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                      A S I A   P A C I F I C

            Wednesday, March 5, 2014, Vol. 17, No. 45


                            Headlines


A U S T R A L I A

PHONEWIZ: Court Orders Wind Up of Firm
RENOVATION BOYS: Retailer Up For Sale Following Administration
RYBERG TELECOM: Sues Optus Over Non-Payment of Commissions
SIZER BUILDERS: Liquidation Process Nears Finalization
SMART ABS 2014-1US: Fitch Assigns 'BB' Rating to Class E Notes


C H I N A

RED FLAG: Closes Operations Due to Mismanagement
SHANGHAI CHAORI: Unable to Repay Interest Due on a Bond March 7
SOHO CHINA: Assets Disposal No Impact on Moody's Ba1 CFR


I N D I A

AMDD FOODS: CRISIL Assigns 'B' Rating to INR1.7 Billion Loans
ARUN ENGINEERING: CRISIL Reaffirms 'B' Rating on INR100MM Loans
ASHA INDUSTRIES: ICRA Reaffirms 'B-' Rating on INR9.7cr Loans
ASIA BULK: ICRA Reaffirms 'B+' Rating on INR13.22cr Term Loan
ASSAM TIMBER: ICRA Raises Rating on INR4cr Loan to 'B+'

BAPA SITARAM: ICRA Suspends 'B' Rating on INR5cr LT Loan
CASA TILES: ICRA Reaffirms 'B+' Rating on INR27cr Loans
CHITRA UTSAV: CRISIL Lowers Rating on INR162MM Loan to 'D'
DEEPAK SINGAL: ICRA Reaffirms 'B+' Rating on INR8cr Loans
DUDHEPUKUR COLD: CRISIL Reaffirms 'D' Rating on INR130.9MM Loans

DURGAPUR IRON: CRISIL Upgrades Rating on INR120MM Loans to 'B+'
ELTEL POWER: ICRA Reaffirms 'B' Rating on INR62cr Loans
ELVE CORPORATION: CRISIL Reaffirms 'B-' Rating on INR185MM Loans
GAJAVELLI SPINNING: ICRA Reaffirms B Rating on INR51.51cr Loan
GBJ HOTELS: ICRA Reaffirms 'B+' Rating on INR108cr Term Loans

JANKI DASS: ICRA Assigns 'B' Rating to INR15cr Bank Loans
K. M. PRODUCT: ICRA Suspends 'B+' Rating on INR5.8cr Loan
KAMALA TEA: CRISIL Downgrades Rating on INR241MM Loans to 'D'
KOMMAN PEOPLES: CRISIL Assigns 'B' Rating to INR77.8MM Loans
MATHIYAN CONSTRUCTION: ICRA Reaffirms B+ Rating on INR10cr Loan

MAXOUT INFRA: CRISIL Assigns 'B+' Rating to INR150MM Loans
NORTH BENGAL: ICRA Assigns 'D' Ratings to INR9cr Loans
PIC INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR4.99cr Loans
PREMIER STEELS: ICRA Assigns 'B+' Rating to INR10cr Loans
RADIUS INFRATEL: ICRA Cuts Rating on INR58cr Loans to 'D'

RAJMAL LAKHICHAND: ICRA Cuts Rating on INR240.74cr Loans to 'D'
RAYALASEEMA TRADING: ICRA Assigns 'B+' Rating to INR2cr Loans
S.V. ELECTRONICS: CRISIL Cuts Rating on INR140MM Loans to 'B+'
SAGAR STEELS: CRISIL Assigns 'B+' Rating to INR250MM Loans
SHIVSHAKTI REALHOME: ICRA Suspends B+ Rating on INR20cr Loans

SHREE PAWANSUT: ICRA Assigns 'D' Rating on INR20.5cr Loans
SOUNDARYA DECORATORS: CRISIL Keeps 'B-' Rating on INR120MM Loan
SREE ANJANEYA: CRISIL Upgrades Rating on INR258.7MM Loans to B-
SRI SHANMUGHA: ICRA Lowers Rating on INR24.43cr Loans to 'D'
UNIPEARL ALLOYS: CRISIL Assigns 'B+' Rating to INR59.5MM Loans

VANDANA TIMBER: ICRA Assigns 'B' Rating to INR2cr Cash Credit
VIBHAAS POLYMERS: ICRA Reaffirms B+ Rating on INR11.04cr Loans


I N D O N E S I A

BERAU COAL: Separation Delay No Impact on Moody's B1 Rating
CHANDRA ASRI: Moody's Changes Outlook to Stable & Affirms B2 CFR


N E W  Z E A L A N D

SOUTHERN CROSS: Placed In Receivership
SWANMONK LIMITED: Sells Petrol Station Owing Half a Million


S I N G A P O R E

GOLDEN AGRI: Debt Rise No Immediate Impact on Moody's Ba2 Rating


S R I  L A N K A

SRI LANKA TELECOM: Fitch Affirms 'BB-' IDRs; Outlook Stable


                            - - - - -


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


PHONEWIZ: Court Orders Wind Up of Firm
--------------------------------------
William Maher at CRN News reports that Sydney company Phonewiz has
been put into liquidation with a debt of AU$136,000, according to
liquidators.

A Supreme Court ordered the winding up of the company, which was
registered in 2011 in Bossley Park in Western Sydney.

The report notes that the liquidator had not been able to track
down the company's director, Robert Gorgees, at the time of
writing.

"Upon appointment we have issued notices to the director and
attempted to contact the company to no avail," the report quoted
Darren Vardy of liquidator SV Partners, as saying.  "We have yet
to be contacted by the director following same," Mr. Vandy added.

The company is being pursued by M Eight Pty Ltd.  Mr. Vardy told
CRN that it is understood M Eight may be a Virgin & Optus
reseller.

Phonewiz advertises smartphones for sale online.


RENOVATION BOYS: Retailer Up For Sale Following Administration
--------------------------------------------------------------
Melinda Oliver at SmartCompany reports that a retailer of bathroom
and kitchen products, with AUD17 million in turnover is up for
sale, following the appointment of voluntary administrators.

SmartCompany relates that the company, trading as Renovation Boys,
registered for voluntary administration on February 25, with
administrators Vaughan Neil Strawbridge --
vastrawbridge@deloitte.com.au -- and Jason M Tracy --
jtracy@deloitte.com.au -- from Deloitte Touche Tohmatsu appointed.

It stopped trading on March 1 and its financial position is under
review. Renovation Boys has stock of around AUD1.3 million, with
the future of its 43 full-time staff and seven casual staff
uncertain, according to SmartCompany.

Deloitte restructuring services partner Jason Tracy told
SmartCompany some employees have been stood down as a result of
the store closures.

"We understand this is a difficult time for employees and we are
keeping them updated on developments," the report quotes Mr. Tracy
as saying.

Renovation Boys retails bathroom, kitchen and laundry fittings
from two leased premises in New South Wales.


RYBERG TELECOM: Sues Optus Over Non-Payment of Commissions
----------------------------------------------------------
Leo Shanahan at The Australian reports that another former Optus
franchisee is claiming the telco forced them into bankruptcy by
stealing customers and not paying adequate commissions they allege
were owed to them.

According to the report, the liquidators for one of Australia's
oldest mobile phone franchise companies, Ryberg
Telecommunications, is pursuing Optus in the NSW Supreme Court for
failing to pay what could be millions in allegedly unpaid call
commissions.

The Australian revealed last week that Stephen Cameron, owner of
eight Optus franchises and a former director of corporate
marketing at Optus between 1998-2005, is pursuing Optus in the
Federal Court in an effort to reveal details of how many franchise
customers are having contracts renewed through Optus direct
marketing in what he alleges is an effort to kill off remaining
Optus franchises.

The report relates that Mr. Cameron also claims the company has
stopped paying adequate commissions to franchisees in an alleged
bid to devalue the businesses, with affidavits filed in the
Federal Court claim the action could amount to unconscionable
conduct, misleading and/or deceptive conduct by Optus in its
attempts to buy back the majority of its retail franchise stores.

In 2012, Optus announced its intention to buy back the majority of
its eastern seaboard stores. At the beginning of last year Optus
said it had 295 franchise stores, but this month attributed part
of its 40 per cent profit increase to "bringing 120 franchised
stores back under Optus ownership." Optus have denied any
wrongdoing in its dealings with Mr. Cameron, The Australian notes.

In a statement of claim originally filed in the NSW Supreme Court
by Ryberg Telecommunications, established in 1993 as one of the
first mobile phone sellers in the country, it claims the company
went into insolvency in 2011 as a result of "Optus' failure to pay
outstanding call commissions," according to The Australian.

Ryberg estimates the loss caused by the alleged behaviour of Optus
to be in excess of AUD4 million, The Australian relates.

It claims that Optus then relied on the insolvency to cancel
Ryberg's franchise agreement and ceased to pay all commissions
-- despite Ryberg commencing action against Optus while it was
still solvent, The Australian says.

According to the report, Ryberg's liquidators are claiming Optus
breached its contract with the company, engaged in misleading and
deceptive conduct as well unconscionable conduct.

"Optus not record all the of the Call Commission payable to Ryberg
. . . Optus from time to time recontracted with some of Ryberg's
customers who have high monthly charges (and thus in relation to
which a high call commission is payable) when those contract plans
are not made available to Ryberg and Optus has ascribed no call
Commission for that particular contract plan," the claim, as cited
by The Australian, alleges.

After taking its customers Ryberg allege Optus then stopped
recording and paying commissions that were still due to it despite
the customers resigning directly with Optus, the report relates.

An Optus spokeswoman told The Australian that "Optus denies claims
of any wrong doing during its relationship with Ryberg
Telecommunications."

In court action resuming on March 2, Ryberg liquidator David Young
is demanding the telco hand over documents detailing how many
customers it has taken away from the franchisee, as well as how it
arrives at commission payments, in order to calculate their claim
against Optus.


SIZER BUILDERS: Liquidation Process Nears Finalization
------------------------------------------------------
Martin Jones -- martin.jones@fh.com.au -- Andrew Saker --
andrew.saker@fh.com.au -- and Darren Weaver --
darren.weaver@fh.com.au -- of Ferrier Hodgson were appointed as
Joint and Several Administrators of Sizer Builders (WA) Pty Ltd on
Dec. 17, 2010, and subsequently Joint and Several Liquidators on
Feb. 3, 2011.

Michael Ryan -- michael.ryan@twcs.com.au -- and Ian Francis --
ian.francis@twcs.com.au -- of Messrs Taylor Woodings were
appointed as Receivers and Managers to the Company on
Dec. 16, 2010, pursuant to the securities held in favour of the
NAB. The Receivers are presently in control of the Company's
assets and management responsibilities. Any queries in relation to
the Company's operations or post-appointment trading should be
directed to the Receivers. Any queries in relation to debts owing
as at Dec. 17, 2010, should be directed to the office of Ferrier
Hodgson.

At the second meeting of creditors held on Feb. 3, 2011, pursuant
to section 439A of the Corporations Act, creditors resolved that
the Company be placed into Liquidation, and that Martin Jones,
Andrew Saker and Darren Weaver be appointed as Joint and Several
Liquidators.

Creditors also resolved that a Committee of Inspection be
appointed, and that the Committee be comprised of the following
members:

  (i) Mr Stuart Roberts, representing Ardent Plumbing and Gas;

(ii) Mr Alan Furey, representing A.S. Furey;

(iii) Mr Stewart Sutton (preceded by Mr Bernie Thornton),
      representing KLM Group;

(iv) Mr Basel Naser, representing HVAR Steel Services (resigned
      from committee on 5 July 2012);

  (v) Ms Lin Lopez, representing Desair; and

(vi) Mr Peter Pearce, representing himself.

The Liquidators have now completed their investigations into the
matters raised in the Administrators' report prepared pursuant to
section 439A of the Corporations Act 2001, including conducting
examinations of related parties and have now lodged the
Liquidators' report with ASIC pursuant to section 533 of the
Corporations Act.

ASIC have provided their consent to the finalisation of the
Liquidation.

A claim has been lodged with the director, Mr. Warren Sizer's
trustee in bankruptcy.

The Liquidators intend to proceed towards finalising the
Liquidation of the Company, following the retirement of the
Receivers and Managers.

Sizer Builders (WA) Pty Ltd operated a construction business
servicing a wide range of industries.


