rating continues to be constrained by the limited
experience of the promoters in the food processing industry,
fragmented nature of the frozen food industry and susceptibility
of IFTL's margins to fluctuation in agro-based raw material
prices. The rating also factors in the weak financial risk profile
of the company marked by leveraged capital structure, stressed
debt service coverage indicators and weak liquidity position with
elongated operating cycle.

The rating, however, does draw comfort from the favourable
location of the processing facility, favourable industry scenario
and government policies.

Going forward, the ability of the company to increase its scale of
operations while improving its profitability margins along with
improvement in its capital structure and efficiently managing its
working capital requirements would be the key rating
sensitivities.

IFTL, incorporated in October 2010, is a closely-held company
promoted by Mr Ashok Ruhil, Mr Amit Shokeen and other family
members and started commercial production in March 2012. IFTL
is engaged in the processing of ready-to-eat and ready-to-serve
food products (frozen vegetables and fruits). The company has set
up its manufacturing facility at Udham Singh Nagar, Uttarakhand
with an installed capacity to produce 1.50 tonnes per hour of
ready-to-eat food products as on March 31, 2013. The product
portfolio includes sauces, jams, kadhai paneer, dal makhani, etc.
As per the audited results for FY13, IFTL reported a net loss of
INR0.42 crore on a total operating income of INR2.30 crore.
Moreover, IFTL had achieved a total operating income of around
INR10.61 crore during 9MFY14.


INDIAN FROZEN: CARE Revises Rating on INR8.35cr Bank Loans to 'C'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Indian
Frozen Foods LLP.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        8.35       CARE C Revised from
   Facilities                       CARE B+

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

Rating Rationale

The revision in the rating assigned to the bank facilities of
Indian Frozen Foods LLP is primarily driven by the delay in the
stabilization of processing operations of the firm leading to
negligible cash accruals. The rating continues to be constrained
by its limited experience of the promoters in the food processing
industry, fragmented nature of the frozen food industry and
susceptibility of margins to fluctuation in agro-based raw
material prices.

The rating also factors in the weak financial risk profile of the
firm marked by leveraged capital structure, stressed debt service
coverage indicators and weak liquidity position with high
inventory holding period.

The rating, however, does draw comfort from the location advantage
of the processing facility, favourable industry scenario and
government policies.

Going forward, the ability of the firm to increase its scale of
operations along with improvement in its profitability margins and
capital structure and efficiently managing its working capital
requirements would be the key rating sensitivities.

IFF is a limited liability partnership firm formed in December
2010 with Mr Ashol Ruhik and Mr Amit Shokeen as its partners. Mr
Ashol Ruhik is the key partner having profit and loss sharing of
95%. The firm is engaged in the processing of frozen vegetables
(peas, carrots, cauliflowers, etc). IFF has its manufacturing
facility at Udham Singh Nagar, Uttarakhand, with capacity to
produce 1.50 tonnes per hour of frozen foods as on March 31, 2013.
IFF started commercial production in December 2012. The firm sells
its products in bulk packaging to the other frozen food companies
located in Uttar Pradesh, Madhya Pradesh, Punjab and Haryana which
in turn mostly exports to countries like Dubai etc.

Indian Foodtech Limited (CARE C) is a group concern of IFF engaged
in frozen food processing.

As per the audited results for FY13 (refers to the period April 01
to March 31), IFF reported a net loss of INR0.42 lakh on a total
operating income of INR0.23 crore. Moreover, IFF had achieved a
total operating income of around INR7 crore during 9MFY14.


KKRC INFRA: CRISIL Downgrades Rating on INR110MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of KKRC
Infrastructure Private Limited to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            280     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Overdraft Facility        110     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects the steep deterioration in KKRC's
liquidity, with a stretch in its working capital cycle resulting
in almost full utilization of its bank limits. The downgrade also
factors in the expectation of a substantial decline in the
company's scale of operations on account of slow-moving projects
in its order-book. CRISIL believes that the company will need
fresh capital from its promoters, or would have to register
sustained improvement in its working capital cycle, to alleviate
the pressure on its liquidity.

There has been a stretch in KKRC's working capital cycle as
reflected in a sequential increase in its receivable levels, which
are expected to be around 275 days as on March 31, 2014, as
against 157 days as on March 31, 2012. The stretch in the
company's receivables cycle resulted in resulted in almost full
utilization of its bank limits over the last six months ended
December 2013.

The revenues of the company are also expected to register a year-
on-year decline of around 50 per cent to INR260 million in 2013-14
(refers to financial year, April 1 to March 31) on account of
slow-moving projects in its order-book. Though the company has an
order-book of INR1.5 billion as on December 31, 2013, the pace of
execution of these orders remain a key rating sensitivity factor.

CRISIL's ratings on the bank facilities of KKRC continue to
reflect its large working capital requirements, its small scale of
operations, high degree of geographic and customer concentration
in its revenue profile, and its exposure to intense competition in
the construction industry. These rating weaknesses are partially
offset by the extensive industry experience of KKRC's promoters
and its above-average financial risk profile marked by its
moderate net-worth, low gearing and above-average debt protection
metrics.

Outlook: Stable

CRISIL believes that KKRC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relations with clients. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
the company's scale of operations, while maintaining its
profitability margins or there is a sustained improvement in its
working capital management. Conversely, the outlook may be revised
to 'Negative' if there is a steep decline in the company's
profitability margins from the current levels or there is a
further deterioration in its liquidity on account of larger-than-
expected working capital requirements.

KKRC was set up as a proprietorship firm, KK Reddy and Company, by
Mr. K Chandra Mohan Reddy in 1983. The firm was reconstituted as a
partnership firm in 1996 and then as a private limited company in
2010, when it got its present name.

KKRC, located in Hyderabad (Andhra Pradesh), mainly undertakes
various irrigation projects, including digging and lining of
canals, excavation works, embankment in canal projects, and dam
construction. The company is registered as a special class
contractor with the public works departments of Andhra Pradesh,
Maharashtra, and Chhattisgarh.


KRIPTON CERAMICS: CARE Assigns 'B' Rating to INR10cr Bank Loans
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Kripton Ceramics Private Limited.

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

   Short-term Bank
   Facilities             1.16      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kripton Ceramics
Private Limited are constrained primarily on account of risk
relating to project implementation. The ratings are further
constrained on account of its presence in the highly competitive
and fragmented ceramics industry where the profitability of tiles
manufacturers remain exposed to the volatility associated with the
raw material and fuel prices.

The above constraints outweigh the benefits derived from the
promoters' experience in the ceramic industry and locational
advantage in terms of proximity to the raw material and fuel.
The ability of KCPL to complete the project within the envisaged
cost and time along with timely stabilization of operations and
achievement of projected sales and margins are the key rating
sensitivities.

Incorporated in the year 2013, KCPL is being set up to manufacture
glazed ceramic tiles. KCPL is promoted by two promoters, namely,
Mr Dharmeshbhai Kanjiya and Mr Rajeshbhai Patel, who look after
the entire operations of the company. KCPL is undertaking a green-
field project to manufacture glazed ceramic tiles with a proposed
installed capacity of 30,000 metric tonnes per annum (MTPA) at
Morbi in Rajkot district, which is the ceramic tile manufacturing
hub of Gujarat.

The total project cost is estimated to be of INR14.78 crore
(including margin for working capital) which is to be funded
through a term loan of INR7 crore, equity of INR4.95 crore and the
balance by way of unsecured loans.

Out of the total cost of project, the company had already incurred
a capex of INR11.96 crore (81% of total project cost) till
February 15, 2014, while the balance cost would be incurred in
Q4FY14 (refers to the period January 01 to March 31).


LAKHANI ARMAAN: CRISIL Lowers Rating on INR245.1MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lakhani Armaan Shoes Private Limited (LASPL; part of the Lakhani
group) to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Purchase-
   Discounting Facility     50       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit              65       CRISIL D (Downgraded from
                                     'CRISIL C')

   Letter of Credit*        85       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan                45.1     CRISIL D (Downgraded from
                                     'CRISIL C')

The downgrade reflects delays by LASPL in servicing its debt due
to weak liquidity stemming from continuous high bank limit
utilization because of working capital intensive operations.
However, the group has an established position in the footwear
industry which is supported by the experience of its promoters and
its established brands.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of seven entities of the Lakhani group -
LASPL, Lakhani Footwear Pvt Ltd, Lakhani Shoes & Apparels Pvt Ltd,
Lakhani Shoes Co Pvt Ltd, Lakhani Rubber Products Pvt Ltd, Mascot
Footcare, and Lakhani Rubber Works. This is because all these
entities have the same promoters and senior management; common
procurement, marketing and finance functions, and are in the
similar line of businesses

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, the group has expanded its footwear
business and established the Lakhani brand in the footwear market
in India. During the period between 2006 and 2008, there was a
family split in the Lakhani group, with Mr. K C Lakhani and his
younger brother, Mr. P D Lakhani, re-organising the business and
its assets. Mr. K C Lakhani renamed the business as Lakhani Armaan
Group, with production facilities comprising three units in
Faridabad, two units in Haridwar (Uttarakhand), and one unit each
in Dhar (Madhya Pradesh) and Noida (Uttar Pradesh).


LAKHANI FOOTWEAR: CRISIL Cuts Rating on INR1.18BB Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lakhani Footwear Private Limited (LFPL; part of the Lakhani group)
to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4'. The downgrade
reflects delays by LFPL in servicing its debt due to weak
liquidity stemming from continuous high bank limit utilization
because of working capital intensive operations. However, the
group has an established position in the footwear industry which
is supported by the experience of its promoters and its
established brands.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bill Purchase-           150      CRISIL D (Downgraded from
   Discounting Facility              'CRISIL A4')

   Cash Credit              455      CRISIL D (Downgraded from
                                     'CRISIL C')

   Letter of Credit         220      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan               356.2     CRISIL D (Downgraded from
                                     'CRISIL C')

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of seven entities of the Lakhani group -
LFPL, Lakhani Armaan Shoes Pvt Ltd, Lakhani Shoes & Apparels Pvt
Ltd, Lakhani Shoes Co Pvt Ltd, Lakhani Rubber Products Pvt Ltd,
Mascot Footcare, and Lakhani Rubber Works. This is because all
these entities have the same promoters and senior management;
common procurement, marketing and finance functions, and are in
the similar line of businesses.

