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                      A S I A   P A C I F I C

           Thursday, April 3, 2014, Vol. 17, No. 66


                            Headlines


A U S T R A L I A

BEVILLES: Jewellery Chain Enters Into Voluntary Administration
CROSS CITY: Transurban Takes Control of Toll Road
GUNNS LIMITED: Receivers Get Six Final Bids For Firm's Assets
KLEENMAID GROUP: Directors Charged With Fraud, Insolvent Trading
KSUBI: General Pants Rescues Firm; Label Back in Stores

OCEANLINX LIMITED: Kordamentha Appointed as Receivers


C H I N A

AGILE PROPERTY: 2013 Results Weakly Supports Moody's Ba2 CFR
CHINA METALLURGICAL: 2013 Results Supports Ba1 Sr. Unsec. Rating
EVERGRANDE REAL: Increased Debt No Impact on Moody's B1 CFR
SOUND GLOBAL: S&P Affirms 'BB-' CCR; Outlook Stable
YANZHOU COAL: Moody's Places Ba1 CFR on Review for Downgrade


I N D I A

AIRVISION TECHNOLOGIES: CRISIL Puts B- Rating on INR100MM Loans
AKSHAR SPINTEX: CRISIL Assigns 'B' Rating to INR471.5MM Loans
AMARAVATHI SPINNING: ICRA Cuts Rating on INR16.03cr Loans to 'D'
AMEET METAPLAST: CRISIL Reaffirms B Rating on INR117.5MM Loans
ARVIND INORGANICS: CRISIL Reaffirms D Rating on INR63.5MM Loans

BD & P HOTELS: ICRA Reaffirms 'D' Rating on INR68.35cr Loans
BHARAT DEEP: CRISIL Rates INR50MM Cash Credit at 'B-'
BMM CEMENTS: ICRA Cuts Rating on INR319.66cr Loans to 'D'
BMM ISPAT: ICRA Cuts Rating on INR3481.43cr Loans to 'D'
CHIRAKEKAREN GLASS: CRISIL Puts 'B-' Rating on INR100MM Loans

DARA CONSTRUCTION: ICRA Reaffirms 'B+' Rating on INR3cr Loan
DHARESHWAR COTTON: ICRA Reaffirms 'B' Rating on INR8.46cr Loans
GOKUL COTTON: ICRA Assigns 'B' Rating to INR20MM Loans
GURU KIRPA: CRISIL Reaffirms 'D' Rating on INR160MM Loans
HYVOLT ELECTRICALS: ICRA Lowers Rating on INR25cr Loans to 'D'

JAMUNA POULTRY: CRISIL Assigns 'B' Rating to INR100MM Loans
JNJ MACHINES: ICRA Reaffirms 'B' Rating on INR16.32cr Loans
KARKALA EDUCATION: ICRA Assigns 'B' Rating to INR7.26cr Loan
NAINITAL AGRO: CRISIL Assigns 'B+' Rating to INR57.5MM Loans
NEAT WIND: CRISIL Assigns 'B+' Rating to INR80MM Loans

P.M. GRANITE: ICRA Upgrades Rating on INR4.11cr Loans to 'B-'
R.A. MOTORS: CRISIL Cuts Rating on INR300MM Loans to 'B+'
RADHE KRISHNA: ICRA Reaffirms 'B+' Rating on INR5.50cr Loan
RANJAN FABRICS: ICRA Reaffirms 'B+' Rating on INR6.30cr Loan
SATYAM SPINNERS: ICRA Reaffirms B+ Rating on INR10.50cr Loan

SEVENHILLS HEALTHCARE: CRISIL Puts B+ Rating on INR5.18BB Loans
SHREE DOODHAGANGA: ICRA Reaffirms B- Rating on INR150cr Loan
SHREEOM WIRES: ICRA Reaffirms 'B+' Rating on INR7cr Loan
SHYAMRAI ECOPACK: CRISIL Reaffirms 'B-' Rating on INR130MM Loans
THEME HOTELS: CRISIL Rates INR75MM Term Loan at 'D'

TRIMULA G: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
VIKAS COTEX: ICRA Assigns 'B' Rating to INR20cr Loans
WHITEGOLD CERAMICS: ICRA Upgrades Rating on INR5.37cr Loans to C+


I N D O N E S I A

GAJAH TUNGGAL: 2013 Performance No Impact on Moody's B2 CFR


J A P A N

L-JAC 7 CMBS: S&P Lowers Rating on Class B Trust Cert. to 'CC'


N E W  Z E A L A N D

POSTIE PLUS: Faces Suspension For Late Filing
SHIVRAM: Creditors Seek NZ$1.7MM from Nando's NZ Operator
STRATEGIC FINANCE: Receiver In Final Talks With Auditor


P A K I S T A N

PAKISTAN: Moody's Assigns (P)Caa1 Bond Rating; Outlook Negative


T H A I L A N D

GOVERNMENT HOUSING: Moody's Affirms Fin'l Strength Rating 'E+'


                            - - - - -


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


BEVILLES: Jewellery Chain Enters Into Voluntary Administration
--------------------------------------------------------------
Cara Waters at SmartCompany reports that eighty-year-old jewellery
chain Bevilles has collapsed, announcing on April 2 that it will
restructure its business and has entered into voluntary
administration.

According to the report, Bevilles announced the administration on
its website and said it was expected that the administration
period will last between 30 to 60 days starting from April 2.

"We believe the decision will ensure our 80-year brand continues
and that we are able to focus on delivering beautiful quality
jewellery and diamonds with smaller, smarter new-look stores," the
jewellery chain said in a statement, SmartCompany relays.

During this time, Bevilles stores will remain open and continue
trading but as part of the restructure some stores will also
close, the report relates.

"Under the proposed restructure, it is the intent of the Beville
family to reacquire the business," the statement said.

David McEvoy -- dmcevoy@ppbadvisory.com -- and Ian Carson --
icarson@ppbadvisory.com -- of PPB Advisory have been appointed as
voluntary administrators, the report discloses.

SmartCompany relates that PPB Advisory partner David McEvoy said
the administrators will assess Bevilles' restructuring proposal
and report on it to creditors.

"Our intention is that most of the stores will continue to trade
while we assess the ongoing viability of the business and work
with management and other stakeholders to explore restructuring
and sale options," the report quotes Mr. McEvoy as saying.

PPB Advisory was unable to provide any detail as to why Bevilles
had entered into administration or the amount owing to creditors,
the report notes.

Bevilles employs about 477 people across 27 stores around
Australia.


CROSS CITY: Transurban Takes Control of Toll Road
-------------------------------------------------
Australian Associated Press reports that Sydney's Cross City
Tunnel has been bought by toll-road owner Transurban for
AUD475 million.

AAP says the proceeds of the deal will be used to clear the
tunnel's senior secured debt.

According to the report, the 2.1 kilometre tunnel connects the
west side of Sydney's CBD to Rushcutters Bay in the east, and cost
AUD1 billion to build.

It was placed in receivership in September 2013 in the wake of a
legal dispute with the NSW government over stamp duty, the report
relays.

The news agency notes that Transurban bought all of the toll
road's senior debt in November, and has now struck an agreement
with the tunnel's receivers and managers to take control of the
road.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 20, 2013, The Sydney Morning Herald said KordaMentha has
been appointed the receiver to the Cross City Tunnel in Sydney,
marking the second time in eight years the insolvency firm has
overseen the debt-stricken toll road.  SMH related that the
appointment of receivers follows the tollroad being placed in
voluntary administration on Sept. 13, 2013.


GUNNS LIMITED: Receivers Get Six Final Bids For Firm's Assets
-------------------------------------------------------------
Brett Cole at Business Spectator reports that Kordamentha, the
receiver of bankrupt Tasmanian timber company Gunns, has said it
has received six final bids for some of the company's assets.

Of the six bids received by its deadline, four are just for Gunn's
forestry assets and two bidders are only interested in Gunn's pulp
mill licence, according to the report. One of the seven final
bidders selected by KordaMentha and investment bank Moelis,
managers of the Gunns auction, did not file a bid, the report
says.

Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities.  Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.

On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators.  KordaMentha has also been
appointed Receivers and Managers.

The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.

Gunns was placed into liquidation in March 2013.


KLEENMAID GROUP: Directors Charged With Fraud, Insolvent Trading
----------------------------------------------------------------
Leo Shanahan at The Australian reports that three directors of
whitegoods company Kleenmaid have been committed to stand trial on
up to 20 criminal charges involving a AUD13 million fraud on
Westpac as well as 18 charges of insolvent trading.

Andrew Young, Bradley Young and Gary Armstrong have been ordered
to stand trial following the collapse of Kleenmaid in 2009, owing
creditors up to AUD100 million, the report relates.

The report says the Australian Securities and Investments
Commission have alleged that just two days before the company went
into administration two of the former directors, Armstrong and
Andrew Young, dishonestly took out more than AUD300,000 from the
company's accounts.

Charges of criminal insolvent trading are federal charges that
have been brought under the Corporations Act, carrying fines of up
to AUD200,000 and/or five years in prison, according to The
Australian.

Two fraud charges have been brought under the Queensland criminal
code which carry a maximum 12-year prison sentence, the report
notes.

According to the report, the case comes after a committal hearing
in November last year, with the three former directors now ordered
to stand trial in Maroochydore District Court in Queensland later
this year.

The three men are not yet required to enter a plea, the report
adds.

                       About Kleenmaid Group

Founded in 1985, Kleenmaid Group -- http://www.kleenmaid.com.au/
-- sells kitchen and laundry appliances.

The Troubled Company Reporter-Asia Pacific reported on April 13,
2009, that Kleenmaid Group has been placed into administration.
The company appointed Deloitte partners John Greig, Richard
Hughes and David Lombe as voluntary administrators.  A TCR-AP
report on May 26, 2009, said the creditors of Kleenmaid Group
voted to wind up the company at a meeting in Brisbane.

The TCR-AP, citing a report posted at news.com.au, said that the
administrators had recommended that Kleenmaid be put into
liquidation, saying the company may have been insolvent as early
as June 2007.  The administrators said Kleenmaid creditors are
owed AUD102 million, which included AUD3 million owed to
Kleenmaid employees.

Liquidators from Deloitte have not yet finished their report on
claims the former Kleenmaid Group may have been trading while
insolvent for up to two years, according to The Sydney Morning
Herald.


KSUBI: General Pants Rescues Firm; Label Back in Stores
-------------------------------------------------------
Yolanda Redrup at SmartCompany reorts that Australian brand
General Pants Co has reportedly signed a deal to sell troubled
label Ksubi through its stores, ending months of uncertainty for
the brand.

SmartCompany, citing the Australian Associated Press, relates that
the retailer has formed a distribution agreement with US-based
Breakwater Investment Management (the company which holds security
of Ksubi's intellectual property) to sell the brand's products
through its stores.

SmartCompany reported last month Ksubi's receivers and managers
were looking for a local strategic partnership for distribution.

David Iannuzzi and Murray Godfrey from Veritas Advisory were
appointed as receivers and managers to the brand on December 17
last year, the report notes.

Mr. Iannuzzi told SmartCompany in March a domestic retailer was
doing due diligence on the business.

He also said at the time under the deal Ksubi's intellectual
property would remain in the hands of Breakwater, which obtained
the rights to the company from Bleach Group (now Mentmore),
earlier this year, the report relates.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2013, Jirsch Sutherland has been appointed as receiver
and manager of the companies previously known as Ksubi Copyright
Pty Ltd and Mentmore Pty Ltd.

Jirsch Sutherland Partners Andrew Spring and Roderick Sutherland
were appointed as Joint Receivers on Dec. 17, 2013. The
appointment was made by the company's principal lender.

Ksubi brand was founded by George Garrow and Dan Single in 1999
and worn by the likes of supermodel Miranda Kerr and celebrity
Nicole Richie.


OCEANLINX LIMITED: Kordamentha Appointed as Receivers
-----------------------------------------------------
Myriam Robin at SmartCompany reports that a company named by the
United Nations as one of the top 10 renewable energy investment
opportunities in the world has gone into receivership, after
construction delays in the installation of an energy-producing
unit off the coast of South Australia forced it to miss key
installation deadlines.

Further funding was dependent on meeting these deadlines, the
report notes.

SmartCompany says OceanLinx has been developing prototypes of wave
energy technology since 1997, and had raised millions of dollars
from investors, research organisations and bank funding. Most
recently, it received a AUD7.2 million grant from the federal
government's Energy Renewables Program, the report relays.
SmartCompany understands it currently owes around $10 million to
creditors.

Insolvency firm KordaMentha has been appointed as receivers of
OceanLinx, following the appointment of Hall Chadwick as
administrators, SmartCompany reports.

According to the report, the Sydney-based firm was in the process
of installing what it claimed would be the world's first 1MW
single unit energy converter off the South Australian coast,
which, when fully operational, has the capacity to power 100
homes.

This would have been the first money-earner for OceanLinx, which
has been working on prototypes for much of its history, the report
says.

However, construction delays caused by the tricky sea installation
resulted in OceanLinx missing key deadlines, leading to delays in
funding and a cash crunch. The company has six staff, who will
remain employed "for the time being," according to SmartCompany.

A KordaMentha spokesman told SmartCompany the receiver's immediate
focus was to deal with the safety concerns posed by "a couple of
huge bits of concrete floating off the coast of South Australia".

"It's not fully installed yet, and we'll be working with the
relevant authorities to ensure whatever needs to be done is done,"
the spokesman told SmartCompany.

He was hopeful the company could be turned around, the report
notes.



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


AGILE PROPERTY: 2013 Results Weakly Supports Moody's Ba2 CFR
------------------------------------------------------------
Moody's Investors Service says that Agile Property Holdings
Limited's 2013 results weakly support its Ba2 corporate family
rating and senior unsecured rating.

Nevertheless, the company's operating and financial performance
were both within Moody's expectation.

The ratings outlook is stable.

"Agile's weak financial results for 2013 were characterized by a
significant increase in debt leverage and weaker liquidity but
were within our expectation," says Kaven Tsang, a Moody's Vice
President and Senior Analyst.

"The company raised a sizable amount of debt in 2013 as well as an
additional USD500 million and RMB2 billion in early 2014 to fund
its land purchases in 2013 and prefund its construction and
refinancing needs in 2014," adds Tsang.

