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                      A S I A   P A C I F I C

           Wednesday, March 26, 2014, Vol. 17, No. 60


                            Headlines


A U S T R A L I A

AMBOISE DEVELOPMENTS: First Creditors' Meeting Set For March 31
AUSDRILL LTD: S&P Lowers CCR to 'BB-'; Outlook Stable
EF HENDRY: Sheahan Lock Appointed as Administrators
EMECO HOLDINGS: Moody's Assigns B1 Corporate Family Rating
FORGE GROUP: Insolvent Trading Ruling May Raise Class Claim

KEYSTROKE SYSTEMS: First Creditors' Meeting Set For April 3
KILLARNEY STATION: Sold to Jumback Pastoral For AUD35 Million
OCEANLINX LIMITED: Hall Chadwick Appointed as Administrators
TERRY'S TORTES: Cake Business Placed in Administration


C H I N A

CHINA FISHERY: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
JIANGSU SHEYANG: Small Chinese Lender Reportedly Hit by Bank Run
LI NING: To Focus Back on Sportswear After Reporting Loss
WEST CHINA: Moody's Changes B1 CFR, Bond Rating Outlook to Stable
* China Experiments With Allowing Debt Defaults


I N D I A

A.L.A CHEMICALS: ICRA Suspends 'B-' Rating on INR6.39cr Loans
A.M. INTERNATIONAL: CRISIL Assigns 'B' Rating to INR200MM Loans
AHLADA INDUSTRIES: CRISIL Assigns 'B' Rating to INR70MM Loans
ANNAPURNA VYAPAAR: CRISIL Ups Rating on INR51MM Loans to 'B+'
ARUPPUKOTTAI SHRI: ICRA Ups Rating on INR37.97cr Loans to 'B'

BRAHMAPUTRA TELE: CRISIL Places 'B' Rating on INR200MM Loans
CHEMROW INDIA: ICRA Reaffirms 'B+' Rating on INR4cr LT Loan
CLASSIC MICROTECH: ICRA Rates INR10cr Cash Credit at 'B'
CRESCENT EXPORT: ICRA Assigns 'B+' Rating to INR18.5cr Loans
ESS AAR: ICRA Suspends 'B' Rating on INR5.0cr Bank Loan

ETHIX REALTORS: CRISIL Assigns 'B+' Rating to INR600MM Term Loan
HALDIA AGRO: CRISIL Assigns 'D' Rating to INR60MM Loans
HATIMI STEELS: CRISIL Upgrades Rating on INR61.8MM Loans to 'B+'
HERMAN PROPERTIES: CRISIL Assigns 'B+' Rating to INR300MM Loans
HIGH TECH: ICRA Reaffirms 'B+' Rating on INR9.9cr Loans

IMAGE INDUSTRIES: CRISIL Assigns 'B+' Rating to INR72.4MM Loans
J.J. SOLVEX: CRISIL Reaffirms 'B' Rating on INR158MM Loans
JAY BHAVANI: CRISIL Assigns 'B' Rating to INR150MM Loans
KALYAN AQUA: CRISIL Reaffirms 'B+' Rating on INR88.2MM Loans
LAHLIWALA STEELS: CRISIL Ups Rating on INR95.5MM Loans to 'B'

LAMIFAB INDUSTRIES: ICRA Assigns 'B+' Rating to INR10.35cr Loans
P NARASIMHA: CRISIL Lowers Rating on INR90MM Loans to 'B+'
RADHEY GOVIND: ICRA Suspends 'B+' Rating on INR5.5cr Loan
RAM ENGINEERS: CRISIL Assigns 'B+' Rating to INR70MM Loans
RAMA PAPER: ICRA Reaffirms 'D' Rating on INR71.81cr Loans

RAMESH COMPANY: ICRA Reaffirms B+ Rating on INR17.50cr Loan
ROSE METALS: ICRA Assigns B Rating to INR5cr Long Term Loan
RUDRA ALLOYS: ICRA Assigns 'B' Rating to INR8cr Loan
SHAKTI POLYTEX: ICRA Revises Rating on INR23.69cr Loans to 'B'
SHANKAR AGRO: CRISIL Assigns 'B' Rating to INR200MM Loans

SHIVAM STRUCTURAL: ICRA Suspends 'B+' Rating on INR5.48cr Loans
VASHU YARN: ICRA Raises Rating on INR14cr Loans From 'D'
VITARAG EXPORT: ICRA Revises Rating on INR11cr Loans to 'B'
V M S NIRMAN: ICRA Reaffirms 'B' Rating on INR9cr Loans


J A P A N

CHELSEA ASSET: Moody's Downgrades Rating on Class C2 ABL to Ba2
MF2 SENIOR: S&P Lowers Rating on 3 Classes of ABLs to D


M A L A Y S I A

* Rising Malaysian Household Debt Poses Growing Risks, Fitch Says


N E W  Z E A L A N D

GREYMOUTH PETROLEUM: Liquidation Bid an Attempt to "Extort" Terms
MANDARIN DUMPLING: Creditors at Least NZ$100,000 Out-of-Pocket


                            - - - - -


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


AMBOISE DEVELOPMENTS: First Creditors' Meeting Set For March 31
---------------------------------------------------------------
Danny Vrkic at DV Recovery Management was appointed as
administrator of Amboise Developments Pty Ltd on March 19, 2014.

A first meeting of the creditors of the Company will be held at
the office of DV Recovery Management, Level 1, 76 Market St, in
Wollongong, NSW, on March 31, 2014, at 11:00 a.m.


AUSDRILL LTD: S&P Lowers CCR to 'BB-'; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
corporate credit rating on Australian mining services provider
Ausdrill Ltd. to 'BB-' from 'BB'.  The outlook is stable.

At the same time, S&P lowered the ratings on Ausdrill Finance Pty
Ltd.'s US$300 million senior unsecured and subordinated notes to
'BB-' from 'BB', and the recovery rating to '4' from '3'.  S&P
also lowered its issue ratings on Ausdrill Finance Pty Ltd. and
Ausdrill International Pty Ltd.'s A$300 million, secured,
syndicated bank loan to 'BB+' from 'BBB-'.  The recovery rating on
this bank loan remains at '1'.  All ratings were removed from
CreditWatch with negative implications, where they were placed on
Nov. 7, 2013.

"The downgrades reflect our view that decreased overall demand for
mining production and related services in Australia and Africa
have weakened Ausdrill's financial risk profile to "significant"
from "intermediate"," Standard & Poor's credit analyst Craig
Parker said.

"The weaker financial risk profile incorporates our view that
Ausdrill's cash flow has become more volatile due to its exposure
to subdued mining activity and our expectation of continued
weakness in commodity prices.  While we do not expect Ausdrill to
return to a credit profile commensurate with a 'BB' rating in the
near term, we believe the company has offset further rating
pressure by actively reducing its discretionary capital
expenditure to counter the more subdued market conditions," said
Mr. Parker.

The nonrenewal and nonreplacement of a number of retired contracts
in 2013 have weakened Ausdrill's financial risk profile.  This
includes the cessation of drill and blast contracts at Cloud-break
and Geita and a number of contract mining services contracts in
West Africa.  There has been a material decrease in overall demand
for Ausdrill's services, which has been a by-product of ongoing
weakness in commodity prices.  In particular, the simultaneous
weakness in both gold and iron ore prices has led to broader cost
reduction measures across the mining sector.  In S&P's view, this
has heightened Ausdrill's cash flow volatility.  Ausdrill's
reported revenue declined by 27% in the six months ended Dec. 31,
2013, from the corresponding period a year ago, and EBITDA reduced
by more than 30%.

S&P views Ausdrill's business risk profile as "weak", reflecting
its view of the decreased overall demand and reduced business
activity resulting from expiring contracts.  In addition, lower
mining investment will mean that new contracts are likely to be
more competitively contested, pressuring Ausdrill's operating
margins and leading to Ausdrill depending more on its African
earnings contribution due to subdued demand in Australia.

The outlook is stable.  Notwithstanding the current weakness in
the mining sector, S&P expects that the company will continue to
add profitable production-based contracts to its order book.  S&P
expects that these will maintain Ausdrill's underlying credit
metrics and that any short-term improvement would be modest, with
an expected improvement in fiscal 2015.  At the 'BB-' rating, S&P
expects the following credit metrics: funds from operations
(FFO)/debt at more than 30% and free operating cash flow
(FOCF)/debt at more than 5%.  S&P also expects that Ausdrill will
successfully manage its exposure to the volatile African
countries.

Mr. Parker added: "A downgrade could occur due to nonrenewal of
retiring contracts, closure of mines that Ausdrill contracts to,
or higher capital expenditure that delays further amortization of
debt.  This scenario could worsen Ausdrill's financial metrics
further such as FFO/debt of less than 30% and FOCF/debt of less
than 5% on a sustained basis.  As Ausdrill's FOCF/debt will be
negative during high growth periods, we would consider average
metrics."

If the company's core metrics were to decline to less than 30%,
S&P would expect management to take protective measures to wind
back capital expenditure as well as restrict dividends.  However,
if these metrics were to persist and management were not willing
to take remedial action in a timely manner, a downgrade to 'B+'
could eventuate.

The rating could also be lowered should there be a material change
in the company's business risk profile that may be driven by a
sizable increase in its exposure to volatile African countries.

S&P could raise the rating if it believes cash flow volatility was
diminishing and the company was likely to benefit from a sustained
cyclical rebound in the mining sector, consistently improving the
company's financial metrics.  This could be evidenced if its
FFO/debt were to improve to 45% and its FOCF/debt were to average
more than 9% through the cycle.


EF HENDRY: Sheahan Lock Appointed as Administrators
---------------------------------------------------
John Sheahan -- jsheahan@slp.net.au -- and Ian Russell Lock --
ilock@slp.net.au -- at Sheahan Lock Partners were appointed as
administrators of EF Hendry Pty Ltd on March 24, 2014.

A first meeting of the creditors of the Company will be held at
the office of Sheahan Lock Partners, Level 8, 26 Flinders Street,
in Adelaide, on April 2, 2014, at 10:00 a.m.


EMECO HOLDINGS: Moody's Assigns B1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 Corporate
Family Rating (CFR) to Emeco Holdings Limited (Emeco), an
Australian-based publically listed equipment rental specialist
with operations in Australia, Indonesia, Chile and Canada. At the
same time, Moody's has assigned a definitive Ba3 rating to the
USD335 million senior secured notes due 2019 issued by Emeco Pty
Ltd. Moody's also has assigned a definitive Ba1 on the AUD50
million 3-year senior secured revolving credit facility entered
into by Emeco. The outlook on the ratings remains stable.

Ratings Rationale

Moody's definitive ratings are in line with the provisional
ratings assigned on 28 February 2014.

Emeco has reduced the size of the senior secured notes issuance by
around USD30 million and reduced the revolving credit facility
size by around AUD25 million. The lower issuance will improve
Emeco's gross leverage, however, does not change our expectations
for Debt-to-EBITDA net of cash of around 3.0x -- 3.5x in FY14.
While the lower transaction size reduces the company's total
available liquidity Moody's expect liquidity to remain adequate
over the next 12 to 18 months.

Emeco's B1 CFR reflects the company's exposure to the inherent
cyclicality of the minerals industry, which can cause sharp
declines in earnings and cash flow during cyclical downturns. This
has led to substantial declines in Emeco's utilization rates, and
thus revenue and EBITDA, over the last 12 to 18 months. This has
contributed to a material weakening in credit metrics.

The ratings also reflect the company's geographic diversity and
its large high quality asset base. The rating is supported by the
value of its assets and the company's proven ability to dispose of
assets to supplement cash flow in weaker operating environments.
The ratings also reflect our expectation that revenue and earnings
should slowly improve over the next 12-to-18 months, reflecting
the recent improvements in utilization rates, contract wins in
early 2014 and the general stabilization of the operating
environment for the mining companies which Emeco serves.

The outlook on all ratings is stable. This reflects the recent
improvement in utilization rates combined with our expectation
that conditions for the mining industry have stabilized. This plus
the cost reduction initiatives Emeco has undertaken and our
expectation for lower capital expenditures and increased asset
disposals going forward should lead to improving earnings and
credit metrics over the next 12-to-18 months.

Given the current operating conditions and Emeco's recent
operating performance Moody's do not see positive ratings momentum
over the near term. Longer term, should the company demonstrate an
ability to consistently operate its fleet at historical
utilization levels of around 70-80% for the group and sustain
leverage through the cycle, as measured by debt-to-EBITDA of less
than 3.0x the ratings could experience positive momentum.

The ratings could be downgraded if recent trend of improving
utilization rates is not maintained and/or the environment for
mining activity deteriorates further. Specifically, if Emeco is
unable to maintain debt to EBITDA below 4.25x post FY14 and/or
EBITDA/interest above 2.5x, then the ratings would likely be
downgraded. Also, the rating could be downgraded if the company is
unable to return and maintain utilization levels for the group to
above 55%.