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, the group has expanded its footwear
business and established the Lakhani brand in the footwear market
in India. During the period between 2006 and 2008, there was a
family split in the Lakhani group, with Mr. K C Lakhani and his
younger brother, Mr. P D Lakhani, re-organising the business and
its assets. Mr. K C Lakhani renamed the business as Lakhani Armaan
Group, with production facilities comprising three units in
Faridabad, two units in Haridwar (Uttarakhand), and one unit each
in Dhar (Madhya Pradesh) and Noida (Uttar Pradesh).


LAKHANI RUBBER: CRISIL Lowers Rating on INR452MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lakhani Rubber Products Private Limited (LRPPL; part of the
Lakhani group) to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4'.

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

   Bill Purchase-             75       CRISIL D (Downgraded from
   Discounting Facility                'CRISIL A4')

   Cash Credit                85       CRISIL D (Downgraded from
                                       'CRISIL C')

   Letter of Credit          100       CRISIL D (Downgraded from
                                       'CRISIL A4')

   Term Loan                 182       CRISIL D (Downgraded from
                                       'CRISIL C')

The downgrade reflects delays by LRPPL in servicing its debt due
to weak liquidity stemming from continuous high bank limit
utilization because of working capital intensive operations.
However, the group has an established position in the footwear
industry which is supported by the experience of its promoters and
its established brands.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of seven entities of the Lakhani group -
LRPPL, Lakhani Armaan Shoes Pvt Ltd, Lakhani Shoes & Apparels Pvt
Ltd, Lakhani Shoes Co Pvt Ltd, Lakhani Footwear Pvt Ltd, Mascot
Footcare, and Lakhani Rubber Works. This is because all these
entities have the same promoters and senior management; common
procurement, marketing and finance functions, and are in the
similar line of businesses.

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, the group has expanded its footwear
business and established the Lakhani brand in the footwear market
in India. During the period between 2006 and 2008, there was a
family split in the Lakhani group, with Mr. K C Lakhani and his
younger brother, Mr. P D Lakhani, re-organising the business and
its assets. Mr. K C Lakhani renamed the business as Lakhani Armaan
Group, with production facilities comprising three units in
Faridabad, two units in Haridwar (Uttarakhand), and one unit each
in Dhar (Madhya Pradesh) and Noida (Uttar Pradesh).


LAKHANI RUBBER WORKS: CRISIL Cuts Rating on INR321.5M Loans to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lakhani Rubber Works (LRW; part of the Lakhani group) to 'CRISIL
D/CRISIL D' from 'CRISIL C/CRISIL A4'. The downgrade reflects
delays by LRW in servicing its debt due to weak liquidity stemming
from continuous high bank limit utilization because of working
capital intensive operations. However, the group has an
established position in the footwear industry which is supported
by the experience of its promoters and its established brands.

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

   Bill Purchase-
   Discounting Facility       60      CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit                85      CRISIL D (Downgraded from
                                      'CRISIL C')

   Letter of Credit          100      CRISIL D (Downgraded from
                                      'CRISIL A4')

   Term Loan                  66.5    CRISIL D (Downgraded from
                                      'CRISIL C')

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of seven entities of the Lakhani group -
LRW, Lakhani Armaan Shoes Pvt Ltd, Lakhani Shoes & Apparels Pvt
Ltd, Lakhani Shoes Co Pvt Ltd, Lakhani Rubber Products Pvt Ltd,
Mascot Footcare, and Lakhani Footwear Pvt Ltd. This is because all
these entities have the same promoters and senior management;
common procurement, marketing and finance functions, and are in
the similar line of businesses.

Mr. K C Lakhani set up Lakhani Rubber Works in 1966. The group is
in the footwear and rubberised automotive components businesses.
Over the past 40 years, the group has expanded its footwear
business and established the Lakhani brand in the footwear market
in India. During the period between 2006 and 2008, there was a
family split in the Lakhani group, with Mr. K C Lakhani and his
younger brother, Mr. P D Lakhani, re-organising the business and
its assets. Mr. K C Lakhani renamed the business as Lakhani Armaan
Group, with production facilities comprising three units in
Faridabad, two units in Haridwar (Uttarakhand), and one unit each
in Dhar (Madhya Pradesh) and Noida (Uttar Pradesh).


LIKHITH HOTELS: CRISIL Cuts Rating on INR100MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the term loan facility of
Likhith Hotels & Resorts Pvt Ltd to 'CRISIL D' from 'CRISIL
B/Stable'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Term Loan                100       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The rating downgrade reflects consistent delays by LHRPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity.

LHRPL also has a small scale of operations with a limited track
record, and a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. However,
LHRPL benefits from the favourable location of its hotel and the
healthy prospects for the hotel industry.

Incorporated in 2011, LHRPL is currently operating Likhith Hotels
and Resorts, a budget hotel in Bengaluru (Karnataka).


M.S.KAARTHIKEYAN: CRISIL Reaffirms 'B' Rating on INR52.5MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of M.S.Kaarthikeyan
Garments (MSK) continue to reflect MSK's modest scale of
operations in a highly competitive readymade garments industry and
stretched liquidity on account of large working capital
requirements. These rating weaknesses are partially offset by long
standing experience of the promoters in the readymade garment
industry.

                           Amount
   Facilities             (INR Mln)  Ratings
   ----------             ---------  -------
   Foreign Bill
   Discounting               32.5    CRISIL A4 (Reaffirmed)

   Inland/Import Letter
   of Credit                  5      CRISIL A4 (Reaffirmed)

   Packing Credit            60      CRISIL A4 (Reaffirmed)

   Proposed Rupee
   Term Loan                 52.5    CRISIL B/Stable( Reaffirmed)

Outlook: Stable

CRISIL expects MSK to maintain a stable business risk profile on
the back of long standing experience of the promoters in the
readymade garments industry. The outlook may be revised to
'Positive' if the firm is able to exhibit a significant
improvement in its scale of operations while improving its working
capital management. Conversely, the outlook may be revised to
'Negative' in case of deterioration in MSK's liquidity, due to
large working capital requirements, low cash accruals, or decline
in revenue or profitability.

Update
MSK reported revenue of INR251 million, at a year-on-year growth
of around 4 per cent for 2012-13 (refers to financial year,
April 1 to March 31), broadly in line with CRISIL's expectations.
For the ten months ended January 31, 2014, the company registered
revenues of around INR 300 million, and is likely to report
revenues of INR370 million in 2013-14. MSK's operating
profitability was around 8.3 per cent for 2012-13, marginally
higher than CRISIL's expectations owing to improved realization
and reduction in manufacturing costs effected by the firm; the
operating margin is likely to remain at similar levels over the
medium term. During 2012-13 the company's working capital
requirements were higher than CRISIL expectations primarily due to
increase in receivables to 75 days from 34 days a year ago.

MSK's financial risk profile continues to be below-average, marked
by its moderate capital structure, small net worth, and weak debt
protection metrics. The company's liquidity has remained stretched
driven by long receivables period, as reflected by high bank limit
utilisation, partially offset by comfortable accruals vis-a-vis
repayment obligations. CRISIL believes that MSK's liquidity shall
remain stretched over the medium term, due to its working-capital-
intensive operations and debt-funded capital expenditure plans.

Established in the year 1992, MSK is a partnership firm engaged in
manufacturing and exports of readymade children wear garments such
as T-shirts and legging. The firm has two manufacturing units at
Tiruppur, Tamil Nadu. The day-to-day operations of the firm are
managed by Mr. S. Karthikeyan along with his family members.

MSK posted a profit after tax (PAT) of INR2.9 million on revenues
of INR251 million, during 2012-13 vis-a-vis a PAT of INR2.8
million on sales of INR242 million during 2011-12.


MAA VAISHNO: CRISIL Cuts Rating on INR200MM Loans to 'D'
--------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Maa Vaishno Sales Pvt Ltd to 'CRISIL D' from 'CRISIL BB-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               165     CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term         35     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

The rating downgrade reflects instances of delay by MVSPL in
meeting the interest payment on its cash credit facility, which
has been overdrawn for more than 30 days.

MVSPL also has an average financial risk profile, with below-
average debt protection metrics, and large working capital
requirements. However, the company benefits from its promoter's
experience in the electrical goods distribution segment, and
established relationships with its principals.

MVSPL was set up as a proprietorship firm named Maa Vaishno
Enterprises, by Mr. Harish Agarwal, in August 2000. MVSPL
distributes electrical products manufactured by various principals
such as Finolex Cables Limited, Surya Roshni Limited, KEI
Industries Limited etc. in West Bengal.


NARMADA CEREAL: CRISIL Reaffirms 'B+' Rating on INR538.9MM Loans
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Narmada Cereal Private
Limited reflect the company's weak financial risk profile, marked
by a modest net worth, high gearing, and average debt protection
metrics and susceptibility to adverse regulatory changes, to
volatility in raw material prices, and to erratic rainfall. These
rating weaknesses are partially offset by the benefits that NCPL
derives from its promoters' extensive experience in the rice
industry, its established relations with its customers and
suppliers, and its improving brand image.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Purchase-
   Discounting Facility   30       CRISIL A4 (Reaffirmed)

   Cash Credit           450       CRISIL B+/Stable (Reaffirmed)

   Packing Credit         80       CRISIL A4 (Reaffirmed)

   Rupee Term Loan        40       CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan        48.9     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NCPL's financial risk profile will remain
constrained by large working capital requirements and weak capital
structure, over the medium term. The outlook may be revised to
'Positive' in case NCPL significantly improves its capital
structure and liquidity, mainly on account of capital infusion.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes any larger-than-expected, debt-funded capital
expenditure (capex) programme, thereby weakening its capital
structure further, or generates lower-than-expected net cash
accruals, or if its working capital cycle lengthens significantly.

NCPL was set up in February 2007 by Mr. Arun Mittal, his brother,
Mr. Praveen Mittal, and Mr. Surendra Gupta. The company commenced
commercial production on April 1, 2008. NCPL mills Pusa 1121
basmati rice, mainly sold in bulk; part of the produce is also
sold domestically under the company's Narmada Rice brand.