SMART ABS 2014-1US: Fitch Assigns 'BB' Rating to Class E Notes
--------------------------------------------------------------
Fitch Ratings has assigned expected ratings to SMART ABS Series
2014-1US Trust's automotive lease-backed fixed and floating-rate
notes.  The issuance consists of notes backed by Australian
automotive lease receivables originated by Macquarie Leasing Pty
Limited (Macquarie Leasing).  The ratings include:

   -- USD90.0m Class A-1 notes: 'F1+(EXP)sf';
   -- USD134.0m Class A-2 (a & b) notes: 'AAA(EXP)sf'; Outlook
      Stable;
   -- USD166.0m Class A-3 (a & b) notes: 'AAA(EXP)sf'; Outlook
      Stable;
   -- USD110.0m Class A-4 (a & b) notes: 'AAA(EXP)sf'; Outlook
      Stable;
   -- AUD9.7m Class B notes: 'AA(EXP)sf'; Outlook Stable;
   -- AUD17.8m Class C notes: 'A(EXP)sf'; Outlook Stable;
   -- AUD17.8m Class D notes: 'BBB(EXP)sf'; Outlook Stable;
   -- AUD16.1m Class E notes: 'BB(EXP)sf'; Outlook Stable; and
   -- AUD16.1m seller notes: Not Rated.

The final ratings are contingent on receipt of final documents
conforming to information already received.

The notes are issued by Perpetual Trustee Company Limited in its
capacity as trustee of SMART ABS Series 2014-1US Trust.  The
latter is a legally distinct trust established pursuant to a
master trust and security trust deed.

At the cut-off date, the total collateral pool consisted of 34,848
leases totaling AUD1,233m, averaging AUD35,380.  The pool is
predominantly made up of passenger and light commercial vehicle
receivables from Australian residents across the country, and
consists of amortising principal and interest leases with varying
balloon amounts payable at maturity.

                        KEY RATING DRIVERS

The expected ratings on the Class A notes are based on: the
quality of the collateral; the 12% credit enhancement provided by
the subordinate Class B, C, D, and E notes; the unrated seller
notes; and excess spread.  They also reflect a liquidity reserve
account sized at 1% of the aggregate amount of the notes at
closing; an interest rate swap arrangement the trustee has entered
into with Macquarie Bank Ltd (A/Stable/F1); a currency swap
arrangement the trustee has entered into with Australia & New
Zealand Banking Group (AA-/Stable/F1+); and Macquarie Leasing Pty
Ltd's lease underwriting and servicing capabilities.

The expected ratings on the other classes of notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each class of notes' respective subordinate notes.
The transaction benefits from a highly diverse portfolio in terms
of both obligor and regional concentration and is similar, in both
portfolio characteristics and structure, to other SMART ABS Series
transactions issued into the US market.

The main industry exposures include: property and business
services (32.5%); government, administration & defence (17.1%);
health & community services (11.4%); other industries (9.1%);
transport & storage (8.5%); and construction (7.5%).  The weighted
average balloon payment for the portfolio is 26.5% of the original
lease balance. The majority of leases consist of novated contracts
(62.9%), where the lease is novated to the employer in salary
packaging arrangements.

The base case for novated leases (car) has been increased to 1.50%
from 1.35%.  This is due to an increase in historical losses for
leases originated in the 2010-2012 cohorts.  Historical gross
losses by quarterly vintage on novated leases (car) range from
0.3%-1.5%; non-novated leases (cars) 1.0%-3.6%; and trucks 0.5%-
5.0%. 30+ days delinquencies have traditionally tracked below 1.0%
for the Macquarie Leasing book.

                        RATING SENSITIVITIES

Unexpected increases in the frequency of foreclosures, and the
loss severity on defaulted loans, could produce loss levels higher
than Fitch's base case, which could in turn result in potentially
negative rating actions on the notes.  Fitch has evaluated the
sensitivity of the ratings assigned to SMART ABS Series 2014-1US
Trust to increased gross default levels, and decreased recovery
rates over the life of the transaction.

Its analysis found that all notes' ratings are not susceptible to
downgrades under Fitch's mild (10% increase), moderate (25%
increase) and severe default (50% increase) scenarios.

Recovery scenarios, whereby recovery rate assumptions are
decreased, showed that no notes were impacted under each scenario
tested.  These include mild (10% decrease), moderate (25%
decrease) and severe (50% decrease) stress scenarios.  The
analysis also showed that all notes remain stable under a
combination of default and mild, moderate and severe recovery
stress scenarios.



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C H I N A
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RED FLAG: Closes Operations Due to Mismanagement
------------------------------------------------
Eileen Yu of ZDNet reports that Red Flag Software has shuttered
reportedly due to mismanagement and after owing employees months
in unpaid wages.

The Chinese company filed for liquidation and terminated all
employee contracts, according to ZDNet.

The report notes that signs that Red Flag was in financial trouble
surfaced in April 2013 when employees were told they would not be
paid their wages, and the company's headquarters in Haidian
district was forced to close in December over unpaid rent and
utilities, reported TechWeb.

The report relates that the company's 150 employees reportedly are
now seeking to reclaim some CNY15 million (US$2.46 million) in
unpaid wages from the Chinese Academy of Sciences.  They alleged
the academy did not fork out CNY40 million (US$6.56 million) in
grants, as pledged, to support the software vendor, resulting in
its demise, the report notes.

The report discloses that the Chinese academy refuted the claims,
saying Red Flag's team had mismanaged the company and pulled out
of a project that would have brought in the promised funds.

Set up in late-1999 amid the dot-com boom, Red Flag was touted as
an alternative to Windows, offering desktop and server OSes built
on the open-source Linux platform. It thrived in the early days,
inking deals with partners such as Oracle and Dell which products
were certified to support and shipped with Red Flag Software.

The Beijing-based vendor was primarily funded by the Chinese
Academy of Sciences' Institute of Software Research, and later
received additional funding from state-owned Shanghai NewMargin
Venture Capital and the Ministry of Information Industry's VC arm,
CCIDNET Investment.


SHANGHAI CHAORI: Unable to Repay Interest Due on a Bond March 7
---------------------------------------------------------------
Lingling Wei and Wayne Ma, writing for The Wall Street Journal,
reported that a Chinese solar company said it won't be able to
repay investors all the interest due on a bond Friday, March 7, in
what may be the first ever default in China's $1.5 trillion
publicly traded corporate bond market.

According to the report, Shanghai Chaori Solar Energy Science &
Technology Co. Ltd, which makes solar cells and panels, announced
late March 4 that it won't be able to repay about 89.8 million
yuan ($14.6 million) interest on a 1 billion yuan bond issued two
years ago.  The company is scheduled to make the interest payment
on Friday.

"Due to various uncontrollable factors, until now the company has
only raised 4 million yuan to pay the interest," Shanghai Chaori
said in the statement, without further elaborating, the report
cited.

So far, China's governments and state-owned banks have largely
kept risky borrowers afloat by providing bailouts or debt
extensions, the report noted.  Chinese officials are worried that
defaults could lead to rising borrowing costs for some companies
already struggling with debt repayment.

Analysts have said that the absence of actual defaults is leading
to more risky lending practices and could cause more wasteful
investments in industries that have already suffered overcapacity,
the report further related.


SOHO CHINA: Assets Disposal No Impact on Moody's Ba1 CFR
--------------------------------------------------------
Moody's Investors Service says that SOHO China Limited's (Ba1
stable) announcement that it will be selling to Financial Street
Holdings Co., Ltd. (unrated) its SOHO Hailun Plaza and SOHO
Jing'an Plaza for a total consideration of RMB5.23 billion will
boost its liquidity position.

Because the company will use the proceeds to fund existing
projects and new acquisitions, rather than for debt repayment, its
key financial metrics will be largely unaffected. As a result,
there is no immediate impact on the company's Ba1 corporate family
rating, Ba1 senior unsecured rating and their stable outlook.

"The transactions will increase the company's available liquidity
to fund existing projects and potential new acquisitions," says
Kaven Tsang, a Moody's Vice President and Senior Analyst.

"The improved liquidity will also provide the company with more
financial flexibility to manage its business transition into a
build-to-hold model when onshore bank credit availability becomes
less predictable," adds Tsang, who is also Moody's Lead Analyst
for SOHO China.

Moody's points out that SOHO China's build-to-hold model will tie
up a sizable amount of the company's capital. The substantial
reduction in sales proceeds will also raise the company's debt
funding needs.

These benefits will offset rental income expected from SOHO Hailun
Plaza, when it completes in 2015. SOHO China had originally
planned to hold the asset as a long-term investment.

Additionally, the disposals reflect SOHO China's realignment of
its investment property portfolio to enhance portfolio quality. It
also intends to maintain a balanced mix between properties in
Beijing and Shanghai.

Moody's also anticipates that the company will maintain adequate
liquidity and financial discipline, such as to maintain an
adjusted debt leverage ratio of 35%-40%.

Moody's says any material deviation from its expectation that SOHO
China will maintain adequate liquidity and financial discipline
could warrant a reassessment of its Ba1 ratings.

SOHO China Limited's ratings were assigned by evaluating factors
that Moody's considers relevant to the credit profile of the
issuer, such as the company's (1) business risk and competitive
position compared with others within the industry; (2) capital
structure and financial risk; (3) projected performance over the
near to intermediate term; and (4) management's track record and
tolerance for risk.

Moody's compared these attributes against other issuers both
within and outside SOHO China Limited's core industry and believes
SOHO China Limited's ratings are comparable to those of other
issuers with similar credit risk.

SOHO China Limited, incorporated in March 2002 and listed on the
Hong Kong Stock Exchange in October 2007, develops and manages
commercial properties in Beijing and Shanghai's core business
districts. It has completed over 3 million square meters in gross
floor area. At 31 December 2013, it had 12 projects under
development (including SOHO Hailun Plaza and SOHO Jing'an Plaza),
with an attributable gross floor area of 1.96 million sqm, of
which, 96% will be held for long-term investment.



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I N D I A
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AMDD FOODS: CRISIL Assigns 'B' Rating to INR1.7 Billion Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of AMDD Foods Pvt Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit              1300     CRISIL B/Stable
   Term Loan                 400     CRISIL B/Stable

The rating reflects AFPL's exposure to risk related to funding and
implementation of its on-going project and its weak financial risk
profile. These rating weaknesses are partially offset by the
experience of AFPL's promoters in the rice processing industry and
the financial support that the company receives from them.

Outlook: Stable

CRISIL believes that AFPL will benefit over the medium term from
the extensive experience of its promoters in the rice processing
industry. The outlook may be revised to 'Positive' if the company
completes the implementation of its project on time and if its
financials risk profile improves, either because of significant
improvement in its scale of operations and profitability or
through capital infusion by the promoters. Conversely, the outlook
may be revised to 'Negative' in case of deterioration in the
company's financial risk profile on account of delay in
implementation of its project or larger-than-expected working
capital requirements.

AFPL was formed in September 2013 and is promoted by the Bhatia
family. The company is located in Amritsar (Punjab) and is setting
up a plant for processing rice. It is likely to commence
commercial operations of its plant in May 2014.


ARUN ENGINEERING: CRISIL Reaffirms 'B' Rating on INR100MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arun Engineering
Projects Pvt Ltd continue to reflect AEPL's below-average
financial risk profile, marked by average gearing and weak debt-
protection metrics. The ratings also factor in the company's small
scale of operations, geographical concentration in its revenue
profile, and its working-capital-intensive operations. These
rating weaknesses are partially offset by the extensive experience
of AEPL's promoters in the construction industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            150     CRISIL A4 (Reaffirmed)
   Cash Credit               100     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AEPL will continue to benefit over the medium
term from its established market position and its promoters'
extensive experience in the construction industry. The outlook may
be revised to 'Positive' if there is a substantial and sustained
improvement in the company's revenues while it maintains its
profitability margins, or if there is significant improvement in
its working capital management. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in AEPL's
profitability margins or significant deterioration in its capital
structure, most likely on account of larger-than-expected working
capital requirements or large debt-funded capital expenditure.

AEPL was originally established in 1972 as a proprietorship
concern by the late Mr. R A Harry in Bengaluru (Karnataka); the
firm was reconstituted as a private limited company in 1998. AEPL
provides engineering, procurement, and construction services in
the water supply and underground drainage water system segments.


