TCRAP_Public/140507.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

               Wednesday, May 7, 2014, Vol. 17, No. 89


                            Headlines


A U S T R A L I A

FOCUS PRESS: Goes Into Liquidation
FOX MINING: Placed in Administration
HEXCODE TECHNOLOGIES: Enters Into Liquidation
MISSION NEWENERGY: Obtains AUD120,000 From Shares Offering
PETER VELLA: Jones Partners Appointed as Administrators

TRANSFIELD SERVICES: Moody's Assigns (P)B2 Corp. Family Rating
TRANSFIELD SERVICES: S&P Assigns 'BB' Rating; Outlook Stable


C H I N A

CHAORI SOLAR: Creditor Seeks Bankruptcy Steps for Firm
CHINA CERAMICS: Delays Filing of Fiscal 2013 Annual Report
COUNTRY GARDEN: Fitch Assigns 'BB+' LT FC Issuer Default Rating
GEMDALE CORPORATION: Moody's Revises Ba1 CFR Outlook to Negative


I N D I A

ATR WAREHOUSING: ICRA Reaffirms 'D' Rating on INR77cr Loans
BHOROSHA RICE: CRISIL Reaffirms 'B-' Rating on INR70.4MM Loans
BIG LION: ICRA Downgrades Rating on INR10cr Term Loan to 'D'
CMJ BREWERIES: CRISIL Reaffirms 'B-' Rating on INR2.02BB Loans
ELECTROMECH: CARE Assigns 'B+' Rating to INR2.5cr Bank Loan

FORTPOINT AUTOMOTIVE: CARE Rates INR28.83cr Bank Loan at 'B-'
G. A. INDUSTRIES: CRISIL Rates INR70 Million Loan at 'B-'
GOOD LUCK: CRISIL Reaffirms B+ Rating on INR108.7MM Loans
HYVOLT ELECTRICALS: ICRA Upgrades Rating on INR4cr Loan to 'B'
JIWAN TEXTILE: CRISIL Assigns 'B' Rating to INR80MM Loans

KAMAD GIRI: CRISIL Assigns 'B' Rating to INR100MM Loans
KHATUCO EXPORT: CRISIL Assigns 'B+' Rating to INR11MM Loan
KULODAY TECHNOPACK: ICRA Suspends 'B+/A4' Rating on INR27cr Loans
KUMAR SPINTEX: ICRA Suspends B+ Rating on INR14.36cr Loans
MAGMA METTCAST: ICRA Suspends 'D' Rating on INR35.73cr Loans

MTAB ENGINEERS: CRISIL Reaffirms 'B+' Rating on INR140MM Loans
PANACHE ALUMINIUM: ICRA Suspends 'B-' Rating on INR33cr Loans
PARAS FOODS: ICRA Reaffirms 'B' Rating on INR6cr Cash Credit
PREMIER CONVEYORS: ICRA Cuts Rating on INR4.1cr Loans to 'C+'
RABI ENGINEERING: CRISIL Reaffirms 'B+' Rating on INR10MM Loan

RAJINDRA PRASAD: CRISIL Reassigns B- Rating on INR7.5MM Loan
SARATHY COFFEE: CRISIL Reaffirms 'B' Rating on INR43.3MM Loans
SEVEN STAR: CARE Assigns 'D' Rating to INR11.51cr Bank Loan
SHRI SIDHDATA: ICRA Suspends 'B+/A4' Rating on INR105.19cr Loan
T.K. STEEL: ICRA Suspends 'B+' Rating on INR11.5cr Loans

TAJSHREE MOTORS: CRISIL Reaffirms 'B+' Rating on INR65MM Loans
UNICHEM IMPEX: ICRA Suspends 'B+' Rating on INR9cr Loan
VELTECH FORGING: ICRA Suspends 'B+' Rating on INR7.55cr Loan
VISHAL PAPER: CRISIL Reaffirms 'B+' Rating on INR170MM Loans
VRINDABAN TEA: ICRA Suspends 'B' Rating on INR7cr Loans

WHITE WAGON: ICRA Suspends 'B-' Rating on INR6cr Bank Loan


N E W  Z E A L A N D

GREENSHELL NZ: Receivers Sells Assets to Sanford
KIWI CAPITAL: S&P Assigns 'BB+' Issuer Credit Rating
PULSE ENERGY: Westpac Agrees to Waive Breach of Debt Agreements
WESTERN PACIFIC: Liquidation to Continue For Two Years


P A K I S T A N

PAKISTAN MOBILE: FY2013 Results Strong for B2 Rating Level


                            - - - - -


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


FOCUS PRESS: Goes Into Liquidation
----------------------------------
Worrells Solvency & Forensic Accountants' Aaron Lucan --
aaron.lucan@worrells.net.au -- and Nicholas Craig Malanos --
nick.malanos@worrells.net.au -- were appointed as liquidators of
Focus Press Pty Ltd on April 29, 2014.

A meeting of the creditors of the Company will be held at
ICAA Sydney, 33 Erskine Street, in Sydney, on May 14, 2014,
at 11:45 a.m.


FOX MINING: Placed in Administration
------------------------------------
James Alexander Shaw -- pgidley@shawgidley.com.au -- of Shaw
Gidley was appointed as administrator of Fox Mining & Engineering
Pty Limited on May 5, 2014.

A first meeting of the creditors of the Company will be held at
Shaw Gidley, Level 6, 384 Hunter Street, in Newcastle, on May 14,
2014, at 11:00 a.m.


HEXCODE TECHNOLOGIES: Enters Into Liquidation
---------------------------------------------
Cliff Sanderson at dissolve.com.au reports that HexCode
Technologies Pty Ltd has stopped trading and been ordered to enter
liquidation.  Philip Hosking -- phosking@hoskinghurst.com.au -- of
Hosking Hurst was appointed as the liquidator of the company on
April 23.

The debt of Hexcode has not been known yet but the amount the
company owed to the petitioning creditor was more than AUD20,000
which includes costs, dissolve.com.au says.

HexCode Technologies Pty Ltd is a partner with Cisco, Microsoft
and Sperry Software that specialises in network, desktop and
server solutions. Its head office is located in Tokyo while it has
offices in Hong Kong, Sydney, New York, India and Kuala Lumpur.


MISSION NEWENERGY: Obtains AUD120,000 From Shares Offering
----------------------------------------------------------
Mission NewEnergy Limited announced placing 15,000,000 shares at a
price of AUD0.08 per share raising AUD120,000 before any costs of
the offer.  The funds will be used for general working capital
purposes.

The placement was conducted pursuant to shareholder approval
received on March 28, 2014, to place up to 100,000,000 shares
within three months of approval.

In addition, 1,000,000 warrants have expired.  There are a further
1,995,000 warrants which expire on May 1, 2014.

Mission NewEnergy also announced that 1,995,009 warrants have
expired.

                      About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

The Company's balance sheet at Dec. 31, 2013, showed $4.92 million
in total assets, $13.96 million in total liabilities and a $9.04
million total deficiency.

Mission NewEnergy disclosed net profit of AUD10.05 million on
AUD8.41 million of total revenue for the year ended June 30, 2013,
as compared with a net loss of AUD6.19 million on
AUD38.20 million of total revenue during the prior fiscal year.

BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013.  The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million.  These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.


PETER VELLA: Jones Partners Appointed as Administrators
-------------------------------------------------------
Bruce Gleeson of Jones Partners was appointed as administrator of
Peter Vella Enterprises Pty Ltd on May 2, 2014.

A first meeting of the creditors of the Company will be held at
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, on May 14, 2014, at 10:00 a.m.


TRANSFIELD SERVICES: Moody's Assigns (P)B2 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba2
corporate family rating (CFR) to Transfield Services Limited
(Transfield Services) .

Moody's has also assigned a provisional (P)Ba3 senior unsecured
rating to a proposed US144a bond for approximately USD300 million
and a provisional (P)Ba1 rating to Transfield Service's proposed
senior secured syndicated and bilateral bank facilities for
approximately AUD500 million.

The US144a bond will be issued by Transfield Services, and the
senior secured syndicated and bilateral facilities will be issued
by Transfield Services or other subsidiaries operating in its
respective local markets. The bond and the bank facilities will be
guaranteed by a guarantor group comprised of Transfield Service's
subsidiaries, which collectively represent 85% of the group's
total earnings and total assets.

This is the first time that Moody's has assigned ratings to
Transfield Services.

The ratings outlook is stable.

The assignment of a definitive CFR and senior secured and
unsecured ratings on the corresponding debt instruments is subject
to the review of final documentation and successful closing of the
refinancing transaction.

The proceeds of the issuance will be used to repay existing debt
and for working capital requirements.

Ratings Rationale

"Transfield Service's ratings reflect its established position
within the competitive maintenance service market, and which
supports the company's ability to continue winning new contracts
and renewing existing ones," says Spencer Ng, a Moody's Assistant
Vice President and Analyst.

"Transfield Service's incumbent position, extensive subcontractor
network and breadth of its maintenance capabilities, provide it
with the ability to tailor and bundle its services to suit the
needs of individual clients", Ng says, adding "This is a key
differentiator in a highly competitive market."

"Transfield Service's large footprint across the various
infrastructure sectors and the oil and gas industry provide the
company with some protection against a downturn in a particular
industry and the challenges it could face with a particular client
or contract in a fairly fragmented maintenance services market,"
says Ng.

At the same time, Transfield Service's financial performance is
susceptible to a prolonged downturn in general economic conditions
as a majority of its revenue is generated under unit-based
contracts, and some of its fixed rate contracts are cancellable
upon notice.

Such risk is partly mitigated by the company's focus on the more
stable infrastructure sector, thereby reducing Transfield
Service's exposure to the slowdown in the mining sector.
Transfield Service's direct mining revenue represented around 4%
of total revenue in the first half of FY2014.

The rating is constrained by Transfield Service's high financial
leverage, which reduces its capacity to manage prolonged weakness
in general market conditions.

Moody's expect Transfield Service's financial leverage -- as
measured by its adjusted debt to EBITDA ratio to be around 4.0x to
4.25x in FY 2014.

The (P)Ba2 rating is predicated on Moody's expectation of an
improvement in its financial profile over the next 12 to 18
months, based on the company's public commitment to reduce
leverage through a combination of cost cuts, dividend suspension
and the use of excess cash to pay down its bank facilities.

The stable outlook reflects Moody's expectation for a general
stabilization in industry conditions in Australia and New Zealand,
and that Transfield Services will continue focusing on improving
its financial leverage.