Agile's gross debt -- including reported debt plus 100% of its
perpetual securities -- jumped to RMB44.3 billion at end-2013 from
RMB27.7 billion a year ago.

As a result, its adjusted debt/capitalization reached 61.4% at
end-2013 and revenue to gross debt fell to 80% at end-2013 from
108% at-end 2012. These ratios support the lower end of the Ba2
rating level.

In the next 6-12 months, Moody's expects Agile to manage down its
adjusted debt/capitalization to around 60%.

Agile's liquidity weakened with cash/short-term debt falling to
106% in 2013 from 156% in 2012.

Weaker liquidity likely reflects slower cash collections resulting
from a high level of year-end sales and acceptances of installment
payments.

Moody's expect liquidity to improve as the company collects and
uses these proceeds to fund its operation and repay debt.

Agile has a track record of maintaining credit metrics that are in
line with its Ba-rating range.

However, if the company is unable to lower its debt levels within
the next 6-12 months, its ratings could face downgrade pressure.

Agile's sales performance was in line with Moody's expectation; it
reported contract sales of RMB40.3 billion in 2013, up 22% year-
on-year.

Book revenue grew 19% year-on-year to RMB35.4 billion in 2013.

However, Agile's gross profit margin declined to 35.6% in 2013
from 41.6% in 2012, reflecting a changing geographical mix, higher
unit land costs, as well as the impact from discounts during a
weak demand period in 2H2011 and 1H2012.

While Agile's EBITDA/interest (including distribution from
perpetual capital) declined to 3.4x in 2013 from 4.3x in 2012,
Moody's anticipates that it will stay between 3.0x and 3.5x in the
next 12-18 months, which is in line with its Ba2 ratings.

"Though secured and subsidiary debt to total assets grew to 18% in
2013, Moody's also expects the company to manage down its current
level of secured and subsidiary debt in the next 6-12 months from
its sales and offshore borrowings. As a result, Agile's bond
rating is not notched down for subordination," adds Tsang.

Agile has kept the ratio below 15% in the past. But the bond
rating could be downgraded if Agile's secured and subsidiary debt
fails to trend down towards 15% of total assets in the next 6-12
months.

The stable outlook reflects Moody's expectation that Agile will
maintain discipline in its new land acquisitions, and exercise
prudent financial management. In particular, Moody's expects the
company to reduce its debt leverage in the next 6-12 months.

Moody's also believes that Agile will maintain adequate liquidity
to fund its committed land premiums and other operating needs over
the next 12-18 months.

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

Agile Property Holdings Ltd is one of China's major property
developers, operating in the mid- to high-end segment. At 28 March
2014, the company had a land bank with a total gross floor area of
42.5 million square meters in over 40 cities and districts in
China. Southern China Region (mainly Guangdong Province) is its
largest market, accounting for around 39% of the company's land
bank and around 61% of its pre-sales in 2013.


CHINA METALLURGICAL: 2013 Results Supports Ba1 Sr. Unsec. Rating
----------------------------------------------------------------
Moody's Investors Service says that China Metallurgical Group
Corporation's (CMGC) improved 2013 operating results and moderate
debt reduction are credit positive and support its Baa3 corporate
family rating and Ba1 senior unsecured bond rating for its
guaranteed subsidiary MCC Holding (Hong Kong) Corporation Limited.

The ratings outlook remains stable.

On March 28,2014, Metallurgical Corporation of China Ltd (MCC,
unrated), a key subsidiary of CMGC and which accounts for more
than 90% of CMGC's total revenues and assets, announced that its
2013 profit from continuing operations was approximately RMB3.01
billion, an improvement from a net loss of RMB1.16 billion in
2012.

"MCC's reported EBITDA increased by 26% year-on-year in 2013 while
revenue declined by 6.5%. Its improved earnings are within our
expectations, and were driven by the company's focus on profitable
operations, cost controls, and disposal of loss-making businesses
in late 2012 and 2013," says Chenyi Lu, a Moody's Vice President
and Senior Analyst.

Moody's expects CMGC's adjusted EBITDA margin to improve further
to about 9% in 2014 from an estimated 8.5% in 2013, given its
continued profit-oriented operations and cost controls.

Moody's also expects CMGC's revenue growth to increase slightly in
2014, as CMGC gains more traction in the non-metallurgical
infrastructure and real estate businesses.

MCC's adjusted debt reduced moderately to RMB136 billion at end-
2013 from RMB155 billion at end-2012. As a result, CMGC's adjusted
debt/EBITDA is estimated to have declined to about 8x in 2013 from
9.4x in 2012.

Given the expected improvement in earnings and debt reduction
stemming from asset sales, Moody's expects CMCG's adjusted
debt/EBITDA to fall to about 7.5x over the next 12-18 months. This
level of leverage is consistent with its baseline credit
assessment of ba3.

The principal methodology used in this rating was the Global
Construction Methodology published in November 2010 and
Government-Related Issuers: Methodology Update published in July
2010.

China Metallurgical Group Corporation is engaged in the
engineering and construction, equipment manufacturing, property
development, and resources development businesses. Headquartered
in Beijing, it is a central state-owned enterprise and is wholly
owned by the State Council of China and supervised by the State-
owned Assets Supervision and Administration Commission.


EVERGRANDE REAL: Increased Debt No Impact on Moody's B1 CFR
-----------------------------------------------------------
Moody's Investors Service says that while Evergrande Real Estate
Group Limited's 2013 results show debt levels that were higher
than Moody's had expected, the results have no immediate impact on
its B1 corporate family rating or B2 senior unsecured ratings.

"Evergrande has increased the use of debt to fund business growth.
If it continues to do so, its ratings headroom could diminish,"
says Franco Leung, a Moody's Assistant Vice President and Analyst.

Evergrande reported an 80.5% year-on-year increase in gross debt
to RMB108.8 billion at end-2013 from RMB60.3 billion at end-2012.

The debt was primarily used to pay for construction spending and
on its more active land acquisition strategy in 2013. The cost of
the company's land acquisitions almost doubled in 2013 from 2012,
amounting to RMB52 billion from RMB28.4 billion.

At the same time, it raised RMB25 billion of perpetual capital
instruments in 2013, and which are classified as equity in the
company's financial statements.

As a result, Evergrande's adjusted debt to capitalization ratio
-- including the perpetual capital securities -- increased to
around 73% in the financial year ended 31 December 2013 (FY2013)
from 64% in FY2012.

However, the increase in debt leverage was partly offset by its
strong operating performance and improved liquidity position.

"Evergrande has delivered strong revenue growth, with improved
profit margins; demonstrating its ability to execute strong
sales," adds Leung, who is also the Lead Analyst for Evergrande.

The company reported a 43.5% year-on-year increase in revenue to
RMB93.7 billion in 2013, following strong sales growth over the
past two years.

While it reported only a mild improvement in gross profit margins
to 29.5% in 2013 from 27.9% in 2012, this achievement was against
the industry trend of a general decline in profit margins.

As a result, its adjusted EBITDA/interest coverage -- including
the adjustments for the perpetual capital securities -- improved
slightly to around 2.2x in 2013 from 2.1x in 2012, despite a
notable increase in debt and interest expenses.

Based on Evergrande's pipeline of available-for-sale projects,
Moody's expects the company to continue growing its sales volume
and to achieve its sales target of RMB110 billion for 2014.

In addition, Evergrande reported an improved liquidity position in
FY2013. Its cash balance rose to RMB53.7 billion at end-2013 from
RMB25.2 billion at end-2012. Moreover, the company's cash to
short-term debt improved to 150% from 132% in the same periods,
while its short-term debt to total debt stayed at 33%.

However, Evergrande declared a substantial increase in dividend
payments to 46% of net profits in 2013 from 25% in 2012. Such a
development is credit negative because it weakens its equity base
and liquidity position.

Nonetheless, Moody's believes that in 2014, Evergrande will have
sufficient liquidity to cover its dividend payments, outstanding
land payments of RMB28.5 billion, as well as the recent RMB7.3
billion that it committed to investing in Huaxia Bank (unrated)
and to buying back its own shares.

The B1 corporate family rating reflects Evergrande's strong market
position as one of the top five property developers in China by
contracted sales, and the size of its land bank. Moreover, the
rating reflects the company's significant scale; covering 147
cities across China.

The rating further takes into account Evergrande's ability to
manage its development operations through business cycles, with
low land costs, its economies of scale, and adequate liquidity
position.

On the other hand, the rating is constrained by the high business
and financial risks associated with Evergrande's strategy to
pursue rapid debt-funded growth, and its focus on lower-tier
cities.

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

Evergrande Real Estate Group Limited is one of the major
residential developers in China, with a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years. At 31
December 2013, its land bank totaled 151 million square meters in
gross floor area, in 147 Chinese cities.


SOUND GLOBAL: S&P Affirms 'BB-' CCR; Outlook Stable
---------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on Sound Global Ltd.  The
outlook is stable.  S&P also affirmed its 'B+' long-term issue
rating on the China-based water and wastewater treatment solution
provider's senior unsecured notes.  At the same time, S&P affirmed
its long-term Greater China regional scale ratings on Sound Global
at 'cnBB+' and that on the notes at 'cnBB'.

"We affirmed the ratings because we expect Sound Global to
maintain its operational performance and financial strength over
the next 12 months at least," said Standard & Poor's credit
analyst Huma Shi.  "The company's 2013 performance was in line
with our expectation."

"We revised our assessment of Sound Global's business risk profile
to "fair" from "weak" to reflect the company's improved
competitive advantage and good record of operating efficiency.
The assessment also reflects Sound Global's strong visible order
book, industry experience with a good track record, and stable
profitability, and the industry's good growth prospects
underpinned by favorable government policies.  The fragmented
nature of the industry and execution risks stemming from the
company's increasing number of build-operate-transfer (BOT)
projects and overseas projects temper the strengths," S&P said.

S&P expects Sound Global's revenue to grow moderately and margins
to stay stable over the next 12 months.  The Chinese government
has planned significant investments and tightened water discharge
standards to address the country's water shortage and water
pollution.  These should benefit Sound Global.  The company's
backlog of engineering, procurement, and construction (EPC)
projects provides good revenue visibility for the next 12-24
months.  Considering Sound Global's total revenue of Chinese
renminbi (RMB) 3.14 billion in 2013, S&P estimates that the
company has about two years' worth of work in hand.

Sound Global's exposure to intensifying competition in China's
highly fragmented wastewater treatment market constrains its
business risk profile.  The company's limited revenue base and its
status as a privately owned entity could limit its ability to
compete with large government-related entities that have better
access to capital and closer relationships with local governments.

In S&P's opinion, Sound Global's increasing exposure to higher
capital intensive BOT projects adds to its execution risks.  The
company's good track record and its integrated platform, which
includes designing, manufacturing, and operating and managing
projects, help to moderate these risks.

Nevertheless, steady cash flows during the operating and
maintenance phase of BOT projects should bring in some stability.
S&P expects the revenue contribution from this phase to increase
to 10%-15% in the next two years, from currently less than 10%, as
some BOT projects get completed.

Sound Global's "aggressive" financial risk profile reflects the
company's high debt leverage and growing debt-funded capital
expenditure and working capital requirements arising from
aggressive expansion into BOT projects.  However, S&P anticipates
that Sound Global's credit metrics will remain stable due to
visible revenue growth and sustainable profitability in the next
12 months and the company's cash balance will remain high for its
financial flexibility.

Sound Global's liquidity is "adequate," as defined in S&P's
criteria.  S&P expects the company's sources of liquidity to cover
its uses by more than 1.2x in the next 12 months, even if EBITDA
declines by 15%.  Sound Global breached a technical covenant on
its outstanding US$70 million loan at the end of 2012.  The lender
did not take any action for the acceleration of payment.  After
considering Sound Global's high cash balance, S&P treats this
outstanding loan amount as a payment-on-demand obligation and have
included the amount in S&P's uses of liquidity.

"The stable outlook on Sound Global reflects our expectation that
the prospects for the water and wastewater treatment industry will
remain favorable in China for at least the next two years," said
Ms. Shi.  "The outlook also reflects our view that Sound Global's
core domestic EPC projects will grow moderately over the next 12
months.  However, the rising competition in this highly fragmented
industry and Sound Global's increasing capital spending for its
BOT projects remain key risks."

S&P could lower the rating if: (1) Sound Global's backlog of EPC
projects significantly deteriorates, which could happen if new
entrants or large peers aggressively expand their market share; or
(2) the company significantly increases debt to meet higher
funding needs for BOT projects, and this weakens the company's
financial performance such that the ratio of total debt to EBITDA
is more than 5x for a sustained period.

S&P could raise the rating if: (1) Sound Global expands its
revenue base while maintaining its fair diversification, such that
the debt-to-EBITDA ratio is close to 3x on a sustained basis; and
(2) the company significantly increases the share of recurring
revenue to total revenue.


YANZHOU COAL: Moody's Places Ba1 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed the Ba1 corporate family
rating of Yanzhou Coal Mining Co Ltd and the senior unsecured debt
rating of Yancoal International Resources Development Co Ltd on
review for downgrade.

The action follows the announcement of Yanzhou's 2013 full-year
results, which showed that the company's capital expenditure
(capex) and total debt were higher than Moody's expectation.

Ratings Rationale

"Our review of Yanzhou Coal has been triggered by its higher-than-
expected debt level at end-2013 resulting from a significantly
higher level of capex, as well as the ongoing difficult operating
environment that will hinder the company's ability to return its
debt leverage to a level appropriate for its Ba1 corporate family
rating in 2014," says Simon Wong, a Moody's Vice President and
Senior Credit Officer/Manager.

The company's acquisition costs and capex totaled RMB12.3 billion
in 2013, which is twice the amount stated in its earlier guidance.

As a result, its gross reported debt increased to RMB55.3 billion
at end-2013 from RMB40.9 billion at end-2012.

Yancoal also paid RMB3.5 billion to Gloucester's Coal Limited's
shareholders during the year. Gloucester merged with Yancoal
Australia in June 2012 and became a wholly owned subsidiary of
Yancoal Australia.

Its debt to EBITDA deteriorated to 5.7x, which is higher than
Moody's previous expectation of 5x-5.5x for 2013.

Despite the difficult environment in 2013, Yanzhou Coal
successfully maintained its adjusted EBITDA margin at above 17%,
owing to various production and cost efficiency measures.