ASHA INDUSTRIES: ICRA Reaffirms 'B-' Rating on INR9.7cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- to the
INR2.95 Cr. term loans and INR6.75 Cr. fund based working capital
facilities of Asha Industries.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         6.75       [ICRA]B- reaffirmed
   Term Loan           2.95       [ICRA]B- reaffirmed

The rating continues to be constrained by the modest scale of
operations of the entity and weak financial risk profile as
characterized by low profitability, weak capital structure, and
modest debt protection metrics. Further, the rating is constrained
by the highly competitive and fragmented industry structure owing
to low entry barriers and vulnerability of profitability to raw
material prices which are subject to seasonality, crop harvest and
regulatory risks. ICRA also notes that AI is a partnership firm
and any significant withdrawals from the capital account would
reduce its net worth and thereby adversely impact its capital
structure.

The rating, however, takes comfort from the experience of the
founder promoter in the cotton industry and favorable location of
the firm's manufacturing facility in Rajkot leading to easy access
of raw material.

Asha Industries (AI) was incorporated in the year 1995 and is
involved in the business of ginning, pressing of raw cotton,
crushing of cotton seed and manufacturing of PVC/UPVC pipes. The
firm's plant is located in Morbi (Rajkot). Besides manufacturing,
the firm is also engaged in trading of cotton seeds, oilcake,
resin and PVC/UPVC pipes etc.

Recent Results
For the year ended 31st March, 2013, AI reported an operating
income of INR37.58 Cr. and profit after tax of INR0.28 Cr. as
against an operating income of INR19.57 Cr. and a profit after tax
of INR0.18 Cr. during FY12.


ASIA BULK: ICRA Reaffirms 'B+' Rating on INR13.22cr Term Loan
-------------------------------------------------------------
ICRA has re-affirmed the long term rating assigned to the INR13.22
crore (reduced from INR13.89 Crore) long term facilities of Asia
Bulk Sacks Private Limited at [ICRA]B+. ICRA has also reaffirmed
the [ICRA]A4 rating to the INR15.00 Crore short term facilities of
ABSPL.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan           13.22      [ICRA] B+ reaffirmed
   Cash Credit          6.25      [ICRA] A4 reaffirmed
   Export Packaging
   Credit              10.50      [ICRA] A4 reaffirmed
   Letter of Credit     4.50      [ICRA] A4 reaffirmed

The rating re-affirmation takes into account the moderate scale of
operations of the company in the highly fragmented industry of
woven sacks and its high client concentration risk. The ratings
are further constrained by the vulnerability of the company's
profitability to volatility in raw material prices and also, its
weak financial risk profile as evident from high gearing given the
debt funded capital expenditure undertaken by the company and
working capital intensity in the operations. The ratings also
factor in the company's exposure to foreign currency fluctuation
risks in the absence of hedging policy, given that the majority of
the company's revenues are from exports. While the company has
commenced operations from a new unit commissioned for the Flexible
Intermediate Bulk Container (FIBC) segment, its ability to ramp up
the production volumes and also achieve the desired profitability
remains crucial from the credit perspective, given the competitive
pressures in the industry.

The ratings, however, draw comfort from the extensive experience
of the promoters in the Polypropylene (PP) woven sack industry.
The ratings also take into account the locational advantage of the
company for access to raw material imports and export sales given
its proximity to Kandla port.

Incorporated in 1984, Asia Bulk Sacks Pvt. Ltd was promoted by
Shri Somabhai to manufacture Poly Propylene (PP) Woven Sacks. In
2001, the promoters migrated overseas, and the company was taken
over by Mr. Ajit J. Chaudhari along with his brother - Mr.
Chhatrasinh Chaudhari. Mr. Ajit Chaudhari, had 15 years of prior
experience as an employee at various plastic sacks manufacturing
companies before this acquisition. Currently, the company
manufactures different varieties of PP woven sacks and FIBC which
find utility as industrial packaging materials suited for
fertilisers, tarpaulins, cement, sugar, plastic polymers,
foodgrains, chemicals, salt etc. The manufacturing unit is located
at Nani Kadi, Dist. Mehsana, Gujarat and the present capacity of
the plant is 7200 MTPA.

Recent Results

For the year ended March 31, 2013, the company reported an
operating income of INR58.03 crore and profit after tax of INR1.63
crore as against INR37.13 crore of operating income and INR0.93
crore of profit after tax for the FY 2012. Further during first
six months of FY 2013 the company has reported operating income of
INR35.26 crore and PAT of INR0.74 crore.


ASSAM TIMBER: ICRA Raises Rating on INR4cr Loan to 'B+'
-------------------------------------------------------
ICRA has revised upwards the long term rating assigned to INR4.00
crore cash credit facility of Assam Timber Products Private
Limited to [ICRA]B+ from [ICRA]B. ICRA has reaffirmed the short
term rating of [ICRA]A4 assigned to INR10.00 crore non fund based
bank facility of ATPPL.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limit-      4.00       Revised upwards to [ICRA]B+
   Cash Credit

   Non Fund Based
   Limit                 10.00       [ICRA]A4 reaffirmed

The improvement in the long term rating takes into account the
improvement in ATPPL's capital structure and debt coverage
indicators during 2012-13 (FY13). The ratings continue to take
into account ATPPL's low scale of current operations and the high
competitive pressure in the engineered wood products (EWP)
business that limits ATPPL's margins. The company's margins are
also exposed to the volatile raw material prices. The ratings
positively factor in the long established track record of ATPPL's
promoters in the domestic plywood industry, the established brand
identity of the company's products being sold in the "Archidply"
brand and a wide distribution network that helps the company in
selling its products all over India and the significant growth in
ATPPL's turnover during FY12 and FY13 due to the growth in wood
based products trading business. ICRA however notes that trading
in such products carries a low margin which adversely affects the
overall profitability of the company.

ATPPL, incorporated in 1979, is an engineered wood products (EWP)
manufacturing company. The company has its manufacturing facility
located at Tinsukia in Assam. The company's product portfolio
consists of plywood and blockboard which are sold all over India
under the "Archidply" brand.

Recent Results

ATPPL registered a profit after tax of INR0.19 crore on the back
of net sales of INR30.02 crore in 2012-13. In 2011-12, the company
registered a profit after tax of INR0.06 crore on the back of net
sales of INR24.43 crore.


BAPA SITARAM: ICRA Suspends 'B' Rating on INR5cr LT Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR5.00
crore long term fund based facilities of Bapa Sitaram Cotton
Industries. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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

Bapa Sitaram Cotton Industries was incorporated in May 2011 and is
involved in the business of ginning and pressing of raw cotton.
The firm's plant is located in Rajkot with production capacity of
180 bales per day.


CASA TILES: ICRA Reaffirms 'B+' Rating on INR27cr Loans
-------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR14.00 crore
(enhanced from INR10.74 crore) term loan and INR13.00 crore cash
credit facility of Casa Tiles Pvt. Ltd. ICRA has also reaffirmed
the [ICRA]A4 rating to the INR1.50 crore short term non-fund based
letter of credit facility and INR4.50 crore short term non-fund
based bank guarantee facility of CTPL.

        Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         13.00      [ICRA]B+ reaffirmed
   Term Loan           14.00      [ICRA]B+ reaffirmed
   BG                   4.50      [ICRA]A4 reaffirmed
   LC                   1.50      [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to reflect the weak
financial profile given its limited track recrd of operations,
characterised by weak profitability, leveraged capital structure
and weak debt protection metrics of CTPL. The ratings also
continue to be constrained by high competitive intensity with
presence of large established organized and unorganized players in
the industry, vulnerability of CTPL's profitability to the
cyclicality associated with the real estate industry and to the
availability and increasing prices of gas which is a major source
of fuel.

However, the ratings favorably factor in the extensive experience
of the promoters in ceramic industry and the location advantages
derived from its proximity to key raw material sources.

Casa Tiles Pvt. Limited is a vitrified tiles manufacturer with its
plant situated at Wakaner, Gujarat. The company was established in
2010 and commenced its operations in August 2011. CTPL is promoted
and managed by Mr. Pankaj Zalaria, Mr. Gopal Zalaria and Mr.
Kishan Kaila. The plant has an installed capacity to produce
60,000 MTPA of vitrified tiles. CTPL currently manufactures
soluble salt and multi charge vitrified tiles of sizes 600mm
X600mm and 800mmx800mm with the current set of machineries at its
production facilities.

Recent Results

During FY 2013, the company reported an operating income of
INR46.91 crore and profit after tax of INR0.46 crore.


CHITRA UTSAV: CRISIL Lowers Rating on INR162MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
Chitra Utsav Video Pvt Ltd to 'CRISIL D' from 'CRISIL B-/Stable'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Lease Rental             162      CRISIL D (Downgraded from
   Discounting Loan                  'CRISIL B-/Stable')

The rating downgrade reflects instances of delays by CUPL in
servicing its debt obligations owing to weak liquidity, marked by
its limited cash flows. The rating also reflects the company's
susceptibility to cyclicality in the real estate sector. These
rating weaknesses are partially offset by the extensive industry
experience of CUPL's promoter and the benefits it derives from the
location of its project in Gurgaon (Haryana).

CUPL was founded by Mr. Anil Khanna in Gurgaon in 1989. The
company has developed a six-storey commercial building in Sector
32, Gurgaon, with a total floor area of over 100,000 square feet,
which has been completely leased out.


DEEPAK SINGAL: ICRA Reaffirms 'B+' Rating on INR8cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long term rating of Deepak Singal
Engineers & Builders Private Limited at '[ICRA]B+' for INR8.0
crore Fund Based facilities. ICRA has also reaffirmed the short
term rating at '[ICRA]A4' for INR8.0 crore Non Fund Based
facilities of the company.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------            -----------   -------
   Fund Based Facilities     8.0       [ICRA]B+ (Reaffirmed)

   Non-Fund Based
   Facilities                8.0       [ICRA]A4 (Reaffirmed)

The reaffirmation of DSEBPL's ratings take into account its
established track record in the construction industry, its
experienced promoters and its reputed client profile. However, the
ratings continue to be constrained by DSEBPL's small scale of
operations, its weak order book which provides limited revenue
visibility and its high gearing levels at the end of March 2013.
Further, ICRA notes that the progress of the order book has been
slow in the recent past which also led to the decline in turnover
and build-up of receivables in FY2013. The ratings also take into
account DSEBPL's high geographical concentration with its order
book comprising of projects only in the Punjab Region and highly
competitive nature of the construction industry which has resulted
in moderate profitability in the past. Going forward, DSEBPL's
ability to secure new orders, grow its revenues while improving
its profitability and capital structure will be amongst the key
rating sensitivity factors.

Deepak Singal Engineers & Builders Private Limited (DSEBPL) is a
private limited company and is one of the leading Government
Contractor and builders of Punjab. The company is in this line for
the last 20 years and has undertaken and completed many
construction projects in Punjab. The company is being run by key
person Mr. Deepak Kumar Singal who has experience in construction
line for the last many years. It is a closely held company by the
Singal family and Mr. Deepak Singal holds majority shares in it.
DSEBL is on the approved list of contractors with Punjab
Government, Department of PSEB, PIDBD, PWD (B&R) Punjab, Punjab
Housefed, Punjab Mandi Board, Municipal Corporation, Ludhiana and
local Bodies Punjab.

Recent Results:

During FY13, the company reported profit after tax (PAT) of
INR0.21 crore on a turnover of INR17.30 crore as compared to PAT
of INR0.52 crore on a turnover of INR22.35 crore during the
corresponding period last year.


DUDHEPUKUR COLD: CRISIL Reaffirms 'D' Rating on INR130.9MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dudhepukur Cold Storage
Pvt Ltd continue to reflect instances of delay by DCSPL in
servicing its debt; the delays have been caused by the company's
weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           1.8      CRISIL D (Reaffirmed)
   Cash Credit             49.3      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      18.1      CRISIL D (Reaffirmed)
   Working Capital Loan     9.7      CRISIL D (Reaffirmed)
   Term Loan               52.0      CRISIL D (Reaffirmed)

DCSPL also has a weak financial risk profile marked by a small net
worth and weak debt-protection metrics. Moreover, the company's
operations are at a nascent stage, and it is exposed to risks
related to the highly fragmented nature of the cold storage
industry and to fluctuations in potato prices. However, DCSPL is
expected to benefit from its promoters' extensive experience in
the agriculture-related business, mainly potato trading.