The (P)Ba1 senior secured rating assigned to the proposed
syndicated and bilateral bank facility reflects a one-notch uplift
to Transfield Service's CFR of (P)Ba2, and which is indicative of
its superior secured position and claim in the company's capital
structure.

On the other hand, the (P)Ba3 senior unsecured rating assigned to
the proposed US144a bond -- one notch below the CFR -- reflects
the bond's inferior position and claim in the capital structure.

The CFR could be upgraded if there is a sustained improvement in
Transfield Service's adjusted gross debt to EBITDA (including
distributions from joint venture); such that it falls below 2.75x
on a consistent basis.

On the other hand, the CFR could be downgraded if the expected
improvement in Transfield Service's financial profile does not
materialize over the next 12-18 months, resulting in its adjusted
gross debt to EBITDA (including distributions from joint ventures)
remaining at around 4.25x or higher.

The principal methodology used in this rating was the Global
Construction Methodology published in November 2010.

Transfield Services is one of the leading integrated maintenance
services provider with a strong presence in the infrastructure,
hydrocarbon and public sector in Australia, New Zealand and the
United States.


TRANSFIELD SERVICES: S&P Assigns 'BB' Rating; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' rating to Australian operations and maintenance, and
facilities management provider Transfield Services Ltd.  The
outlook on the rating is stable.  At the same time, S&P has
assigned an issue rating of 'BB+' to the group's proposed senior
secured facilities.  The recovery rating on these facilities is
'2', indicating S&P's expectation of "substantial" recovery
prospects.  S&P has also assigned an issue rating of 'B+' to the
company's proposed senior unsecured bond with a recovery rating of
'6', reflecting S&P's expectation of "negligible" recovery
prospects.

"We have assessed Transfield Services' business risk profile as
"fair", underpinned by its good diversity in terms of end-markets,
service mix, and customer base.  In addition, its maintenance and
facilities management contracts provide stable revenues," said
Standard & Poor's credit analyst May Zhong.  "Tempering these
strengths are the competitive and fragmented nature of the
operation and maintenance, and facilities management industries;
and the company's relatively lower EBITDA margin compared to its
larger global peers."

With revenues of about A$3.4 billion in the fiscal year ended
June 30, 2013, the company is a medium-size provider of
operations, maintenance, facilities management, and construction
services in Australia.

From a credit perspective, Transfield Services' distinctive
competitive advantage is its diversified contract types, product
offerings, and customer base.  Contract and revenue concentration
is relatively low, with the 20-largest contracts accounting for
about 48% of total revenue in the first half of fiscal year 2014.
The company is actively present in six major industries with more
than 200 contracts.  The industry diversity insulates the company
from a severe downturn in cyclical industries such as mining or
oil and gas.  Its diverse product offerings also provide a stable
source of revenue.

About 45% of Transfield Services' contracts are priced based on a
schedule of rates, with 35% from fixed fees and 16% are
alliance/cost plus/key performance indicator based.  Only a modest
amount of contracts are priced as lump-sum fees.  Transfield
Services' work-in-hand in February 2014 was A$9.8 billion,
equivalent to 2.3 years of revenue for the 12 months to Dec. 31,
2013, providing good revenue visibility for the next two years.

"In our view, the industry Transfield Services operates in has
relatively low capital intensity and low barriers to entry,
leading to fragmented markets and price competition.  We view
Transfield Services' consolidated EBITDA margin of 6%-7% as
relatively modest, reflecting the competitive nature of the
industry and Transfield Services' high overhead costs.
Nonetheless, its EBITDA margin varies among different end-markets
and service types, from being mid-single digit in facilities
management in public and social services to the low 20% in
Easternwell energy services.  We expect the company to support its
EBITDA margins by actively managing its cost position," S&P said.

In the past, Transfield Services has pursued offshore expansion
with varying degrees of success.  The group historically had an
acquisitive growth strategy and the expansion has provided a
critical mass for Transfield Services and improved its service
breadth.  More recently, Transfield Services has sought to
consolidate its geographic footprint by exiting noncore or
underperforming assets/markets.  Its current strategy focuses on
stable and growing sectors, notably government facilities
management; operations and maintenance of infrastructure assets;
and servicing the hydrocarbon sector, most of which are located in
Australia.  In the first half of fiscal 2014, about 71% of its
revenue was from Australia, 16% from New Zealand, and the rest
mainly from North America.

Transfield Services' financial risk profile is "significant",
reflecting a ratio of funds from operations (FFO) to debt in the
20%-30% range, and debt to EBITDA between 3x and 4x.  S&P believes
that the company's free cash flow generation capacity is strong,
due to the low capital expenditure requirement of the services
industry.  Therefore, S&P expects the company to generate positive
discretionary cash flows, such that its adjusted debt could reduce
steadily from its peak levels in fiscal 2013.

Ms. Zhong added: "The stable outlook reflects our view that
Transfield Services' services and industry diversity should
underpin a stable financial performance in the next two years.
The steady growth in facilities management in Australia and New
Zealand should mitigate Transfield Services' softening earnings
momentum or underperformance in certain segments.  We also expect
the company's lease-adjusted EBITDA margin will be about 7%-8% in
the next two years, and that its working capital requirements will
be managed well.  We consider an adjusted FFO to debt of more than
20% and adjusted debt to EBITDA of less than 4x to be commensurate
with the 'BB' rating."

Upward rating movement would be considered if Transfield Services'
financial profile becomes more conservative while it pursues
growth opportunities.  This could be evidenced if its adjusted
debt-to-EBITDA (including operating lease obligations) is
sustained at the low 2x and lease-adjusted FFO to debt remains at
more than 30%.  Positive rating pressure could arise if the
company widens its EBITDA margin by turning around underperforming
contacts and improving its operating efficiency.

Downward rating movement could occur due to a weakening in
Transfield Services' earnings or cash flow metrics, in particular
if S&P expects its future FFO-to-debt to be lower than 20% or its
debt-to-EBITDA to be higher than 4x.  Downward rating pressure
could also arise if there is a reduction in volume, scope of work
or underperformance of the immigration contracts, without being
offset by new earnings streams elsewhere.  Although S&P do not
consider it likely, negative rating pressure could also arise from
a sizable debt-funded acquisition, large dividend payments or
capital return at a time when its earnings are under pressure.



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


CHAORI SOLAR: Creditor Seeks Bankruptcy Steps for Firm
------------------------------------------------------
Reuters reported that a creditor sought bankruptcy restructuring
for Chaori Solar, the firm that caused ripples in world markets
with China's first domestic bond default, and the company said it
had not yet agreed to any deal to stay solvent.

According to the report, metals and materials company Shanghai
Yihua applied to Shanghai's intermediate court to put the solar
equipment company into bankruptcy restructuring, Chaori said in a
filing to the Shenzhen stock exchange.

"The creditor filed the application because of Chaori Solar's
inability to pay the debts due and to stay solvent," Chaori said
in the filing, adding that it was uncertain whether the court
would accept the application, the report related.

Chairman Ni Kailu of the company, the full name of which is
Shanghai Chaori Solar Energy Science and Technology Co Ltd, has
been in talks with several parties to seek funds to help it stay
afloat, the report further related.  But it said in a separate
announcement that the chairman's efforts have been fruitless so
far.

"Due to the company's huge debt, stakes that are being frozen, and
the deteriorating business operations, Chairman Ni Kailu has been
unable to reach any agreement yet," the statement said, the report
added.

Headquartered in Shanghai, China, Shanghai Chaori Solar Energy
Science & Technology Co., Ltd. engages in the research,
development, and manufacture of solar solutions in the People's
Republic of China, rest of Asia, Europe, North America, and
Oceania. The company offers crystalline modules, such as mono
modules, poly modules, black pearls, and T-modules; crystalline
silicon solar cells; wafers; ingots and chunks; and solar lamps.


CHINA CERAMICS: Delays Filing of Fiscal 2013 Annual Report
----------------------------------------------------------
China Ceramics Co., Ltd. on May 2 disclosed that on May 1, 2014 it
filed a notification on Form 12b-25 with the Securities and
Exchange Commission of the Company's inability to timely file its
Annual Report on Form 20-F for the year ended December 31, 2013.
The audit of the Company's consolidated financial statements for
the year ended December 31, 2013 has not been completed.  On
April 30, 2014, the Company terminated the engagement of Grant
Thornton (Shanghai, PRC) ("GT") as its principal independent
registered public accountants.  Following the GT termination, the
Company engaged Crowe Horwath (HK) CPA Limited ("CHHK") as the
Company's principal independent registered public accountant to
audit the Company's financial statements for the fiscal years
ended December 31, 2013, 2012 and 2011, as well as to perform
services related to the auditing of those financial statements.
The Audit Committee and the Board of Directors voted to terminate
GT's engagement and to engage a new auditing firm on April 27,
2014, and on April 30, 2014 the Audit Committee and the Board of
Directors approved the engagement of CHHK. CHHK was formally
engaged on May 1, 2014.  The Company anticipates that the
completion of the audit process and subsequent filing of the 2013
Annual Report on Form 20-F will occur within ninety days of the
date of this press release.  Further information regarding the
above-disclosed circumstances will be provided in a Report on Form
6-K which the Company intends to file within a few days.  In a
related event, The Nasdaq Stock Market halted trading in the
Company's securities pending the issuance by Nasdaq of information
requests and Nasdaq's receipt of the Company's responses to those
requests.  The Company intends to cooperate fully with Nasdaq's
inquiry.  However, based on Nasdaq's communications with the
Company, the Company does not expect trading to recommence on
Nasdaq until all of the Company's periodic reports have been
filed.  There can be no assurance that trading will recommence or
when it may recommence.  Moreover, it is possible that Nasdaq may
seek to delist the Company's securities based upon the Company's
failure to timely file its periodic reports before the Company is
able to regain compliance with its reporting requirements.  If
there is an extended trading halt, there is a possibility that
trading could occur on the OTCBB or the pink sheets.

On May 1, 2014, the Company received a letter from the Director,
Listing Qualifications, Nasdaq (the "Letter"), informing the
Company that it no longer complies with the Nasdaq requirements
for continued listing set forth in Nasdaq Listing Rule 5250(c)(1),
which requires the timely filing of periodic reports.  The non-
compliance cited in the letter was the result of the Company's
failure to timely file its Annual Report on Form 20-F for the year
ended December 31, 2013.  The Letter states in part that the
Company has the opportunity to submit a plan prior to June 2, 2014
that addresses the details of the Company's plan to regain
compliance with the Nasdaq Marketplace Rules.  Further information
regarding the Letter may be found in the Company's separate press
release addressing the Letter that will be issued later this day
and that is entitled "China Ceramics Announces Receipt of Nasdaq
Non-Compliance Letter & Opportunity To Submit A Plan of
Compliance."

