TCRAP_Public/140501.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, May 1, 2014, Vol. 17, No. 85


                            Headlines


A U S T R A L I A

A.C. FITOUT: Romanis Cant Appointed as Administrators
GUNNS LTD: Receivers Put Pulp Mill Licence on Block
SAPPHIRE (SA): Records Total Liabilities of About AUD13 Million


B A N G L A D E S H

BANGLADESH: Moody's Says Ba3 Rating Reflects Healthy Growth Path


C H I N A

EVERGRANDE REAL: S&P Lowers CCR to 'BB-'; Outlook Negative
SINOVEL WIND: Bonds Suspended From Trading After Loss Widens
* CHINA: Steel Industry Facing Harshest Operating Environment


I N D I A

A. B. CHEMICALS: CARE Rates INR2cr Bank Loan at 'B+/A4'
A. B. INFRA: CARE Assigns 'B+' Rating to INR2cr Bank Loan
ADITYA SALES: CRISIL Assigns 'B-' Rating to INR120MM Loans
AIPL AMBUJA: ICRA Withdraws 'B+' Rating on INR32.86cr Loans
ARS ALLOYS: ICRA Suspends 'C' Rating on INR8cr Loan

AZAD COACH: CARE Assigns 'B' Rating to INR5.50cr Bank Loan
BHAGWAN PRECISION: CRISIL Cuts Rating on INR74MM Loans to 'B-'
BHARAT BIO: ICRA Assigns 'B' Rating to INR9.95cr Loans
BHARAT INFRA: CRISIL Assigns 'D' Rating to INR80MM Loans
BRANDHOUSE RETAILS: ICRA Lowers Rating on INR110cr Loan to 'D'

DINMAN POLYPACKS: CRISIL Assigns 'B+' Rating to INR192.5MM Loans
EAST COAST: ICRA Cuts Rating on INR508.5cr Loans to 'D'
JAI AMBA: CRISIL Lowers Rating on INR60MM Cash Credit to 'B-'
K T QUALITY: CRISIL Assigns 'B' Rating to INR35.5MM Loans
KAMAL WATCH: ICRA Assigns 'B+' Rating to INR6.79cr Loans

KANNAN ENTERPRISES: ICRA Suspends 'D' Rating on INR14cr Loans
KANUNGA EXTRUSION: ICRA Suspends 'B+' Rating on INR22cr Loans
KHUSHI EXIM: CRISIL Keeps 'B+' Rating on INR140MM Loan
KIRAN AGENCIES: ICRA Suspends 'B-' Rating on INR15cr Loan
KRISHNA GLOBAL: CRISIL Assigns 'B+' Rating to INR130MM Loans

MAHESH DYEING: CRISIL Assigns 'B+' Rating to INR100MM Loans
MARIS SPINNERS: ICRA Reaffirms B+ Rating on INR44.47cr Loans
MAS GMR: ICRA Downgrades Rating on INR232cr Bank Loan to 'D'
NAGA SINDHU: ICRA Suspends 'C' Rating on INR35cr Loans
NAMRATA FEEDS: ICRA Suspends 'B+' Rating on INR5.96cr Loans

NAV NIRMAN: CRISIL Assigns 'B-' Rating to INR175MM Term Loan
NEOLITE ZKW: CARE Raises Rating on INR21.56cr Bank Loan to 'C'
NIRAJ OVERSEAS: ICRA Suspends 'B' Rating on INR4cr Cash Credit
NISARG JEWELS: ICRA Assigns 'B' Rating to INR8cr Bank Loan
NOVARTIS ENERGY: CRISIL Assigns 'B' Rating to INR20MM Loan

PARAMOUNT STEELS: ICRA Withdraws 'B+/A4' Rating on INR9.5cr Loan
PIONEER CRANES: ICRA Suspends 'C+' Rating on INR5.25cr Loans
RAIGARH FOODS: ICRA Reaffirms 'B+' Rating on INR5.75cr Loans
SAHIBZADA AJIT: CARE Assigns 'D' Rating to INR28.78cr Bank Loan
SANKAR PRASAD: CRISIL Assigns 'B+' Rating to INR116.9MM Loans

SARDAR COTTON: ICRA Assigns 'B' Rating on INR8.65cr Loans
SFA TEC: CARE Assigns 'D' Rating to INR10.47cr Bank Loans
SHITAL GEMS: ICRA Suspends 'B+' Rating on INR16cr Loan
SHREE SWAMI: ICRA Assigns 'B+' Rating to INR8cr Bank Loans
SHREE UMIYA: CARE Assigns 'B+' Rating to INR27.50cr Bank Loan

SRI BALAJI: CRISIL Assigns 'B' Rating to INR100MM Loans
SUPER INFRATECH: CRISIL Cuts Rating on INR80MM Loans to 'B'
T.O. ITTOOP: CRISIL Assigns 'B+' Rating to INR35MM Loan
TJUK TRADE: ICRA Suspends 'B+' Rating on INR8.67cr Loan
TOURISM & TRAVEL: ICRA Suspends 'B' Rating on INR22cr Loans

UDAIPUR POLY: CARE Assigns 'B' Rating to INR35.9cr Bank Loan
UNIVERSAL POWER: CRISIL Cuts Rating on INR810MM Loans to 'B-'
V & S INT'L: CARE Reaffirms 'D' Rating on INR76.81cr Loans


M O N G O L I A

MONGOLIA: S&P Lowers Credit Rating to 'B+'; Outlook Stable


N E W  Z E A L A N D

TE KAHA: Receiver Gets Two Offers for Bay of Plenty Resort


S R I  L A N K A

SRI LANKA: Fitch Affirms Long-Term Currency IDRs at 'BB-'


                            - - - - -


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


A.C. FITOUT: Romanis Cant Appointed as Administrators
-----------------------------------------------------
Simon Patrick Nelson -- snelson@romaniscant.com.au -- and
Anthony Robert Cant -- tcant@romaniscant.com.au -- of Romanis Cant
were appointed as administrators of A.C. Fitout Services Pty Ltd
on April 29, 2014.

A first meeting of the creditors of the Company will be held at
Romanis Cant, Level 2, 106 Hardware Street, in Melbourne, on
May 9, 2014.


GUNNS LTD: Receivers Put Pulp Mill Licence on Block
---------------------------------------------------
Brett Cole at The Australian reports that Kordamentha is trying to
sell the pulp mill licence of bankrupt Tasmanian timber company
Gunns.

The Australian says the Gunns receiver is reaching out to bidders
who may want to build a mill on a 650ha site that has access to
the sea via the Tamar River in the north of the state.

At least one of the final six Gunns bidders sought just to buy the
pulp mill licence and there were other companies that showed
interest in the pulp mill as a stand-alone asset, according to the
report.

To construct a pulp mill would cost as much as AUD2 billion,
analysts estimate, the report notes.

Some of the timber the mill could need could be sourced from
mainland Australia, The Australian relays.

Last week, The Australian recalls, investment company New Forests
agreed to pay AUD330 million for Gunns timber assets, 175,680
gross hectares of freehold land incorporating 96,850ha of hardwood
eucalyptus and 3780ha of softwood radiata pine.

The Australian notes that New Forests is not willing to negotiate
an off-take agreement with any potential buyer of its timber until
its closes the Gunns deal, which may take as long as three months.

Before the sale is complete there will be an application to the
Supreme Court of Tasmania to approve the sale of 50,000ha of Gunns
timber assets that were part of managed investment schemes that
collapsed two years ago, the report says.

                          About Gunns Ltd

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

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

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

Gunns was placed into liquidation in March 2013.


SAPPHIRE (SA): Records Total Liabilities of About AUD13 Million
---------------------------------------------------------------
Peter Hemphill at The Weekly Times reports that the creditors of
Sapphire (SA) Pty Ltd include high profile Australian companies.

According to the report, documents lodged with the Australian
Securities Commission indicate total liabilities were about
AUD13 million, with National Australia Bank the largest creditor
at AUD5.3 million.

A creditors' list seen by The Weekly Times shows ANZ Bank has
registered a personal property security register interest on
assets held by Sapphire (SA), indicating it is exposed to losses.

GrainCorp Operations and GrainCorp Oilseeds are owed at least
AUD43,000, Cargill Australia is owed AUD75,000, Marubeni Australia
AUD55,000 and Walgett Special One and Emerald taking out PPSR
registrations as well, the report discloses.

Listed NSW irrigation operation Tandou Limited is owed AUD103,000,
the Australian Taxation Office is owed at least AUD70,000,
Manildra Flour Mills AUD10,000 and one Western District grain
grower has nearly AUD490,000 owing, The Weekly Times relays.

Many farmers and transport operators in Victoria, NSW and South
Australia are also owed money, the report notes.

Sapphire (SA) was trading in four states as either Rivercity Grain
Co or River City Grain Co.  Sapphire (SA) went into administration
early last month, with the company buckling under net debts of
about AUD10 million.



===================
B A N G L A D E S H
===================


BANGLADESH: Moody's Says Ba3 Rating Reflects Healthy Growth Path
----------------------------------------------------------------
Moody's Investors Service says that Bangladesh's Ba3 sovereign
bond rating reflects the country's stable and healthy growth path,
progress in implementing structural reforms under an Extended
Credit Facility program with the International Monetary Fund that
began in 2012, and limited vulnerability to fiscal and external
funding stresses.

In addition, the country's external liquidity position is
comfortable, with foreign reserves providing ample cushion against
maturing debt obligations.

Moody's conclusions were contained in its just-released credit
analysis on Bangladesh which examines the fundamental drivers
underlying the sovereign rating. The report constitutes an annual
update to investors and is not a rating action.

Moody's report points out that Bangladesh's headline growth and
exports were not meaningfully impacted by heightened political
turbulence over the last year in the run-up to parliamentary
elections in January 2014, or by disruptions caused by industrial
accidents in the garments sector.

However, the weak financial performance of the four state-owned
commercial banks (SOCBs) could result in the further
crystallization of contingent liabilities that add to the fiscal
burden, although ongoing reforms, if successfully implemented,
would improve SOCB competitiveness and restore their financial
viability over time.

Upward triggers to Bangladesh's rating would stem from sustained,
strong economic growth supported by structural improvements,
particularly in infrastructure; a broadening of the tax revenue
base, which would improve fiscal fundamentals and flexibility; and
reform of the labor market and industrial working conditions,
which would ensure continued favorable export prospects, while
also encouraging greater foreign investment.

On the other hand, the rating would come under downward pressure
if political setbacks strain the country's economic or fiscal
profile, or the crystallization of contingent liabilities in the
banking system is larger than Moody's anticipates, thereby
weighing on fiscal strength. A fundamental deterioration of the
balance of payments would also be credit negative.



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


EVERGRANDE REAL: S&P Lowers CCR to 'BB-'; Outlook Negative
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Evergrande Real Estate Group Ltd. to 'BB-' from
'BB'.  The outlook is negative.

At the same time, S&P lowered its long-term Greater China regional
scale rating on Evergrande to 'cnBB' from 'cnBBB-'.  S&P also
lowered the issue rating on the company's outstanding senior
unsecured notes to 'B+' from 'BB-' and the Greater China regional
scale rating to 'cnBB-' from 'cnBB+'.  S&P removed all the ratings
from CreditWatch, where they were placed with negative
implications on Jan. 27, 2014.

"We lowered the rating on Evergrande because the company's
financial strength, particularly leverage, has weakened more than
we expected," said Standard & Poor's credit analyst Matthew Kong.
"We anticipate that the leverage will further deteriorate over the
next 12 months because Evergrande is likely to continue to make
large debt-funded land acquisitions.  We have therefore revised
our assessment of Evergrande's financial risk profile to highly
leveraged from aggressive."

In S&P's view, Evergrande's aggressive growth appetite and debt-
funded expansion are key credit risks.  The company is focusing
more on expanding into tier-one and tier-two cities, where land
costs are substantially higher than in tier-three and tier-four
cities.

"We expect Evergrande to continue to acquire a large amount of
land in 2014, given that the company continually needs to
replenish its land bank and transition into tier-one and tier-two
cities.  As such, leverage will remain high over the next 12
months.  The company could also continue to issue perpetual bonds
as these issuances give the company flexibility with the uses of
the proceeds," Mr. Kong said.

