TCRAP_Public/140325.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 25, 2014, Vol. 17, No. 59


                            Headlines


A U S T R A L I A

ANGAS SECURITIES: S&P Affirms & Withdraws 'C' Short Term ICR
DJ WAREHOUSE: Woodgate & Co Appointed as Liquidators
DOUBLE HAVEN: KPMG Appointed as Administrators
LAYMORE TRANSPORT: Hall Chadwick Appointed as Administrators
PROJECT SUNSHINE: Moody's Rates $315MM Term Loan Facility at 'B2'


C H I N A

ANTON OILFIELD: 2013 Results Supports Ba2 CFR & Sr. Bond Rating
GUANGZHOU R&F: Weak Finances Narrows Headroom for Moody's Ba2 CFR
TIMES PROPERTY: Moody's Rates $225MM Senior Unsecured Notes 'B2'
WUZHOU INT'L: 2013 Results Support Moody's B2 CFR, B3 Bond Rating


I N D I A

AKASH POULTRY: ICRA Assigns 'B' Rating to INR5.85cr Loans
ALLKOSHYS ALLSPICES: CRISIL Rates INR10MM Cash Credit at 'B+'
ANNEX GLASS: ICRA Assigns 'IrC-' Long Term Rating
ARMANIA AGRO: ICRA Reaffirms 'B' Rating on INR7.35cr Loans
BAU DEVELOPERS: ICRA Reaffirms 'B' Rating on INR46cr Loan

BHARAT CATTLEFEED: CRISIL Assigns 'B+' Rating to INR80MM Loans
DHARESHWAR COTTEX: CRISIL Assigns 'B' Rating to INR200MM Loans
DUNNIMAA ENGINEERS: CRISIL Cuts Rating on INR320MM Loans to 'D'
ELDER HEALTHCARE: ICRA Suspends 'D' Rating on INR47cr Loans
ENCON IMPEX: ICRA Assigns 'B+' Rating to INR7.50cr Loan

EPICENTER TECHNOLOGIES: ICRA Reaffirms B Rating on INR10cr Loan
HALDIA PETROCHEM: ICRA Reaffirms 'D' Rating on INR5,127cr Loans
HALLMARK AQUAEQUIPMENT: CRISIL Puts B+ Rating on INR64.5MM Loans
HIMAT GLAZE: CRISIL Assigns 'B+' Rating to INR49MM Loans
JYOTI GENERAL: ICRA Reaffirms 'B+' Rating on INR7.2cr Loans

KASHYAP & SONS: CRISIL Cuts Rating on INR6.25BB Loans to 'D'
KHANNA BUILDERS: CRISIL Reaffirms 'B' Rating on INR200MM Loans
M.M. SAW MILLS: CRISIL Reaffirms 'B+' Rating on INR30MM Loan
MOHAMEDEN'S TIMBER: CRISIL Reaffirms B+ Rating on INR30MM Loan
NAJEEM CASHEW: CRISIL Reaffirms 'B-' Rating on INR10MM Loan

PADMAVATI FERROUS: ICRA Suspends 'B+' Rating on INR47cr Loan
RAGHAVENDRA AUTO: CRISIL Reaffirms B+ Rating on INR37.5MM Loan
RANA DENIM: CRISIL Reaffirms 'B+' Rating on INR286.2MM Loans
RAVI RAJ: ICRA Suspends 'B' Rating on INR15cr Loans
ROYAL TREXIM: CRISIL Reaffirms 'B+' Rating on INR75MM Loans

SHAKTI POLYTUBE: ICRA Assigns 'B' Rating to INR9.58cr Loan
SHINKWANG ELECTRONICS: CRISIL Puts 'B' Rating on INR113.8MM Loans
SHREEYAM POWER: ICRA Cuts Rating on INR922.71cr Loans to 'D'
SHREERAM RE-ROLLERS: ICRA Cuts Rating on INR6cr Cash Credit to B
SHREYA PRINT: CRISIL Assigns 'B' Rating to INR70MM Loans

SHRUTI TIMBER: ICRA Reaffirms 'B+' Rating on INR2.25cr Loan
SMART MOTORS: CRISIL Reaffirms 'B-' Rating on INR150MM Loans
SPR SPIRITS: ICRA Reaffirms 'D' Rating on INR41.55cr Loans
SREE SATYA: ICRA Reaffirms 'B+' Rating on INR8.50cr Loans
SRI BALAJI: CRISIL Reaffirms 'B' Rating on INR3.5MM Loans

SRI SIDDIRAMESHWAR: ICRA Upgrades Rating on INR51cr Loans to 'B+'
TEESTA URJA: ICRA Reaffirms 'B-' Rating on INR2,300cr Loan
VAIBHAV COTTON: CRISIL Assigns 'B' Rating to INR200MM Loans
VIN AUTO: CRISIL Assigns 'B' Rating to INR149.5MM Loans
VIRAJ DISTRIBUTORS: CRISIL Assigns 'B' Rating to INR50MM Loan


I N D O N E S I A

ANTAM (PERSERO): S&P Cuts CCR to 'B-' & Removes from CreditWatch


N E W  Z E A L A N D

FE INVESTMENTS: S&P Assigns 'B/B' Issuer Credit Ratings
FELTEX CARPETS: Prospectus Failed to Disclose Risks, Suit Alleges
MAINZEAL PROPERTY: Parent's Appeal Dismissed
NZ PREMIUM: Developer Under Police Probe After Liquidation
SOLID ENERGY: AG Blames Poor Communication For Woes


X X X X X X X X

* BOND PRICING: For the Week March 17 to March 21, 2014


                            - - - - -


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ANGAS SECURITIES: S&P Affirms & Withdraws 'C' Short Term ICR
------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B-' long-term
issuer credit rating and 'C' short-term issuer credit rating on
Angas Securities Ltd. have been affirmed and subsequently
withdrawn at the request of the issuer.  At the time of
withdrawal, the outlook on Angas was negative.

S&P notes that for the six months ended Dec. 31, 2013, Angas
reported a loss of A$3.4 million driven by an A$4.4 million
impairment expense.  While this has moderated S&P's assessment of
Angas' capital position, it did not in itself give its reason to
change the long-term issuer credit rating.


DJ WAREHOUSE: Woodgate & Co Appointed as Liquidators
----------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that DJ Warehouse
Australia is set to stop trading as it enters liquidation. The
company's hire business could be sold to help to pay off its
debts.  Giles Geoffrey Woodgate of Woodgate & Co was appointed as
liquidator on March 12, 2014, the report relates.

dissolve.com.au relates that the company has yet to make an
official announcement but its website presently says the rental
business is continuing to operate.

DJ Warehouse Australia rents party gears out from its locations in
Sydney, Melbourne and Brisbane to private and public interests.


DOUBLE HAVEN: KPMG Appointed as Administrators
----------------------------------------------
Damian John Templeton and Darren Michael Lewis at KPMG were
appointed as administrators of Double Haven Pty Limited on March
24, 2014.

A first meeting of the creditors of the Company will be held at
KPMG, Level 5, 147 Collins Street, in Melbourne, Victoria, on
April 3, 2014, at 10:30 a.m.


LAYMORE TRANSPORT: Hall Chadwick Appointed as Administrators
------------------------------------------------------------
David Ross -- dross@hallchadwick.com.au -- and Shanon Thomson --
sthomson@hallchadwick.com.au -- at Hall Chadwick were appointed as
administrators of Laymore Transport Pty Ltd on March 20, 2014.

A first meeting of the creditors of the Company will be held at
the office of Hall Chadwick, Level 10, 575 Bourke Street, in
Melbourne, on April 1, 2014, at 10:00 a.m.


PROJECT SUNSHINE: Moody's Rates $315MM Term Loan Facility at 'B2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating (CFR) to Project Sunshine IV Pty Ltd (Project
Sunshine). At the same time, Moody's has assigned a definitive B2
long term rating to the company's US$315 million Term Loan
Facility. The outlook is Stable.

Project Sunshine is the 100% owner of Sensis Pty Ltd (Sensis),
which is Australia's leading provider of telephone directory
services.

The term loan facility rated:

US$ 315 million senior secured term loan

The proceeds of the issuance were used to enable an affiliate of
Platinum Equity Advisors, LLC (Platinum, unrated) to acquire its
ultimate 70% ownership interest in Sensis Pty Ltd from Telstra
Corporation Ltd (A2 stable) for A$454 million (via its interest in
Project Sunshine).

The definitive CFR and long-term ratings confirm the provisional
ratings assigned on 20 February 2014.

Ratings Rationale

"The B2 ratings primarily reflect the weak operating profile and
structural decline of the industry sector in which Sensis
operates, namely print and digital directories. Notwithstanding
the material challenges in Sensis' operating environment and
inevitable sectoral shift, the ratings are underpinned by Project
Sunshine's good projected financial profile with low initial
financial leverage and good levels of free cash flow, allowing for
rapid paydown of debt", says Ian Lewis, a Moody's Senior Vice
President.

"The ratings also incorporate the intensifying threat from digital
alternatives such as Google and other rapidly expanding
information and social networking sites. Moody's expect Sensis'
customer base and revenue to decline materially over the rating
horizon, in-line with current rates of decline or slightly faster"
adds Lewis.

The rating therefore incorporates a degree of uncertainty around
the pace of future decline in the industry. Should the acceptance
and usage of digital alternatives to print, take place at a faster
pace than anticipated, the value of the company could diminish
more quickly than our base case.

Project Sunshine's ratings are balanced by a good financial
profile with low projected financial leverage and adequate levels
of free cash flow.

"We expect the company's leverage, as measured by Debt/EBITDA to
peak at around 1.0x - 1.2x in FY14 following transaction close and
we anticipate that the company should be able to maintain strong
credit metrics over the rating horizon with modest and diminishing
CAPEX requirements and ability to pay down debt well ahead of
final maturity" says Lewis.

The ratings further recognize the adequate liquidity position
available to the company given the good cashflow generation
available over the term to maturity. As such the ratings
incorporate our expectation for the company to have the capacity
to fund itself through internally generated cash flow and
available cash balances.

The outlook on the ratings is stable reflecting our expectation
that the company will delever and maintain a good financial
profile in order to offset the risks associated with an industry
in decline.

What could change the rating - Up

Upward pressure on the rating is unlikely given the uncertainties
and risks associated with the structural decline of the industry
sector in which the company principally operates. Nevertheless,
the rating could be upgraded in due course in the event that it is
able to accelerate its revenue and earnings from digital services
on a sustained basis. Indicators that Moody's would look for
include digital earnings constituting more than 50% of total
earnings and EBIT margins improving to around 20%, also on a
sustained basis.

What could change the rating - Down

The rating could be downgraded in the event that the company's
revenue and earnings deteriorate faster than our current
expectations, the company fails to de-lever as expected or fails
to generate positive free cash flow in any period.

Project Sunshine IV Pty Ltd is the 100% owner of Sensis Pty Ltd
(Sensis). Sensis is Australia's leading provider of telephone
directory services. Sensis was previously 100% owned by Telstra
Corporation Limited (A2 Stable). In January 2014, Telstra
announced that it would sell a 70% stake to an affiliate of
Platinum for A$454 million. The transaction concluded on 28
February 2014. Project Sunshine is ultimately owned 70% by
Platinum and 30 % by Telstra. Sensis will operate as a separate
entity and will continue its business of printing and distributing
the White Pages and Yellow Pages directories in Australia as well
as operate various on-line businesses including the on-line
versions of both these print directories. The White Pages business
currently has 55 print directories and an online presence. The
Yellow Pages business currently has 60 print directories and an
online presence.



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ANTON OILFIELD: 2013 Results Supports Ba2 CFR & Sr. Bond Rating
---------------------------------------------------------------
Moody's Investors Service says that Anton Oilfield Services
Group's strong results for 2013 support its Ba2 corporate family
rating and senior unsecured bond rating.

The rating outlook remains stable.

"Anton's strong revenue growth in 2013 reflects its competitive
position in China's fast-growing natural gas-related oil field
service market," says Alan Gao, a Moody's Vice President and
Senior Analyst.

Anton's revenue increased by 26.4% year-on-year to RMB2,534
million in 2013 from RMB2,005 million in 2012, mainly driven by
the strong performance in its key business units. Its major
contributors, drilling technology and down-hole operation clusters
accounted for 66% of total revenue in 2013.

Anton's drilling technology cluster registered the highest revenue
growth of 36.1% year-on-year in 2013 to RMB589 million. It
benefited from the strong demand for directional drilling and its
related drilling fluid service. Such demand helps establish
Anton's track record in operating in the country's vast but
technologically challenging tight gas and unconventional gas
reserves.

Moreover, the newly introduced rig service and recently
established integrated project management joint venture with
Schlumberger Ltd (A1 stable) also contributed to the cluster's
strong growth.

Its down-hole operation cluster reported the second highest growth
in revenue of 26.3% year-on-year to RMB1,082 million. This
operation also benefited substantially from the strong demand for
tight gas and unconventional gas-related oilfield services, such
as pressure pumping (up 108% year-on-year) and coiled-tubing
(revenue up 50.8% year-on-year).

"Anton's 2103 results show the company has maintained pricing
power," says Gao who is also the Lead Analyst for Anton.

Anton's overall adjusted EBITDA margin improved to 27.7% in 2013
from 24.7% in 2012, reflecting the company's strong pricing power,
as supported by its technological leadership over its domestic
peers. Its collaboration with Schlumberger, which holds 20% of
Anton, likely will further enhance its technological
competitiveness

"Anton's credit metrics are preserved by its disciplined
spending," says Gao.

Anton's capital expenditures in 2013 amounted to RMB865 million,
largely in line with Moody's expectations. Anton focused on
increasing its fleet of pressure pumps and rigs, which are
essential for coping with the growth in work flow. Capital
expenditures were fully funded by its RMB378.5 million in
operating cash flow and the US$250 million in senior unsecured
notes issued in 2013.

As a result Anton's credit metrics -- adjusted debt/EBITDA at 3.4
and adjusted EBIT/asset at 9.4% -0 are commensurate with its
current Ba2 rating. Moody's expects the company to maintain its
current financial profile in the next 12 -- 18 months.

The principal methodology used in this rating was the Global
Oilfield Services Rating Methodology published in December 2009.

Anton Oilfield is a leading Chinese oil services company focusing
mainly on the country's fast-growing natural gas sector. Anton
Oilfield was founded by its chairman Luo Lin in 1999 and was
listed on the Exchange of Hong Kong in December 2007.