Changes In Board Constituency

On April 27, 2014, following the Audit Committee determination to
terminate GT and to engage a new auditing firm, William L.
Stulginsky, the former Chairman of the Audit Committee, tendered
his resignation as an independent director and Chairman of the
Audit Committee.  Following Mr. Stulginsky's resignation, the
Board appointed Liu Jianwei, an independent member of the Board,
to the office of the Chairman of the Audit Committee, effective
immediately.  Mr. Liu was appointed to the Board on January 7,
2014.  Prior to this Chairmanship appointment, he served as a
member of the Board's Audit Committee, Compensation Committee and
Nominating Committees, respectively, and he continues to serve on
each of those Committees.  On April 28, 2014, Su Pei Zhi tendered
his resignation as a Board member to ensure that a majority of the
Board of Directors continued to consist of independent directors.
As a result of the above-described changes to the Board
constituency, the Board includes three independent directors, Liu
Jianwei, Shen Chengliang and Cheng Yan Davis, and two executive
directors, Huang Jia Dong and Su Wei Feng.

Write Down of Assets in the Fourth Quarter of 2013

During the course of the preparation of its 2013 financial
statements, the Company identified certain adjustments in the
fourth quarter in connection with a write down of assets resulting
from unused capacity at the Company's Hengdali facility.  The
Company's Hengdali facility utilized capacity capable of producing
eight million square meters of ceramic tiles annually in 2013 out
of an annual productive capacity of 30 million square meters.  The
Company's current estimate of the asset write-down for the fourth
quarter is approximately $7.5 million.

Preliminary Unaudited Financial Results for the Fourth Quarter of
2013

Revenue for the fourth quarter ended December 31, 2013 was
RMB220.3 million (US$36.5 million), a decrease of 10.2% as
compared to the fourth quarter of 2012.  The year-over-year
decrease in revenue was due to an 11.5% decrease in sales volume
to 7.7 million square meters of ceramic tiles.  The Company
attributes its reduced revenue to improved but still recovering
business conditions in China's real estate and construction
sectors as a result of the difficult market conditions that began
in late 2012.  Gross profit for the fourth quarter ended
December 31, 2013 was RMB6.4 million (US$1.1 million), a decrease
of 78.2% as compared to the fourth quarter of 2012.  The year-
over-year decrease in gross profit margin was caused by higher raw
material prices, a change in product mix towards lower profit
margin products and an increased inventory provision which
increased cost of sales.  Of the total cost of sales for the
quarter ended December 31, 2013, RMB12.7 million (US$2.1 million)
related to a provision for inventory that was aging as compared to
RMB3.2 million (US$0.5 million) for the quarter ended
December 31, 2012.

Preliminary Unaudited Financial Results for the Fiscal Year ended
December 31, 2013

Revenue for the year ended December 31, 2013 was RMB932.9 million
(US$151.9 million) a decrease of 35.4% as compared to RMB1,444.9
million (US$ 230.7 million) from year ended December 31, 2012.
The year-over-year decrease in revenue was mainly was due to a
24.8% decrease in the sales volume of ceramic tiles to 34.7
million square meters in the year ended December 31, 2013 from
46.2 million square meters in the same period in 2012 and a 14.1%
decrease in the Company's average selling price, which decreased
to RMB26.9($4.4) per square meter for the year end 2013 per square
meter compared to RMB31.3($5.0) per square meter for the year end
2012.  The Company attributes its reduced sales volume in fiscal
2013 to the continued challenging business conditions in China's
real estate and construction sector.  However, the Company
believes that the decrease in the pricing of its ceramic tile
products is temporary and that product pricing will revert to
normal levels once business conditions improve.  Gross profit was
RMB67.0 million (US$ 10.9 million), down 82.4% from RMB381.0
million (US$60.8 million) for the year ended December 31, 2012.
The year-over-year decrease in gross profit margin was primarily
driven by a decrease in its average selling price and an increase
in materials and labor costs.

                 About China Ceramics Co., Ltd.

China Ceramics Co., Ltd. -- http://www.cceramics.com-- is a
manufacturer of ceramic tiles in China.  The Company's ceramic
tiles are used for exterior siding, interior flooring, and design
in residential and commercial buildings. China Ceramics' products,
sold under the "Hengda" or "HD", "Hengdeli" or "HDL", the "TOERTO"
and "WULIQIAO" brands, and the "Pottery Capital of Tang Dynasty"
brands, are available in over 2,000 style, color and size
combinations and are distributed through a network of exclusive
distributors as well as directly to large property developers.


COUNTRY GARDEN: Fitch Assigns 'BB+' LT FC Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has assigned Country Garden Holdings Co. Ltd.
(Country Garden) a Long-Term Foreign Currency Issuer Default
Rating (IDR) of 'BB+' with Stable Outlook and senior unsecured
rating of 'BB+'.  Fitch has also assigned Country Garden's
proposed US dollar senior notes a 'BB+(EXP)' expected rating.

The Chinese homebuilder's ratings are supported by its strong
execution track record and its ability to expand while maintaining
a consistent financial policy. In 2013, Country Garden's
contracted sales rose by 123% to CNY106 billion.  This exceptional
growth was accompanied by limited increase in its leverage, as
measured by net debt/net inventory, to 43% from 39% in 2012.  This
shows management has strong financial discipline.  Increasing
operational diversification also supports its ratings.  Such a
rapid expansion nevertheless needs time to reach fruition and
Country Garden is also facing a period of transition in its
product mix.  Its moderate leverage also constrains its ratings at
the current level.

The notes are rated at the same level as Country Garden's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company.  The final rating is subject
to the receipt of final documentation conforming to information
already received.

Key Rating Drivers
Niche Market: Country Garden's business strength lies in targeting
the market for upgraders or the upper-mid income level home buyers
who have the means to afford spacious landed housing in locations
away from cities.  Its products are priced at a low average
selling price (ASP) of CNY6,656 per square metre in 2013, because
of lower land costs, but they offer more luxurious living
conditions, and the buyers are less affected by the home purchase
restrictions imposed in the major cities. The completion of more
than 100 projects demonstrates the company's execution strength.

Increasing Diversification: Country Garden is in the process of
becoming a nationwide homebuilder.  As recently as 2010, it
operated in only 11 of China's provinces or municipalities. Of its
84 projects, 51 were in Guangdong province.  By 2013, Country
Garden had expanded into 22 out of China's 31 provinces and
municipalities, with operations in eight of these new regions only
starting in 2013.  The much larger geographical reach and increase
in the number of projects - 171 by end of 2013 - means the company
will be subject to lower market-specific risks.

Stable Metrics, Moderate Leverage: Country Garden's rapid
expansion has been supported by a high asset turnover rate. Its
contracted sales/gross debt averaged 1.5x in the past four years
and was at 1.85x in 2013. Acquisition costs for new land have been
restricted to within 30% of sales in the past five years to avoid
liquidity pressure.  As a result, Country Garden has avoided the
large debt build-up seen in many homebuilders that also bought
land aggressively. Country Garden's leverage also fluctuated in a
narrow range of 39% to 44% in the past four years. This level of
leverage however constrains its ratings at current level.

Business in Transition: Country Garden faces two challenges in its
expansion.  The Chinese government's increased emphasis on
enhancing land use may result in fewer large plots being released
for landed housing development, the core product of Country
Garden.  The company has turned towards developing more high-rise
homes, resulting in a lengthening of its project turnover rate and
lower profit margin.  Country Garden also faces the challenge of
strain on its resources following the rapid expansion in its
business scale.  This is mitigated by the company's execution
strength.  The new cities Country Garden entered in 2011 and 2012
have already started to produce results, with sales outside its
core Guangdong province rising to CNY59bn in 2013 from CNY19bn in
2012.  While its geographical expansion will produce significant
opportunities in future, the risks in new markets are also high.

Rating Sensitivities
Positive: Future developments that may individually or
collectively, lead to positive rating action include:
- net debt/net inventory below 35% on a sustained basis
- contracted sales/debt sustained above 2.0x on a sustainable
  basis
- becoming a larger nationwide player

Negative: Future developments that may individually or
collectively, lead to negative rating action include:
- EBITDA margin sustained below 20% (2013: 21%)
- net debt/net inventory sustained above 45%
- contracted sales/gross debt sustained below 1.6x


GEMDALE CORPORATION: Moody's Revises Ba1 CFR Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on Gemdale Corporation's Ba1 corporate family rating.

Moody's has also affirmed Gemdale's Ba1 corporate family rating
and affirmed the Ba3 corporate family rating of Famous Commercial
Limited, which is a wholly-owned subsidiary of Gemdale. Famous'
rating outlook remains stable.

Additionally, Moody's has affirmed the Ba3 senior unsecured
ratings of the bonds issued by the following entities and
guaranteed by Famous:

Gemdale (Asia) Holding Limited

Gemdale (Asia) Investment Limited

Gemdale International Holding Limited

Gemdale International Investment Limited

The outlook on all these ratings remain stable.

Ratings Rationale

"The negative outlook reflects Gemdale's lower-than-expected
booked revenues and a material drop in its profit margins in 2013,
which have weakened its interest coverage," says Kaven Tsang, a
Moody's Vice President and Senior Analyst.

Gemdale's EBITDA/interest of 2.5x in 2013 is substantially below
the expected level of 3.5x-4.0x, and is weak for its Ba1 rating.

"The negative outlook also reflects the challenging market
conditions -- slow sales and tight credit - in the next 12 to 18
months, which will create headwinds for the company as it tries to
recover its credit metrics to a level in line with its Ba1
rating," adds Tsang, who is also the Lead Analyst for Gemdale.

The weaker results in 2013 were partly from presales contracted in
2011 and 2012, when China's property market was under pressure.

In addition, the higher selling and administrative expenses in
2013 after the consolidation of Gemdale Property and Investment
Corporation Limited (unrated) -- a listed company in Hong Kong
that Gemdale acquired in September 2012 -- have also pressured the
company's EBITDA margin.

Moody's expects that Gemdale's gross margin could moderately
recover to around 25% in 2014 from 21% in 2013, when it starts to
recognize property sales in 2013.

With better control of its land costs, operating costs and debt,
the company may improve its EBITDA/interest to above 3x.

However, the rating could be downgraded if this trend is unlikely
in the next 6-12 months.

Gemdales' Ba1 rating continues to reflect its established brand
and track record in China's property market, which support its 32%
year-on-year growth in contracted sales to RMB45 billion in 2013.