S&P also notes that Evergrande has increasing capital needs from
other businesses or ad-hoc events.  This reflects the company's
aggressive expansion beyond its core business of property
development.  In S&P's opinion, these investments may take time to
yield results, and the large capital outlay within a short period
has weakened the company's credit profile.

"We assess Evergrande's business risk profile as "satisfactory" to
reflect the company's steady sales performance, good sales
execution, and its large, low-cost, and geographically diversified
land bank.  In our view, Evergrande will be able to achieve its
sales target of RMB110 billion in 2014, given the company's
increasing salable resources from large cities where property
demand is stable despite weakening sales in some regional cities.
Evergrande's affordable housing projects for owner-occupiers
support its sales and cash collections.  These projects are priced
competitively, have strong demand, and can be sold quickly," S&P
said.

S&P expects Evergrande's profitability to be somewhat volatile,
particularly when compared with peers'.

The negative outlook reflects S&P's expectation that Evergrande's
debt leverage and cash flow coverage could weaken further due to
continuously aggressive debt-funded growth over the next 12
months.  S&P expects the company's debt-to-EBITDA ratio to remain
above 5x over the period.

S&P could lower the rating if: (1) Evergrande materially deviates
from its core business; (2) execution of the company's transition
strategy is weaker than S&P expected, such that its contracted
sales fall below RMB100 billion or its EBITDA margin is lower than
20%; or (3) Evergrande's debt-funded expansion is more aggressive
than S&P anticipates, such that the EBITDA interest coverage is
less than 2x.

S&P could revise the outlook to stable if the company demonstrates
prudent financial management and improves its leverage.  This
could happen if the company adopts a more cautious expansion
strategy and a more conservative financial policy, particularly on
leverage.


SINOVEL WIND: Bonds Suspended From Trading After Loss Widens
------------------------------------------------------------
Bloomberg News reports that Sinovel Wind Group Co.'s bonds were
suspended from trading on April 30 after the wind-turbine maker
said losses widened almost sixfold.

The company reported a loss of CNY3.45 billion (US$551 million) in
2013 versus CNY582.7 million the previous year, Bloomberg
discloses citing to a statement to the Shanghai stock exchange on
April 29. The bourse, in line with its rules, will decide within
seven trading days whether to maintain the halt on the notes,
Sinovel said, Bloomberg relays.

Bloomberg notes that investor concern about China's corporate debt
repayment risk is mounting after Shanghai Chaori Solar Energy
Science & Technology Co. last month became the first company to
default on onshore notes. Bonds issued by Baoding Tianwei Baobian
Electric Co., a solar-cell maker, stopped trading in March after
it reported a second yearly loss for 2013, Bloomberg relates.

According to the report, China Securities Journal reported that
Sinovel's President Liu Zhengqi said priority will be put on
ensuring funds are available to meet interest payments on its
notes.

The yield on Sinovel's CNY2.6 billion of 6 percent 2016 bonds
jumped to 11.55 percent as of April 29, from 5.99 percent a year
earlier, according to exchange data cited by Bloomberg. Yields on
the company's 200 million yuan of 6.2 percent securities, also due
in 2016, more than tripled to 19.27 percent in the same period,
the data show.

"We can't exclude the possibility of default for the two bonds,"
the report quotes Chen Ying, a fixed-income analyst at Sealand
Securities Co. in the southern economic zone of Shenzhen, as
saying. "The company is under great pressure to repay debt."

China-based Sinovel Wind Group Co., Ltd. is principally engaged in
the development, research, manufacture and distribution of large-
scale wind electric power generator sets.


* CHINA: Steel Industry Facing Harshest Operating Environment
------------------------------------------------------------
Bloomberg News reports that China's steel industry, the world's
biggest, is facing the harshest operating environment ever,
Baoshan Iron & Steel Co. said, as a credit squeeze and
overcapacity weighs on the sector and economic growth slows.

"Some less-competitive mills will find it hard to continue," He
Wenbo, chairman of China's biggest publicly-traded steelmaker,
said on April 30 in a web cast, Bloomberg relates.  The
environment is "harsher than any years in the past," he said.

According to the report, the comments underscore the challenges
facing China's steel sector, producer of about half the world's
steel.  Bloomberg relates that the nation's major steelmakers had
a combined loss of CNY2.3 billion (US$367 million) in the first
quarter, according to an industry group. At the same time, data
this month showed the Chinese economy expanded 7.4 percent in the
first three months of the year, the weakest pace in six quarters.

China isn't likely to "initiate massive stimulus policies on
investment in the second quarter, but may have a series of fine-
tunes to ensure economic steadiness," Mr. He, as cited by
Bloomberg, said. The government may push forward major
infrastructure projects including railways and may implement some
'loosening' of monetary policy to prevent a further slowdown, the
chairman said.



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


A. B. CHEMICALS: CARE Rates INR2cr Bank Loan at 'B+/A4'
-------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of A. B. Chemicals India Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Short-term Bank Facilities     28        CARE A4 Assigned
   Long-term/Short-term Bank       2        CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of A. B. Chemicals
India Private Limited are primarily constrained by the limited
track record of operations, low profitability margins and
leveraged capital structure. The ratings are further constrained
by susceptibility of its margins to fluctuation in the price of
traded goods and currency exchange rates.

The ratings, however, draw comfort from the experienced promoters
and the company being part of the Homeland group and favourable
outlook of the edible oil industry.

Going forward, the ability of the company to increase its scale of
operations and improve profitability margins shall be a key rating
sensitivity.

A. B. Chemicals India Private Limited (ACPL) was incorporated in
2012 by Mr Kapil Romana and Mr Aman Garg and commenced its
commercial operations in August 2013. ACPL is mainly engaged in
the trading of imported edible oils such as crude palm oil (CPO),
soyabean oil, RBD (Refined, Bleached and Dried) Palmolein etc. The
traded goods are mainly imported (approximately 65% of total
purchases) from countries viz Singapore, Indonesia, Malaysia,
Argentina, Brazil etc, and sold domestically (all over India)
through agents/brokers and dealers.

ACPL is a part of the Homeland group which includes Apex Fiber
India Limited (CARE B+/A4), AB Infra Investments Private Limited
(CARE B+/A4), HM Overseas Private Limited (CARE B+/A4),
AB Chem India (CARE BB+/A4+), GH Crop Science Private Limited
(CARE BB/A4), GI Industries Private Limited (CARE B+/A4) and AB
Crops Private Limited (CARE B+/A4) engaged in similar lines of
businesses.

During FY14 (refers to the period April 01 to March 31), as per
the provisional results, the company registered sales of around
INR39 crore during the period August 01, 2013 to December 31, 2013
(the company has commenced operations in August 2013).


A. B. INFRA: CARE Assigns 'B+' Rating to INR2cr Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of A. B. Infra Investments Private Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facilities     2        CARE B+ Assigned
   Short-term Bank Facilities   10        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of A. B. Infra
Investments Private Limited (AIPL) are primarily constrained by
the limited track record of operations, low profitability margins
and leveraged capital structure. The ratings are further
constrained by susceptibility of its margins to fluctuation in the
price of traded goods and currency exchange rates.

The ratings, however, draw comfort from the experienced promoters
and the company being a part of the Homeland group and favourable
outlook of the edible oil industry.

Going forward, the ability of the company to increase its scale of
operations and profitability margins as envisaged shall be the key
rating sensitivities.

A. B. Infra Investments Private Limited (AIPL) was incorporated in
2013 by Mr Kamal Kumar and Mr Gagandeep Garg and commenced its
commercial operations in September 2013. AIPL is mainly
engaged in the trading of imported edible oils such as crude palm
oil (CPO), soyabean oil, RBD (Refined, Bleached and Dried)
Palmolein etc. The traded goods are mainly imported
(approximately 65% of the total purchases) from countries viz
Singapore, Indonesia, Malaysia, Argentina, Brazil etc, and are
sold domestically (all over India) through agents/brokers and
dealers.

AIPL is a part of the Homeland group which includes Apex Fiber
India Limited (CARE B+/A4), AB Chemicals India Private Limited
(CARE B+/A4), HM Overseas Private Limited (CARE B+/A4), AB
Chem India (CARE BB+/A4+), GH Crop Science Private Limited (CARE
BB/A4), GI Industries Private Limited (CARE B+/A4) and AB Crops
Private Limited (CARE B+/A4) engaged in similar lines of
businesses.

During FY14 (refers to the period April 01 to March 31), as per
the provisional results, the company registered a total income of
around INR11.93 crore during the period September 01, 2013 to
December 31, 2013 (the company has commenced operations in
September 2013).


ADITYA SALES: CRISIL Assigns 'B-' Rating to INR120MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Aditya Sales.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           30         CRISIL B-/Stable
   Term Loan             90         CRISIL B-/Stable

The rating reflects the firm's nascent stage of operations marked
by below-average financial risk profile. The rating also factors
in the firm's susceptibility to risk arising from cyclicality in
automobile industry. Theses rating weaknesses are partially offset
by the firm's tie-up with a reputed auto manufacturer in the two-
wheeler passenger segment.

Outlook: Stable

CRISIL believes that AS will remain exposed to the risk of
stabilization of its business due to its nascent stage of
operations. The outlook may be revised to 'Positive' in case of
timely stabilization of AS' revenue and operating profitability
while efficiently maintaining its working capital management,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected off-take resulting in insufficient accruals, leading to
stress on its financial flexibility.

AS is a partnership firm, incorporated by Mr. Shailendra Agarwal
and Mrs. Abhilasha Agarwal and is an auto-dealer for the two-
wheeler passenger segment of Honda in Lucknow, Uttar Pradesh. The
firm commenced its commercial operations from April 1, 2014.


AIPL AMBUJA: ICRA Withdraws 'B+' Rating on INR32.86cr Loans
-----------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR32.86
crore bank facilities of AIPL Ambuja Housing & Urban
Infrastructure Limited , as the company has fully redeemed the
instrument on maturity. There is no amount outstanding against the
rated instrument.


ARS ALLOYS: ICRA Suspends 'C' Rating on INR8cr Loan
---------------------------------------------------
ICRA has suspended [ICRA]C rating assigned to the INR8.00 crore,
fund based facility of ARS Alloys Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Established in 2011, A.R.S. Alloys Private Limited is engaged in
the trading ferrous scrap, MS Ingots and old machineries. The
company is promoted by Mr. Arvind Sharma and his family members.
The head office and warehousing facility of the company is located
at Ghaziabad.


AZAD COACH: CARE Assigns 'B' Rating to INR5.50cr Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Azad Coach Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.50       CARE B Assigned
   Short-term Bank Facilities    1.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Azad Coach Private
Limited (ACPL) are primarily constrained on account of its modest
scale of operations in the competitive and fragmented bus
body manufacturing industry and its financial risk profile marked
by operational losses, weak solvency position and stressed
liquidity position. The ratings are further constrained on account
of the susceptibility of its margins to volatile raw material
prices and slowdown in the automobile industry.

The ratings, however, favourably take into account the vast
experience of the management and continuous financial support from
the promoters. The ratings further draw strength from its long
association with diversified and reputed clientele.

The ability of the company to increase its scale of operations and
improvement in profitability margin in light of the volatile raw
material prices as well as better management of working capital
are the key rating sensitivities.

Jaipur-based (Rajasthan) ACPL was incorporated in February 1994 by
Mr AS Chadha and Mr RS Chadha. ACPL is mainly engaged in the
business of building bus bodies on the automobile chassis
and has been a part of the Indian bus body building industry for
around two decades. The company has an annual capacity to build
bodies for 3,600 buses at its plant located at Kukas, Jaipur.
However during FY13 (refers to the period April 1 to March 31),
ACPL manufactured only 1,000 bus bodies. It builds bus bodies for
Original Equipment Manufacturers (OEMs) for passenger
transportation services in the states of Rajasthan, Delhi, Uttar
Pradesh and Gujarat. It builds bus bodies of air conditioned (AC)
and non-AC Sleeper buses, AC and non-AC seater buses and
minibuses.

The production process involves receiving chassis from the
manufacturer and subsequent mounting of the body on the chassis.
The bus body is built as per the specifications issued by the
government for standard buses and further customization is done as
per the client requirements.

The company uses angles, sections, aluminium & steel sheets,
plywood board, window glass, seats, carpets and other items as raw
material for building the bus bodies.

During FY13 (refers to the period April 1 to March31), ACPL has
generated a net loss of INR1.77 crore (net loss of INR2.86 crore
during FY12) on a total operating income of INR27.40 crore during
FY13 as against Rs 33.12 crore during FY12.


