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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, April 7, 2014, Vol. 17, No. 68


                            Headlines


A U S T R A L I A

LATIN PHOENIX: Jirsch Sutherland Appointed as Administrator
TRIKORP FINANCIAL: Cor Cordis Appointed as Administrators
WBCM PTY: Brooke Bird Appointed as Administrators
* 40% of Restaurants to Close Doors if Minimum Wage is Increased
* Liquidator Cites High Company Insolvency Rate in ACT


C H I N A

BEIJING CAPITAL: Fitch Gives 2017 Notes a Final 'BB+' Rating
CHINA OVERSEAS: Fitch Rates Standalone Profile 'BB'
YANZHOU COAL: Fitch Cuts LT Issuer Default Rating to 'BB+'


H O N G  K O N G

CHINA CITIC: Moody's Rates Add'l. Tier 1 Securities 'Ba3(hyb)'
NORD ANGLIA: Moody's Raises Corp. Family Rating to 'B1'
WING HANG: Fitch Retains 'BB' Support Rating Floor
WING HANG: OCBC TakeOver Poses Transitional Execution Risks


I N D I A

4TH APPLE: CRISIL Assigns 'B' Rating to INR120MM Term Loan
AVADH COTEX: ICRA Reaffirms 'B+' Rating on INR13cr Cash Credit
AVALON AGRO: ICRA Assigns 'B+' Rating to INR11.50cr Loans
BSL ENGINEERING: ICRA Reaffirms 'B+' Rating on INR1cr Loan
EMPEE SUGARS: ICRA Assigns 'D' Rating to INR128.18cr Loans

EURASIAN MINERALS: ICRA Raises Rating on INR12.50cr Loans to 'B-'
GOPINATH DAIRY: ICRA Assigns 'B+' Rating to INR26cr Loans
GPI TEXTILES: ICRA Reaffirms 'D' Rating on INR16cr Loans
ICON POWER: CRISIL Reaffirms 'B+' Rating on INR95MM Loans
K. K. TEX: CRISIL Reaffirms 'B' Rating on INR70MM Loans

KAVERI COTEX: ICRA Reaffirms 'B' Rating on INR14cr Cash Credit
LATE. SMT.: ICRA Reaffirms 'B+' Rating on INR170.92cr Loans
MAHAAMERU SPINNING: CRISIL Ups Rating on INR147.4MM Loans to 'B+'
NOOR IMPEX: CRISIL Cuts Rating on INR55MM Cash Credit to 'B-'
PARASMANI GEMS: CRISIL Reaffirms 'B+' Rating on INR80MM Loan

PREMIER CONVEYORS: ICRA Suspends 'B-/A4' Rating on INR8.1cr Loan
PRINCE VITRIFIED: ICRA Reaffirms 'D' Rating on INR20.56cr Loans
QUICK BUILDERS: CRISIL Puts 'B+' Rating on Notice of Withdrawal
RAMDEVBABA SOLVENT: CRISIL Ups Rating on INR100MM Loans to 'B+'
REGAL TRANSCORE: CRISIL Lowers Rating on INR178.5MM Loans to 'D'

S.S. COTTON: ICRA Assigns 'B+' Rating to INR5.80cr Loans
SATI GRANITES: CRISIL Reaffirms 'B+' Rating on INR95.1MM Loans
SATNAM PSYLLIUM: ICRA Reaffirms 'B+' Rating on INR4.60cr Loans
SUN ENTERPRISE: ICRA Reaffirms 'B+' Rating on INR6.50cr Loans
SUNBEAM ENTERPRISES: CRISIL Reaffirms B Rating on INR45.5MM Loans

SUNORA TILES: ICRA Cuts Rating on INR30.74cr Loans to 'D'
SUPER PSYLLIUM: ICRA Reaffirms 'B' Rating on INR4.60cr Loans
TEK CHAND: ICRA Assigns 'B' Rating to INR6cr Loan
UDASEE STAMPINGS: CRISIL Cuts Rating on INR152.5MM Loans to 'D'
UMA SHANKAR: ICRA Rates INR20cr Fund Based Loan at 'B'


I N D O N E S I A

ALAM SUTERA: Fitch Affirms LT Issuer Default Rating at 'B+'
BANK MUTIARA: 7 Potential Buyers Interested in Bank, LPS Says
LIPPO KARAWACI: Fitch Affirms 'BB-' IDRs; Outlook Stable
MEDIA NUSANTARA: 2013 Results Support Moody's Ba3 Rating
MNC SKY VISION: 2013 Results Support Moody's 'B1' Rating

PERUSAHAAN LISTRIK: S&P Affirms 'BB' CCR; Outlook Stable
SKY AVIATION: Asks Operation Suspension Extended to April 30


J A P A N

TOKYO ELECTRIC: To Delay Planned Rate Hike; To Focus on Revamp


M O N G O L I A

MONGOLIA: Lax Policies Constrain Credit Profile, Moody's Says


S O U T H  K O R E A

STX GROUP: Prosecutors Called In Former Chief Over Embezzlement


                            - - - - -


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


LATIN PHOENIX: Jirsch Sutherland Appointed as Administrator
-----------------------------------------------------------
Stewart William Free -- StewartF@jirschsutherland.com.au -- at
Jirsch Sutherland was appointed as administrator of Latin Phoenix
Productions Pty Limited on April 1, 2014.

A first meeting of the creditors of the Company will be held at
Level 4, 55 Hunter St, in Sydney, on April 10, 2014, at
12:30 p.m.


TRIKORP FINANCIAL: Cor Cordis Appointed as Administrators
---------------------------------------------------------
Glenn J Spooner -- gspooner@corcordis.com.au -- & Daniel P
Juratowitch -- djuratowitch@corcordis.com.au -- at Cor Cordis
Chartered Accountants were appointed as administrators of Trikorp
Financial Services Pty Ltd on April 1, 2014.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on April 11, 2014, on 10:30 a.m.


WBCM PTY: Brooke Bird Appointed as Administrators
-------------------------------------------------
Peter Goodin -- pgoodin@brookebird.com.au and Robyn Erskine --
rerskine@brookebird.com.au -- at Brooke Bird were appointed as
administrators of WBCM Pty Ltd on April 2, 2014.

A first meeting of the creditors of the Company will be held at
Brooke Bird, 471 Riversdale Road, in Hawthorne, East Victoria, on
April 14, 2014, at 2:00 p.m.


* 40% of Restaurants to Close Doors if Minimum Wage is Increased
----------------------------------------------------------------
Yolanda Redrup at SmartCompany reports that restaurant and
catering businesses are at breaking point financially; with many
set to close their doors should the minimum wage increase by more
than 5%.

SmartCompany relates that Sunday morning brunches will become a
thing of the past, as a survey by the Restaurant and Catering
Association of Australia found even a modest minimum wage rise
will cause many restaurants to reduce trading hours.

The report says the association is calling on the Fair Work
Commission to freeze minimum wages, as a survey of 400 association
members found the sector would be adversely affected.

If the FWC increases the minimum wage by 5%, 40.3% of respondents
said they would no longer be able to operate and the business
would close, while a further 29.5% said they would reduce the
hours of staff, SmartCompany relays.

If the minimum wage rose by just 2%, 46.9% of business would be
forced to reduce the hours of their staff and 10.8% would reduce
their trading hours, the report notes.

Restaurant and Catering Association chief executive John Hart told
SmartCompany these results show the impact of the additional cost
on business.

"Comparing the figures between a 2% rise and a 5% rise
demonstrates that the additional costs will cause closures," the
report quotes Mr. Hart as saying.  "The FWC needs to think about
the size of the increase and the impact it will have."


* Liquidator Cites High Company Insolvency Rate in ACT
------------------------------------------------------
Mark Sawa and Phillip Thomson at Canberra Times report that a
disproportionate number of ACT companies, including those in
construction, are going broke because they are under-capitalised,
according to liquidator Eddie Senatore, who has more than 25
years' experience in insolvency.

This occurs when a company cannot afford operational expenses
because of a lack of capital, the report relates.

For the ACT, the problem accounts for 16 per cent of insolvencies,
almost twice the national average at 9 per cent. Unforeseen
penalties, work site disputes, legal challenges to projects or
attempts to expand companies too quickly can lead to bankruptcy in
cases of under-capitalisation, Canberra Times relays.

According to the report, Mr. Senatore said the effects of
collapses trickled through to subcontractors in the building
trade.

"The work is done and the money is owed but the collapse obviously
means that money in most cases is not going to get paid," the
report quotes Mr. Senatore as saying.  "In some cases you might
get 10 or 15 cents in the dollar on what you are owed but you're
still losing a significant investment there. These people need to
continue to trade and find the costs that they have incurred."



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


BEIJING CAPITAL: Fitch Gives 2017 Notes a Final 'BB+' Rating
------------------------------------------------------------
Fitch Ratings has assigned property developer Beijing Capital Land
Ltd's (BCL; BB+/Negative) private placement of CNY1 billion 5.75%
guaranteed notes due 2017 a final 'BB+' rating, following the
issuance of the notes denominated in offshore yuan, or CNH.  The
notes are issued under its USD1bn guaranteed medium-term note and
perpetual securities program and will be consolidated with the
CNY2bn 5.75% guaranteed notes due 2017 issued on 17 February 2014
to form a single series.

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

The final rating is in line with the expected rating assigned on
March 30, 2014.

Key Rating Drivers

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

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

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

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

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

Rating Sensitivities

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

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

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

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

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

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

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


CHINA OVERSEAS: Fitch Rates Standalone Profile 'BB'
---------------------------------------------------
Fitch Ratings has affirmed China Overseas Grand Oceans Group Ltd's
(COGO) Long-Term Issuer Default Rating (IDR) at 'BBB' with a
Stable Outlook.  Fitch has also affirmed COGO's foreign-currency
senior unsecured rating at 'BBB'.

COGO's rating is based on a top-down approach; it is one notch
down from its parent China Overseas Land & Investment Limited
(COLI; BBB+).  The standalone profile of COGO is in the 'BB'
rating category.  Nevertheless, COGO's standalone 'BB' credit
profile is limited by its relatively small scale, short track
record of around three years in Tier 3 cities and weaker margins
reflecting the low average selling price (ASP) in Tier 3 cities.

The affirmation reflects a continued linkage between COGO and COLI
in terms of strategy, operations and ownership.

KEY RATING DRIVERS

Benefits and Support from parent: COLI, one of the largest and
most profitable homebuilders in China, is the major shareholder of
COGO with a 37.98% stake.  COLI focuses on Tier 1 and 2 cities
whereas COGO focuses on Tier 3 cities.  COGO is of long-term
strategic importance to COLI as it is the only entity through
which the group is expanding in Tier 3 cities.  The two companies
are integrated, sharing senior and operational management as well
as brand names, market intelligence and management systems.

Tier 3 Cities Strategies: COGO focuses on Tier 3 cities that are
regional or provincial economic centres or cities which benefits
from expanded urbanisation of Tier 1 or 2 cities.  These cities
can support higher ASP compared with the lesser Tier 3 cities.
The GDP of the Tier 3 cities that COGO operates in is expected to
increase by around 10 in 2014, compared with the 7.5% growth for
the whole of China.  In addition, COGO commanded top position by
sales in five of the thirteen Tier 3 cities where COGO operated.
COGO's strategy is to achieve a top three market share in all the
cities that they do business in, which in return would allow
stronger pricing power and market influence.

Strong Execution Capabilities: Since 2010, COLI has transferred
more than 142 professionals to COGO to improve the operational and
execution capabilities of the subsidiary.  COGO has demonstrated
strong execution and asset turnover; its contracted sales
increased from HKD4.1bn in 2010 to HKD17.2bn in 2013.  The ratio
of contracted sales to total debt is at 1.2x in 2013 and Fitch
expects COGO to maintain this in the medium term.  COGO's
operational model is to start construction in 100 days and start
pre-sales in 200 days.  In the past three years, it has managed to
sell over 80% of its projects by the time they are completed.
Capital Structure Improvement Continues: COGO's funding costs
decreased from 5.658% in 2010 to 4.242% in 2013.  With the help of
its parent, COGO has established strategic partnerships with major
commercial banks that ensure COGO will have access to sufficient
credit facilities. COGO also coordinates with COLI on its treasury
functions and shares both domestic and offshore banking
relationships with COLI.

Strong Brand Name: "China Overseas Property" has nearly 30 years
of history and has been a leading brand in the industry.  In
cities where COGO operates, the brand premium gives it a 6%-20%
boost in its average selling prices compared with similar products
in the area.  COGO can also use the China Overseas Property Club
of customers who have previously purchased its homes to broaden
its customer network, enhance current customer relationships, and
develop a mid- and high-end client base.

RATING SENSITIVITIES

Positive rating action is unlikely without evidence of stronger
contractual linkage between COLI and COGO.

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

   -- Weakening of strategic, operational or ownership linkages
      between COLI and COGO

   -- Lack of support from COLI in the event of sustained
      weakening of COGO's operational, financial and liquidity
      positions

   -- Negative rating action on COLI


YANZHOU COAL: Fitch Cuts LT Issuer Default Rating to 'BB+'
----------------------------------------------------------
Fitch Ratings has downgraded China-based Yanzhou Coal Mining
Company Limited's (Yancoal) Long-Term Issuer Default Rating (IDR)
to 'BB+' from 'BBB-'.  The Outlook is Stable.

Fitch has also downgraded the rating on the dual tranche USD1bn
notes issued by Yancoal International Resources Development Co.,
Limited and guaranteed by Yancoal, to 'BB+' from 'BBB-'.

Fitch revised Yancoal's Outlook to Negative from Stable in May
2013 to reflect the company's weakened credit metrics due to the
deteriorating coal market conditions since 3Q12.  The downgrade of
Yancoal's ratings stems from our view that coal prices will remain
subdued for an extended period and Yancoal's ability to further
curtail operating costs is limited.  Furthermore, the proposed
changes to coal resource taxes in China may have additional
negative implications on margins.  These factors will result in
weak credit metrics over the next 24 months, although we expect
Yancoal to generate positive free cash flows post-2014 allowing it
to gradually improve its credit profile.  Yancoal's still strong
liquidity continues to be a positive factor.  However, there is
little headroom under the revised ratings.

Key Rating Drivers

Coal Market Under Sustained Stress: The deteriorating coal market
conditions have drastically weakened Yancoal's credit metrics. In
2013, Yancoal's average selling price dropped 13%, materially
weakening its operating cash generation.  Funds from operations
(FFO) gross interest coverage weakened to 3.7x at end-2013 (end-
2012: 4.5x), and FFO adjusted net leverage to 6.1x (end-2012
3.9x).

China's coal price has dropped to the lowest level since end-2008
and Fitch does not expect market conditions to meaningfully
improve in the short-term.  The coal market is still oversupplied
with low cost imports and heated price competition among China's
large domestic mining companies.  Furthermore, coal demand is
likely to remain sluggish given the overall deceleration in
China's industrial sector growth, increasing share of renewable
capacity in power generation and policy headwinds from China's
initiatives to reduce environment pollution, especially in eastern
China, including regions where Yancoal's mine are located.