The rating further reflects the company's good liquidity and
access to funding. It is one of the few Chinese developers that
can raise unsecured loans at the corporate level, which provides
the company with the flexibility to invest surplus liquidity in
projects according to its business plan.

Its strong liquidity management provides it with the financial
flexibility to manage through an industry down cycle.

As of March 2014, Gemdale had a cash balance of RMB18.3 billion.
Together with Moody's estimated annual operating cash flow of
around RMB10 billion to RMB15 billion, Gemdale has sufficient
resources to pay RMB12.9 billion in maturing debt and land
payments of around RMB9 billion for the next 12 months.

Gemdale's Ba1 rating could come under downward pressure if: (1)
the company fails to roll out its business plan, such that its
contracted sales and/or operating cash flows are weaker than
expected; (2) it materially accelerates development and/or rolls
out an aggressive land acquisition plan, such that its liquidity
weakens, with its cash holdings falling substantially below its
level of short-term debt, or (3) its profit margin remains under
pressure such that its EBITDA/interest is unlikely to recover to
above 3.5x in the next 6-12 months.

On the other hand, a rating upgrade is unlikely given the negative
outlook.

However, the outlook could return to stable if Gemdale: (1)
successfully implements its business plan to achieve large and
stable sales; and (2) improves its profit margins such that its
EBITDA/interest coverage rises to above 3.5x within the next 6-12
months.

Famous' Ba3 ratings continue to reflect its weak standalone credit
profile and a two-notch rating uplift, based on Moody's
expectation that Gemdale will provide financial and operational
support to Famous, in a situation of stress.

Famous' standalone credit profile is constrained by its small-
scale operations, and Moody's expectation of volatility in its
sales performance.

The standalone credit profile also reflects Famous' weak projected
credit metrics, with debt/total capitalization of around 60% and
EBITDA/interest of around 1.0x-1.5x in the coming 1-2 years.

Despite Gemdale's negative rating outlook, Moody's believes that
Gemdale has sufficient financial capacity to extend its support to
Famous, thereby supporting a two-notch rating uplift.

Famous' stable rating outlook reflects Moody's expectation that
Gemdale will provide Famous with financial and operational
support.

Famous' rating could come under downward pressure if it: (1) fails
to implement its business plan, such that its sales and operating
cash flows are weaker than anticipated; and/or (2) materially
accelerates project development and rolls out an aggressive land
acquisition plan, such that its debt leverage increases, with
total debt/total assets exceeding 65%, and EBITDA/interest falling
below 1.0x-1.5x on a sustained basis.

In addition, any evidence of weakening support from Gemdale, or
substantial deterioration in Gemdale's credit profile could be
negative for Famous' rating.

On the other hand, upgrade rating pressure could emerge if Famous:
(1) successfully implements its business plan; (2) improves its
scale and diversity to reduce sales and earnings volatility; and
(3) improves its credit profile.

Moody's could consider upgrading Famous' rating if its financial
profile improves, such that its total debt/total assets is below
50% and EBITDA/interest exceeds 3x, on a sustained basis.

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

Incorporated in China, Gemdale Corporation is one of the leading
developers in China's residential property sector. It began its
property development business in Shenzhen in 1993 and has
progressively expanded its business to cover China's seven major
regions. At end-December 2013, it had a total land bank of around
25 million square meters in gross floor area.

Incorporated in Hong Kong in 1995, Famous Commercial Limited is a
wholly-owned subsidiary of Gemdale Corporation. It was initially
established as a sales office in Hong Kong to sell Gemdale
Corporation's property projects to overseas customers. It was
eventually developed as an offshore holding company, housing some
of Gemdale Corporation's property projects in China. It also
serves as a funding vehicle in the overseas market.



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


ATR WAREHOUSING: ICRA Reaffirms 'D' Rating on INR77cr Loans
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D assigned to
INR45.90 crore fund based limits (revised from earlier INR77.00
crore) and INR31.10 crore unallocated limits of ATR Warehousing
Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits     45.90       [ICRA]D reaffirmed
   Unallocated limits    31.10       [ICRA]D reaffirmed

The reaffirmation of rating continues to be constrained by delays
in servicing of term loan repayment obligations owing to delays in
receiving warehouse lease rentals. The rating continues to be
constrained by a weak financial profile characterized by modest
coverage indicators; small scale of operations in the warehouse
leasing business and long gestation period of the warehousing
business. The company has significant debt repayment obligations
in the medium term taken towards the construction of warehouses
and generation of sufficient cash accruals to service the same
remains to be seen. The rating however, takes note of the long
experience of the promoters, a reputed client base comprising
major industrial houses like Cairn India, Ultratech Cement and
Schlumberger Asia Services Limited and long term contracts with
such customers which renders revenue visibility over the medium
term.

AWPL under ATR Group of Companies was established in 1972,
promoted by A T Rayudu and his family. The group forayed into full
fledged client centric warehousing through ATR Warehousing Private
Limited in 2000. Currently the group has ~4 million square feet of
warehousing, of which ATRWPL has 2.2 million square feet. Besides
providing warehouses on lease, company also does contract works
for removal of debris from cavern. ATRWPL is the flagship company
of the group and controls all other group companies through direct
or indirect holdings.


BHOROSHA RICE: CRISIL Reaffirms 'B-' Rating on INR70.4MM Loans
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Bhorosha Rice Mill Pvt Ltd.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         1.6      CRISIL A4 (Reaffirmed)
   Cash Credit           70.0      CRISIL B-/Stable (Reaffirmed)
   Proposed Term Loan      .4      CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect BRMPL's weak financial risk
profile, weak liquidity resulting from its large inventory, and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
BRMPL's promoter in rice milling and its diversified customer
base.

Outlook: Stable

CRISIL believes that BRMPL will continue to benefit from its
promoter's extensive experience in the rice milling industry and
diversified customer base over the medium term. The outlook may be
revised to 'Positive' in case of substantial cash accruals,
improved working capital management, or capital infusion by
promoters, leading to significant improvement in BRMPL's financial
risk profile, particularly liquidity. Conversely, the outlook may
be revised to 'Negative' if BRMPL's liquidity deteriorates, most
likely because of deterioration in working capital management, or
lower-than-expected cash accruals.

Incorporated in 1998, BRMPL is engaged in milling non-basmati
parboiled rice at its facility in Burdwan (West Bengal). BRMPL's
daily operations are looked after by its promoter'director Mr.
Nazmul Haque.


BIG LION: ICRA Downgrades Rating on INR10cr Term Loan to 'D'
------------------------------------------------------------
The rating assigned to INR10.00 crore term loan facility of Big
Lion Entertainment Private Limited has been downgraded to [ICRA]D
from [ICRA]BB-.

The rating revision follows significant deterioration in the
liquidity position of the company leading to delay in debt
servicing.

In 2006, Big Lion Entertainment Private Limited (renamed from JK
Entertainment Private Limited) was acquired by Mr. Kamlesh Patel.
The theatre was earlier known as SK Cinema and was operated as a
single-screen movie theatre by JK Entertainment Pvt. Ltd. In 2008,
BLEPL undertook an expansion project for transforming the single-
screen theatre into a multiplex with four screens and all the
screens have been operational since December 2009.


CMJ BREWERIES: CRISIL Reaffirms 'B-' Rating on INR2.02BB Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of CMJ Breweries Pvt Ltd
continues to reflect the company's below-average financial risk
profile marked by weak liquidity because of its large ongoing
debt-funded capital expenditure (capex).


                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            500       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     284.7     CRISIL B-/Stable (Reaffirmed)

   Term Loan            1,236.3     CRISIL B-/Stable (Reaffirmed)

The rating also reflects the company's exposure to risks
associated with timely ramp-up of sales from upcoming capacity and
its working-capital-intensive operations. These rating weaknesses
are partially offset by the extensive experience of CMJ's
promoters across various industries and financial support extended
by them through equity infusion, and the benefits that the company
is likely to derive from its state-of-the-art manufacturing
facility in an advantageous location.

Outlook: Stable

CRISIL believes that CMJ will benefit from the presence of its
plant that meets requisite specifications in a region with limited
local supply of its products. The outlook may be revised to
'Positive' if the company stabilises its ongoing capex programme
within the set timeline, and generates larger-than-expected cash
accruals to meet its debt obligations over the medium term.
Conversely, the outlook may be revised to 'Negative' if any
unanticipated delay in commissioning and ramp-up of the new
capacity weakens the company's financial risk profile,
particularly liquidity.

CMJ, incorporated in 2007, is promoted by Mr. Ronak Jain. The
company manufactures beer for clients such as Mohan Meakin Ltd and
United Breweries Ltd; it also markets beer under its owns brands,
which include Magpie, Nut cracker 9000, and Savge. The company's
brewery is in Byrnihat (Meghalaya).

The company is setting up an integrated bottling plant in Byrnihat
to manufacture extra-neutral alcohol and Indian-made foreign
liquor, and generate power for captive use. The plant is expected
to be commissioned in the first half of 2014-15 (refers to
financial year, April 1 to March 31).


ELECTROMECH: CARE Assigns 'B+' Rating to INR2.5cr Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Electromech.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.50       CARE B+ Assigned
   Short-term Bank Facilities    4.00       CARE A4 Assigned

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

Rating Rationale

The ratings assigned to the bank facilities of Electromech (ETM)
are primarily constrained on account of its modest scale of
operations in a highly competitive and fragmented transformer
industry and its financial risk profile marked by low
profitability margin, weak solvency position and stressed
liquidity. The ratings are further constrained due to ETM's
constitution as a partnership firm and susceptibility of its
margins to fluctuation in raw material prices.

The ratings, however, favourably take into account the experience
of the management and financial support from the partners.

Improvement in the scale of operations, profitability margin and
solvency position are the key rating sensitivities.

Jaipur-based (Rajasthan) ETM was initially formed as a
proprietorship concern in 2006 by Mr Surendra Kumar Bajaj and
subsequently, the constitution was changed into partnership firm
in 2012. ETM has its manufacturing facility located at Jaipur
(Rajasthan) and is engaged in the business of manufacturing of
distribution and transmission power transformers ranging from 16
Kilovolt Ampere (KVA) to 100 KVA as well as repairs of
transformers upto 5 Megavolt Ampere (MVA). The firm participates
in tenders for the supply and repair of transformers invited by
power sector utilities of Rajasthan, viz, Jaipur Vidyut Vitran
Nigam Limited, Jodhpur Vidyut Vitran Nigam Limited and Ajmer
Vidyut Vitran Nigan Limited. ETM is accredited with ISO 9001:2008
for manufacture and supply of distribution and transmission power
transformers.

