TCRAP_Public/140401.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, April 1, 2014, Vol. 17, No. 64


                            Headlines


A U S T R A L I A

BLUECOLT NOMINEES: DCS Advisory Appointed as Administrator
C CINI & CO: Sole Director Pleads Guilty to 22 Charges
DIMMEYS STORES: Sacks Victorian Workers Through Mail
E-INFO SOLUTIONS: Clifton Hall Appointed as Liquidators
HENBURY STATION: PPB to Sell Station on 'Walk-In-Walk-Out' Basis

NORFOLK ISLAND: 'Now Officially Insolvent,' Audit Shows
PATINACK FARM: Tinkler Faces Ct. Grilling Over AUD5M Stud Payment
SIGNATURE CORP: Moore Stephens Appointed as Administrators
SUNNYBRAE FUNCTION: Centre Placed in Voluntary Administration
THORNBERRY HOLDINGS: Moody's Assigns B2 Corporate Family Rating


C H I N A

BEIJING CAPITAL: Fitch Rates CNY1BB Guaranteed Notes 'BB+(EXP)'
CHINA CITIC: Reorganization No Impact on Moody's 'Ba2' Rating
CHINA GINSENG: Incurs $612,000 Net Loss in Dec. 31 Quarter
CHINA NATURAL GAS: Seeks More Time to Find White Knight
CHINA OIL: 2013 Results No Impact on Moody's Ba1 Rating & Outlook

CITIC PACIFIC: Moody's Places (P)Ba2 Rating on Review for Upgrade
HENGDELI HOLDINGS: Fitch Lowers IDR to 'BB'; Outlook Stable
SOUND GLOBAL: Solid Financial Profile Supports Moody's Ba3 CFR
* Chinese Regulators Experiment With Allowing Debt Defaults
* Bad Loan Writedowns Soar at China Banks, FT Reports


I N D I A

ABBELINE IMPEX: CRISIL Assigns 'B' Rating to INR75MM Credit Limit
ABHEDYA POWER: CRISIL Assigns 'B' Rating to INR200MM Loans
ANNEX GLASS: ICRA Assigns 'D' Rating to INR40cr Loans
APS STEELS: CRISIL Assigns 'B' Rating to INR65MM Cash Credit
AWA POWER: CARE Reaffirms 'D' Rating on INR10.62cr Term Loan

CHHATRAPATI AGRO: CRISIL Assigns 'D' Rating to INR180MM Loans
DEESAN GINNING: CARE Revises Rating on INR15cr Bank Loans to 'B+'
EAGLE FIBRES: ICRA Suspends 'B+' Rating on INR37.13cr Loan
EDU SMART: CARE Reaffirms 'D' Rating on INR188.76cr Bank Loans
EDUCOMP SOLUTIONS: CARE Reaffirms 'D' Rating on INR404.08cr Loan

EDUCOMP SOLUTIONS: CARE Reaffirms 'D' Rating on INR909.7cr Loans
EVER SHINE: CRISIL Assigns 'B' Rating to INR8MM Cash Credit
GAJANAND COTTEX: CARE Assigns 'B' Rating to INR7.71cr Loans
GAJLAXMI STEEL: CARE Assigns 'B+' Rating to INR8.25cr Bank Loans
GEE ISPAT: CRISIL Cuts Rating on INR4.50BB Loans to 'D'

GOEL ALLOY: CRISIL Reaffirms 'B+' Rating on INR125MM Loans
GOLD SACK: CRISIL Assigns 'B+' Rating to INR98.4 Million Loans
GTN INDUSTRIES: ICRA Raises Rating on INR119.63cr Loans to 'C+'
HARIYANA INT'L: CRISIL Reaffirms 'B+' Rating on INR2.0BB Loan
HARIYANA SHIP: CRISIL Reaffirms 'B+' Rating on INR2.0BB Loans

HIND INNS: CARE Revises Rating on INR27.85cr Loans to 'D'
HORIZON DREAM: ICRA Assigns 'B' Rating to INR9.8cr Term Loan
IG3 INFRA: CARE Reaffirms 'D' Rating on INR391.31cr Loans
JAGWANI PROJECTS: CRISIL Assigns 'B' Rating to INR60MM Loans
JAI RAM: CARE Assigns 'B' Rating to INR6.39cr Loans

JAIN ABHUSHAN: CRISIL Reaffirms 'B' Rating on INR80MM Cash Credit
JAIN INFRAPROJECTS: CARE Reaffirms 'D' Rating on INR2,232cr Loans
K C MOTORS: CRISIL Assigns 'B+' Rating to INR170MM Loans
KALOKHE STONE: CRISIL Reaffirms 'D' Ratings on INR96MM Loans
LIGHTCITY CERAMIC: CRISIL Puts 'B' Rating on INR112.5MM Loans

MANILA RESORTS: ICRA Lowers Rating on INR6cr Term Loan to 'D'
MARUTI NANDAN: CRISIL Assigns 'B' Rating to INR200 Million Loans
MINI CONSTRUCTION: ICRA Suspends 'B+/A4' Rating on INR7.3cr Loans
MURLIDHAR GINNING: ICRA Reaffirms 'B' Rating on INR7cr Loan
NEIL COMPUTECH: CRISIL Reaffirms 'D' Rating to INR110MM Loans

P B NIRMAN: CRISIL Reaffirms 'D' Rating on INR170MM Loans
P.G. ENTERPRISES: ICRA Assigns 'B' Rating to INR12cr Loans
P.K. SULPHIKER: CRISIL Reaffirms 'B+' Rating on INR90MM Loans
PANNA LAL: CRISIL Cuts Rating on INR110MM Loans to 'D'
PMA CONSTRUCTION: ICRA Upgrades Rating on INR10cr Loans to 'B-'

QUICK FOODS: ICRA Reaffirms 'B+' Rating on INR7.43cr Loans
REGENCY YAMUNA: ICRA Reaffirms 'C' Rating on INR33.79cr Loan
RVN INFRA: CRISIL Assigns 'B' Rating to INR120MM Cash Credit
S.R. UDAYASHANKAR: CRISIL Reaffirms 'B' Rating on INR28MM Loans
SARTHI COTTGIN: CRISIL Assigns 'B' Rating to INR200MM Loans

SAHAYOG CLEAN: CRISIL Rates INR65MM Term Loan at 'B'
SHALINI PUBLICITY: ICRA Assigns B- Rating to INR9.25cr Loans
SHIV SHANKAR: CRISIL Assigns 'B+' Rating to INR102.5MM Loans
SHREE SUDARSHAN: CRISIL Ups Rating on INR96.5MM Loans to 'B+'
SHRI GIRRAJ: CARE Revises Rating on INR6.25cr Bank Loans to 'B+'

SRM MOTORS: CRISIL Reaffirms 'B' Rating on INR160MM Loans
SWASTIK TRADING: ICRA Suspends 'B-' Rating on INR6cr Loan
SWEDE SANITARY: CRISIL Assigns 'B' Rating to INR97MM Loans
U.B. RICE: ICRA Suspends 'D' Rating on INR7.76cr Loans
US GRANITES: ICRA Reaffirms 'B' Rating on INR8.83cr Loans

VINAYAK COTTON: CRISIL Reaffirms 'B+' Rating on INR103MM Loans
WUD TOOLS: CRISIL Assigns 'B' Rating to INR190 Million Loans


J A P A N

MT. GOX: Workers Challenged CEO Over Client Money
MT. GOX: Lawyer Given More Time to Review Affairs


N E W  Z E A L A N D

MAINZEAL PROPERTY: Liquidators Rack Up NZ$500,000 in Legal Fees
MONSTAVISION HOLDINGS: Leaves Unsecured Creditors Out of Pocket
SOUTH CANTERBURY: Ex-Finance Chief Repels Liquidation Bid


P H I L I P P I N E S

BDO UNIBANK: Moody's Affirms D+ Financial Strength Rating


S I N G A P O R E

FIRST SHIP: S&P Lowers Corp. Credit Rating to CCC+; Outlook Neg.


S O U T H  K O R E A

* 14 Big Firms to be Put Under Close Watch By Creditor Banks


X X X X X X X X

* BOND PRICING: For the Week March 24 to March 28, 2014


                            - - - - -


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


BLUECOLT NOMINEES: DCS Advisory Appointed as Administrator
----------------------------------------------------------
Glenn Douglas Trinick at DCS Advisory was appointed as
administrator of Bluecolt Nominees Pty Ltd, formerly trading as
"Hawke Sims Chartered Accountants", on March 26, 2014.

A first meeting of the creditors of the Company will be held at
the office of DCS Advisory, Level 1, 22 Prowse Street, in
West Perth, on April 7, 2014, at 11:30 a.m.


C CINI & CO: Sole Director Pleads Guilty to 22 Charges
------------------------------------------------------
Carlo Cini, 56, of Altona North, Melbourne, on March 27, 2014,
pleaded guilty in the Melbourne Magistrates Court to 22 offences
following an ASIC investigation.

The charges relate to Mr. Cini's conduct as the sole director of
the Williamstown-based company, C Cini & Company Pty Ltd (now in
liquidation).

Between 2007 and 2008, Mr. Cini raised more than AUD1 million from
seven investors based on representations that the funds would be
used for property development being undertaken by the company. The
funds were subsequently used for other purposes, including other
company-related expenses and personal payments associated with Mr.
Cini.

Mr. Cini also obtained a financial advantage for the company by
evading debts due to the investors. This related to the issuing of
valueless cheques to the investors with a face value of more than
AUD700,000.

A further charge related to an investor agreeing to lend funds to
the company on the basis of reckless statements made by Mr. Cini.

In total, Mr. Cini pleaded guilty to:

   * 10 counts of obtaining property by deception

   * one count of fraudulently inducing a person to invest
     money, and

   * 11 counts of obtaining a financial advantage by deception.

A number of charges, including alternative charges, were withdrawn
by the prosecution as a result of the guilty plea being entered
into.

Mr. Cini was conditionally bailed to appear before the County
Court of Victoria for a plea hearing on July 31, 2014.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


DIMMEYS STORES: Sacks Victorian Workers Through Mail
----------------------------------------------------
ABC News reports that Dimmeys Stores has been criticised for
reportedly sacking a number of its Victorian workers through the
mail.

The retail chain was placed in voluntary administration in January
and negotiations have been underway to secure a new owner, the
report says.

ABC News relates that an administrator said more than 450 people
are employed by the company but there are only 82 job losses in
eastern states.

According to the report, a spokesman said half of those are casual
positions and around 20 are part-time. He said some stores will be
closed in order to keep the business profitable, ABC News relays.

ABC News relates that the Shop Employees Union said letters were
received on March 29, telling workers they were no longer
employed.

Victorian secretary Michael Donovan said the company did not
provide any warning to workers, according to the report.

"Most employers would give us an indication if there were problems
likely to arise in respect to redundancies," ABC News quotes Mr.
Donovan as saying.  "But that hasn't happened on this occasion.
There's been no engagement at all."

ABC News adds that Mr. Donovan said employees deserved to be told
face to face.

A spokesman for the administrator said the short notice was
unavoidable due to the company's trading position, ABC News
reports.

Dimmeys Stores Pty Ltd is Australia-based discount retailer.

Messrs. Richard J. Cauchi, Peter Gountzos and Michael Carrafa of
SV Partners in Melbourne were appointed Voluntary Administrators
of Dimmeys on Jan. 13, 2014, by the company's directors.


E-INFO SOLUTIONS: Clifton Hall Appointed as Liquidators
-------------------------------------------------------
Timothy Clifton -- tclifton@cliftonhall.net.au -- and Mark Hall
-- mhall@cliftonhall.net.au -- were appointed Joint and Several
Liquidators of E-Info Solutions Pty Ltd on March 28, 2014.

A meeting of creditors will be held at 10:00 a.m. on April 8,
2014, at Clifton Hall, Level 1, 12 Gilles Street, in Adelaide.


HENBURY STATION: PPB to Sell Station on 'Walk-In-Walk-Out' Basis
----------------------------------------------------------------
The director of Henbury Station Pty Ltd has instructed PPB
Advisory to sell Henbury Station in the Northern Territory on a
'walk-in-walk-out' basis. Henbury Station is an iconic 514,800
hectare property situated in close proximity to Alice Springs,
with direct access to the Stuart Highway.

The sale campaign follows the recent decision to allow pastoral
activities to resume on Henbury Station in accordance with its
status as a pastoral leasehold property. Henbury is currently
destocked and ready for pastoral use.

Jock McPherson, of Territory Rural McPherson in Alice Springs, the
appointed sales agent, is working closely with PPB Advisory on the
sale campaign, which will run from March 24, 2014 to
May 23, 2014.  Tenders close at 5:00 p.m. AEST on May 23, 2014.

PPB Advisory partner, Greg Quinn -- gquinn@ppbadvisory.com --
said: "The recent decision to return the property to pastoral use
prompted the Director to commence this sale campaign for one of
the most well-regarded cattle stations in the Alice Springs
region.

"The property has a strong management team in place, and we
anticipate significant interest from both local and international
parties.

"Despite the dry season it is a very good time for purchasers to
consider this property. The absence of pastoral operations on the
property since 2011 means there is currently reasonable feed on
the property, making it an excellent opportunity for an astute
investor."


NORFOLK ISLAND: 'Now Officially Insolvent,' Audit Shows
-------------------------------------------------------
ABC News reports that Norfolk Island has been in dire financial
straits for decades, but a damning report from the National Audit
Office shows it's now officially insolvent.

According to the report, the island is Australia's only self-
governing external territory and in the past four years alone the
Federal Government tipped in more than AUD50 million to keep the
island afloat. But Norfolk Islanders may finally be ready to give
up their independence and start paying taxes like everyone else,
the report says.


PATINACK FARM: Tinkler Faces Ct. Grilling Over AUD5M Stud Payment
-----------------------------------------------------------------
Donna Page at The Age reports that Newcastle Knights owner Nathan
Tinkler could face a courtroom grilling over the liquidation of
his Patinack Farm stud and AUD5 million owed to creditors.

Amid a scramble for company records, Adelaide liquidator Tony
Matthews told Fairfax Media on March 26 he planned to issue
examination summons to the former directors, Tinkler, Hunter
Sports Group chief executive Troy Palmer and Patinack Farm
Administration chief finance officer Tony Marshall, which could
force them to appear before court, according to the report.

The Age relates that a spokesman for Mr. Tinkler said that he was
surprised by the action because, "We have satisfied all of the
liquidator's questions and have not heard from them in 12 months."

But Mr. Matthews said a AUD5 million payment from PFA, which was
the main employer at Mr. Tinkler's thoroughbred stud, to another
Tinkler group company was at the centre of the probe.

He said if crucial documents were produced to resolve unanswered
questions, the former company executives could escape a public
examination, the report relays.

"There is some information that we don't have, and the summons
will be issued shortly to see if we can get production of these
documents," The Age quotes Mr. Matthews as saying.

According to the report, Mr. Tinkler's spokesman said the
AUD5 million payment was "simply a book entry between associated
entities that could be explained simply if the liquidator asked."

If Mr. Tinkler appears, it will be the second time he has faced
courtroom scrutiny over his ongoing financial concerns, the report
notes.

In March last year, The Age recalls, he faced the NSW Supreme
Court to be grilled about his finances by liquidators for his
mining company, Mulsanne Resources.

Patinack Farm was placed in liquidation in November 2012, over an
unpaid AUD16,978 debt owed to the Workcover Corporation of South
Australia, The Age discloses.  The company has debt claims against
it of about AUD5 million, including AUD4.6 million owed to the tax
office.


SIGNATURE CORP: Moore Stephens Appointed as Administrators
----------------------------------------------------------
Geoffrey Trent Hancock of Moore Stephens Sydney was appointed
administrator of Signature Corporation Australia Ltd on
March 25, 2014.

A first meeting of the creditors of the Company, or a first
meeting for each of the Companies, (for multiple companies), will
be held at Level 15, 135 King Street, in Sydney, on April 4, 2014,
at 10:30 a.m.


SUNNYBRAE FUNCTION: Centre Placed in Voluntary Administration
-------------------------------------------------------------
The corporate entities which conduct the business known as the
Sunnybrae Function Centre were placed into voluntary
administration on March 12, 2014.  Tim Mableson --
tim.mableson@fh.com.au -- and David Kidman --
david.kidman@fh.com.au -- partners at corporate recovery firm
Ferrier Hodgson, were appointed Voluntary Administrators.

The Sunnybrae Function Centre, which was established in 1986, is
set on heritage listed picturesque grounds in Regency Park, South
Australia and employs 7 staff with additional casual staff
employed for functions.

As a result of the appointment, Ferrier Hodgson is now in control
of the Sunnybrae Function Centre, which is continuing to trade and
meet all of its booking obligations whilst a sale process is being
conducted.

Ferrier Hodgson anticipates that the future of the Sunnybrae
Function Centre will be known around mid to late April 2014 when
the sale process will be concluded. The function centre has been
advertised for sale by way of print and online advertising along
with direct approaches to industry players.

Mr. Mableson said it is too early to assess the outcome of the
sale process. "We continue to deal with a number of interested
parties to try and achieve a sale of the business as a going
concern with an eye to finalising and bringing the sale process to
completion as soon as possible", Mr. Mableson said.


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

At the same time, Moody's has assigned a definitive Caa1 rating to
Artsonig Pty Limited's ("Artsonig") 5 year USD 250 million senior
unsecured PIK notes. Artsonig is a wholly owned subsidiary of
Thornberry Holdings Pty Ltd and direct parent company of Bis
Industries Ltd. The proceeds from the issuance were applied to
repay maturing PIK notes.

The outlook on the ratings is stable.

Ratings Rationale

Moody's definitive ratings are in line with the provisional
ratings assigned on 12 March 2014.

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

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

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

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

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

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

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

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

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

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

Specifically, the rating would likely be downgraded if reductions
in revenue and cash flow caused Bis adjusted credit metrics of
Debt/EBITDA and/or adjusted EBITDA/Interest to be sustained above
6.00 to 6.25x or below 1.5x, respectively.

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



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C H I N A
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BEIJING CAPITAL: Fitch Rates CNY1BB Guaranteed Notes 'BB+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned property developer Beijing Capital Land
Ltd's (BCL; BB+/Negative) private placement of CNY1bn 5.75%
guaranteed notes due 2017 an expected 'BB+(EXP)' rating.  The
notes are issued under its USD1,000m guaranteed medium term note
and perpetual securities programme and will be consolidated with
the CNY2bn 5.75% guaranteed notes due 2017 issued on Feb. 17, 2014
to form a single series.

The offshore yuan notes, to be issued by Central Plaza Development
Ltd, are rated at the same level as BCL's senior unsecured rating
because they will be irrevocably and unconditionally guaranteed by
BCL's wholly owned subsidiary International Financial Center
Property Ltd. (IFC).  Under the terms of the programme, BCL has
granted a keepwell deed and deed of equity interest purchase
undertaking for the offshore yuan notes.