BHAGWAN PRECISION: CRISIL Cuts Rating on INR74MM Loans to 'B-'
--------------------------------------------------------------
CRISIL had downgraded its rating on the long-term bank facilities
of Bhagwan Precision Pvt Ltd to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           20         CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Term Loan             54         CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The rating downgrade reflects the lower-than-expected scale up in
BPPL's operations, resulting in its weak financial profile and
stretched liquidity. The company is a start-up; though its scale
of operations is modest, its net sales are estimated at INR89
million in 2013-14 (refers to financial year, April 1 to
March 31).

BPPL has end-user industry and customer concentration in its
revenue profile with Mahindra & Mahindra Ltd (M&M) constituting
more than 90 per cent of the total revenue. BPPL's financial risk
profile is weak, marked by its small net worth, estimated at INR10
million, as on March 31, 2014. The company's gearing is estimated
to be high at over 9 times; its debt protection measures are
estimated to be weak, driven by interest coverage of 1.5 times and
net cash accruals to total debt (NCATD) of 0.04 times in 2013-14.

Additionally, BPPL's liquidity is stretched with expected net cash
accruals of INR5.0 to INR5.5 million in 2013-14. These were
insufficient to meet its maturing term debt obligations of INR9.0
million during the same period. The company partly utilised
unsecured loans of INR24.7 million from the promoters during 2013-
14, to meet maturing debt obligations.

The rating continues to reflect BPPL's weak financial risk
profile, marked by a high gearing, small net worth, and moderate
debt protection metrics, along with its start-up phase and small
scale of operations in the intensely competitive automotive (auto)
components segment. These rating weaknesses are partially offset
by the promoters' extensive experience in the auto components
segment and their financial support.

Outlook: Stable

CRISIL believes that BPPL will gradually improve its business risk
profile over the medium term, with the company stabilising
operations at its manufacturing facility. However, believes that
the company's financial risk profile could remain weak during the
period, because of its working-capital-intensive operations. The
outlook may be revised to 'Positive' if BPPL considerably
increases its scale of operations and improves its operating
profitability, leading to better cash accruals. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates with sizeable debt contracted to meet
its incremental working capital requirement, or a lower-than-
expected ramp up in its capacity, or restricted profitability
negatively affecting its cash accruals, or a substantial debt-
funded capital expenditure programme.

BPPL was set up in 2010 by Mr. Vijay Pal and his family members.
The company manufactures precision turned steel parts and
components used in the automobile industry, primarily for
tractors. The key product includes highly precise ground and honed
components, used in hydraulic lifts in tractors. The company
started operations in July 2012. BPPL's key customer is M&M.

BPPL reported a net loss of INR11.5 million on net sales of
INR25.08 million for 2012-13


BHARAT BIO: ICRA Assigns 'B' Rating to INR9.95cr Loans
------------------------------------------------------
The rating of '[ICRA]B' has been assigned to the INR9.45 crore
term loan facility and INR0.50 crore cash credit facility of
Bharat Bio Gas Energy Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.50        [ICRA]B assigned
   Term Loan             9.45        [ICRA]B assigned

The assigned rating is constrained by the project execution risks
that are inherent in a green field project given that project is
still at a nascent stage of implementation augmenting the
possibilities of cost and time overrun. The rating further
incorporates the barriers related to prolonged monsoon which could
affect the operations as dry cow dung and other waste would not be
available. The rating also takes into account the risk associated
with marketing of CNG and other related products, given the easy
availability of substitutes. The rating is further constrained by
leveraged capital structure and credit metrics in the near term on
account of debt funded capex.

The ratings however draws comfort from government incentive to
promote recycling of waste and limited competition within the bio
gas segment at present given its relatively new emergence and
entry barriers in the form of technical skills, high initial
capital requirement along with access to ample bio waste. The
rating also favorably considers the location of the plant in
agriculture zone which would ensure easy and timely availability
of raw material; however adequacy of raw materials with scaling up
of operations remains to be seen

BBGEL is a limited company incorporated in 2013 and currently is
in the process of setting up a Bio Gas manufacturing plant with
installed capacity of 2335357 t/a of CNG,6000m3/a of Liquid
fertilizer and19600t/a of Solid fertilizer at its plant location
in Kheda District of Gujarat. The company is owned and managed by
Mr.Bharat Patel & Mr.Rushabh. The promoters are environment
conscious so they initiated this project wherein they will use bio
waste and cow dung for manufacturing CNG-renewable resources.


BHARAT INFRA: CRISIL Assigns 'D' Rating to INR80MM Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Bharat Infra Cement Ltd. The rating reflects BICL's delays in
servicing its interest and principal obligations on account of
weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           30         CRISIL D
   Term Loan             50         CRISIL D

The rating also reflects BICL's small scale of operations owing to
initial stage of business, and its weak financial risk profile
marked by small net worth. These rating weaknesses are partially
offset by the extensive experience of BICL's promoters in the
cement industry and its healthy relationship with Binani Cement
Industries, its major customer.

BICL, incorporated in 2011 by Mr. Shailendra Kumar and his friend
Mr. Vishnu Agarwal, manufactures cement at its facility in
Varanasi (Uttar Pradesh). It has an installed capacity of 150,000
tonnes per annum.


BRANDHOUSE RETAILS: ICRA Lowers Rating on INR110cr Loan to 'D'
--------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR110.0 crore,
long-term, fund-based bank facilities of Brandhouse Retails
Limited to '[ICRA]D' from '[ICRA]B-'.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund-     110.0        Downgraded to [ICRA]D
   based facilities                  from [ICRA]B-

The rating revision takes into account recent delays in debt
servicing by the company on its working capital limits, reflecting
liquidity pressures.

Brandhouse Retails Limited was set up as a 100% subsidiary of S.
Kumars Nationwide Limited in 2004 to drive SKNL's foray into
retailing of textiles and apparel, fashion wear and fashion
accessories, through the exclusive brand outlets (EBO) network for
SKNL brands (Reid & Taylor, Belmonte and Carmichael House). In
2008, BHRL was demerged into a separate company, with mirror
shareholding as that of SKNL. In February 2009, BHRL signed a
62.5%-37.5% joint venture agreement with Oviesse, a leading
Italian fast fashion retailer, to roll out stores for Oviesse; the
subsidiary has been subsequently closed down in 2012-13 in view of
the unviable operations.

Recent Results

For the nine months ended December 31, 2013 (unaudited), BHRL
reported a net loss of INR22.97 crore on an operating income of
INR415.83 crore as against a net loss of INR55.50 crore on an
operating income of INR814.86 crore for the twelve months ended
March 31, 2013.


DINMAN POLYPACKS: CRISIL Assigns 'B+' Rating to INR192.5MM Loans
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Dinman Polypacks Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             85         CRISIL B+/Stable
   Bank Guarantee         7.5       CRISIL A4
   Cash Credit          107.5       CRISIL B+/Stable

The ratings reflect DPPL's weak capital structure constraining its
financial risk profile, and its moderately working-capital-
intensive operations. These rating weaknesses are partially offset
by DPPL's moderate business risk profile, marked by its promoters'
extensive experience in the laminated polypropylene (PP) bags
manufacturing business and its established customer base.

For arriving at the ratings, CRISIL has treated unsecured loans of
INR110 million extended to DPPL by its promoters as neither debt
nor equity as the promoters have provided an undertaking to CRISIL
that the loans will not be withdrawn from the business for the
next three years.

Outlook: Stable

CRISIL believes that DPPL will continue to benefit over the medium
term from its promoters' extensive experience in the laminated PP
bags manufacturing business and its established customer base. The
outlook may be revised to 'Positive' if DPPL's financial risk
profile improves substantially, driven by equity infusion by the
promoters or considerably large accruals. Conversely,
deterioration in DPPL's financial risk profile, particularly
liquidity, because of lower-than-expected accruals, or stretch in
working capital cycle, or delay in implementation and
stabilisation of ongoing capital expenditure leading to
significant cost overrun are among the factors that can lead to
revision in outlook to 'Negative'.

Incorporated in 2004, DPPL manufactures laminated PP bags that are
primarily used for packaging of products such as food grains,
poultry feed, and pulses. The company is equally owned by Kolkata-
based Maheswari and Bahety families. The Maheswari family has been
engaged in the PP bags industry since 1981 through a different
entity while the Bahety family also operates a plastic bags
manufacturing unit in Nepal. DPPL's manufacturing unit is in
Durgapur (West Bengal).


EAST COAST: ICRA Cuts Rating on INR508.5cr Loans to 'D'
-------------------------------------------------------
ICRA has revised the long term rating assigned to the Rs 2.5 crore
term loan and the Rs 224.0 crore fund based limits of East Coast
Constructions & Industries Limited from '[ICRA]C' to '[ICRA]D'.
ICRA has also revised the short term rating assigned to the Rs
282.0 crore non-fund based limits of ECCI from [ICRA]A4 to
[ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              2.5        Downgraded to [ICRA]D
   Fund Based           224.0        Downgraded to [ICRA]D
   Non Fund Based       282.0        Downgraded to [ICRA]D

The rating revision takes into account the delays in meeting
interest and principal payment obligations on the rated bank
facilities during the last six months. The delays have been on
account of the stretched liquidity position resulting from high
losses in recent years and increased working capital cycle.

ECCI was started as a partnership firm in 1962. It was converted
into private limited company in 1995 and subsequently into public
limited company in 1998. ECCI operates in four sectors namely
Buildings, Water Supply and Sewerage, Roads & Bridges, and Power
Substations & Transmission lines and has completed several key
projects till date. The company is also geographically diversified
with operations primarily in seven states namely Tamil Nadu,
Andhra Pradesh, Karnataka, Orissa , West Bengal, Kerala &
Maharashtra.

ECCI is part of the Chennai based Buharia group promoted by Mr. B.
S. Abdur Rahman and family. The group primarily comprises of six
companies namely ECCI, Coastal Energy Ltd., Chennai Citi Centre
Holdings Pvt. Ltd, Trans Cars (P) Ltd., Trans Tempo (P) Ltd. and
Buhari Estate and Company. In addition to this, Mr. Rahman and his
family members also hold stakes in the Coal & Oil and ETA Ascon
groups.


JAI AMBA: CRISIL Lowers Rating on INR60MM Cash Credit to 'B-'
-------------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank facilities
of Jai Amba Jee Synthetics to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       --------      -------
   Cash Credit         60         CRISIL B-/Stable (Downgraded
                                  from 'CRISIL B/Stable')

The rating downgrade reflects the 30 per cent year-on-year decline
in JAJS's revenue in 2012-13 (refers to financial year, April 1 to
March 31), and the deterioration in its financial profile on
account of withdrawal of funds by its promoter.  JAJS reported a
net worth at INR1.4 million as on March 31, 2013, a decline from
INR8.5 million as on March 31, 2012. The firm's working capital
intensity has also increased, largely because of increase in its
receivables collection period. This resulted in increasing
utilisation of its bank limits, which, along with a decline in its
topline led to pressure on its liquidity. CRISIL believes that the
financial risk profile will remain constrained over the medium
term on account of low accruals and high gearing.

The rating continues to reflect JAJS's below-average financial
profile, marked by a small net worth and high gearing, and its
small scale and working capital intensive nature of operations.
These rating weaknesses are partially offset by the extensive
experience of the firm's proprietor in the garments industry.

Outlook: Stable

CRISIL believes that JAJS's financial risk profile will remain
weak over the medium term, driven by its modest scale and weak
financial profile. The outlook may be revised to 'Positive' in
case of more-than-expected improvement in the firm's scale of
operations and profitability, resulting in substantial cash
accruals, or if there is substantial capital infusion. Conversely,
the outlook may be revised to 'Negative' if JAJS's working capital
cycle is stretched further, leading to deterioration in its
financial risk profile.

JAJS, based in Varanasi (Uttar Pradesh), was established as a
proprietorship firm by Mr. Arun Prakash Agarwal in 2007. The firm
is a wholesaler of sarees, suits, and shirts.


