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                      A S I A   P A C I F I C

               Monday, May 5, 2014, Vol. 17, No. 87


                            Headlines


A U S T R A L I A

BARMINCO HOLDINGS: Moody's Revises B1 CFR Outlook to Negative
BEVILLES PTY: Family Buys Back 80-year-old Jewellery Chain
BIG SISTER: PPB Advisory Appointed as Receivers
NEXTGEN NETWORKS: S&P Assigns 'BB-' CCR; Outlook Stable
PENRICE SODA: Administrators Confident of Selling Business

* Australia Warned of Looming Debt Crisis, WSJ Reports


I N D I A

AMRIT TRADING: CRISIL Reaffirms 'B+' Rating on INR25MM Loan
ASHVI DEVELOPERS: CARE Lowers Rating on INR325cr Bank Loan to 'D'
CORK PRODUCTS: ICRA Revises Rating on INR19cr Bank Loan to 'B-'
DWARIKA ROLLER: ICRA Reaffirms 'B' Rating on INR9.15cr Loans
HI TECH: CRISIL Downgrades Rating on INR195.1MM Loans to 'D'

HINDUSTHAN HEALTH: CARE Rates INR8.18cr Bank Loan at 'D'
HOTEL VAIBHAV: CRISIL Rates INR50MM Bank Loan at 'B-'
I. B. BUILDCON: CARE Assigns 'B' Rating to INR14.75cr Bank Loan
LEO TIMBER: CRISIL Places 'B+' Rating on INR70MM Loans
NAIKNAVARE HOUSING: CARE Raises Rating on INR35cr Loan to 'B-'

NKB EXTRUSIONS: CRISIL Lowers Rating on INR130MM Loans to 'D'
NM FOODS: CARE Assigns 'B' Rating to INR2cr Bank Loan
RAGHU INFRA: CRISIL Rates INR400MM Cash Credit at 'C'
RAGHUNATH TRADERS: CRISIL Rates INR100MM Cash Credit at 'B'
S.A. INFRA: CRISIL Reaffirms 'B+' Rating on INR100MM Loan

SHAMSHREE LIFESCIENCES: CRISIL Keeps B+ Rating on INR149.3MM Loan
SHIVALAYA CONSTRUCTION: CRISIL Keeps 'C' Rating on INR100MM Loan
SHREE SIDHBALI: CRISIL Cuts Rating on INR1.60BB Loans to 'D'
SHRI JI: ICRA Upgrades Rating on INR7cr Loan to 'B+'
SHRI NATH: ICRA Upgrades Rating on INR7cr Bank Loan to 'B+'

SIDHI VINAYAK: ICRA Assigns 'B' Rating to INR7.5cr Bank Loan
SMS INTERNATIONAL: CRISIL Puts 'B' Rating on INR75MM Loans
SPECIFIC ALLOYS: CRISIL Places 'B+' Rating on INR70MM Loans
SUMERU DEVELOPERS: CRISIL Assigns 'B' Rating to INR80MM Loans
SUPREME ELECTROCAST: CRISIL Cuts Rating on INR225MM Loans to 'D'

THOPPIL CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR80MM Loan
VIJAYA LAKSHMI: CRISIL Assigns 'B+' Rating to INR80MM Loans


J A P A N

JLOC XXX TRUST: Fitch Cuts Class C TBIs Rating to 'Dsf'
SONY CORP: Sees Wider Full Year Loss on PC Business Exit


M O N G O L I A

* Weakening Mining Highlights Risks for Banks, Fitch Says


N E W  Z E A L A N D

DOMINION FINANCE: Director Suspended as Lawyer for 12 Months


P H I L I P P I N E S

BDO UNIBANK: Fitch Affirms IDR at BB+; Outlook Revised to Pos.


                            - - - - -


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


BARMINCO HOLDINGS: Moody's Revises B1 CFR Outlook to Negative
-------------------------------------------------------------
Moody's Investors Service has changed the outlook on the B1
corporate family rating (CFR) of Barminco Holdings Pty Limited to
negative from stable. At the same time, Moody's changed the
outlook on the B1 senior unsecured rating and Ba3 senior secured
rating of Barminco Finance Pty Ltd to negative from stable. All
ratings were affirmed.

Ratings Rationale

"The change in outlook to negative reflects continuing challenges
in the operating conditions of the mining services sector, and
which have been eroding Barminco's previously solid financial
profile, says Saranga Ranasinghe, a Moody's Analyst.

"Although Barminco's financial profile has been sufficiently
resilient to manage the deteriorating operating environment, the
challenges facing the sector, and which have led to a decline in
operating profits compared to the previous corresponding period,
have weakened the company's position within the rating",
Ranasinghe says.

"Our expectation is that operating conditions for mining services
companies will remain soft in 2014, with no material pick up in
new contracts", says Ranasinghe.

"Given the challenging operating conditions, we expect Barminco's
Debt/EBITDA ratio to increase in the current financial year
(ending 30 June 2014) to low/mid 4x , and remaining at similar
levels in FY2015. Moody's assessment of Barminco's financial
position includes the proportionate consolidation of AUMS, its 50%
owned joint venture in Africa.

Barminco's credit profile continues to benefit from the company's
position in the niche segment of hard rock underground mining of
the mining services industry, and which mitigates the risk of
contract losses.

"However, we expect mining companies to remain very cost conscious
and reduce the scope of existing projects given the challenging
conditions in the sector", Ranasinghe says, adding "We expect new
contracts and existing contract renewals to take place at lower
margins amidst high competition".

Moody's view Barminco's liquidity profile as being solid,
considering its available cash balances, operating cash flow and
absence of debt maturity in the next 12 months, and availability
under its credit facilities, which total AUD100 million.

The ratings could face further negative pressure if the
challenging market conditions deteriorate beyond Moody's current
expectations, further hindering Barminco's revenue and earning
generating ability, and leading to Debt/EBITDA ratio exceeding
4.25x on a consistent basis .

Given the current challenging market conditions Moody's do not
foresee a rating upgrade. However, the outlook could revert to
stable if Barminco is able to successfully tender for new
contracts and maintain margins at adequate levels. Metrics that
Moody's will consider for stable outlook include Debt/EBITDA
remaining comfortably below 4.25x on a consistent basis.

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


BEVILLES PTY: Family Buys Back 80-year-old Jewellery Chain
----------------------------------------------------------
Eloise Keating at SmartCompany reports that the Beville family has
reacquired the 80-year-old jewellery chain that bears its name,
announcing on May 2 the company will be renamed Bevilles Corp and
led by chief executive Michelle Beville.

SmartCompany says the announcement comes exactly one month after
the iconic business collapsed. While the Beville family had
initially indicated its intentions to keep the AUD70 million
company in the family, the company called for expressions of
interest just days after appointing voluntary administrators, the
report recalls.

According to SmartCompany, the company said the acquisition will
save 250 jobs in 16 stores across three states. At the time of
entering administration, the company employed 477 people across 27
stores, the report notes.

SmartCompany says the company will now focus on smaller,
jewellery-only stores, which will be approximately half the size
of previous outlets. The new-look stores, which have been trialled
in Liverpool, NSW, and Highpoint in Melbourne's west, will focus
on selling diamonds and watches, the report adds.

Bevilles employs about 477 people across 27 stores around
Australia.  David McEvoy and Ian Carson of PPB Advisory were
appointed as Joint and Several Administrators of Bevilles PTY.LTD
on April 1, 2014.


BIG SISTER: PPB Advisory Appointed as Receivers
-----------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Big Sister Foods
Pty Ltd has been placed into receivership.  PPB Advisory's David
McEnvoy -- dmcevoy@ppbadvisory.com -- and Daniel Wally --
dwalley@ppbadvisory.com -- have been appointed as receivers of the
company, the report says.

dissolve.com.au relates that the receivers are currently reviewing
the business in order to prepare the company for sale. They are
working with stakeholders that include suppliers, workers and
their representatives as well as customers to make sure that the
business can continuously operate, the report says.

Established in 1945, Big Sister Foods supplies fruit mince pies,
cakes, cupcakes and muffins to major supermarket chains. The
company has 100 employees across New South Wales manufacturing
sites.


NEXTGEN NETWORKS: S&P Assigns 'BB-' CCR; Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
long-term 'BB-' corporate credit rating to Nextgen Networks Pty
Ltd. (Nextgen Networks).  The outlook is stable.  At the same
time, S&P assigned 'BB-' issue ratings and recovery ratings of '3'
to Nextgen Networks' proposed U.S.-dollar equivalent A$400
million, seven-year, first-lien, senior secured term loan B (TLB);
and A$75 million revolving credit facility.  The recovery rating
indicates S&P expects a meaningful recovery (50% to 70%) in the
event of a default.

The 'BB-' long-term corporate credit rating on Nextgen Networks is
based on S&P's assessment of the consolidated group's "fair"
business risk profile and "aggressive" financial risk profile.

"The corporate credit rating incorporates the consolidated Nextgen
Group Holdings Pty Ltd. (Nextgen Group), of which the network
business is the main operating entity," Standard & Poor's credit
analyst Richard Creed said. "We consider the group's other
businesses to be complementary to the network business, and that
the network business is likely to be the first source of funding
for the other group entities in the event of financial distress,
as well as to provide capital for growth."