The final rating on the offshore yuan notes will be published on
the issue date of April 4.

KEY RATING DRIVERS

Leverage Moderated But Volatile: BCL's leverage, measured by the
net debt/adjusted inventory ratio, moderated to 36% in 2013 from
47% in 2012, helped by a strong increase in development sales in
the last two months of 2013.  The sharp increase in investment
property assets (a total of CNY3.5bn in 1H13 and 2012) reversed in
2H13 following asset disposals. BCL's intention to grow at a
faster pace, which will require continued increase in land and
construction expenditure, is likely to result in more volatile
leverage.  To achieve faster growth without increasing pressure on
its credit metrics, BCL needs to sustain an improvement in
contracted sales above the 2013 level of CNY19.6bn.

Contracted Sales Outlook Uncertain: Contracted sales in 2013 were
volatile - they increased by only 14% yoy in January-October, but
surged 160% yoy in November-December.  Strong reliance on sales in
Beijing and Tianjin (60% of total sales in 2013, 41% in 2012)
could result in lumpy sales and reduced cash-flow visibility.
Furthermore, sales uncertainty could increase with the tightening
of home-purchase restrictions in Tier 1 cities and intense
competition for land.  However, Fitch believes that BCL's fast-
churn mass-market business model targets the right market.

Investment Property Contribution Weak: Because of the long
gestation period for investment properties, they do not yet
contribute meaningfully to BCL's earnings.  In addition, its
outlet malls will likely take significantly longer to stabilise
and achieve profitable yields.  These factors have resulted in a
reduced focus by BCL in the expansion of its investment property
business.  As a result, the ratio of recurring rental EBITDA to
interest expense will remain negligible over the next two to three
years.

Sufficient Liquidity: BCL had CNY11.3bn cash and RMB65.6bn in
unused bank credit facilities. Fitch expects the group to maintain
sufficient liquidity to fund development costs, land premium
payments and debt obligations during 2013-15 due to its
diversified funding channels from both onshore and offshore
capital markets, strong support from its partners China
Development Bank and Singaporean government investment company GIC
Private Limited, and its flexible land acquisition strategy.

Benefits from Parent and Partners: BCL is 45.58%-owned by Beijing
Capital Group Ltd, which has acquired a low-cost land bank in
prime locations throughout China through local infrastructure
development with local governments.  Beijing Capital Group's land-
incubation strategy provides land bank resources for BCL at a low
cost.  In addition, BCL's partnership with GIC and China
Development Bank since 2003 has produced additional funding
channels and liquidity.

RATING SENSITIVITIES

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

   -- Net debt/adjusted inventory leverage remaining above 40%
      over the next 12-18 months

   -- Monthly contracted sales in 2014 consistently increasing at
      less than 20% yoy

   -- EBITDA margins (adjusted for capitalised interest) falling
      below 25% (28.8% at end-June 2013)

   -- Any signs of increase in net debt to fund additional
      investment property expansion in the next 12-18 months

   -- Any signs of weakening in Beijing Capital Group's land
      incubation strategy and/or weaker ties with its strategic
      partners

Positive rating action in the immediate future is unlikely given
BCL is on Negative Outlook, although the Outlook may revert to
Stable if BCL's performance and leverage ratios improve to sit
more comfortably within thresholds that, if reached, may trigger
negative rating action.


CHINA CITIC: Reorganization No Impact on Moody's 'Ba2' Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed China CITIC Bank's Baa2/P-2
long-term/short-term deposit ratings and maintained unchanged the
bank's ba2 standalone baseline credit assessment, following the
announcement of the CITIC Group's reorganization.

At the same time, Moody's has affirmed China CITIC Bank
International Limited's Baa2/P-2 long-term/short-term deposit
ratings, and maintained unchanged its baa3 standalone baseline
credit assessment.

The outlook on all China CITIC Bank's and China CITIC Bank
International's ratings remains stable.

A list of all of the banks' affirmed ratings can be found at the
end of the press release.

On March 26, 2014, CITIC Pacific Limited (Ba2, review for upgrade)
announced that it plans to acquire 100% of CITIC Limited (unrated)
from CITIC Group Corporation (Baa2, review for upgrade) and
Beijing CITIC Enterprise Management Co., Ltd (unrated). The
planned purchase will be made with cash and the issuance of new
shares.

Currently, China's Ministry of Finance wholly-owns CITIC Group
Corporation, which owns 100% of CITIC Limited. CITIC Limited owns
66.95% of China CITIC Bank.

If the proposed transaction is completed, CITIC Pacific Limited, a
listed company in Hong Kong, will acquire majority ownership in
CITIC Limited. Moody's expects CITIC Group Corporation to keep a
controlling stake in CITIC Pacific Limited.

The proposed transaction will have no effect on the ownership of
CITIC Group, as it would remain fully owned by the Ministry of
Finance.

Ratings Rationale

China CITIC Bank:

China CITIC Bank's rating affirmation reflects Moody's view that
the group reorganization is unlikely to materially affect the
bank's business and standalone credit fundamentals.

In addition, Moody's believes that if the transaction is
completed, it would still be appropriate to incorporate a three-
notch uplift for external support in the bank's deposit ratings.
While China's Ministry of Finance's stake in the bank would be
lower and become less direct, the Ministry would still indirectly
own the majority of CITIC Pacific Limited's shares. Moody's
believes the bank will remain of systemic importance following the
completion of the transaction.

Moody's also expects the reorganization to enhance CITIC Pacific
Limited's credit profile.

China CITIC Bank International:

China CITIC Bank International's ratings affirmation reflects
Moody's view that the group reorganization is unlikely to
materially affect the bank's business and standalone credit
fundamentals. It would also not affect the potential support it
would receive from its majority parent, China CITIC Bank.

The list of affirmed ratings are as follows:

China CITIC Bank:

Bank Financial Strength: D STA, which maps to a baseline credit
assessment of ba2

Long-term/short-term deposit: Baa2 STA/P-2

China CITIC Bank International:

Bank Financial Strength: D+ STA, which maps to a baseline credit
assessment of baa3

Long-term/short-term deposit: Baa2 STA/P-2

Senior unsecured debt: Baa2 STA

Senior unsecured MTN: (P)Baa2

Subordinated debt: Ba1 STA

Subordinated MTN: (P)Ba1

Junior subordinated MTN: (P)Ba2

Long-term Deposit note/CD program: (P)Baa2/Baa2 STA

Short-term Deposit note/CD program: (P)P-2

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

China CITIC Bank is headquartered in Beijing. It reported assets
of RMB3.4 trillion as of 30 September 2013.


CHINA GINSENG: Incurs $612,000 Net Loss in Dec. 31 Quarter
----------------------------------------------------------
China Ginseng Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $612,049 on $2.48 million of revenues for the three
months ended Dec. 31, 2013, as compared with a net loss of
$256,860 on $1.68 million of revenues for the same period during
the prior year.

For the six months ended Dec. 31, 2013, the Company reported a net
loss of $867,931 on $2.54 million of revenues as compared with a
net loss of $1.65 million on $2.19 million of revenues for the
same period during the prior year.

As of Dec. 31, 2013, the Company had $11.75 million in total
assets, $13.78 million in total liabilities and a $2.02 million
total stockholders' deficit.

                          Going Concern

The Company said there are existing uncertain conditions it
foresees relating to its ability to obtain working capital and
operate successfully.

"Management's plans include the raising of capital through the
debt and equity markets to fund future operations and the
generating of revenue through its businesses.  Failure to raise
adequate capital and generate adequate sales revenues could result
in the Company having to curtail or cease operations."

"Additionally, even if the Company does raise sufficient capital
to support its operating expenses and generate adequate revenues,
there can be no assurances that the revenues will be sufficient to
enable it to develop business to a level where it will generate
profits and cash flows from operations.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.  However, the accompanying financial statements
have been prepared on a going concern basis, which contemplates
the realization of assets and satisfaction of liabilities in the
normal course of business," the Company said in the Quarterly
Report.

A copy of the Form 10-Q is available for free at:

                        http://is.gd/8djNVb

                        About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China.  The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards.  However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.


CHINA NATURAL GAS: Seeks More Time to Find White Knight
-------------------------------------------------------
Patrick Fitzgerald, writing for Daily Bankruptcy Review, reported
that China Natural Gas Inc. is asking for more time to line up a
buyer or an investor in the company amid complaints from creditors
that the company is stalling to force them to accept a low-ball
recovery on their claims.

According to the report, lawyers for China Natural Gas said in
court papers that the company has inked nondisclosure agreement
with four parties that are interested in investing in the company
or acquiring its assets in the People's Republic of China.

                         About China Natural

Headquartered in Xi'an, Shaanxi Province, P.R.C., China Natural
Gas, Inc., was incorporated in the State of Delaware on March 31,
1999.  The Company through its wholly owned subsidiaries and
variable interest entity, Xi'an Xilan Natural Gas Co., Ltd., and
subsidiaries of its VIE, which are located in Hong Kong, Shaanxi
Province, Henan Province and Hubei Province in the People's
Republic of China ("PRC"), engages in sales and distribution of
natural gas and gasoline to commercial, industrial and residential
customers through fueling stations and pipelines, construction of
pipeline networks, installation of natural gas fittings and parts
for end-users, and conversions of gasoline-fueled vehicles to
hybrid (natural gas/gasoline) powered vehicles at 0ptmobile
conversion sites.

On Feb. 8, 2013, an involuntary petition for bankruptcy was filed
against the Company by three of the Company's creditors, Abax
Lotus Ltd., Abax Nai Xin A Ltd., and Lake Street Fund LP (Bankr.
S.D.N.Y. Case No. 13-10419).  The Petitioners claimed that they
have debts totaling $42,218,956.88 as a result of the Company's
failure to make payments on the 5% Guaranteed Senior Notes issued
in 2008.  Adam P. Strochak, Esq., at Weil, Gotshal & Manges, LLP,
in Washington, D.C., represents the Petitioners as counsel.

China Natural Gas, Inc., sought dismissal of the involuntary
petition but in July 2013, it consented to the entry of an
order for relief under Chapter 11 of the U.S. Code.

The last regulatory filing listed assets as of June 30 of
$29.5 million and liabilities totaling $82.5 million.


CHINA OIL: 2013 Results No Impact on Moody's Ba1 Rating & Outlook
-----------------------------------------------------------------
Moody's Investors Service says China Oil and Gas Group Limited's
(COG) results for 2013 are in line with its expectations, and have
no immediate impact on its Ba1 ratings and stable outlook.

"COG's 2013 operating performance was sound, with revenue and
operating profit increasing by 34% and 33% year-on-year
respectively, owing to the increased contributions from connection
fees and steady growth in piped gas sales," says Ivy Poon, a
Moody's Analyst.

"However, the delay in passing on increased gas costs to its non-
residential customers in Qinghai Province has affected the
company's profit, exposing its concentration risk in Qinghai
Province," adds Poon.

Natural gas price for non-residential gas consumption was
increased in July 2013, and the company passed on a majority of
the increased costs to its projects. However, it did not do so for
its Qinghai projects due to concerns from the local government
about inflation.

COG's ability to pass through costs is weaker in the relatively
less economically developed province. Qinghai Province is less
urbanized with a lower-than-average GDP compared with other
Chinese provinces. Average sales prices in Qinghai are also much
lower than those for other regions covered by COG.

Nevertheless, the concentration risk is partly mitigated by the
company's efforts to diversify its operations into other more
developed regions. COG added nine city gas projects in 2013, all
outside Qinghai Province. Sales volume contributed by Qinghai
Province as a percentage of total sales volume also decreased to
49.5% in 2013 from 57.2% in 2012.

As a result, COG still maintained its overall profit margin at a
level similar to that of the previous year.

Also, the company is currently in talks with the local government
in Qinghai Province to implement the tariff adjustment later this
year. As such, Moody's expects a modest margin compression on COG
in the next one to two years, despite the uptrend in the gas
price.

COG's total debt increased to HK$4.3 billion as of December 2013
from HK$2.4 billion as of December 2012, mostly due to the
issuance of US$350 million senior notes in 2013.

Its adjusted debt/capitalization ratio was 43.0% and adjusted
EBITDA/interest was 9.8x for 2013, which is in line with its Ba1
rating.

Moody's expects COG's leverage to remain at its current level in
the next one to two years, given the company's prudent capex plan
and good cash on hand of HKD4.2 billion at end-2013.

The principal methodology used in this rating was the Regulated
Electric and Gas Utilities published in December 2013.

COG engages in the piped city gas business, as well as the
transportation and distribution of compressed natural gas, and
liquefied natural gas in China. The company was listed on the Hong
Kong Stock Exchange in 1993 and started its natural gas
distribution business in 2002. Mr Xu Tie-liang, chairman, is the
largest shareholder, with a 22.82% stake.


CITIC PACIFIC: Moody's Places (P)Ba2 Rating on Review for Upgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the
Baa2 senior unsecured bond rating of CITIC Group Corporation and
the Ba2 corporate family rating and senior unsecured bond ratings
of CITIC Pacific Limited. The rating on CITIC Pacific's Medium
Term Notes (MTN) program of (P)Ba2 will be placed on review for
upgrade.

Moody's has also placed on review for upgrade CITIC Resources
Holdings Limited's Ba3 corporate family rating and the Ba3 rating
for the senior unsecured notes issued by CITIC Resources Finance
(2007) Limited and guaranteed by CITIC Resources.

Ratings Rationale

The rating action follows CITIC Pacific's announcement that it is
in discussion with its ultimate parents, CITIC Group Corporation
and Beijing CITIC Enterprise Management Co., Ltd (unrated), for
the acquisition of 100% of the total issued shares of CITIC
Limited (unrated).

"Our review of CITIC Pacific's ratings reflects the expectation
that the proposed acquisition will greatly increase CITIC
Pacific's scale and enhance its credit profile, as CITIC Limited
accounts for the bulk of CITIC Group's assets and revenue.
Following the acquisition, its credit profile will be closely
linked to that of CITIC Group Corporation," says Joe Morrison, a
Moody's Vice President and Senior Analyst.

Moody's expects that CITIC Pacific will fund the acquisition
mainly by equity through issuing new shares to CITIC Group.

"We view the acquisition as a step toward the full scale listing
of CITIC Group, which has been long planned by its management and
is consistent with the Chinese government's direction to reform
SOEs. Listing will enhance the group's access to capital, its
information transparency and corporate governance, as well as
enable it to consolidate the group's onshore and offshore
businesses," adds Morrison, who is also the Lead Analyst for CITIC
Group and CITIC Pacific.

"As part of the review process, Moody's will also revisit CITIC
Resources' position in the group and corresponding parental
support level for CITIC Resources post acquisition, given the
track record of CITIC Group providing support to its offshore
subsidiaries," says Kai Hu, a Moody's Vice President and Senior
Credit Officer.

The transaction is still at the preliminary stage and is subject
to relevant regulatory approval, consent from CITIC Limited's
relevant third parties and CITIC Pacific's minority shareholders.
CITIC Pacific's new share placement is also subject to market
conditions.

Moody's review will focus on: 1) the terms and conditions of the
acquisition, 2) the final funding structure of the transaction; 3)
changes in CITIC Pacific's businesses profile, 4) government
support for CITIC Group and parental support for CITIC Pacific and
CITIC Resources, and 5) CITIC Group's overall strategy for future
development.

If the transaction concludes in line with our expectation, CITIC
Pacific's ratings will likely be upgraded by multiple notches to a
level close to the rating of CITIC Group.

The principal methodology used in rating CITIC Resources Holdings
Limited and CITIC Resources Finance (2007) Limited was the Global
Independent Exploration and Production Industry published in
December 2011.

CITIC Group Corporation and CITIC Pacific Limited's ratings were
assigned by evaluating factors that Moody's considers relevant to
the credit profile of the issuer, such as the company's (i)
business risk and competitive position compared with others within
the industry; (ii) capital structure and financial risk; (iii)
projected performance over the near to intermediate term; and (iv)
management's track record and tolerance for risk. Moody's compared
these attributes against other issuers both within and outside
CITIC Group Corporation and CITIC Pacific Limited's core industry
and believes CITIC Group Corporation and CITIC Pacific Limited's
ratings are comparable to those of other issuers with similar
credit risk.

Other factors used in these ratings are described in Analytical
Considerations in Assessing Conglomerates, published in September
2007.

CITIC Pacific Limited, listed in Hong Kong, is a conglomerate that
is 57.5% owned by the CITIC Group. It was one of the first Chinese
companies to list on and invest in overseas markets. It is engaged
in a range of businesses, including specialty steel manufacturing,
iron ore mining, property development and investment, power
generation, infrastructure, communications, and distribution. At
end-2013, it had total consolidated assets of HKD268 billion.

CITIC Resources is an energy and natural resources investment
holding company, with interests in aluminum smelting, coal, import
and export of commodities, manganese, bauxite mining and alumina
refining operations as well as the exploration, development and
production of oil. The company serves as the principal natural
resources and energy arm of its parent, CITIC Group.

While CITIC Group has the features of an investment holding
company, Moody's analyze it mainly as a conglomerate and apply the
conglomerate rating approach as it has supported and will support
its key subsidiaries, similar to other rated conglomerates in the
region.

CITIC Group, headquartered in Beijing, is a conglomerate
investment company wholly owned by China's State Council. As of
end-2012, it had total consolidated assets of RMB3.57 trillion and
consolidated revenue of RMB350 billion.

CITIC Limited is the controlling shareholder of CITIC Pacific and
is indirectly interested in 2,098,736,285 shares of CITIC Pacific
through its non-PRC subsidiaries, representing 57.51% of the total
number of issued shares of CITIC Pacific as at the date of this
announcement. CITIC Limited is owned by CITIC Group as to 99.9% of
its total issued share capital and by CITIC Enterprise Management
as to 0.1% of its total issued share capital.

The Local Market Analyst for these ratings is Kai Hu, +86 (10)
6319 6560.


HENGDELI HOLDINGS: Fitch Lowers IDR to 'BB'; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has downgraded China-based watch retailer Hengdeli
Holdings Limited's Long-Term Issuer Default Rating (IDR) and
senior unsecured rating to 'BB' from 'BB+'.  The Outlook is
Stable.

The downgrade reflects Hengdeli's deteriorating credit metrics
amid a weak operating environment.  It will be challenging for
Hengdeli to demonstrate a sustained strong recovery to its
previous level in the medium term.

The Stable Outlook reflects Hengdeli's ability to maintain its
strong business positioning and sufficient liquidity position
despite the current down cycle.

KEY RATING DRIVERS

Weak environment increases recovery uncertainties.  China's
overall weak consumer sentiment and the government's anti-graft
campaign in H213 continued to affect Hengdeli's performance.  The
company's active reshuffling of its product mix to fast-moving
mid-range watches was not enough to offset the rapid decline in
high-end watches sales.  The company's overall same-store-sales
growth (SSSG) in mainland China declined 7.1% in 2013 (H113: -
7.5%) as high-end watch SSSG contracted 18.5% (H113: -18.9%) while
mid-range watch SSSG remained flat (+0.6%) (H113: +0.6).
Hengdeli's SSSG in mainland China and wholesale segment had
exhibited positive growth YTD Feb 2014.  However, sales visibility
of Hong Kong operations remained weak.  Fitch views uncertainties
in the economic conditions and the weak buying sentiment would
continue to dampen Hengdeli's sales rebound in the medium term.