For 2012-13 (refers to financial year, April 1 to March 31), NCPL
reported a profit after tax (PAT) of INR17.9 million on net sales
of INR 1242.3 million as against a PAT of INR15.4 million on net
sales of INR701.5 million for 2011-12.


NIRMAL KUMAR: CRISIL Cuts Rating on INR33.5MM Loans to 'B'
----------------------------------------------------------
CRISIL has downgraded its long term ratings to 'CRISIL B/Stable'
from 'CRISIL B+/Stable' while reaffirming its short term rating at
'CRISIL A4' on the bank loan facilities of M/s. Nirmal Kumar
Swain.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bank Guarantee            50       CRISIL A4 (Reaffirmed)

   Proposed Long Term        15       CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

   Proposed Short Term       66.5     CRISIL A4 (Reaffirmed)
   Bank Loan Facility

   Term Loan                  3.5     CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Secured Overdraft         15       CRISIL B/Stable (Downgraded
   Facility                           from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in NKS's financial
risk profile, particularly its capital structure and its
liquidity, driven by the proprietor's significant capital
withdrawals. Moreover, the firm has undertaken moderate capital
expenditure (capex) to purchase equipment and machinery, impacting
its liquidity. NKS has almost fully utilised its fund-based bank
lines. Furthermore, there are several instances wherein the firm
availed of ad-hoc limits in the past year, to meet its working
capital requirement. NKS's cash accruals could be closely matched
with its term debt obligations over the medium term.

The ratings reflect NKS's small scale of operations; geographic
concentration in its revenue profile; and its below-average
financial risk profile, marked by a small net worth. These rating
weaknesses are partially offset by the promoters' extensive
experience in the civil construction segment.

Outlook: Stable

CRISIL believes that NKS will continue to benefit from the
extensive industry experience of its proprietor. The outlook may
be revised to 'Positive' if the firm significantly improves its
scale of operations and sustains its profitability, leading to
sizeable cash accruals; or receives a substantial capital infusion
from the proprietor, thus improving its capital structure and
liquidity. Conversely, the outlook may be revised to 'Negative' if
NKS's financial risk profile and liquidity deteriorate, because of
larger-than-expected working capital requirements, or delays in
receivables; or because of large, debt-funded capex plans.

NKS was established by Mr. Nirmal Kumar Swain as a proprietorship
in Cuttack (Odisha) in 1992. The firm undertakes civil
construction and construction of pilling, dyke walls, reinforced
cement concrete (RCC) drains, RCC driveway, roads, and pathways on
contract.


OMKARA POLYPLAST: CARE Reaffirms 'B+' Rating on INR17.55cr Loans
----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Omkara Polyplast Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           17.55       CARE B+ Reaffirmed

   Long-term /Short-     3.00       CARE B+/CARE A4
   Term Bank                        Reaffirmed
   Facilities

   Short-term Bank       0.31       CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings for the bank facilities of Omkara Polyplast Private
Limited continue to remain constrained by its relatively small
size with short track record of operation, high leverage ratios,
volatility in raw material prices, highly competitive & fragmented
nature of the industry and working capital intensive nature of
business. The aforesaid constraints are partially offset by the
experience of the promoters with lack of experience in the
packaging industry and satisfactory industry scenario.

The ability of the company to increase the scale of operations and
improve profitability margins and the ability to manage working
capital effectively are the key rating sensitivities.

Omkara Polyplast Pvt Ltd, incorporated on August 10, 2007, as
Elegant Dealcomm Pvt Ltd, was initially a share broking company
engaged in the trading of securities and commodities. Subsequently
in December 2009, Mr Sumit Kumar Agarwal of Kolkata, acquired the
company and undertook a project to set up a manufacturing unit for
HDPE/PP woven fabrics, bags & tarpaulins at Asansol (north), West
Bengal, having an installed capacity of 4,752 MTPA. The plant
became operational since December 28, 2011, and was set up at an
aggregate project cost of INR25 crore.

During FY13 (refers to the period April 1 to March 31), the
company reported a total operating income of INR25.66 crore (FY12:
INR4.64 crore) and a PAT of INR0.02 crore (FY12: Net loss of
INR0.64 crore). Furthermore, OPPL achieved total revenue of
INR19.40 crore during 10MFY14.


P. R. PACKING: CRISIL Upgrades Rating on INR170MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
P. R. Packing Service to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                         Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Line of Credit           115      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility        25      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan                 30      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in PR's liquidity post
commissioning of its unit at Naroli in Silvassa (Union Territory
of Dadra and Nagar Haveli). The firm's cash accruals are expected
to more than double to INR22 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR8 million in 2010-11.
With increasing scale of operations, efficiency of the firm's
working capital management will be a critical rating sensitivity
factor over the medium term.

The rating continues to reflect PR's working-capital-intensive
operations and below-average financial risk profile marked by
modest net worth with moderate gearing and debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of PR's promoters and its established
relationship with customers.

Outlook: Stable

CRISIL believes that PR will maintain its business risk profile
over the medium term backed by the extensive experience of its
promoters in the packaging industry and its established customer
relationship. The outlook may be revised to 'Positive' if the firm
demonstrates significant improvement in capital structure and
working capital cycle, while improving its cash accruals. On the
other hand, the outlook may be revised to 'Negative' in case of
deterioration in the firm's financial risk profile caused by
lengthening of its working capital cycle or decline in revenue and
profitability.

PR was set up as a partnership firm in 1999 by Mr. Dhananjay
Bhansali and his wife Mrs. Rekha Bhansali. The firm manufactures
corrugated boxes using kraft paper. PR's operations are managed by
Mr. Pathik Bhansali, son of Mr. Dhananjay Bhansali. PR has its
manufacturing unit in Silvassa. Its second manufacturing unit, at
Naroli, commenced operations in April 2012.

PR reported a profit after tax (PAT) of INR1.5 million on net
sales of INR334 million for 2012-13, against a PAT of INR23
million on net sales of INR190 million for 2011-12.


PARKASH COTTON: CARE Assigns 'B+' Rating to INR6.14cr Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Parkash
Cotton Pressing Factory.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         6.14      CARE B+ Assigned
   Facilities

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

Rating Rationale

The rating assigned to the bank facilities of Parkash Cotton
Pressing Factory is primarily constrained by its weak financial
risk profile characterised by its small scale of operations, low
networth base, low profitability margins, leveraged capital
structure and weak debt service coverage indicators. The ratings
also factor in the exposure to raw material price volatility,
presence in a highly fragmented and competitive industry, fortunes
linked to the textile industry and constitution of the entity
being a proprietorship firm.

The ratings, however, draw strength from the experienced
promoters, long track record of PCPF's operations, its presence in
a strategic location with integrated manufacturing operations.

Going forward, the ability of the firm to increase the scale of
operations while improving the profitability margins and improving
the capital structure would be the key rating sensitivities.

Parkash Cotton Pressing Factory established in December, 1988 as a
firm under Hindu Undivided Family. The firm is currently being
managed by Mr Vijay Kumar as karta. The firm is mainly engaged in
the ginning of raw cotton (narma) and crushing of mustard seeds at
its processing facility located at Mansa, Punjab. The firm sells
the finished products and by-products obtained from ginning i e
cotton bales, cotton oil, cotton seed cake to cotton millers and
local traders respectively in Punjab and Delhi. The products
obtained from the crushing of mustard seeds ie mustard oil and
mustard cake is also sold to traders in the local market. The firm
procures raw cotton directly from farmers in Punjab while mustard
seeds are purchased from the traders of Haryana and Rajasthan.

For FY13 (refers to the period April 1 to March 31) PCPF achieved
a total operating income of INR39.20 crore with a PAT of INR0.22
crore. In 10MFY14 (refers to the period April 01 to January 31),
the company achieved a total operating income of INR26.69 crore.


PARMATMA COTTONS: CRISIL Upgrades Rating on INR82MM Loans to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Parmatma Cottons Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           50       CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

   Term Loan             32       CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

The rating upgrade follows PCPL calling off its INR50-million
capacity expansion programme resulting in an improvement in its
financial risk profile, especially its liquidity. The capital
expenditure (capex) required an external debt of INR35 million,
and with the expansion programme being deferred, PCPL's gearing of
3 times as on March 31, 2013, was better than CRISIL's earlier
expectation of over 4 times. Furthermore, the large debt-servicing
obligations that the contraction of this debt would have entailed
have been avoided, resulting in better liquidity for the company.
The rating upgrade also factors in, CRISIL's belief that PCPL will
maintain its stable annual accruals of about INR10 million with no
major stretch in its working capital cycle, over the medium term,
thereby ensuring maintenance of its financial risk profile.

The rating reflects PCPL's below-average financial risk profile,
marked by a small net worth and high adjusted gearing, and its
vulnerability to government policies regarding the cotton
industry. These rating weaknesses are partially offset by the
extensive industry experience of PCPL's promoters.

Outlook: Stable

CRISIL believes that PCPL will continue to benefit over the medium
term from its management's extensive industry experience. The
outlook may be revised to 'Positive' if PCPL generates more-than-
expected cash accruals, most likely by improving its revenues and
profitability, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' if the company undertakes
a debt-funded capex programme or if its working capital cycle is
stretched, leading to weakening in its financial risk profile
especially its liquidity.

Incorporated in 2011 and located in Adilabad (Andhra Pradesh),
PCPL is engaged in cotton ginning. The company is promoted by Mr.
Vinod Kumar Agarwal and Mr. Rajesh Agarwal. It has a capacity of
around 400 bales per day.

PCPL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR768 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.4 million on net
sales of INR420 million for 2011-12.


PATEL AGRI: CRISIL Reaffirms 'B' Rating on INR287.5MM Loans
-----------------------------------------------------------
CRISIL's rating continues to reflect Patel Agri Industries Pvt Ltd
exposure to risks related to timely completion and implementation
of its ongoing project and its expected average financial risk
profile driven by ongoing debt-funded capex. These rating
weaknesses are partially offset by the benefits that PAIPL derives
from the extensive entrepreneurial experience of its promoters in
the agro-based industries and healthy demand prospect for the rice
industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              68       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      120       CRISIL B/Stable (Reaffirmed)

   Term Loan                99.5     CRISIL B/Stable (Reaffirmed)

CRISIL had on January 29, 2014, assigned its 'CRISIL B/Stable'
rating to the long-term bank facilities of PAIPL.