But thermal coal prices continued to weaken in Q1 2014 and will
likely remain depressed because of the global oversupply
situation, which is unlikely to materially improve over the next
12-18 months.

Moody's review will focus on Yanzhou Coal's (1) business strategy
and financial policy to manage its growth plans in light of the
difficult operating environment; (2) flexibility regarding its
2014 capex budget of RMB9.4 billion; (3) recent acquisitions as
well as ongoing greenfield investments; and (4) plans to reduce
its subsidiary debt to total assets ratio.

Moody's notes that Yanzhou Coal's subsidiary debt to total assets
ratio exceeded 15% in 2012 and 2013.

Its bond rating could be downgraded if the company is unable to
lower the ratio below 15% within the next six to 12 months.

The principal methodology used in these ratings was the Global
Mining Industry published in May 2009.

Yanzhou Coal Co Ltd was listed in Shanghai, Hong Kong and New York
in 1998. It is 52.9%-owned by the Yankuang Group, a state-owned
enterprise that is wholly owned by the Shandong Provincial State-
Owned Assets Supervision and Administration Commission.

Yanzhou Coal is one of the top coal mining groups in China. It has
12 operating mines in Shandong Province, Shanxi Province and Inner
Mongolia. It also has 14 mines in Australia; nine in production
and five in exploration.



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


AIRVISION TECHNOLOGIES: CRISIL Puts B- Rating on INR100MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Airvision Technologies Private Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Term Loan             62.6      CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     6.4      CRISIL B-/Stable

   Cash Credit            5        CRISIL B-/Stable

   Funded Interest
   Term Loan             26        CRISIL B-/Stable

The rating reflects AVTPL's modest scale and working capital-
intensive nature of its operations. The ratings also factor in
AVTPL's below-average financial risk profile marked by high
gearing, subdued debt protection metrics and tightly matched net
cash accruals and term debt obligation over the medium term. These
rating weaknesses are partially offset by the extensive experience
of the promoters in air terminal equipment manufacturing and
longstanding relationship with its customers.

Outlook: Stable

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

AVTPL, incorporated in 2006, is engaged in business of
manufacturing air terminal equipment's, primarily air handling
units (AHU) and air washers. The company has its manufacturing
facility at Vasai, Navi Mumbai. The day to day operations of the
company are managed by Mr. Anand Shetye.

For 2012-13 (refers to financial year, April 1 to March 31), AVTPL
reported a net loss of INR 3.5 million on net sales of INR46.5
million, against a net loss of INR21.4 million on net sales of
INR29.6 million for 2011-12.


AKSHAR SPINTEX: CRISIL Assigns 'B' Rating to INR471.5MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Akshar Spintex Pvt Ltd. The ratings reflect
ASPL's susceptibility to risks associated with its ongoing
project, and weak capital structure expected during the initial
stages of operations. These rating weaknesses are partially offset
by its promoters' extensive experience in the cotton industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Term Loan             408       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      3.5     CRISIL B/Stable

   Bank Guarantee         13.5     CRISIL A4

   Cash Credit            60       CRISIL B/Stable

Outlook: Stable

CRISIL believes that ASPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if ASPL stabilises the operations at its
proposed plant in a timely manner and reports higher-than'expected
revenues and profitability. Conversely, the outlook may be revised
to 'Negative' if the company faces significant delays in the
commencement of its operations, generates lower-than-expected cash
accruals during the initial phase of its operations, or its
working capital requirements increase significantly, resulting in
weak liquidity.

Incorporated in 2012-13, ASPL is setting-up a unit to manufacture
15 tonnes per day of combed and carded yarn in Jamnagar (Gujarat).
The company's operations are managed by Mr. Ashok Bhalala and Mr.
Kapil Bhalala. It is expected to become fully operational by
September 2014.


AMARAVATHI SPINNING: ICRA Cuts Rating on INR16.03cr Loans to 'D'
----------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR3.30
crore term loan facilities (revised from INR4.03 crore), the
INR8.25 crore fund based facilities and the INR1.03 crore non-fund
based facilities of Amaravathi Spinning Mills (Rajapalayam)
Private Limited to '[ICRA]D' from '[ICRA]B-'. ICRA has also
downgraded the short-term rating assigned to the INR2.50 crore
non-fund based facilities to '[ICRA]D' from '[ICRA]A4'. ICRA has
also downgraded the ratings outstanding on INR0.95 crore
unallocated limits (revised from INR0.22 crore) of ASMRPL to
[ICRA]D/[ICRA]D from [ICRA]B-/[ICRA]A4.

                              Amount
   Facilities               (INR crore)    Ratings
   ----------                -----------   -------
   Term loans facilities        3.30       Downgraded to [ICRA]D
                                           From [ICRA]B
   Fund based facilities        8.25       Downgraded to [ICRA]D
                                           From [ICRA]B
   Non-fund based facilities    1.03       Downgraded to [ICRA]D
                                           From [ICRA]B
   Non-fund based facilities    2.50       Downgraded to [ICRA]D
                                           From [ICRA]A4
   Unallocated limits           0.95       Downgraded to [ICRA]D/
                                           [ICRA]D from [ICRA]B-/
                                           [ICRA]A4

The rating revisions reflect delays in debt servicing by the
company owing to tight liquidity conditions. The delays are due to
lower-than-expected revenues stemming from sub-optimal capacity
utilization levels in its spinning division and delays in
operational stabilization of the recently set-up socks exports
division. As a result, the company's cash accruals have been
insufficient to meet term debt repayment obligation. Further, the
company's operations are working-capital-intensive in nature, due
to huge inventory-holding requirement in cotton spinning
operations and stretched receivables collection position,
resulting in a high net-working capital cycle.

Hence, the working capital lines have also been fully utilized
over the last 12 months, with frequent instances of over-
utilisation. The ratings are also constrained by the Company's
financial profile characterized by leveraged capital structure and
stretched coverage indicators, intense competition in the highly
fragmented industry structure, amidst low product differentiation,
restricting pricing flexibility and the relatively small scale of
operations restricting financial flexibility. The ratings also
factor in the experience of the promoters in the spinning
industry.

ASMRPL, incorporated in November 1989, is primarily engaged in
producing cotton yarn. Based in Rajapalayam (Tamil Nadu), the
Company commenced commercial production in 1992 with a capacity
of 2,880 spindles and gradually enhanced it to 12,168 spindles.
The Company sells yarn in markets like Coimbatore, Salem, Erode,
Tirupur and Karur. ASMRPL has also commenced production of socks
at Erode (Tamil Nadu) in August 2011 and exports the same to
Poland. The Company is closely held by the promoters and their
relatives.


AMEET METAPLAST: CRISIL Reaffirms B Rating on INR117.5MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ameet Metaplast Pvt Ltd
continue to reflect AMPL's modest scale of operations and subdued
financial risk profile marked by high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of AMPL's promoters in the polyvinyl
chloride (PVC) film industry and soft and hard luggage industry.

                       Amount
   Facilities         (INR Mln)   Ratings
   ----------         --------    -------
   Cash Credit           30       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    52.8     CRISIL B/Stable (Reaffirmed)
   Term Loan             34.7     CRISIL B/Stable (Reaffirmed)

CRISIL has discontinued consolidation of the financial profiles of
Ameet Metaplast Private Limited and Ameet Polyfilms Private
Limited in line with the stated posture of the management that
with improvement in AMPL's own cash generation, there would not be
further support from APPL to AMPL over the medium term.

Outlook: Stable

CRISIL believes that AMPL will benefit over the medium term from
the extensive experience of its promoters in the PVC film and
luggage bag manufacturing. The outlook may be revised to
'Positive' if AMPL reports higher-than-expected revenues, while
maintaining its margins and improving its capital structure and
debt protection metrics. Conversely, the outlook may be revised to
'Negative' in case the liquidity deteriorates due to lower cash
accruals or unprecedented delays in collection of receivables or
if the company undertakes unanticipated large debt-funded capex
leading to deterioration in the capital structure.

AMPL was incorporated in 2008 by Mr. K M Ahire, a Nasik based
first generation entrepreneur. The company is engaged in
manufacturing of plain and printed PVC heat shrinkable films used
in the packaging industry. Company has also commenced business of
manufacturing soft and hard luggage for VIP Industries Ltd in
2013-14.

AMPL reported a net profit of INR1 million on net sales of INR49
million for 2012-13 (refers to financial year, April 1 to
March 31), as against a net loss of INR8 million on net sales of
INR60 million for 2011-12.


ARVIND INORGANICS: CRISIL Reaffirms D Rating on INR63.5MM Loans
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Arvind Inorganics Pvt
Ltd continue to reflect instances of delays by AIPL in servicing
its debt; the delays have been caused by the company's weak
liquidity.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            35       CRISIL D (Reaffirmed)
   Letter of Credit        5       CRISIL D (Reaffirmed)
   Term Loan              23.5     CRISIL D (Reaffirmed)

AIPL has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics. Moreover,
its financial flexibility is constrained by its large working
capital requirements and low net cash accruals. These rating
weaknesses are partially offset by the extensive experience of
AIPL's promoter in the chemical industry.

AIPL was incorporated in 2005-06 (refers to financial year, April
1 to March 31), and is managed by Mr. Raj Kumar Bubna and his two
sons, Mr. Arvind Bubna and Mr. Avinash Bubna. Till 2009, the
company was mainly trading in 40 to 50 organic/inorganic
chemicals. Since January 2010, it has also been manufacturing
barium carbonate (main usage: chlor alkali, ceramics, and glass
industries) and sodium sulphide (leather and dyes). The company is
based in Kolkata (West Bengal).


BD & P HOTELS: ICRA Reaffirms 'D' Rating on INR68.35cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]D' for the
INR59.35 crore term loans (reduced from INR68.45 crore) and
INR4.00 crore long-term, non-fund based limits of BD & P Hotels
(India) Private Limited. ICRA has also assigned a long-term rating
of [ICRA]D to the INR5.00 crore long-term, fund-based working
capital limits of the company.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term loans           59.35       [ICRA]D reaffirmed

   Long-term, non-fund
   based limits               4.00       [ICRA]D reaffirmed

   Long-term, fund based
   working capital limits     5.00       [ICRA]D assigned

The rating reaffirmation reflects consistent delays in debt
servicing on the part of the company. The company operates from a
single 5-star property with high dependence on foreign business
and leisure tourists exposing the company to volatility in tourist
inflow. The rating is further constrained by the company's
stretched financial risk profile indicated by high gearing, weak
coverage indicators and substantial debt repayment obligations
over the next four fiscals as well as large advances/interlinkages
between the group companies. However, ICRA draws comfort from the
management tie-up the hotel has with the international group
Hilton Hotels & Resorts for the Hilton brand, the benefits it
receives from the global marketing and advertising network of
Hilton, and favourable operational parameters exhibited by the
hotel by virtue of its location.

BD & P Hotels (India) Private Limited was incorporated on 25th
April 1997, as a joint venture between the Dynamix Balwas Group
and the D. Naresh Group. BDPHPL is a subsidiary of DB Hospitality
Private Limited, the hospitality arm of DBG, which holds 75% of
the shares with the rest owned by promoters of the D. Naresh
Group.

BDPHPL owns the 171 room hotel 'Hilton', near the international
airport in Mumbai managed by the international hotel chain company
Hilton Hotels & Resorts. The hotel started in 2000 and was then
under a management contract with the international hotel chain
Starwood Hotels & Resorts Worldwide Inc. under the brand 'Le
Meridien' till the end of 2010.

Recent results:

BDPHPL reported a profit after tax (PAT) of INR3.96 crore on an
operating income of INR53.56 crore in FY13, as against a PAT of
INR2.62 crore on an operating income of INR51.95 crore in FY12.


BHARAT DEEP: CRISIL Rates INR50MM Cash Credit at 'B-'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Bharat Deep Traders.  The rating reflects BDT's
modest scale of operations in a highly fragmented steel industry
and weak financial risk profile marked by small net worth and high
total outside liabilities to tangible net worth ratio. These
rating weaknesses are partially offset by the extensive industry
experience of BDT's promoters.

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

Outlook: Stable

CRISIL believes that BDT will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case BDT's financial risk
profile improves significantly, most likely because of capital
infusion by the promoters and better-than-expected revenues and
profitability. Conversely, the outlook may be revised to
'Negative' in case the company's profitability or revenue
declines, resulting in lower-than-expected cash accruals, or it
undertakes any larger-than-expected debt-funded capital
expenditure programme, leading to weak financial risk profile.

BDT, set up as a partnership firm in 1992, is based in Chennai
(Tamil Nadu). The firm trades in iron and steel structural
products such as plates, thermo-mechanically treated bars and
angles. The day-to-day operations of the company are managed by
its partners Mr. Bharat Purohit and his father Mr. Gopal Purohit.


BMM CEMENTS: ICRA Cuts Rating on INR319.66cr Loans to 'D'
---------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR254.66
crore term loan facilities and the INR50.00 crore (revised from
INR40.00 crore) fund based facilities of BMM Cements Limited  to
[ICRA]D from [ICRA]BB-. ICRA has also revised the short-term
rating outstanding on the INR15.00 crore (revised from INR25.00
crore) non-fund based facilities of BMMCL to [ICRA]D from
[ICRA]A4.

                              Amount
   Facilities              (INR crore)         Ratings
   ----------              -----------         -------
   Term loan facilities    Revised to 254.66   Revised to [ICRA]D
                           from 313.58         from [ICRA]BB-

   Fund based facilities   Revised to 50.00    Revised to [ICRA]D
                           from 40.00          from [ICRA]BB-

   Non-fund based          Revised to 15.00    Revised to [ICRA]D
   facilities              from 25.00          from [ICRA]A4

The revision in ratings considers the recent delays in debt
servicing, due to strained liquidity position, attributed in turn
to sustained low levels of capacity utilisation in a weak demand
environment. This has led to consistent losses in 2012-13 and
during the current fiscal too. Such losses, coupled with high debt
levels (availed for setting up the cement manufacturing and power
generation facilities), has led to significant deterioration in
its capital structure. To fund these losses and to service the
debts, BMMCL's promoters have been infusing unsecured loans. The
overall liquidity position of the BMM group is also strained, on
account of the ongoing large debt-funded capacity expansion in the
iron and steel sector.

The cement industry in South India is characterised by surplus
capacities, which entails high competition, especially in the
fragmented industry structure of Andhra Pradesh; this is expected
to exert pressure on realisations and also result in subdued
utilisation levels over the medium term. Notwithstanding the
subdued demand conditions, the long-term outlook for the cement
sector is favourable.