Profitability Pressured by Slower Sales. Hengdeli's EBITDA margin
narrowed to 8.32% in 2013 (2012: 11.51%) due to heavier sales
discounting and increased rental costs.  Fitch estimated that one
percentage point of decline was attributed to margin dilution from
its new Harvest Max business.  Fitch expects the company's EBITDA
margin to demonstrate slight recovery to around 9%, which is still
lower than the previous level.  A higher contribution from mid-
segment watches which yields stronger margins would improve
Hengdeli's profitability in 2014, but this benefit would partially
be offset by ongoing sales discounting.

Acquisition and Working Capital Increased Leverage. Hengdeli's
high inventory days of 223 days (H113: 225 days) and about CNY300m
of acquisition costs drove higher FFO adjusted net leverage of
3.5x in 2013 (H113: 3x).  With Hengdeli finalising its inventory
mix adjustments towards more fast moving mid-end products by 2014,
Fitch expects some alleviation in working capital with positive
free cash flow generation; the company's leverage would trend
below 3x over the next 12-18 months.

Strong business positioning.  Despite a weaker performance,
Hengdeli's rating is still supported by its leading market
position in the Swiss watch retail sector in China, its
established distribution network and exclusive watch distribution
arrangements that support its wholesale business.  In 2013, the
company was able to lengthen its days payables with suppliers in
light of the weaker environment, which is a reflection of the
company's business positioning and close relationship with its
suppliers.

Adequate Liquidity.  Hengdeli maintains sufficient cash of
CNY2.3bn to cover its short-term bank loans of CNY1.35bn and
estimated capital expenditure of around CNY150m for the next 12
months.  The company also has CNY2bn in unutilised facilities to
bridge working capital purposes, if required.  As expected, the
company had redeemed most of its convertible bonds in 2013, with
outstanding balance of HKD95m as at end-2013.

RATING SENSITIVITIES

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

   -- Negative SSSG for China
   -- Sustained weakening in EBITDA margins below 8%
   -- FFO adjusted net leverage sustained above 3.5x

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

   -- Sustained EBITDA margin above 10%
   -- FFO adjusted net leverage sustained below 2.75x
   -- Average inventory days sustained below 210 days


SOUND GLOBAL: Solid Financial Profile Supports Moody's Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service says that Sound Global Limited's 2013
results show no change in profit margin, while achieving
considerable growth. Its solid financial profile continues to
support its Ba3 corporate family rating and B1 senior unsecured
rating as well as the stable rating outlook.

"Sound Global enjoyed revenue growth under strong demand for its
water treatment solutions in China," says Chenyi Lu, a Moody's
Vice President and Senior Analyst.

Revenue rose by 18.4 % year-on-year to RMB3.14 billion in 2013
from RMB2.65 billion in 2012. Such growth came from its turnkey
engineering, procurement and construction services, and a greater
contribution from its operation and maintenance business.

Moody's expects the company's revenue will grow around 15% in
2014, driven by the continued strong demand in water treatment
solutions, as environmental protection continues to gain
importance in China.

"Sound Global's has grown its businesses without affecting its
profitability" says Lu, also the Lead Analyst for Sound Global.

Sound Global has maintained its gross margin at around 30%. With
higher revenue and operating efficiency, the company's adjusted
EBITDA increased to about RMB891 million in 2013, up 28.8% from
around RMB691 million in 2012.

Sound Global's adjusted EBITDA margin averaged 27% in 2012-2013.
Given the solid market position, Moody's expects the company to
maintain its high EBITDA margin in 2014.

"Sound Global has maintained low debt leverage and has a track
record of improving its equity from the conversion of convertible
bonds" say Lu.

Nevertheless, the company's adjusted net debt grew to RMB238
million at end-2013 from net cash of RMB59 million at end-2012.
Its debt leverage -- measured by net debt/EBITDA -- was 0.3x at
end-2013, which is within the current Ba3 rating level.

On March 26, 2014, Sound Global announced that it had allotted
15,543,026 new shares upon the conversion of RMB52.6 million of
its convertible bonds. The conversion of convertible bonds into
shares has improved Sound Global's debt leverage. The year-to-date
conversion has lowered its adjusted net debt/EBITDA by about 0.2x
to 0.1x , based on its 2013 EBITDA.

However, the company will increase investments in its build,
operate & transfer projects. As such, Moody's expects Sound
Global's adjusted net debt/EBITDA to return to around 0.3x over
the next 12-18 months, which will still support its Ba3 rating.

Sound Global's liquidity profile remains adequate. It had
unrestricted cash on hand of RMB3.53 billion at end-2013, which
can fully cover its short-term maturing debt of RMB764 million.

The principal methodology used in this rating was the Global
Construction Methodology published in November 2010.

Established in 2005, Sound Global Limited is one of the leading
providers of turnkey water and wastewater treatment solutions in
China. The company was listed on the Hong Kong Stock Exchange in
2010 Hong Kong and was founded by Mr. Wen Yibo.


* Chinese Regulators Experiment 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.


* Bad Loan Writedowns Soar at China Banks, FT Reports
-----------------------------------------------------
The Financial Times reports that China's biggest banks more than
doubled the level of bad loans they wrote off last year, in a sign
that financial strains are mounting as growth in the world's
second-largest economy slows.

The FT says the five biggest Chinese banks, which account for more
than half of all loans in the country, removed CNY59 billion
($9.5bn) from their books in debts that could not be collected,
according to their 2013 results.  That was up 127 per cent from
2012, and the highest since the banks were rescued from
insolvency, recapitalised and publicly listed over the past
decade.

The report notes that the sharp acceleration in write-offs is the
latest indication of the turbulence now buffeting China's
financial system.

The FT notes that the bond market suffered its first true default
in March, two high-profile shadow bank investment products were
spared from collapse by last-minute bailouts earlier this year,
and a small rural lender suffered a brief bank run last week.



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


ABBELINE IMPEX: CRISIL Assigns 'B' Rating to INR75MM Credit Limit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Abbeline Impex Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Buyer Credit Limit    75         CRISIL B/Stable

The rating reflects AIPL's modest scale of operations and below-
average financial risk profile marked by modest networth, high
gearing and subdued debt protection metrics. These rating
weaknesses are partially offset by extensive experience of AIPL's
promoters in the metal trading industry.

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the medium
term from its promoter's extensive experience in the metal scrap
trading industry. The outlook may be revised to 'Positive' if the
company achieves significant and sustainable improvement in
revenues and margins while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case the
company registers significant decline in its revenues or margins,
or if there is elongation in its working capital cycle, thereby
further weakening its financial risk profile.

AIPL, incorporated in November, 2009, is promoted by Mr. Manish
Gupta and his wife Mrs. Poorvi Gupta. It is engaged in import and
trading of heavy metal scrap and copper scrap in the domestic
market. Mr. Manish Gupta and Mr. Anil Garg (father in law of Mr.
Gupta) look after the day to day business operations of the
company. The registered office of the company is in Mumbai.

AIPL reported a profit after tax (PAT) of INR0.8 million on net
sales of INR253.7 million For 2012-13 (refers to financial year,
April 1 to March 31); the company reported a PAT of INR0.9 million
on net sales of INR265.2 million for 2011-12.


ABHEDYA POWER: CRISIL Assigns 'B' Rating to INR200MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Abhedya Power Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Working        45.5       CRISIL B/Stable
   Capital Facility

   Cash Credit              4.5       CRISIL B/Stable

   Long Term Loan         150.0       CRISIL B/Stable

The rating reflects APPL's exposure to risks related to
implementation and commissioning of its ongoing solar power
project. This rating weakness is partially offset by the
favourable demand prospects of the power industry and its
promoters' entrepreneurial experience.

Outlook: Stable

CRISIL believes that APPL will continue to benefit over the medium
term from its promoters' funding support. The outlook may be
revised to 'Positive' if the company stabilises its operations
earlier than expected and within the budgeted cost, resulting in
larger-than-expected cash accruals and improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if APPL registers significant time or cost overrun in
its project, or faces delay in stabilising its operations,
significantly constraining its financial risk profile and
liquidity.

APPL, incorporated in 2012, is a Vijayawada (Andhra Pradesh)-based
company. It is setting up a 2.3 megawatts solar power plant in
Anantapur (Andhra Pradesh). The company is promoted by Mr. Seelam
Devi Vivekananda along with his family members.


ANNEX GLASS: ICRA Assigns 'D' Rating to INR40cr Loans
-----------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to INR38.50 crore
fund based facilities of Annex Glass Industries Private Limited.
ICRA has also assigned an '[ICRA]D' rating to the INR1.50 crore
non-fund based facilities of AGIPL.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------    -------
   Fund based limits       38.50        [ICRA]D Assigned
   Non fund based limits    1.50        [ICRA]D Assigned

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

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

The ability of the company to attain breakeven, critically depends
on its capability to ramp up its volumes and attain high levels of
capacity utilization. ICRA expects some deterioration in leverage
ratios as it expects increase in the gearing levels on account of
continuing losses at the net level. Going forward, AGIPL's ability
to service its debt obligations in a timely manner will be the key
rating sensitivity.

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

Recent Results

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


APS STEELS: CRISIL Assigns 'B' Rating to INR65MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of APS Steels Limited.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Cash Credit              65       CRISIL B/Stable
   Inland/Import Letter
   of Credit                50       CRISIL A4

The ratings reflect the company's modest scale of operations in
the fragmented mild steel (MS) ingots industry, the susceptibility
of its operating margin to downturns in the end-user industry and
volatility in steel prices and its weak financial risk profile
marked by modest net worth and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of APS' promoter group in the steel industry and the strong
financial support it receives from its group concerns.

Outlook: Stable

CRISIL believes that APS will continue to benefit from the
promoters extensive industry experience and need-based financial
support it receives from its group concerns over the medium term.
The outlook may be revised to 'Positive' if the company is able to
significantly increase its scale of operations while maintaining
its profitability. Conversely, the outlook may be revised to
'Negative' if there is deterioration in APS's financial risk
profile, most likely on account of less-than-expected
profitability or a stretch in working capital requirements, or any
significant debt-funded capital expenditure.

Incorporated in 2006, APS is engaged in manufacturing of mild
steel ingots through its manufacturing facility located at
Hindupur, Andhra Pradesh. The company was acquired by the OP Gupta
Group in 2012.

APS reported a profit after tax (PAT) of INR0.45 million on net
sales of INR340 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR2.8 million on net sales
of INR330 million for 2011-12.


AWA POWER: CARE Reaffirms 'D' Rating on INR10.62cr Term Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilitates of
Awa Power Company Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities
   (Term Loan)          10.62       CARE D (Single D) Reaffirmed

Rating Rationale

The rating reaffirmation factors in the inordinate delay in
achieving commercial operation of the power plant. As a result of
delay, loan repayments are supported by the promoter's
contribution.  Commencement of commercial operation without any
further delay and power evacuation will be the key rating
sensitivity.

AWA Power Company Pvt Ltd setup in 2001 is a special purpose
vehicle (SPV) promoted by the Sethi family along with the group
companies SPML Infra Limited (rated CARE BB+/A4+ as on February,
2014) and SubhashKabini Power Corp Ltd (SKPCL) (rated CARE BB as
on February, 2014). SPML Infra Limited and SKPCL have an equity
stake of 51% and 45.89% respectively as on March 31, 2013.

The company is setting up a 4.5 MW(3 x 1.5 MW) hydro-power project
on the river Awa Khad, at Saperu village near Palampur town,
Kangra district, Himachal Pradesh, under a 40-year concession
period on BOOT (Build, Own, Operate & Transfer) basis. HIMURJA
(Himachal Pradesh Energy Development Agency), a nodal agency for
the development of small hydropower projects, allotted this run of
the river power project to SPML through an MOU in 1996. The
project was originally conceived with a capacity of 3 MW and was
later enhanced to 4.5 MW at the time of preparation of DPR.


CHHATRAPATI AGRO: CRISIL Assigns 'D' Rating to INR180MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Chhatrapati Agro Food Manufacturing Company Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan            102.5       CRISIL D
   Cash Credit           17.5       CRISIL D
   Proposed Long Term
   Bank Loan Facility    60.0       CRISIL D

The rating reflects instances of delay by CAF in paying the
interest on its term debt; the delays have been caused by the
company's weak liquidity, driven by delays in project execution.

CAF is expected to have modest scale of operations due to nascent
stage in the intensely competitive and fragmented jaggery
industry. However, CAF benefits from its promoters' extensive
industry experience.

CAF, based in Pune (Maharashtra) and incorporated in 2011,
manufactures jaggery. The company has been promoted by Mr. Pawar
Dhanaji Nanasaheb and Mr. Salunke Vitthal.


DEESAN GINNING: CARE Revises Rating on INR15cr Bank Loans to 'B+'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Deesan
Ginning And Pressing Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         15        CARE B+ Revised from
   Facilities                       CARE B

Rating Rationale

The revision in the long-term rating factors in the growth in the
scale of operations of Deesan Ginning and Pressing Private Limited
during FY13 (refers to the period April 1 to March 31). The rating
continues to be constrained by its weak financial risk profile
marked by thin profitability margin and weak capital structure
along with seasonality associated with the availability of cotton,
fragmented nature of the industry and susceptibility of cotton
prices to government policies.

The rating continues to factor in the experience of the promoters
in the ginning business and support from the group's presence in
the textile business.

Ability of the company to increase its scale of operations along
with an improvement in profitability remains the key rating
sensitivity.

DGPPL, incorporated in 2007 by Mr Amrish Patel, belongs to the
Deesan group of Dhule, Maharashtra. The Deesan group is an
integrated textile group located at Shirpur, Dhule. The group
has nine companies operating under it and has presence in all
segments of cotton textile starting from cultivation of cotton to
manufacturing of garment. DGPPL was primarily set up for the job
work for its group company in the ginning and pressing of cotton.
The company is also involved in the trading of cotton fabrics.

In FY13 DGPPL reported a PAT of INR0.11 crore against a turnover
of INR27.58 crore as against a PAT of INR0.03 crore against a
turnover of INR17.91 crore in FY12.


EAGLE FIBRES: ICRA Suspends 'B+' Rating on INR37.13cr Loan
----------------------------------------------------------
ICRA has suspended the '[ICRA]B+' rating assigned to the INR37.13
crore long term fund based facilities of Eagle Fibres Private
Limited. ICRA has also suspended the '[ICRA]A4' rating assigned to
the INR3.00 crore short term non-fund based facilities of Eagle
Fibres Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

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

Incorporated in the year 1991, Eagle Fibres Pvt. Ltd. is engaged
in sizing, weaving and spinning of polyester yarns. Apart from
manufacturing activities, the company is also involved in the
trading of polyester yarns and fabrics. The company belongs to the
Eagle Group based out of Surat, in Gujarat. The group comprises of
7 companies and carries out diversified textile activities like
texturising, sizing, weaving of fancy fabrics, embroidery job
work, yarn importing, indenting & trading, garments accessories
indenting, spinning of polyester & nylon filament yarns etc. EFPL
has three manufacturing units- sizing, spinning and weaving, all
located in Surat district of Gujarat.


EDU SMART: CARE Reaffirms 'D' Rating on INR188.76cr Bank Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Edu Smart Services Pvt. Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           188.76      CARE D Reaffirmed

Rating Rationale

The rating of the bank facilities of Edu Smart Services Pvt Ltd
continues to remain constrained due to the ongoing delays in
servicing of the company's debt obligations on account of
operational delays in execution of Smart_Class contracts by the
company, thereby leading to late realizations of payments from
schools.

ESSL was incorporated on July 2, 2009. The shareholding of ESSL
vests with two ex-employees of Educomp Solutions Limited (ESL,
rated CARE D) - Mr Pramod Thatoi (50%) and Mr Ashok Mehta
(50%). ESSL is a Special Purpose Vehicle (SPV) created with the
objective to implement the 'Smart_Class' and other associated
products and services of ESL across various private schools in
India. ESSL is mainly responsible for implementation, operations
and maintenance of the Smart_Class for the period of the contract.

ESL, incorporated in 1994, is engaged in providing a digital
educational content in the classroom through its patented product
'Smart_Class' and Instructional and Computational Technology
(ICT).

The company is also engaged in providing vocational, higher
education and professional development, K-12 schools and online,
supplementary and global education business.

Under the 'Smart Class' program, ESL builds the IT infrastructure
for private schools and licenses its digital education content to
schools. The model works mainly through a Build-Own-Operate-
Transfer (BOOT) framework, wherein ESL incurs the initial
expenditure for installation of hardware and education content
related infrastructure. The revenue from the schools is received
as annuity over five years (payments received on quarterly basis).

There have been ongoing delays in the debt servicing by ESSL. The
delays were on account of liquidity stress faced by ESL and delay
in execution of 'Smart Class' classrooms by the company leading to
delay in receiving payments from schools. The same has further led
to a shortfall in funds for ESSL to repay its debt obligations
timely.

During FY12 (refers to the period April 01 to March 31), ESSL
registered a total income of INR1,062 crore with a PAT of INR9
crore.


EDUCOMP SOLUTIONS: CARE Reaffirms 'D' Rating on INR404.08cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
receivables assignment facility of Educomp Solutions Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Receivables Assignment      404.08     'CARE D' Reaffirmed
   Facility

Rating Rationale

The rating of the above facilities continues to remain constrained
due to ongoing delays in debt servicing on account of operational
delays in execution of Smart_class contracts by Edu Smart Services
Pvt. Ltd., thereby leading to low realizations of payments from
schools.

Transaction Structure

The receivable assignment facility is a transaction between
Educomp Solutions Limited (ESL, the assignor) and the assignee
(bank) wherein the receivables of ESL's Smart Class product have
been assigned. ESL, incorporated in 1994, is engaged in providing
a digital educational content in the classroom through its
patented product 'Smart_Class' and Instructional and Computational
Technology (ICT). Smart Class is a first of its kind, teacher-led
educational content based solution which provides a technology-
based learning into the classrooms. The sale of the 'Smart Class'
is effected through a tripartite agreement signed amongst ESSL,
ESL and the respective school.

ESSL is a Special Purpose Vehicle (SPV) created with the objective
to implement the Smart Class and other associated products and
services of ESL, across various schools in India. Under the
Smart_Class segment, ESL builds the IT infrastructure for schools
and licenses its digital curriculum content for a specified time
period (typically for five years) to schools. ESSL is mainly
responsible for implementation, operations and maintenance of the
Smart Class for the period of the contract.

