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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, March 10, 2014, Vol. 17, No. 48


                            Headlines


A U S T R A L I A

ANTHONY SMITH: Macks Advisory Appointed as Administrators
B.C.I. FINANCES: BRI Ferrier Appointed as Administrators
CAMPUS CHOICE: Placed Into Liquidation
CUPCAKE BAKERY: Hall Chadwick Appointed as Administrators
GIPPSLAND SECURED: Deutsche Bank Wins Auction for GSI Loan Book


C H I N A

CENTRAL CHINA REAL: JCE Guarantees Trigger Change in Ba3 Rating
SHANGHAI CHAORI: In Default on Bond Interest Payments


I N D I A

AIROTEK SUSPENSION: CRISIL Puts 'D' Ratings on INR187.5MM Loans
BHARTI AIRTEL: S&P Raises CCR From 'BB+'; Outlook Stable
BIRESHWAR COLD: CRISIL Reaffirms 'D' Rating on INR88.5MM Loans
DATHRIE GRANITES: CRISIL Reaffirms 'B-' Rating on INR320MM Loans
DIVAY ANGELS: ICRA Rates INR15cr Term Loan at 'B-'

GLAZETECH INDUSTRIES: CARE Reaffirms B+ Rating on INR3.75cr Loan
GLOBAL PHARMA: CRISIL Reaffirms 'D' Rating on INR50MM Loans
GOODLUCK CARBON: ICRA Reaffirms 'B+' Rating on INR45cr Loans
GOYAL KNITWEARS: CRISIL Upgrades Rating on INR203.5MM Loans to B-
GRANITE MART: CRISIL Reaffirms 'B' Rating on INR23.2MM Loans

HARI OM: CARE Reaffirms 'B' Rating on INR11cr Bank Loan
IDBI BANK: Moody's Affirms 'D-' Financial Strength Rating
INCA HAMMOCK: ICRA Revises Rating on INR9.59cr Loans to 'B+'
ISKCON METALS: CRISIL Assigns 'B' Rating to INR136.7MM Loans
J.D. INDUSTRIES: CRISIL Cuts Rating on INR211.2MM Loans to 'D'

J. N. TRADERS: CRISIL Upgrades Rating on INR90MM Loans to 'B'
K. K. FIBERS: CRISIL Reaffirms 'B+' Rating on INR113.1MM Loans
KAILASH INFRATECH: ICRA Reaffirms 'B+' Rating on INR5cr Loan
KAMALA BOARD: ICRA Reaffirms 'B+' Rating on INR8cr Loans
KINGFISHER AIRLINES: Asked to Pay Passengers for Delayed Flights

KK FINECOT: CRISIL Reaffirms 'B+' Rating on INR71.5MM Loans
KOLAR PAPER: ICRA Assigns 'D' Rating to INR74.50cr Loans
KONGUNADU EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR120M Loan
LB COTTON: ICRA Assigns 'B' Rating to INR10cr Loans
LOK ENTERPRISES: ICRA Revises Rating on INR1cr Loan to 'B'

MAHAVIR FOODS: CARE Assigns 'B-' Rating to INR7cr Bank Loan
MANMEET ISPAT: ICRA Reaffirms 'B' Rating on INR5.5cr Cash Credit
MARVEL SIGMA: ICRA Withdraws 'D' Rating on INR26.5cr Loans
MOTHER THERESSA: CRISIL Upgrades Rating on INR485.2MM Loan to B-
NAXPAR PHARMA: ICRA Suspends 'D' Rating on INR15.77cr Bank Lines

PARASRAM MANNULAL: CARE Reaffirms 'B' Rating on INR5.12cr Loan
PARNAX LAB: ICRA Suspends 'D' Rating on INR10.29cr Loan
PERFECT INT'L: CRISIL Reaffirms 'B+' Rating on INR117.3MM Loans
RAJENDRA ISPAT: CRISIL Reaffirms 'B+' Rating on INR160MM Loans
RELIABLE EXPORTS: ICRA Reaffirms B+ Rating on INR425.25cr Loans

RIDDHI SIDDHI: CARE Assigns 'B+' Rating to INR24cr Bank Loan
ROMESH POWER: CRISIL Assigns 'B+' Rating to INR80MM Loans
SAHANA JEWELLERY: CRISIL Reaffirms 'B+' Rating on INR1.7MM Loan
SAHIB SYNTHETICS: ICRA Upgrades Rating on INR9.7cr LT Loan to B
SALSAN STEELS: CARE Assigns 'B+' Rating to INR18.29cr Loan

SHALINA LABORATORIES: CRISIL Reaffirms B Rating on INR600MM Loan
SINGH CONSTRUCTION: CRISIL Assigns 'C' Rating to INR40MM Loan
SUKH SAGAR: CARE Reaffirms 'B+' Rating on INR7.5cr Bank Loan
SURAJ PRECISION: CRISIL Reaffirms 'D' Rating on INR131.6MM Loans
SOMNATH GINNING: CRISIL Reaffirms 'B' Rating on INR135MM Loan

THAPAR KNITWEAR: CRISIL Reaffirms 'B' Rating on INR255MM Loans
V.N.M.S. AYYACHAMY: CRISIL Reaffirms 'B' Rating on INR90MM Loan
VINAYAK GINNING: ICRA Suspends 'B' Rating on INR8cr Loans
WALSON RETAILS: CRISIL Assigns 'D' Rating to INR337.5MM Loans


M Y A N M A R

* MYANMAR: Salt Industry to Collapse, Experts Warn


N E W  Z E A L A N D

MAINZEAL PROPERTY: Director's Bid to Stall Liquidation Fails


P A K I S T A N

PAKISTAN: Moody's Outlook on Caa1 Rating Remains Negative


S I N G A P O R E

GENPACT LTD: $300MM Share Buyback in Line With Moody's Ba1 Rating
PACNET LTD: 4Q 2013 & Full Year Results Support Moody's B2 CFR


T H A I L A N D

TRUE CORPORATION: Moody's Lowers CFR to Caa1; Outlook Negative


                            - - - - -


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


ANTHONY SMITH: Macks Advisory Appointed as Administrators
---------------------------------------------------------
Peter Macks -- pmacks@macksadvisory.com.au -- and Ian Burford --
iburford@macksadvisory.com.au -- at Macks Advisory were appointed
as administrators of Anthony Smith Australasia Pty Ltd on March 6,
2014.

A first meeting of the creditors of the Company will be held at
the offices of Macks Advisory, Level 11, 99 Gawler Place, in
Adelaide, on March 18,2014, at 11:00 a.m.


B.C.I. FINANCES: BRI Ferrier Appointed as Administrators
--------------------------------------------------------
Antony Resnick -- antony.resnick@briferriernsw.com.au -- &
Brian Raymond Silvia -- BrianRaymond.Silvia@briferriernsw.com.au -
- at BRI Ferrier were appointed as administrators of B.C.I.
Finances Pty Ltd on March 5, 2014.

A first meeting of the creditors of the Company will be held at
the offices of BRI Ferrier, Level 30, Australia Square, 264 George
Street, Sydney on March 17, 2014, at 11:00 a.m.


CAMPUS CHOICE: Placed Into Liquidation
--------------------------------------
Cliff Sanderson at dissolve.com.au reports that school uniform
supplier Campus Choice has been placed into liquidation in
January.  Four of the five stores of the company have been shut
down, the report relates.

Pitcher Partners' Andew Yeo, the appointed liquidator to Campus
Choice, said that he is trying to negotiate the sale of the stock
of Campus Choice, dissolve.com.au reports.


CUPCAKE BAKERY: Hall Chadwick Appointed as Administrators
---------------------------------------------------------
Brent Kijurina -- bkijurina@hallchadwick.com.au -- and
Richard Albarran -- ralbarran@hallchadwick.com.au -- at
Hall Chadwick were appointed as administrators of The Cupcake
Bakery Pty Limited on March 5, 2014.

A first meeting of the creditors of the Company will be held at
the offices of Hall Chadwick, Level 40, 2 Park Street in Sydney,
on March 17, 2014, at 10:30 a.m.


GIPPSLAND SECURED: Deutsche Bank Wins Auction for GSI Loan Book
---------------------------------------------------------------
Daniel Stacey, writing for Daily Bankruptcy Review, reported that
Deutsche Bank AG has won an auction for the AUD143 million (US$128
million) loan portfolio of collapsed lender Gippsland Secured
Investments, or GSI, two people familiar with the situation said.

According to the report, Deutsche Bank AG and Nomura Holdings Inc.
had been bidding against each other for the book of property
loans, with final bids taken Feb. 28, the people said.

The portfolio comprises hundreds of loans -- averaging AUD400,000
to AUD500,000 -- to real-estate and property developments, one of
the people said, the report related.  The sale was run by GSI's
receiver Ernst & Young and law firm Ashurst.

GSI, which lent millions to fund property developments in the
Gippsland region of Victoria state, called in insolvency
specialists last September, the report related.  A recent report
to creditors by Ernst & Young estimated the sale of the loan book
would provide the company's 3,500 shareholders with AUD0.80 to
AUD0.90 for each dollar invested.

GSI's liquidation follows the collapse of a similar business,
Banksia Securities, whose AUD650 million loan book was bought by
Deutsche Bank at a discount last year, the report further related.



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


CENTRAL CHINA REAL: JCE Guarantees Trigger Change in Ba3 Rating
---------------------------------------------------------------
Moody's Investors Service says that Central China Real Estate
Limited's (CCRE, Ba3 stable) guarantees on the trust loans of its
two jointly-controlled entities (JCEs) have increased its
financial risk and triggered a change in Moody's rating approach.

In January and February 2014, CCRE provided guarantees to RMB1.9
billion in loans taken out by two of its JCEs: (1) Zhengzhou
Central China Tianming Property Company Limited (CCRE Tianming,
unrated) and; (2) Central China Tihome (Henan) Real Estate Company
Limited (CCRE Tihome, unrated).

The loans taken out by the two JCEs will be used to develop a
residential project (Tianzhu Project) and an integrated commercial
and residential project (TJIC Project) in Zhengzhou.

"CCRE's guarantees on the trust loans indicate that it will
continue to provide full financial support to property projects of
its JCEs," says Jiming Zou, a Moody's Assistant Vice President and
Analyst.

"As a result, Moody's will assess CCRE's ratings on the basis of
consolidating all JCEs of CCRE," adds Zou.

The operating profiles and sales contributions of the JCEs justify
Moody's consolidation approach. The JCEs are also under CCRE's
management and their products are sold under the branding of CCRE.
Moreover, the partners of the JCEs are pure financial investors.

Moody's estimates that the JCEs generated about a third of CCRE's
reported contracted sales of RMB14 billion in 2013, and expects
ongoing material contracted sales contributions to the company in
the next 2--3 years.

"The new loans enhance CCRE's liquidity position, but guaranteeing
the loan obligations of its JCEs increases its financial risk,"
says Jiming Zou, who is also Moody's Lead Analyst for CCRE.

Given the increased financial risk, Moody's will monitor CCRE's
debt leverage, measured by revenue to debt and EBITDA/interest
coverage. If the consolidated revenue to debt falls below 75% or
the EBITDA/interest below 2.5x, CCRE's rating could come under
pressure.

"The guaranteed JCE loans have also increased CCRE's priority
debt, which could increase subordination risk to the rated bonds,"
adds Zou.

Prior to guaranteeing the loans of its JCEs, CCRE's priority debt
to total debt was 11.3% as of 30 June 2013. If this ratio
increases beyond 15%, the rating of the current bonds could be
notched down.

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

Founded in 1992, Central China Real Estate Limited is a leading
property developer in Henan Province, China. As of 30 June 2013,
it had an attributable land bank of 17.1 million square meters and
3.1 million square meters of gross floor area under development.

The company listed on the Hong Kong Stock Exchange in June 2008.
The chairman, Mr Wu Po Sum, has a 47% stake in the company.
CapitaLand, a strategic investor since 2006, has a 27% stake.


SHANGHAI CHAORI: In Default on Bond Interest Payments
-----------------------------------------------------
Lingling Wei, writing for The Wall Street Journal, reported that a
Chinese solar-equipment maker failed to meet interest payments on
a bond, according to a company official there, becoming China's
first domestic corporate bond default.

According to the report, Liu Tielong, board secretary of Shanghai
Chaori Solar Energy Science & Technology Co., said on March 7 that
it was in default.  The heavily indebted company had warned on
March 4 that it wouldn't be able to meet interest payments
totaling CNY89.8 million (US$14.7 million), citing a credit
squeeze and its inability to raise enough funds to make the
interest payments.

The default, though small in size, marks the first time a Chinese
company has defaulted on a bond traded in the mainland, the report
said, citing Moody's Investors Service.

So far, the Chinese government and state-owned banks have largely
kept risky borrowers afloat by providing bailouts or debt
extensions, keeping borrowing costs low for companies with high
debt, the report related.

That has led many investors to flock to Chinese corporate bonds on
the belief they have an implicit guarantee, helping to fuel
growth, the report further related.  Total corporate bonds
outstanding rose more than tenfold to CNY8.7 trillion at the end
of January from the end of 2007, allowing even weak borrowers to
tap funds at relatively low rates.

Lingling Wei, Dinny McMahon and Wayne Ma, in a separate article
for the Journal, reported that the first default in China's
corporate-bond market is unlikely to be the last as the failure by
Shangahi Chaori to make a bond-interest signals Beijing's
willingness to let some weak companies fall.  This move, according
to analysts and investors, could inject some discipline into a
swelling debt market long viewed as implicitly supported by the
government, the Journal said.



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


AIROTEK SUSPENSION: CRISIL Puts 'D' Ratings on INR187.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Airotek Suspension Technologies Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             117.1     CRISIL D
   Cash Credit            20       CRISIL D
   Proposed Long Term
   Bank Loan Facility     50.4     CRISIL D

The ratings reflect instances of delay by Airotek in servicing its
debt; the delays resulted from the company's stretched liquidity
because of depressed cash accruals and large working capital
requirements during its start-up phase.

Airotek also has a below-average financial risk profile, primarily
constrained by large debt-funded capital expenditure. Moreover,
the company is exposed to risks related to its start-up
operations, and to cyclical demand in the auto-components
industry. Airotek, however, benefits from the extensive
entrepreneurial experience of its promoters; along with
technological assistance from established foreign players, leading
to confirmed orders from a few key two-wheeler original equipments
manufacturers (OEMs).

Airotek was incorporated in Pune (Maharashtra) in 2010. The
company designs and manufactures suspension systems primarily for
two-wheelers. In September 2010, Airotek entered into a technical
collaboration agreement with Italy-based Paioli Components SRL
(Paioli) and in 2011, acquired Paioli's assets to set up its
production facility in Pirangut, Pune (Maharashtra). Airotek is
currently managed by Mr. Nikhil Kulkarni, and his son, Mr. Rohan
Kulkarni.


BHARTI AIRTEL: S&P Raises CCR From 'BB+'; Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on India-based telecommunication
services provider Bharti Airtel Ltd. to 'BBB-' from 'BB+'.  The
outlook is stable.  At the same time, S&P raised the long-term
issue rating on the US$1.5 billion senior unsecured notes due 2023
and the EUR1 billion senior unsecured notes due 2018 that Bharti
guarantees to 'BBB-' from 'BB+'.

