TCRAP_Public/140314.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, March 14, 2014, Vol. 17, No. 52


                            Headlines


A U S T R A L I A

AMERIND PTY: Rodgers Reidy Appointed as Administrators
BIS INDUSTRIES: S&P Assigns 'B' CCR; Outlook Stable
DELTA ACE: Mackay Goodwin Appointed as Administrators
FRESHLINK INT'L: Court Appoints Clifton Hall as Liquidator
RESIMAC 2009-1: Fitch Affirms Class B2 Notes Rating at 'BBsf'

THORNBERRY HOLDINGS: Moody's Assigns (P)B2 Corp. Family Rating
UNDERCOVERWEAR LIMITED: Women's Clothing Business Collapses
WHITSUNDAY DENTAL: BRI Ferrier Appointed as Administrators
* AUSTRALIA: Cherry Plantation Placed in Receivership


C H I N A

FRANSHION PROPERTIES: Proposed Spin-off No Impact on Ba1 Rating
FRANSHION PROPERTIES: Moody's Assigns 'Ba1' Rating to US$ Bonds
PACTERA TECHNOLOGY: Moody's Assigns (P)Ba3 Corp. Family Rating
PACTERA TECHNOLOGY: S&P Assigns 'BB-' CCR; Stable Outlook


I N D I A

ANDHRA PRADESH: CARE Downgrades Rating on INR2,513.53cr Loan to D
ANNAPURNA PET: CARE Assigns 'B+' Rating to INR18.15cr Loan
APRICA BUSINESS: ICRA Assigns 'B+' Rating to INR16cr Loan
ARCHANA OIL: ICRA Assigns 'B+' Rating to INR12cr Term Loan
ASHUTOSH ENTERPRISES: ICRA Assigns 'B+' Rating to INR3.5cr Loan

ASIAN LAKTO: CARE Revises Rating on INR13.36cr Loan to 'BB-'
ATHARVA PACKAGING: ICRA Suspends 'B+' Rating on INR4.41cr Loans
CHIRCHIND HYDRO: ICRA Raises Rating on INR15.14cr Loans to 'B'
CHOICE COPIERS: ICRA Suspends 'B-' Rating on INR7cr Bank Line
COMMTRADE METALS: CARE Revises Rating on INR12.99cr Loan to 'B+'

EAGLE AUTOPEARL: ICRA Assigns 'B-' Rating to INR27cr Loans
GURUKRUPA COTTON: ICRA Reaffirms 'B' Rating on INR9.81cr Loans
HALDIA PETROCHEM: Lenders May Offer Lifeline to Ailing Firm
HETALI ENTERPRISES: CARE Assigns 'B+' Rating to INR32.75cr Loan
INDIGO METALLOYS: CARE Assigns 'D' Rating to INR34.84cr Loans

KADEVI INDUSTRIES: CARE Revises Rating on INR221.17cr Loans to D
KALYAN METRO: CRISIL Assigns 'B-' Rating to INR100MM Loans
KAMLA LANDMARC: ICRA Withdraws 'D' Rating on INR250cr Loan
KNR CONTRACTORS: ICRA Reaffirms 'B+' Rating on INR12.5cr Loans
KRISHNA OIL: ICRA Reaffirms 'B+' Rating on INR31.82cr Loans

MAITHAN ISPAT: CARE Reaffirms 'D' Rating on INR745.6cr Loans
NEHA EXPORTS: ICRA Reaffirms 'B' Rating on INR1.4cr Loans
NIRMAN ENGICONS: ICRA Assigns 'B+' Rating to INR9.56cr Loans
RADHESHYAM GINNING: CARE Reaffirms B+ Rating on INR10cr Bank Loan
RICHA REALTORS: CARE Cuts Rating on INR30cr Loan to 'C'

RIPURAJ AGRO: CARE Ups Rating on INR16.09cr Bank Loan to 'BB-'
RISHI AURBINDO: ICRA Suspends 'B-' Rating on INR16.47cr Loan
S.S. ENTERPRISES: ICRA Assigns 'B+' Rating to INR9.75cr Loans
SANDEEP RICE: ICRA Reaffirms 'B' Rating on INR8cr Loan
SARASWATI RICE: ICRA Reaffirms 'B' Rating on INR5.50cr Loan

SUNIL INDUSTRIES: ICRA Assigns 'B+' Rating to INR7.25cr Loans
SUPARSHAV SYNTHETICS: CARE Assigns 'B+' Rating to INR8.79cr Loan
SWARAJ SULZ: CARE Revises Rating on INR8.43cr Loan to 'BB-'
SYNERGY ELECTRIC: ICRA Revises Rating on INR51.82cr Loans to 'D'
TOSHALI CEMENTS: ICRA Revises Rating on INR61cr Loans to 'B'

UNIQUE BIOTECH: ICRA Upgrades Rating on INR22.22cr Loans From 'D'
VAIBHAV YARN: CARE Reaffirms 'B+' Rating on INR25.97cr Loan
VARAD EXTRUSIONS: CARE Revises Rating on INR5.83cr Loan to 'B+'
VEDANT DYESTUFFS: CARE Reaffirms 'B+' Rating on INR21.36cr Loan
VIVEKANANDA EDUCATIONAL: CARE Revises INR2.18cr Loan Rating to D

VIVEKANANDA EDUC. TRUST: CARE Cuts INR2.85cr Loan Rating to D


I N D O N E S I A

ADARO INDONESIA: 2013 Results No Impact on Moody's Ba1 CFR


J A P A N

* S&P Puts 4 Ratings on Japanese CDO Tranches on Watch Positive


N E W  Z E A L A N D

SOUTH CANTERBURY: Fraud Case vs. Directors, CEO on Hold


S I N G A P O R E

* Singapore to Regulate Bitcoin Dealers


X X X X X X X X

* Large Companies with Insolvent Balance Sheets


                            - - - - -


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


AMERIND PTY: Rodgers Reidy Appointed as Administrators
------------------------------------------------------
Geoffrey Philip Reidy -- jimray@rodgersreidy-qld.com.au -- and
James Marc Imray -- jimray@rodgersreidy-qld.com.au -- at Rodgers
Reidy were appointed as administrators of Amerind Pty Ltd on March
11, 2014.

A first meeting of the creditors of the Company will be held at
Mantra Hotel, 471 Little Bourke Street, in Melbourne, Victoria, on
March 21, 2014, at 12:00 p.m.


BIS INDUSTRIES: S&P Assigns 'B' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' corporate credit rating to Australia-based mining logistics
company Bis Industries Ltd. (Bis).  The outlook on the rating is
stable.  At the same time, S&P assigned a 'CCC+' rating to Bis'
related entity Artsonig Pty Ltd.'s proposed payment-in-kind (PIK)
notes.  The recovery rating on the PIK notes is '6', reflecting
S&P's expectation of "negligible" recovery prospects (0%-10%) in
the event of default.  The issue rating is subject to completion
of the company's proposed debt raising.

S&P assess the creditworthiness of Bis on a group basis, which
incorporates the entire corporate structure, including various
holding and financial companies that own Bis Industries Ltd. (the
operating company).

"The 'B' issuer credit rating reflects our view of the company's
"highly leveraged" financial risk profile and "weak" business risk
profile," Standard & Poor's credit analyst Graeme Ferguson said.
"Bis' financial risk profile is a constraint on the ratings and
reflects the company's "highly leveraged" capital structure and
ownership by a financial sponsor through funds controlled by
Kohlberg Kravis Roberts & Co L.P. (KKR)."

S&P estimates Bis' adjusted debt-to-EBITDA will remain more than
5x through the forecast years, following the issuance of the PIK
notes and new quasi-equity instruments.  S&P regards new and
existing quasi-equity instruments as debt-like, while recognizing
that these instruments do not pay cash coupons; are structurally
subordinate to the senior debt and PIK notes; and are held by a
fund controlled by KKR (albeit legally distinct to the funds which
own common equity interests).  While the quasi-equity instruments
exhibit certain equity-like characteristics, in S&P's opinion,
there exists a separation of economic incentives between the
common and non-common equity holders.  The capital structure also
includes senior secured syndicated bank facilities (unrated)
issued at the operating company level.

"We expect the company to generate modest levels of free operating
cash flow after capital expenditure over the forecast period,
which we expect to be applied for debt retirement.  However, the
senior secured syndicated bank facilities permit additional debt,
subject to certain limitations in the loan documentation, and
given Bis' ownership by a private-equity firm, we do not expect
the company's leverage to improve significantly.  In addition,
although dividends are not forecast in the current budget, they
may be made if the total leverage of Bis' obligor group (made up
of operating companies and excluding PIK notes and quasi-equity
instruments) is less than a required level," S&P said.

"We consider Bis' business risk profile to be "weak" due to the
company's exposure to the volatile mining and metals industry, its
relative size, and its limited diversity of operations.  Partly
offsetting these weaknesses are: the company's leading position in
a niche market, its focus on serving production activities, and
relatively robust contract structure.  Bis operates in the
following four segments: off-road load and haulage transportation;
specialized logistics management; site services; and, underground
services.  Off-road load and haulage transportation accounts for a
substantial share of the group's revenue," S&P added.

Mr. Ferguson added: "The stable outlook incorporates our
expectation that Bis can maintain its market position and work-in-
hand in the off-road load and haulage and underground mining
services segments, despite the softer outlook for commodities.  We
expect its adjusted debt-to-EBITDA to remain between 5x and 5.5x,
and adjusted funds from operations (FFO)-to-debt slightly less
than 10% in 2014 and 2015. "

Bis' highly leveraged capital structure renders it vulnerable to a
contraction in off-road haulage.  The rating could come under
pressure if the company's liquidity is "less than adequate" or
there is limited headroom in its financial covenants.

The rating could be raised if the company delivers a more
conservative financial management or if business conditions
materially exceed expectations, enabling the credit metrics to
improve.  This could occur if adjusted debt-to-EBITDA is sustained
at less than 4.5 x and adjusted FFO-to-debt more than 15%.  Given
the current ownership structure, any positive rating action is
likely to be capped within the 'B' category.


DELTA ACE: Mackay Goodwin Appointed as Administrators
-----------------------------------------------------
Domenic Calabretta -- dcalabretta@mackaygoodwin.com.au -- at
Mackay Goodwin was appointed as administrator of Delta Ace Pty Ltd
on March 11, 2014.

A first meeting of the creditors of the Company will be held at
Level 24, Allendale Square, 77 St Georges Terrace, in Perth, on
March 20, 2014, at 11:00 a.m.


FRESHLINK INT'L: Court Appoints Clifton Hall as Liquidator
----------------------------------------------------------
Timothy Clifton was appointed Liquidator of Freshlink
International Pty Ltd on March 12, 2014, by Order of the Federal
Court of Australia.


RESIMAC 2009-1: Fitch Affirms Class B2 Notes Rating at 'BBsf'
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of seven conforming RMBS
transactions issued by Perpetual Trustee Company Limited in its
capacity as trustee of the RESIMAC Triomphe Trusts.  The
transactions are backed by pools of Australian conforming
residential mortgages originated by RESIMAC Limited.

The transactions are: RESIMAC Premier Series 2009-1 (RESIMAC 2009-
1); RESIMAC Premier Series 2009-2 (RESIMAC 2009-2); RESIMAC
Premier Series 2010-1 (RESIMAC 2010-1); RESIMAC Premier Series
2010-2 (RESIMAC 2010-2); RESIMAC Premier Series 2011-1 (RESIMAC
2011-1); RESIMAC Premier Series 2012-1 (RESIMAC 2012-1); and
RESIMAC Premier Series 2013-1 (RESIMAC 2013-1).

Key Rating Drivers

The rating actions reflect Fitch's view that available credit
enhancement supports the notes at their current ratings, the
agency's expectations of Australia's economic conditions, and that
the credit quality and performance of the underlying loans have
remained within the agency's expectations.  Arrears and losses
have been consistently low, while excess spread has remained
stable.  The ratings also reflect RESIMAC Limited's mortgage
underwriting and servicing capabilities.

At Jan. 31, 2014, 30+ days arrears levels for six of the seven
RESIMAC transactions were below Fitch's Dinkum Index of 1.21%.
RESIMAC 2010-1 RMBS Trust had the highest level of arrears at 4.1%
primarily due to the higher level of low documentation loans,
while RESIMAC 2011-1 recorded the lowest level at 0.3%.

All transactions are 100% covered by lenders' mortgage insurance
(LMI).  The transactions have experienced low levels of losses,
with all losses covered by LMI or excess spread.

Rating Sensitivities

Unexpected increases in delinquencies, defaults and losses would
be necessary before any negative rating action would be
considered.  Credit enhancement levels for the Class A notes can
support multiples of the arrears levels reported in the latest
investor reports.  The ratings of the transactions' Class A notes
are independent of downgrades to the LMI providers' ratings.
The ratings of RESIMAC 2012-1Class A1-B and RESIMAC 2013-1 Class
A2-B notes are linked to National Australia Bank Limited's (NAB,
AA-/F1+/Stable) Short-Term Issuer Default Rating (IDR) of 'F1+'.
Fitch's initial key rating drivers and rating sensitivities are
further discussed in the transactions' corresponding New Issue
reports listed under "Related Research".  Included as an appendix
to the reports for RESIMAC 2012-1 and RESIMAC 2013-1 are a
description of the representations, warranties, and enforcement
mechanisms.

A comparison of the transactions' representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is also available by accessing the reports and/or
links given under Related Research below.

RESIMAC 2009-1:

  -- AUD157.3 million Class A3 affirmed at 'AAAsf'; Outlook
     Stable;
  -- AUD9.1 million Class AB affirmed at 'AAAsf'; Outlook Stable;
  -- AUD5.5 million Class B1 affirmed at 'AAsf'; Outlook Stable;
     and
  -- AUD6.9 million Class B2 affirmed at 'BBsf'; Outlook Stable.

RESIMAC 2009-2:

  -- AUD86.2 million Class A2 affirmed at 'AAAsf'; Outlook
     Stable;
  -- AUD9.4 million Class AB affirmed at 'AAAsf'; Outlook Stable;
     and
  -- AUD3.1 million Class B1 affirmed at 'AAsf'; Outlook Stable.

RESIMAC 2010-1:

  -- AUD71.9 million Class A affirmed at 'AAAsf'; Outlook Stable;
  -- AUD10.1 million Class AB affirmed at 'AAAsf'; Outlook
     Stable; and
  -- AUD2.3 million Class B1 affirmed at 'Asf'; Outlook Stable.

RESIMAC 2010-2:

  -- AUD40.7 million Class A1 affirmed at 'AAAsf'; Outlook
     Stable;
  -- AUD148.0 million Class A2 affirmed at 'AAAsf'; Outlook
      Stable; and
  -- AUD22.2 million Class AB affirmed at 'AAAsf'; Outlook
     Stable.

RESIMAC 2011-1:

  -- AUD198.4 million Class A affirmed at 'AAAsf'; Outlook
     Stable; and
  -- AUD17.7 million Class AB affirmed at 'AAAsf'; Outlook
     Stable.

RESIMAC 2012-1:

  -- USD210.0 million Class A1-B affirmed at 'F1+sf';
  -- AUD0.0 million Class A1-R affirmed at 'AAAsf'; Outlook
     Stable;
  -- AUD118.9 million Class A2 affirmed at 'AAAsf'; Outlook
     Stable; and
  -- AUD25.0 million Class AB affirmed at 'AAAsf'; Outlook
     Stable.

RESIMAC 2013-1:

   -- USD260 million Class A2-B notes: 'F1+sf';
   -- AUD0 million Class A2-R notes: 'AAAsf'; Outlook Stable;
   -- AUD253.3 million Class A3 notes: 'AAAsf'; Outlook Stable;
      and
   -- AUD44.6 million Class AB notes: 'AAAsf'; Outlook Stable.


THORNBERRY HOLDINGS: Moody's Assigns (P)B2 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a first time provisional
(P)B2 Corporate Family Rating (CFR) to Thornberry Holdings Pty
Limited ("Thornberry"), which is a holding company that indirectly
fully owns Bis Industries Ltd ("Bis"). Bis has market leading
positions in off-road load and haul and underground mining
services in Australia. Apart from Bis, Thornberry does not own any
other meaningful business.

At the same time Moody's has assigned a provisional (P)Caa1 rating
to Artsonig Pty Ltd's ("Artsonig") proposed 5 year USD equivalent
of AUD280 million senior unsecured PIK notes. Artsonig is a wholly
owned subsidiary of Thornberry Holdings Pty Ltd and direct parent
company of Bis Industries Ltd. The proceeds from the issuance will
be used to repay existing PIK notes.

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

The assignment of a definitive CFR and senior unsecured rating is
subject to review of final documentation, and successful close of
the transaction.

Ratings Rationale

"The (P)B2 corporate family rating reflects the company's strong
franchise and market position in off-road load and haul operations
and to specialist underground services relating to run of mine and
longwall relocations, established relationships and contracted
revenue with high quality customers", says Maurice O'Connell, a
Moody's Vice President and Senior Analyst. "The rating also
reflects a heavily levered financial profile and weak free
cashflow position after capital expenditure", adds O'Connell.

"The rating additionally reflects the company's exposure to the
production of mineral commodities in a cyclical and volatile
minerals industry, relatively small scale and concentrated revenue
base. Whilst the company generates strong EBITDA margins, it has
incurred a high level of capital expenditure, including growth
capex, resulting in low or negative free cashflow. A trajectory of
improving profit margins and higher revenue will be critical to
its ability to delever".