The Nextgen Group is a privately-owned Australian
telecommunications infrastructure business focused primarily on
providing backhaul network services, Internet Protocol networking
and bandwidth, as well as data center facilities and a start-up
cloud service business.  Its main subsidiary Nextgen Networks is
Australia's second-largest backhaul network operator with a
network of 17,000 kilometers, and contributes about 80% of the
group's EBITDA.

S&P's "fair" business risk profile assessment reflects its view of
the group's small size that results in it being a market price
taker.  Offsetting these factors to some degree is the group's
robust national geographic footprint in a quite concentrated
market (dominated by Telstra Corp. Ltd.), with a good operational
track record regarding network availability. Nextgen Networks has
a reasonably diverse customer base and benefits from an average
contract base of 2.5 years.  Its customer base is of high quality,
comprising mainly government entities and large companies that
provide sound recurring revenues.

S&P assess Nextgen Networks' financial risk as "aggressive".  S&P
expects the group's gross debt to EBITDA to be about 4.10x based
on its results for fiscal 2013, and incorporating the assumption
that the network business draws down the A$400 million TLB.

S&P expects Nextgen Networks to deleverage from fiscal 2015 from a
combination of EBITDA growth and modest amortization of the TLB
debt.  This is because the TLB has a 1% mandatory amortization
condition and a 50% cash flow sweep that applies to free operating
cash flow while debt is more than 4x.

Mr. Creed added: "The stable outlook on Nextgen Networks reflects
our expectation that for the next two to three years the company
will maintain its average contract profile of 2.5 years.  This
profile will support its margins and, combined with new sales,
help the company to achieve EBITDA growth in the high single
digits.  Moreover, we expect capital expenditure to remain
relatively flat, which together with earnings growth, should
enable the group's free operating cash flow to be positive."

The rating could come under downward pressure if Nextgen Networks'
contract profile deteriorates, particularly if accompanied by
margin erosion indicating a weakening in its competitive position.
In addition, the rating may be lowered if its financial risk
profile were to deteriorate to "highly leveraged" because, for
example, debt-funded acquisitions worsen its debt to EBITDA to
less than 5x.

Upward pressure is considered unlikely in the near term.  However,
S&P may raise the rating if it believes the group can sustain its
debt to EBITDA to less than 4x and S&P considers its shareholders'
financial policies supportive of an improved financial risk
profile.


PENRICE SODA: Administrators Confident of Selling Business
----------------------------------------------------------
NEWS.com.au reports that the administrators of Penrice Soda
Holdings are confident of selling the company in June.

Administrator McGrathNicol said a committee of creditors was
elected at a meeting in Adelaide on April 28.

"We're very pleased with the interest shown so far," the report
quotes McGrathNicol partner Sam Davies as saying.

However, he was unable to say whether interested parties were
local or international, the report relates.

According to the report, Mr. Davies said administrators were
looking to restructure the company but there had been no
discussion about reducing staff numbers.

He said restructuring would involve implementing efficiency
measures, the report relates.

Penrice will continue to trade normally ahead of a second
creditors' meeting on July 31, NEWS.com.au adds.

Australian-based Penrice Soda Holdings Limited (ASX:PSH ) --
http://www.penrice.com.au/-- is engaged in the manufacture,
distribution and sales of soda ash and sodium bicarbonate and the
mining, distribution and sale of quarry and mineral products.

McGrathNicol announced on April 11, 2014, that partners
Sam Davies, Peter Anderson, and Thea Eszenyi have been appointed
joint and several Voluntary Administrators to Penrice Soda
Holdings Ltd and its subsidiaries.  The Penrice Group consists of:

PSH;
Penrice Soda Products Pty Ltd;
Penrice Pty Ltd;
PSP SPV Pty Ltd;
Penrice Finance Pty Ltd;
Penrice Holdings Pty Ltd; and
Penrice Soda JV Pty Ltd.


* Australia Warned of Looming Debt Crisis, WSJ Reports
------------------------------------------------------
The Wall Street Journal reports that Australia risks unleashing a
debt crisis similar to Europe's unless the government reins in
spending and considers privatizing some state assets, according to
an advisory body charged with assessing the nation's finances.

The Journal relates that the National Commission of Audit said the
government needed to make the changes to shield the world's 12th-
largest economy from the sorts of sovereign-debt problems that
certain European nations such as Greece and Spain have recently
faced.

According to the Journal, Australia posted a budget deficit of
AUD18.8 billion (US$17.5 billion) in fiscal 2012-13, and Prime
Minister Tony Abbott appointed the commission to look at ways to
achieve a surplus equal to 1% of gross domestic product by fiscal
2023-24.

Australia, now in its 23rd year of straight annual growth,
navigated the global financial crisis far better than most other
developed economies thanks to a resources boom fueled by
industrializing Asia's demand for the country's raw materials, the
report says.

But a recent downturn in mining investment has slowed the economy
over the past two years, precipitating a sharp decline in
government tax receipts, the Journal notes.



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


AMRIT TRADING: CRISIL Reaffirms 'B+' Rating on INR25MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Amrit Trading Company
continue to reflect ATC's weak financial risk profile marked by
high ratio of total outside liabilities to tangible net worth
ratio, weak debt protection metrics, and small net worth. The
ratings also factor in the firm's susceptibility to supplier
concentration risks and to volatility in foreign exchange (forex)
rates. These rating weaknesses are partially offset by the
extensive experience of ATC's promoter in the timber trading and
sawmill business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            25        CRISIL B+/Stable (Reaffirmed)
   Foreign Letter of
   Credit                100        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that ATC will continue to benefit over the medium
term from its promoter's extensive experience in the timber
industry. Its financial risk profile is expected to remain
constrained over the period by large working capital requirements,
low profitability, and small net worth. The outlook may be revised
to 'Positive' in case of substantial equity infusion or sustained
improvement in working capital management or significantly high
growth in revenue and cash accruals. Conversely, the outlook may
be revised to 'Negative' if ATC's capital structure and liquidity
deteriorate because of more-than-expected debt funding of
incremental working capital requirements, large debt-funded
capital expenditure, or significant decline in revenue and
profitability.

ATC, based in Jind (Haryana), is a proprietorship firm of Mr.
Mukesh Kumar since 1992. It processes and trades in timber. The
firm, set up in 1957, was earlier owned by Mr. Geetaramji (father
of Mr. Mukesh Kumar).

ATC reported a book profit of INR1.9 million on net sales of
INR205.1 million for 2012-13 (refers to financial year, April 1 to
March 31), against a book profit of INR1.9 million on net sales of
INR210.9 million for 2011-12.


ASHVI DEVELOPERS: CARE Lowers Rating on INR325cr Bank Loan to 'D'
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Ashvi
Developers Pvt Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      325       CARE D Revised from
                                            CARE BB-
Rating Rationale

The revision in the rating takes into account the delays in the
servicing of the company's debt obligations taken for funding its
project, namely, Ariisto Solitaire at Goregaon, Mumbai. Timely
disbursement of funds by the banks so that the liquidity position
of the company improves is the key rating sensitivity.

Ashvi Developers Pvt Ltd is promoted by the Ariisto Realtors group
based in Mumbai. The group began its operations under Mr Narendra
Patel and is now managed by his sons, Mr Hiren Patel and Mr Atithi
Patel. The group has real estate development experience of around
three decades. The group has developed 68 lakh square feet (lsf)
area (11 completed projects) till date which includes super-
premium residential towers, affordable housing townships,
luxurious retail spaces and TDR generating rehab projects.

Project background

Ashvi Developers Pvt Ltd long with another company, Atithi
Builders and Constructors Pvt Ltd of the Ariisto Realtors group,
is developing a real estate project "Ariisto Solitaire" at
Goregaon, Mumbai. The initial plan was to develop commercial real
estate development with retail shops on the lower floors. However,
subsequently the management revised the plans (in 2011) to build
high street retail shops on the lower floors, residential
development on the upper floors. ADPL has applied for the revised
Commencement Certificate (CC).

As on March 31, 2014, ADPL has incurred more than 50% of the total
estimated project cost of INR572 crore.


CORK PRODUCTS: ICRA Revises Rating on INR19cr Bank Loan to 'B-'
---------------------------------------------------------------
ICRA has revised the long term rating for INR19.0 crore of bank
facilities of Cork Products Private Limited to [ICRA]B- from
[ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans             19.0       Revised from [ICRA]B+
                                     to [ICRA]B-

The revision in rating takes into account the deterioration in
credit metrics in 2012-13 evident from gearing increasing from
0.8x in 2011-12 to 1.4x in 2012-13 and weak coverage indicators.
ICRA also notes the small size of operations (94 rooms) in a
market that has high competitive intensity and is expected to
witness further room additions that may keep average room revenues
under pressure. The company had initially planned to increase the
room inventory but the weak market conditions have led to company
scrapping any further expansion plans of the hotel.