GUANGZHOU R&F: Weak Finances Narrows Headroom for Moody's Ba2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Guangzhou R&F Properties Co.,
Ltd.'s increased debt leverage in 2013 has weakened its financial
position, narrowing the rating headroom for its Ba2 corporate
family rating. The company's operating performance in 2013 was
generally in line with Moody's expectation.

The rating outlook is stable.

"The company raised a sizable amount of debt in 2H 2013 and a
further USD1 billion in early 2014 to fund its significant land
purchases in 2013 and prefund its construction and refinancing
needs in 2014," says Kaven Tsang, a Moody's Vice President and
Senior Analyst.

R&F's gross debt as of 31 December 2013 surged to RMB61.4 billion
from RMB45.8 billion as of June 2013. Moody's expects its gross
debt level to reach RMB73.6 billion post the January 2014 bond
issuance.

"After adjustment for its upcoming bond maturities, Guangzhou
R&F's debt leverage is 64%, which weakly positions it at the Ba2
rating level," adds Tsang, also the lead analyst for Guangzhou
R&F.

Its adjusted debt/capitalization was 65% as of end December 2013,
and its revenue/gross debt dropped to 59% in 2013 from 70% for the
last twelve months ended June 2013.

In 2013, Guangzhou R&F purchased land amounting to a total GFA of
20.9 million sqm for a total commitment of more than RMB40
billion. A majority of it remains unpaid and will be paid in the
next 1-2 years.

At the same time, R&F's sales performance is in line with
expectation.

The company reported contracted sales of RMB42.2 billion for
FY2013, up 23% year-on-year and in line with its full-year sales
target of RMB42 billion.

Guangzhou R&F also reported a 19% year on year growth in book
revenue to RMB36.3 billion in 2013. It had a gross profit margin
of 39.2%, which is largely stable from the 40.8% in 2012.

Guangzhou R&F's higher than average profit margin provides some
cushion against declining prices in case of a market slowdown.

However, Guangzhou R&F's adjusted EBITDA/interest coverage at 3.2x
in 2013 provides the company with limited rating headroom.

This ratio could be under pressure in the next 6-12 months if the
company is unable to meet its sales target, given its increased
interest expense burden.

The company has maintained a strong liquidity, which can partly
mitigate the financial risk associated with its high debt
leverage.

At end-2013, Guangzhou R&F had cash on hand of RMB24.3 billion,
representing 1.3x of its short-term debt.

This cash holding, together with the proceeds from the USD1
billion bond issued in January 2014 and Moody's estimated
operating cash flow of RMB8-RMB10 billion for the company, can
cover its short-term debt of RMB18.1 billion at end-2013 and its
committed land payments of around RMB15-20 billion.

The stable outlook reflects Moody's expectation that Guangzhou R&F
will continue to generate strong contracted sales as well as
maintain its current gross profit margin and good liquidity
position.

However, downward rating pressure could emerge if: (1) the company
significantly falls short of its property sales target; (2) it
materially accelerates development, and/or executes an aggressive
land acquisition plan, such that its liquidity weakens with cash
falling substantially below the level of its short-term debt; or
(3) debt increases substantially such that adjusted
debt/capitalization fails to trend down to 60%, revenue/gross debt
fails to trend up to 70%-80% in the next 6-12 months, or
EBITDA/interest drops below 3x-3.5x.

Upward rating pressure is unlikely in the near term given the
company's aggressive expansion and high debt leverage. However,
the rating could be upgraded in the medium term if the company can
demonstrate a track record of improving its financial profile,
especially in its debt leverage, through further geographical
diversification and successful sales execution, while maintaining
good profitability and disciplined land acquisitions.

Moody's will consider an upgrade if the company maintains adjusted
debt/capitalization below 50%-55%, EBITDA/interest above 4x-4.5x,
and revenue/gross debt above 90%-100%.

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

Established in 1994 and listed on the Hong Kong Exchange in 2005,
Guangzhou R&F Properties Co Ltd is a mid-sized developer in
China's residential and commercial properties sector. As of 31
December 2013, the company had an attributable land bank of 43.3
million sqm in 25 cities and area, including 24 cities and area in
China and 1 in Malaysia. Mr Li Sze Lim and Mr Zhang Li are the co-
founders of the company and own 33.36% and 32.02% in equity
interests, respectively.


TIMES PROPERTY: Moody's Rates $225MM Senior Unsecured Notes 'B2'
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 rating to
Times Property Holdings Limited's $225 million, 12.625%, 5-year
senior unsecured notes, due 21 March 2019.

The outlook for the rating is stable.

Ratings Rationale

Moody's definitive rating on this debt obligation follows Times
Property's completion of its USD note issuance, the final terms
and conditions of which are consistent with Moody's expectations.

The provisional rating was assigned on 10 March, and Moody's
rating rationale was set out in a press release published on the
same day.

The company plans to use the proceeds from the proposed issuance
for debt refinancing, land acquisitions and project development,
and other general corporate purposes.

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

Times Property Holdings Limited is a small- to mid-sized property
developer based in Guangdong Province. It focuses on the
development of mass-market housing catering for end-user demand.
At end-2013, it had 22 property projects in five cities in
Guangdong Province, including Guangzhou, as well as Changsha in
Hunan Province, with a total land bank of around 8.17 million
square meters.

Regulatory Disclosures

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in
relation to each rating of a subsequently issued bond or note of
the same series or category/class of debt or pursuant to a program
for which the ratings are derived exclusively from existing
ratings in accordance with Moody's rating practices. For ratings
issued on a support provider, this announcement provides certain
regulatory disclosures in relation to the rating action on the
support provider and in relation to each particular rating action
for securities that derive their credit ratings from the support
provider's credit rating. For provisional ratings, this
announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a
definitive rating that may be assigned subsequent to the final
issuance of the debt, in each case where the transaction structure
and terms have not changed prior to the assignment of the
definitive rating in a manner that would have affected the rating.

For any affected securities or rated entities receiving direct
credit support from the primary entity(ies) of this rating action,
and whose ratings may change as a result of this rating action,
the associated regulatory disclosures will be those of the
guarantor entity. Exceptions to this approach exist for the
following disclosures, if applicable to jurisdiction: Ancillary
Services, Disclosure to rated entity, Disclosure from rated
entity.


WUZHOU INT'L: 2013 Results Support Moody's B2 CFR, B3 Bond Rating
-----------------------------------------------------------------
Moody's Investors Service says Wuzhou International Holdings
Limited's 2013 results support its B2 corporate family and B3
senior unsecured bond rating.

The ratings outlook remains stable.

"Wuzhou's strong sales growth and adequate liquidity mitigate its
weakened gross margin and reduced interest coverage ratio in
2013," says Jiming Zou, a Moody's Assistant Vice President and
Analyst.

"As such, the company's overall business and financial profile
remain consistent with its B2 corporate family rating," adds Zou.

Wuzhou's contracted sales grew by 87.7% to RMB5.2 billion in 2013,
and will support revenues and earnings visibility in the next 12-
18 months.

The increase was contributed by its new wholesales markets and
commercial complexes in Zhejiang, Shandong, Hubei and Yunnan, in
addition to Wuzhou's home base of Jiangsu province.

At the same time, Wuzhou achieved 80% revenue growth to RMB4.1
billion in 2013. Its public share listing and bond issuance in
2013 boosted the company's financial resources and facilitated its
development towards completion and delivery.

However, with its growing footprint in low-tier cities, Moody's
expects the company's gross margin will weaken from its historical
highs. Its gross margin declined to 43.7% in 2013 from 53.3% as a
result of lower average selling prices for projects located in
low-tier cities.

Nevertheless, a gross margin close to 40% still positions the
company among the most profitable developers. Wuzhou's low land
costs, accounting for about 10% of average selling prices, are the
main reason for its high gross margin.

Wuzhou's EBITDA interest coverage remained at a healthy level
despite lowering to 3.0x in 2013 from 4.3x in 2012, as gross debt
rose faster than earnings growth.

The company reported a debt/book capital ratio of about 50%. Its
initial public offering boosted its equity base and mitigated the
impact from the increase in its total debt to RMB3.8 billion at
end-2013 from RMB2.4 billion a year ago.

Wuzhou's liquidity remained adequate. Its RMB1.4 billion cash
balance covered RMB1.1 billion short-term debt and RMB183 million
committed land acquisition at end-2013. Wuzhou's adequate
liquidity supports its ratings, given its exposure to the volatile
commercial property markets in low-tier cities and rising concerns
over excess supply and tightening credit conditions.

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

Wuzhou International Holdings Limited is a property developer in
China and specializes in the development and operation of
wholesale markets and multi-functional commercial complexes. The
company was listed on the Hong Kong Stock Exchange in June 2013.



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AKASH POULTRY: ICRA Assigns 'B' Rating to INR5.85cr Loans
---------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to INR5.00 crore
cash credit and INR0.85 crore term loan facilities of Akash
Poultry Farm.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term-Cash
   Credit              5.00        [ICRA]B assigned

   Long Term-Term
   Loan                0.85        [ICRA]B assigned

The assigned rating takes into consideration long standing
promoter's experience of more than a decade in the poultry
business, healthy growth achieved during past few years albeit on
a low base, in house feed production enabling the firm to manage
feed costs to some extent which accounts for majority of
operational expenses and favorable long term demand prospects for
domestic poultry industry. The rating however is constrained by
stretched financial profile marked by leveraged capital
structure, adverse debt protection metrics and tight liquidity
position owing to working capital intensive operations, high
competitive intensity in the poultry industry emanating from both
organized and unorganized players, exposure to inherent risks of
poultry industry like disease out breaks, volatile
realization and seasonal nature of business and small scale of
operations limiting the financial flexibility.

Incorporated in 2006, Akash Poultry Farm is involved in the
business of contract broiler farming and breeder farming. The firm
undertakes contract broiler farming of around 5,00,000 DOCs (day
old chicks) with 150 different farmers and breeder (parent)
farming of 60,000 COBB-400 breeder at various sites producing
6,00,000 hatching eggs per month. The firm also produces poultry
feed for captive consumption to feed broiler as well as breeder.
The firm carries out its poultry farming activities from its
facilities located at Kalwan, Nashik, Maharashtra. Mr. Sanjay
Deore is the CEO of the firm having over a decade of experience in
the poultry industry. He looks after the entire management and
is involved in day to day operations of the firm.

Recent Results

During FY13, APF reported operating income of INR32.88 crore,
OPBITA of INR0.85 crore and PAT of INR0.22 crore.


ALLKOSHYS ALLSPICES: CRISIL Rates INR10MM Cash Credit at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Allkoshys Allspices.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Packing Credit         45        CRISIL A4 (Assigned)

   Cash Credit            10        CRISIL B+/Stable (Assigned)

   Foreign Bill
   Discounting            35        CRISIL A4 (Assigned)

The ratings reflect AA's large working capital requirements, and
its below-average financial risk profile marked by high gearing.
These rating weaknesses are partially offset by the extensive
experience of AA's promoters and the firm's long-standing
relationship with its suppliers and customers.

Outlook: Stable

CRISIL believes that AA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers
significant improvement in its financial risk profile, most likely
driven by better-than-expected cash accruals along with efficient
working capital management. Conversely, the outlook may be revised
to 'Negative' in case AA's revenues and profitability decline, or
the firm's financial risk profile deteriorates owing to more-than-
expected debt-funded capital expenditure or stretch in working
capital.

Set up in 1997, AA processes and exports two main types of spices
' dehydrated green pepper and brined green pepper. The firm's day-
to-day operations are managed by its managing partner, Mr. Selwyn
Koshy.

For 2012-13 (refers to financial year, April 1 to March 31), AA
reported a profit after tax (PAT) of INR2.3 million on revenue of
INR206 million, against a PAT of INR0.6 million on revenue of
INR124 million for 2011-12.


ANNEX GLASS: ICRA Assigns 'IrC-' Long Term Rating
-------------------------------------------------
ICRA has assigned a long term rating of 'IrC-' to Annex Glass
Industries Private Limited.

The assigned rating is constrained by weak financial profile
characterized by net losses and stretched coverage indicators.
AGIPL was able to achieve only 20% capacity utilization by end of
first two years of operations primarily on account of initial
teething problems in stabilization of operations coupled with
delayed marketing efforts. However, ICRA notes that the order flow
improved during current financial year resulting in improved
capacity utilization during 9M FY 14. The company incurred net
losses since inception resulting in net worth erosion and thereby
the gearing is high at 3.06 times as on March 31, 2013. Given the
wide range of glasses, the inventory holding is high this coupled
with high debtor days has resulted in high working capital
intensity. Owing to its modest scale of operations, the company
has limited bargaining power with glass suppliers given their
dominant size (Obeikan Glass and Saint Gobain two leading glass
manufacturers account for 90% of total supplies). With 80% of raw
material being imported, the company remains exposed to foreign
exchange fluctuations on account of lack of hedging policy.

Comfort may however be drawn from the consistent fund infusion in
the form of unsecured loans by the promoters to support the
operations during the initial ramp up period.

The ability of the company to attain breakeven, critically depends
on its capability to ramp up its volumes and attain high levels of
capacity utilization. ICRA expects some deterioration in leverage
ratios as it expects increase in the gearing levels on account of
continuing losses at the net level.

Annex Glass Industries Private Limited was incorporated in August
2007 and deals in all types of architectural glass products viz.
tempered, insulated, laminated, ceramic printed and designer
glasses key building material. The company was promoted by Mr. P.
Bapaiah and Mr. S. Anil kumar. The company has set up a fully
automated glass processing plant with an installed capacity of
9,10,000 Sq. Mt at Kesaram Village, Rangareddy district of Andhra
Pradesh at a cost of INR38.75 crore funded by term loan of
INR20.80 crore and INR17.95 crore by way of equity / unsecured
loans from promoters. The plant achieved commercial production in
January 2011.

Recent Results

AGIPL reported net loss of INR1.01 crore (-6.0%) on a turnover of
INR16.66 crore during FY 13 as compared to a net loss of INR2.92
crore ( -25.2% ) on a turnover of INR11.58 crore in FY 12.