Negative Impact from Resource Tax: Fitch expects the new price-
based resource tax on coal mining - instead of a volume-based tax
previously, which is likely to be adopted in the near term, can
exert further pressure on domestic coal producers.  The tax
burden, expected to be around 5% of the selling price, is roughly
five times that of the current volume-based tax.  While it is
expected that some other taxes can be netted off against the
higher resource tax, it will still increase the overall tax burden
on the sector. "However, we expect this could accelerate market
consolidation by squeezing out smaller, weaker players, which
could benefit larger miners such as Yancoal in the longer term,"
Fitch said.

Cost Cuts Helped, But Further Savings Challenging: Fitch
recognizes Yancoal's efforts in cost savings during the market
downturn.  In 2013, average cost of sales of Yancoal's domestic
mines fell by 15% in addition to the 11% drop in selling, general
and administrative expenses (SG&A).  This result was achieved
through production system optimization, and labour cost and
workforce cuts.  Fitch expects a good proportion of these benefits
to be sustainable in the medium term; however, opportunities for
further cost savings are very limited.

Capex to Trend Down After 2014: Yancoal's capital expenditure was
as high as CNY9bn to CNY10bn per annum in 2012 and 2013 - mainly
to develop new coal mines in Australia and Inner Mongolia, and the
methanol projects in Ordos.  However, these developments will be
gradually completed after 2014, following which capex will be
confined to maintaining the production level.  As such, Fitch
expects Yancoal's free cash flow to return to positive after 2014
and its credit metrics to improve, although a return to pre-2012
levels is not expected in the medium-term.

Linkages with Parent: Yancoal is 56.5% owned by Yankuang Group
Corporation Limited (Yankuang), which is wholly owned by the
Shandong State-owned Assets Supervision and Administration
Commission (SASAC).  The linkage is considered weak-to-moderate,
and therefore, Yankuang's weaker credit profile has not
constrained Yancoal's rating.  Yancoal's large number of
institutional minority shareholders and the Hong Kong Stock
Exchange listing rules provide a meaningful counter-balance to
Yankuang's controlling stake.  Furthermore, Fitch has not provided
any rating uplift to Yancoal on account of any implied support
from the Shandong government.  However, Yancoal benefits from good
access to sources of funds due to its status as an entity majority
owned by the Shandong government.  It had cash balances of
CNY10.9bn at December 2013 which offer a strong buffer to its
short term debt of CNY11.3bn and nearly half of its debt has
maturity of over five years.

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

- FFO fixed charge coverage lower than 3.5x

- Failure to reduce net FFO adjusted leverage to or below 4x on a
projected basis post 2015

- Sustained negative free cash flow after 2014

- Weakening of the sizeable liquidity buffer Yancoal currently
maintains with large cash balances, including any increases in
dividend payments

- Higher-than-expected resource tax applied and/or less-than-
expected netting off allowed for other taxes paid against the
higher resource tax

- Higher than expected increase in operating costs together with
weak coal prices sustained or a sustained further weakening of
coal prices

- Any acquisitions that lead to a further deterioration of
financial profile

Positive Triggers: We do not expect any positive rating action in
the medium-term given our expectation of weak market conditions
and policy developments that are generally adverse for the sector.



================
H O N G  K O N G
================


CHINA CITIC: Moody's Rates Add'l. Tier 1 Securities 'Ba3(hyb)'
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba3(hyb) rating to China
CITIC Bank International's proposed issuance of USD-denominated
non-cumulative, non-convertible undated Additional Tier 1 capital
securities.

The terms and conditions of the capital securities incorporate
Basel III- and Hong Kong Monetary Authority-compliant non-
viability language, and will qualify as regulatory Additional Tier
1 capital.

The rating is subject to receipt of final documentation, the terms
and conditions of which are not expected to change in any material
way from the draft documents that Moody's has reviewed.

RATINGS RATIONALE

The rating is positioned four notches below the bank's baa2
adjusted baseline credit assessment (adjusted BCA), in line with
Moody's standard notching guidance for preferred securities with
loss triggered at the point of non-viability on a contractual
basis.

The four-notch difference from the adjusted BCA reflects three
notches for expected loss and an additional notch to reflect
uncertainty associated with the timing of loss absorption, given
that the HKMA has not defined the point at which it would deem the
bank non-viable.

Under the terms and conditions, the principal and any accrued but
unpaid distribution on these capital securities would be written
down, partially or in full, in the event that the HKMA notifies
the bank that without such write-off, the bank would become non-
viable, or if the relevant government body, government officer or
regulatory body decide to make a public sector injection of
capital without which the bank would become non-viable. The amount
of write-off has to be sufficient to ensure that the non-viability
event ceases to continue.

In addition, for classification as Additional Tier 1 capital,
China CITIC Bank International as a going concern may choose not
to pay distributions on a non-cumulative basis (unless the
distributions have already been cancelled in full pursuant to
certain mandatory cancellation event). As such, the distributions
on these capital securities are fully discretionary though a
common share dividend stopper applies if a distribution is missed.

These securities are senior to common shareholders, but junior to
all depositors, general creditors, senior debt and subordinated
debt holders.

China CITIC Bank International's other ratings are as follows:

  Standalone: bank financial strength rating of D+, which is
  equivalent to a baseline credit assessment of baa3

  Long-term/short-term deposits: Baa2/P-2

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

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

  Foreign currency senior unsecured MTN: (P)Baa2

  Foreign currency senior unsecured: Baa2

  Foreign currency subordinated MTN: (P)Ba1

  Foreign currency subordinated debt: Ba1

  Foreign currency junior subordinated MTN: (P)Ba2

The outlook on all ratings is stable.

China CITIC Bank International, headquartered in Hong Kong, had
assets of HKD216 billion as of December 31, 2013.


NORD ANGLIA: Moody's Raises Corp. Family Rating to 'B1'
-------------------------------------------------------
Moody's Investors Service has upgraded Nord Anglia Education,
Inc.'s Corporate Family Rating (CFR) to B1 from B3 and revised to
B1 from (P)B1 the rating on NAE's $515 million Senior Secured Term
Loan B and $75 million senior secured revolving credit facility
issued by Nord Anglia Education Finance LLC. At the same time,
Moody's withdrew NAE's B3-PD probability of default rating

These actions follow the company's successful initial public
offering, which priced on March 25, 2014, and the subsequent
funding of the $515 million term loan B, proceeds of which are
being used to retire the secured notes due 2017 and the PIK toggle
notes due 2018.

The B3-PD probability of default rating and loss given default
assessments were withdrawn, as the company's headquarters and
focus of expansion is in the Asia Pacific region in which the
methodology outlined in Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada and EMEA, published in
June 2009, does not apply.

RATINGS RATIONALE

Moody's considers that Nord Anglia Education benefits from stable,
predictable demand for its premium educational services product.
The company has a high level of leverage, but this is balanced by
favorable demand dynamics, resiliency through economic cycles, and
predictable revenue streams. Moody's projects that adjusted debt
to EBITDA (after Moody's standard adjustments and pro forma for
the 2013 acquisition of World Class Learning) would be reduced
from about 7.5x at fiscal yearend 2013 to about 6.6x at FY2014 and
about 5.7x for FY2015. Adjusted free cash flow to debt should
start to become materially positive in FY2015. Reduced interest
expense should result in EBITDA less capex to interest expense
improving from about 1.3x in FY2014 to over 3.0x for FY2015.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that NAE will
generate positive free cash flow and will not engage in material,
debt-funded M&A activity.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure on the ratings could develop if (1) the
company's utilization rate and revenue per student were to improve
leading to the adjusted debt to EBITDA ratio trending toward 4.5x
on a sustainable basis and the company sustains positive adjusted
free cash flow to debt above 10%.

Negative pressure on the ratings could arise if business
conditions deteriorate such that the company's leverage as
measured by adjusted debt to EBITDA does not trend lower over the
course of the next year toward 5.5x by August 2015. Furthermore,
debt funded acquisitions or any material deterioration in the
company's liquidity position would bring downward pressure on the
ratings.

Nord Anglia Education is headquartered is in Hong Kong, China, and
operates 27 international premium schools, with more than 17,000
students ranging in level from pre-school through to secondary
school. NAE also provides outsourced education and training
contracts with governments and curriculum products through its
Learning Services division. For the fiscal year ended August 31,
2013, NAE generated pro forma revenues of $415 million.


WING HANG: Fitch Retains 'BB' Support Rating Floor
--------------------------------------------------
Fitch Ratings has placed Hong Kong-based Wing Hang Bank Limited's
(WHB) Long-Term Issuer Default Rating (IDR) of 'A-', Short-Term
IDR of 'F2', and Support Rating of '3' on Rating Watch Positive
(RWP).  The agency also placed the Long-Term and Short-Term IDRs
of Banco Weng Hang (BWH), a wholly-owned subsidiary of WHB in
Macao, on RWP. WHB's Viability Rating (VR) was affirmed at 'a-'
and its Support Rating Floor of 'BB' remained unaffected.  The RWP
follows the announcement by WHB and Singapore's Oversea-Chinese
Banking Corp (OCBC; AA-/Rating Watch Negative) that the latter
seeks to acquire a majority stake of up to 100% in WHB.  If
successful, Fitch expects that such ownership would result in an
extremely high likelihood of extraordinary support from OCBC for
WHB and BWH.

KEY RATING DRIVERS AND SENSITIVITIES - IDRs (WHB)

The RWP on the IDRs reflects Fitch's view that WHB will become a
strategically important subsidiary of OCBC if the deal is
completed.  Fitch believes WHB's role in the OCBC group's strategy
will ensure that support from OCBC would be forthcoming and could
trigger an upgrade of WHB's ratings, which are currently driven by
its intrinsic financial strength.

The proposed acquisition is driven by OCBC's aspiration to
accelerate expansion in Hong Kong and the rest of Greater China.
WHB's established franchise in Hong Kong, including 42 branches,
will supplement OCBC's presence in the city, which is currently
limited to wholesale lending through its single branch.  WHB also
has growing operation in Macao where OCBC has no exposure to date.
The level of integration is likely to depend on the outcome of the
acquisition, in particular the initial level of ownership.  Fitch
believes that operational integration will take time given both
entities' established businesses and limited overlaps of client
coverage and products between the two entities.  Although changes
to WHB's legal structure are currently not envisaged, a potential
merger of both banks' subsidiaries in China could result in a
change to WHB's onshore activities on the mainland.

Successful completion of the acquisition, which is subject to the
approval of banking regulators in Singapore, Hong Kong and Macao,
is likely to trigger an upgrade of WHB's IDRs by at least one
notch.  The ratings will become sensitive to any changes in OCBC's
ratings once notched from the new parent's IDR.

KEY RATING DRIVERS AND SENSITIVITIES - VR and Subordinated Debt
Rating (WHB)

The affirmation of WHB's VR reflects that Fitch, on balance, does
not envisage WHB to rapidly deviate from its measured growth path
and maintenance of adequate capital and liquidity.  WHB has
maintained solid loan quality through tight growth and risk
management despite margin pressure due to its lack of scale and
pricing power.

The bank's VR is mainly sensitive to changes in its strategy,
which could include heightened risk appetite for cross-border
expansion.  The VR will also come under pressure if WHB's role as
a hub for OCBC's Greater China strategy leads to elevated
concentration risk in China.  Operational support from OCBC from
access to its larger regional franchise, integrated liquidity or
capital management could, over time, either be a catalyst for a
higher VR or an offset against a higher risk profile.

WHB's subordinated debt ratings will be affected by changes to the
bank's VR as it is notched down from the bank's VR (the anchor
rating).

KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
RATING FLOOR (WHB)

The RWP on the SR reflects Fitch's expectation of extremely high
probability of extraordinary support from OCBC, if the acquisition
succeeds.  Currently, the support rating reflects WHB's moderate
systemic importance in Hong Kong.

Completion of the acquisition is likely to lead to an upgrade of
the SR to '1'.

The SRF captures sovereign support and remains unaffected. Fitch
would withdraw the SRF if the transaction is completed.

SUSBIDIARY RATING DRIVERS AND SENSITIVITIES - BWH

The RWP on BWH's ratings reflects Fitch's view that BWH would also
benefit from OCBC support due to Macao's strategic importance as
part of OCBC's Greater China strategy and BWH's high level of
integration with WHB.

BWH's ratings are sensitive to the same factors that affect WHB's
IDRs.

The affirmation of BWH's Support Rating reflects an unchanged
extremely high probability of institutional support.  The SR of
'1' is the highest possible and will not change upon completion of
the acquisition even though OCBC will likely replace WHB as the
ultimate support provider.

The rating actions are as follows:

WHB
Long-Term Foreign and Local Currency IDRs of 'A-'; placed on RWP
Short-Term Foreign Currency IDR of 'F2'; placed on RWP
Viability Rating affirmed at 'a-'
Support Rating of '3'; placed on RWP
Support Rating Floor of 'BB' is unaffected
Perpetual junior subordinated notes affirmed at 'BBB-'
BWH
Long-Term IDR of 'A-'; placed on RWP
Short-Term IDR of 'F2'; placed on RWP
Support Rating affirmed at '1'


WING HANG: OCBC TakeOver Poses Transitional Execution Risks
-----------------------------------------------------------
Moody's Investors Service says that the announced takeover by
Oversea-Chinese Banking Corporation Ltd (OCBC, Aa1 review for
downgrade, B/aa3 review for downgrade) of Wing Hang Bank (WHB, A2
review for upgrade, C+/a2 negative) will impact OCBC's
capitalization, while pointing out the uncertainties around its
short-term recapitalization plan.

"We placed OCBC on review for downgrade primarily because of the
transaction's impact on OCBC's capitalization, in terms of both
the initial drop in its capital ratios, and the execution risks
surrounding its subsequent efforts for capital replenishment,"
says Gene Fang, a Moody's Vice President and Senior Analyst.

Fang was speaking on the release of a new credit focus, entitled
"OCBC-Wing Hang Takeover Will Pose Transitional Execution Risks
Before Benefits Are Reaped -- Answers to Frequently Asked
Questions".

Beyond the risks related to OCBC's recapitalization plan, Moody's
does not expect the transaction -- announced on April 1 -- to
weaken OCBC' credit profile, given the strength of WHB's balance
sheet and positioning in the Hong Kong and China markets.

"Strategically, the transaction will enlarge OCBC's platform in
greater China, improve its ability to provide off-shore renminbi
financing, and position its franchise to benefit from increasing
intraregional trade and capital flows within Asia," adds Fang.

Moody's report gives greater detail on its assessment of the
transactions' credit implications.



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


4TH APPLE: CRISIL Assigns 'B' Rating to INR120MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of 4th Apple Developers.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             120        CRISIL B/Stable

The rating reflects 4AD's exposure to implementation and off take
risks associated with the firm's ongoing residential project and
to the inherent cyclicality in the Indian real estate industry.
These rating weaknesses are partially offset by the extensive
experience of 4AD's partners in the real estate business.

Outlook: Stable

CRISIL believes that 4AD will continue to benefit over the medium
term from the extensive experience of its partners in the real
estate business. The outlook may be revised to 'Positive' if the
firm generates higher-than-expected cash flows from operations
resulting from accelerated execution of its project and improved
inflow of advances. Conversely, the outlook may be revised to
'Negative' if 4AD reports significantly lower-than-expected cash
flow from operations, either on account of subdued response to its
project or lower-than-envisaged flow of advances, impacting its
debt servicing ability.