The principal methodology used in these ratings was the Global
Equipment and Automobile Rental Industry published in December
2010.

Emeco Pty Ltd will be the issuer of the Notes and the borrow under
the revolving credit facility along with Emeco Canada Limited, and
both instruments will be guaranteed by all material subsidiaries.
Moody's expect the proceeds of the Notes to be used to refinance
all of the company's existing indebtedness and for ongoing working
capital requirements and liquidity requirements.


FORGE GROUP: Insolvent Trading Ruling May Raise Class Claim
-----------------------------------------------------------
Amanda Saunders at The Australian reports that the preliminary
finding of Forge Group liquidator Ferrier Hodgson that the
collapsed contractor may have been trading while insolvent since
November could provide more ammunition for litigation funder
Bentham IMF's potential class action.

The Australian says Bentham IMF may have leeway to increase the
claim size and is looking at whether the finding could give rise
to a "no transaction" case that would be based on the premise
investors should not have been able to purchase shares in an
insolvent company.

Forge Group Limited (ASX:FGE) -- http://www.forgegroup.com.au--
is engaged in construction, commercial building, engineering,
maintenance and workshop fabrication. Forge is the holding company
of Cimeco Pty Ltd, Webb Construction West Africa Ltd, Abesque
Engineering Ltd (Abesque) and CTEC Pty Ltd, which provide a range
of engineering and construction services to a diverse range of
clients particularly to the resource and oil and gas sectors
through its operating entities.

Martin Jones, Andrew Saker and Ben Johnson of Ferrier Hodgson were
appointed as Joint and Several Voluntary Administrators of the
Company on Feb. 11, 2014.  As a consequence, the financiers have,
pursuant to their securities, appointed Mark Mentha and Scott
Langdon of KordaMentha as Receivers and Managers.

The Australian said that the administrators were called in after
Forge's financier ANZ Group withdrew its support.

As reported in the Troubled Company Reporter-Asia Pacific on
March 20, 2014, ABC News said creditors of Forge Group have voted
to put the company into liquidation. The move means that Forge's
assets can be sold off and returns made to creditors, ABC News
said. The administrator, Ferrier Hodgson, will become the
liquidator, the report added.


KEYSTROKE SYSTEMS: First Creditors' Meeting Set For April 3
-----------------------------------------------------------
Nicholas Giasoumi -- nicholas@dyeco.com.au -- and Shane Leslie
Deane -- shane@dyeco.com.au -- at Dye & Co. were appointed as
administrators of Keystroke Systems Pty Ltd on March 25, 2014

A first meeting of the creditors of the Company will be held at
165 Camberwell Road, Hawthorn East 3123, on April 3, 2014, at
11:00 a.m.


KILLARNEY STATION: Sold to Jumback Pastoral For AUD35 Million
-------------------------------------------------------------
Ben Wilmot at The Australian reports that the Killarney Station in
the Northern Territory has been snapped up by the MacLachlan
family-owned Jumback Pastoral for about AUD35 million.

The sale of the station, which had fallen on hard times, could
mark the beginning of a turnaround in sentiment towards cattle
stations that depend on a healthy export market.

Adelaide-based Jumbuck Pastoral, set up in 1888, was a wool grower
in arid country at Paratoo Station near Yunta in South Australia
before diversifying into cattle.  The company had 12 properties
across South Australia, Western Australia and NSW.

Jumbuck Pastoral runs sheep on large stations in the three states
and cattle in the West Kimberley, and buying the Killarney station
in the Victoria River district would add a guaranteed cattle herd
of 26,000, notes the report.

The property, which spans an area of 5514sq km, was run by Wallco
Pastoral, and reportedly put into receivership by the National
Australia Bank in 2012 before a refinancing, The Australian
relates.


OCEANLINX LIMITED: Hall Chadwick Appointed as Administrators
------------------------------------------------------------
David Ross -- dross@hallchadwick.com.au -- and Brent Kijurina --
bkijurina@hallchadwick.com.au -- at Hall Chadwick were appointed
as administrators of Oceanlinx Limited on March 21, 2014.

A first meeting of the creditors of the Company will be held at
Level 40, 2 Park Street, in Sydney, on April 2, 2014, at
4:00 p.m.


TERRY'S TORTES: Cake Business Placed in Administration
------------------------------------------------------
Melinda Oliver at SmartCompany reports that family-owned cake
supplier Terry's Tortes and Treats with turnover of AUD7 million
has collapsed, with administrators seeking a buyer or investor.

SmartCompany relates that administrators Ross Blakeley --
ross.blakeley@fticonsulting.com -- and Matt Adams --
matt.adams@fticonsulting.com -- of FTI Consulting were appointed
to the company on March 19, 2014, with the first meeting for
creditors to be held on March 31 in Melbourne.

Mr. Blakeley told SmartCompany the business was currently still
trading and that "all staff are still employed".

According to the report, Mr. Blakeley said there were a few
reasons which led to the administration, including the fast growth
of the business in recent years.

SmartCompany relates that Mr. Blakeley said the company made a few
"strategic decisions which the directors would acknowledge haven't
worked out as they hoped".

He declined to reveal the level of debt ahead of the creditors
meeting, but says there are a number of different stakeholders to
address, the report notes.

Mr. Blakeley said he is "confident of a viable business there",
which a potential buyer or investor could develop, SmartCompany
adds.

Melbourne-based Terry's Tortes and Treats was launched in 2007 and
manufactures and distributes cakes, pastries, tarts, slices and
wedding cakes to the hospitality industry.  It has a manufacturing
facility in Coburg North, with HACCO-approved equipment. It
promotes on its website that it specialises in gluten free,
allergen free and Halal friendly dessert options.



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C H I N A
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CHINA FISHERY: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B+' long-term corporate credit rating on China Fishery Group Ltd.
The outlook is negative.  S&P also affirmed its 'B+' long-term
issue rating on senior unsecured notes that the company
guarantees.  At the same time, S&P affirmed its 'cnBB-' long-term
Greater China regional scale rating on China Fishery and the
notes.

S&P affirmed the ratings on China Fishery to reflect its
assessment that the company's stand-alone credit profile is 'b+'
and it is a "core" and "insulated" member of Pacific Andes
International Holdings Ltd. (the Pacific Andes group).  The rating
on China Fishery is therefore capped at one-notch above S&P's
assessment of the group credit profile as 'b'.

S&P's assessment of China Fishery as a core member of the Pacific
Andes group is based on the application of S&P's group rating
methodology under its revised corporate ratings criteria.

"In our view, the Pacific Andes group has a strong commitment to
maintain majority ownership in China Fishery, given the company's
high contribution to the group's EBITDA and cash flows," said
Standard & Poor's credit analyst Lillian Chiou.  "We believe China
Fishery's business is integral to the overall group's strategy.
The company also has a long record of satisfactory operations in
its core markets."

"We assess China Fishery to be an insulated member of the group
because the company operates as a separate entity, keeps its funds
separate from other group companies, is severable from the group,
and pays its liabilities out of its own funds.  Besides, China
Fishery and its parent companies are all listed and are under the
supervision and monitoring of their respective stock exchanges,"
S&P noted.

"Our assessment of the Pacific Andes' group credit profile
reflects our view that the group's business risk profile is "fair"
and its financial risk profile is "aggressive."  Our opinion is
based on the group's high-volume, low-margin, and capital
intensive fish trading and processing business.  The group's
consolidated cash flow adequacy is substantially weaker and its
leverage is considerably higher than that of China Fishery on a
stand-alone basis," S&P added.

China Fishery's stand-alone credit profile is based on the
company's "fair" business risk profile, "significant" financial
risk profile, "less than adequate" liquidity, and "weak"
management and government, as our criteria define the terms.

"In our opinion, China Fishery is exposed to high regulatory and
policy risks, volatility in the global fishing industry, and the
fragmented and competitive Peruvian fishery market," said Ms.
Chiou.  "The company's strong market position in Peru,
geographically diversified operations, and good operating
efficiency temper these weaknesses."

S&P expects the consolidated Peruvian fishery operation to be the
main revenue and profit driver for China Fishery in the coming 12
months.  S&P has low visibility on the company's contract supply
business, where revenues and gross margins could decline
significantly from the fiscal year ending Sept. 28, 2014, because
of the termination of long-term supply agreements.

S&P's assessment of China Fishery's financial risk profile is
based on its expectation that the company will fully consolidate
the operations of recently acquired Copeinca ASA, a large Peru-
based fishmeal producer, and halve its contract supply operations.
We anticipate that China Fishery's leverage will decline in the
next 12 months, after fully consolidating Copeinca's fishing
operations.

"The negative outlook reflects our view that the group credit
profile will continue to constrain China Fishery's credit
profile," said Ms. Chiou.

S&P could lower the rating if it believes that the liquidity
profile of the group and China Fishery will deteriorate or if
China Fishery's financial leverage increases.  This could
materialize if: (1) companies in the Pacific Andes group have
significant losses; (2) the group's banking relationships
deteriorate; or (3) China Fishery makes a material debt-funded
acquisition.  China Fishery's consolidated ratio of debt to EBITDA
rising above 4.0x on a sustained basis would indicate such
deterioration.  S&P could lower the rating by one or two notches
if the liquidity position of the company or the group deteriorates
to "weak."

S&P could revise the outlook on China Fishery to stable if it
believes that the group credit profile has improved.  This could
happen if the group reduces its debt, such that its ratio of
consolidated debt to EBITDA falls and stabilizes below 5.0x on a
sustained basis.


JIANGSU SHEYANG: Small Chinese Lender Reportedly Hit by Bank Run
----------------------------------------------------------------
Grace Zhu, writing for The Wall Street Journal, citing the state-
run China News Service, reported that Jiangsu Sheyang Rural
Commercial Bank, a rural lender in China's eastern Jiangsu
Province, was hit by a bank run after rumors emerged about a
possible bankruptcy.

The bank run occurred on March 24 at a branch of Jiangsu Sheyang
Rural Commercial Bank in Yancheng, the Journal said, citing the
Chinese news agency.

A bank official who gave only her surname as Tang told the Journal
that "everything is normal" and depositors can withdraw as much
money from the bank as they want.

She said, however, that the bank would remain open after normal
working hours to ensure that people who want to withdraw money can
do so, the Journal related.  She also said the bank has sufficient
funds to meet all customer needs.

The Journal related that Jiangsu Sheyang Rural Commercial Bank is
relatively small and a run wouldn't be a threat to China's huge
financial system. The bank said it had deposits of 12 billion yuan
($1.9 billion) at the end of February.


LI NING: To Focus Back on Sportswear After Reporting Loss
---------------------------------------------------------
Tiffany Ap at South China Morning Post reports that sportswear
brand Li Ning Company Limited plans to focus on the mid-tier
market and exit non-sportswear categories after reporting a loss
of CNY391.54 million (HK$491.6 million) last year, 80 per cent
less than the CNY1.98 billion it lost in 2012.

Revenue fell 12. 8 per cent to CNY5.82 billion, partly due to a
shrinking outlet network. The number of stores fell to 5,915 from
8,255 in 2011.

The report notes that like many industry rivals, Li Ning, founded
by the Olympic champion gymnast Li Ning, expanded overzealously
before the 2008 Beijing Olympics.

Suffering from high excess inventory, it has had to offer
discounts of as much as 70 per cent on its products, SCMP relates.

According to the report, the company said its goal was to steer
focus away from casual wear, a crowded and competitive segment,
and back to its core in sportswear while elevating its brand to a
more premium position.

"There's not a lot of players [in the middle]," the report quotes
executive vice-chairman Kim Jin-goon as saying. "Our belief is
that local brands do not have the innovation or the brand power
. . . the international brands have a high cost structure, they
don't have a more nimble operational platform. The numbers back us
on this.

"The Li Ning brand is the only brand that is able to have a local
cost structure with a value proposition that's able to step up
with a premium."

Li Ning Company Limited provides sporting goods including
footwear, apparel, equipment and accessories for professional and
leisure purposes primarily under the LI-NING brand.  The company
is headquartered in Beijing, China.


WEST CHINA: Moody's Changes B1 CFR, Bond Rating Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook of West China Cement Limited's (WCC) B1 corporate family
rating and B1 senior unsecured bond rating.

At the same time, Moody's has affirmed both ratings.

Ratings Rationale

"The change in outlook to stable reflects an improvement in WCC's
debt leverage and a slowdown in its capital expenditure," says
Jiming Zou, a Moody's Assistant Vice President and Analyst.

In addition, Moody's points out that the acquisitions made by WCC
in 2012 contributed to an 18.3% growth in revenue in 2013 to
RMB4.17 billion.