"While we do not expect Bis to be immune from weaker commodity
prices, we consider Bis to be better placed than most contractors.
The rating reflects its strong positioning at the production end
of mining activity, with minimal or no direct exposure to the more
vulnerable exploration or development stages. Furthermore, Bis is
heavily exposed to iron ore and coal which account for over 50% of
revenue. Whilst the price of these commodities has fallen and may
remain at lower levels, Australian production is expected to
continue to rise over time, which favours Bis."

The rating also considers Bis's exposure to other resources
including gold, nickel and copper. Low prices may impact on
production levels as well as pressure margins on contracts coming
up for renewal. While mine closures would have an immediate impact
on revenues, Bis is less vulnerable to mine closures due to
uncompetitive cash costs than many other contractors.

Bis' contract structure also underpins the rating with a high
proportion of contracts having a fixed revenue component, reducing
the vulnerability of a variable revenue base.

The rating is also supported by the expected adequate liquidity
following the proposed transaction. The (P)Caa1 rating on the
senior unsecured PIK notes reflects a materially inferior position
in the group's capital structure, and recognizes the large
proportion of senior secured debt outstanding at the operating
company level and the sizable intangible components on the
company's balance sheet.

Under Moody's base case assumptions we expect financial leverage
to remain at elevated, albeit reducing, levels over the medium
term. This limits the company's flexibility to withstand ongoing
volatility in the mining services industry or an unexpected event.
Moody's expect adjusted Debt/EBITDA to be between 5.0 -4.5x over
the next 18-24 months. Moody's expect cashflow metrics (measured
using FCF / debt) to be positive in FY2015 and FY2016.

The stable outlook reflects Moody's expectation for Bis' future
earnings profile given entrenched long-term relationships
underpinned principally by exposure to longer-term iron ore and
coal production increases.

The rating could be upgraded in the event that the company is able
to acquire a sustained improvement in EBITDA or meaningful
reduction in debt such that adjusted Debt/EBITDA will remain below
4.25 to 4.5x on an ongoing basis.

The rating could be downgraded in the event that a deteriorating
macro environment, operating underperformance, or competitive
pressures lead to a material amount of Bis's contracts being
terminated or not renewed on similar terms, thus reducing revenue
and cash flow generation.

Specifically, the rating would likely be downgraded if reductions
in revenue and cash flow caused Bis adjusted credit metrics of
Debt-to-EBITDA and/or EBITDA-to-interest to be sustained above
6.00 or below 1.8x, respectively.

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


UNDERCOVERWEAR LIMITED: Women's Clothing Business Collapses
-----------------------------------------------------------
Melinda Oliver at SmartCompany reports that women's clothing
business UnderCoverWear, which turned over more than
AUD11 million in 2013, has collapsed following "difficult times"
for the company.

SmartCompany says administrators Ginette Muller --
ginette.muller@fticonsulting.com -- and Lachlan McIntosh --
lachlan.mcintosh@fticonsulting.com -- of FTI Consulting were
appointed to the business on March 10, with a meeting for
creditors to be held on March 20 in Bella Vista, New South Wales.

It is not yet clear the number of staff impacted or the
significance of its current debts.

According to SmartCompany, the ASX-listed business posted a net
loss of AUD1.36 million for the 2013 financial year, with chairman
Stuart Richardson describing the business as "operating in
difficult times" in its annual report.

The figure was worse than its 2012 financial year loss of
AUD603,594.

It reported that the full year loss was partly attributed to
reduced stock holding and delays in the replenishment of popular
sizes, SmartCompany notes.

Revenue for the full year to June 30, 2013 was AUD8,016,760, down
from the 2012 financial year figure of AUD11,493,915, the report
adds.

Australia-based UnderCoverWear Limited (ASX:UCW) --
http://www.undercoverwear.com.au/-- is engaged in the business of
import, distribution and export of underwear and garments. The
Company also has operations in New Zealand. The Company's
offerings include lingerie, bridal collection, swimmer, sleepwear,
fashion tops, pants and capris, dresses, skirts and tunic, and
jacket and knitwear. The Company distributes underwear and
garments through the home party plan, which is supported by an
administration office in Sydney, Australia. The Company also
designs denims in various sizes from 6 to 24. The Company's denim
store includes heather capris, gardenia cut offs, Farrah bootleg
jean, antique bootleg jean, and khloe jeggings denim. Effective
December 2, 2013, The Clothing Group Ltd acquired a 50% interest
in UnderCoverWear Ltd.


WHITSUNDAY DENTAL: BRI Ferrier Appointed as Administrators
----------------------------------------------------------
Moira Kathleen Carter -- moira.carter@briferriernq.com.au -- and
Robert Colin Humphreys -- robert.humphreys@briferriernq.com.au --
at BRI Ferrier were appointed as administrators of Whitsunday
Dental Group Pty Ltd on March 12, 2014.

A first meeting of the creditors of the Company will be held at
the offices of BRI Ferrier, Townsville, Level 1, 19 Stanley
Street, in Townsville, Queensland on March 24, 2014, at
3:00 p.m.


* AUSTRALIA: Cherry Plantation Placed in Receivership
-----------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that a cherry tree
plantation located at Young, New South Wales has been placed into
receivership by Westpac.  A buyer for the 130-hectare plantation
is currently being sought, dissolve.com.au says.

dissolve.com.au relates that due to the sensitivity of the
situation, information on the valuation of the property has been
withheld in a report of creditors in February. Receiver PPB
Advisory and Westpac refused to comment, the report notes. The
property has been made with a wide irrigation system and trees
that have been productive for year. The property is being marketed
by Ray White.

According to the report, Simon Boughey, CEO of Cherry Growers
Australia, commented that it was an unfortunate situation to see
the property placed in receivership amid the difficult times
experienced by the industry. He added that some young crops had
been affected by adverse rain and humidity; however described the
previous season as "fantastic," dissolve.com.au relays.



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C H I N A
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FRANSHION PROPERTIES: Proposed Spin-off No Impact on Ba1 Rating
---------------------------------------------------------------
Moody's Investors Service says Franshion Properties (China)
Limited's proposed spin-off and separate listing of its investment
property assets in China could enhance its liquidity and financial
flexibility.

However, the proposed transaction will not have an immediate
impact on its Baa3 corporate family rating, Ba1 senior unsecured
rating, and stable outlook.

Franshion Properties announced that it was considering a spin-off
and separate listing of its hotel assets and Jin Mao Tower on the
Hong Kong Stock Exchange. Its hotel portfolio comprises six
completed hotels and two hotels under development.

The spin-off is still pending the approval of the Hong Kong Stock
Exchange.

The company intends to use the proceeds for refinancing its
existing debt, working capital, as well as for other general
corporate purposes.

"The proposed spin-off will likely enhance the company's liquidity
and financial flexibility to fund the planned expansion of its
property development business," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

Additionally, the spin-off allows Franshion Properties to develop
a listing platform to raise capital from completed and developing
property projects.

This development will further diversify the company's access to
funding and reduce its reliance on debt financing.

"These benefits, however, will be partly offset by a moderate
decrease in recurring cash flow from Jin Mao Tower and the hotel
business," adds Tsang, who is also Moody's Lead Analyst for
Franshion.

The consolidated financial metrics of Franshion Properties will
not be affected by the proposed spin-off, as it will maintain a
minimum 51% ownership in and continue to consolidate the spun-off
assets.

A portion of the income generated by these assets will be
distributed to minority shareholders through dividend payments
after the listing.

However, the dividends forgone will not be material relative to
the overall cash flow of Franshion Properties.

The stable ratings outlook of Franshion Properties reflects our
expectations that the company will maintain adequate liquidity to
fund its expansion, with cash holdings of around 10% of total
assets.

The ratings could be upgraded if Franshion Properties (1) executes
its sales plan and achieves its sales targets; (2) improves its
geographic diversity and business scale; and (3) strengthens its
financial ratios, with EBITDA/interest above 6x-7x.

However, Moody's will consider downgrading the ratings if
Franshion Properties (1) is unable to implement its business plan,
or China's property market experiences a significant downturn,
such that cash flow is weaker than expected; (2) pursues further
debt-funded land acquisitions; or (3) significantly increases its
investments in residential properties and funds them via debt.

The following metrics indicate downgrade pressure: (1) adjusted
debt/capitalization above 45%-50%; (2) EBITDA/interest below 3x-
4x; or (3) cash/short-term debt below 150%.

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

Listed on the Stock Exchange of Hong Kong in 2007, Franshion
Properties (China) Limited is a 62.87%-owned subsidiary of
Sinochem Hong Kong (Group) Company Limited. Franshion develops
commercial and integrated properties in first-tier and major
second-tier cities in China. It has also invested in primary land
development projects in Changsha, Hunan Province, and Sanya,
Hainan Province.


FRANSHION PROPERTIES: Moody's Assigns 'Ba1' Rating to US$ Bonds
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 senior unsecured
rating to the proposed US dollar bonds to be issued by Franshion
Brilliant Limited and guaranteed by Franshion Properties (China)
Limited (Franshion Properties, Baa3 stable).

The rating outlook is stable.

Franshion Properties will use the proceeds from the proposed bond
issuance to refinance its outstanding debt, as well as to fund its
working capital and for other general corporate purposes.

Ratings Rationale

"The proposed bond issue is line with our expectation that
Franshion Properties will have to incur new debt to fund its land
acquisitions and property developments," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

After the bond issuance, Moody's expects Franshion Properties'
EBITDA interest coverage will stay at around 3x-3.5x, and its
adjusted debt/capitalization will be at 45%-50%.

These ratios remain appropriate for its Baa3 corporate family
rating.

"At the same time, the issuance will lengthen Franshion
Properties' debt maturity profile, as part of the proceeds will be
used for refinancing," adds Tsang, who is also the Lead Analyst
for Franshion Properties.

Franshion Properties' Baa3 corporate family rating continues to
reflect its main credit strength, namely its stable rental income
generated from its quality portfolio of investment properties,
including prime office buildings and hotels in Shanghai and
Beijing. This rental income provides the company with a buffer
against business volatility from its rapid growth in property
development.

While the company's recent proposal to spin off of its hotel
assets and the Jin Mao Tower could moderately reduce its recurring
cash flow, the dividends forgone will not be material relative to
Franshion Properties' overall cash flow.

The Baa3 rating also takes into account the company's solid track
record in the development of landmark, integrated projects, and in
the acquisition of strategically important projects through its
collaboration with government-related entities.

In addition, the rating reflects Franshion Properties' diversified
and solid access to both on- and off-shore funding. In this
regard, it benefits from its background as a state-owned
enterprise and its position as a subsidiary of Sinochem Hong Kong
(Group) Company Limited (Baa1 stable).

The Ba1 bond rating is one notch below the Baa3 corporate family
rating, reflecting the structural and legal subordination risks
from its secured and subsidiary debt, which amounted to around 15%
of its total assets at end-December 2013.

Although the issuance of offshore bonds could lower the reliance
on onshore bank loans, such loans will remain a major source of
funding for construction activities. Moody's expects this ratio to
stay at around 15%-20% in the next one to two years.

The stable rating outlook of Franshion Properties reflects Moody's
expectation that the company will maintain adequate liquidity to
fund its expansion, with cash holdings of around 10% of total
assets.

The ratings could be upgraded if Franshion Properties (1) executes
its sales plan and achieves its sales targets; (2) improves its
geographic diversity and business scale; and (3) strengthens its
financial ratios, with EBITDA/interest above 6x-7x.

However, Moody's will consider downgrading the ratings if
Franshion Properties (1) is unable to implement its business plan,
or China's property market experiences a significant downturn,
such that cash flow is weaker than expected; (2) pursues further
debt-funded land acquisitions; or (3) significantly increases its
investments in residential properties and funds them via debt.

The following metrics indicate downgrade pressure: (1) adjusted
debt/capitalization above 45%-50%; (2) EBITDA/interest below 3x-
4x; or (3) cash/short-term debt below 150%.

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

Listed on the Stock Exchange of Hong Kong in 2007, Franshion
Properties (China) Limited is a 62.87%-owned subsidiary of
Sinochem Hong Kong (Group) Company Limited. Franshion develops
commercial and integrated properties in first-tier and major
second-tier cities in China. It has also invested in primary land
development projects in Changsha, Hunan Province, and Sanya,
Hainan Province.


PACTERA TECHNOLOGY: Moody's Assigns (P)Ba3 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
(P)Ba3 corporate family rating to Pactera Technology International
Ltd.

Moody's has also assigned a provisional (P)Ba3 rating to
BCP(Singapore) VI Cayman Financing Co Ltd's proposed senior
secured notes, which will be guaranteed by Pactera and BCP
(Singapore) VI Cayman Acquisitions Co Ltd (unrated).

The corporate family rating has a provisional status as the
privatization of Pactera has not been completed.

Once the notes issuance is completed, and upon satisfactory terms
and conditions, Moody's will remove the provisional status of the
ratings.

The proceeds of the proposed notes will be used for funding the
privatization of Pactera.

The ratings outlook is stable.

Ratings Rationale

"Pactera's (P)Ba3 rating reflects its small operating scale and
low margin compared to its larger-sized international peers," says
Lina Choi, a Moody's Vice President and Senior Analyst.

Pactera's small-scaled operation makes it less competitive,
especially in terms of its cost structure, compared with larger
international IT outsourcing peers such as Genpact Limited (Ba1
stable), which had revenue of $1 billion-$2 billion in the last
few years.

It will therefore be a challenge for the company to achieve high
organic growth in the next few years.

Currently, its operating margin is at around 10% compared to
Genpact, which enjoys a 15%-20% margin.

Given the company's need to improve its cost competitiveness, it
will focus on revenue stability and low-cost outsourced work to
avoid competition.

"Pactera has also focused on growing its China market, which
offers favourable growth prospects," says Choi, who is also the
Lead Analyst for Pactera.

Despite wage inflation in China and other emerging markets, the
fundamental value proposition for the outsourcing sector remains
intact.

Pactera has grown rapidly over the last few years, to attain total
revenue of $670 million in 2013 from $358 million in 2010 (on a
combined basis with Vanceinfo, which merged with Hisoft on
November 9th, 2012 to form Pactera).

The company remains well positioned to take advantage of robust
growth in the Chinese market, where China's economic growth will
spur investment in IT infrastructure and spending in IT services.

According to Moody's forecast, Pactera's total revenue will grow
at a compound rate of around 13% in the next three years.

"The (P)Ba3 rating has considered Pactera's ability to integrate
the merger of VanceInfo Technologies Inc (unrated) and HiSoft
Technology International Limited (unrated), which are Pactera's
predecessors," says Choi.

Pactera's positive progress in integrating the merger of VanceInfo
and Hisoft is shown by its four consecutive quarters of improving
performance from 1Q 2013 to 4Q 2013.

The company has demonstrated a recovery to its pre-merger
productivity levels. Its adjusted EBITDA margin expanded to 14.9%
in 4Q 2013 from its bottom of 8.8% in 4Q 2012.

While there will be some seasonal volatility in profitability,
there is room for the company to realize further margin gains via
better staff utilization and scale growth.

"Furthermore, while Pactera has exited its business with Huawei
Technologies Co Ltd (unrated). But it has a well diversified
revenue stream, and has retained most key customers through
significant corporate events after the merger," adds Choi, who is
also the Lead Analyst for Pactera.

Pactera largely exited its business with Huawei after taking into
consideration its target return profile and working capital
requirements.

The company derives 48.7% of its revenue from the US and European
markets, 38.7% revenue from Greater China, and 12-13% from Japan
and ASEAN.

Pactera's top-five customers account for less than 30% of its
total revenue. Its geographic and customer diversification
mitigate concentration risk, and positions the company favorably
with most of its domestic competitors, which have a 40%-80% top
customer concentration and mainly Chinese business focus.

Even in 2012, when Pactera went through a merger of equals between
Vanceinfo and HiSoft, a substantial portion of incremental
revenue, on a pro forma basis, came from existing customers.

"While the proposed leveraged buyout has introduced meaningful
debt leverage to Pactera's capital structure, a cash position of
$145 million as of December 31, pro forma for the transaction and
repayment of the $45 million cash bridge. This should provide some
buffer for the company to withstand shocks," says Choi.

As 40% of the leveraged buyout will be financed by debt and 60% by
equity and cash, Pactera's capital structure is better than the
typical leveraged buy-out transaction of 70% debt.

Moody's estimates the company's debt/EBITDA and free cash flow
(FCF)/debt will be around 3x and 15%-20%, respectively, for the
next two years, which will support its (P)Ba3 rating.

Moody's has assigned a provisional (P)Ba3 to the proposed notes on
the basis that the company will not incur priority debt exceeding
15% of its total assets. If priority debt exceeds 15%, then the
rating of the notes will be notched down.

The stable outlook reflects Moody's expectation that Pactera's
major shareholder, Blackstone, will retain its ownership and
provide full support to Pactera.

Furthermore, Pactera (1) will continue to focus on steady revenue,
cash generative contracts and enhance its profit margin; and; (2)
will target organic growth and undertake further acquisitions by
relying on internal cash flow and/or new equity issuances.

A rating upgrade could be considered in the medium term, if the
company is able to maintain revenue and EBITDA growth, while it
continues to expand its customer portfolio in the US, Europe and
Greater China, and execute on margin enhancement initiatives.

Credit metrics indicative of upgrade pressure include (1) an
EBITDA margin above 18%-20%; (2) total debt/EBITDA below 2.5x; and
(3) FCF/total debt at 20%-25% or better, all on a sustained basis.