However, ICRA took into account the significant experience of
CPPL's promoters in the hospitality industry in NCR and the
company's healthy occupancy in past due to stable business from
repeat clients such as MSIL and HMSI. However, due to the
construction work, the occupancy levels have seen a dip in recent
months. The rating also factors the group's presence in
Switzerland market through two hotels which has helped it enhance
the reputation of its brand and diversify revenues beyond the
domestic market. Additionally, ICRA also notes the launch of the
time share company by the group, which is expected to improve the
occupancy levels of the company. Going forward, with the
construction complete, CPPL's ability to ensure occupancy rate to
reach historical levels and its ability to improve its capital
structure would be key rating sensitivities.

Recent Results
In 2012-13, CPPL reported operating income of INR11.7 crore,
Profit before Depreciation, Interest and Tax (PBDIT) of INR3.7
crore and Profit after Tax (PAT) of INR0.0 Crore.

Cork Products Private Limited is part of the Jukaso Group and
manages the 94 room hotel located in Gurgaon (Jukaso IT Suites).
The 3-star hotel is built on the land allocated by Haryana State
Industrial Development Corporation (HSIDC) and has been operating
for more than 20 years. MSIL and HMSI are the main clients of the
hotel. The company also operates a 50 room hostel for junior
employees of MSIL near the hotel premise.


DWARIKA ROLLER: ICRA Reaffirms 'B' Rating on INR9.15cr Loans
------------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]B to the 7.60 crore
(enhanced from INR5.0 crore) fund based limits and INR1.55 crore
(reduced from INR2.10 crore) of term loan of Dwarika Roller Flour
Mill Private Limited. ICRA has also assigned a short term rating
of [ICRA]A4 to INR6.0 crore short term non fund based limits of
the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          7.60         [ICRA]B reaffirmed

   Long Term Loan        1.55         [ICRA]B reaffirmed

   Short Term Non
   Fund Based Limits     6.00         [ICRA]A4 assigned

The rating continues to be constrained by the weak financial
profile of the company characterized by muted profitability, low
cash accruals and modest debt protection metrics. Further, the
rating also factors in the moderate scale of company's operations,
low value additive nature of its operations and intensely
competitive industry structure. The rating is also constrained by
the high customer concentration risk with about 75% of sales from
single customer- Britannia Industries Limited (Britannia), though
comfort can be drawn from the long and established relationship of
the company with Britannia. In addition, the revenue growth and
profitability of the company continue to remain susceptible to
external factors such as government regulations and agro climatic
conditions that influence supply conditions. Nevertheless, the
rating favourably factors in the steady growth in operating income
led by increase in demand of company's products. Moreover, ICRA
continues to draws comfort from the experienced management of the
company with a long track record in the agro commodities business.

Dwarika Roller Flour Mill Pvt. Ltd. was incorporated in 2010 by
Mr. Balram Agarwal and his family members. The company is engaged
in the business of processing of maida (wheat flour), Sooji and
Bran. The company has a flouring mill in village Shimla Pistaur,
Rudrapur (Uttarakhand) with a flouring capacity of 45000 MT per
annum. The Company has its own in-house brands "Dwarika Bhog" and
"Gopal Bhog".

Recent Results

DRFMPL has reported a profit after tax (PAT) of INR0.26 crore on
an operating income of INR56.56 crore in FY 2014 (prov.) as
compared to PAT of INR0.14 crore on an operating income of
INR31.54 crore in FY 2013.


HI TECH: CRISIL Downgrades Rating on INR195.1MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Hi Tech Leather Garments Bangalore Pvt Ltd to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Export Packing           70        CRISIL D (Downgraded
   Credit                             'CRISIL A4')

   Foreign Bill             60        CRISIL D (Downgraded
   Discounting                        from 'CRISIL A4')

   Foreign Letter           50        CRISIL D (Downgraded
   of Credit                          from 'CRISIL A4')

   Long Term Loan           15.1       CRISIL D (Downgraded
                                       from 'CRISIL B/Stable')

The downgrade reflects devolvement of HTL's letters of credit
(LCs) because of weak liquidity; the LCs have been outstanding for
over a month post devolvement. The company's liquidity has
weakened because of working capital locked in piled-up inventory;
on account of subdued market conditions, HTL's clients have been
delaying offtake despite placing orders and stretching payments.

HTL also has below-average financial risk profile marked by small
net worth, high gearing, and weak debt protection metrics.
Moreover, company has modest scale of operations in the fragmented
and competitive leather goods industry. The company, however,
benefits from the extensive industry experience of its promoters.

Set up as a partnership firm called Hi Tech Leathers in June 2008,
HTL was reconstituted as a private limited company and got its
present name in 2009. Based in Bengaluru (Karnataka) and promoted
by Mr. K L Nagendra, HTL manufactures leather garments and leather
products for the export market.


HINDUSTHAN HEALTH: CARE Rates INR8.18cr Bank Loan at 'D'
--------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Hindusthan
Health Point Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     8.18       CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Hindusthan Health
Point Private Limited factors in the ongoing delays in debt-
servicing on account of the stressed liquidity position of the
company.

HHP, incorporated in the year 2000, is a Kolkata-based company,
promoted by Mr Basant Kumar Sethia and Mr Sudhanshu Sethia (son of
Mr Basant Kumar Sethia). HHP is a multi-speciality hospital,
engaged in providing a host of medical services. The hospital has
100 beds and is equipped with state-of-the-art facilities and well
qualified & experienced doctors/surgeons. The hospital has tie-ups
with various corporates, in addition to Third Party Administrators
(TPA) with most of the public/private insurance companies.

As per the audited results of FY13 (refers to the period April 01
to March 31), HHP reported a PBILDT and a PAT of INR1.9 crore
(INR2.1 crore in FY12) and INR0.3 crore (INR0.1 crore in FY12)
respectively on a total income of INR7.4 crore (INR5.5 crore in
FY12). Further, the company achieved INR5.9 crore of total
operating income in 9MFY14.


HOTEL VAIBHAV: CRISIL Rates INR50MM Bank Loan at 'B-'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Hotel Vaibhav (HV).

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

The rating reflects HV's exposure to risks related to funding,
implementation, and commercialisation of its proposed hotel in
Panvel (Navi Mumbai). The rating also factors in HV's limited
experience in hotel management and vulnerability to cyclical
demand in the hospitality industry. These rating weaknesses are
partially offset by financial support from the J M Mhatre (JMM)
group and benefits the hotel draws from its advantage of location.

Outlook: Stable

CRISIL believes that HV will benefit from the JMM group's
established market position and financial support. The outlook may
be revised to 'Positive' if the company improves its overall
financial risk profile with sizeable cash flows and earlier-than-
expected completion of its proposed hotel construction project.
Conversely the outlook may be revised to 'Negative' if HV's
capital structure deteriorates because of project time or cost
overruns or any change in the project's scope and scale.

HV was founded in 2010 as a part of JMM group. The firm is
expected to commence the construction of a three-star hotel in
Panvel (Navi Mumbai) in September, 2014; the hotel could be
operational from March 2017. HV also owns a small hotel in Old
Panvel, Navi Mumbai, which has been leased on a long-term basis.

HV is a part of the JMM group, which is engaged in civil
construction, providing custom-based warehousing services, toll
collection and construction of residential real estate projects.


I. B. BUILDCON: CARE Assigns 'B' Rating to INR14.75cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facility of I. B.
Buildcon Private Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term Bank Facility      14.75     CARE B Assigned

Rating Rationale

The rating assigned to the bank facility of I. B. Buildcon Private
Limited is constrained by the fluctuating trend in turnover and
profitability, weak debt coverage indicators and the stretched
operating cycle. The rating is further constrained by steel price
volatility risk on uncut ship inventory, high competition and
regulatory & environmental hazard risk.

The aforesaid constraints far outweigh the strengths derived from
the experience of the promoters and management team and
comfortable overall gearing.

IBB's ability to achieve envisaged sales, timely recovery of the
debtors and liquidating the inventory held are the key rating
sensitivities.

Incorporated in 2007, I. B. Buildcon Private Limited is engaged in
ship breaking activities and purchase and sale of movable and
immovable assets. IBB purchases ships, primarily bulk carriers and
cargo ships, either directly from the ship owners or agents which
is then sold as scrap. The ship breaking operations are carried
out at premises which are taken on rent from the Bombay Port
Trust. IBB sells scraps through its group companies.

IBB has three more group companies engaged in similar line of
business name I. B. Commercial Private Limited (IBC), I. B.
Trading Private Limited (IBT) and Realstar Impex Private Limited.

During FY13 (refers to the period April 1 to March 31) IBB
reported a total income of INR7.07 (as compared to INR25 crore for
FY12) and PAT of INR0.08 crore (as compared to INR0.02 crore for
FY12).  During 9MFY14, IBB has not booked any sales as the there
were no ships available and the immovable property is yet to be
sold. IBB had scrap and immovable assets amounting to INR8.79
crore as on March 31, 2013 (of which real estate property is of
INR8.23 crore).


LEO TIMBER: CRISIL Places 'B+' Rating on INR70MM Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Leo Timber Pvt Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           --------      -------
   Proposed Long Term      38.5       CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit             31.5       CRISIL B+/Stable

   Letter of Credit        50         CRISIL A4

The ratings reflect the company's below average financial risk
profile, marked by a weak capital structure and weak debt
protection metrics. The ratings also reflect its modest scale of
operations and exposure to intense competition. These rating
weaknesses are partially offset by the promoters' extensive
industry experience and modest risk management policies.