Incorporated in 2011, DCSPL operates a cold storage unit
(primarily for storing potatoes) in the Bankura district of West
Bengal. The unit started its operations from February 2012.

For 2012-13 (refers to financial year, April 1 to March 31), DCSPL
reported profit after tax of INR0.27 million on revenues of INR25
million.


DURGAPUR IRON: CRISIL Upgrades Rating on INR120MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its long term rating on bank facilities of
Durgapur Iron & Steel Company Private Limited to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' while reaffirming its short term
rating at 'CRISIL A4'.

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

   Letter of Credit           13.4   CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit               20     CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade factors in consistent and sustainable improvement in
the company's financial risk profile, especially liquidity, backed
by improved working capital management and cancellation of capex
plans. Company has maintained a strong control over its working
capital cycle, leading to sustained reduction in its GCA to less
than 60 days since 2012-13 from over 100 days historically.
Consequently, its reliance on bank limits, which were fully
utilized earlier and were overdrawn at times, has reduced,
reflected in an average utilization of about 85 per cent for the 9
months through December 2013. Additionally, it has also cancelled
its plans of undertaking debt funded capex of INR200 million for
setting up a rolling mill owing to slowdown in demand. This has
led to estimated gearing levels of about 1.4 times for March 31,
2014, which is stronger than earlier expectations. This is
expected to be sustained over the medium term backed by a
maintained working capital cycle, absence of any major capex plans
and steady accretion to reserves.

The ratings continues to reflect DISCO's marginal market share in
the fragmented mild steel (MS) ingots industry, the susceptibility
of its operating margin to downturns in the end-user industry and
to volatility in steel prices, and its below-average financial
risk profile. These rating weaknesses are partially offset by the
experience of its promoters in the steel industry.
Outlook: Stable

CRISIL believes that DISCO will continue to benefit over the
medium term from its promoters' extensive experience in the steel
industry. The outlook may be revised to 'Positive' if the company
is able to increase its scale of operations and operating margins,
while maintaining its working capital cycle. Conversely, the
outlook may be revised to 'Negative' if there is deterioration in
DISCO's financial risk profile, either on account of less-than-
expected net cash accrual generation, stretch in working capital
requirements, or any significant debt-funded capital expenditure.

Incorporated in 2004, DISCO was promoted by Mr. Sanjeev
Ganeriwala, his brother, Mr. Rajeev Ganeriwala, and Mr. Vimal
Saraf. It commenced operations in August 2006. The company
manufactures MS ingots and has installed capacity of 150 tons per
day.

DISCO reported a profit after tax (PAT) of INR1.5 million on net
sales of INR828.7 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR4.8 million on net sales
of INR550 million for 2011-12.


ELTEL POWER: ICRA Reaffirms 'B' Rating on INR62cr Loans
-------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to for INR62.00
crore bank facilities of Eltel Power Private Limited at [ICRA]B.
ICRA has also reaffirmed the short term rating assigned to INR8.00
crore bank facilities of EPPL at [ICRA]A4.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Fund
   Based Facilities    7.00        [ICRA]B Reaffirmed

   Long-Term Non-
   Fund Based
   Facilities         55.00        [ICRA]B Reaffirmed

   Short-Term Non-
   Fund Based
   Facilities          8.00        [ICRA]A4 Reaffirmed

The rating reaffirmation continues to take into account the
company's modest scale of operations which is due to delay in
project execution and its stretched liquidity position on account
of high capital intensity operations.

While the order book position of the company was satisfactory at
INR130 crore as on Mar-13 of which around 87% was proposed to be
executed by Oct-14 and remaining 13% by Feb-15; however during
9M'FY-14 the company executed only INR18.8 crore of the orders
representing 14% of the order book of Mar-13. The slow pace of
order execution has not only kept the Operating Income (OI) modest
but has also restricted its  ability to bid for the fresh orders
due to limited financial flexibility as its Non Fund Based (NFB)
limits remain highly utilised for the existing orders. In addition
to the modest scale of operations, the liquidity of the company
has remained stretched on account of capital intensive nature of
operations, given the long receivable cycle, high levels of un-
billed inventory and margin funding requirement for various bank
guarantees issued by the company.

While customer advances has funded a large proportion of capital
requirement, low internal accruals and paid up capital has kept
the dependence on external funding high which has been met
though working capital limits which has consistently remained
fully utilized, trade financing from suppliers through extended
credit period and unsecured loans from promoters. The assigned
continues to remain constrained by the company's weak financial
profile, given the modest profitability and leverage capital
structure with TOL/TNW of 5.9 times and also high customer and
regional concentration with all the orders being from one customer
Madhya Pradesh Poorv Kshetriya Vidyut Vitaran Company Limited
(MPPKVCL) in Madhya Pradesh though the counterparty credit risk
remains low as the client is a Government entity. Nevertheless,
the rating continues to positively factor in the long track record
of Eltel group in executing projects relating to electrical
contracts in Madhya Pradesh.

Going forward, the ability of the company to successfully execute
the existing orders in a time bound manner, scale up its
operations by successfully securing fresh orders while improving
its liquidity position and maintain healthy profitability will
remain the key rating sensitivities.

Established in March-2011 by Mr. V.K. Agarwal in Satna district
(Madhya Pradesh), Eltel Power Private Limited (EPPL) is engaged in
erection and installation of power transmission infrastructure
projects on turnkey basis. The firm is catering to customers such
as Madhya Pradesh Purvi Kshetra Vidyut Vitaran Company Limited
(MPPKVCL) and Madhya Pradesh Road Development Corporation
Limited (MPRDCL).

During FY-2013, the company reported Profit After Tax (PAT) of
INR0.73 crore with an Operating Income (OI) of INR21.3 core as
compared to PAT of INR0.01 crore with an OI of INR6.2 crore for
the previous financial year. As per the provisional results for
the nine months ended December 31, 2013, the company reported
Profit Before Tax (PBT) of INR1.13 crore with an Operating Income
of INR18.8 crore.


ELVE CORPORATION: CRISIL Reaffirms 'B-' Rating on INR185MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Elve Corporation (part
of the Gajra group) continue to reflect the Gajra group's below-
average financial risk profile marked by its high gearing and
average debt protection metrics.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bill Discounting       100      CRISIL B-/Stable (Reaffirmed)

   Letter of Credit        40      CRISIL A4 (Reaffirmed)

   Packing Credit          45      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      40      CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the group's large working capital
requirements, its limited pricing flexibility and the
susceptibility of the group's profitability margins to volatility
in raw material prices and foreign exchange rates. These rating
weaknesses are partially offset by the Gajra group's established
presence in the automotive component industry supported by its
promoters' extensive industry experience, and its established
relations with customers.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Elve, Gajra Gears Pvt Ltd and Gajra
Differential Gears Ltd. This is because these entities, together
referred to as the Gajra group, have common promoters, are in the
same line of business, and have significant operational and
financial linkages with each other.

Outlook: Stable

CRISIL believes that the Gajra group will continue to maintain its
established presence in the automotive component industry over the
medium term supported by its promoters' extensive industry
experience and its established relations with customers. The
outlook may be revised to 'Positive' if there is a sustained
improvement in the group's working capital management, or there is
a substantial improvement in its capital structure on the back of
equity infusion from its promoters. Conversely, the outlook may be
revised to 'Negative' if there is a steep decline in the Gajra
group's profitability margins, or there is significant
deterioration in its capital structure most likely because of
larger-than-expected working capital requirements or large debt-
funded capital expenditure.

The Gajra group started operations in 1950 with the formation of
Elve Corporation, which traded in diesel engines and spares. The
group set up GGPL in 1962, which manufactures automotive
transmission gears such as engine gears, gear box assemblies and
castings. The group then set up GDGL in 1991, which manufactures a
wide range of crown wheel, pinions and spider kit assemblies.
Currently, Elve is the exporting arm of the Gajra group, and
exports automotive transmission gears and differential gears
procured from GGPL and GDGL.


GAJAVELLI SPINNING: ICRA Reaffirms B Rating on INR51.51cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR51.51
crore fund based and non fund bank facilities of Gajavelli
Spinning Mills Private Limited at [ICRA]B.  ICRA has withdrawn the
rating of [ICRA]A4 assigned to short term loans of the company as
there is no amount outstanding against the rated instrument.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term Fund       51.51       [ICRA]B reaffirmed
   Based and Non
   Fund Based Limits

The reaffirmation of the ratings continues to factor in overall
weak financial risk profile characterized by high gearing and
stretched coverage indicators. The ratings are further
constrained by the high working capital intensity given the
seasonal nature of business and the ensuing high raw material
inventory requirement; modest scale of operations and commoditized
nature of the product in the highly fragmented spinning industry
limits the company's ability to pass on the hike in input costs.

Further, GSMPL remains exposed to regulatory risk with regards
to minimum support price of kappas and curbs on exports. However,
the ratings favorably factor in steady cotton prices and recent
uptick in demand particularly in export markets leading to
improved profitability and high growth in operating income during
FY13 backed by strong growth in volumes partly due to additional
spindlage becoming operational coupled with increase in lower
count yarn production.

The ratings also draw comfort from proximity of the unit to a
major cotton growing area, lower power tariff in AP, fiscal
incentives under TUF Scheme and operational efficiencies due to
recent vintage of plant and machinery.

The ability of the company to improve profitability, capital
structure and continue to increase its scale of operations would
remain the key rating sensitivities.

Gajavelli Spinning Mills Private Limited), incorporated as a
private limited company on 25th April 2006 by Mr. Gajavelli
Venkateswara Rao and Mr. Gajavelli Poorna Chandra Rao is
primarily engaged in producing cotton yarn with an average count
of 32s, 40s and 60s. Based in Guntur (Andhra Pradesh), the company
commenced commercial production from 2008 with 9,600 spindles and
later increased its capacity to 15,600 spindles by 2010 and 35,184
spindles by May 2012. Yarn and, Cotton waste are the major
products of the company.


GBJ HOTELS: ICRA Reaffirms 'B+' Rating on INR108cr Term Loans
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating outstanding on the
INR108.00 crore term loans of GBJ Hotels Private Limited.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   LT Scale-Term
   Loans              108.00        [ICRA]B+ reaffirmed

The rating reaffirmation reflects the company's experienced
project management team and management tie-up the hotel has with
Radisson Hotels International Inc. for operating the hotel under
the "Radisson Blu Hotel" brand. The rating also favourably takes
into account the infusion of equity of INR50.00 crores (of a total
project cost of INR187.00 crores) in the initial stages of the
project (as of February 2014), as against a limited loan draw down
of INR18.56 crore.

However with a project cost of INR187 crore (~Rs 1.4 crore per
room) and a debt:equity of 1.4 times projected for the project,
the per room investment in the project is high, particularly in
view of the location and the ability of the location to command
premium average rooms rates (ARRs). Further, the project is also
currently running on a ~1 year delay owing to structural and
geographical issues. While the long term viability of the property
is sound with limited competition, we expect the high project cost
to lead to a stretched breakeven period leading to considerable
requirements for loss funding. While the scheduled repayment of
the term loan is expected to commence from October 2014 onwards,
majority of the capital expenditure is yet to be completed. The
management expects to handover the property in full or in part to
Carlson by June 2014 and commence operations by September 2014
failing which the Company will be placed under considerable stress
in meeting its repayments. The promoter has had limited experience
in the business of constructing hotels. However, a professional
project management team with sound experience has been engaged to
work on the project. The Company is setting up a single 134 room
hotel located in Coimbatore, exposing the company to event risks
within the Coimbatore region.

GBJ Hotels Limited was incorporated in 2008, by Mr. G.
Balasubramaniam, and is currently setting up its first hotel in
Coimbatore. Radisson Blu Hotel is to come up in 3.93 acres of land
in Avinashi road, at the heart of Coimbatore city, at ~ 5 km from
the Coimbatore Airport. The hotel under construction is estimated
to be around 2 lakh square feet with 134 rooms, a grand banquet
hall (of 10,000 square feet), Coffee shop, Speciality restaurant,
Health club, Swimming pool, Business centre, Meeting halls, Gym,
Club floor, etc. The property is expected to be launched by
October, 2013.