Outlook: Stable

CRISIL believes that PAIPL will benefit from its promoters'
entrepreneurial experience and healthy demand prospect for the
rice industry. The outlook may be revised to 'Positive', if the
company's operations stabilises earlier than expected, resulting
in better-than-expected ramp up in operations and larger-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if there are significant time/cost overruns in the
project leading to a delay in commencement of operations resulting
in lower-than-expected revenues and cash accruals.

PAIPL was incorporated in May 2013 as a private limited company.
It is setting up of a rice mill with milling capacity of 16 tonnes
per hour in Nalanda (Bihar). The company plans to commence
commercial operations from October 2014.


PES INSTALLATIONS: CRISIL Reaffirms B+ Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank loan facilities of PES Installations
Private Limited continues to reflect PES's modest scale of
operations, large working capital requirements driven by a
stretched receivables cycle, and susceptibility of the company's
revenues to the tender-based nature of its business. These rating
weaknesses are partially offset by PES's moderate debt protection
metrics, and its promoter's extensive experience in the industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         40       CRISIL A4 (Reaffirmed)
   Cash Credit            40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PES will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations significantly, while improving its profitability and
its receivables cycle.  Conversely, the outlook may be revised to
'Negative' if PES's financial risk profile, especially its
liquidity, deteriorates further, most likely because of larger-
than-expected working capital requirements or large, debt-funded
capital expenditure.

PES was set up in 1995 by Mr. R P Chadha. It is in the business of
designing, supplying, and installing gas pipelines in hospitals,
modular operating theatres, hospital furniture, and infant care
products. The company mainly undertakes contracts from government
hospitals by bidding through tenders. PES also undertakes work for
private hospitals.


RADHA RICE: CRISIL Assigns 'B+' Ratings to INR53.9MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Radha Rice Mill.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Term Loan                 4.9       CRISIL B+/Stable

   Proposed Term Loan        9         CRISIL B+/Stable

   Cash Credit              35         CRISIL B+/Stable

   Proposed Cash Credit
   Limit                     5         CRISIL B+/Stable

The rating reflects RRM's limited scale of operations in a
fragmented industry and working capital intensive nature of
operations. These rating weaknesses are partially offset by RRM's
promoters' extensive experience in the rice milling business.

Outlook: Stable

CRISIL believes that RRM will continue to benefit over the medium
term from its promoters' extensive rice industry experience. The
outlook may be revised to 'Positive' in case of improvement in
scale of operations and profitability or better capital structure
leading to improvement in its credit risk profile. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes any
larger-than-expected debt-funded expansions, generates lower-than-
expected cash accruals or its working capital cycle lengthens
leading to weak financial risk profile.

Formed in 1989, RRM is engaged in milling and processing of par
boiled rice. It has installed paddy milling capacity of 300 tonnes
per day. Its rice mill is located in Burdwan (West Bengal). The
day-to-day operations of the firm are being managed by Mr. Pradip
Agarwal and Mr. Tarun Agarwal. The partners are Mrs. Neera
Agarwal, Pradip Agarwal (HUF) and Jwala Cold Storage Ltd.


S.M. EDIBLES: CARE Reaffirms 'B+' Rating on INR25cr Bank Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
S.M. Edibles Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         25        CARE B+ Reaffirmed
   Facilities

Rating Rational

The rating assigned to the bank facilities of S.M. Edibles Private
Limited (SMEPL) continue to remain constrained by its weak
financial risk profile characterized by fluctuating total
operating income, leveraged capital structure, weak coverage
indicators and working capital intensive nature of business
operations. The rating is further constrained due to its presence
in a highly fragmented and competitive industry and susceptibility
of its margins to fluctuations in the raw material prices and
changing government policies.

The ratings, however, continue to draw strength from the
experienced promoters and reputed customer base of SMEPL.
Going forward, the ability of SMEPL to increase its scale of
operations while improving profitability margin in view of the
volatile raw material prices and changing government policies
remain the key rating sensitivities.

Delhi-based SMEPL is a private limited company incorporated in
November 17, 2005. SMEPL promoted by Mr Rakesh Kumar Agarwal and
Mr. Arvind Kumar Agarwal is engaged in the trading of sugar and
sugar products such as refined sugar, non-refined sugar, candy
sugar, brown sugar, pharma grade sugar and icing sugar. It also
carries on the business on a commission basis which formed 7% of
the total operating income in FY13 (refers to the period April 1
to March 31).

SMEPL procures sugar from Dhampur Sugar Mills Ltd, Triveni Sugar
Mills and Shamli Sugar mills and sells the same to wholesale
customers.

SMEPL is a flagship company of the SM Group promoted by the family
members of Mr Rakesh Kumar Agarwal. The group runs a steel rolling
mill, cylinder manufacturing facility and a hospital in
Muzaffarnagar, Uttar Pradesh.

As per the audited results for FY13, SMEPL reported a total
operating income of INR76.14 crore and a PAT of INR0.97 crore.
During the 10MFY14, SMEPL has achieved a total operating income of
INR94.57 crore.


SATYA MEGHA: CRISIL Reaffirms 'D' Rating on INR372MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Satya Megha Industries
continue to reflect instances of delay by SMI in servicing its
debt; the delays have been caused by the firm's weak liquidity,
driven by large debt-funded capital expenditure and a stretched
working capital cycle.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit              200        CRISIL D (Reaffirmed)

   Letter of Credit          50        CRISIL D (Reaffirmed)

   Term Loan                122        CRISIL D (Reaffirmed)

SMI also has a small scale of operations in the fragmented steel
products industry, geographical and customer concentration in its
revenue profile, and a small net worth. However, the firm benefits
from the extensive experience of its partners in manufacturing and
trading in steel products.

Purushottam Murarka, and Mr. Mangilal Jalan. The firm started
operations in August 2011 by manufacturing steel billets. SMI's
partners have more than 18 years of experience in manufacturing
and trading in steel products through other group companies.


SHANKAR SAW: CRISIL Cuts Rating on INR90MM Loans to 'D'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Shankar Saw Mills Pvt Ltd to 'CRISIL D/ CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            .5      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             40        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit        49.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade reflects deterioration in SSMPL's liquidity,
resulting in irregular servicing of its bank facility.

SSMPL also has a modest scale of operations; large working capital
requirements; and below-average financial risk profile, marked by
a modest net worth, high total outside liabilities to tangible net
worth ratio, and inadequate debt protection metrics. However, the
company benefits from the promoter's extensive experience in the
timber trading segment.

SSMPL was incorporated in 2005. The company trades timber logs and
sawn timber in West Bengal.

For 2012-13 (refers to financial year, April 1 to March 31), SSMPL
reported, a profit after tax (PAT) of INR4 million on net sales of
INR497 million; the company reported a PAT of INR2 million on net
sales of INR420 million for 2011-12.


SHIVA SHAKTI: CARE Reaffirms 'B-' Rating on INR169.13cr Loans
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shiva Shakti Sugars Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank       169.13      CARE B- Reaffirmed
   Facilities

Rating Rationale

The rating continues to be constraint by the weak financial risk
profile as reflected in the stressed capital structure primarily
owing to heavily debt funded project and its working capital
intensive nature of operation, with continued losses from the
sugar business. The rating is also constrained by the cyclical and
regulated nature of the sugar industry, single site concentration
exposing it to high agro-climatic risk. The rating draws comfort
from the experienced promoter, its partially integrated nature of
operation and the company's presence in a high recovery zone.  The
ability of the company to improve its capital structure and
running the business profitably would be the key rating
sensitivities.

Shivashakti Sugars Limited was set up in 1995 by Dr Prabhakar B
Kore (Member of Parliament, Rajya Sabha, Karnataka Legislative
Assembly). Dr Kore is currently the chairman of KLE Society,
Belgaum which runs over 220 educational institutions in Karnataka.
SSL was issued a license for setting up a sugar manufacturing unit
in 1995; however, it was unable to launch the project till 2000
for various reasons. Subsequently, SSL was acquired by KPR Sugar
Mills Pvt Ltd [rated CARE BBB/A3] (part of the KPR group of
companies of Coimbatore [Tamil Nadu] in the early 2000. Even under
the new management, the project did not commence operations until
2008-09. The company was reacquired by Dr Kore in April 2010. The
company had then set up the sugar plant with an installed capacity
of 3,500 Tonnes Crushed per day (TCD) and bagasse based
cogeneration capacity of 15 MW at a cost of INR135 crore. The
plant commenced operation from November 2011.

Dr Kore and his family members (ie Mr Rajkumar Shankarrao
Kothavale and Mr Karan Doddawad) own around 82.29% of the shares
and the balance is owned by sugarcane farmers. Mrs Asha Kore is
the Managing Director, who looks after the day to day affairs of
the company.

During FY13 (refers to the period April 1 to March 31), SSL
registered a loss before tax of INR4.3 crore on a total income of
INR110.2 crore. During H1FY14, SSL registered a loss before tax of
(INR5.8 crore) on a total income of INR101.9 crore.


SHREE VENUS: CRISIL Lowers Rating on INR63.6MM Loans to 'B+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shree
Venus Energy System Pvt Ltd to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

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

   Cash Credit               32      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit          16.4    CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term        26.3    CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan                  5.3    CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that SVESPL's
liquidity will be constrained by inadequate cash accruals vis-a-
vis its maturing term debt obligations over the medium term.
However, the promoters are likely to extend need-based funding
support to promptly service SVESPL's debt obligations.
Furthermore, the company has working-capital-intensive operations,
marked by a stretched receivables collection period, restricting
its liquidity.

The ratings reflect SVESPL's below-average financial risk profile,
marked by its small net worth; and the company's low bargaining
power with customers, resulting in stretched receivables. These
rating weaknesses are partially offset by the extensive industry
experience of SVESPL's promoters, and the company's established
track record of operations.