ARMANIA AGRO: ICRA Reaffirms 'B' Rating on INR7.35cr Loans
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' assigned to the INR7.35 crore
(enhanced from INR5.00 crore) long term fund based facilities of
Armania Agro Industries.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan          0.35        [ICRA]B reaffirmed
   Cash Credit        7.00        [ICRA]B reaffirmed

The reaffirmation of rating takes into account AAI's relatively
modest scale of operations and weak financial profile as reflected
in its low profitability, highly leveraged capital structure, weak
debt coverage indicators and tight liquidity position. The rating
is further constrained by the highly competitive and fragmented
industry structure resulting in thin margins; and exposure of the
entity's profitability to agro- climatic risks and regulatory
policies.

ICRA also notes that AAI is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure.

The rating however, continues to positively consider the past
experience of the promoters in agro commodities trading; steady
growth in AAI's operating income driven by increased off-take
volume in recent periods; favorable location of the firm with
proximity to wheat cultivated in Gujarat and stable demand
prospects for wheat due to increasing population and varied
applications of the product.

Himatnagar (Gujarat) based Armania Agro Industries was
incorporated in the year 2008 and is engaged in wheat sorting
operations with an installed capacity of 150 MT per day. AAI is
owned by the Patel family, with the partners having previous
experience of trading in agro commodities through their erstwhile
concern Prakash Trading Company.

Recent Results

For the financial year 2012-13, the firm reported an operating
income of INR57.68 Cr. and profit after tax of INR0.29 Cr. as
against an operating income of INR37.89 Cr. and profit after tax
of INR0.09 Cr. for the financial year 2011-12. The firm has
reported sales of INR48.17 Cr. for 8M FY14 (provisional
unaudited).


BAU DEVELOPERS: ICRA Reaffirms 'B' Rating on INR46cr Loan
---------------------------------------------------------
ICRA has re-affirmed the long-term rating outstanding on the
INR46.00 crore (enhanced from INR30.00 crore) fund based bank
limits of BAU Developers Private Limited at [ICRA]B.

                          Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund based limits      46.0       [ICRA]B Re-affirmed

The rating re-affirmation takes into account BAUDPL's exposure to
execution risks in terms of time and cost overruns. The project
had witnessed execution delays in the past on account of changes
in Development Control Regulation (DCR) norms due to which
construction had been put on hold for some time in FY2013, and the
project completion date was revised from April 2015 to June 2016.
However, the company has received the Commencement Certificate
(CC) up to the 30th floor, which provides comfort to some extent.
The re-affirmation of the rating also takes into account the
company's exposure to high market risks with the sale for 70% of
the project area yet to be tied-up, and funding risk with ~47% of
the balance cost to be borne by customer advances, which in turn
are contingent upon the timings of bookings and collections from
customers. The risks are further accentuated considering the high
debt repayment burden in the near-term, given the short maturity
profile of the debt.

The rating, however, favorably factors in the long standing
experience of the company's promoters in the real estate segment.
The firm is a part of the Red Brick Group, which has an
established track record of having constructed more than 3.3
million sq.ft. of space over the last four decades. The rating
also factors in the attractive location of the project at
Kandivali (W), Mumbai, by virtue of its proximity to the Link Road
and Kandivali suburban railway station, which is ~2.5 km from the
project area. ICRA also notes that the company has received all
critical approvals required for the project, while construction of
the rehabilitation tower has been completed and possession already
been given.

Going forward, the company's ability to achieve high sales
velocity and strong collection efficiency in the project would
remain critical to avoid cash-flow mismatches; and would
constitute a key rating sensitivity factor.

BAU Developers Private Limitedis a part of Red Brick Group, a
consortium of 18 companies, primarily engaged in construction,
development, sale and lease of commercial, residential and
industrial properties. The Group, promoted by the Goenka family,
has been in the real estate business for more than four decades.
It has historically been engaged in the leasing of commercial
space, having leased out ~0.9 million sq.ft. of commercial space
across Mumbai, Chennai and Bangalore. The Group has also developed
more than 3.3 million sq.ft. all over India in the last four
decades. Incorporated in 2005, BAUDPL is engaged in real estate
development in Mumbai. The company is currently developing a high-
end residential real estate project IBIS at Kandivali (W), Mumbai.
The project is being undertaken under the slum rehabilitation
scheme (SRS) promoted by the Slum Rehabilitation Authority (SRA).


BHARAT CATTLEFEED: CRISIL Assigns 'B+' Rating to INR80MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Bharat Cattlefeed Industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     40        CRISIL B+/Stable

The rating reflects BCI's exposure to intense competition,
susceptibility of its operating margin to fluctuations in raw
material prices, and average financial risk profile marked by
leveraged capital structure. These rating weaknesses are partially
offset by the extensive experience of BCI's promoters in the
cattle feed industry.

Outlook: Stable

CRISIL believes that BCI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the firm registers
higher-than-expected revenue growth while maintaining its
profitability, and its financial risk profile improves
significantly backed by better cash accruals and working capital
management. Conversely, the outlook may be revised to 'Negative'
in case BCI's capital structure deteriorates further on account of
stretched working capital cycle, or its financial risk profile
weakens owing to a decline in profitability or any large debt-
funded capital expenditure programme.

BCI was established in 1999 by Mr. Sunil Shah. It manufactures
cattle feed products at its facility in Vadodara (Guja).

For 2012-13 (refers to financial year, April 1 to March 31), BCI
reported a net profit of INR4.1 million on net sales of INR257.5
million, against a net profit of INR3.2 million on net sales of
INR148.0 million for 2011-12.


DHARESHWAR COTTEX: CRISIL Assigns 'B' Rating to INR200MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Dhareshwar Cottex (c).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               15        CRISIL B/Stable (Assigned)
   Cash Credit             70        CRISIL B/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility     115        CRISIL B/Stable (Assigned)

The rating reflects DC's initial stage and modest scale of
operations in the highly competitive cotton industry, large
working capital requirements, and average financial risk profile
marked by average gearing and debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of DC's promoters in the cotton industry, and the proximity of the
firm's upcoming unit to the cotton-growing belt in Gujarat.

Outlook: Stable

CRISIL believes that DC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm stabilises its
operations earlier than expected while improving its capital
structure, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
low accruals, or significant stretch in working capital
requirements, or substantial capital withdrawal by promoters,
affecting DC's liquidity, or substantial debt-funded expansion,
significantly weakening its financial risk profile.

Set up in 2013, DC is a partnership firm located in Bhavnagar
(Gujarat). The firm recently set up a unit for cotton ginning and
pressing. It commenced operations in January 2014.


DUNNIMAA ENGINEERS: CRISIL Cuts Rating on INR320MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dunnimaa Engineers and Divers Enterprises Pvt Ltd to 'CRISIL D'
from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           135        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Long Term     75        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Term Loan             110        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects instances of delay by DEDEPL in servicing
its debt. The delays are on account of DEDEPL's weak liquidity,
arising from delayed realisation of payments from its customers.

DEDEPL has an average capital structure and weak liquidity on
account of large working capital requirements. Also, the company
faces competition power as it is present in the medium to low end
of the oilfield services spectrum. However, the company benefits
from its promoters' extensive experience in executing underwater
diving contracts.

DEDEPL was set up in 1996 by the Navi Mumbai (Maharashtra)-based
Rathore family. The company provides professional underwater
diving services to oilfields. It is currently managed by Mr. Sumer
Singh Rathore and his sons Mr. Arjun Rathore and Mr. Ajay Rathore.

DEDEPL reported a profit after tax (PAT) of INR8 million on net
sales of INR212 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR60 million on net sales
of INR212 million for 2011-12.


ELDER HEALTHCARE: ICRA Suspends 'D' Rating on INR47cr Loans
-----------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' and short
term rating of '[ICRA]D' rating assigned to the INR47.00 crore
facilities of Elder Healthcare Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long Term Fund
   Based-Term Loan        7.00        [ICRA]D (Suspended)

   Long Term Fund
   Based-Cash Credit     31.50        [ICRA]D (Suspended)

   Short Term Non-
   Fund Based-Letter
   of Credit              8.50        [ICRA]D (Suspended)

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.

Elder Health Care Limited was incorporated in the year 1988 as
Elder Health Care Private Limited, promoted by Mr. Jagdish Saxena
and Elder Pharmaceuticals Limited. EHCPL was converted into a
Limited Company in July 1992 and later came out with a public
issue of INR1.05 crore. The company is listed on the Bombay Stock
Exchange (BSE). Dr Anuj Saxena, son of Mr. Jagdish Saxena, joined
the Management in 1991 and has since been actively involved in the
operations of the company. The company has its headquarters in
Mumbai and manufacturing facilities in Patalganga and Rabale, in
Maharashtra and Paonta Sahib in Himachal Pradesh.


ENCON IMPEX: ICRA Assigns 'B+' Rating to INR7.50cr Loan
-------------------------------------------------------
ICRA has assigned '[ICRA]B+' rating to the INR7.50 crore long term
fund based facilities of Encon Impex Private Limited.

                             Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------     -------
   Fund based facilities      7.50        [ICRA]B+/assigned

The assigned rating factors in the long standing presence of
promoters in the business of distributing computer hardware and
peripherals in the Karnataka region and steady growth in revenues
over the years with stable operating margins. The Company has the
regional distributorship of well established brands for the
Karnataka/Southern India thereby ensuring regular order flow from
the region. However, the rating is constrained by weak financial
profile marked by thin margins, high gearing, weak coverage
metrics and stretched cash flows owing to high working capital
utilization. Going forward, the Company's ability to improve its
margins and capital structure while growing its business would be
key rating sensitivities.

Encon Impex Private Limited was incorporated in the year 2005.
EIPL is a 100% family owned business with Mr. Prakash C Sipani
being the Managing Director. The company is engaged in
distributing computer hardware, peripherals and mobiles. Under
Computer hardware the Company supplies laptops, desktops, Intel
processors, motherboards, tablets and printers. The Company also
has an authorized service center for HP Printers. Recently during
2013-14 the Company has secured Regional Distributorship (RD) for
"Samsung", "Acer", "Rapoo" (headphones), and "Sony" for
Karnataka/South India. Also during the period 2013-14 the Company
has further diversified itself by introducing safety lockers to
the product portfolio for which the Company is the RD for
"Godrej". The Company has taken on rent ~4,000 sq ft area
comprising of office and warehouse.

Recent results
The Company reported net profit of INR0.2 crore on operating
income of INR85.5 crores during 2012-13 as against net profit of
INR0.3 crore on operating income of INR65.0 crores during 2011-12.


EPICENTER TECHNOLOGIES: ICRA Reaffirms B Rating on INR10cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term of '[ICRA]B' assigned to the
INR10.0 crore long term, fund based limits and the short-term
rating of '[ICRA]A4' assigned to the INR4.25 crore short term, non
fund based limits of Epicenter Technologies Private Limited.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Long-term, fund-
   based facilities        10.00     [ICRA]B reaffirmed

   Short-term, non
   fund-based facilities    4.25     [ICRA]A4 reaffirmed

The ratings factor in the sustained financial support enjoyed by
ETPL from the promoter group, its recent diversification
endeavours by entering newer verticals and expanding in the
domestic market, However, the ratings are constrained by the
continued losses that have resulted in negative net worth, the
relatively small scale of operations, the loss of major accounts
impacting revenue growth and profitability and the high
geographical concentration of business and dependence on a few
clients for a major share of revenues.

Epicenter Technologies Private Limited (ETPL), set up in 2000, is
a voice based BPO company providing collection services, and query
support and sales. The company operates out of a 700 seat facility
at Bhayander, Thane. ETPL is a joint venture between Pune based
Kalyani Group, Mr. Kenneth Eldred (Chairman of Ariba Group, USA)
and Seignior Exports Private Limited.

Recent Results

As per audited numbers, ETPL reported a loss of INR4.3 crore on an
operating income of INR33.0 crore in 2012-13 against a loss of
INR3.4 crore and on an operating income of INR43.0 crore in 2011-
12.


HALDIA PETROCHEM: ICRA Reaffirms 'D' Rating on INR5,127cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long term rating outstanding on the
INR2421 crore term loans (current outstanding INR1857 crore) and
the INR600 crore, fund-based facilities of Haldia Petrochemicals
Limited at '[ICRA]D'. ICRA has also reaffirmed the short term
rating outstanding on the INR2106 crore non-fund based facilities
of HPL at [ICRA]D.  ICRA has also reaffirmed the Issuer Rating of
HPL at IrD. The rating is only an opinion on the general
creditworthiness of the rated entity and not specific to any
particular debt instrument.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans           2,421.00      [ICRA]D reaffirmed

   Fund Based Limits      600.00      [ICRA]D reaffirmed

   Non-Fund Based
   Limits               2,106.00      [ICRA]D reaffirmed

   Issuer Rating          N.A.        IrD reaffirmed

The rating reaffirmation factors in the delays in servicing of
debt obligations due to stretched liquidity position of HPL. The
liquidity position of the company has been constrained due to the
continuing poor financial performance of HPL with substantial
losses in 2012-13 and YTD 2013-14 emanating from very low
international tolling margins because of demand slowdown and over
capacity globally.

Moreover, due to lack of adequate working capital limits, the
company has been constrained to operate its plants at low
throughput leading to high energy consumption level impacting its
cost structure adversely. ICRA also notes that the divestment
process initiated by the government of West Bengal (GoWB) has been
delayed owing to the decision by the Supreme Court in December
2013 to allow the Chatterjee Group from approaching the
International Court of Arbitration for resolution of the
ownership dispute. Pending a final decision from the International
Court, the GoWB may not be able to divest a part of its stake,
unless the same is resolved otherwise/amicably, due to which the
divestment process has been stalled. Furthermore due to the
continuing differences between the main promoters there has been
no equity infusion to correct the capital structure and ease the
liquidity position of HPL.

Accordingly the company's financial performance is likely to
remain adverse in the near term, with the company's networth
likely to be fully eroded by March'14, unless further capital is
infused or alternate arrangements are made to protect 100% erosion
of networth. In the absence of the latter, the company may have to
be referred to the Board of Industrial and Financial
Reconstruction (BIFR).

The ratings however factor in HPL's demonstrated track record in
the petrochemicals business, its leading market position in the
Eastern India market for polymers, locational advantage in
servicing Eastern India and Asian export demand and favourable
outlook for polymers demand in India over the long term from
several end users. The ratings also consider the cyclicality
inherent in the petrochemicals business and the vulnerability of
its profitability to changes in import duty levels and Rupee-US
dollar parity.