"We raised the rating to reflect our expectation that Bharti will
use its significant free operating cash flows and funds from
strategic measures to reduce its leverage to a level that is in
line with an intermediate financial risk profile," said Standard &
Poor's credit analyst Abhishek Dangra.  "We also believe that the
regulatory framework for telecommunication companies in India is
improving, and this will reduce the uncertainty and ambiguity that
Bharti faced in the past few years.  Further, we anticipate
competition to moderate as smaller and weaker players get
marginalized due to regulatory developments and cash flow
pressures."

S&P continues to assess Bharti's business risk profile as
"satisfactory."

S&P expects Bharti's financial performance to improve over the
next 12-24 months owing to the company's improving operating
performance, deleveraging measures, and controlled capital
spending.

Bharti acquired spectrum in the February 2014 auction for a price
that is significantly higher than S&P's earlier estimate and would
result in slower deleveraging than our earlier expectations.
However, S&P expects the company to generate free operating cash
flows of US$1.5 billion-US$2 billion annually.  Further, S&P
anticipates that the company will use funds from strategic
measures for deleveraging.

Bharti's declining debt also reduces the adverse impact of foreign
exchange fluctuations on the company's leverage.  About 80% of
Bharti's debt is in foreign currency and carries a floating rate.
The company's limited hedging and international operations do not
provide a full hedge for its debt, in S&P's opinion.

Bharti's business risk profile reflects the company's good market
position and better business diversity than peers.  Bharti's
leading market position in India underpins the rating.  However,
the company faces above-average regulatory risks in its key
markets, particularly India. Bharti's good market position in
Africa is also partly offset by weaker margins there.

S&P believes regulatory risks in India are still above-average
compared with global markets, despite a significant improvement
recently.  The February 2104 spectrum auction in India has
established a well-defined auction process, which could serve as a
model for future renewals.  Regulatory uncertainty still persists
with issues regarding charges for one-time spectrum fees and
restrictions on 3G roaming arrangements.

Bharti's EBITDA margins are comparable with global peers'.
Bharti's margins are lower than those of some Asian peers because
of the weak performance of the company's Africa business.  S&P
expects Bharti's EBITDA margins to improve over the next 12-24
months.  S&P do not add any contingent liability for a legal suit
filed by Econet Wireless Nigeria because the matter is sub judice
and courts have not determined the quantum of damages.

In S&P's view, Bharti has the financial ability to withstand
sovereign stress and still have enough liquidity to honor all its
obligations in a timely manner.

"The stable outlook reflects our expectation that Bharti will
maintain its competitive position over the next 12-24 months
supported by the improving regulatory framework and moderating
competition," said Mr. Dangra.  "We expect the company to continue
to reduce its leverage over the period, resulting in the ratio of
funds from operations (FFO) to debt staying above 30% on a
sustained basis."

S&P may raise the rating if: (1) regulatory uncertainty in India
further diminishes and Bharti improves its competitive position;
or (2) S&P expects the company to significantly improve its EBITDA
margins and deleverage, such that its ratio of FFO to debt is
above 40% on a sustained basis.

S&P may lower the rating if it expects Bharti's EBITDA margins to
fall to less than 30% because of competition or the company's
costs related to license renewal, spectrum, or acquisitions being
significantly higher than it expected.  The ratio of FFO to debt
declining significantly below 30% on a sustained basis could
trigger a downgrade.


BIRESHWAR COLD: CRISIL Reaffirms 'D' Rating on INR88.5MM Loans
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bireshwar Cold
Storage Pvt Ltd continues to reflect instances of delay by BCSPL
in payment of interest on its term loan and working capital term
loan facilities, and of principal on its season cash credit
facility; the delays were caused by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit             34     CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       6.2   CRISIL D (Reaffirmed)

   Term Loan               35     CRISIL D (Reaffirmed)

   Working Capital Loan     4.3   CRISIL D (Reaffirmed)

   Working Capital
   Term Loan                9     CRISIL D (Reaffirmed)

BCSPL also has a modest scale of operations, geographic
concentration in its revenue profile, and a weak financial risk
profile, marked by a small net worth, high gearing, and weak debt
protection metrics. Furthermore, the company is susceptible to
regulatory changes and to intense competition in the cold-storage
industry in West Bengal. BCSPL, however, benefits from its
promoter's extensive experience in the cold-storage business.

Update
BCSPL's operating income registered a 52 per cent year-on-year
growth to INR22.4 million in 2012-13 (refers to financial year,
April 1 to March 31) on account of higher rental income received
from farmers. The company had a high operating margin of 57.64 per
cent in 2012-13.

BCSPL's operations are working-capital-intensive as reflected in
its high gross current assets of 444 days as on March 31, 2013.
Its financial risk profile remained below average, marked by a
small net worth of INR4.1 million as on March 31, 2013, thereby
limiting its financial flexibility to meet any exigency. The
company's capital structure was also weak, with a high gearing of
14.8 times as on March 31, 2013, due to its working-capital-
intensive operations. The large working capital requirements and
debt repayment obligations constrain BCSPL's overall liquidity.

BCSPL, set up in 1974, provides cold-storage facilities to potato
farmers and traders. Its cold-storage facility is at Kotulpur in
Bankura district (West Bengal). The company is promoted by Mr.
Amalendu Jana. BCSPL derives its revenues primarily from the rent
it charges to farmers. It also provides part funding to the
farmers against the stocks stored in its warehouse.


DATHRIE GRANITES: CRISIL Reaffirms 'B-' Rating on INR320MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dathrie Granites Ltd
continues to reflect its weak financial risk profile, marked by
high gearing and weak debt protection metrics. The rating also
reflects DGL's limited track record of operations. These rating
weaknesses are partially offset by the extensive industry
experience of DGL's promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------           ---------   -------
   Cash Credit              20      CRISIL B-/Stable (Reaffirmed)
   Long Term Loan          150      CRISIL B-/Stable (Reaffirmed)
   Long Term Loan          150      CRISIL B-/Stable (Reaffirmed)
   Letter of Credit         20      CRISIL A4 (Assigned)
   Export Packing Credit    50      CRISIL A4 (Assigned)

Outlook: Stable

CRISIL believes that DGL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' in case DGL reports a significant
increase in its revenues and profitability, resulting in an
improved financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case DGL's profitability or revenue
declines, resulting in lower-than-expected cash accruals, or it
undertakes any larger-than-expected debt-funded capital
expenditure programme, deteriorating its financial risk profile.

Incorporated in 2011, DGL processes granites. Promoted by Mr.
Ramadugu Mahender Rao, Mr. M Ramadugu Manohar Rao and Mr.
Gorukanti Naveen Kumar. DGL has commenced its operations during
November 2013.


DIVAY ANGELS: ICRA Rates INR15cr Term Loan at 'B-'
--------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR15.00 crore term
loan of Divay Angels Realtor Private Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan            15         [ICRA]B- assigned

The assigned rating factors in the established track record of
DARPL's promoter's in the real estate sector in Noida/Ghaziabad
(Uttar Pradesh) region, low approval risk and satisfactory
progress on the execution of its only project 'Arc Angels'. The
rating is, however, constrained by the substantial market risk for
its un-booked area (85% of total saleable area), which is further
accentuated by significant real estate supply in the area and poor
sales velocity. The rating also factors in DARPL's exposure to
funding risk as significant portion (44%) of the project cost is
being funded through customer advances which have remained very
low so far. ICRA also notes that in case the company obtains
approval for increased FAR, it could increase the scope of the
project while resulting into additional funding requirement which
will have to be funded through fresh debt or promoters' support.
Going forward, the ability of the company to complete the project
within estimated timelines, sell incremental area and improve
collection efficiency will remain amongst key rating
sensitivities.

Divay Angels Realtor Private Limited was incorporated in Dec 2011
and is being promoted by Mr Chanderjeet Pathak, Mr Himashu Uppal
and Mr Sandeep Gupta who have been involved in the real estate
through their own ventures for last 7-8 years. With a view of
developing a larger project they decided to collaborate and
started this company. The company is developing its first and only
project Arc Angels with a saleable area of 1, 89, 400 sq ft in Raj
Nagar Extension, Ghaziabad (U.P.) at an estimated cost of INR54
crore which is expected to be funded by INR15 crore debt, INR15.25
crore promoters' contribution and rest from customer advances. As
on Nov 2013 end, DARPL has received bookings for 28357 sqft having
a sales value of INR  9.07 crore however the collected advances
remains at INR1.78 crore.


GLAZETECH INDUSTRIES: CARE Reaffirms B+ Rating on INR3.75cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Glazetech Industries Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        3.75       CARE B+ Reaffirmed
   Facilities

   Short-term Bank       4.60       CARE A4 Reaffirmed
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Glazetech
Industries Private Limited continue to remain constrained by the
small scale of operations, leveraged capital structure, weak debt
coverage indicators and elongated operating cycle leading to
stretched liquidity position.

Furthermore, the ratings continue to remain constrained on account
of the inherent industry risk marked by the presence of GIPL in a
highly fragmented and competitive industry, along with
susceptibility of profitability margins to volatile raw material
prices.

The ratings, however, continue to derive benefits from the wide
experience of the promoters. The ability of GIPL to increase the
scale of operations and profitability amidst slowdown in the real
estate sector and intensifying competition along with efficient
management of working capital cycle remain the key rating
sensitivities.

Incorporated in 2004, GIPL is promoted by Mr Brijesh Ghiya and it
is engaged into manufacturing of Aluminium Composite Panels (ACP)
and trading of aluminium coils which find application in
the real estate industry (interior and external designs used in
high rise buildings, shopping malls, etc), infrastructure industry
and automobile industry. GIPL generates its entire revenue from
the domestic market. GIPL earns around 90% of its total revenue
from sale of ACPs while the rest from trading of aluminium coils.
GIPL has an installed capacity of 36 lakh square feet per annum
for manufacturing of ACPs with manufacturing facility located at
Jaipur, Rajasthan.

During FY13 (refers to the period April 1 to March 31), GIPL
reported a TOI of INR11.43 crore and PAT of INR0.08 crore as
against a TOI of INR8.28 crore and PAT of INR0.04 crore during
FY12. During 10MFY14, GIPL has achieved a TOI of INR13 crore.


GLOBAL PHARMA: CRISIL Reaffirms 'D' Rating on INR50MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Global Pharma
Healthcare Pvt Ltd continue to reflect instances of delay by GPHPL
in servicing its debt; the delays have been caused by the
company's weak liquidity owing to large working capital
requirements, driven by stretched receivables.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit    31       CRISIL D (Reaffirmed)
   Letter of Credit          9       CRISIL D (Reaffirmed)
   Term Loan                10       CRISIL D (Reaffirmed)

GPHPL has a small scale of operations in the intensely competitive
pharmaceutical formulations industry, high geographical and
customer concentration in its revenue profile, and large working
capital requirements. However, the company benefits from its
promoters' extensive industry experience.

GPHPL was established by Dr. A R Venkatesh and his wife, Dr. Juma
Venkatesh, in 2003. The company manufactures and trades in
pharmaceutical formulations in the form of tablets, ointments,
creams, and syrups. It exports to Myanmar, Vietnam, Cambodia,
Madagascar, Nadi, Fiji, and other countries.

For 2012-13 (refers to financial year, April 1 to March 31), GPHPL
reported a net profit of INR3.6 million on net sales of INR132
million, as against a net profit of INR1.3 million on net sales of
INR114 million for 2011-12.


GOODLUCK CARBON: ICRA Reaffirms 'B+' Rating on INR45cr Loans
------------------------------------------------------------
ICRA has reaffirmed [ICRA] B+ rating assigned to the INR15.00
crore term loan and INR30.00 crore (enhanced from INR10.00 crore)
fund based limits of Goodluck Carbon Private Limited. ICRA has
also assigned a short term rating of [ICRA]A4 to the INR4.00 crore
non fund based limits of GCPL.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           15.00       [ICRA]B+ reaffirmed
   Fund based Limits   30.00       [ICRA]B+ reaffirmed
   Non Fund based
   Limits               4.00       [ICRA]A4 assigned

The long term rating reaffirmation continues to factor in the
experience of the promoters in carbon black trading/manufacturing
and stabilization of operations at recently modernized facility
which has also resulted into improvement in its profitability
levels. The ratings also draw comfort from the presence of captive
power generation plant, which uses waste gases from carbon black
manufacturing thus reducing the power costs; further this process
of carbon black production is in compliance with American Society
for Testing and Materials (ASTM) standards which has helped
company gain acceptability by its customers.

The rating, however, continues to remain constrained due to its
leveraged capital structure on account of long term debt raised
for the purpose of acquisition and modernisation completed in
FY13. Further, ICRA notes that GCPL has plans to modernise its
second facility in order to increase its capacity from 12,500 MTPA
to 18,000 MTPA and to set up a captive power plant of 6MW at a
combined cost of INR82 crore to be funded by INR58 crore debt and
INR24 crore promoters' contribution. This debt funded capex is
likely to impact the financial profile of the company resulting
into deterioration in capital structure and interest coverage
indicator. Moreover the substantial debt repayments will
necessitate continuous growth in company's revenues and profits.

The ratings are also inhibited on account of rising working
capital intensity in the operations of the company on account of
delays in realizing receivables. Further, limited credit period
extended by suppliers also increases the cash flow requirements
making company heavily reliant on external funding.
Going forward, the ability of the company to successfully
undertake planned capex within estimated time and cost, achieve
high capacity utilization at the modernised facilities while
improving its scale of operations and manage its working capital
efficiently will be the key rating sensitivities.

Goodluck Carbon Pvt. Ltd. is engaged in the manufacturing of
carbon black which is used as reinforcing agent in rubber and
other industries. The company was initially engaged in trading of
carbon black and diversified into carbon black production in
February 2011 after it took on lease the production plant (located
in Jitwal Kalan. Distt: Sangrur, Punjab) of Ralson India Limited
(RIL). This plant was subsequently acquired in Mar/April 2012. At
the time of acquisition, plant comprised 2 manufacturing units of
total 25,000 TPA capacity. During the H1 FY13, company
successfully modernized and expanded the production capacity of
one unit from 12,500 MT to 18,000 MT and is currently undertaking
production at this unit. The second 12,500 TPA unit continues to
be idle at present with modernization expected in the near term.

Financial Results

For H1-FY2014 (provisional), GCPL reported operating income of
INR58.56 crore, with profit after tax of INR1.03 crore as against
operating income of INR94.64 crore and profit after tax of INR0.97
crore reported for FY2013.


GOYAL KNITWEARS: CRISIL Upgrades Rating on INR203.5MM Loans to B-
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Goyal
Knitwears Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bill Purchase          5       CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Cash Credit          148.5     CRISIL B-/Stable (Upgraded
                                  From 'CRISIL D')

   Packing Credit        51.5     CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Proposed Long Term
   Bank Loan Facility    55       CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

The upgrade in ratings reflects improvement in GKPL's liquidity,
which is, in turn, reflected in the company's timely servicing of
debt in the last six months and absence of debt repayment
obligations over the medium term. CRISIL also believes that the
company will sustain its liquidity profile supported by unsecured
loans from promoters.

The ratings reflect GKPL's modest scale of operations and
vulnerability of its profitability to volatility in commodity
prices and foreign exchange rate. GKPL, however, benefits from its
promoters' extensive experience in the ready-made garment
manufacturing industry and its established relationships with
customers.