Outlook: Stable

CRISIL believes that SVESPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the company significantly
increases its scale of operations, and sustains its profitability,
resulting in sizeable cash accruals and improved liquidity.
Conversely, the outlook may be revised to 'Negative' if SVESPL's
revenues and profitability decline; or its working capital cycle
deteriorates; or the company undertakes large debt-funded capital
expenditure, thereby weakening its financial risk profile.

SVESPL was established by Mr. C Palaniappan as a partnership in
1993 and reconstituted as a private limited company in 1999. The
company began operations by trading insulation materials.
Subsequently, SVESPL commenced executing turnkey projects for
Larsen & Toubro Limited for insulation in buildings. In 2000, the
company diversified into manufacturing of ducts and pipes used for
insulation. Currently, SVESPL derives around 50 per cent of its
income from the sale of manufactured items, such as ducts and
pipes used for insulation and the remainder from projects and
trading operations.


SOMA TEXTILES: CARE Reaffirms 'D' Rating on INR181.56cr Loans
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Soma Textiles & Industries Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank      152.62       CARE D Reaffirmed
   Facilities

   Short-term Bank      28.94       CARE D Reaffirmed
   Facilities

Rationale

The rating continues to be constrained by the delays in repayment
of its debt obligations by Soma Textiles & Industries Ltd on
account of its stressed liquidity and losses incurred by it. STIL
continues to remain under the Corporate Debt Restructuring (CDR)
cell.

Setup in 1940, Soma Textiles & Industries Ltd (STIL) is engaged in
the manufacturing of fabric (denim & non-denim), yarn (cotton and
synthetic) and readymade garments (RMG).

As per the audited results for FY13 (refers to the period April 1
to March 31), the company registered a total operating income of
INR329.32 crore with a net loss of INR1.66 crore as against a
total operating income of INR271.94 crore and a net loss of
INR7.46 crore in FY12.

As per the provisional results for H1FY14, the company registered
a total operating income of INR147.82 crore with a PAT of INR5.19
crore as against a total operating income of INR162.44 crore
and a PAT of INR3.17 crore in H1FY13.


SPERO POWER: CRISIL Assigns 'B' Rating to INR100MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Spero Power Pvt Ltd. The ratings reflect SPPL's
below-average financial risk profile marked by high gearing and
susceptibility to risks inherent in wind power generation. These
rating weaknesses are partially offset by the strong financial
support that SPPL receives from its promoters and other group
concerns.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Term Loan       18.3     CRISIL B/Stable
   Rupee Term Loan          81.7     CRISIL B/Stable

Outlook: Stable

CRISIL believes that SPPL will continue to benefit from the need-
based financial support it receives from its promoters over the
medium term. The outlook may be revised to 'Positive' if there is
a significant and sustainable improvement in its scale of
operations leading to higher accretion to reserves and a
consequent improvement in the company's capital structure.
Conversely, the outlook may be revised to 'Negative' if there are
significant delays in payment from customers or a significant drop
in power generation or realisations leading to a decline in cash
accruals or the company undertakes any larger than expected debt-
funded capital expenditure.

Incorporated in July 2012, SPPL generates power through windmills;
the entity was formed by take-over of windmills from its group
firm ' Centrefold Fashion.

SPPL reported net losses of INR11.6 million on revenues of INR10.3
million during 2012-13 (refers to financial year, April 1 to March
31).


SREE KARPAGMOORTHY: CRISIL Assigns 'B' Rating to INR100MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sree Karpagmoorthy Automobiles (SKA). The
rating reflects SKA's modest scale of operations in the intensely
competitive automobile dealership industry, and its below-average
financial risk profile, marked by modest net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the firm's promoters in the
automobile dealership industry, and its established relationship
with its principal.

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

   Proposed Cash
   Credit Limit              30      CRISIL B/Stable

Outlook: Stable

CRISIL believes that SKA will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with its principal. The outlook may be
revised to 'Positive' if the firm reports a sustainable increase
in its revenues and profitability, thereby strengthening its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SKA generates lower-than-expected cash accruals or
undertakes a large debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile.

Established in 2001, SKA is an authorised dealer of Tata Motors
Ltd (rated, CRSIL AA/Stable/CRISILA1+) for small commercial
vehicles. The firm runs five showrooms in the Sivaganga district
of Tamil Nadu. SKA is promoted by Mr. K R C T Ganesan and his
family.

For 2012-13 (refers to financial year, April 1 to March 31), SKA
reported a profit after tax (PAT) of INR0.4 million on net sales
of INR403 million, against a PAT of INR1.1 million on net sales of
INR340 million for 2011-12.


TANTIA AGROCHEMICALS: CARE Revises Rating on INR34.2cr Loans to B
-----------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Tantia
Agrochemicals Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        34.2       CARE B Revised from
   Facilities                       CARE BB+

   Short-term Bank        2.0       CARE A4 Revised from
   Facilities                       CARE A4+

Rating Rationale

The revision in ratings of Tantia Agrochemicals Pvt. Ltd. takes
into account the substantial decline in profitability in FY13
(refer to the period April 1 to March 31) and 9MFY14 leading to
stressed liquidity position, deterioration in leverage ratios and
elongation in operating cycle. The ratings continue to be
constrained by relatively small size of the company with short
track record of operations and volatility in raw material prices.
The ratings, however, also factor in the experience of the
promoters, strategic location of the plant and multiple
applications of maize starch products.

Improve capacity utilisation and profitability amidst volatility
in raw material price, continued financial support from the
promoters and managing working capital effectively would remain
the key rating sensitivities.

TAPL is engaged in manufacturing of Maize starch products which
find use in various industries like food, pharmaceutical,
textiles, paper, etc. It sells its products under the brand,
"Lotus". TAPL has its manufacturing unit at Dalkhola, West Bengal
and presently has crushing capacity of 52,800 tonnes per annum
(tpa) for Maize and 16,000 tpa, 13,200 tpa, 3,300 tpa and 660 tpa
capacities for manufacturing starch powder, liquid glucose, yellow
dextrine and modified starch (derivatives products of starch
slurry) respectively. Besides, other by-products i.e. maize germs,
maize gluten and maize fibre are also derived in different
proportions during the manufacturing process. In FY13, TAPL also
ventured into exports, majorly to South America, Africa, south and
middle-east Asia.

TAPL was promoted in April 2008 by Mr. Rahul Tantia and Mr.
Siddhartha Tantia of the Tantia Group. Tantia Constructions Ltd.
(TCL) [rated CARE BB+/CARE A4+] is the flagship company of
the group.

In FY13, TAPL reported net loss of INR1.59 crore (net profit of
INR0.20 crore in FY12) on total operating income of INR66.17 crore
(INR55.22 crore in FY12). In 9MFYI4 (prov), TAPL reported net loss
of INR1.66 crore on total operating income of INR13.42 crore.


UNILINK PHARMA: CRISIL Assigns 'D' Rating to INR100MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Unilink Pharma Pvt Ltd. The ratings reflect
consistent delays by UPPL in meeting its maturing debt
obligations; the delays are because of the company's weak
liquidity.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Term Loan                 17.5       CRISIL D
   Proposed Long Term
   Bank Loan Facility        22.5       CRISIL D
   Letter of Credit          30         CRISIL D
   Packing Credit            30         CRISIL D

UPPL also has a modest scale of operations in the intensely
competitive formulations segment, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive industry experience of UPPL's promoters, and its above-
average financial risk profile, marked by healthy capital
structure, though constrained by a modest net worth.

Incorporated in 2005, UPPL is engaged in the manufacture and
export of drugs and formulations in the form of tablets, capsules,
syrups, and ointments. The company is jointly promoted by Mr.
Karunakaran, Mr. Palanisamy, and Mr. Venkatesan who manage its
day-to-day affairs.

UPPL reported a profit after tax (PAT) of INR18 million on net
sales of INR424 million for 2012-13 (refers to financial year,
April 1 to March 31) as against a PAT of INR9 million on net sales
of INR315 million for 2011-12.


URAL INDIA: CRISIL Downgrades Rating on INR300MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ural
India Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL
A4'. The rating downgrade reflects the delays by UIL in payment of
its term loan instalments. The delays have been caused by the
company's weak liquidity.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Bank Guarantee             40       CRISIL D (Downgraded from
                                       'CRISIL A4')

   Cash Credit                40       CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')
   Foreign Letter of
    Credit                    28.1     CRISIL D (Downgraded from
                                       'CRISIL A4')
   Proposed Long Term
   Bank Loan Facility         16.9     CRISIL D (Downgraded from
                                       'CRISIL B-/Stable')
   Working Capital Term
   Loan                      175       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

UIL also has a modest scale, and working capital-intensive nature,
of operations. However, the company benefits from the extensive
experience of its promoters in the automobile industry.

UIL was incorporated in 2006, promoted by Mr. Jugal Kishore Saraf.
It is a closely held public limited company, engaged in the
manufacturing and assembling of heavy duty vehicles such as
trucks, tippers, and buses, and is based in West Bengal.

UIL reported a net loss of INR61.8 million on net sales of INR68.2
million for 2011-12 (refers to financial year, April 1 to
March 31), as against a net loss of INR51.3 million on net sales
of INR71.7 million for 2010-11.


USHA SPINCOAT: CARE Revises Rating on INR33.91cr Loans to 'B+'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Usha
Spincoat Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        33.91      CARE B+ Revised from
   Facilities                       CARE B

Rating Rationale

The revision in the rating takes into account the improvement in
Usha Spincoat Private Limited's financial profile marked by an
increase in capacity utilization with stabilization of its
operations, increase in operating income and profitability margins
and improvement in the capital structure. The rating also factors
in the adequate raw material availability and subsidy benefits
received by the company. The rating, however, continues to be
constrained by the lack of experience of the promoter in the
textile industry, implementation risk associated with its ongoing
project, susceptibility of the company's margins to raw material
price volatility and highly leveraged capital structure with
working capital intensive nature of the business.

The ability of the company to increase its scale of operations and
profitability margins in a competitive environment and improvement
in its capital structure will remain as the key rating
sensitivities.

Usha Spincoat Private Limited was incorporated in October, 2006 by
Mr P Ranaga Rao for manufacturing cotton yarn. It started its
commercial operations in February 2011 with 15,600 spindles.FY12
(refers to the period April 1 to March 31) was the first full year
of operations of the company. The company had an installed
capacity of 20,160 spindles as on March 31, 2013 at its
manufacturing unit located at Chikkavaram Village in Andhra
Pradesh. It manufactured 2506 MT of cotton yarn in FY13.