Haldia Petrochemicals Limited is a joint venture between the
Government of West Bengal (GoWB), the Dr. Purnendu Chatterjee-led
Chatterjee Petrochem (Mauritius) and The Tata Group.  Indian Oil
Corporation Limited (IOC) also has equity stakes in the company.
HPL manufactures commodity polymers like high-density polyethylene
(HDPE), linear low-density polyethylene (LLDPE), and polypropylene
(PP), and chemicals/fuels like benzene, butadiene, Carbon Black
Feedstock (CBFS), liquefied petroleum gas (LPG), motor spirit, and
pyrolysis gasoline, with intermediates being * 100 lakh = 1 crore
= 10 million.


HALLMARK AQUAEQUIPMENT: CRISIL Puts B+ Rating on INR64.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Hallmark Aquaequipment Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Rupee Term Loan       3.5        CRISIL B+/Stable (Assigned)
   Letter of Credit     15.0        CRISIL A4 (Assigned)
   Bank Guarantee        5.0        CRISIL A4 (Assigned)
   Cash Credit          61.0        CRISIL B+/Stable (Assigned)

The rating reflects HAEPL's modest scale of operations in the
intensely competitive pipes and fittings business and its below-
average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the pipes and fittings business and its diversified clientele.

Outlook: Stable

CRISIL believes that HAEPL will continue to benefit over the
medium term from the extensive experience of its promoters and in
the high-density polyethylene (HDPE) pipe and pipe fitting
business. The outlook may be revised to 'Positive' in case of
significant increase in its scale of operations and profitability
or better working capital management, leading to improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if HAEPL's liquidity deteriorates, most likely
because of increasing working capital requirements, lower
profitability or any large debt-funded capital expenditure plans
leading to weakening of its liquidity.

Incorporated in 1993, HAEPL is into manufacturing of HDPE pipes
and pipe fittings. The company sells its products to large
corporations for execution of various projects and also through
its retail network. All the products are sold by HAEPL under the
'Hallmark' brand. The day-to-day operations of the company are
managed by Mr. Pranab Kumar Ghosh.


HIMAT GLAZE: CRISIL Assigns 'B+' Rating to INR49MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Himat Glaze Tiles.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             24.5       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     4.5       CRISIL B+/Stable (Assigned)

   Bank Guarantee        11         CRISIL A4 (Assigned)

   Cash Credit           20         CRISIL B+/Stable (Assigned)

The ratings reflect HGT's modest scale of operations in the highly
competitive ceramics industry, and its average capital structure.
These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the ceramics industry, and
the proximity of its manufacturing facilities to raw material and
labour resources.

Outlook: Stable

CRISIL believes that HGT will benefit over the medium term from
its promoters' industry experience. The outlook may be revised to
'Positive' if HGT improves its scale of operations while
maintaining its profitability, leading to larger-than-expected
cash accruals, or if it improves its capital structure.
Conversely, the outlook maybe revised to 'Negative' if the firm's
accruals are lower than expectations due to reduced order flow or
profitability, or if it's financial risk profile deteriorates,
most likely because of a stretch in its working capital cycle or
substantial debt-funded capital expenditure.

HGT, established in 1996, is promoted by the Morbi (Gujarat)-based
Gami family and others. The firm manufactures wall tiles of
various sizes at its facilities in Morbi, with an installed
capacity of 30,000 tonnes per annum

For 2012-13 (refers to financial year, April 1 to March 31), HGT
booked a profit of INR2.2 million on net sales of INR72.9 million,
against a booked profit of INR3.3 million on net sales of INR101.2
million for 2011-12.


JYOTI GENERAL: ICRA Reaffirms 'B+' Rating on INR7.2cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA] B+' for
INR1.20 crores term loans and INR6.00 crores fund based bank
facilities of Jyoti General Industries.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         6.00        [ICRA]B+ reaffirmed
   Term Loan           1.20        [ICRA]B+ reaffirmed

The rating reaffirmation factors in small scale of operations of
the firm which coupled with low value added nature of the business
and high competition in the industry has led to moderate
profitability and debt coverage indicators. The rating also takes
into account relatively high gearing of the firm on account of
high working capital borrowings owing to working capital intensive
nature of business. The rating is also constrained by agro
climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating however, takes comfort from
long standing experience of promoters, strong relationships with
customers which results in repeat orders and proximity of the mill
to major rice growing area which results in easy availability of
paddy.

Jyoti General Industries was established in the year 1981 as a
partnership firm with Than Mal Totla, and Mr. Prabhulal Totla as
partners. In the year 2004 partnership was re constituted with Mr
Than Mal Totla, Mr. Vinod Kumar Totla, Ashok Kumar Totla, Shiv
Kumar Totla as partners in equal ratio. All the partners are
actively engaged in the management of the company. JGI is engaged
in processing and trading of rice. Head office as well as the
manufacturing plant of the company is located at Chittor road,
Bundi Rajasthan.

Recent Results
JGI reported a net profit of INR0.79 crores on an operating income
of INR23.79 crores for the year ended March 31, 2013 as compared
to net profit of INR0.67 crore on an operating income of INR17.08
crore for the year ended March 31, 2012.


KASHYAP & SONS: CRISIL Cuts Rating on INR6.25BB Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of BL
Kashyap & Sons Ltd to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       3,750       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit          2,480       CRISIL D (Downgraded from
                                    'CRISIL C')

   Cheque Discounting      20       CRISIL D (Downgraded from
                                    'CRISIL C')

CRISIL's ratings on the bank loan facilities of BLK are based on
publicly available information as BLK has not co-operated with
CRISIL in its surveillance process.

The rating downgrade reflects instances of delay by BLK in
servicing its debt, due to weak liquidity. BLK also has large
working capital requirements and is susceptible to cyclical demand
in the real estate segment. However, BLK benefits from its
established market position in the construction sector.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BLK and its subsidiaries, namely, BLK
Lifestyle Ltd, Security Information Systems (India) Ltd, BLK
Infrastructure Ltd, and Soul Space Pvt. Ltd (SSPL). This is
because SSPL is BLK's real estate arm; and the other subsidiaries
provide related services.
About the Group

BLK was established as BL Kashyap and Sons Pvt Ltd (BLKSPL) in
1989 by Mr. Vinod Kashyap, Mr. Vineet Kashyap, and Mr. Vikram
Kashyap. BLKSPL was reconstituted as a public limited company and
renamed as BLK in 1995. The promoters have been active in the real
estate sector since 1978 and subsequently transferred the business
to BLKSPL.

BLK provides construction services to customers operating in the
commercial, residential, and industrial segments. The company has
also ventured into real estate development and related services,
such as furnishing.

BLK reported a consolidated net profit of INR0.08 billion on net
sales of INR15.4 billion for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a net loss of INR0.06 billion on
net sales of INR19.6 billion for 2011-12.

For the nine months ended December 31, 2013, BLK, on a standalone
basis, reported a net loss of INR0.45 billion on net sales of
INR10 billion, against a PAT of INR0.08 billion on net sales of
INR11 billion for the corresponding period of the previous year.


KHANNA BUILDERS: CRISIL Reaffirms 'B' Rating on INR200MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Khanna Builders &
Developers continues to reflect KBD's exposure to risks related to
funding and demand for its project, accentuated by dependence on
customer advances for a large part of the project funding.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan             200        CRISIL B/Stable (Reaffirmed)

The rating also factors in the firm's vulnerability to cyclicality
in the Indian real estate sector. These rating weaknesses are
partially offset by the extensive experience of KBD's promoters in
the real estate sector and the firm's strong brand recognition in
the real estate market of Jabalpur (Madhya Pradesh) and moderately
low implementation risk.

Outlook: Stable

CRISIL believes that KBD will continue to benefit over the medium
term from its promoters' extensive experience in the construction
industry. However, the firm's credit risk profile will remain
sensitive to timely inflow of customer advances for funding its
large ongoing project. The outlook may be revised to 'Positive' if
KBD reports better-than-expected booking of units and receipt of
customer advances, leading to higher-than-anticipated cash
inflows. Conversely, the outlook may be revised to 'Negative' in
case of more-than-expected deterioration in the firm's liquidity,
either because of delays in project completion or in receipt of
customer advances.

Update
KBD is executing a residential project, Sukh Sagar Valley ' Phase
II, comprising 190 units, in Jabalpur. The construction has been
marginally slower than expected, and is around 75 per cent
complete. The bookings and customer advances are also marginally
lower than expected, with 100 units booked (around 52 per cent of
total units) and customer advances of around INR700 million
received till January 2014. As most of the units in the project
are high-budget villas, the slow economy has affected booking
rate. The firm is yet to incur around 25 per cent of the
construction cost and relies extensively on customer advances to
fund the same. Hence, new bookings of units and timely receipt of
customer advances remains a key monitorable. However, KBD's
liquidity is supported by continuous, higher-than-expected funding
support from promoters to meet the construction cost as well as
debt obligations.

KBD, set up in 2002, is part of the Jabalpur-based Khanna group.
KBD is engaged in residential real estate development, primarily
in Jabalpur. It is executing a residential township project, Sukh
Sagar Valley - Phase 2, with 190 units. The projects in this phase
of the township project include Casa Elita, Casa Victoria,
Sunflower ' 2, Lily -2, Tulip -2, and Pearl. Currently, the Khanna
group is managed by Mr. Baljinder Singh Khanna with the support of
his two sons, Mr. Ramandeep Singh Khanna and Mr. Manjit Khanna.


M.M. SAW MILLS: CRISIL Reaffirms 'B+' Rating on INR30MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of M.M. Saw Mills &
Industries continue to reflect MMSMI's modest scale of operations
in the fragmented and competitive timber-trading industry, weak
financial risk profile marked by small net worth and modest debt
protection metrics, and working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of MMSMI's promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           30         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      67.5       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MMSMI will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationship with customers. The outlook may be
revised to 'Positive' in case of significant increase in the
firm's revenue and profitability, along with improvement in its
working capital management and equity infusions, leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if large debt-funded capital expenditure
materially impacts MMSMI's debt protection metrics, the firm's
revenue and profitability decline significantly, or its working
capital management weakens, affecting its financial risk profile,
particularly its liquidity.

Update
MMSMI reported revenue of INR261.6 million in 2012-13 (refers to
financial year, April 1 to March 31), which was broadly in line
with CRISIL's expectation, registering year-on-year growth of
around 8 per cent. The firm reported operating margin of around
2.8 per cent, which was also in line with CRISIL's expectation.
Hence, its cash accruals were also in line with CRISIL's
expectation. During 2013-14, MMSMI is likely to register moderate
revenue growth of 15 to 20 per cent and operating margin of around
2.5 per cent, supported by its hedging strategy.

MMSMI's financial risk profile remains weak, marked by small net
worth, high gearing, and weak debt protection measures. The firm
had a net worth of INR30 million and gearing of 2.78 times as on
March 31, 2013. Its debt protection measures are weak, with
interest coverage ratio of 1.36 times and net cash accruals to
total debt ratio of 2 per cent for 2012-13. MMSMI's financial risk
profile is expected to remain weak over the medium term because of
modest cash accruals from the business.

The firm's liquidity is marked by high bank limit utilisation of
around 96.5 per cent on an average over the 12 months through
February 2014. The liquidity is supported by continuing fund
infusions by the promoters; also, the firm does not have term
debt, other than vehicle loans. Fluctuations in foreign exchange
(forex) rates and forex hedging practices remain rating
sensitivity factors for the firm.

MMSMI, set up as a partnership firm in 1992, trades in timber. The
firm is based in Muvattupuzha (Kerala) and is promoted by Mr.
Mohammad Kunju. MMSMI trades in sawn timber and log wood.


MOHAMEDEN'S TIMBER: CRISIL Reaffirms B+ Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mohameden's Timber
Corporation continue to reflect MTC's modest scale of operations
in the fragmented and competitive timber-trading industry, its
weak financial risk profile, marked by a small net worth and
modest debt protection metrics, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           30         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      67.5       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that MTC will continue to benefit over the medium
term from its promoters' extensive industry experience and
established customer relationships. The outlook may be revised to
'Positive' if there is a significant increase in the firm's
revenues and profitability, along with improvement in its working
capital management and equity infusions, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of substantial debt-funded capital expenditure,
a significant decline in the firm's revenues and profitability, or
deterioration in its working capital management, adversely
impacting its financial risk profile.

Update
MTC's revenue increased by around 33 per cent year-on-year to
INR298.5 million for 2012-13 (refers to financial year, April 1 to
March 31), which was better than CRISIL's expectations. The firm's
operating margin, however, dipped to 1.8 per cent in 2012-13, as
the rupee depreciation led to a foreign exchange (forex) loss of
around INR8 million. Its performance, however, has improved in
2013-14 as it has started to hedge its foreign currency payments.
MTC's revenue is expected to be around INR350 million, while its
operating margin is expected to improve to past levels in 2013-14.

MTC's financial risk profile continues to be weak, marked by a
small net worth, high gearing, and weak debt protection metrics.
The firm had a net worth of INR34.5 million, and a gearing of
around 2.97 times, as on March 31, 2013.  Its interest coverage
ratio was 1.18 times and net cash accruals to total debt ratio 1
per cent for 2012-13. The firm has acquired a saw mill at a cost
of INR100 million in 2013-14, which is estimated to have been part
funded by promoter fund infusion of around INR50 million. This is
expected to improve MTC's net worth and thereby its capital
structure over the medium term.

MTC's liquidity is marked by high bank limit utilisation, at an
average of around 85.5 per cent over the 12 months through
February 2014. Its liquidity is supported by the continuing fund
infusions by promoters and also by the lack of any term debt,
other than vehicle loans, in its books. The recently completed
acquisition has not affected its liquidity as the acquisition was
fully funded by promoters and through unsecured loans from friends
and relatives.

MTC, set up as a partnership firm in 1977, is engaged in timber
trading. The Kerala-based firm is promoted by Mr. Mohammad Kunju
and his son Mr. Abdul Kalam Kutty.


NAJEEM CASHEW: CRISIL Reaffirms 'B-' Rating on INR10MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Najeem Cashew
Industries continue to reflect NCI's weak financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics. The ratings also factor in the firm's moderate
scale of operations and its exposure to intense competition in the
cashew processing industry. These rating weaknesses are partially
offset by the extensive industry experience of NCI's promoters.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              10      CRISIL B-/Stable (Reaffirmed)
   Foreign Bill Purchase    20      CRISIL A4 (Reaffirmed)
   Packing Credit           90      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that NCI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if NCI's cash accruals and
capital structure improve. Conversely, the outlook may be revised
to 'Negative' if the firm's financial risk profile deteriorates
further, most likely because of a sharp decline in its revenues
and profitability, substantial debt-funded capital expenditure
(capex), or significant withdrawal of capital by its promoter.

