TCRAP_Public/140318.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

           Tuesday, March 18, 2014, Vol. 17, No. 54


                            Headlines


A U S T R A L I A

FIRSTMAC 2-2005: Fitch Affirms 'BBsf' Rating on Class B Notes
KSUBI PTY: Administrators Set to Strike Partnership Deal
LA TROBE: S&P Assigns Preliminary BB Rating on Class E Notes
OAKS ON LONSDALE: Ovolo Group Buys Apartment Complex For AUD70MM
QANTAS AIRWAYS: Alan Joyce to Face Second Senate Inquiry


C H I N A

CHINA SOUTH CITY: Fitch Assigns 'B+' Rating to USD125MM Sr. Notes
COUNTRY GARDEN: Weak Profit Margin No Impact on Moody's Ba2 CFR


I N D I A

AJAY KNITWEARS: ICRA Reaffirms 'B+' Rating on INR7cr Loans
ARIHANT FIBRES: CARE Assigns 'B' Rating to INR6.69cr Bank Loan
ASTRON DEVELOPERS: CARE Assigns 'D' Rating to INR15cr Bank Loan
CHEEKA RICE: CARE Assigns 'B+' Rating to INR6.56cr Bank Loan
CHINTAMANI GEMS: ICRA Assigns 'B+' Rating to INR15cr Loan

FRONTIER LIFELINE: CARE Cuts Rating on INR89.80cr Loan to 'D'
HARMAN COTTEX: ICRA Reaffirms 'B+' Rating on INR14cr Bank Loan
HIMALAYAN PACKAGING: CARE Reaffirms 'C' Rating on INR12.15cr Loan
HIMALAYAN POLYMER: CARE Reaffirms 'C' Rating on INR16.74cr Loan
HRM OVERSEAS: ICRA Assigns 'B' Rating to INR17.77cr Loans

IDT CLOTHING: ICRA Suspends 'D' Rating on INR11.75cr Loans
INTEGRATED SPACES: ICRA Assigns 'B+' Rating to INR41cr Loans
ISCON SURGICALS: CARE Lowers Rating on INR16.87cr Loans to 'D'
JAGDAMBA OIL: ICRA Assigns 'B-' Rating to INR6.06cr Bank Loan
M.P.K. ISPAT: CARE Reaffirms 'B+' Rating on INR23.68cr Loan

MEENAKSHI COTTON: CARE Assigns 'B+' Rating to INR6.64cr Loan
MEHALA MACHINES: CARE Reaffirms 'D' Rating on INR33.93cr Loans
PLASTCHEM INDUSTRIES: ICRA Suspends 'B+' Rating on INR2cr Loan
POWERDEAL ENERGY: CARE Reaffirms 'D' Rating on INR72.90cr Loans
RAJ KESARI: CARE Revises Rating on INR6.44cr Bank Loan to 'B+'

RAJSHREE GLOBAL: ICRA Suspends 'B' Rating on INR11.3cr Loan
RAMDEV COTTON: CARE Reaffirms 'B' Rating on INR9.85cr Bank Loan
SAGAR COTTON: ICRA Reaffirms 'B+' Rating on INR9cr Loan
SAHYOG GINNING: CARE Reaffirms 'B' Rating on INR15cr Bank Loan
SAI CHHAYA: ICRA Reaffirms 'B+' Rating on INR9cr Loans

SERVOCONTROLS AEROSPACE: ICRA Puts 'B' Rating on INR8.25cr Loans
SEWA HOTEL: CARE Assigns 'B+' Rating to INR9.80cr Bank Loan
SHAKAMBRI KHADYA: ICRA Reaffirms 'B-/A4' Rating on INR10cr Loan
SHIVA FIBERS: ICRA Suspends 'B' Rating on INR24.5cr Bank Loan
SHREE HANS: ICRA Reaffirms 'B+/A4' Rating on INR30cr Loan

SHREE KRISHNA: ICRA Raises Rating on INR71cr Loans to 'C+'
SHREE NAKODA: CARE Reaffirms 'B' Rating on INR20cr Bank Loan
SHRI KRISHNA: ICRA Assigns 'B-' Rating to INR6.38cr Bank Loan
SPARSH INDUSTRIES: ICRA Suspends 'B' Rating on INR190cr Loan
SPRL FOODS: CARE Assigns 'B+' Rating to INR21.17cr Bank Loan

SRI RAMALINGESWARA: CARE Reaffirms 'B+' Rating on INR22cr Loan
SRI VENKATRAM: ICRA Reaffirms 'D' Rating on INR43.67cr Loans
TARACHAND INT'L: CARE Reaffirms 'B/A4' Rating on INR50cr Loan
VAIBHAV LAXMI: ICRA Suspends 'B+' Rating on INR8.36cr Loans
VASISHTA CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR56cr Loan

VISHNUPRIYA HOTELS: ICRA Reaffirms 'D' Rating on INR74cr Loans
VISUELL CREATIONS: ICRA Reaffirms 'B-' Rating on INR5cr Loan
W.S. INDUSTRIES: ICRA Lowers Rating on INR243cr Loans to 'D'
WAH RESTAURANTS: ICRA Withdraws 'D' Rating on INR47cr Loan


J A P A N

MT. GOX: Mizuho Bank Dragged in Lawsuits Over Bitcoin Losses


N E W  Z E A L A N D

SOUTH CANTERBURY FINANCE: Bid to Remove Judge Fails


X X X X X X X X

* BOND PRICING: For the Week March 10 to March 14, 2014


                            - - - - -


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A U S T R A L I A
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FIRSTMAC 2-2005: Fitch Affirms 'BBsf' Rating on Class B Notes
-------------------------------------------------------------
Fitch Ratings has affirmed 41 classes of notes issued under 14
FirstMac RMBS transactions.  Fitch has also affirmed the rating of
the currency swap obligation on the class A-1 notes of FirstMac
Mortgage Funding Trust Series 1E-2007.  All transactions are
backed by pools of conforming Australian residential mortgages
sourced directly or by way of third-party introducers.  The
mortgages were originated in the name of nominee companies on
behalf of the trustee, FirstMac Fiduciary Services Pty Ltd, and
sold to the various trusts by FirstMac warehouses.

KEY RATING DRIVERS

The affirmations 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.

All transactions are paying down on a sequential basis with
principal collections being allocated to the senior notes with the
exception of FirstMac Mortgage Funding Trust Series 1E-2007,
FirstMac Mortgage Funding Trust Series 2-2008, FirstMac Mortgage
Funding Trust Series 1-2010 and the Class A and AB notes in
FirstMac Bond Series 2-2005 Trust and FirstMac Mortgage Funding
Trust Series 1-2007.  FirstMac Mortgage Funding Trust Series 1E-
2007 is expected to revert to sequential pay down starting from
the investment payment date in March 2014.  The amortisation of
the notes has resulted in improvements in credit enhancement.
As at end-Jan. 2013, 30+ days arrears ranged between 0.1% for
FirstMac Mortgage Funding Trust Series 2E-2013 and 3.4% for
FirstMac Bond Series 2-2005 Trust.  Since closing 231 loans have
defaulted and originated a loss across the outstanding Fitch rated
transactions.  Lenders' mortgage insurance (LMI) has paid 86.6% of
these losses and the rest has been covered either by excess spread
or by the originator.

The reported weighted average current loan-to-value ratio (WA LVR)
ranged from 58.9% (FirstMac Mortgage Funding Trust Series 1E-2007)
to 71.2% (FirstMac Mortgage Funding Trust Series 1-2009).
Indexation was negative for FirstMac Mortgage Funding Trust Series
1-2010, as the WA LVR increased to 74.3% from 73.3% due to
geographical concentration in Queensland and the seasoning of the
loans. FirstMac Bond Series 1E-2006 Trust benefitted the most from
indexation with WA LVR improving to 60.5% from 69.4%.  FirstMac
Mortgage Funding Trust Series 1E-2007 had the lowest indexed WA
LVR (52.3%).

The pools contain a significant portion of loans collateralised by
investment properties, ranging from 37.6% (FirstMac Mortgage
Funding Trust Series 2E-2013) to 66.9% (FirstMac Mortgage Funding
Trust Series 1-2007).  The portion of interest-only loans is also
relatively high ranging from 26.9% (FirstMac Mortgage Funding
Trust Series 1E-2007) to 70.0% (FirstMac Bond Series 1C-2006).
FirstMac Mortgage Funding Trust Series 1-2007 has a significant
portion of low doc loans (85.9%).  The portion of low-doc loans is
limited in other transactions, ranging from 17.6% (FirstMac Bond
Series 1C-2006 to 1.1% (FirstMac Bond Series 2-2005 Trust).  The
following have no low-doc loans: FirstMac Bond Series 1E-2006
Trust, FirstMac Mortgage Funding Trust Series 1E-2007, FirstMac
Mortgage Funding Trust Series 2-2011, FirstMac Mortgage Funding
Trust Series 1E-2013, FirstMac Mortgage Funding Trust RMBS Series
3-2012 and FirstMac Mortgage Funding Trust Series 2E-2013.

All transactions have LMI provided by one or more of the following
insurers; QBE Lenders' Mortgage Insurance Limited (Insurer
Financial Strength rating: AA-/Stable), Genworth Financial
Mortgage Insurance Pty Ltd, and Housing Loan Insurance
Corporation. No transactions have experienced any losses to date.

RATING SENSITIVITIES

The sequential pay-down has enhanced credit enhancement for senior
notes, especially for well-seasoned transactions.  As at end-
January 2014, the senior notes could withstand multiples of
latest-reported arrears. Class A notes remain independent of a
downgrade to the LMI provider's rating.  Class AB notes of
recently originated transactions remain sensitive to any change in
the LMI providers' ratings.  Initial Key Rating Drivers and Rating
Sensitivities are further discussed in the New Issue reports
listed under "Related Research". Included as an appendix to the
reports for Firstmac Mortgage Funding Trust Series 2E-2013,
Firstmac Mortgage Funding Trust Series 1E-2013, Firstmac Mortgage
Funding Trust Series 3-2012, Firstmac Mortgage Funding Trust
Series 1-2012 and FirstMac Mortgage Funding Trust Series 2-2011
are a description of the representations, warranties and
enforcement mechanism.

The full list of rating actions is as follows:

FirstMac Bond Series 2-2005 Trust:

   -- AUD76.6m Class A1 (ISIN AU300FMA5015) affirmed at 'AAAsf';
      Outlook Stable;

   -- AUD4.4m Class AB (ISIN AU300FMA5023) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD16.5m Class B (ISIN AU300FMA5031) affirmed at 'BBsf';
      Outlook Stable.

FirstMac Bond Series 1C-2006:

   -- AUD129m Class A (ISIN AU3FN0010708) affirmed at 'AAAsf';
      Outlook Stable.

FirstMac Bond Series 1E-2006 Trust:

   -- EUR68.8m Class A (ISIN XS0250012498) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD50.5m Class B (ISIN AU300FMA9017) affirmed at 'BBsf';
      Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2007:

   -- AUD133.8m Class A (ISIN AU0000FMAHA0) affirmed at 'AAAsf';
      Outlook Stable;

   -- AUD16.3m Class AB (ISIN AU3FN0001889) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD27m Class B (ISIN AU3FN0001897) affirmed at 'BBsf';
      Outlook Stable.

FirstMac Mortgage Funding Trust Series 1E-2007:

   -- EUR58.1m Class A1 (ISIN XS0305486127) affirmed at 'AAAsf';
      Outlook Stable;

   -- Class A-1 Currency Swap Obligation affirmed at 'AAAsf';
      Outlook Stable;

   -- AUD153.3m Class A2 (ISIN AU3FN0003026) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD16.3m Class B (ISIN AU3FN0003018) affirmed at 'BBsf';
      Outlook Stable.

FirstMac Mortgage Funding Trust Series 2-2008:

   -- AUD127.1m Class A-2 (ISIN AU3FN0007050) affirmed at
      'AAAsf'; Outlook Stable;

   -- AUD39m Class AB (ISIN AU3FN0007068) affirmed at 'AAAsf';
      Outlook Stable;

   -- AUD13.8m Class B-1 (ISIN AU3FN0007076) affirmed at 'AAsf';
      Outlook Stable; and

   -- AUD5.5m Class B-2 (ISIN AU3FN0007084) affirmed at 'BBsf';
      Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2009:

   -- AUD182.1 m Class A-3 (ISIN AU3FN0008413) affirmed at
      'AAAsf'; Outlook Stable;

   -- AUD40.6m Class AB (ISIN AU3FN0008421) affirmed at 'AAAsf';
      Outlook Stable;

   -- AUD11.5m Class B-1 (ISIN AU3FN0008439) affirmed at 'AAsf';
      Outlook Stable; and

   -- AUD6.3m Class B-2 (ISIN AU3FN0008447) affirmed at 'BBsf';
      Outlook Stable.