During FY13(refers to the period April 1 to March 31), USPL
reported a PAT of INR0.17 crore on a total operating income of
INR40.93 crore as against a PAT of INR0.02 crore on a total
operating income of INR19.01 crore in FY12. As per the 9MFY14
(unaudited), the firm has achieved a total operating income of
INR48.8 crore.


VENKATESH COTTON: CARE Revises Rating on INR9.48cr Loans to 'B+'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Venkatesh Cotton Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        9.48       CARE B+ Revised from
   Facilities                       CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Venkatesh Cotton Private Limited is primarily on account of
healthy growth in turnover and improvement in debt coverage
indicators during FY13 (refers to the period April 1 to
March 31).

The rating, however, continues to remain constrained on account of
its nascent stage of operations, thin profitability, leveraged
capital structure, susceptibility of operating margins to
fluctuation in cotton price and seasonality associated with the
cotton industry. The rating is further constrained on account of
its working capital intensive nature of operation, presence in the
highly competitive and fragmented cotton ginning business with
limited value addition and susceptibility of the operations to
government regulations.

The rating continues to derive benefit from the experience of the
promoters in the cotton ginning business and proximity to the
cotton-producing regions of Madhya Pradesh.

VCPL's ability to move upward in the textile value chain along-
with an improvement in profit margins, capital structure and debt
coverage indicators remains the key rating sensitivities.

VCPL was incorporated in May 2011 by Mr Deepak Agrawal, Mr Mayank
Agrawal & Mr Gaurav Agrawal for setting up of new ginning and
pressing unit with automization having a capacity of 18,900 MT per
annum. There are two production units of VCPL. One is situated at
Manwath, Maharastra (installed capacity 14,400 MT) and other is
situated at Sendhwa near Indore, Madhya Pradesh (installed
capacity 4,500 MT). Manwath plant is exclusively engaged in cotton
ginning and pressing and the Sendhwa plant is engaged in both
cotton ginning & pressing and oil extraction. Though the promoters
of VCPL are young, their family is engaged in cotton trading and
ginning & pressing business since 25 years. Out of the total
revenue generated during FY13, sales of cotton bales contributed
76%, sales of cotton seeds contributed 18%, sales of cotton seed
oil cake contributed 4% and sales of cotton seed oil contributed
2%.

Key Updates
Healthy growth in the Total Operating Income (TOI)
TOI of VCPL increased by 126.41% during FY13 on account of an
increase in the sales volume of trading as well as manufacturing
of cotton bales and seeds. During November 2012 the operation of
Manwath plant was commenced which helped VCPL to increase the
production of cotton bales and seeds which resulted into increase
in TOI. During FY13, sales volume of manufactured cotton bales and
cotton seeds increased by 135% and 51% respectively. The sales
volume of the traded cotton bales also increased by 40% during
FY13. However the proportion of trading sales to TOI declined
during FY13 to 20% as compared to that of 24% in the previous
year.

Financial risk profile marked by thin profit margins, leveraged
capital structure, weak debt coverage indicators and modest
liquidity condition During FY13, the PBILDT margin improved by 16
bps due to an increase in sales coupled with reduction in ginning
and pressing expenses as a result of commencement of automated
plant during FY13. The PBILDT margin remained low at 2.24%.

However, the PAT margin declined marginally on account of higher
depreciation as well as interest cost during FY13 and remained low
at 0.25% on account of limited value addition and presence in a
highly competitive segment of the cotton industry. On account of
this, GCA during FY13 remained at a low level of INR0.45 crore.

Solvency position improved but remained leveraged marked by an
overall gearing ratio of 5.23 times as on March 31, 2013 as
compared to 6.45 times as on March 31, 2012 mainly on account of
an increase in the tangible net-worth as a result of increase in
equity share capital of INR1.01 crore.

As a result of an increase in the total debt coupled with increase
in the GCA level, total debt/GCA ratio improved to 26.50 times as
on March 31, 2013 as compared to that of 28.34 times as on March
31, 2012. The total debt of the VCPL increased during
year on account of availment of new term loan from the bank,
infusion of interest bearing unsecured loan from promoters and
their relatives coupled with an increase in the working capital
bank borrowing during FY13. However, interest coverage ratio
improved marginally during FY13 to 1.78 times mainly on account of
an increase in the PBILDT level during FY13.

During FY13, the liquidity position deteriorated marginally and
remained moderate as indicated by current ratio of 1.24 times as
on March 31, 2013, however the quick ratio of the VCPL remained
low on account of higher level of inventory as on March 31,
2013. The overall operations remained working capital intensive in
nature marked by higher proportion i.e. 67% of net working
capital to the total capital employed as on March 31, 2013 and
moderate utilisation of the working capital limit at 50% for the
last 12 month period ended January 2014, however during peak
season the working capital limit was fully utilized.

Performance during 9MFY14
During 9MFY14, VCPL has achieved TOI of INR26.73 crore. As on
December 31, 2013, VCPL has total debt outstanding of
INR8.62 crore including cash credit of INR3.41 crore, term loan of
INR2.48 crore and unsecured loan of INR2.74 crore. The
outstanding balance of equity share capital remained at INR1.82
crore as on December 31, 2013.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry
Operations of cotton business are seasonal in nature, as sowing
season is done during March to July and harvesting cycle (peak
season) is spread from November to February every year. Prices of
raw material i.e. raw cotton are highly volatile in nature and
depend upon factors like monsoon condition, area under production,
yield for the year, international demand supply scenario, export
policy decided by the government and inventory carried forward of
the last year. Ginners usually have to procure raw materials at
significantly higher volume to bargain bulk discount from the
suppliers. Furthermore, cotton being a seasonal crop, the
inventory levels of the entity generally remains high at the end
of the financial year. Thus, aggregate effect of both the above
factors results in exposure of the ginners to price volatility
risk.


VISHAL FERRO: CRISIL Reaffirms 'B-' Rating on INR105MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vishal Ferro
Alloys Ltd continues to reflect VAFL's below-average financial
risk profile, marked by weak debt protection metrics, its
significant operating losses, and its exposure to risks arising
from investments in commodity trading. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the steel industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           30       CRISIL B-/Stable (Reaffirmed)

   Proposed Long-Term
   Bank Loan Facility    35       CRISIL B-/Stable (Reaffirmed)

   Rupee Term Loan       40       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VAFL's credit risk profile will remain
constrained over the medium term by the weak profitability in its
manufacturing activity and its exposure to volatility in
profitability in its commodity-trading business. The outlook may
be revised to 'Positive' if the company's cash accruals improve,
backed by a sustainable improvement in the profitability of its
manufacturing business, resulting in better-than-expected debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if VFPL's debt protection metrics deteriorate further
on account of continued operating losses or any significant losses
in its commodity trading business. The outlook may also be revised
to negative if the company's capital structure deteriorates, most
likely due to higher-than-expected debt-funded capital expenditure
or increase in debt for funding its working capital requirements.

VAFL was incorporated in June 2009, promoted by the Aggarwal
family. The company has a plant at Sundargarh (Odisha) for
manufacturing mild steel (MS) ingots and cast iron (raw material
for MS ingots).


WADHWANI COLD: CRISIL Reaffirms 'B' Rating on INR150MM Loans
------------------------------------------------------------
The rating continues to reflect Wadhwani Cold Storage and Ice
Plant Pvt Ltd's modest scale of operations in the highly
fragmented and competitive cold storage industry and weak
financial risk profile, marked by a low net worth and high
gearing. These rating weaknesses are partially offset by WCSPL's
promoters' extensive industry experience and established
relationships with customers, and the favorable location of the
firm's cold storage unit.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------         ---------  -------
   Mortgage Loan
   Facility             73.8     CRISIL B/Stable (Reaffirmed)

   Cash Credit          70       CRISIL B/Stable (Reaffirmed)

   Term Loan             6.2     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that WCSPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and established relations with customers. The outlook
may be revised to 'Positive' in case of significantly higher than
expected cash accruals coupled with an improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' if
the company's liquidity deteriorates due to lengthening of working
capital cycle, or significant debt-funded capital expenditure or
any delinquencies.

Update
WCSPL's reported year on year sales growth of about 27 percent to
INR26 million in 2012-13. Sales growth was supported by higher
volumes of agro commodities stored in the cold storage during the
year in 2012-13. Company has reported operating income of INR22
million from April 2013 to January 2014. Supported by stable
demand for cold storage facility and interest income on advances
given to customers, CRISIL expects company to report sales of
around INR30 million in 2013-14. Operational performance is
expected to continue getting support from healthy and consistent
operating margins of around 65-70 percent.

Contrary to earlier model of extending interest free advances to
customers, company has now started extending loans and advances to
customers by charging interest. Loan is given against mortgage of
agro commodities kept by farmers in the cold storage unit run by
the company.

Liquidity of the company is stretched backed by tightly matched
accruals of INR10-15 million vis-a-vis term debt repayment of
about INR10 million in 2014-15. Liquidity situation is further
affected by absence of any bank limits but funding support from
promoters in form the unsecured debt will continues supporting
company's liquidity partially.

However, financial risk profile of the company continues to remain
moderate marked by low net worth and high gearing. Company's net
worth as on March 31, 2013 was about INR22 million. Modest net
worth and higher reliance on outside debt to fund incremental
working capital kept company's gearing high at about 4.2 times as
on March 31, 2013. But increasing scale of business and healthy
operating margins, company's net worth is expected to increase to
about INR30-40 million and gearing is expected to reduce to about
2.5-3 times over the medium term.

WCSPL reported a profit after tax (PAT) of INR2 million on net
sales of INR26 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR1 million on net
sales of INR20 million for 2011-12.

Incorporated in 1995, WCSPL operates a cold storage unit at Nagpur
(Maharashtra). The company provides cold storage facilities to
various farmers and traders located in and around the Agricultural
Produce Market Committee market at Nagpur.