Update
NCI reported revenues of INR501 million for 2012-13 (refers to
financial year, April 1 to March 31), which was lower than CRISIL
expectation due to reduced volumes of export. However, the firm
reported an operating margin of 4.1 per cent for the year, which
was higher than CRISIL's expectation because of rupee
depreciation. Hence, its cash accruals were in line with CRISIL's
expectation. During 2013-14, the firm has scaled up its operations
and its revenue is expected to grow by more than 100 per cent
year-on-year. This has been made possible by the increase in its
client base and also by increased volumes of sales to existing
customers.

NCI funds its increasing working capital requirements entirely by
external debt. Hence, its financial risk profile will remain
constrained over the medium term, marked by high gearing and weak
debt protection metrics. The firm's gearing was 8.9 times as on
March 31, 2013, and is expected to remain high over the medium
term too. Its debt protection metrics were weak, with interest
coverage and net cash accruals to total debt ratios of 1.57 times
and 2 per cent, respectively, for 2012-13. The metrics are
expected to remain weak over the medium term on account of
increased debt and low operating profitability resulting from the
trading nature of its business.

NCI's liquidity remains weak because of modest cash accruals from
the business. However, its liquidity continues to be supported by
the absence of any term debt, other than vehicle loans, on its
books. Besides, it does not have any debt-funded capex plans.

NCI was established in 1991 as a proprietary concern by Mr. S.
Najeemudeen Musaliar. The firm imports, processes, and exports
cashew kernels.

NCI reported a profit after tax (PAT) of INR4.8 million on net
sales of INR483.6 million for 2012-13, against a PAT of INR4.1
million on net sales of INR522.8 million for 2011-12.


PADMAVATI FERROUS: ICRA Suspends 'B+' Rating on INR47cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR47 Crores
fund based facilities of Padmavati Ferrous 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. ICRA will
withdraw the rating in case it remains under suspension for a
period of three years.


RAGHAVENDRA AUTO: CRISIL Reaffirms B+ Rating on INR37.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raghavendra Automation
Pvt Ltd continue to reflect RAPL's modest scale of operations,
restricted by the company's significant revenue concentration in
the liquefied petroleum gas (LPG) sector. These rating weaknesses
are partially offset by the company's established position in
setting up LPG bottling plants and its above-average financial
risk profile, marked by comfortable gearing and healthy debt
protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         50        CRISIL A4 (Reaffirmed)
   Cash Credit            37.5      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       10        CRISIL A4 (Reaffirmed)

   Proposed Bank
   Guarantee               2.5      CRISIL A4 (Reaffirmed)


Outlook: Stable

CRISIL believes that RAPL will continue to benefit over the medium
term from its long track record in setting up LPG bottling plants,
and the absence of any debt-funded capital expenditure (capex)
plans. The outlook may be revised to 'Positive' if the company
significantly scales up its operations or improves its
profitability margins, while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' if RAPL
reports a significant decline in its profit margins, or if it
contracts a large quantum of debt, resulting in weakening of its
capital structure and debt protection metrics.

Update
RAPL reported revenues of INR93.4 million for 2012-13 (refers to
financial year, April 1 to March 31) as against INR108.7 million
for 2011-12. The decline in revenues was because of its focus on
chain conveyor systems for LPG bottling plants and significant
scaling down of manufacturing automobile (auto) LPG dispensing
systems on account of stretch in receivables from customers. The
company reported a stable operating margin of 9.85 per cent for
2012-13. CRISIL believes RAPL's operating margin will remain
stable over the medium term backed by the price escalation clause
in its contracts with customers.

RAPL's financial risk profile improved significantly in 2012-13,
driven by reduced dependence on bank debt to fund working capital
requirements. Its outstanding debtors improved to 27 days as on
March 31, 2013, from 130 days as on March 31, 2012, due to scaling
down of auto LPG dispensing systems manufacturing division. The
gearing has improved to 0.26 times as on March 31, 2013, from 1.00
time as on March 31, 2012. The gearing is expected to remain below
0.3 times over the medium term backed by absence of any debt-
funded capex plans coupled with sufficient internal accruals to
fund working capital requirements. However, the company's
financial risk profile continues to be constrained by its small
net worth, estimated at INR      38 million as on March 31, 2014.

RAPL's liquidity also improved, with low bank limit utilisation,
at 34 per cent during the 13 months through December 2013. The
company has vehicle loan repayment obligations of INR0.85 million
per year against expected cash accruals of INR6.81million in 2013-
14 and INR7.38 million in 2014-15. CRISIL believes that RAPL's
liquidity will remain moderate, marked by low dependence on bank
debt to fund working capital requirements, improvement in debtor
levels, and absence of any debt-funded capex plan over the medium
term.

RAPL was set up as a private limited company in 1993 by Mr. M
Sridharan. The Chennai (Tamil Nadu)-based company designs,
manufactures, supplies, erects, and commissions LPG bottling
plants, and automobile LPG dispensing stations for oil marketing
companies.

RAPL reported a profit after tax (PAT) of INR2.6 million on net
sales of INR93.4 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR3.4 million on net sales
of INR108.7 million for 2011-12.


RANA DENIM: CRISIL Reaffirms 'B+' Rating on INR286.2MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rana Denim Pvt Ltd
continue to reflect RDPL's susceptibility to volatility in raw
material prices, given its large inventory holding; and to changes
in government policies, and customer concentration in its revenue
profile. These rating weaknesses are partially offset by the
extensive experience of RDPL's promoters in the cotton industry
and the benefits arising from its synergies with group concerns.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        13.8       CRISIL A4 (Reaffirmed)

   Cash Credit           50         CRISIL B+/Stable
   Long Term Loan       236.2       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that RDPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company improves its
working capital cycle or significantly increases its scale of
operations while maintaining stable margins, leading to higher
cash accruals. Conversely, the outlook may be revised to
'Negative' if RDPL's revenues and profitability decrease
significantly, leading to substantially lower cash accruals, or if
it undertakes a large debt-funded capital expenditure programme,
resulting in weakening of its capital structure.

RDPL was set up by Mr. Hasamali Rana Karani and his family in
2000. The company manufactures open-ended cotton yarn in counts of
6s to 20s, used in manufacturing denim garments. It operates a
unit in Yavatmal (Maharashtra).

RDPL reported a profit after tax (PAT) of INR9.8 million on net
sales of INR542.0 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.9 million on net
sales of INR757.2 million for 2011-12.


RAVI RAJ: ICRA Suspends 'B' Rating on INR15cr Loans
---------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR15.00 crore
long term working capital facilities of Ravi Raj Ginning Pressing
& Oil Industries. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the firm.

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

Ravi Raj Ginning Pressing & Oil Industries is a partnership firm
established in the year 2001 by Mr. Kalyanji Zalariya along with
his family members. The firm is engaged in the cotton ginning,
pressing and oil extraction and has an installed capacity of 15179
MTPA for ginning operations and 15845 MTPA for oil extraction.


ROYAL TREXIM: CRISIL Reaffirms 'B+' Rating on INR75MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Royal Trexim Pvt Ltd
continue to reflect RTPL's modest scale of operations in the
competitive and fragmented steel products trading industry. The
ratings also factor in the company's below-average financial risk
profile, marked by a small net worth, and below average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of RTPL's promoters in the steel
products trading industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        75       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      30       CRISIL B+/Stable (Reaffirmed)
   Proposed Standby Line
   of Credit               15       CRISIL B+/Stable (Reaffirmed)

CRISIL has treated RTPL's unsecured loans of INR5.8 million
outstanding as on March 31, 2013, extended by the promoters, as
neither debt nor equity. This is because the company has
subordinated the same to its banker and will continue to remain in
the business over the medium term.

Outlook: Stable

CRISIL believes that RTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if it reports a substantial
growth in its revenues and improvement in its profitability,
resulting in higher cash accruals. A significant improvement in
financial risk profile backed by improved working capital cycle
may also result in a 'Positive' outlook. Conversely, the outlook
may be revised to 'Negative' if the company's financial risk
profile deteriorates, most likely due to an increase in working
capital requirements or lower-than-expected profitability.

Update
For 2012-13 (refers to financial year, April 1 to March 31),
RTPL's operating income remained almost stagnant at INR408.5
million as against INR405.0 million in 2011-12. However, in
current financial year, RTPL is expected to book revenue of around
INR430 to 450 million in 2013-14 backed by current year sales of
around INR330 to 350 million till January 2013 and current orders
in hand. Operating profitability of RTPL is low at about3.1 per
cent at the year ending March 31, 2013.The trading nature of the
company's business coupled with the presence in highly fragmented
and competitive steel trading industry, resulted in a low
operating margin in the range of 1.0 to 3.5 per cent over the past
five years. CRISIL believes that RTPL will maintain its operating
margin in the range of 3 to 4 per cent over the medium term.

The company's business is working-capital-intensive, as reflected
in its estimated gross current assets (GCAs) of 102 days as on
March 31, 2013. The high GCA days were driven by its high
receivables cycle of 70 to 80 days along with moderate inventory
requirements of around 30days; against this, it gets a credit
period of just around 20 days from its suppliers. CRISIL believes
that going forward inventory holding will increase with increase
in share of imports in total purchases and the GCA will remain
high in the range of 110 to120 days over the medium term.

Debt funding of its working capital intensive business has led to
below-average financial risk profile. Its net worth increased to
INR21.1 million as on March 31, 2013, from INR15.5 million a year
earlier because of its improved operating margin, which led to
high accretion to reserves. However, RTPL's net worth will remain
small over the near to medium term due to expected low
profitability of the company resulting in lower accretion to
reserves. The company's capital structure expected to remain
leveraged with gearing at around two times due to high working
capital intensive nature of operations and low profitability. The
company's debt protection metrics remained below average with net
cash accruals to total debt ratio at 3 per cent and interest
coverage ratio at 1.42 times for the year ended March 31, 2013.
CRISIL expects debt protection measures to remain weak over the
medium term owing to low profitability.

RTPL reported a profit after tax (PAT) and net sales of INR1.5
million and INR407.5 million, respectively, for 2012-13, as
against a PAT of INR2.5 million on net sales of INR404.4 million
for 2011-12.

Established in 2002 and based in New Delhi, RTPL trades in ferrous
scrap and secondary steel products such as hot- and cold-rolled
coils, iron sheets and tin mill products. The company is promoted
by Mr. Anil Chhabra and his family.


SHAKTI POLYTUBE: ICRA Assigns 'B' Rating to INR9.58cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR9.58
crore fund based limits of Shakti Polytube Pvt Ltd. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR2.00 crore non-
fund based facilities of SPPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       9.58        [ICRA ]B assigned
   Non Fund Based Limits   2.00        [ICRA] A4 assigned

The ratings assigned to SPPL are constrained by its modest scale
of operations, modest financial profile as reflected by low
profitability, high gearing and weak coverage indicators,
susceptibility to fluctuations in raw material prices and
intensely competitive nature of the Poly-Vinyl Chloride (PVC)
pipes industry. Nevertheless, the ratings draw comfort from the
long experience of the promoters in the pipes manufacturing
business and established relationship with key customers. Going
forward, ability of the company to increase its scale of
operations in a profitable manner while maintaining working
capital intensity will be key rating sensitivities.

Shakti Polytube Private Limited was established in the year 2006
as a private limited company .It is engaged in manufacturing of
PVC Pipes and fittings. The manufacturing facility of the company
is located at Agra in Uttar Pradesh with a capacity of 3600 MTPA.

Recent Results

The company reported a net profit of INR0.21 crores on an
operating income of INR14.68 crores in FY13 as against net loss of
INR0.03 crores on an operating income of INR10.54 crores in FY12.


SHINKWANG ELECTRONICS: CRISIL Puts 'B' Rating on INR113.8MM Loans
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Shinkwang Electronics Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          15          CRISIL B/Stable (Assigned)
   Term Loan            98.8        CRISIL B/Stable (Assigned)


The ratings reflect SEPL's below-average financial risk profile,
marked by stretched liquidity on account of large debt-funded-
capital expenditure undertaken by the company in the recent past.
The rating also factors in the company's modest scale of
operations in the highly competitive plastic parts manufacturing
industry. These rating weaknesses are partially offset by its
promoters' extensive industry experience and strong financial
background.

Outlook: Stable

CRISIL believes that SEPL will benefit over the medium term from
its promoters' extensive industry experience and its established
relationship with customers. The outlook may be revised to
'Positive' in case of improvement in SEPL's financial risk
profile, particularly liquidity, driven by substantial improvement
in cash accruals and prudent working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected cash accruals or larger-than-expected working
capital requirements, further weakening its financial risk profile
and liquidity.

Established in 2006, SEPL is a Noida (Uttar Pradesh)-based company
that manufactures plastic parts of electrical and electronic
appliances such as television, air conditioners, refrigerators and
others. The company was promoted by Mr. Kwang II Lee.


SHREEYAM POWER: ICRA Cuts Rating on INR922.71cr Loans to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR721.28
crores term loans and INR80.00 crores fund based limits of
Shreeyam Power and Steel Industries Limited (erstwhile Ruchi Power
and Steel Industries Limited) to [ICRA]D from [ICRA]C-. ICRA has
also revised the short-term rating assigned to the INR121.43
crores non-fund based facilities of SPSIL to [ICRA]D  from
[ICRA]A4.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term Loans          721.28      [ICRAD; downgraded from
                                   [ICRA]C-

   Fund Based Limits    80.00      [ICRA]D; downgraded from
                                   [ICRA]C-

   Non-Fund Based
   Limits              121.43      [ICRA]D; downgraded from
                                   [ICRA]A4

The rating revision takes into account the delays in interest
payments on fund based limits by the company due to its stretched
liquidity position which has also resulted in instances of
devolvements on non fund based limits. The company has been
declared sick by the Board for Industrial and Financial
Reconstruction, however, the draft rehabilitation report has not
been finalized. The rating continues to be constrained by the weak
financial performance of SPSIL over the past three years as
reflected in erosion of net worth of the company and cash losses.
Further, the company's Pithampur unit is still shut and the
Gandhidham unit is operating at sub-optimal levels (due to
inadequate non-fund based limits for procuring raw materials)
resulting in modest revenue growth of 6% in FY13. This coupled
with high fixed operating costs has resulted in operating losses
(Rs. 93.07 crores in FY13). The ratings are further constrained by
inherent cyclical and intensely competitive nature of the steel
industry and susceptibility of SPSIL's profitability to variation
in raw material prices which is further escalated by the fact that
company does not have access to captive raw material sources.
Nevertheless, ICRA takes note of SPSIL's experienced management
and promoters' long track record in steel business. Going forward,
the company's ability to tie up non-fund based limits funds,
operate its plants efficiently at optimal utilisation levels and
generate adequate margins will remain the key rating sensitivity
factors.