On the other hand, the rating could experience downward pressure
if FCF is adversely impacted by a decline in revenue and rising
costs, an aggressive acquisition policy or unexpected shareholder
distributions.

This could be accompanied by (1) a further softening of its EBITDA
margin below 10%-12%; (2) a total debt/EBITDA ratio in excess of
3.5x; or (3) FCF/total debt falling below 10%, on a sustained
basis.

The principal methodology used in these ratings was the Global
Business & Consumer Service Industry Rating Methodology in October
2010.

Pactera Technology International Ltd provides IT services in
research & development, application development & maintenance, and
consulting and packaged software solutions. It was formed from the
merger of equals between VanceInfo and Hisoft in 2012.


PACTERA TECHNOLOGY: S&P Assigns 'BB-' CCR; Stable Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB-' long-term corporate credit rating to China-based information
technology (IT) outsourcing services company Pactera Technology
International Ltd.  The outlook is stable.  S&P also assigned its
'cnBB+' long-term Greater China regional scale rating to the
company.

At the same time, S&P assigned its 'BB-' long-term issue rating
and its 'cnBB+' long-term Greater China regional scale rating to a
proposed issue of senior unsecured notes by BCP (Singapore) VI
Cayman Financing Co. Ltd. (BCP Financing), Pactera's immediate
parent.  Pactera will provide a subsidiary guarantee for the
proposed issue.  The issue rating is subject to S&P's review of
the final issuance documentation.

The rating on Pactera reflects the company's small size in a
fragmented industry, lower-than-average EBITDA margins, and longer
working capital cycle partly offset by good quality key clients
and a favorable China-based delivery model.  Pactera is vulnerable
to wage inflation and high working capital requirements in its
Chinese onshore business.  The rating also factors in private
equity firm The Blackstone Group's ownership of Pactera as a
financial sponsor.

Pactera's "fair" business risk profile reflects its small size,
with less than US$700 million revenues in 2013.  Previously HiSoft
Technology International Ltd.(HiSoft), Pactera was formed in 2012
through a merger between VanceInfo Technology Inc. and HiSoft, and
continues to face integration challenges.  The company competes
with larger and more established international peers in the IT
outsourcing service industry. Pactera's sectoral concentration is
high with high technology customers accounting for more than 50%
of revenues.  The top 10 clients account for about 39% of
revenues, indicating moderate client concentration.

"We expect profitability to stabilize once Pactera's integration
and subsequent re-organization are complete, given a more
diversified client base.  The company's EBITDA margins of less
than 15% are below most global peers.  The company's profits have
been highly volatile since 2012 because of one-off events such as
integration issues and the rapid revenue decrease from a major
client, Huawei.  We view the company's loss of Huawei as a
weakness, due to its negative impact on the company's historical
financial performance and operations.  Pactera's working capital
cycle is significantly longer with sales outstanding days of 130
days compared to 60-90 days for most international peers,
primarily driven by Chinese clients who typically have longer DSO
days," S&P said.

"In our view, Pactera has a niche position with good quality
clients and the advantages of a China-based delivery model.
Pactera is one of the leading IT services companies in China.  We
believe Pactera benefits from higher barriers to entry in its
China business and client segment due to its delivery model, which
provides the company some protection from the more established
Indian competitors looking to enter the Chinese market.  Pactera
generates 60% of revenue from China.  The company has better
geographic diversity than many larger global peers," S&P added.

"We assess Pactera's financial risk profile as "aggressive," as
our criteria define the term.  This reflects our assessment of the
influence of Pactera's financial sponsor ownership as "FS-5."
Blackstone owns about 78% of Pactera post its privatization deal
with the company. In the absence of a significant minority
shareholder and a medium-term exit plan from sponsors, despite
stronger ratios with debt-to-EBITDA below 4x, our assessment of
"FS-5" is in line with an "aggressive" financial risk profile.
Our expectation of steady financial improvement backed by revenue
growth and free cash flow generation also supports this view.  We
expect the company's debt-to-EBITDA ratio to be about 3.3x by the
end of 2014, and gradually improve from that level," S&P noted.

S&P's base-case forecast assumes the following:

   -- China's domestic GDP will grow 7.4% in 2014 and 7.2% in
      2015.

   -- Revenue will increase about 5% in 2014 (about 13% excluding
      2013 revenue from the exit of a large client) and about 12%
      in 2015, driven by robust growth in the company's offshore
      business in the U.S. and Europe and its onshore services
      segment in China.

   -- EBITDA margins of 12%-14% in 2014 and 2015.

   -- Capital expenditure will be about 2% of revenue each year,
      assuming no major acquisitions.

   -- S&P do not deduct surplus cash from debt because of
      Pactera's ownership by a financial sponsor.

Based on these assumptions, S&P arrives at the following credit
measures for 2014-2015:

   -- Ratio of debt to EBITDA of 2.5x-3.5x.

   -- Ratio of funds from operations (FFO) to debt of 20%-30%.

S&P do not notch down the issue rating from the corporate credit
rating on Pactera.  This is because S&P believes the company's
ratio of priority debt to total assets will likely remain below
our threshold of 15% for non-investment-grade issuers.  Pactera
has minimal onshore borrowings. BCP Financing, which will issue
the notes, is a special-purpose vehicle set up for Pactera's
buyout by Blackstone.  It does not hold any meaningful assets or
liabilities apart from 100% ownership of Pactera and the external
borrowings to fund the privatization transaction.

Pactera's liquidity is "adequate," as defined in S&P's criteria.
At the Pactera level, S&P expects the company to incur only very
limited capital expenditure in the next 12 months.  Meanwhile, the
liquidity assessment takes into consideration the US$685 million
privatization consideration, a significant part of which will be
from the proposed debt issuance.  Pactera's sources of liquidity
are likely to exceed its needs by more than 1.2x in the next 12
months.  S&P's liquidity assessment incorporates the following
assumptions and expectations:

   -- About US$190 million in cash and cash equivalents as at the
      end of 2013.

   -- FFO and working capital inflow of about US$60 million in
      2014.

   -- Committed onshore credit facility of US$20 million.

   -- Capital expenditure of about US$15 million.

The liquidity assessment also takes into account Pactera's limited
track record in banking relationship and access to capital
markets.

The stable outlook reflects S&P's view that Pactera will maintain
its competitive position over the next 12-24 months while growing
11%-13% and maintaining stable EBITDA margins.  S&P also expects
the company to manage its working capital cycle and reduce capital
expenditure to generate positive free operating cash flows and
maintain its debt-to-EBITDA ratio below 4x over this period.



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


ANDHRA PRADESH: CARE Downgrades Rating on INR2,513.53cr Loan to D
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Andhra
Pradesh State Road Transport Corporation.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term Bank        2513.53     CARE D Revised from
   Facilities                        CARE BB

Rating Rationale

The revision in the rating of the bank facilities of Andhra
Pradesh State Road Transport Corporation is on account of delays
in the servicing of debt obligations.

APSRTC was established on January 11, 1958, in pursuance of the
Road Transport Corporations Act, 1950, with an objective of
providing road transport facilities in the state of Andhra Pradesh
(AP) and neighbouring states. The corporation was started with
contributions from the Government of Andhra Pradesh (GoAP) and
central government in the form of interest-bearing loan capital
which was later converted into equity capital in the year 1992. As
on March 31, 2013, GoAP has 67% stake and Government of India has
33% stake in the corporation. As on February 28, 2013, the
corporation owns 22,555 buses with 776 bus stations, 211 depots
and 1,881 bus shelters.

With such a huge fleet base, APSRTC is one of the largest state
road corporations in India. The corporation's buses cover 80.98
lakh km and carry 142.96 lakh people to their destinations every
day. It connects 23,388 villages to all major towns and cities in
AP, which constitutes 95% of the road transport.

APSRTC reported a total operating income of INR7,711.48 crore
(INR6,749.92 crore in FY12) and a net loss of INR80.71 crore
(INR585.31 crore in FY12).


ANNAPURNA PET: CARE Assigns 'B+' Rating to INR18.15cr Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Annapurna Pet Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            18.15      CARE B+ Assigned

   Short-term Bank
   Facilities             6.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Annapurna Pet
Private Limited are constrained by project stabilization risk for
its existing unit, incremental project execution risk for its
planned expansion and highly fragmented and competitive nature of
the industry.

The aforesaid weaknesses are partially offset by the strength
derived from the experience of the promoters.

Ability of the company to achieve optimum capacity utilization for
the existing set-up and thereby generate sufficient accruals along
with completion of the incremental capex plan without any cost and
time over-run are the key rating sensitivities.

Incorporated in 2011, Annapurna Pet Private Limited (APP) is
engaged in the manufacturing of polyethylene terephthalate (PET)
pre-forms, used in the manufacturing of plastic
bottles/containers.  The company has commenced commercial
operations from March 01, 2013 and therefore FY14 (refers to the
period April 1 to March 31) is the first full year of operations.
The entity has set up its manufacturing facility at Valsad
(Gujarat) with an installed capacity to produce 11,300 MT of
preform.

Moreover, the company is setting-up an incremental project with an
estimated cost of INR8.40 crore, to be funded in debt of INR5.03
crore and promoter funding (includes unsecured loans) of INR3.37
crore.

During FY13 (refers to the period April 1 to March 31), APP
reported a total operating income of INR0.68 crore and net loss of
INR0.47 crore. Furthermore till February 14, 2014, the company has
achieved a total income of INR10.71 crore.


APRICA BUSINESS: ICRA Assigns 'B+' Rating to INR16cr Loan
---------------------------------------------------------
The rating of [ICRA]B+ has been assigned to the INR16.00 Cr. fund
based working capital facility of Aprica Business Solutions Pvt.
Ltd.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Working Capital Loans    16.00        [ICRA]B+ assigned

The assigned rating is constrained by the exposure of the sole
real estate project, being marketed by the company, to market
risks as the project has modest booking levels of ~70% even as the
project is in the final stages of completion. The project also
remains exposed to funding risk as the bank borrowings have been
utilized to the full extent and in case of any cost overrun, the
promoters would have to bring in additional capital. The rating
further takes into account the low level of customer advances as a
major proportion of cash inflow from customers is expected to
arrive at the time of offering possession. The rating is further
constrained by the exposure of company's operations to the
cyclicality inherent in the real estate sector.

The assigned rating, however, favorably factors in the long
experience of the promoters in executing real estate projects in
the past under multiple entities. The rating is further supported
by low execution risks with the project being in the final stages
of construction.

Aprica Business Solutions Pvt. Ltd. was incorporated in 2011 and
is engaged in marketing of the real estate project i.e. "Santoor
Grace" located near Infocity & Sargasan Cross Roads S G Highway,
Gandhinagar Gujarat. The aforementioned real estate project is
owned by the group firm Sanskar Infracon (SI) which has the same
set of promoters as ABSPL. ABSPL is entitled to receive anywhere
between 1% and 5% of the realizable value of the project from SI
in a phased manner which is in relation to the booking amount
received by SI from its end customers.

SI is currently involved in construction of a single project i.e.
"Santoor Grace" comprising of 137 residential units and 22 shops.
The project consists of eight residential towers with each tower
consisting of five floors. The promoters have long past experience
in the field of construction and development of residential
buildings as they have previously executed 26 projects in and
around Ahmedabad with total saleable area more than 20 million sq.
feet.


ARCHANA OIL: ICRA Assigns 'B+' Rating to INR12cr Term Loan
----------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating to INR12.00 crore long term
fund based limits of Archana Oil Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, Fund       12.00        [ICRA]B+ assigned
   based limits-
   Term Loan

The assigned rating favorably factors in easy availability of raw
cotton on back of favourable location and substantial experience
of promoters in ginning industry with established relations with
customers. The rating is however constrained by leveraged capital
structure with weak coverage indicators due to working capital
intensive operations and low profit margins in line with low value
add nature of ginning business. ICRA also take note of moderate
scale of operations with vulnerability associated with agro
climatic conditions and regulatory environment which has direct
impact on capacity utilization and profitability of the firm.

Established in 2004, AOI is a proprietorship concern promoted by
Mr. Rameshwar Tawani. The firm is engaged in ginning and pressing
of cotton. Ginning facility of the firm is located in Parbhani
district in Maharashtra having 24 gins with an installed capacity
of 200 bales per day. The ginning plant is taken on rental basis
and the firm has to pay rent on number of bales manufactures. The
firm also engaged in trading of cotton seed cake and cotton bales.


ASHUTOSH ENTERPRISES: ICRA Assigns 'B+' Rating to INR3.5cr Loan
---------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR3.50 crore non-fund
based bank facilities of Ashutosh Enterprises. ICRA has also
assigned an [ICRA]B+ /[ICRA]A4 rating to the INR11.50 crore
unallocated bank facilities of AE.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long-term, non-         3.50      [ICRA]B+ assigned
   fund based limits
   Unallocated limits     11.50      [ICRA]B+/[ICRA]A4 assigned

For the purpose of arriving at the ratings, ICRA has factored in
the business risk profiles of the Ashutosh Enterprises (AE) and
S.S. Enterprises (SSE, rated [ICRA]B+ / [ICRA]A4) in view of the
common management, financial and operational linkages between the
two group entities. The assigned ratings take into account long
experience of the proprietor in toll booth / parking area
management business; low working capital intensity of operations
due to absence of receivables and low gearing and healthy coverage
indicators of the firm, due to low debt levels. However, the
ratings are constrained by sensitivity of cash flows to traffic
volumes; moderately high operating leverage, as licence fee (which
constitute ~56% of total operating cost in 2012-13) is fixed in
nature; highly fragmented and unorganised nature of industry
characterised by intense competition leading to weak operating
profitability; inherent risks associated with the proprietorship
nature of business including the risk of capital withdrawals and
small scale of operation and nominal cash accruals.

Established in 1997, SS Enterprise is proprietorship firm of Mr.
Bholanath Rajpati Shukla and is involved in the management of toll
booths and pay and park facilities across various locations in
Gujarat, Mumbai, Uttar Pradesh and various Airports. Ashutosh
Enterprises (AE), proprietorship firm of Mr. Sandeep Bholanath
Shukla, son of Mr. Bholanath Shukla is also involved in similar
line of business as SSE in Gujarat, Haryana, Goa and Mumbai
(Maharashtra).

Recent Results
As per the audited results of 2012-13, AE recorded profit after
tax (PAT) of INR0.25 crore on the back of an operating income of
INR10.75 crore. In 2011-12, AE recorded a profit after tax (PAT)
of INR0.09 crore on an operating income of INR1.65 crore.


ASIAN LAKTO: CARE Revises Rating on INR13.36cr Loan to 'BB-'
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Asian Lakto Industries Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        13.36      CARE BB- Revised from
   Facilities                       CARE B+

Rating Rationale

The revision in the rating of bank facilities of Asian Lakto
Industries Limited factors in the significant increase in the
scale of operations with improvement in the PAT margin on a y-o-y
basis in the last three financial years (FY11-FY13) ( refers to
the period April 1 to March 31). The rating continues to draw
comfort from the experienced promoters and long track record of
operations, wide distribution network coupled with reputed
clientele base and positive outlook of the industry.

The rating, however, continues to remain constrained by the
leveraged capital structure & moderate coverage indicators,
intense competition in the sector and seasonal nature of its
business.  The rating also factors in the working capital
intensive nature of operations.

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

Incorporated in 1994, by Mr Radhe Shyam Poddar, Mr Gopal Poddar
and Mr Neeraj Poddar, ALIL was originally engaged in the
processing of flavored milk. In 2007, the company diversified its
business and started processing of fruit juice. In 2010, the
company exited the flavored milk owing to continuous losses in the
milk segment.

The company sells its fruit juices through various distributors
and retail chains under the brand name 'Mr. Fresh' in various
flavors viz mango, apple, litchi, guava and mixed fruit.
Asianlak Health Foods Limited (rated 'CARE BB-') and Sri
Vardharaja Fruit Products Private Limited (rated 'CARE BB-) are
the group associates of ALIL, and are engaged in the manufacturing
of fruit juices.

For FY13, the company achieved a total operating income of
INR49.90 crore and PAT of INR0.73 crore. In 9MFY14 (refers to the
period April 1 to December 31), the company achieved a total
operating income of INR52 crore.


ATHARVA PACKAGING: ICRA Suspends 'B+' Rating on INR4.41cr Loans
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR4.41 crore,
long term loans & working capital facilities & [ICRA]A4 rating to
the INR0.85 crore, short term, non fund based letter of credit and
bank guarantee facilities of Atharva Packaging Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans          2.81        [ICRA]B+ suspended
   Cash Credit         1.60        [ICRA]B+ suspended
   Bank Guarantee      0.10        [ICRA]A4 suspended
   Letter of Credit    0.75        [ICRA]A4 suspended

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


CHIRCHIND HYDRO: ICRA Raises Rating on INR15.14cr Loans to 'B'
--------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to INR11.43 crore
term loans and INR3.71 crore fund based limits of Chirchind Hydro
Power Limited from [ICRA]D to [ICRA]B. ICRA has also upgraded the
short term rating of INR5.00 crore non-fund based limits of CHPL
from [ICRA]D to [ICRA]A4.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund based limits-     3.71        Upgraded from [ICRA]D
   Working Capital                    to [ICRA]B

   Fund based limits-    11.43        Upgraded from [ICRA]D
   Term Loans                         to [ICRA]B

   Non-fund based         4.00        Upgraded from [ICRA]D
   Limits-Bank                        to [ICRA]A4
   Guarantees

   Non-fund based         1.00        Upgraded from [ICRA]D
   Limits-Letter                      to [ICRA]A4
   of Credits


Rating Rationale

The rating upgrade primarily takes into account overall increase
in liquidity position of the GTV Group1 upon infusion of fund in
the form of unsecured loans by the promoters and regularization of
receivable from customers. The ratings took comfort from the
improved performance of the 5 MW small hydro plant (SHP)
registering a PLF of 72% in FY13 as against 56% in FY12; however,
the ratings are constrained by below expectation performance of
the fabrication unit due to sluggish demand and intense
competition faced by the fabrication unit. The ratings are also
constrained by high hydrological risks of the SHP, as the plant is
not compensated for loss in generation due shortage of water.
Plant is also exposed to cash flow variability risk typical of
hydro power plant due to non-uniform availability of water. ICRA
also notes that financial profile of CHPL is weak characterized by
modest scale of operations, low net margins, weak return
indicators and high gearing.