The facilities of the Company are proximate to limestone sources,
which provide competitive advantage. However, BMMCL currently has
only surface mining rights for limestone, which is expected to
meet its requirement in the near term, given the low capacity
utilisation. While the Company has applied for limestone mining
rights and is awaiting regulatory approvals, any significant
delays in obtaining such approvals is likely to have an adverse
impact on the operating cost structure over the medium term. The
accruals of the Company are vulnerable to adverse fluctuations in
foreign exchange rates, in the absence of a hedging policy, and
coal prices, which is a key cost component.

BMMCL, incorporated in August 2007, is primarily engaged in
manufacturing cement. The Company commenced commercial production
in April 2012, at its 1.0 million tonne per annum greenfield
cement plant in the Anantapur district of Andhra Pradesh. It
primarily operates in the markets of Andhra Pradesh, Karnataka and
Tamil Nadu. BMMCL has also set up a 25 MW thermal power plant,
which commenced commercial production in July 2013. BMMCL forms
part of the BMM group, promoted by Mr. Dinesh Kumar Singhi, which
has interests in the iron / steel and mining sectors, apart from
cement. BMMCL is closely held by the promoter group.

Recent results
BMMCL reported a net loss of INR51.4 crore on an operating income
of INR116.6 crore during the nine months ended December 31, 2013
(according to unaudited results). It reported a loss of INR57.6
crore on an operating income of INR89.5 crore during 2012-13.


BMM ISPAT: ICRA Cuts Rating on INR3481.43cr Loans to 'D'
--------------------------------------------------------
ICRA has revised the long-term rating outstanding on the
INR2,821.43 crore term loan facilities and the INR350.00 crore
fund based facilities of BMM Ispat Limited to [ICRA]D from
[ICRA]BBB. ICRA has also revised the short-term rating outstanding
on the INR310.00 crore non-fund based facilities of BMMIL to
[ICRA]D  from [ICRA]A2. ICRA has withdrawn the long-term rating of
[ICRA]BBB assigned to the INR5.00 crore proposed fund based
facilities, and the short-term rating of [ICRA]A2 assigned to the
INR55.00 crore proposed non-fund based facilities, at the request
of the Company, as there is no amount outstanding against the
rated instrument(s).

                              Amount
   Facilities              (INR crore)         Ratings
   ----------              -----------         -------
   Term loan facilities   Revised to 2,821.43  Revised to [ICRA]D
                          from 3,377.58        from [ICRA]BBB

   Fund based facilities        350.00         Revised to [ICRA]D
                                               from [ICRA]BBB

   Non-fund based         Revised to 310.00    Revised to [ICRA]D
   facilities             from 330.00          from [ICRA]A2

   Non-fund based
   facilities                   55.00         [ICRA]A2 withdrawn

   Fund based facilities         5.00         [ICRA]BBB withdrawn

The revision in ratings considers the recent delays in debt
servicing, due to tight liquidity position. This is attributed, in
turn, to inadequate generation of internal accruals, amidst a weak
demand scenario, to meet the funding requirements of the ongoing
significant capital expenditure. The Company is undertaking an
expansion of its steel melting capacities by 0.69 million tonnes
per annum ("mtpa", scaled down from 1.20 mtpa earlier) and rolling
mill capacities by 1 mtpa, at an estimated cost of INR4,193.2
crore; this is expected to be funded by INR2,640.2 crore of term
debt, INR1,253.0 crore of internal accruals/promoters contribution
and INR300.0 crore from external investors. Apart from lower
internal accruals compared to expectations, BMMIL has managed to
secure only INR19.1 crore (as on February 15, 2014) from the
external investors. These factors have exerted pressure on the
cash flows of the Company.

The overall financial flexibility of the group to support the
aforementioned expansion in BMMIL is also being restricted due to
the significant funding requirement for BMM Cements Limited (to
fund the latters losses arising from the consistently low capacity
utilisation), as well as towards Bharat Mines and Minerals ("BMM",
where the promoters have infused funds to finance the part-payment
of a disputed tax liability). BMM, in which BMMIL holds 90% share,
has a contingent liability representing income tax dues of
INR394.29 crore, which is sub judice; any crystallisation of the
disputed tax liability in future is expected to exert further
pressure on the group's financial flexibility.

While the significant aforesaid capital expenditure exposes the
company to project related risks and exerts pressure on accruals,
the company has successfully commissioned and stabilised projects
in the past. Also, due to deferral of some of the upstream
facilities and a reduction in the anticipated capacity expansion,
the estimated cost and debt financing requirement of BMMIL's
ongoing projects is reduced to INR4,193.2 crore and INR2,640.2
crore respectively. This is likely to reduce the pressure on
capital structure to an extent, although the deferral of some of
the upstream facilities is expected to impact the profitability
going forward.

Iron ore availability in the state of Karnataka remains tight;
while the expected resumption of mining activities is likely to
improve the supply in the state to a certain extent going forward,
short-term demand-supply mismatches are expected to remain.
However, the Company's integrated nature of operations, which
includes facilities to beneficiate iron ore and manufacture
pellets, provides competitive advantage and entails healthy
operating margins. Further, the favourable long-term demand
outlook for steel, notwithstanding the ongoing weakness in the
sector, is likely to support business growth. BMMILs holds
majority ownership (representing 64% share) in Shree
Gavisiddeshwara Minerals (SGM); the latter holds a category A iron
ore mine, operations of which is expected to commence in the near-
term. While this is likely to partly support BMMILs raw material
requirement, the annual permissible production from the
aforementioned mine is considerably lower compared to the levels
at which it was operating in the past. BMMILs accruals are also
vulnerable to adverse fluctuations in foreign exchange rates,
arising from import of coal, in the absence of a consistent
hedging policy.

Incorporated in 2002, BMMIL is primarily engaged in beneficiation
of iron ore and production of iron ore pellets, sponge iron, steel
ingots / billets, long steel products and generation of power.
Located in Karnataka, the company's facilities include
beneficiation plants with capacities of 2.60 mtpa, pellet plants
of 2.40 mtpa, sponge iron plant of 0.66 mtpa, induction furnace of
0.10 mtpa and rolling mill of 0.09 mtpa. Apart from the above, the
company also has power plants with an aggregate generation
capacity of 235 MW. BMMIL is currently setting up a steel-melting
shop (of 0.69 mtpa) and a rolling mill (of 1.0 mtpa), which is
located adjacent to its existing manufacturing facilities. BMMIL
is closely held by the promoter (Mr. Dinesh Kumar Singhi) and the
promoter group.

BMMIL has 64% ownership in SGM and 90% ownership in BMM. Both
these partnership firms were engaged in iron ore mining in
Karnataka, prior to the imposition on restrictions on iron ore
mining in that state. While SGM holds a category A iron ore mine,
BMM's mining lease (classified under category C) has been
cancelled by the Supreme Court. BMMIL is the flagship entity of
the BMM group, which has interests in the mining and cement
sectors, apart from iron and steel manufacturing.

Recent Results
BMMIL reported a net profit of INR63.7 crore on an operating
income of INR1,307.2 crore during the nine months ended
December 31, 2013 (according to unaudited results). It reported a
net profit of INR26.6 crore on an operating income of INR1,674.4
crore during 2012-13.


CHIRAKEKAREN GLASS: CRISIL Puts 'B-' Rating on INR100MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' ratings to the long-
term bank facilities of Chirakekaren Glass House Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Term Loan               46      CRISIL B-/Stable

   Cash Credit             50      CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility       4      CRISIL B-/Stable

The ratings reflect CGHPL's large working capital requirements and
its moderate scale of operations in the fragmented glass and
plywood trading segments. These rating weaknesses are partially
offset by the extensive industry experience of the promoters and
CGHPL's moderate financial risk profile, marked by healthy capital
structure albeit constrained by low net worth.

Outlook: Stable

CRISIL believes that CGHPL will continue to benefit from its
established relations with the principals and customers, and the
promoters' extensive industry experience. The ratings will be
revised to 'Positive' if the company reports significant growth in
its revenues and profitability because of earlier-than-expected
commercialisation of its ongoing capital expenditure (capex)
programme, resulting in sizeable cash accruals, thereby improving
its liquidity. Conversely, the outlook may be revised to
'Negative' if CGHPL incurs time or cost overruns in its ongoing
project, or reports deterioration in its margins, thereby
weakening its financial risk profile.

CGHPL, reconstituted as a private company in 2005, is engaged in
the dealership and distribution of glass, plywood and hardware
fittings such as bathroom fittings, adhesives and other modern
sanitary items. CGHPL's day-to-day operations are managed by Mr.
Sunny Anto Chirakekaren along with his brothers Mr. Ceejo Joy
Chirakekaren, Sinto Joy Chirakekaren and Lenish Chirakekaren.

CGHPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR160.0 million during 2012-13 (refers to financial
year, April 1 to March 31) vis-a-vis a PAT of INR0.7 million on
net sales of INR150.0 million during 2011-12.


DARA CONSTRUCTION: ICRA Reaffirms 'B+' Rating on INR3cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR3.0 crore (enhanced from the earlier INR2 crore) fund based
limits of Dara Construction Co. ICRA has also re-assigned the
short term rating of '[ICRA]A4' to INR10.25 crore (enhanced from
the earlier INR6.0 crore) non-fund based limits of DCC. The
earlier suspension dated October 15, 2013 stands revoked.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund Based           3.0         [ICRA]B+ (Re-affirmed)

   Non-fund Based
   Limits             10.25         [ICRA]A4 (Re- affirmed)

The ratings take into account the healthy revenue visibility as
reflected by pending order book of INR165 crore as on January 31,
2014 and long track record of the proprietor in the civil
construction industry. Notwithstanding its modest scale of
operations, the ratings also draw support from the adequate debt
coverage indicators as reflected by interest coverage and TOL/TNW
of 3.5 times and 0.86 times respectively as on March 31, 2013. The
ratings, however, are constrained on account of exposure to
sectoral and geographic risks emanating from DCC's pending order
book, which is highly concentrated towards the state of Rajasthan
and water segment (laying of pipes). Further, DCC's high
dependence on government entities for orders exposes the firm to
risks arising out of budgetary allocation and spending of such
government entities. Moreover, ICRA expect the working capital
requirements to rise in order to execute the pending order book in
timely manner. The same is likely to be funded through working
capital borrowing; availability of which may be constrained on
account of its constitution.

Going forward, satisfactory execution of the existing order book
and timely collections from the clients will remain key rating
sensitivities along with the firm's ability to secure incremental
projects while maintaining profit margins.

Dara Construction Co. is a proprietorship concern of Mr. Pappu Ram
Vishnoi set up in 1998. The concern is engaged in civil
construction work, primarily focusing on laying of pipe lines. The
firm is based out of Jodhpur and has work experience across
Rajasthan, Madhya Pradesh and Gujarat. DCC is registered as "AA"
class contractor in P.H.E.D and "A" class contractor in M.E.S. The
firm achieved an operating income of INR48.22 crore in FY13 and
had a pending order book of INR165 crore as on January 31, 2014.

Recent Results
For the 12 months ending March 31, 2013, DCC reported Profit
Before Tax (PBT) of INR1.20 crore on a turnover of INR48.22 crore
as compared to INR1.06 crore on a turnover of INR40.05 crore a
year ago.


DHARESHWAR COTTON: ICRA Reaffirms 'B' Rating on INR8.46cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating to the INR1.46 crore
(reduced from INR1.90 crore) term loan and INR7.00 crore cash
credit facilities of Dhareshwar Cotton Private Limited.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit      7.00       [ICRA]B reaffirmed
   Term Loan              1.46       [ICRA]B reaffirmed

The rating continues to consider the company's modest scale of
operations, thin profitability, stretched capital structure as
well as weak coverage indicators and the fragmented nature of the
cotton ginning industry resulting in high competitive intensity.
Further, ICRA is cognizant of the fact that the company continues
to remain exposed to adverse movements in raw material prices
which coupled with low value additive nature of the work, keeps
the profitability metrics and cash accruals at modest levels.
The rating however, favorably factors in the company's strategic
location in cotton growing belt which ensures easy availability of
cotton and favorable demand outlook for cotton and cotton seeds.
The ratings further consider the moderately diversified product
profile due to presence in crushing operations.

Incorporated in 2011, Dhareshwar Cotton Pvt Ltd. is engaged in
cotton ginning, pressing and seed crushing business. The company
has 24 ginning machines with an intake capacity of around 120 MTPD
of raw cotton to produce cotton bales and cotton seeds. For seed
crushing, the company has installed 4 expellers with an intake
capacity of around 35 MTPD of cotton seeds to produce oil and oil
cakes. The company is managed jointly by Mr. Sanjay Namera, Mr.
Durlabhji Bhagiya, Mr. Ganesh Devda and Mr. Arvind Bhagiya who are
also directors of the company.

Recent Results

For the year ended 31st March, 2013, the firm reported an
operating income of INR35.15 crore with profit after tax (PAT) of
INR0.04 crore.


GOKUL COTTON: ICRA Assigns 'B' Rating to INR20MM Loans
------------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the INR9.00
crore cash credit facility, INR2.65 crore term loan limits and
INR8.35 crore unallocated limits of Gokul Cotton Industries.

                    Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Cash Credit            9.00        [ICRA]B assigned
   Term Loan              2.65        [ICRA]B assigned
   Unallocated limits     8.35        [ICRA]B assigned

The assigned rating is constrained by the start up nature/project
phase of the firm; the absence of a track record of operations and
the risks associated with timely commissioning and stabilization
of operations. Further, the reliance on debt for project funding
exposes the firm to possible stress on debt servicing capability
in case of slower than anticipated ramp up of operations and cash
flows. The rating also takes into account the highly competitive
and fragmented industry structure owing to low entry barriers
which is expected to keep the margins under pressure and the
vulnerability of the firm's profitability to raw material (cotton)
prices, which are subject to seasonality, crop harvest and
regulatory risks. ICRA also notes that GCI is a partnership firm
and any significant withdrawals from the capital account would
affect its net worth and thereby its capital structure.

The rating, however, favourably considers the longstanding
experience of the promoters in the cotton industry and favourable
location of the firm which results in an easy access to good
quality raw cotton.