Outlook: Stable

CRISIL believes that GKPL's business risk profile will be
maintained over the medium term marked by its promoters'
established track record in the garments business and its
diversified end-user profile. The outlook may be revised to
'Positive' if the company's working capital cycle improves along
with sustained improvement in margins or scale of operations.
Conversely, the outlook may be revised to 'Negative' if GKPL
reports lower than expected cash accruals or it undertakes a
larger-than expected debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile or its
liquidity deteriorates due to further elongation of its working
capital cycle.

Set up in 1999 by Mr. Kamal Prakash Goyal and his brothers, GKPL
manufactures ready-made garments (hosiery) such as sweaters, T-
shirts, gloves, and caps at its facility in Ludhiana (Punjab). The
company sells these garments in both domestic as well as export
markets.

GKPL reported a profit after tax (PAT) of INR6 million on an
operating income of INR892 million for 2012-13; it reported a PAT
of INR18 million on an operating income of INR817 million for
2011-12.


GRANITE MART: CRISIL Reaffirms 'B' Rating on INR23.2MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Granite Mart Ltd
continue to reflect GML's large working capital requirements,
small scale of operations in the intensely competitive granite
industry, and susceptibility of its profitability margins to
volatility in raw material prices and foreign exchange rates.
These rating weaknesses are partially offset by the extensive
experience of GML's promoters in the granite industry and its
average financial risk profile, marked by its modest net worth,
moderate gearing, and average debt protection metrics.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------          ---------    -------
   Bill Discounting        90       CRISIL A4 (Reaffirmed)
   Cash Credit              5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit        35       CRISIL A4 (Reaffirmed)
   Packing Credit         137       CRISIL A4 (Reaffirmed)
   Term Loan               18.2     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GML will continue to benefit over the medium
term from 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 company's
working capital management, or if there is substantial increase in
its scale of operations while it maintains its profitability
margins. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in GML's profitability margins or
significant deterioration in its capital structure, most likely
because of larger-than-expected working capital requirements.

GML was promoted in 1999 by Mr. Kamal Kumar Agarwal, Mr. Ashok
Kumar Agarwal, and Mr. Mudit Agarwal. The company processes and
polishes rough granite blocks to manufacture granite slabs and
monuments. The company is based in Hyderabad (Andhra Pradesh).


HARI OM: CARE Reaffirms 'B' Rating on INR11cr Bank Loan
-------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Hari Om Foods.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         11        CARE B Reaffirmed
   Facilities

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

Rating Rationale

The rating continues to remain constrained by the small scale of
operations with low profitability margins of Hari Om Foods (HOF),
leveraged capital structure & weak coverage indicators and
working capital intensive nature of operations. The rating is
further constrained on account of its susceptibility to
fluctuations in raw material prices, its presence in a fragmented
industry and constitution of the entity as a partnership concern.

The rating continues to draw comfort from the experienced partners
and close proximity to raw material sources.

Going forward, the ability of the firm to increase its scale of
operation while managing its working capital requirements
efficiently and improvement in the capital structure shall be the
key rating sensitivities.

Haryana-based Hari Om Foods (HOF) was established in 2009 as a
partnership concern by Mr Amarjeet Singh and Mr Rakesh Kumar with
an equal profit and loss sharing ratio. HOF is engaged
in milling, processing and trading of rice. The processing
facility of the firm is located at Kaithal in Haryana with an
installed capacity for processing of paddy of 12,000 Tonnes Per
Annum (TPA) as on March 31, 2013. The firm is procuring the raw
material (paddy) from Haryana, Uttar Pradesh and Punjab and sells
rice mainly in the markets of Punjab, Haryana, Uttar Pradesh and
New Delhi.

For FY13 (refers to the period April 1 to March 31), the firm
achieved a total operating income of INR37.78 crore and PAT of
INR0.06 crore as compared with INR34.87 crore and INR0.06 crore
respectively for FY12. In 10 months of FY14, the firm achieved a
total operating income of INR30 crore.


IDBI BANK: Moody's Affirms 'D-' Financial Strength Rating
---------------------------------------------------------
Moody's Investors Service has affirmed the Baa3/Prime-3 global
local currency and foreign currency bank deposit ratings of IDBI
Bank Ltd. The outlook on the ratings is stable.

At the same time, Moody's has affirmed the bank's D- financial
strength rating, which maps to a baseline credit assessment (BCA)
of ba3.

However, Moody's has changed the outlook on IDBI's financial
strength rating to negative from stable.

Ratings Rationale

IDBI's standalone credit profile continues to face negative
pressures in the context of a slowdown in the Indian economy.
These pressures were reflected in Moody's decision to revise the
outlook to negative from stable for IDBI's D- financial strength
rating, which in turn is equivalent to a ba3 baseline credit
assessment.

The negative outlook reflects IDBI's susceptibility to further
asset quality deterioration, given the challenges that Moody's
expects will continue to confront corporate borrowers.

Reflecting these challenges, the bank experienced a relatively
sharp increase in its impaired loans (56% year-on-year), while
restructured loans increased by 19%. This was above the 36% and
10% reported by other Moody's-rated public sector banks in India,
and at end-December 2013 its impaired loan ratio of 13.6% was
above the 11.3% average for Moody's-rated public sector banks.

The increase in impaired loans has led to a depletion of its loss-
absorbing buffers in the fiscal year ending March 2014 (FY2014).
The bank's profitability remains low compared to its domestic
peers, a result of its weak deposit franchise. Given these
challenges, IDBI's capitalization levels are likely to decline
without external capital injections.

Moody's lowered its outlook for India's GDP growth to 4.5% from
5.5%. The recent depreciation of the rupee will exacerbate
inflationary pressures, keeping domestic interest rates relatively
high and hindering a recovery in domestic demand growth. Such
weaker conditions will negatively affect the asset quality,
profitability, and capital of Indian public sector banks,
including IDBI.

Nevertheless, Moody's expects the pace of asset quality
deterioration to moderate over the next few quarters compared to
the spike seen in the first two quarters of FY2014 (Q1FY14: net
new NPL formation rate of 3.2%, Q2FY14: 4.3%). Hence, Moody's
assesses that a downgrade in the bank's baseline credit assessment
is not warranted at this juncture.

At the same time, Moody's has affirmed IDBI's deposit rating of
Baa3, which benefits from three notches of uplift from its BCA of
ba3, owing to Moody's assumption of a very high probability of
systemic support, which mitigates its weak standalone credit
profile.

Such support is likely given the government's 76.5% stake in the
bank, its importance to the domestic banking system, its franchise
as a provider of term finance for projects, and the track record
of regular capital injections. Between 2007 and 2013, IDBI on four
occasions received capital injections from the Indian government.
Most recently, during the third quarter of FY2014, the Indian
government infused fresh equity of INR18 billion into the bank.

What could change the rating up:

An upgrade is unlikely given India's challenging economic outlook.
Nevertheless, the outlook on IDBI's financial strength rating
could return to stable if it substantially improves its
profitability and Tier 1 capital position on an internally
generated basis, or by successfully accessing the capital markets
rather than relying on government support. Significant improvement
in its asset quality, accompanied with a reduction in its loan
concentration risk, would also support a revision in our outlook
to stable.

What could change the rating down:

Weakening of Tier 1 capital to below 7%

A significant weakening of the bank's loss absorption buffer
witnessed in the combination of profits, loan loss reserves and
capital relative to impaired assets

Any negative rating actions in relation to the sovereign's
ratings or outlook could also affect the bank's deposit and senior
unsecured debt ratings and their associated outlooks.

Following this action, IDBI's ratings are as follows:

BFSR/BCA of D-/ba3 was affirmed, outlook revised to negative from
stable

Local currency bank deposit ratings of Baa3 / Stable / P-3
affirmed

Foreign currency bank deposit ratings of Baa3 / Stable / P-3 /
affirmed

Foreign currency senior unsecured debt rating of Baa3 affirmed /
Stable

Foreign currency senior unsecured MTN program rating of (P)Baa3
affirmed

Foreign currency subordinate MTN program rating of (P)Ba3
affirmed

Foreign currency junior subordinate MTN program rating of (P)B1
affirmed

Following this action, IDBI, DIFC branch's ratings are as follows:

Foreign currency senior unsecured debt rating of Baa3 affirmed/
Stable

Foreign currency senior unsecured MTN program rating of (P)Baa3
affirmed

Foreign currency subordinate MTN program rating of (P)Ba3
affirmed

Foreign currency junior subordinate MTN program rating of (P)B1
affirmed

The principal methodology used in these ratings was Global Banks
published in May 2013.

Headquartered in Mumbai, IDBI had total assets of INR2.92 trillion
($47.1 billion) at end-December 2013.


INCA HAMMOCK: ICRA Revises Rating on INR9.59cr Loans to 'B+'
------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]BB- to [ICRA]B+
for the INR0.74 (revised from 1.44) crore1 term loan facilities
and INR8.85 (revised from 1.15) crore proposed limits of INCA
Hammock Manufacturing & Export Private Limited. ICRA has
reaffirmed the short-term rating of [ICRA]A4 to the INR19.00
(revised from 25.00) crore fund based facilities and INR5.00
(revised from 6.00) crore non-fund based facilities of the
Company.

                      Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Term loan
   Facilities          0.74         Revised to [ICRA]B+ from
                                    [ICRA]BB-(Stable)

   Proposed limits     8.85         Revised to [ICRA]B+ from
                                    [ICRA]BB-(Stable)

   Fund based
   Facilities         19.00         [ICRA]A4 reaffirmed

   Non-fund based
   Facilities          5.00         [ICRA]A4 reaffirmed

The rating action factors the deterioration in the liquidity
profile of the company in the current fiscal owing to higher
working capital requirements resulting from high levels of
inventory and lower drawing power. The company's financial profile
remains constrained by weak capitalization and coverage
indicators, lower ROCE and thin net profit margins with higher
outflow of interest costs given the higher working capital
requirements. The ratings also factor in the company's limited
scale of operations, susceptibility of margins to fluctuations in
raw material (yarn) prices and exchange rates, and the fragmented
nature of industry characterized by low entry barriers resulting
in competitive pressures from unorganized players in India and
other low cost countries.

The ratings also consider the experience of promoters in the
hammock manufacturing business, the company's reputed clientele
comprising of international hammock and home furniture
manufacturers and retailers and its diverse product portfolio.
While Inca lost two of its key customers in the current fiscal,
the company has started its online sales in the domestic market
and is poised to launch the same in overseas market shortly. This
shall support the sales growth and margin expansion going forward;
however the success of the model remains to be seen.

Incorporated in 1990, INCA Hammock Manufacturing and Exports
Private Limited is a Chennai based manufacturer of hammocks and
garden furniture. The Company's product range includes rope
hammock, fabric hammock, swings, garden furniture, hammock stands
and accessories. The company, a 100% export oriented unit (EOU),
has its manufacturing facilities located in Chennai (Tamil Nadu)
with facilities for rope making, stitching and quilting, packing,
dispatch and storage.


ISKCON METALS: CRISIL Assigns 'B' Rating to INR136.7MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Iskcon Metals.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan             56.7      CRISIL B/Stable
   Bank Guarantee         4        CRISIL A4
   Cash Credit           80        CRISIL B/Stable

The ratings reflect IM's nascent stage and modest scale of
operations in the highly competitive steel intermediary industry,
its working-capital-intensive operations, and its average
financial risk profile, marked by high gearing and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of IM's promoters.

Outlook: Stable

CRISIL believes that IM will benefit over the medium term from its
promoters' extensive experience in the steel industry. The outlook
may be revised to 'Positive' if the firm stabilises its operations
earlier than expected, leading to healthy accruals and improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative', if IM's operating margin is lower than
expected or there is significant stretch in its working capital
cycle, resulting in significant deterioration in its financial
risk profile.

Incorporated in 2013, IM is promoted by Mehsana (Gujarat)-based
Mr. Amrutbhai Purshottamdas Patel and his family members. The firm
manufactures mild steel angles, channels, and beams. IM commenced
commercial operations in November 2013.


J.D. INDUSTRIES: CRISIL Cuts Rating on INR211.2MM Loans to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
J.D. Industries India Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit         159.3    CRISIL D (Downgraded from
                                'CRISIL BB-/Stable')
   Letter of credit &
   Bank Guarantee       20      CRISIL D (Downgraded from
                                'CRISIL A4+')
   Standby Line of
   Credit               20      CRISIL D (Downgraded from
                                'CRISIL BB-/Stable')

   Term Loan            11.9    CRISIL D (Downgraded from
                                'CRISIL BB-/Stable')

The rating downgrade reflects JDIIL's over-utilisation of its cash
credit facility for more than 30 days consecutively during January
and February 2014. Also, in February 2014, JDIIL witnessed
invocation of a bank guarantee provided by it to one of its
suppliers. Because of the prevailing difficult market conditions,
JDIIL's liquidity has weakened, resulting in prolonged over-
utilisation of its cash credit facility.

JDIIL also has a weak financial risk profile marked by small net
worth, and average scale of operations. However, the company
benefits from established relationship with customers and
principal supplier.

Set up in 1994 by Mr. Janardan Gupta, JDIIL manufactures polyvinyl
chloride (PVC) pipes, and mild steel ERW tubes and pipes, ranging
from 15 millimetres (mm) to 200 mm. The company is managed by Mr.
Janardan Gupta, Mr. Sainish Gupta, and Mr. Manish Gupta. It has
manufacturing facilities in Ghaziabad (Uttar Pradesh), Bhiwadi
(Rajasthan), and Siliguri (West Bengal).


J. N. TRADERS: CRISIL Upgrades Rating on INR90MM Loans to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
J. N. Traders to 'CRISIL B/Stable' from 'CRISIL C'.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------        ---------    -------
   Cash Credit            65      CRISIL B/Stable (Upgraded
                                  from 'CRISIL C')

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

The rating upgrade reflects the improvement in JNT's liquidity,
leading to timely servicing of its term debt (not rated by CRISIL)
from July 2013. JNT's cash accruals improved substantially during
2012-13 (refers to financial year, April 1 to March 31) backed by
low capital withdrawal by the partners and addition of capital in
the business. CRISIL believes that JNT's cash accruals will be
sufficient to meet its debt obligations over the medium term.

The rating also factors in JNT's weak financial risk profile
because of its large working capital requirements, and
vulnerability of its operating margin to volatility in prices of
the metals. These rating weaknesses are partially offset by the
extensive experience of JNT's promoters in the scrap-metal trading
industry.

Outlook: Stable

CRISIL believes that JNT will continue to benefit over the medium
term from its promoters' extensive experience in the scrap-metal
trading industry. The outlook may be revised to 'Positive' in case
the firm significantly grows its revenues, while maintaining its
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case JNT reports a steep decline in
its revenues or deterioration in its financial risk profile,
because of lengthening of its operating cycle, or deterioration in
its capital structure.

JNT was established as a partnership firm in 1983 by Mr. Abdul
Kareem Japher, his brother, Mr. Zakir Hussain, and a business
associate, Mr. Niranajan Vakil. The firm currently has four
partners, which include Mr. Abdul Kareem Japher, his two brothers,
and his son. JNT derives around 80 per cent of its revenues from
trading in ferrous metals and the rest from trading in non-ferrous
metal scrap. In the ferrous segment, the firm trades mostly in
steel scrap, and in the non-ferrous segment, it trades mostly in
copper. JNT has three warehouses, with a combined area of 80,000
square feet in Pune (Maharashtra).