Going forward, company's ability to ramp up operations of the
fabrication unit and maintain performance of the hydro unit so to
generate sufficient cash flows to meet its repayment obligations
will remain key sensitivities from credit perspective.
Chirchind Hydro Power Ltd is a operating a 5 MW small hydro power
(SHP) project (referred as Chirchind SHP) in Chamba District of
Himachal Pradesh (HP). Moreover, the company has also setup heavy
steel fabrication unit with installed capacity of 4000 MTPA at
Bhopal (Madhya Pradesh).

GTV Group consists of GTV Engineering Limited and Chirchind Hydro
Project Limited. GTV (erstwhile Gwalior Tanks &Vessels Limited) is
essentially operating as a subcontractor primarily engaged in
heavy steel fabrications in the state of Madhya Pradesh. The
company undertakes fabrications varying between 10 tonnes to 100
tonnes and operates as ancillary to reputed clients such as Alstom
India Ltd., Bharat Heavy Electrical Limited, FLSmidth, Thermax
Limited, etc.


CHOICE COPIERS: ICRA Suspends 'B-' Rating on INR7cr Bank Line
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- and a short
term rating of [ICRA]A4 assigned to the INR7.0 Crore bank lines of
Choice Copiers Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in absence of
requisite information from the company.

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


COMMTRADE METALS: CARE Revises Rating on INR12.99cr Loan to 'B+'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Commtrade Metals.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        12.99      CARE B+ Revised from
   Facilities                       CARE B

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of the 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 revision in the rating factors in the improved financial
performance of Commtrade Metals marked by scaling up of
operations, improvement in profitability as well as debt
protection metrics in the first full year of operations of the
firm. The rating, however, continues to be constrained by
the nascent stage of operations of the firm, high client
concentration, susceptibility of the business to the cyclicality
of the automobile industry, acute power shortage in Tamil Nadu
impacting productivity of industries within the state and
vulnerability of profit margins to raw material prices and foreign
exchange rate fluctuations. The rating, however, factors in the
experience of the promoters in the same line of business for over
a decade.

Going forward, the ability of the firm to further scale up its
operations amidst intense competition by capturing new business
and diversifying its client base would be the key rating
sensitivity.

Furthermore, the firm's ability to improve its profit margins and
accruals amidst volatility in the raw material and forex
fluctuation would be critical.

Commtrade Metals is a Chennai-based partnership firm engaged in
the manufacture and sale of aluminium alloy ingots and aluminium
die castings which find application in automotive industry
(such as in clutch plates ). The firm was promoted by Mr Uzair
Ahamed and Mr Jahir Ahamed on June 16, 2010, and Mr Vipul Kumar
Agarwal joined as a partner in January 2011. The firm started
its commercial production in January 2012. Between June 2010 and
December 2011, the firm did not engage in any operations. The firm
presently has a capacity to produce 3,000 MT (per annum)
aluminium alloy ingots and 17.25 lakh aluminium die castings per
annum. The firm caters to the requirements of OEMs such as
Sundaram Fasteners, Lucas TVS, etc. FY13 (refers to the period
April to March) was the first full year of operations for the
firm.

Commtrade Metals has registered net losses of INR0.46 crore on a
total operating income of INR33.62 crore during FY13 as against
net losses of INR0.71 crore on a total operating income of INR5.80
crore during FY12.


EAGLE AUTOPEARL: ICRA Assigns 'B-' Rating to INR27cr Loans
----------------------------------------------------------
The rating of [ICRA]B- has been assigned to the INR27.00 crore
long term fund based facilities of Eagle Autopearl Private
Limited.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         20.00      [ICRA]B- assigned
   Term Loan            7.00      [ICRA]B- assigned

The assigned rating is constrained by the company's small scale
and limited track record of operations and its weak financial risk
profile as reflected in operating losses, highly leveraged capital
structure and low debt coverage indicators. The ratings are
further constrained by the low profitability inherent to
the automobile dealership business, and the high competitive
pressures from other dealers of Ashok Leyland Limited (ALL) and of
other OEMs. Moreover, the company's revenues will remain
vulnerable to the cyclicality in the commercial vehicle market in
India and the current slowdown. The assigned rating, however,
positively takes into account the extensive experience of the
promoters in the auto dealership business.

Incorporated in 2012 by the Eagle Group, Eagle Autopearl Private
Limited (EAPL) is a dealer of Ashok Leyland Limited. EAPL
currently has three showrooms in Saurashtra, Gujarat at Rajkot,
Jamnagar, and Morbi and the fourth showroom is under construction
at Bhavnagar. Eagle Group was founded in 2006 by Mr. Manish
Bavaria with Eagle Motors Pvt Ltd, which is authorized dealer of
Ford India Private Limited. Further the group acquired dealerships
of Vespa in 2011 and of Yamaha in 2013.

Recent Results

For the year ended 31st March 2013, EAPL has reported an operating
income of INR24.58 crore and profit after tax (PAT) of INR-0.28
crore. Further during first 5 months of FY 2014 (provisional
financials) the company reported operating income of INR27.36
crore and profit before tax and depreciation of INR-0.25 crore.


GURUKRUPA COTTON: ICRA Reaffirms 'B' Rating on INR9.81cr Loans
--------------------------------------------------------------
The rating of [ICRA]B has been reaffirmed to the INR9.50 crore
fund based cash credit facility and INR0.31 crore(reduced from
INR0.50 crore) term loan of Gurukrupa Cotton & Oil Industries.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      9.50        [ICRA]B reaffirmed
   Term Loan               0.31        [ICRA]B reaffirmed

The rating continues to be constrained by Gurukrupa Cotton & Oil
Industries weak financial profile as reflected by the adverse
capital structure along with weak debt coverage indicators and a
stretched liquidity position. The rating also takes into account
the low value additive nature of operations and intense
competition on account of the fragmented industry structure
leading to thin profit margins. The rating is further constrained
by the vulnerability to adverse fluctuations in raw material
prices that are subject to the seasonal availability of raw cotton
and government regulations on MSP and export quota. Further, GCOI
being a partnership firm, any significant withdrawals from the
capital account will affect its net worth adversely.

The rating, however, positively considers the long experience of
the partners in the cotton ginning and pressing industry and the
advantage the firm enjoys by virtue of its location in a cotton
producing region with the positive demand outlook for cotton and
cottonseed.

Incorporated in November 2007, commercial production started in
October 2008; Gurukrupa Cotton & Oil Industries is promoted by Mr.
Rajesh, Mr.Kailash, Mr.Samji and Mr. Amrutlal. It is engaged in
the cotton ginning and pressing and oil extraction from the cotton
seeds and has an installed capacity to process 4574 MTPA of raw
cotton per annum.

Recent Results

For the year ended 31st March, 2013, GCOI reported an operating
income of INR52.72 crore and profit after tax of INR0.33 crore.


HALDIA PETROCHEM: Lenders May Offer Lifeline to Ailing Firm
-----------------------------------------------------------
The Times of India reports that ahead of the general election,
there is a ray of hope for Bengal's ailing industrial showpiece
Haldia Petrochemicals Ltd.  According to the report, lenders are
willing to hand it a lifeline following a book transfer of assets
that will turn its net worth positive. This will also prevent it
from being sent to the Board for Industrial and Financial
Reconstruction (BIFR), the report says.

Currently, HPL has a negative net worth of over INR60 crore and
accumulated loss of INR3,000 crore. The lenders jointly have an
exposure of INR4,000 crore in the company, TOI discloses.

State Bank of India chairman Arundhati Bhattacharya told TOI that
the lenders are ready to help HPL come out of crisis.  The bank,
which is facing piling non-performing assets, is confident that
its HPL loan will not become an NPA. "HPL asset will not turn bad.
We hope that the company will turn around soon. It has a potential
of very good profitability if it runs at more than 80% capacity.
We are working on something for HPL," Ms. Bhattacharya said
without disclosing the package the lenders have in mind, TOI
relays.

Based in Kolkata, India, Haldia Petrochemicals Limited operates
as a naphtha based petrochemical company.  It offers low and high
density polyethylene and polypropylene.  The company also
provides energy chemicals, such as motor-spirit, liquefied
petroleum gas, pyrolysis gasoline, and carbon black feed
stock/fuel oil; and industrial products, including benzene,
butadiene, carbon black feed stock, and cyclo-pentane.  It
exports its products to Europe, the Middle East, and the South
East.


HETALI ENTERPRISES: CARE Assigns 'B+' Rating to INR32.75cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Hetali
Enterprises.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           32.75       CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Hetali Enterprises
continues to be constrained by the execution and marketing risk
for the projects along with the funding risk as a major part of
the project is to be funded by customer advances. The rating
further continues to be constrained by the pending approvals for
one of its projects along with cyclicality associated with the
real estate industry and the entity's constitution as a
partnership firm.

The rating continues to derive strength from the experienced
promoters and successful track record in the past and favorable
location of the projects undertaken.

Completing the projects undertaken as per schedule without any
cost or time over run and achieve sales at the envisaged rates are
the key rating sensitivities.

Established in 1992 by Mr Jayesh Pandya, Hetali Enterprises
(Hetali) has primarily been involved in the development of
residential and commercial projects in Mumbai. Currently, the firm
is developing three residential projects in Mumbai viz 'Nav Bahar'
(Stilt + 13 floors) in Vile Parle, 'Om Yogeshwar' (Stilt + 7
floors) and 'Purandhar' (Stilt + 7 floors) in Goregoan.

During FY13 (refers to the period April 01 to March 31), HE
reported a total operating income of INR3.25 crore (vis-a-vis
INR21.44 crore in FY12) and PAT of INR0.72 crore (vis-a-vis
INR1.14 crore in FY12).


INDIGO METALLOYS: CARE Assigns 'D' Rating to INR34.84cr Loans
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Indigo
Metalloys Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            31.70      CARE D Assigned

   Short-term Bank
   Facilities             3.14      CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Indigo Metalloys
Private Limited takes into account the stressed liquidity position
resulting in delays in servicing of its debt obligations in the
recent past. The above mentioned constraints far outweigh the
strength derived from the experience of the promoter.

The ability of the IMPL to service the debt obligations in the
timely manner would be critical from the credit perspective.

Incorporated in 2007, Indigo Metalloys Private Limited (IMPL) is
engaged in the manufacturing and trading of non-ferrous metal
products. IMPL majorly manufactures copper, brass and cupro
nickel tubes, rods, fittings and circle. During FY13 (refers to
the period April 01 to March 31), the trading segment accounted
for around 79% of the total income. Until 2010, the company was
solely engaged into the trading of non-ferrous metal products,
however with partial commencement of manufacturing facility (at
Valsad, Gujarat), it forayed into manufacturing.

During FY13, IMPL posted a total operating income of INR69.61
crore (up by 36.38% vis-a-vis FY12) and PAT of INR0.69 crore (down
by 51.05% vis-a-vis FY12).


KADEVI INDUSTRIES: CARE Revises Rating on INR221.17cr Loans to D
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Kadevi
Industries Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        120.69     CARE D Revised from
   Facilities                       'CARE C'

   Short-term Bank       100.48     CARE D Revised from
   Facilities                       'CARE A4'

Rating Rationale

The revision in the ratings is on account of delays in debt
servicing resulting from strain on the liquidity position.

Kadevi Industries Limited is engaged in the manufacturing of
telecom/power transmission towers, antennas, Counterpoise Earth
System (CES) and Pneumatic Telescopic Masts (PTM). In FY11, the
company ventured into the power transmission segment for reducing
its dependence on the telecom sector. For bidding and execution of
power T&D projects, the company has entered into a joint venture
with A2Z Maintenance & Engineering Services Ltd (A2Z), where KIL
is the lead partner and A2Z is the secondary partner. KIL has also
become an approved vendor for the supply of transmission towers
and sub-station structures of Transmission Corporation of Andhra
Pradesh (APTRANSCO), Tamil Nadu Electricity Board (TNEB) and
Maharashtra State Electricity Transmission Company Limited.

The total operating income and PAT reduced to INR209.66 crore and
INR2.75 crore respectively in FY13 (unaudited) from INR219.76
crore and INR3.15 crore respectively in FY12.


KALYAN METRO: CRISIL Assigns 'B-' Rating to INR100MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of Kalyan Metro Multispeciality Hospital Private
Limited.

                         Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Proposed Long Term     19.5      CRISIL B-/Stable
   Bank Loan Facility

   Term Loan              80.5      CRISIL B-/Stable

The rating reflects KMMS's modest scale and limited track record
of operations, coupled with weak financial risk profile marked by
small networth, high gearing and subdued debt protection metrics.
These rating weaknesses are partially offset by KMMS's promoter's
extensive experience in the healthcare industry and established
name in Kalyan (Maharashtra).

Outlook: Stable

CRISIL believes that KMMS will maintain its business risk profile
over the medium term, supported by the extensive experience of its
promoters in the health care sector. The outlook may be revised to
'Positive' in case KMMS generates significantly higher-than-
expected revenues while maintaining its profitability, and
improving its debt servicing indicators. Conversely, the outlook
may be revised to 'Negative' if KMMS reports significantly lower
than expected revenues or profit margin, leading to liquidity
pressures.

KMMS, incorporated in 2010, runs a 50-bedded multi-specialty
hospital in Kalyan (Thane, Maharashtra). The company is promoted
by Dr. Chandrakant D. Shivsharan (Laparoscopic Surgeon), Dr.
Pravin P. Bhujbal, Dr. Pradeep B. Shelar, Dr. Bhavesh J. Chauhan,
Dr. Umesh V. Kapuskar, Dr. Chandan R. Singh and Dr. Rajesh
Pastaria.


KAMLA LANDMARC: ICRA Withdraws 'D' Rating on INR250cr Loan
----------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR250.0
crore fund based bank facilities of Kamla Landmarc Real Estate
Holding Private Limited, as the company has repaid the amount
outstanding against the bank facilities. There is no amount
outstanding against the rated instrument.


KNR CONTRACTORS: ICRA Reaffirms 'B+' Rating on INR12.5cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to INR12.50
crore bank facilities of KNR Contractors Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based limits       4.00         [ICRA]B+ reaffirmed
   Non Fund based limits   8.00         [ICRA]B+ reaffirmed
   Unallocated             0.50         [ICRA]B+ reaffirmed

The reaffirmation of the rating takes into account the decline in
operating income by around 40% in FY13 on account of lack of new
orders and slow execution of the existing orders owing to the
political instability in the state of Andhra Pradesh. The rating
continues to be constrained by the small scale of operations of
KNRCPL and the high geographic concentration of its order book in
the states of AP with the associated socio political risks.ICRA
also notes the operational hurdles faced by KNRCPL in construction
of RWIWs with protests from local stakeholders and delays in
getting the completed work certified in case of road projects
resulting in high work in progress and working capital intensity
leading to near 100% utilization of the working capital limits.
The unexecuted order book of the company also remained modest at
INR38.66 crore (including the recently awarded project of INR17.80
crore in Bihar) as on 31 December, 2013 thereby limiting the
revenue visibility to the near term. The rating however favorably
takes into account the thirty-year long experience of the chief
promoter Mr. K Narasimha Reddy in the construction of Major
Bridges, Flyovers, Road Over Bridges (ROBs) and High Level Bridges
(HLBs) in the road construction segment and the construction of
River Water Intake Well systems (RWIWs) for thermal power plants
and the proven execution track record of KNRCPL in the past.The
rating also draws comfort from the stable operating margins of the
company, low levels of borrowing and healthy coverage indicators.

KNR Contractors Private Limited, incorporated in 2009, specializes
in the design and construction of all pre cast and pre stressed
concrete structures, Girder and Pipe line bridges, Road Over
Bridges (ROBs), High Level Bridges, River Water Intake Well
systems and Bridge rehabilitation works. Based out of Hyderabad,
the company in the past, has executed projects for Roads and
Buildings (R&B) department of AP, AP Road Development Corporation
(APRDC), Public Works Departments (PWD) of Tamil Nadu and
Karnataka, sub contracts for various National Highways Authority
of India (NHAI) Concessionaires, EPC (Engineering, Procurement and
Construction) contractors for thermal power plants among others.

Recent Results

In FY2013, KNRCPL reported an operating income of INR21.09 crore
with a net profit of INR0.32 crore against an operating income of
INR36.39 crore with a net profit of INR0.87 crore in FY2012.