K T QUALITY: CRISIL Assigns 'B' Rating to INR35.5MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of K T Quality Control Pvt Ltd.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            --------      -------
   Proposed Long Term       25.5       CRISIL B/Stable
   Bank Loan Facility

   Packing Credit           15         CRISIL A4

   Cash Credit              10         CRISIL B/Stable

   Letter of Credit*        19.5       CRISIL A4

The rating reflects KTQCPL's modest scale of operations and
working capital intensive nature of activity. The ratings also
factors in KTQCPL's below-average financial risk profile, marked
by modest net worth, high total outside liabilities to tangible
net worth (TOLTNW) and subdued debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of KTQCPL's promoters in the agri-products and chemical trading
sector.

Outlook: Stable

CRISIL believes that KTQCPL will continue to benefit over the
medium term from the promoters' extensive experience in trading
sector. The outlook may be revised to 'Positive' if the company
reports a significant improvement in its cash accruals and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in KTQCPL's cash
accruals or if there is elongation in the working capital cycle
thereby further weakening its financial risk profile.
About the Company

KTQCPL was incorporated in 2002 by the Mumbai based Doshi family.
The company trades in dehydrated onions and garlic, and various
chemicals. Mr. Tushar Doshi oversees the company's day-to-day
operations. The registered office of the company is located in
Mumbai, Maharashtra.

KTQCPL reported a profit after tax (PAT) of INR3.3 million on net
sales of INR219.1 million for 2012-13 (refers to financial year,
April 1 to March 31); the company reported a PAT of INR1.0 million
on net sales of INR208.3 million for 2011-12.


KAMAL WATCH: ICRA Assigns 'B+' Rating to INR6.79cr Loans
--------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B+' and a short
term rating of '[ICRA]A4' to the INR10.00 crore bank facilities of
Kamal Watch Company Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit          4.50          [ICRA]B+
   Over Draft           2.00          [ICRA]B+
   Bank Guarantee       0.15          [ICRA]A4
   Term Loan            0.29          [ICRA]B+
   Unallocated          3.06          [ICRA]B+/[ICRA]A4

The ratings factor in experience of the promoters in the watches
and accessories trading business for more than four decades which
has helped company to provide wide offering in the watches
segment, reputation of the company in the region and strategic
locations of the stores that ensures footfalls. However economic
downturn and the consequent demand slowdown in Hyderabad has
impacted growth from the stores at Hyderabad, and thus further
growth is contingent upon expansion of new stores at other cities.
Further inventory requirements of retail operations to offer a
wide variety of designs and price points exposes KPL to associated
off take risk for stock clearance. The company has moderate
financial profile characterized by weak capital structure coupled
with small scale of operations that has resulted in moderate
coverage indicators.

Kamal Watch Company Limited started operations in operations in
December 2005 with single retail outlet at MG road, Secunderabad.
The company is involved in trading of watches and related
accessories. It is authorized dealer for leading brands of watches
currently operating 8 stores spread across total area of ~23500sft
in Hyderabad, Vishakhapatnam, Vijayawada and Kurnool. The company
is promoted by Mr. Venugopal Totla and his family members.

Recent Results
As per the provisional results in FY14 the company recorded
revenues of Rs 32.05 crore and PAT of Rs 0.78 crore while the
figures were Rs 31.40 and 0.51 respectively as per the audited
results for FY13.


KANNAN ENTERPRISES: ICRA Suspends 'D' Rating on INR14cr Loans
-------------------------------------------------------------
ICRA has suspended the long-term rating of '[ICRA]D' assigned to
the INR1.00 crore term loan facilities, INR6.00 crore fund based
(sub-limit) facilities and the short-term rating of '[ICRA]D'
assigned to the INR7.00 crore fund based facilities of M/s. Kannan
Enterprises. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the Entity.

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

Established in 1997 as a proprietorship concern, KE is engaged in
processing of plain cashew kernels from raw cashew nuts (RCNs).
The entity imports raw materials primarily from Africa, processes
them primarily in its manufacturing facility in Tamil Nadu which
has an aggregate installed capacity to process 3.5 Metric Tonnes
(MT) / day, packs the processed cashew kernels and sells them in
the domestic / export markets. Further, the entity also trades
cashew kernels and RCNs, with a small portion of its income also
being derived from sale of other by-products such as cashew shells
and cashew nut shell oil in the local markets.


KANUNGA EXTRUSION: ICRA Suspends 'B+' Rating on INR22cr Loans
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR22.0 crore
long term limits Kanunga Extrusion Pvt. Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


KHUSHI EXIM: CRISIL Keeps 'B+' Rating on INR140MM Loan
------------------------------------------------------
CRISIL ratings on bank facilities of Khushi Exim Private Limited
continues to reflect its promoters' extensive experience in
jewellery industry and the company's efficient working capital
management leading to low exposure to volatility in prices of raw
material. These rating strengths are partially offset by KEPL's
weak financial risk profile marked by weak debt protection metrics
and moderate net worth, low margins and exposure to increasing
competition because of high market fragmentation.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           140        CRISIL B+/Stable

CRISIL had downgraded its rating on the long term bank facilities
of Khushi Exim Private Ltd (KEPL) to CRISIL B+/Stable from CRISIL
BB-/Stable on 4th April 2014.

The downgrade was on account of deterioration in the business risk
profile of the company as reflected in the decline in the
operating income from INR1.25 billion in 2011-12 to INR0.71
billion in 2012-13. The decline in the turnover of the company was
due to its shift in the business model of the company whereby it
ventured into retail sales as well along with the earlier carried
out wholesale operations. In the current year 2013-14, the company
has registered operating revenues of around INR0.8 billion till
February 2014 largely comprising of retail sales.

As a result of the shift in the business model the working capital
requirements of the company had also increased as reflected in the
inventory holding of 74 days as on March 31, 2013 against that of
22 days in the preceding year. The receivable holding as on
March 31, 2013 was also high at 83 days.

Outlook: Stable

CRISIL believes KEPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if KEPL's cash accruals are larger than
expected, leading to improvement in its liquidity and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if there is deterioration in the company's liquidity,
caused most likely by larger-than-expected working capital
requirements or less-than-expected cash accruals.

KEPL was established in 2003 by Mr. Hiralal Jalan and his son, Mr.
Vikash Jalan in Kolkata, West Bengal. KEPL is engaged in wholesale
and retail of gold jewellery, silver articles and diamond- and
kundan-studded jewellery. It sells to retail showrooms in Raipur,
Nagpur, Indore, Jamshedpur, Ranchi and a few other locations. It
also has two retail outlets in Kolkata, West Bengal; one for
silver articles, which was started in October 2011 and second for
gold jewellery and diamond- and kundan- studded jewellery, which
was started in June 2012.

KAPL reported, profit after tax (PAT) and net sales of INR1.9
million and INR710 million, respectively, for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR1.9
million on net sales of INR1.24 billion for 2011-12.


KIRAN AGENCIES: ICRA Suspends 'B-' Rating on INR15cr Loan
---------------------------------------------------------
ICRA has suspended the '[ICRA]B-' and '[ICRA]A4' ratings to the
INR20.00 crore bank facilities of Kiran Agencies. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term Fund Based      15.00       [ICRA]B- Suspended
   Limit-Cash credit

   Short Term Non Fund        5.00       [ICRA]A4 Suspended
   Based Limit-Bank
   Guarantee

Incorporated in 1975, Kiran Agencies (KA) is a distributor of
drugs and pharmaceuticals to Government hospitals primarily within
Maharashtra. In 1995, the firm shifted its core operations to
Masjid Bunder, Mumbai. KA procures pharmaceuticals drugs from
reputed pharmaceutical companies and supplies to government
hospitals by way of tendering process.


KRISHNA GLOBAL: CRISIL Assigns 'B+' Rating to INR130MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Krishna Global Industries.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Term Loan               49.5       CRISIL B+/Stable
   Cash Credit             52.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      28.0       CRISIL B+/Stable

The rating reflects KGI's modest scale of operations in a highly
competitive industry, susceptibility of its operating margin to
volatility in raw material prices, and weak financial risk
profile, marked by high gearing and below average debt protection
metrics. These rating weaknesses are partially offset by the
promoters' extensive experience in the mustard oil industry.

Outlook: Stable

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

Set up in 2011, KGI is promoted by Radhanpur (Gujarat)-based
Maheshwari family. The firm is engaged in the processing of
mustard oil and manufacturing of mustard oil cake from mustard
seeds. The firm has a processing capacity of 30,000 tonnes per
annum for mustard seeds.

For 2012-13 (refers to financial year, April 1 to March 31), KGI
reported net profit of INR0.8 million on net sales of INR260.3
million.


MAHESH DYEING: CRISIL Assigns 'B+' Rating to INR100MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Mahesh Dyeing and Printing Mills Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Rupee Term Loan       30         CRISIL B+/Stable
   Cash Credit           32.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    37.5       CRISIL B+/Stable

The rating reflects MDPMPL's moderate scale of operations,
exposure to intense competition in the fragmented dyeing and
processing industry and its elongated working capital cycle. These
rating weaknesses are partly offset by MDPMPL's moderate financial
risk profile, marked by above-average capital structure, and the
benefits it derives from its promoters' extensive experience in
textile dyeing and processing segment.

Outlook: Stable

CRISIL believes MDPMPL will maintain its credit risk profile over
the medium term, backed by its promoters' extensive experience and
its moderate capital structure. The outlook may be revised to
'Positive', if MDPMPL achieves healthy growth in operations, while
it prudently manages its working capital requirements and
maintains its financial risk profile. Conversely, the outlook may
be revised to 'Negative', if MDPMPL's cash accruals decline, its
working capital requirements increase further, or the company
undertakes any larger than expected debt-funded capital
expenditure, leading to weak financial risk profile, particularly
liquidity.

Surat (Gujarat)-based MDPMPL is in the business of  dyeing and
processing of fabrics. The company caters majorly to the textile
players in and around Surat. MDMPL is promoted by Mr. Nandkishore
Rathi and his family.


MARIS SPINNERS: ICRA Reaffirms B+ Rating on INR44.47cr Loans
------------------------------------------------------------
ICRA has reaffirmed the long-term rating outstanding on the
INR23.77 crore (revised from INR19.56 crore) term loan facilities
and the INR20.70 crore (revised from INR16.20 crore) fund based
facilities of Maris Spinners Limited at [ICRA]B+.  ICRA has also
reaffirmed the short-term rating at [ICRA]A4 on the INR3.30 crore
(revised from INR7.80 crore) fund based facilities and the INR5.50
crore non-fund based facilities of MSL.

                          Amount
   Facilities           (INR crore)  Ratings
   ----------           -----------  -------
   Term loan facilities     23.77    [ICRA]B+ reaffirmed/assigned

   Fund based facilities    20.70    [ICRA]B+ reaffirmed/assigned

   Fund based facilities     3.30    [ICRA]A4 reaffirmed

   Non-fund based facilities 5.50    [ICRA]A4 reaffirmed

The reaffirmation of the ratings factors in the financial profile
of the company which continues to be stretched, characterized by
high gearing amidst low net worth position which was impacted
during the heavy losses incurred in FY12 on account of the weak
operating environment in the cotton yarn industry and inadequate
coverage indicators. The ratings also consider the high working
capital intensity in the business, intense competition and the
product profile skewed towards highly commoditised low to medium
counts limiting pricing flexibility. The rating also considers the
improvement in operational parameters reflected by stable yarn and
cotton prices and lowering power costs during the current fiscal,
experience of the promoters, the long standing relationship with
the customers which is likely to support the volumes of the
company to an extent and the financial support extended by group
companies, especially Maris Hotels and Theatres Private Limited
(rated [ICRA]BB+/Stable). Further, the existences of value-added
facilities like yarn twisting are expected to support margins over
the medium term.

Maris Spinners Limited was originally incorporated as a private
limited company on 18th September, 1979. However, from July 1994,
the company became a deemed Public Limited Company under the
Companies Act, 1956. The company was started by Mr. M Rengaswamy
who belongs to a family with interest in tea plantation. His son
Mr. Anand Rengaswamy is the current Managing Director of the
company. The Company commenced commercial production in 1981 with
an installed capacity of 11,856 spindles. Located in the Mysore
district of Karnataka and Tiruchirapalli district of Tamilnadu,
MSL's spinning units currently have a combined installed capacity
of 44,832 spindles manufacturing 100% cotton combed yarn of counts
30s, 40s, and 60s. The company mainly caters to the domestic
market. MSL also operates one windmill with a capacity of 2.10
mega-watts located in Devangere district in Karnataka. Besides
MSL, the promoters of the company are also involved in tea
manufacturing through Havukal Tea & Produce Company Private
Limited and hotel business through Maris Hotels and Theatres
Private Limited, which owns the Maris Hotel, located in Chennai

Recent results
The Company reported a net profit of INR6.2 crore for the period
April to December 2013 on an operating income of INR86.6 crore.
During FY13, MSL reported a net profit of INR3.7 crore on an
operating income of INR104.5 crore.