JNT reported a profit after tax (PAT) of INR4 million on net sales
of INR1191 million for 2012-13, against a PAT of INR5 million on
net sales of INR1148 million for 2011-12.


K. K. FIBERS: CRISIL Reaffirms 'B+' Rating on INR113.1MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of K. K. Fibers (KKF; part
of the KK group) continues to reflect the KK group's below-average
financial risk profile, marked by small net worth, high gearing,
and weak debt protection metrics. The rating also factors in the
group's modest scale of operations with low operating
profitability in the highly fragmented cotton industry, and
susceptibility to changes in government policies and to volatility
in cotton prices. These rating weaknesses are partially offset by
the extensive industry experience of the KK group's promoters, and
the funding support extended by them to the group.

                    Amount
   Facilities      (INR Mln)   Ratings
   ----------      ---------   -------
   Cash Credit        100      CRISIL B+/Stable (Reaffirmed)
   Term Loan           13.1    CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KKF and KK Finecot Private Limited
(KKPL), together referred to as the KK group. This is because both
the entities are engaged in the same business, are managed by
common promoters, and have operational linkages in the form of
common procurement.

Outlook: Stable

CRISIL believes that the KK group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group's financial
risk profile, particularly its liquidity, improves significantly,
most likely because of significant cash accruals or infusion of
fresh capital by the promoters leading o improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of pressure on the KK group's profitability or increase in
its working capital requirements, leading to deterioration in its
financial risk profile, particularly its liquidity.

Update
In 2012-13 (refers to financial year, April 1 to March 31), the KK
group's net sales increased around 27 per cent year-on-year, to
INR1.52 billion from INR1.19 billion, largely on account of higher
demand from domestic mills. The group's operating margin remained
stable, at about 1.78 per cent in 2012-13 against 1.67 per cent in
2011-12, on account of a conservative inventory policy which
insulated the group's margins from volatility in cotton prices

The KK group's financial risk profile is below average, as
reflected in its weak capital structure with gearing of around 4
times as on March 31, 2013, mainly because of low cash accruals
leading to high reliance on bank facilities. The KK group
undertook a capital expenditure (capex) programme of INR32 million
over the past four years, which was largely funded through debt.
Though the promoters infused funds to support the capex, it was
majorly in the form of unsecured loans leading to high gearing.
The group's debt protection metrics remain below average, with net
cash accruals to total debt (NCATD) and interest coverage ratios
of about 3 per cent and 1.31 times, respectively, for 2012-13. Its
financial risk profile remains constrained by its small net worth
of around INR55.1 million as on March 31, 2013.

The KK group's liquidity remains adequate, with low working
capital requirements. The group maintains gross current assets of
around 75 days largely on account of moderate inventory and
receivables. Its bank limit utilization averaged around 75 per
cent for the 12 months ended December 2013 which supports its
financial flexibility. The group had cash accruals of INR7.1
million against debt obligations of INR6 million for 2012-13

The KK group, based in Khargone (Madhya Pradesh), is promoted by
the Agrawal family. KKF, a partnership firm established in 2006,
is engaged in ginning and pressing of raw cotton and sale of
cotton seeds. It has an in-house oil mill for extracting oil from
cotton seeds. KKFL, incorporated in 2011-12, is also engaged in
cotton ginning and pressing of raw cotton.


KAILASH INFRATECH: ICRA Reaffirms 'B+' Rating on INR5cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR5.00 crore
bank facilities of Kailash Infratech Private Limited at [ICRA]B+.
ICRA has also reaffirmed the short term rating assigned to INR1.00
crore bank facilities of KIPL at [ICRA]A4.
                         Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Long-Term Fund         5.00         [ICRA]B+ Reaffirmed
   Based Facilities

   Short-Term Fund        1.00         [ICRA]A4 Reaffirmed
   Based Facilities

The rating reaffirmation continues to take into account the
company's weak financial profile which is on account of weak
profitability and leveraged capital structure; and also the high
regional concentration with entire sales from a single product
segment in Madhya Pradesh. Owing to absence of standard pricing
for the equipments being sold, the profitability margins are
susceptible to the company's ability to negotiate prices with its
customers. Given the current slowdown in the construction sector,
the demand for Construction Equipments (CEs) remains weak which
limits the company's ability to favourably negotiation the prices
with its customers, resulting in weak profitability margins with
operating profitability at 1.4% in FY-13 (2.0% in FY-12) and net
profitability at 0.3%, given the high interest expense due to
leveraged capital structure. Being in the dealership business, the
funding requirements are mainly for working capital which arises
on account of maintenance of stock of CEs, credit period extended
to customers and receivables from THCM for equipments servicing,
incentives, claims, etc. Given the low cash accruals and limited
net worth, the funding requirement towards working capital has
largely been met by relying on working capital borrowings from
bank (44% of borrowings on Mar-13) and unsecured loans from
promoters (31% of borrowings). Apart from working capital limits
which remain fully utilised, the bank borrowings also comprises of
loans against FDRs of promoters' group (~25% of borrowings),
indicating stretched liquidity position. High reliance on debt has
resulted in weak capital structure as reflected in gearing of 9.7x
which along with weak profitability has kept the debt coverage
metrics weak with OPBDITA/Interest of 1.3x, NCA/Total debt of 2.7%
and TD/OPBDITA of 11.5x.

While the company has exclusive dealership in three out of four
territories of Madhya Pradesh for Tata Hitachi Construction
Machinery Company Limited which covers three-fourth of the
districts in the state, it exposes the company to regional
concentration risk as the demand is driven by the level of
economic and construction activities in the region Nevertheless,
the rating continues to factor in the experience of the promoters
in managing dealership business of Commercial Vehicles (CVs) and
Passenger vehicles (PVs) in Madhya Pradesh (MP), which is the
primary area of operations for the company.

Going forward, the ability of the company to improve profitability
margins, manage liquidity and maintaining a prudent capital
structure while achieving growth will remain the key rating
sensitivities.

The company was incorporated as Commercial Equipments Private
Limited on June 27, 2011 and changed its name to Kailash Infratech
Private Limited (KIPL) on April 11, 2012. The company started its
commercial operations from October-2011. KIPL is 100% owned by Mr.
Kailash Gupta and his family members and is an authorized dealer
of Construction Equipments (CEs) of Tata Hitachi Construction
Machinery Company Limited (THCM; rated at
[ICRA]A+(negative)/[ICRA]A1) for Indore, Gwalior and Jabalpur
territories, constituting around three-fourth of the THCM's market
in the state. The company deals in various models of THCM,
including -- mini excavators, midi excavators, wheeled products,
cranes and other machines.

During FY-13, KIPL reported a PAT of INR0.27 crore with an
Operating Income (OI) of INR86.01 crore as compared to PAT of
INR0.12 crore with OI of INR21.37 crore for the previous financial
year.


KAMALA BOARD: ICRA Reaffirms 'B+' Rating on INR8cr Loans
--------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR6.85 crore cash
credit facility and INR1.15 crore term loans of Kamala Board Box
Pvt. Ltd.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         6.85        [ICRA]B+ Reaffirmed
   Term Loans          1.15        [ICRA]B+ Reaffirmed

The rating reaffirmation continues to reflect KBBPL's weak
financial profile with nominal profits, adverse capital structure
and depressed debt coverage indicators, high working capital
intensity of operations leading to a stretched liquidity position,
high utilisation of the bank facilities limiting the company's
financial flexibility and the company's limited bargaining power
against strong clients due to its small size of current
operations.

ICRA also notes KBBPL's exposure to client concentration risk, as
the top two clients contributed around 54% of the sales during
FY13 and the risks of adverse movements in the paper prices
although mitigated to an extent on account of KBBPL's ability to
pass on such increase to some of its clients.

The rating reaffirmation also considers the weak demand for
KBBPL's products, as reflected by low capacity utilisation and
declining volumes since FY13. The rating reaffirmation however
takes into account the long track record of the promoters in the
manufacturing of corrugated fibre and offset printed duplex board
cartons, the company's established client base present across
diverse industries, product acceptability as demonstrated by
repeat orders from existing clients, and a steady improvement in
the Return on Capital Employed (RoCE) and operating profitability
during the last two years.

KBBPL, promoted by the Kolkata based Das family was established in
1984 as a proprietorship concern and was converted into a private
limited company in February 2006. The company is engaged in the
manufacturing of corrugated fibre and offset printed duplex board
cartons through two units based in West Bengal. As planned, the
company increased its production capacity from 14,400 metric
tonnes per annum (mtpa) during FY13 to 18,000 mtpa during FY14.

Recent Results

KBBPL reported a net profit of INR0.24 crore during FY13 on an OI
of INR21.19 crore as against a net profit of INR0.36 crore and an
OI of INR20.92 crore during FY12.


KINGFISHER AIRLINES: Asked to Pay Passengers for Delayed Flights
----------------------------------------------------------------
The Times of India reports that a consumer court has asked
Kingfisher Airlines Ltd to pay compensation to passengers in two
different cases for causing inconvenience due to delayed flights.

According to the report, the airline was recently asked to pay
INR40,000 to Vastrapur resident Hitesh Buch for a Kingfisher
flight that was delayed in 2007.  Mr. Buch, his wife and two kids
went for a vacation to Masoori in November, 2007. For return trip,
Mr. Buch had seats booked with Kingfisher Airlines from Delhi to
Ahmedabad on November 19. The booking was done two months in
advance and full payment was made. The Buch family was supposed to
fly at 7:30 a.m. from Delhi and reach Ahmedabad at 9:00 a.m., the
report relays.

While in Mussoorie, Mr. Buch got a message that the flight would
be late by 15 hours. Due to this delay, the family reached
Ahmedabad at midnight. Later, the airlines apologized and gave
reason that the delay was due to the winters.

Mr. Buch moved Consumer Disputes Redressal Forum, Ahmedabad city
(additional), demanding compensation for not making any alternate
flight arrangement and for inconvenience caused during the long
wait at the airport in Delhi. The forum asked the airlines to pay
INR40,000 to Buch as compensation and INR2,000 towards litigation
cost, TOI reports.

Similarly, the report relates, the airline has to pay INR10,000
towards harassment to a Maninagar resident for causing delay,
which resulted in cancellation of ticket and booking a new ticket.
The court also asked the company to pay the amount she had to
shell out more towards the difference.

                  About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.  It maintained bases in major cities such as Delhi and
Mumbai.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.
Bloomberg said Mr. Mirpuri said in an e-mail on January 13 the
airline continues its efforts to recapitalize and restart
services.

As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.

For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).


KK FINECOT: CRISIL Reaffirms 'B+' Rating on INR71.5MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of KK Finecot Pvt Ltd
(KKPL; part of the KK group) continues to reflect the KK group's
below-average financial risk profile, marked by small net worth,
high gearing, and weak debt protection metrics. The rating also
factors in the group's modest scale of operations with low
operating profitability in the highly fragmented cotton industry,
and susceptibility to changes in government policies and to
volatility in cotton prices. These rating weaknesses are partially
offset by the extensive industry experience of the KK group's
promoters, and the funding support extended by them to the group.

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit        52.5      CRISIL B+/Stable (Reaffirmed)
   Term Loan          19        CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KK Fibers (KKF) and KKPL, together
referred to as the KK group. This is because both the entities are
engaged in the same business, are managed by common promoters, and
have operational linkages in the form of common procurement.

Outlook: Stable

CRISIL believes that the KK group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the group's financial
risk profile, particularly its liquidity, improves significantly,
most likely because of significant cash accruals or infusion of
fresh capital by the promoters leading o improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of pressure on the KK group's profitability or increase in
its working capital requirements, leading to deterioration in its
financial risk profile, particularly its liquidity.

Update
In 2012-13 (refers to financial year, April 1 to March 31), the KK
group's net sales increased around 27 per cent year-on-year, to
INR1.52 billion from INR1.19 billion, largely on account of higher
demand from domestic mills. The group's operating margin remained
stable, at about 1.78 per cent in 2012-13 against 1.67 per cent in
2011-12, on account of a conservative inventory policy which
insulated the group's margins from volatility in cotton prices

The KK group's financial risk profile is below average, as
reflected in its weak capital structure with gearing of around 4
times as on March 31, 2013, mainly because of low cash accruals
leading to high reliance on bank facilities. The KK group
undertook a capital expenditure (capex) programme of INR32 million
over the past four years, which was largely funded through debt.
Though the promoters infused funds to support the capex, it was
majorly in the form of unsecured loans leading to high gearing.
The group's debt protection metrics remain below average, with net
cash accruals to total debt (NCATD) and interest coverage ratios
of about 3 per cent and 1.31 times, respectively, for 2012-13. Its
financial risk profile remains constrained by its small net worth
of around INR55.1 million as on March 31, 2013.

The KK group's liquidity remains adequate, with low working
capital requirements. The group maintains gross current assets of
around 75 days largely on account of moderate inventory and
receivables. Its bank limit utilization averaged around 75 per
cent for the 12 months ended December 2013 which supports its
financial flexibility. The group had cash accruals of INR7.1
million against debt obligations of INR6 million for 2012-13

The KK group, based in Khargone (Madhya Pradesh), is promoted by
the Agrawal family. KKF, a partnership firm established in 2006,
is engaged in ginning and pressing of raw cotton and sale of
cotton seeds. It has an in-house oil mill for extracting oil from
cotton seeds. KKPL, incorporated in 2011-12, is also engaged in
cotton ginning and pressing of raw cotton.


KOLAR PAPER: ICRA Assigns 'D' Rating to INR74.50cr Loans
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to INR74.00 crore
fund based limits and INR0.50 crore non-fund based limit of Kolar
Paper Mills Limited.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund based limits     74.00       [ICRA]D assigned
   Non-fund based
   limit                  0.50       [ICRA]D assigned

ICRA's assigned rating is constrained by the delays in payment of
interest on term loans to the lenders on account of delay in the
commencement of operations by one year due to cost overruns. The
rating is further constrained by lack of product diversification
and vulnerability of the company's profitability to raw material
(waste paper) price fluctuations as well as currency fluctuations
as about 20-25% of the raw material will be imported. Moreover,
the competitive pressure in the industry remains high, especially
for lower BF (Burst Factor) category kraft paper in which the
company predominately operates. However, the rating favourably
factors in the long track record of the group in the kraft paper
business and healthy demand indicators from the end users. Timely
payment of debt obligations would be the key rating driver for the
company in the near term.

Incorporated as a public limited company is January, 2010, Kolar
Paper Mills Limited is engaged in the manufacturing of kraft paper
which is widely used in packaging industry, especially for making
corrugated boxes. The installed capacity of the plant is 105000
MTPA and it is located in Chittoor district of Andhra Pradesh. The
total cost of the project is INR93.66 crore, funded by term loan
of INR60 crore and the remaining amount through issue of share
capital. The operations commenced in February, 2014. However the
installation of captive power plant of 3 MW would be completed by
July, 2014.


KONGUNADU EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR120M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kongunadu
Educational Charitable Trust continues to reflect KECT's limited
track record in the education field, susceptibility of its
business to changing student preferences and competition, and
vulnerability to regulatory risks associated with educational
institutions. These rating weaknesses are partially offset by the
strong funding support that KECT receives from its promoter, and
the trust's sound operating capabilities.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Rupee Term Loan       120       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KECT will continue to benefit from its
managing trustee's need-based financial support and the sound
operating capabilities. The outlook may be revised to 'Positive'
if the society increases its scale of operations substantially,
most likely by adding new courses or by expanding its geographical
reach. Conversely, the outlook may be revised to 'Negative' if
KECT undertakes a larger-than-expected, debt-funded capital
expenditure programme or its cash accruals decline as a result of
reduced student intake.