4AD was started in April 2013 as a partnership firm. The partners
are Mr. Dnyaneshwar Dabhole, Mr. Vijay Champaklal Mehta, Mr.
Sameer Rasiklal Shah, Mr. Vipul Rasiklal Shah, Mr. Jayesh
Thakorbhai Desai, Mr. Parth Vipul Shah, Mr. Dwijen Vipul Shah,
Mrs. Gopa Jayesh Desai, Mrs. Santosh Rajendra Jain and Mr. Tejraj
Voridas Jain. The firm is engaged in real estate development and
is currently undertaking a residential project '4th Apple Heights'
at Ghansoli, Navi Mumbai. The project is at the initial stages of
implementation.


AVADH COTEX: ICRA Reaffirms 'B+' Rating on INR13cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR13.00 crore
fund-based cash credit facility of Avadh Cotex Private Limited.
ICRA has also assigned the [ICRA]A4 rating to the INR1.95 crore
non fund-based facility of ACPL.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Cash Credit         13.00        [ICRA]B+; reaffirmed
   SLC                  1.95        [ICRA]A4; assigned

The ratings continue to be constrained by Avadh Cotex Private
Limited's (ACPL) weak financial profile as reflected in stretched
liquidity entailing high reliance on external borrowings and
adverse capital structure along with weak debt coverage
indicators. The rating also takes into account the low value
additive nature of operations and intense competition on account
of the fragmented industry structure leading to thin profit
margins. The rating is further constrained by the vulnerability to
adverse fluctuations in raw material prices which are subject to
seasonal availability of raw cotton and government regulations on
MSP and export quota.

The rating, however positively considers the long experience of
the promoters in the cotton ginning and pressing industry, and the
advantage the company enjoys by virtue of its location in a cotton
producing region giving it easy access to raw cotton and positive
demand outlook for cotton and cottonseed.

Established in 2006, Avadh Cotex Pvt Ltd. is engaged in the
ginning of raw cotton to produce cotton seeds and cotton bales.
The business is promoted and managed by Bharatbhai J. Bhalala. He
has an experience of over 20 years in this industry. The factory
is located at Shapar, Rajkot, Gujarat. The company is equipped
with 24 ginning machines and has an annual installed capacity to
produce 240 cotton bales per day.

Recent Results

For the year ended 31st March, 2013, ACPL reported an operating
income of INR58.38 crore and profit after tax of INR0.06 crore.
March 2014


AVALON AGRO: ICRA Assigns 'B+' Rating to INR11.50cr Loans
---------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR9.50 crore term
loan and INR2.00 crore cash credit facility of Avalon Agro
Products Pvt. Ltd.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long Term Fund         2.00        [ICRA]B+ assigned
   Based-Cash Credit

   Long Term Fund
   Based-Term Loan        9.50        [ICRA]B+ assigned

The assigned rating is constrained by the start up nature and
project implementation phase of the company (with plant expected
to become operational in April 2014) and the significant debt
repayments coupled with about 1-2 months gestation period before
stabilization of operations. The rating is further constrained due
to the vulnerability of profitability post commissioning to the
adverse movements in guar split prices, which are subject to
seasonality and crop harvest as well as the exposure to foreign
exchange fluctuation risks as the company is a fully export
oriented unit with all products planned to be sold in overseas
markets. The rating also takes into consideration the highly
fragmented and competitive industry structure which is expected to
keep margins under pressure.

The assigned rating, however, factors in the long standing
experience of the promoters in the guar gum marketing industry and
their established business relations in the food, and oil & gas
exploration sectors; forward integration of operations with
associate concern which is expected to support the company's
marketing operations in overseas markets, and the favourable
demand outlook for guar gum in export market especially for food
grade guar gum powder which would be the primary product of the
company. The company also stands to benefit certain fiscal
benefits due to plant being located in an SEZ.

Avalon Agro Products Pvt. Ltd. was incorporated on February 2,
2012 as a private limited company promoted by GuarCo LLC, Mr.
Vinay Deshmane and others. The company is setting up a green field
project in Dahej SEZ, Gujarat and proposes to engage in
manufacturing of guar gum powder from guar bean splits. The
company has forward integrated operations with AV Gums LLC, Texas
for marketing of guar gum powder manufactured by the company in
overseas markets. The plant would have an installed capacity of
manufacturing 6000 MTPA of guar gum powder with commercial
operations commencing in April 2014.


BSL ENGINEERING: ICRA Reaffirms 'B+' Rating on INR1cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR1.0
crore, fund based limits of BSL Engineering Services Limited. ICRA
has also re-affirmed the [ICRA]A4 rating assigned to the INR4.0
crore short term non-fund based limits of BESL.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based limits         1.00       [ICRA]B+ (reaffirmed)
   Non fund based limits     4.00       [ICRA]A4+ (reaffirmed)

The ratings reaffirmation factors in the vast experience of
promoter in manufacturing scaffoldings for real estate and
construction sector companies and improved profitability of the
company in recent years with involvement in execution of
relatively larger orders.

The ratings also factor in the improved order book of the company
which resulted into growth in revenues in FY14 after a significant
decline witnessed by the company in FY13. Further, the modest
pending order book as on date continues to provide revenue
visibility in the near term. The ratings however continue to
remain constrained by the modest scale of operations and high
working capital intensity in its operations primarily on account
of substantial increase in receivables in recent years. The
ratings are further constrained by exposure to forex risk in the
absence of any hedging mechanisms. Going forward, company's
ability to increase its scale of operations while improving its
profitability and realise receivables within a reasonable time
period would be the key rating sensitivities.

Incorporated in February 2009, BSL Engineering Services Limited is
engaged in the fabrication of heavy steel structures, supply of
structural materials and trading of LMZ turbine spares such as
blades, diaphragms, pumps, rotors etc. T


EMPEE SUGARS: ICRA Assigns 'D' Rating to INR128.18cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of Empee Sugars and
Chemicals at [ICRA]D for INR384.90 crore (enhanced from INR368.00
crore) term loans, INR127.14 crore (earlier nil) cash credit
facilities and INR0.78 crore (earlier nil) unallocated limits.
ICRA has also assigned the short term rating of [ICRA]D for
INR128.18 crore non fund based facilities of ESCL.

                            Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Term Loan                 384.90       [ICRA]D; reaffirmed
   Cash Credit               127.14       [ICRA]D; reaffirmed
   Non Fund Based Limits     128.18       [ICRA]D; assigned
   Unallocated Limits          0.78       [ICRA]D; reaffirmed

The rating action factors in the continued delays in servicing of
the debt obligations by the company owing to limited sugar
operations at the Ambasamudram unit due to lack of cane
availability. The ratings are also constrained by the modest
financial profile of the company as characterized by weak coverage
indicators and weak capital structure owing to substantial debt
funded capex incurred (at Ambasamudram unit) coupled with losses
at net level. Further, given the high cane costs which coupled
with prevailing low sugar prices are likely to impact the
profitability from the sugar division at Naidupet in FY14 and the
delay in the receipt of payments with respect to power sales made
to TNEB is also impacting the liquidity profile of company. The
company's operations will also be subject to risks that are
associated with all sugar mills including agro-climatic risks,
cyclicality associated with sugar business and vulnerability to
government/regulatory actions associated with the business as
evident in restriction in terms of sugarcane pricing, sugar
exports, power sales and distillery products. ICRA has however
taken note of the limited demand risk for power off-take (55% of
total revenues in FY13) in the near term backed by PPA with TNEB
and third parties.

Going forward, the ability of the company to operate the sugar
unit at Ambasamudram unit by availing sufficient cane quantities
and thus improve the liquidity position; and timely service the
debt obligations are the key rating sensitivities.

ESCL is engaged in the manufacturing of sugar and spirits
including ethanol. The Company started its cane crushing operation
in 1992 at Naidupet Unit in Andhra Pradesh and later ventured into
the production of Spirits namely rectified spirits and extra
neutral alcohol. ESCL has two operating units at Naidupet
(Nellore) in Andhrapradesh and Ambasamudram (Tirunelveli) in Tamil
Nadu. ESCL has 8000 TCD cane crushing capacity, integrated with 60
klpd distillery and 50 MW cogeneration plant at Ambasamudram and
3000 TCD and 20 klpd distillery at Naidupet. ESCL also has a
subsidiary Empee Power Company Limited, which operates 20 MW
cogeneration power plant at Naidupet. Its Ambasamudram unit is
facing cane availability issues and consequently company's
performance has been impacted over last three years.

Recent Results

In FY13 (year ending Mar-13), the company reported an operating
income of INR391.58 crore and a net loss of INR35.51 crore as
against an operating income of INR407.01 crore and a net loss of
INR38.55 crore in year ending September 2011.


EURASIAN MINERALS: ICRA Raises Rating on INR12.50cr Loans to 'B-'
-----------------------------------------------------------------
ICRA has revoked the suspension and upgraded the long term rating
assigned to the INR12.50 crore bank limits of Eurasian Minerals &
Enterprises Private Limited from [ICRA]C to [ICRA]B-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            8.25        [ICRA]B- Upgraded from
                                     [ICRA]C

   Working Capital       3.00        [ICRA]B- Upgraded from
   Limits                            [ICRA]C

   Unallocated           1.25        [ICRA]B- Upgraded from
                                     [ICRA]C

The rating action takes into account the steady ramp-up of
production in its iron ore beneficiation plant which has driven
the healthy growth of revenues of the company in the current year.
Further, ICRA draws comfort from the fact that EMEPL has been able
to secure orders from established players in the steel industry
such as Uttam Galva Steels Limited, Jayaswal Neco Industries
Limited etc. since commissioning of its iron ore beneficiation
facility. The rating also continues to take comfort from EMEPL
experienced management with long track record of operations in the
mining/ minerals industry. However, the rating is constrained by
the limited track record of operations, its relatively modest
scale, and weak debt protection metrics. ICRA also takes into
account the relatively sizeable debt repayment obligations in the
near term and limited cushion available in the expected cash
accruals to service the debt. Further, the rating is also
constrained by the high competitive intensity of the industry and
low value additive nature of the company's core business. The
rating also factors in the high working capital intensive nature
of business and exposure of company's profitability to volatility
in the prices of raw material.

EMEPL is a private limited firm which was set up in May 2007 for
the mining of minerals and selling in the open market as well as
the beneficiation of iron ores in order to sell the washed iron
ores to the pelletization plants. The company has its mining
operations in Jabalpur, Madhya Pradesh and has set up the iron ore
beneficiation plant also over there. The rationale behind setting
up the iron ore beneficiation plant was that the iron ores mined
had low iron content and thus in order to increase their
salability and sell them to pelletization plants in Madhya Pradesh
they had to be washed mainly to increase the iron content and
remove the impurities.

Recent Results
The company reported an operating income of INR14.10 crore and a
net profit of INR0.15 crore in FY2013.


GOPINATH DAIRY: ICRA Assigns 'B+' Rating to INR26cr Loans
---------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR26.00 crore long-
term, fund-based bank facilities of Gopinath Dairy Products
Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long-term, fund based     11.50        [ICRA]B+ assigned
   Limits-Term Loan

   Long-term, fund based
   Limits-Cash Credit         0.50        [ICRA]B+ assigned

   Long-term limits-
   Unallocated               14.00        [ICRA]B+ assigned

The rating favorably factors in the job-work arrangement of GDPPL
with Reliance Dairy Food Limited (RFDL), for a ten year period,
which reduces marketing and off-take risk for GDPPL. While GDPPL
remains exposed to client concentration risk, with RFDL being its
sole client - however, ICRA takes comfort from the strong profile
of RFDL, which is a step-down subsidiary of the financially strong
Reliance Industries Limited. The company is in the process of
setting up a composite plant for processing two lakh litres per
day of raw milk into pasteurized milk and milk products such as
cottage cheese, curd and clarified butter to be sold under the
brand name Reliance Dairy Life. The working capital requirement
for the company is expected to be low, with cash payment terms and
no inventory owing to job work arrangement with RFDL; procurement
risk rests entirely with customer. Being located in Turbhe (Navi
Mumbai), the company will have location advantages like nearness
to its key market of Mumbai, organized transportation, easy
availability of labour and other utilities.

The rating is however constrained by the dependence on a single
customer, lack of experience of promoters in managing a dairy
processing unit and ability to handle operations of proposed
scale. ICRA also takes note of the project execution risk since
financial closure is yet to be completed for the balance capital
expenditure. Give the largely debt-funded project funding and
subsequent debt repayments post commercialisation of operations,
the company's capital structure and cash flows are expected to
remain stretched in the medium term. Going forward, timely project
execution and achieving optimum capacity utilisation will be
crucial for servicing its debt obligations on time.

The unit for the proposed plant measures about 1,268 square meters
and is taken on 99 years sub lease from MIDC by the promoters. The
dairy products processed by GDPPL will cater to the Mumbai and
Navi Mumbai area, under exclusive buy back agreement with RDFL.
The raw material is milk, which will be supplied to GDPPL by RFDL
on daily basis; the title to the goods for raw material will
remain with RDFL during all stages of processing and transport.
RDFL has assured lifting and direct buying of milk from the
farmers throughout the year. RDFL is expected to consistently
supply the milk to the GDPPL throughout the year with minimum off-
take guarantee per day. Technical manpower will be provided by
RDFL. The plant design and sourcing of plant and machinery has
been done as per RDFL specifications. As of March 2014, almost 80%
of the civil work is completed and machinery order has been placed
with Zuezer Engineers India Private Ltd, as per RDFL
specifications.

The total cost for the project is estimated at INR39.21 crore,
which is planned to be funded by INR26.56 crore term loan
borrowings and INR12.65 crore of equity, indicating leveraged
project funding. GDPPL has received INR11.50 crore term loan from
State Bank of India as on March 2014 and INR5.77 crore as Share
Application Money as January 2014. The company has so far incurred
a capital expenditure of INR17.27 crore, with balance capital
expenditure to be incurred by August 2014. The company expects
commercialization of operations to begin from September 2014
onwards. The company does not require significant working capital
limits, as the inventory and creditors will be in the books of
RDFL. The billing cycle of GDPPL with RDFL will be 5 days after
the delivery of processed milk and milk products.
Going forward, the key rating sensitivities would be satisfactory
and timely execution of the project as well as healthy utilization
of two lakh liters per day capacity proposed by GDPPL, which will
in turn depend on demand for Reliance Dairy Life products.

Incorporated in 1994, Gopinath Dairy Products Private Limited
(erstwhile M/s Glaze Polycoat Private Limited) was operating as an
industrial warehouse in Turbhe (Navi Mumbai) by promoters Mr. L.H.
Chitalia and Mr. Rajesh L. Chitalia till 2009. Between 1994 and
2009, the company was operating as a repacking cum warehousing
unit till 2008 for Kodak India Private Limited (for cameras and
camera rolls), Saregama India Limited (for CDs and cassettes) and
Voltas Limited (for chemicals). The unit measures about 1,268
square meters and is taken on 99 years sub lease from MIDC by the
promoters. In 2011, the promoters entered into a ten year job-work
agreement with Reliance Dairy Foods Limited (RDFL), which is a
step-down subsidiary of the financially strong Reliance Industries
Limited, for processing raw milk into pasteurized milk and milk
products such as cottage cheese, curd and clarified butter to be
sold under the brand name Reliance Dairy Life. The promoters are
currently in the process of setting up the required composite milk
and milk products processing plant, with a capacity of processing
two lakh litres per day of milk, in place of the industrial
warehouse unit in Turbhe.