Outlook: Stable

CRISIL believes that LTPL's credit risk profile will remain weak
over the medium term, on account of its weak financial risk
profile and modest scale of operations. The outlook may be revised
to 'Positive' in case of significant improvement in the company's
scale and profitability, while it sustains its working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in the company's scale or further
deterioration in capital structure on account of a stretch in
working capital requirements.

Incorporated in 1996, LTPL trades in timber. The company is based
in Delhi and the day-to-day operations are managed by Mr. Devender
Singh.


NAIKNAVARE HOUSING: CARE Raises Rating on INR35cr Loan to 'B-'
--------------------------------------------------------------
CARE revises the rating to the bank facilities of Naiknavare
Housing Developments Private Limited.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long-term Bank            35         CARE B- (Revised from
   Facilities                           CARE B- to CARE D
                                        and upgraded to CARE B-)

Rating Rationale

The revision in the rating assigned to the bank facilities of
Naiknavare Housing Developments Private Limited to 'Single D'
reflects delays in debt servicing by the company in H1FY14
(refers to period April 1 to September 30). The rating was hence
revised to 'CARE D (Single D)' as per CARE's policy of recognizing
default. However, following regularization of debt servicing by
the company from October 2013, the rating stands revised to CARE
B- (Single B Minus).

The rating continues to be constrained by the risk associated with
the execution of the project- 'Dwarka' due to high dependence on
the customer advances and liquidity stress due to slow sales
momentum vis-a-vis construction schedule. The rating further
remains constrained by the cyclical nature of the real estate
industry and exposure to competition from other projects in the
vicinity.

The rating, however, continues to derive strength from the
experience of the promoters and the management team in the Pune
real-estate market, location advantage considering the target
customer profile and moderate booking status of the project.

The ability of NHDPL to mobilise customer advances and execute the
project in due time and sell the remaining area at envisaged rates
shall remain the key rating sensitivities.

NHDPL, incorporated on April 27, 2007 by Mr Hemant Naiknavare
(Director of NHDPL and Chairman of Naiknavare Group), is a special
purpose vehicle of the Naiknavare Group formed for the purpose of
executing a mixed space project consisting of a residential,
commercial and hospitality area. The project is being developed
under the name 'Dwarka' at Mahalunge, Tal: Chakan, Pune. NHDPL is
a joint venture between the promoters of Naiknavare Group and a
Mauritius based fund house- AMIF RE Investment III Limited (AMIF),
with a shareholding pattern of 50:50. AMIF has invested in project
'Dwarka' and this investment is expected to continue till
completion of the project i.e.
March 31, 2017 (as per the revised schedule).

During FY13, NHDPL achieved a PBILDT and Net Profit of INR2.01
crore and INR1.03 crore, respectively, on a total income of
INR61.24 crore compared with PBILDT and Net Profit of INR0.84
crore and INR0.30 crore, respectively, on a total operating income
of INR61.13 crore in FY12.


NKB EXTRUSIONS: CRISIL Lowers Rating on INR130MM Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of NKB
Extrusions Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4' because of delays in repayment of term debt
obligations. The delays are because of the company's weak
liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         10        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            20        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')
   Inland/Import Letter
   of Credit               8.5      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan              91.5      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The ratings also reflect NKB's weak financial risk profile, marked
by a small net worth, high gearing, and weak debt protection
metrics. The ratings also reflect the company's expected small
scale of operations because of its start-up nature of business and
its exposure to high demand risk. These rating weaknesses are
partially offset by NKB's diversified product portfolio, imparting
stability to revenue.

NKB was incorporated in 2010 by Mr. Nirmal Kumar Bagaria, Mr.
Deepak Kumar Lohia, Mr. Nilin Bagaria, and Mr. Kshitij Kesara. It
started operations in July 2012. The company manufactures
tarpaulin and fertiliser bags.

NKB reported a net loss of INR8 million on net sales of INR53
million for 2012-13 (refers to financial year, April 1 to
March 31).


NM FOODS: CARE Assigns 'B' Rating to INR2cr Bank Loan
-----------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of NM Foods.

                                 Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities      2        CARE B Assigned
   Short-term Bank Facilities     6        CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of NM Foods (NMF) are
primarily constrained by its small scale and short track record of
operations coupled with weak financial risk profile and
working capital intensive nature of its operations. The ratings
are further constrained by its presence in a highly competitive
and fragmented nature of the industry, susceptibility of its
margins to fluctuation in raw material prices, foreign exchange
fluctuation risk and partnership nature of its constitution.

The ratings, however, favourably take into account the experienced
partners and favourable geographical location.

NMF's ability to scale up its operations while improving its
profitability margins and capital structure along with effective
working-capital management shall be the key rating sensitivities.

Karnal-based NM Foods was established as a partnership firm by Mr
Vinod Kumar and Mr Ramesh Kumar in 2010.The firm is engaged in the
trading and export of basmati and non-basmati rice. The
controlling office is located in Tarori, Karnal. The firm procures
processed rice from the local millers and exports mainly in the
Gulf countries like Iran, Iraq, Saudi Arabia and UAE.

Exports account for more than 90% of the firm's total operating
income during FY13 (refers to the period April 01 to March 31).
NMF has reported a net profit of INR0.09 crore on a total
operating income of INR37.35 crore during FY13. The firm had
achieved total sales of INR75 crore till March 31, 2014
(provisional results).


RAGHU INFRA: CRISIL Rates INR400MM Cash Credit at 'C'
-----------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Raghu Infra Pvt Ltd.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        750        CRISIL A4
   Cash Credit           400        CRISIL C

The ratings reflect instances of delay by RIPL in servicing its
debt (not rated by CRISIL). The delays have been caused by the
company's weak liquidity, driven by its large working capital
requirements.

The ratings also reflect RIPL's susceptibility to risks related to
fragmentation and intense competition in the civil construction
industry. These rating weaknesses are partially offset by
extensive industry experience of its promoters.

Set up in 1980, RIPL undertakes civil construction projects,
especially works related to irrigation and roads. The Bengaluru-
based company is promoted by Mr. K Shiva Rao and his family.

For 2012-13 (refers to financial year April 1 to March 31), RIPL
reported a profit after tax (PAT) of INR56.8 million on net sales
of INR1.1 billion (Rs.81.5 million and INR1.7 billion,
respectively, for 2011-12).


RAGHUNATH TRADERS: CRISIL Rates INR100MM Cash Credit at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Raghunath Traders.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit           100        CRISIL B/Stable

The rating reflects RT's below-average financial risk profile,
marked by weak debt protection metrics. The rating also reflects
RT's small scale of operations in the intensely competitive rice
industry, leading to low operating profitability. These rating
weaknesses are partially offset by the benefits that RT derives
from its proprietor's extensive experience in the basmati rice
industry.

Outlook: Stable

CRISIL believes that RT will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case RT registers
significant improvement in its scale of operations and operating
profitability and, hence, its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case the firm
registers a decline in its profitability or if its working capital
requirements are larger than expected, leading to pressure on its
financial risk profile.

RT is a proprietorship firm incorporated by Mr. Parveen Sharma and
is engaged in the trading of rice. The firm is based out of
Narela, Delhi and procures primarily from the Narela Mandi.


S.A. INFRA: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of S.A. Infra (earlier
known as Sandeep Associates) continue to reflect SAI's modest
scale of operations, and customer and geographical concentration
in business profile. These rating weaknesses are partially offset
by its promoters' extensive experience in civil construction
projects and its healthy order book.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         50        CRISIL A4 (Reaffirmed)
   Cash Credit           100        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SAI's credit risk profile will benefit from
its promoter's extensive experience in the civil construction
industry and its healthy relationship with the principal. The
outlook may be revised to 'Positive' if the firm reports
sustainable increase in scale of operations with stable operating
margin while it maintains its working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case SAI reports
substantially lower than expected sales and operating margin, its
working capital cycle deteriorates, it receives reduced financial
support from the principal, or undertakes any large debt-funded
capital expenditure (capex) programme further constraining its
financial risk profile.

Update
The company has scaled up its revenue to an estimated INR836
million in 2013-14 (refers to financial year, April 1 to
March 31), from just INR68 million in 2011-12 while maintaining
the profitability at 20 per cent. It has a strong order book of
INR3.5 billion as on March 31, 2014, which renders medium term
revenue visibility. However, the firm's revenue profile has been
highly volatile in the past. Its ability to execute the current
orders in time and sustain the growth momentum while maintaining
the profitability are key rating sensitivity factors.

Although the firm's operations are working capital intensive
marked by gross current asset (GCA) of over 250 days, its
liquidity profile is comfortable. The company receives substantial
unsecured loans from Patel Engineering Ltd (PEL), its primary
principal; the unsecured loans from PEL stood at INR89 million as
on March 31, 2014. Consequently, its fund-based bank limits are
utilised occasionally. The firm is also expected to generate cash
accruals of about INR100 million annually, which will be more than
sufficient to meet its debt obligations. However, any further
stretch in working capital cycle or reduction in financial support
from PEL could adversely impact SAI's liquidity and remains a key
rating sensitivity factor.