Shreeyam Power and Steel Industries Limited (formerly Ruchi Power
& Steel Industries Ltd.) was incorporated in July 1995. The
company is a part of Ruchi Group which has diversified interests
including commodities, iron and steel, real estate, milk products,
information technology etc. SPSIL has been promoted by Mr. Santosh
Shahra who is a graduate in Mechanical Engineering from Indore
University and has over 35 years of experience in steel business.
Apart from SPSIL, Mr. Shahra is also associated with National
Steel and Agro Industries Limited which involved in manufacturing
of flat steel products namely Cold Rolled Coils, Galvanized steel
and Galvanized Colour Coated steel products in various grades.
SPSIL has two manufacturing units, one each in Gandhidham
(Gujarat) and Pithampur (Madhya Pradesh). The company has a sponge
iron manufacturing capacity of 2.1 lakh MTPA, billet manufacturing
capacity of 3.3 lakh MTPA and rolled products capacity of 3.7 lakh
MTPA.

Recent Results

In FY 2013, the company reported an operating income of INR344.52
crores and net loss of INR237.49 crores as compared to operating
income of INR323.98 crores and net loss of INR183.45 crores in FY
2012.


SHREERAM RE-ROLLERS: ICRA Cuts Rating on INR6cr Cash Credit to B
----------------------------------------------------------------
ICRA has revised downwards the long term rating for the INR6.00
crore cash credit facility and the INR0.50 crore unallocated bank
limits of Shreeram Re-Rollers Private Limited from [ICRA]B+ to
[ICRA]B. ICRA has reaffirmed the short term rating of [ICRA]A4
assigned to the unallocated bank limits of INR0.50 crore of SRPL.
ICRA has withdrawn the [ICRA]B+ rating of the INR0.25 crore term
loan of the company. The withdrawal is as per the request of the
company since there is no amount outstanding against the same.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         6.00       Downgraded to [ICRA]B
   Term Loan           0.25       [ICRA]B+ withdrawn
   Unallocated         0.50       Downgraded to [ICRA]B/[ICRA]A4
                                  Reaffirmed

The revision in long term rating takes into account SRPL's
consistent overutilization of the working capital limits, leading
to high working capital intensity and the stretched debt
protection metrics. The ratings continue to remain constrained by
the relatively small scale of current operations, which are non-
integrated in nature thus exposing the company's profitability and
cash flows to variations in input and output prices and the
cyclicality inherent in the steel business, which is passing
through a difficult phase at present. The ratings, however,
favourably factor in the experience of the promoters in the steel
industry and the strategic location of the manufacturing unit that
is in close proximity to raw material sources and key customers
thus reducing freight costs.

SRPL was incorporated in 1987 and is engaged in the re-rolling of
semi-finished steel (ingots) into long products (channels, angles,
bars, rounds, squares and flats). SRPL's re-rolling plant is
located in Rajgangpur in Odisha, and has an annual capacity of
32,640 MT.

Recent Results

SRPL registered a profit after tax of INR0.02 crore on the back of
OI of INR23.52 crore in 2012-13. In 2011-12, the company
registered a profit after tax of INR0.05 crore on the back of OI
of INR26.39 crore.


SHREYA PRINT: CRISIL Assigns 'B' Rating to INR70MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to bank
facilities of Shreya Print Pvt. Ltd. The rating reflects SPPL's
small scale of operations and average financial risk profile.
These rating weaknesses are partially offset by the extensive
industry experience of SPPL's promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility     20        CRISIL B/Stable

   Term Loan              50        CRISIL B/Stable

Outlook: Stable

CRISIL believes that SPPL's credit profile will be weak over the
medium term on account of its limited track record of operations
and average financial profile. The outlook may be revised to
'Positive' if the company's scale of operations increases
significantly along with stable operating margin, or if there is
significant improvement in its net worth on the back of equity
infusion by the promoters. Conversely, the outlook may be revised
to 'Negative' in case of lower-than-expected margins, stretch in
its working capital cycle, or a substantial debt-funded capital
expenditure programme that deteriorates its financial risk
profile.

Incorporated in 2011, SPPL is engaged in processing and finishing,
such as dyeing and printing, of fabric. The company is promoted by
Mr. Manish Kumar, Mr. Shirish Kumar, and Mr. Surendra Kumar and
the facility is located at Surat (Gujarat).


SHRUTI TIMBER: ICRA Reaffirms 'B+' Rating on INR2.25cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]B+' for INR2.25
crore fund based limits of Shruti Timber Private Limited. ICRA has
also reaffirmed short term rating at [ICRA]A4 for INR9.25 crore
non fund based limits of STPL. ICRA has also reaffirmed
[ICRA]B+/[ICRA]A4 rating for INR0.50 crore unallocated bank limits
of STPL.

                          Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund Based Limits        2.25       [ICRA]B+ reaffirmed
   Non Fund Based Limits    9.25       [ICRA]A4 reaffirmed
   Unallocated bank
   limits                   0.50       [ICRA]B+/A4 reaffirmed

The ratings continue to take into consideration the STPL's
moderate scale of operations in the timber trading industry, its
low profitability akin to trading nature of business and high
working capital requirements driven by stretched debtors and
inventory days leading to high outside liabilities. The company's
Total Outside Liability/ Total Net Worth stood at 5.49x as on
March 31, 2013. The ratings are further constrained by the
pressures faced by company owing to high competitive nature of the
industry, STPL's low value additive nature of the business,
vulnerability of profitability to adverse movement in timber
prices and STPL's susceptibility to changes in regulations on
timber import. The ratings also take into account the
vulnerability of company's profitability to fluctuation in foreign
exchange rates, with a substantial portion of procurement being
met through imports and sales being entirely domestic. The ratings
however draw comfort from the long experience of the promoters in
the industry; healthy growth achieved by the company in its
turnover albeit on small scale, location advantage arising due to
close proximity to Kandla port resulting in easy access to
imported timber and STPL's diversified customer base.

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

STPL is a privately held company that was incorporated in the year
2008. Prior to this the promoters were operating a proprietorship
firm (named Swastik Timber). The company is engaged in trading of
timber logs which it imports from Malaysia, South Africa, New
Zealand and America. The company is based out of Karnal (Haryana)
and its processing facility is located at Gandhidham (Gujarat).

Recent Results
STPL has reported a profit after tax (PAT) of INR0.07 crore on an
operating income of INR23.69 crore in FY 2012-13 as compared to
PAT of INR0.07 crore on an operating income of INR20.97 crore in
FY 2011-12.


SMART MOTORS: CRISIL Reaffirms 'B-' Rating on INR150MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Smart Motors Pvt Ltd
continues to reflect  SMPL's working-capital-intensive operations
and weak financial risk profile, marked by a small net worth, high
total outside liabilities to tangible net worth ratio, and weak
interest coverage ratio. These rating weaknesses are partially
offset by SMPL's moderate business risk profile backed by its
established regional position in the automobile dealership market.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Cash Credit           100        CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     50        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SMPL will benefit over the medium term from
its established association with its principals, Mahindra &
Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL A1+') and
Chevrolet Sales India Pvt Ltd. The outlook may be revised to
'Positive' in case of better working capital management or
infusion of capital by the promoter or more-than-expected
accruals, leading to improvement in the company's financial risk
profile, especially liquidity. Conversely, lower-than-expected
profitability or stretched working capital management or any
significant debt-funded capital expenditure plans, leading to
weakening in SMPL liquidity, may result in a revision in the
outlook to 'Negative'.

Incorporated in 2004, SMPL is an authorised dealer for M&M for its
entire range of passenger cars (PCs), construction equipment, and
light commercial vehicles, and of CSIPL's PCs in Karimganj,
Hailakandi, Cachar, and North Cachar Hills districts of Assam.
SMPL also sells spares, accessories, and provides services of M&M
and CSIPL's vehicles. SMPL obtained the dealership of M&M in 2004
and of CSIPL in 2009. Furthermore, in 2011-12 (refers to financial
year, April 1 to March 31), SMPL obtained the dealership of M&M
for construction equipments. The company's day-to-day operations
are managed by its promoter-director, Mr. Sushanta Kumar Basak.


SPR SPIRITS: ICRA Reaffirms 'D' Rating on INR41.55cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long-term rating to the INR40.30 crore
fund based limits (earlier INR67.50 crore) of SPR Spirits Private
Limited at '[ICRA]D'. ICRA has also reaffirmed the short-term
rating to the INR1.25 crore Non Fund based limits at [ICRA] D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits            40.30      [ICRA] D (reaffirmed)

   Short Term Non
   Fund Based Limits        1.25      [ICRA] D (reaffirmed)

The rating factors in the continued delays in debt repayments
following deterioration in its stretched financial profile. ICRA
has also factored in the geographical concentration risks
associated with the company's operations in a single state namely
Karnataka, the intensely competitive nature of low profile Indian
Made Foreign Liquor (IMFL) industry and its  vulnerability to raw
material price movements (especially molasses) while reaffirming
the long-term rating. However, ICRA notes the long track record of
the promoters in the liquor industry and backward integration of
the group's operations.

SPR Spirits Private Limited was established in 1991 by Gowda
Group, which also has presence in other related business like
distillery and sugar. Earlier the company was mainly engaged
in arrack (country liquor) business; post the ban on arrack in
Karnataka in Jul-07, company shifted its focus to IMFL. SSPL has
established a bottling plant at Bangalore, Karnataka with capacity
of 20000 cases per day. SPR Spirits Private Limited (SSPL) is
involved in the production and sale of IMFL primarily to Karnataka
State Breweries Corporation Limited (state agency, channelizing
agency for liquor products in Karnataka). SSPL operates in an
intensely competitive low profile IMFL segment (less expensive);
end consumers in this segment are price sensitive and do not have
brand/taste preference. Within IMFL segment, SSPL has presence in
whisky, brandy, rum and gin. The company's operations are
concentrated in Karnataka along with small proportion of
production being sold to other states through Canteen Store
Department, Ministry of Defense (CSD).


SREE SATYA: ICRA Reaffirms 'B+' Rating on INR8.50cr Loans
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B+' to INR7.60
crore fund based limits and to INR0.90 crore unallocated limits of
Sree Satya Sreenivasa Raw and Boiled Rice Mill.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits       7.60        [ICRA]B+ reaffirmed
   Unallocated limits      0.90        [ICRA]B+ reaffirmed

The reaffirmation of rating takes into account the modest scale of
operations and weak financial profile of the rice mill
characterized by thin profitability margins, high gearing levels
and weak debt coverage indicators. The rating is further
constraint by intensely competitive nature of the industry
restricting operating margins and agro climatic risks, which can
affect the availability of the paddy in adverse weather
conditions. However, the rating favourably factors in SRBRM's
experienced management, long track record of operations in the
rice industry and easy availability of paddy as the rice mill is
located in major paddy growing region. Moreover, ICRA takes into
account the favorable demand prospects of the industry with India
being one of the largest producer and consumer of rice. Going
forward, the firm's ability to improve its profitability and
effective management of its working capital are key rating
sensitivities.

Founded as a partnership firm in 2002, Sree Satya Sreenivasa Raw
and Boiled Rice Mill (SRBRM) is engaged in milling of paddy with
an installed capacity of 4 TPH (tons per hour) to produce raw &
boiled rice. The unit is located at Nellore district of Andhra
Pradesh. The firm's operations are overseen by managing partner
Mr. K Ramamohan Rao, who has more than more than 10 years of
experience in rice milling business.

Recent Results

The firm reported profit after tax of INR0.08 crore on an
operating income of INR28.60 crore during FY2013 as against profit
after tax of INR0.06 crore on an operating income of INR26.46
crore during FY2012.


SRI BALAJI: CRISIL Reaffirms 'B' Rating on INR3.5MM Loans
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Balaji Timber Mart
continue to reflect its weak financial risk profile, marked by
small net worth and below-average debt protection metrics. The
ratings also factor in the firm's small scale of operations along
with its susceptibility to volatility in raw material prices and
to foreign exchange rates. These rating weaknesses are partially
offset by the promoters' extensive experience in the timber
industry.

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

   Letter of Credit        60.0      CRISIL A4 (Reaffirmed)

   Proposed Cash Credit
   Limit                    1.0      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SBTM will continue to benefit over the medium
term from the promoters' extensive experience in the timber
trading industry. The outlook may be revised to 'Positive' if the
firm enhances its scale of operations and profitability, to
significantly and sustainably improve its cash accruals.
Conversely, the outlook may be revised to 'Negative' if SBTM's
liquidity weakens with low cash accruals and deterioration in its
working capital management. Any sizeable capital withdrawals by
the promoters may also result in the outlook being revised to
'Negative'.

Update:
SBTM's revenues declined by 17 per cent year-on-year in 2012-13
(refers to financial year, April 1 to March 31), driven by weak
demand in domestic markets due to high foreign exchange (forex)
volatility. However, the firm sustained its profitability at
around 2.6 per cent for 2012-13, supported by its ability to pass
on price hikes to end-users. SBTM's revenues for 2013-14 are
likely to remain flat, as indicated by revenues of INR70 million
from April 2013 to December 2013. CRISIL believes that SBTM's
business risk profile, though on the back of steady orders from
existing customers, will remain susceptible to volatile forex
rates.

SBTM's financial risk profile remains weak, driven by its small
net worth and weak debt protection metrics. The firm's net worth
and interest coverage remained low at INR21 million and 1.6 times,
respectively, as on March 31, 2013. SBTM does not have any debt-
funded capital expenditure over the medium term. The firm's
liquidity is moderate, marked by sufficient cash accruals vis-a-
vis debt obligations and comfortable bank limit utilization.
CRISIL believes that SBTM's financial risk profile will remain
weak over the medium term, with its small net worth and weak
interest coverage, resulting from low accretion to reserves.