Update
KECT's revenues have grown at a healthy rate of 29.3 per cent
year-on-year in 2012-13 (refers to financial year, April 1 to
March 31) owing to substantial increase in revenues from its
engineering college, supported by its established position. The
trust reported a healthy operating margin of 45.1 per cent for
2012-13. CRISIL believes that KECT will report healthy growth in
revenues and a strong operating surplus over the medium term, on
the back of its improving occupancy levels.

KECT continues to have a healthy financial risk profile, marked by
low gearing and moderate net worth, and healthy debt protection
metrics. The trust had a gearing of 0.4 times and a net worth
INR292 million as on March 31, 2013. KECT has an aggregate debt-
funded capex plans of around INR320 million over the medium term.
Despite this, the gearing is expected to remain healthy supported
by its strong cash accruals. The trust's debt protection metrics
are also healthy with interest coverage and net cash accruals to
total debt ratios estimated at 6.4 times and 82 per cent,
respectively, for 2012-13.

KECT has adequate liquidity, marked by sufficient cash accruals
for meeting repayment obligations. The trust is expected to
generate cash accruals of around INR90 million to INR110 million
over the medium term, against repayment obligations of around
INR25 million to INR59 million over the same period. The company's
liquidity is constrained by the absence of any working capital
bank limits or any other liquidity back up mechanism in order to
meet contingencies.

Set up in 2006, KECT manages three educational institutions:
Kongunadu College of Engineering and Technology, Kongunadu
Polytechnic College and Kongunadu College of Education. The trust,
based in Namakkal (Tamil Nadu), offers bachelor degree courses in
engineering and education, and diplomas in polytechnic courses.

KECT has reported a surplus of INR45.5 million on revenues of
INR245.9 million for 2012-13 (refers to financial year, April 1 to
March 31), against a loss of INR7.5 million on revenues of
INR190.2 million for 2011-12.


LB COTTON: ICRA Assigns 'B' Rating to INR10cr Loans
---------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR5.00 crore term loan
facility and INR5.00 crore long-term fund based bank facility of
LB Cotton Industries LLP.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           5.00        [ICRA]B Assigned

   Long-term fund-
   based facility      5.00        [ICRA]B Assigned

The assigned rating is constrained by the promoters' limited track
record of operations and the intensely competitve nature of the
cotton ginning industry that LB Cotton Industries LLP operates in,
coupled with low value addition which exerts pricing pressures.
The profitability of the firm is also exposed to fluctuations in
raw material prices on its inventory holding, the availability of
which, is subject to seasonality and regulatory environment. ICRA
notes that the cotton ginning business is highly working capital
intensive, given its cash terms of payment and high inventory
holdings. Further, the high debt funded capex of LCIL is expected
to keep the capital structure of the firm stretched in the near to
medium term. The firm is also exposed to risks arising out of
partnership nature of business including the risk of capital
withdrawal.

The assigned rating, however, draws comfort from the operational
backing in the form of vendor support that LCIL would receive from
its sister concerns which are in the agricultural commodities
trading/broking business. The ginning facility of LCIL is located
in Nanded, which by virtue of being the cotton producing belt of
India, accords the firm easy access to raw cotton. The assigned
rating also takes into account the favourable demand outlook for
cotton and cotton seed.

LB Cotton Industries LLP, was established as a prtnership firm in
August 2011 and is currently engaged in the ginning and pressing
of raw cotton into cotton bales and sale of cotton seeds.
LCIL has its ginning facility located at Dharmabad, Nanded and has
a seasonal installed input capacity of 21600 MTPA.

Recent Results
LCIL commenced commercial operations from mid-October 2013 and
has, till February 27, 2013, achieved a turnover of about INR30.00
crore.


LOK ENTERPRISES: ICRA Revises Rating on INR1cr Loan to 'B'
----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR1.00
crore fund based bank limits from [ICRA]B+ to [ICRA]B for Lok
Enterprises. ICRA has also reaffirmed short term rating of
[ICRA]A4 to the INR8.00 crore non fund based bank limits of LE.

                      Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Fund        1.00       [ICRA]B Revised
   Based Limits

   Short Term Non        8.00       [ICRA]A4 Reaffirmed
   Fund Based Limits

The revision in the ratings reflect the weakening financial
profile as evident in increase in gearing levels following its
working capital intensive operations and high non fund based limit
utiization levels with limited cushion available in bank limits
.The ratings are further constrained by the high competitive
intensity in the business, and susceptibility of the margins to
exchange rate risks as well as any adverse fluctuations in
commodity prices, which are in turn dependent on agro climatic
factors. ICRA also notes that Lok Enterprises is a partnership
firm and any significant withdrawals from the capital account
would affect its net worth and thereby the gearing levels.

The rating however favourably factors in the promoter's experience
in the agro trading business, long standing relationships with its
major customers and various import incentives in the form of zero
duty on import of pulses.

Lok Enterprises is a partnership firm established in 2002 by Mr.
Sri Prakash Goenka and Mr. Lokesh Goenka as partners and has its
registered office in Mumbai, Maharashtra. The firm is a trading
house engaged in the business of trading of various forms of
pulses and beans into the domestic market. Lok Enterprises was
formed with a motive to import computer parts and other
electronics items such as CDs, pen drive etc. From 2003 to 2006
the firm was engaged into import of electronics part, however as a
result of anti dumping duty imposed, Lok Enterprises discontinued
the import of these products shifting its focus on import of
pulses and beans.

Recent Results
During 2012-13, the firm has reported net profit of INR0.10 crore
on an operating income of INR25.56 crore. As for 9 months ending
December 2013 (provisional) the firm recorded profit before tax of
INR0.61 crore on an operating income of INR24.64 crore
February 2014.


MAHAVIR FOODS: CARE Assigns 'B-' Rating to INR7cr Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B-' and 'CARE A4' ratings to the bank
facilities of Mahavir Foods.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank          7        CARE B- Assigned
   Facilities

   Short-term Bank        15        CARE A4 Assigned
   Facilities

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

Rating Rationale

The ratings assigned to the bank facilities of Mahavir Foods are
primarily constrained by its weak financial risk profile
characterized by the fluctuating scale of operations, low
profitability margins, leveraged capital structure, weak debt
coverage indicators and foreign exchange fluctuation risk.
The ratings are further constrained by MFS's exposure to the
fluctuation in the raw material prices, its constitution as a
partnership concern and its presence in the highly competitive
agro processing industry.

The above constraints are partially offset by the strengths
derived from its experienced and resourceful partners along with
MFS's close proximity to raw material sources.

Going forward, the firm's ability to increase its scale of
operations along with improvement in its profitability margins
while managing its foreign currency fluctuation risk and
improvement in capital structure shall be the key rating
sensitivities.

Karnal-based (Haryana) Mahavir Foods (MFS) was established in 1998
as a partnership firm by Mr Suresh Garg and Mr Amit Garg having a
profit sharing of 50% each. The firm is engaged in the
business of milling, processing and trading of rice. The
processing facility of the firm is located at Taraori, Karnal
(Haryana) with an installed capacity for processing of paddy of
54,000 tonnes per annum (TPA) as on March 31, 2013. The firm
procures raw material (paddy) from Haryana, Uttar
Pradesh and Punjab. The firm mainly exports to the Middle East
countries. Exports comprised about 70% of its total operating
income during FY13 (refers to the period April 01 to March 31).
During FY13, MFS achieved a total operating income (TOI) of
INR62.85 crore with profit after tax (PAT) of INR0.26 crore.
Furthermore, MFS achieved a TOI of INR70 crore during 9MFY14.


MANMEET ISPAT: ICRA Reaffirms 'B' Rating on INR5.5cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR5.50
crore fundbased bank facilities of Manmeet Ispat Pvt. Ltd.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund-Based Limits      5.50      [ICRA]B; reaffirmed
   (Cash Credit)

The assigned rating takes into consideration the long track record
of MIPL's promoter in the steel sector and comfortable gearing,
supported by equity infusion by the promoter. However, the ratings
are constrained by the weak financial profile of the company as
characterised by nominal profits and cash accruals, and moderate
coverage indicators during 2012-13; its moderate scale of current
operations and the cyclicality associated with the steel industry,
which is likely to keep MIPL's profitability and cash flows
volatile. The rating also takes into account the ongoing weakness
of the steel industry which is likely to impact the company's
revenue growth and profitability in the short term.

MIPL, incorporated in 2004, was acquired by Mr. Sandeep Agrawal in
2008-09. The company's plant is located at the Light Industrial
Area at Bhilai (Chattisgarh), and has a steel melting shop (SMS)
producing mild steel (MS) ingots with an annual production
capacity of 24,000 MT.

Recent Results
In 2012-13, as per the audited financial statements, MIPL reported
an operating income of INR48.89 crore and a net profit of INR0.13
crore as compared to an operating income of INR52.90 crore and a
net profit of INR0.12 crore in 2011-12. During the first nine
months in 2013-14, as per the provisional financial statements,
the company reported an operating income of INR42.39 crore and a
net profit of INR0.36 crore.


MARVEL SIGMA: ICRA Withdraws 'D' Rating on INR26.5cr Loans
----------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]D assigned to the
INR26.50 crore fund based bank facility of Marvel Sigma Homes
Private Limited, as the company has fully repaid the instrument.
There is no amount outstanding against the rated instrument.
ICRA has also upgraded the long term rating assigned to the
remaining fund based bank facility of INR25.00 crore of MSHPL to
[ICRA]C from [ICRA]D.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limits      26.50      [ICRA]D withdrawn

   Fund Based Limits      25.00      Upgraded to [ICRA]C
                                     from [ICRA]D

The rating upgrade factors in improvisation in debt servicing by
the company. However, the rating continues to remain constrained
by the company's exposure to execution and market risks for the
launched projects with 43% of the construction costs being
incurred as on December 2013 and 56% of the total area launched
yet to be sold as on December 2013. The company also faces high
geographic concentration as all of its projects are located in
Pune. The company has weak capital structure with negative
networth of INR9.70 crore as on March 31, 2013. MSHPL has high
debt repayment due in the near-to-medium term which exposes it to
continued refinance/repayment risks. The rating derives comfort
from the decade long experience of the Marvel Group and the
promoters in real estate development in Pune, low approval risk
with requisite approvals being in place for all launched projects
and high collection efficiency of ~90% witnessed in projects that
have been launched.

Marvel Sigma Homes Private Limited is part of the Pune based real
estate developers, Marvel Group and a subsidiary of Marvel
Promoters and Developers (Pune) Pvt Ltd. MSHPL was incorporated in
June 2010, being 74:26 joint venture between MPDPL and ICICI
Prudential AMC Ltd. Promoted by Mr. Vishwajeet Jhavar, the Marvel
group is a first-generation entrepreneurial setup with over a
decade of experience in the Pune real estate market, having
developed over 1.2 million sq. ft. of residential real estate in
the city since 2000. The other promoters of the group are Mr.
Vinay Chudiwal who is a real estate developer, and Mr. Mahesh
Laddha and Mr. Prithviraj Solanki who have an extensive experience
in liaison and execution of construction projects respectively.
The company is currently developing six real estate residential
projects -- Marvel Bounty I, Marvel Arco, Marvel Cascada, Marvel
Bounty II, Marvel Kyra and Marvel Viva.


MOTHER THERESSA: CRISIL Upgrades Rating on INR485.2MM Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Mother
Theressa Educational Society to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           33.1     CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Long Term Loan          294.2     CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Cash
   Credit Limit            191       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of debt obligations by MTES
over the last eight months ended February 28, 2014. The upgrade
also factors in CRISIL's belief that MTES will continue to service
its debt in a timely manner over the medium term, with its cash
accruals expected to be sufficient to meet its debt repayment
obligations.

The ratings reflect MTES's below-average financial risk profile
marked by its high gearing and below-average debt protection
metrics, its modest scale of operations, high degree of
geographical concentration in its revenue profile, and its
susceptibility to intense competition and adverse regulatory
changes, if any, in the education sector. These rating weaknesses
are partially offset by the benefits that MTES derives from its
experienced management team, and the healthy demand prospects for
the education sector.

Outlook: Stable

CRISIL believes that MTES's business risk profile will improve
over the medium term with higher intake in to Post-graduation
courses and commencement of super-specialty hospital. The outlook
may be revised to 'Positive' if the society scales up its
operations and diversifies its course offerings and revenue
sources, while it maintains its profitability margins. Conversely,
the outlook may be revised to 'Negative' if there are any
regulatory changes adversely affecting the revenues of the
society, or if the society undertakes a larger-than-expected,
debt-funded capital expenditure programme, leading to weakening of
its financial risk profile

MTES was established in February 2002 and operates Konaseema
Institute of Medical Sciences. The society has two divisions: a
multi-speciality hospital and an educational institution which
offers undergraduate and postgraduate courses in medicine,
nursing, and para-medicine.

MTES is part of the Chaitanya group, which consists of 14
educational institutions offering primary and secondary-level
school education and degree courses in medicine, engineering,
management, and computer applications. The group was formed in
1985 by its current chairman Mr. K V V Satyanarayana Raju.


NAXPAR PHARMA: ICRA Suspends 'D' Rating on INR15.77cr Bank Lines
----------------------------------------------------------------
ICRA has suspended the [ICRA]D/[ICRA]D rating assigned to the
INR15.77 crore, bank lines of Naxpar Pharma Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PARASRAM MANNULAL: CARE Reaffirms 'B' Rating on INR5.12cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Parasram Mannulal Dall Mill Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.12       CARE B Reaffirmed
   Facilities

Rating Rationale

The rating assigned to the bank facilities of Parasaram Mannulal
Dall Mill Private Limited continues to remain constrained on
account of its modest scale of operations and its weak financial
risk profile characterized by thin profitability, leveraged
capital structure and weak debt coverage indicators. The rating
further continues to remain constrained on account of its presence
in the highly competitive and fragmented agro processing industry
and vulnerability of its profit margins to commodity price
fluctuations.

The rating continues to draw strength from the experience of the
promoters and financial support extended in the form of unsecured
loans.

The ability of PMDM to increase its scale of operations,
improvement in profitability and capital structure with efficient
management of the working capital are the key rating
sensitivities.

Established as proprietorship firm in 1968, PMDM is engaged in the
processing and trading of Arhar Dal (Toor Dal). PMDM sells its
product under the brand name PAPA, PM, Nari, Yellow Gold
and Gaay Bachda.

The company's plant is located at Katni, Madhya Pradesh with an
installed capacity of 120,000 quintals per annum and carries
cleaning, splitting, grading and colour sorting operations. The
company procures raw material from the local market and other
states such as Maharashtra, Karnataka through various brokers and
entire sales are also through a network of agents located at
Madhya Pradesh, Maharashtra and Karnataka.

During FY13 ( refers to the period April 1 to March 31), PMDM
reported a total operating income of INR60.51 crore (FY12:
INR53.38 crore) and PAT of INR0.12 crore (FY12: PAT INR0.10
crore). During 9MFY14 it had reported a TOI of INR54.43 crore and
PAT of INR0.21 crore.


