TCRAP_Public/140402.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

           Wednesday, April 2, 2014, Vol. 17, No. 65


                            Headlines


A U S T R A L I A

INDEPENDENT CIVIL: Placed in Administration
LAMATTA PTY: Romanis Cant Appointed as Administrators
QUICKFLIX LTD: Shareholders Seek to Spill Board
SHRED FAST: BRI Ferrier Appointed as Administrators
SUBLIME DEVELOPMENTS: Owners to Face Probe After Liquidation

SUPERIOR FLOOR: First Creditors' Meeting Set For April 8


C H I N A

BEIJING CAPITAL: Moody's Ba2 CFR Unchanged Following Bond Issue
CHINA AUTOMATION: Moody's Says Ba3 CFR Remains Appropriate
HOPSON DEVELOPMENT: 2013 Results No Impact on Moody's 'B3' CFR
LDK SOLAR: Confirms Offshore Restructuring Arrangements
LDK SOLAR: NYSE to Delist American Depositary Shares

LONKING HOLDINGS: Overdue Receivables Pressures Moody's B1 CFR
VIRCUREX: Halts Operations After Large Fund Withdrawals
* PBOC Official Blogs Skepticism About Bitcoin


I N D I A

AKASH STEELS: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
BRIJ SUGAR: CRISIL Lowers Rating on INR100MM Term Loan to 'D'
COLOR N STYLE: CRISIL Assigns 'D' Rating to INR112MM Loans
DASVE HOSPITALITY: CARE Revises Rating on INR30cr Loan to 'D'
DEEPSHIKHA PAPER: CRISIL Raises Rating on INR200MM Loans to 'C'

GANESH DAL: CRISIL Assigns 'B' Rating to INR70MM Loans
GEMINI ALUMINIUM: CRISIL Reaffirms 'B' Rating on INR105MM Loans
HARI OM: ICRA Suspends 'D' Rating on INR5.5cr Loans
HARMAN RICE: CRISIL Reaffirms 'B+' Rating on INR160MM Loans
KNOWLEDGE VISTAS: CARE Upgrades Rating on INR25cr Loan From 'D'

MADHU INDIA: CARE Reaffirms 'B+' Rating on INR4.32cr Bank Loan
MAHAVIR BUILDERS: CRISIL Assigns 'B+' Rating to INR200MM Loans
MANASA RICE: ICRA Reaffirms 'B+' Rating on INR10.5cr Loan
MATSYODARI STEEL: CRISIL Rates INR250MM Cash Credit at 'B+'
MAYUR SEEDS: CRISIL Assigns 'B-' Rating to INR40MM Cash Credit

MILAN GINNING: CRISIL Upgrades Rating on INR215MM Loans to 'B+'
MILLENIUM ELECTRONICS: CRISIL Reaffirms B Rating on INR50MM Loan
MURUGAN TEXTILES: ICRA Reaffirms 'B' Rating on INR5cr Loan
NANIBALA COLD: CRISIL Reaffirms 'B+' Rating on INR65MM Loans
NEOTECH EDUCATION: ICRA Lowers Rating on INR12.22cr Loan to 'D'

NIDHI MERCANTILES: CARE Reaffirms 'B+' Rating on INR3.59cr Loan
PADIKKALA GOLD: CRISIL Assigns 'B+' Rating to INR150MM Loans
PANSUT UDYOG: CRISIL Assigns 'B+' Rating to INR350MM Term Loan
QREX FLEX: ICRA Reaffirms 'B' Rating on INR27cr Term Loan
RACHIT CREATION: CRISIL Reaffirms B+ Rating on INR114.2MM Loans

RAJARAM MILLS: ICRA Reaffirms 'B-' Rating on INR5.5cr Loans
RAJSHREE ENERGY: ICRA Suspends 'B+' Rating on INR8.3cr Loans
RAV'S STEELS: CRISIL Assigns 'D' Rating to INR400MM Loans
REGENCY AQUA: ICRA Reaffirms 'C' Rating on INR41.25cr Loan
REGENCY GANGANI: ICRA Reaffirms 'C' Rating on INR73cr Loan

SADASHIB COLD: CRISIL Assigns 'B' Rating to INR75 Million Loans
SAMOJ COTTON: CARE Revises Rating on INR6.75cr Bank Loan to 'B+'
SHAMBHU TEXTILE: ICRA Suspends 'D' Rating on INR10.21cr Loan
SHASHI STRUCTURAL: CRISIL Reaffirms 'B' Rating on INR220MM Loans
SHIKHAR HOUSING: ICRA Lowers Rating on INR40cr Loan to 'D'

SHIV SHAKTI: CRISIL Assigns 'B+' Rating to INR85MM Cash Credit
SHREE AJAY: CRISIL Assigns 'B+' Rating to INR70MM Loans
SPOTLESS LAUNDRY: CARE Reaffirms 'D' Rating on INR2.87cr Loan
SUSTAINABLE SPINNING: CRISIL Rates INR650MM Bank Loan at 'B+'
TEXOOL LTD: CRISIL Reaffirms 'D' Rating on INR95MM Loans

TIRUPATI COLD: ICRA Suspends 'D' Rating on INR7cr Loans
TIRUPATI FORGE: ICRA Assigns 'B' Rating to INR5cr Loans
* Indian Diamond Firm in Antwerp Defaults on Loan Payments


I N D O N E S I A

MODERNLAND REALTY: 2013 Results In-line with B2 CFR


J A P A N

EACCESS: S&P Affirms 'BB' CCR & ICR; Outlook Stable
SIGNUM VANGUARD SERIES 2005-04: S&P Ups Rating to 'BB-'


P A K I S T A N

PAKISTAN: S&P Affirms 'B-' Rating; Outlook Stable
PAKISTAN: S&P Assigns 'B-' Foreign Currency Rating to US$ Notes


                            - - - - -


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


INDEPENDENT CIVIL: Placed in Administration
-------------------------------------------
Richard Trygve Rohrt at Hamilton Murphy Pty Ltd was appointed as
administrator of Independent Civil Contractors Pty Ltd on March
26, 2014.

A first meeting of the creditors of the Company will be held at
the office of Hamilton Murphy, 269 Swan Street, in Richmond,
Victoria, on April 7, 2014, at 11:00 a.m.


LAMATTA PTY: Romanis Cant Appointed as Administrators
-----------------------------------------------------
Simon Patrick Nelson -- snelson@romaniscant.com.au -- and John
Stuart Potts -- jpotts@romaniscant.com.au -- at Romanis Cant were
appointed as administrators of Lamatta Pty Ltd, trading as
Harcourts Frankston, on March 28, 2014.

A first meeting of the creditors of the Company will be held at
Romanis Cant, Level 2, 106 Hardware Street, in Melbourne, on
April 9, 2014, at 3:00 p.m.


QUICKFLIX LTD: Shareholders Seek to Spill Board
-----------------------------------------------
BusinessDesk reports that a minority group of shareholders in ASX-
listed Quickflix Ltd want to remove the board of the streaming and
on-demand video supplier, after losing confidence in the company
over years of underperformance, a brush with insolvency, and a
plunging share price.

According to the report, Quickflix investors with about 5.8
percent of the voting rights are seeking a general meeting to vote
out the company's existing board, made up of chairman and chief
executive Stephen Langsford, Simon Hodge and David Sanders, and
install their own directors to implement a plan put together by
US-based turnaround specialist Tournament Field. The shareholders
include Guaranty Finance Investors, Custodial Services Ltd, Robin
Fox and David Cannon.

Mr. Cannon, who has been a Quickflix shareholder for about two
years, told BusinessDesk the shareholders only needed
5 percent support to force a meeting where the resolutions can be
voted on, but that he anticipates wider support to replace the
board.

"Their (the Quickflix board) plan is just to raise capital and
hope for the best that someone will partner with them to help them
out, but nobody's interested," the report quotes Mr. Cannon as
saying.

He said he was initially attracted to Quickflix's streaming video
proposition and the backing it had from US pay-TV operator Home
Box Office, the report relays. Still, last year he complained to
the ASX about the way the company disclosed subscription
information and what he saw as its slow updates on distribution
and funding arrangements.

"HBO exited the board, and there are now just three people on the
board -- I think they're completely out of options," Mr. Cannon
BusinessDesk.

If the activist shareholders succeed, they would elect a
turnaround team to the board made up of former Thorn EMI Films
chief Gary Dartnall, Tournament Field founder Matthew Joynes,
former Shine Group chief financial officer Malcolm Reeve and US
investment banker Ethan Gilmore, the report notes.

Last month, Cottesloe, West Australia-based Quickflix told the ASX
it had been asked to convene a general meeting, but that the
request didn't meet the 5 percent threshold and didn't constitute
a notice under the Corporations Act, the report recalls.

In an email to BusinessDesk, Quickflix company secretary Sharon
Hunter referred to the February announcement and said "it is not
the company's policy to comment on speculation regarding the
statements you have noted below in relation to this purported
notice."

Quickflix widened its loss to AUD4.23 million in the six months
ended Dec. 31, from AUD3.41 million a year earlier, as revenue
fell 12 percent and paying customer numbers shrank 10 percent. It
had a cash inflow of AUD619,000 and noted a AUD901,000 tax refund.
The company raised AUD5.1 million, leaving it with cash on hand of
AUD5.17 million as at Dec. 31, BusinessDesk discloses.

Quickflix Limited (ASX:QFX) -- http://www.quickflix.com.au/--
engages in the development and operation of an online movie
rental subscription and retail service. It provides online movie
subscription service in Australia. Its subscribers have access to
a range of over 50,000 movies and television titles over the
Internet. It operates in the online digital video disc (DVD)
business segment.


SHRED FAST: BRI Ferrier Appointed as Administrators
---------------------------------------------------
Andrew Cummins -- andrew.cummins@briferriernsw.com.au -- and Brian
Silvia -- BrianRaymond.Silvia@briferriernsw.com.au -- at BRI
Ferrier were appointed as administrators of Shred Fast NSW Pty Ltd
on March 28, 2014.

A first meeting of the creditors of the Company will be held at
the Offices of BRI Ferrier, Level 30, Australia Square 264 George
Street, in Sydney, on April 8, 2014, at 12:00 p.m.


SUBLIME DEVELOPMENTS: Owners to Face Probe After Liquidation
------------------------------------------------------------
Noel Towell at The Canberra Times reports that the conduct of the
owners of failed Canberra builder Sublime Developments will be
investigated after a court ordered the company be wound up last
week and called in the liquidators.

But the insolvency firm that will try to untangle the complex
affairs of Sublime said it was too early to tell if the home
owners, tradies and suppliers who were owed up to AUD2.5 million
would see any of their money again, according to the report.

The Canberra Times relates that the ACT Supreme Court issued
orders on March 24 ordering Sublime to be liquidated after a legal
action by local law firm Chamberlains, acting for engineering
outfit Truss Me, which was owed nearly AUD20,000 by Sublime.

According to the report, insolvency firm Vincents said there were
several avenues of inquiry to explore in relation to the conduct
of Sublime's two directors, Minh Phan and Dee Sisomphou.

The report says the company is also under investigation by the ACT
government's construction authority, which has refused to give
details of its investigation, citing privacy reasons.

Mr. Phan has denied doing anything wrong, saying home buyers had
ripped his company off by not paying for work, the report relates.

According to the report, Vincents said it will be investigating
whether the directors made improper payments to themselves or
their associates, whether they had the proper insurance cover for
their activities, and the conduct of other companies associated
with Sublime.

The Canberra Times first revealed in February that Sublime was in
a downward spiral, leaving home buyers in the lurch with
unfinished houses and owing money to small suppliers and tradies
all over town.

Tony Lane Ltd, a senior manager at Vincents, said his
investigations would be taking up where Sublime's administrator
left off, the report adds.


SUPERIOR FLOOR: First Creditors' Meeting Set For April 8
--------------------------------------------------------
Peter George Burton at Burton Glenn Allen Ltd was appointed as
administrator of Superior Floor Solutions Pty Ltd, formerly
trading as Carpet Republic, on March 27, 2014.

A first meeting of the creditors of the Company will be held on
April 8, 2014, at 10:00 a.m., at The Flinders Room, Level 9
33 Erskine Street, in Sydney.



=========
C H I N A
=========


BEIJING CAPITAL: Moody's Ba2 CFR Unchanged Following Bond Issue
---------------------------------------------------------------
Moody's Investors Service says that Beijing Capital Land Limited's
(BJCL) Ba2 corporate family rating, International Financial Center
Property Limited's (IFC) Ba3 corporate family rating and the Ba3
senior unsecured rating for the bonds issued by Central Plaza
Development Limited (CPD) and guaranteed by IFC remain unchanged
following the announcement of a tap bond offering on the existing
RMB2 billion 5.75% bonds due in 2017 and issued on 17 February
2014 by CPD. The bonds are guaranteed by IFC and are issued under
CPD's medium term note program.

The outlook for all the ratings remains stable.

Both IFC and CPD are wholly-owned offshore subsidiaries of BJCL.

The tap bond offering has the same terms and conditions as the
existing bonds.

The bonds are also supported by a Deed of Equity Interest Purchase
Undertaking and a Keepwell Deed between BJCL, CPD, IFC and the
bond trustee.

"The proceeds will be used primarily for the refinancing of
existing debt and will therefore be leverage neutral," says Kaven
Tsang, a Moody's Vice President and Senior Analyst.

"On the other hand, the refinancing of maturing debt will serve to
term out the debt maturity profile, which is liquidity positive,"
adds Tsang, also the Lead Analyst for the three companies.

The Ba3 rating for IFC and its guaranteed bonds reflects its
standalone credit strength, and a two-notch rating uplift because
of the likelihood of financial support from BJCL, in case of need.

IFC's standalone credit profile reflects its small scale
operation, high level of balance sheet debt leverage with adjusted
debt/capitalization of around 65%-70% and modest EBITDA/interest
of 2x-2.5x.

The stable ratings outlook reflects Moody's expectation that IFC
will continue to receive financial and operational support from
BJCL.