MAS GMR: ICRA Downgrades Rating on INR232cr Bank Loan to 'D'
------------------------------------------------------------
ICRA has revised the rating assigned to the INR232 crore term loan
facilities of MAS GMR Aerospace Engineering Company Limited to
'[ICRA]D' from '[ICRA]B+' earlier.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits       232.00       Revised to [ICRA]D from
   (Long term)                          [ICRA]B+

The rating revision takes into account the ongoing delays in
servicing the interest and principal repayments by MGAE. In the
view of further delays in the complete ramp up of the operations
of MAS GMR Aero Technic Limited (MGAT, 100% subsidiary of MGAE),
MGAE has requested its lenders to reschedule the debt repayments
to February 2017 from February 2014 earlier. MGAE has also
requested its lenders to fund the interest payments on the INR232
crore term loans for a period of three years from the year 2014 to
the year 2017 in the form of a long term working capital loan. The
lenders consortium is however yet to approve MGAE's restructuring
proposal, leading to delayed debt servicing by MGAE. The sponsors
GMR Hyderabad International Airport Limited (GHIAL, 50% holding,
rated at [ICRA]BBB/A3+) and Malaysian Airline System Bhd (MAE, 50%
holding) have infused INR41 crore in (9m) FY14, in addition to the
initial project equity of INR77.0 crore and the INR83.4 crore
equity that was additionally infused in FY13. However, a large
portion of this equity has been advanced by MGAE to MGAT (the
company that is operating the Airframe MRO facility) as interest
bearing loans to support its operations. Even though the MRO
facility's capacity utilization has improved since last year, the
company continued to incur losses in FY14 which were funded by the
advances from MGAE. In the event of MGAE failing to get its debt
restructured, ICRA expects the company to depend on its sponsors
for funding support which however could be untimely as also
witnessed in the past.

MGAE is a 50:50 Joint Venture (JV) between GHIAL and Malaysian
Aerospace Engineering Sdn. Bhd. (MAE, a 100% subsidiary of
Malaysian Airline System Bhd, operator of Malaysia Airlines). The
JV has commissioned an Airframe MRO facility at the Hyderabad
Airport in November 2011 at a total cost of INR309 crore, funded
by debt of INR232 crore and the balance by equity. MGAE
restructured its operations by designating its 100% subsidiary,
MGAT to operate the MRO business, while it leases out the physical
infrastructure to MGAT for a lease rental. The MRO facility is
approved by both DGCA and EASA. MGAT has entered into agreements
with Spicejet Limited, Go Airlines (India) Limited and a few other
airline operators and aircraft leasing companies to provide MRO
Services.

Recent Results (Provisional)
In (9m) FY14, MGAE reported an Operating Income (OI) of INR22.85
crore and a net loss of INR2.86 crore as against an OI of INR30.46
crore and a net loss of INR5.90 crore in FY13.


NAGA SINDHU: ICRA Suspends 'C' Rating on INR35cr Loans
------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]C' assigned to
INR13.00 crore term loan, INR3.25 crore cash credit facility,
INR7.75 crore proposed fund based facilities and INR11.00 crore
unallocated limits of Naga Sindhu Spinning & Ginning Mills Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Naga Sindhu Spinning & Ginning Mills Private Limited was
incorporated in September 2006, by Mr. K. Sankara Rao, Mr. K.
Satyanarayana and Mr. K. Srinivasa Rao and is engaged in the
manufacturing of polyester yarn. The manufacturing facility is
located at Konduru Mandal, Krishna District of Andhra Pradesh.
NSSGPL started the commercial production in April, 2009 with
14,400 spindles. Currently the company is majorly producing 60s
count yarn.


NAMRATA FEEDS: ICRA Suspends 'B+' Rating on INR5.96cr Loans
-----------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B+' assigned to
INR5.50 crore cash credit facility, INR0.40 crore non fund based
facility and INR0.06 crore unallocated limits of Namrata Feeds
Private Limited. ICRA has also suspended the short term rating of
'[ICRA]A4' assigned to INR0.50 crore of fund based facility of
NFPL. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Namrata Feeds Private Limited was incorporated in 2003, by Mr.
R.V. Satyanarayana and Mr. R. Vijay Srinivas for trading in
poultry feed. The company is the exclusive dealer of poultry feed
for Srinivasa Foods & Feeds Private Limited (group company of
Srinivasa Hatcheries Limited) in the regions of Visakhapatnam,
Vizianagaram and Srikakulam and one of their dealers in Orissa.
The company is also engaged in buying back birds from farmers and
Viswanadh Poultries (group company) by supplying poultry feed and
day old chicks to them. Recently, the company has entered into
contract farming with the farmers where feed and day old chicks
are supplied and growing charges are paid based on the weight of
the bird. The company has around 17 retail outlets under the name
'Srinivasa Chickens' in Visakhapatnam through which chicken is
sold.


NAV NIRMAN: CRISIL Assigns 'B-' Rating to INR175MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Nav Nirman Sewa Samiti. The rating reflects
NNSS's exposure to regulatory risks governing educational
institutions and to intense competition in the education sector.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            --------      -------
   Term Loan                175        CRISIL B-/Stable

The rating also factors in the society's weak financial risk
profile, marked by a modest net worth, high gearing, and subdued
debt protection metrics. These rating weaknesses are partially
offset by the established regional position of NNSS's institute,
its diversified course offerings, and the healthy occupancy levels
across various disciplines.

Outlook: Stable

CRISIL believes that NNSS will continue to benefit from the
established regional position of its institute and its diversified
course offerings, over the medium term. The outlook may be revised
to 'Positive' if NNSS achieves sustainable improvement in its
scale of operations, while maintaining its healthy profitability
and improving its capital structure. Conversely, the outlook may
be revised to 'Negative' if the society undertakes a larger-than-
expected debt-funded capital expenditure programme, or if it is
adversely impacted by any regulatory change, resulting in
significant decline in its student intake or its cash accruals.

NNSS was established in 2008 by Mr. Ajay Goyal (chairman) and his
relatives. The society runs the Samalkha Group of Institutions
(SGI) which offers graduate and post-graduate courses in
engineering and management. SGI's campus is in Samalkha (Haryana).

NNSS reported a net deficit (excess of expenditure over income) of
INR19 million on an operating income of INR116 million for 2012-13
(refers to financial year, April 1 to March 31), against a net
deficit of INR39 million on an operating income of INR71 million
for 2011-12.


NEOLITE ZKW: CARE Raises Rating on INR21.56cr Bank Loan to 'C'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Neolite Zkw Lightings Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    21.56      CARE C Revised from
                                           CARE D

   Long-term/ Short-term
   Bank Facilities               25.00     CARE C/CARE A4 Revised
                                           from CARE D

   Short-term Bank Facilities    10.25     CARE A4 Revised from
                                           CARE D

Rating Rationale

The revision in the ratings of the bank facilities of Neolite ZKW
Lightings Private Limited takes into account the regularization of
debt servicing. The ratings, however, continue to be constrained
by declining income, continued losses, and working capital
intensive nature of operations. However, the ratings derive
strength from the long experience of the promoters and renowned
clientele in the automotive lighting business.
Going forward, NLPL's ability to profitably scale up its
operations along with efficient management of the working capital
and cash flow management would be the key rating sensitivities.

Neolite Industries Pvt. Ltd. (NIPL) was incorporated in 1992 and
later renamed as NLPL after it entered into a Joint Venture
Agreement and Technology Transfer Agreement with M/s. Zizala
Lichtysysteme Gmbh (ZKW) of Austria in December 2007, with the
Neolite group holding 74% and the ZKW group holding 26% of the
stake. NLPL is engaged in the manufacturing of automotive
lightings with supplies in India and abroad. The product range of
the company includes 800 items such as head lamps, fog lamps,
auxiliary lamps, side indicators, roof lamps, front grills, etc.

For FY13 (refers to the period April 01 to March 31), NLPL
registered total operating income of INR103.5 crore (PY: INR111.4
crore) with a net loss of INR5.5 crore (PY: net loss of INR0.51
crore).


NIRAJ OVERSEAS: ICRA Suspends 'B' Rating on INR4cr Cash Credit
--------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR4.00
crore long-term fund-based sub limits & [ICRA]A4 rating assigned
to the INR20.00 crore short-term non fund-based bank limits of
Niraj Overseas. The suspension follows ICRAs inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Scale      (4.00)        [ICRA]B suspended
   Cash Credit
   facility

   Short-Term Scale     20.00         [ICRA]A4 suspended
   Letter of Credit
   facility

Niraj Overseas, a proprietorship firm incorporated in 2009 by Mr
Niraj Jaidev Arya, is engaged in ship breaking activity and
trading of iron and steel products. The firm operates at 80mtr. X
30mtr. plot at Sachana ship breaking yard at Jamnagar. The firm
commenced ship breaking operations in December 2010. Niraj
Overseas is a group firm among four companies under Arya Group,
established by Mr. Jaidev Arya in the year 1983. The other two
group companies are Utkarsh Industries (UI) and M/s Everest Steel
Rolling Mill (ESRM) engaged in manufacturing of MS/TMT/CTD bars.


NISARG JEWELS: ICRA Assigns 'B' Rating to INR8cr Bank Loan
----------------------------------------------------------
ICRA has assigned a rating of '[ICRA]B' to the INR8.00 crore  cash
credit facility of Nisarg Jewels Pvt. Ltd.

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

The assigned rating is constrained by the start up nature of the
company with operations scheduled to commence in April 2014.
Further, ICRA takes into account the trading nature of the
business, fragmented industry structure and intense competition
from established players as well as smaller players which could
result in pressure on revenue growth as well as profitability
margins, more so as the company is a new entrant. The ratings also
consider the vulnerability of profitability to fluctuations in
prices of rough and polished diamonds in the absence of a formal
hedging mechanism.

The rating, however, factors in the longstanding experience of the
promoters in diamond trading industry and established relations of
promoters with jewelers and diamond processors through their
associate concern. The rating also favourably takes into account
the steady demand prospects for processed diamonds with India
being one of the largest exporters in the world.

Nisarg Jewels Pvt. Ltd. was incorporated in August 2013 as a
private limited company and the company proposes to engage in
trading of rough, uncut, as well as cut and polished diamonds
(CPD). The company would carry out operations from its office
located in Bhavnagar, Gujarat. The company's commercial operations
are expected to commence in April 2014 and is owned and managed by
Mr. Archit Tulsibhai Patel and Mr. Vallabh Mulji Patel. The
company is associated with Arshit Gems, Bombay as some of the
partners are family members of the directors of NJPL.


NOVARTIS ENERGY: CRISIL Assigns 'B' Rating to INR20MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Novartis Energy Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            20        CRISIL B/Stable
   Letter of Credit       30        CRISIL A4

The ratings reflect NEPL's below-average financial risk profile,
marked by modest net worth and weak capital structure, and its
modest scale of operations in the fragmented lubricants industry.
These rating weaknesses are partially offset by the extensive
industry experience of NEPL's promoters.

Outlook: Stable

CRISIL believes that NEPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if NEPL reports higher-than-
expected cash accruals, or there is significant equity infusion,
thus correcting its capital structure and subsequently improving
its financial risk profile. Conversely, the outlook may be revised
to 'Negative', if there is deterioration in the company's
financial risk profile, particularly its liquidity, driven by
lower-than-expected cash accruals, or elongation in the working
capital cycle.

NEPL, based in Nagpur (Maharashtra), was set up in May 2011 by Mr.
Deepak Bharadwaj; it commenced operations in July 2011. The
company trades in calcium grease, bitumen, and other lubricants.
It also blends base oil, a key ingredient used in lubricants.


PARAMOUNT STEELS: ICRA Withdraws 'B+/A4' Rating on INR9.5cr Loan
----------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+/[ICRA]A4 ratings assigned to
INR9.50 crore bank lines of Paramount Steels Limited, at the
request of the company as there is no amount outstanding against
the rated instrument.