Under this transaction, ESL, the assignor has assigned its future
net receivables of INR675 crore to be received from ESSL to the
bank. As per the assignment agreement, the bank has received all
rights, title and interest of ESL's receivables of ESSL
aggregating INR675 crores. Against the same, the bank has
sanctioned to ESL receivables assignment facilities (in various
tranches) aggregating to INR410 crore. The credit enhancement for
this transaction is in the form of unconditional and irrevocable
guarantee provided by ESL.

Delays in Debt Servicing

There are delays in debt servicing of this facility. The delays
are on account of liquidity stress faced by ESL and delay in
execution of Smart_class classrooms by the company leading to
delay in receiving payments from schools.


EDUCOMP SOLUTIONS: CARE Reaffirms 'D' Rating on INR909.7cr Loans
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Educomp Solutions Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities          299.07       CARE D Reaffirmed

   Long/Short-term
   Bank Facilities     410.00       CARE D/CARE D Reaffirmed


   Non-Convertible
   Debentures          200.00       CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities of Educomp Solution Limited
(ESL) continue to remain constrained due to the ongoing delays in
servicing of the company's debt obligations on account of
significant deterioration in its liquidity position and financial
risk profile during FY13 (refers to the period April 1 to
March 31) and 9MFY14.

ESL was incorporated in 1994 as Educomp Datamatics Pvt Ltd and the
name of the company was changed to the present one in August 2005.
The company is engaged in providing digital educational content in
the classroom through its patented product 'Smart_Class' and
'Edureach' (ICT). Smart_Class is a first of its kind, teacher-led
educational content-based solution, which provides technology-
based learning into the classrooms. Edureach works closely with
various state and central government agencies to implement the
large-scale public-private-partnership projects.

The company is also engaged in providing other services like
vocational, higher education and professional development, K-12
schools and online, supplementary and global services.

As on June 30, 2013, the company serves 7 million students under
Smart Class across 14,997 schools and 5.8 million students under
Edureach across 10,639 schools.

In order to sustain its aggressive expansion plans in the last 2-3
years, the group had significantly increased its debt exposure
leading to high debt repayments and interest obligations in the
short to medium term. The same coupled with poor operational and
financial performance during FY13 and 9MFY14 led to stress in the
liquidity position of the company, which has eventually led to
ongoing delays in the debt servicing by the company. Therefore,
the company had approached the Corporate Debt Restructuring forum
for the same on July 08, 2013, and its proposal is still under
consideration.

During FY13, ESL registered a total operational income of INR733
crore with a net loss of INR41 crore. During 9MFY14, the company
registered a total operational income of INR235 crore with a net
loss of INR202 crore.


EVER SHINE: CRISIL Assigns 'B' Rating to INR8MM Cash Credit
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Ever Shine Traders.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting       60        CRISIL A4
   Cash Credit             8        CRISIL B/Stable

The ratings reflect ET's modest scale of operations, customer
concentration in its revenue profile and below-average financial
risk profile of the firm marked by modest net worth, high gearing,
and subdued debt protection metrics. These rating weaknesses are
offset by the extensive experience of the partners in the waste
paper trading industry.

Outlook: Stable

CRISIL believes ET will continue to benefit over the medium term
from the extensive industry experience of the partners. The
outlook may be revised to 'Positive' in case the firm records a
significant and sustainable growth in revenues, while improving
its profitability margins and capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm's revenues or
margins decline significantly or if there is an elongation in the
firm's working capital cycle, leading to further weakening of its
financial risk profile.

ET was established in 1990, as a partnership firm by Mr. Prem
Kumar Minocha and his son, Mr. Rajan Minocha. The firm is engaged
in trading of waste paper. Mr. Rajan Minocha manages the day to
day operations of the firm.

ET reported profit after tax (PAT) of INR0.5 million on net sales
of INR197.7 million for 2012-13 (refers to financial year, April 1
to March 31) against PAT of INR0.3 million on net sales of
INR130.5 million for 2011-12.


GAJANAND COTTEX: CARE Assigns 'B' Rating to INR7.71cr Loans
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Gajanand
Cottex Pvt Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            7.71       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Gajanand Cottex Pvt
Ltd (GCPL) is constrained on account of its financial risk profile
marked by thin profit margins, leveraged capital structure and
weak debt coverage indicators. The rating is further constrained
on account of its presence in the highly fragmented and seasonal
cotton ginning industry with limited value addition and prices and
supply for cotton being highly regulated by the government and
susceptibility of the operating margins to fluctuations in the
cotton prices.

The above constraints outweigh the benefits derived from the long
experience of the promoters in the cotton ginning industry and
locational advantage in terms of proximity to the cotton-growing
regions in Gujarat.

GCPL's ability to improve its overall financial risk profile by
moving up in the value chain and thereby improving the profit
margins and better working capital management are the key rating
sensitivities.

GCPL, incorporated in the year 2009, is promoted by Mr Ashok B
Monsara, with an experience of 17 years in similar line of
business. GCPL is engaged in the cotton ginning & pressing
business and has an installed capacity of 37 MTPD (Metric Tonnes
Per day) of cotton bales and 69 MTPD of cotton seed as on
March 31, 2013. The commercial production for cotton ginning
started from November 2009. The cotton bales are largely sold in
Gujarat and Tamil Nadu through merchant exporters while raw cotton
for ginning activity is procured from farmers as well as local
markets within Gujarat, mostly on cash basis. The major revenue of
GCPL comes from sales of cotton bales (84%) and the balance comes
from sales of cotton seed. GCPL's manufacturing unit is located in
the Jasdan region in Gujarat which is one of the leading cotton
producing states in India.

As against a net profit of INR0.10 crore on a total operating
income (TOI) of INR40.77 crore in FY13 (refers to the period April
1 to March 31), GCPL reported a net profit of INR0.06 crore on a
TOI of INR38.03 crore during FY12.


GAJLAXMI STEEL: CARE Assigns 'B+' Rating to INR8.25cr Bank Loans
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Gajlaxmi Steel Private Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            8.25       CARE B+ Assigned

   Short-term Bank
   Facilities            1.75       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Gajlaxmi Steel
Private Limited are constrained by modest scale, thin
profitability, susceptibility of margins to the volatility in raw
material prices, working capital intensive operations, high
gearing levels, and competition prevailing in the industry.

The ratings, however, derive strength from the experienced
promoters, diversified customer and supplier base and location
advantage.

Ability of the company to scale up operations, improve
profitability and capital structure, effectively manage its
working capital requirements and withstanding volatile raw
material prices are the key rating sensitivities.

Gajlaxmi Steel Private Limited, Jalna-based, (Maharashtra) company
was incorporated in 2003 by Mr Surendra J.Agrawal and Mr Manoj D.
Petty. In 2006, the company was taken over by Mr Gopikishan Jajoo
and his son Mr Anoop G Jajoo. The company is engaged in the
manufacturing of MS ingots and MS billets.

GSPL's manufacturing facility is at MIDC, Jalna Maharashtra. The
total installed capacity in FY13 is at 36,000 Metric Tonnes per
year (MTPA). During FY13, the capacity utilization was at 90%.
During FY13, the company reported a total operating income of
INR106.67crore over a PAT of INR0.15 crore as against a total
operating income of INR104.57 crore over a net loss of INR0.51
crore in FY12. Furthermore in 6MFY14, the company reported a total
operating income of INR49.32 crore.


GEE ISPAT: CRISIL Cuts Rating on INR4.50BB Loans to 'D'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Gee
Ispat Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Negative/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           2250       CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Letter of Credit       830       CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Letter of Credit       420       CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Proposed Long Term     750       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB+/Negative')

   Proposed Short Term    250       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL A4+')

The downgrade reflects recent instances of devolvement of GIPL's
letters of credit, which, along with interest payments, have been
outstanding for over 30 days. The delays were because of GIPL's
weak financial flexibility driven by continued large incremental
working capital requirements.

CRISIL believes that GIPL's liquidity has come under pressure,
with the longer debtor realisation period for sales through
dealers resulting in fully utilised bank limits and devolvement of
letters of credit.

On February 27, 2014, CRISIL had downgraded its ratings on the
bank facilities of GIPL to 'CRISIL BB+/Negative/CRISIL A4+' from
'CRISIL BBB+/Negative/CRISIL A2'.

GIPL was incorporated in December 2003 as a private limited
company by three friends, Mr. Vijay Garg, Mr. Krishan Basia, and
Mr. Ankit Gupta. Mr. Garg and Mr. Gupta have been trading in food
grains for 25 years and 30 years, respectively. Mr. Basia has
experience of almost 30 years in the steel industry.

GIPL was set up with capacity to produce 103,500 tonnes per annum
(tpa) of stainless steel (SS) flats. The company commenced
commercial operations in February 2005. In 2009-10 (refers to
financial year, April 1 to March 31), GIPL diversified its product
mix and installed a facility to manufacture SS long products (such
as angles, bars, and channels) with capacity of 28,080 tpa.

SS flats manufactured by GIPL are mainly used by utensil
manufacturers. GIPL sells its products in the domestic as well as
export markets (through dealers). Angles, bars, and channels
manufactured by GIPL are mainly used in the infrastructure and
construction sectors.

GIPL had profit after tax (PAT) and net sales of INR387 million
and INR14.74 billion, respectively, for 2012-13; the company
reported a PAT of INR318 million on net sales of INR12.83 billion
for 2011-12.


GOEL ALLOY: CRISIL Reaffirms 'B+' Rating on INR125MM Loans
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Goel Alloy & Steel Pvt
Ltd continue to reflect GASPL's small scale of operations and
accruals; the ratings also factor in the company's constrained
credit risk profile due to its large working capital requirements.
These rating weaknesses are partially offset by GASPL's moderate
financial risk profile, marked by low gearing and moderate debt
protection metrics, and the expected funding support from other
Castle group companies.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            55       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       15       CRISIL A4 (Reaffirmed)
   Packing Credit         24       CRISIL B+/Stable (Reaffirmed)
   Term Loan              46       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GASPL's business risk profile will remain
stable over the medium term, albeit constrained partly by its
small scale of operations. The outlook may be revised to
'Positive' in case of substantial improvement in the company's
scale of operations, with healthy growth in sales and operating
profitability. Conversely, the outlook may be revised to
'Negative' in case of sustained pressure on GASPL's sales and
operating margin, larger-than-expected debt-funded capital
expenditure programme, or increase in working capital
requirements, leading to weakening in its financial risk profile.

Update
GASPL's revenue, though expected to increase year-on-year by
around 100 per cent to around INR300 million in 2013-14 (refers to
financial year, April 1 to March 31), will remain small. Moreover,
the company's operating profitability declined to around 9.5 per
cent in 2013-14 from around 15.4 per cent in 2010-11, leading to
low accruals in the range of INR12 million to INR14 million
expected in 2013-14, despite increase in turnover.

GASPL's financial risk profile remains moderate, marked by low
gearing of less than 1 time. However, it had a small net worth of
around INR78 million as on March 31, 2013; the net worth has
increased from INR37 million in 2010-11 on account of unsecured
loans extended by promoters in the past two years. GASPL's working
capital requirements increased because of large debtors of around
160 days as on March 31, 2013. Its bank limits were enhanced to
INR79 million from INR46 million in September 2013, despite which
utilisation remained high at 80 per cent over the 12 months
through December 2013. The company has debt obligations of around
INR10 million vis-a-vis tightly matched cash accruals expected in
the range of INR12 million to INR14 million in 2013-14. In 2014-
15, repayment obligations will increase to around INR14 million.

GASPL, a part of the Castle group, was set up by Mr. Naresh Goel.
The company, based in Kolkata (West Bengal), manufactures cast
iron and ductile iron castings. Prior to establishing GASPL, the
promoter traded in manhole covers for around three years through a
proprietorship concern.


GOLD SACK: CRISIL Assigns 'B+' Rating to INR98.4 Million Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Gold Sack Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable
   Term Loan              48.4      CRISIL B+/Stable

The rating reflects GSPL's nascent stage of operation in the
intensely competitive and fragmented packaging material
manufacturing business and weak financial risk profile marked by
small net worth. These rating weakness are partially offset by its
promoter's extensive experience in the industry.
Outlook: Stable

CRISIL believes that GSPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case there is a significant increase in
the company's scale of operation and profitability leading to
better than expected cash accruals leading to improvement in
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of lower than expected turnover and profitability or higher
working capital requirements leading to pressure on liquidity or
financial risk profile.

Incorporated in 2009, GSPL manufactures synthetic ropes and
barrels used for industrial purposes. The company is promoted by
Mr. Radhe Shyam Poriwal and his family, and its manufacturing
facility is located near Indore (Madhya Pradesh).


GTN INDUSTRIES: ICRA Raises Rating on INR119.63cr Loans to 'C+'
---------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR118.63
(revised from 115.98) Crore term loan facilities and INR1.00 Crore
non-fund based sub limits of GTN Industries Limited to '[ICRA]C+'
from '[ICRA]D'. ICRA also revised the short term rating on GTN's
INR85.94 (revised from 68.54) Crore fund based facilities and
INR29.50 (revised from 25.30) Crore non-fund based facilities to
[ICRA]A4 from [ICRA]D.

                               Amount
   Facilities               (INR crore)     Ratings
   ----------               -----------     -------
   Term loan facilities       118.63        Rating revised to
                                            [ICRA]C+ from [ICRA]D

   Non-fund based (sub-       (1.00)        Rating revised to
   limit) facilities                        [ICRA]C+ from [ICRA]D

   Fund based facilities       85.94        Rating revised to
                                            [ICRA]A4 from [ICRA]D

   Non-fund based              29.50        Rating revised to
   Facilities                               [ICRA]A4 from [ICRA]D

The revision in the ratings considers the regularization of ICRA
rated debt, on which the company has delayed in the past owing to
liquidity issues; the term loans were later restructured under CDR
mechanism. GIL's financial profile remains stretched marked by
continuing losses, weak capitalization and coverage indicators,
and large debt repayment obligations arising from past capital
expenditure incurred by the company. The ratings also factor in
the experience of promoters in the textile industry and presence
of the company in the value-added yarn segment, which entails
relatively higher realizations. However, the intense competition
prevalent in the fragmented industry structure, and little product
differentiation, limits the pricing flexibility of the company.
Going forward, the company's ability to improve its profitability
and debt indicators will remain key credit monitorables. ICRA
notes that, to improve the financial profile, GIL has plans to
hive-off of its loss making yarn processing and knitting units and
transfer to its group company in the near term; however
materiality and timeliness of the same needs to seen.

GIL, the flagship company of the Hyderabad-based GTN Industries
Group, is primarily engaged in producing cotton yarn. GIL, which
was founded by Late M L Patodia, is presently managed by Mr. M K
Patodia. The Company's shares are listed on the Indian bourses and
the promoters hold 74.6 per cent stake in the entity (as on
December 31, 2013). The Group has presence in the spinning,
processing (mercerizing / dyeing of yarn and fabric) and
garmenting operations of the textile value chain. The Group is
also engaged in the manufacture of oil field valves and allied
components.

GIL has an installed capacity of 85,000 spindles across its two
spinning units at Medak (Andhra Pradesh) and Nagpur (Maharashtra).
GIL is also engaged in trading and processing of yarn, apart from
carrying out knitting operations on a small scale. The Company's
yarn processing (mercerizing-cum-dyeing) unit, with a capacity of
10 MT/day, is located at Mahaboobnagar (Andhra Pradesh). GIL's
knitting facility is located in Medak (Andhra Pradesh) with a
capacity of 5.8 MT/day, mainly to cater for the captive needs of
garment manufacturing by the group companies.

Recent Results
According to audited results, the Company reported loss of INR16.3
Crore on an operating income of INR422.3 Crore during the year
2012-13, as against net loss of INR9.2 Crore on an operating
income of INR380.2 Crore during the previous financial year 2011-
12.

As per the unaudited results, the company reported net loss of
INR4.6 Crore on an operating income of INR421.1 Crore during the
nine months ending December 31, 2013, as against net loss of
INR15.2 Crore on an operating income of INR265.4 Crore during the
corresponding period in the previous financial year 2012-13.


HARIYANA INT'L: CRISIL Reaffirms 'B+' Rating on INR2.0BB Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hariyana International
Pvt Ltd (HIPL; part of the Hariyana group) continue to reflect the
Hariyana group's exposure to risks inherent in the ship breaking,
steel trading, and money-lending businesses, and increasing
investments in unrelated businesses, such as real-estate. These
rating weaknesses are partially offset by the group's moderate
financial risk profile, marked by a healthy net worth and moderate
gearing, and will continue to benefit from its promoter's track
record of more than 30 years in the ship-breaking industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Letter of Credit      2000       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HIPL, Hariyana Ship Breakers Ltd
(HSBL), Hariyana Ship Demolition Pvt Ltd (HSDPL), and Inducto
Steel Ltd. This is because these entities, collectively referred
to as the Hariyana group, have significant operational linkages
and fungible cash flows, and are under a common management.
Outlook: Stable

CRISIL believes that the Hariyana group will remain exposed to
risks inherent in ship-breaking and money-lending businesses and
to its increasing investments in unrelated businesses. The outlook
may be revised to 'Positive' if the group scales down its money-
lending business and exposure to real estate and generates cash
sooner than expected from its recent diversifications. Conversely,
the outlook may be revised to 'Negative' if the Hariyana group
incurs losses in its investments and in its money-lending
businesses, witnesses a steep decline in its revenues, or weakens
its capital structure by undertaking a larger-than-expected debt-
funded capital expenditure programme.

Update
On account of the sharp depreciation in the rupee in 2013-14, the
group is expected to incur substantial losses. The group continues
to remain exposed to forex movement as it has open, unhedged LCs
of over INR4 billion currently. Of these, LC's amounting to INR1.8
billion are maturing in May 2014.

Despite large LC maturities in a single month, CRISIL believes the
group will be able to meet these on time supported by clean OD of
INR850 million within the group and an additional INR1 billion
available to promoters in their personal capacity and to associate
concerns, which can be used in case there are any cash flow mis-
matches. Of the total OD facilities, only about 20% is utilized.
Additionally, cash flows from demolition of vessels and return of
loans and advances are expected to support the group's liquidity.
The group is also trying to reduce loans and advances given to
third parties reflected in loans and advances of about INR3
billion as on January 2014, down from about INR3.9 billion as on
March 2013; nevertheless, they remain large at current levels.

The group is also increasingly venturing into real estate
development and is undertaking several projects in Mumbai and
Bangalore along with partners. The extent of exposure to real
estate and its funding pattern remains a key rating sensitivity
factor.

Financial risk profile of the group is supported by healthy net
worth of about INR1.5 billion expected as on March 31, 2014,
despite losses during the year. Its gearing as on March 31, 2014
is expected to be about 0.9 times; however, its TOLTNW is expected
to be over 6 times as on March 31, 2014, up from 4.6 times as on
March 31, 2013 owing to reduction in net worth stemming from the
losses.  Future financial risk profile is contingent to the extent
of real estate and money lending exposure and to movement in forex
rates and remains a key rating sensitivity factor.

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship breaking and steel trading. The group also
undertakes inter-corporate lending activities, and develops
residential real estate projects.