Upward rating pressure on IFC and its guaranteed bonds could
emerge if IFC can (1) successfully implement its business plan;
(2) improve its scale and diversity to reduce sales and earnings
volatility; (3) strengthen access to offshore funding; and (4)
further improve its credit profile, especially debt leverage.

Credit metrics which Moody's would consider for an upgrade include
an improvement in its financial profile with adjusted
debt/capitalization falling to 50%-55% and EBITDA/interest rising
above 3x on a sustained basis.

On the other hand, the ratings of IFC and its guaranteed bonds
could come under downward pressure if IFC (1) fails to
substantially achieve its business targets, such that sales and
operating cash flow generation are weaker than anticipated; and/or
(2) materially accelerates development and executes an aggressive
land acquisition plan, such that debt leverage rises, with
adjusted debt/capitalization exceeding 65%-70%, and
EBITDA/interest dropping below 1x-1.5x on a sustained basis.

Any evidence of a weakening in support from BJCL, or deterioration
in the latter's liquidity and/or credit profile could also be
negative for the ratings.

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

Incorporated in the British Virgin Islands in 2000, International
Financial Center Property Ltd is an investment holding company
that owns property development projects in China. As of 31
December 2013, IFC had total assets of RMB22.9 billion.

Beijing Capital Land Limited was incorporated in China in 2002 and
is the property arm of the Capital Group. As of 31 December 2013,
BJCL had a total land bank of 9.95 million sqm (attributable land
bank: 7.85 million sqm) in gross floor area, covering 15 cities in
China.


CHINA AUTOMATION: Moody's Says Ba3 CFR Remains Appropriate
----------------------------------------------------------
Moody's Investors Service says that because China Automation Group
Limited's trade receivables turnover days are long, the negative
outlook on its Ba3 corporate family rating and Ba3 senior
unsecured rating remains appropriate.

"The limited improvement in China Automation's accounts receivable
turnover days, to 239 at end-2013 from 243 at end-2012, puts a
drag on its liquidity profile," says Chenyi Lu, a Moody's Vice
President and Senior Analyst.

Nevertheless, Moody's points out that China Automation's accounts
receivables mainly comprise state-owned customers such as China
Railway Construction Corp Limited (A3 stable), China Railway Group
(not rated), PetroChina Company Limited (not rated), and China
Petroleum and Chemical Corporation (Sinopec, Aa3 stable). Their
government links and solid operations lead Moody's to conclude
that China Automation will likely collect the payments owed to it.

"However, China Automation's overall financial profile remained
largely unchanged in 2013," says Lu, who is also the Lead Analyst
for China Automation.

Its revenue grew 4.4% year-on-year, which was in-line with Moody's
expectations. Weak revenue from its traction system group
constrained its 2013 revenue growth.

Moody's expects the company's revenue to grow around the mid-to-
high single digits in 2014, driven mainly by the expected
improving business traction of its railway business, following the
restart of numerous national railway construction projects in
China; and the solid demand for its solution offerings in its
petrochemical business.

"China Automation's EBITDA margin remained weak in 2013, despite a
slight improvement in its gross margin in 2H 2013 versus 1H 2013,
driven mainly by better revenue momentum from its higher margin,
railway signaling systems," says Lu.

Moody's expects the company to improve its adjusted EBITDA margin
slightly in 2014 from 17.9% in 2013, driven largely by expense
controls.

The company's adjusted debt reduced marginally to RMB1.73 billion
at end-2013 from RMB1.79 billion at end-June 2013, resulting in
adjusted debt/EBITDA and adjusted EBITDA/interest of 4.2x and 2.8x
at end-2013. Such results are unchanged from levels recorded in
the 12 months to 30 June 2013. Moody's considers these results
weak for its Ba3 ratings.

Nonetheless, China Automation's liquidity profile remains
adequate. Its cash on hand of RMB457 million at end-2013 and
expected cash flows from operations of around RMB150 million in
the next 12 months can cover its projected capex of RMB50 million
and short-term maturing debt of RMB397 million.

The principal methodology used in this rating was the Global
Manufacturing Industry published in December 2010.

China Automation Group Limited specializes in providing safety and
critical control systems for the railways signaling and
petrochemicals industries in China.

The company began its operations in 1999 and was listed on the
Main Board of the Stock Exchange of Hong Kong Limited in July
2007. Its three founders collectively own 44.89% of the firm.


HOPSON DEVELOPMENT: 2013 Results No Impact on Moody's 'B3' CFR
--------------------------------------------------------------
Moody's Investors Service says that Hopson Development Holdings
Limited's B3 corporate family and Caa1 senior unsecured ratings
and stable outlook remain unaffected by the company's 2013 results
announcement.

"Hopson's improved revenue recognition, interest coverage and
liquidity in 2013 well position the company in its current B3
rating category. However, the modest revenue growth outlook for
2014 will likely constrain the potential for further improvement
in the company's financial metrics this year," says Jiming Zou, a
Moody's Assistant Vice President and Analyst.

Hopson's book revenues jumped 58% year-on-year to HKD15.6 billion
in 2013, mainly driven by the delivery of high-end projects, such
as No. 8 Royal Park, with relatively high average selling prices.
Although its gross profit margin grew moderately by 4.4% to 38.3%
in 2013, the company maintained its high profitability relative to
our other rated Chinese property companies.

As a result of higher revenue recognized, Hopson's adjusted
EBITDA/interest rose to 1.4x for 2013 from 0.9x for 2012.
Similarly, Hopson's adjusted debt/capitalization improved to about
41.9% from 45% as a result of the increase in shareholders' equity
after achieving project earnings and fair value gains.

Moreover, Hopson increased its cash balance by HKD1 billion to
HKD6.6 billion and reduced its short-term debt by HKD6 billion to
HKD9.5 billion in 2013. Its cash balance to short-term debt
coverage improved to 69.5% at end-2013 from 36% a year ago.

In 2013, Hopson's contracted sales dropped slightly by 3% year-on-
year to RMB11.3 billion (HKD14 billion). Contracted sales in the
first two months of 2014 remained 69.6% below prior year's level.
Hopson's contracted sales in 2013 were about 10% lower than its
recognized revenues.

Moody's expects Hopson's contracted sales will remain stable and
close to HKD14-HKD15 billion in the coming 12-18 months. Although
the company strives to improve its product structure by offering
more small- and medium-sized units targeting mass market and
upgrade needs, the benefits will takes time to accrue. The company
continues to have a significant inventory of premium projects and
targets the maintenance of high profitability over fast inventory
turnover.

Hopson's inventory level remains high in comparison with other
rated property developers. Total inventory -- including work-in-
progress and completed inventory -- stood at about HKD77 billion
at end-2013, or 4.9 times of its 2013 revenues. This large amount
of inventory also resulted in Hopson's gross debt sustaining at a
high level of HKD39 billion at end-2013.

Weak contracted sales and slow turnover have constrained a
sustainable improvement in interest coverage and liquidity
profile, thus positioning the company's credit profile at the low
single B level.

Upward rating pressure could however emerge if Hopson is able to
achieve its contracted sales target in 2014, reduce its unsold
inventory to below two years of contracted sales, improving its
EBITDA/Interest to above 1.5-2x, and improve its liquidity
position with unrestricted cash covering a substantial portion of
its short-term debt.

The ratings could be downgraded if (1) Hopson's liquidity
deteriorates, as evidenced by declining cash, or an inability to
refinance debt, or only manages to extend maturing debt for short
tenors; or (2) the company experiences declines in its sales and
profit margins.

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

Hopson Development Company Holdings Limited is one of the largest
property developers in China with a land bank of 33.45 million
square meters in gross floor area as of December 2013. Its
principal business interests are residential developments in four
major cities -- Guangzhou, Beijing, Shanghai, and Tianjin -- and
their surrounding areas.


LDK SOLAR: Confirms Offshore Restructuring Arrangements
-------------------------------------------------------
LDK Solar Co., Ltd. in provisional liquidation on March 28
disclosed that, subsequent to the Grand Court of the Cayman
Islands appointment of Tammy Fu -- tammy.fu@zolfocooper.ky -- and
Eleanor Fisher -- eleanor.fisher@zolfocooper.ky -- both partners
of Zolfo Cooper (Cayman) Limited, as joint provisional liquidators
("JPLs") for the Company on February 27, 2014, LDK Solar, working
together with the JPLs, has engaged in extensive negotiations with
its offshore creditors with a view toward reaching agreement on
the terms of an offshore restructuring.  As of March 28, 2014, the
Company has received:

* signatures to a restructuring support agreement (the "Senior
  Notes RSA") from the holders of approximately 60% in aggregate
  principal amount of its 10% Senior Notes due 2014 (the "Senior
  Notes");

* signatures to a separate restructuring support agreement (the
  "Preferred Obligations RSA") from the holders of approximately
  79% of the convertible preferred shares issued by an affiliate
  of the Company and involving claims against the Company (the
  "Preferred Obligations");

* signatures to both the Senior Notes RSA and the Preferred
  Obligations RSA from the debtors of the Senior Notes and the
  Preferred Obligations and a majority of the shareholders of the
  Company; and

* a signed commitment letter from Heng Rui Xin Energy (HK) Co.,
  Limited ("HRX"), an existing shareholder of the Company, to
  provide an interim financing (the "Interim Financing") up to an
  aggregate principal amount of US$14 million.

The execution of both the Senior Notes RSA and the Preferred
Obligations RSA and the commitment to the Interim Financing
represent a significant step for the Company in its efforts to
restructure its offshore obligations, although the entry by the
Company into the Senior Notes RSA, the Preferred Obligations RSA
and the Interim Financing is subject to the sanction of the Cayman
Court, currently expected to be on or around April 2, 2014 at a
scheduled hearing.

Subject to the sanction of the Cayman Court, the Company, while
acknowledging the mutual conditionality of the treatment accorded
to the holders of the Preferred Obligations and the holders of the
Senior Notes as contemplated in the Restructuring Transactions,
has undertaken to notify the holders if the Company determines
that it will not be able to achieve the approval by either or both
groups of holders of a scheme of arrangement for the Restructuring
Transactions in the Cayman Islands as required by the Cayman law.
Upon such notice, holders of the Preferred Obligations and/or
holders of the Senior Notes will each have a right to terminate
the Senior Notes RSA and the Preferred Obligations RSA, as the
case may be.

                      Restructuring Financing

In order to finance the Restructuring Transactions, and subject to
the approval of the JPLs and the sanction of the Cayman Court, the
Company intends to raise:

* an Interim Financing up to an aggregate principal amount of
  US$14 million; and

* subsequently, an exit financing (including any rollover of the
  Interim Financing, the "Exit Financing" and, together with the
  Interim Financing, the "Restructuring Financing") up to an
  aggregate principal amount, and on such terms, as may be agreed
  to by holders of the Senior Notes claim and holders of the
  Preferred Obligations claim (the "Restructuring Loans").

As committed by HRX and based upon the most recent projections,
the amounts contemplated under the Interim Financing will generate
sufficient liquidity for the Company to cover the period from its
initial date of funding until the Cayman Court approves a scheme
of arrangement proposed by the JPLs and the approval and/or
recognition by courts of other relevant jurisdictions.  The Exit
Financing is intended to refinance the Interim Financing and to
fund the cash component of the restructuring consideration and any
working capital required by the Company post-restructuring.

                   Existing Equity and Dilution

The existing ordinary equity will continue to exist post-
restructuring as contemplated in the Senior Notes RSA and the
Preferred Obligations RSA.  The Restructuring Transactions will
cause significant dilution to the existing equityholders of the
Company as a result of the issuances of equity securities and
convertible securities of the Company.

The Company has not yet formulated or negotiated the terms for the
Exit Financing.  To the extent any equity-linked derivative
instruments are used in the Exit Financing, it may further dilute
the shareholding structure of the existing shareholders at the
relevant time as may be contemplated in the Exit Financing
documentation.  Neither has the presentation included the
consideration of any anti-dilution provisions that may be in
existence with any of the Company's securities.

A summary of the principal terms of the offshore restructuring
transactions as contemplated in the Senior Notes RSA and the
Preferred Obligations RSA is available for free at:

                 http://is.gd/V6ZURg

                         About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on $862.88
million of net sales for the year ended Dec. 31, 2012, as compared
with a net loss of $608.95 million on $2.15 billion of net sales
for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


LDK SOLAR: NYSE to Delist American Depositary Shares
----------------------------------------------------
Michael Calia, writing for The Wall Street Journal, reported that
the New York Stock Exchange said it would delist American
depositary shares of LDK Solar Co., immediately suspending their
trading.

According to the report, the NYSE said it has determined that LDK
is no longer suitable for listing on the exchange because of
"abnormally low" price indications for the ADSs, which traded
under $1 last week.

The move comes after the exchange said that it would continue to
review LDK's listing status following the company's announcement
of a restructuring and financing agreement, the report related.

The China-based producer of solar wafers, which has been
struggling with a hefty debt load, had said it had approval from
the majority of the holders of its shares and debt to back its
restructuring efforts with liquidators in the Cayman Islands, the
report further related.

The NYSE cited the uncertainty of the timing and outcome of the
liquidation process, as well as its ultimate impact on
shareholders, as one of its reasons for deciding to delist the
company, the report said.

                           About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com-- based in Hi-
Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power
projects and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar Co disclosed a net loss of $1.05 billion on
$862.88 million of net sales for the year ended Dec. 31, 2012, as
compared with a net loss of $608.95 million on $2.15 billion of
net sales for the year ended Dec. 31, 2011.

KPMG, in Hong Kong, China, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2012.  The independent auditors noted that the Group has
a net working capital deficit and a deficit in total equity as of
Dec. 31, 2012, and is restricted from incurring additional
indebtedness as it has not met a financial covenant ratio as
defined in the indenture governing the RMB-denominated US$-settled
senior notes.  These conditions raise substantial doubt about the
Group's ability to continue as a going concern.