PIONEER CRANES: ICRA Suspends 'C+' Rating on INR5.25cr Loans
------------------------------------------------------------
ICRA has suspended [ICRA]C+/[ICRA]A4 rating assigned to the INR6.0
Crore fund based and INR0.2 crore non-fund based facilities of
Pioneer Cranes & Elevators Pvt. Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.25        [ICRA]C+ suspended
   Term Loans            0.45        [ICRA]C+ suspended
   Unallocated           0.55        [ICRA]C+ suspended
   Packing Credit        0.75        [ICRA]A4 suspended
   Bank Guarantee        0.20        [ICRA]A4 suspended

PCEPL, promoted by Mr. Salochan Bir Singh and his family is a
manufacturer of material handling equipment including cranes such
as Electric Overhead travel (EOT) cranes, Goliath cranes, wire
rope hoists, concrete block making machines etc. The company was
incorporated in 1991 and its manufacturing facility is located in
Ludhiana, Punjab. The company's products finds applications in
power plants, furnaces, rolling mills, sugar mills, pipe mills
etc., and have customers across the Northern Indian states, as
well as some neighboring and Middle Eastern countries.


RAIGARH FOODS: ICRA Reaffirms 'B+' Rating on INR5.75cr Loans
------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating assigned to the INR5.00
crore cash credit facility and INR0.75 crore of standby line of
credit of Raigarh Foods & Hotel Business Private Limited. ICRA has
also reaffirmed the '[ICRA]A4' rating assigned to the INR2.00
crore non-fund based (bank guarantee) facility of RFHBPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Cash Credit           5.00         [ICRA]B+ reaffirmed

   Fund Based Limit-
   Stand By Line of
   Credit                0.75         [ICRA]B+ reaffirmed

   Non Fund Based        2.00         [ICRA]A4 reaffirmed
   Limit-Bank
   Guarantee

The reaffirmation of the ratings take into account RFHBPL's weak
financial profile characterized by low profitability and depressed
level of coverage indicators along with stretched liquidity
position as reflected by full utilization of the bank limits. ICRA
has also taken into account RFHBPL's small scale of current
operations, exposure to the inherent risks in agro based business,
such as changes in Government policies and agro-climatic
conditions which affect the harvest and availability of paddy,
and, the highly fragmented industry with low entry barriers
characterized by intense competition among a large number of
players keeping the margins under pressure. The ratings, however,
favourably considers the experience of the promoters in the rice
milling business and proximity to raw material sources, leading to
low landed cost and easy availability of paddy.

RFHBPL was incorporated as a private limited company in 1996 by
Mr. Subhash Agarwal based in Raigarh, Chhattisgarh. The company is
engaged in milling of raw and parboiled rice and has an installed
milling and sorting capacity of 48,000 metric tonne per annum
(MTPA). RFHBPL has a group company, viz. Rajat Ispat Private
Limited (rated at [ICRA]B+/[ICRA]A4), which is engaged in
manufacturing of MS Ingots.

Recent Results
During the first nine months of 2013-14, the company reported
profit before depreciation and taxes of INR0.27 crore
(provisional) on an operating income of INR24.05 crore
(provisional). The company reported a net profit of INR0.23 crore
during 2012-13 on an operating income of INR30.41 crore.


SAHIBZADA AJIT: CARE Assigns 'D' Rating to INR28.78cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Sahibzada
Ajit Singh Educational Trust.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     28.78     CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Sahibzada Ajit Singh
Educational Trust (SAS) takes into account the ongoing delays in
debt servicing.

Sahibzada Ajit Singh Educational Trust (SAS) was formed in 1994
under the Society registration Act 1860, by Mr S Gurbachan Singh
to provide education and for the same the society is operating
more than 30 schools and colleges. SAS is operating most of its
school, education centres under the name of Dhilwan International
Public School (DIPS), affiliated from Central Board of Secondary
Education (CBSE). The society started its first school in Dhilwan,
Punjab in 1994. All are located in the state of Punjab in five
districts, namely, Jalandhar, Amritsar, Kapurthala, Hoshiarpur and
Fazilka.

For FY13 (refers to the period April 1 to March 31), SAS achieved
a total operating income of INR16.66 crore with surplus of INR0.23
crore.


SANKAR PRASAD: CRISIL Assigns 'B+' Rating to INR116.9MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sankar Prasad Rice Mill.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------           --------      -------
   Term Loan               6.9        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     35          CRISIL B+/Stable
   Bank Guarantee          3.1        CRISIL A4
   Cash Credit            75          CRISIL B+/Stable

The ratings reflect SPRM's large working capital requirements and
limited scale of operations in a fragmented industry. These rating
weaknesses are partially offset by its promoter's extensive
experience in the rice milling business.

Outlook: Stable

CRISIL believes that SPRM will continue to benefit over the medium
term from its promoter's extensive experience in the rice
industry. The outlook may be revised to 'Positive' in case of any
improvement in scale of operations along with profitability or
better working capital management leading to improvement in the
firm's credit risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes any large-than-expected debt-
funded expansions, generates lower-than-expected cash accruals or
its working capital cycle lengthens leading to weak financial risk
profile.

Formed in 2003, SPRM is a proprietorship concern of Mr.
Bhabhasindhu Gorai. The firm is engaged in milling and processing
of par boiled rice in Bankura (West Bengal).


SARDAR COTTON: ICRA Assigns 'B' Rating on INR8.65cr Loans
---------------------------------------------------------
ICRA has assigned rating of '[ICRA]B' to the INR7.50 crore fund-
based cash credit facility and Rs 1.15 crore term loan facility of
Sardar Cotton.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund        1.15         [ICRA]B assigned
   based-Term Loan

   Long term fund        7.50         [ICRA]B assigned
   based- Cash Credit

The assigned rating is constrained by SC's limited track record of
operations; weak financial profile as evident from highly
leveraged capital structure, low profitability and coverage
indicators given the initial year of operations. The rating is
further constrained on account of the regulatory risks associated
with cotton exports as well as the fragmented nature of the cotton
ginning industry resulting in high competitive intensity. Further,
the firm is exposed to adverse movements in raw material (cotton)
prices which coupled with low value additive nature of the work,
keeps the profitability metrics and cash accruals at low levels.
ICRA also notes that SC is a partnership firm and any significant
withdrawals from the capital account would affect its net worth
and thereby the gearing levels.

The rating, however, favorably considers the favorable location of
the plant giving it easy access to high quality raw cotton and
strong demand for cotton and cotton seed oil in Gujarat.

Company Profile
Established in 2012, Sardar Cotton is engaged in ginning and
pressing of raw cotton. The business is owned and managed by Mr.
Pravin Patel along with two other partners. The firm's
manufacturing facility is located near Rajkot, Gujarat. The firm
has 24 ginning machines and 1 pressing machine having a cumulative
processing capacity to manufacture 100 bales per day.


SFA TEC: CARE Assigns 'D' Rating to INR10.47cr Bank Loans
---------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of SFA Tec
Private Limited.

                               Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     7.07      CARE D Assigned
   Short-term Bank Facilities    3.40      CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of SFA TEC Private
Limited (SFA) factor in the delays in debt servicing owing to the
stressed liquidity position, as a result of losses incurred in
FY13 (refers to the period April 1 to March 31) and the elongated
working capital cycle. The ratings are further constrained by the
company's small scale and working capital intensive nature of
operations, fluctuating revenues and history of losses, relatively
high gearing and weak coverage indicators, SFA's exposure to forex
risk and the intense competition in a highly fragmented industry
structure.

The ratings do take note of the long experience of the promoters
in the textile industry and SFA's established relationship with
major clients.  Going forward, SFA's ability to service its debt
in a timely manner will be the key rating sensitivity.

Additionally its ability to grow its revenues and earn profits in
a sustained manner, its ability to improve its liquidity position
and diversify its client base and expanding into new geographies
will be the other key rating sensitivities.

SFATEC Private Limited (SFA) was incorporated in 2004 by Mr C
Jagadish Kumar. SFA is engaged in the manufacture of technical
garments catering to the European, Malaysian and Singapore
market. The product offering includes work wear, uniforms, casual
wear, protective clothing, corporate wear, promotional wear etc.
The company was doing job work for others upto 2011, and commenced
manufacturing activities in FY12. It has three manufacturing units
located in Sangaralingapuram. SFA has about 360 sewing machines
with a production capacity of 3.60 lakh pieces per annum as on
December 31, 2013. The company's stake is closely held by the
promoter and his family. SFA manufactures its products against the
orders received. It sells under the brand name of Weilder which
was introduced in 2012 and Gandiva which was introduced in 2013
for care wear (for the hospital and hotel industry).

SFA is part of the Srinivas Group which has a relatively good
presence in the printing of diaries, note books etc under the
Nightingale brand and the Group also has interests in the
distribution of paper as well as textile spinning. The group
turnover was about INR330.40 crore in FY13.

SFA has reported a loss of INR0.92 crore on a total operating
income of INR17.33 crore during FY13 (refers to the period
April 1 to March 31) as against a PAT of INR0.13 crore on a total
operating income of INR29.42 crore during FY12.


SHITAL GEMS: ICRA Suspends 'B+' Rating on INR16cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B+' and short
term rating of '[ICRA]A4' assigned to the INR16 crore bank
facilities of Shital Gems Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Incorporated as a partnership company in 2000, Shital Gems Private
Limited is primarily engaged in manufacturing of cut and polished
diamonds. Besides this, it is also engaged in the sale of diamond
studded gold jewellery and rough diamonds. 51% of the total share
capital is held by M/s Arpee Gems Pte Ltd (Singapore based
Company), 25% by Mr. Hasmukh Kantilal Shah and 24% by Mr. Mukesh
Kantilal Shah. The company has a registered office at Opera House,
Mumbai.


SHREE SWAMI: ICRA Assigns 'B+' Rating to INR8cr Bank Loans
----------------------------------------------------------
The long-term rating of '[ICRA]B+ ' has been assigned to the
INR3.00 crore cash credit facility and INR5.00 crore term loans of
Shree Swami Enterprise Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           3.00         [ICRA]B+ assigned
   Term Loans            5.00         [ICRA]B+ assigned

The assigned rating is constrained by SSPL's modest size and
limited track record of operations coupled with weak financial
profile characterized by low profitability levels owing to the
highly competitive and fragmented industry structure, stretched
capital structure and working capital intensive nature of
operations. The rating is also constrained by the vulnerability of
the company's profitability to raw material prices which are
majorly crude oil derivatives and the company's low bargaining
power with its suppliers on account of the domestic production of
HDPE and LLDPE, the major raw materials, concentrated among a few
players.

The rating, however, positively considers the longstanding
experience of the promoters in the manufacturing of non-laminated
woven fabrics, and the favourable demand outlook for woven fabrics
in the near to medium term.

Incorporated in 2011, Shree Swami Enterprise Private Limited
commenced commercial operations from February 2013, and is engaged
in manufacturing of HDPE woven fabrics (laminated and non-
laminated). The company is promoted by Mr. Rajendra Agarwal and
Mr. Mahendra Agarwal along with their family members. The
promoters have over a decade of experience in the manufacturing of
HDPE woven fabrics (non-laminated) through their association with
another firm engaged in this business. SSPL's manufacturing
facility is located at Kubadthal, on the outskirts of Ahmedabad
and is equipped with 24 looms for weaving having an installed
capacity of 2,220 TPA along with an extrusion plant having
capacity of 3,000 TPA and a lamination plant with capacity of
4,800 TPA.

Recent Results

For the year ended March 31, 2013, Shree Swami Enterprise Private
Limited reported an operating income of INR0.71 crore and net
losses of INR0.10 crore. For the period ending 6th February 2014
(provisional financials), SSPL reported an operating income of
INR19.92 crore and profit before tax of INR0.23 crore.


SHREE UMIYA: CARE Assigns 'B+' Rating to INR27.50cr Bank Loan
-------------------------------------------------------------
CARE assigns "CARE B+" and "CARE A4" ratings to the bank
facilities of Shree Umiya Cotspin Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     27.50     CARE B+ Assigned
   Short-term Bank Facilities     1.50     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shree Umiya Cotspin
Private Limited (SUCPL) are constrained by the risk associated
with the green-field cotton spinning project, susceptibility of
its operating margins to volatile cotton prices and its presence
in the highly fragmented and working capital intensive cotton
spinning industry. The ratings, however, continue to derive
strength from the vast experience of the promoters in the cotton
industry, favourable location in the cotton-growing belt of
Gujarat, investment incentives available to the SUCPL along with
comfortable moratorium period.