During FY13 (refers to the period April 1 to March 31), ETM
reported a total income of INR18.48 crore (FY12: INR1.54 crore),
with a PAT of INR0.17 crore (FY12: INR0.03 crore).


FORTPOINT AUTOMOTIVE: CARE Rates INR28.83cr Bank Loan at 'B-'
-------------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Fortpoint
Automotive (Cars) Pvt. Ltd.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     28.83      CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Fortpoint Automotive
(Cars) Private Ltd is tempered due to dealership nature of
automobile business and consequent limitation in growth of
profitability, highly leveraged capital structure and tightly
balanced cash flow. Besides, the cyclicality of the automobile
sector and fortunes of FAPL linked with that of Maruti Suzuki
India Ltd amidst the competitive Indian automobile market
constitute the other rating constraints.

The rating, however, derives strength from the experience of the
promoter in the dealership of automobile, association with MSIL
and moderate scale of operations with the increase in the focus
on diversified revenue stream.

The ability of FAPL to increase the sales volume amidst burgeoning
competition and consequent improvement in the profitability
comprises the key rating sensitivity.


G. A. INDUSTRIES: CRISIL Rates INR70 Million Loan at 'B-'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of G. A. Industries (GAI).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Cash Credit            70        CRISIL B-/Stable

The rating reflects GAI's modest 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
GAI's proprietor in the iron and steel products trading business.

Outlook: Stable

CRISIL believes that GAI will continue to benefit over the medium
term from its proprietor's extensive experience in the iron and
steel products trading business. The outlook may be revised to
'Positive' if the concern achieves significant and sustainable
improvement in its revenues and profitability while improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if the concern registers considerable decline in its
accruals or if its working capital cycle lengthens, further
weakening its financial risk profile.

GAI, set up in 2010, is a proprietorship concern owned by Mr. Anil
Kumar Goyal. It trades in iron and steel products mainly MS Plates
and TMT bars. Mr. Goyal along with his son Mr. Deepak Goyal,
manage the day-to-day operations.

GAI reported a profit after tax (PAT) of INR1.4 million on net
sales of INR399.1 million for 2013-14 (refers to financial year,
April 1 to March 31); the concern reported a PAT of INR1.4 million
on net sales of INR199.6 million for 2012-13.


GOOD LUCK: CRISIL Reaffirms B+ Rating on INR108.7MM Loans
---------------------------------------------------------
CRISIL has reaffirmed its rating to the bank facilities of Good
Luck Publishers Ltd.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          100         CRISIL B+/Stable (Reaffirmed)
   Term Loan              8.7       CRISIL B+/Stable (Reaffirmed)

The rating continue to reflects GLPL's weak financial risk
profile, marked by weak capital structure metrics and large
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of GLPL's
promoter and the financial support that they extend to the
company.

Outlook: Stable

CRISIL believes that GLPL's will continue to maintain its business
risk profile with extensive experience of the promoters in the
publishing industry. The outlook may be revised to 'Positive' if
GLPL scales up its operations and improves its capital structure,
most likely through fresh equity infusion. Conversely, the outlook
may be revised to 'Negative' if GLPL's liquidity weakens
significantly, most likely because of substantially low cash
accruals, or if it undertakes a considerably large, debt-funded
capital expenditure (capex) programme.

GLPL was set up in 2000 by Mr. Ashok Kumar Verma. It prints and
publishes education text books for the Central Board of Secondary
Education and Indian Certificate of Secondary Education. The
facility is based in Saharanpur (Uttar Pradesh).


HYVOLT ELECTRICALS: ICRA Upgrades Rating on INR4cr Loan to 'B'
--------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the INR4.0
crores fund based limits of Hyvolt Electricals to [ICRA]B from
[ICRA]D. ICRA has also revised the short-term rating outstanding
on the INR12.0 crores letter of credit limits and INR9.0 crores
bank guarantee limits of Hyvolt to [ICRA]A4 from [ICRA]D.

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

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

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

The ratings upgrade takes into account regularization of debt
servicing by Hyvolt during the last three months supported by
payments from its main customer Indian Railways. The ratings
continue to derive comfort from the firm's experienced partners
with established track record of operations in the cable
manufacturing business and low counterparty credit risk faced by
Hyvolt.

Nevertheless, the ratings continue to be constrained by inherently
low value additive nature of Hyvolt's operations which coupled
with its moderate scale of operations have resulted in low
profitability indicators for the company. This in turn has
resulted in modest cash accruals and moderate debt protection
indicators for the firm. Further, the liquidity remains to be
under pressure as reflected by high utilization in the firm's fund
based limits. The ratings are also constrained by high client
concentration risk as majority of Hyvolt's sales are made to
single client-Indian Railways. This has lead to significant
fluctuation in firm's revenues over the past three years in line
with variability in order inflow from Railways. The ratings also
factor in exposure of the firm's profitability to fluctuations in
foreign exchange rates and adverse movements in raw material
prices (copper); however this risk is mitigated to an extent by
price escalation clauses present in Hyvolt's contracts with Indian
Railways.

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

Recent Results
The company reported Profit After Tax(PAT) of INR0.57 crores on
Operating Income of INR65.42 crores as against loss of INR0.66
crores on operating income of INR17.65 crores in FY12. In 9M FY14
provisional results, the company has reported loss of INR0.10
crores (before tax) on operating income of INR37.66 crores.


JIWAN TEXTILE: CRISIL Assigns 'B' Rating to INR80MM Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Jiwan Textile.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan               5         CRISIL B/Stable
   Cash Credit            47.5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     27.5       CRISIL B/Stable

The rating reflects JT's below-average financial risk profile
marked by modest net worth and subdued debt protection metrics.
The rating also reflects the firm's modest scale of operations in
the highly fragmented polyester yarn industry. These rating
weaknesses are partially offset by the extensive industry
experience of JT's partners.

Outlook: Stable

CRISIL believes that JT will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' in case of significant improvement in
the firm's scale of operations and profitability along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected cash
accruals or large working capital requirements or debt-funded
capital expenditure, exerting further pressure on the firm's
financial risk profile, particularly its liquidity.

Established in 2010 and based in New Delhi, JT manufactures
polyester partially oriented yarn (POY). The firm's manufacturing
unit is in Haridwar (Uttarakhand). It is owned and managed by Mr.
Deepak Goyal and his family members.


KAMAD GIRI: CRISIL Assigns 'B' Rating to INR100MM Loans
-------------------------------------------------------
CRISIL has assigned it 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Kamad Giri Steel Pvt. Ltd.

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

   Cash Credit              50         CRISIL B/Stable

   Letter of Credit         20         CRISIL A4

The ratings reflect working capital intensive operations and
modest scale of operations in a highly fragmented industry. These
rating weaknesses are partially offset by extensive industry
experience of promoters and established relationships with
customers and suppliers and above average financial risk profile.

Outlook: Stable

CRISIL believes that KSPL's credit profile will remain weak over
the medium term on account of working capital intensive
operations. The outlook may be revised to 'Positive' in case of
significant increase in top-line or profitability or in case of
improvement in working capital cycle that results in improvement
in liquidity. Conversely the outlook may be revised to 'Negative'
in case of significant decline in top-line or profitability or in
case of further increase in working capital requirements or in
case of significant debt funded expansion that results in
deterioration of financial risk profile.

Established in 2006 in New Delhi by Mr. Garg, KSPL manufactures
ingots from scrap. The plant is located in Haryana.


KHATUCO EXPORT: CRISIL Assigns 'B+' Rating to INR11MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Khatuco Export India Pvt Ltd.

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                 --------      -------
   Standby Letter of Credit      7.5       CRISIL A4
   Export Packing Credit        11.0       CRISIL B+/Stable
   Foreign Bill Discounting     60.0       CRISIL A4

The ratings reflect KEIPL's high customer concentration in revenue
profile, highly working-capital-intensive operations, and below-
average financial risk profile, marked by muted debt protection
metrics. These rating weaknesses are partially offset by the
benefits that KEIPL derives from its promoters' extensive
experience in the carpets industry.

Outlook: Stable

CRISIL believes that KEIPL 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 scale of operations along with
improvement in working capital cycle, leading to larger-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if KEIPL faces a decline in offtake from its key
customer, thereby adversely affecting its revenue and margins or
if it undertakes any large debt-funded capital expenditure
programme, leading to deterioration in its capital structure and
debt protection metrics.

Incorporated in 1976 and based in Varanasi (Uttar Pradesh), KEIPL
procures and exports various hand-knotted carpets. It was
previously a partnership firm, Khatuco Enterprises, founded by Mr.
BM Agrawal. The company is currently being managed by Mr. Vinod
Agrawal and his son, Mr. Veeraj Agrawal.

For 2012-13 (refers to financial year, April 1 to March 31), KEIPL
reported a net profit of INR1.53 million on net sales of INR104.16
million, against a net profit of INR1.57 million on net sales of
INR107.82 million for 2011-12.


KULODAY TECHNOPACK: ICRA Suspends 'B+/A4' Rating on INR27cr Loans
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR27.00 Crore fund based and non-fund based bank facilities
of Kuloday Technopack Pvt Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


KUMAR SPINTEX: ICRA Suspends B+ Rating on INR14.36cr Loans
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR4.00 crore cash credit facility and INR10.36 crore term
loan facility of Kumar Spintex Private Limited. ICRA has also
suspended the short term rating of [ICRA]A4 assigned to the
INR0.75 crore short-term non-fund based limit of KSPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in the year 2002, Kumar Spintex Private Limited is
engaged in the manufacturing of cotton yarn in counts ranging from
20s to 40s. The company's manufacturing facility is located at
Changodar, Ahmedabad in Gujarat with an installed capacity of
24,000 spindles. The company is promoted by Mr. Vishal Agarwal and
other family members.


MAGMA METTCAST: ICRA Suspends 'D' Rating on INR35.73cr Loans
------------------------------------------------------------
ICRA has suspended '[ICRA]D' rating assigned to the INR28.57 crore
fund based limits and INR7.16 crore non fund based limit of Magma
Mettcast Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Magma Mettcast Limited, incorporated in June 2006 as Swift
Mettcast Limited, is involved in the business of manufacturing of
casting parts for the automotive ancillary industry. The company
is promoted by Mr. Jagdeep Singal and his family members. MML
manufactures aluminum High Pressure Die Casted and precision
machined Sand Casted parts for auto ancillary industry. The
company markets the same in the domestic markets as well as export
markets. The manufacturing facilities of the company are located
in Hambran, Ludhiana.