LONKING HOLDINGS: Overdue Receivables Pressures Moody's B1 CFR
--------------------------------------------------------------
Moody's Investors Service says Lonking Holdings Limited's high
level of accounts receivables continues to pressure its B1
corporate family and senior unsecured bond ratings.

Thus, its ratings outlook remains negative.

"Lonking showed improvements in sales, profitability and debt
leverage in 2013, but its credit profile is weak due to the high
level of overdue accounts receivables and the expectation of only
a moderate recovery in the machinery sector," says Jiming Zou, a
Moody's Assistant Vice President and Analyst.

Its overdue accounts receivables total RMB 584 million, or 30.7%
of net accounts receivables of RMB1.9 billion. In addition, loan
receivables of RMB964 million represent credit granted for
covering payments in arrears for equipment sold through dealers.

The company recognized RMB239 million in provisions in 2013, a
level which could be low relative to the aggregate for overdue
accounts receivable and loan receivables.

Despite enhanced risk management, Moody's expects it will take
time for the company to work down the overdue amounts because its
customers in the mining and construction industries, and
downstream traders and distributors, are facing a weak industry
environment and tight credit conditions.

On the other hand, Lonking's revenues increased by 3.3% year on
year to RMB 8,158 million in 2013, as demand for wheel loaders
began to stabilize after a drastic downturn in 2012. Such a
revenue level is still low relative to its historical levels.

Moody's estimates that its EBITDA margin increased to 17.5% from
the trough of 13.1% in 2012. This was the result of the
implementation of cost reductions and lower raw materials costs,
including for steel.

Lonking generated free cash flow to reduce its debt by about
RMB900 million to RMB4.2 billion in 2013.

As a result, the company's credit metrics improved in 2013.
Moody's estimates that its debt/EBITDA (including RMB1 billion in
debt adjustments for repurchase obligations) declined to about
3.9x at end-2013 from 6.2x in 2012. Also, its EBITDA/Interest
coverage rose to 3.9x from 1.9x. Such credit metrics support
Lonking's B1 ratings.

Moody's expects further improvements in its credit metrics in 2014
will be constrained by the slowing pace of infrastructure
investment and the lackluster state of the mining industry in
China.

The principal methodology used in this rating was Global
Manufacturing Industry, published in December 2010.

Lonking Holdings Limited is a manufacturer and supplier of heavy
machinery in Mainland China. The company focuses on the production
of wheel loaders and excavators, which accounted for 65.6% and
9.6%, respectively, of its total revenue in 2013. Lonking also
makes road rollers, forklifts, and other types of construction
machinery.

Lonking's four manufacturing plants are based in Shanghai,
Zhengzhou, Fujian and Jiangxi and the majority of its products
target the domestic market. The company was listed on the Hong
Kong Stock Exchange in 2005.

Lonking is 55.69% controlled by its founder and chairman, Li Xin
Yan, and his wife.


VIRCUREX: Halts Operations After Large Fund Withdrawals
-------------------------------------------------------
Jeffrey Roman at bankinfosecurity.com reports that Vircurex, a
Bitcoin-trading website, has announced it's stopping withdrawals
and deposits for the time being, citing recent "large fund
withdrawals" for the sudden halt in operations.

bankinfosecurity.com relates that the news comes one month after
Mt.Gox, one of the world's biggest Bitcoin exchanges, was abruptly
taken offline, raising concerns about the viability of the online
virtual currency.

According to bankinfosecurity.com, Vircurex notes: "As you may
very well be aware, we had two incidents last year that led to a
loss of a significant number of [Bitcoins and other virtual
currencies]. We had communicated at that time that we will be
covering those losses from our income, which we have done so far."

bankinfosecurity.com relates that the exchange said it saw large
fund withdrawals in the past few weeks that led to a complete
depletion of its "cold wallet balance," funds used to upkeep the
Vircurex platform and to cover Bitcoin losses. "We are now facing
the option of either closing the site with significant
unrecoverable losses for all or to work out a solution that allows
the exchange to continue to operate and gradually pay back the
losses."


* PBOC Official Blogs Skepticism About Bitcoin
----------------------------------------------
Chao Deng, writing for The Wall Street Journal, reported that an
official from China's central bank voiced his skepticism toward
bitcoin on his personal microblogging account, a move that comes
amid uncertainty around the digital currency's future in China.

According to the report, Zhang Niannian likened bitcoin exchanges
to "casinos" on Chinese microblogging website Sina Weibo in a post
dated March 28.  Mr. Zhang asked several rhetorical questions in
his posting, including "Aren't you afraid that a bitcoin platform
will leave with your money?" as well as, "Do you think the court
would protect you?"

"Cherish life, walk away from bitcoin," he added, the report
cited.

Chinese media reported that the People's Bank of China has ordered
domestic banks to stop doing business with websites that trade in
bitcoin, the report related.

The price of bitcoin has fallen since the start of the year amid
the collapse of Tokyo-based bitcoin exchange Mt. Gox, which had
for a long time been the world's most prominent platform but which
filed for bankruptcy protection on Feb. 28, saying it had lost
hundreds of thousands of bitcoin, 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.



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


AKASH STEELS: CRISIL Assigns 'B' Rating to INR50MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Akash Steels.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            50        CRISIL B/Stable
   Letter of Credit       20        CRISIL A4

The rating reflects modest scale of operations in an intensely
competitive steel trading industry, subdued financial risk
profile, marked by a modest net worth, high external indebtedness
and moderate debt protection metrics. These weaknesses are
partially offset by the extensive industry experience of the
promoters.

Outlook: Stable

CRISIL believes that Akash will continue to benefit over the
medium term from the industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in the firm's scale of operations and profitability,
while maintaining its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if Akash reports lower-than-
expected revenues and profitability margins, or if its working
capital cycle lengthens, leading to further deterioration in its
financial risk profile.

Akash, set up in 1998 is a partnership firm owned by Mr. Sandeep
Agarwal and Mr Shyam Sunder Agarwal. Mr Ankit Agarwal, (son of Mr
Shyam Sunder Agarwal) also manages the day to day operations of
the firm. The firm is engaged in trading of steel products. The
firm's office is located at Bahadurpura, Hyderabad.

Akash reported a profit of INR5.0 million on net sales of INR436.8
million for 2012-13 (refers to financial year, April 1 to March
31) against profit of INR 3.9 million  in 2011-12 on net sales of
INR 307.1 million.


BRIJ SUGAR: CRISIL Lowers Rating on INR100MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Brij Sugar Industries Pvt. Ltd. to 'CRISIL D' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------          --------     -------
   Term Loan              100       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade in rating reflects BSIPL's delay in paying the term
loan interest. BSIPL had availed of a term loan for setting up its
sugar plant, which began commercial operation in November 2013.
The company's liquidity is stretched on account of delay in
commercial operation, resulting in lower than expected revenue.

The rating continues to factor in the risks related to the initial
stage of business and its weak financial risk profile with
leveraged capital structure. These weaknesses are partially offset
by its promoters' extensive experience in the sugar industry.

BSIPL was incorporated in 2010 by Mr. Mahindra Goel for setting up
a sugar manufacturing unit at Jyotiba Phule Nagar (Uttar Pradesh).


COLOR N STYLE: CRISIL Assigns 'D' Rating to INR112MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Color N Style Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            49        CRISIL D
   Term Loan              63        CRISIL D

The rating reflects instances of delay by CNSPL in meeting its
debt obligations; the delays have been caused by the company's
weak liquidity, driven by its large working capital requirements.

CNSPL's has a weak financial risk profile, marked by high gearing
and a small net worth, large working capital requirements and
small scale of operations in the highly competitive & fragmented
textile industry. However, the company benefits from promoter's
extensive experience & established client relationships in the
textile industry.

CNSPL, incorporated in 2005 is a private limited company based out
of New Delhi. The company is engaged in dyeing and trading of grey
and printed cloth. It is promoted by Mr. Rajesh Wason, who looks
into the day-to-day operations of the company in the capacity of
Managing Director.

CNSPL reported a profit after tax (PAT) of INR1.7 million on
operating income of INR315.9 million for 2012-13 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.1
million on operating income of INR225.3 million for 2011-12.


DASVE HOSPITALITY: CARE Revises Rating on INR30cr Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Dasve
Hospitality Institutes Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        30         CARE D Revised from 'CARE B
   Facilities                       under credit watch'

Rating Rationale

The revision in the rating assigned to the bank facilities of
Dasve Hospitality Institutes Limited takes into account the
ongoing delays (till March 14, 2014) in servicing of interest
obligations for January and February 2014 on restructured term
loan. In addition, there have been delays in servicing of interest
obligation for the month of December 2013. The rating is further
constrained on account of low level of enrollment at the
institute.

The rating was removed from credit watch on restructuring of debt
of Lavasa Corporation Limited (rated 'CARE C' for its bank
facilities and instruments), holding company of DHIL and
consequent availability of additional debt by LCL, part of which
was utilised as infusion of funds in DHIL for completion of the
institute's construction work.

DHIL's ability to scale up operations through higher enrollment of
students, timely servicing of interest obligations and repayment
of principal payments arising from the next financial year are the
key rating sensitivities.

DHIL is a wholly owned subsidiary of LCL floated as a special
purpose vehicle. LCL is a part of Hindustan Construction Company
Limited (HCC, rated 'CARE D' for its bank facilities and
instruments)); HCC holds 63.50% stake in LCL. DHIL operates a
hospitality management institute under the brand name 'Ecole
Hoteliere Lavasa'. The institute is set-up and managed in
accordance with arrangement with Ecole Hoteliere de Lausanne,
Switzerland. The institute can enroll maximum of 840 students and
is currently operating with 76 students.

During FY13 (refers to the period April 1 to March 31), DHIL
reported a net loss of INR1.92 crore on a total operating income
of INR2.93 crore vis-a-vis net loss of INR3.62 crore and total
operating income of INR2.37 crore in FY12. Also in 9MFY14
(unaudited), DHIL reported a net loss of INR7.93 crore on a total
operating income of INR2.26 crore.


DEEPSHIKHA PAPER: CRISIL Raises Rating on INR200MM Loans to 'C'
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Deepshikha Paper Pvt Ltd to 'CRISIL C' from 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           38.2      CRISIL C (Upgraded from
                                   'CRISIL D')

   Funded Interest       27.3      CRISIL C (Upgraded from
   Term Loan                       'CRISIL D')

   Term Loan             79        CRISIL C (Upgraded from
                                   'CRISIL D')

   Working Capital       55.5      CRISIL C (Upgraded from
   Term Loan                       'CRISIL D')

The rating upgrade reflects improvement in DPPL's liquidity on
account of the restructuring of its debt instalments. The company
has been allowed moratorium for interest and principal payment
till September 2014 and March 2015, respectively for its term loan
obligations.

The rating also reflects DPPL's weak financial risk profile marked
by small net worth, below-average debt protection measures and
small scale of operations. These rating weakness are partially
offset by its promoters' extensive industry experience.

DPPL manufactures kraft paper and duplex boards, which are used
for making corrugated boxes. The company was incorporated in 2007
and is promoted by Mr. Ravinder Singh and Mr. Sudip Kapisway and
their family members.


GANESH DAL: CRISIL Assigns 'B' Rating to INR70MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Ganesh Dal Industries.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           20         CRISIL B/Stable
   Term Loan             50         CRISIL B/Stable

The rating reflects GDI's modest scale of operations in the highly
competitive and fragmented chana processing industry, along with
its below average financial risk profile due to expected large
debt funded capex plan. These rating weaknesses are partially
offset by the extensive experience of the promoters in the agro
commodity industry.

Outlook: Stable

CRISIL expects GDI to maintain a stable business risk profile over
the medium term on the back of promoter's extensive experience in
the agro-commodities industry. The outlook may be revised to
'Positive' in case of higher-than-expected ramp up in operations
and improved profitability on account of the capacity enhancements
resulting in significant improvement cash accruals, leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative', if GDI's financial risk profile
deteriorates in case of higher than expected debt funded capex or
stretchin its working capital cycle or generates lower-than-
expected cash accruals from operations, resulting in weakening of
its liquidity and its debt servicing ability.

Ganesh Dal Industries was set up as a partnership firm in 2000 by
Mr. Pannalal Sewak and his brother Mr. Premkumar Sewak. GDI is
engaged in processing of channa into channa dall and besan. The
firm also generates revenue through trading of Chana dal. The firm
has its manufacturing facility based in Nagpur, Maharashtra. The
firm is in process of incurring capex to enhance manufacturing
capacity.


GEMINI ALUMINIUM: CRISIL Reaffirms 'B' Rating on INR105MM Loans
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gemini Aluminium
Trading Company Pvt Ltd continues to reflect Gemini's below-
average financial risk profile, marked by small net worth, high
total outside liabilities to tangible net worth ratio, and weak
debt protection metrics. The rating also reflects the company's
large working capital requirements and modest scale of operations.
These rating weaknesses are partially offset by the extensive
experience of Gemini's promoters in the aluminium trading business
and its established relationship with suppliers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          --------      -------
   Cash Credit            85         CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     20         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Gemini's turnover will continue to grow
moderately over the medium term on the back of its established
market presence. However, the financial risk profile will remain
constrained by a weak capital structure. The outlook may be
revised to 'Positive' if Gemini's capital structure improves on
the back of larger-than-expected accruals or sizeable equity
infusion by the promoters. Conversely, the outlook may be revised
to 'Negative' if Gemini's financial risk profile, particularly
liquidity, deteriorates on account of stretched working capital
cycle or large capital expenditure.

Incorporated in 2003, Gemini trades in various aluminium-based
products, including aluminium coils, chequered sheets, and
extrusions. The company is promoted by Mr. Futarmal Mehta and his
son Mr. Kuldeep Mehta.

The company reported profit after tax (PAT) of INR0.1 million on
net sales of INR634.0 million for 2012-13 (refers to financial
year, April 1 to March 31), against PAT of INR3.0 million on net
sales of INR515.7 million for 2011-12.