KRISHNA OIL: ICRA Reaffirms 'B+' Rating on INR31.82cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ to the
INR30.0 crore fund based limits, INR1.32 crore (reduced from
INR1.81 crore) term loan, INR0.50 crore non fund based limits and
INR0.49 crore of unallocated bank limits of Krishna Oil Extraction
Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits      30.00       [ICRA]B+ Reaffirmed
   Term Loan               1.32       [ICRA]B+ Reaffirmed
   Non Fund Based
   Limits-LT               0.50       [ICRA]B+ Reaffirmed
   Non Fund Based
   Limits-ST               1.00       [ICRA]A4 Unallocated
   Bank Limits             0.49       [ICRA]B+/A4 Reaffirmed

ICRA has also reaffirmed short term rating at [ICRA]A4 for INR1.0
crore non fund based limits and INR0.49 crore of unallocated bank
limits of KOEL.

The ratings continue to be constrained by the average financial
risk profile of the company characterized by thin profit margins,
low return indicators, and modest debt protection metrics. The
ratings also take into consideration fragmented and competitive
nature of industry which along with availability of cheaper
substitutes restricts the pricing power of the company resulting
in thin profitability. The ratings also factor in the reduction in
turnover in FY2013 and stagnation in the current financial year on
account of lower production owing to volatile raw material prices.
The ratings continue to be limited by the risks inherent in the
edible oil business such as vulnerability of profitability to
import pressure, volatility in global price movements of soya oil
and soya meal, forex risks and agro-climatic risks associated with
the availability of oilseeds.

Nevertheless, the ratings draw comfort from promoters' experience
and long track record in the edible oil and agro products business
and established relations with some of the key customers thereby
resulting in repeat orders; low working capital intensity of
operations on account of limited receivable levels, company's
geographical advantages being situated in the soya belt of the
country; stable demand prospects for edible oil and favorable
export prospects for soy meal/DOC.

In ICRA's view, KOEL's ability to scale up its operations in a
profitable manner, manage working capital intensity and maintain a
healthy financial risk profile in the context of thin
profitability would remain the key rating sensitivities.

Krishna Oil Extractions Limited, based at Indore in Madhya
Pradesh, was incorporated in 1982 but commenced commercial
operations from 1985. It is engaged in the soybean processing and
sale of soy products like refined oil; DOC; lecithin, acid oil and
fatty acids. The manufacturing unit of the company is located at
Pachore in Madhya Pradesh and has 800 tonne per day (tpd) solvent
extraction unit and 150 tpd refinery. KOEL sells its refined oil
either in bulk quantities or under its brand name Abhinav.


MAITHAN ISPAT: CARE Reaffirms 'D' Rating on INR745.6cr Loans
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Maithan Ispat Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term Bank
   Facilities           600.75      'CARE D' Reaffirmed

   Short Term Bank
   Facilities           144.85      'CARE D' Reaffirmed

Rating Rationale

The rating takes into account the ongoing delays in debt servicing
amidst deteriorating financial position of the company and subdued
steel industry scenario.

MIL, incorporated in August 2003, was promoted by Maithan group
belonging to Agarwalla family of Asansol. Shri Basant Kumar
Agarwalla, the main promoter, has rich experience in iron & steel
industry for over three decades. MIL commenced commercial
operation in August, 2006 and currently, the company's activities
comprise manufacturing of sponge iron (2,30,000 TPA), billets
(2,46,000 TPA), heavy section steel (3,76,000 TPA) and captive
power generation (30 MW) at Kalinganagar Industrial Complex,
Orissa. Apart from the promoters, Orix Corporation, Japan, has
invested in MIL and holds 28.22% stake in the company.

Due to the continued subdued scenario of the steel industry, high
input cost, non-availability of raw material, lower absorption of
fixed overheads arising out of under utilisation of capacities,
the cash accruals of the company has been severely affected
leading to delays in debt servicing.

Further, due to erosion of networth by more than 50% in the FY12,
a reference had been made with the Board for Industrial &
Financial Re-construction (BIFR).

During FY13 (refers to the period April 1 to March 31), the
company incurred net loss of INR 126.7 crore on a total operating
income of INR374.2 crore.

During H1FY14, the company reported a loss of INR67.1 crore on
total operating income of INR199.3 crore.


NEHA EXPORTS: ICRA Reaffirms 'B' Rating on INR1.4cr Loans
---------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating assigned to the INR1.0 crores
fund based limits and INR0.40 crores unallocated limits of Neha
Exports. ICRA has also reaffirmed [ICRA]A4 rating assigned to the
INR5.00 crore fund based limits and INR4.00 crores non-fund based
limits of Neha Exports.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits-        1.0       [ICRA]B reaffirmed
   Cash Credit

   Fund Based Limits-
   Unallocated Limits        0.4       [ICRA]B reaffirmed

   Fund Based Limits-
   Bill Discounting          5.0       [ICRA]A4 reaffirmed

   Non Fund Based Limits-
   Packing Credit            4.0       [ICRA]A4 reaffirmed

The ratings reaffirmation take into account the high competitive
intensity of the public address systems industry which coupled
with low valued added nature of the business has lead to modest
margins for the firm in the past. The ratings also factor in
modest scale of operations of the company and vulnerability of its
profitability to foreign exchange fluctuation risk as the firm
does not hedge its entire receivables. The ratings are also
constrained by the moderate financial profile of the firm as
reflected by small scale of operations, modest cash accruals,
average return indicators and low debt protection indicators. The
ratings however draw comfort from the healthy revenue growth of
the firm over the past four years, established relationship with
its customers, equity infusion by the proprietor over the past
four years and its experienced management.

Neha Exports is a proprietorship firm that was started in the year
2008 by Ms Madhu Gulati. The firm is engaged in assembling,
manufacturing trading and export of public address equipment
systems (PA systems). The firm manufactures some of the components
on its own such as speakers. The various components of PA system
are sourced from local suppliers in India, assembled at the firm's
factory in Darruhera and exported to African and Middle Eastern
countries. The firm's Head office is located in Delhi which is
mainly used for official communication related to legal matters.
The firm has a factory in Darruhera (Haryana) for assembling and
manufacturing of PA equipment systems.

Recent Results

In FY13 results, Neha Exports reported net profit of INR0.16
crores on an operating income of INR36.92 crores as compared to
net profit of INR0.11 crores on operating income of INR23.90
crores in FY12. In H1FY14 (provisional results), the company
reported PAT of INR0.58 crores on an operating income of INR31.08
crores.


NIRMAN ENGICONS: ICRA Assigns 'B+' Rating to INR9.56cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR2.56
crore proposed term loan, INR3.50 crore cash credit facility
(which includes a proposed limit of INR3.00 crore) and the INR2.44
crore unallocated limit of Nirman Engicons Private Limited. ICRA
has also assigned a short term rating of [ICRA]A4 to the INR3.50
crore bank guarantee facility of NEPL. The unallocated limit of
INR2.44 crore has also been rated on the short term scale, to
which ICRA has assigned a [ICRA]A4 rating.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits-      3.50      [ICRA]B+ assigned
   Cash Credit

   Fund Based Limits-
   Term Loan               2.56      [ICRA]B+ assigned

   Non Fund Based          3.50      [ICRA]B+ assigned
   Limits-Bank
   Guarantee

   Unallocated             2.44      [ICRA]B+/[ICRA]A4 (assigned)

The ratings take into account NEPL's small scale of current
operations, high customer concentration risk, however, clients
being Government entities mitigates counterparty risk to an extent
and the company's exposure to fluctuations in raw material prices,
given the absence of price variation clause in contracts. The
rating is further constrained by NEPL's diversification into an
unrelated line of business of production of cattle feed, however,
the favourable demand outlook of the cattle feed industry coupled
with the strategic location of the manufacturing unit, mitigates
the risk to an extent, ICRA also notes that NEPL is exposed to
funding risks since the company is yet to achieve financial
closure. The ratings, favourably take into account the long
standing experience of the promoters in the civil construction
sector, the favourable capital structure as reflected by a gearing
of 0.17 time as on March 31, 2013, however, the company has
significant capex plans, which may deteriorate the capital
structure in the short to medium term.

Incorporated in 2008, NEPL is primarily engaged in civil
construction. The company is promoted by Mr. Narendra Prasad
Singh, who has significant experience in the civil construction
sector. The company is situated in Begusarai, Bihar and primarily
executes projects for state government entities. NEPL is in the
process of setting up cattle feed manufacturing plant in
Begusarai, Bihar, which is expected to have an installed capacity
of 36,000 TPA. The project cost of the same is projected to be
around INR8.58 crore, which will be funded with a debt to equity
ratio of 69:31. The financial tie up for the project is however,
yet to take place.

Recent Results

NEPL registered a profit after tax of INR0.10 crores on the back
of an operating income of INR7.80 crores in FY13, as against an
operating income and profit after tax of INR3.09 crore and INR0.13
crores respectively in FY12.


RADHESHYAM GINNING: CARE Reaffirms B+ Rating on INR10cr Bank Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the long-term bank
facilities of Radheshyam Ginning Pressing Pvt Ltd.

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

Rating Rationale

The rating of Radheshyam Ginning Pressing Pvt Ltd continues to be
constrained by its thin profitability margins, high leverage with
a low capital base and its weak debt coverage indicators. The
ratings further continue to be constrained by its susceptibility
to volatile raw material (cotton) prices and presence in an
intensely competitive cotton processing industry which entails
limited value-addition.

The above constraints far offset the benefits derived from its
experienced promoters and its proximity to a major cotton-
producing region of Gujarat.

The ability of RSGPPL to improve its profitability and debt
coverage indicators while moving up the textile value chain and
strengthen its net-worth base would be the key rating
sensitivities.

Promoted in 1999 by Mr Anil Daslaniya and Mr Akbar Gangani, RSGPPL
is engaged in the processing of cotton by ginning (separation of
cotton seed from cotton fibre) and pressing (manufacturing of
cotton bales) activities, with an installed capacity of 450 bales
per day at its manufacturing facilities located at Amreli,
Gujarat. RSGPPL also sells the cotton seeds obtained during the
process of ginning; however, a majority of the net sales (81% in
FY13 refers to the period April 1 to March 31) is contributed by
the sale of ginned and pressed cotton.

As per the audited results of FY13, RSGPPL registered a total
operating income of INR98.60 crore with a PAT of INR0.13 crore as
compared to a total operating income of INR97.52 crore with a PAT
of INR0.11 crore in FY12.

Furthermore, as per the provisional results for 9MFY14, RSGPPL
registered a total operating income of INR89.40 crore with a
profit before tax (PBT) of INR0.61 crore.


RICHA REALTORS: CARE Cuts Rating on INR30cr Loan to 'C'
-------------------------------------------------------
CARE revises the ratings assigned to the non-convertible
debentures of Richa Realtors Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Non-Convertible        30        CARE C Revised from
   Debentures (NCDs)                CARE BB-

Rating Rationale

The revision in the rating assigned to the NCDs takes into account
ongoing delays in the servicing of interest and redemption of
debentures issued to Milestone Real Estate Fund (MREF) (which are
not rated by CARE). Moreover, the rating revision also factors
delays in receiving adequate project approvals as per initial
plans.

The rating continue to be constrained by cash flow risk as only a
small portion of the area under the projects is sold and inherent
project execution risk associated with the real estate sector.
The rating, however, continue to take into consideration the
experience of the promoters in redevelopment projects, prime
locations of projects at Kalina, Santacruz and Vile Parle and
repayments through an escrow account.

The ability of the company to manage cash flow by monetizing
receivables from the ongoing projects, redemption of debentures
issued to MREF and execution of the projects as per the existing
project schedule are the rating sensitivities.

Incorporated in 1995, Richa Realtors Pvt Ltd (RRPL) forms part of
the Richa group. The group has an experience of nearly two decades
and primarily in the residential real estate segment in and around
Mumbai. The Richa group is headed by Mr Prakash Joshi, who is the
Chairman and Managing Director (CMD). Mr Joshi ventured into the
construction business in 1985 and since then the Richa Group has
completed more than 20 projects in Mumbai and Pune. RRPL, along
with its group companies have developed over 5 lsf area and
further 40 lsf is under construction.

Project under RRPL

RRPL has one major project (saleable area 0.53 lsf) under
construction named 'Sundernagar' at Kalina, Santacruz in Mumbai.
It is a MHADA Redevelopment project whereby 60 tenants would be
rehabilitated. As on January 31, 2014, RRPL has incurred INR22
crore out of the total cost of the project of INR57 crore.
Besides, the company has another project Happy Homes at Vile
Parle, which is executed through Richa Realtors (RR), a
partnership firm.

Project under RR

RR has entered into a Joint Development Agreement (JDA) on a 50:50
basis with a landlord at Vile Parle (East) for a project with a
saleable area totaling 0.08 lsf in a G+7 structure of a project
named Happy Homes. RR proposes to complete the project and
handover to customers by January 2015.

As on January 31, 2014, RR has incurred INR5 crore out of the
total cost of the project of INR13 crore. The rated NCDs are to be
repaid from cash flows of Sundernagar project and Happy Homes
project.


RIPURAJ AGRO: CARE Ups Rating on INR16.09cr Bank Loan to 'BB-'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Ripuraj Agro Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        16.09      CARE BB- Revised from
   Facilities                       CARE B+

Rating Rationale

The revision in the rating of Ripuraj Agro Pvt Ltd take into
cognizance improvement in the financial risk profile in FY13
(refers to the period April 1 to March 31) vis-a-vis FY12 marked
by healthy growth in revenue, improvement in gearing ratios & debt
service coverage indicators and the moderate liquidity position.
However, the rating continues to be constrained by its short track
record coupled with the relatively small scale of operation in the
highly fragmented and competitive rice milling business, limited
experience of the promoters in the agro industry, high level of
government regulations, seasonal nature of availability of paddy
resulting in high working capital intensity and exposure to the
vagaries of nature.

The rating, however, continues to draw comfort from its proximity
to the paddy-growing areas resulting in logistics advantage and
stable demand outlook of rice.

Ability of RAPL to grow its scale of operations along with an
improvement in profitability margins, while managing its working
capital effectively would be the key rating sensitivities.

Ripuraj Agro Pvt Ltd was incorporated in June, 2010, by the Gupta
family of Bihar. The company is engaged in the processing &
milling of rice, having processing capacity of 70,000 MTPA. The
unit is located at East Champaran, Bihar, which is in proximity to
the major paddy growing area of Bihar. The company commenced
operations from January 2012.

During FY13, RAPL had reported a total operating income of INR70.1
crore (INR7.9 crore in FY12) and PAT of INR 0.2 crore (INR0.1
crore in FY12). Furthermore, as per the provisional 9MFY14, the
management has maintained to have achieved a total operating
income of INR62.7 crore.


RISHI AURBINDO: ICRA Suspends 'B-' Rating on INR16.47cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR16.47 crore
fund based bank limits of Rishi Aurbindo Educational Society. The
suspension follows ICRA's inability to carry out a rating
surveillance absence of requisite information from the company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


S.S. ENTERPRISES: ICRA Assigns 'B+' Rating to INR9.75cr Loans
-------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR0.25 crore fund-
based bank facilities and the INR9.50 crore non-fund based bank
facilities of S.S. Enterprises. ICRA has also assigned an
[ICRA]B+/[ICRA]A4 rating to the INR5.25 crore unallocated bank
facilities of SSE.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term, fund-        0.25        [ICRA]B+ assigned
   based limits

   Long-term, non-         9.50        [ICRA]B+ assigned
   fund based limits

   Unallocated limits      5.25        [ICRA]B+/[ICRA]A4 assigned

For the purpose of arriving at the ratings, ICRA has factored in
the business risk profiles of the S.S. Enterprises and Ashutosh
Enterprises (AE, rated [ICRA]B+/[ICRA]A4) in view of the common
management, financial and operational linkages between the two
group firms. The assigned ratings take into account long
experience of the proprietor in toll booth / parking area
management business; low working capital intensity of operations
due to absence of receivables and low gearing and healthy coverage
indicators of the firm due to low debt levels. However, the
ratings are constrained by sensitivity of cash flows to traffic
volumes; moderately high operating leverage, as licence fee (which
constitute ~57% of total operating cost in 2012-13) is fixed in
nature; highly fragmented and unorganised nature of industry
characterised by intense competition leading to weak operating
profitability and inherent risks associated with the
proprietorship nature of business including the risk of
capital withdrawals.

Established in 1997, SS Enterprise is proprietorship firm of Mr.
Bholanath Rajpati Shukla and is involved in the management of toll
booths and pay-and-park facilities across various locations in
Gujarat, Mumbai, Uttar Pradesh and various Airports.

Recent Results

As per the audited results of 2012-13, SSE recorded profit after
tax (PAT) of INR1.41 crore on the back of an operating income of
INR113.54 crore. In 2011-12, SSE recorded a profit after tax (PAT)
of INR1.73 crore on an operating income of INR. 113.14 crore.


SANDEEP RICE: ICRA Reaffirms 'B' Rating on INR8cr Loan
------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating to the INR8.00 crore fund based
limits of Sandeep Rice Mill.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund based limits      8.00        [ICRA]B reaffirmed

The rating reaffirmation takes into account the highly competitive
and low value additive nature of the rice milling industry which
results in limited pricing power vis-a-vis consumers and suppliers
(paddy farmers).

These factors, coupled with the small size of the firm's rice
milling unit have resulted in relatively weak profitability
indicators and given the fundamental industry dynamics, ICRA does
not expect any change in the near future. Further, the firm's
working capital intensive operations have been largely debt funded
resulting in high gearing and weak debt coverage indicators. ICRA
also factors in the vulnerability of firm's operations to agro
climatic risks, which can affect the pricing and availability of
paddy.