MTAB ENGINEERS: CRISIL Reaffirms 'B+' Rating on INR140MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of MTAB Engineers Pvt Ltd
continue to reflect MTAB's average financial risk profile, marked
by moderately high gearing and average debt protection metrics.
The ratings also factors in its modest scale of operations in the
competitive and fragmented equipment manufacturing industry, and
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------      -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)
   Cash Credit            65        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       20        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     71.2      CRISIL B+/Stable (Reaffirmed)
   Term Loan               3.8      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MTAB will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its established relationship with customers and suppliers. The
outlook may be revised to 'Positive' if MTAB reports higher-than-
expected cash accruals, driven by increase in the scale of
operations and profitability, leading to improvement in its
financial risk profile, or if there is improvement in its working
capital cycle. Conversely, the outlook may be revised to
'Negative' if MTAB reports lower-than-expected cash accruals, or
there is any further elongation in its working capital cycle,
leading to deterioration in the financial risk profile,
particularly its liquidity.

Update
For 2012-13 (refers to financial year, April 1 to March 31), MTAB
reported sales of INR205 million which were in line with CRISIL's
expectations. For the 11 months through February 2014, MTAB's
revenues are estimated to be INR200 million and are expected to
grow at around 35 per cent year-on-year basis for 2013-14 led by
improved order flow during the year.  MTAB has an order book of
around INR200 million to be executed within the next six months
rendering revenue visibility for the near term. Its operating
profitability declined to 6.4 per cent in 2012-13, vis-a-vis 7.3
per cent in 2011-12, in line with CRISIL's expectations. MTAB's
operations continue to remain working-capital-intensive, as
reflected in its gross current assets of more than 150 days for
the past few years. MTAB has recently changed its credit policy by
reducing the credit extended to customers and mandating a higher
advance payment. However, a demonstrated track record of
sustaining this policy is yet to be seen. CRISIL expects MTAB's
business risk profile to remain working-capital-intensive with
high exposure to volatility associated with tender-based
operations over the medium term.

Though MTAB's gearing deteriorated to 1.78 times as on March 31,
2013, on the back of increased dependence on debt owing to an
elongation in the working capital cycle, the absence of debt-
funded capital expenditure (capex) plan and expected improvement
in working capital cycle is expected to support improvement in its
capital structure over the near term. Nevertheless, MTAB's
financial risk profile is expected to remain average over the
medium term marked by small net worth and modest cash accruals.
The firm continues to have weak liquidity, marked by modest cash
accruals and moderately high bank limit utilisation albeit
supported by minimal debt repayment obligations and absence of any
debt-funded capex plans.

MTAB was originally established in 1991 as Machine Tool Aid
(Bureau) Pvt Ltd by Mrs. S Geetha and Mr. S Sairaman; the company
was renamed as MTAB in 1993. It is a manufacturer of computer-
numerical-control (CNC) machines, flexible management systems, and
other industrial equipment, which have application in educational
institutes, automobiles, and oil and gas industries.


PANACHE ALUMINIUM: ICRA Suspends 'B-' Rating on INR33cr Loans
-------------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR8.68 crore
fund-based bank facilities, INR12.66 crore term loans, INR0.4
crore non-fund based limits and INR11.26 crore unallocated limits
of Panache Aluminium Extrusions Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


PARAS FOODS: ICRA Reaffirms 'B' Rating on INR6cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B') for INR6.0
crore fund based facilities of Paras Foods.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.0         [ICRA]B Reaffirmed

The rating reaffirmation factors in the weak financial profile of
the firm, which is involved in processing and sorting of basmati
and non basmati rice. The weak financial profile is reflected in
the high working capital intensity of the firm led by increase in
inventory holding period, increase in gearing (23.08 times as on
March 31st, 2014 as per provisional numbers) owing to funding of
working capital gap through bank borrowings which coupled with
modest profitability has resulted in weak debt coverage metrics
for the firm. The rating continued to be constrained by high
intensity of competition in the industry and agro climatic risks,
which can affect the availability of raw material in adverse
conditions. ICRA however draws comfort from long experience of the
promoters in rice industry, proximity of the mill to major rice
growing area which results in easy availability of raw material,
firm's access to distribution network developed by its group
company and stable demand outlook with rice being an important
part of the staple Indian diet.

Incorporated in the year 2005, Paras Foods is a partnership firm
engaged in processing and sorting of rice with an installed
capacity of 5 tons/hour. The firm has been promoted by Ms. Mamta
Singhal ,Ms. Monika Singhal, Ms. Sumitra Singhal and Mr. Suraj
Bhan. The promoters of the firm are also involved in rice milling
business through its group company R.P Basmati Rice Limited.

Recent Results
The firm reported a net profit after tax of INR0.22 crore on an
operating income of INR48.19 crore in FY2014 ( as per provisional
numbers) as against net profit of INR0.19 crore on an operating
income of INR41.06 crore in FY2013.


PREMIER CONVEYORS: ICRA Cuts Rating on INR4.1cr Loans to 'C+'
-------------------------------------------------------------
ICRA has revised the long-term rating to the INR1.1 crore term
loan and the INR3.0 crore fund-based bank facilities of Premier
Conveyors Private Limited to [ICRA]C+ from [ICRA]B-. ICRA has
reaffirmed the short-term rating to the INR4.0 crore non-fund
based bank facilities of PCPL at [ICRA]A4.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan                1.1        Revised to [ICRA]C+
                                       from [ICRA]B-

   Fund-based limits        3.0        Revised to [ICRA]C+
                                       from [ICRA]B-

   Non-fund based limits    4.0        Reaffirmed at [ICRA]A4

The revision of long term rating and reaffirmation of short term
rating takes into account the stretched liquidity profile of the
company as reflected by multiple instances of devolvement of
letter of credit (LC) resulting in over-utilization of bank limits
in recent months. The ratings are also constrained by the
company's marginal net profitability and accruals due to high
interest expenses; depressed coverage indicators; significantly
high inventory levels which expose the company to raw material
price fluctuations, given the high volatility associated with the
prices of natural rubber and crude oil derivatives and
susceptibility of company's profits to the risks of foreign
exchange fluctuations as a result of a mismatch between its
imports and exports. The ratings, nevertheless, derives comfort
from the long experience of the promoters in rubber conveyor belt
manufacturing business; increased share of exports in the overall
sales mix in 2012-13, which results in reduced geographical
concentration risk and established relations with reputed
customers, which indicate good product quality.

Established in 2006 by Aggarwal family, PCPL is engaged in the
manufacture of rubber conveyor belts, with its manufacturing
facility being located at Wada in Thane district of Maharashtra.
The company manufactures general purpose, heat resistant and fire
resistant rubber conveyor belts that find applications primarily
in metal, mining and power sectors.

Recent Results
In 2012-13, PCPL reported a profit after tax (PAT) of INR0.04
crore on the back of net sales of INR14.93 crore as against a net
profit of INR0.04 crore on the back of net sales of INR14.85 crore
in 2011-12. As per the provisional results for period of
April to Nov 2013, the company reported net sales of INR8.37 crore
and profit before tax of INR0.08 crore.


RABI ENGINEERING: CRISIL Reaffirms 'B+' Rating on INR10MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rabi Engineering Works
Pvt Ltd continue to reflect Rabi's large working capital
requirements driven by large debtors, and its low profitability
leading to pressure on its business risk profile. These rating
weaknesses are partially offset by the extensive industry
experience of Rabi's promoters and its established customer base.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         50        CRISIL A4 (Reaffirmed)
   Cash Credit            10        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Rabi will continue to benefit over the medium
term from its promoters' industry experience and its established
customer base. The outlook may be revised to 'Positive' if the
company improves its operating margin and scale of operations
significantly while maintaining its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
large debt-funded capital expenditure or significant decline in
operating margin or revenue, weakening the company's financial
risk profile, particularly its liquidity.

Update
Rabi's revenue is estimated to have declined by 50 per cent year-
on-year to around INR135 million in 2013-14 (refers to financial
year, April 1 to March 31), driven by lower capacity addition in
the power industry on account of lack of coal. The company's
operating margin was low, around 3 per cent, over the past four
years, and is expected to remain at a similar level over the
medium term.

Rabi's operations are highly working-capital-intensive as
reflected in its estimated gross current assets (GCAs) of 260 days
as on March 31, 2014; the GCAs were at a similar level in the
past. The large GCAs are driven by large receivables cycle of 120
to 140 days. As a result, the company's bank limit utilisation was
high, averaging 72 per cent over the 12 months through January
2014.

Rabi's net worth is estimated to remain small, at INR25. 0 million
as on March 31, 2014, limiting its financial flexibility to meet
exigencies. Though the company has moderate debt, contracted to
fund working capital requirements, its small net worth has
resulted in moderate gearing, estimated at 1.7 times as on March
31, 2014.

Rabi was established as a proprietorship firm in 1994 and was
reconstituted as a private limited company in 2011-12. The company
manufactures cable trays, sub-station structures, and transmission
line towers, and trades in earthing flats for power generation and
distribution companies, and other power equipment companies. Rabi
is promoted by Mr. Tapan Kumar Sen and his wife. However, only Mr.
Sen is involved in its day-to-day operations.


RAJINDRA PRASAD: CRISIL Reassigns B- Rating on INR7.5MM Loan
------------------------------------------------------------
CRISIL has reassigned its rating on the long-term bank facilities
of Rajindra Prasad Pramod Kumar Jain to 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Letter of Credit       70         CRISIL A4
   Overdraft Facility      7.5       CRISIL B-/Stable

CRISIL's ratings on the short term bank facilities of Rajindra
Prasad Pramod Kumar Jain (RPK) continue to reflect RPK's weak
financial risk profile, driven by large working capital
requirements, and its small scale of operations, exposure to
intense completion in the timber industry, and susceptibility to
regulatory changes in the timber import business. These rating
weaknesses are partially offset by the extensive experience of the
firm's proprietor in the timber business and the financial support
it receives from him.

Outlook: Stable

CRISIL believes that RPK will continue to benefit over the medium
term from its long-standing presence in the timber industry.
CRISIL, however, believes that the firm's financial risk profile
will remain constrained by large working capital requirements. The
outlook may be revised to 'Positive' if RPK registers improvement
in its working capital management, leading to better financial
flexibility, along with an increase in its net worth. Conversely,
the outlook may be revised to 'Negative' if the firm registers
significant deterioration in its financial risk profile because of
significant borrowings to fund its capital expenditure or working
capital requirements.

RPK was set up as a proprietorship firm by Mr. Rajindra Prasad
Jain in 1990. Until December 2009, the firm was in the business of
trading in timber logs. In January 2010, it started processing
timber logs. RPK has nine timber sawmills in Gandhidham (Gujarat)
and New Delhi, where timber logs (imported) are sawed and sold.