HARI OM: ICRA Suspends 'D' Rating on INR5.5cr Loans
---------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR3.0 crores
term loans and INR2.5 crore cash credit facility of Hari Om Boxes
Pvt. Ltd.  The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


HARMAN RICE: CRISIL Reaffirms 'B+' Rating on INR160MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Harman Rice Pvt Ltd
continue to reflect HRPL's weak financial risk profile, marked by
high gearing, small net worth and weak debt protection metrics.
The rating also reflects the company's, susceptibility to
volatility in raw material prices and regulatory changes. These
rating weaknesses are partially offset by the extensive experience
of HRPL's promoters and the benefits that the company derives from
the growth prospects for the basmati rice business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           116        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan          7.7      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     36.3      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that HRPL will continue to benefit over the medium
term from the extensive experience of its promoters in the rice
industry. The outlook may be revised to 'Positive' in case of a
substantial and sustained improvement in the company's revenues
and profitability or substantial increase in its net-worth on the
back of equity infusion by its promoters. Conversely, the outlook
may be revised to 'Negative' in case of significant deterioration
in HRPL's financial risk profile, most likely because of larger-
than-expected working capital requirements, leading to large
incremental bank borrowings, or debt-funded capital expenditure.

Update
HRPL's revenues registered a 26 per cent year-on-year growth to
around INR393 million in 2012-13 (refers to financial year,
April 1 to March 31); the revenue growth was driven by strong
demand for basmati rice. However, the increase in revenues was
offset by decrease in operating margins by around 93 basis points
to 3.6 per cent in 2012-13 on account of extensive competition in
the industry and limited bargaining power of HRPL with its
customers. The operating margins of the company are expected to
remain in the similar range in the medium term.

HRPL's had low working-capital requirements in 2012-13 than in
previous years, as reflected in its gross current assets (GCAs) of
98 days as on March 31, 2013, compared with 126 days as on March
31, 2012. The lower GCA days were because of lower-than-expected
inventory of 10 days as on March 31, 2013, compared with 90 days
as on March 31, 2012 because of lower inventory holding by the
company due to muted demand from the export market. HRPL's average
bank limit utilisation was around 90 per cent for the 12 months
through December 2013.

HRPL's net worth is expected to remain low at around INR38
million, as on March 31, 2014 limiting the company's financial
flexibility to meet any exigency. HRPL has moderate debt for
funding its working capital requirements; the debt along with
small net-worth is expected to result in gearing of around 2.5
times as on March 31, 2014.

HRPL was incorporated in 2007, promoted by Mr. Inderpreet Singh.
HRPL processes basmati rice (1121 grade) and has a rice milling
plant with capacity of 6 tonnes per hour in Bhatinda (Punjab).


KNOWLEDGE VISTAS: CARE Upgrades Rating on INR25cr Loan From 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Knowledge Vistas Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         25        CARE C Revised from
   Facilities                       CARE D

Rating Rationale

The rating revision factors in the timely repayment of debt since
August 2013, however the rating continues to be constrained due to
non commencement of operations of school and pending completion of
hostel and sports facilities and consequent dependence on the
group company-Lavasa Corporation Ltd (rated CARE C for its bank
facilities and instruments) for repayment of its debt obligations.

Knowledge Vistas Ltd. (erstwhile GDST Oxford International School
Limited) was incorporated on February 24, 2009. It was floated as
a Special Purpose Vehicle (SPV) for establishing, developing
and operating a school in Lavasa. The school is proposed to be
established as a co-educational, fee paying school for 1,200
pupils of which up to 70% of the pupils would be boarding. The
school is jointly owned by Educomp Infrastructure and School
Management Ltd (51%) & Lavasa Corporation Ltd (49%).

The company has not commenced its commercial operations, however
during FY13 (refers to the period April 1 to March 31) it had
losses of INR0.75 crore as against losses of INR3.99 crore in
FY12.


MADHU INDIA: CARE Reaffirms 'B+' Rating on INR4.32cr Bank Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Madhu India Deco Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             4.32      CARE B+ Reaffirmed

   Short-term Bank
   Facilities             6         CARE A4 Reaffirmed

Rating Rationale

The ratings of Madhu India Deco Limited continue to remain
constrained on account of its small scale of operations, leveraged
capital structure, weak debt service coverage indicators &
liquidity position. The ratings also factors in the elongated
inventory holding and foreign exchange fluctuation risk.

The ratings, however, continue to take comfort from the vast
experience of the promoters in the existing line of business and
long-term relationship with the clients. The ratings also take
cognizance of the increased scale of operations and improvement in
profitability margins in FY13 (refers to the period April 01 to
March 31) Going forward, the ability of MIDL to increase its scale
of operations while managing its working capital requirements and
improvement in the capital structure shall be the key rating
sensitivity.

The ability to manage foreign currency fluctuation risk would also
be a key rating sensitivity.

Lucknow-based (Uttar Pradesh) MIDL was incorporated in 1991 as
Madhu India Limited by Mr Anand Gupta and Mrs Madhu A. Gupta. MIDL
manufactures floor coverings and window coverings including
blinds. MIDL has a weaving capacity of 8 lakh square meters per
annum and bleaching and dyeing capacity of 1000 metric tonnes per
annum as on March 31, 2013 at its units in Biswan and Ataria near
Lucknow. Apart from manufacturing the company also trades the
goods which include durries, braided rugs and leather rugs. In
FY13 the revenue comprises of 60% of manufacturing income and 40%
of trading income. The raw materials (artificial leather, cotton
rugs, paper rugs and kraft paper) are procured domestically as
well as imported from countries like US and UK. The company sells
its products in the domestic and overseas market.

MIDL reported a PAT of INR0.25 crore on a total income of INR17.44
crore in FY13 as against the net loss of INR1.40 crore on a total
income of INR12.35 crore in FY12. In 10MFY14 (refers to the period
April 01 to January 31), on a provisional basis, MIDL has reported
a total income of INR19.14 crore.


MAHAVIR BUILDERS: CRISIL Assigns 'B+' Rating to INR200MM Loans
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Mahavir Builders.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           100       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    100       CRISIL B+/Stable

The rating reflects MB's susceptibility to project related risks
associated with its ongoing commercial real estate construction
project at Hyderabad and to cyclicality in the Indian real estate
industry. These rating weaknesses are partially offset by the
extensive industry experience of MB's promoters and their
established track record in the Hyderabad real estate segment.

Outlook: Stable

CRISIL believes that MB will continue to benefit from the
extensive industry experience of its promoters and their
established track record. The outlook may be revised to 'Positive'
if the firm achieves an earlier than expected completion and sale
of its ongoing commercial real estate project leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there are any delays in project
completion, in the receipt of advances from customers, or if the
firm undertakes a larger than expected debt-funded project leading
to deterioration in its financial risk profile.

Set up in 2003 as a partnership entity, MB is involved in the
development and sale of commercial real estate projects at
Hyderabad. The firm is promoted by Mr.Pravin.K.Dedhia and his
family.


MANASA RICE: ICRA Reaffirms 'B+' Rating on INR10.5cr Loan
---------------------------------------------------------
ICRA has reaffirmed long-term rating of '[ICRA]B+' to the INR10.50
crore fund based facilities and reaffirmed [ICRA]B+ and assigned
[ICRA]A4 to the INR0.50 crore unallocated limits of Manasa Rice
Industry.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund based limits     10.50     [ICRA]B+ (reaffirmed)
   Unallocated limits     0.50     [ICRA]B+ (reaffirmed)/
                                   [ICRA]A4 (assigned)

ICRA's rating takes into account the firm's weak financial profile
characterized by low profitability, high gearing and weak coverage
indicators. The rating is also constrained by the small scale of
operations, intensely competitive nature of the industry
restricting operating margins and agro climatic risks, which can
affect the availability of the paddy in adverse weather
conditions. However, the rating favourably factors in MRI's
experienced management, easy availability of paddy with the rice
mill being located in major paddy cultivating region and favorable
demand prospects for rice with India being the second largest
producer and consumer of rice internationally. Going forward, the
firm's ability to improve its profitability and effective
management of its working capital are key rating sensitivities.

Manasa Rice Industry was established in 2009 as a partnership firm
by Mr. Pulivarthi Malyadri, The firm is engaged in milling of
paddy to produce rice and it has an installed capacity of 6 TPH
(Tons per Hour). The unit is based out of Nellore district of
Andhra Pradesh. The firm sells raw and boiled rice under the brand
name "Golden Fish". The plant started operations from April 2011.

Recent Results

The firm reported profit after tax of INR0.05 crore on an
operating income of INR31.39 crore during FY2013 as against profit
after tax of INR0.05 crore on an operating income of INR17.85
crore during FY2012.


MATSYODARI STEEL: CRISIL Rates INR250MM Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Matsyodari Steel and Alloy Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           250        CRISIL B+/Stable

The rating reflects MSAPL's average scale of operations, and the
exposure of its new billet manufacturing facility to demand risks;
the facility is likely to be commissioned in April 2014. The
rating also factors the company's below-average financial risk
profile marked by modest net worth, high gearing and average debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive industry experience and their funding
support.

For arriving at the rating, CRISIL has treated unsecured loans of
INR158 million from the promoters, and their associates as neither
debt nor equity. This is because the loans are non-interest-
bearing, subordinated to bank debt, and will be retained in the
business until the bank loans are repaid.

Outlook: Stable

CRISIL believes that MSAPL will continue to benefit from the
promoters' extensive industry experience and their funding support
over the medium term. The outlook may be revised to 'Positive' in
case the company significantly improves its scale of operations
and profitability leading to better-than-expected cash accruals
along with efficient working capital management. Conversely, the
outlook maybe revised to 'Negative' in case of lower-than-expected
cash accruals or larger-than-expected working capital requirements
or more than expected debt funded capital expenditure pressurizing
the company's liquidity.

Mumbai-based MSAPL was incorporated in 1998, and manufactures
ingots and billets. The company's recently established billet
manufacturing facilities will begin commercial production in April
2014. Mr. Deepak Mittal and his family acquired MSAPL in 2001.


MAYUR SEEDS: CRISIL Assigns 'B-' Rating to INR40MM Cash Credit
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Mayur Seeds & Agritech, and has assigned its 'CRISIL
B-/Stable/CRISIL A4' ratings to these facilities. The ratings had
been suspended by CRISIL as per its rating rationale dated October
17, 2013, as the firm did not provide requisite information to
review the ratings. MSA has now shared the requisite information,
thereby enabling CRISIL to assign ratings to the firm's bank
facilities.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bank Guarantee         90       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit            40       CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect MSA's modest scale of operations in a
competitive environment, weak financial risk profile driven by
large working capital requirements and susceptibility to risks
related to ongoing capital expenditure (capex). These rating
weaknesses are partially offset by partners' extensive experience
in the seed processing segment.

Outlook: Stable

CRISIL believes that MSA will maintain its business risk profile
driven by its extensive tenure in the seed processing segment. The
outlook may be revised to 'Positive' if the firm significantly
increases its cash accruals, and improves its financial risk
profile, supported by a large capital infusion. Conversely, the
outlook may be revised to 'Negative' if MSA's financial risk
profile deteriorates, because of debt-funded capex, or its
liquidity declines with increasing working capital requirements.

MSA was set up as a proprietorship firm by Mr. Jagdish Chandra
Khandelwal in Indore (Madhya Pradesh) in 2002. The firm was
reconstituted as a partnership in 2004 with the appointment of the
promoter's nephew, Mr. Rajesh Khandelwal, as a partner. MSA
processes breeder seeds in to certified seeds, mainly of wheat and
soybean seeds.


MILAN GINNING: CRISIL Upgrades Rating on INR215MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Milan Ginning Pressing Pvt Ltd (MGP; part of the Babubhai Jinwale
group [BJG]) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        --------     -------
   Cash Credit           200      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Term Loan              10      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term      4      CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the BJG group's
business and financial risk profiles will continue to improve
backed by operational synergies in the group. The group has
presence in both cotton ginning and oil extraction, and is
presently setting up spinning capacities, which is further
expected to enhance its business profile. The group's scale of
operations and operating margin improved to INR1.8 billion and 2.5
per cent, respectively, for 2012-13 (refers to the financial year,
April 1 to March 31) from INR1.2 billion and 1.8 per cent
respectively for 2011-12. The group is expected to register
healthy sales growth of over 20 per cent over the medium term
backed by healthy capacity utilisation and benefits of synergies
of operation. Moreover, the group's financial risk profile
benefits from its promoters' funding support.

The promoters have infused INR0.1 billion as equity over the two
years ended March 31, 2013. The increased net worth has supported
the group's financial flexibility and CRISIL believes that the
promoters will continue to back funding requirements of the group
over the medium term.

The rating continues to reflect the BJG's weak financial risk
profile, marked by low networth, weak debt protection measures and
susceptibility to intense competition in the cotton ginning and
oil extraction industry, and exposure to risks related to the
large ongoing project. These rating weaknesses are partially
offset by the extensive industry experience of the BJG's promoters
in the cotton industry and healthy operational efficiency backed
by integrated operation.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MGP, K. R. Solvent (KRS) and
Sustainable Spinning and Commodities Pvt Ltd (SSCPL). This is
because these entities, together referred to as the BJG, have
common promoters and management, and are in the similar line of
business.

Outlook: Stable

CRISIL believes that BJG group will maintain its credit risk
profile backed by the extensive experience of the promoters in the
industry and their funding support. The outlook may be revised to
'Positive' if the group is able to significantly improve its
accruals with earlier than expected stabilization of the ongoing
project or its financial risk profile improves significantly
backed by better than expected profitability or equity infusion by
promoters. Conversely, the outlook may be revised to 'Negative' in
case there are significant delays or cost overrun for the ongoing
project or if the group's capital structure is adversely impacted
by higher than expected debt contracted for incremental working
capital requirements or larger than expected capex.

MGP, incorporated in 1995, is engaged in cotton ginning activity
and is located in Surendranagar, Gujarat. The company is promoted
and managed by Mr. HusenAli YusufAli Narsinh. KRS was incorporated
in 2011, and is engaged in cotton oil extraction by processing
cotton seeds. The group has incorporated SSCPL, in 2012 and is
setting up a spinning mill for cotton yarn manufacturing.