PARNAX LAB: ICRA Suspends 'D' Rating on INR10.29cr Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]D/[ICRA]D rating assigned to the
INR10.29 crore, bank lines of Parnax Lab Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


PERFECT INT'L: CRISIL Reaffirms 'B+' Rating on INR117.3MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Perfect International
Fabricators Pvt Ltd (PIFPL) continue to reflect PIFPL's moderate
financial risk profile, marked by average gearing, a small net
worth, and weak debt-protection metrics. The ratings also factor
in the company's working-capital-intensive operations and customer
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
PIFPL's promoters.

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Cash Credit         105      CRISIL B+/Stable (Reaffirmed)
   Letter of credit
   & Bank Guarantee     24.7    CRISIL A4 (Reaffirmed)

   Long-Term Loan       12.3    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PIFPL will continue to benefit over the
medium term from its promoters' extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if the
company significantly improves its scale of operations and its
profitability on a sustained basis, leading to improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in PIFPL's financial risk profile, most
likely because of aggressive debt-funded expansions, or weakening
of its liquidity due to delay in receivables or subdued cash
accruals.

Update

PIFPL's revenues declined by 28 per cent year-on-year in 2012-13
(refers to financial year, April 1 to March 31), driven by delays
in clearance of projects from NTPC Ltd (NTPC). Furthermore, its
profitability declined to 11.2 per cent on account of the
significant drop in revenues. However, the company's revenues are
expected to grow at a healthy rate in 2013-14 driven by addition
of new customers and clearance of projects by NTPC; it has
reported revenues of around INR270 million for the period April to
December 2013. CRISIL believes that PIFPL's business risk profile
will improve over the medium term on account of its customer
diversification and established relationships with existing
customers.

PIFPL's financial risk profile remains moderate, marked by
moderate gearing and average debt protection metrics. The
company's net worth and gearing stood at INR80 million and 0.96
times, respectively, as on March 31, 2013. CRISIL has treated
unsecured loans from promoters as neither debt nor equity as these
loans are expected to be retained in the business over the long
term. CRISIL believes that PIFPL's financial risk profile will
remain moderate over the medium term, supported by moderate
accretion to reserves and absence of debt-funded capital
expenditure (capex).

PIFPL has adequate liquidity, marked by sufficient cash accruals
to meet repayment obligations, though partially offset by high
bank limit utilisation. The company is likely to generate cash
accruals of around INR18 million against debt obligations of over
INR10 million in 2013-14. Its bank lines were utilised extensively
over the past year on account of its working-capital-intensive
operations. CRISIL believes that PIFPL's liquidity will remain
adequate over the medium term, driven by absence of significant
capex plans.

Set up in 2007, PIFPL is engaged in fabrication of heavy
engineering components. The company is promoted by Mr. P R
Venkatesh and the Dubai-based Perfect Industries LLC.


RAJENDRA ISPAT: CRISIL Reaffirms 'B+' Rating on INR160MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajendra Ispat Pvt Ltd
continues to reflect the company's weak financial risk profile,
marked by its small net worth, along with high gearing and below-
average debt protection metrics; and also volatile operating
income due to its project-based operations. These rating
weaknesses are partially offset by the extensive experience of
RIPL's promoters in dismantling plants and selling metal scrap.

                      Amount
   Facilities        (INR Mln)   Ratings
   ----------        ---------   -------
   Cash Credit          110      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit     190      CRISIL A4 (Assigned)
   Proposed Cash
   Credit Limit          50      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RIPL will benefit over the medium term from
the promoters' extensive experience in dismantling plants and
selling scrap. The outlook may be revised to 'Positive' if the
company records sizeable revenue and profitability, thus,
improving its business and financial risk profiles. Conversely,
the outlook may be revised to 'Negative' if RIPL record delays in
realisations from its current project, or generates lower-than-
expected cash accruals, leading to weak liquidity.

Update
RIPL has a relatively volatile business risk profile due to its
project-based operations. The company purchases and dismantles
plants and subsequently sells metal scrap realised after
dismantling the plant.

Thus, RIPL's turnover is directly linked to the number and size of
projects undertaken during a year. The company reported operating
revenues of INR304.7 million in 2012-13 (refers to financial year,
April 1 to March 31), around 183 per cent higher than that in the
previous year and almost in line with that in 2010-11. RIPL booked
a turnover of around INR230 million as of December 2013 and could
report a turnover of around INR500 million in 2013-14. The company
maintained an operating margin of 11 per cent over the five years
ended 2012-13. RIPL's operating margin declined to 12.2 per cent
in 2012-13, from 27 per cent a year ago.

RIPL's financial risk profile remained weak, because of its high
gearing at 2.19 times as on March 31, 2013 and gearing of 2.85
times as of March 31, 2012. The company has weak debt protection
measures with interest coverage and net cash accruals to total
debt ratios at 1.00 time and 0.01 times, respectively, for 2012-
13. RIPL does not have any long-term debt or maturing debt
obligations as of January, 2014. The company utilised its bank
line of INR110 million at around 78 per cent over the 12 months
through December 2013. Although RIPL does not have any maturing
debt obligations as on date, the company's liquidity is
constrained by its dependence on timely realisation of scrap.

RIPL was founded in 2004 by members of the Modi family based in
Kolkata (West Bengal). The company trades scrap metal. RIPL also
purchases plants (paper mill, steel plant, and sugar mill), and
dismantles and subsequently sells scrap. RIPL usually purchases an
entire plant on spot payment. The company liquidates scrap to
repay its term debt, contracted to fund the purchase of plant.

RIPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR304.7 million for 2012-13, as against a PAT of INR0.7
million reported on net sales of INR107.6 million for 2011-12.


RELIABLE EXPORTS: ICRA Reaffirms B+ Rating on INR425.25cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR425.25 crore (enhanced from INR175.25 crore) bank lines of
Reliable Exports.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Limits-       422.75      [ICRA]B+ reaffirmed
   Term Loan

   Non fund Based             2.50      [ICRA]B+ reaffirmed
   Limits-Bank
   Guarantee

The rating reaffirmation favourably factors in the long standing
experience of the proprietor in the real estate business and the
attractive location of the property coupled with the strong tenant
profile with a healthy occupancy rate of 95% at present.
The rating continues to remain constrained by delay in remittance
of rentals by some of the lessees thereby creating cash flow
mismatches in respect of servicing the rated LRD loans; lack of
time cushion between rent remittance by lessee and EMI deduction
by bank and absence of liquidity support in the form of DSRA (Debt
Service Reserve Account) accentuates this risk. The rating is
further constrained by high client concentration risk with the top
5 lessees accounting for 53% of the chargeable area and 55% of the
gross rent per month. RE is also susceptible to execution risk on
account of time and cost overruns for Reliable Tech Park Phase II
and successful completion of the project and eventual leasing will
remain a key monitorable. The proprietorship nature of the
concerned entity renders it susceptible to risks of capital
withdrawals. RE has weak capital structure with gearing of 20x as
on March 31, 2013 and a weak coverage indicator evidenced by
TD/OPBDITA of 18.9x as on March 31, 2013.

Mr. Raphael Sequeira was engaged in the export of readymade
garments since 1984 through his proprietorship concern, Reliable
Exports. In 2001, the Reliable Group diversified into the real
estate business with the excess funds from garment business. The
group has accumulated around 4.15 lakh sq. meters of land till
date with a developable area of 92,000 sq m.

On one plot, RE has developed a 0.8m sq ft commercial property --
Reliable Tech Park which is 95% leased out. RE has got expansion
plans and is building a 1.8 million sq ft leasable area building
called Reliable Teck Park Phase 2 behind Reliable Tech Park.


RIDDHI SIDDHI: CARE Assigns 'B+' Rating to INR24cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Riddhi
Siddhi Cotex Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         24        CARE B+ Assigned
   Facilities

Rating Rationale

The rating is constrained by the modest scale of operations, thin
profitability margins, high leverage and weak debt coverage
indicators of Riddhi Siddhi Cotex Private Limited. The rating is
further constrained by its susceptibility to volatile cotton
prices and its presence in a highly fragmented and working capital
intensive cotton ginning industry.

The rating, however, derives strength from the vast experience of
the promoters in the cotton ginning business and RSCPL's favorable
location.  The ability of RSCPL to increase its scale of
operations along with improvement in profitability and capital
structure would be the key rating sensitivities.

Incorporated in 2008, RSCPL is engaged in the processing of raw
cotton along with trading of ginned cotton and cotton seeds. Its
sole manufacturing unit located at Ahmednagar in Maharashtra
had an installed capacity for processing around 32,000 bales of
cotton per annum as on March 31, 2013. The promoters, Mr Gopal
Agrawal and Mr Shyam Agrawal, of RSCPL are the third generation of
the Agrawal family, working in this line of business.

RSCPL procures raw cotton directly from the farmers and local
mandis while the ginned cotton is sold to various weaving units
based in Southern India, primarily Coimbatore. During FY13 (refers
to the period April 1 to March 31), the company has also started
cotton exports to Bangladesh and Hong Kong although it was on a
very small scale.

During FY13, RSCPL reported a PAT of INR0.13 crore on a total
operating income (TOI) of INR133.19 crore as against a PAT of
INR0.21 crore on a TOI of INR117.67 crore in FY12.


ROMESH POWER: CRISIL Assigns 'B+' Rating to INR80MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Romesh Power Products Pvt Ltd.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Term Loan             10       CRISIL B+/Stable
   Cash Credit           70       CRISIL B+/Stable
   Letter of credit &
   Bank Guarantee        70       CRISIL A4

The ratings reflect RPP's modest scale of operations in the
intensely competitive cable-manufacturing industry, and its below-
average financial risk profile, marked by a modest net worth, high
gearing, and below-average debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters and its wide geographical
reach.

Outlook: Stable

CRISIL believes that RPP will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is significant
improvement in the company's scale of operations and
profitability, leading to a substantial increase in its cash
accruals and hence to an improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in RPP's revenue growth and profitability, or a stretch in
its working capital cycle, or if it undertakes a large debt-funded
capital expenditure programme, leading to deterioration in its
financial risk profile.

RPP, based in Jaipur (Rajasthan), was incorporated in 1987,
promoted by Mr. Krishna Mohan Bumb and Mr. Radha Mohan Khandelwal.
The company manufactures various types of cables and conductors
used for power distribution, including aerial bunched cables,
polyvinyl chloride cables, and cross-linked polyethylene cables,
together with different types of conductors.


SAHANA JEWELLERY: CRISIL Reaffirms 'B+' Rating on INR1.7MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sahana Jewellery
Exports Pvt Ltd continue to reflect susceptibility of SJEPL's
operating performance to regulatory changes and volatile raw
material prices. The rating also factors in SJEPL's modest scale
of operations and weak financial risk profile marked by moderate
net worth and high gearing. These weaknesses are partially offset
by the extensive experience of SJEPL's promoters in the jewellery
industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           1.7      CRISIL B+/Stable (Reaffirmed)
   Packing Credit in
   Foreign Currency    138.3      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SJEPL will continue to benefit over the
medium term from its promoters' extensive experience in the
jewellery business and established relationship with customers.
The outlook may be revised to 'Positive' if SJEPL reports
significant and sustained increase in revenues and margins, while
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if SJEPL reports lesser-than-expected
revenues and profitability or a significant deterioration in the
firm's working capital cycle.

SJEPL, established in 1993, by the Coimbatore-based Mr. Ragunath,
a second generation jeweller, manufactures gold jewellery catering
primarily to the export market in the Middle East.

SJEPL reported a profit after tax (PAT) and net sales of INR9
million and INR1.3 billion, respectively, for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR6
million on net sales of INR0.6 billion for 2011-12.


SAHIB SYNTHETICS: ICRA Upgrades Rating on INR9.7cr LT Loan to B
---------------------------------------------------------------
ICRA has upgraded the rating assigned to INR9.70 Crore (enhanced
from INR7.50 Crore) bank facilities of Sahib Synthetics from
[ICRA]B- to [ICRA]B.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Fund       9.70        [ICRA]B (Upgraded)
   Based Limits

The rating upgrade takes into account Sahib Synthetics' steady
performance during last many quarters. Further, the firm has
increased installed capacity by about 50%, whereby scale of
operations is expected to improve as reflected by steep growth in
monthly sales from September 2013 onwards.

Though ICRA is cognizant of working capital limit enhancement
secured by Sahib Synthetics to support the aforementioned capacity
addition, it is however noted that liquidity profile continues to
remain weak as reflected in continued high utilization of working
capital limits. Also, the extent of improvement in revenues and
profits derived from this debt funded capex (completed in Q2-
FY2014) remains to be seen; and thus will determine level of debt
metrics in back drop of augmented interest and principal repayment
burden w.e.f Q1-FY2015.

The rating continues to be constrained on account of firm's
presence in highly unorganized and fragmented industry, which
coupled with small scale of operations results in low pricing
power.

Notwithstanding the improvement in extent of value addition in
recent past on account of SS' entry into home furnishings segment,
and corresponding expansion of operating margins as reflected in
OPBITDA/OI of 8.48% for FY2013 against 6.3% reported in FY2011;
the return on invested capital continues to remain modest. Also,
the working capital intensive nature of operations drives high
dependence upon external debt in back drop of weak capitalization.
The resulting leveraged capital structure coupled with modest
profitability has been driving weak debt metrics like interest
coverage of 1.6 times in FY2013.

Going forward, the extent of improvement in revenues and profits
derived from recently completed capacity expansion will remain key
rating sensitivity besides the firm's ability to reduce working
capital intensity of operations and prudently manage liquidity
position while maintaining profitability margins.

Established in 1998 by Mr. Paramjit Singh and Mr. Amarjit Singh,
Sahib Synthetics (SS) is engaged in manufacturing of knitted cloth
based home furnishings like blankets, warm bed sheets, curtains
etc. The firm has installed 27 circular knitting machines at its
maiden unit in Ludhiana (Punjab), which provides capacity for
manufacturing 750 MT knitted fabric per annum.

In FY2013, SS reported Operating Income (OI) of INR27.53 Crore and
Operating Profit before Depreciation, Interest, Tax and
Amortization (OPBDITA) of INR2.33 Crore against OI of INR27.00
Crore and OPBDITA of INR2.30 Crore in FY2012.


SALSAN STEELS: CARE Assigns 'B+' Rating to INR18.29cr Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Salsan Steels Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        18.29      CARE B+ Assigned
   Facilities

   Long-term/Short-       3.30      CARE B+/CARE A4 Assigned
   term Bank
   Facilities

Rating Rationale

The ratings assigned to the bank facilities of Salsan Steels
Private Limited are primarily constrained by SSL's short track
record of operations with below average financial risk profile
marked by low profitability margins, leveraged capital structure,
weak coverage indicators and the stressed liquidity. The ratings
also constrained by SSL exposure to raw material price volatility,
presence in a highly competitive industry, exposure to residual
project execution risk and cyclicality associated with the steel
industry.

The ratings, however, draw strength from the experienced
promoters, location advantage and own fleet of trucks.
Going forward, the ability of the company to increase the scale of
operations while managing its working capital requirements and
improving the capital structure would be the key rating
sensitivities.