Recent results

The company has not started commercial operations.


GPI TEXTILES: ICRA Reaffirms 'D' Rating on INR16cr Loans
--------------------------------------------------------
ICRA has reaffirmed [ICRA]D rating assigned to INR6.0 crore long-
term fund-based and INR10.0 crore short-term non-fund-based bank
facilities of GPI Textiles Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long-term fund-            6.00        [ICRA]D (Reaffirmed)
   based facilities

   Short-term non
   fund-based facilities     10.00        [ICRA]D (Reaffirmed)

The rating reaffirmation takes into account the continued delays
in the debt servicing by the company, which is on account of
stretched liquidity. While there are no delays in the rated
facilities (Cash Credit and Letter of Credit), the company
continues to delay on other term loans which have been sold off to
asset reconstruction company in FY13. The dispute amongst the
major shareholders of the company, which is yet to be resolved has
delayed the infusion of additional capital in the company to fund
the losses being incurred and also the working capital to improve
the levels of capacity utilization, given the high fixed expense,
resulting in stretched liquidity. The company has therefore being
stretching its creditors and also delaying on the term loan
liabilities. The financial profile of the company continues to
remain weak as reflected in negative net worth of the company on
account of continuous losses. However ICRA notes that the company
benefits from its diversification across the cotton and polyester
yarn which provides it the flexibility to change the product mix
as per the market demand.

Going forward, timely debt servicing and operating at optimum
capacity levels would be dependent on the timely infusion of funds
in the company, given the erosion of its net worth and stretched
liquidity, and thus it would be the key rating sensitivity
GPITL is engaged in spinning and the company's spinning mill is
located in Nalagarh (Himachal Pradesh) which has an installed
capacity 84,672 spindles and 960 open end rotors. The company
manufactures both cotton and polyester yarn which gives it the
flexibility to manage the product mix between cotton and polyester
yarn based on the market demand. In addition to spinning of yarn
for direct sales, the company also undertakes spinning for others
on a job work basis wherein the fiber (cotton and polyester) is
provided by the customer and GPITL charges the customer for the
quantity of yarn been spun on the basis of the specification of
the yarn to be spun. The company is also engaged in trading of
yarn and fiber, both in the domestic and export markets.

As the installed spinning capacity had remained the same over the
last few years, the decline in the operating income in the past
four has been primarily on account of decline in capacity
utilization and increasing proportion of job work sales. Though
most of the yarn sales till 2010-11 were direct sales, due to
stretched liquidity and volatile fiber prices the company has been
now largely undertaking job work. Weak operating profitability
coupled with high depreciation and interest expense, has resulted
in continuous cash loss for the company.

The company entered into a One Time Settlement with its lenders in
2006 and had also infused funds in the company through induction
of a strategic investor. In addition to the equity capital, term
loan of INR129 crore was also availed by the company from HSBC
against which a stand by letter of credit (SBLC) equivalent to
105% of the principal amount and 2 months interest was provided by
GPITL's strategic investor GL Asia Mauritius II Ltd in favour of
HSBC. However due to dispute between the promoters and strategic
investor, the SBLC was withdrawn and in March 2012, HSBC assigned
the loan to Phoenix ARC Private Limited, which was disputed by the
promoters of GPITL and they obtained an ex-parte injunction from
the court of the District Judge at Alipore, West Bengal.
Thereafter, GPITL has denied to accept such assignment of loan
from HSBC to Phoenix and thereby the debt servicing of the loan
amount is not been done by the company.

GPITL is an Ispat group company and was incorporated in September
2000 to take over the textile division of another group company
Gontermann- Peipers (India) Limited which was operating a spinning
mill in Nalagarh (Himachal Pradesh). Pursuant to the scheme of the
demerger which was approved in August, 2004, all the assets and
liabilities of the textile division of GPIL was transferred to
GPITL retrospectively with effect from January 01, 2003. GPITL is
presently engaged primarily in spinning of cotton and polyester
yarn and has an installed capacity of 84,672 spindles and 960 open
end rotors.

Due to the continuous losses which had eroded the net worth of the
company, the company was placed under the purview of Board for
Industrial and Financial Reconstruction (BIFR) in November 2006.
Consequently, the company entered into a One Time Settlement (OTS)
with its lenders and to infuse fresh funds in the company,
inducted a strategic inventor Avenue Capital Group, which invested
through one of its subsidiary GL Asia Mauritius II Limited. Though
post the financial restructuring, the company came out of the
purview of BIFR in November 2008, it has been again referred to
BIFR in 2010-11 on account of erosion of the net worth of the
company due to the continuous losses being incurred.

The company reported net loss of INR26.31 crore on operating
income of INR164.6 crore for the 12 month period ending 31st March
2013 compared to a net loss of INR51.5 crore on operating income
of INR198.1 crore for the 12 month period ending
March 31, 2012.


ICON POWER: CRISIL Reaffirms 'B+' Rating on INR95MM Loans
---------------------------------------------------------
CRISIL's rating on the bank facilities of Icon Power Solutions Pvt
Ltd continues to reflect its small scale of operations, volatility
in revenue because of tender-based business, and customer
concentration in its revenue profile. The rating also reflects the
company's working capital intensive business because of stretched
receivables. These rating weaknesses are partially offset by the
extensive experience of Icon's promoters in the telecommunications
(telecom) infrastructure industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           20         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      75         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Icon will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if in case of a sustainable
and significant increase in its scale of operations and
profitability, while it diversifies its client base. The outlook
may also be revised to 'Positive' if its working capital
management improves. Conversely, the outlook may be revised to
'Negative' if Icon's liquidity deteriorates because of a decline
in revenues or profitability, or larger-than-expected working
capital requirements.

Update
Icon's business risk profile is expected to improve over the
medium term after a change in the company's ownership structure.
Mr. Ravi Kharbanda resigned from the post of director on
February 17, 2014, and Mr. Ajit Kumar has joined in his place. Mr.
Kumar has over 17 years of experience in the telecom industry.
This extensive experience is expected to enhance the company's
business risk profile by improvement in order book which stood at
around INR70 million as on February 2014. Furthermore, Icon
Teletek Pvt Ltd (owned by Mr. Kumar and Mr. K P Madhusoodhanan,
also directors in Icon) is expected to be merged with Icon by
December 2014, strengthening Icon's business risk profile. Icon is
expected to report an operating income of INR120 million to INR150
million for 2013-14 (refers to financial year, April 1 to March
31) vis-a-vis INR100.5 million for 2012-13. The company reported
sales of INR66 million till December 2013, and gets majority of
orders in the last quarter. However, the revenue profile is likely
to remain volatile which can also impact its financial profile
adversely. Its operating margin is expected to remain moderate,
around 11 per cent, over the medium term although the company
suffered operating losses in 2012-13. The losses were because of a
decline in Icon's operating income.

The seasonal nature of Icon's business increases the working
capital requirements at the year end, which moderates in the
initial quarters. The operations, however, remain working capital
intensive because of stretched debtors of around five months. The
company's financial risk profile is expected to stay above
average, with gearing of less than 0.4 times and an interest
coverage ratio of above 2.0 times over the medium term. This is
because of the absence of any significant debt-funded capital
expenditure. The liquidity is expected to remain moderate, marked
by bank limit utilisation of 80 per cent on average. This is,
however, partially offset by Icon's small net cash accruals,
although these are adequate to meet the repayment obligations.

Icon, incorporated in 2001, is promoted by Mr. K P Madhusoodhanan
and Mr. Ajit Kumar. The company sells telecom infrastructure
solutions, telephone exchanges, power management systems,
electronic panels, and lightning prevention systems. It has
manufacturing facilities in Manesar (Haryana) and Haridwar
(Uttarakhand).

Icon reported a net loss of INR12 million on an operating income
of INR100.5 million for 2012-13, against a profit after tax of
INR3.7 million on an operating income of INR124.6 million for
2011-12.


K. K. TEX: CRISIL Reaffirms 'B' Rating on INR70MM Loans
-------------------------------------------------------
CRISIL's rating on the bank facilities of K. K. Tex Enterprises
continue to reflect its modest scale of operations and working
capital intensive nature of activity. The rating also factors in
KKTE's below-average financial risk profile marked by modest net
worth, high gearing and subdued debt protection metrics. These
rating weaknesses are partially offset by the benefits that KKTE
derives from its partners' extensive experience in the textile
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          --------      -------
   Cash Credit            37.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     22.1       CRISIL B/Stable (Reaffirmed)

   Term Loan              10.4       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KKTE will maintain its stable business risk
profile over the medium term, backed by extensive experience of
its partners in the textiles industry. The outlook may be revised
to 'Positive' if KKTE achieves significant and sustainable
improvement in its revenues while maintaining its operating
margins and improving its capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm registers
significant decline in its revenues or margins, or if there is
elongation in the working capital cycle or if it undertakes any
large debt-funded capital expenditure programme, thereby weakening
its financial risk profile.

Update
KKTE recorded a turnover of INR 111 million in 2012-13 (refers to
financial year, April 1 to March 31) as against Rs 90.7 million in
2011-12. The firm has achieved sales of INR 83 million in the
first nine months of 2013-14 and is expected to achieve sales of
around INR 130-140 million for the entire year. The increase in
sales in 2013-14 is attributable mainly to higher volumes.  The
firm's operating margin improved to 7.2 per cent in 2012-13 from
4.4 per cent in 2011-12 on account of higher efficiencies. Its
margins are expected to remain between 6-7.5 per cent over the
medium term.

KKTE's working capital cycle in 2012-13 increased with gross
current assets (GCAs) at 269 days as on March 31, 2013, against
214 days as on March 31, 2012. The increase in GCAs was primarily
driven by increase in inventory (216 days as on March 31, 2013 as
against 146 days as on March 31, 2012) as the company procured
significant raw material inventory in the last quarter of 2012-13.
The debtor days remained high at 53 days as on March 31, 2013 (65
days as on March 31, 2012). Part of this working capital
requirement is supported by credit from suppliers. The creditor
days were at 112 days as on March 31, 2013 (100 days as on March
31, 2012).  The bank lines have been fully utilized during the 9
months ended December 2013.

KKTE had a modest net worth base of INR17 million as on March 31,
2013. KKTE's gearing was higher at 3.53 times as on March 31,
2013(1.52 times as on March 31, 2012) on account of higher
dependence on short-term bank borrowings to fund its incremental
working capital requirements. The firm was sanctioned fund-based
bank lines of INR 37.5 million in 2012-13. The firm also undertook
a debt-funded capex of INR 16.67 million, which was funded by a
term loans of INR 12.5 million and remaining by capital infusion
from promoters. On account of moderate profitability coupled with
high interest commitments, the debt protection metrics of the
company were weak with net cash accruals to total debt (NCATD) and
interest coverage ratios at 0.03 times and 1.31 times,
respectively, for 2012-13. KKTE is expected to generate cash
accruals ranging between of INR3.5-4.0 million in 2014-15 against
term debt obligations of INR3.8 million.

KKTE, established in 2003 by the Mumbai-based Gada family, is
engaged in the manufacturing of various types of grey fabrics.
KKTE mainly manufacturers grey fabric for suiting and shirting.
The firm's business operations are managed by Mr. Kalpesh Gada.
The promoters of KKTE have gained experience in the textile
business over the past 20 years by virtue of their association
with other entities operating in a similar line of business.

KKTE reported a profit after tax (PAT) of INR0.2 million on net
sales of INR111.1 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.7 million on net
sales of INR 90.7 million for 2010-11.


KAVERI COTEX: ICRA Reaffirms 'B' Rating on INR14cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B' rating to the INR14.00crore
(reduced from INR15.00 crore) cash credit facility and assigned
the '[ICRA]B' rating to INR0.75 crore term loan facility of Kaveri
Cotex Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit               14.00        [ICRA]B; reaffirmed

   Fund Based-Term
   Loan                  0.75        [ICRA]B; assigned

The reaffirmation of rating takes a note of Kaveri Cotex Private
Limited's modest scale of operations and weak financial profile as
reflected by low profitability, weak debt protection indicators
and high gearing. ICRA also takes a note of the highly competitive
and fragmented industry structure with the limited value additive
nature of operations, which leads to pressure on profitability.
The rating further incorporates the vulnerability to adverse
movement in raw material prices, which in turn is linked to the
seasonal nature of the cotton industry and government regulations
on MSP and export.

The rating, however, favourably considers the long experience of
the promoters in the cotton industry as well as the favourable
location of the company, giving it easy access to high quality raw
cotton. Other positives include the favourable demand outlook
backed by the scrapping of excise duty on cotton and spun yarn in
the last budget.

Incorporated in 2006, Kaveri Cotex Private Limited is engaged in
the cotton ginning and pressing business. The company is currently
managed by two directors namely Mr. Hasmukhbhai Patel and Mr.
Vinodbhai Ranipa. The company's manufacturing facility is located
at Moti Banugar in Jamnagar, Gujarat. It currently has 38 ginning
machines and one pressing machine (automatic) with the installed
capacity to produce 400 cotton bales per day (24 hours operation).

Recent Results

During FY13, KCPL reported an operating income of INR74.82 crore
and PAT of INR0.07 crore. Further, during the first 9 months of
FY14 (unaudited provisional financials), the company reported an
operating income of INR44.04 crore with profit before depreciation
and after tax of INR1.01 crore.


LATE. SMT.: ICRA Reaffirms 'B+' Rating on INR170.92cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of '[ICRA]B+' assigned
earlier to the INR170.92 crore bank facilities (enhanced from
INR21.88 crore) of Late. Smt. Vidyawanti Labhu Ram Foundation for
Science Research & Social Welfare.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based limits-        10.00       [ICRA]B+ reaffirmed
   Over Draft

   Fund Based limits-
   Term loans               145.93       [ICRA]B+ reaffirmed

   Non-fund based limits-    14.90       [ICRA]B+ reaffirmed
   Bank guarantee

   Unallocated                0.09       [ICRA]B+ reaffirmed

The rating continues to draw comfort from the stable fee based
income generated by the dental college operating under the society
which has been witnessing 100% occupancy and lends revenue
visibility. The rating also favourably factors in the improvement
in the operating surplus generated by the society aided by
economies of scale resulting from increased revenue receipts (as
society ramped up the capacity in recently introduced courses as
well as hostel facilities). Further supported by 100% occupancy in
recently introduced MDS and graduate nursing courses, the society
continues to witness increasing enrolments which is further
expected to lend support to the revenue receipts, though ICRA
takes note of the decline in first year admissions in engineering
courses in AY2013-14. The rating also continues to derive strength
from the experienced management of the society who have been
engaged in the education sector for over a decade.