ICRA however draws comfort from the proximity of the mill to a
major rice growing area which results in easy availability of
paddy and stable demand outlook given that India is a major
consumer (rice being an important staple of the Indian diet) and
exporter of rice.

Sandeep Rice Mill was established in 2000 as a partnership firm by
Mr. Amarjeet Goyal, Mrs. Meena Devi and Mr. Jai Bhagwan Goyal. The
firm is engaged in milling of basmati rice. The firm's milling
unit is based out of Cheeka and has an installed capacity of 6
ton/hour for milling of rice. The key raw material for the firm is
basmati paddy which is mostly procured from the "mandi" of Karnal
and Cheeka (Haryana) during the paddy buying season i.e. September
to December every year. However, if required firm also buys paddy
from the market in off season period.

Recent Results

The firm reported a profit after tax of INR0.05 crores on an
operating income of INR30.99 crores in FY 13 as against a profit
after tax of INR0.04 crores on an operating income of INR40.40
crores in FY12.


SARASWATI RICE: ICRA Reaffirms 'B' Rating on INR5.50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR5.50
crore fund based limits of Saraswati Rice & General Mills.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund based limits-     5.50       Reaffirmed at [ICRA]B
   Working Capital

Rating Rationale

The rating continues to be constrained by the highly competitive
nature of the rice industry due to presence of numerous players,
which impact the profitability and the revenues of the firm.

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

Saraswati Rice & General Mill was established in 1983 as a
partnership firm by Mr. Pradeep Kumar and Mr. Manoj Kumar. The
firm is engaged in milling of basmati rice. The firm milling unit
is based out of Karnal (Haryana). The unit has an installed
capacity of 2 ton/hr. The key raw material for the firm is basmati
paddy. Paddy is mostly procured from local mandis located in
Haryana during the paddy buying season i.e. September to December
every year.

Recent Results

In FY2013, the firm has reported an operating income of INR24.16
crore and a PAT of INR0.09 crore as against an operating income of
INR15.35 crore and a PAT of INR0.02 crore in FY2012


SUNIL INDUSTRIES: ICRA Assigns 'B+' Rating to INR7.25cr Loans
-------------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating to the INR7.25 crore long
term fund based facilities of Sunil Industries.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long term, fund        7.00        [ICRA]B+ Assigned
   based limits-
   Cash credit

   Long term, fund        0.25        [ICRA]B+ Assigned
   based limits-
   Term Loan

The assigned rating favourably factors in the long standing
experience of the promoters in the pulse processing and trading
business where the firm is operating over last three decades and
favourable demand prospects of the pulses from the end consumer as
they form an essential constituent of Indian diet. The ratings,
however, are constrained by modest scale of operations, financial
risk profile characterized by low profitability, high gearing and
weak coverage indicators. ICRA takes note of the fragmented
industry structure with presence of various organized and
unorganized players which limits the pricing flexibility coupled
with vulnerability of the firm's operations to agro-climatic risks
and government regulations. Further SI business constitution as
partnership firm makes it vulnerable to withdrawal of capital by
partners. Going forward, the key sensitivities will be improving
the profitability leading to higher cash accruals together with
improvement in capital structure.

SI was incorporated in 1985 by Mr. Ramesh Totla and his few
relatives as a partnership firm. With gradual retirement of the
initial partners, Mr. Ramesh Totla along with his son Mr. Manish
Totla took over the entire business in 2002. The firm is primarily
involved in processing of pulses, mainly Moong dal (Moong bean)
and Toor dal (Pigeon pea). SI's plant is located in Jalna,
Maharashtra and has combined capacity to produce 7000 MTPA of
moong dal and toor dal.


SUPARSHAV SYNTHETICS: CARE Assigns 'B+' Rating to INR8.79cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Suparshav
Synthetics Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            8.79       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Suparshav Synthetics
Private Limited is primarily constrained on account of its modest
scale of operations in a highly competitive textile industry and
its financial risk profile marked by highly leveraged capital
structure, weak debt coverage indicators and stressed liquidity
profile. The rating is further constrained due to vulnerability of
its margins to volatile raw material prices and its limited
presence in the textile value chain.

The rating, however, favourably takes into account the experience
of the promoters and strong marketing and distribution network of
the company with its presence in the textile cluster of Bhilwara.
Improvement in the financial risk profile with improvement in
scale of operations and better management of working capital are
the key rating sensitivities.

Bhilwara-based (Rajasthan) SSPL was incorporated in 2010 by Mr
Sanjay Kumar Jain along with his nephew Mr Shreyansh Jain by
purchase of an existing weaving unit (28 looms) for a
consideration of INR4.57 crore, which was funded through a term
loan of INR3.82 crore, equity of INR0.01 crore and the balance
through unsecured loans. The commercial operation of the company
under SSPL started from December 2010. Furthermore during FY12
(refers to the period April 1 to March 31), SSPL undertook a
project for construction of factory shed and had also planned to
purchase eight double-blended loom at a total cost of INR3.09
crore, which was funded through debt-equity ratio of 2.40 times.
SSPL is mainly engaged in the business of manufacturing of
synthetic grey fabrics from synthetic yarn and gets the processed
work done on grey fabrics from other processors on a jobwork
basis. The company is also engaged in the weaving on job work and
trading of grey and finished fabrics. The manufacturing facility
of SSPL is located at Bhilwara having a total of 36 looms
comprising of 28 single-blend looms and 8 double-blended looms
with an installed capacity of 22.80 Lakh Meters Per Annum (LMPA)
for manufacturing of synthetic fabrics. It has utilized
around 62% of its installed capacity during FY13. Furthermore
during FY14, the company has purchased two double width blended
loom at a total cost of INR0.70 crore, which was funded
through a term loan of INR0.50 crore and the remaining through
equity.

During FY13, SSPL reported a total income of INR12.75 crore (FY12:
INR5.95 crore) with a PAT of INR0.01 crore (FY12: INR-0.18 crore).


SWARAJ SULZ: CARE Revises Rating on INR8.43cr Loan to 'BB-'
-----------------------------------------------------------
CARE revises the long-term rating assigned to the bank facilities
of Swaraj Sulz Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         8.43      CARE BB- Revised from
   Facilities                       CARE B+

   Short-term Bank
   Facilities             0.60      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings takes into account an increase in the
scale of operations of Swaraj Sulz Private Limited and improvement
in the solvency position in FY13 (refers to the period April 1 to
March 31). The ratings, however, continue to remain constrained on
account of its presence in a highly fragmented and competitive
textile industry with limited presence in the textile value chain,
its range bound profitability margins, moderately stressed
liquidity position and vulnerability of its margin to raw material
price fluctuation.

The ratings continue to take comfort from the experience of the
promoters with financial support from them in the past and its
presence in the textile cluster of Bhilwara with easy access of
raw material and labour.

Improvement in the overall financial risk profile with improvement
in profitability and efficient working capital management will be
the key rating sensitivities.

SSPL, incorporated in January 2009, was promoted by Mr Mohammad
Sabir and Mr Rameez Raja. Mr Mohammad Sabir has also promoted
other concerns like Swaraj Suitings Private Limited (SPL,
incorporated in 2003, rated 'CARE BB-') which is engaged in the
weaving and processing of fabrics, Swaraj Processor Private
Limited (SPPL, incorporated in 2009) engaged in the trading of
fabrics and Sakina Textiles Private Limited (STPL, incorporated in
2010) engaged in the trading of fabrics.  Furthermore, SPPL and
STPL held 39.83% and 40.17% of shareholding respectively in SSPL
as on March 31, 2013.

SSPL is mainly engaged in the business of manufacturing and
trading of synthetic grey fabric as well as doing job work for
other entities. The plant of the company is located at Bhilwara
which is spread in 4,200 square meter area and has an installed
capacity of 73.67 Lakh Meters Per Annum (LMPA) as on March 31,
2012 with 40 double looms and 36 single sulzer looms.
As per the audited results of FY13, SSPL reported a total income
of INR 27.13 crore (FY12: INR22.04 crore) with PAT of INR0.19
crore (FY12: INR0.18 crore). As per the provisional result for
10MFY14, SSPL has achieved a TOI of INR21.39 crore.


SYNERGY ELECTRIC: ICRA Revises Rating on INR51.82cr Loans to 'D'
----------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to
INR31.70 crore term loan, INR11.59 crore fund based and INR2.18
crore non fund based bank facilities of Synergy Electric Private
Limited to [ICRA]D from [ICRA]B. ICRA has also revised downwards
the [ICRA]A4 rating assigned to INR5.35 crore short term fund
based bank facilities and INR1.00 crore short term non fund based
bank facilities (sub-limit of the long term fund based limits) of
SEPL to [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           31.70       Revised to [ICRA]D

   Long Term Fund
   Based Limits        11.59       Revised to [ICRA]D

   Long Term Non Fund
   Based Limits         2.18       Revised to [ICRA]D

   Short Term Fund
   Based Limits         5.35       Revised to [ICRA]D

   Short Term Non
   Fund Based Limits    1.00       Revised to [ICRA]D

The revision in the ratings takes into account SEPL's recent
delays in its debt service commitments. The ratings continue to
factor in SEPL's adverse financial risk profile arising out of its
aggressive capital structure that leads to weak coverage
indicators as well and the significant decline in the company's
sales during FY12 and FY13. Despite some improvement in sales in
the current financial year and the consequent improvement in its
cash flows, in ICRA's opinion, the same remains inadequate
compared to the company's debt service obligations. The ratings
factor in the high working capital requirement in the solar photo
voltaic (PV) module manufacturing business that exerts pressure on
the company's liquidity. Additionally, the ratings also factor in
the favourable demand outlook for solar photo voltaic modules,
driven by favourable Government policies; however the same would
be contingent on continuing Government incentives and favourable
policies for the growth of the solar industry. ICRA notes that the
promoter has made substantial equity infusion into the company
during FY13 for setting up two automated PV module manufacturing
lines, demonstrating the promoters' commitment to the business.The
automated production lines are expected to favourably impact the
cost structure and improve SEPL's overall business risk profile in
the medium to long term.

Synergy Electric Private Ltd, promoted by the synergy group of
West Bengal, is a solar photo voltaic module manufacturing
company. The manufacturing facility of the company is located at
Durgapur in West Bengal. As on 31st December 2013, the company had
a total module manufacturing capacity of 35 MW per annum.

Recent Results

SEPL registered a net loss of INR2.47 crore on the back of net
sales of INR8.57 crore in 2012-13. In 2011 -12, the company
registered a net profit of INR0.18 crore on the back of net sales
of INR7.72 crore.


TOSHALI CEMENTS: ICRA Revises Rating on INR61cr Loans to 'B'
------------------------------------------------------------
ICRA has revised the long term rating of [ICRA]B+ assigned to the
INR61.00 crore (revised from INR62.00 crore) bank facilities of
Toshali Cements Private Limited to [ICRA]B. ICRA has also assigned
[ICRA]A4  to the INR1.00 crore short term bank facilities of TCPL.

                         Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Fund based limits      41.02        [ICRA]B revised

   Long Term Non Fund
   Based Limits            2.00        [ICRA]B revised

   Unallocated            17.98        [ICRA]B revised

   Short Term Non Fund
   Based Limits            1.00        [ICRA]A4 assigned

The revision in rating takes into account the significant losses
incurred by TCPL in FY13 and H1FY14 on account of a steep increase
in raw material prices coupled with high selling expenditure due
to the large discounts given by TCPL in the wake of the weak
demand scenario during the period. More than 30% of the total
clinker during H2FY13 and H1FY14 was procured from the open market
at approximately 50% higher cost due to the expansion and
modernization of the clinkerisation capacity at Ampavalli, Andhra
Pradesh, which lead to production losses of 3-4 months during the
period. The rating continues to be constrained by the sub optimal
capacity utilization of the grinding units, remote location of the
Ampavalli unit which leads to higher freight costs and the small
scale of operations of the company with high fixed cost overheads
further constricting the profitability. ICRA also notes that the
high levels of inventory and interest burden owing to the recent
capex coupled with subdued demand scenario could squeeze the
liquidity profile of the company further.

However, the rating continues to be supported by the financial
flexibility lent by the group which is also the largest cement
manufacturer in Western Africa and the experience of the promoters
in reviving loss making cement and steel plants. The rating also
favorably factors in the proximity of the TCPL's plants to rich
limestone reserves, and easy availability of coal and raw
materials like slag and gypsum with established linkages.

Incorporated in 2002, TCPL is engaged in the manufacturing and
sale of PPC, OPC (53 grade), PSC and Ground Granulated Blast
furnace Slag (GGBS). The company has acquired assets of two
loss making units at Ampavalli and Bayyavaram in 2004. TCPL sells
its cement under the brand name of "Gajapati". Its major markets
include areas surrounding Vizag in Andhra Pradesh, Koraput
(southern Orissa) along with few central and northern districts of
Orissa. The company at present has 1000 TPD clinker production
capacity and 730 TPD Cement production (grinding unit) capacities
at its Ampavalli plant in Orissa and 600 TPD cement production
capacity at its Bayyavaram plant in Andhra Pradesh.

Recent Results

In FY 2013, TCPL reported an operating income of INR80.98 crore
and net losses of INR5.09 crore as against an operating income of
INR87.56 crore and net profit of INR0.36 crore in FY 2012.


UNIQUE BIOTECH: ICRA Upgrades Rating on INR22.22cr Loans From 'D'
-----------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR8.61 crore
(earlier INR10.96 crore) long term bank limits of Unique Biotech
Limited to [ICRA]B from [ICRA]D. ICRA has also upgraded the rating
for INR13.61 crore short term bank lines of the company (earlier
INR10.47) to [ICRA]A4 from [ICRA]D.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund        8.61        Upgraded to [ICRA]B
   based limits                      from[ICRA]D

   Short term non-      13.61        Upgraded to [ICRA]A4
   fund based limits                 from[ICRA]D

The revision in ratings takes into account the timely servicing of
debt repayments by UBL in the recent months as compared to 30-60
day delays over 2011-13. ICRA continues to draw comfort from UBL's
strong product profile with presence in niche segments like
probiotics which has resulted in healthy operating margins over
the last few years. Further, forward integration into formulations
coupled with entry into new segments-enzymes and yeasts- in the
last couple of years could add to the margins and provide newer
avenues for growth. ICRA also draws comfort from long standing
experience of promoters in the industry.

The ratings are however, constrained by UBL's low scale due to
niche nature of operations and high working capital intensity
largely on account of high receivable days and inventory holding.
The ratings are also constrained by vulnerability of UBL's
profitability to currency fluctuations. ICRA also notes that
the company's capex for yeast saccharamyces boulardi remains
underutilized with capacity utilization of less than 10% in FY14.
While UBL had carried out capex for producing enzymes and yeasts
in FY11, revenues from the above divisions were low in the last 2
years. This coupled with the high level of debt repayments (around
INR6 crore per annum) have led to strain on the cash flows.

Incorporated in December 2000, Unique Biotech Limited is primarily
involved in the manufacture and marketing of probiotics as
individual cultures, blends and finished formulations. The company
has also started manufacturing serratiopeptidase (an enzyme) and
sachharomyces boulardi (probiotic yeast) in last 2 years. Although
the company is focused on human healthcare, it also markets some
probiotic strains for poultry, pet animals and livestock in bulk
as well as finished formulations. The company markets its products
to domestic pharmaceutical companies besides exports to countries
like the US, Europe, Japan, Switzerland and Korea. The company was
promoted by Dr. M. Ratna Sudha and Dr. R.V.S.K Chakravarthy. For
FY13, UBL reported an operating income of INR29.87 crore and PAT
of INR1.85 crore.


VAIBHAV YARN: CARE Reaffirms 'B+' Rating on INR25.97cr Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Vaibhav Yarn Mills Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           25.97       CARE B+ Reaffirmed

   Short-term Bank
   Facilities            4          CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of Vaibhav Yarn Mills Private
Limited (VYM) continue to be constrained by its leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations. The ratings also factor in its
exposure towards volatility in the raw material prices, its
presence in a highly fragmented and competitive industry and
project execution risk pertaining to the ongoing expansion of the
manufacturing facilities.

The ratings continue to derive strength from the experienced
promoters and growing scale of operations.

Going forward, the ability of the company to increase the scale of
operations while maintaining the profitability margins, completing
the expansion project within the envisaged time and cost estimates
and improving its capital structure shall be the key rating
sensitivities.

Vaibhav Yarn Mills Private Limited, based in Ludhiana, was set up
in 2005 by Mr Vishal Bhalla and Ms Ritu Bhalla. The business
operations are managed by Mr Vishal Bhalla who has more than two
decades of experience in the cotton industry through their earlier
association with other group concerns i e Shivalik Fibres Private
Limited and M/s Deluxe Enterprises who are also engaged in the
manufacturing of cotton yarn. VYM is engaged in the business of
manufacturing of cotton yarn of counts ranging from 10's to 20's
at its manufacturing facility located in Ludhiana, Punjab having
an installed capacity of 5,110 Metric Tonnes Per Annum (MTPA).
Additionally, the company also undertakes trading of knitted cloth
& raw wool. VYM procures raw material in the form of cotton,
comber noil, cotton waste and raw wool from suppliers situated in
Punjab. The company sells cotton yarn to manufacturers of fabric
(weaving units) in the domestic market through agents and
distributors.