While its gross profit margin declined to 17.5% in 2013 from 19.2%
in 2012, the additional revenue resulted in an increase in EBITDA
to RMB1.27 billion from RMB1.06 billion, resulting in a
debt/EBITDA of 3.2x from 3.7x.

Moody's expects WCC's debt leverage to stay at around 3.0x over
the next 12--18 months, given that the company plans to slow its
pace of expansion, after acquiring substantial capacity over the
last three to four years. In 2013 for example, its capital
spending totaled RMB586 million, which was about 40% of its
capital expenditure in 2012 of RMB1.4 billion.

In 2014, the company plans to reduce such spending even further,
to RMB500 million. The lower level of spending reflects the
consolidation in market capacity in Shaanxi province, resulting in
the need to reduce merger and acquisitions to stabilize cement
prices and to avoid a further erosion of margins.

Moody's expects WCC's average selling price to improve slightly in
2014 from the RMB228 per ton achieved in 2013, due to an
improvement in demand and supply balance in the region.

Its production volume is also likely to grow around 5%-10% from
the 17.6 million tons recorded in 2013, given the organic growth
in demand growth for infrastructure, as well as rural and urban
development.

The lack of new capacity coming on stream in Shaanxi province,
WCC's home market, is also beneficial to the company's volume
growth. As a result, WCC is expected to maintain debt/EBITDA of
around 3x and EBITDA/interest of 4x; positioning the company in
the B1 rating level.

"The stable ratings outlook also takes into account WCC's
stabilizing liquidity position," says Zou, who is also the Lead
Analyst for WCC.

WCC's reduced spending resulted in an improved cash and deposit
total of RMB623 million at end-2013 from RMB518 million at end-
2012. The issuance of RMB800 million in medium term notes in March
2013 also improved its debt maturity profile, such that its cash
to short term debt improved materially to 75.8% at end-2013 from
41.3% a year ago.

WCC's B1 ratings continue to reflect its dominant market share of
cement production in southeastern Shaanxi province. Moody's
believes the company will benefit from good anticipated demand for
infrastructure-related projects and rural urbanization in its home
market over the next 3-5 years.

However the ratings are constrained by its small scale and lower
profitability, as a result of price competition, against the
backdrop of persistent overcapacity. In addition, it faces the
execution risks of acquiring and building facilities in new
regions, where it does not have the same competitive edge as in
its home province.

Nonetheless, the ratings could be upgraded, if WCC can
demonstrate: (1) disciplined expansion and acquisitions; (2)
prudent financial management such as to maintain debt/EBITDA below
2.5x on a sustained basis; (3) a sound liquidity position, such
that its cash balance fully covers its short-term debt; and (4) a
good market position that supports a gross margin in excess of
15%-20%.

On the other hand, the ratings could be downgraded, if there is:
(1) a material loss in WCC's market share; (2) a deterioration in
the pricing environment that erodes its profitability such that
its gross margin falls below 15%; (3) aggressive capital spending,
such that EBITDA/interest expense falls below 3.0x and its
debt/EBITDA ratio exceeds 4.0x.

The principal methodology used in this rating was the Global
Building Materials Industry published in July 2009.

West China Cement Limited is one of the leading cement producers
in China's Shaanxi province. As of December 2013, the company's
annual cement production capacity amounted to 23.7 million tons.
Its revenues were RMB4.2 billion in 2013.


* China Experiments With Allowing Debt Defaults
-----------------------------------------------
Lingling Wei, writing for The Wall Street Journal, reported that
Chinese regulators are experimenting with allowing some debt
defaults as a way to fend off reckless lending activities,
according to government officials familiar with the matter, the
latest sign China's leaders are pressing ahead on revamping the
country's creaky financial system.

At the same time, the authorities, including China's central bank
and its top securities regulator, are stepping up monitoring of
credit risks in China, as many corporate and government borrowers
are struggling to pay off debt amid a slowing economy, the report
said.

The moves follow China's first-ever bond default in early March,
according to the Journal.  Last week, a property developer in the
eastern province of Zhejiang failed to repay almost $600 million
of loans, a large default for a real-estate firm. On March 24, a
rural bank in eastern Jiangsu Province was hit by a rare bank run,
the state-run China News Service reported, after rumors emerged
about possible bankruptcy.

The China Securities Regulatory Commission, which traditionally
has focused on policing the country's stock markets, plans to form
a new division by the end of this month to oversee the corporate-
bond market, one of the fastest-growing markets in Asia, the
report related.  "With the new division, the hope is to identify
default risks faster," said an official with direct knowledge of
the matter.

The new division will also put in place rules governing how
defaults should be resolved, the official said, adding, "The basic
principle is that the market should be the one that decides who
fails and who doesn't," the report further related.



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


A.L.A CHEMICALS: ICRA Suspends 'B-' Rating on INR6.39cr Loans
-------------------------------------------------------------
ICRA has suspended the long-term rating assigned to the INR6.25
crores fund-based facility and INR0.14 crores term loan facility
of A.L.A Chemicals Private Limited. ICRA has also suspended the
short-term rating assigned to the INR6.0 crores short-term non-
fund based facility of ACPL. 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 Limits        6.25         [ICRA]B- Suspended

   Long Term: Term
   Loan                0.14         [ICRA]B- Suspended

   Short Term: Non-
   Fund Based Limits   6.00         [ICRA]A4 Suspended

Founded in 1970, A.L.A Chemicals Private Limited is promoted by
Mr. Anil Anand. The company is engaged in the business of
manufacturing stabilisers and has installed capacity of 10000
MTPA currently. The company manufactures lead-based commodity
stabilizers, lead-based one pack (solid and liquid both), small
quantity of other non-toxic, heavy metal free products such as
Calcium Zinc based stabilizers having applications in pipes &
fittings, cables, calendaring, recyclable PVC profiles etc.
Because of the expected strong growth in stabilizer demand over
the medium term from end user industries and increase in sales
volumes during the current fiscal, the company is undertaking a
capacity expansion plan which would increase its installed
capacity to 14000 MTPA.


A.M. INTERNATIONAL: CRISIL Assigns 'B' Rating to INR200MM Loans
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of A.M. International (AMI), and has assigned its
'CRISIL B/Stable' ratings to the bank facilities of AMI. CRISIL
had earlier, on February 25, 2014, suspended the ratings as AMI
had not provided the necessary information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign ratings to the company's bank
facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            100       CRISIL B/Stable (Assigned;
                                    Suspension revoked)

   Proposed Cash          100       CRISIL B/Stable (Assigned;
   Credit Limit                     Suspension revoked)

The rating reflects AMI's below-average financial risk profile,
marked by weak debt protection metrics. The rating also reflects
AMI's small scale of operations in the intensely competitive rice
industry, leading to low operating profitability. These rating
weaknesses are partially offset by the benefits that AMI derives
from its proprietor's extensive experience in the basmati rice
industry.

Outlook: Stable

CRISIL believes that AMI will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case AMI registers
significant improvement in its scale of operations and operating
profitability and, hence, its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case the firm
registers a decline in its profitability or if its working capital
requirements are larger than expected, leading to pressure on its
financial risk profile.

AMI is a proprietorship firm started by Mr. Pankaj Sharma in the
year 2011 and is engaged in the trading of rice. The firm is based
out of Narela, Delhi and procures primarily from the Narela Mandi.

AMI reported a profit after tax (PAT) of INR0.07 million on an
operating income of INR556.5 million for 2012-13, against a PAT of
INR0.01 million on an operating income of INR322.1 million for
2011-12.


AHLADA INDUSTRIES: CRISIL Assigns 'B' Rating to INR70MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Ahlada Industries Private Limited.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan               10         CRISIL B/Stable

   Proposed Cash
   Credit Limit            20         CRISIL B/Stable

   Cash Credit             40         CRISIL B/Stable

   Letter of Credit         7.5       CRISIL A4

   Bank Guarantee          10         CRISIL A4

   Buyer Credit Limit      10         CRISIL A4

The ratings reflect AIPL's modest scale and working capital-
intensive nature of its operations coupled with customer
concentration in its revenue profile. The ratings also factor in
AIPL's below-average financial risk profile marked by modest
networth and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the industrial equipment manufacturing and
longstanding relationship with its customers.

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from its promoters extensive experience and established
relationships with its customers. The outlook may be revised to
'Positive' if the company significantly scales up its operations
and profitability while improving its working capital cycle,
leading to an overall improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if AIPL's
financial risk profile weakens because of lengthening of its
working capital cycle or there is a significant decline in the
accruals of the company.

AIPL incorporated in 2007, is engaged in business of manufacturing
machinery and storage equipment mainly for bulk drug
manufacturers. The company is managed by Mr. Praveen Kumar, Mr.
Anji Reddy, Mr. Adi Reddy and Mr Suresh Reddy. AIPL has its
manufacturing unit located in Bahadurpally (Hyderabad, Andhra
Pradesh).

For 2012-13 (refers to financial year, April 1 to March 31), AIPL
reported a net loss of INR 11.7 million on net sales of INR 112.4
million, against a profit after tax (PAT) of INR 6.0 million on
net sales of INR 227.2 million for 2011-12.


ANNAPURNA VYAPAAR: CRISIL Ups Rating on INR51MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Annapurna Vyapaar Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            30       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan              21       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that AVPL's liquidity
will improve over the medium term, backed by more-than-previously-
expected cash accruals. The company's cash accruals over the
medium term are expected to be around INR10 million per annum,
more than 50 per cent higher than previous expectations of around
INR3 million per annum. The expected cash accruals will be
adequate to meet its term loan obligations of about INR7.8 million
in 2014-15 (refers to financial year, April 1 to
March 31). The improvement in net cash accruals is expected to be
driven by sustained healthy annual revenue growth of more than 10
per cent and a better operating margin of around 11 per cent, over
the medium term.

The rating reflects AVPL's weak financial risk profile, marked by
a small net worth and average gearing, and its small scale of
operations in the intensely competitive tea industry. These rating
weaknesses are partially offset by AVPL's competitive advantage
over its peers due to its proximity to tea plantations, supporting
its business risk profile.

Outlook: Stable

CRISIL believes that AVPL will continue to benefit over the medium
term from its proximity to tea plantations and the healthy demand
for tea. The outlook may be revised to 'Positive' if the company
generates more-than-expected revenues while maintaining its
profitability, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
AVPL's business and financial risk profiles weaken, most likely
because of lower-than-expected profitability or a stretch in its
working capital cycle.

AVPL was established in 2009 by Ms. Sweta Devi Agrawal and Ms.
Kusum Devi Agrawal. The company manufactures black crush-curl-and-
tear (CTC) tea in Siliguri (West Bengal).


ARUPPUKOTTAI SHRI: ICRA Ups Rating on INR37.97cr Loans to 'B'
-------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR17.97
crore term loans (revised from INR17.10 crore), and INR20.00 crore
cash credit facilities of Aruppukottai Shri Ramalinga Spinners
Private Limited from [ICRA]B- to [ICRA]B. ICRA has reaffirmed the
short term rating outstanding on the INR0.75 crore letter of
credit and INR1.09 crore bank guarantee of the company at
[ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term-Term
   Loans                17.97       [ICRA]B/upgraded from
                                    [ICRA]B-

   Long term-Cash
   Credit               20.00       [ICRA]B/upgraded from
                                    [ICRA]B-

   Short term-Letter
   of credit             0.75       [ICRA]A4/reaffirmed

   Short term-Bank
   Guarantee             1.09       [ICRA]A4/reaffirmed

The ratings derive comfort from the significant experience of the
promoter group (Shri Ramalinga Group) in the spinning industry and
the continuous financial support extended by the parent company,
Shri Ramalinga Mills Limited (rated [ICRA]BB (stable)/[ICRA]A4+).
The company's financial profile remains stretched with thin net
margins, negative networth (on the back of large losses incurred
in 2011-12), and weak capitalisation and coverage indicators. The
net profit margins remain thin, impacted by the lower levels of
capacity utilisation on the back of higher power costs, and higher
interest costs (on loans taken to fund the past capex). The
Company's revenues and profitability are exposed to volatility in
cotton and yarn prices, and fluctuations in forex rates. However,
in the current fiscal, the accruals have improved on the back of
favourable yarn demand, better capacity utilisation and favourable
forex movement. Going forward, while the favourable yarn demand is
likely to support the company's revenue growth, expansion in
operating margins and improvement in net accruals and debt
indicators will remain critical in improving the credit profile of
the company.

Aruppukottai Shri Ramalinga Spinners Private Limited, was
incorporated as a private limited Company in June 1999 with an
object of establishing spinning and textile mills. RSPL is a
wholly owned subsidiary of Shri Ramalinga Mills Limited. The
Company commenced its production in November 2003 and currently
operates as a cotton spinning unit in Aruppukottai, Tamil
Nadu with an installed capacity of 69,312 spindles.