SARATHY COFFEE: CRISIL Reaffirms 'B' Rating on INR43.3MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarathy Coffee Curing
Works continue to reflect SCCW's modest scale of operations and
its below-average financial risk profile, marked by a small net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of the firm's
promoter in the coffee industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit               20      CRISIL B/Stable (Reaffirmed)
   Export Packing Credit     17      CRISIL A4 (Reaffirmed)
   Foreign Bill
   Discounting               10      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        23.3    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCCW will continue to benefit over the medium
term from the extensive industry experiences of its promoter. The
outlook may be revised to 'Positive' if the firm significantly
scales up its operations and improves its profitability margins,
resulting in an improvement in its debt protection metrics and
capital structure. Conversely, the outlook may be revised to
'Negative' if SCCW reports a significant decline in its profit
margin, or if its capital structure and debt protection metrics
weaken, most likely because of contraction of larger-than-expected
debt.

Set up in 1996 and based in Chikmagalur (Karnataka), SCCW is a
proprietorship firm promoted by Mr. A N Devraj. The firm is
engaged in curing and processing of raw coffee into coffee beans.

SCCW reported a net profit of INR1.1 million on net sales of
INR143.3 million for 2012-13 (refers to financial year, April 1 to
March 31), against a net profit of INR0.8 million on net sales of
INR191.8 million for 2011-12.


SEVEN STAR: CARE Assigns 'D' Rating to INR11.51cr Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Seven Star
Hotel And Resorts Private Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.51      CARE D Assigned

Rating Rationale

The rating takes into account the ongoing delays in debt servicing
by Seven Star Hotel and Resorts Private Limited.

Seven Star Hotel and Resorts Private Limited was incorporated in
September 2005 by Mr Daya Ram Mittal, Mr Brij Mohan Mittal, Mr
Ashok Gupta and Mr Rochak Gupta. SSL has setup a Hotel cum Resort
with a tented party lawn under the brand name of Seven Star Hotel
and Resorts in Village Khampur, GTK Road, Delhi. The hotel is
built on a land parcel of 52,000 sq ft. It comprises 18 double-
bedded rooms, restaurant and banquet halls. The total cost of the
project was INR13.83 crore which was funded by a term loan of
INR9.17 crore and the balance from equity contribution.

The hotel is expected to be operational from June 2014.


SHRI SIDHDATA: ICRA Suspends 'B+/A4' Rating on INR105.19cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to the
INR105.19 crore bank lines of Shri Sidhdata Ispat Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


T.K. STEEL: ICRA Suspends 'B+' Rating on INR11.5cr Loans
--------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
INR11.50 crore fund based limits T.K. Steel Rolling Mills Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

T.K. Steel Rolling Mills Limited is engaged in the steel rolling
mill business in Ludhiana (Punjab). The promoters have been
engaged in the steel rolling business since 1972. The company has
its manufacturing plant located in Ludhiana, Punjab and has a
rolling capacity of 35,000 MTPA. The company's products find
applications in engineering industry, automobile industry,
railways and defence- for precision tools, fasteners, Ordinances
Factories, Railways, Forgings and Auto components. The company
also has two group concerns namely, Prime Steel Processors (PSP),
which is engaged in steel rolling business and Prime Steel (PS),
which is engaged in the steel casting with a capacity of 25,000
MTPA.


TAJSHREE MOTORS: CRISIL Reaffirms 'B+' Rating on INR65MM Loans
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tajshree Motors Pvt Ltd
continue to reflect TMPL's large working capital requirements and
its weak financial risk profile. These rating weaknesses are
partially offset by the benefits which TMPL derives from its
strong sub dealer network resulting in a wider reach.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          50        CRISIL B+/Stable (Reaffirmed)
   Term Loan            15        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TMPL will continue to operate in a stable
business environment, without further deterioration in its
financial risk profile. The outlook may be revised to 'Positive'
if TMPL's financial risk profile improves significantly marked by
equity infusion and higher than expected accruals generated in
business leading to reduced dependence on external debt.
Conversely, the outlook may be revised to 'Negative' if the
company's debt protection metrics deteriorates because of lower-
than-expected growth in revenues and margins, or a significant
stretch in working capital cycle.

Update
TMPL, on a provisional basis, reported year-on-year (y-o-y) growth
of 65percent with net sales of INR885.8 million in 2013-14 as
compared to INR528.1 million in 2012-13. The sales growth was
supported mainly on account of stabilization of its Chevrolet
division, CRISIL believes that TMPL will maintain healthy sales
level over the medium term backed by scaling up of this division
and stable operations in the Yamaha (two wheeler) dealership
division. However with low margins in the Chevrolet division,
TMPL's operating margins declined to 6.32 percent in 2012-13 from
9.36 percent a year ago and is expected to remain at similar
levels over medium term. TMPL's operation continues to remain
working capital intensive with gross current assets estimated at
over 120 days as on March 31, 2014 as compared to 128 days a year
ago and is expected to remain at similar level over medium term.
On account of its working capital intensive operation and low
margins in business, TMPL has weak debt protection metrics with
interest coverage ratio estimated at around 1.5 times and net cash
accruals to total debt (NCATD) at 0.07 times as on 31 March 2014
and is expected to remain weak over medium term. With modest net
worth estimated at around INR33 million, TMPL's gearing is
estimated to remain high at over 6 times as on March 31, 2014.
With low net worth and high working capital requirements, gearing
is expected to remain high at over 5 times over medium term. TMPL
has stretched liquidity marked by near full bank limit utilization
with occasional usage of adhoc limits and accruals generated
remaining tightly matched to meet its repayment obligation.
However, TMPL's bank limits have been enhanced in February 2014
providing some flexibility to its operation. TMPL promoters have
supported its operation via infusion of unsecured loan which have
grown from INR9.5 million in 2009-10 to INR85.4 million in 2012-
13. CRISIL believes TMPL's promoters will continue to support its
operation via infusion of unsecured loan over medium term.

For 2012-13, TMPL reported a profit after tax (PAT) of INR1.20
million on net sales of INR528.0 million, against a profit after
tax of INR1.56 million on net sales of INR302.3 million for 2011-
12.

TMPL is a Nagpur (Maharashtra)-based authorised dealer for two
wheelers of India Yamaha Motors Pvt. Ltd. The company was formed
by Mr. Avinash Bhute, Mr. Prashant Bhute and Mr. Rahul Bhute in
April 2008. The company has around 30 branches spread across the
Vidarbha and Marathawada regions of Maharashtra (excluding the
Akola and Chadrapur districts). The company also provides after-
sales services and has a service station in every branch.
Recently, the company branched out into the four-wheeler category
and has become authorised dealer for Chevrolet passenger vehicles.


UNICHEM IMPEX: ICRA Suspends 'B+' Rating on INR9cr Loan
-------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
INR9.00 crore fund based limits of Unichem Impex Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Unichem Impex Private Limited is engaged in the trading of rubber
and & allied products such as carbon black, rubber chemicals. The
operations of the company are primarily concentrated in Delhi-NCR.
The company was established in 2004 by merging of business of two
proprietorship firms named "Alight Rubber" and "Impex Rubbers"
promoted by the directors of UIPL.


VELTECH FORGING: ICRA Suspends 'B+' Rating on INR7.55cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR6.0 crore
long term fund-based facilities and the INR1.55 crore term loans
of Veltech Forging Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


VISHAL PAPER: CRISIL Reaffirms 'B+' Rating on INR170MM Loans
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vishal Paper Industries
Pvt Ltd (VPI; part of the Vishal group) continue to reflect the
Vishal group's constrained liquidity and small scale of operations
in the highly fragmented writing and printing paper (WPP)
industry. These rating weaknesses are partially offset by the
group's moderate financial risk profile, marked by low gearing,
and its promoters' extensive industry experience.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            90       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       20       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     53       CRISIL B+/Stable (Reaffirmed)
   Term Loan              27       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has now combined the business
and financial risk profiles of VPI and Vishal Coaters Ltd (VCL).
This is because the two companies, together referred to as the
Vishal group, are engaged in the same business, have common
promoters, and there are significant operational linkages between
them.

Outlook: Stable

CRISIL believes that the Vishal group will continue to benefit
over the medium term from its promoters' extensive industry
experience and its established relationships with customers. The
outlook may be revised to 'Positive' if the group improves its
liquidity and reports more-than-expected operating income and cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there is further deterioration in the Vishal group's liquidity, or
if it undertakes a large debt-funded capital expenditure
programme.

VCL and VPI manufacture WPP. They were established in 1999 and
2004, respectively, by Mr. Vidya Sagar and Mr. Krishan Mohan. VPI
was initially set up as a partnership firm but was later
reconstituted as a private limited company in 2011. The companies
are based in Patiala (Punjab). VCL and VPI have manufacturing
capacities of around 30,000 tonnes per annum (tpa) and 36,000 tpa,
respectively.

The Vishal group reported a profit after tax (PAT) of INR17.1
million on net sales of INR1.0 billion for 2012-13 (refers to
financial year, April 1 to March 31), against a PAT of INR17.7
million on net sales of INR952.3 million for 2011-12.


VRINDABAN TEA: ICRA Suspends 'B' Rating on INR7cr Loans
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR1.5 crore
term loans and INR5.5 crore cash credit facility of Vrindaban Tea
& Plantations Pvt. Ltd. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


WHITE WAGON: ICRA Suspends 'B-' Rating on INR6cr Bank Loan
----------------------------------------------------------
ICRA has suspended the '[ICRA]B-' rating assigned to the INR6.00
crore long term fund based facilities of White Wagon Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in October 2009, White Wagon Private Limited (WWPL)
commenced commercial operations in August 2010 and is engaged in
manufacturing of mini tractors (defined as tractors with engine
power less than 18 Horse Power) used for agricultural purpose. The
company manufactures mini tractors of 11 HP (Horse Power) and 16.5
HP and sells under 'Vaibhav 112' and 'Utsav 165' brands
respectively. The company's plant located at Kangashiyali in
Rajkot district of Gujarat has a current manufacturing capacity of
36 mini tractors per day. WWPL is promoted by Mr. Viral Varshani,
Mr. Khimji Makwana, Mr. Jayesh Radadiya and Mr. Jayantilal Vekaria
who hold interest in various companies present in associated lines
of business.



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


GREENSHELL NZ: Receivers Sells Assets to Sanford
------------------------------------------------
BusinessDesk reports that Sanford, the listed fishing company,
agreed to buy the assets of Greenshell NZ Limited and Greenshell
Investments from the receivers of the mussel farming and
processing group.