GBJ Hotels Private Limited currently does not have any operations.


JANKI DASS: ICRA Assigns 'B' Rating to INR15cr Bank Loans
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR2.50
crores & short term rating of [ICRA]A4 to the INR22.50 crores fund
based bank facilities of Janki Dass Rice Mills. Additionally ICRA
has an outstanding long term rating of [ICRA]B to INR12.50 crores
& short term rating of [ICRA]A4 to INR22.50 crores fund based
limits of Janki Dass Rice Mills.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term Fund
   Based Limits       15.00        [ICRA]B assigned

   Short Term Fund
   Based Limits       45.00        [ICRA]A4 assigned

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

Recent Results:

JRGM reported a net profit of INR3.11 crores on an operating
income of INR160.37 crores for the year ended March 31, 2013 and a
net profit of INR0.60 crores on an operating income of INR91.04
crores for the year ended March 31, 2012.

Business was established in the year 1986 as Partnership Firm.
Partners of the firm are Mrs. Sushila Devi, Mr Rajesh Kumar and
Mr. Ravinder Kumar. As per the management milling capacity of the
plant is 12 tonnes/hr of paddy. Janki Dass Rice Mills is engaged
in the business of processing and trading of Basmati Rice in
domestic market as well as exporting to countries in Middle East.
Company is having its manufacturing unit at Nandana Road, Taraori,
Karnal.


K. M. PRODUCT: ICRA Suspends 'B+' Rating on INR5.8cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR5.80 crore
long term loan and cash credit facility of K. M. Product. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.

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


KAMALA TEA: CRISIL Downgrades Rating on INR241MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Kamala
Tea Company Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4' because of delays in payment of term loan
obligations. The delays are cause by company's weak liquidity.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Foreign Bill Purchase     12      CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Letter Of Guarantee        6      CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Packing Credit            15      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term        96.8    CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Tea Hypothecation         92      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Term Loan                 19.2    CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

KTCL also has a constrained financial risk profile marked by weak
debt protection metrics, and exposure to risks related to
seasonality in production. These rating weaknesses are partially
offset by the extensive industry experience of KTCL's promoters.

KTCL, set up in 1913, cultivates and processes tea leaves. It
produces cut, tear, and curl, and orthodox black tea in West
Bengal and Tripura. The company is managed by Mr. Sajjan Kumar
Agarwalla and his brother, Mr. Suresh Kumar Agarwalla.

For 2012-13 (refers to financial year, April 1 to March 31), KTCL
reported a profit after tax (PAT) of INR0.9 million on net sales
of INR241.9 million, against a PAT of INR1.27 million on net sales
of INR185.1 million for 2011-12.


KOMMAN PEOPLES: CRISIL Assigns 'B' Rating to INR77.8MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Komman Peoples Welfare Society (KPWS). The
rating reflects KPWS's exposure to project implementation and
funding risks and susceptibility to cyclicality in the Indian real
estate industry. These rating weaknesses are partially offset by
the moderate revenue visibility for KPWS's ongoing project.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        25      CRISIL B/Stable

   Term Loan                 52.8    CRISIL B/Stable

Outlook: Stable

CRISIL believes that KPWS will maintain its business risk profile
over the medium term on the back of moderate revenue visibility
for its ongoing project. The outlook may be revised to 'Positive'
in case of better-than-expected customer advances leading to
timely completion of the society's project. On the other hand, the
outlook may be revised to 'Negative' in case of delays in the
society's project or in receipt of customer advances, affecting
its liquidity.

KPWS, established in 2006 by Mr. Rajiv Chopra, is setting up a
group housing complex for its members at Sector 49 in Faridabad
(Haryana).


MATHIYAN CONSTRUCTION: ICRA Reaffirms B+ Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR10.0 crore fund based facilities of Mathiyan Construction
Pvt Ltd. ICRA has also reaffirmed the short term rating of
[ICRA]A4 to the INR24.0 crore non fund based facilities of MCPL.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        10.0      [ICRA]B+(Reaffirmed)
   Non Fund Based Limits    24.0      [ICRA]A4(Reaffirmed)

The rating reaffirmation takes comfort from experience of the
promoters in the field of road construction and company's status
as 'Class A' contractor under public works department (PWD) of
state governments which enables it to get repeat orders. The
rating also draws comfort from its pending order book of INR142.4
crore which provides revenue visibility in the medium term.

The rating is however constrained by limited financial flexibility
of the company as reflected by fully utilized working capital
limits and high working capital intensity on account of high
inventory and receivable days. The rating is also constrained by
exposure to high geographical since operations of the company are
confined to the states of Uttar Pradesh (U.P.) and Uttarakhand
(U.K.) and by vulnerability of margins to fluctuations in raw
material prices.

Going forward improvement in working capital intensity and
liquidity position and timely completion of contracts will be the
key rating sensitive factors.

Based in Muzaffarnagar, U.P, Mathiyan Construction Pvt Ltd (MCPL)
was incorporated in 2007 by Mr. Rajeev Kumar and his brother, Mr.
Subhash Chand. The promoters have experience of more than a
decade in the field of construction and are also part of Mathiyan
construction, which is a partnership firm involved in the same
line of operations. At present, the operations of the company are
headed by Mr. Rajeev Kumar. The company is registered as a Class A
contractor under the Public works department (PWD) of U.P. state
government and U.K. state government. The company mainly
undertakes work related to road construction and maintenance
mainly for the PWD department.

Recent Results

For the financial year ending 2012-13, the company has achieved
operating income of INR39.42 crore and net profit of INR1.56
crore.


MAXOUT INFRA: CRISIL Assigns 'B+' Rating to INR150MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Maxout Infrastructures Private Ltd.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        100     CRISIL B+/Stable

   Bank Guarantee             50     CRISIL A4

   Cash Credit                50     CRISIL B+/Stable

The ratings reflect the modest scale of operations in a highly
competitive environment, large working capital requirements as
well as weak financial risk profile marked by high gearing. These
rating weaknesses are partially offset by promoters' extensive
experience in construction projects execution.

Outlook: Stable

CRISIL believes that MIPL will continue to benefit from the
extensive industry experience of its promoters in construction
segment, over the medium term. The outlook may be revised to
'Positive' in case MIPL significantly scales up its operations,
while maintaining its working capital cycle, profitability and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if there is slowdown in revenues or deterioration in
its profitability, capital structure & debt protection metrics.

MIPL a private limited company incorporated in 2007 is engaged in
construction of railway projects, development of roads, bridges,
Sewage Water Treatment Plants (STPs), Waste and Waste Water
Treatment Plants (WTPs) and works mainly in North India. The
company is promoted by Mr. Pramod Kumar Singh and his brother Mr.
Praveen Kumar Singh, who look after the day-to-day operations.


NORTH BENGAL: ICRA Assigns 'D' Ratings to INR9cr Loans
------------------------------------------------------
ICRA has assigned an '[ICRA]D' rating to INR8.40 crore term loan,
INR0.08 crore fund based and INR0.05 crore non fund based bank
facilities of North Bengal Oncology Centre Private Limited. ICRA
has also assigned the '[ICRA]D' rating to INR0.47 crore
unallocated bank limits of the company.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Term Loans             8.40       [ICRA]D assigned
   Fund Based Facility    0.08       [ICRA]D assigned
   Non Fund Based
   Facility               0.05       [ICRA]D assigned
   Unallocated            0.47       [ICRA]D assigned

The rating factors in NBOCPL's recent delays in debt servicing and
the company's small scale of current operations. The rating has
factored in the weak financial profile of the company as indicated
by the consistent losses suffered in business resulting in a
negative tangible net worth of the company and its weak liquidity
position at present. The rating also takes into account the long
term experience of the promoters in the North Bengal health care
industry having operated the hospital for the last ten years, the
hospital's favourable market potential given the lack of oncology
care unit in its vicinity and NBOCPL's recent operational &
maintenance (O&M) agreement with an experienced O&M service
provider in the healthcare industry which is expected to improve
the business profile of the company going forward.

North Bengal Oncology Centre Private Limited, set up in 2003, runs
a 20 bedded oncology centre in Siliguri in West Bengal. The
company has recently entered into an agreement with the Medica-
Synergie Foundation based out of Kolkata, to provide operations &
maintenance (O&M) services at the hospital.

Recent Results

NBOCPL registered a net loss of INR0.69 crore on the back of net
sales of INR4.73 crore in 2012-13. During 2011-12, the company
registered a net loss of INR0.78 crore on the back of net sales of
INR4.46 crore.


PIC INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR4.99cr Loans
---------------------------------------------------------------
ICRA has re-affirmed the ratings of [ICRA]B and [ICRA]A4  to the
INR9.0 crore fund based and non-fund based limits of PIC
International Metals & Alloys Pvt. Ltd.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------         -----------    -------
   Fund based
   (Cash Credit)          4.50       [ICRA]B Re-affirmed

   Fund based
   (WCTL)                 0.49       [ICRA]B Re-affirmed

   Non-fund based
   (Letter of Credit)     4.00       [ICRA]A4 Re-affirmed

   Fund based
   (Buyer's Credit)      (2.00)      [ICRA]A4 Re-affirmed

   Unallocated            0.01       [ICRA]B/[ICRA]A4 Re-affirmed

The ratings re-affirmation favorably factor in the long standing
experience of 31 years of the promoters in the manufacturing and
trading of ferro alloys; and the healthy off-take of recently
developed low carbon ferro chrome (LCFC) products through R&D by
reputed companies in the steel industry, which will be a key
revenue driver for the company, going forward.

The ratings are, however, constrained by the company's small scale
of operations; its decrease in operating income by ~42%
y-o-y in FY13 and weak revenue visibility for FY14; its exposure
to raw material price risks; vulnerability to the inherent
cyclicality in its key end-user industry (i.e. steel); and its
stretched liquidity due to delayed payments from customers leading
to high working capital utilization.

PIC International Metals & Alloys Pvt. Ltd. has been engaged in
the manufacturing and trading of ferro alloys over the past five
years. The primary products of the company are ferro molybdenum,
ferro chrome, ferro manganese, ferro aluminium, etc. The group
company, Prakash Industrial Corporation, has been in the business
of trading ferrous and non-ferrous alloys for the last 31 years.

Recent Results

The net sales for 9MFY14 stood at ~INR9.86 crore on a provisional
basis, as against INR18.08 crore for FY13.


PREMIER STEELS: ICRA Assigns 'B+' Rating to INR10cr Loans
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR10.00
crore fund based facility of Premier Steels.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund based facility      10.00      [ICRA]B+ assigned

The assigned rating considers the experience of the partners in
the business of steel trading for more than two decades; and the
favourable demand outlook for steel products in the long term,
although the steel industry is currently passing through a weak
phase. The rating also considers the firm's low return on capital
employed, high gearing and stretched coverage indicators; the high
inventory holding, which exposes the firm's profitability to any
adverse price movements and also results in high working capital
intensity. Further, the rating considers the highly fragmented and
commoditised nature of the steel trading business that restricts
pricing flexibility; and the modest scale of operations / size of
net worth which is likely to restrict its financial flexibility.

Incorporated in 1983, Premier Steels is primarily engaged in
trading of steel products such as Mild Steel (MS) Angles, MS
Channels, MS Plates, HR (Hot Rolled) sheets and TMT (Thermo
Mechanically Treated) bars. It has a stock yard located in
Ernakulam (Kerala). The firm has three equal partners, Mr. T P
Ismail, Mrs. Waheedha Mohammed Ashraf and Mr. V.A. Mohammed
Ashraf.

Recent results (unaudited)
Premier Steels reported profit before depreciation and taxes of
INR0.03 crore on an operating income of INR24.56 crore during the
period April to December 2013.


RADIUS INFRATEL: ICRA Cuts Rating on INR58cr Loans to 'D'
---------------------------------------------------------
ICRA has revised the long term rating for the INR58.0 crore term
loans of Radius Infratel Private Limited from [ICRA] BB to
[ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans           58.0       [ICRA]D Downgraded from
                                   [ICRA]BB (stable)

The revision in the rating takes into account the delays in debt
servicing on account of slowdown in customer acquisition which has
resulted in inadequate revenues and thus cash flow generation. The
company has signed for connecting 125,000 homes on its fiber to
the home network (FTTH), however delays in possession by the
customers and pace of actual revenue generation has remained
sluggish.