For FY13 (refers to the period April 01 to March 31), VYM achieved
a total operating income of INR87.24 crore with a PAT of INR0.90
crore. For 8MFY14 (refers to the period April 1 to November 30),
the company achieved a total operating income of INR53.58 crore.


VARAD EXTRUSIONS: CARE Revises Rating on INR5.83cr Loan to 'B+'
---------------------------------------------------------------
CARE revises long-term ratings and assigns short-term ratings to
the bank facilities of Varad Extrusions Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        5.83      CARE B+ Revised from
   Facilities                      CARE B

   Short-term Bank
   Facilities            1.50      CARE A4 Assigned

Rating Rationale

The revision in the rating takes into account the improvement in
Varad Extrusions Private Limited's financial profile marked by
increase in capacity utilization with stabilization of its
operations, increase in operating income and profitability margins
and improvement in the capital structure. The ratings also factor
in the experience of the promoters, reputed clientele and moderate
growth prospects for aluminum products. The ratings, however,
continue to be constrained by the nascent stage and small scale of
operations, highly leveraged capital structure, stretched
liquidity position with working capital intensive nature of
business and exposure to intense competition in the aluminium
extrusion industry.

The ability of the company to scale up its operations and improve
its overall financial risk profile will remain as the key rating
sensitivities.

Incorporated in the year 2008 as a private limited company, VEPL
is promoted by Mr Ravi Kiran Patha and commenced its business
operation from May 06, 2011. VEPL is engaged in the business
of manufacturing of aluminium profiles/sections of different
shapes and sizes through extrusion process at its manufacturing
facility at Medak, Andhra Pradesh, with an installed capacity of
2,000 MTPA (Metric Tonnes Per Annum). The products developed by
the company are used in various industrial segments such as solar
systems applications, air flow & air condition, ladder,
infrastructure applications and other related areas.

The company's major raw material is aluminium scrap and ingots.
Around 40% of raw material is imported from Singapore, Saudi
Arbia, New Zealand, Israel, Thailand and UAE and remaining
60% is acquired from the domestic markets.

During FY13 (refers to the period April 1 to March 31), VEPL
reported a net profit of INR0.14 crore on a total operating income
of INR19.81 crore as against a net loss and total operating income
of INR0.79 crore and INR17.01 crore, respectively, in FY12.
Furthermore, the company reported a net profit of INR0.20 crore
and total operating income of INR22.19 crore in 10MFY14.


VEDANT DYESTUFFS: CARE Reaffirms 'B+' Rating on INR21.36cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Vedant Dyestuffs & Intermediaries Private Limited.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------          -----------    -------
   Long-term Bank
   Facilities             21.36       CARE B+ Reaffirmed

   Short-term Bank
   Facilities              0.65       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Vedant Dyestuffs
and Intermediaries Private Limited continue to be constrained by
the weak debt coverage indicators and working capital intensive
nature of operations. Furthermore, the ratings are constrained by
the susceptibility of margins to volatile raw material prices in
the highly competitive industry.

The ratings, however, continue to outweigh these constraints from
the promoters' experience and successful commissioning of the
project.

The ability of the company to scale up operations with the
enhanced capacity and efficient management of the working capital
cycle remain the key rating sensitivities.

Incorporated in 1993, Vedant Dyestuffs and Intermediates Private
Limited (VDIPL) is an ISO 9001:2008 certified company promoted by
Mr Piyush Maheshwari. VDIPL is mainly into the manufacturing of
synthetic organic dyes used in leather products  and textile
dyeing industry with manufacturing facility located at Taloja,
Maharashtra with a current capacity of 1,680 MTPA.

During FY13 (refers to the period April 01 to March 31), VDIPL
recorded a total operating income of INR10.47 crore (as against
INR14.85 crore in FY12) and loss of INR3.58 crore (as against
profit of INR0.93 crore in FY12). Furthermore, the company posted
total operating income of INR19.34 crore and PBT of INR2.17 crore
during 9MFY14.


VIVEKANANDA EDUCATIONAL: CARE Revises INR2.18cr Loan Rating to D
----------------------------------------------------------------
CARE revises the rating to the bank facilities of Vivekananda
Educational Society.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        2.18       CARE D Revised from
    Facilities                      CARE C

Rating Rationale

The revision in the rating assigned to the bank facilities of
Vivekananda Educational Society (VES) takes into account the
instances of delays in servicing the debt obligations in the
recent past due to the stressed liquidity position of the society
caused by delays in reimbursements of fee from the State
Government of Andhra Pradesh.

Vivekananda Educational Society was formed in the year 2000 by Dr
Satchidananda Rao and his family members. VES is registered as a
society and has established Engineering and Management College
under the name of Vivekananda Institute of Technology & Science in
the year 2000 with its campus located at Karimnagar district,
Andhra Pradesh. At present, the institute offers graduation
courses (B.E.) and post graduate courses (MBA and M. Tech.) with a
total annual intake capacity of 690 students for the Academic Year
(AY) 2013-2014. The courses offered under B.E include Computer
Science and Engineering (CSE), Electronics and Communication
Engineering (ECE), Information Technology (IT), Electronic &
Electrical Engineering and Mechanical Engineering. Currently, VES
has a staff of 93 teaching employees with a total strength of
1,889 students, resulting in healthy student faculty ratio (20:1).

As per the audited results for FY13 (refers to the period April 1
to March 31), the society reported a total operating income of
INR6.69 crore and a surplus of INR1.23 crore as against a total
operating income and surplus of INR6.35 crore and INR1.30 crore
respectively in FY12. It achieved a total operating income of
around Rs 2.55 crore for the period 10MFY14 (April, 2013- January,
2014).


VIVEKANANDA EDUC. TRUST: CARE Cuts INR2.85cr Loan Rating to D
------------------------------------------------------------- CARE
revises the rating to the bank facilities of Vivekananda
Educational Trust.


                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        2.85       CARE D Revised from
   Facilities                       CARE C

Rating Rationale

The revision in the rating assigned to the bank facilities of
Vivekananda Educational Trust (VET) takes into account the
instances of delays in servicing the debt obligations in the
recent past due to stressed liquidity position of the trust caused
by delays in reimbursements of fee from the State Government of
Andhra Pradesh.

Vivekananda Educational Trust was formed in the year 2000 by Dr
Satchidananda Rao and his family members. VET is registered as a
Public Charitable Trust and has established Engineering and
Management College under the name of Vivekananda Institute of
Technology & Science (N9) in the year 2000 with its campus located
at Karimnagar district, Andhra Pradesh. At present, the institute
offers graduation courses (B.E.) and post graduate courses (MBA
and M. Tech.) with total annual intake capacity of 534 students
for Academic Year (AY) 2013-2014. The courses offered under B.E.
include Computer Science and Engineering (CSE), Electronics and
Communication Engineering (ECE), Information Technology (IT),
Electronic & Electrical Engineering (EEE) and Mechanical
Engineering (ME). Currently, VET has a staff of 60 teaching
employees and 966 students in the college, resulting in healthy
student faculty ratio (16:1).

As per Audited results for FY13 (refers to the period April 1 to
March 31), the trust reported a total operating income of INR4.13
crore and a surplus of INR0.50 crore as against total operating
income and surplus of INR4.34 crore and INR0.66 crore respectively
in FY12. It achieved total operating income of around Rs 2.55
crores for the period 10MFY14 (April, 2013- January, 2014).



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


ADARO INDONESIA: 2013 Results No Impact on Moody's Ba1 CFR
----------------------------------------------------------
Moody's Investors Service says the decline in Adaro Indonesia PT's
(Adaro) full-year 2013 results were mainly reflective of weak coal
prices, but remain broadly in line with Moody's expectations.
There is no immediate impact on the company's Ba1 corporate family
rating with a stable outlook.

"Similar to other regional coal miners, Adaro's operating
performance in 2013 was primarily driven by the weakness in global
coal indices amidst continued oversupply in the market and softer
domestic prices in China. The company reported strong sales volume
growth and lower production costs, but these improvements could
not offset the 19% decline in its average selling price," says
Brian Grieser, a Moody's Vice President and Senior Analyst.

Net revenue for Adaro fell 10.7% while adjusted EBITDA declined by
32% to $648 million. Adaro reported weaker overall profitability
with adjusted EBITDA margin contracting to 21.7% in 2013, compared
to 28.3% in the previous year.

Coal production grew 11% to 52.3 million tonnes (MT), which was in
line with the company's target production of 50-53 MT. On
production cost, Adaro's cost control initiatives successfully
reduced its average cash cost (excluding royalties) by 10.1% to
$38.7/tonne compared to a year ago.

"Looking ahead, we expect market conditions in 2014 to remain
challenging as an oversupply of coal in the region will dampen
prospect for a meaningful rebound in coal prices," adds Grieser,
who is also lead analyst for Adaro.

"Despite a reduction in total borrowings, Adaro's adjusted
debt/EBITDA ratio increased to 2.7x in 2013, from 2.0x a year ago,
on the back of lower EBITDA. Given our expectation that Adaro's
credit metrics will stabilize and begin to strengthen in 2014 and
the quality of the company's liquidity position, we remain
comfortable with its current Ba1 rating despite leverage currently
exceeding 2.5x," says Grieser.

In line with its cash preservation policy, Adaro's liquidity
remains strong with a cash balance of $412 million at end-2013 and
its next material maturity is in 2019 when its $800 million notes
come due. As at end-2013, Adaro also had committed and undrawn
facility of $278.5 million.

Adaro is the principal cash flow generator of Adaro Energy
(unrated) and plays a key role in Adaro Energy's vertical
integration strategy. Adaro has been a borrower and funds have
been channeled through Adaro Energy to the wider group for non-
operating subsidiaries' capital expenditures as well as for
prepayment of services. Loans extended to Adaro Energy is expected
to be repaid through dividend received from subsidiaries,
including Adaro.

In 2013, Adaro Energy embarked on a capex reduction strategy in
light of the challenging market conditions. Its capex decreased by
66% to $165 million. Moody's views this as positive for Adaro as a
reduction in Adaro Energy's funding requirements will
correspondingly reduce the amount of borrowings required, which
Adaro Energy typically makes through Adaro.

For Adaro, an upgrade is unlikely because of weak market
conditions. Furthermore, Adaro is already one of the most highly
rated single-commodity mining companies globally. Its revenue base
remains relatively small on a global basis and the company lacks
the diversity in production seen in similarly rated global peers.

Moody's would consider downgrading Adaro's ratings if the company
experiences material disruptions in its operations or if industry
fundamentals deteriorate to the extent that Adaro's ability to
service its debt weakens. Such trends could be evidenced by
adjusted debt/EBITDA of more than 2.5x and/or EBIT/interest of
less than 4x on a sustained basis coupled with a deterioration in
its liquidity profile.

If Adaro Energy's adjusted debt/EBITDA exceeds 3x-3.5x and/or
EBIT/interest falls below 3x on a sustained basis, then Adaro's
ratings would come under pressure.

Other negative rating trends include: 1) event risk as a result of
any adverse decision regarding the offsetting of VAT payments; 2)
any change in laws and regulations, particularly on the mining
concessions, that would affect the business; 3) any abrupt change
in its financial or operational strategy and/or dividend policies;
and 4) weakening of its liquidity profile such that cash balances
fall below $150-200 million.

Adaro Indonesia is one of the largest single-site coal producers
in the southern hemisphere and one of the world's largest sub-
bituminous coal companies. It exports approximately 80% of its
products to Southeast Asia, the US and Europe, while the rest is
for the domestic market. It is wholly owned by Adaro Energy, an
integrated energy group, listed on the Indonesia Stock Exchange.



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


* S&P Puts 4 Ratings on Japanese CDO Tranches on Watch Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on four
Japanese synthetic collateralized debt obligation (CDO)
transactions on CreditWatch with positive implications.

The CreditWatch positive placements reflect the tranches'
synthetic rated overcollateralization (SROC) levels, which
exceeded 100% with sufficient SROC cushions at higher ratings than
the current ratings as of Feb. 28, 2014.

S&P intends to review these tranches by the end of this month.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS PLACED ON CREDITWATCH POSITIVE

Corsair (Jersey) No. 2 Ltd.
Series 46 credit default swap
To                         From             Amount
BBB+srp (sf)/Watch Pos     BBB+srp (sf)     JPY3.0 bil.

Fixed rate credit-linked loan series 58
To                         From             Amount
BB (sf)/Watch Pos          BB (sf)          JPY3.0 bil.

Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To                         From             Amount
B+ (sf)/Watch Pos          B+ (sf)          JPY4.0 bil.

Class A secured floating rate credit-linked loan series 2005-06
To                         From             Amount
BBp (sf)/Watch Pos         BBp (sf)         JPY3.0 bil.



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


SOUTH CANTERBURY: Fraud Case vs. Directors, CEO on Hold
--------------------------------------------------------
ONE News reports that the case against three men charged over the
collapse of South Canterbury Finance is on hold as defence lawyers
try to get the trial judge to stand down.

Former directors Edward Sullivan, Robert White and former CEO
Lachie McLeod face criminal culpability for the collapse of South
Canterbury Finance. They deny the charges, ONE News says.

According to the report, defence lawyers are now planning on
filing a formal application asking the trial judge to step down
because of concerns he may be perceived as biased.

The application will be argued next week until which time the
trial will be put on hold, ONE News reports.

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


* Singapore to Regulate Bitcoin Dealers
---------------------------------------
Anjani Trivedi, writing for The Wall Street Journal, reported that
the Monetary Authority of Singapore became the first Asian
regulator to bring bitcoin dealers under its purview, as
regulators across the world grow wary.

According to the report, the MAS will require dealers that buy,
sell or facilitate the exchange of virtual currencies for real
currencies "to verify the identities of their customers and report
suspicious transactions" -- much as it requires of money changers
-- the regulator said in a news release on March 13.  The purpose,
the release added, is to prevent bitcoin from being used in money
laundering or terrorist financing.

The regulator's responsibility "does not extend to the safety and
soundness of virtual currency intermediaries nor the proper
functioning of virtual-currency transactions," the MAS said, the
report cited.

It added that bitcoin investors wouldn't be covered by the
Securities and Futures Act and the Financial Advisers Act, which
protect securities investors, the report said.

MAS said its move will make Singapore "one of the first countries
in the world to regulate virtual-currency intermediaries" and that
it will continue to closely monitor how the currency develops, the
report added.



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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                                         Total
                                         Total     Shareholders
                                        Assets           Equity
  Company                Ticker        (US$MM)          (US$MM)
  -------                ------         ------     ------------

AUSTRALIA


AAT CORP LTD             AAT               32.50       -13.46
ANITTEL GROUP LT         AYG               18.43        -0.26
ATLANTIC LTD             ATI              490.17       -25.68
AUSTRALIAN ZI-PP         AZCCA             77.75        -2.57
AUSTRALIAN ZIRC          AZC               77.75        -2.57
BIRON APPAREL LT         BIC               19.71        -2.22
BOUNTY MINING LT         BNT               10.54        -0.94
CLARITY OSS LTD          CYO               33.12       -11.66
CMA CORP LTD             CMV              127.41       -51.00
CWH RESOURCES LT         CWH               10.71        -3.03
IDM INTERNATIONA         IDM               30.99       -23.62
LIONHUB GROUP LT         LHB               19.21       -26.52
MIRABELA NICKEL          MBN              335.09      -179.03
NATURAL FUEL LTD         NFL               19.38      -121.51
PACT GROUP HOLDI         PGH            1,120.30      -982.11
PENRICE SODA HOL         PSH              122.46       -26.85
RIVERCITY MOTORW         RCY              386.88      -809.13
RUBICOR GROUP LT         RUB               45.20       -75.31
STERLING PLANTAT         SBI               59.08        -6.07
STIRLING RESOURC         SRE               16.53        -8.12
STRAITS RESOURCE         SRQ              208.51       -29.73
SWAN GOLD MINING         SWA               36.43        -9.08
TZ LTD                   TZL               12.88        -8.73


CHINA

ANHUI GUOTONG-A          600444            79.12       -10.53
CHANG JIANG-A            520              770.91      -176.56
CHINA GREAT LAND         CGL               16.52       -19.01
CHINA OILFIELD T         COT               22.00       -16.71
FORGAME HOLDINGS         484               83.73       -21.92
HEBEI BAOSHUO -A         600155           114.00      -104.15
HULUDAO ZINC-A           751              507.79      -532.25
HUNAN TIANYI-A           908               59.37        -1.14
JIANGSU ZHONGDA          600074           338.59       -29.88
NANNING CHEMIC-A         600301           391.41       -43.60
QINGDAO YELLOW           600579           122.36       -71.04
QINGHAI SUNSHI-A         600381           394.70       -78.28
SHENZ CHINA BI-A         17                28.50      -283.65
SHENZ CHINA BI-B         200017            28.50      -283.65
SHIJIAZHUANG D-A         958              241.31      -111.50
SHUNFENG PHOTOVO         1165             411.73       -51.06
TAIYUAN TIANLO-A         600234            63.28       -17.71
WUHAN BOILER-B           200770           217.13      -213.03
WUHAN XIANGLON-A         600769            77.45      -103.43
YUNNAN JINGGU FO         600265            84.92        -2.90