For 2012-13 (refers to financial year, April 1 to March 31), HSDPL
reported a PAT of INR47.6 million on net sales of INR2.7 billion,
against a PAT of INR43.1  million on net sales of INR2.1 billion
for 2011-12.

For 2012-13, HIPL reported a profit after tax (PAT) of INR94.0
million on net sales of INR3.5 billion, against a PAT of INR42.9
million on net sales of INR3.3 billion for 2011-12.

For 2012-13, HSBL reported a PAT of INR164.2 million on net sales
of INR10.4 billion, against a PAT of INR103.6 million on net sales
of INR5.8 billion for 2011-12.


HARIYANA SHIP: CRISIL Reaffirms 'B+' Rating on INR2.0BB Loans
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hariyana Ship
Demolition Private Limited (part of the Hariyana group) continue
to reflect the Hariyana group's exposure to risks inherent in the
ship breaking, steel trading, and money-lending businesses, and
increasing investments in unrelated businesses, such as real-
estate. These rating weaknesses are partially offset by the
group's moderate financial risk profile, marked by a healthy net
worth and moderate gearing, and will continue to benefit from its
promoter's track record of more than 30 years in the ship-breaking
industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Letter of Credit      2000      CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HSDPL, Hariyana Ship Breakers Ltd
(HSBL), Hariyana International Pvt Ltd (HIPL) and Inducto Steel
Ltd. This is because these entities, collectively referred to as
the Hariyana group, have significant operational linkages and
fungible cash flows, and are under a common management.
Outlook: Stable

CRISIL believes that the Hariyana group will remain exposed to
risks inherent in ship-breaking and money-lending businesses and
to its increasing investments in unrelated businesses. The outlook
may be revised to 'Positive' if the group scales down its money-
lending business and exposure to real estate and generates cash
sooner than expected from its recent diversifications. Conversely,
the outlook may be revised to 'Negative' if the Hariyana group
incurs losses in its investments and in its money-lending
businesses, witnesses a steep decline in its revenues, or weakens
its capital structure by undertaking a larger-than-expected debt-
funded capital expenditure programme.

Update
On account of the sharp depreciation in the rupee in 2013-14, the
group is expected to incur substantial losses. The group continues
to remain exposed to forex movement as it has open, unhedged LCs
of over INR4 billion currently. Of these, LC's amounting to INR1.8
billion are maturing in May 2014.

Despite large LC maturities in a single month, CRISIL believes the
group will be able to meet these on time supported by clean OD of
INR850 million within the group and an additional INR1 billion
available to promoters in their personal capacity and to associate
concerns, which can be used in case there are any cash flow
mismatches. Of the total OD facilities, only about 20% is
utilized. Additionally, cash flows from demolition of vessels and
return of loans and advances are expected to support the group's
liquidity. The group is also trying to reduce loans and advances
given to third parties reflected in loans and advances of about
INR3 billion as on January 2014, down from about INR3.9 billion as
on March 2013; nevertheless, they remain large at current levels.

The group is also increasingly venturing into real estate
development and is undertaking several projects in Mumbai and
Bangalore along with partners. The extent of exposure to real
estate and its funding pattern remains a key rating sensitivity
factor.

Financial risk profile of the group is supported by healthy net
worth of about INR1.5 billion expected as on March 31, 2014,
despite losses during the year. Its gearing as on March 31, 2014
is expected to be about 0.9 times; however, its TOLTNW is expected
to be over 6 times as on March 31, 2014, up from 4.6 times as on
March 31, 2013 owing to reduction in net worth stemming from the
losses.  Future financial risk profile is contingent to the extent
of real estate and money lending exposure and to movement in forex
rates and remains a key rating sensitivity factor.

The Hariyana group, promoted by Mr. Shanti Sarup Reniwal, is
primarily into ship breaking and steel trading. The group also
undertakes inter-corporate lending activities, and develops
residential real estate projects.

For 2012-13 (refers to financial year, April 1 to March 31), HSDPL
reported a PAT of INR47.6 million on net sales of INR2.7 billion,
against a PAT of INR43.1  million on net sales of INR2.1 billion
for 2011-12.

For 2012-13, HIPL reported a profit after tax (PAT) of INR94.0
million on net sales of INR3.5 billion, against a PAT of INR42.9
million on net sales of INR3.3 billion for 2011-12.

For 2012-13, HSBL reported a PAT of INR164.2 million on net sales
of INR10.4 billion, against a PAT of INR103.6 million on net sales
of INR5.8 billion for 2011-12.


HIND INNS: CARE Revises Rating on INR27.85cr Loans to 'D'
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Hind Inns & Hotels Ltd.


                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        27.85      CARE D Revised from
   Facilities                       CARE BB-

Rating Rationale

The revision in the rating of Hind Inn & Hotels Ltd (HIHL) factors
in the ongoing delays in debt servicing.

Hind Inns & Hotels Ltd. was originally incorporated in the year
1979 as Hind Motors Finance Ltd. Subsequently, the company was
renamed to HIHL.

HIHL is setting up a three star hotel in Chandigarh under the
brand 'Ginger'. The hotel is being developed on a land parcel of
2130 sq. mtrs. The hotel consists of 102 rooms, convention centre,
coffee shop, restaurant and other facilities (which include spa,
terrace garden and meditation room). The operation has started in
February 2014. HIHL has signed an 'Operating and Management
Agreement', with Roots Corporation Ltd. for operating the property
under the 'Ginger' brand. The arrangement is for a period of 25
years with 15 years lock-in period and renewable on mutual
agreement.

Key Updates
Delays in debt servicing
There were reported instances of delays in payment of term loan
instalment and interest payment in December 2013 and January 2014.
The under execution Chandigarh hotel property has reported
time and cost overrun resulting in stretched liquidity and hence
delay in debt servicing. The commercial operations date of the
said hotel property has been extended by 5 months from October
2013 to February 2014. Further, the cost of the hotel has also
increased from INR 39.25 crore to INR 40.64 crore which was funded
through high debt equity mix of 1.93 times. The cost overrun was
largely due to extra piling work, which increases the cost of raw
material and labour cost.


HORIZON DREAM: ICRA Assigns 'B' Rating to INR9.8cr Term Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA] B' to the proposed
INR9.8 crore fund based limits for Horizon Dream Homes Private
Limited.

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Fund Based Limits:     9.8         [ICRA]B assigned
   Term Loan

The assigned rating favorably factors in the attractive location
of the company's project by virtue of its location in the well
developed, predominantly residential Liberty Garden area of Malad
and its proximity to both the SV road and the link road. The
rating also considers that almost 70% of the saleable area has
been booked, limiting the company's exposure to booking risks.
The rating is, however, constrained by the exposure to project
execution risks and time & cost overruns especially with one
project at a nascent stage of construction and the exposure to
permitting risks with requisite approvals for further construction
awaited. The rating also takes into consideration the low
collection efficiency i.e. the ratio of billed amount collected
from the customers of 44% for the two projects on an aggregate
basis; moreover, approximately 54% of the aggregate cost of the
two projects is to be funded through customer advances, which adds
to the concern. The ratings also factors in the limited track
record of the directors of the company in real estate development
with one completed project and the geographical concentrated state
of current operations with presence only in Malad, Mumbai.

Horizon Dream Homes Private Limited was incorporated on July 16,
2009 with the main objective of undertaking real estate
development in Mumbai and is currently executing two projects
aggregating to 63,055 sft of saleable area in Malad, Mumbai. The
company is managed by the three directors Mr. Dhiren Chheda, Mr.
Amith Punjabi and Mr. Nishad Todankar. Currently, the company's
operations are concentrated in Malad, Mumbai with a focus on
redevelopment projects.


IG3 INFRA: CARE Reaffirms 'D' Rating on INR391.31cr Loans
---------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
IG3 Infra Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           391.31      CARE D Reaffirmed

Rating Rationale

The reaffirmation of rating assigned to the bank facilities of IG3
Infra Limited (IGL) factors in instances of delays in debt
servicing in the recent past on account of stressed liquidity
position of the company.

IG3 Infra Limited (formerly known as Indian Green Grid Group
Limited) is a Chennai-based company engaged in the business of
developing and maintaining comprehensive infrastructure
facilities like IT Parks and IT SEZ. IGL was promoted by Mrs.
Unnamalai Thiagarajan and Elnet Technologies Limited (Elnet) in
the year 2004. The promoters have over two decades of experience
in the real estate/construction business.

IGL presently operates an IT SEZ (C1) in Chennai with a
constructed area of 1.2 million square feet (msf) and a commercial
mall in Coimbatore with a leasable area of 0.53 msf. Adjacent to
C1, IGL is also setting up another IT SEZ 'C2' with a leasable
area of 2.4 msf.


JAGWANI PROJECTS: CRISIL Assigns 'B' Rating to INR60MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Jagwani Projects Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       30        CRISIL B/Stable

   Cash Credit              30        CRISIL B/Stable

   Packing Credit           40        CRISIL A4

The ratings reflect JPPL's working-capital-intensive operations,
and weak financial risk profile, marked by a small net worth, and
high total outside liabilities to tangible net worth ratio and
high gearing. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of the company's promoters.

Outlook: Stable

CRISIL believes that JPPL will continue to benefit over the medium
term from the extensive entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' if there is
substantial improvement in the company's working capital
management or profitability, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
JPPL's financial profile, especially its liquidity, deteriorates,
most likely because of a stretch in its working capital cycle and
debt-funded capital expenditure.

JPPL, incorporated in 1988, is promoted by the Kolkata (West
Bengal)-based Jagwani family. It currently exports iron ore fines.
The company also plans to set up a light-emitting diode (LED)
manufacturing unit.


JAI RAM: CARE Assigns 'B' Rating to INR6.39cr Loans
---------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Jai Ram
Agro Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            6.39       CARE B Assigned

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

Rating Rationale

The rating assigned to the bank facilities of Jai Ram Agro
Industries (JRAI) is constrained by its nascent stage of
operations with limited financial flexibility owing to its
constitution as a partnership, presence in a highly fragmented
industry marked by seasonal raw material availability and margins
exposed to fluctuation in cotton prices. The rating is further
constrained due to regulation of supply and prices of cotton by
the government.

The rating, however, draws strength from the wide experience of
the partner and location advantage owing to proximity to the
cotton growing region in Maharashtra.

The ability of the firm to stabilize its operations, enhance its
scale of operations along with its profitability is the key rating
sensitivity.

Jai Ram Agro Industries is a partnership concern promoted by Mr
Sunil Mukundrao Kasawar and Mr Hanmantrao R. Kasawar. Established
in the year 2013, the firm has set-up a cotton ginning and
pressing unit in Yavatmal, Maharashtra with an installed capacity
of 21,840 bales per annum. The firm has completed the project and
the commercial production commenced in February, 2014.

The total cost of the project was INR6.69 crore funded with a bank
term loan of INR3.89 crore and the remaining through unsecured
loan and the partner's capital to the tune of INR2.80 crore
implying a debt to equity ratio of 1.38x.


JAIN ABHUSHAN: CRISIL Reaffirms 'B' Rating on INR80MM Cash Credit
-----------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Jain Abhushan Pvt
Ltd continues to reflect its below-average operating margin,
because of its trading operations, and exposure to intense
competition in the retail jewellery and bullion segments. The
rating also factors in JAPL's weak financial risk profile, marked
by its small net worth and a high total outside liabilities to
tangible net worth (TOLTNW) ratio. These rating weaknesses are
partially offset by the promoters' financial support and their
extensive experience in the retail jewellery and bullion segments.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         80         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JAPL will continue to benefit from its
promoters' extensive experience in the bullion and retail
jewellery segments over the medium term. The outlook may be
revised to 'Positive' if the company significantly improves its
financial risk profile and profitability margins with sizeable
cash accruals. Conversely, the outlook may be revised to
'Negative' if JAPL's financial risk profile deteriorates with
deficient risk management strategies or an increase in its working
capital requirements.

JAPL was set up as a partnership firm by Mr. Kamlesh Jain and his
father, Mr. Rajendra Kumar Jain, in New Delhi in 1998. The firm
was reconstituted as private limited company in 2008. JAPL
manufactures gold, silver, and diamond jewellery and trades in
gold bullion. Currently, the company operates two showrooms of 125
square feet (sq ft) and 300 sq ft in Chandni Chawk (New Delhi).
The promoter family has been active in the gold industry over the
past two decades. JAPL's day-to-day operations are managed by Mr.
Kamlesh Jain.


JAIN INFRAPROJECTS: CARE Reaffirms 'D' Rating on INR2,232cr Loans
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Jain Infraprojects Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities           1,912       CARE D Reaffirmed

   Long/Short term
   Bank Facilities        320       CARE D/CARE D Reaffirmed

Rating Rationale

The ratings continue to remain constrained by the ongoing delays
in debt servicing due to stressed liquidity position of Jain
Infraprojects Ltd (JIL) arising from significant increase in
operating cycle and cash loss in FY13 (refers to the period April
1 to March 31).

JIL, a medium sized construction company based in Kolkata, is the
flagship company of the Kolkata based Jain Group, owned by Mr.
Mannoj Kumar Jain. The company is engaged in execution of civil
construction contracts & turnkey projects mainly in the roads &
highways and housing sectors. It currently operates through a
network of five regional offices located in New Delhi, Lucknow,
Patna, Jaipur & Bharuch (Gujarat) and 22 site offices in the
eastern, western and northern parts of the country. Apart from
this, the company has overseas offices in Sharjah (UAE), Tripoli
(Libya), Riyadh (Saudi Arabia) and Baghdad (Iraq).

In FY13, JIL incurred loss of INR215.9 crore on operating income
of INR662.5 crore.


K C MOTORS: CRISIL Assigns 'B+' Rating to INR170MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of K C Motors, a unit of KC Malls and Estates Pvt
Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL B+/Stable
   Inventory Funding
   Facility              150        CRISIL B+/Stable

The rating reflects KCM's below-average financial risk profile,
marked by a leveraged capital structure and average interest
coverage ratio, and its modest scale of operations in the
intensely competitive automobile dealership industry. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the automobile dealership business, and the
benefits derived from its status as the sole authorised
distributor for Chevrolet Sales India Pvt Ltd in Jammu and
Kashmir.

Outlook: Stable

CRISIL believes that KCM will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationship with its principal, CSIL. The outlook may
be revised to 'Positive' if the company's financial risk profile
improves, most likely because of a substantial increase in its
cash accruals led by an improvement in its scale of operations and
operating profitability. Conversely, the outlook may be revised to
'Negative' if KCM reports lower-than-expected cash accruals, on
account of a decline in its sales or operating profitability, if
its working capital cycle weakens further, or if it undertakes any
debt-funded capital expenditure programme, leading to further
deterioration in its financial risk profile.

KCM, established in 2005 by Mr. Raju Chowdhary and his friends, is
an exclusive dealer of CSIL in J&K. The company has three
showrooms in the 3S (sales, service, and spares) format in J&K.

For 2012-13 (refers to financial year, April 1 to March 31), KCM
reported a profit after tax (PAT) of INR3.3 million on net revenue
of INR1482.2 million, as against a PAT of INR7.2 million on net
revenue of INR1403.3 million for 2011-12. The company is expected
to report net revenue of around INR1000.0 million for 2013-14.


KALOKHE STONE: CRISIL Reaffirms 'D' Ratings on INR96MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Kalokhe Stone Crusher
(KSC) continues to reflect instances of delay by KSC in servicing
its debt; the delays have been caused by the company's weak
liquidity, marked by a large working capital requirements and
debt-funded capital expenditure.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           24        CRISIL D (Reaffirmed)
   Term Loan             72        CRISIL D (Reaffirmed)

The rating also reflects KSC's weak financial risk profile on
account of stretched working capital cycle, and a modest scale of
operations. These rating weaknesses are partially offset by the
funding support it receives from its partners.

KSC, established in 2010, undertakes stone crushing sub-
contracting activities for companies that implement civil
construction projects, mainly road projects, and real estate
projects. The firm is owned by the Kalokhe family; its operations
are mainly handled by Mr. Sachin Kalokhe and Mr. Sandeep Kalokhe.
KSC commenced operations in July 2012.


LIGHTCITY CERAMIC: CRISIL Puts 'B' Rating on INR112.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Lightcity Ceramic Pvt Ltd.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              34.8       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    62.7        CRISIL B/Stable
   Bank Guarantee         7.5        CRISIL A4
   Cash Credit           15.0        CRISIL B/Stable

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

Outlook: Stable

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

LCPL, incorporated in 2011, is promoted by Morbi (Gujarat)-based
Mr. Durlabhjibhai Ramjibhai Patel, Mr. Sanjaybhai Loriya, Mr.
Piyush Kumar Merja, and others. The company manufactures digital
wall tiles at its facilities in Morbi. It has an installed
capacity of 18,000 tonnes per annum.

LCPL reported a net loss of INR4.8 million on net sales of INR71.5
million for 2012-13 (refers to financial year, April 1 to March
31).


MANILA RESORTS: ICRA Lowers Rating on INR6cr Term Loan to 'D'
-------------------------------------------------------------
ICRA has revised the rating from '[ICRA]B' to '[ICRA]D' for INR6.0
crore bank facilities of Manila Resorts Private Limited.  The
revision in the rating takes into account the delays in debt
servicing by MRPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term loan            6.0        Rating revised from
                                   [ICRA]B to [ICRA]D

The delays were on account of delays in the commencement and
stabilization of operations at Samsara resort developed by MRPL.
With Uttarakhand and the surrounding area being adversely affected
by flash floods, which occurred in June 2013 when the resort
started its operations; the occupancy levels at the rooms in the
resort remained low for the period, June 2013 to August 2013.
Consequently, MRPL was not able to generate adequate cash flows to
start debt repayment and the term loan account was restructured by
Corporation Bank. Additionally, the resort faces high competitive
intensity from existing resorts and hotels of similar scale in the
nearby region, which may limit its ability to achieve high
occupancy particularly in the early phase of operations. The
favourable location of the resort may partially mitigate this
risk, which may enable healthier occupancy in the long term.
Further, as the debt repayments would start from October 2014, any
further delay in project stabilization can result in cash flow
mismatch and necessitate refinancing. The ability of the resort to
achieve moderate occupancy in early phase of operations, amid the
high competition, in order to generate healthy cash flows would be
key rating sensitivities going forward.

Manila Resorts Private Limited, established in 1998, owns
approximately 5 acres of land at the Kanchanpur area adjoining the
Corbett National Park, within 3.5 km of Ramnagar. MRPL was
incorporated with the objective of carrying on the business of
running and managing hotels, resorts, banquet halls etc. and also
to carry on the business of building holiday resorts and sell/rent
them out. It has commenced operations for a resort & club, Samsara
Resort & Club at Kanchanpur, Ramnagar (Uttarakhand) near the
Corbett National Park, promoters are operating the resort
themselves.