The rating is however constrained by the significant on-going debt
funded capital expenditure being undertaken by the society for the
proposed medical college and associated execution risk due to the
slow progress of construction on account of the pending financial
closure. The rating also factors in the high financial risk
associated with the above project as given the existing modest
accruals, sizeable corpus funds are required to be inducted over
the next few years to support the capital expenditure as well as
increased debt servicing obligations. The rating also factors in
the pending MCI approval, in the absence of which commencement of
academic session for medical college can get delayed and lead to
longer gestation period, shortfall in accruals and additional
liquidity pressure. While there has been a relative improvement in
the financial profile of the society (with interest cover
improving to 2.4x in FY2013 (vis-a-vis 1.6x in FY2012) and NCA/TD
and TD/Operating surplus improving to 10% and 5.4x respectively
for FY2013 vis-a-vis 5% and 8.4x for FY2012) owing to improvement
in the operational metrics of the recently introduced courses, it
however continues to remain subdued. Further given the weak
profitability metrics of the hospital and the significant debt-
funded capital expenditure planned over the next three years,
financial profile is expected to remain moderate in the medium
term.


MAHAAMERU SPINNING: CRISIL Ups Rating on INR147.4MM Loans to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mahaameru Spinning Mills Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            35        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Long Term Loan         64.5      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term     47.9      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that Mahaameru will
maintain its improved liquidity over the medium term with
generation of more than sufficient cash accruals for meeting its
repayment obligations; the company is expected to post annual cash
accruals of INR22 million to INR25 million over the medium term
against term loan repayment obligations of INR18 million.

The rating reflects Mahaameru's limited revenue diversity, below-
average financial risk profile marked by modest net worth and
moderate debt protection metrics, and a small scale of operations.
These rating weaknesses are partially offset by the benefits that
Mahaameru derives from its experienced management.

Outlook: Stable

CRISIL believes that Mahaameru will continue to benefit over the
medium term from its management's industry experience. The outlook
may be revised to 'Positive' if the company enhances its scale of
operations while maintaining its profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if there is a decline in yarn
realisations, resulting in deterioration of its margins, or if it
undertakes a larger-than-expected, debt-funded capital expenditure
programme.

Set up by Mr. VR Balasundaram in 2005, Mahaameru manufactures
cotton yarn of 60s and 80s count. The family-owned, Coimbatore
(Tamil Nadu)-based company commenced operations in October 2008.


NOOR IMPEX: CRISIL Cuts Rating on INR55MM Cash Credit to 'B-'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank facilities
of Noor Impex Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL B/Stable'
while reaffirming its rating on the short-term bank facilities at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Cash Credit            55       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit       75       CRISIL A4 (Reaffirmed)

The downgrade reflects weakening in NIPL's liquidity due to a
stretch in working capital requirements and adverse movement in
foreign exchange (forex) rates. The company has been extending
higher credit to customers to support sales, resulting in large
receivables outstanding for more than six months. The company had
debtors of 104 days of sales as on March 31, 2013, of which 54 per
cent were outstanding for over six months, vis-a-vis debtors of
122 days of sales, a year earlier, of which 4 per cent were
outstanding for more than six months. As on January 06, 2014, as
well, the debtors remained high at 140 days of sales, with a
sizeable portion outstanding for more than six months. Although
the company has moderated its inventory holding, the working
capital requirements continue to remain high with gross current
assets estimated at 220 days as on March 31, 2014, as against 207
days as on March 31, 2013. The deterioration in debtors ageing, in
addition to steep depreciation in forex rates, has resulted in
excess drawing in the working capital limits. NIPL's cash accruals
over the medium term are expected to be tightly matched against
upcoming debt repayments.

The ratings continue to reflect NIPL's leveraged capital structure
because of its working-capital-intensive operations and its modest
scale of operations in the highly fragmented timber-trading
industry. These rating weaknesses are partially offset by the
extensive experience of NIPL's promoters in the timber-trading
business.

Outlook: Stable

CRISIL believes that NIPL will continue to benefit over the medium
term from its established customer and supplier relationships in
the timber-trading business. The outlook may be revised to
'Positive' if its capital structure and debt protection metrics
improve substantially, backed by prudent working capital
management or fund infusion from the promoters. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates further, most likely due to increased
working capital borrowings or large debt-funded capital
expenditure, or if change in government policy leads to reduced
timber availability.

Initially set up as a sole proprietorship concern, Noorani Saw
Mill, NIPL was reconstituted as a private limited company and
acquired its current name in 2010. It is promoted by the members
of the Latiwala family. The company imports timber from New
Zealand, Malaysia, and the US. Its promoters have been in the
timber-trading industry since the past five decades. NIPL has six
sawing mills at its Gandhidham (Gujarat) facility.

NIPL reported profit after tax (PAT) of INR0.36 million on net
sales of INR256.7 million in 2012-13 (refers to financial year,
April 1 to March 31) as against PAT of INR0.46 million on net
sales of INR296.3 million for 2011-12.


PARASMANI GEMS: CRISIL Reaffirms 'B+' Rating on INR80MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Parasmani Gems
Pvt Ltd continues to reflect PGPL's weak financial risk profile,
marked by a high gearing and weak debt protection metrics; the
rating also factors in the company's small scale of operations in
the intensely competitive jewellery industry and geographical
concentration in business profile. These rating weaknesses are
partially offset by the extensive experience of PGPL's promoters
in the industry.

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

Outlook: Stable

CRISIL believes that PGPL will continue to benefit over the medium
term from its promoters' experience in the jewellery industry. The
outlook may be revised to 'Positive' in case the company increases
its scale of operations substantially along with geographical
diversification, and improves its financial risk profile driven by
better-than-expected cash accruals or equity infusion by
promoters. Conversely, the outlook may be revised to 'Negative' if
PGPL's operating margin or operating income declines or the
company's financial risk profile deteriorates further because of
increase in working capital requirements or larger-than-expected
debt-funded capital expenditure.

Update
PGPL registered revenue of INR373 million in 2012-13 (refers to
financial year, April 1 to March 31) which was largely in line
with CRISIL's expectation. The company had posted revenue of
INR330 million till February 28 2014; it is expected to maintain
moderate revenue profile for 2013-14. The operating margin is
expected to be around 4 per cent over the medium term. The company
follows an aggressive inventory policy marked by high inventory of
116 to 187 days for past three years ended March 31, 2013; the
inventory as on March 31, 2013 was at 116 days. This has been
reducing (inventory as on March 31, 2012 was 187 days) on account
of better inventory management. The debtors are low on account of
retail sales. Though the creditors are also low at less than 5
days, the company obtains deposit from customers which support the
working capital requirement. PGPL's gearing improved to 2.4 times
as on March 31, 2013 from 3.5 times as on March 31, 2012 on
account of equity infusion of INR10 million by promoters and
improvement in working capital cycle. However, the gearing is
expected to remain over 2.5 times over the medium term because of
modest accretion to reserves. The interest coverage ratio is
expected to remain constrained at 1.5 times over the medium term
on account of low profitability. The liquidity is constrained by
high utilisation of bank lines at 94 per cent over the nine months
ended December 2013. It also resorts to adhoc limits for managing
its funding requirement. However, the company does not have term
debt obligation and does not have any capital expenditure (capex)
plans. CRISIL believes that PGPL will maintain its liquidity
profile in absence of any debt funded capex plans.

For 2012-13, PGPL reported a profit after tax (PAT) of INR2.6
million on net sales of INR372.7 million against a PAT of INR1.8
million on net sales of INR225.7 million for 2011-12.

PGPL, incorporated in 2005, is promoted by Mr. Daxesh Soni and his
family. The company manufactures and retails gold, silver, diamond
and platinum jewellery, and precious stones. It has a showroom at
Ahmedabad (Gujarat).


PREMIER CONVEYORS: ICRA Suspends 'B-/A4' Rating on INR8.1cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B-/ICRA]A4 ratings assigned to INR8.1
crore, long term/short term fund based/non-fund based bank
facilities of Premier Conveyors Private Limited. The suspension
follows lack of co-operation from the company.


PRINCE VITRIFIED: ICRA Reaffirms 'D' Rating on INR20.56cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]D' rating to the INR13.44 crore
term loan and INR6.00 crore cash credit facility of Prince
Vitrified Pvt. Ltd. ICRA has also reaffirmed the '[ICRA]D' rating
to the INR1.00 crore short term non-fund based bank guarantee
facility and INR0.12 crore non fund based credit exposure Limit of
PVPL.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Term Loan                13.44       [ICRA]D reaffirmed
   Cash Credit               6.00       [ICRA]D reaffirmed
   Bank Guarantee            1.00       [ICRA]D reaffirmed
   Credit Exposure Limit     0.12       [ICRA]D reaffirmed

The ratings reaffirmation continue to reflect the delays in debt
servicing by the company owing to tight liquidity position arising
out of sub-optimal utilization of the company's plant due to lower
demand; weak financial profile characterized by net losses in last
three years, adverse capital structure and poor debt coverage
metrics. The ratings are also constrained by the single product
portfolio of the company limiting sales prospects to institutional
players, vulnerability of profitability to cyclicality inherent in
real estate industry and to adverse fluctuations in raw material &
fuel prices.

The ratings however continue to positively factor in the
promoters' extensive experience in the ceramic industry and
favorable location of the company with its proximity to raw
material sources.

Prince Vitrified Pvt. Limited is a vitrified tiles manufacturer
with its plant situated at Wakaner, Gujarat. The company was
incorporated in 2010 and commenced operations in December 2010.
PVPL is managed primarily by two experienced directors Mr.
Narendra Likhiya and Mr. Chandresh Patel. The plant has an
installed capacity to produce 48,300 MT of vitrified tiles per
annum. PVPL currently manufactures soluble salt vitrified tiles of
size 24" X 24" with the current set of machineries at its
production facilities.

Recent Results
During FY 2013, the company reported a net loss of INR0.75 crore
on an operating income of INR20.95 crore as against net loss of
INR1.57 crore on an operating income of INR29.94 crore in FY 2012.


QUICK BUILDERS: CRISIL Puts 'B+' Rating on Notice of Withdrawal
---------------------------------------------------------------
CRISIL has placed its rating on the bank loan facilities of Quick
Builders on notice of withdrawal for 60 days. This is based on
QB's request to withdraw the rating, and the receipt of no
objection certificate from QB's banker. The rating will be
withdrawn at the end of notice period, in line with CRISIL's
policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         82        CRISIL A4 (Placed on 'Notice
                                    of Withdrawal')

   Cash Credit            10        CRISIL B+/Stable (Placed on
                                    'Notice of Withdrawal')

   Proposed Long Term     28        CRISIL B+/Stable (Placed on
   Bank Loan Facility               'Notice of Withdrawal')

Outlook: Stable

CRISIL believes that QB will benefit over the medium term from its
established and long-standing relationship with Defence Research
and Development Organization (DRDO), and its healthy order book.
The outlook may be revised to 'Positive' if the firm exhibits
significant and sustainable revenue growth while improving its
profitability, leading to further improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case there is a decline in the firm's revenues or profitability,
or increase in working capital requirements, resulting in
weakening in its financial risk profile.

QB is a partnership firm started by Mr. Dilip Shah and his son,
Mr. Rupesh Shah. The firm undertakes civil construction work for
DRDO. It has a tender-based business and the firm's operations are
restricted to the western zone of DRDO.


RAMDEVBABA SOLVENT: CRISIL Ups Rating on INR100MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Ramdevbaba Solvent Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           56.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan             43.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade in rating factors in an improvement in RSPL's
liquidity on the back of improvement in cash accruals and
efficient management of its working capital requirements. With
improvement in its scale of operations, RSPL generated accruals of
INR22 million in 2012-13, which is expected to improve further in
2013-14 The accruals over the near to medium term are expected to
be adequate to meet debt repayment obligations in 2014-15.
Further, the company continues to manage its working capital
requirements efficiently as reflected in moderate gross current
assets of 34 days as on March 31, 2013. CRISIL believes that
efficient working capital management, absence of major debt funded
capital expenditure plans and expected enhancement of bank limits
from INR57 million to INR90 million will support the overall
liquidity of the company over the medium term.

The rating reflects RSPL's weak financial risk profile marked by
weak capital structure and modest net worth base. These rating
weaknesses are partially offset by its promoters' extensive
experience in the edible oil industry.

For arriving at the rating, CRISIL has treated unsecured loans
from promoters of INR20 million as neither debt nor equity since
the same would be maintained in the business over the medium term
and bears interest cost lower than the bank rate.

Outlook: Stable

CRISIL believes that RSPL will continue to benefit over the medium
term from its promoters' established relationship in the edible
oil industry. The outlook may be revised to 'Positive' if the
company reports higher-than-expected revenues while improving
profitability and capital structure. Conversely, the outlook may
be revised to 'Negative' in case of a decline in accruals or it
undertakes any large debt-funded capex.

RSPL, a private limited company engaged in the business of
manufacturing and processing of rice bran oil, was incorporated in
2008 by the Nagpur-based Bhaiya family.


REGAL TRANSCORE: CRISIL Lowers Rating on INR178.5MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Regal
Transcore Laminations Pvt Ltd (RTLPL; part of the Udasee group) to
'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bill Discounting      20        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           73.5      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Letter of Credit      85        CRISIL D (Downgraded from
                                   'CRISIL A4')

The rating downgrade reflects recent instances of devolvement of
letters of credit (LCs) in the Udasee group that remained un-
regularised for over 30 days. This was because of delay in
receiving funds from its clients.

The Udasee group has a weak financial risk profile, marked by high
gearing, weak debt protection metrics, and a small net worth, and
is exposed to intense competition in the electrical laminations
segment for power transformers. However, the group continues to
benefit from the extensive industry experience of its promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RTLPL and its associate company, Udasee
Stampings Pvt Ltd. This is because the two companies, together
referred to as the Udasee group, have common promoters and
management, are in the same line of business, and have strong
operational linkages with each other.

RTLPL was originally established as a proprietary firm, Regal
Laminator, in 1988; the firm was reconstituted as a private
limited company with the current name in 1998. USPL was
incorporated in 1993. Both the companies are promoted and owned by
the Udasi family of Jaipur. The group's plants are in Jaipur
(Rajasthan).

The Udasee group manufactures electrical laminations for
transformers. The group primarily sells laminations to transformer
manufacturers, which supply to state electricity boards.


S.S. COTTON: ICRA Assigns 'B+' Rating to INR5.80cr Loans
--------------------------------------------------------
A rating of [ICRA]B+' has been assigned to the INR4.50 crore fund-
based cash credit facility and INR1.30 crore fund-based term loan
facility of S.S. Cotton Co.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Cash Credit          4.50       [ICRA]B+ assigned
    Term loan           1.30       [ICRA]B+ assigned

The assigned rating is constrained by the S.S. Cotton Co. limited
track record of operations and its weak financial profile
characterized by weak coverage indicators and thin profitability
margins on account of limited value addition in the business
operations. The rating is further constrained by the
susceptibility of cotton prices to seasonality and government
regulations on MSP and export quota which together with high
competitive industry environment further exerts pressure on
margins. Further, being a partnership firm, any substantial
withdrawal from the capital account can have an adverse impact on
the capital structure of the firm.