FirstMac Mortgage Funding Trust Series 2-2009:

   -- AUD215.2m Class A-2 (ISIN AU3FN0009494) affirmed at
      'AAAsf';  Outlook Stable;

   -- AUD19.7m Class AB (ISIN AU3FN0009502) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD16m Class B-1 (ISINAU3FN0009510) affirmed at 'BBBsf';
      Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2010:

   -- AUD44.2m Class A-2 (ISIN AU3FN0011433) affirmed at 'AAAsf';
      Outlook Stable;

   -- AUD173.7m Class A-3 (ISIN AU3FN0011441) affirmed at
      'AAAsf'; Outlook Stable; and

   -- AUD28.8m Class AB (ISIN AU3FN0011458) affirmed at 'AAAsf';
      Outlook Stable.

Class A-1 was paid in full in June 2013

FirstMac Mortgage Funding Trust Series 2-2011:

   -- AUD114.8m Class A-2 (ISIN AU3FN0014775) affirmed at
      'AAAsf'; Outlook Stable;

   -- AUD87.7m Class A-3 (ISIN AU3FN0014783) affirmed at 'AAAsf';
      Outlook Stable;

   -- AUD7.4m Class A-4 (ISIN AU3FN0014817) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD11.7m Class AB (ISIN AU3FN0014791) affirmed at 'AAAsf';
      Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2012:

   -- AUD80m Class A-1 (ISIN AU3FN0016127) affirmed at 'AAAsf';
      Outlook Stable;

   -- AUD131.1m Class A-2 (ISIN AU3FN0016135) affirmed at
      'AAAsf'; Outlook Stable; and

   -- AUD13.4m Class AB (ISIN AU3FN0016143) affirmed at 'AAAsf';
      Outlook Stable.

FirstMac Mortgage Funding Trust RMBS Series 3-2012:

   -- AUD250.4m Class A-1 (ISIN AU3FN0017570) affirmed at
      'AAAsf'; Outlook Stable;

   -- AUD73m Class A-2 (ISIN AU3CB0203313) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD18.5m Class AB (ISIN AU3FN0017588) affirmed at 'AAAsf';
      Outlook Stable.

FirstMac Mortgage Funding Trust Series 1E-2013:

   -- AUD252.6m Class A-1 (ISIN AU3FN0019436) affirmed at
      'AAAsf'; Outlook Stable;

   -- GBP92m Class A-2 (ISIN XS0942504639) affirmed at 'AAAsf';
      Outlook Stable; and

   -- AUD22m Class AB (ISIN AU3FN0019279) affirmed at 'AAAsf';
      Outlook Stable.

FirstMac Mortgage Funding Trust Series 2E-2013:

   -- AUD197.7m Class A-1 (ISIN AU3FN0020939) affirmed at
      'AAAsf'; Outlook Stable; and

   -- GBP85m Class A-2 (ISIN XS0993136174) affirmed at 'AAAsf';
      Outlook Stable.

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


KSUBI PTY: Administrators Set to Strike Partnership Deal
--------------------------------------------------------
Melinda Oliver at SmartCompany reports that the fate of once-
thriving fashion label Ksubi could become clear in the next week
as administrators seek to lock in a local strategic partnership
for distribution.

Vertitas Advisory administrators David Iannuzzi and
Murray Godfrey were appointed by US private equity fund
Breakwater, which holds security over Ksubi's intellectual
property, to oversee Ksubi's Sydney-based parent company Mentmore
(formerly known as Bleach Group), on February 3 this year.

Mr. Iannuzzi told SmartCompany a domestic retailer was in the
midst of due diligence on the business, with a view to locking in
a distribution partnership model for the group's jeans,
accessories and apparel.

SmartCompany relates that Mr. Iannuzzi said the partnership model
would see the retailer sell Ksubi products for men and women
through its store network, but it would not own the manufacturing
or intellectual property rights to the label.

The news follows the closing of Ksubi's seven retail stores on
February 13, by a separate liquidator, Gavin Moss of Vincent's
Chartered.  Mr. Moss was appointed voluntary administrator of
Ksubi on January 31, the report notes.

Created in 2000, the Ksubi label is well known for its jeans and
denim range. The company employs about 20 people and operates
three stores Australia and one in New York.


LA TROBE: S&P Assigns Preliminary BB Rating on Class E Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to the five classes of nonconforming residential mortgage-
backed securities (RMBS) to be issued by Perpetual Corporate Trust
Ltd. as trustee for La Trobe Financial Capital Markets Trust 2014-
1.  La Trobe Financial Capital Markets Trust 2014-1 is a
securitization of nonconforming residential mortgages originated
by La Trobe Financial Services Pty Ltd. (La Trobe Financial).

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- The availability of a retention amount built from excess
      spread before the call date, and applied to reduce the
      balance outstanding of the most subordinated rated note at
      that time.

   -- The availability of an amortization amount built from
      excess spread after the call date, and applied with
      principal collections to reduce the balance of the
      most senior rated note at that time.

   -- The availability of a yield reserve built from excess
      spread before the call date up to a limit of A$0.5 million,
      and made available to meet senior expenses and interest
      shortfalls on the class A notes and class B notes.

   -- The extraordinary expense reserve of A$150,000, funded from
      day one by La Trobe Financial, available to meet
      extraordinary expenses.  The reserve will be topped up via
      excess spread if drawn.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 3.0% of the outstanding balance of the
      notes, and principal draws, are sufficient under S&P's
      stress assumptions to ensure timely payment of interest.

   -- The condition that a minimum margin will be maintained on
      the assets.

A copy of Standard & Poor's complete report for La Trobe Financial
Capital Markets Trust 2014-1 can be found on RatingsDirect,
Standard & Poor's Web-based credit analysis system, at:
http://www.globalcreditportal.com.

The issuer has informed Standard & Poor's (Australia) Pty Limited
that the issuer will be publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report.

          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 Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

        http://standardandpoorsdisclosure-17g7.com/2250.pdf

REGULATORY DISCLOSURES

Please refer to the initial rating report for any additional
regulatory disclosures that may apply to a transaction.

PRELIMINARY RATINGS ASSIGNED

Class       Rating        Amount (mil. A$)
A           AAA (sf)      87.66
B           AA (sf)        4.69
C           A (sf)         3.57
D           BBB (sf)       2.65
E           BB (sf)        1.43
F           N.R.           2.04
N.R.--Not rated.


OAKS ON LONSDALE: Ovolo Group Buys Apartment Complex For AUD70MM
----------------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Ovolo Group has
purchased Oaks on Lonsdale serviced apartments complex from
receivers PPB Advisory for AUD70 million. The purchase reportedly
included a lease of the property to Oaks Hotels & Resorts (Vic)
which expires in 2017, the report says.

According to dissolve.com.au, the lease covered a separate clause
which permits vacant possession when Ovolo prefers and the tower's
apartment can be purchased as strata lots. Rob Cross and Wayne
Bunz of CBRE Hotels brokered the sale, the report notes.


QANTAS AIRWAYS: Alan Joyce to Face Second Senate Inquiry
--------------------------------------------------------
Matt O'Sullivan at The Sydney Morning Herald reports that Qantas
boss Alan Joyce will face his second Senate inquiry in five days
as unions step up their opposition to the scrapping of foreign-
ownership restrictions, warning it will lead to a break-up of the
airline and the loss of jobs.

Mr. Joyce's scheduled appearance on Tuesday comes after he told a
separate Senate inquiry on March 14 that Qantas has set up 250
projects to look at ways it can slash costs by AUD2 billion over
the next three years.

Under pressure from unions to reveal more details about planned
job cuts, Mr. Joyce said the 5,000 positions to be axed
represented just a quarter of the total cost reductions planned,
according to SMH.

SMH says Qantas has outlined to unions how it intends to shed
about 2,500 jobs, which include 1,500 from mostly back-office
roles and 300 from aircraft maintenance operations.

SMH relates that Mr. Joyce said the remainder would be the result
of "fuel, fleet simplification and efficiencies", citing the
retirement of Qantas' Boeing 767 plane fleet by early next year.
The latter will affect flight attendants and engineers.

He will appear before the Senate economic legislative committee on
Tuesday night in Canberra, which is weighing up the impact on the
aviation industry and the broader economy of a relaxation of the
Qantas Sale Act, SMH says.

The committee is separate to the one Mr Joyce and union
heavyweights fronted on March 14, the report says.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2014, The Wall Street Journal said Qantas would cut 5,000
jobs, sell airport terminal leases, and defer aircraft deliveries
as intense competition sent it to a deep loss in the fiscal first-
half.  According to the report, the Australian flag carrier also
said it would scrap routes, including flights between Perth and
Singapore, and suspend new growth at the Asian arm of low-cost
offshoot Jetstar.

Qantas booked a net loss for the six months through December of
AUD235 million (US$211 million), compared with a AUD109 million
profit in the same period a year earlier, the Journal related.

                      About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services.  Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance.  It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.

As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2014, Moody's Investors Service said Qantas Airways
Limited's half year results to Dec. 30, 2013, are credit negative
though broadly within expectation and have no immediate impact on
its Ba1 corporate family rating, Ba2 senior unsecured long term
rating or non-prime (NP) short term rating. The outlook for
Qantas' ratings remains negative.



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CHINA SOUTH CITY: Fitch Assigns 'B+' Rating to USD125MM Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned China-based trade centre developer
China South City Holdings Limited's (CSC; B+/Positive) USD125m
13.5% senior notes due 2017 a rating of 'B+' and recovery rating
of 'RR4'.  The notes are rated at the same level as CSC's senior
unsecured rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.

KEY RATING DRIVERS

Increasing Scale, Entry to More Cities: The Positive Outlook on
CSC's rating reflects the company's increasing scale and
geographic diversification as sales from newer projects start
contributing meaningfully to its cash flows.  CSC has been
expanding into seven other provincial capital cities outside
Shenzhen through collaborations with their provincial governments.
CSC will be able to establish itself as a national provider of
integrated trade centres if it is able to sustain its sales
momentum - the company increased its contracted sales to HKD12.6bn
in the first nine months of the financial year ending March 2014
(FY13: HKD8.2bn).

Good Project Locations with High Profitability: Following its
start in Shenzhen in December 2004, the company has developed a
track record of executing large-scale integrated trade centre
developments and a strong reputation, which enables it to expand
into locations of its choice.  All of CSC's projects are located
in provincial capitals and its large acquired land resources of
18m square metres will support the company's development plan for
the next five to eight years.  The company's cooperation with
provincial governments for its projects also lowers its land costs
and contributed to its higher EBITDA margins (1H FY14: 39.2%)
relative to its peers.

Moderate Leverage: CSC's leverage is comparable to that at
similarly rated peers in the mass-market homebuilding segment,
despite lower asset churn with contracted sales/gross debt of
0.69x in FY13 and exposure to the investment property business,
which has a long investment horizon.  The recent HKD1.5bn new
share issuance to Tencent Group also provides CSC additional
financial and technical resources to expand its e-commerce
platform.  As CSC increases its scale, Fitch estimates the
company's ratio of net debt to adjusted inventory (investment
property valued at cost) will increase to around 35% over the
medium term (1H FY14: 30.6%), though this would still be
comparable to levels seen at its peers.

Commercial Demand More Volatile: CSC's rating is constrained by
its exposure to more volatile commercial property demand.  Its
projects outside Shenzhen (4m sqm-18m sqm) are also of
significantly larger scale than those in Shenzhen (2.6m sqm) and
sales are still at initial phases, which exposes the company to
considerable demand and execution risks.  Competition from nearby
projects may also create downward pressure on average selling
prices (ASPs) and negatively impact the company's profit margins.
In Fitch's view, CSC's moderate leverage and completed properties
in Shenzhen, valued at HKD14bn end-FY13, provide a financial
buffer in the event of a downturn in demand.

Limited Geographical Diversification: While CSC has diversified
out of Shenzhen by pre-selling projects in Nanchang, Nanning,
Xian, Zhengzhou and Harbin in the past two years, only the
Shenzhen project is currently in operation.  The initial phases of
its Nanchang, Nanning and Xian projects are slated to start
operation in early 2014.  Fitch views the ability to replicate its
success in Shenzhen in these large-scale projects in Tier-2 cities
to be important, particularly to sustain sales and ASPs of
subsequent phases.

Low Yielding Investment Property Assets: CSC generally retains
around 50% of the gross floor area of its trade centres for lease
(FY13: 0.52m sqm consisting of Phase One and Phase Two in China
South City Shenzhen) but for the medium-term, CSC will remain
reliant on property sales for cash generation.  Its investment
property assets have long investment horizons: occupancy at China
South City Shenzhen Phase 2 has only reached 60% after starting
operation in 2010.  Fitch expects the company's recurring EBITDA
to grow gradually but still remain small relative to its recurring
EBITDA interest coverage, which would likely stay below 0.3x for
the next three years.

RATING SENSITIVITIES

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

   -- Ability to sustain sales outside Shenzhen without dominance
      by any one particular project (no more than 30% of total
      contracted sales), with total contracted sales sustained at
      above CNY12bn a year

   -- EBITDA margin sustained at above 40%

   -- Net debt/adjusted inventory sustained at below 35% (with
      investment property valued at cost)

   -- Contracted sales/gross debt sustained at above 1x

Failure to meet the above guidelines over the rating horizon would
lead to the Outlook being revised to Stable.


COUNTRY GARDEN: Weak Profit Margin No Impact on Moody's Ba2 CFR
---------------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's 2013 full-year results show a faster-than-
expected deterioration in its profit margin.