MGP reported a profit after tax (PAT) of INR1.41 million on net
sales of INR1.3 billion for 2012-13, against a PAT of INR1.25
million on net sales of INR1.0 billion for 2011-12.


MILLENIUM ELECTRONICS: CRISIL Reaffirms B Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Millenium Electronics
continue to reflect its weak financial risk profile, marked by
high gearing, small scale of operations, and working-capital-
intensive operations. These rating weaknesses are partially offset
by the promoters' extensive industry experience.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit           50        CRISIL B/Stable (Reaffirmed)
   Letter of Credit      10        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that the ME will continue to benefit from the
promoters' extensive industry experience and established customer
relationships over the medium term. The outlook may be revised to
'Positive' if the firm significantly increases its scale of
operations, receives a sizeable fund infusion from the promoters,
and prudently manages its working capital. Conversely, the outlook
may be revised to 'Negative' in case of significant capital
withdrawals, or if the firm's working capital cycle lengthens, or
its revenues and profitability decline.

Update
ME's revenues registered a healthy 72 per cent year-on-year growth
to around INR398 million in 2012-13 (refers to financial year,
April 1 to March 31). However, the firm's sales could decline to
around 50 per cent in in 2013-14 with a slowdown in demand for
inverters and uninterrupted power supply units (UPS). ME's
operating margin fell by around 528 basis points to 6.2 per cent
in 2012-13, due to intense market competition, and could remain
low over the medium term. However, the firm has reduced its
working capital requirements, with inventory of 85 days as on
March 31, 2013 as compared to 144 days in the previous year.
Additionally, low receivables of around 26 days in 2012-13 ensured
that the firm's bank borrowings did not increase. Furthermore, in
the absence of any capital withdrawal in 2012-13, ME's gearing and
net worth improved to 2.86 times and INR17.4 million,
respectively, as on March 31, 2013, from 9.47 times and INR4.7
million, respectively in the previous year. The firm's interest
coverage ratio was also moderate at 3.3 times in 2012-13. CRISIL
believes that ME's financial risk profile will remain average over
the medium term, commensurate with its profitability, and
supported by the absence of any significant capital withdrawals.
However, the firm's liquidity will remain weak due to high bank
limit utilisation of 93 per cent over the 10 months through
January 2014 and low cash accruals of INR12 million in 2012-13.

ME was established in 2008 by Mr. Rahul Mundra and Mr. Vipin Goel.
The firm manufactures UPS and inverters at its facility in
Parwanoo (Himachal Pradesh).


MURUGAN TEXTILES: ICRA Reaffirms 'B' Rating on INR5cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR5.00 crore fund based facilities of Murugan Textiles.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------             -----------     -------
   Fund based facilities     5.00         [ICRA]B reaffirmed

The rating re-affirmation considers the Firm's relatively stable
performance during the last 18 months in line with our
expectations, supported by stable domestic demand and the long
standing experience of proprietor which has aided in generating
incremental yoy growth in business orders. The rating, however,
continues to factor the Firm's modest business profile which is
characterised by relatively small scale of operations, which
restricts scale economies and financial flexibility, and the
intense competition prevalent in the industry which restricts
pricing flexibility to a large extent. The Firm's financial
profile is also relatively weak, characterized by thin net profit
margins (~1%), moderately leveraged capital structure and modest
coverage indicators. Going forward, ability of the Firm to grow
volumes and sustain margins amidst rising input cost pressures
would be crucial to improve its financial profile.

Murugan Textiles is a sole proprietorship Firm, which commenced
operations during the year 1986 and has been registered under the
name of the proprietor, Mr. V. Velusamy. The Firm is engaged in
the production of grey cotton fabric with an installed capacity of
19 looms located in Avinashi, Tamil Nadu. The Firm outsources
majority of its production to around 750 looms located in the
vicinity of the region, by virtue of which it has an overall
production capacity of around 26 million meter per annum. The Firm
procures cotton yarn in the low to medium counts range (30's to
60's), weaves it into grey fabric and markets it to garment
manufacturers located in various cities including Mumbai and
Ahmedabad. In 2012-13, the Firm had sold its sizing unit to a
group entity.

For the year ended March 2013, the Firm has reported a net profit
of INR0.3 crore on an operating income of INR26.2 crore as against
net profit of INR0.2 crore on operating income of INR27.3 crore
during 2011-12.


NANIBALA COLD: CRISIL Reaffirms 'B+' Rating on INR65MM Loans
------------------------------------------------------------
CRISIL's rating on the bank facilities of Nanibala Cold Storage
Pvt Ltd continues to reflect its below-average financial risk
profile, small scale of operations and susceptibility to adverse
regulatory changes in the cold storage industry. These rating
weaknesses are partially offset by the extensive experience of
NCSPL's promoters in the cold storage business.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------          --------    -------
   Proposed Cash         55        CRISIL B+/Stable (Reaffirmed)
   Credit Limit

   Working Capital       10        CRISIL B+/Stable (Reaffirmed)
   Facility

For arriving at its rating, CRISIL has treated the interest-free
unsecured loans of INR4.58 million as on March 31, 2013 extended
by NCSPL's promoters and their family as part of quasi capital;
this is because the same is expected to remain in the business
over the long term.

Outlook: Stable

CRISIL believes NCSPL will continue to benefit from its promoters'
extensive experience in the cold storage business over the medium
term. The outlook may be revised to 'Positive' in case of
efficient management of farmer financing and significant ramp-up
in NCSPL's scale of operations and profitability. Conversely, the
outlook may be revised to 'Negative' in case of delay in
repayments by farmers, lower-than-expected cash accruals, or
larger-than-expected debt-funded capital expenditure, constraining
NCSPL's liquidity.

Update
The company had reported operating revenue of INR21 million in
2012-13 (refers to financial year, April 1 to March 31) as against
INR19.5 million in 2011-12; the improvement in operating income
was on account of higher rental income received from the farmers
and better capacity utilisation. The company has registered
operating revenue of INR24.3 million for the first nine months of
2013-14, driven by increase in rental prices of cold storages.
There was a decline in operating margin to 20.1 per cent in 2012-
13 as against 23.64 per cent in the previous year due to increase
in power tariff. As part of a government initiative, NCSPL takes
loan from the banks and extends it to the farmers; as on March 31
2013, it had loan outstanding of INR20.1 million resulting in high
gross current assets of 1115 days.

NCSPL has a below-average financial risk profile, marked by small
net worth, high gearing and modest debt protection metrics. The
company had a net worth of INR19.3 million as on March 31, 2013;
furthermore, it provides financial assistance to the farmers by
borrowing from banks and lending to farmers. This has led to high
gearing of 2.85 times as on March 31, 2013. The company's interest
coverage and net cash accruals to total debt ratios were at 1.81
times and 2.0 per cent, respectively, for 2012-13. Its average
bank limit utilisation has been at 19 per cent for the 12 months
ended December 31, 2013. The company had high unencumbered cash
balance of INR33.6 million as on March 31, 2013.

Incorporated in 1997 by Mr. Chittranjan Pal and his four sons,
NCSPL has a cold storage in Bankura (West Bengal) with three
chambers and a capacity of 218,000 quintals. The company also
trades in potatoes.

For 2012-13, NCSPL reported a profit after tax (PAT) of INR1.9
million on an operating income of INR20.8 million as against a PAT
of INR2.1 million on an operating income of INR19.5 million for
2011-12.


NEOTECH EDUCATION: ICRA Lowers Rating on INR12.22cr Loan to 'D'
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR12.22 Cr.
fund based facilities of Neotech Education Foundation to [ICRA]D
from [ICRA]B.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans          12.22       Revised to [ICRA]D
                                   from [ICRA]B

The rating revision takes into consideration the delays in debt
servicing as a result of liquidity constraints arising due to an
increase in project cost and lower than expected accruals as
college could offer only one course (as against three courses,
which it had planned) during the first academic year. The rating
is further constrained by the weak financial profile of the
company as characterized by negative cash accruals, adverse
capital structure and weak coverage indicators. The rating
continues to be constrained by the start up nature of the college
which makes it difficult to recruit competent academic staff and
secure adequate enrolments; exposure to execution risks as the
project has already had a significant cost overrun. Further the
rating is constrained by the high competitive intensity due to the
presence of other educational institutions in the nearby regions;
however Vadodara, where the institute is located, has limited no.
of reputed engineering colleges thereby mitigating this risk to a
certain extent.

The assigned rating, however, takes comfort from the long
experience of the promoters in the education business through
other colleges and positive outlook for the higher education
sector in India.

Incorporated in November 2011, under Section 25 of Company's act
1956, Neotech Education Foundation (NEF) has set up a college
namely "Neotech Technical Campus" (NTC) in Vadodara, Gujarat. NTC
is a part of Gujarat Technical University (GTU) and affiliated to
All India Council for Technical Education (AICTE) norms. At
present, the college offers civil, electrical and mechanical
engineering courses at undergraduate level and has a total intake
of 300 students per batch.

Recent Results

For 11M FY14 (based on provisional financials), NEF has reported
an operating income of INR1.01 Cr. and a net loss of INR1.19 Cr.


NIDHI MERCANTILES: CARE Reaffirms 'B+' Rating on INR3.59cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Nidhi Mercantiles Ltd.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            3.59       CARE B+ Reaffirmed

   Short-term Bank
   Facilities           20.00       CARE A4 Reaffirmed

Rating Rationale

The ratings of the bank facilities of Nidhi Mercantiles Ltd (NML)
continue to be constrained by its small scale of operations,
decline in profitability and weak debt coverage indicators.
The above constraints more than offset the strength derived from
NML's experienced and resourceful promoter group. NML's ability to
increase its scale of operations through diversification of its
clientele and improve its profitability would be the key rating
sensitivities.

Established in February 1985, NML is promoted by Mr RP Soni of the
Rajasthan-based Sangam group. NML primarily acts as one of the
investment arms of the Sangam group and as on March 31, 2013, held
approximately 16% equity in the group's flagship company, Sangam
India Ltd (SIL; engaged in the manufacturing of yarn and fabric;
rated 'CARE BBB+ / CARE A2') and held 46% in Sangam Infratech Ltd
which is another investment arm of the Sangam group for its non-
textile business. NML is engaged in the trading of metal scrap
(contributed 70% of its total operating income in FY13) which it
supplies to a group company, Mahalaxmi TMT Pvt Ltd (rated; CARE
B/CARE A4), which is engaged in the manufacturing of billets,
sponge iron and TMT bars. NML is also engaged in land development
and sale of plots (contributed 29% of its total operating income
in FY13; refers to the period April 1 to
March 31) from a land ad-measuring 15 lakh sq ft in Hingoli
(Maharashtra).

NML reported a total operating income of INR77.10 crore and a
profit after tax (PAT) of INR1.68 crore in FY13 as compared with a
total operating income of INR36.13 crore and a PAT of INR1.39
crore in FY12. Furthermore, as per provisional results, NML earned
a total operating income of INR10.74 crore during 9MFY14.


PADIKKALA GOLD: CRISIL Assigns 'B+' Rating to INR150MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Padikkala Gold Traders Pvt Ltd.

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

The rating reflects the modest scale of PGTPL's operations in the
intensely competitive and fragmented gold jewellery wholesaling
business and weak financial risk profile marked by modest net
worth, a high total outside liabilities to tangible net worth
(TOLTNW) ratio and subdued debt protection indicators. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters in the gold jewellery wholesaling
business.

Outlook: Stable

CRISIL believes that PGTPL will maintain its stable business risk
profile over the medium term, backed by its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company reports a significant and sustainable growth in its
revenues and profitability, while improving its capital structure
and debt protection indicators. Conversely, the outlook may be
revised to 'Negative' in case PGTPL faces a significant decline in
revenues and margins, or if the working capital cycle lengthens
further, leading to further deterioration of PGTPL's financial
risk profile.

Padikkala Gold Traders Private Limited (PGTPL) set in 2012 in
Kerala is engaged in wholesale manufacture and sale of gold
jewellery. The day-to-day operations of the company are managed by
the promoters Mr. Biju Padikkala and his brother, Mr. Shaju
Padikkala. Initially, the promoters carried out the business
through a partnership firm Padikkala Gold (PG), since 2007. In
2012, the promoters set up PGTPL and shifted the entire operations
of PG to this company.

PGTPL reported a profit after tax (PAT) of INR0.58 million on net
sales of INR52.8 million for 2012-13 (refers to financial year,
April 1 to March 31) which was its first year of operations.


PANSUT UDYOG: CRISIL Assigns 'B+' Rating to INR350MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Pansut Udyog.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Proposed Term Loan    350        CRISIL B+/Stable

The rating reflects inherent project related risk associated with
operations of Pansut.  The rating also factors exposure to risks
relating to revenue concentration and limited geographical
diversity. These rating weaknesses are partially offset by
Extensive industry experience of the proprietor with project
execution capabilities, Strong financial support from promoter and
family. The rating also factors in advantage Pansut is getting
from its strategic location.

Outlook: Stable

CRISIL believes that Pansut's business risk profile and its
financial risk profile will improve over the medium term with
generation of cash post completion of project. The outlook may be
revised to 'Positive' in case of Pansut completes its project on
schedule, and generates better-than-expected revenue and
profitability from business on account of higher than expected
lease rental or occupancy resulting in better realisation of
rentals. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in Pansut's financial risk profile, because
of lower than expected revenues in the form of rentals, or time
and cost overruns on, its ongoing project.

Pansut was set up more than 30 years ago, as a proprietorship
concern by Mr. M. P Bansal. However the firm was not actively
involved in any major business operations during all these years.
The firm is a part of Bansal group and is holding a plot in Sector
18, Gurgaon (Haryana), and is in the process of constructing a
commercial building for leasing out. The project is expected to be
complete and leased by December 2014 and the firm is expected to
start getting revenue income from January 2015.