Recent Results

During 2012-13, the Company has reported net loss of INR0.04 crore
on an operating income of INR91.7 crore as against a net loss of
INR19.3 crore on an operating income of INR70.7 crore during the
corresponding previous year. The Company has recorded an operating
income of INR87.2 crore during 11 months ended February 28, 2014.


BRAHMAPUTRA TELE: CRISIL Places 'B' Rating on INR200MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Brahmaputra Tele Productions Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              84       CRISIL B/Stable
   Cash Credit            20       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     96       CRISIL B/Stable

The rating reflects BTPPL's below-average financial risk profile,
marked by weak liquidity, driven by highly working-capital-
intensive operations and sizeable debt repayment obligations. The
rating also factors in the company's modest scale of operations,
and its susceptibility to risks related to intense competition and
to the regulated nature of the television broadcasting industry.
These rating weaknesses are partially offset by the extensive
industry experience of BTPPL's promoters, and their commitment to
provide timely support to the company in exigencies.

Outlook: Stable

CRISIL believes that BTPPL will continue to benefit over the
medium term from its promoters' experience in the television
broadcasting industry; however, its financial risk profile will
remain constrained over this period due to its stretched
liquidity. The outlook may be revised to 'Positive' if the
company's cash cycle shortens or if its accruals increase
significantly. Conversely, the outlook may be revised to
'Negative' in case of a further decline in BTPPL's business
volumes or profitability, if its receivables stretch further, or
if there is a significant delay in commencement of commercial
operations of its new channel, Jonak.

BTPPL was originally incorporated in 2001 as Jaintia Ispat Pvt Ltd
in Assam, promoted by the Jaiswal family. This company was later
renamed as Tsang-Po Smelter Pvt Ltd in 2003, and as BTPPL in 2006.
The company is currently operating a 24-hour free-to-air (FTA)
satellite news channel, DY365, in Assamese. The channel has been
operational since November 2008. The company will be launching an
FTA general entertainment channel, Jonak, in April 2014.

BTPPL reported a profit after tax (PAT) of INR41.9 million on net
revenue of INR176.5 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR8.2 million on net
revenue of INR133.9 million for 2011-12.


CHEMROW INDIA: ICRA Reaffirms 'B+' Rating on INR4cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+  to the
INR4.00 crore fund based bank facilities of Chemrow India Private
Limited. ICRA has also reaffirmed the [ICRA]A4 rating to the
INR14.00 crore non fund based limits of CIPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Limits-
   Long-term facilities     4.00       [ICRA]B+ reaffirmed

   Letter of Credit,
   Short term              14.00       [ICRA]A4 reaffirmed

The ratings reaffirmation factors in the moderate scale of CIPL's
operations, its low profitability and modest debt protection
metrics. The ratings are also constrained by continued high
receivable levels especially the debtors which are more than six
months overdue. Any write-off/provisioning for the same could
adversely impact the profitability and net worth of the company.
In addition, the ratings continue to take into consideration the
vulnerability of CIPL profitability to fluctuations in the foreign
currency movement and high customer concentric risk with a single
client (Azam Rubbers Products Ltd.) contributing a sizeable
proportion (~60%) to the company's revenues. Moreover, ICRA takes
note of the decline in operating income owing to reduction in
sales volume, and high competitive intensity in the industry.
Nevertheless, the ratings take into consideration the steps taken
by management to increase its focus towards domestic procurement
and venturing into "shoe lasting" manufacturing which is expected
to support the profitability of the company. Moreover, ICRA takes
into cognizance the the long experience of promoters in the
polymer industry, CIPL's established relationship with key
customers, which have enabled it to secure repeat orders from
them.

Incorporated in 1997, Chemrow India Private Limited is engaged in
the trading of polymers like EVA (Ethylene Vinyl Acetate). The
company in Fy14 has also ventures into manufacturing of shoe last.
CIPL is promoted by Mr. Manish Sharma and his family members. The
registered office of the company is located in Jhandewalan, New
Delhi. CIPL branches are located in Delhi, Mumbai and Kundli.

Recent Result

In 2012-13, the company has reported an operating income of
INR52.02 crore with a profit after tax of INR0.39 crore compared
to an OI of INR63.44 crore and profit after tax of INR0.32 crore
in 2011-12.


CLASSIC MICROTECH: ICRA Rates INR10cr Cash Credit at 'B'
--------------------------------------------------------
The rating of [ICRA]B has been assigned to the INR10.00 Cr. cash
credit facility of Classic Microtech Pvt. Ltd. The rating of
[ICRA]A4 has been assigned to the INR10.00 Cr. short term non fund
based facility of CMPL.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          10.00        [ICRA]B assigned
   Letter of Credit     10.00        [ICRA]A4 assigned

The ratings are constrained by the modest scale of the company's
operations and weak financial profile characterized by modest
operating profitability margins, leveraged capital structure, weak
coverage indicators and high working capital intensity. The
ratings are further constrained by vulnerability of profitability
to adverse fluctuations in raw material (Zirconium sand) prices
which may not be passed onto the customers adequately and the
highly fragmented nature of the industry which results in intense
competitive pressures. ICRA also notes that the demand for the
company's products remains exposed to performance of ceramic tile
industry which in turn is linked to real estate business cycle.

The ratings, however, take comfort from the experience of the
promoters spanning over 10 years in the ceramic industry and the
company's locational advantage on account of proximity to tile
manufacturing hubs such as Morbi, Kadi, and Himmatnagar ensuring
steady demand for the its products.

Classic Microtech Pvt. Ltd. was incorporated in 2000, and started
its operations from 2007 onwards. The company is engaged in the
business of manufacturing zirconium silicate - a mineral used as
an input during manufacturing of ceramic glaze frits for tiles,
sanitary ware etc. CMPL has an installed capacity to manufacture
~4200 MTPA of zirconium silicate at its manufacturing facility
located in Pratij, Gujarat. CMPL is a closely held entity with the
members of the Patel family being the key stakeholders.


CRESCENT EXPORT: ICRA Assigns 'B+' Rating to INR18.5cr Loans
------------------------------------------------------------
ICRA has assigned an [ICRA]B+ to the INR8.50 crore packing credit,
INR7.00 crore FDB/ FBE and INR3.00 crore term loan facilities of
Crescent Export Syndicate. ICRA has also assigned an [ICRA]A4 to
the INR0.10 crore non-fund based bank guarantee facility of CES.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------            -----------    -------
   Fund Based Limit-
   Packing Credit           8.50        [ICRA]B+ assigned

   Fund Based Limit-
   FDB/FBE                  7.00        [ICRA]B+ assigned

   Fund Based Limits-
   Term Loan                3.00        [ICRA]B+ assigned

   Non Fund Based Limits-
   Bank Guarantee            0.10       [ICRA]A4 assigned

The assigned rating takes into account the weak financial profile
of the firm as reflected by nominal cash accruals, declining
return on capital employed and depressed level of coverage
indicators.

Despite a significant improvement in the working capital intensity
of operations in 2012-13 over the preceding year, it still
remained high which kept the liquidity stretched, as reflected by
the high utilisation of the working capital borrowings from bank.
With almost the entire revenue of the firm being derived from
exports, the firm remains exposed to exchange rate fluctuation
risks, notwithstanding the benefits expected to accrue from
current rupee depreciation. The ratings also take into account
high customer concentration risks, susceptibility of its profit
margins to continuity of various export incentives extended by the
Government of India (GoI) and CES's status as a partnership firm,
including the risks of withdrawal of capital by the partners. The
ratings reflects the established track record of the promoters in
the leather bag manufacturing business, advantages of procurement
of leather from local tanneries in Kolkata and the established
relationship with reputed customers mitigates counterparty risk to
an extent.

Crescent Export Syndicate was promoted by Mr. Mohammed Azhar and
his spouse, Mrs. Sunita Sabiha Azhar, in the year 1982. The firm
is engaged in the manufacturing of leather bags, wallets and
other accessories and has its manufacturing facility at Kasba,
Kolkata, with a production capacity of 30,000 bags and 1,50,000
wallets and other accessories per month. The machinery of the firm
comprises of 61 sewing machines and 105 other machines including
hydraulic machines, clicking machines, stitching machines, scrap
cutting machines, buffing machines, pasting machines and adhesive
spraying machines.

Recent Results

The firm reported a net profit of INR1.09 crore on an operating
income of INR43.07 crore during 2012-13 as compared to a net
profit of INR0.65 crore on an operating income of INR43.53 crore
during 2011-12.


ESS AAR: ICRA Suspends 'B' Rating on INR5.0cr Bank Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.0 crore
bank facilities of Ess Aar Automotive (P) Ltd. 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


ETHIX REALTORS: CRISIL Assigns 'B+' Rating to INR600MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ethix Realtors Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan        600        CRISIL B+/Stable

The rating reflects ERPL's exposure to project implementation risk
accentuated by the initial stage of its project, exposure to
geographical concentration risks, and vulnerability to cyclicality
inherent in the Indian real estate industry. These rating
weaknesses are partially offset by the benefits that ERPL derives
from its promoter's extensive experience in the real estate
industry.

Outlook: Stable

CRISIL believes that ERPL will benefit from the extensive
experience of its promoter and its established position in the
real estate market in Pune (Maharashtra). The outlook may be
revised to 'Positive' in case of better-than-expected customer
response to ERPL's project leading to better customer advances or
in case of large value unlocking of its investments. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the company's liquidity either due to delays in receipt of
customer advances or significant cost overruns in the project.

Established in 2005, ERPL is the flagship company of the Ethix
group, which has investments in a large number of real estate
projects and holds significant lands bank in Pune. ERPL is
promoted by Mr. Dharmesh Gathani, who has been in the real estate
business in Pune for over 10 years. The company has undertaken a
large residential project, Kool Homes, in Undri, Pune.


HALDIA AGRO: CRISIL Assigns 'D' Rating to INR60MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the various bank
facilities of Haldia Agro Pvt Ltd. The rating reflects instances
of delay by HAPL in servicing its debt; the delays have been
caused by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            49       CRISIL D
   Overdraft Facility     11       CRISIL D

The rating also reflects HAPL's below-average financial risk
profile and small scale of operations. These weaknesses are partly
offset by HAPL's promoters' extensive experience in the flour
milling business.

HAPL was incorporated in 2005 by Mr. Satyabrata Das (managing
director), Mr. Debabrata Das (director) and Mrs. Tamali Das
(director). The company is engaged in flour milling activities in
Haldia, West Bengal. The company manufactures atta, maida, bran
and sooji.


HATIMI STEELS: CRISIL Upgrades Rating on INR61.8MM Loans to 'B+'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Hatimi Steels to 'CRISIL B+/Stable' from 'CRISIL B/Stable', and
reaffirmed its rating on the company's short-term facilities at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           61.8       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit     438.2       CRISIL A4(Reaffirmed)

The upgrade in rating reflects CRISIL's belief that Hatimi's sales
will grow at a moderate rate, and the firm will follow prudent
risk management practices over the medium term. It had labour
issues owing to which the firm had stopped its ship breaking
activity during 2011-12 (refers to financial year, April 1 to
March 31). However, in 2013-14, it has broken three ships without
any labour issues. The firm had sales of around INR720 million
till February 2014, and is expected to book sales of INR810
million to INR820 million for 2013-14. The firm now follows
prudent risk management practices by hedging part of its foreign
exchange (forex) exposure, given the recent volatility in forex
rate. These risk management practices will help the firm mitigate
its forex losses to certain extent. CRISIL believes that Hatimi
will continue to follow prudent risk management practices over the
medium term, and maintain its sales growth.

CRISIL's ratings continue to reflect Hatimi's weak financial risk
profile, marked by small net worth, high total outside liabilities
to tangible net worth (TOLTNW) ratio, and below-average debt
protection metrics, and susceptibility to cyclicality in the ship-
breaking industry and volatility in steel scrap prices. These
rating weaknesses are partially offset by the benefits that Hatimi
derives from its promoters' extensive experience in the ship-
breaking industry.

Outlook: Stable

CRISIL believes that Hatimi will continue to benefit from its
promoter's extensive experience in the ship-breaking industry over
the medium term. The outlook may be revised to 'Positive' if the
firm achieves more-than-expected cash accruals and improves its
financial risk profile, mostly because of fresh capital infusion.
Conversely, the outlook may be revised to 'Negative' in case of
further deterioration in the firm's financial risk profile,
particularly liquidity, owing to capital withdrawals or decline in
steel scrap prices, leading to inadequate cash accruals.

Hatimi, a proprietorship concern set up in 1999 by Mr. Amit Jain,
undertakes ship- breaking projects at its yard in Alang (Gujarat).