MARUTI NANDAN: CRISIL Assigns 'B' Rating to INR200 Million Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Maruti Nandan Cotton Industries.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan              24.2       CRISIL B/Stable
   Cash Credit            65         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    110.8       CRISIL B/Stable

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

Outlook: Stable

CRISIL believes that MCI 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 it improves its capital
structure, leading to better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if MCI archives lower-
than-expected cash accruals owing to significant increase in
working capital requirements, or its partners withdraw substantial
amount of capital affecting its liquidity, or it undertakes any
large debt-funded expansion programme, resulting in weak financial
risk profile.

Incorporated in 2013, MCI is a partnership firm located at
Jarakhiya near Amreli (Gujarat). The firm carries out cotton
ginning and pressing activity. It commenced operations in February
2014.


MINI CONSTRUCTION: ICRA Suspends 'B+/A4' Rating on INR7.3cr Loans
-----------------------------------------------------------------
ICRA has suspended '[ICRA]B+' and '[ICRA]A4' ratings assigned to
the INR0.80 crore working capital facility and INR6.50 crore bank
guarantee limits of Mini Construction.  The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the entity.


MURLIDHAR GINNING: ICRA Reaffirms 'B' Rating on INR7cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating to the INR7.00 crore
fund-based cash credit facility of Murlidhar Ginning Pressing
Company Private Limited.

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

The rating continues to be constrained by the company's relatively
modest scale of operations and weak financial profile as reflected
by thin profitability, adverse capital structure and weak debt
coverage indicators. The rating also takes into account the low
value additive nature of operations and intense competition on
account of fragmented industry structure leading to pressure on
profitability. The rating is further constrained by vulnerability
of profitability to adverse fluctuations in raw material prices
which are subject to seasonal availability of raw cotton and
government regulations on MSP and export quota.

The assigned rating, however, favorably considers the long
experience of the promoters in the cotton industry and favorable
location of the company giving it easy access to high quality raw
cotton.

Murlidhar Ginning Pressing Company Pvt. Ltd. was incorporated in
1997 and is engaged in cotton ginning and pressing to produce
cotton bales and cotton seeds. The manufacturing plant of the
company is located at Talaja - Mahuva Road in Bhavnagar, Gujarat.
The plant is equipped with 20 ginning machines and one pressing
machine with installed capacity of producing 250 bales per day.

Recent Results

For the year ended 31st March, 2013, the company reported
operating income of INR44.98 crore with profit after tax (PAT) of
INR0.18 crore.


NEIL COMPUTECH: CRISIL Reaffirms 'D' Rating to INR110MM Loans
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Neil Computech
Pvt Ltd continues to reflect instance of delay by NCPL in
servicing its debt; the delays were caused by the company's weak
liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term      10         CRISIL D (Reaffirmed)
   Bank Loan Facility

   Term Loan              100         CRISIL D (Reaffirmed)

NCPL is also exposed to demand risks in leasing its commercial
real estate project. However, the company benefits from its
promoters' extensive experience in the real estate industry.

Incorporated in 2004, NCPL has a commercial real estate project on
a one-acre plot at a prime location at White Fields in Bengaluru
(Karnataka).


P B NIRMAN: CRISIL Reaffirms 'D' Rating on INR170MM Loans
---------------------------------------------------------
CRISIL's ratings on the bank facilities of P B Nirman Udyog Pvt
Ltd continues to reflect consistent overutilisation of PBN's bank
lines for more than 30 days; the irregularities have been caused
by the company's weak liquidity.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             --------      -------
   Bank Guarantee           28.8        CRISIL D (Reaffirmed)

   Cash Credit              90          CRISIL D (Reaffirmed)

   Working Capital
   Demand Loan              33.4        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       17.8        CRISIL D (Reaffirmed)

PBN also has small scale of operations, large working capital
requirements, exposure to risks related to tender-based business,
and modest financial risk profile, marked by small net worth and
high gearing. These rating weaknesses are partially offset by the
extensive experience of PBN promoters in the construction
industry.

Based in Kolkata (West Bengal), PBN undertakes construction of
roads, buildings, and bridges. The company undertakes projects
only in Kolkata and Tripura (Assam). It mainly takes up projects
of public sector undertakings and is a Class A subcontractor for
Hindustan Steelworks Construction Ltd, National Projects
Construction Corporation Ltd, National Buildings Construction
Corporation Ltd, and Engineering Projects India Ltd.


P.G. ENTERPRISES: ICRA Assigns 'B' Rating to INR12cr Loans
----------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the
INR10.30 crore term loan facility and INR1.70 crore unallocated
limits of P.G. Enterprises.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           10.30       [ICRA]B/Assigned
   Unallocated          1.70       [ICRA]B/Assigned

The rating is constrained by the high execution risks in terms of
time and cost overruns in the contingency of which an additional
funding support from partners would be required, and high funding
risks given that large part of equity is yet to be brought in and
part of the project funding is to be met from customer advances,
which is contingent on timing of bookings and collections from
customers. The ratings are further constrained by the risks
inherent in the SRS projects as well as high market risks with
sales for large part (90%) of the project yet to be tied up.
However, project's attractive location in Malad (West), Mumbai by
virtue of its proximity to the link road, S.V. Road and Malad
railway station provides comfort to some extent. The project also
remains exposed to regulatory risk given that certain approvals
would be acquired on completion of the rehabilitation area. The
rating, however, draws comfort from promoters past experience in
real estate. Further, the rating favourably factors in the clear
land title held by the firm for its project currently under
execution.

Going forward, the firm's ability to execute the project as per
schedule, tie up the sales at adequate rates in a timely manner as
well as receive adequate and timely support from the promoter
group to meet cash flow mismatches, remain critical from our
credit perspective.

P.G. Enterprises is a partnership firm based out of Mumbai. Headed
by Mr. Mukesh Ratilal Makwana and Mr. Bhavesh Navnitlal Shah, the
firm is currently executing a slum redevelopment project (Om
Palace) in Malad (West). The firm is a part of Makwana Group, a
group of companies based in Mumbai and engaged in real estate
development. The project, 'Om Palace', was started in 2006.
However, the progress was stalled on account of various execution
related challenges. Subsequently the Makwana group acquired this
project by acquiring the project executing entity, namely PGE in
FY2011 and took over the project execution.


P.K. SULPHIKER: CRISIL Reaffirms 'B+' Rating on INR90MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of P.K. Sulphiker continue
to reflect PKS's modest scale of operations in the intensely
competitive civil construction industry, geographic concentration
in its revenue profile, its large working capital requirements,
and its susceptibility to volatility in raw material prices. These
rating weaknesses are partially offset by the extensive industry
experience of PKS's proprietor and his funding support, and the
firm's moderate financial risk profile, marked by low gearing.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            70       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PKS will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
ramps up its scale of operations while efficiently managing its
working capital. Conversely, the outlook may be revised to
'Negative' if PKS's cash accruals are lower than expected, or if
it has substantial working capital requirements or debt-funded
capital expenditure (capex).

Update
For 2012-13 (refers to financial year, April 1 to March 31), PKS
reported an operating income of INR121 million, lower than
CRISIL's expectations. This was because of delays in execution of
some of its projects due to adverse weather conditions at the
project sites. Consequently, the firm's net cash accruals were
low, at INR5 million, during the year. However, PKS's financial
risk profile is moderate, marked by low gearing. Though the firm's
operations are highly working capital intensive, driven by high
debtor and inventory days, a large part of its working capital
requirements is funded through its proprietor's contribution. This
has resulted in low external borrowings, and hence to low gearing.

PKS's liquidity is marked by high average month-end bank limit
utilisation, at 95 per cent for the 12 months through February
2014. However, the firm has no term loan repayment obligations;
also, it has no large debt-funded capex plans.

PKS reported a profit after tax (PAT) of INR3.7 million on an
operating income of INR121.1 million for 2012-13, as against a PAT
of INR3.8 million on an operating income of INR96.4 million for
2011-12.

PKS   was set up as a proprietorship firm in 1993 by Mr. P K
Sulphiker. The firm undertakes civil construction activities,
including construction and improvement of roads and bridges, in
Kerala.


PANNA LAL: CRISIL Cuts Rating on INR110MM Loans to 'D'
------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Panna
Lal Tarak Shaw Ispat Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'. The rating downgrade reflects the
deterioration in Panna Lal's liquidity, reflected in its
continuously overdrawn fund-based bank limits for more than 30
consecutive days.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            90        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Letter of Credit       20        CRISIL D (Downgraded from
                                    'CRISIL A4')

Panna Lal also has a weak financial risk profile, marked by a
small net worth, a high total outside liabilities to tangible net
worth ratio, and weak debt protection metrics. However, the
company benefits from the extensive experience of its promoters in
the steel industry.

Panna Lal was originally formed as a partnership concern in 1973;
the firm was reconstituted as a private limited company in 2011.
Initially, it traded in steel products such as mild-steel rounds.
Since 1995, it has been trading in die steel castings and alloy
steel. The directors of Panna Lal are Mr. Arun Jaiswal and Mr.
Tarak Nath Shaw, who look after the company's day-to-day
operations.


PMA CONSTRUCTION: ICRA Upgrades Rating on INR10cr Loans to 'B-'
---------------------------------------------------------------
ICRA has upgraded the rating assigned to the INR5.00 crore long-
term fund based and INR5.00 crore long term non fund based bank
facilities to '[ICRA]B-' from '[ICRA]D' of PMA Construction Co.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-Term Fund          5.00        Upgraded to [ICRA]B- from
   Based Limits (CC)                   [ICRA]D

   Long-Term Non-Fund      5.00        Upgraded to [ICRA]B- from
   Based Limits (BG)                   [ICRA]D

The rating revision takes into account the timely debt servicing
by the firm over the last three months. The rating also draws
comfort from the long track record and experience of the promoters
in the construction industry; and from a healthy order book,
translating to 2.33 times the revenues booked during 11M FY14.
However, the rating remains constrained by its small scale of
operations; execution related delays on 43% of the outstanding
order book, stretched financial profile marked by a high gearing,
low profitability and working capital intensive nature of
operations. The rating also takes into account the firm's high
dependence on the Public Works Department, Nagpur and Nagpur
Municipal Corporation for new orders and high geographical and
segmental concentration risks with the outstanding orders being in
the road construction segment in Maharashtra.

Incorporated in 1999, PCC is based out of Nagpur, Maharashtra; and
is involved in road construction activities in the state. The firm
has been promoted and managed by Mr. Ashok Agarwal and his family.
In the past the promoters were also a part of Agarwal & Hawale, a
partnership firm that was also involved in construction activities
for government entities. The operations of PCC mainly involve
construction, repairs, renovation, widening and improvement of
roads in Maharashtra for government bodies, such as the Public
Works Department, Maharashtra State Road Development Corporation,
the Pradhan Mantri Gram Sadak Yojana, and the Nagpur Municipal
Corporation.


QUICK FOODS: ICRA Reaffirms 'B+' Rating on INR7.43cr Loans
----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR5.50 crore
(enhanced from INR4.00 crore) fund based cash-credit facility and
INR1.93 crore (reduced from INR3.60 crore) term loan facility of
Quick Foods Co. ICRA has also reaffirmed rating of [ICRA]A4  to
INR0.25 crore short-term non-fund based facility of QFC.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         5.50        [ICRA]B+ reaffirmed
   Term Loan           1.93        [ICRA]B+ reaffirmed
   BG/Import LC/FSC    0.25        [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to be constrained by QFC's
small scale of operations with limited brand presence and
stretched liquidity position marked by high inventory levels on
account of seasonal nature of operations. The ratings also factor
in the highly geared capital structure of the firm owing to
initial debt funded capex and vulnerability of profitability to
fluctuations in raw material prices which are subject to
seasonality and crop harvest. ICRA further incorporates the
intense competition in the food processing industry and low brand
visibility and the partnership status of QFC, whereby any
significant withdrawals from the capital account could affect its
net worth and thereby its capital structure.

The ratings, however continues to favorably factor in the long
experience of the promoters in food processing business; positive
demand outlook given the government's initiatives to promote food
industry as well as growing demand for ready to eat food on
account of changing food habits across urban regions in India.
Further the ratings positively factor the presence in both ready
to eat and frozen food industry which provides revenue
diversification.

Quick Foods Co. was incorporated in the year 2009 and is engaged
in manufacturing of dehydrated and frozen products with its
manufacturing facilities located in Gomta, Gujarat. It is a group
company of Pardes Dehydration Co., engaged in dehydration of
vegetables. QFC was formed with a motive to add more value added
products under the group's banner. The firm is currently headed by
Mr. Hitendra Parekh, who has been present in food processing
industry since 1983.

Recent Results
For the year ended 31st March 2013 (provisional unaudited
financials), the company reported net profit of INR3.08 crore
against an operating income of INR22.20 crore.


REGENCY YAMUNA: ICRA Reaffirms 'C' Rating on INR33.79cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]C' for the
INR33.79 crore (previously rated INR25.06 crore) fund based
facilities of Regency Yamuna Energy Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------      -------
   Fund based facilities    33.79        [ICRA]C (reaffirmed)

   Proposed (Unallocated
   Limits)                   Nil         NA

The reaffirmation of risk category rating factors in the increased
project cost of INR63.68 crore (INR11.17 crore per MW) on account
of cost over runs due to cloud burst that has occurred twice in
the past 1 year (Initially in August 2012 and subsequently in June
2013) causing extensive damage to the project; this has
necessitated restructuring of the term loans in September 2013,
the repayment of term loans has now been deferred to December
2014. The rating also factors in hydrological risks in case of
factors like shortage of water or loss of generation due to
silting. Although the project is in advanced stages of
construction, however risks pertaining to timely completion and
stabilization of operations post completion remain. The rating
however draws comfort from the limited demand risks and firm off
take arrangement with UPCL for tenure of 20 years.

Going forward, the ability of the company to commence commercial
operations in a timely manner and meet the design performance
parameters will be key rating drivers.

Regency Yamuna Energy Ltd is a company promoted by the Regency
group to develop, own and operate a 5.70 MW small hydro power
(SHP) project (referred to as Badyar Project) in Uttarkashi
District of Uttarakhand. The Badyar project is a run of river type
scheme on River Badyar, which will utilize the flows of the river
to harness approximately 126 m of net head available between the
forebay site and the power house. Power will be generated at 3.3
kV was and will be stepped up to 33 kV. The project is expected to
generate 28.44 MUs in a 75% dependable year (57.08% PLF).

The Regency group, which is based in Paonta Sahib, HP, commenced
operations by setting up a calcium carbide manufacturing unit in a
company called Regency Carbide Limited (RCL). Subsequently, the
company diversified into power generation mainly for meeting the
captive power requirement of RCL. Thereafter the group has
commissioned a number of other units as well (27.50MW of total
commissioned capacity).


RVN INFRA: CRISIL Assigns 'B' Rating to INR120MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of RVN Infra Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        150        CRISIL A4
   Cash Credit           120        CRISIL B/Stable

The ratings reflect RVN's modest financial risk profile marked by
a below average capital structure and its large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of its promoter in the civil construction
industry and their established track record.

Outlook: Stable

CRISIL believes that RVN will continue to benefit from the
extensive industry experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive' if
the company increases its scale of operations and operating
profitability significantly on a sustained basis or if there is an
improvement in the company's working capital management, there by
leading to an improvement in its financial risk profile.
Conversely the outlook may be revised to 'Negative' if there is a
decline in the company's revenues and operating profitability or
if the company extends a larger than expected fund support to
associate entities there by leading to weakening of its financial
risk profile.

Incorporated in July 2013, RVN is involved in undertaking civil
construction works. The company is promoted by Mr.Ravulapalli
Venkataramaiah and his family.


S.R. UDAYASHANKAR: CRISIL Reaffirms 'B' Rating on INR28MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of S.R. Udayashankar (SRU;
part of the SR group) continue to reflect the SR group's modest
scale of operations in the intensely competitive civil
construction industry, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of the group's promoters in the civil
construction industry, and its moderate financial risk profile,
marked by a moderate net worth, low gearing, and adequate debt
protection metrics.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        30        CRISIL A4 (Reaffirmed)
   Overdraft Facility    20        CRISIL B/Stable (Reaffirmed)
   Term Loan              8        CRISIL B/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SRU and S.R. Ravishankar (SRR). This
because both these firms, together referred to as the SR group,
are under a common management, have fungible cash flows, and have
considerable operational and business synergies with each other.

Outlook: Stable

CRISIL believes that the SR group will continue to benefit over
the medium term from its promoters' extensive experience in the
civil construction industry. The outlook may be revised to
'Positive' in case of a sustained growth in the group's accruals
while it improves its working capital cycle. Conversely, the
outlook may be revised to 'Negative' if the SR group's financial
risk profile, particularly its liquidity, deteriorates, most
likely due to lengthening of its operating cycle or larger-than-
expected debt-funded capital expenditure.

The SR group was set up by Mr. Suresh Ravishankar and Mr. Suresh
Udayashankar. SRR was established in 1976 and SRU in 1984 in
Bengaluru (Karnataka). The firms undertake civil work for
construction of roads for the Public Works Department, National
Highways Authority of India, and Bangalore Development Authority
(BDA).

SRU, on a standalone basis, reported a profit after tax (PAT) of
INR9.7 million on net sales of INR229.8 million for 2012-13
(refers to financial year, April 1 to March 31), against it had
reported a PAT of INR3.9 million on net sales of INR64.5 million
for 2011-12.


SARTHI COTTGIN: CRISIL Assigns 'B' Rating to INR200MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sarthi Cottgin Corporation.

                           Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Term Loan                 22.5      CRISIL B/Stable
   Standby Line of Credit     4.7      CRISIL B/Stable
   Cash Credit               32.5      CRISIL B/Stable
   Proposed Long Term Bank
   Loan Facility            140.3      CRISIL B/Stable

The rating reflects SCC'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 high gearing and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of SCC's promoters in the cotton industry,
and the firm's proximity to the cotton-growing belt in Gujarat.

Outlook: Stable

CRISIL believes that SCC 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 healthy financial risk profile. Conversely,
the outlook may be revised to 'Negative' if SCC's operating margin
is lower than expected, it undertakes any substantial debt-funded
capacity expansion programme, or its working capital management
deteriorates, resulting in weak financial risk profile.

Incorporated in 2013, SCC is a partnership firm located near
Bhavnagar (Gujarat). Its promoters have more than three years of
experience in the cotton industry. SCC commenced its cotton
ginning and cotton seed oil extraction business in December 2013.


SAHAYOG CLEAN: CRISIL Rates INR65MM Term Loan at 'B'
----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long-term
bank facilities of Sahayog Clean Milk Pvt Ltd.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Rupee Term Loan        65        CRISIL B/Stable

The rating reflects SCMPL's below-average financial risk profile
due to its large project risk related to the ongoing capital
expenditure (capex) programme, its nascent stage of operations in
the highly fragmented and competitive dairy industry and to the
government regulations and epidemic related failures. These rating
weaknesses are partially offset by the industry experience of
SCMPL's promoters.