The total cost of the project is estimated to be around INR580.0
million which will be funded through term loan of INR350 million
and balance through promoters funding.


QREX FLEX: ICRA Reaffirms 'B' Rating on INR27cr Term Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B and the short
term rating of [ICRA]A4 for the term loan facilities, fund-based
limits, non-fund based limits and proposed limits of Qrex Flex
Private Limited aggregating to INR52.00 crore.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loan               27.00       [ICRA]B reaffirmed
   Fund based limits       22.00       [ICRA]B assigned
   Non-Fund Based limits    2.00       [ICRA]A4 reaffirmed
   Proposed Limits          1.00       [ICRA]B/[ICRA]A4 reaffirmed

The reaffirmation of the rating takes into account the limited
track record of operations of the company and its weak financial
profile characterized by small scale of operations, low
profitability levels and highly leveraged capital structure. The
rating is also constrained on account of high customer
concentration risk and the vulnerability of the company's
profitability to fluctuations in raw material prices and exchange
rate fluctuations.

The rating, however, considers favorably the successful
commissioning of the PVC flex banner sheet manufacturing facility
without any cost overruns, the favorable demand indicators from
the outdoor advertising industry, which coupled with the
imposition of anti-dumping duty on Chinese supplies of flex
banners has led to positive demand-supply dynamics in the PVC flex
banner industry.

Incorporated in 2011, Qrex Flex Private Limited has set up a
manufacturing facility for PVC (Polyvinyl Chloride) flex banner
sheets at Pipodara, Gujarat with an annual capacity of 18,000 MTPA
(metric tonnes per annum). The plant started commercial production
in July 2013. The primary application of PVC flex banners is in
outdoor advertising media.

For 9M FY 2014, the company has reported PBT (Profit before tax)
of INR0.11 crore on an operating income of INR36.89 crore
(unaudited).


RACHIT CREATION: CRISIL Reaffirms B+ Rating on INR114.2MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rachit Creation
continue to reflect RC's weak financial risk profile, marked by a
small net worth and high gearing, and its modest scale of
operations in the intensely competitive embroidery designing
business. These rating weaknesses are partially offset by RC's
established track record in the textile industry.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------           --------      -------
   Bank Guarantee         3.3       CRISIL A4 (Reaffirmed)

   Cash Credit           20.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    33.9       CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan       60.3       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RC will continue to benefit over the medium
term from its established relationships with its customers and the
superior quality of its embroidery designs. The outlook may be
revised to 'Positive' if the firm's overall risk profile improves,
most likely by infusion of fresh capital by the proprietor or
significant increase in its scale of operation and profitability.
Conversely, the outlook may be revised to 'Negative' if there is
significant deterioration in RC's working capital management or a
decline in its profitability, leading to lower-than-expected net
cash accruals or the firm undertakes larger than expected debt
funded capex.

RC, a proprietorship concern set up by Mr. Ramniwas Gupta in 2005
at Surat (Gujarat), is engaged in designing embroidery on fabric.
The firm operates eight embroidery machines and customises its
designs according to its customers' requirements. RC is part of
the Jaybharat group. The group's flagship company, Jaybharat
Dyeing and Printing Pvt Ltd (rated 'CRISIL BB+/Stable/CRISIL A4+')
is in the textile dyeing and printing business.

RC reported a PAT (profit after tax) of INR3.5 million on net
sales of INR96.1 million in 2012-13, vis-a-vis a PAT of INR3.6
million on net sales of INR83.6 million for 2011-12.


RAJARAM MILLS: ICRA Reaffirms 'B-' Rating on INR5.5cr Loans
-----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B- outstanding
on the INR5.00 crore fund based facilities and the INR0.50 crore
non-fund based facilities of Rajaram Mills Private Limited. ICRA
has also re-affirmed the short-term rating of [ICRA] A4
outstanding on the INR2.00 crore non-fund based facilities of the
company.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based facilities     5.00       [ICRA]B-/re-affirmed

   Non-Fund based
   facilities                0.50       [ICRA]B-/re-affirmed

   Non-Fund based
   facilities                2.00       [ICRA]A4/re-affirmed

The re-affirmation of the ratings factor in the Company's
relatively stable performance in line with ICRA's expectations
supported by the promoter's extensive experience in the spinning
industry and the present favorable demand scenario for yarn, which
supports the company's scale of operations. The ratings, however,
continue to be constrained by the company's modest financial
profile which is characterized by tight liquidity conditions due
to its working-capital-intensive nature of operations, highly
leveraged capital structure owing to past accumulated losses
impacting net worth and weak debt protection metrics.

The Company's business profile is marked by small scale of
operations which restricts its scale economies and limited pricing
flexibility on account of presence in a highly fragmented cotton
spinning industry thereby exposing its margins to fluctuation in
raw cotton prices. Going forward, the Company's ability to scale
up its operations and generate higher cash accruals would be key
credit monitorables. With annual repayment obligations of INR0.41
crore, the Company's ability to improve cash flows and its
liquidity position would be critical to service the aforementioned
obligations in a timely manner.

Rajaram Mills Private Limited, incorporated in 1987, is engaged in
the production of cotton yarn in the low to medium counts range.
The Company has an installed capacity of 9,792 spindles with its
manufacturing facility located in Rajapalayam, Tamil Nadu. RMPL
mainly caters to the domestic markets including Karur, Salem,
Erode and Tirupur districts. The Company is closely held by the
promoter (Mr. S.R. Dhanuskodi Raja) and his family.

Recent Results

For the financial year 2012-13, the Company reported a profit
before tax (PBT) of INR0.13 crore on an operating income of
INR18.20 crore as against a PBT loss of INR2.35 crore on an
operating income of INR14.90 crore for the financial year 2011-12.


RAJSHREE ENERGY: ICRA Suspends 'B+' Rating on INR8.3cr Loans
------------------------------------------------------------
ICRA has suspended [ICRA]B+ ratings assigned to the INR6.0 crore
term loans and INR2.3 crore cash credit facility of Rajshree
Energy Resources.  The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the entity.


RAV'S STEELS: CRISIL Assigns 'D' Rating to INR400MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Rav's Steels Pvt Ltd. The ratings reflect instances
of delay by RSPL in servicing its term debt obligations. The
delays have been caused by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Term Loan              180      CRISIL D
   Proposed Long Term
   Bank Loan Facility      10      CRISIL D
   Cash Credit            160      CRISIL D
   Letter of Credit        50      CRISIL D

RSPL also has a weak financial profile, marked by weak capital
structure and debt protection metrics, and a small scale of
operations in the intensely competitive sponge iron industry.
However, the company benefits from the promoters' extensive
industry experience.

RSPL was founded in 2008-09 in Bellary (Karnataka) by Mr. N Ananda
Rao and his wife Mrs. N Vasantha. The company manufactures sponge
iron.

RSPL incurred a loss of INR1.5 million on net sales of INR187.6
million for 2012-13 (refers to financial year, April 1 to
March 31).


REGENCY AQUA: ICRA Reaffirms 'C' Rating on INR41.25cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating at '[ICRA]C' for the
INR41.25 crore (previously rated INR34.31 crore) fund based
facilities of Regency Aqua Electro & Motel Resorts Private
Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund based facilities     41.25       [ICRA]C (reaffirmed)
   Proposed (Unallocated
   Limits)                    Nil         -

The reaffirmation of risk category rating factors in high
financial risk profile of the company owing to inadequate accruals
from its operational project (Hanuman Ganga SHP) and significant
time over runs in the under construction project (Nishni SHP)
which has led to an increase in the project cost. This is mainly
on account of 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 Aqua Electro & Motel Resorts Private Limited is promoted
by Regency Group which operates two hydro power projects i.e.
Hanuman Ganha (capacity of 4.95 MW) and Nishni (capacity of 1.9
MW) in Uttarkashi District of Uttarakhand. The Hanuman ganga is an
operational run of river type scheme on River Yamuna, which
utilizes the flows of the river to harness approximately 155 m of
net head. The project is expected to generate 24.72 MUs in a 75%
dependable year (57% PLF).

Another project i.e Nishni is an under construction run of river
type scheme on Hanuman Ganga Nallah, which will utilize the flows
of the river Yamuna to harness approximately 43 m of net head
available between the forebay site and the power house. The
project is expected to generate 9.49 MUs in a 75% dependable year
(57% 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. 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).


REGENCY GANGANI: ICRA Reaffirms 'C' Rating on INR73cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]C for the
INR73.00 crore (enhanced from INR47.75 crore) fund based
facilities of Regency Gangani Energy Private Limited.

                          Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based facilities     73.00       [ICRA]C (reaffirmed)

The reaffirmation of risk category rating factors in the increased
project cost of INR117.31 crore (Rs.12.34 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. Given that the revenues of the company are linked to
actual unit sales, this exposes the company to risks of variable
cash flows. 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 meet the design
performance parameters will be key rating drivers.

RGEPL is an Independent Power producer (IPP) promoted by the
Regency group to develop, own and operate a 9.5 MW small hydro
power (SHP) project (referred to as Gangani) in Uttarkashi
District of Uttaranchal.

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).


SADASHIB COLD: CRISIL Assigns 'B' Rating to INR75 Million Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sadashib Cold Storage Pvt Ltd.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         --------       -------
   Term Loan              14         CRISIL B/Stable
   Cash Credit            57.6       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      3.4       CRISIL B/Stable       -

The rating reflects SCSPL's below-average financial risk profile,
and its susceptibility to regulatory changes in the cold storage
industry. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters.

Outlook: Stable

CRISIL believes that SCSPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
cold storage business. The outlook may be revised to 'Positive' in
case of efficient management of farmer financing and significant
ramp-up in the company's scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' if SCSPL's
liquidity is constrained by delays in repayments by farmers,
lower-than-expected cash accruals, or debt-funded capital
expenditure.

SCSPL was formed in 2009 by four friends: Mr. Dilip Kumar
Pratihar, Mr. Hari Sadan Nadan, Mr. Chittaranjan Kundu, and Mr.
Sujoy Kumar Khan. The company provides a cold storage facility for
potato farmers. Its facility is located in Mednipur West (West
Bengal).


SAMOJ COTTON: CARE Revises Rating on INR6.75cr Bank Loan to 'B+'
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Samoj
Cotton Industries.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            6.75       CARE B+ Revised from
                                    CARE B-

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of 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 assigned to the bank
facilities of Samoj Cotton Industries (SCI) primarily factors in
the improvement in capital structure and debt coverage indicators
during FY13 (refers to the period April 1 to March 31).

The rating assigned to the bank facilities of SCI continues to
remain constrained on account of its presence in the highly
competitive and fragmented cotton ginning business and limited
value addition resulting into thin profitability margins. The
rating is further constrained on account of its financial risk
profile marked by moderately leveraged capital structure and
susceptibility of its profitability to volatile raw material
prices, seasonality associated with the availability of cotton
and impact of changes in the government policy on cotton.
The rating, however, favorably takes into account the experience
of the promoters in the cotton ginning industry and location
advantage of being situated within the cotton-producing belt of
Gujarat.

The ability of SCI to increase its scale of operations while
managing volatility associated with the cotton prices and
improvement in its overall financial risk profile are the key
rating sensitivities.

SCI was incorporated in June 30, 2009 as a partnership firm which
was reconstituted in November 2010 after the exit of two partners.
The present partners Mr Poorvsingh Vaghela and Mr Khanji Vaghela
have long track record of experience in the industry and look
after the overall operations of the firm. SCI is engaged in the
cotton ginning and pressing activity with an installed capacity of
10,644 Metric Tonnes per Annum (MTPA) for cotton bales, 11,031
MTPA for cotton seeds at its sole manufacturing unit located at
Harij in the Patan district of Gujarat.

The partners also have a group company namely Kshem Kalyani
Industries which is also engaged in the cotton ginning and
pressing business with a total installed capacity of 17,850 MTPA
of cotton bales and 30,000 MTPA of cotton seed as on March 31,
2013 at Harij, Patan. The commercial production of the facilities
started on August 2012.

During FY13, SCI reported a PAT of INR0.05 crore on a total
operating income (TOI) of INR41.28 crore as against a PAT of
INR0.04 crore on a TOI of INR38.54 crore. As per the provisional
results for 11MFY14, SCI registered a TOI of INR41.47 crore.


SHAMBHU TEXTILE: ICRA Suspends 'D' Rating on INR10.21cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR10.21 crore fund based facilities of Shambhu Textile Mills
Private Limited. ICRA has also suspended the short term rating of
[ICRA]D assigned to the INR0.45 crore non-fund based facilities of
STMPL. 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.

Shambhu Textile Mills Private Limited was incorporated by Mr. Anil
Agrawal and Mr. Nilesh Agrawal in September 1996. It is in the
business of processing of the fabric, viz. bleaching, dyeing,
printing and finishing of polyester and cotton fabric with its
manufacturing unit located in Narol, Ahmedabad. STMPL also started
with an embroidery job work unit in 2008. The promoters of the
company belong to the "Kashiram group" which has been involved
with the textile industry in Ahmedabad for more than 3 decades.


SHASHI STRUCTURAL: CRISIL Reaffirms 'B' Rating on INR220MM Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shashi Structural
Engineers Pvt Ltd continue to reflect SSE's below-average
financial risk profile, marked by a small net worth, moderate
gearing, and weak liquidity, albeit supported by healthy debt
protection metrics. The ratings also factor in the company's
modest scale of operations and large working capital requirements.
These rating weaknesses are partially offset by its promoters'
extensive experience in the civil construction industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          80        CRISIL A4 (Reaffirmed)
   Cash Credit             90        CRISIL B/Stable (Reaffirmed)
   Long Term Loan          30        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     100        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSE 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 the company significantly enhances its cash accruals on a
sustainable basis while it improves its working capital cycle, or
receives a sizeable equity infusion leading to improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' in
case SSE's working capital cycle stretches further or its revenues
and profitability decline, resulting in weak liquidity.