HERMAN PROPERTIES: CRISIL Assigns 'B+' Rating to INR300MM Loans
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Herman Properties Limited and has assigned its
'CRISIL B+/Stable' rating to these facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft Facility     50        CRISIL B+/Stable (Assigned;
                                    Suspension revoked)

   Term Loan             250        CRISIL B+/Stable (Assigned;
                                    Suspension revoked)

CRISIL had earlier, through its rating rationale dated November
12, 2013, suspended the ratings as Herman Properties Limited did
not provide the information required to undertake a rating review.
The company has now shared the requisite information, enabling
CRISIL to assign ratings to the company's bank facilities.

The rating reflects HPL's significant dependence on customer
advances for timely completion of its ongoing project and
susceptibility to the risks inherent in the real estate industry.
These rating weaknesses are partially offset by HPL's promoters'
established track record in construction industry.

Outlook: Stable

CRISIL believes that HPL will maintain its business risk profile
over the medium term on the back of its promoters' extensive
experience in the residential real estate industry and efficient
management. The outlook may be revised to 'Positive' in case HPL
attracts higher than expected customer advances, and improves its
cash flows, leading to timely completion of its projects and
healthy cash accruals. Conversely, the outlook may be revised to
'Negative' if HPL faces time and cost overruns in its ongoing
projects or significant pressure on its liquidity owing to delays
in receiving customer advances, resulting in weak revenues and
profitability, thus constraining its debt servicing ability.

Incorporated in 1986, HPL is promoted and managed by Mr. K P S
Kukreja and Mr. J P S Kukreja. The company has constructed
residential, industrial, commercial complexes and schools. It is
currently developing residential projects at Kurukshetra (Haryana)
and Ambala (Haryana). It also has upcoming projects at Meerut
(Uttar Pradesh) and Panipat (Haryana).


HIGH TECH: ICRA Reaffirms 'B+' Rating on INR9.9cr Loans
-------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR2.50 crore fund
based cash credit facilities and INR7.40 crore term loan
facilities of High Tech Filatex Pvt. Ltd.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         2.50        [ICRA]B+ reaffirmed
   Term Loan           7.40        [ICRA]B+ reaffirmed

The rating reaffirmation continues to reflect the nascent stage of
company's operations and leveraged capital structure resulting
from debt funded capex undertaken by the company. The rating is
further constrained by fragmented nature of the textile industry
leading to intense competition from small unorganized as well as
large organized players and vulnerability of profitability to
adverse fluctuations in raw material prices which may not be
passed onto the customers adequately.

The rating, however, favorably factors in the long experience of
promoters in textile industry and the location advantage derived
from proximity of the manufacturing unit to the raw material
sources and downstream processing units.

Incorporated in the year 2010, High Tech Filatex Private Limited
is engaged in the manufacturing of grey fabric made out of
polyester yarns. The company is promoted by Mr. Ajay Agrawal and
other family members who have been in the textile business for
over a decade. The manufacturing unit of the company is located a
Kim Surat.

Recent Results
During FY13, the company reported a profit after tax of INR0.05
crore on an operating income of INR11.13 crore.


IMAGE INDUSTRIES: CRISIL Assigns 'B+' Rating to INR72.4MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' to the long term bank
facilities of Image Industries India Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           60        CRISIL B+/Stable
   Term Loan             12.4      CRISIL B+/Stable

The ratings reflect IIIPL's modest scale of operations and
customer concentration in its revenue profile. The rating is
further constrained by subdued financial risk profile marked by
modest networth, high external indebtedness, and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of the promoters.

Outlook: Stable

CRISIL believes that IIIPL will continue to benefit from promoters
extensive experience in the industry. The outlook may be revised
to 'Positive' if company reports higher than expected revenues and
margins, while improving its capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
the company's revenues or margins decline significantly; or in
case of increased working capital requirements, leading to
pressure on liquidity.

IIIPL was incorporated in 1986 as Warana Food Products Private
Limited, by Mr. Mr. Chitrasen Gulave and his son, Mr. Girish
Gulave. The company is engaged in manufacturing of tea and coffee
premixes, malt based food and milk powder and trading of milk and
milk products. The company is based in Kolhapur (Maharashtra).

IIIPL reported profit after tax (PAT) of INR 0.9 million on net
sales of INR 300.6 million for 2012-13 (refers to financial year,
April 1 to March 31); against PAT of 3.4 million on net sales of
INR 279.8 million for 2011-12.


J.J. SOLVEX: CRISIL Reaffirms 'B' Rating on INR158MM Loans
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the bank
facilities of J.J. Solvex Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           100        CRISIL B/Stable (Reaffirmed)
   Warehouse Financing    58        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect JSPL's weak financial risk
profile, marked by high gearing and weak debt protection metrics,
customer concentration in revenue profile, and susceptibility of
its margins to intense competition in the edible oil industry.
These rating weaknesses are partially offset by the extensive
experience of JSPL's promoters and its long track record of
operations.

Outlook: Stable

CRISIL believes that JSPL will continue to benefit from its track
record of operations in the edible oil industry over the medium
term. The outlook may be revised to 'Positive' in case JSPL
reports significant growth in revenues while improving its
operating margins, and diversifies its customer profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected sales or a further decline in JSPL's operating
margin or if it undertakes a larger-than-expected debt-funded
capital expenditure programme.

Update:
JSPL generated revenues of INR564 million in 2012-13 (refers to
financial year, April 1 to March 31), against the revenue of
INR388.3 million for 2011-12, better than CRISIL's expectations.
The increase in revenue is on account of increase in sales
contribution from de-oiled cake segment as well as increase in
prices of rice bran. The operating margins have declined from 4.4
per cent in 2011-12 to 3.5 per cent in 2012-13, mainly on account
of higher revenue contribution from the de-oil cake segment where
profitability is lower. CRISIL expects stagnant top line in 2013-
14 with no increase in capacity of the company.

JSPL business operations are moderately-working-capital intensive
as reflected in the Gross Current Asset (GCA) days of 95 as on
March 31, 2013. JSPL's internal accruals are expected to remain
low and insufficient to fund working capital requirements over the
medium term, the reliance on bank lines is expected to remain
high. CRISIL believes that business operation of JSPL will
continue to have moderate working capital requirement mainly
driven by the inventory requirement due to seasonality in raw
material.

JSPL's capital structure is highly leveraged with gearing of over
12 times as on March 31, 2013 mainly on account of small networth
of ~INR11 million and low cash accruals.  CRISIL expects the
capital structure to remain highly leveraged on account of high
dependence on external debt for working capital requirements and
low cash accruals.

JSPL was set up in 1993 by Mr. Bimal Jain and his family. It
extracts rice bran oil at its unit in Samana (Punjab).


JAY BHAVANI: CRISIL Assigns 'B' Rating to INR150MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Jay Bhavani Cottex.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan                15      CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility       50      CRISIL A4
   Cash Credit              60      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       75      CRISIL B/Stable

The rating reflects JBC's nascent stage and small scale of
operations in the highly competitive cotton industry, working-
capital-intensive operations, and expected average financial risk
profile, marked by average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
JBC'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 JBC 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 JBC's
operating margin is lower than expected, or it undertakes any
substantial debt-funded expansion programme, or its working
capital management deteriorates, resulting in significant
weakening of its financial risk profile.

Incorporated in 2013, JBC is a partnership firm located near
Amreli (Gujarat). Its promoters have more than four years of
experience in the cotton ginning industry. JBC commenced its
operations in January 2014.


KALYAN AQUA: CRISIL Reaffirms 'B+' Rating on INR88.2MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Kalyan Aqua & Marine
Exports India Pvt Ltd continues to reflect KAMPL's company's large
working capital requirements, and its exposure to adverse
regulatory changes, if any, and intense competition in the seafood
processing industry.

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Foreign Bill Discounting    200      CRISIL A4
   Letter of Credit             10      CRISIL A4
   Packing Credit              135      CRISIL A4
   Proposed Working Capital
   Facility                     11.3    CRISIL B+/Stable
   Standby Letter of Credit     12.5    CRISIL B+/Stable
   Term Loan                    64.4    CRISIL B+/Stable

The rating also factors in the susceptibility of the company's
profitability margins to volatility in raw material prices and the
value of Indian rupee, and the company's average financial risk
profile marked by its small net worth, moderate gearing and
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of KAMPL's promoters
in the seafood industry.

CRISIL had earlier upgraded its rating on the long-term bank
facilities of KAMPL to 'CRISIL B+/Stable' from 'CRISIL B-/Stable'
and reaffirmed the company's short-term bank facilities at 'CRISIL
A4' on March 18, 2014. The rating upgrade reflects the improvement
in KAMPL's business risk profile, driven by a substantial and
sustained increase in its scale of operations, while maintaining
its profitability margins. The upgrade also reflects the increase
in the company's net worth, thereby enhancing its financial
flexibility, and the subsequent improvement in its capital
structure. CRISIL believes that KAMPL will sustain the improvement
in its financial risk profile over the medium term, on the back of
consistent growth in its net worth and the absence of any large
debt-funded capital expenditure (capex) plan.

KAMPL is likely to register a year-on-year increase of 200 per
cent in its revenues in 2013-14 (refers to financial year, April 1
to March 31) following the stabilisation of its incremental
processing capacity, which came online in August 2012. The
company's operating profit margin, which is expected to increase
by 100 basis points to 11.2 per cent in 2013-14, would remain
stable at around 11.0 per cent over the medium term.

KAMPL's net worth is likely to increase to INR160 million as on
March 31, 2014 from INR64 million as on March 31, 2012, on the
back of its moderate accretion to reserves and an equity infusion
of INR41 million by its promoters over this period. Consequently,
the company's gearing is expected to decline to 1.9 times as on
March 31, 2014 from 2.3 times as on March 31, 2012. KAMPL's
gearing is expected to further decline to around 1.6 times as on
March 31, 2015 with consistent growth in its net worth and the
absence of any large debt-funded capex plan.

Outlook: Stable

CRISIL believes that KAMPL will continue to benefit over the
medium term from the promoters' extensive experience in the
seafood industry. The outlook may be revised to 'Positive' if
there is a sustained improvement in the company's working capital
management, or there is a substantial increase in its net worth on
the back of equity infusion by its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or substantial deterioration
in its capital structure most likely because of a stretch in its
working capital cycle or large debt-funded capex.

KAMPL was established as a partnership firm ' Kalyan Aqua and
Marine Exports ' by Mr. P Rajendra Prasad and his family members
in 2004. The firm was reconstituted as a private limited company
in 2007. KAMPL processes and exports shrimps.


LAHLIWALA STEELS: CRISIL Ups Rating on INR95.5MM Loans to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Lahliwala Steels Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL B-
/Stable' and has reaffirmed its rating on the company's short-term
bank facilities at 'CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           3.5       CRISIL A4 (Reaffirmed)

   Cash Credit             80         CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term      13         CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

   Term Loan                2.5       CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The upgrade reflects expected improvement in LSPL's business risk
profile, with the company likely to post a net profit in 2013-14
(refers to financial year, April 1 to March 31) as against a loss
in 2012-13. The company was taken over by the current management
during July-August 2013; the new management stabilised operations
and turned the company around in 2013-14 amid a bleak industry
scenario. Though LSPL's liquidity remains weak with stretched
debtors and large gross current assets of around 200 days as on
December 31, 2013, it is supported by equity infusion of around
INR20 million during the year to meet working capital
requirements. Also, after takeover by the new management, though
the company's bank lines remained highly utilised, there has been
no instance of overdrawing or irregularities. However, management
of working capital, especially debtors, will remain a key
monitorable.

The ratings reflect LSPL's below-average financial risk profile on
account of low profitability, susceptibility to volatility in raw
material prices and cyclicality in the steel industry, and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of LSPL's promoters
in the steel industry and its established relationship with
suppliers and customers.

Outlook: Stable

CRISIL believes that LSPL will benefit over the medium term from
its promoters' extensive industry experience and its established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' in case of substantial improvement in the
company's financial risk profile, driven most likely by better
working capital management, improvement in profitability and scale
of operations, or capital infusion. Conversely, the outlook may be
revised to 'Negative' in case of decline in LSPL's margin or large
working capital requirements, resulting in weaker financial risk
profile.

LSPL was incorporated in December 2005 by Mr. Raj Kumar Agarwal
and his son Mr. Mohit Agarwal. In 2013, it was taken over by Mr.
Raj Kumar Goenka and his son Mr. Vikas Goenka. Its rolling mill in
Dhulagarh Industrial Park (West Bengal) has capacity of 20,000
tonnes per annum. LSPL manufactures structural products, such as
flat bars, angles, channels, beams/joists, rounds, and square
bars. It also undertakes opportunistic trading in structural
steel.