Outlook: Stable

CRISIL believes that SCMPL will continue to benefit over the
medium term from its promoters' experience in the dairy industry.
The outlook may be revised to 'Positive' if SCMPL successfully
implements the project and improves its scale of operations and
profitability, leading to improvement in cash accruals, and thus
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' in case SCMPL reports any major time or cost overrun
in the project, leading to lower-than-expected cash accruals,
resulting in deterioration in the financial risk profile,
particularly its liquidity.

Established in 2009 under the name of Induja Energy Pvt Ltd by the
Patidar family, it was renamed as Harvest Green Fuels Pvt Ltd in
2011. In 2013, the company was again renamed as SCMPL. SCMPL
commenced operations in September 2013 and is engaged in
processing of milk. Its operations are managed by Mr. Anand
Patidar.


SHALINI PUBLICITY: ICRA Assigns B- Rating to INR9.25cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR9.25 crore, long-
term, fund-based bank facilities of Shalini Publicity & Creative
Private Limited. ICRA has also assigned an [ICRA]A4 rating to the
INR0.75 crore short-term, non-fund based bank facilities of SPCPL.

                          Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Long-term, fund-         6.00      [ICRA]B- assigned
   based Limits-Cash
   Credit

   Long-term loans          3.00      [ICRA]B- assigned

   Long-term-Unallocated    0.25      [ICRA]B- assigned

   Short-term, non-fund
   based Limits             0.75      [ICRA]A4 assigned

The ratings favourably factor in the experience of the promoter in
the advertising industry, relationship with all major newspaper
publishing houses in India and a reputed clientele. The company is
accredited by Indian Newspaper Society (INS), All India Radio
(AIR) and Doordarshan (DD), and provides pan India newspaper
advertising service to its clients in multiple languages. The
company has posted a healthy growth in revenues with a CAGR of 35%
over FY 2010 to FY 2013, albeit on a low base.

The ratings are however constrained by small scale of operations
of SPCPL in an intensely competitive and fragmented advertising
industry and weak credit profile of the company. The capital
structure of the company has stretched further in FY 2013 after
availing a term loan of INR3.0 crore to acquire office premise at
Saki Naka (Mumbai).

The Company derives 98% of its revenues from Central Government,
State Government, Public Sector organizations, Nationalized Banks
and Educational Institutions, leading to a delay in receipt of
receivables for SPCPL in most cases. As a result, the Company's
debtor levels are significant, equivalent to 176 days as on 31st
March 2013, thereby resulting in stretched liquidity. SPCPL's debt
servicing indicators with Debt/ OPBDITA at 7.49 times and OPBDITA/
Interest & Finance Charges at 2.25 times as on March 31, 2013 also
remain weak.

Going forward, with increase in the scale of operations, given the
working capital intensive nature of the business, the liquidity
position as well as capital structure of the company is expected
to remain stretched. SPCPL's ability to generate positive cash
flows remains critical.

Incorporated in FY 2009 by Mr. Manobhaw Tripathi, Shalini
Publicity & Creative Private Limited (SPCPL) is an INS (Indian
Newspaper Society) accredited advertising agency, in Mumbai. The
promoter was operating a proprietorship firm from 1994-2008 in
Kalyan on similar business lines, under the name Shalini
Advertising Agency. SPCPL generates 90% of its revenues from
newspaper advertising in multiple languages; and over the years,
the company has established relationships with all major newspaper
publishing houses in India. The company also has accreditation
from All India Radio and Doordarshan. It is attempting to foray
into e-advertising. SPCPL has offices in Mumbai, Kalyan and Delhi.

Recent results

For the six months ended September 30, 2013 (provisional), SPCPL
reported a profit after tax (PAT) of INR0.50 crore on an operating
income (OI) of INR17.17 crore. For the twelve months ended March
31, 2013, SPCPL reported a PAT of INR0.54 crore on an OI of
INR22.03 crore as against a PAT of INR0.35 crore on an OI of
INR16.98 crore for the twelve months ended March 31, 2012.


SHIV SHANKAR: CRISIL Assigns 'B+' Rating to INR102.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shiv Shankar Oil Industries Pvt Ltd
(SSOIPL; part of the Sonpal group).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility      2.5        CRISIL B+/Stable
   Letter of Credit       60.0        CRISIL A4
   Bank Guarantee         37.5        CRISIL A4
   Cash Credit           100.0        CRISIL B+/Stable

The ratings reflect the Sonpal group's low value-added nature of
operations, and below-average financial risk profile, marked by a
high total outside liabilities to tangible net worth ratio and a
weak interest coverage ratio. These rating weaknesses are
partially offset by its promoter's extensive experience in the
agricultural commodities business and its large scale of
operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSOIPL, Sonpal Exports Pvt Ltd (SEPL)
and Hanuman Industries (HI). This is because all these entities,
together referred to as the Sonpal group, are in the similar line
of business, owned by the same promoter, and have fungible cash
flows.

Outlook: Stable

CRISIL believes the Sonpal group will continue to benefit over the
medium term from its stable revenue growth and its promoter's
extensive experience in the agricultural commodities business. The
outlook may be revised to 'Positive' if the group significantly
improves its financial risk profile, most likely because of
significant improvement in its profitability and better working
capital management. Conversely, the outlook may be revised to
'Negative' if the Sonpal group's operating revenues and margin are
lower than expected, or its working capital management weakens,
leading to weakening of its debt protection metrics and liquidity.

SEPL, incorporated in 2004, hulls natural sesame seeds for the
export market. HI was set up in 2003 as a proprietorship concern;
it was reconstituted as a partnership firm in 2007. Apart from
sorting, the firm primarily operates as a trader in sesame seeds
and other agricultural products in the export market. SSOIPL was
incorporated in 2011 and is in the same line of business. The
group is promoted by Mr. Manojkumar Sonpal.

For 2012-13 (refers to financial year, April 1 to March 31),
SSOIPL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR375.5 million, against a PAT of INR1.0 million on net
sales of INR120.1 million for 2011-12.


SHREE SUDARSHAN: CRISIL Ups Rating on INR96.5MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Sudarshan Polyfab (SSP, part of Adinath Group [AG]) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'.


                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           34.7       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Rupee Term Loan       61.8       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that AG's financial
risk profile is expected to improve over the medium term. The
capital structure improved to 1.7 times as on March 31, 2013 vs.
2.6 times as on March 31, 2011 mainly backed by commencement of
the repayment of its term loans. In the current year 2013-14, the
group has repaid its entire term loan of around INR7 million in
Shree Adinath Woven sacks Pvt Ltd (SAWPL) through internal
accruals thereby reducing the overall debt. In absence of any
other major debt funded capex along with commencement of term loan
repayments in SSP vs. modest accruals, the gearing is expected to
be ease up to 1.1-1.3 level over the medium term. AG displayed
improvement in its debt protection metrics with interest coverage
and net cash accruals to total debt (NCATD) at 2.3 times and 0.16
times respectively in the year 2012-13 due to improved
profitability vs. reducing debt levels. Over the medium term, the
debt protection metrics are expected to remain average with its
NCATD and interest coverage in the range of 0.17-0.20 times and
2.6-3.0 times respectively.

The rating continues to reflect the AG's working capital intensive
operations, and its susceptibility to volatility in raw material
prices in the intensely competitive segment. These rating
weaknesses are partially offset by the improving operating
efficiency, and average financial risk profile supported with
continued funding support from promoters.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SAWSPL and SSP, together referred to as
the Adinath group. This is because both the entities are in the
same line of business, under a common management, and have
fungible cash flows.
Outlook: Stable

CRISIL believes that the AG will continue to benefit over the
medium term from the sound product demand and strong support from
its promoters. The outlook may be revised to 'Positive' if there
is substantial increase in the group's scale of operations and/or
profitability, coupled while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
significant increase in its working capital requirements and/or if
it undertakes a large, debt-funded capital expenditure (capex)
programme affecting its financial risk profile.

Promoted by Mr. Ishwarchand Jain, SAWSPL was incorporated in 2007
as a private limited company and commenced commercial operations
at the end of 2007-08, with 2008-09 being its first full year of
operations. The company manufactures PP woven sacks and fabric,
used for packaging sand, cement, and agro products, at its plant
in Ankleshwar (Gujarat).

Set up as a partnership firm in 2009, SSP commenced trial
production in October 2009. SSP's plant is also in Ankleshwar.

For 2012-13, on a standalone basis, SSP reported a PAT of INR1.28
million on sales of INR325 million, as against a PAT of INR1.36
million on sales of INR389 million for 2011-12.


SHRI GIRRAJ: CARE Revises Rating on INR6.25cr Bank Loans to 'B+'
----------------------------------------------------------------
CARE revises the long-term rating and reaffirms the short-term
rating assigned to the bank facilities of Shri Girraj Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            6.25       CARE B+ Revised from
                                    CARE BB-

   Short-term Bank
   Facilities            5.00       CARE A4 Reaffirmed

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

Rating Rationale

The revision in the long-term rating is mainly on account of a
decline in profitability margins as well as deterioration of
solvency position of Shri Girraj Industries (SGI) in FY13 (refers
to the period April 1 to March 31). The ratings of SGI continue to
remain constrained due to the modest scale of operations of the
firm, stressed liquidity position, its constitution as a
partnership firm, susceptibility of profitability margins to
volatile raw material prices and its presence in a highly
competitive industry.

The ratings, however, derive strength from the vast experience of
the partners in the industry and established presence of the firm
with a long track record of operations.

Improvement in the scale of operations with an improvement in
profitability and efficient management of the working capital are
the key rating sensitivities.

Jaipur-based (Rajasthan) SGI was formed in December, 1992 as a
partnership firm by four partners. However, in April, 1994, two
partners left the firm and currently, Mr Dwarka Das Somani and Mr
Madan Mohan Somani are partners of the firm. Earlier, SGI was
engaged in the business of manufacturing of transformers and
trading of iron scrap and transformer oil. However, in 2001, it
took an exit from manufacturing of transformers and started
manufacturing of transformer tanks.

Furthermore, in 2010, it started manufacturing grinding media
balls which is mainly used in the process of coal grinding in
power generation sector and in the process of clinker grinding in
the cement plant. The firm has its plant located in Jaipur and has
installed capacity of manufacturing of transformer tanks of 18,000
units and 3,600 Metric Tonne Per Annum (MTPA) for manufacturing of
various types of grinding media balls as on March 31, 2013.

During FY13, SGI reported a total income of INR28.88 crore (FY12:
INR23.52 crore) with a PAT of INR 0.04 crore (FY12: INR 0.10
crore). In 10MFY14 (provisional), SGI has achieved TOI amounting
to INR24 crore.


SRM MOTORS: CRISIL Reaffirms 'B' Rating on INR160MM Loans
---------------------------------------------------------
CRISIL's rating on the bank loan facilities of SRM Motors Pvt Ltd
continues to reflect SRM's below-average financial risk profile,
marked by a small net worth and high total outside liabilities to
tangible net worth (TOLTNW) ratio, along with intense competition
in the automobile (auto) dealership segment. These rating
weaknesses are partially offset by SRM's established relationship
with Tata Motors Ltd (TML, 'CRISIL AA/Stable/CRISIL A1+').

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------            ---------     -------
   Cash Credit              80         CRISIL B/Stable
   Channel Financing        55         CRISIL B/Stable
   Standby Line of Credit   10         CRISIL B/Stable
   Term Loan                15         CRISIL B/Stable

Outlook: Stable

CRISIL believes that SRM will maintain its business risk profile,
driven by its healthy relationship with TML. However, the
company's financial risk profile could remain constrained by its
high TOLTNW and weak interest coverage ratios. The outlook may be
revised to 'Positive' if SRM's capital structure improves with a
fund infusion from the promoters, or a sizeable operating margin
with considerable revenue growth. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
weakens because of large debt-funded capital expenditure, or a
decline in its market share, and the consequent impact on its
revenues and profitability.
.

SRM was incorporated in 2009. The company is an authorised
automobile dealer, mainly of passenger cars of TML. SRM has two
showrooms, one each in Lucknow and Barabanki (both in Uttar
Pradesh). Mr. Piyush Agarwal, the promoter, manages the company.

SRM reported a profit after tax (PAT) of INR1.8 million on net
revenues of INR708 million for 2012-13 (refers to financial year,
April 1 to March 31), vis-a-vis a PAT of INR4.7 million on net
revenues of INR777 million for 2011-12.


SWASTIK TRADING: ICRA Suspends 'B-' Rating on INR6cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B-' assigned to
INR6.00 crores of fund based bank facilities of Swastik Trading
Company. ICRA has also suspended the short term rating of
'[ICRA]A4' assigned to the INR2.00 crore non fund based limits of
Swastik Trading Company. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.

Swastik Trading & Co. was established in 1989 as proprietorship
firm by Mr Anil Kumar Jain. Company is engaged in the business of
trading of agro products like Chana, Guar, Maize, Maithi, Wheat,
Dhania, Corrindor, Soyabean etc. Firm sells its products only in
domestic market. As per the management they are also planning to
enter into grains processing business for which machinery has
already been purchased costing around 0.05 lakhs and is entirely
financed from own sources. Plant will be operational from mid
February. Registered office of the firm is located at Krishi Upaj
Mandi, Anantpura Kota.


SWEDE SANITARY: CRISIL Assigns 'B' Rating to INR97MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Swede Sanitary Wares.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan               49       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      38       CRISIL B/Stable
   Bank Guarantee           3       CRISIL A4
   Cash Credit             10       CRISIL B/Stable

The ratings reflect SSW's start-up nature and modest scale of
operations in the highly competitive sanitary ware industry, and
its average financial risk profile, marked by average gearing and
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
building material industry, and the proximity of its manufacturing
facilities to raw material and labour resources.

Outlook: Stable

CRISIL believes that SSW will benefit over the medium term from
its promoters' experience in the building material industry. The
outlook may be revised to 'Positive' if SSW stabilises its
operations timely, leading to larger than expected cash accruals;
and consequently improved capital structure. Conversely, the
outlook maybe revised to 'Negative' if the company's accruals are
lower than expectations due to reduced order flow or
profitability, or if the firm's financial risk profile
deteriorates due to stretch in working capital or higher than
expected, debt funded capital expenditure (capex).

SSW, established in 2013, is promoted by Morbi (Gujarat)-based Mr.
Appu Patel and others. The firm manufactures sanitary items such
as art basins, cabinet basins, pedestal basins, and others. It
commenced commercial operations from January 2014.


U.B. RICE: ICRA Suspends 'D' Rating on INR7.76cr Loans
-------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR4.25
crore term loans and INR3.40 crore cash credit facilities, and
[ICRA]D rating to the INR0.11 crore short term, non fund based
bank guarantee facility of U.B. Rice Mill Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


US GRANITES: ICRA Reaffirms 'B' Rating on INR8.83cr Loans
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' assigned to
the INR6.05 crore fund based bank facilities and INR2.78 crore
unallocated limits of US Granites. ICRA has also re-affirmed
short-term rating of '[ICRA]A4' for the INR0.82 crore short-term
non fund based bank facilities of USG.

                            Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund based limits        6.05       [ICRA]B re-affirmed
   Unallocated              2.78       [ICRA]B re-affirmed
   Non Fund based limits    0.82       [ICRA]A4 re-affirmed

The reaffirmation of ratings considers USG's modest scale of
operations, the risk of high geographical concentration with
majority of sales being derived from the US market exposing the
firm to issues of demand stability and timely collection of
receivables and high customer concentration with the top five
clients adding to about 50% of total sales. The ratings are also
constrained by the continued decline in profitability of the firm,
lack of captive quarries, erosion in net worth on account of
drawings of capital by partners and inherent industry related
risks like intense competition, high working capital intensity and
exposure to volatile foreign exchange rates. The ratings however
derive comfort from the promoter's rich experience in the granite
industry, long standing relationship with customers and an
improvement in the working capital intensity as compared to
previous years. Going further, USG's ability to diversify to other
geographies while maintaining profitability will be critical in
improving the credit profile.

US Granites was established in 2002 as a partnership firm. The
firm is engaged in the manufacture and export of granite slabs and
monuments. In the year 2002 the firm acquired the sick granite
processing unit namely Ravi Rocks situated at Bolaram in the Medak
district of Andhra Pradesh which was renamed as US Granites.

Recent Results (Provisional)
USG has reported an operating income of INR13.13 crore and net
profit of INR0.19 crore for the nine months ended December 31,
2014 as against INR17.36 crore and INR0.16 crore respectively in
2012-13.


VINAYAK COTTON: CRISIL Reaffirms 'B+' Rating on INR103MM Loans
--------------------------------------------------------------
The rating on the bank facilities of Vinayak Cotton Mills Private
Limited's continues to reflect its modest scale of operations,
working-capital-intensive nature of activities. The rating is also
constrained by the limited cushion between cash accruals and term
loan obligations in the near term. These rating weaknesses are
partially offset by the benefits that VCMPL derives from the
extensive experience of its promoters in the textiles industry,
the funding support that it receives from its promoters, and the
company's established relations with its customers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            53        CRISIL B+/Stable (Reaffirmed)
   Term Loan              50        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VCMPL will continue to benefit over the
medium term from its promoters' extensive experience in the
textiles industry and its established relations with its
customers. The outlook may be revised to 'Positive' in case the
company achieves significantly higher than expected growth in
accruals, while improving its working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case VCMPL contracts
more-than-expected debt to fund it capital expenditure programme
or incremental working capital requirements, leading to weakening
of its financial risk profile, particularly its liquidity.

VCMPL, incorporated in 2002, was formed by the amalgamation of
four firms: Aruna Mills, Pawan Textiles, Aruna Process, and
Marudhar Dime Industries. It is engaged in processing of grey
cotton fabrics on job-work basis for textile manufacturers in Pali
(Rajasthan).

VCMPL reported, a profit after tax (PAT) of INR 1.2 million on net
sales of INR 198.6 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR 1.2 million on net
sales of INR 166.7 million for 2011-12.


WUD TOOLS: CRISIL Assigns 'B' Rating to INR190 Million Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of WUD Tools.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               22.6       CRISIL B/Stable
   Cash Credit             75.0       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      92.4       CRISIL B/Stable

The rating reflects WT's modest scale of operations and working
capital intensive nature of activity. The rating also factors in
WT's below-average financial risk profile, marked by its modest
net worth, moderate gearing and subdued debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of the partners in the cutting tools industry.
Outlook: Stable

CRISIL believes that WT will continue to benefit over the medium
term from its partners extensive experience in the cutting tool
industry. The outlook may be revised to 'Positive' if the firm
achieves significant and sustainable improvement in its revenues
while maintaining its profitability and improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case the firm registers significant decline in its accruals or if
there is further elongation in its working capital cycle or if it
undertakes any large debt funded capital expenditure (capex),
thereby further weakening its financial risk profile.

WT, set up in 1965, is a partnership firm of Mr. Lokendra Sheth
and Mr. Chaitanya Sheth. The firm manufactures cutting tools
including straight blades, carbide T-blades and carbide tip saws.
WT has a manufacturing facility in Latur (Maharashtra).