Incorporated in September 2013, Gokul Cotton Industries (GCI) is
setting up cotton ginning and pressing facility at Tankara, Dist.
Rajkot in Gujarat. The proposed plant would be equipped with 32
ginning machines and 1 pressing machine with processing capacity
of 16000 MT of raw cotton annually. Commercial production is
expected to commence by the end of March 2014.


GURU KIRPA: CRISIL Reaffirms 'D' Rating on INR160MM Loans
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Guru Kirpa Foods Pvt
Ltd (GKFPL; part of the Guru Kirpa group) reflect delays by the
group in servicing its term debt, due to weak liquidity.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Cash Credit             140       CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       12       CRISIL D (Reaffirmed)

   Term Loan                 8       CRISIL D (Reaffirmed)

The Guru Kirpa group also has a weak financial risk profile,
marked by high gearing and weak debt protection metrics, along
with working-capital-intensive operations. Moreover, the group
operates on a small scale in the intensely competitive rice
industry, and is susceptible to volatility in raw material prices.
However, the group benefits from the promoters' extensive industry
experience.

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of GKFPL and its group company, Surya
Industries (SI). This is because both entities, together referred
to as the Guru Kirpa group, operate in the same line of business,
have operational linkages, and common promoters and management.

The Guru Kirpa group, through its subsidiaries, is engaged in
hulling and milling of paddy and processing basmati rice. GKFPL
was founded by Mr. Subhash Chander in Vill Ghubaya in Jalalabad
(Punjab) in 2000. SI, a partnership firm, established in 2000 by a
group of locals in Jalalabad, was acquired by the Guru Kirpa group
in 2009.

The group, on a consolidated basis, reported a profit after tax
(PAT) of INR3.8 million on net sales of INR1400 million for 2012-
13 (refers to financial year, April 1 to March 31), against a PAT
of INR5.4 million on net sales of INR900 million for 2011-12.


HYVOLT ELECTRICALS: ICRA Lowers Rating on INR25cr Loans to 'D'
--------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR4.0
crores fund based limits of Hyvolt Electricals to '[ICRA]D' from
[ICRA]B.  ICRA has also revised the short-term rating outstanding
on the INR12.0 crores letter of credit limits and INR9.0 crores
bank guarantee limits of Hyvolt to [ICRA]D from [ICRA]A4.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund Based Limits-
   Cash Credit            4.0       [ICRA]D; downgraded from
                                     [ICRA]B

   Non Fund Based
   Limits-LC             12.0       [ICRA]D; downgraded from
                                    [ICRA]A4

   Non Fund Based
   Limits-BG              9.0       [ICRA]D; downgraded from
                                    [ICRA]A4

The revision in ratings reflects the stretched liquidity position
of the company as reflected by devolvement of Hyvolt's non fund
based limits, which have remained overdue for more than a month
due to delays in payments by the company's chief customer Indian
Railways. The ratings also take into account the inherently low
value additive nature of Hyvolt's operations which coupled with
its moderate scale of operations have resulted in low
profitability indicators for the company. This in turn has
resulted in modest cash accruals and moderate debt protection
indicators for the firm. The ratings are also constrained by high
client concentration risk as majority of Hyvolt's sales are made
to single client-Indian Railways. This has lead to significant
fluctuation in firm's revenues over the past three years in line
with variability in order inflow from Railways. The ratings also
factor in exposure of the firm's profitability to adverse
movements in raw material prices (copper); however this risk is
mitigated to an extent by price escalation clauses present in
Hyvolt's contracts with Indian Railways.

Nevertheless ICRA takes note of Hyvolt's experienced partners with
established track record of operations in the cable manufacturing
business and low counterparty credit risk faced by the firm.

Hyvolt Electricals, set up in 1967 is engaged in the manufacturing
of railway traction wires and supplies mainly to Indian Railways.
The firm is promoted by Mr. Kaushal Mittal and has its
manufacturing facility in Jhilmil Industrial Area. The unit
produces over head equipment including copper conductors and
catenary wires for railways along with production of copper strips
and aluminium stranded conductors. Hyvolt is approved by the
Research Design and Standards Organisation (RDSO) as a Part-11 and
Part-2 supplier of copper cables to Indian Railways.

Recent Results

The company reported Profit After Tax(PAT) of INR0.57 crores on
Operating Income of INR65.42 crores as against loss of INR0.66
crores on operating income of INR17.65 crores in FY12. In H1 FY14
provisional results, the company has reported Profit Before Tax
(PBT) of INR0.85 crores on operating income of INR24.75 crores.


JAMUNA POULTRY: CRISIL Assigns 'B' Rating to INR100MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of M/s. Jamuna Poultry Farm.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------           --------     -------
   Proposed Long Term
   Bank Loan Facility      43        CRISIL B/Stable

   Cash Credit             35        CRISIL B/Stable

   Long Term Loan          22        CRISIL B/Stable

The rating reflects JPF's modest scale and working capital
intensive nature of operations and inherent risks associated with
the poultry industry. The rating also factors JPF's weak financial
profile marked by small networth, high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the benefits that JPF derives from its management's extensive
experience in the poultry business.

Outlook: Stable

CRISIL believes that JPF will benefit from management's extensive
experience in the poultry industry. The outlook may be revised to
'Positive' if the firm increases its scale of operations and
operating profitability on a sustained basis or if there is
significant equity infusion thereby improving the capital
structure and financial risk profile. Conversely the outlook may
be revised to 'Negative' in case the firm reports lower than
expected revenues and profitability, or if the firm undertakes a
large debt funded capital expenditure programme resulting in
further weakening of its financial risk profile.

Established in 2010 as a Neetha Poultry farms and subsequently
renamed as JPF in 2013, JPF is a proprietorship firm engaged in
production of commercial eggs, promoted by Ms. E. Jamuna, the
poultry unit is located in Shamirpet (Andhra Pradesh).

During 2012-13 (refers to financial year, April 1 to March 31),
JPF reported a profit after tax of INR2.5 million on net sales of
INR68 million and a net loss of INR1.2 million on net sales of
INR4.1 million for 2011-12.


JNJ MACHINES: ICRA Reaffirms 'B' Rating on INR16.32cr Loans
-----------------------------------------------------------
ICRA has reaffirmed '[ICRA]B' rating to the INR16.32 crore long
term fund based facilities of JNJ Machines Private Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         0.80        [ICRA]B reaffirmed
   Term Loans         15.52        [ICRA]B reaffirmed

Rating Rationale

The reaffirmation of the rating continues to factor in JNJ's
limited track record and small size of operations; limited
experience of promoters in machining and fabrication industry; and
the company's tight liquidity position as a result of long
receivable turnaround time. The rating is further constrained on
account of JNJ's dependence on a limited clientele for revenue
generation; moderate current order book position; and exposure of
the company's order inflows and hence utilization levels to
capital expenditure plans of end user industries/clients, though
it is trying to mitigate the risk by adding new customers across
multiple industries. ICRA also takes note of the fact that the
company's annual repayment obligations for next five years are
quite sizeable and achievement of optimum utilization of machining
and fabrication facilities would remain critical from the credit
perspective.

The rating, however, favorably factors in the location advantage
derived from the location of the company in Hazira -- one of the
prominent industrial belts of the country with several large heavy
engineering companies which provides good potential clientele
base; and favourable demand prospects from the end-user
infrastructure sector segments such as heavy engineering, oil and
gas, power etc. in the long term.

JNJ Machines Private Limited (JNJ) was incorporated on July 26,
2010 and is engaged in precision machining and fabrication of
various engineering components. The machining activity involves
various operations like turning, milling, drilling, boring etc. to
cut out metal parts in order to achieve the desired geometry while
fabrication refers to building metal structures by cutting,
bending and welding. JNJ primarily caters to the job work
requirements of the power, oil, gas and steel industry. The
machining and fabrication facility of the company is based in
Hazira Industrial Park, near Surat. The company is promoted by Mr.
Rajendra Jain who is an electrical engineer by qualification and
has over two decades of experience in textile industry.

Recent Results

For the year ended on March 31, 2013, the company has reported an
operating income of INR4.27 crore and a marginal profit after tax
of INR0.05 lacs. Further, for the 9 months ended December 31,
2013, the company reported an operating income of INR4.79 crore
and profit before depreciation and tax of INR0.86 crore (as per
provisional financials).


KARKALA EDUCATION: ICRA Assigns 'B' Rating to INR7.26cr Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR7.26
crore term loan facility of Karkala Education and Charitable
Trust.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan           7.26        [ICRA]B Assigned

The assigned rating is constrained by the highly competitive
school education segment in Mangalore and nearby areas with
corresponding challenges in attracting students, increasing per
student fee and recruitment/retention of quality faculty along
with the regulatory challenges involved in the education sector.
The rating of KECT is further constrained by the short duration
(two years) of operation of its school, negative net worth and the
highly leveraged capital structure. The rating is also factors the
stretched cash flow situation of the trust due to the aggressive
capex being undertaken for building new school campus and the
highly leveraged capital structure of the Trust which restricts
financial flexibility. Going forward, due to the lumpy nature of
cash flows, prudent management of the cash flows will be critical
in order to avoid any liquidity mismatch and to ensure regular
debt servicing.

Nevertheless, the assigned rating favourably factors in the
financial assistance by the Trustees during the capex phase and
relatively strong infrastructure facilities. The rating also
factors the completion of the school and hostel building
construction along with absence of any major capital expenditure
over near to medium term. Going forward, the Trust's ability to
scale up, improve its operational performance and improve its cash
flows would be key rating sensitivities.

Karkala Education and Charitable Trust was established in the year
2010 and currently operates one school in Sanoor, Karkala under
the name Prakruti Group of Institution. The Trust is a non-profit
organization and operates a residential and a day school providing
education from kindergarten to PUC I and II. The school presently
has around 281 students under the guidance of 21 teachers. The
trust has its own property spread over 36 acres of land with a
school building, two hostel buildings and a playground.

Recent Results

During 2012-13, the Trust reported net loss of INR0.7 crore on an
operating income of INR0.4 crore.


NAINITAL AGRO: CRISIL Assigns 'B+' Rating to INR57.5MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long'term
bank facilities of Nainital Agro Products (NAP; part of the PLA
group).

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            --------     -------
   Cash Credit              50        CRISIL B+/Stable
   Standby Line of Credit    7.5      CRISIL B+/Stable

The rating reflects the PLA group's modest scale of operations in
the highly fragmented rice industry, subdued financial risk
profile marked by a modest net worth, high gearing and weak debt
protection metrics, and susceptibility of operating margin to
regulatory and paddy price changes. These rating weaknesses are
partially offset by the extensive industry experience of partners'
in the rice milling industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NAP with its group entity P.L.A Foods
Pvt Ltd, together referred to as the PLA group. This is on account
of common management, procurement and similar line of operations.

Outlook: Stable

CRISIL believes that the PLA group will continue to benefit over
the medium term from its partners' extensive experience in the
rice milling industry. The outlook may be revised to 'Positive' in
case the group achieves significant and sustained improvement in
its revenues and margins, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' in case the
group registers significant decline in its revenues or margins, or
undertakes a large debt-funded capital expenditure programme,
resulting in weakening of its financial risk profile.

NAP was established in 1990 as a partnership firm, by Mr. Pramod
Goel and Mrs. Shobha Goel and is headquartered in Haldwani
(Uttarakhand) and is engaged in the milling of paddy into
processed rice. The Goel family, headed by Mr. Aman Goel
incorporated PLA in March 2012 and the company mills paddy into
processed rice. PLA's rice mill is in Rudrapur (Uttrakhand).


NEAT WIND: CRISIL Assigns 'B+' Rating to INR80MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Neat Wind Industries.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Term Loan             36.1      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    23.9      CRISIL B+/Stable

   Bank Guarantee        10        CRISIL A4

   Cash Credit           20        CRISIL B+/Stable

The ratings reflect modest scale of operations, susceptibility of
margins to input price volatility and high competition coupled
with working capital intensive nature of operations. The rating
also reflects subdued financial risk profile, marked by a modest
net worth, moderate gearing and subdued debt protection metrics.
These weaknesses are partially offset by the extensive industry
experience of NWI's promoters coupled with established customer
base.

Outlook: Stable

CRISIL believes that NWI will maintain its business risk profile
on the back of extensive experience of its promoters and
established customer base. The outlook may be revised to
'Positive' if the firm reports higher than expected revenues while
improving its profitability margins and capital structure.
Conversely the outlook may be revised to 'Negative' in case of
lower than expected revenues or operating margins, or
deterioration in its financial risk profile due to lengthening of
working capital cycle or larger than expected debt funded capital
expenditure.

NWI was established in 1996 by Mr G.M. Balkrishna, Mrs Sunita
Bopardikar and Mrs Kanchan Mulay. The firm manufactures industrial
ovens, electrical panels, furnaces, material handling equipments
and cable convey systems. It is also engaged in sheet metal
processing. The firm's manufacturing facilities is located in
Ahmednagar, Maharashtra. The day to day operations are managed by
Mr Avinash Bopardikar (husband of Mrs Sunita Bopardikar) and Mr
Suhas Mulay (husband of Mrs Kanchan Mulay).

NWI reported a profit before tax (PBT) (before partner's salary
and interest on capital) of INR6.2 million on net sales of
INR119.6 million for 2012-13 (refers to financial year, April 1 to
March 31) against profit of INR5.5 million  in 2011-12 on net
sales of INR100.8 million.


P.M. GRANITE: ICRA Upgrades Rating on INR4.11cr Loans to 'B-'
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR0.75
crore cash credit limits, INR3.36 crore term loan (reduced from
INR4.65 crore) and INR1.29 crore proposed limits (enhanced from
nil) of P.M. Granite Export Limited from '[ICRA]D' to '[ICRA]B-'.
ICRA has also revised the short term rating assigned to the
INR5.00 crore export packing credit limits and proposed limits of
INR1.29 crore (interchangeable with the long term proposed limits)
from '[ICRA]D' to '[ICRA]A4'.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Cash Credit         0.75       [ICRA]B- (revised from [ICRA]D)
   Term Loan           3.36       [ICRA]B- (revised from [ICRA]D)
   Export Packing
   Credit              5.00       [ICRA]A4 (revised from [ICRA]D)
   Proposed Limits      1.29      [ICRA]B-/[ICRA]A4 assigned

The rating revision positively factors in the regularization in
servicing of the term loan obligations of PMGEPL, in which
irregularities were noticed during the last rating exercise. The
rating also takes into consideration the robust growth in the
company's top line to INR15.27 crore for the period from April
2013 to February 2014 as compared to INR9.97 crore of revenues
during FY13. The timeliness of payments from Tamil Nadu Generation
and Distribution Corporation Limited (TANGEDCO) for the wind power
sales has also improved, thereby supporting the company's
liquidity position to some extent. These apart, the rating also
factors in the company's established track record of more than 10
years in the granite industry.