BusinessDesk relates that no price was disclosed in a statement
from Sanford.  According to the report, Chief executive Volker
Kuntzsch said the assets "were a strategic fit for Sanford's
aquaculture business as they allow for improved supplies from a
wider geography."

Receivers Brendon Gibson and Grant Graham of KordaMentha were
appointed last November by Rabobank after depressed prices for the
shellfish over a number of years culminated in a "significant"
operating loss in 2012, the report notes.

Directors of the company had tried unsuccessfully to sell the
assets and there were concerns about its ongoing viability and
"various complex contractual arrangements," according to the first
receivers' report obtained by BusinessDesk. The mussel farms were
kept operating pending the sale of assets. Liabilities had
outstripped assets by NZ$179,000 as at Sept. 30 last year, the
report, as cited by BusinessDesk, said.

"Sanford will be working with the farmers and existing staff to
ensure the growing and harvesting operations continue seamlessly,"
BusinessDesk quotes Mr. Kuntzsch as saying. He expects the
purchase to be completed this week, BusinessDesk notes.

BusinessDesk says the fishing company picked up another mussel
business affected by Greenshell New Zealand's troubles in 2012
when it teamed with Sealord to buy North Island Mussel Processors
from receivers McGrathNicol. That business had been a joint
venture between Sealord, Sanford and Greenshell New Zealand.

Headquartered in Auckland, Greenshell New Zealand is a mussel
farming company.  It has about 20 staff.

On Nov. 19, 2013, Brendon James Gibson and Grant Robert Graham of
KordaMentha were appointed Joint and Several Receivers and
Managers of the assets and undertakings of Greenshell Investments
Limited, Greenshell New Zealand Limited, Ikana Limited and Ikana
New Zealand Limited.


KIWI CAPITAL: S&P Assigns 'BB+' Issuer Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB+' issue credit rating to Kiwi Capital Funding Ltd.'s term
subordinated notes and its 'BB' issue credit rating to KCF's
perpetual subordinated notes.

KCF is a sister company of Kiwibank Ltd. (A+/Negative/A-1); the
parent of both KCF and Kiwibank is New Zealand Post Ltd. (NZ Post;
A+/Negative/A-1).  The notes' structures seek to replicate the
terms of the Basel III-compliant term subordinated and perpetual
notes to be issued out of Kiwibank, and subscribed by KCF.

The 'BB+' issue credit rating on KCF's term subordinated bonds
reflects:

   -- The terms of the KCF term subordinated notes largely
      mirroring the corresponding Kiwibank term subordinated
      notes.

   -- Kiwibank's term subordinated notes ranking pari passu
      without any preference among themselves and at least equally
      with all other term subordinated debt, present or future
      (ranking behind senior unsecured creditors but before
      perpetual subordinated debt and ordinary shareholders).

   -- Kiwibank's term subordinated notes containing a non-
      viability clause that could lead to the conversion of the
      term subordinated notes into bail-in capital or untimely or
      partial payment of coupon or principal without causing a
      legal default or the bank's liquidation.

The 'BB' issue credit rating on KCF's perpetual subordinated notes
reflects:

   -- The terms of the KCF perpetual subordinated notes largely
      mirroring the corresponding Kiwibank perpetual subordinated
      notes.

   -- Kiwibank's perpetual notes' ranking pari passu without any
      preference among themselves and at least equally with all
      other perpetual subordinated debt, present or future
      (ranking behind term subordinated debt and senior unsecured
      creditors but before ordinary shareholders of Kiwibank).

   -- The payment of interest on Kiwibank's perpetual notes being
      at Kiwibank's absolute discretion.  Additionally, such
      payment is conditional upon the Kiwibank Group being
      solvent immediately after such payment is made and the bank
      complying with the capital-adequacy requirements set out in
      the Conditions of Registration.

   -- Kiwibank's perpetual notes containing a non-viability
      clause that could lead to the conversion of the perpetual
      subordinated notes into bail-in capital or untimely or
      partial payment of coupon or principal without causing a
      legal default or the bank's liquidation.

S&P will assign minimal equity credit to Kiwibank's term
subordinated notes, as they do not form part of Additional Tier 1
Capital.  S&P will assign intermediate equity credit to Kiwibank's
perpetual subordinated notes.


PULSE ENERGY: Westpac Agrees to Waive Breach of Debt Agreements
---------------------------------------------------------------
Tim Hunter at Fairfax NZ News reports that Pulse Energy Limited
has revealed a breach of its debt covenants requiring a waiver
from its banker Westpac.

According to the report, the Auckland-based power minnow, which
supplies about 50,000 customers through its brands Just Energy,
Pulse Energy and Grey Power, told the stock exchange on May 5 that
it expected to breach a debt covenant relating to how much income
it has available to meet interest costs.

The covenant was assessed at its financial year end of March 31,
the report relates.

The company said Westpac had agreed to waive the breach, the
report adds.

Debt covenants are controls required by lenders allowing them to
monitor the financial health of borrowers and review the terms of
their loans, the report says.

At its last balance date in September Pulse had a bank overdraft
from Westpac of NZ$753,991, an amount equal to its negative
cashflow for the six month period, Fairfax NZ relates. Its
overdraft limit was NZ$1 million, the report notes.

Since then the company has raised $4.4m of new capital, including
NZ$2.9 million of new equity at 6 cents a share and the conversion
of a NZ$500,000 shareholder loan to equity, according to Fairfax
NZ.

Pulse Energy Limited (NZE:PLE), formerly Pulse Utilities New
Zealand Limited, is engaged in the retail sale of electricity, as
well as data management from intelligent metering, monitoring &
control systems. The Company's brands include Pulse Energy, Just
Energy, Pulse Metering and White Label.


WESTERN PACIFIC: Liquidation to Continue For Two Years
------------------------------------------------------
Marta Steeman at Fairfax NZ News reports that the liquidation of
small insurance company Western Pacific Insurance is likely to
continue for at least another two years.

The liquidation is already three years old with none of the
NZ$48 million of Canterbury earthquake claims settled, the report
says.

According to Fairfax NZ, liquidators said in their six monthly
report that the liquidation was likely to continue until at least
2016 because there was a lot of work in assessing and settling
insurance claims.

Western Pacific collapsed in April 2011, swamped by earthquake
claims from Canterbury clients. It was owned by high-profile
Queenstown lawyer Graham Smolenski and a related Australian
couple, Jeff and Adele McNally, Fairfax NZ says.

Fairfax NZ discloses that preferential creditors were likely to
receive a payment in the next 12 months.  Preferential creditor
IRD is owed NZ$87,559 and employees are owed NZ$117,932.  A
payment to these preferential creditors was dependent on recovery
of outstanding debts, the report notes.

Liquidators are David Ruscoe and Richard Simpson of Grant Thornton
New Zealand, Fairfax NZ discloses.

They estimated the completion of loss assessment of earthquake
claims was at least 12 months.  They have $13.9m claims from the
September 2010 earthquake and $34.5 from February 2011.

Western Pacific Insurance was a New Zealand-owned and operated
insurance company.  It was established in April 2005, and is
principally a broker brand that offers a broad range of
commercial, domestic and specialty products as well as programmes
for affinity groups, underwriting agents and preferred brokers.
It has about 7,000 policy holders in New Zealand.

David Ruscoe and Simon Thorn of Grant Thornton New Zealand were
appointed liquidators of Western Pacific on April 1, 2011, after
Western Pacific's directors became concerned about the solvency
of their company. The company's potential liabilities stood at
more than NZ$10 billion, Otago Daily Times discloses.



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


PAKISTAN MOBILE: FY2013 Results Strong for B2 Rating Level
----------------------------------------------------------
Moody's Investors Service says that Pakistan Mobile Communications
Limited's (Mobilink) results for the fiscal year ended December
2013 (FY2013) were strong for its B2 rating level.

However, its B2 corporate family rating remains constrained by a
two-notch differential with the Caa1 sovereign rating to reflect
the macroeconomic and financial market risk that the company
shares with the sovereign.

"We estimate that Mobilink's leverage, as measured by adjusted
debt/EBITDA, improved to about 1.1x in FY2013, from 1.8x in
FY2012, due largely to the repayment of debt," says Yoshio
Takahashi, a Moody's Assistant Vice President and Analyst.

"However, we expect its adjusted debt/EBITDA to rise to 1.8x-2.0x
in FY2014 to finance the 3G spectrum payment of $300.9 million.
Nevertheless, this ratio will remain strong for its B2 rating,"
adds Takahashi, who is also the Lead Analyst for Mobilink.

"Moreover, its leverage should decline to 1.5x-1.7x in FY2015,
given the company's solid cash flow generation."

Moody's expects Mobilink to achieve low-single-digit percentage
revenue growth in FY2014, supported by the company's continued
subscriber growth. Subscriber numbers increased by about 4% on a
year-over-year basis to 37.6 million in 4Q 2013.

In addition, the company's revenue growth will be supported by an
expected increase in data revenue from 3G subscribers who
typically are higher data users.

While Mobilink recorded revenue growth of only 0.4% in FY2013,
this result was largely because of extraordinary events, such as
the government enforced network closure for security reasons in 4Q
2013.

Moody's expects Mobilink to sustain revenue growth in FY2014, but
the intense price competition in the 3G data services sector will
pressure the company's margins. Moody's therefore expects
Mobilink's adjusted EBITDA margins to decline moderately to 38%-
39% in FY2014 from 39.4% in FY2013. Such a result would still be
strong for its B2 rating level.

Mobilink's liquidity profile is adequate, with a cash balance of
$113 million and undrawn committed lines totaling $324 million as
of 31 December 2013. Moody's expects Mobilink's operating cash
flows to total around $350-$400 million in the next 12 months.

These funds will be sufficient to cover its short-term debt over
the next 12 months of about $74 million and its total estimated
capital expenditure of $600 million in 2014, including the 3G
spectrum payment of $300.9 million.

Moody's also understands that Mobilink was in full compliance with
its financial covenants as of 31 December 2013.

While Mobilink's rating does not include any uplift, its rating
continues to incorporate ongoing support from its indirect
parents, Global Telecom Holdings SAE (GTH, unrated), and its
ultimate shareholder, VimpelCom Limited (Ba3 stable); both of
which are globally diversified and larger telecommunications
groups.

For example, management fees to GTH, which averaged 7%-8% of
Mobilink's total revenue, have been accrued but not fully paid. As
a result, Mobilink's service fee payable increased by about $59
million in FY2013. This helped Mobilink reduce its debt in FY2013
and secure adequate funds for the 3G auction held in April 2014.

Full payment of the charge is not expected until Mobilink has
adequate liquidity headroom, after resolving its capex and debt
repayment commitments.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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