The rating continues to be constrained by RIPL's limited track
record of operations and relatively high project execution risk
given that the company's project is still in nascent stages of
implementation.

Going forward, the ability of the company to build up active
subscriber base and thus generate adequate cash flows to service
the debt in a timely manner would remain key rating sensitivities.

Radius Infratel Private Limited was incorporated in May 2008 to
provide FTTH services through its unique NANO network. The company
is a part of Radius group which was established in 1994 with a
view to provide software solutions, surveillance systems and
building management systems. The company is jointly promoted by
Viresh Buildcon Private Limited and Radius Synergies Private
Limited, both of which hold 50% shares each in the company. RIPL
is registered as an Infrastructure Provider 1 (IP-1) category
passive infrastructure provider with Department of Telecom.


RAJMAL LAKHICHAND: ICRA Cuts Rating on INR240.74cr Loans to 'D'
---------------------------------------------------------------
ICRA has downgraded the rating of [ICRA]B to [ICRA]D to the
INR215.74 Crore (earlier INR163.20 Crore) long term fund based
facility of Rajmal Lakhichand Jewellers Pvt. Ltd.  ICRA has also
assigned rating of [ICRA]D to the INR31.50 Crore short term fund
based facility of RLJPL. ICRA has also downgraded the rating of
[ICRA]A4 to [ICRA]D to the INR25.00 crore short term non fund
based facility of RLJPL.

                        Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits         184.24       [ICRA]D; downgraded

   Short Term Fund
   Based Limits          31.50       [ICRA]D; downgraded

   Short Term Non
   Fund Based
   Limits                25.00       [ICRA]D; downgraded

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

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

Incorporated in December 2004, RLJPL owns retail showrooms
belonging to the group. Currently, it has its showrooms at Nasik
and Thane. It deals in gold, silver and diamond jewellery, with
most of the sales coming from gold jewellery.

Recent Results:

As per the audited results for FY 2013, RLJPL recorded a net
profit of INR0.80 crore on an operating income of INR1826.26
crore.


RAYALASEEMA TRADING: ICRA Assigns 'B+' Rating to INR2cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' and a short
term rating of [ICRA]A4 to the INR30.00 crore bank facilities of
Rayalaseema Trading Private Limited.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term fund        2.00       [ICRA]B+ assigned
   based limits

   Short tern non
   fund based limits    13.00       [ICRA]A4 assigned

   Short term/long
   term unallocated
   limits               15.00       [ICRA]B+/[ICRA]A4 assigned

The assigned rating favorably factors in RTPL's position as a
preferred supplier of raw material to its associate companies in
the Nandi Group, which has an established presence in irrigation
systems, storage tanks, and plastic pipes and fittings industry
for close to three decades. The large requirement for PVC, LLDPE
and other polymers by the group companies thus reduces the off
take risk for RTPL's traded goods. The rating also takes into
account the favorable demand outlook for polymers in India over
the medium term and the financial profile of RTPL characterized by
healthy net profit margins, low levels of fund based borrowings
and healthy coverage indicators. The rating is however constrained
by the high utilization of RTPL's working capital limits with a
few instances of overdrawals, the high counter party credit risks
and the possibility of delays in realizing payments from its group
companies, some of which have stretched liquidity positions. The
rating also factors in the exposure of RTPL's profitability to PVC
and LLDPE prices which are volatile in nature and the
vulnerability to unfavorable currency exchange rate movements
given the absence of any hedging policy, and the large proportion
of imports.

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

RTPL is promoted in February 2013 by Mr. K Viswanatha Reddy and
Mr. K Phani Charan, related parties to the promoters of the Nandi
Group which has interests in Pipes, Irrigation systems, Cement,
Dairy, Construction, Bio-ethanol manufacture and Education
sectors. RTPL is into the business of trading PVC and LLDPE
polymers which are key raw materials in the manufacture of Plastic
Pipes and Plastic storage containers. The company imports most of
its traded good requirements and supplies them to the pipe,
irrigation systems and other polymer based product manufacturing
companies in the Nandi group, and a few other customers based out
of Andhra Pradesh (AP) and Karnataka.

Recent Results (Provisional)

RTPL posted an operating income of INR68.26 crore and an operating
profit of INR6.68 crore in the eight month period ending 30th
November 2013 (8m,FY14) as aga nst an operating income of INR5.03
crore and an operating profit of INR0.6 crore in FY13, having
commenced its operations in March 2013.


S.V. ELECTRONICS: CRISIL Cuts Rating on INR140MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
S.V. Electronics Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee             20     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit               140     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects weakening in SVEL's liquidity, with
stretch in its working capital cycle resulting in almost full
utilisation of its bank limits. CRISIL believes that SVEL will
need fresh capital from its promoters or will have to register
sustained improvement in its working capital cycle to alleviate
the pressure on its liquidity.

SVEL's working capital cycle has lengthened, as reflected in
increase in its gross current assets, which are expected at around
150 days as on March 31, 2014, against 104 days as on March 31,
2012. The GCAs have increased on account of the larger credit
period extended by the company to its customers, and its increased
inventory levels. The stretch in the company's working capital
cycle resulted in almost full utilisation of its bank limits over
the last six months ended January 2014.

The ratings reflect SVEL's large working capital requirements,
below-average financial risk profile marked by small net worth,
high total outside liabilities to tangible net worth ratio and
average debt protection metrics, and exposure to intense
competition in the computer hardware dealership business. These
rating weaknesses are partially offset by SVEL's established
presence in the computer hardware, peripherals, and accessories
market in Andhra Pradesh, supported by its promoters' extensive
industry experience.

Outlook: Stable

CRISIL believes that SVEL will continue to benefit over the medium
term from its established regional presence in the computer
hardware, peripherals, and accessories market, and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company registers a sustained improvement in its
working capital management, or if its capital structure improves
on a substantial basis on the back of equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in SVEL's profitability margins, or
deterioration in its capital structure on account of larger-than-
expected working capital requirements or large debt-funded capital
expenditure.

SVEL was incorporated in 1999 by Mr. Venkateshwar Rao and his
family members. SVEL deals in computer hardware, peripherals and
accessories. The company has distributorship rights for various
hardware and software brands such as F-Secure, Sony, Microsoft,
Epson, AOC, LG, and Samsung. The company also markets other brands
such as Intel, Lenovo, and Hewlett Packard through its retail
store in Secunderabad (Andhra Pradesh).


SAGAR STEELS: CRISIL Assigns 'B+' Rating to INR250MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sagar Steels Processing & Manufacturing Unit.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Proposed Long Term
   Bank Loan Facility        150     CRISIL B+/Stable

   Term Loan                 100     CRISIL B+/Stable

The rating reflects SSPMU's exposure to risk related to project
stabilisation and to intense industry competition. These rating
weakness are partially offset by its promoters' extensive
experience in the steel industry, and established relationship
with potential customer through group concern.

Outlook: Stable

CRISIL believes that SSPMU will benefit from its promoters'
extensive experience in the steel industry and established
customer relationship through group concern. The outlook may be
revised to 'Positive' in case the company stabilises its
operations in time and generates higher than expected revenues and
profitability, or demonstrates better than expected working
capital management. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected capacity utilisation or
profitability, or significant stretch in working capital cycle
resulting in deterioration in financial risk profile, particularly
liquidity.

SSPMU, established in 2013, is setting up a plant in Assam to
manufacture steel angles/channels, ERW pipes, generator sets, and
also to process steel flat products. The plant is expected to
commence commercial operations from April 2014. SSPMU is owned by
Guwahati-based Mr. Hemant Kr Agarwal and family.


SHIVSHAKTI REALHOME: ICRA Suspends B+ Rating on INR20cr Loans
-------------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR20.0
crore bank lines of Shivshakti RealHome Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


SHREE PAWANSUT: ICRA Assigns 'D' Rating on INR20.5cr Loans
----------------------------------------------------------
ICRA has assigned '[ICRA]D' rating to the INR20.50 crore term loan
facilities of Shree Pawansut Infotech Private Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           20.50       [ICRA]D assigned

The assigned rating reflects ongoing delays in meeting term loan
principal and interest obligations. The company had constructed
0.4 million sq ft IT park in Kharadi Pune though 50% of space
remain unsold for more than three years affecting liquidity
profile significantly. The repayment obligations are majorly
funded through unsecured loan from promoters and continued timely
support will be required going forward as well. Given slowdown in
IT sector and competition from other larger IT parks providing tax
benefits, SPIL's projects faces significant residual marketing
risk and ability to close sale of remaining area remain uncertain.

SPIL is part of Aurangabad based Sarita Group promoted by Mr
Somnath V Sakre. SPIL was formed in 2005 to construct a private IT
park in Kharadi, Pune on land leased from MIDC. Total saleable
area of park is 0.4 million sq ft and it was constructed at a cost
of ~INR80 crore funded through INR50 crore term loan. The company
was able to sell 50% of area (one of the two towers constructed)
to Bharti Airtel though the remaining 50% area has remained unsold
for more than three years now. Debt repayments started in April
2009 and principal repayments were partially met through proceeds
received from Bharti Airtel initially. The interest and principal
repayments are majorly met through
unsecured loans extended by promoters now.


SOUNDARYA DECORATORS: CRISIL Keeps 'B-' Rating on INR120MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Soundarya Decorators
Pvt Ltd continue to reflect its working-capital-intensive
operations and below-average financial risk profile marked by
modest networth, high gearing and subdued debt protection
indicators. The rating also factors in the expected stretch in the
liquidity profile of the company due to its large maturing debt
obligations over the medium term. These rating weaknesses are
partially offset by the funding support from the promoters along
with their extensive experience in the industry, and established
relationships with its clients.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------          ---------    -------
   Bank Guarantee         300       CRISIL A4 (Reaffirmed)

   Cash Credit            75       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     45       CRISIL B-/Stable (Reaffirmed)

   Revolving Letter
   of Credit              80       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SDPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if there is significant and
sustainable growth in revenues and margins, while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of significant decline in its accruals or if
there is further elongation in its working capital cycle or if
there are  delays in timely infusion of funds by the promoters,
thereby impacting its financial risk profile.

SDPL, set up in 1992 is promoted by Mr. Balaji Rajaraman and Mr.
Sathyamurthy Durai. The company is engaged in interior contracting
and custom furniture manufacturing. The company's registered
office is located in Chennai, Tamil Nadu.

SDPL reported net loss of INR237.6 million on a net sales of
INR549.9 million during 2012-13 (refers to financial year,
April 1 to March 31) as against PAT of INR11 million on a net
sales of INR1 billion during 2011-12.


SREE ANJANEYA: CRISIL Upgrades Rating on INR258.7MM Loans to B-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Sree Anjaneya Medical Trust to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           48.8     CRISIL A4 (Upgraded from
                                     CRISIL D)

   Term Loan               258.7     CRISIL B-/Stable (Upgraded
                                     from CRISIL D)

The rating upgrade reflects SAPL's timely debt servicing, backed
by increased cash accruals with the trust introducing the
bachelors in Dental science course in 2013-14 (refers to financial
year, April 1 to March 31), leading to higher revenues. However,
CRISIL expects SAMT's liquidity to remain stretched over the
medium term on the back of its large debt-funded capital
expenditure programmes and the trust's plan to acquire an
additional college in the current year.

The ratings reflect SAMT's below-average financial risk profile,
marked by weak capital structure, geographical concentration in
its revenue profile, and susceptibility to regulatory changes in
the education sector. SAMT, however, benefits from the trustees'
extensive experience in the medical education segment, healthy
revenue stream from its multi-specialty medical hospital, and the
benefits SAMT is likely to reap from the healthy demand prospects
for higher education in Kozhikode (Kerala).

Outlook: Stable

CRISIL believes that SAMT will benefit over the medium term from
the healthy demand prospects for the higher education sector and
its good infrastructure over the medium term. The outlook may be
revised to 'Positive' if the trust scales up its operations while
improving its capital structure, resulting in an improvement in
its financial risk profile and liquidity. Conversely, the outlook
may be revised to 'Negative' in case the trust undertakes a
greater than expected capital expenditure programme, or if there
are delays in receipt of fees from its students thereby weakening
its liquidity.