The ratings are however constrained due to PMGEPL's stretched
financial profile characterized by high gearing of 4.44 times as
on March 2013 and the deteriorating operating margins which came
down from 40.31% in FY11 to 7.71% in FY13; the company reported
losses at net level during FY13 and is expected to report losses
in FY14 also due to the adverse operating environment. The ratings
also take into consideration the company's high working capital
intensity (NWC/OI of 135% during FY13), mainly on account of the
high inventory held by them. The rating is also constrained due to
the company's small scale of operations in the highly competitive
granite industry and risk of geographical concentration as
majority of the direct exports are to customers in USA and Middle
East.

Going forward, improvement in the operating profile of the company
along with recovery in margins and timeliness of payments from
TANGEDCO will be the key rating sensitivities.

P.M. Granite Export Pvt. Ltd. (PMGEPL) was incorporated in January
2001 as P. M. Rocks (P) Ltd and renamed in November 2004 as
PMGEPL. The company is promoted by Mr. M.Babanna and is in the
business of processing of granite stone blocks and export of
granite blocks, slabs, tiles and other products. The company
largely exports granite slabs and tiles. It has a granite
processing unit at Hosur with a capacity to manufacture around
1.12 lac sqm of products per year. In addition, PMGEPL also has an
operational windmill of a capacity of 1.25MW in Tamil Nadu, the
output from which is sold to TANEGDCO through a long term PPA.

Recent Results

The company reported a net loss of INR1.06 crore on an operating
income (OI) of INR9.97 crore for FY13 as against a net profit of
INR0.04 crore on an OI of INR9.68 crore for FY12.


R.A. MOTORS: CRISIL Cuts Rating on INR300MM Loans to 'B+'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of R.A. Motors Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

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

   Electronic Dealer     215       CRISIL B+/Stable (Downgraded
   Financing Scheme                from 'CRISIL BB-/Stable')
   (e-DFS)

The rating downgrade reflects the sharp decline in RAMPL's revenue
to an estimated INR1.3 billion in 2013-14 (refers to financial
year, April 1 to March 31), from INR2.1 billion in 2012-13, with a
significant reduction in the number of vehicles sold to an
estimated 2350 against around 3150, over this period. CRISIL
believes that the company's revenue will remain subdued in 2014-15
as well, in the range of INR1.3 billion to INR1.5 billion, owing
to the weak demand estimated in the domestic commercial vehicle
(CV) segment.

The rating reflects RAMPL's weak financial risk profile, marked by
a small net worth, high total outside liabilities to tangible net
worth ratio, and weak debt protection metrics, on account of large
working capital requirements and low profitability. The rating
also factors in the company's susceptibility to risks related to
cyclicality of demand in the automobile industry and to intense
competition in the automotive dealership market, and its limited
bargaining power with its principal, Tata Motors Ltd (TML; rated
'CRISIL AA/Stable/CRISIL A1+'). These rating weaknesses are
partially offset by RAMPL's established relationship with TML, and
its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that RAMPL will continue to benefit over the
medium term from its established market position as a dealer in
TML's CVs in Etah, Moradabad, Badaun, and Barreily (all in Uttar
Pradesh). The outlook may be revised to 'Positive' in case of
substantial equity infusion by the company's promoters or
significant improvement in its profitability, leading to better
cash accruals and hence to an improvement in its capital structure
and debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if RAMPL's financial risk profile
deteriorates, most likely because of larger-than-expected debt-
funded capital expenditure or working capital requirements.

RAMPL is an authorised dealer for TML's CVs with four showrooms on
the 3S (sales, service, and spares) model, one each at Etah,
Moradabad, Badaun, and Bareilly. The company deals in the entire
range of TML's CVs.

For 2012-13, RAMPL reported a profit after tax (PAT) of INR7.0
million on net sales of INR2.12 billion, as against a PAT of
INR6.6 million on net sales of INR1.76 billion for 2011-12.


RADHE KRISHNA: ICRA Reaffirms 'B+' Rating on INR5.50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the INR5.50 crore
cash credit facilities of Radhe Krishna Cotton Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limit       5.50        [ICRA]B+ reaffirmed

The rating continues to consider Radhe Krishna Cotton Private
Limited's modest scale of operations, thin profitability,
stretched capital structure as well as weak coverage indicators
and the fragmented nature of the cotton ginning industry resulting
in high competitive intensity. Further, ICRA takes a note of the
fact that the company continues to remain exposed to adverse
movements in raw material prices which coupled with low value
additive nature of the work, which keeps the profitability metrics
and cash accruals at modest levels.

The rating, however, favorably takes into account the extensive
experience of promoters in cotton industry and proximity of the
company's plant to the cotton producing belt of India which
ensures regular and easy availability of raw material.

Radhe Krishna Cotton Private Limited was incorporated as a private
limited company in the year 2006 by Mr. Pratapbhai Makwana along
with his friends & relatives. The company is engaged in processing
of raw cotton to produce cotton bales and cotton seeds and has an
installed capacity of to produce 39000 ginned cotton bales per
annum.

Recent Results

For the year ended 31st March, 2013, RKCPL reported an operating
income of INR50.99 crore with profit after tax (PAT) of INR0.08
crore.


RANJAN FABRICS: ICRA Reaffirms 'B+' Rating on INR6.30cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned
earlier to the INR6.30 crore fund-based bank facilities of Ranjan
Fabrics Private Limited.

                                 Amount
   Facilities                 (INR crore)     Ratings
   ----------                 -----------     -------
   Fund based bank facilities    6.30         [ICRA]B+ reaffirmed

The rating continues to draw comfort from the long track record of
the promoters in the textile industry as well as the favourable
location of RFPL's weaving facilities, which provides easy
accessibility to raw materials and processing houses. The rating
however remains constrained by the continued subdued profitability
margins of the company owing to competitive and fragmented nature
of the weaving industry. This coupled with working capital
intensive nature of operations (on account of high receivable
period) and limited equity infusion have led to continued weak
financial profile of the company as evident by TOL/TNW of 2.85
times as on March 31, 2013 and TD/OPBDITA of 4.38 times for
FY2013.

ICRA has also taken note of the planned capacity expansion by the
company in FY2015 which is proposed to be funded largely through
incremental debt (which is yet to be tied up). While the proposed
capacity expansion shall help RFPL increase its scale of
operations, ICRA notes that financial profile of RFPL will be
driven by its ability to profitably scale up the operations while
effectively managing the working capital cycle. This apart, timely
enhancement in working capital limits and/or equity infusion by
the promoters will be critical to support liquidity during the
capacity ramp up phase.

In ICRA's view, the ability of the company to improve
profitability and reduce its working capital cycle will be key
determinants for its debt coverage indicators and liquidity and
hence will be the key rating sensitivities going forward.

Based out of Bhilwara (Rajasthan), Ranjan Fabrics Pvt. Ltd (RFPL)
is engaged in manufacturing of processed finished fabric for sales
under its own brand as well as for private labelling. The company
is promoted by Mr. P. M Beswal who has been in this line of
business for more than three decades.

Recent Results

RFPL reported a net profit of INR0.53 crore on an operating income
of INR35.99 crore in FY2013 as against a net profit of INR0.32
crore on an operating income of INR25.18 crore in FY2012. During
nine months ended December 31, 2013, the company achieved sales of
INR29.57 crore vis-a-vis sales of INR24.57 crore in the
corresponding period last fiscal.


SATYAM SPINNERS: ICRA Reaffirms B+ Rating on INR10.50cr Loan
------------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating to INR10.50 crore fund based
limits and [ICRA]A4 rating to INR1.50 crore to non-fund based
limits (sub-limit of fund based limit.) of Satyam Spinners Private
Limited.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund based limits         10.50       [ICRA]B+, reaffirmed
   Non-fund based limits      1.50       [ICRA]A4, reaffirmed

The ratings continue to favourably consider the experience of
promoters in the business and established sales network built over
the years. The ratings are however constrained by modest financial
risk profile of the company, vulnerability of profitability due to
fluctuations in raw material prices, limited pricing power given
the high competition and commoditised nature of cotton yarn. The
ratings are further constrained by high working capital intensity
due to seasonal nature of cotton availability requiring high
working capital finance. The capitalisation level of the company
is low with networth of INR2.44 crore as on March 31, 2013. ICRA
notes that the performance of the company is likely to be buoyant
in FY2014 given the healthy export demand of cotton yarn and
favourable exchange rates. Going forward, higher cash accruals on
account of improvement in profitability levels and capital
structure would be the key rating sensitivity.

Recent results: As per provisional results, SSPL posted operating
income of INR43.91 crore in 8M FY2014 and operating profit of
INR2.01 crore. The sales growth in 8M FY2014 has been contributed
by high level of trading activity accounting for INR23.85 crore of
sales.

Satyam Spinners Private Limited has been promoted by promoters of
Manjeet Group and Agarwal family of Sendhwa. SSPL was incorporated
in 1990 for setting up a spinning unit for manufacturing yarn at
Sendhwa, Madhya Pradesh and commenced operations in 1993 with
production capacity of 1,450 MT of cotton yarn. Currently the unit
has 15,336 spindles for manufacturing cotton yarn. Historically
SSPL made losses and had accumulated losses of INR1.01 crore till
2006-07. Thereafter SSPL has been reporting net profits.


SEVENHILLS HEALTHCARE: CRISIL Puts B+ Rating on INR5.18BB Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of SevenHills Healthcare Pvt Ltd.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            --------     -------
   Proposed Long Term
   Bank Loan Facility        1.1      CRISIL B+/Stable

   Term Loan              5178.9      CRISIL B+/Stable

The rating reflects the company's below-average financial risk
profile, particularly its liquidity amid continued operating
losses and sizeable maturing bank loan obligations, and exposure
to risks arising out of any adverse regulatory order. These rating
weaknesses are partially offset by the long-standing presence of
SHPL's promoters in the healthcare industry. Also, it reflects
improving levels of occupancy at its Mumbai-based hospital and
continued funding support from AIRRO (Mauritius) Holdings I,
Mauritius (AIRRO; a fund affiliated to JP Morgan).

Outlook: Stable

CRISIL believes that on the backdrop of receipt of various
regulatory clearances, SHPL's business risk profile will continue
to benefit from the long-standing presence of promoters, and
increasing penetration and demand in the Indian healthcare
industry. Its financial risk profile will, however, remain
constrained by its stretched liquidity. The outlook may be revised
to 'Positive' if the occupancy at the Mumbai hospital increases
significantly, leading to faster-than-expected breakeven of
operations. Conversely, the outlook may be revised to 'Negative'
if the increase in occupancy of beds does not materialise as
anticipated most likely because of some unwarranted regulatory
hurdles. Likewise, absence of timely fund support from AIRRO
adversely affecting its liquidity profile could trigger an outlook
revision to 'Negative'.

SHPL was incorporated in 2004 and is currently operating two
super-speciality hospitals under the name of Sevenhills Hospital-
one in Visakhapatnam (Andhra Pradesh) and other in Andheri, Mumbai
(Maharashtra). Sevenhills Hospital, Visakhapatnam was started in
1988 by Sevenhills Hospitals Pvt Ltd (SHL) and later merged with
SHPL in 2009. Sevenhills Hospital, Mumbai commenced operations in
2009. SHPL is currently promoted by Dr. Jitendra Das Maganti, his
wife Dr. Renuka Jitendra Maganti, and AIRRO.

SHPL reported a net loss of INR1.19 billion on a net revenue of
INR1.407 billion for 2012-13 (refers to financial year, April 1 to
March 31) as against a net loss of INR0.97 billion on a net
revenue of INR1.138 billion for 2011-12.


SHREE DOODHAGANGA: ICRA Reaffirms B- Rating on INR150cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B-' for the
INR150.00 crore fund based cash credit limits of Shree Doodhaganga
Krishna Sahakari Sakkare Karkhane Niyamit.

                        Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Fund Based Limit-      150.00       [ICRA]B- reaffirmed
   Cash Credit

The reaffirmation of the rating takes into account SDKSSKN's weak
financial profile characterized by net losses, negative net worth
and depressed coverage indicators during FY 2013 and its stretched
liquidity profile on account of high working capital intensity of
its operation due to seasonality in crushing. ICRA considers the
regulated nature of the sugar sector as evident from cane pricing
and export policy and SDKSSKN's exposure to agro climatic risk and
high competitive intensity for procuring sugarcane in the region.
Also, high valuation of closing stock as on March 31, 2013 and
pressure on sugar realization in FY 2014 are likely to impact the
profitability of the sugar mill during FY 2014.

The rating, however, derives comfort from long standing presence
of the sugar plant in the region, experience in procuring the cane
from the command area and healthy sugar recovery rates which
protect the contribution margin from sugar business to an extent.
The rating also considers the forward integrated nature of
SDKSSKN's operations with distillery and cogeneration which
provides some support to profitability during sugar downturn.

Going forward, SDKSSKN's profitability and coverage indicators
would largely depend on cane cost paid by the company in SY 2014.

Shree Doodhaganga Krishna Sahakari Sakkare Karkhane Niyamit is a
long standing cooperative Sugar Industries in Karnataka. The
society is in existence since 1969. Since the factory has its
members both in Karnataka and Maharashtra, it is governed under
the Multi-State Cooperative Societies Act. The factory is situated
in Chikodi Taluk of Belgaum District in Karnataka. Chikodi lies
near Maharashtra-Karnataka border. SDKSSKN's area of operation
extends to 140 villages in Karnataka state and 12 villages in
Maharashtra within a radius of 22 miles. The sugar mill has a
capacity of 5,500 TCD and is fully integrated with its own
Distillery Unit (30 klpd) and Cogeneration Power Plant (20.7 MW)
located in the mill premises.

In FY 2013, SDKSSKN reported operating income of INR253.13 crore
and net loss of INR2.24 crore as against operating income of
INR346.41 crores and net profit of INR6.27 crores in FY 2012.