The assigned rating however, favorably factors in the long
experience of partners in the cotton ginning industry and the
advantages arising from the firm's proximity to raw material
sources which ensures easy availability of raw cotton.

Incorporated in 2012, S.S. Cotton Co. is engaged in ginning and
pressing operations. The firm is promoted and managed by Mr. Yunus
Sorathiya along with three other partners with experience in the
cotton ginning industry. The firm's manufacturing facility is
located at Una, Junagadh in Gujarat and has twenty four ginning
machines and one pressing machine with capacity to produce 260
pressed cotton bales per day.

Recent Results
For the year ended March 31, 2013, the firm reported an operating
income of INR14.67 crore and profit after tax (PAT) of INR0.15
crore.


SATI GRANITES: CRISIL Reaffirms 'B+' Rating on INR95.1MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sati Granites (India)
Private Limited continue to reflect the company's modest scale of
operations in the intensely competitive granite processing
industry and below-average financial risk profile marked by modest
net worth, high gearing and moderate debt protection metrics.
These weaknesses are partially offset by the extensive experience
of SGIPL's promoters in processing and trading of granite stones.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           --------    -------
   Bill Discounting         45      CRISIL A4 (Reaffirmed)
   Export Packing Credit    30      CRISIL A4 (Reaffirmed)
   Letter of Credit         12.5    CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       23.1    CRISIL B+/Stable (Reaffirmed)
   Term Loan                72      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGIPL will continue to benefit over the
medium term from its promoters' extensive experience in the
processing and trading of granite stones. The outlook may be
revised to 'Positive' in case the company is able to exhibit a
significant and sustainable growth in revenues while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of decline in the company's revenues or
profitability margins or a significant elongation in its working
capital cycle, leading to pressure on SGIPL's liquidity and
financial risk profile.

Update
SGIPL started commercial production in April 2013. The production
was initially slated to begin in August 2012. However, on account
of delay in completion of project and obtaining electricity supply
from Tamil Nadu State Electricity Board, there was delay in
commencement of commercial operation. The company recorded
turnover of INR183 million in the first 9 months of its operations
till December 2013 and expects to generate revenues of INR 250
million for the entire year.

SGIPL's operations are expected to be working capital intensive,
on account of high inventory and debtor days. The company
generally maintains inventory in the range of 90 to 100 days. The
company mostly exports to agents based in Turkey, Lebanon, Syria,
Egypt, Iraq and United States of America amongst others. The
company provides credit of around 45 to 50 days to its customers.

SGIPL's financial risk profile is below-average marked by a modest
net worth of INR 55.3 million and high gearing of 1.96 times as on
March 31, 2013.  SGIPL's total debt of INR108.5 million on March
31, 2013, includes term loan of INR84 million and unsecured loans
from promoters of around INR23.1 million. The debt protection
metrics are expected to be moderate, with net cash accruals to
total debt ratio and interest coverage ratio estimated to be
around 0.13 times and 2.3 times respectively in 2013-14. SGIPL's
financial risk profile will continue to remain below-average over
the medium term.

SGIPL has moderate liquidity. The company has been sanctioned fund
based bank lines of INR 75 million which will be released once the
necessary documentation is completed. The company is currently
funding its working capital requirements through unsecured loans
from promoters and through trade credit. SGIPL's accruals in 2014-
15 are expected to be in the range of INR 29 to 30 million which
would be sufficient to meet term debt obligations of INR16.8
million during the same period.

Sati Granites (India) Private Limited (SGIPL) established in 2011
by Mr. Sandeep Jalan and Mr. Swastik Jalan is part of the SATI
group which is engaged in trading and processing of granite
stones. SGIPL has its manufacturing facility located at Hosur
(Tamilnadu). The company began its commercial operations in April
2013. The SATI group has been engaged in the granite trading
business since 2002 through various group entities.


SATNAM PSYLLIUM: ICRA Reaffirms 'B+' Rating on INR4.60cr Loans
--------------------------------------------------------------
The rating of '[ICRA]B+' has been reaffirmed to the INR4.60 crore
fund based long-term facility of Satnam Psyllium Industries. The
rating of '[ICRA]A4' has also been reaffirmed to the INR8.00 crore
short-term fund based facilities of SPI.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Cash Credit               3.00        [ICRA]B+ reaffirmed
   Stand by Limit            1.60        [ICRA]B+ reaffirmed
   Export Packing Credit      8.00       [ICRA]A4 reaffirmed

The ratings continue to take into account the modest size of the
firm's operations; vulnerability of profitability to fluctuations
in the raw material prices on account of agro-climatic risks
associated with psyllium seed production and the high financial
risk profile, as characterised by low profitability and modest
coverage indicators. The ratings also reflect the vulnerability of
its profitability to foreign currency fluctuations and
partial/complete withdrawal of various export incentives extended
by the Government of India. ICRA also notes that SPI is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure. The ratings, however, favourably factor in the
established track record of the firm in the manufacture and export
of psyllium husk; low demand risk for psyllium husks; established
relations with international customers and location advantage
arising from proximity to ports and raw material sources.

Satnam Psyllium Industries was established in 2001 and the firm is
primarily engaged in the processing of psyllium husk (Isabgol
husks) powder from agriculture product called psyllium seeds or
isabgol seeds. The firm is currently managed by Mr. Chirag Patel
and Mr. P. R. Patel. The processing plant is located at Unjha,
Gujarat and has a capacity to process 11,040 metric tonnes per
annum (TPA) of seeds.

Recent Results

During FY2013, SPI reported an operating income of INR79.08 crore
(as against INR56.21 crore during FY 2012) and profit after tax of
INR1.17 crore (as against INR0.77 crore during FY 2012).


SUN ENTERPRISE: ICRA Reaffirms 'B+' Rating on INR6.50cr Loans
-------------------------------------------------------------
The rating of '[ICRA]B+' has been reaffirmed to the INR6.50 crore
fund based long-term facility of Sun Enterprise. The rating of
'[ICRA]A4' has also been reaffirmed to the INR7.50 crore short-
term fund based facilities of SE.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit              5.00       [ICRA]B+ reaffirmed
   Stand by Limit           1.50       [ICRA]B+ reaffirmed
   Export Packing Credit    7.50       [ICRA]A4 reaffirmed

The ratings continue to take into account the modest size of the
firm's operations; vulnerability of profitability to fluctuations
in the raw material prices on account of agro-climatic risks
associated with psyllium seed production and the high financial
risk profile, as characterised by low profitability, adverse
capital structure, weak coverage indicators and high working
capital intensity. The ratings also reflect the vulnerability of
its profitability to foreign currency fluctuations and
partial/complete withdrawal of various export incentives extended
by the Government of India. ICRA also notes that SE is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure. The ratings, however, favourably factor in the
established track record of the firm in the manufacture and export
of psyllium husk; low demand risk for psyllium husks; established
relations with international customers and location advantage
arising from proximity to ports and raw material sources.

Sun Enterprise was established in 1995 and the firm is primarily
engaged in the processing of psyllium husk (Isabgol husks) powder
from agriculture product called psyllium seeds or isabgol seeds.
The firm is currently managed by Mr. Praveen Patel, Mr. Bharat
Patel and Mr. Vishnu Patel. The processing plant is located at
Unjha, Gujarat and has a capacity to process 8400 metric tonnes
per annum (MTPA) of seeds.

Recent Results
During FY2013, SE reported an operating income of INR47.85 crore
(as against INR28.06 crore during FY 2012) and profit after tax of
INR0.63 crore (as against INR0.43 crore during FY 2012).


SUNBEAM ENTERPRISES: CRISIL Reaffirms B Rating on INR45.5MM Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sunbeam Enterprises
continue to reflect geographic concentration in the firm's revenue
profile, its weak financial risk profile, marked by high gearing
and small net worth, and its small scale of operations. These
weaknesses are partially offset by the established track record of
SE's promoters in the steel-based products industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------             --------   -------
   Bill Discounting         40       CRISIL A4 (Reaffirmed)
   Mortgage Loan Facility   35.5     CRISIL B/Stable (Reaffirmed)
   Packing Credit           10       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its promoters' extensive industry experience and its
diversified product portfolio. The outlook may be revised to
'Positive' if there is more-than-expected improvement in the
firm's accruals, driven by improved capacity utilisation, or in
case of infusion of partners' capital, leading to improvement in
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm reports lower-than-expected
profitability, or undertakes a debt-funded capital expenditure
programme, thereby weakening its financial risk profile.

Update
In 2012-13 (refers to financial year, April 1 to March 31), SE's
revenue remained around 15 per cent lower than the previous year
at INR156.5 million due to stiff competition from Chinese
competitors. However, in 2013-14, revenue is expected to post
around 20 per cent growth driven by addition of new customers. The
firm's operating margin is expected to remain stable at 9 to 10
per cent over the medium term on account of its healthy and
established relationship with its clients.

The operations are moderately working capital intensive as
reflected in its estimated gross current assets (GCAs) of 125 to
130 days as on March 31, 2014; the GCAs have been at similar
levels in the past. The GCAs are high owing to from the firm's
inventory levels of 30 to 35 days and receivables cycle of 65 to
70 days. As a result, the firm's average bank limit utilization
has been high at 100 per cent for the 12 months through November
2013.

SE's net worth is also estimated to remain low at Rs21.1 million
as on March 31, 2014, due to low accretion to reserves and
withdrawal of funds by the partners. The firm has high debt levels
towards funding its working capital requirements; these coupled
with small net worth, is estimated to result in high gearing of
around 3.76 times as on March 31, 2014.

Set up in 1994, SE is a partnership firm started by members of the
Chabbra family in New Delhi. The firm manufactures and exports
steel-based products, such as office furniture and healthcare
aids. Its plant is located in Manesar (Haryana). The firm's
operations are managed by Mr. Mahesh Chhabra and his son Mr. Nitin
Chhabra.


SUNORA TILES: ICRA Cuts Rating on INR30.74cr Loans to 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned to INR12.00 crore
fund based cash credit facility and the INR13.20 crore(reduced
from INR22.30 crore) term loan facility of Sunora Tiles Private
Limited from '[ICRA]BB' to '[ICRA]D'. ICRA has also revised the
short term rating assigned to STPL's INR5.54 crore short term non-
fund based facilities from [ICRA]A4 to [ICRA]D.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Cash Credit Limit         12.00        Downgraded to [ICRA]D
   Term Loan                 13.20        Downgraded to [ICRA]D
   Non Fund Based-Bank
   Guarantee                  3.75        Downgraded to [ICRA]D
   Non Fund Based-LC          1.75        Downgraded to [ICRA]D
   Non Fund Based-Credit
   Exposure                   0.04        Downgraded to [ICRA]D

The revision in ratings reflects the instances of delays in debt
servicing by the company in the last six months, owing to its
stretched working capital cycle and tight liquidity position. The
company's financial profile has weakened as reflected in the
stretched capital structure and increased working capital
requirement. The ratings also take into account the vulnerability
of profitability and cash flows to cyclicality inherent in the
real estate industry, which is the main consuming sector. The
rating further notes the competitive business environment as well
as the vulnerability to availability and increasing prices of gas,
as gas is its major source of fuel .

Sunora Tiles Private Limited was incorporated as a closely held
company in January 2007 and is promoted by Mr. Bhanji Fultariya,
Mr. Sanjiv Patel and Mr. Vishal Fultariya. STPL is currently
engaged in manufacturing soluble salt vitrified tiles, double
charged vitrified tiles and ceramic parking tiles at its
production facility located at Morbi in Gujarat. STPL manufactures
tiles of size 24"X24" for both variant of vitrified tiles and
12'X12" for parking tiles with the installed production capacity
of 1,35,000 box per month and 1,20,000 box per month respectively.

Recent Results
For the year ended 31st March, 2013, the company reported an
operating income of INR51.19 crore and net profit of INR0.82
crore.


SUPER PSYLLIUM: ICRA Reaffirms 'B' Rating on INR4.60cr Loans
------------------------------------------------------------
The rating of '[ICRA]B+' has been reaffirmed to the INR4.60 crore
fund based long-term facility of Super Psyllium.  The rating of
'[ICRA]A4' has also been reaffirmed to the INR8.00 crore short-
term fund based facilities of SP.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------             -----------    -------
   Cash Credit               3.00        [ICRA]B+ reaffirmed
   Stand by Limit            1.60        [ICRA]B+ reaffirmed
   Export Packing Credit     8.00        [ICRA]A4 reaffirmed

The ratings continue to take into account the modest size of the
firm's operations; vulnerability of profitability to fluctuations
in the raw material prices on account of agro-climatic risks
associated with psyllium seed production and the high financial
risk profile, as characterised by low profitability and modest
coverage indicators. The ratings also reflect the vulnerability of
its profitability to foreign currency fluctuations and
partial/complete withdrawal of various export incentives extended
by the Government of India. ICRA also notes that SP is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
capital structure. The ratings, however, favourably factor in the
established track record of the firm in the manufacture and export
of psyllium husk; low demand risk for psyllium husks; established
relations with international customers and location advantage
arising from proximity to ports and raw material sources.

Super Psyllium (SP) was established in 2005 and the firm is
primarily engaged in the processing of psyllium husk (Isabgol
husks) powder from agriculture product called psyllium seeds or
isabgol seeds. The firm is currently managed by Mr. Chirag Patel
and Mr. P. R. Patel. The processing plant is located at Unjha,
Gujarat and has a capacity to process 11,040 metric tonnes per
annum (TPA) of seeds.

Recent Results

During FY2013, SP reported an operating income of INR65.50 crore
(as against INR49.26 crore during FY 2012) and profit after tax of
INR1.20 crore (as against INR0.75 crore during FY 2012).


TEK CHAND: ICRA Assigns 'B' Rating to INR6cr Loan
-------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR6.00
crore fund based limits of Tek Chand Suresh Kumar.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       6.00        [ICRA]B assigned

The rating is constrained by TCSK's moderate scale of operations,
low profitability due to trading nature of business, high gearing
levels and modest debt coverage indicators. The rating is also
constrained by intensely competitive nature of the trading
industry, vulnerability of TCSK's revenues and cash flows to agro
climatic risks and fluctuation in prices of traded goods.
Nevertheless, the rating derives comfort from TCSK's experienced
promoters, low working capital intensity of operations and the
firm's established relationship with customers and suppliers.
Going forward, the ability to increase scale of operation and
profit levels while managing the working capital cycle effectively
will be the key rating sensitivities.

TCSK was established in 1985, and is involved in trading of
pulses. The company is promoted by Mr. Suresh Kumar and the firm's
headquarters are located in Naya Bazar, Delhi, which is one of the
largest wholesale markets of commodities in Asia. The promoter
family has been into the business of agri-commodity trading for
more than two decades

Recent Results

The firm reported a net profit of INR0.04 crores on an operating
income of INR56.79 crores in FY13 as against net profit of INR0.05
crores on an operating income of INR44.14 crores in FY12.


UDASEE STAMPINGS: CRISIL Cuts Rating on INR152.5MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Udasee
Stampings Private Limited (USPL, part of Udasee group) to 'CRISIL
D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.