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


MT. GOX: Files For Bankruptcy After $500MM Bitcoin Loss
-------------------------------------------------------
The Japan Times reports that the troubled Mt. Gox bitcoin exchange
filed for bankruptcy protection in Japan on Feb. 28, with its
chief executive saying it had lost nearly $500 million worth of
the digital currency in a possible theft.

The report relates that Mark Karpeles, who has not been seen in
public for several days, re-emerged to tell a press conference
that his firm's digital vaults had been almost completely emptied.

"We have lost bitcoins due to weaknesses in the system," French-
born Karpeles said in Japanese.  "We are really sorry for causing
trouble to all the people concerned," he said, before bowing
deeply, The Japan Times relays.

According to the report, the company's lawyer said 750,000
bitcoins belonging to customers had gone, along with Mt. Gox's own
store of the currency, which she said was around 100,000 units.

That number of bitcoins would be worth around $477 million,
calculated against the price on the Coindesk exchange at
10:30 GMT, the report notes.

The Japan Times relates that Mr. Karpeles said Mt. Gox had
liabilities of JPY6.5 billion ($64 million) and that around
1 million users had been affected when hackers broke into the
exchange in early February.

The report says the global virtual currency community was shaken
by the shuttering of Mt. Gox, which had frozen withdrawals earlier
in February because of what the firm said was a bug in the
software underpinning bitcoin that allowed hackers to pilfer them.

Supporters rallied round, insisting that the bitcoin itself is
sound and the problems lay with Mt. Gox, which they said was badly
managed and unable to cope with the burgeoning popularity of the
young currency, according to the report.

The Japan Times relates that Kolin Burges, an investor who has
kept vigil outside the Tokyo offices of Mt. Gox for several weeks,
said on Twitter on Feb. 28 that he would be packing up.

"Karpeles in Tokyo says Mt. Gox is bankrupt. 750,000 customer
bitcoins stolen & 120,000 company bitcoins stolen. None left
#mtgox#mtgoxprotest" he tweeted, the report says.

He later added: "Packed up #mtgoxprotest for the last time and did
leaving interview with Asahi TV. It's been a wild ride!"

The Japan Times notes that the admission that such a huge amount
of the crypto-currency has disappeared could add to calls for
regulation of an industry that has taken regulators and bankers by
surprise.

According to the Japan Times, Finance Minister Taro Aso said
earlier on Feb. 28 he had always thought bitcoin was suspect and
said the country might take action following the Mt. Gox debacle.

Mr. Aso's comments came as Vietnam said it was banning banks from
using the unit and after chief U.S. central banker Janet Yellen
said the Federal Reserve had no powers to control it, the report
notes.

Mr. Aso, who also serves as deputy prime minister, said he had
foreseen difficulties for the crypto-currency, which is generated
by complex chains of interaction among a huge network of computers
around the planet, the Japan Times reports.

"I was thinking that this sort of thing won't last long," the
report quotes Mr. Aso as saying. "I was thinking it would collapse
sometime."  "Japan is overwhelmingly advanced in this field. In
this sense, I was thinking since before that we might face a
situation where Japan has to act, but I'd say it came earlier than
I thought."

            Customers Getting Lost in Translation

Monami Yui at Bloomberg News reports that Mt. Gox, which collapsed
after losing 750,000 Bitcoins belonging to clients on its
exchange, is finding that some customers dialing in to its new
call center are getting lost in translation.

Users of the Reddit social media website made posts on Monday,
March 3 complaining of being put on hold and talking to operators
who only spoke Japanese. After about 20 minutes, Bloomberg News
was connected to an operator who said there are more than 10
people fielding calls, and some are able to deal with English
speakers.

Bloomberg says Mt. Gox, once the world's largest exchange for the
virtual currency, set up the phone line after filing for
bankruptcy in Tokyo with about $480 million in Bitcoins missing.
Fewer than 1 percent of its creditors are from Japan, underscoring
the difficulties for the thousands of clients who had assets at
the company to get answers, Bloomberg relates.

The call center will "respond to all inquiries" from Feb. 28
between 10 a.m. and 5 p.m. local time, Tokyo-based Mt. Gox said in
a statement on its website, Bloomberg relays.  An "overview of the
situation" will be published on the site as soon as today [Feb.
28], it said.

Bitcoin was priced at $564.50 at 2:58 p.m. in Tokyo, according to
an index compiled by CoinDesk, valuing Mt. Gox's lost holdings at
$480 million, Bloomberg's March 3 report discloses.

Fewer than 1 percent of the company's 127,000 creditors are from
Japan, Junko Suetomi, a lawyer from Baker & McKenzie who is
representing Mt. Gox, told reporters at the Tokyo District Court
on Feb. 28, Bloomberg says.

One Bitcoin user, Illinois resident Gregory Greene, last week
filed a proposed class-action lawsuit in federal court in Chicago,
seeking to represent U.S. customers who lost money, Bloomberg
notes.



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


BELGRAVE FINANCE: Trial of Former Lawyer Begins
------------------------------------------------
Julie Moffett at NewstalkZB reports that the trial of a former
lawyer facing a raft of charges over the collapse of finance
company Belgrave Finance has started at the High Court in
Auckland.

Hugh Hamilton has pleaded not guilty to all 35 charges dating back
to 2005, NewstalkZB says.

NewstalkZB notes that the charges against the 61 year-old came
about after a joint investigation by the Serious Fraud Office and
the Financial Markets Authority.

Based in Auckland, New Zealand, Belgrave Finance Limited --
http://www.belgrave.co.nz/-- was engaged in property development
financing.

Belgrave Finance was placed into receivership in May 2008, owing
an estimated 1,000 investors approximately NZ$22 million.  The
company's trustee, Covenant Trustee Company Limited, appointed
Grant Graham and Brendan Gibson from KordaMentha as receivers.
The company was liquidated in April 2010.


SOLID ENERGY: Posts NZ$40.9 Million Loss in 2H 2013
---------------------------------------------------
Marta Steeman at Fairfax NZ News reports that the red ink
continues to flow at Solid Energy with the state coalminer posting
a NZ$40.9 million after-tax loss for the half-year and warning of
a drawn-out recovery.

Fairfax NZ News relates that the result announced Feb. 28 compares
with a previous half-year loss of NZ$318 million when Solid Energy
slashed the value of many of its operations by nearly NZ$223
million.

For the six months to December 31 2013 its revenue slumped 29 per
cent to NZ$236 million, compared with the previous first half,
Fairfax NZ News relays.

That was due to hard coking-coal prices falling 14 per cent,
New Zealand customers taking about half the coal they did the half
year before, and restructuring and redundancies costing the
company NZ$12.4 million, according to Fairfax NZ News.

"The company's financial recovery is likely to be prolonged and
will depend on a number of factors including continuing
improvement in its business performance and higher prices in
international coal markets," Solid Energy acting chairwoman
Pip Dunphy warned, Fairfax NZ News reports.

Ms. Dunphy said the high New Zealand dollar was also hurting
profitability, Fairfax NZ News adds.

As reported in the Troubled Company Reporter-Asia Pacific on
May 22, 2013, The New Zealand Herald said stricken state owned
coal miner Solid Energy's future appears bleak according to a
recently completed report on the company, Prime Minister John Key
had indicated.  According to the Herald, Mr. Key said corporate
advisers KordaMentha had just completed their report on the
company which is on the brink of collapse after being crippled by
low coal prices and almost NZ$400 million in debts.

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.


WELLINGTON DRIVE: 2013 Annual Loss Narrows to NZ$3.77MM
-------------------------------------------------------
NBR Online reports that Wellington Drive Technologies narrowed its
annual loss in 2013 in the second year of its turnaround plan,
while having its accounts tagged by auditor PwC over its cashflow
forecasts.

According to NBR Online, the Auckland-based company had a net loss
of NZ$3.77 million, or 3.49 cents per share, in calendar 2013,
down from a loss of NZ$6.33 million, or 8.97 cents, a year
earlier, it said in a statement. Sales fell 23 percent to NZ$27.4
million, missing its target of between NZ$30 million and NZ$33
million. Wellington Drive had a loss on an earnings before
interest, tax, depreciation and amortisation basis of NZ$2.91
million. Last month it said the EBITDA loss would be lower than
NZ$3 million, NBR Online relays.

"Over the last two years we have significantly reduced
Wellington's internal operating costs and supply chain costs," NBR
Online quotes chief executive Greg Allen as saying.  "We believe
the strategic decisions made, and now being executed around East
West and other supply chain improvements, will continue to drive
cost out of the business and help to improve financial
performance."

Last month the company dropped its goal of breaking even on an
EBITDA basis in the 2014 financial year, and will instead target
revenue of between $30 million and NZ$35 million. It forecasts a
2014 EBITDA loss of less than NZ$2 million and a net loss below
NZ$2.7 million, NBR Online discloses.

According to NBR Online, Mr. Allen said the decision to sacrifice
short-term profitability was to accelerate growth plans, and will
"ensure it does not forgo new market, new product and new customer
opportunities."

Wellington Drive's accounts were tagged by auditor PwC, which
raised an 'emphasis of matter' over its ability to achieve
forecast cash flows, which it said was "inherently uncertain" and
may require additional funding to keep the company operating as a
going concern, NBR Online relays.

"These conditions indicate the existence of a material uncertainty
that may cast significant doubt about the Group's ability to
continue as a going concern," the auditor's report said, NBR
Online relates.

Wellington Drive Technologies Limited and its subsidiaries are
engaged in developing, manufacturing, marketing and selling energy
saving, electronically commutated (EC) motors and fans for global
use. Its products are in service in 45 countries.



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


DCS ASSET: Structure Amendments No Impact on Fitch Ratings
----------------------------------------------------------
Fitch Ratings says the ratings of DCS Asset Finding Pte. Ltd.
(DCS) will not be affected by amendments to the structure of the
transaction, a securitisation of credit card and charge card
receivables in Singapore originated by Diners Club (Singapore)
Private Limited. The key amendments are:

1. The revolving period and the legal final maturity have been
   extended to September 2016 from March 2014, and to September
   2018 from March 2016 respectively;

2. The working capital facility (WCF) limit has been increased to
   SGD10m from SGD6m;

3. The annual amortisation requirement for the purposes of the
   DCS overdraft facility agreement and the Diners overdraft
   facility agreement has been amended;

4. The dilution reserve of 1.2% of eligible receivables balance
   has been replaced with a dynamic reserve, subject to a floor
   of 0.8%;

5. The class A1 notes' coupon has been increased.

Fitch has revisited its base case assumptions for charge-off rate,
gross yield and monthly payment rate based on DCS's historical
data from February 2002 to September 2013. Credit enhancement (CE)
for each class remains commensurate with each note's rating
stress.