Salsan Steels Private Limited is a private limited company
incorporated in July 2010 and commenced its commercial production
in December 2011. It is currently being managed by Mr
Chain Singh, Mr Bharat Kumar Jain, Mr Harjinder Singh and Mr Onkar
Kang. SSL had an installed capacity of 60,000 Metric Tonnes Per
Annum (MTPA) of Thermo Mechanically Treated (TMT) Bars and
Industrial bars as on March 31, 2013 at its manufacturing facility
located at Una, Himachal Pradesh (H.P). The main raw material is
scrap which is largely procured domestically along with some
imports. The company gets the scrap processed to form Mild Steel
(M.S.) ingots and billets on a job-work basis. The company sells
TMT bars and industrial bars under the brand name "Prabal TMT"
through retail outlets (around 200) covering the states of Punjab,
Chandigarh and Haryana.

For FY13 (refers to the period April 01 to March 31) SSL achieved
a total operating income of INR95.15 crore with a PAT of INR0.59
crore. For H1FY14 (refers to the period from April 01 to
September 30), the company achieved a total operating income of
INR89.55 crore.


SHALINA LABORATORIES: CRISIL Reaffirms B Rating on INR600MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shalina Laboratories
Pvt Ltd continue to reflect the company's working-capital-
intensive operations; and susceptibility to intense competition in
the African formulations markets, resulting in a pressure on
profit margins. These rating weaknesses are partially offset by
SLPL's established track record in the pharmaceutical sector.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------          ---------   -------
   Bill Discounting       600      CRISIL B/Stable (Reaffirmed)
   Letter of Credit        85      CRISIL A4 (Reaffirmed)
   Letter of credit &
   Bank Guarantee          35      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that SLPL will continue to benefit over the medium
term, from its extensive track record in the pharmaceutical
sector. The company's business risk profile will, however,
continue to be sensitive to geographic concentration. The outlook
may be revised to 'Positive' if SLPL diversifies its revenue
profile, while maintaining robust growth in its revenues and
profitability. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile and its
liquidity weaken with stretched working capital requirements, or a
significant decline in cash accruals, or if the company undertakes
any large, debt-funded capital expenditure programme.

Update
SLPL reported net sales of INR2.51 billion in 2012-13 (refers to
financial year, April 1 to March 31), at a decline of 8 per cent
year-on-year, following a decrease in offtake by its sole
customer. The company is expected to report modest growth in
revenues, at around 10 per cent in 2013-14.

SLPL remains vulnerable to geographic concentration in its revenue
profile, since the company exclusively caters to customers in
Africa, and has witnessed a slowdown in demand. SLPL's operating
profitability increased to 13.5 per cent in 2012-13 from 11.7 per
cent the previous year. However, with lower manufacturing costs,
the company's operating profitability is likely to moderate to
around 12 per cent in 2013-14.

SLPL has large working capital requirements with gross current
assets of 229 days as on March 31, 2013. However, the company
efficiently managed its working capital requirements, leading to
moderate bank limit utilisation of 75 to 80 per cent. In the
absence of any term debt obligations, SLPL's working capital
requirements are partly supported by healthy internal cash
accruals. The company is likely to generate cash accruals of
around INR190 million to INR210 million over the medium term.

SLPL has an above-average financial risk profile, with low gearing
and strong debt protection metrics. The company's reliance on bank
lines to fund its working capital requirements is moderate, with
an estimated gearing of around 0.2 times as on March 31, 2014. The
company is likely to maintain its strong debt protection metrics,
with its interest coverage and net cash accruals to total debt
(NCATD) ratios estimated at over 5.5 times and 0.5 times,
respectively, for 2013-14. The company also has a healthy net
worth, estimated at around INR1.3 billion as on
March 31, 2014.

SLPL was incorporated in 1984. The company manufactures
formulations, primarily in the antibiotic, anti-malarial, and
anti-inflammatory segments. SLPL has a manufacturing unit in
Jejuri (Maharashtra). The company is promoted by Mr. Shiraz Virji.

SLPL reported a profit after tax (PAT) of INR183.9 million on net
sales of INR2.51 billion for 2012-13, as against a PAT of INR165.6
million on net sales of INR2.76 billion for 2011-12.


SINGH CONSTRUCTION: CRISIL Assigns 'C' Rating to INR40MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Singh Construction Pvt Ltd. The ratings reflect
instances of delays by SCPL in servicing of its debt obligations
(not rated by CRISIL); the delays have been caused by the
company's weak liquidity, driven by stretch in receivables.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        120      CRISIL A4
   Cash Credit            40      CRISIL C

The ratings also reflect SCPL's modest scale of operations with
exposure to risks inherent in the tender-based business, and to
risk related to customer and geographical concentration in its
revenue profile. These rating weaknesses are partially offset by
the extensive experience of SCPL's promoters in the construction
industry and its moderate financial risk profile, marked by
moderate gearing and above-average debt protection metrics.

SCPL, based in Bihar was originally established as a proprietary
concern by Mr. Shailesh Kumar Singh; the firm was reconstituted as
a private limited company in 2011. SCPL undertakes constructions
of roads for government departments in Bihar.

For 2012-13 (refers to financial year, April 1 to March 31), SCPL
reported a profit after tax (PAT) of INR22.1 million on net sales
of INR604.1 million, against a PAT of INR34.4 million on net sales
of INR824.5 million for 2011-12.


SUKH SAGAR: CARE Reaffirms 'B+' Rating on INR7.5cr Bank Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sukh Sagar Synthetics Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         7.50      CARE B+ Reaffirmed
   Facilities

Rating Rationale

The rating continues to remain constrained on account of the
modest scale of operations of Sukh Sagar Synthetics Private
Limited (SSSPL) in the highly fragmented and competitive textile
industry, its financial risk profile marked by thin profitability
margins, moderate solvency position and stressed liquidity
position and vulnerability of margins to fluctuations in the raw
material prices.  The rating, however, continues to draw strength
from the wide experience of the promoters in the textile industry
and location advantage by way of proximity to raw material as well
as customers.

The ability of the company to increase its scale of operations and
improvement in profitability as well as better management of the
working capital would be the key rating sensitivities.

SSSPL was incorporated in 2001 by Mr Shiv Kumar Sodani along with
his brother, Mr Govind Prasad Sodani. SSCPL is engaged in the
business of manufacturing of grey fabric and gets the
processed work done from other processors on a job-work basis. The
company is also engaged in the trading of grey and finished
fabric. The plant of the company is located at Bhilwara
(Rajasthan) with an installed capacity of 71 Lakh Meters Per Annum
(LMPA) of grey fabric having 76 sulzur looms. SSSPL's sells its
fabric under the brand name "Satkar". It markets its products
through agents and has 75 agents located all over India. It
procures Polyester Viscose (PV) yarn, key raw material, from the
local Bhilwara market apart from Vapi, Mumbai and Himachal
Pradesh.

During FY13 (refers to the period April 1 to March 31), SSSPL
reported a total income of INR47.50 crore (FY12: INR44.18 crore),
with a PAT of INR0.22 crore (FY12: INR0.20 crore).


SURAJ PRECISION: CRISIL Reaffirms 'D' Rating on INR131.6MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Suraj
Precision Engineering Works Pvt Ltd continues to reflect instances
of delay by SPEWPL in servicing its term loan; the delays have
been caused by the company's weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           90        CRISIL D (Reaffirmed)
   Long-Term Loan        20        CRISIL D (Reaffirmed)
   Proposed Long-Term
   Bank Loan Facility    21.6      CRISIL D (Reaffirmed)

SPEWPL also has large working capital requirements and customer
concentration in its revenue profile. However, the company
benefits from its established track record in the automotive
components industry.

SPEWPL was set up in 1979 in Chennai (Tamil Nadu) by Mr. Sushil
Haridass and Mr. C K Haridass. It manufactures automotive
components, including steering races and retainers for two
wheelers.


SOMNATH GINNING: CRISIL Reaffirms 'B' Rating on INR135MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Somnath
Ginning Pressing Pvt Ltd continues to reflect SGPPL's weak
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics, its working-capital-intensive
operations, and its exposure to regulatory changes. These rating
weaknesses are partially offset by the extensive experience of
SGPPL's promoters in the cotton industry.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Cash Credit               135     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGPPL will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if SGPPL reports significant
improvement in its accruals, resulting in improvement its capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if the company's working capital cycle
stretches further, leading to further weakening in its liquidity.

SGPPL was incorporated in 2005 in Babra (Gujarat), and is promoted
by Mr. Sureshbhai Rajodiya and his relatives. The company
processes raw cotton into root (kapas) and extracts oil from
cotton seeds.

For 2012-13 (refers to financial year, April 1 to March 31), SGPPL
reported a book profit of INR2.3 million on net sales of INR1.1
billion, against a book profit of INR 2.2 million on net sales of
INR1.1 billion for 2011-12.


THAPAR KNITWEAR: CRISIL Reaffirms 'B' Rating on INR255MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Thapar Knitwear Pvt Ltd
continue to reflect TKPL's small scale of operations in the
intensely competitive textiles industry. Also, it reflects the
company's average financial risk profile, marked by average
capital structure and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
TKPL's promoters in the textiles industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit           215      CRISIL B/Stable
   Term Loan               5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     35      CRISIL B/Stable

Outlook: Stable

CRISIL believes that TKPL will continue to benefit over the medium
term from the extensive experience of its promoters in the textile
industry. The outlook may be revised to 'Positive' if the scale of
operations increases significantly, along with improvement in its
profitability and working capital management. Conversely, the
outlook may be revised to 'Negative' in case of a significant
decline in TKPL's profitability or revenues, or if TKPL undertakes
a large debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.

Update
For 2012-13 (refers to financial year, April 1 to March 31), TKPL
reported a sale of INR953 million better than CRISIL's expectation
for the period. In 2013-14, TKPL has done a sale of INR750 million
till November 2013, and sales for the complete year are expected
to be INR1 billion. Operating margin was at around 2.85 per cent
in line with CRISIL expectation at 3 per cent in 2012-13. In 2013-
14, TKPL had an operating margin of 3 per cent till November 2013,
and the margin is expected to be at similar levels over the medium
term. TKPL's operations continue to be working capital intensive
with gross current assets (GCA) of 100 days of sale in line with
CRISIL's expectation.

TKPL's financial risk profile will remain average, with average
capital structure and weak debt protection metrics; ratios of
interest coverage and net cash accruals to total debt (NCATD) were
at 1.2 times and 0.03 times, respectively, in 2012-13. Weak debt
protection metrics are on account low operating margin and working
capital intensive operations. CRISIL believes that TKPL's debt
protection metrics will continue to remain weak over the medium
term.

Liquidity remains weak with high bank limit utilisation with cash
accruals sufficient to meet the term debt repayment obligations.

TKPL was established in 2011 and is managed by Mr. Harsh Thapar.
The company manufactures apparels such as blankets, track suits,
quilts, and knitted clothes. The company is based in Ludhiana
(Punjab).


V.N.M.S. AYYACHAMY: CRISIL Reaffirms 'B' Rating on INR90MM Loan
---------------------------------------------------------------
CRISIL's rating on long-term bank facilities of V.N.M.S. Ayyachamy
Nadar & Bros (VNMS) continues to reflect VNMS's weak financial
risk profile, marked by a high total outside liabilities to
tangible net worth (TOLTNW) ratio, small net worth, and weak
interest coverage ratio; the rating also factors in the firm's
moderate scale of operations and susceptibility to intense
competition in the highly fragmented agro-commodities trading
industry. These rating weaknesses are partially offset by VNMS's
established track record in the agro-commodities trading business
and extensive industry experience of its partners.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            90      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VNMS will benefit over the medium term from
the extensive experience of its partners in the agro-commodities
trading industry. The outlook may be revised to 'Positive' in case
VNMS scales up its operations and profitability on a sustainable
basis or if there is a significant capital infusion by the
partners, leading to improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
decline in its cash accruals due to decline in scale of operations
or profitability, or if the firm's working capital cycle
deteriorates, leading to further weakening in its financial risk
profile.

Update
VNMS booked operating income of INR1.70 billion in 2012-13 (refers
to financial year, April 1 to March 31), supported by the firm's
established position in agro-commodities trading business.
However, the operating profitability was low at 0.6 per cent due
to intense competition in the industry. VNMS had booked operating
income of INR1.32 billion till December 2013 and is expected to
maintain its moderate scale of operations over the medium term.
However, the operating profitability is expected to remain low at
around 1 per cent due to intense competition in the industry.
Consequently, the firm's cash accruals are expected to be less
than INR2 million in 2013-14.

VNMS's financial risk profile remains weak, marked by small net
worth, high TOLTNW ratio, and weak interest coverage ratio. The
firm had a net worth of INR3.1 million and TOLTNW ratio of 39
times as on March 31, 2013. The TOLTNW ratio is expected to remain
high over the medium term due to its low accretions to reserves.
The firm's interest coverage ratio remains weak due to low
profitability levels and high debt levels.

The firm's liquidity is stretched, marked by high bank limit
utilisation at an average of 90 per cent for the nine months
through December 2013, and its low cash accruals. However, absence
of term loan obligation and capital expenditure plans support its
liquidity.

Set up in 1929, VNMS trades agro-commodities. The daily operations
of the firm are managed by Mr. N C Muralidharan and Mr. N C
Ganesan.


VINAYAK GINNING: ICRA Suspends 'B' Rating on INR8cr Loans
---------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR6.00 crore
cash credit limit and INR2.00 crore untied limits of Vinayak
Ginning Pressing Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Vinayak Ginning Pressing Private Limited promoted by Mr. Abhijit
Dudhane and incorporated in the year 2003 and started its
commercial production in the same year. The company is engaged in
the business of cotton ginning and pressing in Nagpur
(Maharashtra). The company has its plant set up at Nagpur district
with an annual capacity of around 64,800 bales.


WALSON RETAILS: CRISIL Assigns 'D' Rating to INR337.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Walson Retails Pvt Ltd.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit            275      CRISIL D
   Term Loan               62.5    CRISIL D

The rating reflects instances of delay by WRPL in servicing its
debt; the delays have been caused by the company's weak liquidity.

WRPL also has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. This rating
weakness is partially offset by established relationship of WRPL
with its principal, Hindustan Unilever Limited (HUL; rated 'CRISIL
AAA/Stable')

Incorporated in 2007, WRPL operates a hotel in Kolkata (West
Bengal) and is an authorised re-distributor-cum-stockiest of HUL's
products in some parts of Delhi and Noida (Uttar Pradesh). WRPL
received HUL dealership in June 2011.



=============
M Y A N M A R
=============


* MYANMAR: Salt Industry to Collapse, Experts Warn
--------------------------------------------------
Myanmar Times reports that industry experts have warned that
Myanmar's once-booming salt industry, destroyed by Cyclone Nargis,
will be completely wiped out within a couple of years unless it
receives financial aid from the government.

The report relates that the storm, which killed an estimated
138,000 people and caused billions of dollars' worth of damage to
the economy when it struck in May 2008, also dealt a heavy blow to
the once burgeoning salt trade, wiping out hundreds of salt farms
in Ayeyarwady Region.

According to the report, farmers claim they have never been able
to recover from the cyclone and despite loans from the government
could not turn a profit as prices for locally produced salt have
tanked as a result of less demand.

"Nargis struck in 2008, but we are still dealing with its
aftermath. We have never been rehabilitated," said U Zaw Min,
secretary general of the Salt Producers Association in Labutta
township, which bore the brunt of the storm, Myanmar Times relays.

Myanmar Times notes that prior to the cyclone, there were more
than 700 registered salt farmers in Ayeyarwady, and another 260 in
Rakhine State, where a vast majority of the local industry is
based.  Once Nargis hit, only 472 were able to continue
production, the report discloses.