SUCPL's ability to complete the project without significant time
and cost overrun along with achievement of the envisaged
operational performance and profitability would be the key rating
sensitivities.

Incorporated in 2012, Dhrangadhara-based (Gujarat) Shree Umiya
Cotspin Private Limited is promoted by Mr Kanti Patel, Mr Yogesh
Patel, Mr Nagar Bhorania, Mr Bipin Patel, Mr Arvind Patel and Mr
Dinesh Patel to set up a cotton spinning unit with 13,056 spindles
(eight machines with each machine having 1,632 spindles).

The total cost of the project is envisaged at INR39.99 crore
(including margin money for working capital INR1.50 crore) which
is proposed to be funded through term debt of INR23.50 crore (59%
of the total project cost) and the balance from the promoter
group. The project is at advanced stage of completion and is
envisaged to start commercial operations from Q2FY15 (refers to
the period July 01 to September 30). As on February 28, 2014, the
management had incurred a total cost of INR35.05 crore, which was
financed through term debt of INR20.80 crore and the balance from
the promoter group.


SRI BALAJI: CRISIL Assigns 'B' Rating to INR100MM Loans
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Balaji's Ginning & Pressing Factory.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Term Loan             11.5       CRISIL B/Stable
   Cash Credit           50         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    38.5       CRISIL B/Stable

The rating reflects SBGPF's below-average financial risk profile,
marked by a highly leveraged capital structure, and its modest
scale of operations in a fragmented cotton industry. These rating
weaknesses are partially offset by the benefits that SBGPF derives
from its partners' extensive experience in the industry.

Outlook: Stable

CRISIL believes that SBGPF will continue to benefit over the
medium term from its partners' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' in case the
firm significantly increases its cash accruals leading to an
improvement in capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case SBGPF
registers lower than expected cash accruals or undertakes any
large debt-funded capital expenditure programme or its promoters
withdraw substantial capital, resulting in weak financial risk
profile.

Set up in 2011, SBGPF is involved in cotton ginning and pressing.
The firm is based out of Raichur, Karnataka. The day-to-day
operations of the firm are managed by Mr. Jayapal Bellam.

SBGPF reported a net profit of INR1.5 million on net sales of
INR127.5 million for 2012-13 (refers to financial year, April 1 to
March 31) against a net profit of INR0.7 million on net sales of
INR16.6 million for 2011-12.


SUPER INFRATECH: CRISIL Cuts Rating on INR80MM Loans to 'B'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Super Infratech Pvt Ltd to 'CRISIL B/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        80         CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Bill Discounting      49         CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Cash Credit           19         CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Proposed Long Term    12         CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB/Stable')

The downgrade reflects CRISIL's belief that SIPL's business risk
profile will remain under pressure over the medium term, driven by
slow execution of projects and stretch in receivables. SIPL's
revenue for 2013-14 (refers to financial year, April 1 to
March 31) is estimated at INR160 million, which is significantly
lower than CRISIL's expectation. Because of slowdown in order
execution led by delays in receipt of right of way (ROW), SIPL's
revenue declined by over 45 per cent year-on-year in 2012-13 to
INR67 million and has only marginally improved for 2013-14. SIPL's
debtors are estimated at 120 days as on March 31, 2014, because of
stretch in payments from customers. Led by decline in revenue and
large debtors, SIPL's liquidity has weakened, marked by full
utilisation of cash credit limit with instances of overdrawn
limits.

The ratings reflect SIPL's modest scale of operations,
susceptibility to bad weather conditions, and large working
capital requirements because of high security deposits and
stretched receivables. These rating weaknesses are partially
offset by the promoters' extensive experience in the civil
construction industry.

Outlook: Stable

CRISIL believes that SIPL will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' in
case of higher-than-expected scale of operations and profitability
leading to material improvement in the company's liquidity.
Conversely, the outlook may be revised to 'Negative' if SIPL's
working capital cycle lengthens or debt protection metrics
deteriorate because of large debt-funded capital expenditure.

SIPL was established in 2001 by Mr. Sujit Bordolai and his wife.
It is engaged in civil construction (development and maintenance
of roads) for state and central governments.

For 2012-13, SIPL registered a profit after tax (PAT) of INR2.5
million on revenue of INR67.7 million, against a PAT of INR4.9
million on revenue of INR143.8 million for 2011-12.


T.O. ITTOOP: CRISIL Assigns 'B+' Rating to INR35MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of T.O. Ittoop & Associates.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         65        CRISIL A4
   Cash Credit            35        CRISIL B+/Stable

The ratings reflect TOI's large working capital requirements and
its modest scale of operations in the fragmented civil
construction industry. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
civil construction industry, and its above-average financial risk
profile, marked by low gearing and healthy debt protection
metrics.

Outlook: Stable

CRISIL believes that TOI will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if the firm scales up its operations
significantly while improving its profitability, leading to
better-than-expected cash accruals and improvement in its
liquidity. Conversely, the outlook may be revised to 'Negative' if
TOI reports lower-than-expected revenues or profitability, or its
working capital management deteriorates resulting in weak
liquidity, or if it undertakes a large debt-funded capital
expenditure programme, leading to weakening of its financial risk
profile.

Set up in 1956, TOI undertakes civil construction work for the
central government, in Kerala. The firm's day-to-day operations
are managed by its three partners, Mr. T I George, Mr. Antony
Ittoop and Mr. T I Sebastian.

TOI reported a profit after tax (PAT) of INR6.1 million on
revenues of INR199 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR9.2 million on revenues
of INR274 million for 2011-12.


TJUK TRADE: ICRA Suspends 'B+' Rating on INR8.67cr Loan
-------------------------------------------------------
ICRA has suspended the '[ICRA]B+' and '[ICRA]A4' ratings assigned
to the INR8.67 Crore fund based and non-fund based bank facilities
of TJUK Trade Networks Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Incorporated in 2008, TJUK Trade Networks Private Limited is
engaged in trading and distribution of packaged food products and
has a registered office at Dadar, Mumbai.


TOURISM & TRAVEL: ICRA Suspends 'B' Rating on INR22cr Loans
-----------------------------------------------------------
ICRA has suspended the long term rating of '[ICRA]B' assigned to
INR16.00 crore term loan and INR6.00 crore cash credit facilities
of Tourism & Travel Media Entertainment Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Tourism & Travel Media Entertainment Private Limited was
incorporated in 2008, by the promoters of Agrigold Group and
Mr. Mohammed Abdul Azeem to venture into media & broadcasting with
the launch of a channel 'Travel Trendz' in the infotainment &
lifestyle genre. The channel was launched on 1st July, 2012 in
Hinglish (mixture of both English and Hindi) and focuses on travel
& tourism, history & culture, health & fitness, lifestyle and
adventure shows.


UDAIPUR POLY: CARE Assigns 'B' Rating to INR35.9cr Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Udaipur Poly Sacks Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term Bank Facilities    35.99      CARE B Assigned
   Short-term Bank Facilities    8.40      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Udaipur Poly Sacks
Limited (UPSL) are primarily constrained on account of its
financial risk profile marked by the declining Total Operating
Income (TOI) as well as profitability, highly leveraged capital
structure and stressed liquidity position. The ratings are further
constrained on account of vulnerability of margins to fluctuation
in the raw material prices, off take risk associated with the
capacity which is not yet tied up for Single Super Phosphate (SSP)
and its presence in a highly fragmented and competitive woven sack
industry.

The ratings, however, derive strength from the experienced
management, location advantage and marketing arrangement with
Indian Potash Limited (IPL, rated 'CARE A', 'CARE A1') for the
sale of SSP coupled with strong growth prospects on account of
government support for SSP.

Achieving envisaged level of sales and profitability with
efficient management of working capital will be the key rating
sensitivities.

UPSL was promoted by Mr Ravinder Singh along with his family
members in March 1995 with an objective to manufacture woven sack
bags at its plant located at Udaipur (Rajasthan). Woven sack
bags are manufactured from Polypropylene (PP) or High Density
Polyethylene (HDPE) and find their application in packaging salt,
cement, rice, sugar, seeds and cattle feed etc. The plant of the
company has a total installed capacity of 1,800 Metric Tonnes Per
Annum (MTPA) for manufacturing of woven sack bags as on March 31,
2013.

To diversify its business operations, UPSL undertook a project to
set up a fertilizer plant in FY12 (refers to the period April 1 to
March 31) to manufacture SSP with the total installed capacity of
130,000 MTPA. The project was completed at a total cost of
INR22.84 crore financed through a debt equity mix of 0.81:1 and
production commenced from September, 2013. For marketing of SSP,
UPSL has tied up with IPL.


UNIVERSAL POWER: CRISIL Cuts Rating on INR810MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Universal Power Transformer Pvt Ltd (UPTPL; part of the UPT
group) to 'CRISIL B-/Stable' from 'CRISIL B/Stable', and has
reaffirmed its rating on the company's short-term bank facilities
at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee            80     CRISIL A4 (Reaffirmed)

   Cash Credit              120     CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')
   Foreign Bill
   Discounting               30     CRISIL A4 (Reaffirmed)

   Letter of Credit          20     CRISIL A4 (Reaffirmed)

   Letter of Credit          30     CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term       660     CRISIL B-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The downgrade reflects CRISIL's belief the UPT group's liquidity
will remain under pressure over the medium term owing to expected
cash losses over the medium term. The group's revenue is estimated
to have declined by 37 per cent in 2013-14 (refers to financial
year, April 1 to March 31) and the group is estimated to report
operating losses in 2013-14 due to inability to pass on increased
costs to customers. Moreover, the operating profitability is
expected to remain under pressure over the medium term.

The ratings continue to reflect the UPT group's below-average
financial risk profile, marked by moderate net worth, weak debt
protection metrics, and moderate scale of operations in the
intensely competitive transformers industry. The rating also
reflects the group's susceptibility to volatility in raw material
prices. These rating weaknesses are partially offset by the
benefits that the group derives from its promoters' experience in
the transformers industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of UPTPL and UPT Fabrication Pvt Ltd
(UPTF). This is because UPTPL and UPTF, together referred to as
the UPT group, have common promoters, operational synergies,
fungible funds, and are in the same line of business.

Outlook: Stable

CRISIL believes that the UPT group will maintain its business risk
profile over the medium term, supported by the promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the group's liquidity improves in a sustained
manner, supported by improvement in its working capital cycle or
if the company reports more-than-expected operating profitability
and cash accruals. Conversely, the outlook may be revised to
'Negative' if there is significant decline in its volumes or if
the group increases its exposure to its associate companies or if
there is a further stretch in receivables.

Universal Transformers (UT), a proprietorship firm, was
established in 1978 and was acquired by Magnum Electric Machine
Manufacturers Pvt Ltd (Magnum) in June 2003. Magnum changed its
name to UPTPL in August 2003 UPTPL manufactures power transformers
and executes turnkey projects. UPTF manufactures tanks for
transformers. It is a captive plant and a 100 per cent subsidiary
of UPTPL.


V & S INT'L: CARE Reaffirms 'D' Rating on INR76.81cr Loans
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
V & S International (P) Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     31.56      CARE D Reaffirmed
   Short-term Bank Facilities    45.25      CARE D Reaffirmed

Rating Rationale

The ratings of VSI factor in ongoing delays in debt servicing
resulting from stretched liquidity position owing to elongated
working capital cycle and weak financial profile marked by low
profitability and moderate gearing.

V & S International Pvt. Ltd. incorporated in 1992, is involved in
the business of manufacturing and trading of apparels, home
furnishing and accessories. VSI is also engaged in weaving and
processing of fabric i.e. dyeing of grey fabric. The products and
services range of VSI include manufacturing of readymade garments,
manufacturing of knitted fabrics, trading of fabrics, dyeing and
processing of fabrics.

VSI manufactures products for other companies on job work basis
which includes world's leading brands like Guess, Forever, Next,
Calvin Klein, Debenhams, Marks & Spencers. The job work is
allotted by the export buying houses as well as other small
exporters.

VSI has three state of art manufacturing facilities located in
Gurgaon with an annual installed capacity of 90, 00,000 for dyeing
of fabrics and 17, 00,000 for knitting of fabrics.

In FY13 (refers to the period April 1 to March 31), the company
reported a total operating income of INR102.36 crore and net loss
of INR20.96 crore as against a total operating income of INR142.15
crore and a net loss of INR0.10 crore in FY12.