For 2012-13 (refers to financial year, April 1 to March 31), SAI
reported a net profit of INR50 million on revenues of INR307
million, against a net profit of INR11 million on revenues of
INR68 million in 2011-12.

SAI was set up as a proprietorship concern in 1980 by Mr. P D
Patel; it is currently managed by his son, Mr. Sandeep Patel. The
firm, located in Pune, primarily constructs roads (both concrete
and asphalt), flyovers, and bridges for Pune Municipal Corporation
and undertakes subcontracting work for PEL.


SHAMSHREE LIFESCIENCES: CRISIL Keeps B+ Rating on INR149.3MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shamshree Lifesciences
Ltd continue to reflect SLL's below-average financial risk
profile, marked by a modest net worth, high gearing, and average
debt protection metrics; the ratings also factor in the company's
increasing though modest scale of operations. These rating
weaknesses are partially offset by the extensive experience of
SLL's promoters in the pharmaceutical industry and funding support
to the company.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            45        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       20        CRISIL A4 (Reaffirmed)
   Proposed Long Term     11.8      CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility
   Term Loan              92.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLL's credit profile will remain constrained
over the near to medium term on account of increased debt
obligation and its modest accruals constrained by its scale of
operations. SLL however will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is significant improvement in the
company's scale of operations while it maintains its
profitability, leading to better than expected accruals.
Conversely, the outlook may be revised to 'Negative' if SLL's
financial risk profile declines, most likely because of
considerably low profitability, substantially large working
capital requirements, or any major debt-funded capital
expenditure, resulting in substantial debt in its capital
structure.

SLL, based in Baddi (Himachal Pradesh), was established in 2006 by
Mr. Jatinder Jain as a closely held public limited company;
however, it commenced operations only from December 2010. SIL
manufactures dry powder injectables, mainly antibiotics.


SHIVALAYA CONSTRUCTION: CRISIL Keeps 'C' Rating on INR100MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shivalaya Construction
Company Pvt Ltd continue to reflect the company's recent delays in
February 2014 in meeting its equipment loan obligations. The
delays have been caused by SCCPL's weak liquidity, driven by large
incremental working capital requirements commensurate with revenue
growth.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        700        CRISIL A4 (Reaffirmed)
   Cash Credit           100        CRISIL C (Reaffirmed)

The ratings also reflect SCCPL's limited revenue diversity and
susceptibility to intense competition in the construction
industry. These rating weaknesses are partially offset by SCCPL's
healthy order book and established track record.

Update
SCCPL's revenue growth is estimated at a healthy 16 to 18 per cent
in 2013-14 (refers to financial year, April 1 to March 31); the
company provisionally reported revenue of around INR1240 million
for the nine months ended December 31, 2013. SCCPL is likely to
remain on growth path in the near future on account of its healthy
unexecuted order book of INR3.5 billion as on December 31, 2013.
Its operating profitability is expected to remain moderate, around
13 per cent, over the medium term; the profitability declined in
2012-13 mainly because of slowdown in execution of
infrastructural/construction projects and increase in material
costs. SCCPL's working capital requirements remain large,
reflected in gross current assets of more than 160 days. SCCPL's
inventory is mainly in the form of work-in-progress stock for
projects in progress. It generally maintains inventory of about
two months for most raw materials, except bitumen, as it can only
be procured in bulk. SCCPL's gearing is healthy, at less than 1
time, supported by healthy net worth of INR430 million to INR450
million estimated as on March 31, 2014. The liquidity is
constrained by large incremental working capital requirements
commensurate with revenue growth leading to high utilisation of
bank limits with instances of overdrawn limits.

Set up as a partnership concern in 1991, SCCPL was reconstituted
as a private limited company in 1997. It was engaged in
construction of buildings till 1995, and thereafter, entered the
road construction business. SCCPL is involved in civil
construction and primarily undertakes construction, upgrade, and
maintenance of roads, including state highways and rural roads.


SHREE SIDHBALI: CRISIL Cuts Rating on INR1.60BB Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shree Sidhbali Ispat Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

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

   Funded Interest       142       CRISIL D (Downgraded from
   Term Loan                       'CRISIL B-/Stable')

   Letter of Credit       22.5     CRISIL D (Downgraded from
                                   'CRISIL A4')

   Term Loan            1000.5     CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Working Capital       235       CRISIL D (Downgraded from
    Term Loan                      'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by SSIL in
servicing its debt. The delays were because of the company's weak
liquidity, driven by lower-than-expected profitability in 2013-14
(refers to financial year, April 1 to March 31) resulting in low
cash accruals.

SSIL's scale of operations is small and susceptible to cyclicality
in the steel industry; the company has weak financial risk profile
marked by high gearing and weak debt protection metrics. SSIL,
however, benefits from its promoters' extensive industry
experience.

Set up in 2005 by the Amba group and the Sidhbali group, SSIL
manufactures mild steel (MS) bars and sponge iron. The company's
operations are backward integrated into manufacturing of sponge
iron, steel ingots, and steel billets. SSIL's manufacturing unit
is in Chandrapur (Maharashtra). The company also has a captive
power plant with capacity of 20 megawatts.


SHRI JI: ICRA Upgrades Rating on INR7cr Loan to 'B+'
----------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
for the INR7.00 crore cash credit limits of Shri Ji Traders.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Facilities    7.00        [ICRA]B+ upgraded

The rating revision takes into account the significant growth in
turnover of SJT over the last two years. The rating continues to
draw comfort from SJT's experienced promoters with long track
record in the agricultural commodities market and established
relations with key customers which have enabled it to secure
repeat orders from them in the past. Further, the assigned rating
continues to take into consideration strengths derived from being
a part of the Maheshwari group of companies which has an
established presence in Madhya Pradesh. However, the assigned
rating remain constrained by the competitive nature of business
the firm operates in, characterized by low margins and
vulnerability of profit margins to fluctuations in traded
agricultural commodity prices. The rating also takes into account
SJT's high gearing levels and modest coverage indicators.

Incorporated in 2003, Shri Ji Traders is engaged in trading of
agricultural commodities including wheat, soyabean, dhan, gram and
pulses like mung, masur, tuar etc. The firm is based out of
Pipariya, Madhya Pradesh and is a part of the Maheshwari group of
companies. The group was incorporated in 1977 and comprises Shri
Nath Traders and Shri Ji Traders, which are engaged in trading of
wheat and other agricultural commodities, and four sugar mills
viz. Shakti Sugar Mill, Narmada Sugars, Ramdev Sugars and Shrijee
Sugar & Power.

In FY 2012-13, SJT reported an operating income of INR89.23 crore
and a profit after tax of INR0.73 crore.


SHRI NATH: ICRA Upgrades Rating on INR7cr Bank Loan to 'B+'
-----------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
for the INR7.00 crore cash credit limits of Shri Nath Traders.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Facilities     7.00        [ICRA]B+ upgraded

The rating revision takes into account the significant growth in
turnover of SNT over the last two years. The rating continues to
draw comfort from SNT's experienced promoters with long track
record in the agricultural commodities market and established
relations with key customers which have enabled it to secure
repeat orders from them in the past. Further, the assigned rating
continues to take into consideration strengths derived from being
a part of the Maheshwari group of companies which has an
established presence in Madhya Pradesh. However, the assigned
rating remain constrained by the competitive nature of business
the firm operates in, characterized by low margins and
vulnerability of profit margins to fluctuations in traded
agricultural commodity prices. The rating also takes into account
SNT's high gearing levels and modest coverage indicators.

Incorporated in 2003, Shri Nath Traders is engaged in trading of
agricultural commodities including wheat, soyabean, dhan, gram and
pulses like mung, masur, tuar etc. The firm is based out of
Bankhedi, Madhya Pradesh and is a part of the Maheshwari group of
companies. The group was incorporated in 1977 and comprises Shri
Nath Traders and Shri Ji Traders, which are engaged in trading of
wheat and other agricultural commodities, and four sugar mills
viz. Shakti Sugar Mill, Narmada Sugars, Ramdev Sugars and Shrijee
Sugar & Power.

In FY 2012-13, SNT reported an operating income of INR63.26 crore
and a profit after tax of INR0.88 crore.


SIDHI VINAYAK: ICRA Assigns 'B' Rating to INR7.5cr Bank Loan
------------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR7.50 crore cash
credit facility of Sidhi Vinayak Metal and Salt Company Private
Limited.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limits-     7.50       [ICRA]B assigned
   Cash Credit

The rating takes into account the financial risk profile of
SVMSCPL characterized by weak profitability indicators, leveraged
capital structure and depressed level of coverage indicators and
the company's exposure to price risks as it holds significant
steel inventory, given the cyclicality inherent in the steel
industry. The rating also takes into account the high utilization
of bank limit which restricts financial flexibility. The rating is
also constrained by the highly competitive and fragmented nature
of the steel trading business which is characterized by low entry
barriers, which keeps margins under pressure. The rating, however,
derives comfort from the experience of the promoters in the steel
trading business and the significant growth in turnover observed
during 2012-13, though the scale of operations of the company
remains at moderate level.