SHREEOM WIRES: ICRA Reaffirms 'B+' Rating on INR7cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR7.00 crore bank limits of Shreeom Wires Private Limited.

                          Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit Limits-      7.00         [ICRA]B+ reaffirmed
   Long-term facilities

The reaffirmation of rating takes into consideration the healthy
growth in SWPL's operating income in the second year of operations
and the likely improvement in the profitability with the forward
integration of its operations. Further, the rating continues to
derive comfort from the experienced management of WPL in Cable
industry and its established relationship with key customers.

However, the rating is constrained by the decline in the operating
profitability of the company due to intensely competitive nature
of the industry. Further, ICRA takes into consideration the
limited track record of company's operations and increase in the
debt levels to fund the capital expenditure and working capital
requirements. In addition, the rating factors in the company's
stretched financial profile characterized by low cash accruals,
moderate working capital intensity and weak debt protection
indicators.

Shreeom Wires Private Limited established on February 2011, is
engaged in the business of cable wire drawing. The manufacturing
unit of the company is located in the industrial belt of Bhiwadi,
Rajasthan. SWPL procures its raw materials i.e. copper rods from
domestic markets, which are subsequently processed to a wide
variety of copper winding wires, annealed wires and bunched wires
of different sizes. The raw material is sourced from local traders
and key clients for the company include small cable manufacturers
and electronic equipment manufacturers.

Recent Result

In 2012-13, the company has reported an operating income of
INR113.25 crore with a profit after tax of INR0.36 crore compared
to an OI of INR36.89 crore and profit after tax of INR0.11 crore
in 2011-12.


SHYAMRAI ECOPACK: CRISIL Reaffirms 'B-' Rating on INR130MM Loans
----------------------------------------------------------------
CRISIL's rating on bank loan facilities of Shyamrai Ecopack Inc.
continues to reflect SREP's weak financial risk profile, marked by
high gearing, low net worth and weak debt protection metrics, and
susceptibility to intense competition in the disposable plastic
based kitchenware industry and to volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of SREP's promoters in the plastics industry.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------     -------
   Proposed Long Term
   Bank Loan Facility       36       CRISIL B-/Stable(Reaffirmed)

   Term Loan                79       CRISIL B-/Stable(Reaffirmed)

   Working Capital
   Term Loan                15       CRISIL B-/Stable(Reaffirmed)

Outlook: Stable

CRISIL believes that SREP will continue to benefit from its
promoters' extensive industry experience. However, its financial
risk profile is expected to remain under pressure over the medium
term because of high gearing. The outlook may be revised to
'Positive' if SREP's liquidity and capital structure improves,
driven most likely by better-than-expected business growth leading
to more-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if there is a decline in the firm's
revenues and profitability, resulting in further weakening in its
debt servicing metrics or in case the firm undertakes any large
debt-funded capital expenditure.

Update:
SREP reported revenues of INR188 million in 2012-13, representing
a year-on-year revenue growth of 63 percent. The revenue growth
has been on account of improvement in capacity utilization in its
second year of operations. The revenues are expected to grow at a
moderate rate of 10 percent over the medium term as the company
has reported revenues of INR190 million for the period April 2013
to February 2014. The company had reported operating profitability
of 16.4 percent for 2012-13 and the margins are expected to be
sustained at similar levels over the medium term.

SREP continues to have a weak financial risk profile marked by
high gearing of 9.64 times and networth of INR10 million as on
March 31, 2013. The gearing is expected to improve due to absence
of debt funded capex plans but still remain high at around 4 times
over the medium term. The firm's debt protection metrics are weak
marked by interest coverage of 1.9 times for 2012-13. The firm's
liquidity is stretched marked by cash accruals of around INR25
million which would tightly match with repayment obligations of
INR22 million over the medium term.

SREP was established in 2009 as a partnership firm by Mr. Brahm
Prakash Aggarwal and Mr. S C Baruah. The firm manufactures
disposable thermocole kitchenware at its facility located at
Rudrapur, Uttarakhand.


THEME HOTELS: CRISIL Rates INR75MM Term Loan at 'D'
---------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Theme Hotels Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan              75        CRISIL D

The rating reflects instances of delay by the company in servicing
its debt obligations; the delays have been caused by the company's
weak liquidity. THPL has weak liquidity on account of large term
debt obligations (on the loan availed for construction of hotel
property) while its scale of operations and, consequently, its
accruals are low.

The rating also factors in THPL's modest scale of operations,
exposure to risks associated with the initial phase, and the
company's weak debt protection measures. These rating weaknesses
are partially offset by the continued funding support from the
promoters and location advantages of its hotel property.

Incorporated in 2004, THPL owns and operates The Theme, Jaipur
(Rajasthan). The Theme, Jaipur started operations only in the
second half of 2012-13 (refers to financial year, April 1 to
March 31). THPL is promoted by Mr. Prashant Kumar Khandelwal
(through Pawanputra Hotels and Resorts Pvt Ltd) and Mr. Satish
Chandra Kumawat.


TRIMULA G: CRISIL Reaffirms 'B+' Rating on INR80MM Loans
--------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Trimula G
Basmati Pvt Ltd continue to reflect TBPL's below-average financial
risk profile, marked by high gearing and weak debt protection
metrics, mainly because of its large working capital requirements,
and its modest scale of operations in the intensely competitive
rice milling industry. The rating also factors in the
susceptibility of TBPL's operating margin to changes in government
regulations and to erratic rainfall. These rating weaknesses are
partially offset by the funding support that the company derives
from its promoters, and benefits expected from the healthy growth
prospects for the basmati rice industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            75       CRISIL B+/Stable (Reaffirmed)
   Term Loan               5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TBPL will continue to benefit over the medium
term from the funding support that it receives from its promoters,
and the healthy growth prospects for the basmati rice industry.
The outlook may be revised to 'Positive' if the company improves
its scale of operations, while it maintains its profitability,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if TBPL's financial risk
profile deteriorates, most likely because of significant increase
in its inventory, leading to large incremental bank borrowings, or
substantial debt-funded capital expenditure.

Update
TBPL reported healthy year-on-year revenue growth of 41 per cent
to INR314 million in 2012-13 (refers to financial year, April 1 to
March 31). The firm's revenues were around INR450 million during
the first nine months of 2013-14; it is expected to report
revenues of INR550 million to INR600 million for the year.

TBPL's operating profitability declined to 7.3 per cent in 2012-13
as compared with 8.7 per cent in 2012-13, and is expected to
remain at 6.5 to 7.0 per cent over the medium term. The company's
working capital cycle remains high, with gross current assets
(GCAs) of 303 days as on March 31, 2013, driven by high inventory
days on account of seasonal availability of paddy. Its inventory
increased to 204 days as on March 31, 2013, as against 122 days a
year earlier mainly on account of higher finished goods inventory
due to deliberate stocking of processed rice. Also, the company
extends credit of 25 to 30 days to its customers against which it
receives credit of 65 to 70 days from its suppliers. CRISIL
believes that TBPL's operations will remain working-capital-
intensive over the medium term, with GCAs of around 200 days, as
seasonal availability of key raw material will lead to high
inventory levels.

TBPL's financial risk profile remained weak, with gearing of 4.2
times and a small net worth of INR48.5 million, as on March 31,
2013; its interest coverage ratio was 1.4 times and its net cash
accruals to total debt ratio 0.04 times, in 2012-13. CRISIL
believes that TBRPL's financial risk profile will remain weak over
the medium term due to high reliance on bank borrowing to meet
working capital requirements because of seasonal availability of
the paddy crop and low cash accruals.

TBPL reported a profit after tax (PAT) of INR1.7 million on net
sales of INR314 million for 2012-13, against a PAT of INR0.8
million on net sales of INR221 million for 2011-12.

TBPL was established in 2009 by Mr. Sudhir Kumar, Mr. Shilpi
Kumar, and Mr. Ankur Kumar. The company is in the basmati rice
milling business. Its manufacturing unit, located in Nehtaur
(Uttar Pradesh), has milling and sorting capacities of 5 tonnes
per hour each.


VIKAS COTEX: ICRA Assigns 'B' Rating to INR20cr Loans
-----------------------------------------------------
ICRA has assigned the long term rating of '[ICRA]B' to the
INR12.35 crore cash credit facility, INR2.35 crore term loans and
INR5.30 crore unallocated limits of Vikas Cotex.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.35       [ICRA]B assigned
   Term Loan              2.35       [ICRA]B assigned
   Unallocated limits     5.30       [ICRA]B assigned

The assigned rating is constrained by the start up nature/project
phase of the firm; the absence of a track record of operations and
the risks associated with timely commissioning and stabilization
of operations. Further, the reliance on debt for project funding
exposes the company to possible stress on debt servicing
capability in case of slower than expected ramp up of operations
and cash flows. The rating is further constrained by the highly
competitive and fragmented industry structure owing to low entry
barriers which is expected to keep the margins under pressure; the
vulnerability of the firm's profitability to raw material (cotton)
prices, which are subject to seasonality, crop harvest and
regulatory risks; and risks inherent in partnership form of
business.

The rating, however, favourably considers the longstanding
experience of the promoters in the cotton industry and favourable
location of the firm which results in an easy access to good
quality raw cotton.

Incorporated in August 2013, Vikas Cotex (VC) is setting up cotton
ginning and pressing facility at Wankaner, Dist. Rajkot in
Gujarat. The proposed plant would be equipped with 48 ginning
machines and 1 pressing machine with processing capacity of 31000
MT of raw cotton annually.


WHITEGOLD CERAMICS: ICRA Upgrades Rating on INR5.37cr Loans to C+
-----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR3.00
crore(enhanced from INR2.00 crore) cash credit facility and
INR2.37 crore (reduced from INR3.65 crore) term loan facility of
Whitegold Ceramics Pvt Ltd from '[ICRA]D' to '[ICRA]C+'.  ICRA has
also upgraded the short term rating from '[ICRA]D' to [ICRA]A4 for
INR1.00 crore(enhanced from INR0.40 crore) Bank Guarantee facility
of WCPL.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Cash Credit         3.00         Upgraded to [ICRA]C+

   Term Loan           2.37         Upgraded to [ICRA]C+

   Bank Guarantee      1.00         Upgraded to [ICRA]A4

The rating upgrade primarily factors in the timely debt servicing
by the company in the recent months. The rating also, continues to
consider the promoter's extensive experience of the promoters in
ceramic industry and favorable location of the company with its
proximity to raw material sources.  The ratings however, continues
to be constrained by limited track record of the company's
operation and weak financial profile characterized by net losses
in Fy 13 as well as highly adverse gearing and consequently week
coverage indicators. The ratings also continues to be constrained
by the competitive business environment in which the company
operates limiting improvement in realizations, vulnerability of
its profitability to cyclicality inherent in real estate industry
and to adverse fluctuations in raw material & fuel prices.

Whitegold Ceramics Pvt. Limited is a wall tiles manufacturer with
its plant situated at Morbi, Gujarat. The company was established
in September 2010, while the company commenced its operations in
May 2011. The company was promoted by Mr.Jay Bhatt and Mr.Niraj
Patel. However, in January 2013 the company was taken over by
Mr.Kishor Detroja and Mr.Alpesh Patel and their family members.
The plant has an installed capacity of 30,660 MTPA to manufacture
wall tiles. WCPL currently manufactures wall tiles of sizes 12" X
18" and 12" X 24" with the current set of machineries at its
production facilities.

Recent Results

During FY 2013, the company reported a net loss of INR0.44 crore
on an operating income of INR10.39 crore.



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


GAJAH TUNGGAL: 2013 Performance No Impact on Moody's B2 CFR
-----------------------------------------------------------
Moody's Investors Service said that the decline in 2013
performance for Gajah Tunggal Tbk (P.T.) (GT) does not impact its
B2 corporate family rating. GT announced last week that its 2013
sales were down slightly at IDR12.4 trillion from 2012's IDR12.6
trillion and that increasing costs and a weakening Rupiah weighed
on its profitability. Moody's expect market conditions to remain
challenging in 2014, thus limiting any immediate upside for GT's
ratings, which remain well positioned to absorb weaker earnings.

"The decline in GT's 2013 earnings were consistent with our
expectations as the mix of rising competition in Indonesia, lower
rubber prices and higher transportation costs resulted in a
meaningful decline in EBITDA margins" says Brian Grieser, a
Moody's Vice President and Senior Analyst. "The rise in costs were
exacerbated by a significant decline in the Rupiah during the
second half of 2013".

GT's transportation costs rose roughly 74% in the fourth quarter,
as the Government of Indonesia's June 2013 reduction in fuel
subsidies were fully absorbed into freight fees charged by
transport companies, and increasing local competition, combined
with pricing pressure due to lower rubber prices, led to a 2.5x
increase in fourth quarter incentive and rebate spending. Moody's
expect higher transportation costs to continue to weigh on
earnings through the first half of 2014 compared to the first half
of 2013 and that GT will continue to spend to maintain its market
share throughout 2014, likely through its incentives and rebates.

These pressures were compounded by the decline in the Rupiah in
the fourth quarter of 2013 given GT's exposure to USD costs,
primarily rubber and interest payments. While the Rupiah has
strengthened early in 2014 compared to the USD, it remains well
above first half 2013 levels. Moody's expect managing exchange
rate volatility will continue to be a challenge in 2014.

"Despite these challenges, GT remains well positioned in the B2
rating category given its modest leverage, roughly 3.0x at
December 31, 2013, and solid cash generation. Overall, Moody's
expect leverage to inch upwards in 2014 but to remain well within
our expectations at the current rating," Moody's said.

Further, GT continues to maintain a solid liquidity profile. Cash
balances more than doubled in 2013 and its USD reserves are well
above its interest requirements over the next two years. GT's
annual interest requirements are close to USD39 million and its
USD cash balances at December 31, 2013 were almost USD120 million.

Moody's do not expect cost pressures or the weak Rupiah to result
in ratings downgrades in 2014. Downward rating pressure may arise
if a) GT is unable to defend its leading domestic market position,
b) GT's financial profile deteriorates due to significant pressure
in its profit margins, or c) expands its business through
aggressive debt-funded acquisitions or capital expenditures such
that debt/EBITDA exceeds 5x on a sustained basis.

The principal methodology used in this rating was the Global
Automotive Supplier Industry published in May 2013.