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


MT. GOX: Workers Challenged CEO Over Client Money
-------------------------------------------------
Reuters reports that two years before Mt. Gox filed for
bankruptcy, a half dozen employees at the Tokyo-based bitcoin
exchange challenged CEO Mark Karpeles over whether client money
was being used to cover costs, according to three people who
participated in the discussion.

Reuters says the question of how Mt. Gox handled other people's
money -- the issue raised by staff in the showdown with Karpeles
in early 2012 -- remains crucial to unraveling a multimillion-
dollar mystery under examination by authorities here.

According to the news agency, a bankruptcy administrator and
police are seeking to determine how a Tokyo startup that shot from
obscurity to dominate global trade in bitcoin managed to lose more
than $27 million in legitimate cash held in a bank as well as
bitcoins worth close to $450 million at today's prices.

Reuters relates that the still-unresolved issue has thrown a
spotlight on how Mt. Gox functioned as a hybrid between an online
brokerage and an exchange. Essentially, the more than 1 million
traders who used Mt. Gox at its peak had entrusted a 3-year-old
firm to hold their money safely until they decided to cash out,
the report says.

According to the Reuters, a court-appointed bankruptcy
administrator said March 28 an initial examination of Mt. Gox --
key to determining whether its users will be able to recover some
of what they had on deposit with the exchange -- will not be
complete until May, citing the involvement of authorities in the
case.

In interviews, the report relates, current and former employees at
Mt. Gox described the strains that emerged over the handling of
customer money just as the firm was gearing up for expansion and
as bitcoin was edging out of the shadows as an investment and a
means of online settlement.

By early 2012, a small group of Mt. Gox employees, all of whom
worked on one-year contracts, began to worry that customer funds
had been diverted to cover operating costs that they estimated to
be rising, Reuters recalls.

Those costs included rent in a Tokyo high-rise that also housed
offices for Hulu and Google, high-tech gadgets such as a robot and
a 3-D printer, and a souped-up, racing version of the Honda Civic
imported from Britain for Mr. Karpeles, people who have reviewed
expenses said, Reuters relays.

Unlike Mr. Karpeles, the employees said they did not have access
to the financial records of Mt. Gox.  According to the report,
they asked for a formal meeting with Mr. Karpeles, then 26, in
early 2012, those involved said, and asked that he respond to
their estimate that Mt. Gox was spending more than it was taking
in. They were also concerned that company expenses were being paid
from the same bank account used for customer deposits.

Reuters relates that three former employees said Mr. Karpeles was
the only person at Mt. Gox who had access to the bank accounts,
and each withdrawal request was handled manually, slowing the
process.

Mr. Karpeles told the group that customer money was not being used
to fund the business, but declined to provide details on how the
business had covered any loss.  The meeting broke off after about
an hour, those who participated said, Reuters relates.

Reuters adds that several of the staff said they left the
inconclusive meeting frustrated that Mr. Karpeles would not share
proof that client deposits had been protected. For his part, Mr.
Karpeles believed he had thwarted a challenge to his leadership by
staff who had no right to see the books of a firm he owned and was
funding, a person familiar with his thinking said.

Mt. Gox referred questions to its lawyers, who had no immediate
comment, Reuters says.

The former Mt. Gox employees spoke on condition they not to be
named because of potential legal complications, the report notes.

                         About Mt. Gox

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

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

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

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


MT. GOX: Lawyer Given More Time to Review Affairs
-------------------------------------------------
William Sposato, writing for The Wall Street Journal, reported
that bitcoin exchange Mt. Gox said that a court-appointed attorney
reviewing the affairs of the company after its bankruptcy
protection filing has been given an extension to submit a report
on its future.

In the March 28 statement, the company said the court-appointed
attorney in Tokyo has been given until May 9 to submit the results
of his examination to the Tokyo District Court, which is handling
the case, the report related.

According to the report, company CEO Mark Karpeles said that the
company hoped to recover from the damages caused by the loss of
the coins, one of the biggest scandals to hit the fledgling
bitcoin industry.  He also said the company was working with Tokyo
police looking into the loss of the coins.

Some Mt. Gox customers in the U.S. with frozen bitcoin accounts
have filed papers saying that Mr. Karpeles is unfit to lead the
company through the parallel U.S. bankruptcy protection filing
that took place March 9, the report further related.

                         About Mt. Gox

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

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

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

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



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


MAINZEAL PROPERTY: Liquidators Rack Up NZ$500,000 in Legal Fees
---------------------------------------------------------------
BusinessDesk reports that the liquidators of the Mainzeal Group of
companies have racked up NZ$523,000 in legal fees since taking on
the administration, as they face several court battles with the
failed construction firm's principal, Richard Yan.

BusinessDesk relates that BDO's Brian Mayo-Smith, Andrew Bethell
and Stephen Tubbs are seeking about NZ$46.6 million in related
party debt stemming from two significant restructures in the two
years leading up to Mainzeal's collapse, as they try to claw back
funds to pay unsecured creditors. According to the report, the
legal fees have been the biggest cost on the liquidation between
Aug. 28 and Feb. 27, followed by NZ$492,000 in liquidators'
remuneration, BusinessDesk discloses citing BDO's latest report.

BusinessDesk notes that BDO were appointed liquidators of related-
party Richina Global Real Estate by the High Court on Feb. 27, a
ruling Mr. Yan is appealing despite the Court of Appeal declining
a bid to stay the application. The liquidators in turn are
appealing a decision not to appoint them over another related
company, Isola Vineyards, BusinessDesk relays.

"The challenges have caused delays and increased the costs of the
liquidation," the report, as cited by BusinessDesk, said.

They reiterated that if not successful in achieving a significant
recovery from the related party loans, then any distribution to
unsecured creditors "is not likely to be substantial," relates
BusinessDesk.

Last year, the receivers for Mainzeal Property & Construction,
David Bridgman and Colin McCloy of PwC, said they expected to have
surplus funds for the liquidator of the Mainzeal group. The latest
liquidators report shows NZ$1.1 million was surplus from the
receivership, according to BusinessDesk.

The liquidators represent unsecured creditors who have lodged
claims worth NZ$139.3 million, and they expect there are still
more to come, BusinessDesk discloses. The receivers were appointed
by Bank of New Zealand, which was owed NZ$11.3 million, the bulk
of which was over the Mainzeal headquarters building on Auckland's
Victoria St., BusinessDesk notes.

                      About Mainzeal Property

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

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

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

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

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

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


MONSTAVISION HOLDINGS: Leaves Unsecured Creditors Out of Pocket
---------------------------------------------------------------
Fairfax NZ News reports that MonstaVision Holdings' failure has
left a Fisher & Paykel subsidiary and unsecured creditors out of
pocket.

The light-emitting diode (LED) big screen business, MonstaVision
Holdings, was placed into receivership in September last year.
Subsidiary MonstaVision (NZ) Events was also placed into
receivership in September.

Fairfax NZ News relates that a report from receiver KordaMentha
said reducing revenue and a significant debt burden hampered the
company's ability to grow and renew its rental LED screens.

The company had failed to raise new capital and as a result of a
forecast cashflow shortfall it requested Bank of New Zealand
appoint receivers, Fairfax NZ News says.

MonstaVision Holding's assets included one LED screen and its
shareholdings in its subsidiary company, MonstaVision (NZ) Events,
Fairfax NZ News notes.

The subsidiary owed its parent NZ$7.6 million, the receiver said,
Fairfax NZ News relays.

According to Fairfax NZ News, MonstaVision (NZ) Events' primary
assets related to its rental LED screen stock and associated
assets including truck and trailer units fitted with screen
mounts. It had accounts receivable totalling NZ$130,000, the
report said.

Fairfax NZ News relates that KordaMentha said the majority of the
debt was owed to BNZ for a NZ$1 million term loan facility held by
the parent company. A further NZ$533,000 was owed by MonstaVision
(NZ) Events to BNZ that was cross-guaranteed by MonstaVision
Holdings, the report relates. The Inland Revenue Department (IRD)
was owed about NZ$84,000 by the parent company.
Staff were owed NZ$89,000 by MonstaVision (NZ) Events. About
NZ$32,000 of this had been paid, the report relays.

According to Fairfax NZ News, the receiver said the company and
its assets were sold for NZ$941,000 to competitor Oceania LED.

A shortfall was predicted to secured creditors, Fairfax NZ News
reports.

Equipment Finance, a subsidiary of Fisher & Paykel Finance, was
owed about NZ$76,000 by the parent company.

KordaMentha said it anticipated there would be no funds available
for Equipment Finance and unsecured creditors due to the shortfall
to secured creditors, Fairfax NZ News adds.

MonstaVision provided large light emitting diode (LED) screens for
outdoor events and venues around the country including AMI Stadium
in Christchurch, the Heineken Open Tennis tournament in Auckland
and the Hobbit premiere in Wellington.


SOUTH CANTERBURY: Ex-Finance Chief Repels Liquidation Bid
---------------------------------------------------------
The Timaru Herald reports that Crown Asset Management has failed
in a bid to put a company owned by former South Canterbury Finance
chief executive Lachie McLeod into liquidation over a debt of
NZ$16.7 million.

In the High Court in Christchurch in February, associate Judge Rob
Osbourne dismissed the claim on the basis that while there was a
genuine and substantial dispute to the existence of the debt,
Crown Asset Management had not satisfied the court it was a
creditor, according to The Timaru Herald.

The judge said Crown Asset Management could establish its case
through an ordinary proceeding, not through liquidation, the
report notes.

Mr. McLeod is the sole shareholder and director of the targeted
company, Dunvegan Seadown Ltd.

Crown Asset Management claimed the company failed to pay the loan
balance due to South Canterbury Finance on November 30, 2011, the
day he ceased to be chief executive, the report relates.
Dunvegan Seadown's sole asset is shares in the Southbury Group,
which is in liquidation, the report discloses.

Crown Asset Management was incorporated in February 2012 to
acquire the assets of five defunct finance companies repaid by the
Government under its retail deposit guarantee scheme.

Mr. McLeod's lawyers claim the liability was extinguished when the
1 million Southbury shares, which the money was borrowed for, were
returned to South Canterbury Finance as part of an employment
settlement agreement, the report relays.

Meanwhile, skysports relates that in a further blow to the Odsal
club, chairman Mark Moore withdrew Bradford Bulls 2014 Limited's
offer to buy the club out of administration.

The new holding company's representatives, which included Moore,
financial director Andrew Calvert, managing director Ian Watt and
chief executive Robbie Hunter-Paul, had a bid to purchase the club
accepted by the administrator but took back the proposal after
learning of the RFL points penalty, according to skysports.

"It is with great sadness and frustration that we have been led to
this point.  I believe that we have been forced into making this
decision, due to the Rugby Football League's proposed sanction of
a six-point deduction, making relegation almost a certainty.  In
addition, the governing body wished to place the club's licence
into special measures, which, as successful businessmen, will
likely taint our personal dealings while embarrassing us all
professionally," skysports quoted Mr. Moore as saying.

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

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

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

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



=====================
P H I L I P P I N E S
=====================


BDO UNIBANK: Moody's Affirms D+ Financial Strength Rating
---------------------------------------------------------
Moody's Investors Service has affirmed BDO Unibank's (BDO)
Baa3/Prime-3 deposit rating, with a positive outlook. BDO's bank
financial strength rating (BFSR) is also affirmed at D+. The
outlook remains stable.

At the same time, Moody's has revised BDO's baseline credit
assessment (BCA) to baa3 from ba1 to reflect improvements in its
standalone credit profile, justifying investment grade on a
standalone basis.

Ratings Rationale

The affirmation of BDO's deposit rating with a positive outlook
reflects our expectation of continued strength in the operating
environment for the Philippine banking system, owing to robust
growth of the Philippine economy and stabilizing external
conditions, which is positively supporting the government's own
credit profile.

The revision of BDO's BCA to baa3 from ba1 considers the banks'
consistently improving asset quality, as well as robust liquidity
and capital profiles, which have become comparable to those of its
closest peers in the Philippines and other baa3 banks in the
region. In line with our expectation of an improved operating
environment, Philippine banks, particularly BDO -- given its
dominance in the domestic corporate and middle markets segments --
will likely benefit from healthy credit growth, core
profitability, as well as stable asset quality.

Furthermore, Moody's view the credit profile of BDO to be
relatively predictable and well positioned to withstand a cyclical
downturn among Moody's rated banks in the Philippines.

What Could Change The Rating Up/Down

Given the positive outlook on BDO's deposit ratings, an upgrade of
the sovereign rating would likely lead to an upgrade of the bank's
deposit ratings, assuming the bank's own credit metrics remain
robust.

The following factors could result in an upward revision of BDO's
BCA: [1] reduction of its non-performing assets (non-performing
loans and foreclosed assets) to below 15% of equity and loan loss
reserves; [2] evidence that it can continue to rein in credit
costs and improve its risk-adjusted profitability, reflected by
net income above 2.5% of average risk-weighted assets; and/or [3]
high level of loss absorption capacity, reflected by its
maintenance of its Tier 1 ratio above 12%.

The bank's ratings could be downgraded or the positive outlook on
the bank's deposit and debt ratings could be revised to stable if:
[1] aggressive organic expansion or acquisitions result in a
significant increase in its risk profile; and/or [2] the operating
environment weakens significantly, or underwriting practices
become loose, resulting in non-performing assets increasing to
more than 20% of equity and loan loss reserves; and/or [3] a
material decline in its capital buffer, such that its Tier 1 ratio
falls below 10%.

The ratings of BDO are listed below.

Bank Financial Strength Rating (BFSR) of D+, which maps to baa3
baseline credit assessment (BCA)

Local and foreign currency deposits rated Baa3/Prime-3

Foreign currency senior unsecured debt rated Baa3

The outlook of its BFSR is stable. All other ratings have a
positive outlook.

The principal methodology used in this rating was Global Banks
published in May 2013.

Headquartered in Manila, BDO Unibank reported total assets of
PHP1.7 trillion ($38 billion) as at 31 December 2013.



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


FIRST SHIP: S&P Lowers Corp. Credit Rating to CCC+; Outlook Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Singapore-based First Ship
Lease Trust (FSL) to 'CCC+' from 'B-'.  The outlook is negative.
S&P also lowered its long-term ASEAN regional scale rating on the
company to 'axCCC+' from 'axB-'.  S&P removed all the ratings from
CreditWatch, where they were placed with negative implications on
Nov. 19, 2013.

"We lowered our ratings because we do not expect FSL's weakened
financial capacity to improve significantly over the next 12
months," said Standard & Poor's credit analyst Katsuyuki Nakai.
"We believe FSL's ability to fulfill its long-term financial
commitments depends on favorable business conditions, including
spot market recovery and contract renewals.  This situation is
more commensurate with a 'CCC' rating category, in our view.
However, we do not envision specific default scenarios for FSL
over the next 12 months, given an extension of a relaxation on its
loan covenants and recent debt repayment through a vessel
disposal."

FSL remains exposed to fluctuations in spot market rates for nine
out of its 23 vessels.  Also, the lease contracts for two of FSL's
container vessels mature in July 2014 and for that of two product
tankers mature in December 2014 and February 2015.  S&P is not
certain if FSL can renew its fixed-rate charter contracts at
favorable prices once they expire.

Covenant negotiation could strain FSL's banking relationships
within the next six to 12 months, in S&P's opinion, because the
company is likely to seek further extension of the relaxation
beyond December 2014.  However, S&P believes FSL's short-term
liquidity risk has reduced because of the company's improved
prospects for covenant compliance.  FSL will use a part of the
vessel disposal proceeds of about US$5 million toward a scheduled
debt repayment in the first two quarters of 2014.  Recent
steadiness in vessel value also lowers short-term risks with the
loan-to-vale covenant.

FSL has "weak" liquidity, as S&P's criteria define the term.
S&P's liquidity assessment reflects the uncertainty surrounding
the company's liquidity over the next 12 months.

"The negative outlook reflects our view that FSL's earnings
performance and banking relationships could weaken over the next
12 months," said Mr. Nakai.  FSL has limited risk buffer to absorb
any volatility in its earnings.  FSL's banking relationships
remain a risk for the rating, given that the company is likely to
further negotiate with lenders for covenant relaxation beyond
December 2014.

S&P may lower the rating if FSL's liquidity weakens further.  This
could happen if the company breaches its financial covenants or
faces a customer default in 2014.  S&P may also lower the rating
if FSL's earnings decline because of deteriorating conditions in
the ship leasing industry.

S&P may revise the outlook to stable if it believes FSL's short-
term liquidity is likely to stabilize.  That would require the
company to comply with its financial covenants with sufficient
headroom and a higher likelihood of another extension of the
covenant relaxation.  S&P could consider an upgrade if it sees
steady earnings prospects over the next 12-18 months providing
sufficient cushion on covenants and a likelihood of stable banking
relationships.


====================
S O U T H  K O R E A
====================


* 14 Big Firms to be Put Under Close Watch By Creditor Banks
------------------------------------------------------------
Yonhap News Agency reports that as many as 14 major companies,
including affiliates of big name conglomerates like Hyundai and
Samsung, will be brought under close supervision by creditor banks
this year as the financial regulator enforces tighter corporate
debt overhaul standards, industry sources said.

According to the report, sources said the newly added companies
include Hyundai Group, Halla Group, Hankook Tire Co., STX Offshore
& Shipbuilding Co. and Hyundai Development Co.

Other big names such as Hyundai Motor Co., Samsung Group, LG
Group, Hyundai Heavy Industries Co. and POSCO are already included
on the list that will have 43 companies in the debtor group, they
said, Yonhap relays.

Yonhap says the Financial Supervisory Service (FSS), the financial
watchdog, decided to raise the debt overhaul standards in order to
manage a corporate credit crunch in advance.

A company is placed on the main debtor group list when its
corporate lending from a financial institution accounts for 0.01
percent of the institution's entire loans, Yonhap says.

The figure, set by the FSS every April, will go down to 0.075
percent this year, the report notes.

"Due to the strengthened guideline, the number of companies to be
overseen by the creditors rose to 43," Yonhap quotes an official
from one of the creditor banks as saying. "This enables banks to
deal with possible bankruptcies or defaults in advance."

Sources said the creditor banks will conduct a close scrutiny of
the debtors and come up with ways to improve their financial
structure and oversee their restructuring, according to Yonhap.

The FSS is also pushing companies to improve financial health by
selling their assets, officials said, Yonhap adds.



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


* BOND PRICING: For the Week March 24 to March 28, 2014
-------------------------------------------------------

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


  AUSTRALIA
  ---------

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


CHINA
-----

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


INDIA
-----

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


JAPAN
-----

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


KOREA
------

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


SRI LANKA
---------

SRI LANKA GOVE     5.35     03/01/26      LKR      65.22


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

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


SINGAPORE
---------

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


THAILAND
--------

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


TAIWAN
------

TAIWAN GOV         2.13     02/26/44      TWD      96.24



                             *********

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

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

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


                            *********


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

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

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

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

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Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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