SBTM was set up 2001 as a proprietorship firm. The firm processes
and trades in timber. The promoter, Mr. I S Murugan, manages
SBTM's daily operations.

SBTM reported a profit after tax (PAT) of INR0.7 million on net
sales of INR114.00 million for 2012-13, as against a PAT of INR0.7
million on net sales of INR137.00 million for 2011-12.


SRI SIDDIRAMESHWAR: ICRA Upgrades Rating on INR51cr Loans to 'B+'
-----------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to INR43.09 crore
fund based limits (enhanced from INR25.70 crore) and INR7.91 crore
unallocated limits of Sri Siddirameshwar Agro Industries Private
Limited from '[ICRA]B' to '[ICRA]B+'.


                    Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         40.00      Upgraded to [ICRA]B+ from
                                  [ICRA]B

   Term Loan            3.09      Upgraded to [ICRA]B+ from
                                   [ICRA]B

   Unallocated Limits   7.91      Upgraded to [ICRA]B+ from
                                  [ICRA]B

The rating revision takes into account significant growth in
operating income in the last 2 years on the back of improved sales
volume and reduction in gearing levels from 5.46 times as on March
31, 2011 to 3.52 times in March 31, 2013. The rating also
continues to take comfort from the long track record of the
promoters in the rice mill business and favorable demand prospects
for rice with India being the second largest producer and consumer
of rice internationally. The rating however continues to be
constrained by intensely competitive nature of rice industry with
presence of several small-scale players which further increases
the pressure on the operating margins; and weak financial risk
profile of the company characterized by low profitability & weak
coverage indicators. This apart, the rating is also constrained by
the susceptibility of profitability & revenues to agro-climatic
risks which impact the availability of the paddy in adverse
weather conditions.

Going forward, the ability of the company to manage its working
capital requirements and improve its profitability will remain as
key rating sensitivities from credit perspective.

Incorporated in the year 2009, Sri Siddirameshwar Agro Industries
Private Limited is engaged in trading & milling of paddy and
produces raw rice, steamed rice and boiled rice. The rice mill is
located at Kaloor village of Nizamabad district, Andhra Pradesh.
The installed production capacity of the rice mill is 20 tons per
hour. SSAIPL sells its rice in the retail market under the brand
name 'KCP'.


TEESTA URJA: ICRA Reaffirms 'B-' Rating on INR2,300cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' assigned to
the INR2300 crore term loans of Teesta Urja Limited.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Term Loans           2,300       [ICRA]B- reaffirmed

The reaffirmation of high risk category rating takes into account
the continued delays in commissioning and cost overruns in the
1200 MW hydro power project being developed in the state of Sikkim
development by Teesta Urja Limited. Key rating concerns emanate
from the slow progress in the lining of the two pressure shafts
which have resulted in a delay in COD of the project (from
December 2013 to June 2015). The delay was also on account of
difficulties faced by the developer in remobilization of manpower
and disputes regarding cost increases with the contractors. With
the settlement agreement (with the contractors) in place, this
concern is now mitigated. However, the increase in hard cost as
well as the IDC (Interest During Construction), on account of
delay in commissioning of the project, has resulted in a
substantial increase in the project cost to INR11, 382 crore as
against the earlier estimates of slightly over ~Rs 10,000 crore.
Approval of the cost overrun and timely sanction and disbursal of
the debt component of the same are now critical for the
commissioning of the project. These time and cost overruns in the
project have substantially constrained the ratings of the company.
Earlier too the project had faced time overruns on account of
geological surprises and natural calamities and cost overruns on
account of damages and change in design aspects following the
aforementioned events as well as significant increase in the
interest during construction (IDC) element of the project cost
because of hardening in the interest rates and also on account of
time overrun. Moreover, with the project funding tied up in a
debt: equity of 77.5:22.5, the financial risk profile is also
high.

The rating factors in strengths such as experienced management,
support extended by investors (Asian Genco and PTC India Ltd) and
the consultant (Energy Infratech Limited), infusion of entire
equity commitment by the promoters, completion of 100% excavation
works which limit the geological risks to a certain extent,
approval for evacuation of power through interim evacuation
arrangement through Teesta V HEP line, limited off-take risk given
the expectations of continued energy deficit, potential upside in
tariff as 30% of the power generated will be sold through merchant
route, and deemed generation clauses providing cushion against
hydrological and silting risks.

Going forward, the ability to tie up funds (both debt and equity)
for the cost overrun in a timely manner and achieve commissioning
within the revised timelines will remain key rating sensitivities
for the company.


VAIBHAV COTTON: CRISIL Assigns 'B' Rating to INR200MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Vaibhav Cotton Industries. The rating reflects VCI's
nascent stage and modest scale of operations in the highly
competitive cotton industry, working-capital-intensive operations,
and average financial risk profile, marked by high gearing and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of VCI's promoters in
the cotton industry, and the proximity of the firm's upcoming unit
to the cotton-growing belt in Gujarat.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              12.1       CRISIL B/Stable
   Cash Credit            44         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    143.9       CRISIL B/Stable          --

Outlook: Stable

CRISIL believes that VCI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm stabilises its
operations earlier than expected while improving its capital
structure, leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if VCI
reports low accruals, significant stretch in working capital
cycle, or substantial withdrawal of capital by its partners
affecting its liquidity, or undertakes substantial debt-funded
expansion programme, weakening its financial risk profile.

Incorporated in 2013, VCI is a partnership firm based in Amreli
(Gujarat). The firm recently set up a project to undertake cotton
ginning and pressing activity. It commenced operations in January
2014.


VIN AUTO: CRISIL Assigns 'B' Rating to INR149.5MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of VIN Auto.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              22.       CRISIL B/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility     10        CRISIL B/Stable (Assigned)
   Cash Credit            67.5      CRISIL B/Stable (Assigned)
   Channel Financing      50        CRISIL B/Stable (Assigned)

The rating reflects VA's working-capital-intensive operations and
exposure to intense competition in the automobile dealership
industry. The rating also reflects the company's below average
financial risk profile, marked by a modest debt protection
metrics. These rating weaknesses are partially offset by extensive
experience of VA's promoters in the business of automobile
dealership.

Outlook: Stable

CRISIL believes that VA will continue to benefit over the medium
term from its promoters extensive experience in automobile
dealership. The outlook may be revised to 'Positive' if VA's
revenues and operating margin improve substantially resulting in
improvement in its overall financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company's market share
declines, thereby significantly impacting its revenue and
profitability, or if it undertakes any large debt-funded capital
expenditure programme, thereby further weakening its capital
structure and cash accruals or there is a elongation in its
working capital cycle leading to deterioration in its financial
risk profile.

VA was set up in year 2006 by Mr. T.Vinay as a partnership firm to
undertake the dealership of for dealership of Tata Motors Ltd
(TML) (rated CRISIL AA/Stable/CRISIL A1+;) passenger cars and is
based out of Tumkur, Karnataka.

For 2012-13 (refers to financial year, April 1 to March 31), VA
reported a profit after tax (PAT) of INR2.62 million on net sales
of INR 409.8 million as against net profit of INR2.14 million on
net sales of INR359.0 million for 2011-12.


VIRAJ DISTRIBUTORS: CRISIL Assigns 'B' Rating to INR50MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Viraj Distributors Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         90        CRISIL A4 (Assigned)
   Cash Credit            50        CRISIL B/Stable (Assigned)

The ratings reflect VDPL's below-average financial risk profile,
marked by its small net worth, high gearing and subdued debt
protection metrics, and its exposure to intense competition in the
automobile dealership segment. These rating weaknesses are
partially offset by the extensive experience of VDPL's promoters
and the established market position as an auto dealer of
Volkswagen India Pvt Ltd's (VIPL; rated CRISIL AA-/Stable/CRISIL
A1+) passenger vehicles in Lucknow.

Outlook: Stable

CRISIL believes that VDPL will benefit over the medium term from
the extensive experience of its promoters, established market
position and its relationship with VIPL over the medium term. The
outlook may be revised to 'Positive' if there is substantial
increase in VDPL's scale of operations and profitability, leading
to improvement in cash accruals and thus its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of decline in profitability, resulting in lower-than-expected
accruals, or elongation in the working capital cycle, leading to
pressure on its liquidity.

VDPL, based in Lucknow (Uttar Pradesh) was established in 1997 by
Mrs. Alka Das and Mr. R K Agarwal. The company is an authorized
dealer of VIPL and operates a showroom and service station in
Lucknow.



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


ANTAM (PERSERO): S&P Cuts CCR to 'B-' & Removes from CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Indonesia-based diversified
mining company PT ANTAM (Persero) Tbk. (ANTAM) to 'B-' from 'B+'.
The outlook is developing.  At the same time, S&P lowered its
long-term ASEAN regional scale rating on the company to 'axB' from
'axBB-'.  S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Jan. 14, 2014.

"We lowered the rating on ANTAM because we believe the company's
operating efficiency, cash flows, and liquidity will reduce over
the next 12 months.  This is because we believe the ban on exports
of unprocessed mineral ores in Indonesia is likely to persist
beyond July 2014," said Standard & Poor's credit analyst Xavier
Jean.

The ban means that ANTAM is unable to export nickel ore, which S&P
estimates accounted for close to 70% of the company's gross profit
in 2013.  A lasting ban also increases ANTAM's reliance on
operations with higher costs, crystalizes its single-asset
concentration risk, reduces its product diversity, and would
require the company to invest significantly on ore-processing
infrastructure to monetize its nickel-ore reserves.  S&P has
lowered its assessment of ANTAM's business risk profile to
"vulnerable" from "weak."

S&P sees little prospects for exports of unprocessed mineral ore
to resume in the next three to six months at least.  S&P believes
the administration will not take a short-term decision on this
front, given that the parliamentary and presidential elections
will take place in April and July 2014, respectively.  The new
administration is likely to take some time to decide on the
implementation of the ban, including providing any potential
short-term relief.

S&P projects ANTAM's ratio of debt-to-EBITDA will increase to
8.0x-10.0x by 2015 if the export ban stays in 2014 and 2015.  This
level exceeds S&P's downgrade trigger of 5x and compares with
about 5.7x at the end of 2013.  S&P also forecasts the company's
EBITDA coverage to be slightly above 1.0x over the period.  These
levels are consistent with a "highly leveraged" financial risk
profile.

"We estimate that each quarter of the ban will reduce the
company's EBITDA by Indonesian rupiah (IDR) 200 billion-IDR300
billion," said Mr. Jean.  "We note that ANTAM's 2014 and 2015
EBITDA will benefit from the ramp-up of its chemical grade alumina
plant, higher gold sales, and increased nickel prices in 2015 and
2014 in our base-case assumptions.  However, these incremental
accruals are unlikely to offset the lack of cash flows from nickel
ore exports."

"We assess ANTAM's stand-alone credit profile as 'b-'.  We
consider the company to be a government-related entity because the
government owns 65% of the company.  However, we do not factor
explicit government support in our rating because we believe ANTAM
does not provide essential infrastructure, goods, or services, or
play a central role in meeting the government's key economic,
social, or political objectives.  The company also has a record of
operating independently of the government," S&P noted.

"ANTAM has "less-than-adequate" liquidity, as our criteria define
the term.  We expect the company's sources of liquidity to barely
cover its uses over the next 12 months, even if exports of nickel
ore resume.  Barring a renegotiation of bank-loan covenants or a
lift of the ban by the end of 2014, we believe the buffer under a
debt servicing covenant in a guarantee agreement at ANTAM's 80%-
owned subsidiary PT Indonesia Chemical Alumina will diminish," S&P
added.

"The developing outlook reflects the potential for a downgrade or
an upgrade of ANTAM over the next 12 months depending on the
status of the export ban," said Mr. Jean.  "ANTAM's cash flows and
liquidity will deteriorate further if the ban persists through
2014.  Conversely, we believe the company's cash flow adequacy
will deteriorate less rapidly and liquidity pressures will ease if
the ban is lifted in the second half of 2014, and depending on any
potential conditions linked to the resumption of ore exports."

S&P could lower the rating if the government is unlikely to allow
exports of unprocessed mineral ore by the end of 2014, or if it
places overly stringent conditions on the lifting of the ban,
leading to a further deterioration of ANTAM's liquidity.
Downgrade triggers include: (1) ANTAM's cash balance falls below
IDR500 billion over the next 12 months without the implementation
of cash preservation measures; or (2) the company breaches the
covenants under its bank loans, leading to an acceleration of the
bank loans.

S&P could also lower the rating if ANTAM's financial risk profile
weakens further, such that its EBITDA interest coverage falls
below 1.0x for more than 12 months.  S&P believes this could
materialize if: (1) the ban on exports persists for more than
three quarters; or (2) nickel prices fall below US$6 per pound for
more than 12 months and the company fails to adjust its capital
spending or preserve cash.

S&P could raise the rating if ANTAM's ratio of debt to EBITDA
improves below 5.0x, its EBITDA coverage stays sustainably above
2.0x, and its liquidity stabilizes because of higher cash flows,
reduced short-term debt, lower capital spending, or a combination
of the three.  S&P believes this would happen if the ban on
exports is lifted in the next three to six months, nickel prices
average more than US$8 per pound on a sustainable basis, ANTAM's
reduces capital spending, or a combination of these elements.  S&P
could also raise the rating if it assess that the likelihood of
the extraordinary government support to the company has increased.



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


FE INVESTMENTS: S&P Assigns 'B/B' Issuer Credit Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B/B' issuer credit ratings to FE Investments Ltd. (FEI).  The
outlook on the long-term rating is stable.

The rating on FEI reflects the New Zealand finance company's
modest and niche business position of providing finance to small-
to-medium size enterprises that are not adequately serviced by
banks in New Zealand. FEI is based in the City of Auckland and has
six staff, two independent directors, and two co-owning executive
directors.  Given the executive directors' key roles around loan
origination and approval, as well as capital providers to support
growth ambitions in their capacity as shareholders, S&P considers
FEI as being exposed to key-person risk.  FEI's loan book and
funding type are both concentrated.  Furthermore, its weak
operating efficiency and core earnings, and small capital base are
rating weaknesses that anchor the rating at the current level.