                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Bill Discounting      20        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit           60        CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Letter of Credit      72.5      CRISIL D (Downgraded from
                                   'CRISIL A4')

The downgrade in rating reflects recent instances of Letter of
Credit (LCs) devolvements in Udasee group (including USPL) that
remained un-regularised for over 30 days. These devolvements are
on account of delay in receiving funds from its clients.

Udasee group has a weak financial risk profile, marked by high
gearing, weak debt protection metrics and small net worth, and
exposure to intense competition in the electrical laminations
segment for power transformers. However, the group continues to
benefit from the extensive industry experience of Udasee group's
promoters.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of USPL and its associate company, Regal
Transcore Laminations Pvt Ltd (RTLPL). This is because both the
entities, together referred to as the Udasee group, have common
promoters and management, are in the same line of business, and
have strong operational linkages with each other.

Regal Transcore was established as a proprietary firm (Regal
Laminator) in 1988 and was incorporated as a private limited
company with its current name in 1998. Udasee Stamping was
incorporated in 1993. Both the companies are promoted and owned by
the Udasi family of Jaipur. The companies' plants are in Jaipur
(Rajasthan).

The Udasee group manufactures electrical laminations for
transformers. The group primarily sells laminations to transformer
manufacturers, who are suppliers to state electricity boards.


UMA SHANKAR: ICRA Rates INR20cr Fund Based Loan at 'B'
------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B' to the INR20.0
crore fund-based facilities of Uma Shankar Textiles.

                            Amount
   Facilities              (INR crore)      Ratings
   ----------              -----------      -------
   Fund Based Facilities        20.0       [ICRA]B/assigned

The assigned rating factors in the established presence of the
firm and the long standing experience of the promoters in the
weaving business which has supported steady revenue growth over
the years. The integration nature of operations with presence
across spinning and weaving segments coupled with asset light mode
of operations has supported revenues and earnings of the company.

However, the rating is constrained by the stretched financial
profile of the firm characterized by high gearing, inadequate
coverage indicators and strained liquidity position owing to the
working capital intensive nature of operations and thin accruals
in the business. Small scale of operations limiting scale
economics amidst intense competition in a highly fragmented
industry with minimal product differentiation among peers
restricts margin and pricing flexibility, exposing earnings to the
volatile raw material prices. The ability of the firm to improve
its revenue growth and earnings and optimize its inventory levels
to reduce its debt levels and improve the liquidity position would
be key rating sensitivities.

Uma Shankar Textiles is a partnership Firm engaged in the
manufacturing and marketing of cotton yarn and grey fabric, with
its manufacturing facility located at Somanur, near Coimbatire in
Tamil Nadu. The Firm outsources production of the grey fabric to
about 350 looms located nearby, for which a portion of the yarn
requirements are sourced through its captive spinning mills with
capacity of about 6000 spindles. The overall production / sales of
the Firm is around 6 million meter per annum. The Firm buys cotton
yarn in the low to medium counts from different spinning mills
located in Tamil Nadu, weaves it into grey fabric and sells
through agents to garment manufacturers located in various cities
across India. The promoters also own and manage another spinning
mill in Tirupur -- Jairam Maruti Mills which has an installed
capacity of about 12000 spindles.



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


ALAM SUTERA: Fitch Affirms LT Issuer Default Rating at 'B+'
-----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based property developer PT
Alam Sutera Realty Tbk's (ASRI) Long-Term Issuer Default Rating at
'B+' with a Stable Outlook.  Fitch has also affirmed ASRI's senior
unsecured rating, and the ratings of its outstanding US dollar
notes (which are issued by Alam Synergy Pte Ltd, and guaranteed by
ASRI) at 'B+', with a Recovery Rating of 'RR4'.

The affirmation of ASRI's ratings reflects its small scale,
project concentration and the inherent cyclicality in the property
development business.  The rating also recognises ASRI's strong
track record of presales across its major development properties,
its low-cost land bank and good-quality development assets.

Key Rating Drivers

Stability, Amid Softer Demand: ASRI expects to shift its focus
towards the middle-market segment in 2014 in order to counter
weaker buyer sentiment due to tighter regulations imposed in 2013
and Indonesia's presidential and legislative elections that will
run until July 2014.  The middle-market segment consists of more
first-time home buyers - a segment that was less affected by the
new regulations in 2013.  Fitch expects this strategy and the
quality of its development projects to help ASRI maintain
satisfactory credit metrics through 2014.  However, its
presales/gross debt ratio is likely to fall towards the 0.75x
threshold (end-2013: 1.05x), below which negative rating action
may be considered.

Limited but Growing Diversification: ASRI's presales grew around
50% to IDR4.8trn in 2013.  However they are considered small
relative to higher-rated developers.  Fitch notes that the
company's project diversification has improved, with over 60% of
its presales in 2013 stemming from outside of its main development
in Serpong (2012: 18%).  Nevertheless ASRI remains less
diversified compared with higher-rated peers.

Established Track Record: The ratings recognize ASRI's low-cost,
large land bank of over 2,200 hectares, strategic advantages of
its main development locations, and track record in successful
project executions.  ASRI is one of the pioneers in developing
large-scale townships in Serpong, which is now a popular
alternative to other areas in Greater Jakarta.  Fitch expects ASRI
to be able to leverage on its success in Serpong for future
project launches, as recently demonstrated by the higher-than-
expected sales for its Pasar Kemis projects.

Currency Risk Mitigated: ASRI has a policy of hedging the foreign
currency risk on the principal repayment of its US dollar
borrowings.  The company also targets to maintain sufficient US
dollar cash reserves to cover three to four coupon payments at any
given time.  Fitch believes this strategy mitigates ASRI's
currency risk but does not fully compensate for circumstances of
extreme exchange-rate volatility.

Rating Sensitivities

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

- A sustained increase in leverage such that the presales/gross
debt ratio is below 0.75x (2012: 1.5x) on a sustained basis.

- An increase in its exposure to non-core businesses

Positive rating action is not expected due to the cyclical nature
of the property development business, the company's small scale
and limited project diversification compared with higher-rated
property developers.

Full List Of Rating Actions

PT Alam Sutera Realty Tbk
Long-Term, IDR affirmed at 'B+'; Outlook Stable
Senior unsecured rating affirmed at 'B+/RR4'
Outstanding USD235m 6.95% notes issued by Alam Synergy Pte Ltd and
guaranteed by PT Alam Sutera Realty Tbk, due in 2020, affirmed at
'B+/RR4'
Outstanding USD225m 9% notes issued by Alam Synergy Pte Ltd and
guaranteed by PT Alam Sutera Realty Tbk, due in 2019, affirmed at
'B+/RR4'


BANK MUTIARA: 7 Potential Buyers Interested in Bank, LPS Says
-------------------------------------------------------------
The Jakarta Post reports that the Insurance Deposit Agency (LPS)
said seven investors are considering buying PT Bank Mutiara,
formerly known as Bank Century.

"There may be three more investors that are interested [in buying
the bank], amounting to a total of 10 investors [that will be
assessed]," LPS executive director Kartika Wirjoatmodjo said in
Jakarta on April 3 as quoted by kompas.com, The Jakarta Post
relays.

According to the report, Kartika said most of the investors that
had approached the LPS were foreign investors. "They are private
equity companies and banks from Malaysia, Japan and China," he
said.

The Jakarta Post notes that Kartika refused to provide further
information about the investors. Neither did he elaborate about
the final stage of the bank's sale, as the LPS was awaiting
document finalization on April 10, the report adds.

Based in Jakarta, Indonesia, Mutiara Bank, formerly known as PT
Bank Century Tbk -- http://www.mutiarabank.co.id/-- is a
financial institution.  The Bank's products and services include
deposits, savings, loans, mutual funds, bank notes, export and
import financing, credit and commercial banking.

Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion).  The government took over Bank
Century -- the first such move since the 1997-1998 crisis -- to
save it from collapse and restore confidence in the banking
sector.  The government initially injected IDR1 trillion (US$106
million) to increase liquidity at Bank Century after Indonesia's
Deposit Insurance Corp. seized it on Nov. 21, 2008, over a week
after the bank failed to comply with a IDR5 billion obligation.
Bank Century then received a total capital injection of IDR6.76
trillion from the LPS.


LIPPO KARAWACI: Fitch Affirms 'BB-' IDRs; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed PT Lippo Karawaci Tbk's (Lippo) Long-
Term Foreign and Local Currency Issuer Default Ratings (IDR) at
'BB-' with Stable Outlook.  The agency has also affirmed Lippo's
senior unsecured rating and outstanding notes at 'BB-' and its
National Long-Term Rating at 'A+(idn)' with Stable Outlook.
The agency has simultaneously assigned Lippo's proposed new US
dollar notes due in 2022 a 'BB-(EXP)' rating.  The new notes will
be issued by Theta Capital and guaranteed by Lippo and some of its
subsidiaries.  The final rating is contingent upon receipt of the
final documents conforming to information already received.  The
notes are rated at the same level as Lippo's senior unsecured debt
rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

KEY RATING DRIVERS

Support from Investment Property Portfolio: Lippo's high-quality
and expanding investment property portfolio, which comprises 16
hospitals and more than 30 retails malls under management,
generates strong and stable recurring cash flow, which support its
ratings.

In Lippo's business model, the expansion of its investment
portfolio will be funded by net sales proceeds of its development
portfolio.  Given that both cash and debts are fungible across
investment properties and its development properties business,
Fitch has made several assumptions in Lippo's ratio calculations.
As Lippo is growing its investment portfolio, it needs to maintain
sufficient fixed charge cover (recurring EBITDAR/ cash interest
and rents) of 1.75x.  The 1.75x ratio takes into account the fact
that Lippo generates the majority of its investment property
income from its hospital assets.  Total debt is proportionately
allocated to the investment property business based on this fixed
charge cover ratio, with the rest allocated to the development
property business.

Shifting Focus for Cash Flows: In 2014, Lippo plans to launch more
developments aimed at the middle-class and shift development
projects to suburbs or second-tier cities.  Year-to-date 2014
marketing sales, mainly driven by Lippo's new middle-class
projects in Bintaro (on the outskirts of Jakarta, West Java), and
St Moritz Makassar (South Sulawesi) totalled more than IDR 500bn.
Of the total units launched at these two projects, the company had
a presales rate of about 80%, which is positive considering the
short-term headwinds in the Indonesian residential sector.

Proven Track Record, Project Diversification: Lippo is one of the
largest property developers in Indonesia with an established track
record and diversified project portfolio.  Fitch believes the
company's strong brand and flexibility in changing its product mix
as well as its diversified project locations enable it to manage
through property cycles while maintaining a strong balance sheet.
This is evidenced by successful new project launches since mid-
2013, despite softening property demand, especially for upscale
products.  During the period, Lippo managed to book about
IDR2,323bn (USD200m) in marketing sales, while other developers
chose to postpone launches.

Diversified Funding Access: Lippo's rating also reflects its
ability to tap various long-term funding sources, particularly to
support cash flows during a downturn.  It has an established track
record in onshore or offshore borrowing, as well as in the
domestic equity market.  It recently raised about USD75m by
privately placing around a 7% stake in the Siloam chain of
hospitals.  Lippo remains a majority shareholder in Siloam.
Lippo's access to affiliates Lippo Malls Indonesia Retail Trust
(LMIRT) and First REIT to recycle commercial assets are also an
important cash flow source.  In 2013 Lippo sold two hospitals to
First REIT for SGD140.4m.

RATING SENSITIVITIES

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

   -- Failure to sustain development property leverage (net
      debt/net inventory) at below 30% (2014F: 21%) due to a
      prolonged weakness in property demand, while assuming the
      fixed charge cover remains at 1.75x.

   -- Inability to pre-fund capex

Positive is not anticipated over the next 24 months due to the
cyclical nature of development property sales and Lippo's debt-
funded capex.

The ratings on the following instruments have also been affirmed:

USD250m senior unsecured notes due in 2019 at 'BB-'
USD403m senior unsecured notes due in 2020 at 'BB-'


MEDIA NUSANTARA: 2013 Results Support Moody's Ba3 Rating
--------------------------------------------------------
Moody's Investors Service says PT Media Nusantara Citra Tbk's
(MNC, Ba3 stable) 2013 results were broadly in line with Moody's
expectations and continue to support its Ba3 rating, despite the
weaker performance of its second-largest TV station by revenue and
EBITDA contribution, MNC TV.

The outlook on the rating is stable.

MNC's revenue grew 4% year-on-year in 2013, while its reported
EBITDA rose 15%, owing to the 7% growth in advertising revenue and
an increase in its share of prime-time viewers.

"MNC has maintained its leading position in Indonesia's growing
free-to-air TV market, with a local prime-time audience share of
about 40% compared with 38% at end-2012," says Annalisa Di Chiara,
a Moody's Vice President and Senior Analyst.

"However, MNC TV's local prime-time audience share contracted by
3% to 12.2% in 2013 from 15.2% in 2012. In addition, advertising
revenue for MNC TV has slowed due to media coverage of the legal
dispute related to MNC's ownership of MNC TV," adds Di Chiara.

Nonetheless, MNC's reported EBITDA margin improved to 42% in 2013
from 38% in 2012, primarily due to lower programming costs. The
company develops its own content, which is cheaper than acquiring
content from third parties; thereby improving profitability.

Furthermore, MNC's liquidity position remains strong, with cash
and time deposits of about IDR2 trillion at 31 December 2013,
compared to short term debt obligations of IDR427 billion. In
addition, its unadjusted debt balance fell to IDR534 billion at
end-2013 from IDR727 billion at end-2012.

While MNC's dividend payout increased significantly to 60% versus
29% in 2012, Moody's believes that this level of payout is
manageable, given the company's low level of debt servicing
obligations, modest capex levels and solid cash flow generation.

The stable rating outlook reflects Moody's expectation that MNC
will maintain its competitive position in Indonesia's free-to-air
(FTA) TV market, and keep its EBITDA margins above 30%.

Moody's also expects the company to sustain earnings growth and
cash flow generation over the next 12-24 months, supported by its
leading market position and strong line-up of content.

However, downward rating pressure could emerge if: (1) there is a
material downturn in advertising spend; (2) the company loses its
dominant position in the Indonesian FTA TV market; (3) laws and
regulations change, such that its business is adversely affected;
and (4) the company embarks on aggressive debt-funded
acquisitions.

The key credit metrics that Moody's would consider for a downgrade
include adjusted debt/EBITDA in excess of 2.5x-3.0x,
EBITDA/interest coverage below 3.5x-4.0x, and negative free cash
flow over the cycle.

Moreover, evidence of cash leakage to its parent -- through more
aggressive dividend payouts and other forms of inter-group
transactions -- could also be negative for the rating.

The principal methodology used in this rating was the Global
Broadcast and Advertising Related Industries published in May
2012. Please see the Credit Policy page on www.moodys.com for a
copy of this methodology.

PT Media Nusantara Citra Tbk, headquartered in Jakarta, is an
integrated media company. Its operations encompass TV, radio,
print media, content production and distribution, and wireless
value-added services.

In addition, it is the market leader in Indonesia's FTA TV
industry, and owns three of the 11 FTA TV networks nationwide.

PT Global Mediacom Tbk (unrated) owns 69.47% of PT Media Nusantara
Citra Tbk.