GT, headquartered in Jakarta, Indonesia, is Southeast Asia's
largest integrated tire manufacturer producing around 37 million
tires covering motorcycles, passenger cars and commercial
vehicles. The key shareholders for GT include Denham Pte Ltd., a
subsidiary of Giti Tire (not rated), a Chinese tire manufacturer,
with 49.7% stake and Compagnie Financiere Michelin (Baa1 stable),
which holds a 10% interest.



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


L-JAC 7 CMBS: S&P Lowers Rating on Class B Trust Cert. to 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC (sf)' from 'CCC-
(sf)' its rating on the class B trust certificates issued in March
2008 under the L-JAC 7 Trust Beneficial Interest and Trust Loan
(L-JAC 7) transaction.  At the same time, S&P withdrew its ratings
on the class A to K-1 trust certificates and the trust loan issued
under L-JAC 7 at a transaction party's request.  S&P withdrew its
rating on the interest-only class X trust certificates in May
2011.

The servicer completed the sale of the transaction's last
remaining collateral property, which in turn backed the
transaction's last remaining underlying specified bond.  The
outstanding balance of the specified bond exceeds collection
proceeds from the property sale and the bond has incurred a
principal loss.  As a result, although the final loss amount has
not yet been calculated, pending the completion of calculations at
the underlying special-purpose company (SPC) level, S&P has
concluded that class B would also incur a principal loss by the
legal final maturity.  Accordingly, S&P downgraded class B to
'CC (sf)'.

L-JAC 7 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction.  Four specified bonds and four nonrecourse
loans originally issued by/extended to eight obligors initially
secured the trust certificates and the trust loan issued under
this transaction, and 16 real estate properties and real estate
beneficial interests originally backed the specified bonds and
nonrecourse loans.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATING LOWERED
L-JAC 7 Trust Beneficial Interest and Trust Loan
JPY38.96 billion trust certificates due October 2014
Class    To         From         Initial issue amount    Coupon
type
B        CC (sf)    CCC- (sf)    JPY3.15 bil.     Floating rate

RATINGS WITHDRAWN

L-JAC 7 Trust Beneficial Interest and Trust Loan
Class        Rating         Initial issue amount       Coupon type
A            BBB (sf)       JPY11.75 bil.                Floating
rate
Trust Loan   BBB (sf)       JPY8.50 bil.                 Floating
rate
B            CC (sf)        JPY3.15 bil.                 Floating
rate
C            D (sf)         JPY3.14 bil.                 Floating
rate
D-1          D (sf)         JPY1.88 bil.                 Floating
rate
D-2          D (sf)         JPY1.10 bil.                 Floating
rate
D-3          D (sf)         JPY0.60 bil.                 Floating
rate
E-1          D (sf)         JPY0.61 bil.                 Floating
rate
E-2          D (sf)         JPY0.56 bil.                 Floating
rate
E-3          D (sf)         JPY0.27 bil.                 Floating
rate
F-1          D (sf)         JPY0.80 bil.                 Floating
rate
F-2          D (sf)         JPY0.49 bil.                 Floating
rate
F-3          D (sf)         JPY0.26 bil.                 Floating
rate
G-1          D (sf)         JPY0.71 bil.                 Floating
rate
G-2          D (sf)         JPY0.48 bil.                 Floating
rate
G-3          D (sf)         JPY0.26 bil.                 Floating
rate
H-1          D (sf)         JPY0.68 bil.                 Floating
rate
H-2          D (sf)         JPY0.64 bil.                 Floating
rate
H-3          D (sf)         JPY0.30 bil.                 Floating
rate
I-1          D (sf)         JPY0.65 bil.                 Floating
rate
I-2          D (sf)         JPY0.62 bil.                 Floating
rate
I-3          D (sf)         JPY0.33 bil.                 Floating
rate
J-1          D (sf)         JPY0.50 bil.                 Floating
rate
J-2          D (sf)         JPY0.53 bil.                 Floating
rate
K-1          D (sf)         JPY0.15 bil.                 Floating
rate



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


POSTIE PLUS: Faces Suspension For Late Filing
---------------------------------------------
Fairfax NZ News reports that struggling clothing retailer Postie
Plus is under threat of suspension by the NZX for not filing its
half-year results in time.

The news agency relates that NZX issued the late-filing notice on
April 2 and said Postie's report for the six months to the end of
January was due April 1.

Postie had another five business days to comply with the listing
rules over filing of financial results, the report notes.

NZX said if the company did not comply by next Tuesday [April 8],
its shares would be suspended from trading, the report adds.

Postie Plus Group Limited (NZE:PPG) -- http://www.ppgl.co.nz/--
comprises the retail businesses of Postie+, Baby City and
Arbuckles.  The company offers a range of products for all age
groups.  Postie+ sells casual family clothing through a chain of
79 stores.


SHIVRAM: Creditors Seek NZ$1.7MM from Nando's NZ Operator
---------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that creditors
are claiming around NZ$1.7 million from the company that owns the
master franchise for Nando's fast food chain, which is in a
"messy" liquidation.

This amount does not include the NZ$1.6 million owed to Heartland
Bank when the company went into receivership in late November, the
report notes.

The Herald notes that liquidators Rogers Reidy were last month
appointed to Auckland-based Shivram, which holds the master
franchise for the more than 30-store restaurant network in this
country.

Shivram went into receivership on November 29 -- the same day the
Business Herald revealed the company was copping flak from a
number of disgruntled current and former franchisees, the report
relays.

They said a lack of national marketing was stifling the chain's
growth and that several franchisees were owed substantial sums of
money on loans they provided to the franchisor, according to the
report.

Nando's stores in New Zealand, which are independently owned, are
not in receivership and continuing to operate as normal, the
Herald notes.

The receivers are trying to sell the business and it is hoped the
sale may go through shortly, joint liquidator Derek Ah Sam told
the Herald.

Mr. Ah Sam said creditors had filed claims of around NZ$1.7
million but that these had yet to be verified, the report adds.


STRATEGIC FINANCE: Receiver In Final Talks With Auditor
-------------------------------------------------------
BusinessDesk reports that the receiver for Strategic Finance is
still at the mediation table with the failed lender's former
auditor BDO Spicers in a last-ditch bid to avoid the court-room.

According to the report, receiver John Fisk of PwC filed and
served papers against BDO over its audit of Strategic's 2007
financial statements, with a statement of defence due next month,
Mr. Fisk said in a March 31 letter to investors.

At the same time, a final mediation hearing is scheduled to take
place in the first week of May to try and settle the claim without
resorting to court action. If an acceptable deal can't be reached,
the receiver will pursue the claim, BusinessDesk relates.

"The purpose of the mediation is to attempt to bring the claims
against BDO Spicers to a speedier resolution than what would be
achieved under a court process," the report quotes Mr. Fisk as
saying. "If the mediation process is not successful, then we would
have not lost any time, because the court process is continuing as
well."

Last July, Mr. Fisk said the receivers were in talks with a then-
unnamed third party over a potential claim, before filing and
serving proceedings in December, the report recalls.

According to BusinessDesk, Mr. Fisk said the receivers are still
waiting for the "resolution of some outstanding matters" having
effectively reached a settlement with Strategic's former
directors, a position also taken by market watchdog, the Financial
Markets Authority.

BusinessDesk relates that the settlement came after the FMA gave
the board the opportunity to respond as it prepared to file civil
proceedings against directors including Kerry Finnigan, Graham
Jackson, Marc Lindale, Timothy Rich, Denis Thom and David
Wolfenden. It dropped its investigation into former director Jock
Hobbs, now deceased, in mid-2011 as the extent of his illness
became apparent.

Mr. Fisk said the directors didn't obtain cover from any
directors' and officers' insurance, meaning any settlement will
have to come from their personal assets, BusinessDesk relays.

"The claims against the directors and auditors are complex. If
acceptable settlements can be negotiated, this will be a shorter
and less costly process than full-scale court proceedings," Mr.
Fisk, as cited by BusinessDesk, said.

                        About Strategic Finance

Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operated as a specialist finance company offering financial
services, primarily to the property sector.  The Company also
provided specialist financial and advisory services to the
property and corporate sectors.  The Company operated in
New Zealand, Australia and Pacific Islands.  The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited.  The Company's non-
operating subsidiary is Strategic Properties No.1 Limited.  In
May 2009, the Company incorporated a subsidiary, Gulf Property
Holdings Limited.

Strategic Finance Limited's parent company, Strategic Investment
Group, was wholly owned by Australian-based finance company Allco
HIT Limited.

The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited.  This ended the moratorium arrangement that
had been in place since December 2008.  The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone repayment on Jan. 7,
2010.  The company owed NZ$417 million to 13,000 investors.

Perpetual Trust Ltd., on July 27, 2010, appointed liquidators to
Strategic Finance.  The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.



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


PAKISTAN: Moody's Assigns (P)Caa1 Bond Rating; Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)Caa1 to the Government of Pakistan's announced bond offering.
The outlook is negative.

Ratings Rationale

Pakistan's Caa1 government bond rating reflects the country's
moderate economic strength. Although the scale of the economy is
relatively large, per-capita income is very low; and growth rates
have been constrained by power-supply infrastructure bottlenecks.
Our assessment of Pakistan's very low institutional strength
incorporates political instability and factious relations between
the executive, military and judicial branches of government that
have historically hampered policy effectiveness.

Fiscal metrics are weak intrinsically and relative to ratings
peers. A narrow tax base, low savings and shallow capital markets
hinder stable domestic financing of sizable budget deficits, which
was 8.0% of GDP in fiscal 2013. However, government debt rollover
risk is reduced by sizeable recourse to domestic bank lending and,
to some degree, by a debt structure which consists of long tenor
credits from multilateral and official bilateral creditors.

The challenging operating environment, susceptibility to economic
risks and political shocks, coupled with a high concentration to
the sovereign, links the health of the banking system very closely
to that of the government. Banks are well-managed but remain
vulnerable to cyclical economic risks and to political shocks.

The negative outlook reflects the implications of large debt
repayments due to the International Monetary Fund (IMF) from a
previously suspended loan program. Given Pakistan's low external
liquidity buffer, this is a strain on reserves, leaving a very
slim cushion for dealing with worsening current or financial
account developments. However, Pakistan's new IMF program -- a
$6.8 billion Extended Fund Facility (EFF) signed in September 2013
-- will help to ease external debt payment pressures.

An important prerequisite to the stabilization of Pakistan's
credit profile is successful completion of the IMF program, which
has started to gain traction as is seen in the IMF Board's
approval of the second review in March 2014.

GDP per capita (PPP basis, US$): 3,056 (2012 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 3.6% (2013 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 5.9% (2013 Actual)

Gen. Gov. Financial Balance/GDP: -7.7% (2013 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -1.1% (2013 Actual) (also known as
External Balance)

External debt/GDP: 25.2% (2013 Actual)

Level of economic development: Very Low level of economic
resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.



===============
T H A I L A N D
===============


GOVERNMENT HOUSING: Moody's Affirms Fin'l Strength Rating 'E+'
--------------------------------------------------------------
Moody's Investors Service has affirmed the Baa1/Prime-2 foreign
currency bank deposit ratings of Government Housing Bank of
Thailand (GHB).

At the same time, Moody's has affirmed the bank's E+ financial
strength rating, which is equivalent to a baseline credit
assessment (BCA) of b1.

The outlook on all the ratings is stable.

Ratings Rationale

The affirmation of GHB's deposit rating of Baa1, which benefits
from six notches of uplift from its standalone BCA of b1, reflects
Moody's assumption of a very high probability of systemic support,
which in turn mitigates its weak standalone credit profile.

Such support is likely, given the Thai government's (Baa1 stable)
100% ownership in the bank, the bank's role as a policy bank with
a mandate to provide affordable housing finance to low- and
middle-income borrowers and the government's record of support for
Thai banks, such as was the case during and after the 1997
currency turmoil in Asia, and as seen by the government's
shareholding in numerous banks.

Moody's believes the government will take action to minimize or
prevent the systemic consequences of a failure of large deposit-
taking institution such as GHB.

GHB's standalone credit profile -- which is reflected by its BCA
of b1 -- is driven by its role as a policy bank, with a mandate to
provide housing finance to low- and middle-income customers.

The bank's credit profile has improved over the last five years,
supported by improving capitalization levels and loan loss
reserves. It has also improved its non-performing loans (NPL)
ratio through the sale of NPLs to asset management companies. In
addition, the bank's profitability has continued to improve,
largely driven by declining credit costs.

While Moody's acknowledges the positive momentum in the bank's
credit profile, GHB also faces negative pressures, due to a
slowdown in the Thai economy. The continued political turmoil in
Thailand has added pressure on an economy which has worsened in
recent quarters.

In addition, while GHB's impaired loans ratio has improved
steadily, falling to 6.12% at end-2013 from 12.5% at end-2009,
Moody's expects GHB's NPL formation to remain under pressure in
2014, because of the following factors: (1) rising household
leverage (82% of GDP at end-2013) prompted by the low interest
rate environment and the government's populist policies on the
purchase of first cars and first homes, and (2) the rising debt
service ratios of low and middle-income borrowers, and who are the
majority of GHB's borrowers.

Furthermore, given the large proportion of GHB's mortgage loans
with high loan-to-value ratios in excess of 90%, a correction
downwards of property prices would increase GHB's vulnerability to
its borrowers.

While there are no signs of a property bubble, a slowing economy
and a lack of government investment in infrastructure development
could result in a correction of property prices in some areas.
Moreover, the mono-line business model of the bank offers no
diversification benefits in a slowing macroeconomic environment.

What could change the rating up:

A material reduction in NPLs such that these loans as a
proportion of gross loans will fall below 5%, and/or higher
provisioning levels, resulting in a ratio of reported NPLs to
shareholders' equity and loan loss reserves of below 50%; and

Better financial reporting frequency and transparency

What could change the rating down:

Developments in the residential property sector that will put
undue stress on GHB's asset quality, earnings and capital position

An increase in NPLs without a corresponding increase in loan loss
provisions

Any signs that the bank is shifting away from its policy mandate
to provide housing finance to low- and middle-income borrowers

Following this action, GHB's ratings are as follows:

BFSR of E+/ stable

BCA of b1 maintained

Foreign currency bank deposit ratings of Baa1 stable / P-2

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

Headquartered in Bangkok, Government Housing Bank of Thailand
reported total assets of THB766.3 billion ($23.5 billion) at end-
December 2013.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***