Established in Kerala in 2005, SAMT is a charitable trust
constituted under the Indian Trust Act. The trust commenced
operations in 2010. SAMT runs a multi-specialty hospital and
operates an educational institute, Malabar Medical College and
Research Hospital.


SRI SHANMUGHA: ICRA Lowers Rating on INR24.43cr Loans to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating outstanding on the
INR22.43 crore term loan facilities and the INR2.00 crore fund
based facilities of Sri Shanmugha Educational Charitable Trust to
[ICRA]D from [ICRA]B-.

                   Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term loan           22.43      [ICRA]D/downgraded from
   Facilities                     [ICRA]B-

   Fund based           2.00      [ICRA]D/downgraded from
   Facilities                     [ICRA]B-

The rating action factors in the delays in meeting principal
repayment obligations by the Trust on account of low cash accruals
owing to nascent stage of operations and tight liquidity
conditions stemming from delays in receipt of funds from statutory
authorities. The rating is also constrained by the Trust's weak
financial profile which is characterized by accumulated losses,
highly stretched capital structure and weak coverage indicators.
With the Trust's proposed debt funded capital expenditure over the
medium term, debt metrics are expected to witness further pressure
till scale of operations improve. However, given the constraint on
attracting experienced faculty owing to its nascent stage of
operations and no track record of placements, ability of college
to improve its performance and attract higher ranking students
remains to be seen.

Going forward, ability of the Trust to increase seats / offer
diverse courses whilst pushing up occupancy levels would be
critical to support cash flows to meet the high debt repayment
(~INR4.0 to INR4.5 crore p.a.) obligations over the medium term.
In the event that the Trust is unable to scale up operations,
timely equity infusion in the form of promoter funding or
donations would be critical for ensuring prompt debt servicing and
improving the credit profile of the Trust

Sri Shanmugha Educational Charitable Trust was registered in
December 2010 with three trustees and is promoted by Mr. K.
Shanmugham. SSECT commenced operations in July 2011 with Sri
Shanmugha College of Engineering & Technology at Tiruchengode
(Tamil Nadu). The college offers Under Graduation (UG) course and
Post Graduation (PG) course in four specializations each. The
college is approved by the All India Council for Technical
Education (AICTE) and is affiliated to Anna University, Tamil
Nadu.

Recent Results
For the year ended March 31, 2013, SSECT has reported a net loss
of INR4.4 crore on an operating income of INR4.1 crore as against
net loss of INR3.7 crore on operating income of INR1.5 crore
during 2011-12.


UNIPEARL ALLOYS: CRISIL Assigns 'B+' Rating to INR59.5MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Unipearl Alloys.

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

   Proposed Long Term
   Bank Loan Facility         34.5   CRISIL B+/Stable

The ratings reflect UA's small scale of operations in the highly
fragmented industry and below average operating margin with
susceptibility to raw material prices. These rating weaknesses are
partially offset by UA's extensive experience of promoters in the
industry and average financial risk profile.

Outlook: Stable

CRISIL believes that Unipearl Alloys (UA) will benefit from its
promoters' experience in the steel industry and related
industries. The outlook may be revised to 'Positive' in case the
firm generates higher than expected sales along with improvement
in its profitability. Conversely, the outlook may be revised to
'Negative' in case of increase in working capital requirement
and/or significant withdrawals by promoters leading to
deterioration in financial risk profile.

Unipearl Alloys (UA) was formed in 2005 and is a partnership firm
managed by Mr. Kuldeep Singh Kalsi, Mr. Pragat Singh, Mr. Rajveer
Singh, and Mr. Vikramjeet Singh. The company is in the
manufacturing of steel ingots, square steel billets, forgings
ingots, mild steel ingots etc. The manufacturing capacity of the
firm located in Mandi Gobindgarh, Punjab and has capacity of
around 50 MT per day.


VANDANA TIMBER: ICRA Assigns 'B' Rating to INR2cr Cash Credit
-------------------------------------------------------------
A rating of '[ICRA]B' has been assigned to the INR2.00 crore fund
based cash credit facility of Vandana Timber Private Limited. A
rating of '[ICRA]A4' has also been assigned to the INR12.75 crore
short term non fund based letter of credit facility of VTPL.

                    Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         2.00       [ICRA]B assigned

   Forward Cover       0.25       [ICRA]A4 assigned

   Letter of Credit   12.50       [ICRA]A4 assigned

The assigned ratings are constrained by risks inherent in
Greenfield projects including project implementation risk and
risks associated with stabilization of operations. The ratings
also factor in the high competitive intensity caused due to
presence of a large number of players; consisting of a few large
players and several small unorganized players.  ICRA also takes
note of vulnerability of profitability to the cyclicality in the
real estate industry, fluctuations in imported timber prices and
currency related fluctuations in the absence of a formal hedging
policy. The ratings also factor in the risk caused due to high
concentration of raw material originating primarily in Burma and
Malaysia, resulting in vulnerability to political instability and
domestic deforestation policy arising in these countries.

The ratings, however, favorably factor in the long track record of
promoters in the timber business through its group concern,
locational advantage arising due to close proximity to Kandla port
resulting in easy access to imported timber.

Incorporated as a private limited company in 2006 and is currently
headed by Mr.Sanchit Jethwa , Mrs Deepali Jethwa , Mrs. Vandana
Jethwa, Mrs. Komal Jethwa and Mr. Bhumik Jethwa. The prmoters have
a long experience in timber related industry. VTPL is engaged in
timber trading business where it imports teakwood/hardwood from
African countries and sells it to saw mills in India. The
company's works is located in Gandhidham of Kutch District
(Gujarat), near to the Kandla port. The company is already engaged
in timber trading through other group entity Shyam Timber Private
Limited rated [ICRA]B+/[ICRA]A4.


VIBHAAS POLYMERS: ICRA Reaffirms B+ Rating on INR11.04cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to the
INR11.04 crore fund based facilities of Vibhaas Polymers Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based            11.04       [ICRA]B+ reaffirmed
   facilities

The ratings reaffirmation factors in the limited track record and
the low scale of operations of VPPL in the fragmented and highly
competitive domestic poly woven sacks industry and the weak
financial risk profile of the company as reflected in the net
losses, weak capital structure and modest debt coverage indicators
on account of the debt funded project capex and working capital
intensive nature of the business. ICRA notes that the company's
profitability is exposed to volatility in polymer prices although
the same is mitigated to an extent as the price escalation is
partially passed on to the clients. However, the rating draws
comfort from the promoters having experience of over two decades
in diverse industries. The ratings further favourably factor in
the proximity to clients with several rice mills and sugar
factories located in the region along with the sales ramp up and
high plant capacity utilization since November'13.

Vibhaas Polymers Private Limited was incorporated in 2011 with the
objective of manufacturing High Density polyethylene (HDPE) and
Polypropylene (PP) bags which are used in packing of food grains,
sugar, chemicals, fertilizers and animal feed. The plant with an
installation capacity of 2,700 MTPA is located in Kovvur, Andhra
Pradesh. The Company is being promoted by Mr. P.Ravi and his
family members. The promoters have over two decades of business
exposure in various industries including sugar, chemicals, sea
food and agriculture.



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


BERAU COAL: Separation Delay No Impact on Moody's B1 Rating
-----------------------------------------------------------
Moody's Investors Service says that the further delay in the Asia
Resource Minerals Plc (ARM, unrated)-Bakrie Group (unrated)
separation is credit negative for Berau Coal Energy (P.T) (BCE, B1
negative), but has no immediate impact on its ratings.

The latest completion date for the ARM-Bakrie Group separation has
now been scheduled for 21 March at the original terms of the
transaction as approved by ARM's shareholders in December 2013.
This is the third deadline given to the Bakrie Group who finally
appears to have secured the $501 million needed to finance its
purchase of ARM's stake in Bumi Resources (Ca stable). As part of
this transaction, the Bakrie Group will also be selling its
ownership in ARM to Samin Tan's RACL and Borneo Group.

BCE, a subsidiary of ARM (formerly Bumi Plc), faces a material
maturity in July 2015 when its $450 million 12.5% senior secured
notes come due.

"We believe shareholder uncertainty at the ARM level will
complicate any refinancing plans for BCE. Accordingly, if the
shareholder overhang is not resolved and/or the notes are not
refinanced by the end of the second quarter, the likelihood of a
ratings downgrade driven by growing refinancing risk will
increase, particularly given the mounting operational pressure
from the prolonged weakness in thermal coal prices," says Brian
Grieser, a Moody's Vice President and Senior Analyst.

"While refinancing risk will rise in coming months, we derive
comfort from BCE's high cash balances which will tide the company
over should it require a longer time to secure the refinancing or
decide to reduce the size of the notes offering from the existing
$450 million outstanding," adds Grieser, who is also lead analyst
for BCE.

As at 30 September 2013, BCE had cash and cash equivalents of $392
million on its balance sheet. Moody's note the call premium on
these notes dropping to 103.125% in July 2014.

Terms of the original separation deal were for ARM to sell the
company's 29.2% stake in Bumi Resources to the Bakrie Group for
$501 million, of which $50 million has already been placed in
escrow and would be turned over to BCE if the separation is not
completed. In turn, the Bakrie Group will sell its 23.8% stake in
ARM to affiliated companies of ARM chairman Samin Tan for $223
million.

BCE is an investment holding company listed on the Indonesian
Stock Exchange. It has a 90% interest in PT Berau Coal (unrated),
Indonesia's fifth-largest producer and exporter of thermal coal.
Berau operates three active mines -- Lati, Sambarata and Binungan
-- at a single site in East Kalimantan. It has estimated resources
of about 2.2 billion tons, with probable and proven reserves
estimated at 509 million tons (mt).


CHANDRA ASRI: Moody's Changes Outlook to Stable & Affirms B2 CFR
----------------------------------------------------------------
Moody's Investors Service has changed the outlook of Chandra Asri
Petrochemical Tbk (CAP) to stable from negative. Concurrently,
Moody's affirmed CAP's B2 corporate family rating (CFR).

The change in rating outlook to stable reflects our expectations
of an improved operating environment in 2014 relative to the
cyclical trough which meaningfully depressed CAP's margins and
cash flows in 2012. CAP's operating performance, which improved
substantially in 2013, is expected to generate mid to high single
digit EBITDA margins in 2014 bolstered by earnings from its new
butadiene plant, which became operational in Q4 2013.

Ratings Rationale

"We have stabilized CAP's outlook as improving operating
performance alleviates ratings pressure driven by cyclical decline
and tight liquidity," says Brian Grieser, a Moody's Vice President
Senior Analyst and lead analyst for CAP.

However, aggressive capital spending plans for 2014-2015, which
have been pre-funded with bank debt and equity, will temper
ratings momentum as they introduce significant execution and
financial risk. Moreover, CAP's performance in 2015 is expected to
soften mildly due to the tie-in works required to integrate its
ongoing naptha cracker expansion and scheduled turn around
maintenance.

During 2013, CAP announced two major projects that will help the
company to expand production capabilities downstream in the
petrochemical value-chain. The first project is a roughly 43%
production capacity expansion of its naptha cracker and the second
is a joint venture with Compagnie Financiere Michelin (Michelin,
Baa1 stable) to build a synthetic rubber plant, both of which are
located in Indonesia. CAP's financing requirements for these
projects will largely be funded with proceeds from a $128 million
rights offering and a 7-year $265 million term loan both of which
have been completed in the fourth quarter of 2013.

CAP's B2 rating reflects its leading position in the Indonesian
petrochemicals market, a position based on its vertically
integrated operations. However, the rating is constrained by its
modest leverage, small global presence, and asset concentration.
The rating also takes into consideration the cyclical nature of
the petrochemical industry, which is a cause of significant
volatility in its earnings and cash flow.

Moody's expects liquidity to remain adequate throughout the
construction phase given expectations that GDP growth in Indonesia
will support demand for domestic petrochemical products and EBITDA
margins will remain at or above mid-single digit levels. Further,
Moody's expects CAP's banks to remain supportive through the
construction phase given their upfront commitment on these long
term projects and the banks existing relationship with SCG
Chemicals Co., a 30% strategic shareholder in CAP and one of the
largest petrochemical producers in South East Asia.