MNC SKY VISION: 2013 Results Support Moody's 'B1' Rating
--------------------------------------------------------
Moody's Investors Service says that the operating results of P.T.
MNC Sky Vision (Sky Vision, B1 stable) for the full-year ended
December 31, 2013 were in line with Moody's expectations, and
continue to support its B1 rating and stable outlook, despite
currency pressures.

"Sky Vision's market leadership and continued subscriber growth
drove the company's revenue growth of 26% year-on-year in 2013 and
rise in reported EBITDA of 21%, despite the margin pressure
arising from the depreciation of the Indonesian rupiah," says
Annalisa Di Chiara, a Moody's Vice President and Senior Analyst.

"Because approximately 70% of Sky Vision's content costs are
denominated in US dollars, the company's reported EBITDA margin
contracted to 40% in 2013 from 42% in 2012. Nonetheless, we expect
Sky Vision's margins to recover in 2014, as the company introduces
price hikes in pay-TV offerings to mitigate the impact of local
currency depreciation," adds Di Chiara.

In addition, Sky Vision has continued to demonstrate strong
subscriber growth, increasing its base by 34% in 2013 to 2.3
million subscribers.

Furthermore, the company achieved a year-on-year 2% expansion in
its market share to 73% according to Media Partners Asia, further
strengthening its leading market position in the Indonesian pay-TV
market.

However, Moody's expects competition in the pay-TV sector to
increase over the next two years, as new entrants and
telecommunications providers looking to boost their bundled
product offerings across voice, broadband, TV and mobile enter the
market.

In fact, four new players have entered the market since the
start of 2013, including Big TV (unrated, launched by First
Media), Viva Sky (unrated, launched by Visi Media Asia Tbk PT),
and K-Vision (unrated, launched by Kompas Gramedia Group).

An increasing level of competition will continue to exert pressure
on Sky Vision's operating margins, as evidenced by the recent
slowdown in subscriber growth and declining average rate per user
(ARPU) trends.

Still, the number of channels it offers is around twice that of
its closest competitor and it has the most widely available and
comprehensive content offerings, which benefits from access to its
sister company, Media Nusantara Citra's (Ba3 stable) proprietary
content library. These factors will continue to support Sky
Vision's leading market position over the next 12-18 months.

The stable outlook reflects Moody's expectation that Sky Vision's
leading market share and product offering will continue to support
significant organic growth over the next 12-18 months, and support
EBITDA margins of about 40%.

However, downward pressure on Sky Vision's rating could develop if
competition intensifies, resulting in a decline in the company's
market share and operating profit margins.

In particular, Moody's would consider downgrading the rating or
revising the outlook to negative, if operating margins deteriorate
below 35%, or if the company's cash cushion deteriorates
materially, such that it would need to rely on additional external
funds to support growth.

Sustained negative free cash flow generation over the longer term
or more aggressive shareholder initiatives, including sizeable
dividends, would also be negative for the rating.

The principal methodology used in this rating was the Global Pay
Television - Cable and Direct-to-Home Satellite Operators
published in April 2013. Please see the Credit Policy page on
www.moodys.com for a copy of this methodology.

Headquartered in Jakarta, Sky Vision is a provider of direct-to-
home, pay-TV services.

The company is 66.47% owned by PT Global Mediacom Tbk (unrated), a
diversified media company, and which is 53.47% owned by PT MNC
Investama Tbk (B1 stable). Global Mediacom and MNC Investama are
publicly listed in Indonesia.


PERUSAHAAN LISTRIK: 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 Indonesia-based PT
Perusahaan Listrik Negara (Persero) (PLN).  The outlook is stable.
S&P also affirmed its 'axBBB-' long-term ASEAN regional scale
rating on the company.  At the same time, S&P affirmed its 'BB'
long-term program and issue ratings on PLN's US$2 billion global
medium-term notes program.  S&P also affirmed its 'BB' long-term
issue ratings on the senior unsecured notes that PLN guarantees.
Majapahit Holding B.V., a wholly owned subsidiary of PLN, issued
the notes.

S&P affirmed the ratings to reflect its expectation that the
likelihood of extraordinary support from the Indonesian government
to PLN will remain "extremely high" over the next couple of years.

"We raised the stand-alone credit profile of PLN to 'bb-' from
'b+' because we believe the company's cash flows are improving
following an increase in power tariffs in Indonesia and the
company's ongoing commissioning of generation capacity," said
Standard & Poor's credit analyst Andrew Wong.  S&P expects the
contribution of subsidies to PLN's total revenues to continue to
reduce following an average 15% increase in electricity tariffs in
Indonesia in 2013.  Subsidies comprised 39% of total revenues for
2013, compared with 44% in 2012.

The commissioning of power generation capacity under PLN's first
fast-track program has improved the company's internal cash flows
because its power generation capacity has increased by 30%
compared with that in December 2011.  S&P expects the ratio of
debt to EBITDA to improve to less than 5.5x for 2013, lower than
the average of 6.3x over 2010-2012.

S&P anticipates that PLN's debt-to EBITDA ratio will improve to a
level in line with an "aggressive" financial risk profile category
over the next two years due to improved cash flows.  Nevertheless,
S&P expects the ratio to remain at the lower end of the category
because of the company's continuing significant generation
capacity expansion under two fast-track programs.  S&P expects
these investments to be partially debt-funded, and project PLN's
ratio of debt to EBITDA to be 4.0x-5.0x in 2014-2016.  S&P also
expects timely payment of government subsidies.

PLN's ownership and operation of about 83% of Indonesia's
electricity generation capacity and the entire power transmission
and distribution network in the country supports the company's
business risk profile.  PLN's non-transparent and inflexible
tariff mechanism tempers this strength.  Government subsidies
somewhat offset the effects of the tariff uncertainty.

PLN's operating efficiency is weaker than peers' and reflects the
company's high generation costs because of its inefficient fuel
mix, with a high reliance on high-cost oil-fired generation.  PLN
is undertaking a significant capacity expansion program to improve
its fuel mix and reduce the use of fuel oil.  PLN's high capital
expenditure and associated project commissioning and execution
risk constrain its operating efficiency.

"The stable outlook on PLN reflects the outlook on the sovereign
credit rating on Indonesia and our expectation of continued
government support for the company," said Mr. Wong.

S&P believes the likelihood of an upgrade is limited over the next
12 months.  However, S&P may raise the rating if it raises the
local currency sovereign rating on Indonesia (BB+/Stable/B;
axBBB+/axA-2) by a notch or PLN's stand-alone credit profile
improves by two notches.

S&P may lower the rating on PLN if:

   -- It lowers the sovereign credit rating by a notch;

   -- It perceives a weakening in government support, such as
      persistent delays or shortfalls in subsidy payments,
      leading to a materially lower likelihood of government
      support in S&P's view;

   -- Government ownership in the company declines significantly
      or the government restructures PLN's operations or
      privatizes the company;

   -- PLN's financial risk profile does not improve to a level in
      line with the aggressive category as we expect; or

   -- The stand-alone credit profile deteriorates by more than
      three notches, which S&P views as unlikely.


SKY AVIATION: Asks Operation Suspension Extended to April 30
------------------------------------------------------------
The Jakarta Post reports that privately-owned carrier Sky Aviation
has requested that its operational suspension be extended to April
30, the Transportation Ministry said.

Previously, the carrier had asked for a temporary suspension until
the end of March after it had stopped its service on
March 19, the report relates.

According to the report, the ministry's air transportation
director Djoko Murjatmodjo said that an official government letter
had been issued on April 2 after it had received the request from
Sky Aviation.

"However, we are going to calculate their extension because it can
only be done once. After that, we will revoke their route permit,"
Djoko said on April 3 as quoted by Tribunnews.com, the report
relays.

He said that Sky Aviation had requested another extension so it
could carry out due-diligence processes with its new investors,
the Jakarta Post adds.

Separately, the Indonesian National Air Carriers Association
(INACA) secretary-general Tengku Burhanuddin said that securing
new investors was no easy task.

"The process will take a long time. We hope that they are serious
about continuing to fly," Tengku said.

He said two investors were interested in the airline. However, the
management remained tightlipped over the information.

Sky Aviation is a regional airline based in Jakarta, Indonesia.



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


TOKYO ELECTRIC: To Delay Planned Rate Hike; To Focus on Revamp
--------------------------------------------------------------
The Asahi Shimbun reports that Tokyo Electric Power Co.'s new
chairman said the utility will decide by the end of the year
whether to raise electricity rates if it cannot restart its
nuclear plant in Niigata Prefecture by July.

The report relates that TEPCO originally planned a rate hike by
autumn in its New Comprehensive Special Business Plan approved by
the government in January.

However, Fumio Sudo, who assumed the chairman's post on April 1,
said a day earlier that TEPCO will proceed with restructuring
efforts to delay the price increase, the report relays.

"We will further work on the rationalization by December," he told
a news conference, Asahi Shimbun reports.

The Asahi Shimbun notes that TEPCO, operator of the stricken
Fukushima No. 1 nuclear plant, is seeking approval from nuclear
safety regulators to put idled reactors back online at its
Kashiwazaki-Kariwa plant in Niigata Prefecture in July.

Mr. Sudo, however, acknowledged that "critical opinions" will
likely delay the restarts, alluding to Niigata Governor Hirohiko
Izumida's opposition to the resumption of Kashiwazaki-Kariwa plant
operations, according to the report.

"It is essential that we gain the understanding of the local
residents," the report quotes Mr. Sudo as saying.

The Asahi Shimbun relates that Mr. Sudo said the company will
upgrade its office in the prefecture to a local headquarters by
July 2015 to more effectively consult with residents and win their
understanding.

The report adds that the utility also unveiled its fiscal 2014
Action Plan to achieve the goals declared in its comprehensive
restructuring package.

The plan sets thermal power generation as a pillar of TEPCO's
growth strategy. The utility will set up a joint venture with
other energy companies in fiscal 2014 to jointly procure fuel from
fiscal 2015, the report says.

According to the report, the company will also seek the early
retirement in June of 1,000 employees aged 50 or older. In total,
TEPCO and its group companies aim to reduce payroll by about
2,000.

The report says Mr. Sudo also announced that TEPCO will appoint
former internal affairs minister Hiroya Masuda, former Supreme
Court Justice Masahiko Sudo, and Hideko Kunii, a professor of IT
business theory at the Shibaura Institute of Technology, as new
outside directors.

Their appointments will be authorized at a shareholders' meeting
at the end of June, the report adds.

                          About Tepco

Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world.  TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.

Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years.  More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 22, 2014, Moody's Japan K.K. believed that the Japanese
government's approval of changes to the special business plan for
Tokyo Electric Power Company, Incorporated (TEPCO, CFR: Ba3,
negative) is credit positive because it demonstrates a heightened
level of commitment by the authorities to supporting the power
utility's financial obligations.  TEPCO announced the changes on
Jan. 15, 2014.

The company's huge obligations include compensation payments, and
decontamination and decommissioning costs. These are all expected
to increase significantly over time as the company meets
unforeseen challenges, for example the ongoing leakage of toxic
water from the damaged Fukushima Dai-ichi Nuclear Power Plant.

In order to ensure compensation payments are smoothly distributed,
according to the plan's changes, TEPCO will now receive as much as
JPY9 trillion in interest-free loans from the government, up from
JPY5 trillion.

In addition, TEPCO's creditor banks will be requested to maintain
their lending and to provide new loans for the utility to pursue
strategic growth areas. The latter will provide income to help
TEPCO fund some of its compensation payments.

The plan includes a broad range of measures to improve income and
reduce costs. Moody's has concerns over whether ambitious plan can
actually achieve the profitability projected. As of now, the plan
envisages the company posting annual operating profits of JPY200
billion or more during FYE3/2015 through FYE3/2017.



===============
M O N G O L I A
===============


MONGOLIA: Lax Policies Constrain Credit Profile, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says that while Mongolia (B1 stable) is
one of the world's fastest-growing economies with a wealth of
natural resources, the country's loose fiscal and monetary
policies and fluctuating investment regime weigh on the quality of
its credit.

In the absence of greater policy discipline and given the recent
rise in government debt and system-wide foreign-currency
borrowing, Mongolia's government finances will become even more
dependent on volatile mining revenues, yet under uncertain future
revenue streams. Thus, government finances and the economy at
large would remain susceptible to boom-bust economic cycles.

Moody's analysis is contained in its just-released report entitled
Mongolia: Policy Laxity and Uncertainty Continue to Constrain the
Credit Profile.

Adherence to fiscal responsibility legislation has been lax, with
off-budget expenditure resulting in a considerably higher
consolidated deficit. While infrastructure investment will help
boost Mongolia's economic potential, the ability to repay such
expenditure in the future could come under pressure and carries
exchange-rate risk.

Mongolia's uncertain investment regime has had a direct bearing on
the country's macroeconomic stability. Over the past year, policy
unpredictability -- particularly apparent in the mining sector --
has deterred investments that are necessary to generate revenues
for the Mongolian government and private sector to repay their
debts.

In addition, loose monetary policy and central bank quasi-fiscal
programs have fueled high inflation and excessive demand,
pressuring Mongolia's foreign reserves and ramping up external
debt. If inflationary pressures are not contained, they could
prompt capital flight and weaken the external payments position.



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


STX GROUP: Prosecutors Called In Former Chief Over Embezzlement
---------------------------------------------------------------
The Korea Herald reports that the former head of financially
troubled shipping and shipbuilding conglomerate STX Group was
called in by prosecutors on April4 to face questioning over
alleged embezzlement and business malpractice.

The report relates that Kang Duk-soo, who headed the group between
2003 and February 2014, appeared at the Seoul Central District
Prosecutors' Office in southern Seoul around 9:20 a.m. to undergo
questioning as a suspect in the corruption case.

"I apologize for causing worry to the people, and I will sincerely
respond to the investigation," the embattled former tycoon told
reporters before entering the prosecution office, the report
relays.

According to the report, prosecutors said Mr. Kang allegedly
funneled the funds of STX Heavy Industries Co., a troubled
shipbuilder unit, to illegally support other ailing affiliates,
inflicting losses nearly 200 billion won ($189 million) to the
group.

Prosecutors further alleged that the 64-year-old former chairman
personally used the company funds to bribe politicians while
heading the group, the report says.

"I did not have any time to (bribe politician) as there were many
overseas trips," Mr. Kang, as cited by The Korea Herald, said.

A prosecution investigation into Kang was launched after the
company had filed a complaint against the group's five former
executives, including Kang. The prosecution office has since
raided the offices of STX Group and its affiliates, the report
notes.

STX Group, once South Korea's 13th-biggest conglomerate, is
struggling to deal with a liquidity shortage and mounting debts of
its major affiliates from a downturn in the shipbuilding and
shipping sectors.

STX Offshore and two other units of the STX Group had voluntarily
sought debt rescheduling with their creditors, Bloomberg News
reported.

STX Pan Ocean sought court receivership after Korea Development
Bank, the main creditor and Pan Ocean's second-biggest
shareholder, decided against buying the company from STX Group,
Bloomberg News reported.

STX Group has 10 affiliates, including STX Pan Ocean and STX
Offshore & Shipbuilding, under its wing.



                             *********

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,
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without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.



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