But its strong sales execution has helped it maintain an adequate
liquidity position that continues to support its Ba2 corporate
family and senior unsecured debt ratings and stable outlook.

"Country Garden achieved strong contracted sales in 2013, reaching
RMB106 billion, representing 123% growth from 2012 and exceeding
its own target by 170%. Moody's expects the company will continue
to enjoy contracted sales growth in 2014, but at a much lower rate
of around 20-25%," says Lina Choi, a Moody's Vice President and
Senior Analyst.

Country Garden continues to benefit from the strong demand for its
mass-market products which sold at an average price of around
RMB6,654 per square meter in 2013. Such a level has made it
competitive in second- and lower-tier cities.

In addition, the company recorded a milestone for contracted sales
outside its home base of Guangdong Province. Such sales reached
56% of total sales in 2013, suggesting that it has enhanced its
execution ability and brand outside Guangdong.

However, this exceptional high growth has put pressure on its
ability to deliver properties. In 2013, it recognized revenue of
RMB62.7 billion, which contributed to year-on-year growth of only
49.6%.

"On the other hand, its adjusted EBITDA margins contracted to
21.8% from 29.3% in 2012, indicating a changing profile," says
Choi, who is also the lead analyst for Country Garden.

The decline in margin reflected the cost of developing a high
volume of apartments for sale and the increased contribution from
high-rise apartments which have lower profit margins than town
houses.

Moreover, the company's aggressive growth has resulted in high
selling and administrative expenses which grew to 10% of sales in
2013 from 9% in 2012. Moody's expects that Country Garden's lower
margin will remain as it maintains a high level of sales.

"As a result, adjusted EBITDA for the full year was RMB13.6
billion, lower than our expectation of RMB15 billion, and has
weakened its interest coverage to 3.3x from 3.9x in 2012" says
Choi.

Moody's expects that the lower profit margins will still keep
EBITDA/interest at 3.5-4x for the next 2 years, but which still
supports its Ba2 rating.

"Country Garden's strategy of high sales growth demands more
funding for land acquisitions and construction, which has in turn
increased its borrowings," says Choi.

Debt increased to RMB56.2 billion in 2013 from RMB36.9 billion in
2012. But its strong sales execution resulted in revenue to debt
declining slightly to 1.11x in 2013 from 1.13x in 2012, but which
is still comparable to its Ba peers.

Country Garden's liquidity profile continued to strengthen. Its
maturity profile lengthened after the issuance of a 10-year USD750
million bond in January and a 7.5-year USD750 million bond in
September 2013, and repayment of part of its maturing debt. Short-
term debt to total debt was 22.1% in December 2013, an improvement
from 24.6% in December 2012.

Its cash position was RMB26.7 billion (including restricted cash)
as of December 2013, more than sufficient to cover maturing debt
of RMB12.4 billion and committed land payments of RMB10 billion in
2014.

Such a strong liquidity profile partially mitigates weakened
EBITDA/Interest coverage, and supports Country Garden's Ba2
ratings.

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

Country Garden Holdings Company Limited, founded in 1997 and
listed on Hong Kong Stock Exchange, is a leading Chinese
integrated property developer. As of December 2013, it had a
sizeable land bank of 72.3 million square meters in attributable
gross floor area.

It also owns and operates 39 hotels with a total of 11,387 rooms
as of December 2013. The hotels are located mainly in Guangdong
Province and support its townships developments.



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


AJAY KNITWEARS: ICRA Reaffirms 'B+' Rating on INR7cr Loans
----------------------------------------------------------
ICRA has reaffirmed the rating for INR7.00 crore (earlier INR5.00
crore) fund-based limits of Ajay Knitwears and Fabrics Private
Limited at '[ICRA] B+'. ICRA has also reaffirmed the short-term
rating for INR1.00 crore non-fund-based limits of AKFPL at
[ICRA]A4.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------           -----------      -------
   Fund-based Limits        7.00        [ICRA]B+ Reaffirmed
   Non-fund-based Limits    1.00        [ICRA]A4 Reaffirmed

The rating reaffirmation takes into account AKFPL's healthy
performance in FY2013 on the back of better volumes, after a
subdued performance in FY2012 due to fire in the company's
premises. The rating continues to derive comfort from the
company's long operating history in textile business, its
experienced management and established relationship with its top
customers. The rating continues to be constrained by AKFPL's weak
operational profile characterized by limited value addition, high
competition intensity in the industry and modest scale of
operations, which limits its ability to tide over adverse
circumstances. Further, the financial profile of the company also
continues to be poor on account of high gearing (1.5 times as on
March 31, 2013) and low profit margin (net profit margin of
0.77% in FY2013). The high competition intensity coupled with
volatile raw material costs will keep AKFPL's profitability under
pressure, which in backdrop of high debt levels will continue to
result in modest debt coverage indicators in short-to-medium term.

Ajay Knitwears and Fabrics Private Limited (AKFPL) is a Ludhiana
(Punjab) based company engaged in trading and manufacturing of
knitted cloth, yarn and garments. The company also does job work
for other textile companies located in Ludhiana. Within garments,
the company sells T-shirts, shirts, trousers, track suits, sweat
shirts, jersey and bottoms. AKFPL sells its garments under own
brand name, Auxamis, as well as under third party brands. AKFPL
was started by Mr. Jangi Lal Jain in 1999.

Mr. Jain was later joined by his three sons, Mr. Vinay Jain, Mr.
Vineet Jain and Mr. Ajay Jain. The company has its manufacturing
facility located at Village Bajra, Rahon Road, Ludhiana, Punjab.
The unit has 20 circular knitting machines and 200-225 stitching
machines. It has the installed capacity to manufacture 50,000
pieces on a monthly basis.

Recent Results
AKFPL reported operating income of INR30.11 crore and PAT of
INR0.23 crore in FY13, as compared to revenues of INR18.38 crore
and PAT of INR0.49 crore in FY12.


ARIHANT FIBRES: CARE Assigns 'B' Rating to INR6.69cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' & 'CARE A4' ratings to the bank facilities
of Arihant Fibres.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            6.69       CARE B Assigned

   Short-term Bank
   Facilities            0.10       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Arihant Fibres are
constrained by the susceptibility of operating margins to cotton
price fluctuation and seasonality associated with the cotton
industry and AFB being a new entrant in the highly fragmented
cotton ginning industry with limited value addition. The ratings
are further constrained on account of its constitution as a
partnership firm and impact of any adverse government policies
related to cotton.

The ratings, however, derive strength from the wide experience of
the partners in the cotton ginning business, location advantage
emanating from proximity to raw material and successful
completion of the project.

The ability of the firm to establish itself in the highly
fragmented industry along with efficient management of working
capital during the peak season is the key rating sensitivity.

Arihant Fibres was established in the year 2012. The firm is
engaged in the business of cotton ginning and pressing at its
manufacturing facility located at Parbhani, Maharashtra. The firm
has an installed capacity to manufacture 40,000 bales (1 bale =
170 kg) per annum. AFB has started its commercial operations from
November 2013. It procures raw cotton from the local farmers and
sell its final product i e cotton bales to its customers located
in and around Parbhani.


ASTRON DEVELOPERS: CARE Assigns 'D' Rating to INR15cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Astron
Developers Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             15        CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Astron Developers
Pvt Ltd is mainly constrained on account of the irregularities in
debt servicing. The ability of ADPL to improve its debt servicing
track record and execute the project within the envisaged cost and
time parameters along-with the timely receipt of sale proceeds at
the envisaged price are the key rating sensitivities.

ADPL is a closely held company incorporated on March 29, 2010,
promoted by Mr Pradeep Agarwal. The Agarwal group is engaged in
the business of textile for more than 15 years. ADPL is the first
real estate project of the group.  ADPL has completed almost 92%
of its project amounting to INR39.96 crore and expecting another
INR0.60 crore towards construction cost to be incurred. ADPL is
expecting INR36.42 crore of sales from the booked units out of
which INR13.42 crore have already been received till February 13,
2014.


CHEEKA RICE: CARE Assigns 'B+' Rating to INR6.56cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Cheeka
Rice Mill.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             6.56      CARE B+ Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Cheeka Rice Mill is
primarily constrained by the small scale of operations, weak
financial risk profile characterized by low profitability margins,
leveraged capital structure and weak debt service coverage
indicators. The rating is further constrained by CRM's working
capital intensive nature of operations and susceptibility of its
margin to fluctuation in raw material prices and the fragmented
nature of the industry.

The rating, however, draws comfort from its experienced promoters
and long track record of operation and favorable manufacturing
location.

Going forward, the ability of the firm to increase its scale of
operation while improving its profitability margin and capital
structure and efficient management of working capital requirements
shall be the key rating sensitivities.

Cheeka Rice Mill (CRM) was established in 1972 as a partnership
firm. The current management comprises its present partners, Mr
Sat Pal and Ms Darshana Devi with equal profit sharing. The
firm is engaged in the trading and processing of rice. The
manufacturing unit is located at Cheeka, Haryana, with an
installed capacity of processing of rice of 36,500 metric tonnes
per annum (MTPA) as on March 31, 2013. CRM procures paddy from
local grain markets through commission agents in bulk, mainly from
the states of Haryana and Punjab. The firm sells its products in
the states of Haryana and Punjab through a network of commission
agents.

The firm reported a total operating income of INR20.92 crore with
a PAT of INR0.01 crore for FY13 (refers to the period April 1 to
March 31). During 9MFY14, the firm achieved a TOI of INR18 crore.


CHINTAMANI GEMS: ICRA Assigns 'B+' Rating to INR15cr Loan
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR15.00
crore long term fund based facilities (Cash Credit) of Chintamani
Gems & Jewellery Private Limited. ICRA has also assigned a short
term rating of '[ICRA]A4' to the INR10.00 crore short term non
fund based facilities and the INR10.00 crore short term fund based
sub limits of the company.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term, fund-         15.00       [ICRA]B+
   based facilities
   (Cash Credit)

   Short-term, non
   fund-based
   facilities               10.00       [ICRA]A4

   Short-term, fund-
   based facilities        (10.00)      [ICRA]A4

The ratings take into account the promoter's long experience and
operating track record of almost three decades in the gems and
jewellery industry. The ratings are however constrained by the
nascent scale of operations, with FY 2014 being the first full
year of operations. ICRA also notes that the financial profile of
the Chintamani group remains stretched given the high gearing
levels and stretched liquidity position on account of elongated
receivable cycle. The debt funded expansion plan is expected to
put further strain on the capital structure. The margins also
remain thin given the trading nature of business and exposure to
intense competition in jewellery trading.

Chintamani Gems & Jewellery Private Limited (CGJPL) was recently
set up in September 2012. Currently, it is engaged in trading of
bullion and gold jewellery. It has established a jewellery
manufacturing unit in Surat SEZ for export to international
markets, which will commence operations from March 2014.

Recent results:

As per its unaudited results for the nine months ended December
2013, CGJPL reported profit before tax of INR0.83 crore on
operating income of INR106.27 crore


FRONTIER LIFELINE: CARE Cuts Rating on INR89.80cr Loan to 'D'
------------------------------------------------------------
CARE Revises the rating assigned to the bank facilities of
Frontier Lifeline Private Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        89.80      CARE D Revised from
   Facilities                       CARE B

Rating Rationale

The rating revision factors in the ongoing delays in repayment of
debt obligations by Frontier Lifeline Private Ltd (FLPL) due to
insufficient cash accruals attributable to significant time and
cost overrun in the commissioning of its major project namely
National Bio Science Park.

Frontier Lifeline Private Ltd was promoted in 2003 by Padmashri
Dr.K.M.Cherian, a renowned surgeon with over 45 years of
experience in the field of cardio surgery. FLPL primarily owns and
operates a 120 bed super speciality cardiac care hospital,
'Frontier Lifeline Hospital' (FLH) in Chennai. FLPL also operates
a 50 bed cardio-vascular centre in the St.Gregorios Charity
Hospital at Parumala, Kerala. FLPL is setting up a National Bio
Science Park, 'Frontier Mediville', at Edoor village, about 45 km
from Chennai.

As per the audited results for FY13 (refers to the period April 1
to March 31), FLPL incurred a net loss of INR4 crore on a total
operating income of INR72 crore.


HARMAN COTTEX: ICRA Reaffirms 'B+' Rating on INR14cr Bank Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR14.00
Crore bank facilities of Harman Cottex at [ICRA]B+.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term Fund
   Based Facilities    14.00        [ICRA]B+ (Reaffirmed)

The assigned rating continues to be constrained on account of
small scale of operations in a highly fragmented cotton ginning
business, which coupled with low value added and commoditized
nature of product results in modest return on invested capital.
Further, augmented working capital requirements during the peak
season drive high dependence upon bank debt in back drop of weak
capitalization of the proprietorship concern. This has been
resulting in large interest burden vis-a-vis operating profits
generated by Harman Cottex as reflected in interest coverage of
1.4 times for FY2013. Furthermore, it is noted that the ginning
business is marked by volatility in cash flows on account of
seasonal nature of business, and the profitability is vulnerable
to adverse movement in raw cotton prices, which are subject to
seasonality, agro climatic risks and government regulations. The
rating however continues to favourably factor in benefits accruing
by virtue of being part of experienced promoter group and
proximity to cotton producing belt.