The performance of the transaction continues to be sound, with the
default rate, payment rate and excess spread all within the
trigger levels and Fitch's base case assumptions. The three-month
average delinquency ratio has been stable at 0.8% since October
2012, well below the transaction trigger of 3%. The three-month
average default ratio was at 0.5% in December 2013, versus the
transaction trigger of 2%. The three-month average payment rate
has been around 19% since October 2012, above the transaction
trigger of 15%. The three-month average excess spread, after the
absorption of defaults, has been healthy at an average of 0.9% in
the past 12 months to December 2013. Fitch's expectations that
Singapore's economic growth would be sustainable and the
employment rate would remain stable in 2014 further support the
transaction performance.

Fitch undertook an on-site originator and servicer review in
January 2014, and found DCS's underwriting and servicing
capabilities to be satisfactory.

The risk arising from extending the revolving period by two and a
half years is mitigated by mechanisms such as performance-based
early amortisation triggers, Fitch's assumption of a worst mix
portfolio for its model analysis, and a review of the agency's
base-case assumptions based on the originator's new portfolio data
updated to September 2013.

The current ratings are as follows:

WCF 'A-sf'; Outlook Stable
Class A1 notes 'A-sf'; Outlook Stable
Class A2 notes 'A-sf'; Outlook Stable
Class B notes 'BBBsf'; Outlook Stable
Class C notes 'BBsf'; Outlook Stable



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


ASIAN REINSURANCE: A.M. Best Raises Fin'l. Strength Rating to 'B'
-----------------------------------------------------------------
A.M. Best has upgraded the financial strength rating to B (Fair)
from B- (Fair) and the issuer credit rating to "bb" from "bb-" of
Asian Reinsurance Corporation (Asian Re) (Thailand).  Both ratings
have been removed from under review with developing implications
and assigned a positive outlook.

The rating upgrades reflect Asian Re's improved capitalization
after the Thailand government's THB 219 million (USD 6.8 million)
capital injection on Feb. 10, 2014. Together with debt equity swap
agreements (with five Thailand insurers completed during the
second half of 2013) and expected improvement in fiscal year 2013
underwriting results, Asian Re has partially restored its
capitalization, which was significantly eroded by severe losses
from the 2011 Thailand flooding.  In 2014, Asian Re aims to
further strengthen its capitalization through capital injections
from other member countries and debt equity swap agreements with
other insurance creditors.

Partially offsetting these positive rating factors is the
uncertainty surrounding both the timing and the amount of the
upcoming capital improvement plans.

Future positive rating actions could occur if Asian Re
successfully executes its capital improvement plans and achieves
favorable operating results.  Negative rating actions could occur
if the company's risk-adjusted capitalization deteriorates due to
unfavorable operating results or from adverse development in the
company's loss reserves for the 2011 Thailand flooding.


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


* BOND PRICING: For the Week Feb. 24 to Feb. 28, 2014
-----------------------------------------------------

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


  AUSTRALIA
  ---------


BOART LONGYEAR MAN    7.00    04/01/21    USD       74.38
BOART LONGYEAR MAN    7.00    04/01/21    USD       80.10
COMMONWEALTH BANK     1.50    04/19/22    AUD       73.18
DBCT FINANCE PTY L    2.96    06/09/26    AUD       74.79
GRIFFIN COAL MININ    9.50    12/01/16    USD       70.75
GRIFFIN COAL MININ    9.50    12/01/16    USD       70.75
MIDWEST VANADIUM P   12.25    02/15/18    USD       58.50
MIDWEST VANADIUM P   12.25    02/15/18    USD       57.63
MIRABELA NICKEL LT    8.75    04/15/18    USD       24.63
MIRABELA NICKEL LT    8.75    04/15/18    USD       25.00
NEW SOUTH WALES TR    0.50    09/14/22    AUD       69.85
NEW SOUTH WALES TR    0.50    10/28/22    AUD       69.40
NEW SOUTH WALES TR    0.50    10/07/22    AUD       69.61
NEW SOUTH WALES TR    0.50    11/18/22    AUD       69.18
NEW SOUTH WALES TR    0.50    03/30/23    AUD       68.91
NEW SOUTH WALES TR    0.50    12/16/22    AUD       69.68
NEW SOUTH WALES TR    0.50    02/02/23    AUD       69.45
TREASURY CORP OF V    0.50    11/12/30    AUD       46.28
TREASURY CORP OF V    0.50    03/03/23    AUD       70.08
TREASURY CORP OF V    0.50    08/25/22    AUD       71.67


CHINA
-----

CENTRAL HUIJIN INV    4.20    09/20/40    CNY       75.56
CHINA DEVELOPMENT     3.80    10/30/36    CNY       72.40
CHINA DEVELOPMENT     4.01    10/11/35    CNY       75.62
CHINA GOVERNMENT B    1.64    12/15/33    CNY       59.40


INDONESIA
---------

DAVOMAS INTERNATIO   11.00    12/08/14    USD       23.88
DAVOMAS INTERNATIO   11.00    12/08/14    USD       23.88
INDONESIA TREASURY    6.38    04/15/42    IDR       71.06
PERUSAHAAN PENERBI    6.10    02/15/37    IDR       72.00


INDIA
-----

3I INFOTECH LTD       5.00    04/26/17    USD       30.00
CORE EDUCATION & T    7.00    05/07/15    USD       31.00
COROMANDEL INTERNA    9.00    07/23/16    INR       15.48
DEWAN HOUSING FINA    5.50    09/24/23    INR       72.88
DR REDDY'S LABORAT    9.25    03/24/14    INR        4.99
GTL INFRASTRUCTURE    2.53    11/09/17    USD       26.50
INDIA GOVERNMENT B    6.01    03/25/28    INR       74.88
INDIA GOVERNMENT B    0.23    01/25/35    INR       17.49
JCT LTD               2.50    04/08/11    USD       20.00
MASCON GLOBAL LTD     2.00    12/28/12    USD       10.00
PRAKASH INDUSTRIES    5.25    04/30/15    USD       49.50
PRAKASH INDUSTRIES    5.63    10/17/14    USD       53.38
PYRAMID SAIMIRA TH    1.75    07/04/12    USD        1.00
REI AGRO LTD          5.50    11/13/14    USD       56.00
REI AGRO LTD          5.50    11/13/14    USD       56.00
SHIV-VANI OIL & GA    5.00    08/17/15    USD       25.50
SUZLON ENERGY LTD     5.00    04/13/16    USD       48.06
SUZLON ENERGY LTD     7.50    10/11/12    USD       63.75
VIDEOCON INDUSTRIE    6.75    12/16/15    USD       73.87


JAPAN
-----

ELPIDA MEMORY INC     0.50    10/26/15    JPY       12.13
ELPIDA MEMORY INC     0.70    08/01/16    JPY        9.50
ELPIDA MEMORY INC     2.10    11/29/12    JPY       12.13
ELPIDA MEMORY INC     2.29    12/07/12    JPY       15.38
ELPIDA MEMORY INC     2.03    03/22/12    JPY       15.38
JAPAN EXPRESSWAY H    0.50    03/18/39    JPY       71.14
JAPAN EXPRESSWAY H    0.50    09/17/38    JPY       71.67
TOKYO ELECTRIC POW    2.37    05/28/40    JPY       70.50
TOKYO ELECTRIC POW    1.96    07/29/30    JPY       74.50


MALAYSIA
--------

BANDAR MALAYSIA SD    0.35    02/22/21    MYR       74.58
BANDAR MALAYSIA SD    0.35    02/20/24    MYR       63.64


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

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


SINGAPORE
---------

BAKRIE TELECOM PTE   11.50    05/07/15    USD       14.38
BAKRIE TELECOM PTE   11.50    05/07/15    USD       15.00
BLD INVESTMENTS PT    8.63    03/23/15    USD       30.50
BUMI CAPITAL PTE L   12.00    11/10/16    USD       62.98
BUMI CAPITAL PTE L   12.00    11/10/16    USD       58.87
BUMI INVESTMENT PT   10.75    10/06/17    USD       65.50
BUMI INVESTMENT PT   10.75    10/06/17    USD       58.48
ENERCOAL RESOURCES    9.25    08/05/14    USD       59.52
GENCO SHIPPING & T    5.00    08/15/15    USD       54.25
INDO INFRASTRUCTUR    2.00    07/30/10    USD        1.88


KOREA
------

EXPORT-IMPORT BANK    0.50    10/23/17    TRY       66.42
EXPORT-IMPORT BANK    0.50    12/22/17    TRY       65.50
EXPORT-IMPORT BANK    0.50    01/25/17    TRY       71.06
EXPORT-IMPORT BANK    0.50    11/28/16    BRL       72.68
EXPORT-IMPORT BANK    0.50    12/22/17    BRL       63.89
EXPORT-IMPORT BANK    0.50    12/22/16    BRL       71.72
EXPORT-IMPORT BANK    0.50    10/27/16    BRL       73.56
EXPORT-IMPORT BANK    0.50    11/21/17    BRL       63.96
EXPORT-IMPORT BANK    0.50    09/28/16    BRL       74.28
TONGYANG CEMENT &     7.30    06/26/15    KRW       70.00
TONGYANG CEMENT &     7.50    04/20/14    KRW       70.00
TONGYANG CEMENT &     7.50    09/10/14    KRW       70.00
TONGYANG CEMENT &     7.50    07/20/14    KRW       70.00
TONGYANG CEMENT &     7.30    04/12/15    KRW       70.00


SRI LANKA
---------

SRI LANKA GOVERNME    5.35    03/01/26    LKR       65.50


THAILAND
--------

G STEEL PCL           3.00    10/04/15    USD       13.63
MDX PCL               4.75    09/17/03    USD       17.75



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***