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


MAINZEAL PROPERTY: Director's Bid to Stall Liquidation Fails
------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that Mainzeal
Property & Construction director Richard Yan has failed in his
urgent High Court bid to stall the liquidation of a company within
the collapsed construction business' wider group.

The Herald relates that Mr. Yan, however, is now seeking relief in
the Court of Appeal -- which could be heard this week -- that will
essentially try to restrain the liquidators from taking further
steps until a wider argument before the appellate court takes
place over whether the company should have been put into
liquidation.

Richina Global Real Estate, whose sole director is Yan, was put
into liquidation on February 27 by Justice Brendan Brown after an
application by BDO, the liquidators of Mainzeal Property and
Construction, according to the report.

Mainzeal, whose former board members included ex-Prime Minister
Jenny Shipley, was a building business which collapsed in 2013
leaving 2000 unsecured creditors at the time claiming an estimated
NZ$93.5 million.

Following the court order last month, BDO was also appointed
liquidator for Richina Global Real Estate (RGREL), the report
notes.

The Herald says Mr. Yan has filed an attempt to overturn the RGREL
liquidation order with the Court of Appeal.

But on March 4 his Queen's Counsel, David Chisholm, also made an
urgent application to the High Court to stay Justice Brown's
judgment, effectively trying to put the liquidation order on hold
while they wait for the appeal, the report notes.

According to the report, one of Mr. Chisholm's arguments was that
BDO should never have been appointed as RGREL's liquidators
because they are also the liquidators of Mainzeal and therefore
have a conflict of interest.

Mainzeal's lawyer, Zane Kennedy, argued the court didn't have the
jurisdiction to stay the liquidation order as it had already been
executed, the Herald says.

"The court can't say now, because it simply doesn't have the
jurisdiction, that we're going to stop the order which is already
executed and we're going to roll the clock back and pretend it
hasn't occurred," the Herald quotes Mr. Kennedy as saying.

                      About Mainzeal Property

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

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

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

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

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

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



===============
P A K I S T A N
===============


PAKISTAN: Moody's Outlook on Caa1 Rating Remains Negative
---------------------------------------------------------
The outlook for Pakistan's banking system remains negative, says
Moody's Investors Service in a new report published. The outlook
reflects (1) Moody's expectations of continued challenging
operating conditions that will weigh on banks' business generation
and asset quality; and (2) banks' high and increasing exposures to
Pakistani government securities (Caa1 negative), tying the
system's solvency to sovereign event risk. Over the outlook
period, however, Moody's also expects banks to sustain low-cost
and stable deposit-funded profiles, partly mitigating these
negative pressures.

Moody's expects the Pakistani economy will grow in real terms by
2.8% in 2013-14 and 3.6% in 2014-15, below historical trends,
owing to the poor domestic security situation and infrastructure
bottlenecks, such as the continuing electricity outages, which
weigh on manufacturing output and investment. In this environment,
Moody's expects subdued credit growth of around 3%-5% in 2014
(against 10% inflation), as the banks continue to devote a
substantial portion of their balance sheets to finance the
government's large fiscal deficits (5.5% of GDP in 2013-14).
Furthermore, while the recent agreement with the IMF could act as
a catalyst for the country to implement structural reforms and
improve its growth potential, the impact will not materialise
within the outlook horizon.

Moody's notes that the banks' exposure to government securities
remains the major source of credit risk, as it links banks' credit
profiles directly to the high credit risk of the sovereign. Banks'
exposure to government securities and loans to public-sector
companies reached 644% of Tier 1 capital as of September 2013 and
the rating agency expects this to rise further. In addition,
despite tightened underwriting criteria, the challenging operating
conditions will prompt a rise in the level of the banks' non-
performing loans (NPLs) to 15%-16% by the end of 2014 from 14.3%
as of September 2013.

While Moody's expects banks' reported capital ratios to remain at
roughly the current levels -- with the sector Tier 1 ratio at
13.2% as of September 2013 -- these levels would remain
insufficient to absorb potential losses under the rating agency's
scenario analysis. In addition, Moody's estimates that the Tier 1
ratio would drop to below 6% if government securities, which are
currently zero risk-weighted, are instead risk-weighted according
to common standards applied to similarly rated securities.

Moody's expects Pakistani banks to remain well-funded because of
their strong deposit bases. Customer deposits accounted for 79% of
banking sector assets as of September 2013, while the rating
agency projects deposit growth of 10% during 2014 owing to strong
inflows of remittances from migrant workers and progress in
penetrating the unbanked population. Also, the sector maintains
good liquidity buffers, including cash and interbank placements
(12% of total assets) and investments (41% of total assets). While
investments are primarily in Pakistani government securities,
which lack liquidity in the secondary market, banks have access to
liquidity via State Bank of Pakistan's (SBP) repo facilities.

Profitability will remain under modest pressure as a result of
subdued loan growth and rising operating costs stemming from
inflation, even though rising interest rates should help stabilise
the declining trend in net interest margins (NIMs) and income.
Moody's expects sector profitability in 2014 to range between
PKR100-110 billion (against PKR121 billion in 2012 and an
estimated PKR110 billion in 2013), translating to a return on
equity of around 11%-12%.



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


GENPACT LTD: $300MM Share Buyback in Line With Moody's Ba1 Rating
-----------------------------------------------------------------
Moody's Investors Service says the $300-million-worth share
buyback announced by Genpact Limited (Ba1 stable) can be readily
accommodated by its Ba1 corporate family rating (CFR) and stable
outlook.

"The $300 million share buyback is well in-line with our
assumptions when the Ba1 CFR was assigned on 10 January", says
Alan Greene, a Moody's Vice President and Senior Credit Officer.

Genpact announced that it intends to purchase up to $300 million
of its common stock. It will be financed using its large cash
balance, totaling $571 million at end-2013, and can draw on its
$246 million revolving credit facility, fully available at year
end. With no maturity until 2019 on its reported debt of some $654
million, Genpact has ample liquidity given its strong generation
of operating cash flow, expected to be around $350 million in
2014.

Genpact is taking the opportunity of lingering share performance,
which has lost 8% year-to-date, to reduce its cost of capital and
mitigate stock-option dilution, of about 0.1% a year, while
putting to use its large cash pile.

Expectations of large acquisitions or shareholder distributions
were key factors in keeping Genpact's rating 1-notch below
investment grade despite its very strong credit metrics.

"Genpact's Ba1 gives more financial flexibility than an investment
grade rating, which would require more stringent financial policy
on long-term shareholder distributions and acquisitions", adds
Greene, who is also Moody's Lead Analyst for Genpact.

In a report titled "Genpact's Ratings Provide Flexibility for M&A
and Shareholder Distributions", published on 21 February, Moody's
considered Genpact's ability to sustain cash outflows using three
different acquisition and dividend scenarios, and only in the most
aggressive of scenarios (an acquisition of more than $1.25 billion
and dividend payout of 50% of its net income, equivalent to $120-
$130 million) did Genpact's credit profile show signs of stress.

"Upon completion of this buyback, Genpact's will still have enough
financial flexibility to pursue acquisitions in the growing and
more profitable IT sector and return further cash to its
shareholders before the expiry in May 2015 of a lock-up period for
its largest shareholder, Bain Capital Partners", adds Greene.

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010.

Genpact Limited is an international company providing its
customers -- primarily in the banking, financial services and
insurance, manufacturing, technology and healthcare sectors --
with a wide range of business process management services and
solutions.

The company has more than 63,000 employees worldwide, the bulk of
whom are located in India, and around 600 customers. It is a
leading player in the business process outsourcing industry, and
is extending its presence in other areas such as analytics and IT
outsourcing.

Listed on the New York Exchange since 2007, Genpact reported
revenues of $2.13 billion for the financial year ended 31 December
2013, and pre-tax income of $306 million.


PACNET LTD: 4Q 2013 & Full Year Results Support Moody's B2 CFR
--------------------------------------------------------------
Moody's Investors Service says Pacnet Limited's 4Q 2013 and full-
year operating results continue to support its B2 corporate family
rating and senior secured rating.

The ratings outlook is negative.

Total reported revenue in 4Q 2013 was USD121.7 million, a 6.5%
increase over USD114.1 million in 3Q 2013.

However, revenue in 2013 was USD471.6 million, a 9% decrease from
the prior year, primarily due to the discontinuation of its low-
margin wholesale voice services and certain residential internet
services.

"While revenues are modestly lower year-over-year, the
discontinuation of some low-margin business helped drive a USD5.1
million improvement in Pacnet's gross profit, which Moody's view
positively," says Annalisa Di Chiara, a Moody's Vice President and
Senior Analyst.

The company's gross profit margin improved to 56% in 2013 from 50%
in the prior year.

"Pacnet's 2013 operating performance benefited significantly from
a restructuring plan announced in late 2012. Its reported adjusted
EBITDA of around USD115.2 million for 2013 was 32% higher than the
same period last year. Overall, the company showed quarter-over-
quarter improvements in EBITDA in 2013, which are also positive
for its ratings," added Di Chiara.

Pacnet's EBITDA improved 39% to US32 million in 4Q2013 from USD23
million in 4Q2012.

Moody's estimates adjusted debt/EBITDA was at around 4.0x for the
full year, and which is in line with our previously stated
expectation of 4.0x or lower by end-2013.

The negative outlook continues to reflect the company's small size
in a highly competitive environment. Moody's also expects Pacnet's
debt-servicing obligations and capital expenditure will modestly
exceed its operating cash flow in 2014.

That said, Moody's expects the company will maintain an
appropriate level of liquidity, with cash on balance sheet of at
least USD40 million. Moody's also expects the company will be
compliant with its bank covenants.

While upwards rating pressure is unlikely, given the negative
outlook, the outlook could return to stable if quarterly EBITDA is
sustained above USD30 million per quarter and its liquidity
position improves, as the company does not maintain any working
capital facilities.

Moody's will consider three to four quarters of EBITDA generation,
consistently in the USD30 million-USD35 million range, as well as
a minimum cash balance of USD75 million, as evidence of more
robust cash flow generation and an improving liquidity position.

Further negative pressure will arise if EBITDA stays below USD20
million-USD25 million on a quarterly basis, or debt/EBITDA exceeds
5.0x, or the company's cash position falls below USD40 million.

The principal methodology used in this rating was the Global
Communications Infrastructure Rating Methodology, published in
June 2011.

Pacnet, incorporated in Bermuda in June 2006, owns and operates
Asia's largest privately owned submarine cable network. Pacnet
provides data connectivity solutions to major telecommunications
carriers, large multinational enterprises, and small- to medium-
sized enterprises in Asia Pacific that require multi-national
Internet protocol-based (IP-based) solutions and connectivity.



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


TRUE CORPORATION: Moody's Lowers CFR to Caa1; Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3, the
corporate family rating of True Corporation Public Company
Limited, as well as the corporate family and senior unsecured bond
ratings of its consolidated subsidiary, True Move Company Limited.

The outlook for all ratings is negative.

The rating actions conclude the review for downgrade initiated by
Moody's on 29 November 2013.

Ratings Rationale

"The rating actions reflect True Corp's vulnerable business and
financial profile, despite the company having lowered its debt
levels by selling assets to the infrastructure fund that it
established in the fourth quarter of 2013," says Yoshio Takahashi,
a Moody's Assistant Vice President and Analyst.

True Corp established the infrastructure fund -- the True Growth
Fund (TRUEGIF) -- in December 2013 and sold its existing and
future tower assets to TRUEGIF to reduce debt.

However, the net cash proceeds from the sales amounted to THB39
billion, which was at the lower end of the company's original plan
to raise between THB40-THB66 billion.

In addition, part of the proceeds (THB16 billion) was an advance
payment for the construction of 6,000 telecommunications towers,
which True Corp will have to deliver over the next two years.

True Corp currently holds approximately 33% of TRUEGIF which it
now accounts for as an associate.

While its total debt declined to THB90 billion at end-2013 from
THB113 billion at end-September 2013, True Corp's debt level is
likely to increase to over THB100 billion by end-2014, given its
ongoing negative free cash flow (FCF).

Moody's expects that True Corp's negative FCF in 2014 will total
approximately THB20 billion in 2014, due to: (1) the company's
weak earnings from its mobile business; (2) its ongoing large
investments in 3G and 4G services; as well as (3) the potential
for additional spectrum fee payments, following the 1.8 GHz
spectrum auction in 2014.

At the same time, its short-term debt -- which includes rated
notes amounting to USD10.7 million (THB353 million) due on 1
August 2014 -- totaled THB14 billion, while its cash holdings as
of December 2013 totaled THB15 billion.

Thus, the company will likely continue to depend on borrowings
from domestic banks -- including drawdowns from unused committed
bank lines -- as well as funding from the local currency bond
markets to address its financing gap.

As a result, Moody's expects True Corp's adjusted debt/EBITDA to
increase to 6.5x-7.0x in 2014, although the ratio declined to
below 5.0x in 2013, due largely to its reduction of debt in 4Q
2013.

Since True Corp plans to lease the disposed assets from its
infrastructure fund, its adjusted leverage in 2014 will rise, as
Moody's will make operating lease adjustments to estimate True
Corp's adjusted debt levels.

Given the expected debt increase, Moody's believes True Corp will
likely require covenant waivers when covenant tests on its bank
facilities commence in September 2014.

Moreover, its equity can become negative in 2014, if timely
recapitalization does not occur. Its reported shareholders' equity
decreased to about THB4.7 billion as of December 2013, from THB5.6
billion as of September 2013, despite THB6 billion in gains from
the sale of assets to TRUEGIF. It incurred a net loss of THB9
billion in 2013 and THB7 billion in 2012.

While Thai banks and its major shareholder, the Charoen Pokphand
Group (unrated), have been supportive of True Corp, Moody's
believes True Corp's weak operating and financial profile has led
to uncertainty as to whether or not such solid support will
continue.

The negative outlook reflects Moody's view that without major
restructuring and recapitalization measures, True Corp's operating
and financial profile will remain vulnerable, given its prolonged
negative FCF, high leverage, potential covenant breaches, and weak
equity base.

Given the negative outlook, an upgrade of the company's ratings is
unlikely in the near term. However, the outlook could revert to
stable if it significantly improves its financial and liquidity
profile by: (1) improving its earnings and FCF; (2) reducing its
debt; (3) restoring its equity base; and (4) complying with its
financial covenants. Specific metrics Moody's will consider
include: adjusted debt/EBITDA below 6.0x-6.5x on a sustained
basis; and negative FCF below THB5-THB10 billion.

On the other hand, downward ratings pressure could emerge if the
company's negative FCF is unlikely to decline significantly,
thereby affecting its ability to obtain funding from domestic
banks and the bond markets, or if it is unable to obtain waivers
for its financial covenants.

Moody's notes that the standalone financial profile of True Corp's
consolidated subsidiary, True Move -- which provides 2G mobile
services -- is weaker than that of True Corp.

Nevertheless, Moody's rates True Move at the same level as True
Corp, largely because True Move's bank debt and bonds are
guaranteed by True Corp's mobile subsidiaries that offer mainly 3G
services.

In addition, given the strategic importance of the mobile
business, Moody's believes that True Corp will support True Move
in times of need.

The principal methodology used in these ratings was the Global
Telecommunications Industry published in December 2010.

Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, mobile and pay TV services.

True Move, which is 99.4%-owned by True Corp, is a mobile company
providing 2G services.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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