Going forward, ability of the firm to improve profitability, and
manage working capital intensity of operations will determine the
extent of funding requirements; the funding mix used thereof will
remain key rating sensitivity.

Established in the year 2007 by Mr. Rasdeep Singh Chawla, Harman
Cottex is primarily engaged in cotton ginning, and is a part of
Puneet Group of Khargone, which has over 25 years of experience in
the Cotton Trade. The proprietorship concern has installed
capacity of 44 ginners at its facility in Khargone, Madhya
Pradesh, which translates into processing capacity of 3.0 lac
quintal seed cotton per annum. The firm also has automatic bailing
press and other ancillary machinery installed at its facility.

In FY2013, Harman Cottex reported Operating Income (OI) of
INR88.92 Crore and Profit Before Tax (PBT) of INR0.54 Crore
against OI of INR78.44 Crore and PBT of 0.39 Crore reported in
FY2012.


HIMALAYAN PACKAGING: CARE Reaffirms 'C' Rating on INR12.15cr Loan
-----------------------------------------------------------------
CARE Reaffirms the rating assigned to the bank facilities of
Himalayan Packaging Industries Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           12.15       CARE C Reaffirmed

   Short-term Bank
   Facilities            8.50       Care A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Himalayan Packaging
Industries Private Limited continue to be constrained by its weak
financial risk profile marked by declining profitability margins,
stressed liquidity position and leveraged capital structure
coupled with working capital intensive nature of its business
operations. The ratings are further constrained by susceptibility
of its margins to the raw material prices and its presence in the
highly competitive packaging industry.

The ratings, however, continue to draw comfort from the
experienced promoters, favourable manufacturing location and
diversified customer base.

Going forward, the effective management of working capital and
improvement in profitability margins and capital structure shall
be the key rating sensitivities.

Himalayan Packaging Industries Pvt Ltd was incorporated on
July 9, 2006, by Mr Suresh Singhal. The company commenced its
business activities from January 2007. The company is a
manufacturer and supplier of pet bottles and caters to the
packaging needs of pharmaceutical, distillery (liquor), cosmetic
and other similar sectors. The main raw materials for the company
are PET resins and colors. HPIPL purchases from both domestic
markets as well as imports raw materials. The group company
includes Himalayan Polymer Industries (rated 'CARE C/CARE A4')
which is also engaged in the field of PET packaging for
pharmaceutical, distillery and food product segments and has been
operational since FY10 (refers to the period April 1 to
March 31).

During FY13, HPIPL achieved a total operating income (TOI) of
INR39.69 crore with profit after tax (PAT) of INR0.09 crore. In
FY14, till January 31, 2014, HPIPL achieved a TOI of INR37 crore.


HIMALAYAN POLYMER: CARE Reaffirms 'C' Rating on INR16.74cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Himalayan Polymer Industries.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term Bank
   Facilities             16.74       CARE C Reaffirmed

   Short-term Bank
   Facilities              4.50       Care A4 Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of Himalayan Polymer
Industries continue to remain constrained by its weak financial
risk profile marked by declining profitability margins, stressed
liquidity position and leveraged capital structure coupled with
working capital intensive nature of its business operations. The
ratings are further constrained by its constitution as a
partnership firm, susceptibility of its margins to the raw
material prices and its presence in the highly competitive
packaging industry.

The ratings, however, continue to draw comfort from its
experienced promoters and favourable manufacturing location.

Going forward, the effective management of working capital and
improvement in profitability margins and capital structure shall
be the key rating sensitivities.

Himalayan Polymer Industries was established in December 2009 as a
partnership firm by Mr Suresh Singhal, Mr Om Prakash Jalan and Mr
Rajeev Maheshwari. The firm is engaged in the manufacturing of
Polyethylene Terephthalate (PET) and  polypropylene (PP) bottles
and containers for the packaging needs of pharmaceutical,
distillery (liquor), cosmetic and other similar sectors.  The main
raw materials for HPI are PET resins which are procured
domestically as well as by way of imports. HPI is primarily
engaged in B2B marketing and selling arrangement. The group
company includes Himalayan Packaging Industries Pvt Ltd (rated
'CARE C/CARE A4'), which is also engaged in the field of PET
packaging for pharmaceutical, distillery and food product
segments and has been operational since FY08 (refers to the period
April 1 to March 31).

During FY13, HPI achieved a total operating income (TOI) of
INR39.92 crore with a profit after tax (PAT) of INR2.27 crore. In
FY14, till January 31, 2014, HPI achieved a TOI of INR32 crore.


HRM OVERSEAS: ICRA Assigns 'B' Rating to INR17.77cr Loans
---------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR10 crore cash credit
limits, INR6.00 crore term loans and INR1.77 crore unallocated
fund based limits of HRM Overseas. ICRA has also assigned
'[ICRA]A4' rating to the INR2.23 crore non fund based limits of
HRMO.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Cash Credit          10.00       [ICRA]B assigned
   Term Loans            6.00       [ICRA]B assigned
   Unallocated fund
   based limits          1.77       [ICRA]B assigned
   Non fund based
   limits                2.23       [ICRA]A4 assigned

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

Established in the year 2013, HRMO is a partnership firm engaged
in milling of rice with an installed capacity of 12 tons/hour. The
firm has been promoted by Mr. Mukesh Kumar, Mr.Ashwani Kumar, Mr
Himanshu Goyal and Mr.Mohit Goyal According to provisional
results, HRMO reported a net profit of INR0.02 crores on an
operating income of INR12.81 crores during the period 1st April
2013 to 31st December 2013.


IDT CLOTHING: ICRA Suspends 'D' Rating on INR11.75cr Loans
----------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR1.50 crore,
long term loans & '[ICRA]D' rating to the INR9.50 crore, short
term, fund based and INR0.75 crore, short-term, non-fund based
facilities of IDT Clothing Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

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


INTEGRATED SPACES: ICRA Assigns 'B+' Rating to INR41cr Loans
------------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B+' to the INR41 crore fund
based limits of Integrated Spaces Limited.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             26.5        [ICRA]B+ assigned
   Proposed Limits       14.5        [ICRA]B+ assigned

The rating is constrained by execution risks on account of the
nascent stage of development of the ongoing projects and booking
as well as market risks, since project sales are yet to be
launched.  However, ICRA notes that one of the projects is
entirely sold out and additional space of ~12,000 sq. ft. has been
booked by existing tenants of the yet-to-be launched projects.
Moreover, most (46%) of the project funding is to be met through
customer advances, which is contingent on bookings and healthy
collection efficiency, as compared to 38% by promoters and 16%
through bank debt, thus exposing the company to funding risks. The
profitability margins have declined over the years and capital
structure may deteriorate, going forward, due to additional debt
to the extent of INR82 crore for developing five upcoming projects
in the pipeline, which further add to the company's credit
concern.

The rating, however, favourably factors in the promoters' long
standing experience of developing 17 projects (aggregating to ~7.5
lakh sq. ft.) and established track record of more than three
decades in the real estate industry; as well as steady infusion of
capital in the company by the promoters to the extent of INR38
crore in the form of unsecured loans. Critical approval, i.e.,
Intimation of Disapproval (IOD) has been received for all the
projects, and the term loan for the projects has also been
sanctioned.

The partnership firm -- Shah Construction & Company -- had been
promoted by the Savla and Gala families in 1995, which was later
converted to a private limited company, and subsequently
reconstituted
as a public limited company and re-named as Integrated Spaces
Limited. The company is engaged in the business of residential and
commercial real estate development in Mumbai; as well as in the
trading of Transfer of Development Rights (TDR). The promoters
have developed ~7.5 lakh sq. ft. in and around Mumbai; and has
achieved 100% sales for all its projects executed in the past. ISL
is currently developing five real estate projects
-- Kapil Vastu, Integrated IRS Tower, Integrated Kavya, Integrated
Arya and Shivnagar Karma Bhoomi Phase I.

Recent Results

ISL reported a net profit of INR0.11 crore on an operating income
of INR11.29 crore in FY13, as against a net profit of INR1.04
crore on an operating income of INR12.65 crore in FY12.


ISCON SURGICALS: CARE Lowers Rating on INR16.87cr Loans to 'D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Iscon Surgicals Limited.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long-term Bank           2.87       CARE D Revised from
   Facilities                          CARE BB+

   Long-term/Short-        10.00       CARE D/CARE D Revised
   term Bank Facilities                from CARE BB+/CARE A4

   Short-term Bank          4.00       CARE D Revised from
   Facilities                          CARE A4

Rating Rationale

The revision in the ratings takes into account the ongoing delay
in debt servicing by Iscon Surgicals Limited due to its stressed
liquidity position.

ISL, a closely held public limited company, was incorporated in
1991 and commenced production of disposable syringes & needles in
1995. ISL was initially promoted by Mr Sohan Lal Jain and is
now managed by the second generation of the family. The company is
mainly engaged in the manufacturing of disposable syringes,
needles, infusion sets, ophthalmic cannulas & instruments and
other allied products. In the field of syringes & needles, ISL is
among the top five manufacturers in India. It has an annual
installed capacity of 216 Million Pieces Per Annum (MPPA) of
syringes and 300 MPPA of needles as on March 31, 2013, at its
manufacturing facility at Jodhpur which is ISO 9001-2000 & WHO-GMP
certified and have CE certification (required for products to be
commercially used in European Economic Area, EEA). ISL has
diversified its portfolio further by adding a manufacturing
facility for Auto Disable Syringes (ADS) during FY14
(refers to the period April 1 to March 31) with a total installed
capacity of 40 MMPA.

ISL is a part of the Pricon group which has another entity, Jain
Metals components Private Limited (established in 1978), engaged
in the manufacturing of precision machined metal components, to
cater to the needs of various industries like oil & gas,
electrical, electronics, automobile, refrigerator, hydraulic &
pneumatic fittings, power generation and bio-medical industries.

As per audited results of FY13, ISL reported a total income of
INR33.18 crore (FY12: INR32.91 crore) with a PAT of INR0.19 crore
(FY12: INR0.54 crore). As per the provisional result for 9MFY14,
ISL achieved turnover of around INR26.10 crore.


JAGDAMBA OIL: ICRA Assigns 'B-' Rating to INR6.06cr Bank Loan
-------------------------------------------------------------
The rating of '[ICRA]B-' has been assigned to the INR6.06 crore
long-term, fund-based facilities of Jagdamba Oil & General Mills.
The ratings of [ICRA]B- and [ICRA]A4 have also been assigned to
the INR1.94 crore unallocated limits of JOGM. The unallocated
limits are interchangeable between long-term and short-term.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long-Term Fund-
   Based Limits         6.06        [ICRA]B- assigned

   Unallocated          1.94        [ICRA]B-/[ICRA]A4 assigned

The ratings are constrained by the intense competition due to
fragmented nature of the industry; the exposure of profitability
to agro-climatic risks which can cause volatility in raw material
prices and vulnerability of realisations to global edible oil
price movements. Further, the ratings factor in the weak financial
risk profile of the firm characterised by low return indicators,
an aggressive capital structure and weak debt coverage indicators.
Being a sole-proprietorship, the entity is exposed to related
risks such as limited ability to raise capital and capital
withdrawals. Any substantial withdrawal of capital from the firm
may lead to adverse impact on the net worth and gearing levels.

The ratings, however, favourably factor in the established track
record and experience of the proprietor in cotton seed products;
and the favourable demand prospects for edible oils in the
domestic market due to growing demand. Going forward, the ability
of the firm to scale up its revenues and improve its capital
structure would be the key rating sensitivities.

Jagdamba Oil & General Mills since its inception in 1987 has been
affiliated with business of production of Cotton (Binola) seed oil
and De-oiled cakes (Khal) from the cotton seeds. The firm operates
from Cheeka, Haryana with production capacity of 37,500 Metric
Tons Per Annum (MTPA). The firm has been working under supervision
of its founding proprietor Mr. Subhash Chand since late 1990's.

Recent Results:
In 2012-13, JOGM reported a net profit of INR0.09 crore on an
operating income of INR60.14 crore against net profit of INR0.05
crore on an operating income of INR46.64 crore in 2011-12.


M.P.K. ISPAT: CARE Reaffirms 'B+' Rating on INR23.68cr Loan
-----------------------------------------------------------
CARE reaffirms the long-term rating and assigned short-term rating
to the bank facilities of M.P.K. Ispat India Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            23.68      CARE B+ Reaffirmed

   Short-term Bank
   Facilities             6.50      CARE A4 Assigned

Rating Rationale

The ratings continue to remain constrained on account of the risk
associated with the predominantly debt funded greenfield Mild
Steel (MS) billet manufacturing project of MPK Ispat India
Private Limited (MPKL) which is recently commissioned. The ratings
are further constrained on account of susceptibility of margins to
volatile raw material prices and foreign currency fluctuations and
high degree of competition in the fragmented and cyclical domestic
steel industry.

The aforesaid constraints continue to be partially offset by
strengths derived from the promoters' experience in the steel
manufacturing business, backward integration for the group and
favourable industry prospects.

The company's ability to successfully stabilize its debt funded
capex with management of its working capital requirement will be
the key rating sensitivity.