SSE, promoted by Mr. Amresh K. Tiwari, supplies aggregates and
earthwork material to large civil construction players. SSE also
undertakes works involving road construction on lower layers up to
granular sub base.

SSE registered a profit after tax (PAT) of INR17.7 million on an
operating income of INR201.7 million in 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR15.2
million on an operating income of INR279.5 million in 2011-12.


SHIKHAR HOUSING: ICRA Lowers Rating on INR40cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR40.0 crore
fund based facilities Shikhar Housing Development Private Limited
to [ICRA]D from [ICRA]B+.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limits      40.0       [ICRA]D(Revised)

The revision in rating takes into account delays in servicing of
debt obligations by SHDPL on account of stretched liquidity
position resulting from cost overrun in its projects coupled with
low sales velocity and customer advances build up, particularly
from the 'Balaji Skyz' project of the company.

Going forward timely servicing of debt obligations, ability of the
company to achieve bookings for the Balaji Skyz project and
collect advances along with timely completion of the project
within the budgeted cost will be the key rating sensitive factors.

Shikhar Housing Development Pvt Ltd, incorporated on July 2, 2010,
is involved in real estate and construction activities in the city
of Indore (Madhya Pradesh). The company is promoted by Mr.
Narendra Batra, Mr. Pawan Agarwal and Mr. Manish Agarwal, who have
significant experience in the real estate and construction
business. The company is currently executing two group housing
projects, Balaji Heights and Balaji Skyz, in village Pipliyakumar
in Indore, with total saleable area of more than 8.35 lakh sqft.

Recent Results

For the financial year 2012-13 the company reported operating
income of INR44.86 crore and net profit of INR3.38 crore compared
to operating income of INR6.61 crore and net profit of INR0.46
crore for the financial year 2011-12.


SHIV SHAKTI: CRISIL Assigns 'B+' Rating to INR85MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Shiv Shakti Re-Rolling Mills Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            85        CRISIL B+/Stable

The rating reflects SRMPL's modest scale of operations with low
profitability, and below-average financial risk profile marked by
modest net worth, high gearing and subdued debt protection
metrics. These rating weaknesses are partially offset by its
promoters' extensive industry experience and their funding
support.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR67 million extended to SRMPL by its promoters and associates as
neither debt nor equity. This is because these are non-interest-
bearing and are subordinated to bank debt, and will be retained in
the business until the bank loans are repaid.

Outlook: Stable

CRISIL believes that SRMPL will continue to benefit from its
promoters' extensive industry experience and their funding support
over the medium term. The outlook may be revised to 'Positive' in
case the company significantly improves its scale of operations
and profitability leading to better than expected cash accruals.
Conversely, the outlook maybe revised to 'Negative' in case of
lower than expected cash accruals, larger than expected working
capital requirements, or large debt-funded capital expenditure
pressurising the liquidity.

Headquartered in Mumbai (Maharashtra), SRMPL manufactures thermo
mechanically treated bars. It was incorporated by Mr. Vijay Mittal
and his family in 1998. The company's manufacturing facilities are
located in Jalna (Maharashtra); it procures majority of its raw
materials from another company promoted by the Mittal family,
Matsyodari Steel and Alloys Pvt Ltd (rated 'CRISIL B+/Stable').


SHREE AJAY: CRISIL Assigns 'B+' Rating to INR70MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Shree Ajay International Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            55       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     15       CRISIL B+/Stable

The rating reflects, marked by modest scale of operations in the
intensely competitive textile industry and large working capital
requirements coupled with susceptibility of profitability margins
to volatility in input prices and exchange rates. These weaknesses
are partially offset by the extensive experience of promoters in
the textile industry.

Outlook: Stable

CRISIL believes that the SAIPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is
significant increase in SAIPL's scale of operations, while
maintaining its profitability margins and improving its capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in the company's revenues or
profitability or if its capital structure deteriorates on account
of high working capital requirements or a large debt funded
capital expenditure.

SAIPL was incorporated in March 2012 to take over the business
activities of proprietorship firms Shree Ajay Textiles and Shree
Anuj International. SAIPL is engaged in manufacturing and export
of fabric. The company is owned and managed by Mr Jay Prakash
Tripathi and his nephew Mr Abdhesh Tripathi. The company commenced
operations since July 1, 2012. The company has its warping unit at
Bhiwandi, Thane, and gets the looming and processing done on job
work basis.

SAIPL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR 175.4 million for 2012-13 (refers to financial year,
July 1 to March 31).


SPOTLESS LAUNDRY: CARE Reaffirms 'D' Rating on INR2.87cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Spotless Laundry Services Limited.

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            2.87       CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Spotless Laundry
Services Limited (SLSL) continues to be constrained by instances
of delays in servicing of interest obligations and repayment of
principal installments during the year FY14 (refers to the period
April 1 to March 31); including the installment being payable for
the month of January 2014.

SLSL's ability to scale up operations, timely servicing of
interest obligations and repayment of principal installments are
the key rating sensitivities.

SLSL is a special purpose vehicle promoted by Lavasa Corporation
Limited (rated 'CARE C' for its bank facilities and instruments),
a Hindustan Construction Company Limited (rated 'CARE D' for
its bank facilities and instruments) group company and Tex Kare
Cleaners Private Limited (formerly known as Akash Cleaners Private
Limited). The latter has more than 10 years of experience in
operating the laundry service business in Mumbai and has a reputed
clientele base including institutional customers.

The various facilities at the company are wet wash, dry wash,
guest linen cleaning, boiler room, effluent treatment plant and
water softening plant. The company commenced commercial
operations in March 2013 with a total laundry capacity of 21
tonnes a month. The company expects to capture captive demand in
Lavasa which is presently outsourced in Pune.

During FY13, SLSL reported net loss of INR0.86 crore on a total
operating income of INR0.04 crore vis-...-vis net loss of INR0.45
crore and total operating income of INR0.11 crore in FY12. Also,
in 9MFY14 (unaudited), SLSL reported net loss of INR4.14 crore on
a total operating income of INR0.28 crore vis-...-vis net loss of
INR0.41 crore and total operating income of INR0.03 crore in
9MFY13.


SUSTAINABLE SPINNING: CRISIL Rates INR650MM Bank Loan at 'B+'
-------------------------------------------------------------
CRISIL has assigned its rating 'CRISIL B+/Stable' to the long-term
bank facilities of Sustainable Spinning and Commodities Pvt Ltd
(part of the Babubhai Jinwale group).

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            --------     -------
   Proposed Long Term       650       CRISIL B+/Stable
   Bank Loan Facility

The rating reflects BJG's weak financial risk profile, marked by
low net worth, weak debt protection measures and susceptibility to
intense competition in the cotton ginning and oil extraction
industry and exposure risks related to the large on-going project.
These rating weaknesses are partially offset by the extensive
industry experience of BJG's promoters in the industry and healthy
operational efficiency backed by integrated operation.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Milan Ginning Pressing Private Limited
(MGP), M/S K. R. Solvent (KRS) and SSCPL. This is because these
entities, together referred to as the BJG, have common promoters
and management, and are in a similar line of business.

Outlook: Stable

CRISIL believes that BJG group will maintain its credit risk
profile backed by the extensive experience of the promoters in the
industry and their funding support. The outlook may be revised to
'Positive' if the group is able to significantly improve its
accruals with earlier than expected stabilization of the ongoing
project or its financial risk profile improves significantly
backed by better than expected profitability or equity infusion by
promoters. Conversely, the outlook may be revised to 'Negative' in
case there are significant delays or cost overrun for the ongoing
project or if the group's capital structure is adversely impacted
by higher than expected debt contracted for incremental working
capital requirements or larger than expected capex.

MGP, incorporated in 1995, is engaged in cotton ginning activity
and is located in Surendranagar, Gujarat. The company is promoted
and managed by Mr. HusenAli YusufAli Narsinh. KRS was incorporated
in 2011, and is engaged in cotton oil extraction by processing
cotton seeds. The group has incorporated SSCPL, in 2012 and is in
process of setting up spinning mill for cotton yarn manufacturing.


TEXOOL LTD: CRISIL Reaffirms 'D' Rating on INR95MM Loans
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Texool Ltd continue to
reflect the delays in the repayment of Texool's term loans,
impacted by the company's stretched liquidity position following
decline in sales and profitability since 2011-12 (refers to
financial year, April 1-March 31), and an accident in the
company's premises in 2013-14. The company continues to benefit
from the promoters' long track record in the business, and the
established relationships it has with suppliers and customers.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------           --------     -------
   Bank Guarantee           2        CRISIL D (Reaffirmed)
   Bill Discounting         5        CRISIL D (Reaffirmed)
   Foreign Bill Purchase   10        CRISIL D (Reaffirmed)
   Packing Credit          60        CRISIL D (Reaffirmed)
   Inland/Import Letter
   of Credit               10        CRISIL D (Reaffirmed)
   Foreign Currency
   Term Loan                8        CRISIL D (Reaffirmed)

Update
The company's sales and profitability in 2012-13 suffered on
account of decreased demand from its key markets in Africa and
higher cost of procurement (partly on account of the US$-INR
exchange rate fluctuation). The company has traditionally
generated majority of its sales from Kenya and East African
markets, where demand has been lower since 2011-12. Texool is
expected to generate revenue of about INR230-240 million in
2013-14, against revenues of about INR200 million in 2012-13. The
company's operating profit in the current year is expected to be
impacted by the fire accident it had in its premises in August
2013; however, it is expected to generate a marginal net profit in
2013-14.

Texool's financial risk profile continues to be impacted by the
working capital intensity of its operations, modest net worth and
weak debt protection metrics. Losses in the recent years have also
led to some erosion of net worth, which remained at about INR40
million, as on March 31, 2013. The company's gearing, partly on
account of the modest net worth, is high at about 2.7 times as on
March 31, 2013; and is expected to remain at similar levels in
2014.

Due to sizeable raw material requirements, the company's reliance
on working capital funding is high. There is also limited
flexibility to import lower quantities to offset stock buildup,
which is expected to keep working capital requirements high over
the medium term. The gross current asset (GCA) days are at 302
days in 2012-13, mainly driven by high inventory. CRISIL believes
that the company's working capital intensity will continue to
impact its liquidity profile over the near-medium term.

Texool is an export oriented unit (EOU) with a facility in Kandla
SEZ, Gujarat. The company is engaged in manufacturing and sales of
shoddy yarns and rendered unserviceable used clothing. Currently,
operations are managed by Mr. Surinder Sajdeh.

Texool reported a net loss of INR0.6 million on net sales of
INR192.5 million for 2012-13, against a net loss of INR8.3 million
on net sales of INR174.6 million for 2011-12.


TIRUPATI COLD: ICRA Suspends 'D' Rating on INR7cr Loans
-------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR4.50 crore
cash credit facility, INR0.75 crore working capital limits,
INR0.36 crore working capital term loan, INR0.12 crore bank
guarantee limits and INR1.27 crore unallocated bank limits of
Tirupati Cold Storage Pvt. Ltd.  The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company


TIRUPATI FORGE: ICRA Assigns 'B' Rating to INR5cr Loans
-------------------------------------------------------
The rating of [ICRA]B has been assigned to the INR1.55 crore cash
credit facility and the INR3.45 crore term loan facility of
Tirupati Forge Private Limited. The rating of [ICRA]A4 has also
been assigned to the INR0.70 crore short-term facilities of
Tirupati.

                       Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit            1.55       [ICRA]B assigned
   Term Loans             3.45       [ICRA]B assigned
   Letter of Guarantee    0.70       [ICRA]A4 assigned
   Packing Credit/Bills-
   FDDBP/FDUBD           (1.55)      [ICRA]A4 assigned

Rating Rationale

The assigned ratings are constrained by Tirupati's limited track
record and small size of operations; stretched capital structure
due to predominantly debt funded nature of the project; and high
competitive intensity prevalent in the Rajkot based forging and
machining industry. The ratings are further constrained on account
of vulnerability of the company's profitability to fluctuations in
the prices of the key raw material (steel billets) and to
unfavouarble movements in foreign currency exchange rates on
export receivables in absence of a formal hedging policy. While
assigning the ratings, ICRA also takes note of Tirupati's small
existing clientele base and modest current order book position;
and dependence of the company's order inflows and hence
utilization levels on the prospects of end user industries like
auto component, piping etc.

The ratings, however, take comfort from experience of the
promoters and key operating personnel in the forging business; and
the location advantage derived by the company on account of its
proximity to Rajkot, the forging and machining hub of Gujarat
which offers easy access to prospective customer base.

Tirupati Forge Private Limited was incorporated in August 2012 for
setting up a green field project, at Rajkot (Gujarat) for
manufacturing forged components (machined and un machined) like
crank shafts, bearing races, connecting rods, crown wheels, gears,
flanges etc. made out of steel. The project work was commenced in
January 2013 and became commercialized in the month of September
2013. The company's manufacturing facility is spread over an area
of 3200 square meter and has an installed capacity to manufacture
7,500 Metric Tonnes Per Annum (MTPA) of forged articles.


* Indian Diamond Firm in Antwerp Defaults on Loan Payments
----------------------------------------------------------
The Times of India reports that an Indian diamond firm in Antwerp,
a group company of India's leading diamond group, has defaulted on
payments worth INR600 crore to banks and other creditors.

TOI relates that industry sources said that the company has filed
for insolvency under the Belgian insolvency law after it failed to
pay back the outstanding credits to the banks other creditors.

Diamantaires in Surat, especially the small and medium ones, are
staring at a tough times, especially when the leading global
banks, which are into the diamond financing, are decreasing their
exposure in Antwerp's diamond industry, TOI says.

According to the report, Dinesh Navadia, president, Surat Diamond
Association (SDA) said "The owner of the diamond firm that has
gone is a close relative of a leading diamond group in Mumbai.
While big companies are going bust, banks in Antwerp have
decreased their financing by huge 50 to 60 per cent. This is going
to affect the small diamantiares from Surat in procuring goods on
credit."