HONG KONG

BIRMINGHAM INTER         2309              59.95       -12.80
BUILDMORE INTL           108               17.36       -70.34
CHINA ENVIRONMEN         986               66.65        -0.87
CHINA HEALTHCARE         673               34.76        -0.75
CHINA OCEAN SHIP         651              248.21      -106.72
CNC HOLDINGS             8356              99.16        -9.03
CROSBY CAPITAL           8088              16.40       -20.27
EFORCE HLDGS LTD         943               60.73        -9.56
GRANDE HLDG              186              255.10      -208.18
INNO-TECH HLDGS          8202              84.54      -116.82
LANGHAM -SS              1270             684.55       -86.21
LONG SUCCESS INT         8017              50.05        -7.44
MASCOTTE HLDGS           136               57.51       -81.70
MEGA EXPO HOLDIN         1360              17.00        -0.53
MELCOLOT LTD             8198              13.69       -28.83
NORSTAR FOUNDERS         2339              21.97       -56.33
PALADIN LTD              495              159.65        -9.17
PROVIEW INTL HLD         334              314.87      -294.85
SINO RESOURCES G         223               29.34       -24.77
SURFACE MOUNT            SMT               32.88       -10.68
VXL CAPITAL LTD          727               74.79        -0.16


INDONESIA

APAC CITRA CENT          MYTX             176.66        -6.99
ARPENI PRATAMA           APOL             249.84      -319.77
ASIA PACIFIC             POLY             375.58      -815.83
BUMI RESOURCES           BUMI           7,027.47       -18.17
ICTSI JASA PRIMA         KARW              56.41        -6.12
JAKARTA KYOEI ST         JKSW              24.92       -34.90
MATAHARI DEPT            LPPF             209.66       -89.74
ONIX CAPITAL TBK         OCAP              13.22        -1.03
RENUKA COALINDO          SQMI              15.84        -0.48
SUMALINDO LESTAR         SULI              95.14       -18.99
UNITEX TBK               UNTX              18.83       -18.53


INDIA

ABHISHEK CORPORA         ABSC              53.66       -25.51
AGRO DUTCH INDUS         ADF               85.09       -22.81
ALPS INDUS LTD           ALPI             201.29       -41.70
AMIT SPINNING            AMSP              12.85        -7.68
ARTSON ENGR              ART               11.81       -10.16
ASHAPURA MINECHE         ASMN             161.89       -51.58
ASHIMA LTD               ASHM              63.23       -48.94
ATV PROJECTS             ATV               48.47       -43.93
BELLARY STEELS           BSAL             451.68      -108.50
BENZO PETRO INTL         BPI               26.77        -1.05
BHAGHEERATHA ENG         BGEL              22.65       -28.20
BLUE BIRD INDIA          BIRD             122.02       -59.13
CELEBRITY FASHIO         CFLI              24.96        -8.26
CHESLIND TEXTILE         CTX               20.51        -0.03
CLASSIC DIAMONDS         CLD               66.26        -6.84
COMPUTERSKILL            CPS               14.90        -7.56
DCM FINANCIAL SE         DCMFS             18.46        -9.46
DFL INFRASTRUCTU         DLFI              42.74        -6.49
DIGJAM LTD               DGJM              99.41       -22.59
DISH TV INDIA            DITV             579.01       -28.55
DISH TV INDI-SLB         DITV/S           579.01       -28.55
DUNCANS INDUS            DAI              122.76      -227.05
ENSO SECUTRACK           ENSO              15.57        -0.46
EURO CERAMICS            EUCL             110.62        -6.83
EURO MULTIVISION         EURO              36.94        -9.95
FERT & CHEM TRAV         FCT              311.92       -35.19
GANESH BENZOPLST         GBP               44.05       -15.48
GANGOTRI TEXTILE         GNTX              54.67       -14.22
GOKAK TEXTILES L         GTEX              46.36        -0.29
GOLDEN TOBACCO           GTO               97.40       -18.24
GSL INDIA LTD            GSL               29.86       -42.42
GSL NOVA PETROCH         GSLN              16.53        -1.31
GUJARAT STATE FI         GSF               10.26      -303.64
GUPTA SYNTHETICS         GUSYN             44.18        -6.34
HARYANA STEEL            HYSA              10.83        -5.91
HEALTHFORE TECHN         HTEC              14.74       -46.64
HINDUSTAN ORGAN          HOC               74.72       -24.07
HINDUSTAN PHOTO          HPHT              49.58    -1,832.65
HMT LTD                  HMT              108.71      -572.12
ICDS                     ICDS              13.30        -6.17
INDAGE RESTAURAN         IRL               15.11        -2.35
INTEGRAT FINANCE         IFC               49.83       -51.32
JCT ELECTRONICS          JCTE              80.08       -76.70
JENSON & NIC LTD         JN                16.49       -71.70
JET AIRWAYS IND          JETIN          3,368.77      -335.45
JET AIRWAYS -SLB         JETIN/S        3,368.77      -335.45
JOG ENGINEERING          VMJ               45.90        -5.28
KALYANPUR CEMENT         KCEM              23.39       -42.66
KERALA AYURVEDA          KERL              13.97        -1.69
KIDUJA INDIA             KDJ               11.16        -3.43
KINGFISHER AIR           KAIR             515.93    -2,371.26
KINGFISHER A-SLB         KAIR/S           515.93    -2,371.26
KITPLY INDS LTD          KIT               14.77       -58.78
KLG SYSTEL LTD           KLGS              40.64       -27.37
LML LTD                  LML               43.95       -78.18
MADRAS FERTILIZE         MDF              167.72       -56.20
MAHA RASHTRA APE         MHAC              14.49       -12.96
MAHANAGAR TELE           MTNL           4,845.41      -511.72
MAHANAGAR TE-SLB         MTNL/S         4,845.41      -511.72
MALWA COTTON             MCSM              44.14       -24.79
MILTON PLASTICS          MILT              17.67       -51.22
MODERN DAIRIES           MRD               38.61        -3.81
MOSER BAER INDIA         MBI              727.13      -165.63
MOSER BAER -SLB          MBI/S            727.13      -165.63
MTZ POLYFILMS LT         TBE               31.94        -2.57
MURLI INDUSTRIES         MRLI             262.39       -38.30
MYSORE PAPER             MSPM              87.99        -8.12
NATL STAND INDI          NTSD              22.09        -0.73
NAVCOM INDUS LTD         NOP               10.19        -3.53
NICCO CORP LTD           NICC              71.84        -4.91
NICCO UCO ALLIAN         NICU              23.25       -83.90
NK INDUS LTD             NKI              141.35        -7.71
NRC LTD                  NTRY              63.70       -53.01
NUCHEM LTD               NUC               24.72        -1.60
PANCHMAHAL STEEL         PMS               51.02        -0.33
PARAMOUNT COMM           PRMC             124.96        -0.52
PARASRAMPUR SYN          PPS               99.06      -307.14
PAREKH PLATINUM          PKPL              61.08       -88.85
PIONEER DISTILLE         PND               53.74        -5.62
PREMIER INDS LTD         PRMI              11.61        -6.09
PRIYADARSHINI SP         PYSM              20.80        -2.28
QUADRANT TELEVEN         QDTV             150.43      -137.48
QUINTEGRA SOLUTI         QSL               16.76       -17.45
RAMSARUP INDUSTR         RAMI             433.89       -89.28
RATHI ISPAT LTD          RTIS              44.56        -3.93
RELIANCE BROADCA         RBN               86.97        -0.59
RELIANCE MEDIAWO         RMW              425.22       -21.31
RELIANCE MED-SLB         RMW/S            425.22       -21.31
RENOWNED AUTO PR         RAP               14.12        -1.25
RMG ALLOY STEEL          RMG               66.61       -12.99
ROLLATAINERS LTD         RLT               22.97       -22.24
ROYAL CUSHION            RCVP              14.70       -75.18
SAAG RR INFRA LT         SAAG              12.54        -4.93
SADHANA NITRO            SNC               16.74        -0.58
SANATHNAGAR ENTE         SNEL              49.23        -6.78
SANCIA GLOBAL IN         SGIL              78.82       -25.13
SBEC SUGAR LTD           SBECS             92.44        -5.61
SCOOTERS INDIA           SCTR              19.75       -13.35
SERVALAK PAP LTD         SLPL              61.57        -7.63
SHAH ALLOYS LTD          SA               168.13       -81.60
SHALIMAR WIRES           SWRI              22.79       -27.18
SHAMKEN COTSYN           SHC               23.13        -6.17
SHAMKEN MULTIFAB         SHM               60.55       -13.26
SHAMKEN SPINNERS         SSP               42.18       -16.76
SHREE GANESH FOR         SGFO              44.50        -2.89
SHREE KRISHNA            SHKP              14.62        -0.92
SHREE RAMA MULTI         SRMT              38.90        -4.49
SIDDHARTHA TUBES         SDT               75.90       -11.45
SIMBHAOLI SUGAR          SBSM             268.76       -54.47
SITI CABLE NETWO         SCNL             219.45        -9.68
SPICEJET LTD             SJET             563.64       -41.19
SQL STAR INTL            SQL               10.58        -3.28
STATE TRADING CO         STC              826.29      -276.56
STELCO STRIPS            STLS              14.90        -5.27
STI INDIA LTD            STIB              21.69        -2.13
STL GLOBAL LTD           SHGL              30.73        -5.62
STORE ONE RETAIL         SORI              15.48       -59.09
SUPER FORGINGS           SFS               14.62        -7.00
SURYA PHARMA             SUPH             370.28        -9.97
TAMILNADU JAI            TNJB              17.07        -1.00
TATA METALIKS            TML              156.70        -5.36
TATA TELESERVICE         TTLS           1,311.30      -138.25
TATA TELE-SLB            TTLS/S         1,311.30      -138.25
TODAYS WRITING           TWPL              18.58       -25.67
TRIUMPH INTL             OXIF              58.46       -14.18
TRIVENI GLASS            TRSG              19.71       -10.45
TUTICORIN ALKALI         TACF              19.86       -19.58
UDAIPUR CEMENT W         UCW               11.38       -10.53
UNIFLEX CABLES           UFCZ              47.46        -7.49
UNIWORTH LTD             WW               149.50      -151.14
UNIWORTH TEXTILE         FBW               22.54       -35.03
USHA INDIA LTD           USHA              12.06       -54.51
VANASTHALI TEXT          VTI               14.59        -5.80
VENUS SUGAR LTD          VS                11.06        -1.08
WANBURY LTD              WANB             141.86        -3.91


JAPAN

FLIGHT HOLDINGS          3753              10.10        -2.62
GOYO FOODS INDUS         2230              11.79        -1.51
HARAKOSAN CO             8894             186.55        -8.07
IDEA INTERNATION         3140              23.66        -0.08
KANMONKAI CO LTD         3372              42.64        -0.81


KOREA

DVS KOREA CO LTD         46400             17.40        -1.20
ORIENTAL PRECISI         14940            224.92       -79.83
ROCKET ELEC-PFD          425              111.09        -0.42
ROCKET ELECTRIC          420              111.09        -0.42
SHINIL ENG CO            14350            199.04        -2.53
SSANGYONG ENGINE         12650          1,231.13      -119.47
STX OFFSHORE & S         67250          7,627.42    -1,124.38
TEC & CO                 8900             139.98       -16.61
TONGYANG NETWORK         30790            311.91       -36.46
WOONGJIN HOLDING         16880          2,197.34      -635.50


MALAYSIA

HAISAN RESOURCES         HRB               41.31       -11.54
HIGH-5 CONGLOMER         HIGH              41.63       -34.19
HO HUP CONSTR CO         HO                59.28       -16.64
PETROL ONE RESOU         PORB              51.39        -4.00
SUMATEC RESOURCE         SMTC             169.12       -26.18
VTI VINTAGE BHD          VTI               17.74        -3.63


NEW ZEALAND

NZF GROUP LTD            NZF NZ Equity     11.69        -4.60
PULSE ENERGY LTD         PLE NZ Equity     11.29        -3.44


PHILIPPINES

CYBER BAY CORP           CYBR              14.14       -21.59
FIL ESTATE CORP          FC                40.90       -15.77
FILSYN CORP A            FYN               23.11       -11.69
FILSYN CORP. B           FYNB              23.11       -11.69
GOTESCO LAND-A           GO                21.76       -19.21
GOTESCO LAND-B           GOB               21.76       -19.21
LIBERTY TELECOMS         LIB              108.53       -19.42
MRC ALLIED INC           MRC               27.06        -2.56
PICOP RESOURCES          PCP              105.66       -23.33
STENIEL MFG              STN               21.07       -11.96
UNIWIDE HOLDINGS         UW                50.36       -57.19


SINGAPORE

ADVANCE SCT LTD          ASCT              19.68       -22.46
CEFC INTL LTD            SUNE              95.25        -0.31
HL GLOBAL ENTERP         HLGE              83.11        -4.63
IGG INC                  8002              21.53       -55.84
SCIGEN LTD-CUFS          SIE               68.70       -42.35
SUNMOON FOOD COM         SMOON             20.26       -17.36
TT INTERNATIONAL         TTI              298.35       -82.84
UNITED FIBER SYS         UFS               65.52       -56.60


THAILAND

ABICO HLDGS-F            ABICO/F           15.28        -4.40
ABICO HOLDINGS           ABICO             15.28        -4.40
ABICO HOLD-NVDR          ABICO-R           15.28        -4.40
ASCON CONSTR-NVD         ASCON-R           59.78        -3.37
ASCON CONSTRUCT          ASCON             59.78        -3.37
ASCON CONSTRU-FO         ASCON/F           59.78        -3.37
BANGKOK RUBBER           BRC               77.91      -114.37
BANGKOK RUBBER-F         BRC/F             77.91      -114.37
BANGKOK RUB-NVDR         BRC-R             77.91      -114.37
CALIFORNIA W-NVD         CAWOW-R           28.07       -11.94
CALIFORNIA WO-FO         CAWOW/F           28.07       -11.94
CALIFORNIA WOW X         CAWOW             28.07       -11.94
CIRCUIT ELEC PCL         CIRKIT            16.79       -96.30
CIRCUIT ELEC-FRN         CIRKIT/F          16.79       -96.30
CIRCUIT ELE-NVDR         CIRKIT-R          16.79       -96.30
DATAMAT PCL              DTM               12.69        -6.13
DATAMAT PCL-NVDR         DTM-R             12.69        -6.13
DATAMAT PLC-F            DTM/F             12.69        -6.13
ITV PCL                  ITV               36.02      -121.94
ITV PCL-FOREIGN          ITV/F             36.02      -121.94
ITV PCL-NVDR             ITV-R             36.02      -121.94
K-TECH CONSTRUCT         KTECH             38.87       -46.47
K-TECH CONSTRUCT         KTECH/F           38.87       -46.47
K-TECH CONTRU-R          KTECH-R           38.87       -46.47
KUANG PEI SAN            POMPUI            17.70       -12.74
KUANG PEI SAN-F          POMPUI/F          17.70       -12.74
KUANG PEI-NVDR           POMPUI-R          17.70       -12.74
MANGPONG 1989 PC         MPG               11.83        -0.91
MANGPONG 1989 PC         MPG/F             11.83        -0.91
MANGPONG 19-NVDR         MPG-R             11.83        -0.91
PATKOL PCL               PATKL             52.89       -30.64
PATKOL PCL-FORGN         PATKL/F           52.89       -30.64
PATKOL PCL-NVDR          PATKL-R           52.89       -30.64
PICNIC CORP-NVDR         PICNI-R          101.18      -175.61
PICNIC CORPORATI         PICNI            101.18      -175.61
PICNIC CORPORATI         PICNI/F          101.18      -175.61
SAHAMITR PRESS-F         SMPC/F            27.92        -1.48
SAHAMITR PRESSUR         SMPC              27.92        -1.48
SAHAMITR PR-NVDR         SMPC-R            27.92        -1.48
SHUN THAI RUBBER         STHAI             19.89        -0.59
SHUN THAI RUBB-F         STHAI/F           19.89        -0.59
SHUN THAI RUBB-N         STHAI-R           19.89        -0.59
SUNWOOD INDS PCL         SUN               19.86       -13.03
SUNWOOD INDS-F           SUN/F             19.86       -13.03
SUNWOOD INDS-NVD         SUN-R             19.86       -13.03
TONGKAH HARBOU-F         THL/F             62.30        -1.84
TONGKAH HARBOUR          THL               62.30        -1.84
TONGKAH HAR-NVDR         THL-R             62.30        -1.84
TRANG SEAFOOD            TRS               15.18        -6.61
TRANG SEAFOOD-F          TRS/F             15.18        -6.61
TRANG SFD-NVDR           TRS-R             15.18        -6.61
TT&T PCL                 TTNT             589.80      -223.22
TT&T PCL-NVDR            TTNT-R           589.80      -223.22
TT&T PUBLIC CO-F         TTNT/F           589.80      -223.22
WORLD CORP -NVDR         WORLD-R           15.72       -10.10
WORLD CORP PCL           WORLD             15.72       -10.10
WORLD CORP PLC-F         WORLD/F           15.72       -10.10


TAIWAN

BEHAVIOR TECH CO         2341S             30.90        -0.22
BEHAVIOR TECH-EC         2341O             30.90        -0.22
HELIX TECH-EC            2479T             23.39       -24.12
HELIX TECH-EC IS         2479U             23.39       -24.12
HELIX TECHNOL-EC         2479S             23.39       -24.12
POWERCHIP SEM-EC         5346S          2,036.01       -52.74
TAIWAN KOL-E CRT         1606U            507.21      -147.14
TAIWAN KOLIN-EN          1606V            507.21      -147.14
TAIWAN KOLIN-ENT         1606W            507.21      -147.14



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***