MPKL, a part of Jaipur (Rajasthan) based MPK group, was
incorporated in 2010. MPK group is engaged in the steel industry
since 1996 through its other group concerns named, MPK Steels (I)
Private Limited (MSPL), MPK Products Private Limited (MPPL) and
MPK Metals Private Limited (MMPL, rated 'CARE BB-', 'CARE A4')
which are engaged in the manufacturing of structural steel
products.

As a backward integration initiative, the MPK group has set up
Mild Steel (MS) billet manufacturing plant in MPKL with a capacity
of 29,700 Metric Tonnes Per Annum (MTPA) at Bagru (Rajasthan).
MPKL meets its raw material requirement by purchase from the local
market as well as import from the outside market. The company has
started commercial production from March, 2013. It incurred a
total cost of INR29.93 crore towards the project funded by a term
loan of INR15 crore and remaining through the promoter's fund in
the form of equity.

During FY13, MPKL has achieved Total Operating Income (TOI) of INR
5.90 crore with net profit of INR 0.03 crore. As per the
provisional result of 9MFY14, it has achieved a TOI of INR63.45
crore.


MEENAKSHI COTTON: CARE Assigns 'B+' Rating to INR6.64cr Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Meenakshi
Cotton.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             6.64      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 Meenakshi Cotton
(MMC) is constrained on account of its modest scale of operations
with short track record and weak financial profile marked by
volatile profitability margins and leveraged capital structure.
The rating is further constrained due to susceptibility of its
margins to cotton prices fluctuation, seasonality associated with
the cotton business and its constitution as a partnership firm.

The rating, however, is underpinned by the long experience of the
partners in the cotton trading business and location advantage.
Ability of the firm to grow its revenue while efficiently managing
volatility in the raw material prices remains the key rating
sensitivity.

Based in Sonpeth (District: Parbhani), Maharashtra, Meenakshi
Cotton (MMC) was incorporated in April 2008 as a partnership firm.
MMC is engaged in the business of cotton ginning, pressing and
trading of cotton seeds. Commercial operations of the firm began
from 2009. MMC is a partnership firm, formed by Mr Suryakanth
Rathod, Mr Shriram Banker, Mr Sanjay Lande, Mr Digamber Bhadule,
Mr Pramod Gawraskar, with equal profit-sharing ratio between them.

MMC supplies cotton bales to spinning mills through agents, while
cotton seeds are traded in the local markets. Customers are based
primarily in the states of West Bengal and Maharashtra, while
the key raw material i e raw cotton is being sourced from the
local markets. Installed capacity of the firm is 30,000 cotton
bales per annum and 10,800 Metric Tonnes Per Annum (MTPA) for
cotton seeds. MMC derives about 95% of its revenue from the sale
of cotton bales (processed cotton), while 5% is derived from the
sale of cotton seeds.

During FY13 (refers to the period April 1 to March 31), MMC earned
PAT of INR0.31 crore on a total operating income of INR22.26 crore
against a net loss of INR2.71 crore on a total operating income of
INR12.36 crore in FY12.


MEHALA MACHINES: CARE Reaffirms 'D' Rating on INR33.93cr Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mehala Machines India Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            27.43      CARE D Reaffirmed

   Short-term Bank
   Facilities             6.50      CARE D Reaffirmed

Rating Rationale

The ratings continue to be constrained by the ongoing delays and
irregularities in debt servicing by Mehala Machines India Limited.
The ratings are further constrained by the weak financial risk
profile marked by declining revenues, thin profitability, weak
debt protection metrics, as well as an elongated operating cycle
and the company's exposure to foreign exchange fluctuation risk.

The ratings take note of the experience of the promoters, the
company's established market position and its relationship with
the customers and suppliers.

Going forward, the ability of the company to service its debt
obligations in a timely manner will be the key rating sensitivity.

Mehala Machines India Limited was started as a proprietary concern
in 1974, with Mr C Subramaniam as its proprietor and was later
incorporated as a limited company in 1991. The company is engaged
in the trading of sewing machines, motors, embroidery machines,
cutting machinery and finished equipment. It also manufactures
industrial clutch and induction motors for sewing machines. The
company is the sole selling agent of Siruba Sewing Machines in
India, Sri Lanka, Singapore and Bangladesh. The company imports
and distributes industrial sewing products to cater to the entire
textile manufacturing value chain. MMIL has 13 branches in India
and overseas branches in Sri Lanka, Bangladesh  and Singapore for
the distribution of Siruba sewing machines. In 2007, MMIL acquired
Sanmarco Texmac Private Limited, a manufacturer of worsted ring
frames.

For FY13 (refers to the period April 1 to March 31), the company
has reported net losses of INR2.1 crore on a total operating
income of INR56.7 crore as compared to a PAT of INR2.7 crore on a
total operating income of INR68.2 crore achieved in FY12.


PLASTCHEM INDUSTRIES: ICRA Suspends 'B+' Rating on INR2cr Loan
--------------------------------------------------------------
ICRA has suspended '[ICRA]B+' rating assigned to the INR2.00
crore, long term working capital facilities & [ICRA]A4 rating to
the INR40.00 crore, short term fund based and INR1.00 crore, short
term non-fund based facilities of Plastchem Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Plastchem Industries is a proprietary concern established in the
year 1989 by Mr. Pavan V. Saraf. The firm commenced operations
with trading in imported polymers and in the year 1999, it
qualified as a Del Credere Agent (DCA) and Consignment Stockist of
Haldia Petrochemicals Ltd (HPL), for marketing and promoting
polymer products in Mumbai, Maharashtra, Daman, Silvassa and South
Gujarat. PI is involved in sales of polymer products, namely HDPE
(high density polyethylene), LLDPE (Linear low density
polyethylene) and PP (polypropylene). The company has warehousing
facilities in Daman to cater to small customers as a consignment
stockist.


POWERDEAL ENERGY: CARE Reaffirms 'D' Rating on INR72.90cr Loans
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Powerdeal Energy Systems (I) Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             47.90     CARE D Reaffirmed

   Short-term Bank
   Facilities             25.00     CARE D Reaffirmed

Rating Rationale

The reaffirmation of the rating assigned to the bank facilities of
by Powerdeal Energy Systems (I) Pvt Ltd factors in the on-going
delays in interest servicing on the External Commercial Borrowings
(ECB) and overdrawals in working capital borrowings account by the
company. The ratings also consider strained liquidity position
arising out of delayed receivables amidst industry slowdown.

Powerdeal Energy Systems (I) Pvt Ltd (Powerdeal), promoted by Mr
Mahesh B. Khairnar was incorporated in the year 2004. The company
is engaged in the manufacture of a wide range of electrical panels
(LV, MV, APFC & RTPFC), transmission/telecom towers and
structures, 'fly-ash' based Autoclaved Aerated Concrete Blocks
(AACB) & Aerated panels, steel scaffoldings, products for rural
electrification and motor vehicle parts. Powerdeal had an
installed capacity of 18,000 pcs p.a. for the manufacture of
electric panels and 108,000 cubic meters capacity for the
manufacture of AACB and panels as on March 31, 2013. It has a
manufacturing unit at Villoli outside the Octroi area of Nashik
Municipal Corporation and a small unit at MIDC, Satpur, which is a
dedicated unit for the manufacture of auto ancillaries. The
company has expanded capacity for two new products -- Zeolite upto
25000 TPA and petroleum grade proppants upto 30000 TPA in FY13 in
DER of 2.33x.

On a total operating income of INR192.06 crore, Powerdeal earned a
PAT of INR0.86 crore in FY13 (Refers to period April 1 to
March 31). As per the provisional H1FY14 (Refers to period April1
to September 30) results, Powerdeal had reported a net profit
before tax of INR2.70 crore on a total income of INR93.45 crore.


RAJ KESARI: CARE Revises Rating on INR6.44cr Bank Loan to 'B+'
--------------------------------------------------------------
CARE revises the rating assigned to the long-term bank facilities
of Raj Kesari Electrodes Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        6.44       CARE B+ Revised from
   Facilities                       CARE B

   Short-term Bank
   Facilities            1.18       CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating takes into account the
continuous growth in the Total Operating Income (TOI) as well as
continuous improvement in the PBILDT margin of Raj Kesari
Electrodes Private Limited.

The ratings continue to be constrained on account of its leveraged
capital structure, weak debt service coverage indicators and weak
liquidity position. The ratings further remain constrained on
account of susceptibility of operating margins to the raw material
price fluctuations and its presence in the highly fragmented
welding electrodes industry.

The ratings continue to derive strength from the wide experience
of the promoters in the welding electrodes industry coupled with
diversified product portfolio and customer base.

RKEPL's ability to increase its scale of operations coupled with
an improvement in profit margins as well as capital structure
remain the key rating sensitivities.

RKEPL, incorporated in 1988, is promoted by Mr Pratap Singh Darda.
RKEPL is engaged in the business of manufacturing of various types
of welding electrodes, wires and plugs which are used in Shielded
Metal Arc Welding (SMAW) primarily for repairs and maintenance
works in diverse industries. The company operates from its sole
manufacturing facility located in Udaipur (Rajasthan) with an
installed capacity of 6,800 Metric Tonnes Per Annum (MTPA) as on
March 31, 2013. It procures its key raw material i e steel and
iron from TATA Steel Limited and Steel Authority of India Limited
(SAIL) and supplies its product all over India.

In FY13 (refers to the period April 1 to March 31), RKEPL reported
a total operating income of INR24.27 crore and PAT of INR0.27
crore as against a total operating income and PAT of INR18.46
crore and INR0.28 crore respectively in FY12.


RAJSHREE GLOBAL: ICRA Suspends 'B' Rating on INR11.3cr Loan
-----------------------------------------------------------
ICRA has suspended the '[ICRA]B' and '[ICRA]A4' ratings assigned
to the INR11.30 crore bank limits of Rajshree Global Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


RAMDEV COTTON: CARE Reaffirms 'B' Rating on INR9.85cr Bank Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ramdev Cotton Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.85       CARE B Reaffirmed

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

Rating Rationale

The rating assigned to the bank facilities of Ramdev Cotton
Industries (RCI) continues to remain constrained on account of its
financial risk profile marked by leveraged capital structure, weak
debt coverage indicators and elongated working capital cycle. The
rating is further constrained on account of its presence in the
highly competitive and fragmented cotton ginning industry with
limited value addition, volatility associated with raw material
(cotton) prices and exposure to changes in the government policy
for cotton.

The rating, however, favorably takes into account the vast
experience of the partners in the cotton ginning industry. The
rating also factors in the moderate growth in total operating
income (TOI) and marginal improvement in profit margin during FY13
(refers to the period April 1 to March 31).

Increase in the scale of operations with improvement in profit
margins and capital structure while managing the working capital
efficiently remain the key rating sensitivities.

RCI was established in 2009 as a partnership firm at Jasdan in
Rajkot, Gujarat. The firm was established by six partners of the
Sakariya family with unequal profit and loss sharing agreement
between them. Mr Ramjibhai Sakariya is the managing partner who
looks after the overall operations. The partners are associated
with the cotton industry through their other business entity
named White Gold Cotton Industries, located at Gondal, Rajkot. All
the partners are actively involved in the management of RCI as
functional heads. RCI is engaged in the business of cotton
ginning & pressing to produce cotton bales and cotton seeds. The
product is mainly used in the manufacturing of cotton yarn in the
textile industry. It has an installed capacity to produce 6,048
MTPA (Metric Tonnes per Annum) for cotton bales and 10,500 MTPA
for cotton seeds. The finished product is sold through
intermediaries such as brokers, agents and distributors in the
domestic market. The sales are largely to Gujarat, Karnataka and
Tamil Nadu, while raw cotton (Shankar - 6), which is the major raw
material, is procured from the local vendors & farmers in Gujarat.

During FY13, RCI reported a total operating income of INR41.75
crore with a PAT of INR0.04 crore as against a PAT of INR0.03
crore on a total operating income of INR37.56 crore in FY12.
During 9MFY14, RCI achieved a PBDT of INR0.30 crore on a TOI of
INR33.18 crore.


SAGAR COTTON: ICRA Reaffirms 'B+' Rating on INR9cr Loan
-------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating for the INR9.00 crore
(enhanced from INR5.30 crore) fund based facilities of Sagar
Cotton Industries.

                        Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Long term fund         9.00         [ICRA]B+ reaffirmed
   based-Cash Credit

The ratings continue to be constrained by the firm's weak
financial profile as reflected by low profitability, leveraged
capital structure and weak debt coverage indicators. The ratings
also take into account the low value additive nature of operations
and intense competition on account of fragmented industry
structure leading to thin profit margins. The ratings are further
constrained by vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP and
export quota. Further, SCI being a partnership firm, any
significant withdrawals from the capital account would affect its
net worth and thereby the gearing levels.

The ratings, however, positively factor in the long experience of
the promoters in the cotton ginning and pressing business and the
advantages arising from the firm's proximity to the raw material
sources which ensures regular and easy availability of raw cotton
as well as favorable demand outlook for cotton and cottonseed.