TOI says majority of the bank finance in Antwerp is done by
Antwerp Diamond Bank (ADB), which has been recently taken over by
China's Yinren group, ABN Amro and the State Bank of India (SBI).
It is said that around 85 per cent of the diamond firms in Antwerp
are financed by ADB.

This the second company to default since September 2013 when a
diamond firm defaulted on payments worth INR160 crore, the report
recalls.

A top GJEPC functionary told TOI, "The company is likely to file
for insolvency in Belgium for $125 million, but we are still
gathering more details from Antwerp."



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


MODERNLAND REALTY: 2013 Results In-line with B2 CFR
---------------------------------------------------
Moody's Investors Service says PT Modernland Realty Tbk's stronger
results for the financial year ended December 31, 2013 (FY2013)
are in-line with expectations. The results place the company well
within its B2 corporate family rating and senior unsecured rating.

In FY2013, Modernland achieved marketing sales of IDR3.0 trillion,
of which 34% was from the sale of 50 hectares (ha) of land in
Tangerang to PT Alam Sutera Realty Tbk (Alam Sutera, B1 stable).
Another 35% was from sales achieved at its Jakarta Garden City
township project, with a large portion of the sales (approximately
IDR550 billion) from commercial land plots to PT AEON Mall
Indonesia (unrated) in November 2013. The remaining 25% of
marketing sales in FY2013 was from sales at its Modern Cikande
industrial estate, as well as from its Kota Modern and Modern Hill
developments.

"We expect Modernland's marketing sales in 2014 to be in the range
of IDR3.3 trillion to IDR3.5 trillion," says Jacintha Poh, a
Moody's Analyst. "Sales for both its residential and industrial
segments are expected to be slow in the first half of 2014, due to
weaker buyer sentiment ahead of upcoming presidential elections in
July," adds Poh, who is also the Lead Analyst for Modernland.
"While demand should pick up post-election, or in the second half
of the year, we remain watchful of developments."

Modernland also reported revenue growth of 74% to IDR1.84 trillion
from IDR1.06 trillion in FY2012. Adjusted EBITDA more than doubled
to IDR1.07 trillion from IDR345 billion in the previous financial
year.

"We expect Modernland's revenue to grow at least 20% in FY2014,
supported by proceeds of IDR1.2 trillion from selling another 60
ha of land to Alam Sutera and progressive recognition of marketing
sales done in FY2012 and FY2013," says Poh.

Moody's points out that Modernland's adjusted EBITDA/interest
expense improved to 6.0x from 4.9x in FY2012 and adjusted
debt/adjusted EBITDA improved to 3.2x from 3.5x over the same
period.

However, adjusted leverage deteriorated to 42% from 35%, due to
its USD150 million bond issuance to fund the acquisition of a
remaining 51%-stake in Jakarta Garden City township from Keppel
Land Limited (unrated) in November 2013.

As of 31 December 2013, Modernland has cash and cash equivalents
of around IDR512 billion while total debt increased to IDR3.5
trillion, with around IDR1 trillion set to mature over the next 12
months. Moody's believes Modernland can generate sufficient cash
flows to service its debt maturities over the next 12-18 months.

The principal methodology used in these ratings was the Global
Homebuilding Industry published in March 2009.

Established on 8 August 1983, PT Modernland Realty Tbk is an
integrated property developer in Indonesia. It focuses on
industrial town development, as well as residential and township
developments. It also has small exposures to the hospitality and
commercial property segments. The company was listed on the
Jakarta Stock Exchange in 1993, and is 63% owned by the Honoris
family either directly or through various holding companies,
including a 29.75% stake held by AA Land Pte Ltd (unrated).



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


EACCESS: S&P Affirms 'BB' CCR & ICR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit and issue credit ratings on Japan-based
telecommunications company eAccess Ltd., following an announcement
by Yahoo Japan Corp., a consolidated subsidiary of
telecommunications and Internet company Softbank Corp.
(BB+/Stable/--), that it will acquire all shares in eAccess from
Softbank.  The outlook on the long-term corporate rating remains
stable.

Softbank is eAccess' ultimate parent company, currently holding
33.29% of shares with voting rights in the company.  Softbank also
holds 42.5% of shares in Yahoo Japan, making Yahoo Japan a
consolidated subsidiary of Softbank.  S&P expects the change in
the ultimate parent company from Softbank to Yahoo Japan to have
no material impact on the stand-alone credit profile (SACP) for
eAccess.  The SACP for eAccess is 'bb', reflecting the company's
"fair" business risk profile--because of its weak market position,
small and limited business lines, and ongoing operational support
from Yahoo Japan and Softbank group--and its "significant"
financial risk profile.  S&P believes the company will continue to
promote network sharing for mobile communications with Softbank
group, which should support eAccess' profitability.  The company's
profitability has improved materially since it became a member of
Softbank group in January 2013.  S&P assess the improvement as
attributable to Softbank's strong marketing capability, which
eAccess can draw on, and S&P expects the company to maintain such
capability after it becomes a subsidiary of Yahoo Japan.  In
addition, S&P expects the company to accelerate its smartphone and
mobile Internet strategy under Yahoo Japan, which is an Internet-
specialized company.  S&P expects eAccess' financial risk profile
to remain "significant," because of high capital expenditures on
its Long Term Evolution (LTE) network.  However, S&P believes
eAccess can secure funds for future investment with the ongoing
financial support of its current parent, Softbank, and, following
the acquisition, future parent Yahoo Japan.

"Affecting our long-term ratings on eAccess are its position
within Yahoo Japan and Softbank group and the degree of
extraordinary support we expect Yahoo Japan to give it.  We assess
Yahoo Japan as a "strategically important" subsidiary within
Softbank group as a result of its importance to Softbank group's
long-term strategy and a certain level of independence in its
management.  We assess the group credit profile (GCP) for Yahoo
Japan as 'bb+', in line with the GCP for Softbank group.
Meanwhile, we had regarded eAccess as a "highly strategic"
subsidiary of Softbank. After Yahoo Japan becomes eAccess' new
parent company, eAccess will be a "highly strategic" subsidiary of
Yahoo Japan because the importance of its mobile internet services
to Yahoo's growth strategy makes it likely the new parent company
will extend necessary extraordinary financial support to eAccess,
in our view.  At the same time, we do not expect any material
change in the relationship between eAccess and Softbank.  Under
our group rating methodology criteria, when an entity is "highly
strategic," we assign it a corporate credit rating one notch below
the GCP unless the SACP for the entity is equal to or higher than
the GCP.  Because the SACP for eAccess is 'bb', our long-term
corporate rating on eAccess is 'BB', one notch below the GCP for
Yahoo Japan and for Softbank," S&P said.  Accordingly, S&P
affirmed the corporate credit rating on eAccess at 'BB'.

The outlook is stable.  Although the company's weak market
position on a stand-alone basis, small and limited business lines,
and high capital spending may not improve for the foreseeable
future, it and Yahoo Japan are likely to enhance their operational
integration, and S&P considers the company very likely to receive
extraordinary support from its parent company when necessary.
Even if S&P lowers the SACP for eAccess, it is likely to affirm
its corporate credit rating on the company at 'BB', assuming
eAccess' remains "highly strategic" to Yahoo Japan and Yahoo Japan
remains "strategically important" within Softbank group.
Nevertheless, if S&P lowers the GCP for Yahoo Japan to 'bb-' or
below, potentially due to a material deterioration in the SACP for
Yahoo Japan or S&P's downgrade of Softbank to 'BB-' or below
because of deterioration in Softbank's profitability and financial
standing, S&P will lower the corporate credit rating on eAccess to
a level equal to the GCP for Yahoo Japan.  Conversely, if S&P
upgrades Softbank because of material improvement in its
profitability and financial standing and, as a result, S&P raises
the GCP for Yahoo Japan to the same level, S&P will raise the
rating on eAccess to a level one notch below the GCP.  Although
less likely in the next year or two, S&P may also consider an
upgrade if it raises the SACP for eAccess.


SIGNUM VANGUARD SERIES 2005-04: S&P Ups Rating to 'BB-'
-------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on four
Japanese synthetic collateralized debt obligation (CDO)
transactions, and removed the ratings from CreditWatch with
positive implications.

The upgrades reflect the tranches' synthetic rated
overcollateralization (SROC) levels as well as S&P's sensitivity
analyses in line with our criteria. We also reviewed the
counterparty risk in cases where the creditworthiness of
a tranche relies on a swap counterparty and/or collateral asset.

S&P has raised its ratings to the levels at which the SROC levels
exceed 100% and meet its minimum cushion requirements as of this
month's review date.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS RAISED, REMOVED FROM CREDITWATCH POSITIVE

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

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

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

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



===============
P A K I S T A N
===============


PAKISTAN: S&P Affirms 'B-' Rating; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' long-term and
'B' short-term sovereign credit ratings on the Islamic Republic of
Pakistan.  The outlook on the long-term rating is stable.

RATIONALE

The sovereign credit ratings on Pakistan incorporate the country's
significant security risks, the underlying weak institutional and
policy effectiveness, low external liquidity, low per capita
income, a weak fiscal profile, high public debt, and a lack of
monetary flexibility.

The Pakistan government faces significant domestic and external
security risks.  Over 49,000 people have died in the past dozen
years from domestic insurgency, and the Tehrik-i-Talilban Pakistan
has carried out attacks across the country.  The stability of
Afghanistan after the withdrawal of the U.S.-led coalition is an
added risk.  Apart from security concerns, intermittent extra
constitutional changes of government have eroded institutional
effectiveness and governance.  That said, Pakistan undertook the
first democratic transition in its 66-year history in June 2013.
Prime Minister Nawaz Sharif's PML-N party holds 190 seats in
Pakistan's 341-seat parliament.  The election could improve policy
formation and increase political legitimacy.

State Bank of Pakistan's liquid foreign exchange reserves
rebounded 27% by March 21, 2014, from the end of 2013.  However,
the external risks remain high.  S&P expects Pakistan's useable
foreign exchange reserve to cover about 1.5 months' current
account payments at the end of fiscal 2014, assuming that Pakistan
collects its overdue accounts payable from the U.S. government
(Coalition Support Funds) and other bilateral government transfers
are not delayed.

S&P projects Pakistan's gross external financing needs in fiscal
2015 (ending June 2015) to be met through: disbursements to the
government under the IMF program and under other lending from
multilateral lending institutions; bilateral loans to the
government by China and Saudi Arabia, among others; foreign direct
investment (FDI) inflows; the rollover of maturing private sector
debt; and the government's renewed access to international bond
markets.  Assuming Pakistan's export growth is robust, S&P
projects the external debt burden net of public and financial
sector assets at 87% of current account receipts at the end of
fiscal 2013, falling to 66% by fiscal 2016.

S&P believes Pakistan's low income level will remain a rating
constraint for some years.  Although the government's energy
sector strategy is starting to alleviate electricity shortages and
help the manufacturing sector, it will take time for the
government to improve the institutional and infrastructural basis
before it can realize strong investment and economic growth.  And
with per capita GDP below US$1,400 in fiscal 2014, the government
has a low revenue base on which to draw.

Pakistan's high fiscal deficit stems from chronically low revenue
generation and expenditure-side rigidities.  S&P expects the new
government's fiscal consolidation efforts to lower its deficit to
4% of GDP in fiscal 2016 from 8% of GDP in fiscal 2013, largely in
line with the IMF program.  Meanwhile, S&P anticipates the average
increase in general government debt for fiscal 2014-2016 (which
S&P estimates at 5% of GDP) will be much lower than the average
increase over the previous three years.

Accordingly, S&P expects Pakistan's net general government debt-
to-GDP ratio to decline to 55% by the end of fiscal 2016, from 57%
of GDP at the end of fiscal 2014.  S&P projects that the interest
expense on this debt is likely to decline marginally to 32% of
general government revenue over fiscal 2014-2016 from 33% in
fiscal 2013.  The hefty interest burden still limits discretionary
spending.

Pakistan's weak fiscal performance directly constrains the
effectiveness of monetary policy because the government borrows
from the central bank for deficit financing.  As of end-February
2014, the central bank's net claims on the general government rose
to 96% of the monetary base, notably higher than a year earlier.
Meanwhile, with inflation likely hovering above 7% over the next
three years, the State Bank of Pakistan has only limited room to
support the economy with monetary easing when necessary.

OUTLOOK

The stable rating outlook balances the potential benefits of the
government's reform efforts and the IMF lending program against
vulnerabilities posed by significant external liquidity risk and
domestic and external security risks.

S&P may lower the ratings if the government's reform efforts slow
down, resulting in delayed inflow of multilateral funding or U.S.
government transfers.  Such a development could aggravate
Pakistan's external liquidity risk and dampen the fiscal profile.
Conversely, S&P may raise the ratings if Pakistan shows greater
progress than it expected in lowering security risks and deepening
structural reforms, leading to significantly faster improvements
in the business environment and Pakistan's fiscal and external
metrics.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.

RATINGS LIST

Ratings Affirmed

Pakistan (Islamic Republic of)
Sovereign Credit Rating                B-/Stable/B
Transfer & Convertibility Assessment
  Local Currency                        B-

Pakistan (Islamic Republic of)
Senior Unsecured                       B-
Short-Term Debt                        B


PAKISTAN: S&P Assigns 'B-' Foreign Currency Rating to US$ Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
foreign currency rating to the benchmark sized U.S. dollar-
denominated senior unsecured notes by the Islamic Republic of
Pakistan (B-/Stable/B).  The rating on the proposed notes is
subject to S&P's review of the final issuance documentation.

The notes represent direct unconditional obligations of the
sovereign, and rank pari passu with the government's other
unsecured and unsubordinated debt obligations.

The ratings on Pakistan reflect the country's significant security
risks, weak institutional and governance effectiveness, low
external liquidity, low per capita income, weak fiscal profile,
high public debt, and lack of monetary flexibility.  The
government's reform efforts and the International Monetary Fund's
lending program that it approved in September 2013 temper these
weaknesses.



                             *********

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
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Information contained herein is obtained from sources believed
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