Incorporated in the year 2005, SVMSCPL is currently engaged in the
trading of various iron and steel products like angles, channels,
sheets, billets, ingots etc. Earlier the company was named as
"Vinayak Metals & Chemicals" (VMC). The company is promoted by Mr.
Manoj Kumar Agarwal and Mr. Ankit Kumar Mittal.

Recent Results

During the first seven months of 2013-14, the company reported a
profit before tax of INR0.07 crore (provisional) on an operating
income of INR19.38 crore (provisional). The company reported a net
profit of INR0.11 crore on an operating income of INR66.16 crore
in 2012-13.


SMS INTERNATIONAL: CRISIL Puts 'B' Rating on INR75MM Loans
----------------------------------------------------------
RISIL has assigned its 'CRISIL B/Stable/ CRISIL A4' ratings to the
bank facilities of SMS International Beverages Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     -------
   Term Loan             60        CRISIL B/Stable
   Bank Guarantee         1        CRISIL A4
   Cash Credit           15        CRISIL B/Stable

The ratings reflect SMS's below-average financial risk profile,
marked by its high gearing, weak debt protection metrics and
modest net worth. The ratings also factor in the company's modest
scale of operations in the intensely competitive food processing
segment. These rating weaknesses are partially offset by the
promoters' extensive industry experience and their funding
support.

Outlook: Stable

CRISIL believes that SMS will continue to benefit from the
promoters' extensive experience and funding support. The outlook
maybe revised to 'Positive' if the company generates better-than-
expected cash accruals and efficiently manages its working capital
during its initial phase of operations. Conversely, the outlook
maybe revised to 'Negative' if SMS's financial risk profile is
further constrained most likely by lower-than-expected cash
accruals or larger-than-expected working capital requirement. Any
unanticipated delays in the receipt of subsidy from Ministry of
Food Processing India (MFPI) could also result in the outlook
being revised to 'Negative'.

SMS was established in 2013 in Solan (Himachal Pradesh). The
company manufactures various food products including fruit juices,
fruit drinks, jam, and jelly and commenced production in January
2014. SMS sells juices under the Juiceka brand. Mr. Mool Chand
Garg, Mr. Sanjay Mittal and Mr.Sudheer Gupta are SMS's promoters.


SPECIFIC ALLOYS: CRISIL Places 'B+' Rating on INR70MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Specific Alloys Pvt Ltd.

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

   Bill Discounting        45        CRISIL A4

   Cash Credit             55        CRISIL B+/Stable

The ratings reflect SAPL's average scale of operations and below-
average financial risk profile marked by modest net worth, high
gearing, and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
SAPL's promoters in the aluminium ingots industry and its
established relationship with prominent customers.

Outlook: Stable

CRISIL believes that SAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's financial risk profile driven by
large cash accruals or equity infusion along with efficient
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of low cash accruals or large working
capital requirements or debt-funded capital expenditure, leading
to pressure on liquidity.

SAPL was incorporated in 2000 by Mr. Narendra Surana and his
family members. The company manufactures aluminium alloy ingots,
primarily from aluminium scrap, at its manufacturing facilities in
Pune (Maharashtra).


SUMERU DEVELOPERS: CRISIL Assigns 'B' Rating to INR80MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sumeru Developers (SD).

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

   Proposed Long Term
   Bank Loan Facility     30        CRISIL B/Stable

The rating reflects SD's susceptibility to risks related to
implementation, demand, and funding of its newly launched project,
which is in the initial stage of implementation and its average
financial risk profile driven by high reliance on external debt to
fund the project. The rating also factors in the firm's
vulnerability to inherent risks and the cyclical demand in the
Indian real estate sector. These rating weaknesses are partially
offset by the extensive experience of SD's promoters in the real
estate market in Pune (Maharashtra), the funding support received
from them and low exposure to implementation risk associated with
its Sushrut project which is nearing completion
.
Outlook: Stable

CRISIL believes that SD will continue to benefit over the medium
term from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' if the
firm completes its project as per schedule and achieves better-
than-expected customer bookings and advances for the projects
leading to higher cash inflow. Conversely, the outlook may be
revised to 'Negative' if SD's liquidity is constrained, most
likely due to a time or cost overrun in its project, or lower-
than-expected advances from customers, resulting in substantially
low cash inflows, or if it undertakes any large debt-funded
projects.

SD, based at Pune and established in 2006, is a proprietorship
firm of the Raikar family of Pune. The firm is engaged in real
estate development. The firm has recently completed implementation
of project 'Sushrut' and it is currently undertaking construction
of a new residential project in Pune.


SUPREME ELECTROCAST: CRISIL Cuts Rating on INR225MM Loans to 'D'
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Supreme Electrocast Private Limited to 'CRISIL D/CRISIL D' from
CRISIL B-/Stable/CRISIL A4.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Letter of Credit       70        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Overdraft Facility    155        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating reflects continuous overdrawals of more than 30 days in
SEPL's overdraft account and devolvement of letter of credit owing
to its weak liquidity. The weak liquidity is on account of
irregular production in the recent history due to rising
overheads.

The rating also factors in SEPL's weak financial risk profile,
large working capital requirements and susceptibility to intense
competition in steel industry.

SEPL, set up in 2002 by Mr. M L Arora, manufactures ingots and
trades in various steel products including channels, iron scrap,
angles, plates and ingots. SEPL's factory at Sahibabad (Uttar
Pradesh) has an installed manufacturing capacity of 24,000 tonnes
of ingots per annum.


THOPPIL CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR80MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Thoppil Constructions
continue to reflect Thoppil's small scale of operations, the
geographical concentration in its revenue profile, and its
working-capital-intensive operations. These rating weaknesses are
partially offset by the firm's moderate financial risk profile,
marked by moderate gearing and debt protection metrics, and the
extensive experience of its promoters in the construction
industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee        60         CRISIL A4 (Reaffirmed)
   Cash Credit           80         CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Thoppil will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm achieves
significant improvement in its liquidity profile, because of
substantial increase in its cash accruals or lower-than-expected
working capital requirements. Conversely, the outlook may be
revised to 'Negative' if Thoppil's financial risk profile weakens,
most likely because of lower-than-expected cash accruals, or
significant increase in its working capital requirements, or debt-
funded capital expenditure (capex).

Update
Thoppil's turnover is estimated at INR700 million for 2013-14
(refers to financial year, April 1 to March 31) against INR584.00
million for 2012-13, supported by its healthy order book. Its
operating profitability was stable, at around 7 per cent, during
the period. CRISIL believes that Thoppil will report stable
revenue growth and profitability over the medium term driven by
its healthy order book and the management's policy of providing
for price volatility in its costing.

Thoppil's financial risk profile is moderate, marked by estimated
moderate gearing of 0.59 times as on March 31, 2014, against 0.68
times as on March 31, 2013. The firm has moderate debt protection
metrics, with interest coverage and net cash accruals to total
debt ratios estimated at 4.72 times and 0.50 times, respectively,
for 2013-14, against 3.54 times and 0.49 times, respectively, for
2012-13. However, Thoppil's financial risk profile is constrained
by its modest net worth, estimated at INR103.30 million as on
March 31, 2014. The firm plans capex of around INR23 million in
2014-15, to be funded through debt of INR18.80 million and through
internal accruals. Despite the proposed capex, its gearing is
expected to improve steadily over the medium term with moderate
accretion to reserves.

Thoppil's liquidity remains moderate, marked by sufficient cash
accruals to meet debt obligations, and moderate bank limit
utilisation. The firm utilised its bank limits at an average of
around 91.1 per cent over the 12 months through March 2014.
Thoppil is likely to generate annual cash accruals of around INR35
million vis-a-vis debt obligations of around INR5 million per
annum over the medium term. CRISIL believes that despite the debt
funded capex plans Thoppil will maintain its moderate liquidity
over the medium term, driven by steady cash accruals.

Thoppil, a partnership firm, was set up in 2005. It constructs
roadways, bridges, and buildings in Kerala. The firm, a Class A
contractor, mostly undertakes projects for government
organisations.


VIJAYA LAKSHMI: CRISIL Assigns 'B+' Rating to INR80MM Loans
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Vijaya Lakshmi Ginning and Pressing Company.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Proposed Long Term     1         CRISIL B+/Stable
   Bank Loan Facility

   Cash Credit           45         CRISIL B+/Stable

   Long Term Loan        34         CRISIL B+/Stable

The rating reflects VLGPC's modest scale of operations in highly
fragmented cotton ginning industry and its modest financial risk
profile, marked by high gearing, small net worth, and moderate
debt protection metrics. These rating weaknesses are partially
offset by the benefits derived by VLGPC from the extensive
industry experience of its promoters and established relationships
with key customers and suppliers.

Outlook: Stable

CRISIL believes that VLGPC will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially, leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes aggressive debt-funded
expansions, or if its revenues and profitability decline
substantially, leading to weakening in its financial risk profile.

Established in 2011 and based in Guntur (Andhra Pradesh), VLGPC is
engaged in cotton ginning and pressing. The firm is promoted by
Mr. Jagadeesh Babu.

VLGPC reported a profit after tax (PAT) of INR1.3 million on net
sales of INR208.5 million for 2012-13 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.9 million on net
sales of INR125.4 million for 2011-12.