Established in 1997, Sagar Cotton Industries is engaged in cotton
ginning and pressing operations. The business is owned and managed
by Mr. Shahbuddin Gangani and other family members. The firm's
manufacturing facility is located at Babra, Gujarat. The firm has
28 ginning machines and 1 pressing machine with the processing
capacity of 54 TPD of raw cotton.


SAHYOG GINNING: CARE Reaffirms 'B' Rating on INR15cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sahyog Ginning And Pressing Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities              15        CARE B Reaffirmed

Rating Rationale

The rating continues to be constrained by the thin profitability
and high leverage of Sahyog Ginning and Pressing Private Limited
(SGPPL) along with its presence in the highly fragmented and
competitive cotton ginning industry which entails limited value
addition. The rating is further constrained on account of its
susceptibility to inherent volatility associated with cotton
prices and regulatory changes governing the cotton industry.
The ratings, however, continue to derive strength from the vast
experience of the promoters of SGPPL in the agri business
(including cotton ginning) and its proximity to the cotton-growing
region of Gujarat.

SGPPL's ability to increase its scale of operations while managing
the volatility associated with cotton prices along with
improvement in its profitability and capital structure would be
the key rating sensitivities.

Amreli-based SGPPL was initially set-up in 2006 as a partnership
firm named M/s Sahyog Cotton Industries by Mr Kalubhai Bhanderi
and six other partners for undertaking the business of cotton
processing, trading and oil mill. Subsequently in November 2008,
it was converted into a private limited company under its current
name. Prior to venturing into this business, the main promoters
were engaged in the groundnut oil business through their firm, M/s
Vivek Oil Industry. Mr Kalubhai Bhanderi, chairman, has an
experience of around 20 years in the trading of agricultural
commodities and oil mill business. SGPPL has 36 machines for
processing of raw material with a capacity to produce 490 bales of
cotton per day.

During FY13 (refers to the period April 01 to March 31), SGPPL
reported a total operating income of INR151.95 crore and PAT of
INR0.41 crore as against a total operating income of INR191.24
crore and PAT of INR0.36 crore in FY12. As per the provisional
results for 10MFY14, SGPPL achieved a total operating income of
INR174.42 crore.


SAI CHHAYA: ICRA Reaffirms 'B+' Rating on INR9cr Loans
------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR2.0 crore (revised from INR7.0 crore) cash credit
facilities and INR7.0 crore (enhanced from INR1.0 crore) inventory
funding facilities of Sai Chhaya Autolink (P) Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          2.0        [ICRA]B+ Reaffirmed
   Inventory Funding    7.0        [ICRA]B+ Reaffirmed

The rating reaffirmation takes into consideration scale-up of
SCAPL's operations on back of the successful launch of Ford
EcoSport in June 2013, growing share of relatively higher margin
spare parts business and the company's favorable market position
in the city of Bhopal by virtue of being the sole dealer for Ford.
Also, SCAPL has recently added another outlet in the area of
Hoshangabad, which is likely to allow the company to expand its
market share within Madhya Pradesh.

The ratings also continue to incorporate the established track
record of the company's promoters in the automobile dealership
business. The above strengths are however mitigated by the modest
scale of operations, relatively low profitability, which is
largely reflective of the trading nature of the dealership
business. Being engaged in the automobile dealership business,
SCAPL's financial performance also remains linked to the growth
prospects of the domestic passenger vehicles industry, which at
present is going through a phase of slowdown amidst high
inflationary pressures and subdued economic environment. In
addition, its performance also depends to a large extent on the
competitive positioning of Ford in the Indian market. With five
models and volumes of 71,314 units (in 10m FY14), Ford has a
relatively low market share (3.48%) in the highly competitive
Indian PV market. While some of its models like Ford Figo and the
recently added EcoSport have been successful, its ability to gain
market traction remains dependant on new model introductions and
overall competitive intensity in the Indian market.

Sai Chhaya Autolink Private Limited was incorporated in 2003, and
is an authorized Ford dealer in Bhopal. The company operates one
showroom cum service outlet at Bhopal (Govindpura) and has also
set up another sales-cum-service outlet at Hoshangabad in
February, 2014. It is the only Ford dealer in Bhopal and one of
the five Ford dealers in Madhya Pradesh. The company is managed by
Mr. Jai Moolchandani and his wife, both of whom are directors in
SAPL. The Moolchandani family also owns a stake in 'Sri Sai
Vehicle Pvt. Ltd.', another Ford dealership based in Jabalpur,
M.P., which commenced operations from October 2011. The family has
a background in the electronic merchandising and real estate
development in Bhopal, and has recently ventured into other
diversified streams such as life insurance, stock broking and
automobile dealerships.


SERVOCONTROLS AEROSPACE: ICRA Puts 'B' Rating on INR8.25cr Loans
----------------------------------------------------------------
ICRA has assigned the long-term rating of '[ICRA]B'  to the
INR2.90 crore term loans, INR2.75 crore long-term fund based
facilities, INR2.00 crore long-term (interchangeable) fund based
facilities and INR0.6 crore proposed long-term fund based
facilities of Servocontrols Aerospace India Private Limited. ICRA
has also assigned the short-term rating of [ICRA]A4 to INR3.75
crore short term non-fund based facilities of SAIPL.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Term Loans           2.90        [ICRA]B/assigned
   Long-Term Fund
   based facilities     2.75        [ICRA]B/assigned

   Long-Term Fund
   based facilities    (2.00)       [ICRA]B/assigned

   Long-term fund
   based facilities
   (proposed)           0.60        [ICRA]B/assigned

   Short-term non
   fund based
   facilities           3.75        [ICRA]A4/assigned

The assigned ratings favourably take into account the promoter's
extensive experience in the engineering industry and SAIPL's
reputed client base supporting its business prospects. The ratings
also take into account the favourable outlook for defence and
aerospace verticals and the Company's healthy order book position
supporting its revenue growth in the near term. The ratings
however are constrained by the Company's modest scale of
operations limiting its operational and financial flexibility and
highly working capital intensive nature of operations (owing to
high inventory requirements). The ratings also factor in the
volatility in the Company's revenues and margins over last few
years owing to project specific requirements of its customers and
moderately weak financial profile of the Company characterized by
thin accruals and stretched debt protection metrics. With further
capital expenditure planned, the Company's ability to improve its
credit metrics through enhanced accruals remains a key rating
sensitivity.

Incorporated in 2008, Servocontrols Aerospace India Private
Limited is primarily engaged into machining and fabrication of
precision engineering components finding applications in Aerospace
and Defence sectors. The Company is promoted by Mr. Deepak Dhadoti
and his brother who are both qualified engineers with extensive
experience in the engineering industry (aerospace and defence
sectors). The Company started its operations in 2008 and has over
last few years added several renowned customers from aerospace and
defence sectors. Some of its clientele include The Tata Power SED
(Tata), Air bus (Goodrich U.K.), Nabtesco.-Japan and Liebherr-
Germany, Rafael Advance Defense Systems Ltd, Axis Aerospace &
Technologies Ltd, Nova integrated Systems, Israel Aerospace
Industries Limited (IAI) - Israel. The Company presently is
operating out of a leased premise with a manufacturing set up
built over 6000 sq ft of area and its machining centre is equipped
with imported CNC Machines. Considering the present requirements
and future expansion plans, the Company is in process of setting
up a new facility with a buildup area of 40,000 Sq. Ft. in Belgaum
which is expected to be completed by end of 2013-14.

Recent Results

The Company reported net profit of INR0.1 crore on an operating
income of INR1.6 crore for the the full year 2012-13 as against
net profit of INR0.1 crore on an operating income of INR2.6 crore
in 2011-12


SEWA HOTEL: CARE Assigns 'B+' Rating to INR9.80cr Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
Sewa Hotel and Resorts.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            9.80       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 Sewa Hotel and
Resorts (SHR) is primarily constrained by the limited experience
of the partners in the hospitality industry, risks associated with
residual project implementation and timely stabilization of its
upcoming hotel project, competition from upcoming and established
hotels operating in the region and constitution of the entity as a
partnership firm.

The rating, however, finds support from the moderate funding
structure of the project and substantial funds already expended on
the project.

The ability of SHR to complete the project within the envisaged
time and costs, timely stabilization of operations and achievement
of the envisaged average room revenue and occupancy level shall be
the key rating sensitivities.

Sewa Hotel and Resorts was established as a partnership firm in
1997 by Mr Dina Nath Verma and other family members. In July 2012,
Mr Dina Nath Verma retired from the partnership. The current
partners viz Mr Avtar Chand Verma, Mr Prem Paul Verma and Mr
Narinder Kumar Verma have a profit sharing ratio of 40:30:30.

The firm is currently setting up a hotel in Pitampura (New Delhi)
under the name Sewa Hotel and Resorts. The proposed hotel is being
constructed on a land parcel of 3,250 square meters and will
comprise 72 rooms, two banquet halls, a bar and a lounge and a
restaurant and a coffee shop. The total project cost is estimated
to be INR25.51 crore which is funded with a debt equity ratio of
0.62x and the full fledged commercial operation is expected in
October 2014.


SHAKAMBRI KHADYA: ICRA Reaffirms 'B-/A4' Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has reaffirmed a long-term rating of '[ICRA]B-' and short
term rating of '[ICRA]A4' to INR10 crore fund based facilities of
Shakambri Khadya Bhandar.

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

The ratings reaffirmation factors in relatively modest size of
operations of the firm resulting in modest economies of scale and
the inherently low and volatile margins in the trading business.
The ratings continued to be constrained due to weak financial
profile of the firm as reflected by high gearing and weak debt
coverage indicators. The ratings also factors in intense
competition in the industry due to low entry barriers which exerts
pressure on the margins of the firm. However, the ratings
favourably factor in long experience of the promoter in agro
commodity trading and healthy growth in the revenues of the firm
in FY2013. The rating also draws comfort from the fact that there
is no inventory price risk for the firm as its hedges its physical
trading with corresponding future contracts. Further, demand risk
for the firm is minimal given the growing consumption of pulses
and sugar in India.

Incorporated in the year 1995, Shakambri Khadya Bhandar (SKB) is a
proprietorship firm promoted by Mr. Radha Krishan Goyal. The firm
is engaged in trading of various pulses, food grains and sugar.
The operations of the firm are managed by Mr. Radha Krishan Goyal
and his nephew Mr. Pawan Goyal. SKB has its trading office located
at Lawrence Road, Delhi which is an established market for food
grains in Delhi.

Recent Results

The firm reported a net profit after tax of INR0.22 crore on an
operating income of INR179.60 crore in FY2013 as against net
profit of INR0.20 crore on an operating income of INR145.08 crore
in FY2012.


SHIVA FIBERS: ICRA Suspends 'B' Rating on INR24.5cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B' assigned to
the INR24.50 crore bank facilities of Shiva Fibers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in 1994 by Mr. Sat Paul Sachdeva, Shiva Fibres
Private Limited is a Ludhiana based spinning unit engaged in
manufacturing of sewing thread and acrylic yarn with an installed
capacity of 10,800 spindles. The company was initially engaged in
merchant exports of garments, edible oils, thread etc; however, in
2008, SFPL undertook installation of spinning unit, which
commenced operations in January 2011. The company's shareholding
is entirely held by the Sachdeva family.


SHREE HANS: ICRA Reaffirms 'B+/A4' Rating on INR30cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' and a short
term rating of '[ICRA]A4' for INR30.00 crore Fund Based Limits of
Shree Hans Rice and General Mills.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits      30.00      [ICRA]B+/[ICRA]A4 reaffirmed

The ratings of SHRGM continue to take into consideration its low
profitability metrics, high gearing (TD/TNW of 9.69 times as on
March 31, 2013) and modest debt protection metrics. The ratings
also remain constrained by the company's high working capital
intensity and the competitive nature of industry which exerts
pressure on operating margins. However, the ratings favourably
factor in SHRGM's experienced management and its concentration on
export of basmati rice. Further, ICRA has taken note of the
company's significant growth in operating income in FY 2012-13
driven by increase in both realizations and sales volumes. ICRA
also continues to take into consideration the favourable demand
prospects of the rice industry with India being the second largest
producer and consumer of rice in the world.

Shree Hans Rice and General Mills is a partnership firm primarily
engaged in milling of basmati rice, with its milling unit based
out of Taraori, Karnal in close proximity to the local grain
market. Exports of basmati rice formed more than 75% of SHRGM's
sales in FY 2012-13. The firm was incorporated in 1980.
In FY 2012-13, the company reported an operating income of
INR125.24 crore and a net profit after tax of INR0.95 crore.


SHREE KRISHNA: ICRA Raises Rating on INR71cr Loans to 'C+'
----------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR66 crore
fund based limits of Shree Krishna Paper Mills & Industries
Limited "[ICRA] C" to "[ICRA] C+". ICRA has also upgraded the long
term rating assigned to its INR5.00 crore Cumulative Redeemable
Preference Shares from "[ICRA] C" to "[ICRA] C+". ICRA has
reaffirmed the rating assigned to its INR14.00 crore non fund
based short term bank facilities to [ICRA] A4.