LAMIFAB INDUSTRIES: ICRA Assigns 'B+' Rating to INR10.35cr Loans
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR4.00
crore working capital facilities, the INR4.36 crore term loans and
the INR1.99 crore proposed long-term limits of Lamifab Industries.
ICRA has also assigned a short-term rating of [ICRA]A4 to the
INR1.65 crore short-term non fund-based working capital limits of
Lamifab.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long term fund
   based working
   capital limits      4.00        [ICRA]B+ assigned

   Term Loans          4.36        [ICRA]B+ assigned

   Other proposed
   long term limits    1.99        [ICRA]B+ assigned

   Short term non-
   fund based limits   1.65        [ICRA]A4 assigned

The assigned rating takes into account extensive promoter
experience for over two decades in the tarpaulins and woven
fabrics segment, the firm's diversified product profile, its
established and diversified client base, coupled with a stable
demand outlook for the HDPE/PP woven fabrics industry.

The firm has reported healthy revenue growth over the last four
fiscals, albeit on a low base, due to increased manufacturing
capacities and healthy capacity utilization levels. The ratings
are, however, constrained by the firm's moderate scale of
operations in the highly fragmented industry. The ratings are
further constrained by the vulnerability of the firm's
profitability to volatility in raw material prices, high supplier
concentration risks and debt funded capital expenditures in the
last two fiscals, which are expected to keep the credit profile
constrained over the medium term.

Lamifab Industries, incorporated in 1994, manufactures and markets
HDPE tarpaulins and woven fabrics (laminated and non-laminated)
under its brand name, Rain Seal. The tarpaulins and fabrics
manufactured by the firm range from 70 - 400 GSM. Its
manufacturing facility is located at Sarigam, Gujarat.

Recent Results

As per audited results for FY 2013, Lamifab reported a profit
after tax (PAT) of INR0.29 crore over an operating income of
INR14.00 crore as against a PAT of INR0.75 crore on an OI of
INR11.26 crore in FY 2012. As per 9MFY 2014 results, Lamifab has
reported a profit after tax (PBT) of INR1.13 crore on an operating
income of INR12.72 crore.


P NARASIMHA: CRISIL Lowers Rating on INR90MM Loans to 'B+'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
P Narasimha Rao & Company to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        40         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Cash Credit           25         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term    65         CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The rating downgrade reflects the deterioration in PNRC's
liquidity, with a stretch in its working capital cycle resulting
in almost full utilisation of its bank limits. The downgrade also
factors in the substantial decline in the firm's scale of
operations on account of slow-moving projects in its order-book.
CRISIL believes that PNRC will need fresh capital from its
partners, or would have to register sustained improvement in its
working capital cycle, to alleviate the pressure on its liquidity.

There has been a stretch in PNRC's working capital cycle as
reflected in an increase in its receivable levels, expected at
around 65 days as on March 31, 2014, as against 56 days as on
March 31, 2013. The stretch in the firm's receivable cycle
resulted in almost full utilisation of its bank limits over the
last six months ended February 2014. There have also been
instances of overdrawls in the firm's cash credit account; these
overdrawls are cleared within a week.

Furthermore, the firm's revenues are expected to register a year-
on-year decline of around 30 per cent to INR210 million in 2013-14
(refers to financial year, April 1 to March 31) on account of
slow-moving projects in its order book. Though it had an order
book of INR772 million as on January 31, 2014, the pace of
execution of these orders remains a key rating sensitivity factor.

The ratings reflect PNRC's small scale of operations in the
intensely competitive civil construction industry, its large
working capital requirements, its small net worth limiting its
financial flexibility, and high degree of geographic and customer
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the civil construction industry, and the firm's
above-average financial risk profile marked by its low gearing and
robust debt protection metrics.

Outlook: Stable

CRISIL believes that PNRC will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction business. The outlook may be revised to 'Positive' in
case of a substantial and sustained improvement in the firm's
scale of operations and profitability margins, or a substantial
increase in its net worth driven most likely by capital addition
by its partners. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in PNRC's profitability
margins, or significant deterioration in its capital structure
most likely on account of a further stretch in its working capital
cycle or large debt-funded capital expenditure.

PNRC was established in 2004 as a partnership firm by Mr. P
Narasimha Rao along with his family members. The firm undertakes
civil construction works that include construction of roads and
bridges, and laying and maintenance of railway tracks.


RADHEY GOVIND: ICRA Suspends 'B+' Rating on INR5.5cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.50
crore fund-based facilities of Radhey Govind Steel & Alloys Pvt.
Ltd.  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.


RAM ENGINEERS: CRISIL Assigns 'B+' Rating to INR70MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ram Engineers & Contractors.

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

   Long Term Loan            10      CRISIL B+/Stable

   Letter of Credit          10      CRISIL A4

   Bank Guarantee            10      CRISIL A4

   Cash Credit               20      CRISIL B+/Stable

The ratings reflect the firm's exposure to risks related to
completion and saleability of its ongoing projects and its
susceptibility to risks inherent in the real estate industry.
These rating weaknesses are partially offset by its promoters'
extensive experience in the real estate development business and
proven project execution capabilities.

Outlook: Stable

CRISIL believes that REC will benefit over the medium term from
its promoters' extensive experience in the residential real estate
development business and diversity in revenue profile. The outlook
may be revised to 'Positive' if the firm completes its projects
earlier than expected or in case of more-than-expected sales
realisations from its ongoing projects, leading to larger-than-
expected cash flows. Conversely, the outlook may be revised to
'Negative' if there are any delays in the execution of the project
or in the receipt of advances from customers, or the firm
undertakes any large, debt-funded project, impacting its financial
risk profile.

Established in 2000 by Mr. Sethuraman as a proprietorship firm,
REC carries out real estate development and civil construction. It
is based in Chennai (Tamil Nadu).

REC reported a net profit of INR3.55 million on sales of INR68
million for 2012-13 (refers to financial year, April 1 to March
31), and a PAT of INR2.32 million on net sales of INR34.4 million
for 2011-12.


RAMA PAPER: ICRA Reaffirms 'D' Rating on INR71.81cr Loans
---------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]D  for the
INR32.36 crores term loans, INR4.71 crores of FITL-1, INR3.88
crores of FITL-2, INR12.86 crores of WCTL and INR18.00 crores of
cash credit limits of Rama Paper Mills Limited.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Term loans          32.36       [ICRA]D; reaffirmed
   FITL-1               4.71       [ICRA]D; reaffirmed
   FITL-2               3.88       [ICRA]D; reaffirmed
   WCTL                12.86       [ICRA]D; reaffirmed
   Cash Credit         18.00       [ICRA]D; reaffirmed

The rating re-affirmation takes into account delays in debt
servicing by the company due to its stretched liquidity position
caused by continued weak financial performance of RPML as
reflected by net loss, high gearing levels and below average debt
protection indicators. The rating continues to be constrained by
low capacity utilisation of the new machine galzed unit and RPML's
significant concentration in newsprint segment, which apart from
witnessing cyclicality in prices and global economic cycles, has
also been affected by significant imports and fragmented nature of
domestic industry. These limitations of RPML are partially offset
by the long operating history of the company and experience of the
promoters in the paper industry.

Rama Paper Mills Limited, which is in the business of
manufacturing and selling of paper and board related products was
established in December 1985 at Kiratpur, (District Bijnor, Uttar
Pradesh). The company has been promoted by Mr. Pramod Agarwal and
his brother Mr. Arun Goel, who are professionally qualified. While
RPML started off with an initial installed capacity of 3300 Metric
Ton (MT); over the years, the company has increased its installed
capacity to 61,000 MT with capacity additions and modernization of
existing lines. With four production lines, RPML has a presence in
product segments such as Newsprint, creamwoven paper, duplex board
and poster paper.

Recent Results

In FY13, the company has reported net loss of INR4.07 crores on
operating income of INR153.36 crores as against net loss of
INR4.63 crores on operating income of INR136.91 crores in FY12. In
H1FY14, the company has reported profit before tax of INR0.41
crores on operating income of INR94.69 crores.


RAMESH COMPANY: ICRA Reaffirms B+ Rating on INR17.50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR17.50 crore (enhanced from INR14.00 crore) cash credit facility
of Ramesh Company. ICRA has also reaffirmed the long term rating
of [ICRA]B+ and the short term rating of [ICRA]A4 to the INR2.50
crore (reduced from INR5.50 crore) unallocated facility of RC.
ICRA has also withdrawn the short term rating of [ICRA]A4
assigned to the bill discounting facility of the company.

                 Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit
   Facility           17.50       [ICRA]B+ re-affirmed

   Fund Based Limits-
   Bill Discounting     Nil       [ICRA]A4 withdrawn

   Unallocated         2.50       [ICRA]B+/[ICRA]A4 re-affirmed

The ratings take into account RC's low operating profitability on
account of the trading nature of the business, which leads to
nominal profits and cash accruals. The ratings also factor in the
increased working capital intensity of the business due to
stretched receivables which adversely impacts the liquidity
profile of the firm. The firm makes cash payment for purchases
from Tata Steel Limited (TSL) and in turn extends credit to its
customers, which has led to increasing working capital debt to
support the growth in business. High working capital debt coupled
with low profitability, resulted in high gearing and depressed
debt coverage indicators for the firm. ICRA, however, notes that
the principal repayment obligation of the firm is low since most
of the debt on the books is on account of working capital loans.
The ratings also take into account the risk associated with the
entity's profile as a partnership firm, including the risk of
capital withdrawal by the partners.

The ratings, however, favourably factor in the experience of the
promoters in the steel trading business and the firm's established
relationship with TSL, the firm being a dealer of TSL's hot rolled
products over four decades.

Based out of Kolkata, West Bengal (WB), Ramesh Company is a
partnership firm and is an authorized dealer of TSL's HR products,
sold under the brand, "Tata Astrum", in WB. RC also deals in HR
products of Essar Steel and Jindal Steel, although in very small
quantities.

Recent Results

The firm reported an operating income (OI) of INR92.85 crore and a
PAT of INR0.53 crore during FY13 as compared to an OI of INR72.40
crore and a PAT of INR0.09 crore during FY12.


ROSE METALS: ICRA Assigns B Rating to INR5cr Long Term Loan
-----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR5.00
crore fund based bank limits of Rose Metals. ICRA has also
assigned a short term rating of [ICRA]A4 to the INR9.00 crore non
fund based limits of Rose Metals.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Fund Based       5.00      [ICRA]B Assigned
   Limits-Cash Credit

   Short Term Fund Based      9.00      [ICRA]A4 Assigned
   Limits-Letter of Credit

The rating is constrained by the firm's high financial risk
profile characterized by its moderate scale of operations, thin
profitability with nominal accruals on account of limited value
adding nature of business, stretched liquidity resulting in high
working capital utilization, and consequently an adverse capital
structure leading to weak coverage indicators. The rating also
incorporates lack of diversification in the product profile and
susceptibility of margins to fluctuations in prices of steel with
respect to inventory maintained which is not order backed as well
as intense competitive pressures in the business.

The rating however considers the experience of the promoter in the
trading business and moderately diversified customer base.

Rose Metals promoted by Mr. Pawan Metha was established in 1979
and started its commercial operation in the same year. The firm is
engaged in the trading and supplies of ferrous and non-ferrous
metals such as steel pipes, tubes, aluminums, nickel alloy,
copper, brass and other related products. The firm has its head
office in Mumbai and warehouse facilities located in Bhiwandi,
Thane.

Recent Results
As per the 9 months unaudited results for 2013-14, the firm has
reported a profit before tax of INR0.29 crore on an operating
income of INR31.85 crore.


RUDRA ALLOYS: ICRA Assigns 'B' Rating to INR8cr Loan
----------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B and a short term
rating of [ICRA]A4 to the to the INR8.00 crore fund based
facilities and INR12.00 crore non fund based facilities of Rudra
Alloys Private Limited.

                          Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Facilities     8.00       [ICRA]B assigned

   Non Fund Based
   Facilities               12.00       [ICRA]A4 assigned

The assigned ratings are constrained by high competitive pressures
arising out of low entry barriers and by the vulnerability of
RAPL's profitability to adverse movements in raw material prices
and foreign currency exchange rates. The assigned ratings also
factor in the company's modest profitability and low cash accruals
which coupled with high gearing levels have lead to modest debt
protection metrics.

However, the ratings draw comfort from the long experience of
promoters and strong relationship with its client base. The
assigned ratings also positively factor in the favorable location
of RAPL's manufacturing unit which is in proximity to several
rolling mills, which are a key consumer or RAPL's products.

RAPL is engaged in trading of HMS scrap and manufacturing of steel
ingots, with its manufacturing facility situated in Mandi
Gobindhgarh, Punjab. The major raw material used by the company is
scrap metal, which is procured chiefly via imports. The steel
ingots manufactured by the company are primarily supplied to steel
rolling mills present in Mandi Gobindgarh. RAPL was established in
the year 1984 and has an installed capacity of 42,000 MT per
annum.