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


JLOC XXX TRUST: Fitch Cuts Class C TBIs Rating to 'Dsf'
-------------------------------------------------------
Fitch Ratings has downgraded JLOC XXX's class C trust beneficiary
interests (TBIs) and affirmed the class D TBIs.  Fitch has also
downgraded two classes of JLOC XXX Satellite TBIs.
Simultaneously, Fitch has withdrawn the ratings on the four
classes due to tranche default. The transactions are Japanese CMBS
securitisations.  The rating actions are as follows:

JLOC XXX Trust
Class C TBIs downgraded to 'Dsf' from 'Csf'; Rating Withdrawn
Class D TBIs Affirmed at 'Dsf'; Rating Withdrawn

JLOC XXX Satellite TBIs
Class 1 mezzanine TBIs downgraded to 'Dsf' from 'Csf'; Rating
Withdrawn Class 2 mezzanine TBIs downgraded to 'Dsf' from 'Csf';
Rating Withdrawn

Key Rating Drivers

The downgrade to 'Dsf' of the three TBIs reflects the write-down
of their principal on the payment date in April 2014, after the
workout activity for the remaining defaulted underlying loan
resulted in partial recovery.  Six properties backing the
defaulted loan have been sold since the previous rating action in
July 2013 and the proceeds were sufficient to redeem the class A
and B TBIs in full.  The servicer determined the unrecoverable
loan principal, and as a result, all four TBIs will be fully
written down on the respective payment dates in April 2014.

Fitch will no longer calculate the Recovery Estimate for these
transactions following the withdrawal of the ratings.

At closing in May 2006, the JLOC XXX Trust was originally a
securitisation of five Tokutei Mokuteki Kaisha specified bonds
(TMK bond) and a senior portion TBI of a satellite trust, backed
by a TMK bond (collectively, the underlying loans), and ultimately
backed by a total of 125 properties.

The JLOC XXX Satellite TBIs are junior TBIs of a satellite trust,
backed by a TMK bond and ultimately backed by a total of 24 hotel
properties at closing in May 2006.


SONY CORP: Sees Wider Full Year Loss on PC Business Exit
--------------------------------------------------------
Kana Inagaki and Megumi Fujikawa at The Wall Street Journal report
that Sony Corp. said on May 1 that it faces a wider loss for the
just-ended business year than previously expected, and slashed its
operating-profit outlook by two-thirds due to the costs of getting
out of the unprofitable personal-computer business.

According to the Journal, analysts said Sony's third outlook cut
in six months could drive away even the loyalists still believing
in the company's promise to turn around its flagging consumer-
electronics business.  The Journal relates that the grim forecast
also stands out from Japanese rivals in the electronics industry
such as Panasonic Corp. and Fujitsu Ltd., which are returning to
profit after withdrawing from unprofitable business areas.

"It is another major letdown," the Journal quotes Tomoichiro
Kubota, a senior market analyst at online brokerage Matsui
Securities Co., as saying. "The contrast is stark with Sony
anticipating a bigger loss while other companies are starting to
enjoy the fruits of their restructuring measures," he said.

Sony attributed the guidance cut to about JPY30 billion ($293
million) in extra costs to dispose of its PC business, and to
impairment charges from weaker overseas demand for Blu-ray discs
and DVDs.

In February, the Journal recalls, the company said it expected a
JPY110 billion ($1.1 billion) loss to fix its unprofitable PC and
television businesses. Now, it expects a JPY130 billion loss for
the year ended in March, even as it raised its revenue target by a
slender 0.9%. As part of its restructuring measures, the company
earlier announced a cut of 5,000 jobs, the sale of its PC business
and the split-off of its TV division into a separate subsidiary,
the report relays.

According to the Journal, Sony also slashed its full-year
operating-profit forecast to JPY26 billion from JPY80 billion, far
below a forecast of JPY78.82 billion in a poll of 17 analysts by
financial-data provider Quick. It expects to book a JPY25 billion
write-off related to its overseas disc-manufacturing business, the
Journal notes.

The Journal relates that Naoki Fujiwara, a fund manager at Shinkin
Asset Management Co., said the latest revision might not be a
major market shock because the company is bringing forward some of
the restructuring charges that had been expected for the current
fiscal year.  Sony said the total restructuring costs of about
$1.4 billion for the two years through March 2015 remain
unchanged, the Journal.

Based in Japan, Sony Corporation -- http://www.sony.net/--engages
in the operation of imaging products and solution (IP&S), game,
mobile products and communication (MP&C), home entertainment and
sound (HE&S), device, movie, music, financial and other business.
The IP&S segment provides digital imaging products and
professional solutions.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 29, 2014, Moody's Japan K.K. has downgraded the Issuer Rating
and the long-term senior unsecured bond rating of Sony Corporation
to Ba1 from Baa3. The ratings outlook is stable.
At the same time, Moody's has downgraded the short-term rating of
its supported subsidiary, Sony Global Treasury Services Plc, to
Not Prime from Prime-3.



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


* Weakening Mining Highlights Risks for Banks, Fitch Says
---------------------------------------------------------
The extension of a debt repayment by Mongolian Mining Corporation
(MMC) highlights the pressures for the industry and the risks for
local banks, Fitch Ratings says.  Mongolian banks do not have
excessively high direct exposure to mining, but the deteriorating
operating environment for the country's key export sector
heightens wider macro risks to the banking system.  There are no
immediate rating implications for the banks, as our ratings and
their Outlooks for Khan and Xac (both 'B/Negative') already
reflect the harsher operating environment.

Mongolian banks are susceptible to the liquidity and profitability
pressure in the mining sector as this flows through to the broader
economy. Mining's weakness stems largely from depressed demand, as
indicated by falling prices.  This also has a negative impact on
the Mongolian turgrik, which depreciated by 20% in 2013 and by
another 6% so far this year.  With foreign-currency loans at
around 30%, banks are exposed to credit risk from a weaker local
currency, even though foreign-currency lending is largely to
corporates with natural or financial hedges.

Credit risks have built up for the banks due to an exceptionally
loose macro policy that has fuelled credit growth above nominal
GDP.  Buffers against the risk are not robust, as the brisk pace
of credit expansion at capped rates under the government's loan
programme pressures margins, liquidity and capital. Growth of non-
performing loans is rapidly outstripping that of total loans,
rising by 93% yoy in March 2014 against 54%.  The headline figure
for NPLs remained at 5.2% of total loans (4.2% a year before).
But Fitch believes this underestimates asset-quality stress as it
only captures 90-days-or-longer-overdue loans.

Mongolian banks' direct lending to the mining sector was a modest
12% of total lending at end-2013 because they lack the capacity to
fund large projects.  Financing has been provided by global
financial institutions, which have had to extend their funding
commitments due to delays.  Among the local banks, Trade and
Development Bank of Mongolia has a USD40m short-term unsecured
loan to MMC.  The loan is about 1.3% of the bank's total assets or
18% of equity, and so manageable. Golomt's loans to the mining
industry represented 11% of its end-2013 lending, while Khan and
Xac (both 'B/Negative') had small lending exposures at 4% and 3%,
respectively.  The Development Bank of Mongolia does occasionally
guarantee mining loans in part, which mitigates some of the credit
risk.

The mounting pressure on Mongolia's economic and financial
stability underpins the Negative Outlook on our 'B+' sovereign
rating.  Mongolia has a macro-prudential risk indicator of 'MPI3',
reflecting a high risk of systemic stress from rapid credit
growth, strong asset-price growth, and appreciation of the real
effective exchange rate.



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


DOMINION FINANCE: Director Suspended as Lawyer for 12 Months
------------------------------------------------------------
The New Zealand Lawyers and Conveyancers Disciplinary Tribunal has
suspended Robert Barry Whale from practice as a barrister and
solicitor for a period of twelve months commencing from March 20,
2014.

Mr. Whale was admitted as a barrister and solicitor in 1970 but
does not currently hold a practising certificate, having not
renewed his certificate as at June 2013.

The tribunal has also ordered Mr Whale to pay the costs of the New
Zealand Law Society, which had charged him with having been
convicted of an offence punishable by imprisonment with the
conviction tending to bring his profession into disrepute.

Mr. Whale admitted the charge.

The criminal convictions were Securities Act offences committed
when he was a director of Dominion Holdings Finance Ltd and its
subsidiaries Dominion Finance Group Ltd and North South Finance
Ltd.

As a director of an issuer of securities Mr Whale was convicted of
four offences for signing registered prospectuses that were
distributed and which included untrue statements. As a director of
an issuer of securities he was also convicted of three offences
for distributing an advertisement that included untrue statements.

New Zealand Law Society President Chris Moore says the High Court
found that Mr Whale's conduct amounted to "gross negligence" and
he had admitted that he had not read the prospectuses before
signing them.

"Our securities laws are there to protect the public and to keep
investors fully informed. The public is entitled to expect that
members of the legal profession will perform to a high standard
and ensure that protection is maintained," he says.

Mr. Barry, a director of Dominion Finance and North South Finance,
was acquitted of theft by person in a special relationship charges
in a Serious Office case last year. But the lawyer -- in his mid
60s -- was sentenced on separate charges to 12 months home
detention, 250 hours of community service and ordered to pay
NZ$75,000 in reparations after he admitted making untrue
statements in offer documents, according to NZ Herald.