                       Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term fund-
   based facilities      66.00        [ICRA]C+/ upgraded

   Cumulative Redeemable
   Preference Share        5          [ICRA]C+/ upgraded

   Short-term non fund-
   based facilities       14          [ICRA]A4/ Reaffirmed

The rating upgrade takes into consideration the improved
operational performance of the company in their Printing and
Writing paper segment leading to improved overall capacity
utilization in 9MFY14. This in-turn has led to improvement in the
financial performance with an increase in operating profitability
margin from 7.99% in FY13 to 9.62% in 9MFY14 leading to
significant improvement in cash accruals of the company from
INR4.21 Cr in FY13 to INR6.79 Cr in the 9 months of the current
financial year providing comfort to the large scheduled repayment
obligation of INR7.4 Cr in FY14 and INR5.38 Cr in FY15. With
improved financial performance, the debt servicing track record of
the company has been satisfactory over time with timely servicing
of scheduled repayments.

The rating, however, is constrained on account of continued
weakness in overall financial profile, which is characterized by
limited decline in overall borrowing levels despite scheduled
repayments owing to increasing working capital requirements and
borrowings, negative net-worth position due to accumulated losses.
The debt coverage indicators of the company continue to remain
weak as reflected in NCA/Total Debt of 6.09%, Total Debt/OPBDITA
at 5.86x and OPBDITA/Interest at 1.49x in FY13. ICRA has also
taken a note of the decline in the capacity utilization levels of
the coated paper and Thermal Sensitive Paper (TSP) segment during
9MFY14 owing to cheaper imports and intended plans of the
management to shift these products to the PWP unit to achieve
better cost structure and possibly monetize the surplus land at
this unit, if required. The rating continues to remain constrained
by the history of the company's debt restructuring, latest being
in August 2009. However, ICRA notes improvement in operational as
well as financial profile of the company since the company had
made reference to Corporate Debt Restructuring.

Going forward, the ability of the company to sustain its improved
operational performance in the Printing and Writing paper segment,
while sustaining the profitability achieved in the first 9 months
of the current financial year and its ability to reduce debt
levels will remain key rating sensitivities.

Shree Krishna Paper Mills & Industries was incorporated by Pasari
Group in 1972 and manufactures Printing and Writing Paper(PWP) in
their Kotputli (Rajasthan) Plant and coated paper and Thermal
Sensitive Paper(TSP) in Bahadurgarh (Haryana) plant. The coated
paper manufacturing unit at Bahadurgarh, Haryana was acquired from
Bansal Paper Mills in 1974 while the Printing and Writing paper
plant at Kotputli was commissioned in 2005-06. The company had
taken term loan to fund the capex in Rajasthan plant wherein the
production did not commence as planned due to technical issues and
the company suffered huge losses resulting in complete erosion of
its net worth. The company made reference to debt restructuring in
2007 and further in 2009 wherein its debt was rescheduled.

SKPMIL reported a net loss of INR7.60 Cr on an operating income of
INR150.12 Cr in FY13 compared to net profit of INR0.43 Cr and
operating revenue of INR150.23 Cr in FY12.


SHREE NAKODA: CARE Reaffirms 'B' Rating on INR20cr Bank Loan
------------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Shree
Nakoda Industries Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term bank
   facilities             20        CARE B Reaffirmed

Rating Rationale

The rating continues to be constrained by the low profitability
margins due to trading nature of business of Shree Nakoda
Industries Ltd (SNIL), customer and geographical concentration
risk, profitability susceptible to volatility in trading material
prices, high gearing ratios and significant exposure to group
companies. The rating also factor in the decline in sales in FY13.

The rating, however, draws support from the experience of the
promoters and access to quality trading materials. Increasing the
scale of operation along with profitability and efficient
management of working capital shall remain the key rating
sensitivities.

SNIL, incorporated in December 1991, belongs to Raipur based
Nakoda group. The company was initially incorporated as Goel
Vanaspati Products Ltd. to carry out chemical business. In 2005,
it discontinued chemical manufacturing business and ventured into
trading of steel products, mainly MS Bars, rounds, iron ore and
coal.

Nakoda group comprises companies having major interest in
manufacturing & trading of steel products, chemicals, food grain,
polymers and coal.

In FY13, SNIL reported a PAT of INR0.22 crore (Rs.0.58 crore in
FY12) on a total income of INR87.14 crore (Rs.210.8 crore in
FY12).


SHRI KRISHNA: ICRA Assigns 'B-' Rating to INR6.38cr Bank Loan
-------------------------------------------------------------
The rating of '[ICRA]B-' has been assigned to the INR6.38 crore
long-term, fund-based facilities of Shri Krishna Agro Industries.
The ratings of [ICRA]B- and [ICRA]A4 have also been assigned to
the INR0.62 crore unallocated limits of Shri Krishna Agro
Industries. The unallocated limits are interchangeable between
long-term and short-term.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long-Term Fund-
   Based Limits         6.38        [ICRA]B- assigned

   Unallocated          0.62        [ICRA]B-/[ICRA]A4 assigned

The ratings are constrained by the intense competition due to
fragmented nature of the industry and easy availability of
substitutes with different varieties of edible oils present in the
market; the modest scale and limited track record of operations of
the firm; exposure of its profitability to agro-climatic risks
which can cause volatility in raw material prices and the
vulnerability of realisations to global edible oil price
movements. Further, the ratings factor in the weak financial risk
profile of the firm characterised by low profitability margins,
highly leveraged capital structure, low coverage indicators and
tight liquidity position.

The ratings, however, favourably factor in the long and
established track record of promoter in the rice mill industry;
the favourable demand prospects for rice bran oil in the domestic
market due to its significant health benefits and easy
availability in India; and the locational advantage to the firm by
way of proximity to rice bran producing belt of Haryana and Punjab
which, in turn, facilitates raw material procurement. Going
forward, the ability of the firm to scale up its revenues and
improve its capital structure and liquidity position would be the
key rating sensitivities.

Shri Krishna Agro Industries is a proprietorship firm engaged in
processing of rice bran and extraction of crude rice bran oil with
a product mix comprising of crude rice bran oil and de-oiled rice
bran. Established in September 2011, the firm operates from its
production unit located at Nissing in Karnal district of Haryana
with an installed capacity of 75,000 MTPA. Mr. Ved Prakash, the
promoter of the firm, has been in the business of rice milling for
over three decades by virtue of his association with the entities
named Mansa Devi Agro and M. D Solvents (known as Mansa Group in
Karnal) which are engaged in similar line of business.

Recent Results:
In 2012-13, SKAI reported a net profit of INR0.07 crore on an
operating income of INR74.93 crore against net profit of INR0.02
crore on an operating income of INR16.93 crore in 2011-12.


SPARSH INDUSTRIES: ICRA Suspends 'B' Rating on INR190cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 rating assigned to the
INR190.0 Crore bank limits of Sparsh Industries Pvt. Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SPRL FOODS: CARE Assigns 'B+' Rating to INR21.17cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of SPRL Foods
Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           21.17       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of SPRL Foods Limited
is primarily constrained by the small scale and limited track
record of operations, weak financial risk profile, susceptibility
of margins to volatility in the raw material prices and highly
fragmented nature of the industry coupled with low entry barriers.
The rating, however, draws strength from the promoter's long
experience in the agro processing industry.

Going forward, the ability of the company to profitably scale up
its operations and improvement in the capital structure shall be
the key rating sensitivities.

Incorporated in 2011, SPRL Foods Limited is a closely held Public
Limited company promoted by Mr Shiv Poojan Kesarwani, Mr Satish
Kumar, Mr Ashish Kumar and Mr Manish Kumar. The company is engaged
in the processing of wheat into wheat flour, maida and suji and
started its commercial operations in January 2013. The company
also started commercial operations of its paddy processing unit in
May 2013. The processing units are located in Allahabad (wheat
processing) and Chanderpur (paddy processing), Uttar Pradesh with
an installed capacity of 50,400 Metric Tonnes Per Annum (MTPA) and
115,200 MTPA respectively.

During FY13 (refers to the period April 01 to March 31), SFL
reported a total revenue and net loss of INR5.10 crore and INR0.32
crore respectively. Furthermore, during FY14, till November 30,
2013, the company has achieved total revenue of INR17.69 crore.


SRI RAMALINGESWARA: CARE Reaffirms 'B+' Rating on INR22cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sri Ramalingeswara Rice And Oil Mills.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             22         CARE B+ Re-affirmed

   Short-term Bank
   Facilities              1.08      CARE A4 Re-affirmed

   Long-term Bank
   Facilities-Working
   Capital Demand Loan      --       Withdrawn

Rating Rationale

The ratings continue to remain constrained by the relatively low
profitability, leveraged capital structure with stretched debt
coverage indictors, seasonality in the availability of raw
material which leads to low capacity utilization, working capital
intensive nature of operation and regulated and fragmented nature
of the industry. The ratings are, however, underpinned by the long
experience of the promoter, proximity to major paddy growing and
processing region and increased scale of operation during FY13
(refers to the period April 1 to March 31). The ability of
the firm to improve profitability and capital structure and
effectively manage its working capital requirements are the key
rating sensitivities.

The rating assigned to the long-term Working Capital Demand Loan
(WCDL) has been withdrawn as the company has fully repaid the WCDL
and there is no amount outstanding under the facility.

Set up in 1950 as a partnership firm by Mr Pattabhi Chowdary, Sri
Ramalingeswara Rice and Oil Mills (SRR) is engaged in milling,
trading & exports of raw and boiled rice. The firm has rice
milling/processing unit (capacity of 40 MT per day) located at
Velpur in West Godavari district of Andhra Pradesh (A.P.).

The firm has three managing partners; Mr Banda Ramchandra Rao, Mr
Banda Venkata Krishna Rao and Mr Banda Veera Venkata Satya Krishna
Govind each having share of 44%, 28% and 28% respectively.

During FY13, SRR posted a PBILDT of INR20.72 crore (FY12: INR15.01
crore) and PAT (after deferred tax) of INR7.62 crore (FY12:
INR4.03 crore) on a total operating income of INR595.71 crore
(FY12: INR459.94 crore).

As per the provisional financials for H1FY14 (refers to the period
April 1 to September 30), SRR posted a PBILDT of INR9.96 crore and
PAT of INR1.36 crore on a total operating income of INR173.50
crore.


SRI VENKATRAM: ICRA Reaffirms 'D' Rating on INR43.67cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]D' to the
INR9.92 crore term loan facilities (reduced from INR13.73 crore),
the INR23.00 crore long-term fund based facilities and the INR0.75
crore long-term non-fund based facilities of Sri Venkatram
Spinners Private Limited. ICRA has also reaffirmed short-term
rating of '[ICRA]D' to the INR7.00 crore short-term non-fund based
facilities and INR3.00 crore short-term fund based (Sub-limit)
facilities of SVSPL.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Term loans               9.92        [ICRA]D Reaffirmed
   Long term-Fund
   based facilities        23.00        [ICRA]D Reaffirmed
   Long-term- Non-
   fund based
   facilities               0.75        [ICRA]D Reaffirmed

   Short term- Non-
   fund based
   facilities               7.00        [ICRA]D Reaffirmed

   Short term-Non-fund
   based facilities
   (Sub-limit)             (3.00)       [ICRA]D Reaffirmed

The reaffirmations of ratings reflect the continuing tight
liquidity position, which has resulted in delays in debt
servicing. SVSPL financial profile and liquidity remains stretched
due to the high debt obligation from the term loans availed for
the capacity expansion and for installing windmills in 2007-08,
against weak accruals from the operations in the subsequent years
due to subdued demand, inventory losses, increasing power costs
amidst intense competition in the industry. SVSPL had installed
windmills to reduce power costs, however, the company's ability to
optimally use the windmills were hindered by non-availability of
power grid. The stress on liquidity is expected to continue till
2014-15, thereafter, contingent upon stable demand and raw
material price, the accruals are expected to increase, this
against reduced debt levels (as no debt funded capital expenditure
is envisaged in the near-term) is expected to improve liquidity in
the medium term.

Sri Venkatram Spinners Private Limited, promoted by
Mr.S.Srinivasan and his family, was started with a spindle
capacity of 2,160 in 1992. Currently SVSPL has a capacity of
41,944 spindles, of which 22,368 spindles were added in 2007.
Further, SVSPL has installed 360 rotors in 2007.

The Company manufactures medium and low counts cotton yarn, with
31s to 50s contributing to major portion of revenues. SVSPL caters
to the weaving units in southern Tamil Nadu, traders, and hosiery
manufacturers in markets around Madurai, Erode, Karur, Salem and
Chennai. Most of SVSPL sales are through commission agents/
brokers. SVSPL has windmill with a capacity of 1.65 MW installed
in Surandai village near Tenkasi in Tamil Nadu.


TARACHAND INT'L: CARE Reaffirms 'B/A4' Rating on INR50cr Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Tarachand International Private Limited.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------            -----------    -------
   Long-term /Short-         50         CARE B/CARE A4 Reaffirmed
   term Bank facilities

Rating Rationale

The ratings assigned to the bank facilities of Tarachand
International Private Limited (TIPL) continue to be constrained by
the relatively modest scale of operations with low capitalization
and working capital intensive nature of operation leading to
leveraged capital structure and weak debt coverage indicators. The
ratings further continue to be constrained by its presence in a
highly fragmented industry with exposure to volatility in steel
prices and foreign exchange fluctuation risk.