In FY 2013, the company reported an operating profit of INR125.94
crore and a profit after tax of INR0.24 crore.


SHAKTI POLYTEX: ICRA Revises Rating on INR23.69cr Loans to 'B'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to INR9.69 crores
term loans (enhanced from INR6.94 crores), INR14 crores (enhanced
from 7.00 crores) fund based limits of Shakti Polytex Private
Limited from [ICRA]B- to [ICRA]B. ICRA has reaffirmed the short
term rating assigned to the INR0.4 crore bank guarantee limits of
SPPL at [ICRA]A4.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Term Loans            9.69        [ICRA]B; revised from
                                     [ICRA]B-/assigned

   Cash Credit Limits   14.00        [ICRA]B; revised from
                                     [ICRA]B-/assigned

   Bank Guarantee
   Limits                0.40        [ICRA]A4 reaffirmed

The rating revision takes into account the improved financial
profile of company as reflected by increase in operating income
and profits, decline in gearing levels and improvement in coverage
indicators. The ratings also positively factor in the reasonable
experience of the promoters in the plastics and related line of
business by virtue of other companies which are a part of the
Shakti group, favourable demand prospects for regenerated/recycled
polyester staple fibre (RPSF) driven by its varied applications
and cost competitiveness; and advantages accruing to the company
in raw material procurement as well as marketing of final product,
by virtue of its location. The ratings are however constrained by
moderate scale of operations; vulnerability of profitability to
volatility in RPSF prices; and high utilization of fund based
facilities in the past. Going forward, ability of company to
increase its scale of operations in a profitable manner while
maintaining working capital intensity shall be key rating
sensitivities.

Shakti Polytex Private Limited was incorporated on 24.8.2010 to
set up a 25 tpd manufacturing unit for regenerated/recycled
polyester staple fibre (RPSF) using waste PET (polyethylene
terephthalate) bottles as raw material. The company is based out
of Agra in Uttar Pradesh and has commenced commercial operations
from October 23, 2012. SPPL belongs to the Shakti Group which
has been promoted by Mr. Suresh Chand Agarwal and includes other
small to mid-sized companies engaged in manufacturing of PVC
pipes, hand pumps, rubber powder and PET bottles. .

Recent Results

In 9 months of FY 2013-14, SPPL reported profit after tax of
INR0.81 crore on an operating income of INR45.04 crore
(provisional results). The company reported profit after tax of
INR0.12 crore on an operating income of INR26.36 crore in FY 12-13
(audited results).


SHANKAR AGRO: CRISIL Assigns 'B' Rating to INR200MM Loans
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Shankar Agro, and has assigned its 'CRISIL B/Stable'
ratings to the bank facilities of SA. CRISIL had earlier, on
February 25, 2014, suspended the ratings as SA had not provided
the necessary information required for a rating review. The
company has now shared the requisite information, enabling CRISIL
to assign ratings to the company's bank facilities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Cash          100       CRISIL B/Stable (Assigned;
   Credit Limit                     Suspension revoked)

   Warehouse Financing    100       CRISIL B/Stable (Assigned;
                                    Suspension revoked)

The rating reflects SA's below-average financial risk profile,
marked by weak debt protection metrics. The rating also reflects
SA's small scale of operations in the intensely competitive rice
industry, leading to low operating profitability. These rating
weaknesses are partially offset by the benefits that SA derives
from its proprietor's extensive experience in the basmati rice
industry.

Outlook: Stable

CRISIL believes that SA will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case SA registers
significant improvement in its scale of operations and operating
profitability and, hence, its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case the firm
registers a decline in its profitability or if its working capital
requirements are larger than expected, leading to pressure on its
financial risk profile.

SA is a proprietorship firm started by Mr. Manish Kumar in the
year 2011 and is engaged in the trading of rice. The firm is based
out of Narela, Delhi and procures primarily from the Narela Mandi.

SA reported a profit after tax (PAT) of INR0.08 million on an
operating income of INR351.0 million for 2012-13, against a PAT of
INR0.01 million on an operating income of INR150.0 million for
2011-12.


SHIVAM STRUCTURAL: ICRA Suspends 'B+' Rating on INR5.48cr Loans
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR0.23
crore term loan and INR5.25 crore fund-based facilities of
Shivam Structural & Steel Pvt. Ltd. ICRA has also suspended the
[ICRA]A4 rating assigned to the INR0.05 crore non-fund based
facilities of SSSPL. 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.


VASHU YARN: ICRA Raises Rating on INR14cr Loans From 'D'
--------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR6.05
crore term loan facilities, the INR5.00 crore fund based
facilities, INR0.40 crore non-fund based facilities and INR2.55
crore proposed facilities of Vashu Yarn Mills India Private
to [ICRA]B from [ICRA]D. ICRA has also upgraded short-term rating
outstanding on the INR1.00 crore non-fund based facilities of the
Company to [ICRA]A4 from [ICRA]D.

                        Amount
   Facilities         (INR crore)      Ratings
   ----------          -----------     -------
   Long Term: Term        6.05         [ICRA]B/upgraded
   loans                               from [ICRA]D

   Long Term: Fund        5.00         [ICRA]B/upgraded
   based facilities                    from [ICRA]D

   Long Term: Non-fund    0.40         [ICRA]B/upgraded
   based facilities                    from [ICRA]D

   Long Term: Proposed    2.55         [ICRA]B/upgraded
   facilities                          from [ICRA]D

   Short Term: Non-fund   1.00         [ICRA]A4/upgraded
   based facilities                    from [ICRA]D

The rating actions takes into consideration the regularization of
debt servicing by the Company over the past four months on the
back of improving operational performance driven by growth in
volumes and increase in realizations owing to robust demand for
yarn in both the domestic and foreign markets. Though operating
margins were lower by 250 bps for the first eight months in the
current fiscal (2013-14) on account of higher cotton prices, there
has been improvement in the cash flow cycle over the last few
months, which has buffered the liquidity position. Improvement in
accruals have also aided in debt repayments, thereby leading to an
improvement in the capital structure and the coverage indicators
(although they continue to remain weak).

The ratings further take into account the experience of over a
decade of the promoters in the textile industry. The ratings,
however, are constrained by the Company's small scale of
operations, which restricts scale economies, and the intense
competition prevalent in the spinning industry which restricts its
pricing flexibility. Going forward, the Company has debt repayment
obligations of INR2.2 crore and INR1.6 crore falling due in 2014-
15 and 2015-16, respectively. Considering the proposed capital
expenditure plan (Rs. 4.2 crore) in the near term towards addition
of spindles and plant upgrade, the ability of the Company sustain
the growth in revenues and profitability amidst volatile cotton
and yarn prices, and thereby generate strong cash flows will be
critical to continue servicing its debt obligations in a timely
manner.

Incorporated in 2003, Vashu Yarn Mills India Private Limited is
engaged in the production of cotton yarn, primarily of 30s to 40s
count. The manufacturing facility is located at Erode, Tamil Nadu,
and operates with an installed capacity of 17,424 spindles. The
Company buys cotton primarily from Karnataka and Andhra Pradesh
and sells its produce in the domestic market to traditional
weavers and through agents. VYMIPL has installed a 2.35MW windmill
in Tamil Nadu for its captive power consumption. The Company is
closely held by the promoter and his relatives / friends.


VITARAG EXPORT: ICRA Revises Rating on INR11cr Loans to 'B'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR9.00
crore (reduced from INR10.00 crore) cash credit facility and the
INR2.00 crore term loan of Vitarag Export Industries from [ICRA]B+
to [ICRA]B. ICRA has reaffirmed the short term rating assigned to
the INR0.25 crore Bank Guarantee facility of VEI at [ICRA]A4.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit Facility   9.00       Revised to [ICRA]B
                                     from [ICRA]B+

   Term Loan              2.00       Revised to [ICRA]B
                                     from [ICRA]B+

   Bank Guarantee
   facility               0.25      [ICRA]A4 reaffirmed

The revison of long term rating takes into account the decline in
capacity utilization levels of groundnut processing plant and
thereby de-growth in top line in FY 2013 and inventory loss booked
by the firm in current year owing to sharp decline in ground nut
oil prices. The ratings continue to remain constratined by limited
value addition and fragmented nature of the industry as well as
lack of diversification in the product profile. The ratings also
take into account the vulnerability of profitability to
fluctuations in raw material prices as well as sales concentration
risk arising from major portion of sales derived from top four
customers; weak financial profile as reflected by low
profitability, adverse capital structure and weak debt coverage
indicators. ICRA also notes the risk of an adverse impact on the
capital structure due to any substantial capital withdrawals from
partner's capital account.

The ratings, however, favourably factor in VEI's experienced
management, reputed client base developed by the firm during last
two years of operations, favourable location of VEI which helps
the firm in procuring high quality raw material as well as robust
demand outlook for edible oil in the domestic market.

Vitarag Export Industries was established in February 2009 as a
partnership firm. The firm is involved in the business of
groundnut seed crushing with a total installed capacity to crush
13,200 MT of ground nut seeds per annum. The firm also has a
solvent extraction plant to extract oil from oiled cakes with
installed capacity to process 3000 MT of oil cakes per annum. The
manufacturing facility of the firm is located at Dhoraji in
Junagadh district of Gujarat.

Recent Results

During FY2013, the firm reported operating income of INR27.40
crore and profit after tax of INR0.14 crore as against operating
income of INR36.60 crore and profit after tax of INR0.09 crore for
FY 2012. Further, the firm has reported operating income of
INR20.58 crore and loss before depreciation of INR2.79 crore for
10M FY 2014 (as per provisional unaudited numbers).


V M S NIRMAN: ICRA Reaffirms 'B' Rating on INR9cr Loans
-------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to INR7.30
crore fund based limits and INR1.70 crore unallocated limits of V
M S Nirman Private Limited (erstwhile Visakha Machines Spares Pvt.
Ltd) at [ICRA]B (pronounced ICRA B). ICRA has also re-affirmed the
short term rating assigned to INR3.00 crore non fund based limits
of VMSPL at [ICRA]A4 (pronounced ICRA A four).

                          Amount
   Facilities           (INR crore)    Ratings
   ----------            -----------   -------
   Fund based limits        7.30       [ICRA]B re-affirmed
   Unallocated limits       1.70       [ICRA]B re-affirmed
   Non Fund based limits    3.00       [ICRA]A4 re-affirmed

The ratings reaffirmation continues to be constrained by VMSPL's
modest operational scale (Operating income of INR21.85 crore in
FY2013) in the business of manufacturing heavy machinery spares &
executing fabrication contracts and high competitive intensity in
the fabrication business resulting in thin profitability levels.
The ratings are also constrained by the high working capital
intensity on account of high receivables and inventory which has
resulted in full utilisation of bank limits (working capital
borrowings). Moderate profitability coupled with high working
capital intensity has resulted in a stretched capital structure as
reflected in gearing of 4.44 times as on 31st December 2013 and
weak coverage indicators (interest coverage of 1.44 times for
FY2013).

The ratings however positively factor in the long track record of
the management in the industry; reputed client profile with
players such as Simplex Infrastructure Limited, Hindustan
Construction Company & Hindalco Limited as customers and improved
profitability with operating margins increasing from 3.21% in
FY2012 to 9.44% in FY2013 on the back of stability achieved in the
fabrication venture of the company.

Going forward, managing of any increase in working capital
requirements with VMSPL also entering into execution of civil
construction contracts in FY2014 remains critical from a credit
perspective.

V M S Nirman Private Limited was incorporated as Visakha Machine
Spares Private Limited in the year 1993 to engage in manufacture
of heavy machinery spares. The company ventured into
fabrication contracts in the year 2011 and operates through
facilities located in the Visakhapatnam district of Andhra
Pradesh.

Recent Results
The company reported an operating income and net profit of
INR21.85 crore and 0.53 crore respectively in FY2013 as against an
operating income and net loss of INR21.08 crore and INR0.36
crore respectively in FY2012.



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


CHELSEA ASSET: Moody's Downgrades Rating on Class C2 ABL to Ba2
---------------------------------------------------------------
Moody's Japan K.K. has downgraded the ratings of Chelsea Asset TMK
and Chelsea Asset Trust.