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


MONGOLIA: S&P Lowers Credit Rating to 'B+'; Outlook Stable
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term sovereign
credit ratings on Mongolia to 'B+' from 'BB-' and affirmed the 'B'
short-term rating.  The outlook on the long-term rating is stable.
At the same time, S&P lowered its transfer and convertibility
assessment on Mongolia to 'BB-' from 'BB'.

RATIONALE

S&P lowered the long-term rating on Mongolia to reflect the
country's weakened external and debt profiles.  Weak inflow of
foreign direct investment (FDI) and lower exports contributed to a
sharp decline in the country's gross official foreign exchange
reserves over the past year.  These trends weakened Mongolia's
external balance sheet beyond what S&P had expected earlier,
resulting in increased external risk over the next three years and
highlighting Mongolia's exposure to shifts in FDI.  Meanwhile,
off-budget spending also raised government debt above levels S&P
had expected previously.

Mongolia's external risk is high.  S&P projects the country's
external financial needs to be about 119% of the sum of current
account receipts and usable reserves on average over 2014-2016.
Mongolia's volatile terms of trade add another layer of external
risk to this country, where minerals dominate exports.  Moreover,
as the country's external liabilities increased sharply, Mongolia
is more exposed to the shift of FDI.  However, as foreign
investors become more attracted by the country's business-friendly
laws, and as cross-border transportation improves, S&P expects FDI
and exports to rise again.  S&P forecasts increases in exports and
FDI as helping the gross official foreign exchange reserves
rebound 50% by 2016 from the end of 2013 and lowering the narrow
net external debt gradually to 83% of current account receipts by
2016, from 101% in 2014.

Mongolia's governance and policy effectiveness is weak, in S&P's
view.  The government's more business-friendly investment law
approved late October 2013 has been slow in attracting foreign
investors, in S&P's opinion, because of Mongolia's past record in
policy shifts.  However, S&P believes the government is likely to
improve policymaking and implementation over the next three years,
which will benefit investments and the economic ties with
neighboring countries--Mongolia's key export destinations and
sources of FDI.  However, the absence of a majority party in
parliament may constrain the extent of improvements.

Mongolia's fiscal flexibility is weak.  S&P expects the Fiscal
Stability Law that was implemented 2013 to lead to a gradual
strengthening of fiscal discipline without cutting fiscal spending
in a disruptive way.  Accordingly, S&P projects the average yearly
increase in general government debt to be about 4% of GDP over
2014-2016, provided the government draws down some bank deposits
to finance its fiscal deficit.  The government's fiscal
flexibility is constrained because of its significant reliance on
the volatile mining sector for revenue and the notable shortfall
in basic services and infrastructure across the country.

Mongolia's underdeveloped economy, with a low GDP per capita,
constrains the government's revenue base and its room to maneuver
policy to support its creditworthiness in a downturn.  S&P
estimates the country's GDP per capita at US$4,071 in 2013.
Mongolia's strong growth potential offsets some of the weaknesses
in its sovereign creditworthiness.  S&P expects the long-term
trend growth of GDP per capita in Mongolia to be 8.4% in 2014.

Mongolia's monetary policy puts economic growth ahead of keeping
inflation low, in S&P's view, which limits the country's monetary
flexibility for attenuating economic or financial shocks down the
road.  The parliament can effectively define monetary policy,
indicating the central bank's lack of independence.  Inflation in
2013 exceeded the central bank's target of 8%.  S&P expects
inflation to be about 10% over the next three years.

The country's general government debt is largely neutral to the
sovereign creditworthiness, although the debt profile has become
much weaker than S&P expected.  S&P estimates the net general
government debt to be about 37% of GDP at the end of 2014,
gradually improving to about 34% by 2016.  Meanwhile, S&P expects
the interest expense of general government to remain below 5% of
revenue over 2014-2016.

S&P's local currency rating on Mongolia is equal to the foreign
currency rating, because of the central bank's lack of
independence in its monetary policy.  The transfer and
convertibility assessment reflects our opinion that the likelihood
of the sovereign restricting access to foreign exchange needed by
Mongolia-based non-sovereign issuers for debt servicing is
slightly lower than the likelihood of the sovereign defaulting on
its foreign currency obligation.

OUTLOOK

The stable outlook weighs possible faster improvements in the
business environment and fiscal management against potential
shocks in external demand and slower-than-expected FDI inflows.
The government may also tap bilateral or multilateral support in
response to external shocks, which supports the sovereign
creditworthiness.

S&P may lower our rating if the pace of improvement in
policymaking and implementation falls significantly short of S&P's
expectations for the promotion of FDI and exports, resulting in
much higher external risk than S&P's projection.  S&P may also
lower the rating if the government resorts to stronger fiscal
spending and fast credit expansion in response to further external
shocks, thus worsening the fiscal profile and increasing the risk
of correction in the financial system.

S&P may raise its rating on Mongolia if the government strengthens
its policymaking and implementation, leading to significantly
faster improvement in its fiscal and external profiles.

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

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

RATINGS LIST

Downgraded; CreditWatch/Outlook Action; Ratings Affirmed
                                        To                 From
Mongolia
Sovereign Credit Rating                B+/Stable/B        BB-
/Negative/B
Senior Unsecured                       B+                 BB-

Downgraded
                                        To                 From
Mongolia
Transfer & Convertibility Assessment
  Local Currency                        BB-                BB

Development Bank of Mongolia
Senior Unsecured                       B+                 BB-



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


TE KAHA: Receiver Gets Two Offers for Bay of Plenty Resort
----------------------------------------------------------
NZ Herald reports that the second set of receivers to take control
of a Bay of Plenty resort in less than five years have been made
two offers for the "luxury" beachfront complex, whose last owners
still owe millions of dollars to creditors.

The Herald says the now-failed Dominion Finance agreed to front
more than NZ$5 million for the construction of a resort in Te
Kaha, which was completed in 2007 and boasts a helipad, a heated
"Infinity-style" pool, and "stunning" ocean views.

This lending was raised by prosecutors during the Dominion fraud
trial last year and the advance was referred to in the High Court
at Auckland as a "problem loan" for the finance firm, the report
relates.

The borrower and former owner of the East Coast property, a
company called Te Kaha Resort, was put into receivership in 2009
owing NZ$6.05 million to Dominion, which was a secured creditor,
the Herald notes.  At the time, Te Kaha Resort also owed
NZ$1.7 million to another secured creditor and a further
NZ$4.98 million to 13 unsecured creditors, the report states.

Receiver Iain McLennan, partner at insolvency specialists McDonald
Vague, told the Herald that Dominion had received a payout of
about NZ$2.7 million to date.

He said the other secured creditor, owed NZ$1.7 million when the
receivers were appointed, had got back less than NZ$1,000, the
report notes.

No funds were available for the unsecured creditors, a number of
whom are believed to be associated with the directors of the
company, according to the Herald.

The Herald says that after trading in receivership, the resort
complex was sold two and a half years ago to a company called Te
Kaha Resort (2011) for about NZ$3.1 million.

After about two years in this company's hands, receivers from
McDonald Vague were once again appointed to manage the property
last November, the Herald notes.

According the Herald, McDonald Vague's Boris Van Delden said the
recession had meant sales were "drastically" down and that the
company defaulted on payments to its main creditor.

Receivers say the resort was trading profitably in receivership
and is now on the market, the report adds.

McLennan said he had received two offers for the resort but last
Thursday was unable to give further detail on these.

He said the main creditor had commissioned a valuation of the
resort so the offers could be properly assessed.



================
S R I  L A N K A
================


SRI LANKA: Fitch Affirms Long-Term Currency IDRs at 'BB-'
---------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka's Long-Term Foreign and Local
Currency IDRs at 'BB-'. The issue ratings on Sri Lanka's senior
unsecured foreign and local currency bonds are also affirmed at
'BB-'. The Outlooks on the Long-Term IDRs are Stable. The Country
Ceiling is affirmed at 'BB-' and the Short-Term Foreign Currency
IDR at 'B'.

Key Rating Drivers

Sri Lanka's 'BB-' IDRs reflect the following key rating drivers:

- Real GDP growth is relatively high and less volatile compared
with its peers. The five-year average of 6.7% compares well with
the 3.6% median for peers in the 'BB' rating category (sovereigns
rated 'BB-', 'BB' and 'BB+').  Fitch expects real GDP growth to
stabilise in 2014 at the recorded 7.3% in 2013 and to rise to 7.5%
in 2015. A pick-up in tourism will continue to support growth.

- Official data do not point to overheating of the economy, as
inflation (4.2% in March) and credit growth (4.4% in February) are
low. However, average inflation over the past five years has been
high (6.2%) and volatile compared with peers (5.0% median for the
'BB' peer group) and the potential for a build-up of future
imbalances exists.  The authorities' pro-growth bias is
illustrated by persistent "twin deficits" and easing monetary
policy measures since December 2012, even at high real GDP growth
levels.

- The public finances are weak relative to peers despite fiscal
consolidation. Both the budget balance (-5.9% of GDP in 2013) and
government debt burden (78.3% of GDP in 2013) are more than double
the 'BB' category medians of -2.7% and 35.9% of GDP, respectively.
The 2014 budget signals commitment to medium-term debt reduction
to maintain a gradual fiscal consolidation path, although the
process is slow and to a large extent built on revenue projections
that may turn out too optimistic.

- The current account deficit has fallen from 6.7% of GDP in 2012
to 3.9% in 2013 and is expected by Fitch to narrow further to 3.2%
by 2015 due to solid income from tourism and remittances.
Nonetheless, the current account deficit remains persistent and is
only for a relatively small part financed by FDI inflows, which
are relatively low.  Hence, net external debt (45.1% of GDP in
2013) is almost triple the 'BB' peer category median of 15.9% of
GDP. External liquidity is weak, as illustrated by a low liquidity
ratio (84.4%) and lower foreign exchange reserves (3.6 months of
current external receipts) compared with 'BB' peer group medians
(139.5% and 4.3 months respectively).

- Quantitative easing (QE) by the U.S. Federal Reserve has so far
not led to severe market pressures for Sri Lanka. The country
benefitted less than many other emerging markets from the QE-
related search for yield given its relatively closed capital
account.  The government has been able to secure some US dollar
financing through issuance on the bond markets twice in 2014.

- The level of basic human development, including education,
health and literacy, is relatively high, as indicated by a
favourable UN Human Development Index score (Sri Lanka ranks 92
out of 187 countries, better positioned than all other South Asian
and most Southeast Asian countries).

- Banks' performance is supported by high real GDP growth and
monetary easing, but the non-performing loan ratio (NPL ratio) for
the banking system was relatively high at 5.6% in 2013, and it may
rise further to more than 6% in 2014.  However, the banking sector
is not very large relative to the economy, with the credit to GDP
ratio at only around 40% at end-2013.  Rapid credit growth in the
past elevated Sri Lanka into the highest '3' category of Fitch's
Macro-Prudential Indicator.

Rating Sensitivities

A Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are well balanced.

The main factors that individually, or collectively, could trigger
negative rating action are:
- Economic overheating, which could be illustrated by a surge in
inflation, pressure on the rupee and widening of the trade
deficit.
- Failure to achieve a reduction in government budget deficits
from currently high levels.
- Intensification in external financing risks, particularly a
renewed widening in the current account deficit combined with a
fall in capital inflows, or a decline in foreign exchange
reserves.

The main factors that individually, or collectively, could trigger
positive rating action are:

- A prolonged period of real GDP growth that is consistent with
moderate and stable inflation and external equilibrium.
- A material improvement in Sri Lanka's public finances that would
be underpinned by a credible fiscal consolidation strategy that
includes a reversal of the consistent negative trend in the
government revenue-to-GDP ratio and leads to a large decline in
the general government debt-to-GDP ratio.
- Significant improvement in external finances, with sustained
smaller current account deficits, higher levels of non-debt
capital inflows (foreign direct investment) and a lift in foreign
exchange reserves.

Key Assumptions

- Sri Lanka's political landscape remains broadly stable and there
is no renewal in the civil conflict that previously lasted 26
years and ended in 2009.
- No sustained rise in commodity prices, particularly in crude
oil, in line with Fitch's Global Economic Outlook.



                             *********

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

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

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


                            *********


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

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

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

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

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



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