The above constraints are partially offset by strengths derived
from the experienced management.  The ability of the company to
improve the overall scale of operations amidst the intense
competition coupled with efficient management of working capital
cycle are the key rating sensitivities.

Tarachand International Private Limited is into the business of
steel trading (viz, sheets, plates, channels, angels & others) and
ship breaking. Though the company was incorporated in FY11 (refers
to the period April 1 to March 31) and started trading operations
in FY12, it took over the business of Kainya Steel Corporation
(KSC, a group concern) and the absorption is effective from
October 1, 2012, which has been into similar business since 2005.
KSC was into the business of trading steel products and purchasing
old machineries for scrap sale and later started the ship breaking
business.

The company has its registered office in Mumbai and carries out
the ship breaking activity from the Mumbai port.

During FY13, TIPL reported a total operating income of INR33.15
crore (vis-a-vis INR3.05 crore in FY12) and PAT of INR0.05 crore
on a standalone basis and INR57.22 crore on a consolidated basis.
Furthermore till 10MFY14, TIPL posted a total income of INR104.43
crore.


VAIBHAV LAXMI: ICRA Suspends 'B+' Rating on INR8.36cr Loans
-----------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]B+' assigned to
the INR3.50 crore fund-based limits and INR4.86 crore term loan of
Vaibhav Laxmi Tex Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

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


VASISHTA CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR56cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Vasishta Constructions Pvt Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             56        CARE B+ Re-affirmed

   Long-term/Short-
   term Bank
   Facilities            162.50     CARE B+/A4 Re-affirmed

Rating Rationale

The ratings continue to remain constrained by the stretched
liquidity position with persistent high utilization of bank
borrowings, concentrated order book position and limited
experience in executing the projects of a relatively large size.
The ratings also factor in weakening of the capital structure as
on March 31, 2014. The ratings, however, are underpinned by the
experienced promoters, satisfactory order book position and
moderate growth in the scale of operation. The ability of the
company to recover contract proceeds in a timely manner thereby
improving the liquidity profile and effectively manage the working
capital requirements are the key rating sensitivities.

Incorporated in October, 1991, Vasishta Constructions P Ltd (VCPL)
is engaged in construction activities spanning irrigation & flood
control, roads & bridges, building & structures, etc. As on
January 28, 2014 the company had an order book of INR1290.23 crore
of which five key projects comprised approximately 73% of the
total works in hand.

VCPL was promoted by Mr M Naga Raju, Mr M Sivarama Raju, Mr M S
Subba Raju and Mr D Ravi Kumar. The promoters have around 25-30
years of experience in executing civil contracts for government
entities and private players in the aforesaid segments.

During FY13 (refers to the period April 1 to March 31), VCPL
posted a PBILDT of INR36.22 crore (FY12 - INR31.07 crore) and PAT
(after deferred tax) of INR12.22 crore (FY12: INR11.35) crore on a
total operating income of INR263.38 crore (FY12 : INR245.59
crore).


VISHNUPRIYA HOTELS: ICRA Reaffirms 'D' Rating on INR74cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating assigned to the INR65.91
crore (revised from INR67.41 crore) long term fund based limits,
INR3.00 crore short term non fund based limits and the INR5.09
crore (revised from INR3.59 crore) unallocated bank facilities of
Vishnupriya Hotels & Resorts Private Limited.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Fund
   based limits         65.91        [ICRA]D reaffirmed

   Short-term Non
   fund based limits     3.00        [ICRA]D reaffirmed

   Unallocated           5.09        [ICRA]D reaffirmed

The rating continues to be constrained by the delays in debt
servicing by the company. Significant time and cost overruns in
the construction of VHPL's 5-Star hotel project which, coupled
with poor revenue generation since commencement of operations in
April, 2011 has resulted in negative cash accruals forcing the
company to rely on funding support from the promoters to meet the
debt servicing obligations. VHPL recently undertook Corporate Debt
Restructuring (CDR) wherein the residual tenor has been increased
substantially for all the existing term loans in addition to
granting a Funding of Interest on Term Loan (FITL) for a period of
10 months December 1, 2012 to September 30, 2013 as part of the
restructuring package. Despite the debt restructuring, however,
VHPL continues to delay on the repayment of interest and principal
on the rated debt. ICRA however notes that the property is located
at a suitable location, catering mainly to business travelers, and
has an association with the Sheraton Group which opens up the
world-wide advertising, marketing and room reservation resources
of the hotel chain. Going forward, timely debt servicing will
remain the key rating sensitivity factor.

VHPL, promoted by Mr K Sarat Kumar is a closely held private
limited company. The company has set up a five star property in
Visakhapatnam at Waltair Road which is situated close to the
central business district and shopping destinations of the city.
The hotel consists of 123 rooms including 4 suites and is
developed on a land parcel of 9231 sq yards. The hotel started
commercial operation as "Four Points, Visakhapatnam"* in April
2011 at a project cost around INR100 crores. The management and
license contract is signed with Sheraton.


VISUELL CREATIONS: ICRA Reaffirms 'B-' Rating on INR5cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' to the
INR5.00 Crore (earlier INR4.00 Crore) long term fund based bank
facilities of Visuell Creations. ICRA has also reaffirmed the
rating of '[ICRA] A4' to the INR5.00 Crore (earlier INR6.00 Crore)
short term non fund based bank facility of VC.

                     Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Long Term Fund
   Based Limits         5.00         [ICRA]B-; Reaffirmed

   Short Term Fund
   Based Limits        5.00          [ICRA]A4; Reaffirmed

The ratings reaffirmation takes into account the weak financial
risk profile of Visuell Creations (VC) as reflected by the
deteriorating capital structure both, because of increased debt
levels as well as the withdrawal of capital by partners and drop
in operating income with the net loss incurred in FY13. The
ratings also take into account VC's small scale of operations and
vulnerability to foreign exchange fluctuations on account of
import oriented purchases. The firm's working capital intensity
also continues to be high. The ratings however continue to draw
comfort from VC's association with leading brands for glassware
and crystalware and its established distribution network.

Visuell Creations (VC) started its operations in 2010 and is
involved into import and distribution of quality crystal ware and
glass ware in India. The firm has its registered office in Mumbai.
Recent Results:
For the financial year ended 2012-13 (audited), VC registered a
net loss of INR0.08 Crore on an operating income of INR16.75
Crore.


W.S. INDUSTRIES: ICRA Lowers Rating on INR243cr Loans to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating from '[ICRA]C' to
'[ICRA]D' for the INR30.0 crore* Non Convertible debenture
programme, INR64.0 crore fund based facilities and INR100.0 crore
non-fund based facilities of W.S. Industries (India) Limited. ICRA
has also revised downwards the short term rating from '[ICRA]A4'
to '[ICRA]D' for the INR5.0 crore fund based limits and INR44.0
crore non-fund based limits of the Company.

                          Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Non Convertible           30.0        [ICRA]D/downgraded from
   Debentures                            [ICRA]C

   Fund Based Bank           64.0        [ICRA]D/downgraded from
   Limits                                [ICRA]C
   (CC/PC/WCDL)

   Non Fund Based           100.0        [ICRA]D/downgraded from
   Bank Limits-Letter                    [ICRA]C
   of Guarantee

   Fund Based Bank            5.0        [ICRA]D/downgraded from
   Limits (FOBP/LC Bills)                [ICRA]A4

   Non Fund Based            44.0        [ICRA]D/downgraded from
   Bank Limits                           [ICRA]A4
   (ILC/FLC/LC)

The revision in the ratings considers the irregularities in debt
servicing by the company on ICRA rated debt instruments.
Continuing operational losses on the back of low capacity
utilisation and pricing pressures, coupled with higher spend on
interest costs has resulted in net losses of the company for the
eighteen month period ending September 2013. While the company
booked profits through partial monetisation of its land bank in
Chennai, the liquidity position remained tight due to the timing
of collection of proceeds from the land sale. This had resulted in
continuous over-utilisations on the fund based facilities by ICRA
in the recent past. The company's financial profile is weak
characterised by operational losses, negative networth, and
stretched debt indicators; going forward, the company's ability to
improve the financial and liquidity profile would hinge upon the
timely monetisation of its land banks. WSI is one of the
established players in the domestic insulator industry.

W.S. Industries (India) Limited was incorporated in 1961 under the
name of W S Insulators of India to manufacture porcelain based
transmission line and substation insulators. Its name was changed
to WSI in 1987. It manufactures porcelain insulators for
applications in electrical high voltage transmission and
distribution networks. WSI also takes up turnkey projects for
erection, installation, commissioning of electrical high voltage
transmission lines and substations. The main manufacturing
facility is located in Chennai and the company has recently set up
a Greenfield capacity in APSEZ Vishakapatnam to manufacture
substation insulators.

Recent Results

WSI reported a net loss of INR8.4 crore for the 18 months period
ending September 2013 on an operating income (OI) of INR208.1
crore. The losses include profit of INR137.3 crore from sale of
partial land bank in Chennai.


WAH RESTAURANTS: ICRA Withdraws 'D' Rating on INR47cr Loan
----------------------------------------------------------
ICRA has withdrawn the '[ICRA]D' rating assigned to the INR47.00
line of credit for Wah Restaurants Private Limited, as there is no
amount outstanding against the rated bank limits.


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


MT. GOX: Mizuho Bank Dragged in Lawsuits Over Bitcoin Losses
------------------------------------------------------------
Reuters reports that Mizuho Bank has become ensnared in North
American legal fallout from Mt. Gox, once the world's biggest
bitcoin exchange, which collapsed last month after losing nearly
half a billion dollars' worth of customers' digital currency.

Reuters relates that lawsuits in the United States and Canada
represent a new legal front -- and a deep-pocketed defendant -- in
the battle over Tokyo-based Mt. Gox, which claims hackers stole
huge amounts of its assets and those of its customers.

According to the report, Mizuho, the core unit of Mizuho Financial
Group Inc., Japan's second-biggest mega-bank by assets, was added
as a defendant on March 14 to an existing U.S. lawsuit against Mt.
Gox for allegedly aiding in a fraud by providing banking services
to the exchange.

Also on March 14, Mizuho was named in a class-action lawsuit in
Canada against Mt. Gox alleging a lengthy security breach at the
exchange resulted in "the pilfering of millions of dollars' worth
of its users' bitcoins," the news agency relates.

A Mizuho spokeswoman in Tokyo declined comment on the lawsuits,
filed in Chicago federal court and the Ontario Superior Court of
Justice, Reuters notes.

Mizuho held non-bitcoin currency on behalf of Mt. Gox and its
customers, according to the amended U.S. complaint by Gregory
Greene, an Illinois resident who says he lost $25,000 when the
exchange shut down, Reuters relays.

According to Reuters, the U.S. suit accuses Mizuho of knowing of
Mt. Gox's fraud, of not segregating funds that belong to Mt. Gox
from those of its customers and of continuing to provide banking
services that inflated losses for bitcoin customers.

"Mizuho profited from the fraud," said the complaint, the report
relays.

According to Reuters, the Canadian plaintiffs allege that "all
non-bitcoin currency received by the Mt. Gox defendants from its
users was held in an account or accounts" at Mizuho. In fact, the
bank by January was trying to close the exchange's account, the
report says.

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."

The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


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


SOUTH CANTERBURY FINANCE: Bid to Remove Judge Fails
---------------------------------------------------
Emma Bailey at Fairfax NZ News reports that New Zealand's largest
alleged fraud trial will continue, after defence counsel failed to
have the judge removed.

Fairfax NZ News says former South Canterbury Finance (SCF) chief
executive Lachie McLeod and former directors Edward Sullivan and
Robert White have pleaded not guilty to 18 individual and combined
fraud charges laid by the Serious Fraud Office (SFO) in December
2011.

SCF collapsed in August 2010, with NZ$1.58 billion of taxpayers'
money paid to investors, Fairfax NZ News relates.

The report recalls that the three Queen's counsels acting for the
three defendants had called for Justice Paul Heath to remove
himself from the case.

Comments by SFO director Julie Read at a conference, where she
said: "We are very fortunate to have Justice Heath as our trial
judge", showed a perception of partiality and required the trial
to be aborted. Justice Heath was chairing the conference, they
said, Fairfax NZ News relays.

The trial began on March 12 in the High Court in Timaru, with the
Crown finishing its opening on March 13.

The case resumed yesterday March 17 with the recusal application,
the report notes.

Fairfax NZ News relates that in rejecting the application Justice
Heath said he had allowed time for full submissions to be made.

"I have heard from the counsel today," the report quotes Justice
Heath as saying.  "I'm not satisfied that the conditions for
recusal have been made out. The trial will continue with full
reasons to be released later."

Earlier, Bruce Squire, QC, acting for White, said the application
was made on the perception of bias, not actual bias, the report
notes.

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.



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


* BOND PRICING: For the Week March 10 to March 14, 2014
-------------------------------------------------------

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


  AUSTRALIA
  ---------


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


CHINA
-----

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


MALAYSIA
--------

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


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

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


SINGAPORE
---------

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


KOREA
------

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


SRI LANKA
---------

SRI LANKA GOVERNME    5.35    03/01/26    LKR       65.50


THAILAND
--------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***