The affected ratings are as follows:

Class A Specified Loan, downgraded to Aa3 (sf); previously on
January 30, 2014, Aa1 (sf) placed under review for downgrade

Class B Trust Certificates, downgraded to Baa1 (sf); previously
on January 30, 2014, A2 (sf) placed under review for downgrade

Class B1 Trust Certificates, downgraded to Baa1 (sf); previously
on January 30, 2014, A2 (sf) placed under review for downgrade

Class B2 ABL, downgraded to Baa1 (sf); previously on January 30,
2014, A2 (sf) placed under review for downgrade

Class C Trust Certificates, downgraded to Ba2 (sf); previously on
January 30, 2014, Baa3 (sf) placed under review for downgrade

Class C1 Trust Certificates, downgraded to Ba2 (sf); previously
on January 30, 2014, Baa3 (sf) placed under review for downgrade

Class C2 ABL, downgraded to Ba2 (sf); previously on January 30,
2014, Baa3 (sf) placed under review for downgrade

Deal Name: Chelsea Asset TMK and Chelsea Asset Trust

Class: Class A Specified Loan, Class B Trust Certificates, Class
B1 Trust Certificates, Class B2 ABL, Class C Trust Certificates,
Class C1 Trust Certificates, Class C2 ABL

Issue Amount: JPY6.8 billion, JPY0.8 billion, JPY0.3 billion,
JPY0.3 billion, JPY0.3 billion, JPY0.8 billion, JPY0.4 billion

Coupon/ Dividend: Fixed, Fixed, Floating, Floating, Fixed,
Floating, Floating

Issue Date: August 10, 2011

Expected Maturity Date: August 10, 2016

Legal Final Maturity Date: August 10, 2019

Underlying Debt for Trust: Class B through Existing Specified
Loans/ Bonds

Underlying Property: An office building in Osaka

Originator/ Arranger: Mizuho Securities Co., Ltd.

Trustee: Mizuho Trust & Banking Co., Ltd.

Servicer: ORIX Asset Management & Loan Services Corporation

Ratings Rationale

The ratings were downgraded primarily because of the increase in
Moody's loan-to-value (LTV) ratio assumptions for the Class A,
Class B and Class C debt.

The underlying property is an office building in Osaka. The
vacancy rate of the building -- which has been high since the
largest tenant moved out in June 2013 -- will continue to be high
for a while. So far, leasing activities for the building have not
resulted in many new tenants moving in. As a result, cash flow has
deteriorated.

Based on the current condition of the building, and the office
market situation in Osaka, Moody's has revised several assumptions
-- such as lowering the rent rate -- to derive the value of the
office building.

Class A debt has an amortization schedule. However, because of the
less-than-expected cash flow, Class A will be amortized slower
than expected. As a result, Moody's balloon LTV ratio for the
Class A debt has increased.

For the Class B and Class C debt, Moody's balloon LTV ratios have
also increased accordingly as Class A's debt amount will be
larger-than-expected at its scheduled maturity.

Moody's current assumptions on the balloon LTV levels for the
rated tranches are as follows:

Class A Specified Loan: 43.6%

Class B Trust Certificates, Class B1 Trust Certificates, Class B2
ABL: 54.4%

Class C Trust Certificates, Class C1 Trust Certificates, Class C2
ABL: 68.3%

In the calculation of the balloon LTV, the numerator is the
expected total outstanding balance of the subject tranche and the
senior tranches to the subject tranche at the expected maturity
date.

If the underlying property's valuation used in determining the
current ratings were reduced by 5% or 8%, the model outputs for
the rated tranches would change as follows (the "parameter
sensitivities"):

Class A Specified Loan: A1, A2

Class B Trust Certificates, Class B1 Trust Certificates, Class B2
ABL: Baa2, Baa3

Class C Trust Certificates, Class C1 Trust Certificates, Class C2
ABL: Ba3, B1

Parameter Sensitivities are not intended to measure how the rating
of the security might migrate over time; rather they are designed
to provide a quantitative calculation of how the current rating
might change if key input parameters used in the rating process
differed.

The analysis assumes that the transaction has not aged, and does
not factor structural features such as sequential payment effect.
Parameter Sensitivities reflect only the ratings impact of each
scenario from a quantitative/model-indicated standpoint.
Qualitative factors are also taken into consideration in the
ratings process, so the actual ratings that would be assigned in
each case could vary from the information presented in the
Parameter Sensitivity analysis.

The principal methodology used in this rating was "Updated:
Moody's Approach to Rating CMBS Transactions in Japan (June 2010)"
published in June 2010.

Factors that would lead to an upgrade or downgrade of the rating:

The key rating driver of the deal is the LTV ratio, because the
credit quality of the rated tranches is supported by the sales
proceeds of the underlying property. The decrease or increase in
the LTV ratio for each rated tranche may lead to upward or
downward rating pressure.


MF2 SENIOR: S&P Lowers Rating on 3 Classes of ABLs to D
--------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' its ratings on the class A2 to A4 asset-backed loans (ABLs)
issued under the MF2 Senior Loan transaction.

The sales of all the office buildings backing the transaction's
nonrecourse loan, which defaulted in March 2012, have been
completed.  However, the total outstanding balance of the class A2
to A4 ABLs exceeds total proceeds collected from the loan that are
payable to these ABLs.  S&P lowered to 'D (sf)' its ratings on the
class A2 to A4 ABLs because these classes have incurred losses.

S&P intends to maintain its 'D (sf)' ratings on the class A2 to A4
ABLs for at least 30 days, and then withdraw its ratings on these
classes.

Morgan Stanley Japan Securities Co. Ltd. (currently, Morgan
Stanley MUFG Securities Co. Ltd.) arranged this single-borrower
commercial mortgage-backed securities (CMBS) transaction.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LOWERED

MF2 Senior Loan
JPY25.4 billion senior ABLs due March 2014
Class        To           From            Initial issue amount
A2 ABL       D (sf)       CCC- (sf)       JPY4.0 bil.
A3 ABL       D (sf)       CCC- (sf)       JPY1.4 bil.
A4 ABL       D (sf)       CCC- (sf)       JPY1.0 bil.



===============
M A L A Y S I A
===============


* Rising Malaysian Household Debt Poses Growing Risks, Fitch Says
-----------------------------------------------------------------
The continued rise in Malaysian household leverage is a risk,
although the banks have built satisfactory earnings and loan-loss
reserve buffers that could help protect them against the risk of
deteriorating asset quality, says Fitch Ratings.  Tighter lending
regulations and receding liquidity conditions should lead to a
moderation in credit growth and temper the build-up of risks in
the banking system.  But higher leverage remains a downside risk
for banks' financial profiles and ratings.

Malaysian households are among the most highly leveraged in Asia:
household debt reached 86.8% of GDP at end-2013, up from 80.5% a
year ago, according to data published by the central bank on 19
March.  Higher household debt has been accompanied by property
price appreciation in certain segments, notably high-rise urban
housing.

The central bank has gradually introduced a range of regulatory
measures aimed at tempering household borrowing and property
lending since 2010.  The pace of tightening gained steam in 2013,
with further regulation from both the government and central bank
targeting property market speculation and personal finance.  These
measures should help moderate consumer loan growth, particularly
against a backdrop of ebbing liquidity flows and higher global
interest rates.  There are signs this is already starting, with
growth in household debt slowing to 11.7% in 2013 from 13.5% in
2012.

Mortgages, which account for a quarter of bank lending assets,
continue to drive the growth in household debt.  Meanwhile,
personal loans slowed to a more sustainable pace after growing
rapidly in the five years to 2012, particularly after stricter
regulation was introduced in July 2013.  These loans make up only
around 8% of household borrowing and 4% of banking sector loans,
but can act as an early indicator of household sector stress as
they tend to be accessed more by lower-income households.  A rise
in personal loan delinquencies is likely to be accompanied by
higher impairments in vehicle finance, which comprises a more
significant 15% of banking system assets.

However, the bulk of household debt, around 80%, is secured in
nature.  Pre-provision profitability is likely to remain healthy
in the near term. Overall loan-impairment remains low, despite
having started to creep up for personal loans and vehicle
financing.  The banks are also protected by satisfactory loan-loss
reserves of between 85% and 119% of gross impaired loans, and core
Tier 1 capital buffers of between 8.7% and 11.3% for the top three
domestic banks as of end-December 2013.

The macroeconomic backdrop could limit the severity of any
deterioration in consumer asset quality in the near term.  The
brisk growth in household borrowing is backed by a robust economy,
a steady job market and rising household incomes across a
relatively young population base.  Fitch forecasts GDP to grow by
5% and unemployment to remain stable at around 3% in 2014.

Nevertheless, household leverage may continue to rise in the near
term, which will increase risks on at least two fronts.  First, a
sharp increase in macroeconomic volatility would affect
households' debt-servicing capacity.  Fitch expects the central
bank to begin raising rates in 2014 in response to inflationary
pressure stemming partly from rationalisation of government
subsidy schemes.  The impact of this tightening cycle will remain
manageable.  But the longer household indebtedness goes on rising,
the lower the tolerance to economic shocks (other things being
equal).

Second, rising household debt could in itself eventually become a
drag on growth, if and when Malaysian households decide to rein in
spending and start strengthening their balance sheets.



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


GREYMOUTH PETROLEUM: Liquidation Bid an Attempt to "Extort" Terms
-----------------------------------------------------------------
BusinessDesk reports that an attempt to have the Court of Appeal
order the liquidation of Greymouth Petroleum was described by one
of the three judges hearing the appeal as a tactic to "extort" the
best possible price in the court-ordered sale of shares by
minority shareholder John Sturgess.

According to BusinessDesk, the appeal court hearings are the
latest chapter in a NZ$40 million-plus stoush between Mr. Sturgess
and related interests who own 14 per cent of Greymouth, and
interests of executive chairman Mark Dunphy and director Peter
Masfen, who together control 86 per cent of the local oil and gas
producer.

BusinessDesk notes that Messrs. Dunphy and Masfen dismissed Mr.
Sturgess as chief operating officer in February 2011 amid
allegations rehearsed in a High Court hearing last year of
"repeatedly failing to report appropriately, honestly and
accurately to the executive chairman or the board in relation to
drilling activities, issues and decisions" in 2010 and 2011.

Mr. Sturgess is seeking a liquidation order for Greymouth from the
Court of Appeal, with a condition that it lie with the court for
30 days to allow the parties to negotiate an exit price, following
the High Court's order that Mr. Sturgess interests must sell their
shares, the report relays.

BusinessDesk relates that two of the three judges hearing what is
likely to be a three-day appeal made it clear that they found the
liquidation argument "unattractive" and attempts to relitigate the
High Court findings against Mr. Sturgess questionable.

According to the report, Justice Forrest Miller said it was
"inconceivable" that the court would "hand him (Sturgess) the
leverage to extort the price" that he sought. "Why would the court
exercise its discretion to allow him to do that when Mr Sturgess
was the wrongdoer?"

"You are asking us to give them (the Sturgess interests) a very
large club to beat them (the Dunphy/Masfen interests) with," said
Justice Forrest. "That's from my perspective unattractive.
However, he agreed "the order to buy shares in this tightly held
company is arguable and that is a matter for this court."

BusinessDesk relates that counsel for Mr. Sturgess, Felix
Geiringer, agreed a delayed liquidation order had "the ability to
be a large bargaining chip in Mr. Sturgess's pocket" but it was
not inappropriate to test whether there was entitlement to seek
such an order.

"The suggestion that that (liquidation) is a mechanism of
extortion, I don't accept," the report quotes Mr. Geiringer as
saying. "If he is entitled to it, it's not wrong for the court to
give the parties the opportunity in the light of that finding to
talk to one another."


MANDARIN DUMPLING: Creditors at Least NZ$100,000 Out-of-Pocket
--------------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a central
Auckland restaurant shut down this month by its landlord is likely
to leave creditors at least NZ$100,000 out-of-pocket, according to
a receiver's report.

The operator of Mandarin Dumpling & Bar, in the basement of the
revamped Imperial Buildings between Queen Street and Fort Lane,
went into receivership late February after opening last August,
the report says.

In early 2014, Mandarin's landlord Phillimore Imperial became
"concerned at how the business was operating" and decided to place
the company in receivership.  The business ceased trading on March
3, NZ Herald recalls.

Its landlord has advanced funds to fitout Mandarin's kitchen and
is owed NZ$182,000, NZ Herald citing receiver Kim Thompson's first
report.

Others also advanced money for the kitchen's fitout, but the
receivers do not yet know how much these lenders are owed, the
report relays.

According to NZ Herald, Mr. Thompson's receivers report said
Mandarin has an estimated NZ$220,000 worth of assets.  Its
liabilities are significantly more than this and (including
Phillimore Imperial's debt) total at least NZ$320,000, based on
the report.  Some debts are still to be quantified, NZ Herald
notes.

"The receiver is unable to determine at this time whether any
funds are likely to be available to preferential or unsecured
creditors," the receivers' report said.

Mandarin Dumpling & Bar -- which specialised in the regional
cuisines of Sichuan, Yunnan, Hunan and Xinjiang -- had received
mixed reviews and offered a number of daily-deal discount vouchers
to entice people to dine there, note the report.


                             *********

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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