Based in Auckland, New Zealand, Dominion Finance Holdings
Limited was engaged in the provision of financial services
through the raising of debenture stock.  The company operated
through its wholly owned subsidiaries Dominion Finance Group
Limited and North South Finance Limited, and investment vehicle
Dominion Investment Fund Limited.  Both Dominion Finance Group
Limited and North South Finance Limited accepted debenture stock
investments and apply them (in conjunction with its own funds)
towards the provision of certain loans and other financial
accommodation.

Dominion Finance Group was put into receivership in
September 2008 owing about NZ$176.9 million to more than 5,900
investors. It was put into liquidation by the High Court at
Auckland in May 2009. Associate Judge Faire appointed William
Black and Andrew Grenfell of McGrathNicol as liquidators of the
firm.  Receiver Rod Partington of Deloitte said the liquidation
application will not affect the progress of the receivership.

North South Finance went into receivership in July 2010.

In total, the group is estimated to owe creditors NZ$400 million.



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


BDO UNIBANK: Fitch Affirms IDR at BB+; Outlook Revised to Pos.
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings on three Philippine banks -
Bank of the Philippine Islands (BPI), Development Bank of the
Philippines (DBP) and Land Bank of the Philippines (Landbank).
The agency has also upgraded Metropolitan Bank & Trust Company's
(Metrobank) Long-Term Issuer Default Rating (IDR) to 'BBB-' from
'BB+' and its Viability Rating (VR) to 'bbb-' from 'bb+'.  The
Outlooks for all four banks are Stable.

At the same time, the agency has revised BDO Unibank, Inc.'s (BDO)
Outlook to Positive from Stable and affirmed its IDR at 'BB+' and
VR at 'bb+'.  A full list of rating actions is provided at the end
of this commentary.

KEY RATING DRIVERS - VRs, IDRs and National Ratings

The banks' Long-Term IDRs and National Long-Term Ratings are
driven by their VRs.  The credit strengths of these five banks are
their stable deposit bases, liquid balance sheets, high core
capitalisation, reasonable loan loss reserves and satisfactory
earnings.  These ratings also reflect the structural issues that
all five banks and the Philippine banking sector face to varying
degrees, including their concentrated loan books, foreclosed
properties with modest reserves and developing corporate
governance standards, and the presence of conglomerates as
controlling shareholders.

BPI's ratings are supported by its strong domestic franchise,
solid financial performance, strong capitalisation and track
record of prudent management through economic cycles.  The ratings
of DBP and Landbank reflect their satisfactory financial profiles,
albeit with asset-related and state-influence risks, including
policy-oriented loans.  Despite their policy roles, both DBP and
Landbank still adopt a largely commercial approach, including
towards credit risk assessment. BDO's ratings reflect its market-
leading domestic presence, funding strength, sound capitalisation
and reserves, and modest but improving profitability and asset
quality.  Metrobank's ratings reflect its established domestic
presence and funding base, satisfactory record in asset quality
and profitability as well as improved loan-loss reserves.

The upgrade of Metrobank's ratings resolves the Positive Outlook
assigned to the bank last year, and reflects Fitch's view that the
continued improvements shown by the bank across a number of
quantitative and qualitative indicators, including the disposal of
a large portion of its non-core assets, have improved the bank's
credit profile.  Recent robust results have been aided by a
favourable operating environment and gains on asset sales.  Non-
core divestments have reduced Metrobank's holdings in its
associates to 5% of the bank's Fitch core capital at end-2013 from
15% at end-2012. .

The Stable Outlooks on BPI, Metrobank, DBP and Landbank reflect
Fitch's expectation that they will likely maintain steady risk
profiles over the near- to medium-term, underpinned by a robust
domestic economy, manageable corporate leverage and supportive
domestic interest rates.  Healthy domestic consumption and growth
in the manufacturing and services sectors should continue to drive
domestic demand.  This, together with strong foreign inflows, is
likely to fuel brisk expansion of credit activities, including in
property lending, which could lead to disproportionate asset price
inflation if left unchecked.  Nonetheless, Fitch's internal stress
tests show that the large banks are in a good position to weather
reasonable deterioration in the operating environment due to their
sound funding and loss-absorption capacities.  In addition, Fitch
expects that the central bank will likely take pre-emptive
measures to mitigate excessive risks building up within the
system.

The Positive Outlook on BDO reflects Fitch's view that recent
overall improvements in BDO's asset quality and profitability,
underpinned by a supportive operating environment, have brought
BDO's credit profile closer to those of 'BBB' range banks
globally.  However, BDO's loan growth has been relatively higher
than the industry in real estate-related lending, and around a
quarter of its trading portfolio is held in corporate bonds -
which could make the bank more vulnerable in a downturn.  These
factors, taken together with BDO's core funding, liquidity and
capitalisation strengths contribute to the revision of BDO's
Outlook to Positive.

RATING SENSITIVITIES - VRs, IDRs and National Ratings
Negative rating actions could occur should the banks' loss-
absorption capacities weaken in the face of event risks (such as
large acquisitions), aggressive growth plans or a material
increase in risk appetites, including increasing concentration of
exposures and excessive lending to the volatile property sector.
However, because the 'BB+' IDRs of BDO, DBP and Landbank are at
the same level as their Support Rating Floors (SRFs), the IDRs
will not be affected by a downgrade of the banks' VRs, unless
considerations underpinning their 'BB+' SRFs also weaken.

Positive rating actions for the large Philippine banks may stem
from sustainable improvements in the broader operating and
regulatory environment, including the above-mentioned structural
issues.  Upgrade prospects are low in the near term for BPI and
Metrobank, whose ratings are presently the highest among the
Philippine banks rated by Fitch, and also high compared with major
banks in similarly rated countries.  A higher SRF, possibly with a
sovereign rating upgrade would be likely to lift DBP's and
Landbank's IDRs although this likelihood is low in the near term
hence the Stable Outlooks.

An upgrade for BDO could occur following continued improvement in
the bank's profitability and asset quality, withprudent loan
growth at sustainable levels, and the bank's capital and funding
strengths maintained.

However, the Outlook for BDO may be revised to Stable, should the
bank's financial profile become vulnerable to a material build-up
of risks in the macroeconomic environment and domestic banking
sector.

KEY RATING DRIVERS AND RATING SENSITIVITIES - Support Ratings
(SRs) and SRFs

The SRs and SRFs of the five Philippine banks are the same at '3'
and 'BB+', respectively, reflecting Fitch's view of a moderate
probability of extraordinary state support available to them, if
needed.  Fitch believes that BPI, BDO and Metrobank are
systemically important in the Philippines on account of their
sizeable domestic deposit bases, while the same is true for DBP
and Landbank due to their 100% government ownership and quasi-
policy mandated roles.

A change in the government's ability to provide extraordinary
support, which could be indicated by a change in the sovereign
ratings, would affect the SRs and SRFs.  However this likelihood
is low in the near term as the Long-Term Foreign-Currency IDR for
the Philippines was recently affirmed at 'BBB-' with Stable
Outlook.

The SRs and SRFs will also be impacted by changes in the
government's propensity to extend timely support.  One development
that could lead to an adverse outcome, for instance, is global
initiatives to reduce the implicit state support available to
banks, although Fitch views this to be a longer-term risk for the
Philippines.

RATING SENSITIVITIES - Debt Ratings

The senior notes of BDO and DBP are rated the same as their Long-
Term IDRs.  This is because the notes constitute direct,
unsubordinated and senior unsecured obligations of the banks, and
rank equally with all their other unsecured and unsubordinated
obligations.  Any change in the IDRs would affect these issue
ratings.

DBP's legacy perpetual hybrid notes are rated three notches below
its VR, reflecting the presence of both subordination and going-
concern loss-absorption mechanisms.  The rating of these
securities is ultimately sensitive to a change in its VR.

The list of rating actions is as follows:

BPI
Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook Stable
Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook Stable
National Long-Term Rating affirmed at 'AAA(phl)'; Outlook Stable
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'

BDO
Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Revised
to Positive from Stable
Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Revised to
Positive from Stable
National Long-Term Rating upgraded to 'AA+(phl)' from 'AA';
Outlook Stable
Viability Rating affirmed at 'bb+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Ratings on senior notes affirmed at 'BB+'

Metrobank
Long-Term Foreign-Currency IDR upgraded to 'BBB-' from 'BB+';
Outlook Stable
Long-Term Local-Currency IDR upgraded to 'BBB-' from 'BB+';
Outlook Stable
Viability Rating upgraded to 'bbb-' from 'bb+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'

DBP
Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Stable
Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable
National Long-Term Rating affirmed at 'AA+(phl)'; Outlook Stable
Viability Rating affirmed at 'bb+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Ratings on senior notes affirmed at 'BB+'
Ratings on legacy perpetual callable subordinated hybrid notes
affirmed at 'B+'

Landbank
Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook Stable
Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable
National Long-Term Rating affirmed at 'AA+(phl)'; Outlook Stable
Viability Rating affirmed at 'bb+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'



                             *********

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.


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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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