FEI offers a range of specialized financing options to small
commercial operations.  Its flagship product, in which it has had
extensive experience, is a factoring-like arrangement with key
clients.  For instance, FEI would lend by discounting EFTPOS
(consumer electronic funds transfers) terminal rental and internet
subscription contracts signed up by providers of those products.
These providers also originate new business for FEI.

The stable outlook reflects S&P's opinion that FEI will follow a
stable trajectory of loan growth, which will moderate
concentrations in the loan portfolio.  Rating stability also
factors in an expectation that lending growth will be achieved
without loosening underwriting standards, and be supported by
further capital injections and a larger pool of supportive
debenture investors.

S&P do not anticipate any upward rating momentum over the medium
term because existing funding and credit concentrations anchor the
rating at the current level.  Over time S&P might consider
reviewing these factors, as FEI achieves greater scale and a track
record of stability in its credit risk and earnings metrics.


FELTEX CARPETS: Prospectus Failed to Disclose Risks, Suit Alleges
-----------------------------------------------------------------
BusinessDesk reports that Feltex Carpets was touted as having
excellent investment features when the carpet-maker was taken
public in 2004 but its prospectus failed to disclose risks that
contributed to its collapse just two years later, a shareholder
suit alleges.

BusinessDesk says Eric Houghton is suing the former Feltex
directors, owners and sale managers in a representative action on
behalf of 3,639 former shareholders who said they were misled by
the prospectus. The action began in the Wellington High Court on
March 17.  The suit seeks NZ$185 million including interest,
Mr. Houghton's lawyer Austin Forbes told the court.

According to the report, Mr. Houghton bought 11,755 Feltex shares
at $1.70 apiece, or NZ$20,000, in the initial public offering in
May 2004, drawn to an investment that offered a gross dividend
yield of 9.6 percent. All up, vendor Credit Suisse First Boston
Asian Merchant Partners raised NZ$193 million, selling 113.5
million shares, and Feltex raised a further NZ$50 million to repay
bondholders.

Within a year the stock was virtually worthless, thanks to a
series of warnings that the company would miss its prospectus
forecasts, and receivers were appointed in September 2006, the
report recalls. Australian carpet maker Godfrey Hirst ended up
buying the assets.

The report relates that Mr. Forbes told the court the short gap
between profit downgrades and collapse was "striking" after a
prospectus that had painted "a very rosy picture of Feltex." His
client would not have invested had the true position of the
company been known and in any case, given the state of Feltex the
offer "should never have been made," Mr. Forbes said, the report
relays.

Mr. Houghton's suit has four main causes of action involving
breaches of the Fair Trading Act and negligence by all the
defendants, and breaches of the Securities Act, the report notes.

                      About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


MAINZEAL PROPERTY: Parent's Appeal Dismissed
--------------------------------------------
Hamish McNicol at Fairfax NZ News reports that the Court of Appeal
on March 21 dismissed an application for a "holding position" to
be put on the liquidation of the former parent company of
collapsed construction company Mainzeal.

Earlier this month Justice Brendan Brown in the High Court
declined Mainzeal Group's sole remaining director, Richard Yan, a
stay of execution on the liquidation of Richina Global Real Estate
(RGREL), the report recalls.

Fairfax NZ News relates that a fortnight ago Mr. Yan applied to
the Court of Appeal urgently for a hold on the liquidation, but
the judgment released on March 21 has dismissed the application,
which could potentially see the liquidator able to pursue tens of
millions of dollars for creditors.

Mr. Yan was also the sole director of RGREL, which was Mainzeal's
parent company until six weeks before the construction company's
collapse in February last year, the report notes.

Fairfax NZ News notes that Mainzeal was placed into receivership
by Mr. Yan, with more than 2000 creditors lodging claims.  The
company is now thought to owe unsecured creditors more than
NZ$138 million.

RGREL was put into liquidation on February 27 this year, with BDO
appointed liquidators last week, Fairfax NZ News reports.

But Mr. Yan had appealed RGREL's liquidation separately and
earlier this month sought a "holding position" on its liquidation
as part of the wider Mainzeal Group, the report says.

This would effectively mean it could not be acted on, pending the
outcome of the appeal, Fairfax NZ News notes.

According to the report, Mr. Yan appealed the High Court ruling on
RGREL less than a week after it was made.

His lawyer, David Chisholm, QC, argued BDO had a conflict of
interest in liquidating RGREL at the same time it was liquidating
the 12 other Mainzeal Group companies, says Fairfax NZ News.

He said BDO would gain access to the parent's records which could
benefit other companies BDO was dealing with, the report relays.

                      About Mainzeal Property

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

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

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

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

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

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


NZ PREMIUM: Developer Under Police Probe After Liquidation
----------------------------------------------------------
Martin Van Beynen and Blair Ensor at Fairfax NZ News reports that
police have been asked to investigate a company run by a smooth-
talking young Aucklander that has gone bust leaving customers and
contractors in the Christchurch rebuild in the lurch.

NZ Premium Construction was put into liquidation by its
shareholders Craig Johnson, 29, and wife Eva Rose Johnson on
February 20 after an appeal to creditors for more time to pay
failed, the report relates.

Initial estimates put the debts of the company at NZ$500,000 but
this figure will rise. The company claims to be owed NZ$458,746
and it owes its bank NZ$378,000, according to the report.

At the time of the liquidation, the company was working on a
NZ$1.8 million repair and rebuild job for Merivale couple
Dr. Fred Grosse and Victoria Sinclair, the report says.

The couple declined to comment but The Press understands the
couple approached police after paying NZ$1.5 million to NZ
Premium, which Mr. Johnson claims was spent entirely on the repair
and rebuild of their Merivale house, the report notes.

According to the report, liquidator John Gilbert, in his first
report on NZ Premium, said the company had significant contracts
in place on behalf of insurance companies but "some invoices were
disputed".

"The director advanced significant sums to the company in an
effort to trade through. However suppliers and other creditors
were not prepared to support any proposal to trade out so the
decision has been made to liquidate," the report quotes Mr.
Gilbert as saying.

Eight days before the liquidation, Mr. Johnson formed another
company called NZ Premium Construction 2014, notes the report. Mr.
Johnson was its initial director and shareholder but he resigned
and was replaced by Auckland accountant Fergus Cleaver on February
20.

The company's name was changed to Kwik Management on February 24,
the report adds.

Mr. Johnson said he had nothing to hide, "I am confident in my
business acumen and business ethics," he said, the report cited.
Every cent of the NZ$1.5 million the company had received from
Grosse and Sinclair had been spent on their job, he maintained,
added the report.


SOLID ENERGY: AG Blames Poor Communication For Woes
---------------------------------------------------
Fairfax NZ News reports that taxpayers have got what may be as a
good an explanation as they are going to get over what went wrong
at Solid Energy.

The report says Auditor-General Lyn Provost blamed poor
communication and a failure by the company's board to consider
"worst-case scenarios" for the unravelling of the state-owned
miner.

Solid Energy has slashed more than 800 jobs, half its workforce,
and required a NZ$100 million lifeline following a steep slump in
coal prices in 2012, Fairfax NZ News notes.

However, several MPs questioned whether the auditor-general's
report, presented on March 20 to Parliament's commerce select
committee, delved back far enough in time to get to the heart of
the matter, saying over-optimistic valuations of the business had
led Solid Energy to take too many risks and take on too much debt.

According to the report, Solid Energy's board upped its estimate
of the value of the business by 15 times in 2008, from NZ$500
million to NZ$7.8 billion, triggering Treasury officials to
express "significant concern" to ministers in a May 2008 briefing
paper.

However, Ms. Provost said that was outside the scope of her
inquiry, which, because of resource constraints only looked back
over the last five years of the company's history. Labour MP
Clayton Cosgrove said he advised the office to look back further,
the report relays.

Fairfax NZ News relates that the auditor-general's office sector
manager Andrea Neame said Solid Energy had had a better track
record than more pessimistic financial analysts in forecasting the
price of coal before the crisis, but its board failed to plan for
the worst-case scenario of the price drop that occurred in July
2012.

Solid Energy's managers did not provide enough information to its
board about the company's "underachieving" NZ$34 million
investment in a wood pellet fuel plant in Taupo, Ms. Neame, as
cited as Fairfax NZ News, she said.

"Solid Energy did not in our view carry out enough risk analysis
about the wood pellet target market nationally or internationally,
nor did the company sufficiently consider the ongoing operational
costs of the plant," the report quotes Ms. Neame as saying.

According to the report, Ms. Provost said the lessons included:

   * Clear communication was important between shareholders,
     the board and management.

   * In risk management, you needed a "sceptical mindset and
     not to take too much of an optimistic view".

   * The need to have people with relevant industry expertise
     in management and on the board.

Between 2008 and 2012, Solid Energy had only one board member and
one senior manager with mining expertise despite its efforts to
find more, Ms. Provost said, the report relays.

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

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



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


* BOND PRICING: For the Week March 17 to March 21, 2014
-------------------------------------------------------

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


  AUSTRALIA
  ---------

COMMONWEALTH B     1.50     04/19/22      AUD      73.53
GRIFFIN COAL M     9.50     12/01/16      USD      73.88
GRIFFIN COAL M     9.50     12/01/16      USD      73.88
MIDWEST VANADI    11.50     02/15/18      USD      59.97
MIDWEST VANADI    11.50     02/15/18      USD      46.75
MIRABELA NICKE     8.75     04/15/18      USD      21.63
MIRABELA NICKE     8.75     04/15/18      USD      25.00
NEW SOUTH WALE     0.50     09/14/22      AUD      70.63
NEW SOUTH WALE     0.50     10/07/22      AUD      70.41
NEW SOUTH WALE     0.50     10/28/22      AUD      70.20
NEW SOUTH WALE     0.50     12/16/22      AUD      69.92
NEW SOUTH WALE     0.50     11/18/22      AUD      70.01
NEW SOUTH WALE     0.50     03/30/23      AUD      69.42
NEW SOUTH WALE     0.50     02/02/23      AUD      69.97
TREASURY CORP      0.50     08/25/22      AUD      71.14
TREASURY CORP      0.50     11/12/30      AUD      46.50
TREASURY CORP      0.50     03/03/23      AUD      70.24


CHINA
-----

CHINA GOVERNME     1.64     12/15/33      CNY      59.55
CHINA DEVELOPM     3.80     10/30/36      CNY      72.82


INDIA
-----

3I INFOTECH LT     5.00     04/26/17      USD      35.13
CORE EDUCATION     7.00     05/07/15      USD      31.00
COROMANDEL INT     9.00     07/23/16      INR      15.61
DAVOMAS INTERN    11.00     12/08/14      USD      19.38
DAVOMAS INTERN    11.00     12/08/14      USD      19.38
DEWAN HOUSING      5.50     09/24/23      INR      71.53
GTL INFRASTRUC     2.53     11/09/17      USD      25.63
INDIA GOVERNME     0.23     01/25/35      INR      17.96
INDONESIA TREA     6.38     04/15/42      IDR      74.58
JCT LTD            2.50     04/08/11      USD      20.00
MASCON GLOBAL      2.00     12/28/12      USD      10.00
PERUSAHAAN PEN     6.10     02/15/37      IDR      74.39
PRAKASH INDUST     5.25     04/30/15      USD      49.88
PRAKASH INDUST     5.63     10/17/14      USD      55.25
PYRAMID SAIMIR     1.75     07/04/12      USD       1.00
REI AGRO LTD       5.50     11/13/14      USD      55.88
REI AGRO LTD       5.50     11/13/14      USD      55.88
SHIV-VANI OIL      5.00     08/17/15      USD      26.25
SUZLON ENERGY      5.00     04/13/16      USD      47.77
SUZLON ENERGY      7.50     10/11/12      USD      61.25
VIDEOCON INDUS     6.75     12/16/15      USD      74.81


JAPAN
-----

ELPIDA MEMORY      0.70     08/01/16      JPY       9.75
ELPIDA MEMORY      0.50     10/26/15      JPY      12.75
ELPIDA MEMORY      2.29     12/07/12      JPY      15.38
ELPIDA MEMORY      2.10     11/29/12      JPY      12.75
ELPIDA MEMORY      2.03     03/22/12      JPY      14.00
JAPAN EXPRESSW     0.50     03/18/39      JPY      70.72
JAPAN EXPRESSW     0.50     09/17/38      JPY      71.24
TOKYO ELECTRIC     2.37     05/28/40      JPY      74.50


KOREA
------

EXPORT-IMPORT      0.50     12/22/17      BRL      62.99
EXPORT-IMPORT      0.50     10/23/17      TRY      64.15
EXPORT-IMPORT      0.50     01/25/17      TRY      69.88
EXPORT-IMPORT      0.50     11/21/17      BRL      64.65
EXPORT-IMPORT      0.50     11/28/16      BRL      72.26
EXPORT-IMPORT      0.50     10/27/16      BRL      72.98
EXPORT-IMPORT      0.50     12/22/17      TRY      63.17
EXPORT-IMPORT      0.50     12/22/16      BRL      71.57
EXPORT-IMPORT      0.50     09/28/16      BRL      73.73
TONGYANG CEMEN     7.30     06/26/15      KRW      70.00
TONGYANG CEMEN     7.50     04/20/14      KRW      70.00
TONGYANG CEMEN     7.50     09/10/14      KRW      70.00
TONGYANG CEMEN     7.50     07/20/14      KRW      70.00
TONGYANG CEMEN     7.30     04/12/15      KRW      70.00


SRI LANKA
---------

SRI LANKA GOVE     5.35     03/01/26      LKR      65.22


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

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


SINGAPORE
---------

BAKRIE TELECOM    11.50     05/07/15      USD      14.25
BAKRIE TELECOM    11.50     05/07/15      USD      13.38
BLD INVESTMENT     8.63     03/23/15      USD      30.50
BUMI CAPITAL P    12.00     11/10/16      USD      59.00
BUMI CAPITAL P    12.00     11/10/16      USD      58.88
BUMI INVESTMEN    10.75     10/06/17      USD      59.00
BUMI INVESTMEN    10.75     10/06/17      USD      58.54
ENERCOAL RESOU     9.25     08/05/14      USD      52.00
GENCO SHIPPING     5.00     08/15/15      USD      80.05
INDO INFRASTRU     2.00     07/30/10      USD       1.88


THAILAND
--------

G STEEL PCL        3.00     10/04/15      USD      13.50
MDX PCL            4.75     09/17/03      USD      17.13


TAIWAN
------

TAIWAN GOV         2.13     02/26/44      TWD      96.24



                             *********

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.



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