An upgrade of the CFR is unlikely prior to completion of CAP's
expansion projects which is expected to occur in 2016. The
company's rating could be upgraded if the company sustainably
improves its profit margins and operating cash flows generation
through the cycle and maintains its debt/EBITDA at around 3.0x.
The company's rating could be downgraded, if (1) credit metrics
deteriorate such that leverage is likely to be maintained at 5.0x
over an extended period; or (2) liquidity deteriorates;
particularly if headroom under its bank loan covenants weakens
such that compliance will be a challenge; or (3) the company
executes incremental debt funded expansions or acquisitions prior
to completion of current projects.

CAP is an integrated petrochemical company which operates the only
naphtha cracker in Indonesia. The complex has a production
capacity of 600,000 tpa for ethylene, 320,000 tpa for propylene,
280,000 tpa for py-gas, 220,000 tpa for mixed C4, two polyethylene
plants with a combined production capacity of 336,000 tpa, 480,000
tpa for polypropylene, and 100,000 tpa for Butadiene, which
commenced operations in Q4 2013. CAP is listed on the Jakarta
Stock Exchange. PT Barito Pacific Tbk has a stake of 64.9% as of
September 2013. The Siam Cement Group, through its subsidiary, SCG
Chemicals Co., Ltd. (the largest producer of chemicals in
Thailand), acquired a 30% stake in CAP September 2011. The
remaining shares are held by public investors.

The principal methodology used in this rating was the Global
Chemical Industry Rating Methodology published in December 2013.



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


SOUTHERN CROSS: Placed In Receivership
--------------------------------------
Hamish Rutherford at Fairfax NZ News reports that Southern Cross
Forest Products has been placed in receivership.

Brendan Gibson -- bgibson@kordamentha.com -- and Michael Stiassny
-- mstiassny@kordamentha.com -- of KordaMentha, were appointed as
receivers of Dunedin-headquartered Southern Cross Forest Products
on March 3, 2014.

The company has four sites in Mosgiel, Milton, Balclutha and
Milburn around Dunedin and another site in Thames.  In 2012, the
last figures available, the company generated revenue of just
under NZ$95 million.

Fairfax NZ News says receivers met with staff at Southern Cross
sites, assuring them they would be paid while a buyer is sought
for the business.

Southern Cross Forest Products is a Dunedin-based sawmill company.
It employed about 400 staff and has about NZ$100 million in annual
sales.


SWANMONK LIMITED: Sells Petrol Station Owing Half a Million
-----------------------------------------------------------
Chloe Winter at The Marlborough Express reports that the former
owners of Challenge Picton are in debt for almost half a million
dollars.

The first liquidator's report released said that Andrew and
Jacqueline Swanson's company, Swanmonk Limited, owed NZ$485,891 to
30 creditors, according to The Marlborough Express.

Their company was put into liquidation on February 1 and the
business was sold Feb. 13.

The report notes that liquidator Geoff Falloon --
geoff@bizrescue.co.nz -- of BizRescue in Nelson, said he estimated
the service station would reopen under new management Feb. 17.

Swanmonk's liquidated assets are estimated to be worth NZ$256,074,
Mr. Falloon report showed, The Marlborough Express relays.

This money would cover the debt to their secured creditors and
some of their debt to Inland Revenue, but not the unsecured
creditors, Mr. Falloon said, the report discloses.  The company
owed MZ$101,033 to seven secured creditors, including Farmlands,
Rockgas and Marac/Heartland Bank, among others, the report relays.

The company owed NZ$10,550.68 to 21 unsecured creditors.

TyreMax was owed the single largest sum of NZ$1537.32.

Picton Tool and Tyres, Yum Yum Distributors and Marlborough
District Council were among the unsecured creditors, the report
says.

Mr. Falloon's report said the liquidation process should be
completed within five months, The Marlborough Express notes.

Andrew and Jacqueline Swanson were no longer involved with
Challenge Picton and had moved their mechanical workshop to Dublin
St, the report adds.



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


GOLDEN AGRI: Debt Rise No Immediate Impact on Moody's Ba2 Rating
----------------------------------------------------------------
Golden Agri-Resources Ltd. (GAR, Ba2 stable) released its results
for 2013 on Friday. While reported EBITDA of $662 million was
15.7% lower than the $785 million achieved in 2012, and gross debt
increased over the year from $1.85 billion to reach in $2.58
billion in December 2013, there is no immediate impact on the
rating.

The average CPO market price for the year was 17% lower than in
2012 at $797/tonne (t), fresh fruit bunch (FFB) production was
6.7% lower, but revenue nevertheless increased by 8.8% assisted by
the expanded downstream operations and a 6% increase in revenues
from the China operations. There were year on year improvements in
revenue in Q2 and Q4 2014 of over 25%, even as FFB production was
down year on year by 10.8% and 6.6%, respectively, in those
quarters. Profits were similarly volatile; in H1 2013, the average
CPO price was broadly flat at $795/t with reported EBITDA of $211
million in Q1 but only $140 million achieved in Q2. In Q3 the CPO
price fell to $769/t taking reported EBITDA down to $111 million
before a recovery in the CPO price to $831/t in Q4 which, coupled
with an increase of 14.7% in FFB output over Q3 2013, lifted Q4
EBITDA to $200 million.

"2013 was GAR's first full year of implementing its revised
strategy as it added to its downstream refining and marketing, and
trading operations, and this resulted, as expected, in lower
EBITDA margins," says Alan Greene, a Moody's Vice President --
Senior Credit Officer.

"During the year, GAR added 300,000 tonne per annum of refining
capacity in Indonesia and further kernel crushing capacity such
that plantation output and refining capacity are now broadly
balanced at 2.3 million tonne per annum. However, the contribution
from the additional downstream capacity could not offset the
decline in CPO prices and output," adds Greene, who is Lead
Analyst for GAR.

After planting 5,600 hectares in H1 2013, and 8,100 ha in H2 2013,
GAR's planted area has increased by a net 1.66% since December
2012 and stands at 471,100ha. For the moment Golden Agri's
plantation maturity profile is holding at around an average age of
13 years but the age distribution is changing. The portion of
trees younger than 7 years has declined from 34% at the end of
FY2011 to 26% at the end of 2013, while the portion older than 18
years has increased from 22% at the end of FY2011 to 27% at the
end of 2013. Meanwhile the acquisition of 16,000ha of plantation
from a company in Indonesia, has yet to be completed.

This relatively weak set of quarterly results brings GAR closer to
the triggers that might indicate a downgrade but there is no
immediate pressure on the rating. CPO prices have picked up
sharply in 2014 (+8.8% year to date in Ringgit) and the
performance of GAR's Chinese edible oil and snack food operation,
where competition and price controls have limited profits,
nevertheless showed a sharp improvement in Q4 2013, albeit a small
part of the overall GAR business.

GAR continues to invest heavily in downstream activities such as
logistics and refining as well as increasing its plantation
holdings, with capex of $550 million projected for 2014. This
follows capex of $519 million in 2013, the bulk of which went on
Indonesian downstream and related facilities. Profit after tax was
24% lower at $316 million and despite a rise in the payout ratio
to 35%, the proposed final dividend is reduced by 12.7% in cash
terms.

In addition to expanding its plantation area in Indonesia, GAR is
also expanding overseas. The largest increase in plantation area
is likely to be in Liberia where GAR is invested through The
Verdant Fund LP. This vehicle holds a licence to develop up to
220,000 ha; the process taking some twenty years to complete. GAR
carries this investment as a long-term investment on its balance
sheet and after a net investment of $171 million in 2013, the
balance stands at $675 million.

The investment and weaker cash generation has impacted debt levels
and GAR tapped its sukuk program twice in 2013. At the same time,
it is drawing heavily on short-term, predominantly secured,
borrowings. Short-term debt at the year end was $1,060 million up
from $602 million as of June 2103 and $434 million at the end of
2012, while cash and short-term investments declined from $685
million at the end of 2012 to $587 million as of December 2013.

"Moody's expects palm oil prices to remain well-supported given
weak production in recent months and the seasonal weakness in H1
and this should underpin GAR's revenues, but much will depend on
the demand-supply balance in Q3 which sees seasonally strong
production - assuming normal weather patterns", adds Greene.

"However, Moody's will closely monitor balance sheet developments
and watch for rising leverage and weakening liquidity trends as
both investment in fixed assets and working capital increase to
support the build-out of the value chain," continues Greene.


================
S R I  L A N K A
================


SRI LANKA TELECOM: Fitch Affirms 'BB-' IDRs; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka Telecom PLC's (SLT) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at
'BB-'.  The agency also affirmed SLT's National Long-Term Rating
at 'AAA(lka)'.  The Outlook is Stable.

                        KEY RATING DRIVERS

Acquisition Risk: SLT's potential debt-funded acquisition of
Hutchison Telecommunications Lanka (Pvt) Ltd. (Hutchison Lanka)
could increase its leverage over 1.5x (2013: 1.0x) and would lead
to a downgrade of its National Long-Term Rating to 'AA+(lka)'.
The acquisition would be negative for SLT's credit profile as it
would double its net debt and dilute operating EBITDAR margin
because Hutchison Lanka has EBITDA losses.  However, SLT will gain
800,000 subscribers and key spectrum assets in 900MHz/1800MHz, and
will save on capex in 2014/15 following the acquisition.

Strong Balance Sheet: SLT's IDRs at 'BB-' have relatively high
rating headroom given its 2013 funds flow from operations (FFO)-
adjusted net leverage of just 1.0x, its market-leading position in
fixed-line and position as the second-largest mobile service
provider.  SLT's IDRs are unlikely to be downgraded in the medium
term despite Fitch's expectations of negative free cash flow (FCF)
of LKR2bn-LKR3bn for the next three years and the potential
Hutchison Lanka acquisition.

Profitability to Decline: Fitch expects SLT's 2014 revenue to rise
by 5%, driven by mobile data and fixed-broadband services, which
will more than offset declines in fixed-voice and international
revenue.  Fitch forecasts operating EBITDAR margin to fall by
50bps-100bps each year during 2014-17 (2013: 31.5%) due to changes
in the revenue mix as low-margin data services replace relatively
higher-margin voice and text revenue.  However, profitability will
be supported by an imminent industry consolidation and a
regulatory tariff floor on voice services.

Negative FCF to Continue: FCF will be negative during 2014-17 as
SLT's ratio of capex to revenue will remain high at around 28%-30%
as it will invest LKR18bn-LKR20bn each year to expand its fibre
broadband and 3G/4G mobile infrastructure.  Dividends would likely
remain similar to the 2012 level at LKR1.5bn.

Industry to Consolidate: The number of industry participants will
likely reduce to three from five as it is likely that SLT will
acquire Hutchison Lanka and third-largest operator Etisalat could
acquire Bharti Airtel Limited's (BBB-/Stable) unprofitable Sri
Lanka subsidiary, Airtel Lanka, which is the fourth-largest
operator.  The regulatory tariff floor on voice services has
prevented smaller operators from competing on price and has left
them unviable in the medium term.

                       RATING SENSITIVITIES

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

   -- A debt-funded acquisition of Hutchison Lanka is likely to
      lead to a downgrade of SLT's National Long-Term Rating by
      one notch.

   -- A downgrade in the rating on the Sri Lanka sovereign
      (BB-/Stable) will result in a corresponding action on SLT's
      IDRs as the government directly and indirectly holds a
      majority stake in SLT.

   -- FFO-adjusted net leverage increasing to above 2.5x on a
      sustained basis would lead to a downgrade of SLT's Foreign-
      Currency IDR.  Fitch currently expects FFO- adjusted
      leverage to remain below 2.0x even after the Hutchison
      Lanka acquisition in the medium term.

Positive: Future developments that may individually or
collectively lead to a positive rating action include:

   -- An upgrade in the rating on the Sri Lanka sovereign is
      likely to lead to a corresponding upgrade in SLT's IDRs.

   -- As the ratings are currently constrained by government
      ownership, the weakening of links with the sovereign could
      result in SLT's Local-Currency IDR being upgraded above Sri
      Lanka's Local-Currency IDR. However, SLT's Foreign-Currency
      IDR will remain constrained by the Country Ceiling of
      'BB-'.

   -- If the debt-funded acquisition of Hutchison Lanka goes
      ahead, it is likely that Fitch will no longer consider SLT
      to be constrained by the sovereign.  In this case, these
      positive rating triggers will no longer apply.


                             *********

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.


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

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

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

This material is copyrighted and any commercial use, resale or
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.



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